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Category: Transport

  • MIL-Evening Report: AI systems are built on English – but not the kind most of the world speaks

    Source: The Conversation (Au and NZ) – By Celeste Rodriguez Louro, Associate professor, Chair of Linguistics and Director of Language Lab, The University of Western Australia

    Reihaneh Golpayegani / Better Images of AI, CC BY

    An estimated 90% of the training data for current generative AI systems stems from English. However, English is an international lingua franca with about 1.5 billion speakers worldwide, and countless varieties.

    So whose English is today’s technology based on? The answer is primarily the English of mainstream America.

    This is no accident. Mainstream American English is entrenched in the digital infrastructure of the internet, in Silicon Valley’s corporate priorities, and in the data sets that fuel everything from autocorrect to AI-generated synthetic text.

    The consequence? AI models produce a monolithic version of English that erases variation, excludes minoritised and regional voices, and reinforces unequal power dynamics.

    The hegemony of mainstream American English

    The proliferation of American English online is a result of historical, economic and technological factors. The United States has been a dominant force in the development of the internet, content creation, and the rise of tech giants such as Google, Meta, Microsoft and OpenAI.

    Unsurprisingly, the linguistic norms embedded in products by these companies are overwhelmingly mainstream American.

    A recent study found that speakers of non-mainstream English were frustrated with the “homogeneity of AI accents” in voice-cloning and speech-generation technologies. One participant noted the predominant mainstream American accents in the voices available, stating the technologies had been built “with some other people in mind”.

    Mainstream varieties of English have long reigned as the “standard” against which other varieties are weighed.

    To take a single example from the US, linguistics research by John Baugh found that using different accents can determine people’s access to goods and services. When Baugh called different landlords about housing advertised in the local newspaper, using a mainstream accent procured him several housing inspections while using African-American and Latino accents did not.

    The prestige of mainstream English also underpins algorithmic decisions. The models behind tools such as autocorrect, voice-to-text, or even AI writing assistants are most often trained on mainstream American-centric data. This is often scraped from the web, where US-based media, forums and platforms dominate.

    This means variations in grammar, syntax and vocabulary from other varieties of English are systematically ignored, misinterpreted or outright “corrected”.

    Whose English is perceived as adding value?

    The stakes of this linguistic bias in favour of mainstream English become even higher when AI systems are deployed around the world.

    If an AI tutor fails to understand a Nigerian English construction, who bears the cost? If a job application written in Indian English is marked down by an AI-powered resume scanner, what are the consequences? If an Australian First Nations elder’s oral history is transcribed by voice recognition software and the system fails to capture culturally significant terms, what knowledge is lost or misrepresented?

    These questions are unfolding in real time as governments, educational institutions and corporations adopt AI technologies at scale.

    Englishes, not English

    The idea that there is one “good” or “correct” English is a myth. English is spoken in diverse forms across regions, shaped by local societies, cultures, histories and identities.

    As Noongar writer and educator Glenys Collard and I have written, Aboriginal English has “its own structure, rules and the same potential as any other linguistic variety” and the same is true of other forms of English.

    Indian English, for example, has lexical innovations such as “prepone” (the opposite of postpone). Singapore English (Singlish) integrates particles and syntactic features from Malay, Hokkien and Tamil.

    These are not “broken” forms of English. Each community where English was imposed has gone on to make English its own.

    English, and language more generally, is never static. It adapts to meet the needs of an ever-changing society and its speakers.

    Yet in AI development, this linguistic diversity is often treated as noise rather than signal. Non-standardised varieties are underrepresented in training datasets, excluded from annotation schemes, and rarely feature in evaluation benchmarks.

    This results in an AI ecosystem that is multilingual in theory, but monolingual in practice.

    Toward linguistic justice in AI

    So, what would it look like to build AI systems that recognise and respect a range of different forms of English?

    A shift in mindset is required, from prescribing “correct” language to including many varieties of language. What we need are systems that accommodate linguistic variation.

    This may involve supporting community-led efforts to document and digitise linguistic varieties on their own terms, bearing in mind not all linguistic varieties should be digitised or documented.

    Collaboration across disciplines is also important. It requires linguists, technologists, educators and community leaders working together to ensure AI development is grounded in principles of linguistic justice.

    The goal is not to “fix” language but to create technology that produces just outcomes. The focus should be on changing the technology, not the speaker.

    Embracing Englishes

    English has been a powerful vehicle of empire, but it has also been a tool of resistance, creativity and solidarity. Around the world, speakers have taken the language and made it their own. AI-enabled systems should be built to be as inclusive of this variability as possible.

    So next time your phone tells you to “correct” your spelling, or an AI chatbot misunderstands your phrasing, ask yourself: whose English is it trying to model? And whose English is being left out?

    Celeste Rodriguez Louro has received funding from the Australian Research Council. She is also working with Google on a project seeking to make voice-operated technologies inclusive for First Nations people in Australia.

    – ref. AI systems are built on English – but not the kind most of the world speaks – https://theconversation.com/ai-systems-are-built-on-english-but-not-the-kind-most-of-the-world-speaks-249710

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Statement from Congressman Jonathan L. Jackson on the Retirement of Congresswoman Jan Schakowsky

    Source: United States House of Representatives – Representative Jonathan Jackson – Illinois (1st District)

    Statement from Congressman Jonathan L. Jackson on the Retirement of Congresswoman Jan Schakowsky

    FOR IMMEDIATE RELEASE
    May 5, 2025

    I join Leader Hakeem Jeffries and my colleagues across the House in honoring the incredible legacy of Congresswoman Jan Schakowsky, a true champion for the people of Illinois and a fearless advocate for justice, equity, and compassion.

    From her early days as a consumer advocate to her distinguished service in Congress, Jan has never wavered in her commitment to uplifting the voices of the voiceless and standing firm in defense of our most vulnerable communities. Her leadership on the House Energy and Commerce Committee—particularly her tireless work to lower prescription drug costs and defend Medicare and Social Security—has made a profound impact on families across this country.

    Congresswoman Schakowsky has also been a guiding light within the Progressive Caucus and a fierce protector of consumer rights. Her dedication to principled public service and her unwavering progressive vision has helped shape the conscience of our Caucus and our country.

    On a personal note, I am deeply grateful for her mentorship, her wisdom, and her friendship. She has been an inspiration not only to me, but to generations of advocates and public servants in Chicagoland and beyond. Though she will be missed in the halls of Congress, her legacy will endure in the movements she helped build and the lives she helped transform.

    I wish Congresswoman Schakowsky and her family every blessing as they begin this next chapter. Thank you, Jan, for your service, your courage, and your unwavering heart!

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Luján, Murkowski Reintroduce Bipartisan Legislation to Combat Maternal and Infant Mortality Crisis

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Bipartisan Senators Lead Effort to Combat Infant and Maternal Mortality Across the United States

    Washington, D.C. – Today, U.S. Senators Ben Ray Luján (D-N.M.) and Lisa Murkowski (R-Alaska) reintroduced the Midwives for Maximizing Optimal Maternity Services (MOMS) Act, bipartisan legislation that addresses the maternal and infant mortality crisis by increasing the number of trained midwives in the United States. The bipartisan legislation would increase funding for midwifery education and increase diversity in the maternity care workforce by recruiting students from minority or disadvantaged backgrounds.

    According to the Centers for Disease Control and Prevention, maternal and infant mortality is higher for Black, Native American, and Hispanic communities than their white counterparts. Integrations of midwifery into maternal health care has been linked to healthy births for moms and babies.

    “For decades, midwives have long been an essential part of New Mexico’s health care system – safely delivering children, caring for families, and improving maternal health outcomes,” said Senator Luján. “I’m proud to once again partner with Senator Murkowski to reintroduce bipartisan legislation that delivers critical funding for midwifery education to boost the maternity care workforce and increase diversity. As the maternal and infant mortality crisis continue to impact communities across our country, this legislation is an important step to address this disparity and keep families healthy.”

    “Access to quality maternal care is critical to the health and well-being of mothers and their babies. In Alaska, workforce shortages and geography present significant challenges to expecting mothers living in rural communities,” said Senator Murkowski. “I’m proud to again join the reintroduction of the Midwives for MOMS Act, which would address gaps in maternal health care by expanding opportunities for midwifery training and education. This legislation provides support for this essential workforce in Alaska and across the country to improve maternal health and perinatal care.”

    Specifically, the Midwives for Maximizing Optimal Maternity Services (MOMS) Act would:

    • Authorize $15 million in grants to educate midwives who are trained in accredited midwifery programs that do not sit in schools or nursing and are eligible to sit for national certification exams;
    • Authorize $20 million in grants to educate nurse midwives who graduate from accredited nurse-midwifery programs and are eligible to sit for a national certification exam; and
    • Prioritize midwifery programs that demonstrate a focus on increasing racial and ethnic minority representation in midwifery education to address the significant lack of diversity in the maternity care workforce.

    The bill is supported by the American College of Nurse Midwives (ACNM), the National Association of Certified Professional Midwives (NACPM), and the American Association of Birth Centers (AABC).   

    In addition to Senators Luján and Murkowski, the legislation is cosponsored by U.S. Senators Jeff Merkley (D-Ore.), Amy Klobuchar (D-Minn.), and Mark Kelly (D-Ariz.).

    Full text of the legislation is available here.

    MIL OSI USA News –

  • MIL-Evening Report: We’ve heard the promises. Now it’s up to Labor to deliver its housing, wages and other economic policies

    Source: The Conversation (Au and NZ) – By Michelle Cull, Associate Professor of Accounting and Financial Planning, Western Sydney University

    With a convincing win for a second term of government, the pressure is now on the new Labor government to deliver the economic policies central to its win.

    Prime Minister Anthony Albanese is wary of breaking promises and now has the opportunity to back this up. So, what are the key economic policies affecting everyday Australians that Labor is now set to deliver?

    In his victory speech, Albanese said Labor would govern for every Australian “who deserves the security of a roof over their head or dreams of owning their own home”.

    First home buyers

    Labor has budgeted A$10 billion to help more Australians buy their first home. This involves providing an extra 100,000 new homes. The government plans to work with the states from July to identify where they should be located.

    Building these homes is expected to take eight years – so the scheme will not be completed during the government’s second term. It will need to work quickly to ensure many of these homes are built while Labor is still in office.

    Helping this is Labor’s policy to increase subsidies to housing apprentices and free TAFE education.

    Also assisting first home buyers is the expansion of the 5% deposit Home Guarantee Scheme. This will allow more first home buyers to buy a home with only a 5% deposit without paying Lenders Mortgage Insurance.

    The expansion will remove income thresholds and increase eligible property price caps to better reflect the market. Further, more people will be able to apply for the scheme.

    The government plans to extend existing and introduce several new policies to help more people buy a home.
    Fizkes/Shutterstock

    In addition, the government is expanding its Help to Buy Scheme by increasing income and property price caps. This enables those on lower incomes to buy a home with a deposit as small as 2%. The government will pay for up to 40% of the cost on their behalf which will ultimately be paid back over time or when the house is sold.

    Both the Help to Buy Scheme and Home Guarantee Scheme are extensions of Labor’s existing policies, so the government should be able to deliver this relatively quickly.

    Increasing supply for all

    Labor’s housing policies are not limited to first home buyers. To further increase housing supply, Labor plans to invest $54 million to speed up the construction of prefabricated and modular homes covered by a new national certification system.

    In addition, a $1.5 billion infrastructure program to speed up the building of roads, sewage and water connections should also help increase supply.

    Labor is on track to build 55,000 social and affordable homes through the Housing Australia Future Fund and the Social Housing Accelerator. Labor is also offering Build to Rent tax incentives to increase affordable housing rental supply by up to 80,000 new rental properties.

    The government has also promised to work with states and territories to strengthen renters’ rights.

    Crisis housing

    Labor has also made promises for those needing crisis housing.

    For women and children fleeing family and domestic violence and for people experiencing homelessness, there is a $1 billion program to provide more crisis and transitional accommodation. There is also $6.2 million of grants for homelessness support.

    Workers’ pay rise

    Labor has advocated to the Fair Work Commission for a wage increase above inflation for workers in low-paid jobs, such as cleaners, retail workers and early childhood educators.

    With inflation currently at 2.4%, we can expect the minimum wage to rise to at least $24.68 an hour. The Fair Work Commission’s next Annual Wage Review should take place before the end of the financial year, with any changes likely to be effective from July.

    Labor has backed an above-inflation wage increase for workers in low paid industries.
    Dejan Dunjerski/Shutterstock

    These wage increases are in addition to the substantial pay increase for aged care nurses as part of the Fair Work Commission’s Aged Care Work Value Case decision.

    Tax cuts

    The much-discussed tax cuts, costing $17 billion, will reduce the 16% tax rate to 15% (for income between $18,201 and $45,000) in the 2026–27 financial year, and to 14% in 2027–28 – just in time for the next election.

    This will save taxpayers $268 and $536, respectively. These tax cuts will be welcomed by many and are likely to increase the labour participation rate. However, more tax reform may be needed to address bracket creep and improve equity in the tax system.

    In addition, Labor has promised an automatic instant tax deduction for work-related expenses for labour income taxpayers.

    This will take effect from the 2026–27 financial year to reduce the burden of record-keeping on taxpayers. It was also promoted as a way of “helping Australians keep more of what they earn”.

    Medicare levy

    While low wages are expected to increase and taxes to decrease, Labor also has plans to increase the low-income thresholds for the Medicare levy by 4.7% for singles, families, and seniors and pensioners from July 1 2024.

    This should bring immediate relief to those on lower incomes who will be exempt from paying the Medicare levy or pay a reduced levy when lodging their returns for the 2024–25 financial year.

    So, what’s next?

    Many of these policy announcements are a step in the right direction – the question lies around their ability to be implemented.

    Albanese admitted in his victory speech that he is an optimist and his aim is to ensure nobody is left behind.

    Once the election hype settles, Labor will need to prove it is delivering on its promises. And, of course, these policies will ultimately have to be paid for. How Labor approaches this in the longer term will become a talking point for the next election.

    Michelle Cull is a member of CPA Australia, the Financial Advice Association Australia and President Elect of the Academy of Financial Services in the United States. Michelle is an academic member of UniSuper’s Consultative Committee. Michelle Cull co-founded the Western Sydney University Tax Clinic which has received funding from the Australian Taxation Office as part of the National Tax Clinic Program. Michelle has previously volunteered as Chair of the Macarthur Advisory Council for the Salvation Army Australia.

    – ref. We’ve heard the promises. Now it’s up to Labor to deliver its housing, wages and other economic policies – https://theconversation.com/weve-heard-the-promises-now-its-up-to-labor-to-deliver-its-housing-wages-and-other-economic-policies-255865

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: What are the key risk factors for developing knee osteoarthritis? We reviewed the evidence

    Source: The Conversation (Au and NZ) – By Christina Abdel Shaheed, Associate Professor, School of Public Health, University of Sydney

    Osteoarthritis is the most common joint disease, affecting more than 3 million Australians and over 500 million people worldwide.

    The knee is the most commonly affected joint, but osteoarthritis can also affect other joints including the hips and hands. The condition causes painful and stiff joints.

    For someone with knee osteoarthritis, simple activities that many people take for granted such as walking, going up and down stairs or squatting can be very challenging.

    There’s currently no cure for osteoarthritis. Most available treatments, such as exercise, walking aids and medicines (including paracetamol and non-steroidal anti-inflammatory drugs), focus on managing symptoms. But it’s important to consider how we can prevent knee osteoarthritis in the first place.

    With this in mind, we undertook a systematic review to summarise the risk factors for developing knee osteoarthritis. Our findings, published today in the journal Osteoarthritis and Cartilage, can help us better understand how to lower the risk of this condition.

    What we found

    We gathered data from studies which followed people over time, to see which risk factors were associated with developing knee osteoarthritis. We included a total of 131 studies, involving more than 5 million people.

    We identified more than 150 factors that influenced the risk of developing knee osteoarthritis.

    Some key factors which increased the risk of developing knee osteoarthritis included being overweight or obese, past knee injury and occupational physical activity such as lifting heavy objects and shift work.

    We also found several other possible risk factors, including:

    • eating large amounts of ultra-processed foods (which include “junk foods”, sugary drinks and processed meats)

    • poor sleep quality (for example, sleeping less than six hours a day or having 1–2 restless nights per week)

    • feeling depressed.

    Being overweight or obese and past knee injury together accounted for 14% of the overall risk of developing knee osteoarthritis.

    In other words, if we were able to completely remove these two risk factors, we could potentially reduce the incidence of knee osteoarthritis in the population by 14%.

    Females had almost double the risk of developing knee osteoarthritis, and older age was slightly related to developing knee osteoarthritis.

    Osteoarthritis of the knee affects millions of people worldwide.
    Towfiqu barbhuiya/Pexels

    Protective factors

    On the other hand, we found some factors may lower the risk of developing knee osteoarthritis. These included following a Mediterranean diet (which includes plenty of vegetables, olive oil, nuts, fruit and healthy fats found in fish), and following a diet higher in fibre.

    Avoiding the things which increase the risk of developing knee osteoarthritis such as a diet high in ultra-processed foods, knee injury, weight gain and heavy lifting can also help a person reduce their risk of developing the condition.

    Exercise is an effective treatment for knee osteoarthritis. It can reduce pain and improve function.

    There was not enough information in our study to determine what types of physical activity (for example, walking, running, swimming) and how much time spent doing these activities could lower the risk of developing knee osteoarthritis, so this is an important area for future research.

    How can we explain these links?

    The studies we included did not generally explore the possible mechanisms linking key risk factors with the development of knee osteoarthritis.

    However other research may provide some helpful insights. Knee injury can lead to instability of the knee joint and additional wear on the knee which can lead to knee osteoarthritis. Similarly, occupational physical activity such as kneeling, squatting, climbing or heavy lifting can increase the risk of wear and tear on the knee.

    Poor sleep has been linked to weight gain and depression.

    The duration and quality of sleep has been found to affect how much we eat and the hormones responsible for regulating metabolism. Depression has been linked to reduced physical activity which can lead to weight gain. Carrying extra weight can increase the load on the knee and contribute to knee osteoarthritis.

    Shift work can lead to bad food choices and lack of sleep, which in turn can increase the risk of knee osteoarthritis.

    So it seems that while the risk factors we found may be contributing individually to the development of knee osteoarthritis, they may also be interacting together to increase the risk.

    It’s not clear why women are at greater risk of developing knee osteoarthritis. However this is likely to be due to a combination of factors, including lifestyle, biological and hormonal factors.

    A Mediterranean diet is high in polyphenols, which can reduce inflammation in the body and destruction of cartilage. It may lower the risk of developing knee osteoarthritis in this way.

    Lifestyle changes could reduce the risk of knee osteoarthritis.
    PeopleImages.com – Yuri A/Shutterstock

    Most risk factors are modifiable

    There were some limitations with the available evidence. Most studies were based on populations from the United States, or did not report on ethnicity. We know little about the risk of developing knee osteoarthritis in certain groups such as people from Hispanic, African and Southeast Asian backgrounds. We need more studies exploring risk factors in other countries and populations.

    Nonetheless, a review like this allows us to better understand what can be done to lower the risk of developing knee osteoarthritis.

    We found most risk factors associated with developing knee osteoarthritis are modifiable, which means they can be changed or better managed with healthy diet and lifestyle choices. Eating healthy, maintaining a healthy weight and taking proactive steps to prevent injuries in the workplace and sporting communities can potentially lower a person’s risk of developing the condition.

    Public health strategies aimed at encouraging healthy eating and weight loss (for example, subsidised nutrition programs and education programs starting from a young age to promote optimal diet and physical activity) could reduce the burden of knee osteoarthritis and have broader health benefits as well.

    Programs like these, as well as reducing heavy lifting in the workplace where possible, should be the focus of government strategies to address the burden of this painful condition globally.

    Christina Abdel Shaheed holds grants from the National Health and Medical Research Council and the Medical Research Future Fund.

    David Hunter receives funding from the National Health and Medical Research Council and the Medical Research Future Fund.

    Lyn March is on the executive committee of the Global Alliance for Musculoskeletal Health (a pro-bono role). This alliance advocates to the World Health Organization for a global strategy for addressing musculoskeletal health that includes promoting osteoarthritis prevention.

    Vicky Duong receives funding from Lenity Australia and the Medical Research Future Fund.

    – ref. What are the key risk factors for developing knee osteoarthritis? We reviewed the evidence – https://theconversation.com/what-are-the-key-risk-factors-for-developing-knee-osteoarthritis-we-reviewed-the-evidence-253722

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: LEADER JEFFRIES STATEMENT ON RETIREMENT ANNOUNCEMENT OF REP. JAN SCHAKOWSKY

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Today, Democratic Leader Hakeem Jeffries released the following statement after Congresswoman Jan Schakowsky announced she would not seek another term in the House of Representatives:

    A proud daughter of Illinois, Rep. Jan Schakowsky has spent her entire career standing up for the people of Chicagoland as a consumer advocate, a state legislator and a Congresswoman. Throughout her historic tenure in the People’s House, she has been a principled, progressive leader and has fiercely fought for the least, the lost and the left behind.

    For over two decades, Jan has served on the prestigious House Committee on Energy and Commerce and was a leading voice in the development of the historic Affordable Care Act. A champion for the nation’s seniors, Rep. Schakowsky has fought relentlessly to prevent the privatization of Social Security and Medicare and to make prescription drugs more affordable for hardworking American taxpayers. As Chair and Ranking Member of the Commerce, Manufacturing and Trade Subcommittee, Jan has been a steadfast advocate for consumer safety and transparency.

    As a Caucus Chief Deputy Whip, a member of the Steering and Policy Committee and a Vice Chair of the Progressive Caucus, Jan has been a mentor, a friend and a source of encouragement to myself and so many others. The House Democratic Caucus family will miss Jan tremendously next Congress and I wish her and her family the best in this next chapter.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: ICE prevents UAC smuggling incident in Arizona

    Source: US Immigration and Customs Enforcement

    YUMA, Ariz. — U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection thwarted an attempted smuggling incident with an unaccompanied alien child in Yuma April 29. U.S. border officials apprehended a woman attempting to smuggle a 5-year-old boy — identified as “John Doe” in the legal complaint — after the child’s mother allegedly paid a smuggler to transport him illegally into the United States.

    CBP worked with the Mexican Consulate to find the child’s mother, a 24-year-old woman living in Veracruz, Mexico, who presented herself at the San Luis Port of Entry later that night to recover her child.

    The mother claimed that the smuggler coordinated with the child’s father to drop off the little boy, however, the child told investigators that he was being taken to live with a man he didn’t know.

    “The smuggling of unaccompanied alien children is among the most vile and inhumane crimes imaginable,” said ICE Homeland Security Investigation Arizona Special Agent in Charge Francisco B. Burrola. “Even more vile, in this case the child’s own mother handed him over to strangers—mules—who attempted to smuggle him into the U.S. using fake identity documents. The woman posing as his guardian also admitted she was going to leave him with a man she didn’t know. It’s horrifying, heartbreaking, and a stark reminder of why HSI aggressively pursues these criminals and the networks that enable them.”

    During an interview with ICE HSI special agents, the boy’s mother also revealed that she paid the smuggler, Gloria Lopez Corona, to bring her child to the United States — and that she intended to illegally enter the U.S. April 30 to join her husband, the child’s father, who is an illegal alien with a prior history of illegally entering the U.S.

    ICE HSI takes swift action to investigate any criminal activity related to unaccompanied alien children. This includes investigating the exploitive smuggling networks that bring UACs to the United States as well as any criminals who may exploit these at-risk youths here in the United States.

    “The mother and father in this case are actively violating U.S. border laws and undermining our nation’s security,” continued Burrola. “The father has been deported three times previously, and now both parents have endangered their young child by paying smugglers to facilitate illegal entry. Criminal smuggling networks have no regard for human life and trusting them with a child is both reckless and tragic.”

    ICE HSI combats human smuggling by working with its law enforcement partners to deter, disrupt and dismantle the criminal networks that engage in it. Special agents use their expertise and rely on HSI’s authorities to seize assets and eliminate profit incentives, work with nongovernmental organizations to protect and assist victims, and bring traffickers to justice.

    If you suspect someone may be involved in or a victim of human smuggling or trafficking contact local law enforcement, dial 911 or the ICE Tip Line: 866-DHS-2-ICE.

    MIL OSI USA News –

  • MIL-OSI USA: In Bipartisan Push, Welch and Hawley Introduce Major Legislation to Lower Prescription Drug Prices 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. — U.S. Senators Peter Welch (D-Vt.) and Josh Hawley (R-Mo.) today introduced the Fair Prescription Drug Prices for Americans Act, bipartisan legislation to lower drug prices for Americans. The Senators’ bill would offer relief for millions of patients by prohibiting pharmaceutical companies from selling drugs in the United States at higher prices than an international average, ending the practice of forcing Americans to pay the world’s highest prices for medications.  
    “No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. But Big Pharma’s price gouging has made that a reality for many Americans, forcing them to pay four or five times more for the same lifesaving medications as folks in other countries—it’s unacceptable,” said Senator Welch. “In his first term, President Trump pursued a most-favored nation policy to level the playing field for American patients. This bipartisan bill offers his administration a template to work with Congress to make that goal a reality. We have an obligation to ensure folks in Vermont, Missouri, and across the country get the best possible price for their prescription drugs.” 
    “For too long, Americans have subsidized prescription drug costs for foreigners while paying outrageous prices for their own medications,” said Senator Hawley. “President Trump previously advanced major reforms to ensure that American patients pay the same prices as consumers abroad. This bipartisan legislation would continue that work to end a drug market that favors Big Pharma, make prescriptions affordable again, and empower Americans to get the care they need.” 
    The Fair Prescription Drug Prices for Americans Act would correct decades of policies that benefited pharmaceutical companies but left American patients holding the bag. While other developed nations pay reasonable prices for prescription drugs, Americans pay substantially higher prices for the same medications. In his first term, President Trump pursued “international price index” and “most favored nation” policies on drugs covered by Medicare to end these practices.  
    The bill would also impose stiff civil monetary penalties on pharmaceutical companies that violate this rule. Specifically, the penalty would equal ten times the difference between the U.S. list price and the average price of the drug sold in Canada, France, Germany, Japan, Italy, and the United Kingdom. Penalties would be calculated and charged for each unit of drug or biological product sold at an inflated price. 
    Read and download the full text of the Fair Prescription Drug Prices for Americans Act. 

    MIL OSI USA News –

  • MIL-OSI Security: Dallas man sentenced to 10 years in federal prison for East Texas methamphetamine trafficking

    Source: Office of United States Attorneys

    TEXARKANA, Texas – A Dallas man has been sentenced to 10 years in federal prison for drug trafficking violations in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Emmanuel Robles, 39, pleaded guilty to conspiracy to possess with intent to distribute methamphetamine and was sentenced to 120 months in federal prison by U.S. District Judge Robert W. Schroeder III on May 5, 2025.

    According to information presented in court, between 2019 and 2021, Robles conspired with others to bring methamphetamine to East Texas for distribution.  During this time, Robles distributed more than 1.5 kilograms of actual methamphetamine. Robles admitted to providing controlled substances to another co-conspirator in July 2019; August 2019; September 2019; October 2019; December 2019; January 2020; February 2020; March 2020; and April 2020.  Robles also agreed to a forfeiture of a money judgment in the amount of $20,000.

    This case was investigated by the U.S. Drug Enforcement Administration, Texas Department of Public Safety – Criminal Investigation Division, and the U.S. Postal Inspection Service.  This case was prosecuted by Assistant U.S. Attorney Alan Jackson.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Man Charged with Multiple Counts of Involuntary Manslaughter Following Fatal High-Speed Rollover Crash

    Source: Office of United States Attorneys

    ALBUQUERQUE – An Arizona man has been charged with involuntary manslaughter and assault resulting in serious bodily injury following a fatal rollover crash that killed two people and injured two others.

    According to court documents, on the afternoon of November 14, 2024, emergency responders were dispatched to mile marker five on Navajo Route 54 after reports of a single-vehicle rollover. Investigators determined that Marvin Wauneka, 40, an enrolled member of the Navajo Nation, was driving at excessive speeds of up to 95 MPH-while consuming alcohol. The crash resulted in the deaths of two occupants and left three others, including Wauneka, hospitalized with serious injuries.

    A witness at the scene reported seeing Wauneka exit the vehicle after the crash, and a bottle of vodka was recovered near one of the victims. Surviving passengers confirmed Wauneka was driving and drinking at the time of the crash. Wauneka’s blood alcohol content was measured at .298 upon arrival at the hospital. He has a prior record of multiple DWI offenses and failures to appear in state court.

    Wauneka is charged with two counts of involuntary manslaughter and one count of assault resulting in serious bodily injury and will remain in custody trial. If convicted of the current charges, Wauneka faces up to 26 years in prison.

    U.S. Attorney Ryan Ellison made the announcement today.

    The Navajo Nation Police Department and Navajo Department of Criminal Investigations are investigating this case. Assistant U.S. Attorney Mark A. Probasco is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Canada: Tribunal Initiates Expiry Review—Carbon Steel Screws from China and Chinese Taipei

    Source: Government of Canada News (2)

    Ottawa, Ontario, May 5, 2025—The Canadian International Trade Tribunal today initiated an expiry review of its order made on September 2, 2020, in expiry review RR‑2019‑002, to determine if the expiry of the order is likely to lead to continued or resumed dumping of certain carbon steel fasteners originating in or exported from the People’s Republic of China and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, and the subsidizing of such products originating in or exported from the People’s Republic of China and is likely to result in injury to the domestic industry.

    No later than October 2, 2025, the Canada Border Services Agency will determine if there is a likelihood of resumed or continued dumping or subsidizing. In the event of a positive determination, the Tribunal will determine, no later than March 11, 2026, whether the continued or resumed dumping or subsidizing is likely to result in injury to the domestic industry.

    The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

    Any interested person, association or government that wishes to participate in the Tribunal’s expiry review may do so by filing Form I—Notice of Participation. 

    MIL OSI Canada News –

  • MIL-OSI Canada: Check the box, save a life

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: ICE HSI Gulfport, partners, investigate illegal immigration, cockfighting operations

    Source: US Immigration and Customs Enforcement

    Gulfport, Miss. – U.S. Immigration and Customs Enforcement, jointly with the U.S. Department of Agriculture and other partners, executed search warrants involving illegal immigration, cockfighting and other criminal activity in Southern Mississippi May 3.

    The investigation was led by the ICE Homeland Security Task Force and the Border Enforcement Security Task Force. In addition to possible state and federal charges relating to animal fighting and gambling, other investigative areas included illegal aliens, narcotics and weapons. Partners in the operation include ICE Enforcement and Removal Operations, Harrison County Sheriff’s Office, U.S. Customs and Border Protection, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives and FBI.

    ICE Gulfport special agents and deportation officers are in the process of positively identifying all encountered individuals, as well as checking immigration records.

    ICE Gulfport will seek state and federal criminal or administrative charges as appropriate. Federal prosecutions will be led by the Southern District of Mississippi United States Attorney’s Office.

    “In addition to the acts of animal cruelty perpetrated by the operators and encouraged by the participants, underground gambling operations such as these often have ties to other significant crimes including narcotics violations, money laundering, and acts of violence,” said ICE HSI New Orleans Special Agent in Charge Eric DeLaune. “These crimes degrade the safety of our communities, and we are proud to be the ones stopping these illegal operations.”

    “The Office of Inspector General is committed to working with all of our law enforcement and prosecutorial partners in pursuing individuals who choose to participate in animal fighting activities and engage in violations involving animal welfare, while also committing other serious offenses in our communities,” said Special Agent-in-Charge Dax Roberson of the U.S. Department of Agriculture-Office of Inspector General.

    “The United States Attorney’s Office for the Southern District of Mississippi is working with our law enforcement partners to ensure that those who violate our nation’s immigration, narcotics, and animal cruelty laws are held accountable,” said Acting Southern District of Mississippi U.S. Attorney Patrick Lemon.

    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, 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 and Project Safe Neighborhood.

    The public is reminded that all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI USA: The Good, the Bad, the Ugly: How Wildfires Reshape Landscapes

    Source: US Geological Survey

    The Good, the Bad, the Ugly: How Wildfires Reshape Landscapes

    Exploring USGS’s Role in Understanding Postfire Changes

    Background

    Wildfires have long played a crucial role in reshaping and rejuvenating landscapes. They can clear out dead vegetation, return nutrients to the soil, and promote the growth of diverse plant species. However, the aftermath of wildfires also brings significant changes to the environment, some of which pose challenges to ecosystems and dangers to local communities. The USGS conducts extensive research to understand these changes and to develop strategies for hazard mitigation and recovery in fire-prone communities.

    The Good: The Beneficial Role of Fire in Landscapes

    First, let’s discuss “the good” and why wildfires are a natural part of forest and rangeland habitats. While wildfires can have destructive effects, they play a beneficial role in many ecosystems:

    • Nutrient Cycling. Fires consume dead and decaying matter, returning nutrients to the soil, which promotes new plant growth.
    • Habitat Diversity. By clearing dense vegetation, fires create a mosaic of different habitats, supporting a variety of plant and animal species.
    • Pest and Disease Control. Fires can reduce populations of pests and pathogens, contributing to the overall health of forests and grasslands. 

    The Bad: How Wildfires Alter Landscapes

    Next, let’s discuss “the bad” and how wildfires potentially negatively alter the landscape:

    • Soil Becomes Water-Repellent. Intense heat from wildfires can cause soils to become hydrophobic, meaning they repel water. This occurs when organic materials in the soil are vaporized by the heat, and upon cooling, these vapors condense and form a waxy coating around soil particles. As a result, rainwater cannot easily penetrate the soil, leading to increased surface runoff and a higher risk of flash flooding.
    • Streams Become Polluted. After a wildfire, ash and debris can be washed into nearby rivers and streams during rainfall. This runoff may contain elevated levels of nutrients, sediments, and heavy metals, which can degrade water quality and pose risks to aquatic life and human health. For instance, following Colorado’s 2020 Cameron Peak Fire, water supplies experienced significant contamination, highlighting the long-term impacts wildfires can have on water resources.
    • Slopes Become Unstable. Vegetation plays a vital role in stabilizing soil on slopes. When wildfires destroy this vegetation, the roots that bind the soil together decay, increasing the likelihood of landslides and debris flows, especially during subsequent rainstorms. The USGS has developed models to assess and predict these post-wildfire debris-flow hazards, aiding in the development of early warning systems and mitigation strategies.
    • Invasive Plants Can Spread. Wildfires can create opportunities for invasive plant species to establish themselves in burned areas. These species often outcompete native vegetation, leading to reduced biodiversity and altered ecosystem functions. The USGS collaborates with land managers to monitor these changes and develop strategies to promote the recovery of native plant communities. 

    The Ugly: The Future Impacts of Wildfires on Society

    Lastly, “the ugly.” Wildfires are not going away. In fact, wildfires in the United States are becoming more frequent, intense, and destructive. Several factors contribute to this trend, including prolonged droughts and increasing urban development in fire-prone areas. Scientists predict that future wildfire seasons will last longer, burn larger areas, and pose even greater challenges for communities, ecosystems, and emergency responders. The increasing severity of wildfires will have profound effects on public safety, public health, and the economy. For example, some ways wildfires will continue to be problematic include:

    • More Frequent Disruptions. Longer fire seasons will lead to more evacuations, power outages, and damage to infrastructure. Areas that were once considered safe may now face a growing threat of wildfire.
    • Air Quality and Health Concerns. Wildfire smoke contains harmful pollutants that can worsen respiratory illnesses, particularly for children, the elderly, and individuals with preexisting health conditions. Regions far from active fires can still experience dangerous air quality levels due to drifting smoke.
    • Economic Costs. Wildfires already cost billions of dollars annually for firefighting efforts, property damage, and lost economic productivity. As fires become more extreme, these costs are expected to rise, placing strain on local, state, and federal budgets.
    • Water and Food Security. Wildfires can damage watersheds, leading to long-term impacts on water supply and quality. Agricultural areas near fire zones may also suffer losses, reducing food production and increasing prices.

    The USGS plays a vital role in helping communities recover from wildfires and prepare for future events. By partnering with federal and state agencies, including the U.S. Forest Service, the Department of the Interior, and state Geological Surveys, the USGS is driving innovation in fire science and management. These partnerships ensure that responders and decision-makers have the best available information to protect lives, property, and natural resources.

    The USGS employs more than 100 scientists whose research focuses on fire-related topics, including using high-resolution remote sensing to characterize vegetative fuel loads; applying the latest satellite technology to detect fires and map wildfire perimeters; evaluating best practices to reduce wildfire risks; and assessing post-wildfire flooding and debris-flow hazards. This work also includes creating and sharing best practices to support recovery across landscapes. Together, USGS expertise and monitoring capabilities are greatly improving the safety of first responders and the public-at-large.

    Researchers across the USGS are working with the interagency fire community to expand the use of artificial intelligence, machine learning and other rapid-computing capabilities. For example, the USGS uses artificial intelligence with satellite imagery to detect fire boundaries and develop burn severity maps, and to identify distribution and abundance of fire-adapted invasive species like cheatgrass in the Great Basin.

    The USGS Wildland Fire Science Strategy aligns with national initiatives as defined in the National Cohesive Wildland Fire Management Strategy. Developed by a broad swath of stakeholders at all levels, the Cohesive Strategy calls for science and management that promote resilient landscapes and fire-adapted communities for safe and effective wildfire responses.

    Preparing for the Future

    While wildfires are a natural part of many ecosystems, things are changing and society must take proactive steps to protect lives, property, and the environment from the growing wildfire threat. Given the increasing risks, wildfire management strategies must evolve. Investments in forest management, improved building codes, early warning systems, and resilient infrastructure will be crucial in reducing wildfire impacts. The USGS and other agencies will continue to play a key role in researching fire behavior, mapping high-risk areas, and providing vital information to help communities adapt.

    Understanding both the positive and negative impacts of wildfires is essential for effective land management. The USGS’s comprehensive research and collaboration with other agencies enhance public safety, inform policy decisions, and promote resilient ecosystems in the face of wildfire events.

    As part of the wildfire community, USGS is deeply connected to the people and landscapes we serve. Wildfires often affect our colleagues, friends, and neighbors, underscoring the importance of our mission to provide critical fire science. Each new fire reminds us of our shared responsibility to understand, adapt to, and mitigate wildfire risks in the face of future challenges.

    Case Study: The January 2025 Los Angeles Fires

    In January 2025, Southern California faced an unprecedented wildfire crisis as extreme Santa Ana winds fueled four large wildfires (the Palisades, Eaton, Hurst, and Kenneth Fires) and dozens of smaller blazes that scorched the region. The fires burned more than 40,000 acres, destroyed 12,000 structures, and led to at least 30 fatalities. Amid this devastation, the USGS delivered essential science and information that supported fire response efforts, assessed postfire hazards, and aided recovery in impacted communities.

    The USGS worked alongside federal and state agencies, providing critical tools and information for every stage of the fire management.

    • Real-Time Fire Mapping. The USGS National Civil Applications Center generated wildfire boundary maps for the Palisades, Eaton, and Hurst fires. Using satellite imagery, these maps were delivered to Incident Commanders each morning to inform daily firefighting strategies and evacuation plans.
    • Ecological Research and Recovery. The USGS Western Ecological Research Center advised land managers on fire behavior and postfire recovery strategies. This included addressing erosion risks, invasive species management, and advising how to use native vegetation to restore burned areas. The Suppression and Planning Actions for Restoring Communities and Species (SPARCS) team collaborated directly with resource managers to assess their needs and provide support.
    • Postfire Hazard Assessments. The USGS Geologic Hazards Science Center led assessments of postfire debris flow risks in the steep terrain of the Santa Monica Mountains. Working with the California Geological Survey and other partners, USGS scientists mapped soil burn severity and modelled the likelihood and volume of debris flows during future storms. This data will help the National Weather Service issue warnings and guide local recovery efforts.

    MIL OSI USA News –

  • MIL-OSI USA: Eighth co-conspirator convicted for role in botched human smuggling attempt that resulted in 2 aliens being shot

    Source: US Immigration and Customs Enforcement

    HOUSTON – Mailon Almendares-Martinez, a 21-year-old resident of New Orleans, was convicted of conspiracy to transport illegal aliens April 30 for his role in a botched human smuggling attempt that resulted in two of the aliens being shot by suspected rival smugglers. U.S. Immigration and Customs Enforcement and the Houston Police Department conducted the investigation that has now resulted in the conviction of eight human smugglers.  

    “This is another unfortunate example of the dangers of relying on human smugglers to circumvent U.S. immigration law,” said ICE Homeland Security Investigations Houston Special Agent in Charge Chad Plantz. “Driven exclusively by greed and their own personal safety, these human smugglers recklessly put the lives of two aliens in jeopardy to avoid being caught and keep their smuggling operation from being discovered. Thanks to the tireless efforts of the HSI special agents and HPD officers who investigated this case, eight of the human smugglers involved have now been convicted and their alien smuggling organization has been dismantled.”

    The investigation revealed that Almendares-Martinez conspired with others from Oct. 30 – Nov. 2, 2022, to transport aliens from the South Texas border to Houston. During the hearing, the jury heard testimony that Almendares-Martinez recruited friends and conspirators from New Orleans to carry out the scheme and that he and his co-conspirators offered to pay the smugglers $1,000 to $2,000 per alien that they transported.

    Evidence revealed he had directed them through WhatsApp messages and phone calls on where to pick up the aliens. After picking up the aliens near the border, the conspirators headed back to Houston. En route, individuals believed to be a part of a rival human smuggling organization fired several shots at them and two of the aliens being smuggled suffered gunshot wounds to the arm and leg.

    After the shooting, Almendares-Martinez told the co-conspirators to return to Houston and not seek medical attention for the two wounded aliens. Co-conspirators then brought the aliens to a motel in Houston Nov. 1, 2022. The next day, the illegal aliens escaped. Law enforcement arrived at the scene and took four people in custody, to include Jonathan Melendez-Merino, Oscar Melendez-Sosa, Cristian Mencias-Padilla and Cesar Monge-Milla.

    The defense attempted to convince the jury that Almendares-Martinez was not part of the conspiracy and that someone else was using his WhatsApp account to communicate with co-conspirators. They did not believe those claims and found Almendares-Martinez guilty as charged.

    Almendares-Martinez is scheduled to be sentenced Aug. 11. At that time, he faces up to 10 years in federal prison and $250,000 in fines.  

    Previously released on bond, Almendares-Martinez was taken into custody following the verdict where he will remain pending that hearing.

    Seven others, all from New Orleans, Louisiana, previously pleaded guilty in the case – Melendez-Merino, 32, Melendez-Sosa, 22, Mencias-Padilla, 21, and Monge-Milla, 25, along with Yunior Sorto-Ramirez, 23, Bayron Pineda-Alvarado, and Alan Galvez-Baquedano, 22.

    Assistant U.S. Attorneys Michael Day and Anthony Franklyn prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI USA: UConn Students Pitch Tech Startups at Semester-End Showcase

    Source: US State of Connecticut

    On April 28, students in a Technology Innovation and Entrepreneurship class capped off their academic year-long entrepreneurial journey by pitching their technology-based startup ventures at the course’s final pitch day.

    The event, held at the Innovation Partnership Building, featured eight student teams presenting to an audience of guest judges, peers, and visiting international students. A networking hour with light refreshments followed, offering time for further discussion and connection. 

    The course, co-taught by Dr. Leila Daneshmandi from the College of Engineering and Sam Nanayakkara from the School of Business, is an interdisciplinary, project-based class that brings together students from across campus to form teams and tackle real-world problems with innovative technology solutions.

     

    This year’s cohort included students from five UConn schools and colleges: Engineering; Business; Nursing; Fine Arts; and Agriculture, Health and Natural Resources. Participants ranged from first-year undergraduates to graduate students. 

    The Flexapy team presenting their mobile app pitch idea to a panel of judges. (UConn Photo/Sarah Redmond)

    “The students have to work across disciplines, build communication skills, and collaborate as a team. That’s part of their learning journey,” said Nanayakkara. “They’re not just learning how to start a company, they’re learning how to work with people who think differently from them, how to adapt, and how to lead. These are skills that apply far beyond entrepreneurship, whether they go into startups, industry, or any field where innovation and collaboration matter.” 

    Many of the 26 students began developing their ventures in the fall semester’s Technology Innovation and Entrepreneurship I course. That course introduces ideation, design thinking, and business models.  

    The spring sequel focuses on startup strategy, product-market fit, prototyping, and financials. Together, the courses form a year-long, hands-on sequence designed to help students build viable, scalable technology ventures. No prior experience is required to enroll in the Fall course. 

    This spring, Joseph Luciani from the College of Engineering’s Innovation Shop joined the instructional team, providing students with support in prototyping and technical development, further strengthening the course’s emphasis on building real, working solutions. 

    The student teams focused on solutions across a wide range of areas, including charging infrastructure, AI regulations, energy trading, healthcare, elderly care, mobility assistance, physical therapy, and agriculture. The ventures pitched were OptiEnerX, Safety Assurance Index, SoleShift, Transferable, PowerBid, Goldilocks, SmarThyCheck, and Flexapy. 

    The audience also included 24 visiting students from the U.S. Department of State’s Young Southeast Asian Leaders Initiative (YSEALI), who were on campus for a five- week entrepreneurship program hosted by UConn’s Global Training and Development Institute. The YSEALI students observed the final presentations, asked thoughtful questions, and joined the networking session following the pitches. 

    “The event was a perfect reflection of UConn’s entrepreneurial spirit and culture of innovation,” said Dr. Tolga Turker, Director of Global Entrepreneurial Programs at UConn’s Global Development and Training Institute. “The student pitches showcased bold imagination and real-world problem-solving, inspiring the YSEALI fellows to pursue their own ideas.”

    A panel of guest judges provided constructive feedback and insights, helping teams refine their ideas and build confidence in presenting to external stakeholders.

    The event also welcomed course alum Sage Bhagwansingh, founder of Sage Scenes, who returned to support the event and contributed videography, demonstrating the strong and growing community around UConn’s innovation programming. 

    [embedded content]

    “It is incredibly rewarding for us to see how far these students have come, not just in developing their ventures but in how they think, communicate, and lead. We challenge them to step outside their comfort zones and take ownership of the process, from problem discovery to real-world prototyping and startup strategy,” said Daneshmandi, who is also the director of the College of Engineering’s Entrepreneurship Hub. “What they gain is not just entrepreneurial knowledge. It is confidence, adaptability, and an innovative mindset that will stay with them no matter where they go next.”

    Students interested in exploring technology entrepreneurship are encouraged to reach out to Daneshmandi. Both courses are offered jointly through the College of Engineering and the School of Business and are open to students of all majors and designed to support innovators at every stage. 

    For more information about support for technology innovation and entrepreneurship, please visit the eHub.

    View photos from the event.

    MIL OSI USA News –

  • MIL-OSI USA: Celebrating UConn Health’s Nurses

    Source: US State of Connecticut

    As UConn Health continues to pile up third-party accolades for patient safety and quality, it is celebrating its more than 1,000 registered nurses, nurse practitioners, and nurse anesthetists.

    It’s a National Nurses Week tradition, with the week leading up to the birthday of Florence Nightingale, May 12, including events to recognize their contributions.

    As is also tradition, UConn Health has chosen six to receive one of this year’s Nightingale Awards for Excellence in Nursing, which recognizes their impact on patient care and the nursing profession and their demonstration of excellence above what is normally expected, as well as their commitment to the community served and their legacy in a particular nursing field.

    “Selection of our Nightingale candidates is a tremendous challenge every year due to the high quality of candidates who are nominated, and I am very proud to announce that we had 61 RNs, APRNs and CRNAs nominated this year,” says Caryl Ryan, chief nursing officer and the UConn John Dempsey Hospital chief operating officer and vice president for quality and patient care services. “Each nominee reflects clinical excellence, has gone ‘beyond the call’ and continues to make a significant impact to patient care. I am so proud of the candidates selected and their commitment to the profession of nursing. The selected candidates’ dedication and commitment to quality care and patient safety is inspirational.”

    Nightingale, who lived from 1820 to 1910, is largely credited as the founder of modern nursing.

    UConn Health’s 2025 Nightingale Nurses

    Ashley Bordonaro, BSN, RN
    Clinical Case Manager, Population Health

    [embedded content]

    From her nomination:
     “Throughout her career, Ashley has made a lasting impact in her field through her unwavering passion for delivering quality patient care. She is widely recognized as a strong patient advocate who consistently takes a patient-centered approach, always seeking opportunities to improve patient outcomes…. Above all, she always prioritizes the needs of the patient, ensuring that their care is not only effective but also compassionate. Her dedication to improving patient care has had a lasting influence on her colleagues and the healthcare system, setting a high standard for excellence in patient care.”

    Holly Durstin, MS, CRNA
    Nurse Anesthetist, Operating Room Unit

    [embedded content]

    From her nomination:
     “Through her advocacy, she has been a mentor, and guide and encouraged many to go into the nursing field. For nurses already in the field, she has encouraged them to go farther.  As a colleague she serves as a role model for professionalism, for patient care and for going above and beyond to take care of her patients.  For patients, she represents a practitioner who understands what it is like to be a patient, to be in their position, and she makes clear that she will advocate and take care of them as they are under her care. Everyone she has taken care of is made to feel comfortable, safe and protected.”

    Dayna Gambino, MSN, RN, CMSRN
    Staff Nurse, CN3, Surgery/Orthopedics UT5

    [embedded content]

    From her nomination:
     “‘Dayna is a 30 out of 10.’ This is just one of many patient responses recognizing her exceptional care. She is the first to respond in emergencies and always ready to support her teammates. As charge nurse for 493 hours this year, she balances leadership with mentoring, spending over 125 hours precepting new graduate nurses. In 2024, she earned three Good Catch awards for preventing potential safety events—though she sees it simply as ‘what a nurse does.’… She cultivates a culture of collaboration, respect, and continuous learning, strengthening both her team and the workplace environment.”

    Kate Medow, APRN, MSN, RN
    Lead Nurse Practitioner, Neuro-Oncology, Neag Comprehensive Cancer Center

    [embedded content]

    From her nomination:
     “She is a fierce advocate and clinical expert in her field, utilizing her compassionate approach and clinical expertise to grow the Neuro-Oncology program at UConn Health. Kate has made a lasting impact by advancing interdisciplinary collaboration and improving care for patients and families…. She also prioritized the well-being of the patient’s family, addressing their needs with compassion and skill. Over the years, I’ve witnessed her exceptional expertise in neurological care and her perceptive insight into psychosocial issues. Kate embodies Florence Nightingale’s attributes including compassion, dedication, leadership, self-sacrifice and whole person care.

    Rachel Meehan, APRN, MSN, RN ACNS-BC
    Nursing Professional Development Specialist, Age-Friendly Care, Professional Practice and Clinical Excellence

    [embedded content]

    From her nomination:
     “Through her specialized programs, she has developed and implemented a culture that is tailored to and meaningfully engages older adults. These programs focus on early mobility, and emotional support, ensuring that older adults receive holistic and comprehensive care…. She has empowered and equipped nurses with the knowledge and skills needed to provide quality care to and advocate for older adults.  Florence Nightingale and Rachel Meehan share a commitment to improving patient care and advancing the nursing profession. Nightingale’s pioneering work, as Rachel’s has done, laid the groundwork for the multifaceted role of modern-day nursing.”

    Erin Pietrowicz, MSN, RN, PCCN-CMC
    Staff Nurse, CN4, Intermediate Critical Care UT2

    From her nomination:
     “Erin is the colleague everyone wants by their side, encouraging others to succeed…. Erin has built a lasting legacy at UConn Health through her unwavering commitment to nursing, compassion, and leadership. Through her role as a mentor and preceptor, Erin has shaped the careers of many nurses, ensuring they are equipped with the knowledge and confidence to thrive in their roles…. She fosters teamwork, strengthens culture and empowers her colleagues to succeed both personally and professionally. Erin always goes above and beyond, and her selflessness is unparalleled -she has set the foundation for others to thrive.”

    MIL OSI USA News –

  • MIL-OSI USA: UConn Law Graduate Honored for Generosity and Impact

    Source: US State of Connecticut

    The Reading Room in William F. Starr Hall is considered the heart of the UConn Law campus, a place where the school community often gathers. So, it is fitting that the room is now named after Stuart F. Smith ’80, in honor of his extraordinary generosity and enduring impact on the law school.

    “Today’s special event demonstrates our deep appreciation for Stuart’s exceptional generosity, through which he has shared his time, his talent, and his treasure to help build upon a legacy of excellence here at the Law School,” said UConn Law Dean Eboni S. Nelson during a dedication ceremony on April 21. “Stuart’s remarkable support has had and will continue to have a profound impact on our law school community for years to come.”

    Stuart F. Smith ’80

    Smith established the Stuart Smith 1980 Dean’s Discretionary Fund in 2024 to support the ambitious goals of faculty, staff, and students. The previous year, he made a gift to create the Stuart F. Smith 1980 Teaching Fellowship, a two-year program that prepares aspiring law professors to enter the legal academy.

    “The Fellowship has given me the chance to be part of the intellectually vibrant, collegial, and supportive UConn Law faculty, where I’ve received valuable mentorship and feedback on my research and writing,” says Visiting Assistant Professor Gaurav Mukherjee, the inaugural Stuart F. Smith Teaching Fellow. “I’ve had the opportunity to teach courses on the intersections of human rights, education law, and constitutional change — topics that are especially urgent today. I’m deeply grateful to Mr. Smith for his principled vision, steadfast support, and commitment to excellence in legal education.”

    Stuart F. Smith ’80 and UConn School of Law Dean Eboni S. Nelson

    In addition to his philanthropic support, Smith has shared his expertise and his personal and professional journeys with students, such as members of the Business and Transactional Law Society, to help them achieve their career goals.

    Smith attended the dedication and was surrounded by family and friends there to celebrate with him.

    “When it comes to the Law School, I’ve gotten a lot more than I’ve given,” he said. “My most important ‘grade’ was my first year of law school because of the friendships I built and what I learned. And it’s such a privilege to be part of the community. So, I say, thank you, I’m really humbled by this. It’s very moving.”

    MIL OSI USA News –

  • MIL-OSI: UPDATE – WTW appoints Deputy Regional Leader to North America

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) — Willis, a WTW business (Nasdaq: WTW), today announced the appointment of David Lofstrom as Deputy Regional Leader, New England within Corporate Risk and Broking (CRB) in North America.

    Lofstrom’s new position includes working closely with the full New England team to identify new opportunities while also helping to accelerate growth throughout the region. Additionally, he will focus on delivering enhanced value to clients by collaborating with various Industry Vertical Division (IVD) leaders and subject matter experts, while strengthening WTW’s position as an industry leader.

    Based in Boston and reporting directly to Ionel Rizea, Chief Commercial Officer for CRB North America, Lofstrom brings more than thirty years of industry experience. Lofstrom joins Willis from Gallagher, where he most recently served as Area President in the Greater Boston region. He was responsible for branch performance, including sales, carrier and partner management, business development, M&A sourcing and integration and reinforcing the company’s culture in the New England area.

    Ionel Rizea commented, “I am thrilled to welcome Dave to the team. His experience – particularly in the sales and business development space, complements our growth strategy for North America. His background in both brokerage and [client] risk management aligns closely with our CRB objective of providing innovative solutions to clients. I look forward to working with Dave.”

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk, and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
    Learn more at wtwco.com.

    Media Contact

    Douglas Menelly; Douglas.Menelly@wtwco.com | +1 (516) 972-0380

    Arnelle Sullivan; Arnelle.Sullivan@wtwco.com | +1 (718) 208-0474

    The MIL Network –

  • MIL-OSI: Plantro Ltd. Releases Investor Presentation to Fellow Shareholders of Information Services Corporation and Extends Tender Offer to May 20, 2025

    Source: GlobeNewswire (MIL-OSI)

    Presentation Highlights the Opportunity to Unlock Value for All ISC Shareholders and Reverse Long-Term Decline

    Board Should Meaningfully Engage with Shareholders to Address Governance Issues at ISC

    Tender Offer to Acquire up to 14% of Class A Limited Voting Shares Extended Until 5:00pm Eastern Time on May 20, 2025

    BRIDGETOWN, Barbados, May 05, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) today announced that it has released a presentation to fellow shareholders of Information Services Corporation (TSX: ISC) (“ISC” or the “Company”). The presentation is available here and will be filed and made available on ISC’s SEDAR+ profile at www.sedarplus.ca.

    Plantro’s investor presentation, which is based on publicly available facts and data, highlights that the economics of ISC are ‘upside down’ and do not benefit long-term shareholders. Since ISC’s IPO in 2013, there has been a clear troubling trend: expense growth has consistently outpaced revenue growth. When expenses consistently outpace revenue, it sets the stage for serious financial challenges over the long-term. This has resulted in a long-term financial decline and decreasing returns.

    Plantro has heard from other ISC shareholders who share its concerns that it is impossible for ISC to fund its ‘buy-to-grow’ strategy to meet its 2028 revenue and adjusted EBITDA targets through cash flow generation or without incurring significant new debt or issuing substantial equity. Plantro’s representatives have made multiple attempts to engage with the board of directors (the “Board”) and management of ISC to discuss these concerns and share Plantro’s plan to unlock near- and long-term value for shareholders. Unfortunately, the Board appears entrenched, as at every step, Plantro has been met with limited and perfunctory engagement.

    Plantro calls on the Board to:

    1. recommend in favour of its ongoing Tender Offer; and
    2. meet with Plantro this week to discuss the governance and business issues at ISC.

    Plantro anticipates that the Board, rather than address ISC’s governance issues, will further entrench and impugn Plantro’s motives. However, ISC shareholders should review the presentation, consider ISC’s current trajectory, and determine for themselves whether the status quo is acceptable.

    Plantro believes that ISC has an exciting opportunity to unlock significant upside for shareholders. However, it has become clear that ISC’s serious governance issues are holding the Company back.

    Tender Offer Extension & Elimination of Voting Tender

    Plantro also announced that it is extending and amending its ongoing all-cash tender offer (the “Tender Offer”) to acquire up to 2,593,142 class A limited voting shares (the “Class A Shares”) in the capital of ISC. Pursuant to the terms of a second amended and restated offer document dated May 5, 2025 (the “Offer Document”), Plantro has extended the expiry date of the Tender Offer to 5:00pm (Eastern Time) on May 20, 2025, unless the Tender Offer is further varied, extended, or withdrawn in accordance with the terms of the Offer Document (the “Expiry Time”).

    Despite the Board’s unwillingness to engage with Plantro, in order to be constructive, the Tender Offer has also been amended to eliminate the proxy voting tender, about which the Board had previously objected. Plantro is no longer asking shareholders to appoint representatives of Plantro as their nominee and proxy in respect of such shares owned by a shareholder. For clarity, Plantro is not soliciting shareholder proxies in respect of the upcoming 2025 annual meeting of shareholders of ISC scheduled to be held on May 13, 2025.

    Shareholders of ISC who have already validly deposited and not withdrawn their Class A Shares are not required to take any further action to accept the Tender Offer. No Class A Shares will be taken up and paid for by Plantro pursuant to the Tender Offer until after the Expiry Time.

    In addition to the above amendments, the size of the Tender Offer has been reduced by 184,100 Class A Shares to reflect that Plantro has acquired such number of shares in the market, all in compliance with the terms of the Tender Offer.

    Other than as set out herein, all other terms of the Tender Offer remain unchanged. Details of the Tender Offer, including instructions for tendering Class A Shares, are included in the Offer Document (the Offer Document and the second amended and restated letter of transmittal dated May 5, 2025, the “Offer Documents”). The Offer Documents will be filed and made available on ISC’s SEDAR+ profile at www.sedarplus.ca. Shareholders of ISC should carefully read the Offer Documents prior to making a decision with respect to the Tender Offer.

    About Plantro

    Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

    Shareholder Questions

    Shareholders of ISC who have questions with respect to the Tender Offer, or who need assistance in depositing their Class A Shares, please contact the depositary or the information agent for the Tender Offer at the contact details below:

    Depositary: Odyssey Trust Company
    Toll Free (US & Canada): 1-888-290-1175
    Calls (All Regions): 587-885-0960
    Email: corp.actions@odysseytrust.com

    Information Agent: Carson Proxy
    North America Toll Free: 1-800-530-5189
    Local and Text: 416-751-2066
    Email: info@carsonproxy.com

    Cautionary Statement Regarding Forward-Looking Information

    This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Specifically, certain statements contained in this press release, including without limitation statements regarding the Tender Offer, taking up and paying for Class A Shares deposited under the Tender Offer, the expiry of the Tender Offer, Plantro’s perceived governance failings at ISC, and Plantro’s plan to unlock near- and long-term value at ISC, contain “forward-looking information” and are prospective in nature. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements.

    Statements containing forward-looking information are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future outcomes expressed or implied by the statements containing forward-looking information.

    Although Plantro believes that the expectations reflected in statements containing forward-looking information herein made by it (and not, for greater certainty, any forward-looking statements attributable to the Company) are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting the Company’s operations will continue substantially in the current state, including, without limitation, with respect to industry conditions, general levels of economic activity, continuity and availability of personnel, local and international laws and regulations, foreign currency exchange rates and interest rates, inflation, taxes, that there will be no unplanned material changes to the Company’s operations, and that the Company’s public disclosure record is accurate in all material respects and is not misleading (including by omission).

    Plantro cautions that the foregoing list of material factors and assumptions is not exhaustive. While these factors and assumptions are considered by Plantro to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Plantro and there is no assurance that they will prove correct.

    Important facts that could cause outcomes to differ materially from those expressed or implied by such forward-looking information include, among other things, actions taken by the Company in respect of the Tender Offer, the content of subsequent public disclosures by the Company, the failure to satisfy the conditions to the Tender Offer, general economic conditions, legislative or regulatory changes and changes in capital or securities markets. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although Plantro has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to Plantro or that Plantro presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

    Statements containing forward-looking information in this press release are based on Plantro’s beliefs and opinions at the time the statements are made, and there should be no expectation that such forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Plantro disclaims any obligation to do so, except as required by applicable law. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

    Media Contact: Gagnier Communications
    Riyaz Lalani / Dan Gagnier
    Email: Plantro@gagnierfc.com

    A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/a15f0631-205c-4781-9fea-5ac936ebd5bd

    The MIL Network –

  • MIL-OSI: Diamondback Energy, Inc. Announces First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2025.

    FIRST QUARTER 2025 AND RECENT HIGHLIGHTS

    • Average oil production of 475.9 MBO/d (850.7 MBOE/d)
    • Net cash provided by operating activities of $2.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.5 billion
    • Cash capital expenditures of $942 million
    • Free Cash Flow (as defined and reconciled below) of $1.5 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.6 billion
    • Declared Q1 2025 base cash dividend of $1.00 per share payable on May 22, 2025; implies a 2.9% annualized yield based on May 2, 2025 closing share price of $136.81
    • Repurchased 3,656,044 shares of common stock in Q1 2025 for $575 million excluding excise tax (at a weighted average price of $157.15 per share); repurchased 1,965,180 shares of common stock to date in Q2 2025 for $255 million excluding excise tax (at a weighted average price of $129.71 per share)
    • Total Q1 2025 return of capital of $864 million; represents ~55% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q1 2025 base dividend
    • As previously announced, closed acquisition of certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) on April 1st
    • Closed drop down transaction to Viper Energy, Inc. (“Viper”), a subsidiary of Diamondback, on May 1st

    UPDATED 2025 GUIDANCE HIGHLIGHTS

    As a result of recent commodity price volatility, Diamondback is reducing activity in order to prioritize free cash flow generation. The Company believes this revised plan enhances capital efficiency and provides flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

    • Full year oil production of 480 – 495 MBO/d (857 – 900 MBOE/d)
    • Full year 2025 cash capital expenditures guidance of $3.4 – $3.8 billion
    • The Company expects to drill 385 – 435 gross (349 – 395 net) wells and complete between 475 – 550 gross (444 – 514 net) wells with an average lateral length of approximately 11,500 feet in 2025
    • Q2 2025 oil production guidance of 485 – 500 MBO/d (866 – 900 MBOE/d)
    • Q2 2025 cash capital expenditures guidance of $800 – $900 million
    • Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 49.4, ~10% better than the Company’s original full year 2025 guidance provided in February 2025

    OPERATIONS UPDATE

    The tables below provide a summary of operating activity for the first quarter of 2025.

    Total Activity (Gross Operated):          
      Number of Wells Drilled
    		   Number of Wells Completed
    Midland Basin                 124             116  
    Delaware Basin                 2             7  
    Total                 126             123  
    Total Activity (Net Operated):          
      Number of Wells Drilled
    		   Number of Wells Completed
    Midland Basin                 116             112  
    Delaware Basin                 2             7  
    Total                 118             119  
     

    During the first quarter of 2025, Diamondback drilled 124 gross wells in the Midland Basin and two gross wells in the Delaware Basin. The Company turned 116 operated wells to production in the Midland Basin and seven gross wells in the Delaware Basin, with an average lateral length of 11,978 feet. Operated completions during the first quarter consisted of 30 Wolfcamp A wells, 28 Lower Spraberry wells, 22 Wolfcamp B wells, 17 Jo Mill wells, eight Middle Spraberry wells, four Dean wells, four Barnett wells, three Third Bone Spring wells, three Wolfcamp D wells, two Second Bone Spring wells and two Upper Spraberry wells.

    FINANCIAL UPDATE

    Diamondback’s first quarter 2025 net income was $1.4 billion, or $4.83 per diluted share. Adjusted net income (as defined and reconciled below) for the first quarter was $1.3 billion, or $4.54 per diluted share.

    First quarter 2025 net cash provided by operating activities was $2.4 billion.

    During the first quarter of 2025, Diamondback spent $864 million on operated drilling and completions, $21 million on capital workovers and non-operated drilling and completions and $57 million on infrastructure, environmental and midstream, for total cash capital expenditures of $942 million.

    First quarter 2025 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.9 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the first quarter was $2.8 billion.

    Diamondback’s first quarter 2025 Free Cash Flow (as defined and reconciled below) was $1.5 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the first quarter was $1.6 billion.

    First quarter 2025 average unhedged realized prices were $70.95 per barrel of oil, $2.11 per Mcf of natural gas and $23.94 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $47.77 per BOE.

    Diamondback’s cash operating costs for the first quarter of 2025 were $10.48 per BOE, including lease operating expenses (“LOE”) of $5.33 per BOE, cash general and administrative (“G&A”) expenses of $0.72 per BOE, production and ad valorem taxes of $2.98 per BOE and gathering, processing and transportation expenses of $1.45 per BOE.

    As of March 31, 2025, Diamondback had $1.3 billion in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $2.5 billion available for future borrowings under the facility and approximately $3.8 billion of total liquidity. As of March 31, 2025, the Company had consolidated total debt of $14.1 billion and consolidated net debt (as defined and reconciled below) of $12.3 billion, up from consolidated total debt of $13.2 billion and consolidated net debt of $13.0 billion as of December 31, 2024.

    DIVIDEND DECLARATIONS

    Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $1.00 per common share for the first quarter of 2025 payable on May 22, 2025 to stockholders of record at the close of business on May 15, 2025.

    Future base and variable dividends remain subject to review and approval at the discretion of the Company’s Board of Directors.

    COMMON STOCK REPURCHASE PROGRAM

    During the first quarter of 2025, Diamondback repurchased ~3.7 million shares of common stock at an average share price of $157.15 for a total cost of approximately $575 million, excluding excise tax. To date, Diamondback has repurchased ~30.2 million shares of common stock at an average share price of $137.55 for a total cost of approximately $4.2 billion and has approximately $1.8 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

    FULL YEAR 2025 GUIDANCE

    Below is Diamondback’s updated guidance for the full year 2025, which includes second quarter production, cash tax and capital guidance. Given recent weakness in commodity prices, the Company is reducing its activity levels and lowering its capital budget to prioritize free cash generation. Diamondback will continue to closely monitor the macro environment and has flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

      2025 Guidance 2025 Guidance
      Diamondback Energy, Inc. Viper Energy, Inc.
         
    2025 Net production – MBOE/d 857 – 900 (from 883 – 909) 74.5 – 79.0
    2025 Oil production – MBO/d 480 – 495 (from 485 – 498) 41.0 – 43.5
    Q2 2025 Oil production – MBO/d (total – MBOE/d) 485 – 500 (866 – 900) 40.0 – 43.0 (72.5 – 78.0)
         
    Unit costs ($/BOE)    
    Lease operating expenses, including workovers $5.65 – $6.05 (from $5.90 – $6.30)  
    G&A    
    Cash G&A $0.60 – $0.75 $0.80 – $1.00
    Non-cash equity-based compensation $0.25 – $0.35 $0.10 – $0.20
    DD&A $14.00 – $15.00 $15.50 – $16.50
    Interest expense (net of interest income) $0.40 – $0.65 (from $0.25 – $0.50) $2.00 – $2.50
    Gathering, processing and transportation $1.40 – $1.60 (from $1.20 – $1.40)  
         
    Production and ad valorem taxes (% of revenue) ~7% ~7%
    Corporate tax rate (% of pre-tax income) 23%  
    Cash tax rate (% of pre-tax income) 19% – 22% (from 17% – 20%) 21% – 23%
    Q2 2025 Cash taxes ($ – million)(1) $340 – $400 $10 – $15
         
    Capital Budget ($ – million)    
    Operated drilling and completion $2,780 – $3,090 (from $3,130 – $3,440)  
    Capital workovers, non-operated properties and science $280 – $320  
    Infrastructure, environmental and midstream(2) $340 – $390 (from $390 – $440)  
    2025 Total capital expenditures $3,400 – $3,800 (from $3,800 – $4,200)  
    Q2 2025 Capital expenditures $800 – $900  
         
    Gross horizontal wells drilled (net) 385 – 435 (349 – 395) (from 446 – 471 (406 – 428))  
    Gross horizontal wells completed (net) 475 – 550 (444 – 514) (from 557 – 592 (526 – 560))  
    Average lateral length (Ft.) ~11,500′  
    FY 2025 Midland Basin well costs per lateral foot $550 – $590 (from $555 – $605)  
    FY 2025 Delaware Basin well costs per lateral foot $860 – $910  
    Midland Basin completed net lateral feet (%) ~95%  
    Delaware Basin completed net lateral feet (%) ~5%  
    (1) Includes approximately $170 million of cash taxes related to the Viper dropdown transaction.
    (2) Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025.
       


    CONFERENCE CALL

    Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2025 on Tuesday, May 6, 2025 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger, the recently completed Double Eagle acquisition and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 26, 2025, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

     
    Diamondback Energy, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited, in millions, except share amounts)
           
      March 31,   December 31,
       2025    2024
    Assets      
    Current assets:      
    Cash and cash equivalents ($560 million and $27 million related to Viper)         $         1,816     $         161  
    Restricted cash                   225               3  
    Accounts receivable:      
    Joint interest and other, net                   257               198  
    Oil and natural gas sales, net ($146 million and $149 million related to Viper)                    1,334               1,387  
    Inventories                   117               116  
    Derivative instruments                   267               168  
    Prepaid expenses and other current assets                   67               77  
    Total current assets                   4,083               2,110  
    Property and equipment:      
    Oil and natural gas properties, full cost method of accounting ($22,019 million and $22,666 million excluded from amortization at March 31, 2025 and December 31, 2024, respectively) ($6,097 million and $5,713 million related to Viper and $2,279 million and $2,180 million excluded from amortization related to Viper)                   83,727               82,240  
    Other property, equipment and land                   1,452               1,440  
    Accumulated depletion, depreciation, amortization and impairment ($1,148 million and $1,081 million related to Viper)                   (20,283 )             (19,208 )
    Property and equipment, net                   64,896               64,472  
    Funds held in escrow                   208               1  
    Equity method investments                   383               375  
    Derivative instruments                   61               2  
    Deferred income taxes, net ($249 million and $185 million related to Viper)                   235               173  
    Other assets                   200               159  
    Total assets         $         70,066     $         67,292  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable – trade         $         124     $         253  
    Accrued capital expenditures                   754               690  
    Current maturities of debt                   914               900  
    Other accrued liabilities                   761               1,020  
    Revenues and royalties payable                   1,575               1,491  
    Derivative instruments                   75               43  
    Income taxes payable                   550               414  
    Total current liabilities                   4,753               4,811  
    Long-term debt ($822 million and $1,083 million related to Viper)                   12,996               12,075  
    Derivative instruments                   93               106  
    Asset retirement obligations                   586               573  
    Deferred income taxes                   9,887               9,826  
    Other long-term liabilities                   8               39  
    Total liabilities                   28,323               27,430  
    Stockholders’ equity:      
    Common stock, $0.01 par value; 800,000,000 shares authorized; 287,287,926 and 290,984,373 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively                   3               3  
    Additional paid-in capital                   33,125               33,501  
    Retained earnings (accumulated deficit)                   5,352               4,238  
    Accumulated other comprehensive income (loss)                   (7 )             (6 )
    Total Diamondback Energy, Inc. stockholders’ equity                   38,473               37,736  
    Non-controlling interest                   3,270               2,126  
    Total equity                   41,743               39,862  
    Total liabilities and stockholders’ equity         $         70,066     $         67,292  
     
    Diamondback Energy, Inc.
    Condensed Consolidated Statements of Operations
    (unaudited, $ in millions except per share data, shares in thousands)
           
      Three Months Ended March 31,
        2025       2024  
    Revenues:      
    Oil, natural gas and natural gas liquid sales         $         3,657     $         2,101  
    Sales of purchased oil                   374               116  
    Other operating income                   17               10  
    Total revenues                   4,048               2,227  
    Costs and expenses:      
    Lease operating expenses                   408               255  
    Production and ad valorem taxes                   228               119  
    Gathering, processing and transportation                   111               77  
    Purchased oil expense                   382               117  
    Depreciation, depletion, amortization and accretion                   1,097               469  
    General and administrative expenses                   73               46  
    Merger and integration expense                   37               12  
    Other operating expenses                   39               14  
    Total costs and expenses                   2,375               1,109  
    Income (loss) from operations                   1,673               1,118  
    Other income (expense):      
    Interest expense, net                   (40 )             (39 )
    Other income (expense), net                   27               (3 )
    Gain (loss) on derivative instruments, net                   226               (48 )
    Gain (loss) on extinguishment of debt                   —               2  
    Income (loss) from equity investments, net                   8               2  
    Total other income (expense), net                   221               (86 )
    Income (loss) before income taxes                   1,894               1,032  
    Provision for (benefit from) income taxes                   403               223  
    Net income (loss)                    1,491               809  
    Net income (loss) attributable to non-controlling interest                   86               41  
    Net income (loss) attributable to Diamondback Energy, Inc.         $         1,405     $         768  
           
    Earnings (loss) per common share:      
    Basic         $         4.83     $         4.28  
    Diluted         $         4.83     $         4.28  
    Weighted average common shares outstanding:      
    Basic           289,612       178,477  
    Diluted           289,612       178,477  
     
    Diamondback Energy, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited, in millions)
           
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net income (loss)          $         1,491     $         809  
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
    Provision for (benefit from) deferred income taxes                   6               52  
    Depreciation, depletion, amortization and accretion                   1,097               469  
    (Gain) loss on extinguishment of debt                   —               (2 )
    (Gain) loss on derivative instruments, net                   (226 )             48  
    Cash received (paid) on settlement of derivative instruments                   85               (4 )
    (Income) loss from equity investment, net                   (8 )             (2 )
    Equity-based compensation expense                   18               14  
    Other                   24               16  
    Changes in operating assets and liabilities:              
    Accounts receivable                   (6 )             (95 )
    Income tax receivable                   3               12  
    Prepaid expenses and other current assets                   6               89  
    Accounts payable and accrued liabilities                   (374 )             (110 )
    Income taxes payable                   135               70  
    Revenues and royalties payable                   84               (35 )
    Other                   20               3  
    Net cash provided by (used in) operating activities                   2,355               1,334  
    Cash flows from investing activities:      
    Additions to oil and natural gas properties                   (942 )             (609 )
    Property acquisitions                   (750 )             (153 )
    Proceeds from sale of assets                   41               12  
    Other                   (2 )             (1 )
    Net cash provided by (used in) investing activities                   (1,653 )             (751 )
    Cash flows from financing activities:      
    Proceeds from borrowings under credit facilities                   2,277               90  
    Repayments under credit facilities                   (2,538 )             (80 )
    Proceeds from senior notes                   1,200               —  
    Repayment of senior notes                   —               (25 )
    Repurchased shares under buyback program                   (575 )             (42 )
    Proceeds from partial sale of investment in Viper Energy, Inc.                   —               451  
    Net proceeds from Viper’s issuance of common stock                   1,232               —  
    Dividends paid to stockholders                   (290 )             (548 )
    Dividends/distributions to non-controlling interest                   (95 )             (44 )
    Other                   (36 )             (71 )
    Net cash provided by (used in) financing activities                   1,175               (269 )
    Net increase (decrease) in cash and cash equivalents                   1,877               314  
    Cash, cash equivalents and restricted cash at beginning of period                   164               585  
    Cash, cash equivalents and restricted cash at end of period         $         2,041     $         899  
     
    Diamondback Energy, Inc.
    Selected Operating Data
    (unaudited)
               
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Production Data:          
    Oil (MBbls)                   42,835               43,785               24,874  
    Natural gas (MMcf)                   100,578               107,249               50,602  
    Natural gas liquids (MBbls)                   16,961               19,615               8,653  
    Combined volumes (MBOE)(1)                   76,559               81,275               41,961  
               
    Daily oil volumes (BO/d)                   475,944               475,924               273,341  
    Daily combined volumes (BOE/d)                   850,656               883,424               461,110  
               
    Average Prices:          
    Oil ($ per Bbl)         $         70.95     $         69.48     $         75.06  
    Natural gas ($ per Mcf)         $         2.11     $         0.48     $         0.99  
    Natural gas liquids ($ per Bbl)         $         23.94     $         19.27     $         21.26  
    Combined ($ per BOE)         $         47.77     $         42.71     $         50.07  
               
    Oil, hedged ($ per Bbl)(2)          $         70.06     $         68.72     $         74.13  
    Natural gas, hedged ($ per Mcf)(2)         $         3.34     $         0.82     $         1.36  
    Natural gas liquids, hedged ($ per Bbl)(2)         $         23.94     $         19.27     $         21.26  
    Average price, hedged ($ per BOE)(2)          $         48.89     $         42.76     $         49.97  
               
    Average Costs per BOE:          
    Lease operating expenses         $         5.33     $         5.67     $         6.08  
    Production and ad valorem taxes                   2.98               2.77               2.84  
    Gathering, processing and transportation expense                   1.45               1.17               1.84  
    General and administrative – cash component                   0.72               0.69               0.76  
    Total operating expense – cash         $         10.48     $         10.30     $         11.52  
               
    General and administrative – non-cash component         $         0.24     $         0.20     $         0.34  
    Depreciation, depletion, amortization and accretion         $         14.33     $         14.22     $         11.18  
    Interest expense, net         $         0.52     $         0.42     $         0.93  
    (1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2) Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.
       


    NON-GAAP FINANCIAL MEASURES

    ADJUSTED EBITDA

    Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, if any, non-cash equity-based compensation expense, capitalized equity-based compensation expense, merger and integration expenses, other non-cash transactions and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company adds the items listed above to net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

    Diamondback Energy, Inc.
    Reconciliation of Net Income (Loss) to Adjusted EBITDA
    (unaudited, in millions)
               
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Net income (loss) attributable to Diamondback Energy, Inc.         $         1,405     $         1,074     $         768  
    Net income (loss) attributable to non-controlling interest                   86               216               41  
    Net income (loss)                   1,491               1,290               809  
    Non-cash (gain) loss on derivative instruments, net                   (141 )             (51 )             44  
    Interest expense, net                   40               34               39  
    Depreciation, depletion, amortization and accretion                   1,097               1,156               469  
    Depreciation and interest expense related to equity method investments                   21               30               23  
    (Gain) loss on extinguishment of debt                   —               —               (2 )
    Non-cash equity-based compensation expense                   23               24               21  
    Capitalized equity-based compensation expense                   (5 )             (8 )             (7 )
    Merger and integration expenses                   37               30               12  
    Other non-cash transactions                   (19 )             2               2  
    Provision for (benefit from) income taxes                   403               115               223  
    Consolidated Adjusted EBITDA                   2,947               2,622               1,633  
    Less: Adjustment for non-controlling interest                   146               118               86  
    Adjusted EBITDA attributable to Diamondback Energy, Inc.         $         2,801     $         2,504     $         1,547  
     


    ADJUSTED NET INCOME

    Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, merger and integration expense, other non-cash transactions and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

    Diamondback Energy, Inc.
    Adjusted Net Income
    (unaudited, $ in millions except per share data, shares in thousands)
       
      Three Months Ended March 31, 2025
      Amounts   Amounts Per Diluted Share
    Net income (loss) attributable to Diamondback Energy, Inc.(1)         $         1,405     $         4.83  
    Net income (loss) attributable to non-controlling interest                   86               0.30  
    Net income (loss)(1)                    1,491               5.13  
    Non-cash (gain) loss on derivative instruments, net                   (141 )             (0.49 )
    Merger and integration expense                   37               0.13  
    Other non-cash transactions                   (19 )             (0.07 )
    Adjusted net income excluding above items(1)                   1,368               4.70  
    Income tax adjustment for above items                   26               0.09  
    Adjusted net income(1)                   1,394               4.79  
    Less: Adjusted net income attributable to non-controlling interest                   74               0.25  
    Adjusted net income attributable to Diamondback Energy, Inc.(1)         $         1,320     $         4.54  
           
    Weighted average common shares outstanding:      
    Basic                     289,612  
    Diluted                     289,612  
    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $6 million in earnings attributable to participating securities, (iii) divided by diluted weighted average common shares outstanding for the respective periods.
       


    OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

    Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

    Free Cash Flow, which is a non-GAAP financial measure, is cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company believes that Free Cash Flow is useful to investors as it provides measures to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis as adjusted for non-recurring tax impacts from divestitures, merger and integration expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. The Company uses Free Cash Flow to reduce debt, as well as return capital to stockholders as determined by the Board of Directors.

    The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow:

    Diamondback Energy, Inc.
    Operating Cash Flow Before Working Capital Changes and Free Cash Flow
    (unaudited, in millions)
     
      Three Months Ended
      March 31, 2025   December 31, 2024
    Net cash provided by operating activities         $         2,355     $         2,341  
    Less: Changes in cash due to changes in operating assets and liabilities:      
    Accounts receivable                   (6 )             (103 )
    Income tax receivable                   3               (3 )
    Prepaid expenses and other current assets                   6               (24 )
    Accounts payable and accrued liabilities                   (374 )             114  
    Income taxes payable                   135               138  
    Revenues and royalties payable                   84               59  
    Other                   20               (100 )
    Total working capital changes                   (132 )             81  
    Operating cash flow before working capital changes                   2,487               2,260  
    Additions to oil and natural gas properties                   (942 )             (933 )
    Total Cash CAPEX                   (942 )             (933 )
    Free Cash Flow                   1,545               1,327  
    Merger and integration expenses                   37               30  
    Treasury locks                   1               —  
    Adjusted Free Cash Flow         $         1,583     $         1,357  
     


    NET DEBT

    The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

    Diamondback Energy, Inc.
    Net Debt
    (unaudited, in millions)
                           
      March 31, 2025   Net Q1 Principal Borrowings/(Repayments)   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (in millions)
    Diamondback Energy, Inc.(1)         $         13,269     $         1,200     $         12,069     $         12,284     $         11,169     $         5,669  
    Viper Energy, Inc.(1)                   830               (261 )             1,091               830               1,007               1,103  
    Total debt                   14,099     $         939               13,160               13,114               12,176               6,772  
    Cash and cash equivalents                   (1,816 )                 (161 )             (370 )             (6,908 )             (896 )
    Net debt         $         12,283         $         12,999     $         12,744     $         5,268     $         5,876  
    (1) Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.
       


    DERIVATIVES

    As of May 2, 2025, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

      Crude Oil (Bbls/day, $/Bbl)
      Q2 2025   Q3 2025   Q4 2025   Q1 2026
    Long Puts – Crude Brent Oil   50,000       36,000       21,000       4,000  
    Long Put Price ($/Bbl)   $58.30       $56.39       $55.00       $55.00  
    Deferred Premium ($/Bbl)   $-1.50       $-1.50       $-1.47       $-1.45  
    Long Puts – WTI (Magellan East Houston)   96,000       102,000       65,000       15,000  
    Long Put Price ($/Bbl)   $55.10       $54.75       $54.62       $55.00  
    Deferred Premium ($/Bbl)   $-1.59       $-1.61       $-1.63       $-1.66  
    Long Puts – WTI (Cushing)   152,000       146,000       86,000       25,000  
    Long Put Price ($/Bbl)   $55.53       $54.40       $53.98       $55.00  
    Deferred Premium ($/Bbl)   $-1.59       $-1.55       $-1.55       $-1.32  
    Basis Swaps – WTI (Midland)   71,000       76,000       76,000       —  
      $1.05       $1.05       $1.05       —  
    Roll Swaps – WTI   25,000       25,000       25,000       —  
      $0.93       $0.93       $0.93       —  
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q2 2025   Q3 2025   Q4 2025   FY 2026 FY 2027
    Costless Collars – Henry Hub   690,000       690,000       690,000       620,000     40,000  
    Floor Price ($/Mmbtu)   $2.49       $2.49       $2.49       $2.77     $3.00  
    Ceiling Price ($/Mmbtu)   $5.28       $5.28       $5.28       $6.33     $6.65  
    Natural Gas Basis Swaps – Waha Hub   610,000       610,000       610,000       460,000     240,000  
      $-0.88       $-0.88       $-0.88       $-1.62     $-1.48  
    Natural Gas Basis Swaps – Houston Ship Channel   13,407       20,000       20,000       40,000     —  
      $-0.49       $-0.49       $-0.49       $-0.37     —  

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network –

  • MIL-OSI: Gibson Energy Reports 2025 First Quarter Results Driven by Record Infrastructure EBITDA and All-Time High Volumes at Gateway and Edmonton

    Source: GlobeNewswire (MIL-OSI)

    All financial figures are in Canadian dollars unless otherwise noted

    CALGARY, Alberta, May 05, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three months ended March 31, 2025.

    Key Highlights:

    • All-time high volumes at both the Gateway and Edmonton terminals drove record Infrastructure Adjusted EBITDA(1) of $155 million
    • Realized recurring and non-recurring cost savings of approximately $6 million, increasing DCF per share in the first quarter by 7%, with line of sight to $18 million of total savings, relative to our target of over $25 million
    • Secured a strategic long-term partnership with Baytex Energy Corp. (“Baytex”)
    • Appointed Riley Hicks as Senior Vice President and Chief Financial Officer effective February 4, 2025, and Dave Gosse as Senior Vice President and Chief Operating Officer to become effective May 20, 2025
    • Subsequent to the quarter, completed the Gateway dredging project safely, on time and on budget

    “We are off to a solid start to 2025, delivering record quarterly Infrastructure EBITDA,” said Curtis Philippon, President & Chief Executive Officer. “Our cost focus efforts continue to deliver results, and we are seeing great progress on our key capital projects at Gateway. With a revitalized leadership team in place and disciplined execution underway, we are well positioned to deliver a strong finish to the year.”

    Financial Highlights:

    • Revenue of $2,748 million decreased by $541 million in the first quarter, compared to $3,289 million in the first quarter of 2024, primarily due to the impact of reduced sales volumes and lower commodity prices within the Marketing segment
    • Infrastructure Adjusted EBITDA(1) of $155 million in the first quarter, a $4 million or 2% increase from the first quarter of 2024, primarily due to increased throughput at the Edmonton Terminal and Gateway, and lower operating and other costs, partially offset by lower volume at the Hardisty Terminal, and the disposal of non-core assets in the prior period
    • Marketing Adjusted EBITDA(1) of $0 in the first quarter, a $33 million decrease from the first quarter of 2024, primarily due to the Crude Marketing business’ lower contribution as continued increased demand for Canadian heavy oil has maintained steep backwardation and limited volatility, impacting storage, quality and time-based opportunities. For the Refined Products business, slightly stronger crack spreads during the quarter were offset by higher feedstock costs driven by continued strength in the WCS differential, as well as the impact of seasonal reduction in demand for asphalt products
    • Adjusted EBITDA(1) on a consolidated basis of $142 million in the first quarter, a $28 million or 16% decrease from the first quarter of 2024, primarily due to lower contributions from the Marketing segment and the other factors impacting segment EBITDA noted above, as well as the impact of unrealized gains and losses on derivative financial instruments recorded in both periods
    • Net income of $50 million in the first quarter, a $9 million or 23% increase from the first quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above as well as lower general and administrative costs primarily due to executive transition and restructuring costs in the prior period, partially offset by higher corporate foreign exchange losses
    • Distributable Cash Flow(1) of $91 million in the first quarter, a $24 million or 21% decrease from the first quarter of 2024, primarily due to lower Adjusted EBITDA from the Marketing segment, partially offset by increased Infrastructure Adjusted EBITDA
    • Dividend Payout ratio(2) on a trailing twelve-month basis of 77%, which is within the 70% – 80% target range
    • Net debt to Adjusted EBITDA(2) ratio of 3.7x at March 31, 2025, compared to 3.5x at March 31, 2024, primarily due to lower contributions from the Company’s Marketing segment and higher interest expenses compared to the same period last year

    Strategic Developments:

    • Appointed Riley Hicks as Senior Vice President and Chief Financial Officer, effective February 4, 2025; Riley joined Gibson in 2018 and has held various finance and commercial roles, including most recently Senior Vice President Corporate Development, Marketing and Strategy
    • Entered into a long-term strategic partnership with Baytex; under the initial 10-year take-or-pay and area dedication agreement, Gibson will invest approximately $50 million in new liquids infrastructure and Baytex will direct production to Gibson’s core Edmonton terminal, enhancing the Company’s quality of cash flows
    • Surpassed a major safety milestone, with over 9 million hours worked without a lost time injury
    • Subsequent to the quarter, Dave Gosse was appointed as Senior Vice President and Chief Operating Officer, to become effective May 20, 2025; with more than 30 years of operational and engineering leadership, in roles including President of Energy Transfer Canada, Dave adds strong expertise to Gibson’s executive team
    • Subsequent to the quarter, successfully completed the dredging project at Gateway safely, on time and on budget, making Gateway one of only two terminals in Texas capable of loading up to 1.6 million barrels on a Very Large Crude Carrier and up to full capacity on a Suezmax vessel

    (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
    (2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.

    Management’s Discussion and Analysis and Financial Statements
    The 2025 first quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

    Earnings Conference Call & Webcast Details
    A conference call and webcast will be held to discuss the 2025 first quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, May 6, 2025.

    To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

    Registration at least five minutes prior to the conference call is recommended.

    This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

    The webcast will remain accessible for a 12-month period at the above URL.

    Supplementary Information

    Gibson has also made available certain supplementary information regarding the 2025 first quarter financial and operating results, available at www.gibsonenergy.com.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘‘anticipate’’, ‘‘plan’’, ‘‘contemplate’’, ‘‘continue’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘propose’’, ‘‘might’’, ‘‘may’’, ‘‘will’’, ‘‘shall’’, ‘‘project’’, ‘‘should’’, ‘‘could’’, ‘‘would’’, ‘‘believe’’, ‘‘predict’’, ‘‘forecast’’, ‘‘pursue’’, ‘‘potential’’ and ‘‘capable’’ and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, future cost savings to be realized by the Company, the future effective date of appointment of the Company’s new Senior Vice President and Chief Operating Officer, results through the remainder of the current fiscal year, and the capital expenditure in relation to the project with Baytex, and Gibson’s ability to achieve the anticipated benefits of such project, including the enhancement of the quality of the Company’s cash flows. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form dated February 18, 2025, and Management’s Discussion and Analysis dated May 5, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations
    (403) 476-6334
    communications@gibsonenergy.com

    Specified Financial Measures
    This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

    For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the three months ended March 31, 2025 and 2024, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

    a) Adjusted EBITDA

    Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months ended March 31, 2025, and 2024:

    Three months ended March 31, Infrastructure Marketing Corporate and
    Adjustments    		 Total
    ($ thousands) 2025   2024   2025   2024   2025   2024   2025   2024  
                         
    Segment profit 154,079   145,663   13,860   19,381   —   —   167,939   165,044  
    Unrealized (gain) loss on financial instruments (455 ) 4,149   (13,746 ) 14,217   —   —   (14,201 ) 18,366  
    General and administrative —   —   —   —   (14,323 ) (21,920 ) (14,323 ) (21,920 )
    Adjustments to share of profit from equity accounted investees 1,173   1,481   —   —   —   —   1,173   1,481  
    Executive transition and restructuring costs —   —   —   —   2,405   7,135   2,405   7,135  
    Renewable power purchase agreement —   —   —   —   (806 ) —   (806 ) —  
    Adjusted EBITDA 154,797   151,293   114   33,598   (12,724 ) (14,785 ) 142,187   170,106  
      Three months ended March 31,
    		  
    ($ thousands) 2025   2024  
         
    Net Income 49,953   40,489  
         
    Income tax expense 14,044   12,455  
    Depreciation, amortization, and impairment charges 42,532   43,431  
    Finance costs, net 33,658   35,403  
    Unrealized (gain) loss on derivative financial instruments (14,201 ) 18,366  
    Unrealized loss on renewable power purchase agreement 6,787   9,476  
    Share-based compensation 3,128   5,064  
    Acquisition and integration costs —   1,305  
    Adjustments to share of profit from equity accounted investees 1,173   1,481  
    Corporate foreign exchange loss (gain) and other 2,708   (4,499 )
    Executive transition and restructuring costs 2,405   7,135  
    Adjusted EBITDA 142,187   170,106  

    b) Distributable Cash Flow

    The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

      Three months ended March 31,
    		  
    ($ thousands) 2025   2024  
         
    Cash flow from operating activities 121,852   192,833  
    Adjustments:    
    Changes in non-cash working capital and taxes paid 15,417   (26,078 )
    Replacement capital (5,808 ) (4,372 )
    Cash interest expense, including capitalized interest (31,549 ) (33,878 )
    Acquisition and integration costs(1) —   1,305  
    Executive transition and restructuring costs(1) 2,405   —  
    Lease payments (6,317 ) (8,034 )
    Current income tax (5,226 ) (7,312 )
    Distributable cash flow 90,774   114,464  

    c) Dividend Payout Ratio

      Twelve months ended March 31,  
      2025   2024  
    Distributable cash flow 351,583   392,853  
    Dividends declared 270,630   247,946  
    Dividend payout ratio 77 % 63 %

    d) Net Debt To Adjusted EBITDA Ratio

      Twelve months ended March 31,  
      2025   2024  
         
    Current and long-term debt 2,619,116   2,643,464  
    Lease liabilities 47,752   58,480  
    Less: unsecured hybrid debt (450,000 ) (450,000 )
    Less: cash and cash equivalents (46,090 ) (108,858 )
         
    Net debt 2,170,778   2,143,086  
    Adjusted EBITDA 582,223   605,095  
    Net debt to adjusted EBITDA ratio 3.7   3.5  

    The MIL Network –

  • MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the first quarter ended March 31, 2025.

    FIRST QUARTER HIGHLIGHTS

    • As previously announced, Q1 2025 average production of 31,311 bo/d (57,378 boe/d)
    • Q1 2025 consolidated net income (including non-controlling interest) of $153 million; net income attributable to Viper of $75 million, or $0.62 per Class A common share
    • Q1 2025 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $100 million, or $0.76 per Class A common share
    • Declared Q1 2025 base cash dividend of $0.30 per Class A common share; implies a 2.9% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
    • Declared Q1 2025 variable cash dividend of $0.27 per Class A common share; total base-plus-variable dividend of $0.57 per Class A common share implies a 5.4% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
    • Total Q1 2025 return of capital to Class A shareholders of $75 million, or $0.57 per Class A common share, represents 75% of cash available for distribution
    • 442 total gross (8.0 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q1 2025 with an average lateral length of 11,946 feet

    RECENT EVENTS AND FORWARD OUTLOOK

    • As previously announced, on May 1, 2025, closed the Drop Down transaction, whereby Viper Energy Partners LLC (“OpCo”), the Company’s operating subsidiary, acquired all of the equity interests of certain mineral and royalty subsidiaries of Diamondback for consideration of $1.0 billion of cash and 69.6 million limited liability company units of OpCo and an equivalent number of shares of the Company’s Class B common stock (the “Drop Down”)
    • Following the close of the Drop Down, Viper’s long-term issuer default rating was upgraded to BBB- by Fitch; represents second investment grade rating for Viper
    • As of May 2, 2025, during the second quarter of 2025, repurchased 239,374 shares of the Company’s Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share)
    • As of May 2, 2025, during the second quarter of 2025, repurchased approximately $36 million in aggregate principal amount of the Company’s 5.375% Senior Notes due 2027 (“2027 Notes”)
    • Initiating average daily production guidance for Q2 2025 of 40,000 to 43,000 bo/d (72,500 to 78,000 boe/d)
    • Maintaining average daily production for the balance of 2025, following the closing of the Drop Down, of 47,000 to 49,000 bo/d (85,000 to 88,000 boe/d), resulting in expected full year 2025 average daily production of 41,000 to 43,500 bo/d (74,500 to 79,000 boe/d)

    “As previously announced, we are excited the transformative Drop Down transaction between Viper and Diamondback has closed. As a result of the conservative financing of this transaction, as well as Viper’s continued strong financial and operating results, we expect leverage to remain below 1.0x even in a sustained $50 per barrel WTI environment. Given the strength of our balance sheet, we will look to use this period of volatility to our advantage where we can, as highlighted by the opportunistic share repurchases we have been able to make so far this quarter,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

    Mr. Van’t Hof continued, “Despite the potential for sustained weakness in commodity prices and reduced activity levels, we expect Viper’s production to remain durable and are maintaining our previous guidance for oil production for the balance of 2025, although we continue to monitor operator activity levels. The symbiotic relationship between Diamondback and Viper is highlighted during times like these where Diamondback continues to focus its development on wells where Viper owns high royalty interests, and therefore enhances Diamondback’s consolidated capital efficiency. Further, the roughly 45% of Viper’s current production that is operated by third parties is predominately exposed to well-capitalized operators in the best parts of the Permian Basin, led by Exxon operating almost half of our third party production.”

    FINANCIAL UPDATE

    As previously announced, Viper’s first quarter 2025 average unhedged realized prices were $71.33 per barrel of oil, $2.08 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $47.25/boe.

    As previously announced, Viper’s first quarter 2025 average hedged realized prices were $70.26 per barrel of oil, $3.74 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $48.99/boe.

    During the first quarter of 2025, the Company recorded total operating income of $245 million and consolidated net income (including non-controlling interest) of $153 million.

    As of March 31, 2025, the Company had a cash balance of $560 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $830 million, resulting in net debt (as defined and reconciled below) of $270 million. Viper’s outstanding long-term debt as of March 31, 2025 consisted of $430 million in aggregate principal amount of its 2027 Notes, $400 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and no borrowings on its revolving credit facility, leaving $1.3 billion available for future borrowings and $1.9 billion of total liquidity.

    As of May 1, 2025, after giving effect to the closing of the Drop Down, Viper had roughly $255 million in borrowings on its revolving credit facility, leaving approximately $995 million available for future borrowings and a similar amount of total liquidity.

    As of May 2, 2025, during the second quarter of 2025, Viper had repurchased approximately $36 million in aggregate principal amount of the Company’s 2027 Notes.

    FIRST QUARTER 2025 CASH DIVIDEND & CAPITAL RETURN PROGRAM

    Viper announced today that the Company’s Board of Directors (the “Board”) declared a base cash dividend of $0.30 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

    The Board also declared a variable cash dividend of $0.27 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

    As of May 2, 2025, during the second quarter of 2025, Viper repurchased 239,374 shares of Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share). In total, since the initiation of Viper’s common stock repurchase program on November 9, 2020 through May 2, 2025, the Company has repurchased 13,683,957 shares of Class A common stock for an aggregate purchase price of approximately $325 million, reflecting an average price of $23.74 per Class A common share. Future base and variable cash dividends and stock repurchases are at the discretion of the Board and are subject to a number of factors discussed in Viper’s reports filed with the Securities and Exchange Commission.

    OPERATIONS UPDATE

    During the first quarter of 2025, Viper estimates that 442 gross (8.0 net 100% royalty interest) horizontal wells with an average royalty interest of 1.8% were turned to production on its acreage position with an average lateral length of 11,946 feet. Of these 442 gross wells, Diamondback is the operator of 108 gross wells, with an average royalty interest of 4.0%, and the remaining 334 gross wells, with an average royalty interest of 1.1%, are operated by third parties.

    As of March 31, 2025, Viper’s footprint of mineral and royalty interests was 37,573 net royalty acres on a historical basis and 60,725 net royalty acres on a pro forma basis, after giving effect to the Drop Down.

    Our gross well information as of May 1, 2025 is as follows, after giving effect to the Drop Down:

      Diamondback
    Operated    		   Third-Party
    Operated    		   Total
    Q1 2025 Horizontal wells turned to production(1)(2):          
    Gross wells 108   334   442  
    Net 100% royalty interest wells 4.3   3.7   8.0  
    Average percent net royalty interest 4.0%   1.1%   1.8%  
               
    Horizontal producing well count:          
    Gross wells 3,725   11,546   15,271  
    Net 100% royalty interest wells 235.0   165.0   400.0  
    Average percent net royalty interest 6.3%   1.4%   2.6%  
               
    Horizontal active development well count:          
    Gross wells 239   682   921  
    Net 100% royalty interest wells 13.0   10.4   23.4  
    Average percent net royalty interest 5.4%   1.5%   2.5%  
               
    Line of sight wells:          
    Gross wells 417   677   1,094  
    Net 100% royalty interest wells 27.1   8.9   36.0  
    Average percent net royalty interest 6.5%   1.3%   3.3%  

    (1) Represents wells turned to production on Viper’s standalone acreage position; does not give effect to the Drop Down.
    (2) Average lateral length of 11,946 feet.

    The 921 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, after giving effect to the Drop Down, there are currently 63 gross rigs operating on Viper’s acreage, 16 of which are operated by Diamondback. The 1,094 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

    GUIDANCE UPDATE

    Below is Viper’s guidance for the full year 2025, as well as average production guidance for Q2 2025, which gives effect to the Drop Down. Given recent market volatility, Diamondback and our other operators are closely monitoring the macro environment and may review their operating plans for the remainder of 2025, and thus our production guidance could be subject to change.

       
      Viper Energy, Inc.
       
    Q2 2025 Net Production – Mbo/d 40.0 – 43.0
    Q2 2025 Net Production – Mboe/d 72.5 – 78.0
    Full Year 2025 Net Production – Mbo/d 41.0 – 43.5
    Full Year 2025 Net Production – Mboe/d 74.5 – 79.0
       
    Unit costs ($/boe)  
    Depletion $15.50 – $16.50
    Cash G&A $0.80 – $1.00
    Non-Cash Share-Based Compensation $0.10 – $0.20
    Net Interest Expense $2.00 – $2.50
       
    Production and Ad Valorem Taxes (% of Revenue) ~7%
    Cash Tax Rate (% of Pre-Tax Income Attributable to the Company)(1) 21% – 23%
    Q2 2025 Cash Taxes ($ – million)(2) $10 – $15

    (1) Pre-tax income attributable to the Company is reconciled below.
    (2) Attributable to the Company.


    CONFERENCE CALL

    Viper will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2025 on Tuesday, May 6, 2025 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

    About Viper Energy, Inc.

    Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin in West Texas. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Drop Down and any other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

    In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

    Viper Energy, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited, in millions, except par values and share data)
           
      March 31,   December 31,
        2025       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 560     $ 27  
    Royalty income receivable (net of allowance for credit losses)   146       149  
    Royalty income receivable—related party   41       31  
    Income tax receivable   2       2  
    Derivative instruments   31       18  
    Prepaid expenses and other current assets   12       11  
         Total current assets   792       238  
    Property:      
    Oil and natural gas interests, full cost method of accounting ($2,279 and $2,180 excluded from depletion at March 31, 2025 and December 31, 2024, respectively)   6,097       5,713  
    Land   6       6  
    Accumulated depletion and impairment   (1,148 )     (1,081 )
         Property, net   4,955       4,638  
    Derivative instruments   12       —  
    Deferred income taxes (net of allowances)   249       185  
    Funds held in escrow   223       1  
    Other assets   7       7  
         Total assets $ 6,238     $ 5,069  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable—related party $ 2     $ 2  
    Accrued liabilities   66       43  
    Derivative instruments   5       2  
    Income taxes payable   18       2  
         Total current liabilities   91       49  
    Long-term debt, net   822       1,083  
    Derivative instruments   2       —  
    Other long-term liabilities   —       30  
         Total liabilities   915       1,162  
    Stockholders’ equity:      
    Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 131,323,078 shares issued and outstanding as of March 31, 2025 and 102,977,142 shares issued and outstanding as of December 31, 2024   —       —  
    Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 87,831,750 shares issued and outstanding as of March 31, 2025 and 85,431,453 shares issued and outstanding as of December 31, 2024   —       —  
    Additional paid-in capital   2,566       1,569  
    Retained earnings (accumulated deficit)   108       118  
         Total Viper Energy, Inc. stockholders’ equity   2,674       1,687  
    Non-controlling interest   2,649       2,220  
    Total equity   5,323       3,907  
         Total liabilities and stockholders’ equity $ 6,238     $ 5,069  
    Viper Energy, Inc.
    Condensed Consolidated Statements of Operations
    (unaudited, in millions, except per share amounts, shares in thousands)
           
      Three Months Ended March 31,
        2025       2024  
    Operating income:      
    Oil income $ 201     $ 177  
    Natural gas income   15       7  
    Natural gas liquids income   28       21  
         Royalty income   244       205  
    Lease bonus income   1       —  
         Total operating income   245       205  
    Costs and expenses:      
    Production and ad valorem taxes   17       14  
    Depletion   67       47  
    General and administrative expenses—related party   4       2  
    General and administrative expenses   2       3  
         Total costs and expenses   90       66  
    Income (loss) from operations   155       139  
    Other income (expense):      
    Interest expense, net   (13 )     (20 )
    Gain (loss) on derivative instruments, net   32       (7 )
         Total other income (expense), net   19       (27 )
    Income (loss) before income taxes   174       112  
    Provision for (benefit from) income taxes   21       13  
    Net income (loss)   153       99  
    Net income (loss) attributable to non-controlling interest   78       56  
    Net income (loss) attributable to Viper Energy, Inc. $ 75     $ 43  
           
    Net income (loss) attributable to common shares:      
    Basic $ 0.62     $ 0.49  
    Diluted $ 0.62     $ 0.49  
    Weighted average number of common shares outstanding:      
    Basic   120,926       87,537  
    Diluted   121,030       87,629  
    Viper Energy, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited, in millions)
           
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net income (loss) $ 153     $ 99  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
         Provision for (benefit from) deferred income taxes   (1 )     (1 )
         Depletion   67       47  
         (Gain) loss on derivative instruments, net   (32 )     7  
         Net cash receipts (payments) on derivatives   9       (3 )
         Other   1       2  
    Changes in operating assets and liabilities:      
         Royalty income receivable   3       (23 )
         Royalty income receivable—related party   (10 )     (30 )
         Accounts payable and accrued liabilities   (4 )     5  
         Accounts payable—related party   —       (1 )
         Income taxes payable   15       12  
         Other   —       1  
              Net cash provided by (used in) operating activities   201       115  
    Cash flows from investing activities:      
    Acquisitions of oil and natural gas interests   (486 )     (21 )
    Proceeds from sale of oil and natural gas interests   —       1  
              Net cash provided by (used in) investing activities   (486 )     (20 )
    Cash flows from financing activities:      
    Proceeds from borrowings under credit facility   295       90  
    Repayment on credit facility   (556 )     (80 )
    Net proceeds from public offering   1,232       —  
    Dividends to stockholders   (85 )     (44 )
    Dividends to Diamondback   (59 )     (67 )
    Dividends to other non-controlling interest   (9 )     —  
              Net cash provided by (used in) financing activities   818       (101 )
    Net increase (decrease) in cash and cash equivalents   533       (6 )
    Cash, cash equivalents and restricted cash at beginning of period   27       26  
    Cash, cash equivalents and restricted cash at end of period $ 560     $ 20  
    Viper Energy, Inc.
    Selected Operating Data
    (unaudited)
               
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Production Data:          
    Oil (MBbls)   2,818     2,747     2,312
    Natural gas (MMcf)   7,221     7,236     5,589
    Natural gas liquids (MBbls)   1,142     1,209     954
    Combined volumes (Mboe)(1)   5,164     5,162     4,198
               
    Average daily oil volumes (bo/d)   31,311     29,859     25,407
    Average daily combined volumes (boe/d)   57,378     56,109     46,132
               
    Average sales prices:          
    Oil ($/Bbl) $ 71.33   $ 69.91   $ 76.61
    Natural gas ($/Mcf) $ 2.08   $ 0.84   $ 1.22
    Natural gas liquids ($/Bbl) $ 24.52   $ 22.15   $ 22.17
    Combined ($/boe)(2) $ 47.25   $ 43.56   $ 48.85
               
    Oil, hedged ($/Bbl)(3) $ 70.26   $ 69.00   $ 75.64
    Natural gas, hedged ($/Mcf)(3) $ 3.74   $ 1.05   $ 1.12
    Natural gas liquids ($/Bbl)(3) $ 24.52   $ 22.15   $ 22.17
    Combined price, hedged ($/boe)(3) $ 48.99   $ 43.38   $ 48.19
               
    Average Costs ($/boe):          
    Production and ad valorem taxes $ 3.29   $ 3.13   $ 3.43
    General and administrative – cash component   0.97     0.72     1.08
    Total operating expense – cash $ 4.26   $ 3.85   $ 4.51
               
    General and administrative – non-cash stock compensation expense $ 0.19   $ 0.16   $ 0.12
    Interest expense, net $ 2.52   $ 3.70   $ 4.67
    Depletion $ 12.97   $ 12.51   $ 11.18

    (1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2) Realized price net of all deducts for gathering, transportation and processing.
    (3) Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

    NON-GAAP FINANCIAL MEASURES

    Adjusted EBITDA is a supplemental non-GAAP (as defined below) financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to the Company, plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, if any, other non-recurring expenses, if any, and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

    Viper defines cash available for distribution to the Company’s shareholders generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Viper further defines cash available for variable dividends as at least 75 percent of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA, cash available for distribution and cash available for variable dividends:

    Viper Energy, Inc.
    (unaudited, in millions, except per share data)
       
      Three Months Ended
    March 31, 2025
    Net income (loss) attributable to Viper Energy, Inc. $ 75  
    Net income (loss) attributable to non-controlling interest   78  
    Net income (loss)   153  
    Interest expense, net   13  
    Non-cash share-based compensation expense   1  
    Depletion   67  
    Non-cash (gain) loss on derivative instruments   (23 )
    Provision for (benefit from) income taxes   21  
    Consolidated Adjusted EBITDA   232  
    Less: Adjusted EBITDA attributable to non-controlling interest   99  
    Adjusted EBITDA attributable to Viper Energy, Inc. $ 133  
       
    Adjustments to reconcile Adjusted EBITDA to cash available for distribution:  
    Income taxes payable for the current period $ (23 )
    Debt service, contractual obligations, fixed charges and reserves   (9 )
    Lease bonus income, net of tax   (1 )
    Cash available for distribution to Viper Energy, Inc. shareholders $ 100  
      Three Months Ended March 31, 2025
      Amounts   Amounts Per
    Common Share
    Reconciliation to cash available for variable dividends:      
    Cash available for distribution to Viper Energy, Inc. shareholders $ 100   $ 0.76
           
    Return of Capital $ 75   $ 0.57
    Less:      
    Base dividend   39     0.30
    Cash available for variable dividends $ 36   $ 0.27
           
    Total approved base and variable dividend per share     $ 0.57
           
    Class A common stock outstanding       131,323

    The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to the Company. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of the Company’s Class A common stock.

    Viper Energy, Inc.
    Pre-tax income attributable to Viper Energy, Inc.
    (unaudited, in millions)
       
      Three Months Ended
    March 31, 2025
     
    Income (loss) before income taxes $ 174  
    Less: Net income (loss) attributable to non-controlling interest   78  
    Pre-tax income attributable to Viper Energy, Inc. $ 96  
       
    Income taxes payable for the current period $ 23  
    Effective cash tax rate attributable to Viper Energy, Inc.   24.0 %

    Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to the Company plus net income (loss) attributable to non-controlling interest adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, if any, other non-recurring expenses, if any, and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to the Company to the non-GAAP financial measure of adjusted net income (loss):

    Viper Energy, Inc.
    Adjusted Net Income (Loss)
    (unaudited, in millions, except per share data)
       
      Three Months Ended March 31, 2025
      Amounts   Amounts Per
    Diluted Share
    Net income (loss) attributable to Viper Energy, Inc. (1) $ 75     $ 0.62  
    Net income (loss) attributable to non-controlling interest   78       0.64  
    Net income (loss)(1)   153       1.26  
    Non-cash (gain) loss on derivative instruments, net   (23 )     (0.19 )
    Adjusted income excluding above items(1)   130       1.07  
    Income tax adjustment for above items   3       0.03  
    Adjusted net income (loss)(1)   133       1.10  
    Less: Adjusted net income (loss) attributed to non-controlling interests   68       0.56  
    Adjusted net income (loss) attributable to Viper Energy, Inc. (1) $ 65     $ 0.54  
           
    Weighted average Class A common shares outstanding:      
    Basic   120,926  
    Diluted   121,030  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to the Company, (ii) less any reallocation of earnings attributable to participating securities, and (iii) divided by diluted weighted average Class A common shares outstanding.


    RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

    The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

      March 31, 2025   Net Q1
    Principal
    Borrowings/
    (Repayments)    		   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (in millions)
    Total long-term debt(1) $ 830     $ (261 )   $ 1,091     $ 831     $ 1,007     $ 1,103  
    Cash and cash equivalents   (560 )         (27 )     (169 )     (35 )     (20 )
    Net debt $ 270         $ 1,064     $ 662     $ 972     $ 1,083  

    (1) Excludes debt issuance costs, discounts & premiums.


    Derivatives

    As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

      Crude Oil (Bbls/day, $/Bbl)
      Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Deferred Premium Puts – WTI (Cushing)   20,000       18,000       —     —     —
    Strike $ 55.00     $ 55.00     $ —   $ —   $ —
    Premium $ (1.61 )   $ (1.60 )   $ —   $ —   $ —
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Costless Collars – Henry Hub   60,000     60,000     60,000     60,000     —
    Floor $ 2.50   $ 2.50   $ 2.50   $ 2.75   $ —
    Ceiling $ 4.93   $ 4.93   $ 4.93   $ 6.64   $ —
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Natural Gas Basis Swaps – Waha Hub   60,000       60,000       60,000       60,000       40,000  
    Swap Price $ (0.80 )   $ (0.80 )   $ (0.80 )   $ (1.50 )   $ (1.40 )

    Investor Contact:

    Chip Seale
    +1 432.247.6218
    cseale@viperenergy.com

    Source: Viper Energy, Inc.; Diamondback Energy, Inc.

    The MIL Network –

  • MIL-OSI: Nasdaq Reports April 2025 Volumes

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for April 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Cautionary Note Regarding Forward-Looking Statements
    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    Media Relations Contacts:

    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: GigaCloud Technology Inc. to Announce First Quarter 2025 Financial Results and Host Conference Call on May 12, 2025

    Source: GlobeNewswire (MIL-OSI)

    EL MONTE, Calif., May 05, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc. (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced that it will report its financial results for the first quarter ended March 31, 2025 after the market closes on Monday, May 12, 2025. The Company will host a conference call to discuss its financial results on the same day at 6:30 PM Eastern Time.

    To access the conference call, participants should pre-register here to receive the dial-in information and a unique PIN. All participants are encouraged to dial-in 15 minutes prior to the conference call’s start time.

    A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at https://investors.gigacloudtech.com/news-events/events.

    About GigaCloud Technology Inc.
    GigaCloud Technology Inc. is a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/

    For investor and media inquiries, please contact:

    GigaCloud Technology Inc.
    ir@gigacloudtech.com

    The MIL Network –

  • MIL-OSI: AvePoint to Participate in May Investor Conferences 

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., May 05, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance and resilience, today announced that members of the Company’s executive management team will present at the following investor conferences: 

    • TD Cowen 53rd Annual Technology, Media & Telecom Conference (New York, NY): Thursday, 5/29 at 2:25 pm ET 
    • Jefferies Public Technology Conference (Newport Coast, CA): Thursday, 5/29 at 10:30am PT

    In addition, AvePoint will attend the following investor conferences: 

    • 20th Annual Needham Technology, Media & Consumer 1×1 Conference (Virtual): Monday, 5/12
    • Evercore ISI Software 1×1 Day (New York, NY): Thursday, 5/29
    • Morgan Stanley Virtual ASEAN Conference 2025 (Virtual): Thursday, 5/29

    A live and archived audio webcast of all presentations will be available on the AvePoint Investor Relations website.

    About AvePoint:

    Beyond Secure. AvePoint is the global leader in data security, governance, and resilience, going beyond traditional solutions to ensure a robust data foundation and enable organizations everywhere to collaborate with confidence. Over 25,000 customers worldwide rely on the AvePoint Confidence Platform to prepare, secure, and optimize their critical data across Microsoft, Google, Salesforce, and other collaboration environments. AvePoint’s global channel partner program includes approximately 5,000 managed service providers, value-added resellers, and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K. Copies of this and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. This filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint,” “the Company,” “we,” “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

    Disclosure Information:

    AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-OSI: Tactile Systems Technology, Inc. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, May 05, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Summary & Recent Business Highlights:

    • Total revenue increased 0.3% year-over-year to $61.3 million
    • Gross margin of 74% versus 71% in Q1 2024
    • Net loss of $3.0 million versus $2.2 million in Q1 2024
    • Adjusted EBITDA loss of $0.3 million versus positive Adjusted EBITDA of $1.0 million in Q1 2024
    • Repurchased $10.0 million of stock under the Company’s share repurchase program
    • Expanded launch of Nimbl to include patients with lower extremity conditions, the largest segment of the lymphedema market
    • Completed launch of a new customer relationship management (CRM) tool and previously announced optimization of sales organization

    “Through the first quarter our team executed on several highly strategic, growth-oriented priorities. We launched Nimbl for lower extremity lymphedema, completed efforts to optimize our sales organization for scale and efficiency, and implemented a new CRM tool that equips our team with best-in-class resources to more efficiently reach lymphedema patients,” said Sheri Dodd, Chief Executive Officer of Tactile Medical.

    “While these efforts have had a temporary impact on sales force productivity, we are thrilled with the progress made and firmly believe these transformational actions are essential to positioning Tactile for consistent, long-term growth. Our underlying business fundamentals remain firmly in place and we are meaningfully advancing each of our three 2025 strategic priorities to remain the competitive market share leader in medical device lymphatic therapy.”

    First Quarter 2025 Financial Results

    Total revenue in the first quarter of 2025 increased $180 thousand, or 0.3%, to $61.3 million, compared to $61.1 million in the first quarter of 2024. The increase in total revenue was attributable to an increase of $1.9 million, or 22%, in sales of the airway clearance product line, offset by a decrease of $1.8 million, or 3%, in sales and rentals of the lymphedema product line in the quarter ended March 31, 2025, compared to the first quarter of 2024. The increase in airway clearance product line revenue was primarily attributable to increased placements of AffloVest among our durable medical equipment (DME) partners, while the decrease in lymphedema product line revenue was primarily attributable to a decrease in headcount of our field sales team.

    Gross profit in the first quarter of 2025 increased $1.9 million, or 4%, to $45.3 million, compared to $43.4 million in the first quarter of 2024. Gross margin was 74% of revenue, compared to 71% of revenue in the first quarter of 2024. The increase in gross profit was primarily attributable to lower manufacturing and warranty costs.

    Operating expenses in the first quarter of 2025 increased $3.5 million, or 8%, to $49.9 million, compared to $46.4 million in the first quarter of 2024. The increase in operating expenses was primarily attributable to planned strategic investments.

    Operating loss was $4.5 million in the first quarter of 2025, compared to $3.0 million in the first quarter of 2024.

    Other income was $0.5 million in the first quarter of 2025, compared to $0.2 million in the first quarter of 2024, and consisted primarily of interest income, net.

    Income tax benefit was $1.1 million in the first quarter of 2025, compared to $0.6 million in the first quarter of 2024.

    Net loss in the first quarter of 2025 was $3.0 million, or $(0.13) per diluted share, compared to $2.2 million, or $(0.09) per diluted share, in the first quarter of 2024.

    Weighted average shares used to compute diluted net loss per share were 23.7 million in each of the first quarters of 2025 and 2024.

    Adjusted EBITDA loss was $0.3 million in the first quarter of 2025, compared to positive Adjusted EBITDA of $1.0 million in the first quarter of 2024.

    Balance Sheet Summary

    As of March 31, 2025, the Company had $83.6 million in cash and $25.5 million of outstanding borrowings under its credit agreement, compared to $94.4 million in cash and $26.3 million of outstanding borrowings under its credit agreement as of December 31, 2024. The Company repurchased $10.0 million of its stock during the first quarter under its repurchase program. As of March 31, 2025, $16.5 million remained available under the Company’s $30.0 million share repurchase program, which expires October 31, 2026.

    2025 Financial Outlook

    The Company is updating its 2025 financial outlook and now expects full year 2025 total revenue in the range of $309 million to $315 million, representing growth of approximately 5% to 8% year-over-year, compared to total revenue of $293.0 million in 2024. The Company’s prior 2025 guidance expectation was total revenue in the range of $316 million to $322 million, representing growth of approximately 8% to 10% year-over-year.

    The Company now also expects full year 2025 adjusted EBITDA in the range of $32 million to $34 million, compared to adjusted EBITDA of $37.1 million in 2024. The Company’s prior 2025 guidance expectation was adjusted EBITDA in the range of $35 million to $37 million.

    Conference Call

    Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on May 5, 2025, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13752588. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13752588. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Legal Notice Regarding Forward-Looking Statements

    This release contains forward-looking statements, including guidance for the full year 2025. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; adverse economic conditions, including inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; price increases for supplies and components; wage and component price inflation; loss of a key supplier or other supply chain disruptions; entry of new competitors and/or competitive products; compliance with and changes in federal, state and local government regulation; technological obsolescence of, or quality issues with, the Company’s products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

    Use of Non-GAAP Financial Measures

    This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net income (loss), plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense and plus executive transition costs. Reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure is included in this press release.

    This non-GAAP financial measure is presented because the Company believes it is a useful indicator of its operating performance. Management uses this measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes this measure is useful to investors as supplemental information and because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes this non-GAAP financial measure is useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

    The non-GAAP financial measure presented in this release should not be considered as an alternative to, or superior to, its respective GAAP financial measure, as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
        March 31,   December 31,
    (In thousands, except share and per share data)   2025   2024
    Assets          
    Current assets            
    Cash   $ 83,619   $ 94,367
    Accounts receivable, net     35,693     44,937
    Net investment in leases     14,850     14,540
    Inventories     18,867     18,666
    Income taxes receivable     1,193     —
    Prepaid expenses and other current assets     5,900     5,053
    Total current assets     160,122     177,563
    Non-current assets            
    Property and equipment, net     5,391     5,603
    Right of use operating lease assets     16,174     16,633
    Intangible assets, net     41,866     42,789
    Goodwill     31,063     31,063
    Deferred income taxes     18,059     18,311
    Other non-current assets     7,567     5,962
    Total non-current assets     120,120     120,361
    Total assets   $ 280,242   $ 297,924
    Liabilities and Stockholders’ Equity            
    Current liabilities            
    Accounts payable   $ 7,224   $ 5,648
    Note payable     2,956     2,956
    Accrued payroll and related taxes     10,929     17,923
    Accrued expenses     7,177     7,780
    Income taxes payable     —     270
    Operating lease liabilities     3,036     2,980
    Other current liabilities     4,079     3,147
    Total current liabilities     35,401     40,704
    Non-current liabilities            
    Note payable, non-current     22,481     23,220
    Accrued warranty reserve, non-current     1,201     1,209
    Income taxes payable, non-current     355     239
    Operating lease liabilities, non-current     15,173     15,955
    Total non-current liabilities     39,210     40,623
    Total liabilities     74,611     81,327
                 
    Stockholders’ equity:            
    Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of March 31, 2025 and December 31, 2024     —     —
    Common stock, $0.001 par value, 300,000,000 shares authorized; 23,584,471 shares issued and outstanding as of March 31, 2025; 23,883,475 shares issued and outstanding as of December 31, 2024     24     24
    Additional paid-in capital     172,727     180,719
    Retained earnings     32,880     35,854
    Total stockholders’ equity     205,631     216,597
    Total liabilities and stockholders’ equity   $ 280,242   $ 297,924
                 
                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
                 
                 
        Three Months Ended
        March 31,
    (In thousands, except share and per share data)   2025   2024
    Revenue            
    Sales revenue   $ 52,469     $ 53,307  
    Rental revenue     8,799       7,781  
    Total revenue     61,268       61,088  
    Cost of revenue            
    Cost of sales revenue     13,891       14,944  
    Cost of rental revenue     2,031       2,715  
    Total cost of revenue     15,922       17,659  
    Gross profit            
    Gross profit – sales revenue     38,578       38,363  
    Gross profit – rental revenue     6,768       5,066  
    Gross profit     45,346       43,429  
    Operating expenses            
    Sales and marketing     27,516       27,357  
    Research and development     1,741       2,143  
    Reimbursement, general and administrative     19,998       16,261  
    Intangible asset amortization and earn-out     633       632  
    Total operating expenses     49,888       46,393  
    Loss from operations     (4,542 )     (2,964 )
    Interest income     895       713  
    Interest expense     (424 )     (567 )
    Other income     —       9  
    Loss before income taxes     (4,071 )     (2,809 )
    Income tax benefit     (1,097 )     (600 )
    Net loss   $ (2,974 )   $ (2,209 )
    Net loss per common share            
    Basic   $ (0.13 )   $ (0.09 )
    Diluted   $ (0.13 )   $ (0.09 )
    Weighted-average common shares used to compute net loss per common share            
    Basic     23,710,643       23,665,829  
    Diluted     23,710,643       23,665,829  
                     
                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
         
        Three Months Ended March 31,
    (In thousands)   2025   2024
    Cash flows from operating activities            
    Net loss   $ (2,974 )   $ (2,209 )
    Adjustments to reconcile net loss to net cash provided by operating activities:            
    Depreciation and amortization     1,726       1,634  
    Deferred income taxes     252       84  
    Stock-based compensation expense     2,066       2,039  
    Loss on disposal of property and equipment and intangibles     5       —  
    Changes in assets and liabilities, net of acquisition:            
    Accounts receivable, net     9,244       2,682  
    Net investment in leases     (310 )     (129 )
    Inventories     (201 )     1,683  
    Income taxes     (1,347 )     (693 )
    Prepaid expenses and other assets     (2,452 )     (787 )
    Right of use operating lease assets     (267 )     2  
    Accounts receivable, non-current     —       3,983  
    Accounts payable     1,387       (1,396 )
    Accrued payroll and related taxes     (6,994 )     (5,766 )
    Accrued expenses and other liabilities     282       (203 )
    Net cash provided by operating activities     417       924  
    Cash flows from investing activities            
    Purchases of property and equipment     (379 )     (482 )
    Intangible assets expenditures     (28 )     (20 )
    Net cash used in investing activities     (407 )     (502 )
    Cash flows from financing activities            
    Payments on note payable     (750 )     (750 )
    Proceeds from exercise of common stock options     10       1  
    Payments for repurchases of common stock     (10,018 )     —  
    Net cash used in financing activities     (10,758 )     (749 )
    Net decrease in cash     (10,748 )     (327 )
    Cash – beginning of period     94,367       61,033  
    Cash – end of period   $ 83,619     $ 60,706  
                 
    Supplemental cash flow disclosure            
    Cash paid for interest   $ 444     $ 583  
    Cash paid for taxes   $ 15     $ 54  
    Accrued excise tax on stock repurchases   $ 50     $ —  
    Capital expenditures incurred but not yet paid   $ 189     $ 225  
                     

    The following table summarizes revenue by product line for the three months ended March 31, 2025 and 2024:

                 
        Three Months Ended
        March 31,
    (In thousands)      2025    2024 
    Revenue            
    Lymphedema products   $ 50,554     $ 52,313  
    Airway clearance products     10,714       8,775  
    Total   $ 61,268     $ 61,088  
                 
    Percentage of total revenue            
    Lymphedema products     83 %     86 %
    Airway clearance products     17 %     14 %
    Total     100 %     100 %
                     

    The following table contains a reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2025 and 2024, as well as the dollar and percentage change between the comparable periods:

                             
    Tactile Systems Technology, Inc.
    Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
    (Unaudited)
                             
        Three Months Ended   Increase
        March 31,   (Decrease)
    (Dollars in thousands)   2025   2024   $   %
    Net loss   $ (2,974 )   $ (2,209 )   $ (765 )   35 %
    Interest (income) expense, net     (471 )     (146 )     (325 )   N.M. %
    Income tax benefit     (1,097 )     (600 )     (497 )   83 %
    Depreciation and amortization     1,726       1,634       92     6 %
    Stock-based compensation     2,066       2,039       27     1 %
    Executive transition costs     491       315       176     56 %
    Adjusted EBITDA   $ (259 )   $ 1,033     $ (1,292 )   (125 )%
                                   

    The following table contains a reconciliation of net income to Adjusted EBITDA for the year ended December 31, 2024:

           
    Tactile Systems Technology, Inc.
    Reconciliation of Net income to Non-GAAP Adjusted EBITDA
    (Unaudited)
           
        Year Ended
    (Dollars in thousands)   December 31, 2024
    Net income   $ 16,960  
    Interest (income) expense, net     (1,299 )
    Income tax expense     6,529  
    Depreciation and amortization     6,793  
    Stock-based compensation     7,819  
    Executive transition costs     248  
    Adjusted EBITDA   $ 37,050  
             

    The following table contains a reconciliation of GAAP net income guidance range to the Adjusted EBITDA guidance range for the twelve months ended December 31, 2025:

                 
    Tactile Systems Technology, Inc.
    Reconciliation of FY 2025 GAAP Net Income to Adjusted EBITDA Guidance
    (Unaudited)
                 
        Twelve Months Ended
        December 31, 2025
    (Dollars in thousands)      Low      High
    Net income   $ 13,400     $ 14,800  
    Interest income, net     (2,400 )     (2,400 )
    Income tax expense     5,200       5,800  
    Depreciation and amortization     6,700       6,700  
    Stock-based compensation     8,600       8,600  
    Executive transition costs     500       500  
    Adjusted EBITDA   $ 32,000     $ 34,000  
     

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network –

  • MIL-OSI: EverQuote Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • First Quarter Revenue Growth of 83% Year-Over-Year to $166.6 million
    • First Quarter Variable Marketing Dollars Increase of 52% Year-Over-Year to $46.9 million
    • Delivers First Quarter Net Income of $8.0 million and Record Adjusted EBITDA of $22.5 million

    CAMBRIDGE, Mass., May 05, 2025 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the first quarter ended March 31, 2025.

    “2025 is off to a strong start, building on our momentum from last year, and we once again achieved record financial performance across our key financial metrics of revenue, Variable Marketing Dollars or VMD and Adjusted EBITDA,” said Jayme Mendal, CEO of EverQuote. “Our scale and technology are enabling us to build a competitive moat and leverage a data advantage as we extend AI throughout our traffic and distribution systems. We are delivering strong performance to carriers and agents, and they are rewarding us with increased budgets, which supports continued traffic growth. We remain steadfast in our focus to become the leading growth partner for P&C insurance providers.”

    “The first quarter marks our fourth consecutive quarter of record revenue and Adjusted EBITDA performance, and we ended the quarter with a strong cash position and no debt outstanding,” said Joseph Sanborn, CFO of EverQuote. “EverQuote remains resilient to macro conditions and is well positioned for continued success as a broad number of carriers are benefiting from healthy combined ratios and are focusing on driving policy growth. Given this favorable environment, we believe that the long-term thesis of insurance advertising spend shifting to digital channels remains firmly intact.”

    First Quarter 2025 Highlights:
    (Unless otherwise noted, all comparisons are relative to the first quarter of 2024).

    • Total revenue grew 83% to $166.6 million.
    • Automotive insurance vertical revenue of $152.7 million, an increase of 97%.
    • Home and renters insurance vertical revenue of $13.9 million, an increase of 10%.
    • VMD grew to $46.9 million, compared to $30.8 million, an increase of 52%.
    • GAAP net income of $8.0 million, compared to a GAAP net income of $1.9 million. GAAP net income in Q1 2025 included a non-cash charge of $7.9 million related to divesting the remaining P&C direct-to-consumer agency assets to settle an existing legal matter with the former owners of PolicyFuel, which was acquired in 2021.
    • Adjusted EBITDA of $22.5 million, compared to $7.6 million.
    • Operating cash flow of $23.3 million, compared to $10.4 million.
    • Ended the quarter with $125.0 million in cash and cash equivalents, an increase of 22% from $102.1 million at the end of the fourth quarter of 2024.

    Second Quarter 2025 Outlook:

    • Revenue of $155.0 – $160.0 million, representing 34% year-over-year growth at the midpoint.
    • Variable Marketing Dollars of $45.0 – $47.0 million, representing 26% year-over-year growth at the midpoint.
    • Adjusted EBITDA of $20.0 – $22.0 million, representing 62% year-over-year growth at the midpoint.

    With respect to the Company’s expectations under “Second Quarter 2025 Outlook” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, legal settlement expense, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

    Conference Call and Webcast Information

    EverQuote will host a conference call and live webcast to discuss its first quarter 2025 financial results at 4:30 p.m. Eastern Time today, May 5, 2025. To access the conference call, dial Toll Free: +1 (800) 715-9871 for the US, or +1 (646) 307-1963 for international callers, and provide conference ID 4210704. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.

    Safe Harbor Statement

    This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company’s annual report on Form 10-Q for the quarter ended March 31, 2025, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing dollars, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; (16) any impacts of economic developments, including inflation and potential tariffs; and (17) the future trading prices of our Class A common stock.

    About EverQuote

    EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.

    For more information, visit https://investors.everquote.com and follow on LinkedIn.

    Investor Relations Contact

    Brinlea Johnson
    The Blueshirt Group
    (415) 269-2645

     
    EVERQUOTE, INC.
    STATEMENTS OF OPERATIONS
     
        Three Months Ended March 31,  
        2025     2024  
        (in thousands except per share)  
    Revenue   $ 166,632     $ 91,065  
    Cost and operating expenses(1):                
    Cost of revenue     5,380       5,041  
    Sales and marketing     129,430       70,784  
    Research and development     7,485       6,844  
    General and administrative     8,440       6,630  
    Legal settlement     7,900       —  
    Total cost and operating expenses     158,635       89,299  
    Income from operations     7,997       1,766  
    Other income (expense):                
    Interest income     708       386  
    Other income (expense), net     (31 )     41  
    Total other income, net     677       427  
    Income before income taxes     8,674       2,193  
    Income tax expense     (684 )     (286 )
    Net income   $ 7,990     $ 1,907  
    Net income per share:                
    Basic   $ 0.22     $ 0.06  
    Diluted   $ 0.21     $ 0.05  
    Weighted average common shares outstanding, basic and diluted:                
    Basic     35,879       34,387  
    Diluted     37,667       35,608  
                     
    (1) Amounts include stock-based compensation expense, as follows:          
        Three Months Ended March 31,  
        2025     2024  
        (in thousands)  
    Cost of revenue   $ 9     $ 36  
    Sales and marketing     1,565       1,594  
    Research and development     1,370       1,312  
    General and administrative     2,476       1,576  
        $ 5,420     $ 4,518  
    EVERQUOTE, INC.
    BALANCE SHEET DATA
     
        March 31,     December 31,  
        2025     2024  
        (in thousands)  
    Cash and cash equivalents   $ 124,968     $ 102,116  
    Working capital     113,927       99,131  
    Total assets     232,145       210,530  
    Total liabilities     82,645       75,162  
    Total stockholders’ equity     149,500       135,368  
    EVERQUOTE, INC.
    STATEMENTS OF CASH FLOWS
     
        Three Months Ended March 31,  
        2025     2024  
        (in thousands)  
    Cash flows from operating activities:                
    Net income   $ 7,990     $ 1,907  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Depreciation and amortization expense     1,221       1,263  
    Stock-based compensation expense     5,420       4,518  
    Provision for bad debt     —       18  
    Unrealized foreign currency transaction (gains) losses     35       (4 )
    Changes in operating assets and liabilities:                
    Accounts receivable     (457 )     (17,123 )
    Prepaid expenses and other current assets     496       972  
    Commissions receivable, current and non-current     1,014       1,323  
    Operating lease right-of-use assets     267       497  
    Accounts payable     (2,765 )     15,868  
    Accrued expenses and other current liabilities     10,018       1,870  
    Deferred revenue     335       (2 )
    Operating lease liabilities     (268 )     (667 )
    Net cash provided by operating activities     23,306       10,440  
    Cash flows from investing activities:                
    Acquisition of property and equipment, including costs capitalized for development of internal-use software     (1,133 )     (770 )
    Net cash used in investing activities     (1,133 )     (770 )
    Cash flows from financing activities:                
    Proceeds from exercise of stock options     1,962       1,428  
    Tax withholding payments related to net share settlement     (1,293 )     (429 )
    Net cash provided by financing activities     669       999  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     10       (5 )
    Net increase in cash, cash equivalents and restricted cash     22,852       10,664  
    Cash, cash equivalents and restricted cash at beginning of period     102,116       37,956  
    Cash, cash equivalents and restricted cash at end of period   $ 124,968     $ 48,620  

    EVERQUOTE, INC.
    FINANCIAL AND OPERATING METRICS

    Revenue by vertical:

        Three Months Ended March 31,     Change  
        2025     2024     %  
        (in thousands)          
    Automotive   $ 152,715     $ 77,538       97.0 %
    Home and renters     13,904       12,689       9.6 %
    Other     13       838       -98.4 %
    Total revenue   $ 166,632     $ 91,065       83.0 %

    Other financial and non-financial metrics:

        Three Months Ended March31,     Change  
        2025     2024     %  
        (in thousands)          
    Income from operations   $ 7,997     $ 1,766       352.8 %
    Net income   $ 7,990     $ 1,907       319.0 %
    Variable marketing dollars   $ 46,860     $ 30,818       52.1 %
    Adjusted EBITDA(1)   $ 22,507     $ 7,588       196.6 %

    (1) Adjusted EBITDA is a non-GAAP measure. Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information.

    To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

    The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; legal settlement expense; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.

    The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.

    The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.

    The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.

     
    EVERQUOTE, INC.
    RECONCILIATION OF NON-GAAP MEASURES TO GAAP
     
        Three Months Ended March 31,  
        2025     2024  
        (in thousands)  
    Net income   $ 7,990     $ 1,907  
    Stock-based compensation     5,420       4,518  
    Depreciation and amortization     1,221       1,263  
    Legal settlement     7,900       —  
    Interest income     (708 )     (386 )
    Income tax expense     684       286  
    Adjusted EBITDA   $ 22,507     $ 7,588  

    The MIL Network –

  • MIL-OSI: James River Announces Excess and Surplus Lines Leadership Retirement and Succession Plan

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) announced today its plans for Todd Sutherland, current Senior Vice President, Management Liability within the Company’s Excess and Surplus Lines (“E&S”) segment, to succeed Richard Schmitzer as President of the E&S segment effective May 5, 2025. Mr. Schmitzer announced that he will step down as Chief Executive Officer of the E&S segment effective July 31, 2025, a position he has held since 2010, and retire during the fourth quarter of 2025 after more than 45 years in the insurance industry.

    “Richard Schmitzer has chosen to retire after a long and highly successful insurance career spanning over four decades,” said Frank D’Orazio, the Company’s Chief Executive Officer. “Under Richard’s leadership, we have built a meaningfully relevant and resilient E&S business. We are grateful for his many contributions to the organization and wish him well in his retirement.”

    “It has been an honor to serve as President and CEO of James River’s E&S segment, and I am very proud of our team, our relationship with the market and the franchise we have built,” said Mr. Schmitzer. “I am committed to working with Todd and the leadership team to achieve a seamless transition as we continue to execute on our strategic priorities and plans.”

    In his new role, Mr. Sutherland will report directly to Mr. D’Orazio and will remain based in Richmond, Virginia, the headquarters of the Company’s E&S segment. Concurrent with the succession plan, the title of E&S segment Chief Executive Officer will be retired in lieu of segment President.

    Mr. Sutherland joined James River in 2023 to establish the Management Liability division of the Company, aligned with efforts to drive diversified profitable growth across the E&S product portfolio. With over thirty years of industry experience, Mr. Sutherland previously served as Head of the US Central Zone at AXA XL (“AXA”) with oversight of a multi-billion-dollar portfolio of diversified property and casualty lines. Prior to AXA, Mr. Sutherland spent 13 years at Allied World Assurance Company, where he led the development and build out of the US Central Region across all commercial lines. Mr. Sutherland has also held underwriting management roles at Axis Capital and American International Group earlier in his career. He is a graduate of Miami University.

    “On behalf of our entire organization, I am very excited to announce our plan for Todd to become our next E&S segment President,” said Mr. D’Orazio. “Todd is a proven leader with a track record of building and leading substantial, profitable businesses at several specialty insurance organizations. Our history together, and his most recent assignment at James River, give me great confidence in his ability to lead and inspire our organization to achieve continued success and reach new heights in the years to come.”

    “Richard and his team have built a powerful franchise in the E&S marketplace, and I am thrilled to be in a position to lead the business as we continue to execute on our strategic plan of profitable growth,” said Mr. Sutherland. “I look forward to working with my colleagues across the Company as we deliver exceptional products and best in class service.”

    Forward Looking Statements

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our estimate used to compute loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our competitive position and ability to attract and retain insurance business that our subsidiaries write and ultimately our financial condition; the potential loss of key members of our management team or key employees, and our ability to attract and retain personnel; adverse economic and competitive factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio and our reinsurers; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our Company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; the inherent uncertainty of estimating reinsurance recoverable on unpaid losses and the possibility that reinsurance may be less than our estimate of reinsurance recoverable on unpaid losses; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance laws and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    About James River Group Holdings, Ltd.

    James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company. Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com.

    Zachary Shytle
    Senior Analyst, Investor Relations and Investments
    (980) 249-6848
    InvestorRelations@james-river-group.com

    The MIL Network –

  • MIL-OSI: Palomar Holdings, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., May 05, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $42.9 million, or $1.57 per diluted share, for the first quarter of 2025 compared to net income of $26.4 million, or $1.04 per diluted share, for the first quarter of 2024. Adjusted net income(1) was $51.3 million, or $1.87 per diluted share, for the first quarter of 2025 as compared to $27.8 million, or $1.09 per diluted share, for the first quarter of 2024.

    First Quarter 2025 Highlights

    • Gross written premiums increased by 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024
    • Net income of $42.9 million compared to $26.4 million in the first quarter of 2024
    • Adjusted net income(1) increased 84.6% to $51.3 million compared to $27.8 million in the first quarter of 2024
    • Total loss ratio of 23.6% compared to 24.9% in the first quarter of 2024
    • Catastrophe loss ratio(1) of -0.3% compared to 3.1% in the first quarter of 2024
    • Combined ratio of 73.1% compared to 76.9% in the first quarter of 2024
    • Adjusted combined ratio(1) of 68.5% compared to 73.0%, in the first quarter of 2024
    • Adjusted combined ratio excluding catastrophe losses(1) of 68.9% compared to 69.8%, in the first quarter of 2024
    • Annualized return on equity of 22.6% compared to 21.7% in the first quarter of 2024
    • Annualized adjusted return on equity(1) of 27.0% compared to 22.9% in the first quarter of 2024

     

    (1)  See discussion of “Non-GAAP and Key Performance Indicators” below.

    Mac Armstrong, Chairman and Chief Executive Officer, commented, “I am very pleased with our strong start to 2025, as our first quarter saw sustained gross written premium growth and record adjusted net income. The quarter featured 85% adjusted net income growth, a 69% adjusted combined ratio, and a 27% adjusted ROE. Our results demonstrate our continued execution of the Palomar 2X strategic imperative as well as concerted efforts to build a leading specialty insurance franchise with a resilient and diversified portfolio.  Our 20% gross written premium growth was driven by both new products like Crop and Casualty as well as our balanced mix of residential and commercial property products. Importantly, our same-store premium growth rate was 37%(2), demonstrating the strong underlying momentum that exists across our portfolio of specialty products.”   

    Mr. Armstrong continued, “Beyond our financial performance, we remain focused on executing all our 2025 strategic imperatives. We continue to make investments across our organization, including the successful acquisition of Advanced AgProtection. This acquisition enhances the talent and operational scale of our Crop franchise and is expected to strengthen the near-term and long-term prospects of Palomar.”  

    (2) Excludes the impact of lines of business exited or discontinued since prior year.

    Underwriting Results

    Gross written premiums increased 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024, while net earned premiums increased 52.1% compared to the prior year’s first quarter. 

    Losses and loss adjustment expenses for the first quarter were $38.7 million, comprised of $39.2 million of attritional losses, offset by $0.5 million of favorable development on prior year catastrophe events. The loss ratio for the quarter was 23.6%, comprised of an attritional loss ratio of 23.9% and a catastrophe loss ratio(1) of -0.3% compared to a loss ratio of 24.9% during the same period last year comprised of an attritional loss ratio of 21.8% and a catastrophe loss ratio(1) of 3.1%.

    Underwriting income(1) for the first quarter was $44.1 million resulting in a combined ratio of 73.1% compared to underwriting income of $25.0 million resulting in a combined ratio of 76.9% during the same period last year. The Company’s adjusted underwriting income(1) was $51.6 million resulting in an adjusted combined ratio(1) of 68.5% in the first quarter compared to adjusted underwriting income(1) of $29.2 million and an adjusted combined ratio(1) of 73.0% during the same period last year. The Company’s adjusted combined ratio excluding catastrophe losses(1) was 68.9% compared to 69.8% during the same period last year.

    Investment Results
    Net investment income increased by 69.1% to $12.1 million compared to $7.1 million in the prior year’s first quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended March 31, 2025 due to cash generated from operations and proceeds from the August 2024 public offering. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.09 years at March 31, 2025. Cash and invested assets totaled $1.2 billion at March 31, 2025. During the first quarter, the Company recorded $2.3 million net realized and unrealized losses related to its investment portfolio as compared to net realized and unrealized gains of $3.0 million during the same period last year.

    Tax Rate
    The effective tax rate for the three months ended March 31, 2025 was 20.1% compared to 23.2% for the three months ended March 31, 2024. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the tax impact of the permanent component of employee stock options offset by non-deductible executive compensation expense.

    Stockholders’ Equity and Returns
    Stockholders’ equity was $790.4 million at March 31, 2025, compared to $501.7 million at March 31, 2024. For the three months ended March 31, 2025, the Company’s annualized return on equity was 22.6% compared to 21.7% for the same period in the prior year while adjusted return on equity(1) was 27.0% compared to 22.9% for the same period in the prior year. 

    Full Year 2025 Outlook
    For the full year 2025, the Company expects to achieve adjusted net income of $186 million to $200 million, an increase from the Company’s initial outlook of adjusted net income of $180 million to $192 million. This range includes an estimate of $8 million to $12 million of catastrophe losses for the remainder of the year.

    Conference Call
    As previously announced, Palomar will host a conference call Tuesday, May 6, 2025, to discuss its first quarter 2025 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar First Quarter 2025 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on May 6, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13752911. The replay will be available until 11:59 p.m. (Eastern Time) on May 13, 2025.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

    About Palomar Holdings, Inc.
    Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best. 

    To learn more, visit PLMR.com.

    Non-GAAP and Key Performance Indicators

    Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.

    Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.

    Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.

    Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. Palomar calculates the tax impact only on adjustments which would be included in calculating the Company’s income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.

    Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

    Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

    Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.

    Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.

    Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

    Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.

    Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.

    Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.

    Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses.  See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.

    Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.

    Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

    Safe Harbor Statement
    Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Contact
    Media Inquiries 
    Lindsay Conner 
    1-551-206-6217 
    lconner@plmr.com  

    Investor Relations
    Jamie Lillis
    1-203-428-3223
    investors@plmr.com 

    Source: Palomar Holdings, Inc.

    Summary of Operating Results:

    The following tables summarize the Company’s results for the three months ended March 31, 2025 and 2024:

        Three Months Ended                  
        March 31,                  
        2025     2024     Change     % Change  
        ($ in thousands, except per share data)  
    Gross written premiums   $ 442,163     $ 368,078     $ 74,085       20.1 %
    Ceded written premiums     (230,745 )     (228,171 )     (2,574 )     1.1 %
    Net written premiums     211,418       139,907       71,511       51.1 %
    Net earned premiums     164,070       107,866       56,204       52.1 %
    Commission and other income     830       528       302       57.2 %
    Total underwriting revenue (1)     164,900       108,394       56,506       52.1 %
    Losses and loss adjustment expenses     38,743       26,837       11,906       44.4 %
    Acquisition expenses, net of ceding commissions and fronting fees     46,359       31,798       14,561       45.8 %
    Other underwriting expenses     35,733       24,804       10,929       44.1 %
    Underwriting income (1)     44,065       24,955       19,110       76.6 %
    Interest expense     (85 )     (740 )     655       (88.5 )%
    Net investment income     12,071       7,139       4,932       69.1 %
    Net realized and unrealized (losses) gains on investments     (2,338 )     3,002       (5,340 )     (177.9 )%
    Income before income taxes     53,713       34,356       19,357       56.3 %
    Income tax expense     10,791       7,974       2,817       35.3 %
    Net income   $ 42,922     $ 26,382     $ 16,540       62.7 %
    Adjustments:                                
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )     5,340       (177.9 )%
    Expenses associated with transactions     2,088       —       2,088       — %
    Stock-based compensation expense     4,745       3,820       925       24.2 %
    Amortization of intangibles     707       390       317       81.3 %
    Tax impact     (1,494 )     204       (1,698 )     NM  
    Adjusted net income (1)   $ 51,306     $ 27,794     $ 23,512       84.6 %
    Key Financial and Operating Metrics                                
    Annualized return on equity     22.6 %     21.7 %                
    Annualized adjusted return on equity (1)     27.0 %     22.9 %                
    Loss ratio     23.6 %     24.9 %                
    Expense ratio     49.5 %     52.0 %                
    Combined ratio     73.1 %     76.9 %                
    Adjusted combined ratio (1)     68.5 %     73.0 %                
    Diluted earnings per share   $ 1.57     $ 1.04                  
    Diluted adjusted earnings per share (1)   $ 1.87     $ 1.09                  
    Catastrophe losses   $ (542 )   $ 3,359                  
    Catastrophe loss ratio (1)     (0.3 )%     3.1 %                
    Adjusted combined ratio excluding catastrophe losses (1)     68.9 %     69.8 %                
    Adjusted underwriting income (1)   $ 51,605     $ 29,165     $ 22,440       76.9 %
    NM – not meaningful                                

    (1) Indicates Non-GAAP financial measure – see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.

    Condensed Consolidated Balance sheets

    Palomar Holdings, Inc. and Subsidiaries

    Condensed Consolidated Balance Sheets (unaudited)

    (in thousands, except shares and par value data)

        March 31,     December 31,  
        2025     2024  
        (Unaudited)          
    Assets                
    Investments:                
    Fixed maturity securities available for sale, at fair value (amortized cost: $1,015,892 in 2025; $973,330 in 2024)   $ 991,759     $ 939,046  
    Equity securities, at fair value (cost: $44,462 in 2025; $32,987 in 2024)     44,367       40,529  
    Equity method investment     2,259       2,277  
    Other investments     11,031       5,863  
    Total investments     1,049,416       987,715  
    Cash and cash equivalents     119,312       80,438  
    Restricted cash     15       101  
    Accrued investment income     8,590       8,440  
    Premiums receivable     334,247       305,724  
    Deferred policy acquisition costs, net of ceding commissions and fronting fees     102,861       94,881  
    Reinsurance recoverable on paid losses and loss adjustment expenses     30,361       47,076  
    Reinsurance recoverable on unpaid losses and loss adjustment expenses     361,227       348,083  
    Ceded unearned premiums     295,275       276,237  
    Prepaid expenses and other assets     92,292       91,086  
    Deferred tax assets, net     5,596       8,768  
    Property and equipment, net     2,393       429  
    Goodwill and intangible assets, net     24,925       13,242  
    Total assets   $ 2,426,510     $ 2,262,220  
    Liabilities and stockholders’ equity                
    Liabilities:                
    Accounts payable and other accrued liabilities   $ 65,405     $ 70,079  
    Reserve for losses and loss adjustment expenses     543,889       503,382  
    Unearned premiums     813,462       741,692  
    Ceded premium payable     179,105       190,168  
    Funds held under reinsurance treaty     34,200       27,869  
    Total liabilities     1,636,061       1,533,190  
    Stockholders’ equity:                
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024     —       —  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,735,132 and 26,529,402 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     3       3  
    Additional paid-in capital     501,950       493,656  
    Accumulated other comprehensive loss     (16,642 )     (26,845 )
    Retained earnings     305,138       262,216  
    Total stockholders’ equity     790,449       729,030  
    Total liabilities and stockholders’ equity   $ 2,426,510     $ 2,262,220  
     

    Condensed Consolidated Income Statement

    Palomar Holdings, Inc. and Subsidiaries

    Condensed Consolidated Statements of Income and Comprehensive Income (loss) (Unaudited)

    (in thousands, except shares and per share data)

        Three Months Ended  
        March 31,  
        2025     2024  
    Revenues:                
    Gross written premiums   $ 442,163     $ 368,078  
    Ceded written premiums     (230,745 )     (228,171 )
    Net written premiums     211,418       139,907  
    Change in unearned premiums     (47,348 )     (32,041 )
    Net earned premiums     164,070       107,866  
    Net investment income     12,071       7,139  
    Net realized and unrealized (losses) gains on investments     (2,338 )     3,002  
    Commission and other income     830       528  
    Total revenues     174,633       118,535  
    Expenses:                
    Losses and loss adjustment expenses     38,743       26,837  
    Acquisition expenses, net of ceding commissions and fronting fees     46,359       31,798  
    Other underwriting expenses     35,733       24,804  
    Interest expense     85       740  
    Total expenses     120,920       84,179  
    Income before income taxes     53,713       34,356  
    Income tax expense     10,791       7,974  
    Net income   $ 42,922     $ 26,382  
    Other comprehensive income, net:                
    Net unrealized gains (losses) on securities available for sale     10,203       (2,514 )
    Net comprehensive income   $ 53,125     $ 23,868  
    Per Share Data:                
    Basic earnings per share   $ 1.61     $ 1.06  
    Diluted earnings per share   $ 1.57     $ 1.04  
                     
    Weighted-average common shares outstanding:                
    Basic     26,658,106       24,862,367  
    Diluted     27,399,997       25,468,564  


    Underwriting Segment Data

    The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (GWP) by product, location and company are presented below:

        Three Months Ended March 31,                  
        2025     2024                  
        ($ in thousands)          
                % of             % of             %  
        Amount     GWP     Amount     GWP     Change     Change  
    Product                                                
    Earthquake   $ 130,245       29.5 %   $ 105,729       28.7 %   $ 24,516       23.2 %
    Casualty     110,487       25.0 %     51,935       14.1 %     58,552       112.7 %
    Inland Marine and Other Property     99,284       22.5 %     76,876       20.9 %     22,408       29.1 %
    Fronting     53,927       12.2 %     94,831       25.8 %     (40,904 )     (43.1 )%
    Crop     48,220       10.9 %     38,707       10.5 %     9,513       24.6 %
    Total Gross Written Premiums   $ 442,163       100.0 %   $ 368,078       100.0 %   $ 74,085       20.1 %
        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
                % of             % of  
        Amount     GWP     Amount     GWP  
    State                                
    California   $ 139,723       31.6 %   $ 157,217       42.7 %
    Texas     44,991       10.2 %     40,795       11.1 %
    Hawaii     20,358       4.6 %     12,516       3.4 %
    Florida     18,641       4.2 %     13,924       3.8 %
    Washington     15,669       3.5 %     12,002       3.3 %
    New York     14,597       3.3 %     8,030       2.2 %
    New Mexico     12,395       2.8 %     7,469       2.0 %
    Colorado     12,168       2.8 %     9,605       2.6 %
    Other     163,621       37.0 %     106,520       28.9 %
    Total Gross Written Premiums   $ 442,163       100.0 %   $ 368,078       100.0 %
        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
                % of             % of  
        Amount     GWP     Amount     GWP  
    Subsidiary                                
    PSIC   $ 230,917       52.2 %   $ 222,657       60.5 %
    PESIC     190,786       43.1 %     136,493       37.1 %
    Laulima     16,037       3.7 %     8,928       2.4 %
    FIA     4,423       1.0 %     —       — %
    Total Gross Written Premiums   $ 442,163       100.0 %   $ 368,078       100.0 %

    Gross and net earned premiums

    The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented:

        Three Months Ended                  
        March 31,                  
        2025     2024     Change     % Change  
        ($ in thousands)  
    Gross earned premiums   $ 375,776     $ 302,872     $ 72,904       24.1 %
    Ceded earned premiums     (211,706 )     (195,006 )     (16,700 )     8.6 %
    Net earned premiums   $ 164,070     $ 107,866     $ 56,204       52.1 %
                                     
    Net earned premium ratio     43.7 %     35.6 %                

    Loss detail

        Three Months Ended                  
        March 31,                  
        2025     2024     Change     % Change  
        ($ in thousands)  
    Catastrophe losses   $ (542 )   $ 3,359     $ (3,901 )     (116.1 )%
    Non-catastrophe losses     39,285       23,478       15,807       67.3 %
    Total losses and loss adjustment expenses   $ 38,743     $ 26,837     $ 11,906       44.4 %
                                     
    Catastrophe loss ratio     (0.3 )%     3.1 %                
    Non-catastrophe loss ratio     23.9 %     21.8 %                
    Total loss ratio     23.6 %     24.9 %                

    The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:

        Three Months Ended March 31,  
        2025     2024  
        (in thousands)  
    Reserve for losses and LAE net of reinsurance recoverables at beginning of period   $ 155,299     $ 97,653  
    Add: Balance acquired from FIA(1)     6,788       —  
    Add: Incurred losses and LAE, net of reinsurance, related to:                
    Current year     43,059       26,333  
    Prior years     (4,316 )     504  
    Total incurred     38,743       26,837  
    Deduct: Loss and LAE payments, net of reinsurance, related to:                
    Current year     4,998       4,895  
    Prior years     13,170       9,432  
    Total payments     18,168       14,327  
    Reserve for losses and LAE net of reinsurance recoverables at end of period     182,662       110,163  
    Add: Reinsurance recoverables on unpaid losses and LAE at end of period     361,227       292,024  
    Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period   $ 543,889     $ 402,187  

    (1) Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of FIA on 1/1/2025, in accordance with ASC 805, Business Combinations.

    Reconciliation of Non-GAAP Financial Measures

    For the three months ended March 31, 2025 and 2024, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

    Underwriting revenue

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Total revenue   $ 174,633     $ 118,535  
    Net investment income     (12,071 )     (7,139 )
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )
    Underwriting revenue   $ 164,900     $ 108,394  

    Underwriting income and adjusted underwriting income

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Income before income taxes   $ 53,713     $ 34,356  
    Net investment income     (12,071 )     (7,139 )
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )
    Interest expense     85       740  
    Underwriting income   $ 44,065     $ 24,955  
    Expenses associated with transactions     2,088       —  
    Stock-based compensation expense     4,745       3,820  
    Amortization of intangibles     707       390  
    Adjusted underwriting income   $ 51,605     $ 29,165  

    Adjusted net income

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Net income   $ 42,922     $ 26,382  
    Adjustments:                
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )
    Expenses associated with transactions     2,088       —  
    Stock-based compensation expense     4,745       3,820  
    Amortization of intangibles     707       390  
    Tax impact     (1,494 )     204  
    Adjusted net income   $ 51,306     $ 27,794  

    Annualized adjusted return on equity

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
                     
    Annualized adjusted net income   $ 205,224     $ 111,176  
    Average stockholders’ equity   $ 759,739     $ 486,455  
    Annualized adjusted return on equity     27.0 %     22.9 %

    Adjusted combined ratio

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses,
    net of commission and other income    		   $ 120,005     $ 82,911  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Combined ratio     73.1 %     76.9 %
    Adjustments to numerator:                
    Expenses associated with transactions   $ (2,088 )   $ —  
    Stock-based compensation expense     (4,745 )     (3,820 )
    Amortization of intangibles     (707 )     (390 )
    Adjusted combined ratio     68.5 %     73.0 %

    Diluted adjusted earnings per share

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands, except per share data)  
                     
    Adjusted net income   $ 51,306     $ 27,794  
    Weighted-average common shares outstanding, diluted     27,399,997       25,468,564  
    Diluted adjusted earnings per share   $ 1.87     $ 1.09  

    Catastrophe loss ratio

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Numerator: Losses and loss adjustment expenses   $ 38,743     $ 26,837  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Loss ratio     23.6 %     24.9 %
                     
    Numerator: Catastrophe losses   $ (542 )   $ 3,359  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Catastrophe loss ratio     (0.3 )%     3.1 %

    Adjusted combined ratio excluding catastrophe losses

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses,
    net of commission and other income    		   $ 120,005     $ 82,911  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Combined ratio     73.1 %     76.9 %
    Adjustments to numerator:                
    Expenses associated with transactions   $ (2,088 )   $ —  
    Stock-based compensation expense     (4,745 )     (3,820 )
    Amortization of intangibles     (707 )     (390 )
    Catastrophe losses     542       (3,359 )
    Adjusted combined ratio excluding catastrophe losses     68.9 %     69.8 %

    Tangible Stockholders’ equity

        March 31,     December 31,  
        2025     2024  
        (in thousands)  
    Stockholders’ equity   $ 790,449     $ 729,030  
    Goodwill and intangible assets     (24,925 )     (13,242 )
    Tangible stockholders’ equity   $ 765,524     $ 715,788  

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