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  • MIL-OSI USA: At Hearing, Senator Murray Slams Trump Administration for Threatening Biomedical Research and Jeopardizing Americans’ Health

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ***WATCH AND READ: Senator Murray’s opening remarks***

    ***WATCH: Senator Murray’s questioning***

    ***WATCH AND READ: Emily Stenson’s testimony***

    Washington, D.C. – Today—at a Senate Appropriations Committee hearing on biomedical research—U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, underscored why the investments we make in biomedical research are so vital, what’s at stake for patients and families as Trump takes a wrecking ball to this research, and why Congress must forcefully push back.

    In just 100 days, President Trump and his administration have taken unprecedented actions across the Department of Health and Human Services (HHS) that are having devastating impacts on biomedical research, innovation, and ultimately, the lives of millions of patients and families. The Trump administration’s actions are delaying funding and stalling research for lifesaving treatments and cures, weakening our biomedical workforce, cancelling vital ongoing studies and trials, and threatening to undo decades of hard-won progress.

    At the hearing, Senator Murray shared the story of Emily Stenson, a mom and patient advocate from Washington state whose daughter Charlie was diagnosed with stage 4 cancer at just three years old but who, thanks to a National Cancer Institute clinical trial at Seattle Children’s Hospital, has been cancer free since December 2024. You can WATCH and READ Emily’s testimony here.

    Senator Murray emphasized that these lifesaving cancer trials are now on the chopping block as the Trump administration terminates $137 million in cancer research grants and plans to cut the NIH budget in half, and asked Emily, “If half of the cancer clinical trials were suddenly cancelled—what would that mean for patients like Charlie and the people you know on the cancer ward at Seattle Children’s?”

    Emily replied, “It would be devastating. There’s no other option often than a clinical trial. And how can you look at these families and say, we’re taking away the only option to save your child. There’s no funding. It feels like the government doesn’t care about families like ours if they take that away. It will be futures left in the balance.”

    Senator Murray also asked Dr. Sudip Parikh, CEO of the American Association for the Advancement of Science (AAAS), and Dr. Barry Sleckman, Director of the University of Alabama Comprehensive Cancer Center, about the impact Trump’s attacks on the National Institutes of Health (NIH) and Food and Drug Administration (FDA) will have on the future of biomedical research and Americans’ health.

    Senator Murray noted that over the last three months, NIH has awarded billions less in funding than over the same period in previous years, which is unprecedented for an agency that typically awards 60,000 grants a year. All the while, Trump has fired or pushed out nearly 5,000 NIH employees, including grant administrators whose job it is to award this funding. Senator Murray asked Dr. Parikh, “At this rate, do you think NIH will be able to spend the $47 billion Congress passed and President Trump signed into law?”

    Dr. Parikh responded, “Thank you for that. If the will is there they can because I know the program folks that are still there, and they will work harder than anybody to work with the scientists in the field, to do the peer review, to get those dollars out. Because those dollars are not just about getting money out the door, it’s about funding the ideas that have been proposed, and there are plenty of proposals, there are plenty of good ideas. We don’t fund enough; the pay lines are already at 20 and 10 percent. We need to make sure that we do get those out, because otherwise it will be impoundment by default.”

    “Well, we know that they have canceled peer review panels and they’re firing staff. So, can they get that funding out the door effectively?” Senator Murray followed up.

    “Only if it becomes a priority. Only if it becomes a priority. We have to make sure that it can go out. I am confident that it can, if they make it a priority. I have not seen that yet,” Dr. Parikh replied.

    Senator Murray pressed, “Who’s the ‘they’?”

    “The ‘they’ is the NIH. The NIH administrators, leaders, and the Department of Health and Human Services. We have to be able to say that we are going to start awarding these grants at the rate that it requires to get the fully appropriated amount that you all approved at the end of last fiscal year,” Dr. Parikh responded.

    “To your knowledge, has that been done?” inquired Senator Murray.

    Dr. Parikh stated, “Not yet, the rate isn’t quite there yet.”

    Senator Murray also discussed the Trump administration’s announcement that they would stop funding the Women’s Health Initiative (WHI), which they later claimed they would reverse. WHI studies cancer, heart disease, and osteoporosis in postmenopausal women—and thanks to this research, 126,000 cases of breast cancer and 76,000 cases of heart disease were prevented over a decade. The Fred Hutch Cancer Center in Seattle is the clinical coordinating center for WHI and one of four regional centers. Senator Murray noted that: “The annual funding for these centers costs about $10 million, that’s less than half by the way of what taxpayers spend on President Trump’s golf trips just in case you were keeping track over the last 3 months—$10 million!”

    “How important, I wanted to ask you, is sex in the diagnosis and treatment of cancer, and do you think now is the time to be cutting breast cancer research?” Senator Murray continued by asking Dr. Sleckman.

    Dr. Sleckman replied, “Thank you for that question, Senator. You know, let me make a comment first about the Women’s Health Study. These types of studies are essential for cancer and understanding the basis of cancer. This is a very long-term study, not a five-year grant. Something where they’ve been following women for decades and using that information to understand about cancer risk and then make informed decisions about cancer prevention. These types of studies could only be funded in a large, organized way through the federal government, the NIH and the NCI. Getting back to your question, is that it’s extremely important to study the biological difference between men and women when it comes to cancer risk, cancer progression, and cancer treatment—extremely important. There are large groups at pretty much all NCI cancer centers that either take that into account when they’re designing a trial or are studying it specifically—absolutely important. Thank you for that question.” 

    ____________________________

    As the largest public funder of biomedical research in the world, NIH has long been considered one of America’s crown jewels with a long history of strong bipartisan support from Congress. Less than 1 percent of the federal budget goes to medical research, yet NIH research drives our economy at the national and local levels by supporting thousands of jobs in every state. More than 83 percent of NIH’s budget goes to more than 300,000 research personnel at over 3,000 universities, medical schools, and other research institutions. NIH directly and indirectly supports more than 550,000 jobs across the country. It pays off: local communities see $2.56 of economic activity for every dollar invested in this research. NIH-funded research contributed to 354 out of 356 drugs approved by the Food and Drug Administration (FDA) between 2010 to 2019. The FDA plays an intricate role in advancing the biomedical research ecosystem in the United States, by regulating, promoting, and supporting the approval of new drugs, biologics, and medical devices coming on the market.

    Despite this, President Trump has systematically undermined NIH and the research it funds, as well as the FDA. He has terminated nearly 800 NIH grants across the country, cutting off more than $1.1 billion in essential research and trials. So far this year, he has slow walked roughly $2 billion in vital NIH funding that should be going out the door to fund the research that might discover the next treatment or cure that will change—or save—a patient’s life. Funding for Alzheimer’s disease, diabetes, and cancer research are just a few examples of large multi-million-dollar research grants that we know are being held hostage. He has illegally sought to cut billions in funding for universities to conduct this vital research by illegally capping the indirect cost rate in direct violation of bipartisan appropriations law. President Trump has pushed out nearly 5,000 NIH employees and 4,000 FDA employees—decimating the very work responsible for discovering lifechanging treatments and cures and ensuring they can safely get to market. He also reportedly plans to propose to nearly halve NIH’s budget.

    As a longtime appropriator and former Chair of the Senate HELP Committee, Murray has led Congressional efforts to boost biomedical research. Previously, over her years as Chair of the Labor-HHS Appropriations Subcommittee, Senator Murray secured billions of dollars in increases for biomedical research at NIH, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments. 

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray’s Bill to Reauthorize Northwest Straits Commission Passes Through Senate Science Committee

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Senator Murray has worked tirelessly to fund the Northwest Straits Commission every single year since 1998

    ICYMI: Senator Murray, Cantwell, and Rep. Larsen Reintroduce Legislation to Permanently Reauthorize Northwest Straits Commission

    Washington, D.C. — Today, Senators Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, and Maria Cantwell (D-WA), ranking member of the Senate Commerce, Science, and Transportation Committee and senior member of the Senate Finance Committee, announced that the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025 passed out of the Senate Commerce, Science and Transportation Committee. The legislation would reauthorize the Northwest Straits Commission in the Puget Sound, and fund it at $3 million each fiscal year for the next five years, through Fiscal Year 2031.

    Murray and Cantwell’s bill will now have to pass through the full Senate and the House before it can be signed into law.

    The Northwest Straits Commission is a community-led effort to restore marine habitats in the Northwest Straits region and address local threats to marine environments with projects such as restoring shellfish populations, protecting vulnerable ecosystems, and promoting growth for native water and shore-based plants. The Northwest Straits Commission provides funding, training, and support to seven county-based Marine Resources Committees (MRCs). The Commission advises local officials on how to best carry out environmental projects and provides expertise to community organizations to help them be partners in their work by, for example, training volunteers to identify forage fish spawning sites. Senator Murray led the authorization of the Northwest Straits Commission in 1998 and has secured federal funding for the Commission every single year in the decades since.

    “I first established the Northwest Straits Commission with bipartisan support in 1998, to ensure our rich marine resources in the Northwest Straits stay healthy—which in Washington state is critical for our local communities, Tribes, and economy,” said Senator Murray. “This legislation would help provide a strong and consistent funding stream for the Commission and ensure partners on the ground can expand their efforts to protect our marine species and habitats and support our outdoor recreation economy. I am proud to continue leading the charge to authorize the Northwest Straits Commission, and I will keep fighting to secure federal funding for this effort as I have done since I first helped establish the commission.”

    “The Puget Sound and the Straits are [among the busiest] waterways in the nation, and just happen to intersect with also some of the most beautiful habitat and species in the nation as well,” Sen. Cantwell said. “Having the Straits Commission continue to do their work is very important.”

    The Northwest Straits Commission is supported by a wide range of stakeholders, including state and federal agencies, elected leaders, and Tribal partners throughout the Puget Sound Region.

    The Northwest Straits Commission was established following the bipartisan partnership of Senator Murray and former Congressman Jack Metcalf. Murray and Metcalf released a report in 1998 that laid the groundwork for the Northwest Straits Commission and its work protecting marine habitats, and later that year, Senator Murray successfully authorized the Northwest Straits Commission for a six-year period. Over the years, Senator Murray has helped secure tens of millions of dollars in federal funding for the Northwest Straits Commission’s restoration work and research—part of Senator Murray’s longtime, steadfast commitment to salmon recovery in the Pacific Northwest.

    Last year, as Chair of the Senate Appropriations Committee, Senator Murray secured $1 million for the Northwest Straits Initiative through programmatic funding in the appropriations bills she wrote and passed into law in March 2024—this was the first time Northwest Straits received programmatic funding since the original authorization expired in 2004, and is significant in helping to ensure the Commission is funded. In the appropriations bills for Fiscal Years 2022 and 2023, Senator Murray secured a total of $6 million in Congressionally Directed Spending (CDS) funding for the Northwest Straits Commission; that funding was essential to the removal of the “Windjammer” sailboat that had been partially submerged near the Kukutali Preserve since 2009 on Swinomish Tribal tideland. Prior to the return of Congressionally Directed Spending in Fiscal Year 2022, Murray ensured the Northwest Straits Commission received annual funding through the EPA’s Puget Sound Geographic Program. Prior to that, Murray secured CDS funding for the Northwest Straits Commission after the original authorization for the Commission expired in 2004.

    The text of the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025 is HERE.

    MIL OSI USA News –

  • MIL-OSI USA: House Republicans Reject Nadler Transit Safety Amendment Despite Bad-Faith USDOT Threats to Withhold Funding from Transit Agencies

    Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

    WASHINGTON, DC –  Today, Republican members of the House Transportation and Infrastructure Committee voted down—on a party-line basis—an amendment offered by Congressman Jerrold Nadler (NY-12) to provide substantial funding for transit safety and security.

    The vote came just weeks after Transportation Secretary Sean Duffy issued letters threatening to withhold federal funding from agencies like the MTA and WMATA over alleged safety concerns. Nadler’s amendment would have provided dedicated capital grants—fully authorized under existing law—to upgrade safety infrastructure, expand staffing, and better protect both passengers and frontline transit workers.

    “Secretary Duffy claims to care about safety. But when Republicans were given the chance to support real solutions, they turned their backs on the very transit agencies they’ve been scapegoating,” said Congressman Nadler. “It’s clear that their threats to withhold federal funds from the MTA aren’t truly about safety—they’re about undermining New York’s increasingly popular congestion pricing program.”

    Public transit remains one of the safest ways to travel, with the National Safety Council reporting it is ten times safer than driving. In New York, felony crime on the subway is at a 30-year low, and assaults on transit workers have dropped more than 30 percent, thanks in part to federal investments in cameras, de-escalation training, and safety teams. This amendment would have built on these gains by providing substantial funding to expand proven safety interventions nationwide. The federal government can and should do far more to help improve transit safety by investing in the infrastructure, staffing, and technology that protect both riders and workers.

    “Riders don’t need threats from Washington about cutting vital transit funding—they need real investment in safety, reliability, and respect for the communities who rely on public transportation every day,” Congressman Nadler continued. “That’s what this amendment offered. Instead, Republicans chose politics over public safety.”

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Danny K. Davis Reflects on President Trump’s First 100 Days of His Second Term

    Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

    April 30, 2025

    CHICAGO, IL — Today, Congressman Danny K. Davis (D-IL-07) issued the following statement reflecting on the first 100 days of President Donald J. Trump’s second term:

    “As President Trump marks his 100th day in his second term, I reflect not only on what has transpired but on what is at stake for the American people. These first 100 days have been defined by a clear agenda to roll back hard-fought gains in healthcare, civil rights, social services, and economic protections for working families.

    The administration’s attempt to privatize Social Security and raise the retirement age is a direct attack on seniors who have spent a lifetime paying into the system. Their efforts to weaken Medicaid and repeal key elements of the Affordable Care Act threaten millions of Americans—particularly in communities of color and rural America—who depend on access to affordable healthcare.

    In education, we’ve seen proposals to slash funding for public schools while diverting resources to unregulated private institutions. Meanwhile, student debt relief programs are being dismantled, leaving our young people burdened and betrayed.

    With regard to criminal justice, the White House’s abandonment of reentry programs, elimination of funding for Second Chance initiatives, and return to punitive incarceration policies represent a disturbing setback for restorative justice and rehabilitation efforts that are critical to reducing recidivism and creating opportunity.

    The administration’s failure to adequately address climate change, gun violence, and economic inequality has exposed its priorities—and they do not lie with everyday Americans. Instead, tax cuts for the ultra-wealthy, deregulation of corporate interests, and divisive political rhetoric have taken center stage.

    Yet, I remain hopeful because the American people are resilient. We are organizing, marching, voting, and demanding a future that honors equity, truth, and justice. As a senior Member of Congress and Co-Chair of the Congressional Reentry Caucus, I will continue to fight to protect our social safety net, expand access to opportunity, and resist any effort that undermines the dignity of our democracy.”

    MIL OSI USA News –

  • MIL-OSI USA: Pressley Applauds Release of Mohsen Mahdawi, Renews Call for Release of Rümeysa Öztürk, Mahmoud Khalil, and Others

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

    Yesterday, Pressley Rallied With Colleagues at State Dept. to Demand Mahdawi’s Release and Due Process for All

    Pressley Recently Met with Constituent Rümeysa Öztürk, Mahmoud Khalil at ICE Detention Centers in Louisiana

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) issued the following statement applauding the release of Mohsen Mahdawi, Columbia University student and lawful permanent resident who was detained on April 14 after his naturalization interview in Vermont. Yesterday, at a rally outside the State Department, Congresswoman Pressleyjoined Congresswoman Becca Balint (VT-AL)and their colleagues to call for Mahdawi’s immediate release and demand due process for all. Congresswoman Pressley recently met with constituent Rümeysa Öztürk and Mahmoud Khalil, two students who have been unlawfully detained by ICE and transported to Louisiana from their homes in retaliation for their protected speech.

    “Mohsen’s release is an encouraging step in the fight to defend our democracy and the constitutional rights that Donald Trump is working overtime to rip away,” said Rep. Ayanna Pressley. “Due process and free speech are fundamental rights. I am relieved and encouraged that Mohsen was released from detention today, and I continue to demand the immediate release of my constituent Rümeysa Öztürk, as well as Mahmoud Khalil, and the residents across the nation who may not have made headlines but similarly have been unjustly detained by this hostile administration. We have not forgotten about you and we will fight for your rights daily.”

    Mahdawi, a Vermont permanent resident for the last ten years, was abruptly arrested earlier this month by masked, hooded ICE agents without being charged with a crime. In response to his arrest, Rep. Balint, Rep. Pressley, and 66 other House Democrats demanded to know the Administration’s alleged reason for his arrest from Secretaries Rubio and Noem and received no response. 

    A full transcript of her remarks at yesterday’s rally is available below and video is available here.

    Transcript: Pressley Colleagues Demand Due Process for All at “Free Mohsen Mahdawi” Rally
    U.S. State Department
    April 29, 2025

    We keep using the word shame, and this is a shame that we find ourselves here. 

    And it is also a sham. 

    These extremist acts to disappear people from society have nothing to do with immigration. They have nothing to do with law and order. They have everything to do with power.

    And Donald Trump is abusing power. That is what dictators do. Dictators mean to silence any dissenting voices – and the only way to beat a dictator is with defiance, and that’s what brings us all here today. 

    I’m so glad that you all are awake. The other side wants you to be asleep. They’re anti-woke because they want a citizenry that is ignorant and uninformed, that is indifferent to the suffering of their neighbors, and that is inactive. 

    So you’re already winning, and you give me hope and make it easier to practice the discipline of hope – because you could have been anywhere else today, but you chose to be here to say that these abuses of power will not go unchecked.

    I know that I am speaking to the choir as I go to refer to my notes and enumerate these facts, but I preach to the choir for one reason, because I need the choir to sing. 

    When you leave here, I need you to sing about these injustices. I need you to sing about the fact that this is not about whether or not we can weather the next four years, that this is about shaping the next one hundred.

    I need you to sing about the fact that this is the moment and the opportunity to be better ancestors than descendants. 

    Who is Mohsen?

    Mohsen was raised in a Palestinian refugee camp in the occupied West Bank. He is a man who loves and is loved, who is connected to family, who is connected to community.

    Mohsen is a green card holder and lawful permanent resident of the United States.

    Mohsen is a scholar, a senior at Columbia University and co-founder of Columbia’s Palestinian Student Union.

    And now, shamefully, Mohsen is a political prisoner. 

    Instead of celebrating his graduation and preparing for his Master’s program in the fall, he was on the verge of becoming a US citizen, after 10 years of living and learning and contributing in the United States. 

    Instead, his life has been upended, and he is awaiting his future from the confines of a detention center. Shameful.

    In Donald Trump’s America, Mohsen’s story is becoming shamefully all too familiar to all of us. 

    He was whisked away and disappeared off of the streets, just like my constituent, Somerville resident and PhD student, Rümeysa Öztürk.

    Make no mistake, these abductions are not isolated. 

    They are part and parcel of Trump’s precise, intentional, and coordinated attack on our democracy and our constitutional rights. 

    They serve no purpose other than to silence dissent, restrict due process, and to sow fear in our communities – which is exactly how a dictator operates. 

    But again, we will not allow these abuses of power to go unchecked or unanswered. 

    Last week, I went to conduct some real-time oversight. I visited our sister Rümeysa Öztürk and our brother Mahmoud Khalil in Louisiana at the ICE detention facilities where they are being held. 

    Allow me to digress for a moment to remind people that this is a for-profit carceral system, and the same way that there are billionaire corporations that benefit from for-profit prisons and mass incarceration, the same billionaire corporations are benefiting from for-profit detention centers and the disappearing of immigrants. These things are all connected. 

    So if someone at home is saying, “Why should I care about this?”

    If you care about mass incarceration, you need to care about mass deportation. If you care about mass deportation, you need to care about mass incarceration. 

    So last week, I went for a wellness check, which also again, was real-time congressional oversight. What I saw and heard from Rümeysa and Mahmoud was harrowing, heartbreaking, and infuriating. 

    Mahmoud spoke of growing up in Syria under Assad. He said, “I know what an authoritarian regime looks like – and this is it.”

    Rümeysa thanked me for being there, along with my colleagues in our CODEL and said the women at this detention facility have questioned if God has forgotten about us, if the world has forgotten about us.

    They are being denied proper medical care, deprived of sleep. They’re not receiving nutritious meals, no religious accommodation. A nurse, without consent, removed Rümeysa’s hijab.

    The cruelty is the point. 

    Look family, what’s happening to Mohsen, Rümeysa, Mahmoud and so many others is a damning injustice. They’ve been charged with no crimes, and are being detained simply for exercising their right to free speech, for speaking out about the Israeli government’s genocide in Gaza. 

    Now let me be clear, regardless of your position on that issue or any other, this should outrage everyone and anyone with a moral conscience. 

    I do not journey to rural Louisiana because I am a Democrat. I journeyed to rural Louisiana because I’m a human being who gives a damn about other human beings. 

    In America we have a fundamental right to freedom of speech, and that’s what makes us who we are. So this blatant, flagrant violation of our First Amendment rights through these abductions should outrage everyone, regardless of your personal beliefs. 

    And as I close, because our freedoms and our destinies are tied, in his letter to Angela Y. Davis, James Baldwin wrote, “If they take you in the morning, dear sister, they will surely be coming for us that night.” And that is the truth. 

    Today, it is Mohsen, it is Rümeysa, it is Mahmoud, and tomorrow it could be you. 

    It could be you for reading a banned book. It could be you for suffering a miscarriage. It could be you for practicing Diversity Equity and Inclusion. 

    So today, we refuse to accept these abuses as inevitable. We demand due process and accountability for all, and we will keep working to protect our Constitution and everyone who calls this country home. 

    Free Mohsen Mahdawi. Free Rümeysa Öztürk. Free Mahmoud Khalil. Save our democracy.

    This is not about weathering the next four years. This is about shaping the next one hundred.

    MIL OSI USA News –

  • MIL-OSI USA: US Department of Labor celebrates National Apprenticeship Day 2025, highlighting limitless potential of apprenticeships for American workers

    Source: US Department of Labor

    WASHINGTON – U.S. Department of Labor Secretary Lori Chavez-DeRemer celebrated National Apprenticeship Day today by welcoming the International Association of Fire Fighters for a ceremonial signing event highlighting the importance of apprenticeships and ways the program can unlock a multitude of possibilities for the American worker.

    The National Apprenticeship Day 2025 event recognized IAFF’s new National Apprenticeship Guideline Standards and honored the union’s commitment to training their firefighters and emergency personnel through the Registered Apprenticeship model. 

    Since its inception in 2015, National Apprenticeship Week has been an annual nationwide celebration for employers, educators, state agencies, unions, and many others to showcase how Registered Apprenticeships improve and expand career pathways for American workers, while helping employers drive economic growth across all industries. In those 10 years, more than 1.9 million people participated in more than 10,000 National Apprenticeship Week events, and over 1,800 proclamations have been issued in support of Registered Apprenticeships. Typically celebrated in the fall, National Apprenticeship Week will move to the spring beginning in 2026 following stakeholder feedback. 

    The Trump Administration has committed to enhancing and expanding the National Apprenticeship system, with two recent executive orders, “Preparing Americans for High-Paying Skilled Trade Jobs of the Future” and “Advancing Artificial Intelligence Education for American Youth.” These decisive actions will unlock the limitless potential of the American worker by strengthening Registered Apprenticeships, modernizing workforce development programs, educating America’s youth to keep up with technology advancements, and investing in upskilling workers to meet current labor market demands.

    National Apprenticeship Day 2025 will include nearly 1,000 events and proclamations in all 50 states and territories across the country. These events highlight innovation and cooperation between employers, apprentices and apprentice graduates, educational institutions, community-based organizations, federal partners, industry associations, intermediaries, labor unions, state agencies, elected officials, and many others. 

    “As we celebrate National Apprenticeship Day, this administration remains committed to expanding and strengthening registered apprenticeships, guaranteeing the skilled workforce necessary for businesses to thrive,” said U.S. Secretary of Labor Lori Chavez-DeRemer. “I will personally ensure the Labor Department is helping to fulfill our bold goal of exceeding one million active apprentices and empower American workers to fill high-demand jobs that will secure economic prosperity. I was honored to host firefighters with the International Association of Fire Fighters today as we celebrated progressing toward that goal with new apprenticeship standards for first responders.”  

    Find a National Apprenticeship Day event near you and learn how to participate. 

    MIL OSI USA News –

  • MIL-OSI USA: TOMORROW: First Partner Siebel Newsom to celebrate Move Your Body, Calm Your Mind Day with Boys & Girls Club in Bay Area

    Source: US State of California Governor

    Apr 30, 2025

    SAN MATEO COUNTY — California First Partner Jennifer Siebel Newsom will team up with Olympic and World Cup Champion Brandi Chastain and nearly 250 kids at a local Boys & Girls Club to celebrate Move Your Body, Calm Your Mind Day, a statewide day of action embracing the importance of movement, mindfulness, and play. The interactive celebration will feature opportunities for kids to move their bodies as they choose from pickleball, soccer, and Zumba. The event will also feature calming activities like mindfulness crafts and yoga.

    WHEN: Thursday, May 1 at 3:50 p.m.

    **NOTE: This in-person event will not be streamed and will be open to credentialed media only. Media interested in attending must RSVP by clicking here no later than 1 p.m., May 1. Location information will be provided upon confirmation.

    Recent news

    Apr 30, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring April 30, 2025, as “Apprenticeship Day.”The text of the proclamation and a copy can be found below. PROCLAMATIONNational Apprenticeship Day is a nationwide celebration…

    Apr 30, 2025

    News What you need to know: The state of California is providing LA City and County a new AI-powered e-check software free of charge to speed the pace at which local governments are approving building permits. LOS ANGELES – Leveraging the power of private sector…

    Apr 30, 2025

    News What you need to know: Governor Gavin Newsom and the Department of Housing and Community Development today announced the awards of $118.9 million in federal funding for 29 California rural and tribal communities to create more affordable housing and supportive…

    MIL OSI USA News –

  • MIL-Evening Report: Feuding mob families, mind control and a murder at the White House: what to watch in May

    Source: The Conversation (Au and NZ) – By Alexa Scarlata, Lecturer, Digital Communication, RMIT University

    Disney+/Prime/Netflix/Paramount+/The Conversation

    It’s May! Where did the year go? It must be all the amazing TV we’re watching that’s making the time whiz by. This month’s lineup of expert picks is packed with standout shows across all genres.

    Whether you’re in the mood for laugh-out-loud comedies, powerful historical fiction, or sci-fi that will leave your brain rattling for days, there’s something binge-worthy waiting for you.

    MobLand

    Paramount+

    Lately, I’ve found myself counting down the days each week for a new episode of MobLand to drop on Paramount+ on Sunday afternoon. The crime series is executive produced (and the first two episodes directed) by Guy Ritchie, and stars Tom Hardy, Pierce Brosnan and Helen Mirren – along with a heavyweight supporting cast – in a story about two rival mob families in London.

    When tensions escalate after a night out, Hardy’s “fixer” character, Harry, works to keep the peace between the Harrigans and the Stevensons – be it with a quiet word or brutal force.

    MobLand is as twisty, gruesome and fun as we’ve come to expect from Ritchie’s popular gangster titles. But while others have been regularly criticised for their lack or limited portrayal of female characters, MobLand benefits from the scheming and swearing of the inimitable Helen Mirren as matriarch Maeve Harrigan, and the quiet fury of Joanne Froggatt as Harry’s wife, Jan, as she tries to force the enforcer into marriage counselling.

    The series has been a huge success for Paramount+ in Australia – becoming the largest launch in the platform’s history. And while some may find the weekly episode drop frustrating, for me it adds to the suspense.

    – Alexa Scarlata

    The Residence

    Netflix

    Faced with Donald Trump, show makers turn to alternative visions of leadership. The latest: a gay president, who is only a bit of a player, in a ridiculously entertaining picture of a crime within the White House.

    At a US state dinner for visiting Australian Prime Minister Stephen Roos (Julian McMahon), the dead body of the chief usher is discovered, and the world’s greatest detective, Cordelia Cupp (Uzo Aduba), is called in. Not only is Cupp an avid bird-watcher, she is also an Agatha Christie devotee who likes to assemble all her suspects for a prolonged denouement.

    The Residence is full of oblique references to current US politics. One former senator, Al Franken, plays a fictional senator named Aaron Filkins. And Tripp Morgan (Jason Lee), US President Perry Morgan’s odious brother, has several real-life precursors.

    The series is also a guide to the White House itself, complete with the sort of lavish detail we’d expect from Shondaland productions. And it’s nice to see Netflix acknowledging Australians. Even if they couldn’t persuade Hugh Jackman to actually show up, there’s plenty of other home-grown talent – including cameos by Kylie Minogue.

    – Dennis Altman

    Last One Laughing UK

    Prime Video

    Last One Laughing is a battle royale for stand-ups. Ten comedians, one room, surrounded by cameras. Laugh once and they’re warned. Laugh again, and they’re out. Last comic left wins.

    An international TV phenomenon in 29 countries, the latest season is from the United Kingdom, hosted by Jimmy Carr and featuring comedians like Bob Mortimer, Sara Pascoe and Joe Lycett.

    Comedy takes time, but laughter can take less than a moment. Richard Ayoade nearly catches out two players when, asked what his childhood hobbies were, he replies: “I don’t know. I cried a lot?”

    Last One Laughing doubles our laughs. We watch the actual joke, we get it, we laugh. And then we see comedians desperately trying not to laugh – but we know that they get the joke too! And so we get an unexpected second look at the joke.

    Last One Laughing helps us understand why we laugh at our own jokes, why we can’t always explain what’s funny, and why gags don’t need words. We’re watching professional comedians get the joke (as we do!) without laughing (as we expect?) but we know that it’s all OK. And, however briefly, we glimpse the world anew.

    – Fergus Edwards



    Read more:
    We’re hardwired to laugh – this is why watching comedians try to be the ‘Last One Laughing’ is so funny

    Dying for Sex

    Disney+

    Based on a popular podcast by Molly Kochan and Nicki Boyer, Dying for Sex is a funny, raunchy, heartfelt exploration of pleasure and death.

    When Molly (Michelle Williams) finds out her cancer is back and this time it is terminal, she seeks out sexual desire and satisfaction in unusual places, making profound discoveries along the way.

    The show is rated R for good reason: the depiction of sexual acts is graphic, but not exploitative or voyeuristic. Rather it embraces the messiness of having a body that is dying but seeking joy.

    While Molly’s sexual adventures feature heavily (and explicitly), the heart of the show is Molly’s friendship with Nicki (Jenny Slate), which feels achingly real. Molly and Nicki are long-term friends, as such they adore and encourage each other’s idiosyncrasies and perceived flaws.

    Williams is luminous and well-matched with Slate, who brings a levity and longing to caring for her best friend and supporting her new goals. Despite its relatively short runtime of just eight 30 minute episodes, we are treated to nuanced renderings of Molly’s complex relationships with her mother (Sissy Spacek), husband (Jay Duplass) and neighbour (Rob Delaney).

    Dying for Sex is infuriating and heartbreaking, as well as absurdly funny – kinda like death.

    – Jessica Ford

    Black Mirror, season seven

    Netflix

    The seventh season of Black Mirror is an ominous return to the dark world of modern technology. This season comprises six new episodes, two of which are sequels to episodes from previous seasons.

    Common People is a powerful opening to the season, starring two of the most famous actors to appear throughout. Amanda (Rashida Jones) and Mike (Chris O’Dowd) are an ordinary suburban couple struck by tragedy in the form of a serious medical emergency – a narrative turn that is compounded by an unexpected departure from Jones and O’Dowd’s comedic reputations. The collapse of their life reaches greater and greater depths, before culminating in a horrifying final scene.

    The other five episodes of the season are not as dismal. USS Callister: Into Infinity, in particular, provides some resolution that the earlier episode USS Callister had not. Plaything, the sequel to the interactive film Bandersnatch, echoes USS Callister’s interest in video gaming, but takes its invasion of human life to an even more powerful conclusion. Bête Noire similarly toys with the idea of mind control.

    Hotel Reverie and Eulogy are quieter episodes, and not as overtly critical of technological advance as the others. Both are very moving, and like Common People, are interested in the lengths one might go to for the people they love.

    Black Mirror’s seventh season is both a warning and a guide for how to be human – and how not to.

    – Jessica Gildersleeve

    The Wheel of Time, season three

    Prime Video

    The Wheel of Time is Prime’s most recent entry into the increasingly popular epic fantasy genre. Despite a lacklustre first two seasons, season three finally rewards fans for their patience.

    Adapted from Robert Jordan’s sprawling 14-book series, the new season begins full throttle with a violent battle between the all-female One Power-wielding Aes Sedai. While some episodes lag due to overly complicated exposition and agonising character development (just embrace the wolf already, Perrin), for the most part showrunner Rafe Judkins maintains the propulsive momentum established in the spectacular opening.

    Episode four, The Road to the Spear, is a standout sure to please die-hard Jordan fans and new audiences alike. Cinematic in scope, the episode faithfully recounts Rand (Josha Stradowski) and Moiraine’s (Rosamund Pike) journey to Rhuidean in the Aiel Waste where Rand is confirmed as the Dragon Reborn.

    Pike continues to provide much-needed gravitas as the steely Moiraine and Stradowski is a revelation. It doesn’t hurt that the episode makes good use of its deliciously vampy leather-clad villain Lanfear (Natasha O’Keeffe).

    No doubt references to Jordan’s expansive lore might continue to baffle some viewers. However, the sumptuous costumes, increasingly assured performances and modernised relationships suggest the series has finally found its footing.

    Long may The Wheel of Time continue to turn.

    – Rachel Williamson

    The Narrow Road to the Deep North

    Prime Video

    The Narrow Road to the Deep North stands as some of the most visceral and moving television produced in Australia in recent memory, marking a new accessibility and confidence to director Justin Kurzel.

    Dorrigo Evans (Jacob Elordi/Ciarán Hinds) is a doctor sent to World War II. Captured during the Battle of Java he is taken as a prisoner of war (POW), where he is forced to lead his Australian soldiers on the building of the Burma-Thailand Railway.

    Rather than an executor of violence, he is a pacifist and victim. Ultimately he has to make peace with his own trauma and guilt of survival when many around him perished – some of whom he knowingly sent to their inevitable death to ensure his own survival.

    Faithfully adapted from Richard Flanagan’s novel in a screenplay by Shaun Grant, this production effectively creates interchanging timelines (seamlessly edited by Alexandre de Francesch) including prewar, war and postwar, and then flashes forward to Dorrigo in his mid-70s.

    Structurally immaculate, The Narrow Road to the Deep North is not defined by its brutal torture of the POWs or comradeship of the starving soldiers (though they are powerful to watch). Instead, it points us towards the quieter visions of characters having to sit alone with their distorted memories.

    Contemporary television is rarely this good.

    – Stephen Gaunson



    Read more:
    Contemporary television is rarely as good as The Narrow Road to the Deep North

    Andor, season two

    Disney+

    Andor returns for a second season, as we follow the early days of the Rebel Alliance leading up to events in Rogue One.

    One year after the events of season one, we open with Cassian (Diego Luna) impersonating an Imperial test pilot so he can steal a prototype Imperial ship. After stealing the ship, he must navigate a ragtag brigade whose infighting becomes violent.

    Elsewhere on planet Mina-Rau, Bix (Adria Arjona) and other undocumented farm workers await Cassian’s arrival with the ship. Over on Chandrila, Imperial Senator Mon (Genevieve O’Reilly) navigates the diplomacy of her daughter’s wedding while continuing to discreetly support the rebellion.

    The most chilling scenes in the opening episodes are perhaps those that show Imperial supervisor Dedra Meero (Denise Gough) attend a top-secret meeting where they strategise how best to cleanse the population of Gorman so they can mine a rare mineral.

    As film academic Daniel Golding notes in an article about how Andor takes on the era of Trump 2.0, showrunner Tony Gilroy takes inspiration from several real world revolutionary events. Given Russia’s invasion of Ukraine, Israel’s assault on Gaza and Trump’s increasing authoritarianism, it will be interesting to see how the revolution in this season continues to reflect real-world precarity.

    I recommend refreshing your memory of season one before diving in, as the new season’s complexity relies on considerable assumed knowledge.

    – Stuart Richards

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

    – ref. Feuding mob families, mind control and a murder at the White House: what to watch in May – https://theconversation.com/feuding-mob-families-mind-control-and-a-murder-at-the-white-house-what-to-watch-in-may-255222

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Are side hustles really a way to escape the rat race, or just passion projects for a privileged few?

    Source: The Conversation (Au and NZ) – By David Farrugia, ARC Future Fellow, School of Education, Deakin University

    PeopleImages.com – Yuri A/Shutterstock

    Is a “side hustle” really the only thing separating you from the life you desire? Listening to some influencers on social media could certainly have you thinking so.

    Side hustles encompass a range of self-directed entrepreneurial activities undertaken while also working a job. For young people with limited access to capital, they’re the most accessible opportunity to engage in entrepreneurship.

    Yet, we still know very little about who takes them on and why, and what kind of impact they have on working life in economies like Australia.

    Our new report – Side Hustles – How Young People Are Redefining Work – presents the first wave of findings from an ongoing three-year, mixed-methods study that seeks to answer these questions.

    In our first year of data collection, we surveyed 1,497 side hustlers aged 18-34 and interviewed a further 68. Our findings raise questions about the merits of entrepreneurship as a solution to youth unemployment or a pathway to financial freedom.

    What makes a side hustle?

    To be included in our project, a young person had to be employed, but also carrying out some form of entrepreneurship.

    We defined entrepreneurship as self-directed economic activity, where the side hustler has some measure of control over when they work, who they work for and what they charge.

    The most popular side hustle among participants was selling goods (42.9%). Others included:

    • services such as gardening, dog-walking or moving furniture (29.2%)
    • creating media content (16.5%)
    • creative work such as graphic design or photography (11.3%).

    Side hustling could include some “gig work” through online platforms, but only when these platforms allow workers to negotiate prices with clients and make choices about their work. As such, we excluded rideshare and food delivery drivers from the project.

    Gardening services were one common side hustle.
    Ultraskrip/Shutterstock

    Projects for the privileged

    While some people may assume that young people start a side hustle out of financial stress, we found side hustlers are actually a relatively privileged cohort.

    They are a well-educated group. Almost two-thirds of our sample had university degrees and many of the remainder were studying. They also generally report their financial wellbeing as comfortable.

    Why is this? Side hustles often don’t make much money, cost money to set up, and carry risk – all of the hallmarks of entrepreneurship.

    Median hourly earnings from their side hustles are less than what they would make working in retail or hospitality, and on average they are about 50% what they make in their main job.

    As one e-commerce side-hustler put it:

    If I really put my time and energy into the consideration, I would say we’re not making much money at all […] It’s just something I enjoy doing in my free time.

    Their side-hustle earnings are also uncertain: 65% say they are unsure what their earnings will look like in three months.

    In other words, you need to be financially secure already to even contemplate a side hustle.

    Passion over pay

    Side hustles don’t make enough to help someone who is really financially struggling, and they are unlikely to be a pathway out of the employment “rat race”.

    Despite this, our participants are overwhelmingly satisfied with their side hustles and say they have good work-life balance. So what motivates them?

    Side hustlers often earned less than they would taking on a second job.
    BAZA Production/

    The top motivation reported in our study is passion and enjoyment. Side hustlers say they want work that relates to their interests and enjoy the autonomy and flexibility that a side hustle allows.

    Even though side hustles are often less profitable than a second job, the second-highest motivation was still money.

    That’s likely because they offer a way of making some supplementary income in a way that is flexible and autonomous.

    They’re often a source of “play money”. One 33-year-old man with an e-commerce side hustle told us:

    If I was to pick up a second job, like […] Uber driving at night time, I won’t be happy, I’ll be tired, I’ll be stressed out trying to do that

    Whereas, I think because I’ve got the passion for it here, I’m happy to do it because, like I said, I’m doing it at my own pace.

    Pressure to be productive

    Our research suggests that rather than being a pathway out of unemployment, side hustles actually represent a broader social and economic trend: more and more of young people’s lives are being encompassed by work.

    Interviewees frequently talked about feeling like they needed to make their time outside of work productive in some way. For some, it was as though they could not justify leisure time unless it was financially profitable.

    One participant told us:

    You obviously want to enjoy life and have a bit of a chill time, but some days you just go like, “What am I doing? Just sitting at home and just relaxing watching Netflix or whatever. I should probably be out there making more money”.

    Blurring work life boundaries?

    Most participants were also not very concerned about growing their side hustles into businesses.

    Instead, they aspired for balanced working lives with a side hustle offering passion, flexibility and autonomous work, and paid employment supporting them financially and offering the option of a traditional career.

    They also did not necessarily see the time spent on their side hustles as work, being much more personally invested and self-directed in their side hustles than in their paid jobs.

    But this means that much of their “leisure” time looks very much like work, and more and more of their lives are dedicated to being productive.

    David Farrugia receives funding from the Australian Research Council.

    Brendan Churchill receives funding from the Australian Research Council.

    Kim Allen receives funding from the ESRC

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

    – ref. Are side hustles really a way to escape the rat race, or just passion projects for a privileged few? – https://theconversation.com/are-side-hustles-really-a-way-to-escape-the-rat-race-or-just-passion-projects-for-a-privileged-few-255002

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Road projects improve safety, reliability in Cariboo

    Three road-improvement projects are moving forward to address Cariboo roads affected by slides and washouts, paving the way for improved reliability and safety for residents in the region.

    “Ensuring people can travel on safe and reliable roadways is our top priority,” said Mike Farnworth, Minister of Transportation and Transit. “Our transportation investments in the Cariboo go beyond road repairs. We’re building back better to ensure resilient infrastructure, which will improve the quality of life for residents, businesses, and travellers in the region.”

    The three Cariboo Road Recovery Projects (CRRP) proceeding to the next phase are:

    • Kersley-Dale Landing Road: A contract has been awarded to West Horizon Contracting. The new road alignment will bypass landslide-prone areas, providing a climate-resilient design that reduces future risks. Construction is set to begin in the coming months.
    • Quesnel-Hydraulic Road: Construction will stabilize and realign the road to meet modern design standards. A construction tender will be issued this year, with work expected to begin as early as spring 2026.
    • Bastin Road at Bastin Hill: Construction will make improvements including up-slope flattening to reduce landslide risks, added rock blankets for slope stability, upgraded drainage, and realignment of the road away from the Quesnel River. Construction is expected to begin as early as summer 2025.

    A portion of Durrell Road in Quesnel that has been closed since being severely affected by two landslides in 2021 will not reopen. An alternative route is available. The area will be naturalized, and turnaround points will be built to assist traffic on both sides of the site.

    In 2020 and 2021, changing weather patterns contributed to hundreds of landslides and road washouts across the Cariboo. The Ministry of Transportation and Transit is working to restore access to affected roads and highways with a focus on building back better, benefiting area residents, businesses and travellers.

    To date, four CRRP projects have progressed to construction or are complete, including Highway 97 at Cottonwood Hill, Blackwater Road and Knickerbocker Road, Highway 97 at Cuisson Creek and Soda Creek-MacAlister Road. 

    Learn More:

    To learn more about the Cariboo Road Recovery Project, visit: https://www2.gov.bc.ca/gov/content/transportation-projects/cariboo-road-recovery-projects

    MIL OSI Canada News –

  • MIL-OSI Canada: B.C. streamlines permitting for renewable-energy projects

    Source: Government of Canada regional news

    The Province is taking action to speed up permitting for renewable-energy projects to meet growing demand for clean power, address climate change and secure energy independence for British Columbians in the face of unprecedented trade threats.

    Government introduced the renewable energy projects (streamlined permitting) act to the legislative assembly on Wednesday, April 30, 2025. If passed, the act will expand the authority of the BC Energy Regulator (BCER) to oversee renewable-energy projects, building on the Province’s investments to generate the clean power needed to create a healthier environment and sustainable future for British Columbians.

    “B.C. has a once-in-a-generation opportunity to become a world leader in clean-energy production and we will take every action possible to see that all British Columbians benefit from this opportunity,” said Adrian Dix, Minister of Energy and Climate Solutions. “Renewable energy projects like wind and solar are urgently needed to provide affordable clean power, create jobs, and strengthen and diversify our economy, especially during this period of global market uncertainty.”

    If approved, these changes will establish the BCER as the primary permitting agency for renewable-energy projects and transmission lines. The legislation will help simplify the approvals process for these projects, eliminating the need for cross-ministry and agency permitting, by establishing the BCER as the single window for permitting in accordance with strict environmental standards. This will be completed in a staged approach through regulation.

    The BCER’s initial focus will be on the North Coast Transmission Line (NCTL) project and the wind- and solar-power projects in BC Hydro’s 2024 call for power. This will help accelerate the expansion of British Columbia’s electricity grid and meet the demand in growth arising from critical-mineral and metal mining, port electrification, hydrogen and fuel processing, and shipping projects under consideration.

    The proposed legislation would also:

    • exempt the NCTL project and the nine wind projects selected in the 2024 call for power from the environmental assessment processes and allow government to do the same for other wind-power projects in the future; and
    • enable the BCER to establish a new rigorous regulatory framework for renewable-energy projects through consultation with First Nations, ensuring that environmental standards are upheld.

    “The BC Energy Regulator is pleased to see the introduction of this legislation and has been engaging with ministries and others to prepare for this expanded mandate that will include permitting processes and engagement functions,” said Michelle Carr, CEO and commissioner, BC Energy Regulator. “Our staff are working across seven regional offices to ensure energy activities are carried out safely, responsibly and in alignment with provincial goals and BCER’s vision for a resilient energy future.”

    The Province is committed to accelerating decisions on renewable-energy projects responsibly.

    The BCER has demonstrated expertise at getting projects moving quickly, while providing robust regulatory oversight through the lifecycle of projects. This is a natural evolution of the BCER’s role, which initially focused on oil, gas and geothermal development, then expanded to include hydrogen and now, renewable energy.

    Quotes:

    Doug Slater, vice-president, Indigenous relations and regulatory affairs, FortisBC —

    “Our focus is on delivering safe, reliable and affordable energy to the families and businesses we serve. Collaborating with local power providers and Indigenous organizations helps us meet the energy demands of homes and businesses in the southern Interior while supporting regional development. Our hope is that these legislative and regulatory changes will help streamline processes and accelerate projects to efficiently deliver power to our customers, including our plans to add up to 1,100 GWh of energy supply as soon as 2030.”

    Kwatuuma Cole Sayers, executive director, Clean Energy Association of British Columbia —

    “This legislation is an important step toward a balanced regulatory framework that encourages responsible clean-energy development at a critical time for our communities, our economy and our climate. The Clean Energy Association of British Columbia is proud to work with the Province and the BC Energy Regulator to help build a framework that is efficient, transparent and aligned with the Declaration on the Rights of Indigenous Peoples Act. Together, we can build a cleaner, stronger and more resilient future.”

    Quick Facts:

    • Under the renewable energy projects (streamlined permitting) act, a renewable or clean resource means biomass, biogas, geothermal heat, hydro, solar, ocean, wind or any other clean-energy resource.
    • The BCER has a team of more than 300 employees in seven offices throughout B.C.
    • The BCER’s staff includes biologists, engineers, hydrologists, agrologists, compliance and enforcement officers, First Nations liaison officers, heritage conservation officers and archeologists.
    • The BCER will hire additional staff and subject-matter experts to support the additional responsibilities.
    • In 2024, FortisBC issued a request for expression of interest for new power to identify projects from lower-carbon and renewable sources in British Columbia that could add up to 1,100 gigawatt hours (GWh) of energy supply for its approximately 190,000 electricity customers in the south Okanagan by 2030.

    Learn More:

    To learn more about the BC Energy Regulator, visit: https://www.bc-er.ca/

    For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI Australia: Before they vote: How schools shape young citizens

    Source:

    01 May 2025

    Politicians have a duty to move beyond tokenistic gestures and engage seriously with young people’s ideas and concerns.

    As politicians continue the campaign trail with carefully scripted messages and media spin, researchers from the University of South Australia say young people are watching – and learning the wrong lessons about democracy.

    With children and teens already engaging with political issues on social media, the election period is a critical opportunity to shape how they understand democratic participation.

    The call follows recommendations from the Australian Parliament’s report for a nationally consistent approach to civics and citizenship in education, with a focus on digital literacy to help young people decipher misinformation through social media.

    UniSA’s Associate Professor Joel Windle says politicians have a duty to move beyond tokenistic gestures and engage seriously with young people’s ideas, concerns and capacities for civic engagement.

    “Australia’s democracy depends on citizens being informed and engaged, especially in a system of compulsory voting. Yet rising misinformation, disengagement, and distrust pose serious challenges,” Assoc Prof Joel Windle says.

    “For young people and children, election campaigns present a master class in deflecting questions, talking to pre-set points, controlling and shutting down debates and, at all costs, avoiding controversy.

    “So rather than arming voters and young people with valuable information upon which to base decisions, politicians are demonstrating the exact opposite.”

    The researchers say that to engage young people and encourage children to grow into active, connected citizens, we need to model, not undermine, democratic values.

    “Civics is also often under-prioritised, outdated, and disconnected from students’ lives, with many teachers lacking the confidence to address contemporary or controversial issues,” Assoc Prof Windle says.

    “From our research, we know that upper-primary school children are more than capable of tackling complex social and political topics. And, with the right support, can investigate anything from local concerns such as unsafe streets, to global challenges like climate change.

    “We also know that they are excellent producers of podcasts and digital content. Blend these together, and you get students who can research, reflect, and represent issues in balanced, thoughtful ways, while navigating and filtering digital content. That’s the essence of democratic citizenship.

    “With the federal election highlighting the gap between political practice and civic ideals, it’s more urgent than ever to ensure young people learn that democracy is about dialogue, accountability and action – starting in the classroom.”

    The UniSA team’s new book – Being Heard: Remixing Critical Literacy for Active Citizenship – offers practical, research-backed strategies for teachers to build student voice and agency in the primary classroom.

    The research team includes: Assoc Prof Joel Windle, Assoc Prof David Caldwell, Assoc Prof Melanie Baak and Dr Aidan Windle.

    …………………………………………………………………………………………………………………………

    Contact for interview:  Assoc Prof Joel Windle M: +61 414 577 454 E: Joel.Windle@unisa.edu.au
    Media contact: Annabel Mansfield E: Annabel.Mansfield@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI USA: 2025 Governor’s Travel and Tourism Award Winners Announced

    Source: US State of North Dakota

    Gov. Kelly Armstrong along with Commerce Tourism and Marketing Director Sara Otte Coleman and DMAND president Julie Rygg presented seven Governor’s Travel and Tourism Awards today during the North Dakota Travel Industry Conference in Minot.

    The Governor’s Travel and Tourism Awards recognize the passion and dedication of North Dakotans who have contributed to the growth of travel and tourism in North Dakota.

    “Tourism is a vital part of North Dakota’s economy, and we are honored to celebrate these exceptional leaders who work tirelessly to promote and enhance our legendary state,” Armstrong said. “Their creativity and dedication are key to attracting millions of visitors each year. We owe much to the more than 3,000 businesses and over 45,000 individuals in the travel industry who make North Dakota unique, create unforgettable experiences and contribute to our economic diversity.”

    2025 Award Winners:

    Heritage Award for a Front-line Tourism Employee

    Kelly Sorge
    Indian Hills Resort

    Kelly represents the third generation of family ownership, building a reputation for exceptional service at Lake Sakakawea. Her dedication to the tourism industry and ability to enhance visitor experiences have left a lasting impression on guests for over four decades. Kelly’s proactive approach to solving problems and developing resort amenities ensures guests have access to well-maintained facilities. Her community engagement and efforts to promote the Lake Sakakawea area have contributed to the overall growth of tourism. Her natural ability to connect with guests and her passion for service make her a trusted resource for visitors. Kelly’s exceptional dedication and unwavering commitment to ensuring every guest has a memorable experience make her a standout figure in the tourism industry.

    Sakakawea Award for a Behind-the-Scenes Tourism Employee

    Deanne Cunningham
    North Dakota Dept of Commerce

    As Commerce’s Visitor Sales and Services Manager, Deanne has made a profound impact on the state’s tourism industry over her 26-year career. Known for her dedication and expertise in group travel, Deanne has developed meticulous itineraries and facilitated FAM tours, building strong partnerships with local tourism entities. During her 26 years at North Dakota tourism, Deanne has provided trip planning assistance to thousands and worked with hundreds of tour operators on itineraries throughout our great state. Her focus on exceptional customer service has driven longer stays and increased visitor spending. Deanne’s “can-do” attitude and genuine friendliness are integral to North Dakota’s welcoming image. Her contributions have significantly shaped the tourism landscape, encouraging all to “Be Legendary”!

    Amplifier Award for Marketing Excellence

    Brock White
    Marketing Campaign for Watford City

    Brock has been a driving force in elevating Watford City’s profile through innovative marketing and communication strategies. His creative initiatives, such as the Living in McKenzie County Podcast, The Watford Minute, and the Watford City YouTube Channel, have significantly increased the city’s visibility and fostered a strong sense of community. Brock’s efforts have attracted new residents and visitors while strengthening local pride and engagement. His strategic marketing for Fox Hills Golf Course and the Rough Rider Center has further highlighted Watford City as a vibrant destination. Brock’s use of digital media has effectively connected the community and showcased the city’s unique charm and growth. His dedication to enhancing community identity and driving action has established Watford City as a new standard for marketing excellence in North Dakota.

    Flint Firestarter Award for a Tourism Development Project

    Jeff and Jennifer Gooss
    Wheelchairs and Walleyes

    The mission to make outdoor lake recreation accessible for everyone, regardless of physical ability, began in Beulah, North Dakota. Jeff and Jennifer Gooss led this initiative, resulting in the construction of the most inclusive wheelchair ramp and lift in the state at Beulah Bay Campground on Lake Sakakawea. This milestone was celebrated with the first-ever Wheelchairs & Walleyes charity tournament and a Children’s Mobility Awareness Day Festival on July 25, 2024. The impact was immediate, inspiring requests for similar projects across the region. Jeff and Jennifer’s goal is to ensure every disabled individual can experience the joy of lake life. They are now partnering with Devils Lake leaders to bring an ADA-accessible ramp and chair lift to Lakewood Park, with future expansions planned for Hazen Bay, on Lake Sakakawea. 

    Trailblazer Award for Tourism Innovation

    Joe Weigand
    Theodore Roosevelt Reprisor

    Joe Wiegand, the world’s best Theodore Roosevelt reprisor, has significantly boosted awareness and visitation to North Dakota, contributing to the state’s tourism growth. His portrayal of President Theodore Roosevelt across all fifty U.S. states highlights North Dakota’s historical and cultural richness. Performances at prestigious venues, including the White House and on the History Channel, extend the state’s brand image nationally. Regular appearances in Medora have made him synonymous with Roosevelt, drawing over 6,000 visits per year to his Teddy Roosevelt Show. With a tireless travel schedule hosting over 100 events annually, he positions himself as a key ambassador for North Dakota. His efforts include engaging with K-12 education and children’s hospitals, promoting North Dakota’s heritage. Dedication to connecting with tourists and fostering community pride makes him a vital figure in North Dakota’s tourism industry.

    Legend Award for Travel & Tourism Industry Leadership

    Stephanie Schoenrock
    Visit Minot

    Stephanie Schoenrock has demonstrated exceptional leadership in the tourism industry. With 20 years of experience in tourism marketing at KK Bold, the state fair, and Visit Minot, Stephanie has gained valuable public and private sector insights. As the director of Visit Minot, she has shown problem-solving skills and collaboration, packaging and cross promoting the Highway 2 corridor and leading multiple projects in downtown Minot. Stephanie’s efforts have made downtown Minot a destination, and she has also worked on the Union Silos Project, Norsk Høstfest, the North Dakota State Fair, and launched a new website. Her innovative and resilient planning for this year’s Travel Industry Conference and leadership in merging DMAND and TAP have created a more impactful voice for North Dakota’s travel and tourism industry. Stephanie’s dedication and vision have significantly contributed to the growth and success of tourism in the region.

    Wade Westin Award

    Darian Morsette
    MHA Tourism

    Darian Morsette, who served as the MHA Tribal Tourism Director and President of the North Dakota Native Tourism Alliance (NDNTA), was a visionary leader whose work transformed tourism in North Dakota. In 2016, Darian co-founded the NDNTA, uniting representatives from the five tribes that share geography with North Dakota to promote and preserve their culture and history. His leadership brought significant economic benefits to tribal communities and increased awareness of native cultures, stories and traditions. Darian’s numerous accomplishments included establishing the first Indian Relays, developing statewide and regional tours, and building strong relationships with neighboring communities. His dedication to his work and genuine care for those around him made him a beloved colleague and friend. Even in his final days, Darian remained committed to preparing his team for the future of tribal tourism. His legacy will continue to inspire and guide those who were fortunate enough to work with him.

    To learn more about the 2025 Governor’s Travel and Tourism Award Winners visit www.commerce.nd.gov/tourism-marketing/travel-industry-conference/governors-travel-and-tourism-award.

    MIL OSI USA News –

  • MIL-OSI USA: Crapo, Wyden Introduce Legislation to Modernize Short Line and Regional Railroad Tax Credit

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon) today reintroduced bipartisan legislation to expand the Short Line Railroad Tax Credit that would help equip operators with essential resources to provide regional communities with safe, reliable rail infrastructure.

    “Short line railroads are critical infrastructure that connect Idaho’s farmers, ranchers and manufacturers to national and global markets, supporting local jobs and driving economic growth in rural Idaho,” said Crapo.  “Modernizing the Short Line Railroad Tax Credit will provide railroads with necessary certainty and resources to invest in safety, efficiency and long-term infrastructure improvements in our regional areas.” 

    “Short line and regional railroads are not just a mode of transportation, but they are also a vital economic tool that connects local businesses with Oregonians and other people all across the nation,” said Wyden.  “For years, Senator Crapo and I worked together to make railroad tax credits permanent, and the next step is to make these tax credits better for our operators.  Our bipartisan bill will provide railroads with much needed resources to make vital upgrades that will bring our rural, suburban and urban communities and their local economies together.”

    The legislation (S. 1532) would:

    • Increase the per mile credit cap from $3,500 to $6,100;
    • Index the per mile credit cap for inflation; and
    • Update the track eligible for the credit to match modern maps.

    Crapo and Wyden have a proven track record of supporting short line railroad service, having previously secured a permanent extension of the tax credit for short line track maintenance, which had previously been a temporary credit, hampering long-term investments. 

    Find the legislative text here.

    Representatives Mike Kelly (R-Pennsylvania) and Mike Thompson (D-California) introduced companion legislation (H.R. 516) in the U.S. House of Representatives.

    MIL OSI USA News –

  • MIL-OSI Security: President of Masonry Contractor Admits Conspiring to Bribe Amtrak Employee in Exchange for Millions of Dollars in Extra Work on 30th Street Station Project, Making a False Claim

    Source: Office of United States Attorneys

    PHILADELPHIA – United States Attorney David Metcalf announced that Mark Snedden, 69, of Munster, Indiana, entered a plea of guilty today before United States District Court Judge Wendy Beetlestone to conspiracy to commit federal program bribery and making and presenting a false claim.

    The defendant was charged by information with those offenses last month.

    As presented in the information, on or about December 10, 2015, a masonry restoration contractor (the “Contractor”) was awarded a $58,473,000 contract by Amtrak to be the main contractor on a façade repair and restoration project at Amtrak’s 30th Street Station in Philadelphia.

    Federal funding supplied approximately 90 percent of the money Amtrak used to pay the Contractor for the repair and restoration of the 30th Street Station façade.

    The defendant was the sole owner and President of the Contractor with responsibility to provide executive oversight of the Vice Presidents of the Contractor and the Contractor’s performance on the 30th Street Station façade project.

    Donald Seefeldt, Lee Maniatis, and Khaled Dallo, each charged elsewhere, were Vice Presidents of the Contractor, with responsibility to supervise the Contractor’s performance on the 30th Street Station façade project.

    Amtrak Employee #1 was employed by Amtrak as the Project Manager on the repair and restoration project. In that capacity, Amtrak Employee #1 was responsible for communicating with the Contractor about the work being done on 30th Street Station. Amtrak Employee #1 was also responsible for reviewing the invoices, change orders, and requests for payment that the Contractor submitted to Amtrak. Amtrak Employee #1 had the power to approve or reject these invoices, change orders, and requests for payment. Although Amtrak Employee #1 did not have the singular authority to approve Amtrak payments to the Contractor, his approval was a critical step in that process.

    The contract between Amtrak and the Contractor prohibited Snedden and other Contractor officials from “offer[ing] to any Amtrak employee, agent, or representative any cash, gift, entertainment, commission, or kickback for the purpose of securing favorable treatment with regard to award or performance of any contract or agreement.”

    As detailed in the information and admitted to by the defendant, from in or about May 2016 through in or about November 2019, in Philadelphia, in the Eastern District of Pennsylvania, and elsewhere, the defendant conspired and agreed with others known and unknown to the United States Attorney, including Amtrak Employee #1, Lee Maniatis, Khaled Dallo, and Donald Seefeldt, to commit an offense against the United States, that is, to knowingly and corruptly give, offer, and agree to give, a thing of value to Amtrak Employee #1, intending to influence and reward Amtrak Employee #1 in connection with any business, transaction and series of transactions.

    Specifically, the information alleges, Donald Seefeldt, Lee Maniatis, Khaled Dallo, and others known to the United States Attorney, with Snedden’s knowledge and agreement, provided Amtrak Employee #1 with gifts and other things of value totaling approximately $323,686, including, among other things, paid vacations, jewelry, cash, dinners, entertainment, a dog, training for that dog, and transportation, to ensure that Amtrak Employee #1 used his power and influence to benefit the Contractor during the performance of the 30th Street Station Repair and Restoration Project.

    In return for these gifts and other things of value, Amtrak Employee #1 used his position at Amtrak to access internal agency information available only to Amtrak employees about the 30th Street Station Project and shared this internal information with the defendant and other officials with the Contractor.

    The information further alleges that Amtrak Employee #1 used his position at Amtrak to approve additional, more expensive changes to the 30th Street Station Repair and Restoration Project, thereby increasing the amount and value of the work to be performed by the Contractor. These additional expenses were reflected in a series of change orders or contract modifications. In total, Amtrak Employee #1 approved over $52 million of additional payments from Amtrak to the Contractor. Amtrak Employee #1 and officials with the Contractor falsely inflated the true costs of some of the work to be performed by the Contractor under these change orders, causing Amtrak to be substantially overbilled by over $2 million for the completion of the 30th Street Station Repair and Restoration Project.

    Snedden is scheduled to be sentenced on August 13 and faces a maximum possible term of 10 years’ imprisonment.

    The case was investigated by the FBI, the Amtrak Office of Inspector General, and the Department of Transportation Office of Inspector General and is being prosecuted by Assistant United States Attorney Jason Grenell.

    MIL Security OSI –

  • MIL-OSI Security: School official pleads guilty in $2.9M Scheme to defraud veterans’ education programs

    Source: Office of United States Attorneys

    ALEXANDRIA, Va. – The career services manager for a Virginia school offering job training programs to veterans pled guilty today to wire fraud in connection with a scheme to defraud the Department of Veterans Affairs (VA) of nearly $3 million.

    According to court documents, Jeffrey Williams, 37, of Alexandria, used false records to defraud the VA of millions of dollars from approximately July 2022 to May 2024. During that time, the defendant was a career services manager at an educational institution offering veterans educational programs in cyber that could be paid for by the VA. As part of the scheme, Williams created fraudulent employment offer letters, falsified certifications, and forged veterans’ signatures to make it appear as if veterans had attained the meaningful employment needed for the educational institution to receive tuition payments from the government. Williams caused the submission of hundreds of false documents to the VA, claiming approximately $2.9 million in fraudulent tuition payments for at least 189 veterans.

    Williams is scheduled to be sentenced on Sept. 17 and faces up to 20 years in prison. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The VA Office of Inspector General is investigating the case.

    Assistant U.S. Attorney Jordan Harvey for the Eastern District of Virginia and Trial Attorney Lauren Archer of the Justice Department’s Fraud Section are prosecuting the case.   

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:25-cr-122.

    MIL Security OSI –

  • MIL-OSI Security: Wethersfield Woman Admits Role in Scheme that Defrauded Connecticut’s Medicaid Program of More Than $1.8 Million

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that SUHAIL APONTE, 38, of Wethersfield, waived her right to be indicted and pleaded guilty today before U.S. District Judge Stefan R. Underhill in Bridgeport to a health care fraud offense related to a Medicaid fraud scheme.

    The Connecticut Medical Assistance Program (CTMAP) is a Connecticut Department of Social Services-administered program that provides medical assistance to low income persons.  CTMAP’s benefit packages, referred to as “HUSKY” or “Connecticut Medicaid,” are jointly funded by the State of Connecticut and the federal government.

    According to court documents and statements made in court, Aponte was the sole principal and registered agent of Minds Cornerstone LLC, dba Minds Cornerstone Behavior Therapy Services (“Minds Cornerstone”), an Autism Specialist Group, which was registered with the State of Connecticut in June 2021.  Beginning in approximately November 2021, Aponte, who is not a licensed provider, was involved in a scheme in which she and a co-conspirator used Minds Cornerstone to defraud the Connecticut Medicaid Program by submitting fraudulent claims for applied behavior analysis (“ABA”) services to children diagnosed with Autism Spectrum Disorder (“ASD”).  The scheme involved billing for Medicaid for services purportedly rendered to patients when company payroll records indicate employees were not compensated for the associated services; direct supervision services purportedly provided by a Board Certified Behavior Analyst (“BCBA”) of a behavioral technician, when the corresponding procedure code for behavioral technician services was not billed; services purportedly rendered to patients who were actually in an inpatient hospital; and services purportedly rendered when parents of patients and former employees of Minds Cornerstone confirmed those services did not occur.

    Between November 2021 and January 2025, Aponte and her co-conspirator submitted or caused to be submitted to Medicaid fraudulent claims that resulted in a loss of approximately $1,876,617 to the Connecticut Department of Social Services.

    From approximately May 2022 until November 2024, Aponte was also employed by the State of Connecticut in the Office of Policy and Management.

    Aponte pleaded guilty to conspiracy to commit health care fraud, which carries a maximum term of imprisonment of 10 years.

    As part of her plea, Aponte has agreed to the forfeiture of approximately $459,000 in funds seized from various bank accounts she controlled, as well as her interest in additional bank accounts and two parcels of land in Hartford.

    Judge Underhill scheduled sentencing for July 30.

    Aponte has been released on a $100,000 bond since her arrest on January 16, 2025.

    This investigation is being conducted by the Federal Bureau of Investigation, the U.S. Department of Health and Human Services, Office of the Inspector General (HHS-OIG), and the Medicaid Fraud Control Unit of the Connecticut Chief State’s Attorney’s Office, with the assistance of the Connecticut Department of Social Services.  The case is being prosecuted by Assistant U.S. Attorney David T. Huang.

    MIL Security OSI –

  • MIL-OSI Security: Hardin woman arraigned on charges for sex trafficking a minor

    Source: Office of United States Attorneys

    BILLINGS – A Hardin woman accused of sex trafficking a minor appeared today for arraignment, U.S. Attorney Kurt Alme said.

    The defendant, Veronica Clarice Baker, 29, pleaded not guilty to an indictment charging her with one count of sex trafficking of a minor. If convicted of the crime charged in the indictment, Baker faces a mandatory minimum term of imprisonment of 10 years, a maximum term of life, a $250,000 fine, and five years to lifetime supervised release.

    U.S. Magistrate Judge Timothy Cavan presided. Baker was detained pending further proceedings.

    The indictment alleges that in or before August 2022, in Billings, the defendant knowingly recruited, enticed, harbored, transported, provided, obtained, advertised, maintained, patronized, and solicited, by any means an individual, Jane Doe 1, knowing and in reckless disregard that Jane Doe 1 was under the age of 18, to engage in a commercial sex act.

    Assistant U.S. Attorney Zeno Baucus is prosecuting the case. The FBI conducted the investigation.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.

    The charging document is merely an accusation and defendants are presumed innocent until proven guilty beyond a reasonable doubt.

    PACER case reference. 25-43.

    The progress of cases may be monitored through the U.S. District Court Calendar and the PACER system. To establish a PACER account, which provides electronic access to review documents filed in a case, please visit http://www.pacer.gov/register.html. To access the District Court’s calendar, please visit https://ecf.mtd.uscourts.gov/cgi-bin/PublicCalendar.pl.

    MIL Security OSI –

  • MIL-OSI Security: Eight-time illegal reentry felon imprisoned for unlawfully reentering U.S. again

    Source: Office of United States Attorneys

    HOUSTON – A 30-year-old Mexican citizen with a felony criminal history has been sentenced for illegally reentering the United States after eight previous removals, announced U.S. Attorney Nicholas J. Ganjei.

    Julio Cesar Corona-Corona pleaded guilty Oct. 7, 2024.

    U.S. District Judge Yvonne Ho has now ordered Corona-Corona to serve 37 months in federal prison. Not a U.S. citizen, he is expected to again face removal proceedings following his imprisonment.

    At the hearing, the court heard how Corona-Corona was arrested in 2022 for smuggling aliens after he fled from police in a vehicle carrying eight others, creating dangerous conditions for the vehicle occupants as well as the community. In handing down the sentence, Judge Ho noted Corona-Corona’s motivation to come to the United States, be it for work or family residing here – is not unique. The court added that, despite prior court warnings not to do so, Corona-Corona was determined to unlawfully reenter the United States, as evidenced by his repeated encounters with immigration authorities. Corona-Corona also received a three-year-term of supervised released to commence after completion of his prison sentence as an added deterrent to unlawful reentry into the United States. 

    Corona-Corona has felony convictions for illegal reentry as well as human smuggling. He was first removed from the United States Jan. 25, 2014, and returned illegally eight times between 2014 and April 2020. In fact, authorities had removed him six times alone between 2017-2018.

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

    “What those outside our country need to understand is that despite what they may have heard in the past, our immigration laws are being strictly enforced,” said Ganjei. “If somebody breaks our laws by sneaking across the border, they are going to be prosecuted, jailed, and then deported. The sooner that message spreads, the better it will be for everyone.”

    Immigration and Customs Enforcement – Homeland Security Investigations conducted the investigation with the assistance of Houston Police Department. Assistant U.S. Attorney Carrie Wirsing prosecuted the case.

    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.

    MIL Security OSI –

  • MIL-OSI: Digital Ascension Group’s Digital Fusion Summit 2025 Concludes, Brings Elite Family Offices and Blockchain Leaders Together

    Source: GlobeNewswire (MIL-OSI)

    Dallas, Texas, April 30, 2025 (GLOBE NEWSWIRE) — The exclusive Digital Fusion Summit successfully concluded at the prestigious Altitude Center on the 33rd floor in Dallas, Texas. Hosted by Digital Wealth Partners and Digital Ascension Group, the invitation-only gathering brought together an exceptional roster of family offices, institutional investors, and industry luminaries to explore the convergence of traditional finance and emerging digital technologies.

    Digital Fusion Summit 2025 | Jake Claver, Managing Director – Digital Ascension Group, speaking on technical aspects of digital assets

    The summit, which took place on April 24th, featured an impressive lineup of panels covering critical topics in the digital asset landscape, from innovative DeFi strategies and institutional adoption to cybersecurity, regulatory frameworks, and technical infrastructure. The carefully curated event provided attendees with actionable insights while fostering meaningful connections in an intimate setting.

    “The Digital Fusion Summit represents exactly what the institutional investment community needs right now – a trusted environment where family offices and sophisticated investors can gain legitimate education about digital asset utilization and distributed ledger technology,” said Max Avery, Chief Business Development Officer of Digital Ascension Group. “By bringing together traditional funding experts with institutional service providers, we’ve created a powerful resource that bridges knowledge gaps and opens new avenues for multigenerational wealth creation.”

    The summit was made possible through the support of title sponsor Anchorage Digital, alongside Algoz, Compliers, and The Texas BlockchainCouncil. These leading organizations demonstrated their commitment to advancing institutional adoption of digital assets through educational initiatives.

    Throughout the evening, attendees engaged with thought leaders across six meticulously crafted panel discussions:

    • How to Make Your Digital Assets Work – Providing actionable insights on leveraging DeFi for portfolio optimization and passive yield generation
    • Tax Reform For a Web3 World – Clarifying evolving tax policies to help investors maximize returns while maintaining compliance
    • Legal & Policy – Navigating the rapidly changing regulatory landscape with strategies for institutional adoption
    • Cybersecurity, Fraud Mitigation & Digital Privacy – Exploring powerful approaches to mitigate risks while enhancing blockchain security
    • The Convergence of Institutions & DeFi – Examining investment strategies for bridging institutional capital with retail-driven DeFi opportunities
    • Technical Discussion – Deep diving into the mechanics of blockchain infrastructure with world-renowned developers

    The summit also featured a keynote address from Ben Hurn of Anchorage Digital, highlighting institutional-grade custody solutions and their pivotal role in securing digital assets for sophisticated investors.

    Panelists included distinguished experts such as Matthew Snider, CIO of Digital Wealth Partners and author of “Warren Buffet in a Web3 World”; Charles Finfrock, former CIA Officer who managed Tesla’s global information security team; Cameron McDougal, Supervisory Intelligence Analyst at the Department of Homeland Security; Ken “KC” Chapman, Head of US at XDC Network; John Wingate, Founder/CEO of BankSocial and lecturer at Harvard; and Ben Jorgensen, Founder & CEO of Constellation Network, among many other industry leaders.

    “What made this summit truly exceptional was the caliber of both speakers and attendees,” added Avery. “The conversations happening in the room represented a genuine meeting of traditional financial expertise and blockchain innovation—precisely the intersection where substantial opportunity lies for forward-thinking family offices.”

    Digital Wealth Partners and Digital Ascension Group plan to host additional exclusive gatherings throughout 2025, with the next summit tentatively scheduled for fall. Family offices and qualified investors interested in attending future events are encouraged to reach out directly for consideration.

    Digital Fusion Summit 2025

    About Digital Ascension Group

    Digital Ascension Group is a forward-thinking multi-family office specializing in digital assets (crypto / blockchain). Our mission is to empower High-Net-Worth (HNW) and Ultra-High-Net-Worth (UHNW) individuals, as well as Family Offices, to confidently navigate the rapidly evolving digital asset landscape. We provide a comprehensive suite of services designed to address the unique needs and opportunities in this dynamic sector. From investment strategy and risk management to regulatory compliance and custody solutions, Digital Ascension Group delivers tailored strategies that prioritize sustainable wealth protection and growth. With a deep understanding of blockchain technology, cryptocurrency markets, and tokenized assets, we bridge the gap between traditional wealth management and the cutting-edge world of digital finance. Our expert team ensures that our clients remain at the forefront of innovation while maintaining the security and stability their wealth demands.

    Press inquiries

    Digital Ascension Group
    https://www.digitalfamilyoffice.io
    Max Avery
    max@digitalfamilyoffice.io
    307-243-3711
    9100 John W Carpenter Fwy
    Dallas, Texas 75247

    The MIL Network –

  • MIL-OSI: Sharc Energy Announces 2024 Year End Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce it has filed financial results for the year ended December 31, 2024. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.

    Fourth Quarter and Year-end Financial Highlights:

    • Revenue for the year ended December 31, 2024 (“YE 2024”) is $2.17M representing a 36% increase over the $1.59M of revenue reported in the year ended December 31, 2023 (“YE 2023”).
    • As of April 30, 2025, the Company has a Sales Pipeline1 of 16.8 million (M) and Sales Order Backlog2of $3.0M. This represents a $0.5M increase or 20% growth in Sales Order Backlog since November 27, 2024 disclosure. Sales Pipeline saw a marginal decrease of 2% since November 27, 2024 disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book. The combined pipeline showed an aggregate growth of 1% or $0.1M from the previous disclosure on November 27, 2024. Entering 2025, the $3.0M Sales Order Backlog, which is estimated to be converted to revenue within an average of 12 months from disclosure, represents a 38% improvement compared to YE 2024 revenue of $2.17M. The Company continues to observe the maturity of its Sales Pipeline providing the Company’s revenue more consistency and with reduced volatility, providing a solid platform to scale and grow.
    • During the three months ended December 31, 2024 (“Q4 2024”), the Company reported revenues of $(0.18M), a loss of $1.41M and an Adjusted EBITDA3 loss of $0.9M. In the same period in the prior year (“Q4 2023”) the company reported revenues of $(0.14M), a loss of $1.34M and an Adjusted EBITDA loss of $0.85M.
    • During YE 2024, the Company reported revenues of $2.17M, a loss of $3.72M and an Adjusted EBITDA loss of $2.57M. Revenue increased 36% over revenue comparative in 2023 of $1.59M, the loss decreased 5% over comparative in 2023 of $3.9M and Adjusted EBITDA loss increased 5% over 2023 comparative of $2.45M.
    • Gross margins for YE 2024 were 42% compared to 43% in YE 2023. Management remains optimistic that this margin range aligns with our expectations for the coming quarters but the margin percentage varies dependent on sales mix and stage of completion of each project.

    Michael Albertson, Chief Executive Officer and President of SHARC Energy, said, “2024 was a strong growth year for the Company with revenues growing by 36% from $1.59M in 2023 to $2.17M in 2024. We enter 2025 poised to continue revenue growth momentum with nearly $3.0M in purchase orders, or Sales Order Backlog, to fulfil which would represent a 38% improvement over 2024 revenue if all realized within the year. This is without consideration of jobs that will purchase order during 2025.”

    “SHARC Energy’s pipeline has reached a key maturity milestone as Sales Order Backlog averaged approximately $2.75 million in each disclosure since April 29, 2024 despite recognizing year over year revenue growth. Sales Order Backlog currently contains 9 projects made up of 3 SHARC projects and 6 PIRANHA projects. This compares to 9 projects being included in Sales Order Backlog as of April 29, 2024, consisting of 4 SHARC projects and 5 PIRANHA projects. We see this as a strong indication that the Company’s future revenue is not only growing but diversifying & stabilizing. There are several projects, including larger SHARC supported Thermal Energy Network projects, indicating signs of conversion from Sales Pipeline to Sales Order Backlog which should affirm continued stability and growth of revenue in the near and long term.”

    Mr. Albertson continues, “Thermal Energy Networks, commonly referred to as TENs or District Energy Systems, is a growing solution for managing small to large scale thermal energy loads efficiently and cost-effectively. WET supported solutions continue to grow in awareness and acceptance with the Company learning of projects in planning across North America and globally. In the Greater Vancouver, British Columbia region alone, there are several municipal or utility supported TENs ranging in size and scale, similar to the False Creek Neighborhood Energy Utility or leləm̓ projects, in different stages of development that will increase SHARC Energy’s local footprint over the next few years. In the United States, legislation allowing or mandating utilities to develop thermal energy network demonstration projects or pilots have been passed in eight states, including the State of New York and recently added California, where the Company has installations in progress, projects in design and a growing list of leads looking to implement Wastewater Energy Transfer with District Energy Systems and TENs.”

    “We are continuing to progress into new sectors for the SHARC and PIRANHA with promising opportunities developing within wastewater treatment facilities, universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy’s offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.”

    “Furthermore, SHARC Energy is gearing up to launch new products in its portfolio which will be introduced to the market soon. With the support of original equipment manufacturer relationships SHARC Energy has, we feel there is significant opportunity to better serve more customers and increase our revenue and margin dollars earned going forward. SHARC Energy’s tailwinds are strong and set to propel the Company to profitability in the coming years. We are very excited about our position in the thermal energy market!” stated Mr. Albertson.

    Q4 2024 Highlights and Subsequent Events

    • Michael Albertson appointed CEO, President and Director. On December 12, 2024, the Company announced the appointment of Michael Albertson as the new Chief Executive Officer, President and Director. Lynn Mueller has led SHARC Energy as CEO, President and Chairman of the Board since 2014 and will stay on as Executive Chairman of SHARC Energy’s Board of Directors.
    • Fred Andriano appointed to the Board of Directors. The Company announced the appointment of Fred Andriano to its Board of Directors on November 7, 2024. Mr. Andriano was previously CFO at WaterFurnace International, where his leadership was critical in strategic acquisitions, international joint ventures and impressive growth, with revenues doubling from $65M to $130M culminating in a $364M acquisition by NIBE Group in 2014. He continued as CFO and eventually moving to Vice President of Financial and Administrative Services for NIBE North America. During this time, Mr. Andriano played a pivotal role in securing major acquisitions, such as Enertech and The Climate Control Group, expanding NIBE’s footprint in the renewable energy space. 
    • Closing of $2 Million 8.0% Debenture financing. The Company closed a non-brokered private placement of debenture units of the Company (“Debenture units”) at a price of $1,000 per Debenture Unit, for gross proceeds of $2,000,000. Each Debenture Unit will be comprised of: (i) a $1,000 principal amount of 8.0% unsecured debenture of the Company (the “Debenture”); and (ii) 5,000 common share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Share”) at an exercise price of $0.20 per Share for a period of 36 months from the date of issuance.
    • False Creek Neighbourhood Energy Utility (“NEU”) Expansion. The Company continued work on the supply and maintenance agreement with the City of Vancouver for the provision and maintenance of five SHARC systems for the False Creek NEU Expansion. During the period, the Company completed and billed milestone 3.5 of 5 of the agreement, where all components have been delivered to site. The remaining milestones were achieved in Q1 and Q2 2025.
    • SHARC WET system key in Whitney Young retrofit featured in NYSERDA Empire Building Challenge. The Company shipped a SHARC WET system for the Whitney Young Manor recapitalization project in Yonkers, New York during Q1 2024. The Whitney Young Manor will undergo a $22 million renovation, with nearly $12 million allocated to the project’s decarbonization effort, inclusive of all energy efficiency measures. The retrofit project will highlight how to leverage a recapitalization opportunity to comprehensively retrofit energy systems and modernize an affordable housing complex.
    • Insiders, including management and directors, have purchased 5,653,396 common shares of the Company during YE 2024. Insider ownership represents 16% of the current outstanding float.

    For complete financial information for the year ended December 31, 2024, please see the Audited Annual Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.

    About SHARC Energy  

    SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

    SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

    Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

    The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements 

    Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves 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 information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation. 

    _______________________________________

    1 Sales Pipeline is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    2 Sales Order Backlog is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    3 Adjusted EBITDA is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year end 2024 MD&A.

    The MIL Network –

  • MIL-OSI: The First of Long Island Corporation Reports Earnings for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three months ended March 31, 2025.

    Analysis of Earnings – First Quarter 2025 Versus Linked Quarter

    Net income for the first quarter of 2025 increased $512,000 compared to the fourth quarter of 2024. The increase in net income was primarily due to a $795,000 increase in net interest income largely due to an eight basis point improvement in the net interest margin, and a decrease in noninterest expense of $1.5 million primarily due to branch consolidation expenses of $1.4 million and vesting of equity awards during the fourth quarter of 2024 offset by pending merger related system conversion expenses of $468,000 and debit card chargeoffs of $243,000 during the first quarter of 2025. These were partially offset by a provision for credit losses of $168,000 as compared to a provision reversal for credit losses of $381,000 in the fourth quarter, a decrease in noninterest income of $503,000 primarily due to $233,000 of back-to-back swap fees and $225,000 of bank-owned life insurance (“BOLI”) benefit payments earned in the fourth quarter, and an increase in income tax expense of $761,000 substantially due to a decrease in the percentage of pre-tax income derived from the Bank’s real estate investment trust, increasing the state and local income tax due. 

    Analysis of Earnings – First Quarter 2025 Versus First Quarter of 2024

    Net income and earnings per share (“EPS”) for the quarter ended March 31, 2025 were $3.8 million and $0.17, respectively, as compared to $4.4 million and $0.20, respectively, for the comparable quarter in 2024. The principal drivers of the change in net income were an increase in net interest income of $661,000, or 3.6%, which was more than offset by an increase in the provision for credit losses of $168,000, an increase in noninterest expense of $922,000, and an increase in income tax expense of $193,000. The quarter produced a return on average assets (“ROA”) of 0.37%, return on average equity (“ROE”) of 3.98%, and a net interest margin of 1.91%.

    Net interest income increased when comparing the first quarters of 2025 and 2024 primarily due to a decrease in interest expense of $2.0 million which was partially offset by a $1.4 million decrease in interest income. The decrease in interest expense was a combination of a 16 basis points decrease in the cost of interest-bearing liabilities and a decrease in average interest-bearing liabilities of $92.9 million. The decrease in interest income resulted from interest-earning assets decreasing by $156.6 million offset by the yield on interest-earning assets increasing two basis points.

    In the first quarter of 2025, the Bank recorded a provision for credit losses of $168,000. The Bank did not record a provision in the first quarter of 2024. The allowance for credit losses remained relatively flat when compared to year-end 2024 largely due to declines in historical loss rates and loan balances which were offset by an increase due to deterioration in current and forecasted economic conditions, including adjustments for economic uncertainty. The reserve coverage ratio ticked up one basis point to 0.89% of total loans at March 31, 2025 as compared to 0.88% at December 31, 2024. Past due loans and nonaccrual loans were at $7.5 million and $3.5 million, respectively, on March 31, 2025. Overall, the credit quality of the loan and investment portfolios remains strong.

    Noninterest income decreased $57,000, or 2.1%, when comparing the first quarters of 2025 and 2024 mainly due to 2024 nonrecurring items of $114,000 in real estate tax refunds, $60,000 in BOLI benefit payments, $50,000 in joint marketing fees and an additional one-time service charge cycle related to the Bank’s core system conversion, which were partially offset by increases of $96,000 in merchant card service fees and $72,000 in BOLI accretion.

    Noninterest expense increased $922,000, or 5.7%, for the first quarter of 2025, as compared to the first quarter of 2024. The change in noninterest expense is mainly attributable to the current year’s expenses related to the pending merger. Noninterest expense increased due to merger expenses of $230,000, merger related system conversion expenses of $468,000, debit card chargeoffs of $243,000 and higher legal fees, partially offset by a 2.6% year-over-year decrease in salaries and employee benefits.  The decrease in salaries and employee benefits was due to a decrease in full time equivalent employees, primarily the result of branch closings in 2024.

    Income tax expense increased $193,000 due to an increase in the effective tax rate from 6.2% in the first quarter of 2024 to 11.5% in the current quarter. The increase in the effective tax rate is mainly due to the same reasons discussed above with respect to the linked quarter changes. 

    Liquidity

    Total average deposits declined by $51.9 million when comparing the first quarters of 2025 and 2024. There were no overnight advances on March 31, 2025 or December 31, 2024. On March 31, 2025, other borrowings were down by $75.0 million from year-end 2024. At March 31, 2025, the Bank had $653.3 million in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, a $20.0 million unsecured line of credit with a correspondent bank and $204.8 million in unencumbered securities. In total, $878.1 million in liquidity was available on March 31, 2025. Uninsured deposits were 49.5% of total deposits at March 31, 2025. 

    Capital

    The Corporation’s capital position remains strong with a leverage ratio of approximately 10.29% on March 31, 2025. Book value per share was $16.91 on March 31, 2025, versus $16.77 on December 31, 2024. The Company declared its quarterly cash dividend of $0.21 per share during the quarter. There were no share repurchases during the quarter.

    Forward Looking Information

    This earnings release contains various “forward-looking statements” within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words “may” or “expect” or “could” or “should” or “would” or “believe” or “anticipate”. The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; changes in domestic or international governmental policies, including the imposition of tariffs; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the “risk factors” section of the Corporation’s filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

    For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended March 31, 2025. The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about May 1, 2025, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.

               
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Assets:              
    Cash and cash equivalents $ 67,555     $ 38,330  
    Investment securities available-for-sale, at fair value   615,350       624,779  
                   
    Loans:              
    Commercial and industrial   134,095       136,732  
    Secured by real estate:              
    Commercial mortgages   1,929,881       1,963,107  
    Residential mortgages   1,065,380       1,084,090  
    Home equity lines   33,452       36,468  
    Consumer and other   1,126       1,210  
        3,163,934       3,221,607  
    Allowance for credit losses   (28,308 )     (28,331 )
        3,135,626       3,193,276  
                   
    Restricted stock, at cost   24,329       27,712  
    Bank premises and equipment, net   28,411       29,135  
    Right-of-use asset – operating leases   18,358       18,951  
    Bank-owned life insurance   117,471       117,075  
    Pension plan assets, net   11,693       11,806  
    Deferred income tax benefit   35,022       36,192  
    Other assets   22,491       22,080  
      $ 4,076,306     $ 4,119,336  
    Liabilities:              
    Deposits:              
    Checking $ 1,072,766     $ 1,074,671  
    Savings, NOW and money market   1,587,030       1,574,160  
    Time   635,789       616,027  
        3,295,585       3,264,858  
                   
    Overnight advances   —       —  
    Other borrowings   360,000       435,000  
    Operating lease liability   20,348       21,964  
    Accrued expenses and other liabilities   17,533       18,648  
        3,693,466       3,740,470  
    Stockholders’ Equity:              
    Common stock, par value $0.10 per share:              
    Authorized, 80,000,000 shares;              
    Issued and outstanding, 22,635,724 and 22,595,349 shares   2,264       2,260  
    Surplus   79,866       79,731  
    Retained earnings   353,043       354,051  
        435,173       436,042  
    Accumulated other comprehensive loss, net of tax   (52,333 )     (57,176 )
        382,840       378,866  
      $ 4,076,306     $ 4,119,336  
                   
                   
         
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
         
      Three Months Ended  
      3/31/2025     3/31/2024  
      (dollars in thousands)  
    Interest and dividend income:              
    Loans $ 33,785     $ 33,543  
    Investment securities:              
    Taxable   5,374       6,993  
    Nontaxable   956       960  
        40,115       41,496  
    Interest expense:              
    Savings, NOW and money market deposits   10,318       10,083  
    Time deposits   6,403       6,977  
    Overnight advances   71       263  
    Other borrowings   4,501       6,012  
        21,293       23,335  
    Net interest income   18,822       18,161  
    Provision for credit losses   168       —  
    Net interest income after provision for credit losses   18,654       18,161  
                   
    Noninterest income:              
    Bank-owned life insurance   912       840  
    Service charges on deposit accounts   829       880  
    Net loss on sales of securities   —       —  
    Other   976       1,054  
        2,717       2,774  
    Noninterest expense:              
    Salaries and employee benefits   9,711       9,974  
    Occupancy and equipment   3,233       3,214  
    Merger expenses   230       —  
    Other   3,954       3,018  
        17,128       16,206  
    Income before income taxes   4,243       4,729  
    Income tax expense   487       294  
    Net income $ 3,756     $ 4,435  
                   
    Share and Per Share Data:              
    Weighted Average Common Shares   22,625,117       22,520,568  
    Dilutive restricted stock units   86,270       73,827  
    Dilutive weighted average common shares   22,711,387       22,594,395  
                   
    Basic EPS $ 0.17     $ 0.20  
    Diluted EPS   0.17       0.20  
    Cash Dividends Declared per share   0.21       0.21  
                   
    FINANCIAL RATIOS  
    (Unaudited)  
    ROA   0.37 %     0.42 %
    ROE   3.98       4.72  
    Net Interest Margin   1.91       1.79  
                   
                   
               
    PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Loans including modifications to borrowers experiencing financial difficulty:              
    Modified and performing according to their modified terms $ 419     $ 421  
    Past due 30 through 89 days   7,452       270  
    Past due 90 days or more and still accruing   —       —  
    Nonaccrual   3,510       3,229  
        11,381       3,920  
    Other real estate owned   —       —  
      $ 11,381     $ 3,920  
                   
    Allowance for credit losses $ 28,308     $ 28,331  
    Allowance for credit losses as a percentage of total loans   0.89 %     0.88 %
    Allowance for credit losses as a multiple of nonaccrual loans   8.1 x     8.8 x
                   
                   
         
    AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
    (Unaudited)
         
      Three Months Ended March 31,  
      2025     2024  
      Average     Interest/   Average     Average     Interest/   Average  
    (dollars in thousands) Balance     Dividends   Rate     Balance     Dividends   Rate  
    Assets:                                      
    Interest-earning bank balances $ 28,537     $ 313   4.45 %   $ 55,117     $ 751   5.48 %
    Investment securities:                                      
    Taxable (1)   568,162       5,061   3.56       638,857       6,242   3.91  
    Nontaxable (1) (2)   151,745       1,210   3.19       153,417       1,215   3.17  
    Loans (1)   3,185,771       33,785   4.24       3,243,445       33,543   4.14  
    Total interest-earning assets   3,934,215       40,369   4.10       4,090,836       41,751   4.08  
    Allowance for credit losses   (28,399 )                 (28,947 )            
    Net interest-earning assets   3,905,816                   4,061,889              
    Cash and due from banks   28,197                   31,703              
    Premises and equipment, net   28,912                   31,257              
    Other assets   130,528                   120,884              
      $ 4,093,453                 $ 4,245,733              
    Liabilities and Stockholders’ Equity:                                      
    Savings, NOW & money market deposits $ 1,572,109       10,318   2.66     $ 1,534,081       10,083   2.64  
    Time deposits   612,730       6,403   4.24       643,854       6,977   4.36  
    Total interest-bearing deposits   2,184,839       16,721   3.10       2,177,935       17,060   3.15  
    Overnight advances   6,322       71   4.55       18,846       263   5.61  
    Other borrowings   416,944       4,501   4.38       504,258       6,012   4.80  
    Total interest-bearing liabilities   2,608,105       21,293   3.31       2,701,039       23,335   3.47  
    Checking deposits   1,067,804                   1,126,593              
    Other liabilities   35,260                   40,014              
        3,711,169                   3,867,646              
    Stockholders’ equity   382,284                   378,087              
      $ 4,093,453                 $ 4,245,733              
                                           
    Net interest income (2)         $ 19,076                 $ 18,416      
    Net interest spread (2)               0.79 %                 0.61 %
    Net interest margin (2)               1.91 %                 1.79 %
    (1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
    (2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
       

    For More Information Contact:
    Janet Verneuille, SEVP and CFO
    (516) 671-4900, Ext. 7462

    The MIL Network –

  • MIL-OSI: Element Reports Solid First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted

    • Solid Q1 2025 performance in uncertain market conditions reflects the strength of the Company’s business model and financial and operational resilience
    • Net revenues grew 5% year-over-year driven by growth across all categories despite an unfavourable foreign currency translation impact of $17 million and Q1 2024 services revenue benefitting from $7 million in certain items (as previously disclosed)
    • Q1 2025 adjusted operating expense2,3 growth moderated to 5% year-over-year
    • Excluding the $7 million in services revenue noted above, net revenue grew 8% year-over-year, and adjusted operating margin expanded 125 basis points with positive operating leverage of 290 basis points
    • On an adjusted basis3, diluted EPS of $0.28 in Q1 2025 represented a 8% year-over-year increase, diluted free cash flow per share of $0.36 grew 9%, and the Company generated a return of equity of 16.7%; up from 15.4% in Q1 2024
    • The Company is effectively navigating the challenges posed by global trade tensions to support its clients and business
    • Client order volume remains resilient, with global order backlog rising to $2 billion in Q1 2025
    • Repurchased 2.2 million common shares under its normal course issuer bid in Q1 2025 for total consideration of approximately $40 million

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended March 31, 2025. The following table presents Element’s selected financial results.

               
      Q1 20251 Q4 20241 Q1 20241 QoQ YoY
    In US$ millions, except percentages and per share amount       % %
    Selected results – as reported          
    Net revenue 275.7   270.9   262.5   2%   5%  
    Pre-tax income 136.5   121.4   123.0   12%   11%  
    Pre-tax income margin 49.5 % 44.8 %   46.9 %   470 bps 260 bps
    Earnings per share (EPS) [diluted]         0.25   0.23   0.23   9%   9%  
    Adjusted results1,2,3          
    Adjusted net revenue1,3 275.7   270.9   262.5   2%   5%  
    Adjusted operating income (AOI)3 150.8   143.3   143.6   5%   5%  
    Adjusted operating margin3 54.7 % 52.9 %   54.7 %   180 bps — bps
    Adjusted EPS3 [diluted]         0.28   0.27   0.26   4%   8%  
    Other highlights:          
    Adjusted free cash flow per share3(FCF/sh) – diluted 0.36   0.30   0.33   20%   9%  
    Originations 1,509   1,498   1,542   1%   (2)%  
    Vehicles under management 1.514   1.517   1.490   —%   2%  
    Adjusted ROE3 16.7 % 15.4 %   15.4 %   130 bps   130 bps  
    1. Q1 2024 services revenue benefitted from $7 million in certain items, as previously disclosed.
    2. Q1 2024 also includes $2 million in strategic project costs (nil in Q4 2024) attributable to the Company’s leasing initiative in Ireland. These strategic costs were completed in Q3 2024 and, in aggregate, were $2 million below planned investment as previously communicated.
    3. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.
       

    “Our solid Q1 results highlight the financial stability and operational resilience of our business,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “This has enabled us to effectively manage potential disruptions from global trade tensions while staying committed to our clients’ success. By leveraging our deep industry expertise, we remain focused on guiding clients through market uncertainties and continuing to support them in achieving their strategic objectives.”

    Dottori-Attanasio continued, “Strong client demand, combined with our business’ proven ability to adapt and self-correct, enables us to consistently deliver value for shareholders across dynamic market environments. At the same time, we continue to innovate, digitize, and evolve to sustain long-term success and lead the way in defining the future of mobility. We are also encouraged by the moderation in expense growth — a trend we expect to continue through 2025 and will help to generate adjusted operating margin expansion in line with our 2025 guidance.”

    Net revenue growth

    Element grew Q1 2025 net revenue 5% over Q1 2024 (“year-over-year”) to $276 million, with increases delivered across all categories. As previously disclosed, Q1 2024 net revenue benefitted from $7 million in services revenue from certain items. Excluding these items, net revenue grew 8% compared to Q1 2024. Additionally, the impact of foreign exchange translation was material year-over-year, particularly the Mexican Peso and Australian dollar, which depreciated against the U.S. dollar by approximately 20% and 5%, respectively, reducing net revenue by $17 million.

    Q1 2025 net revenue increased $5 million or 2% from Q4 2024 (“quarter-over-quarter”) led largely by higher net financing revenue, higher syndication revenue and higher Gains on Sale (“GOS”) due to seasonal factors. This was partly offset by lower services revenue, which benefitted from certain timing-related factors in Q4 2024.

    Service revenue

    Element’s largely unlevered services revenue is an important driver of the Company’s growth and the key pillar of its capital-light business model, which has improved the return on equity profile.

    Q1 2025 services revenue increased 4% year-over-year to $152 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients. As previously disclosed, Q1 2024 services revenue benefitted from $7 million in certain items. Excluding this amount, services revenue grew by 9% year-over-year. Partly offsetting this increase was the impact of foreign currency exchange translation, which reduced services revenue by $6 million.

    Q1 2025 services revenue decreased 6% quarter-over-quarter from a record Q4 2024, which benefitted from certain timing-related factors referenced above under ‘Net revenue growth’.

    Net financing revenue

    Q1 2025 net financing revenue grew $4 million or 4% year-over-year, primarily due to strong growth in financing income driven by both pricing and funding initiatives. Partly offsetting this was higher funding costs associated with financing the redemptions of our preferred shares (previously recorded below the AOI line) and the impact of incremental debt due to the acquisition of Autofleet. The year-over-year decrease in GOS resulted from unfavourable foreign currency translation, as on an underlying basis higher vehicle volume more than offset used vehicle price normalization. The aggregate impact of foreign currency exchange translation reduced net financing revenue by $11 million year-over-year.

    Q1 2025 net financing revenue increased $8 million or 8% from Q4 2024. This quarter-over-quarter increase was materially led by higher yield on assets, higher GOS relative to a seasonally weaker fourth quarter, and lower funding costs.

    Syndication volume

    The Company syndicated $574 million of assets in Q1 2025, an increase of $101 million or 21% year-over-year. Q1 2025 syndicated assets decreased $461 million or 45% quarter-over-quarter largely as a result of the bulk sale of a Canadian lease portfolio to Blackstone in December 2024 in the amount of $346 million (CAD$474 million).

    In Q1 2025, the Company made the strategic decision to delay the syndication of certain assets to the second half of 2025 pending the outcome of proposed U.S. tax legislation changes. Overall, the demand for Element’s assets remains strong and this postponement underscores a targeted approach to capital management.

    Q1 2025 syndication revenue increased $3 million or 41% year-over-year largely attributable to higher net yields and higher syndicated volume. This higher net yield largely reflects the Company’s syndication mix and a more favourable interest rate environment, which more than offset the scheduled reduction in bonus depreciation in 2025, which reduces net yields.

    Q1 2025 syndication increased $6 million or 95% quarter-over-quarter largely due to higher net yields from syndication mix, which compared favourably to Q4 2024 net yields that were negatively impacted by the setup costs associated with the bulk sale of the Canadian lease portfolio.

    Adjusted operating expenses

    Q1 2025 adjusted operating expenses of $125 million were $6 million or 5% higher year-over-year. largely due to higher general and administrative expenses related to business development, higher professional fees and Autofleet operating expenses of $3 million in Q1 2025. Excluding Autofleet, adjusted operating expenses increased by 2%, compared to Q1 2024. The impact of foreign currency exchange translation was a $4 million tailwind.

    Adjusted operating expenses decreased by $3 million or 2% quarter-over-quarter, largely due to lower general and administrative expenses.

    We expect operating expense growth to continue to moderate for the remainder of 2025 as the benefits of our investments made in 2024 begin to materialize.

    Adjusted operating income and adjusted operating margins

    Q1 2025 AOI was $151 million, an increase of $7 million or 5% year-over-year notwithstanding foreign currency translation impacts. Excluding the $7 million in certain service revenue items in Q1 2024, AOI grew 11% year-over-year. The impact on AOI resulting from unfavourable foreign exchange movements was $13 million on a year-over-year basis.

    Q1 2025 AOI increased $8 million or 5% quarter-over-quarter due to the favourable combination of higher revenue and reduced expenses.

    Q1 2025 adjusted operating margin was 54.7%, unchanged year-over-year. Excluding the impact of the $7 million in certain service revenue items in Q1 2024, operating margin expanded 125 basis points.

    Originations

    Element originated $1.5 billion of assets in Q1 2025, which is a $33 million or 2% decrease year-over-year reflecting foreign exchange translation headwinds impacting our Mexico and Australia and New Zealand originations, partially offset by increased volumes in the U.S. and Canada.

    Q1 2025 originations increased $11 million or 1% quarter-over-quarter led largely by higher originations in the U.S. and Canada.

    Order volumes have increased significantly over the past two quarters amid rising global trade tensions. The Company continues to expect this client order momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, to drive solid origination volumes in the coming quarters.

    The table below sets out the geographic distribution of Element’s originations for 2025 and 2024:

    (in US$000’s for stated values) March 31, 2025 March 31, 2024
      $ % $ %
    United States and Canada 1,195,391 79.23 % 1,182,987 76.72 %
    Mexico 214,752 14.23 % 259,143 16.81 %
    Australia and New Zealand 98,726 6.54 % 99,753 6.47 %
    Total 1,508,869 100.00 % 1,541,883 100.00 %
             

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $0.36 of diluted adjusted free cash flow (“FCF”) per share in Q1 2025; up 9% year-over-year. Q1 2025 diluted adjusted FCF per share was 20% higher quarter-over-quarter.

    During Q1 2025, Element returned $77 million of cash to shareholders through common share dividends ($37 million) and common share repurchases ($40 million).

    Common dividend and share repurchases

    On April 30, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the second quarter of 2025. The dividend will be payable on July 15, 2025 to shareholders of record as at the close of business on June 30, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During Q1 2025, the Company purchased 2,178,000 Common Shares for cancellation under its NCIB at a volume weighted average price of CAD$28.55. The Company has remained active on the NCIB during April 2025, and have repurchased approximately 561,000 shares for total consideration of approximately $11 million.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Debt-to-capital leverage ratio

    Commencing Q4 2024, the Company changed its banking covenants from tangible leverage ratio (“TLR”) to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. At March 31, 2025, the Company’s debt-to-capital ratio was 74.9% (March 31, 2024 73.2%). The Company targets a range between 73% to 77%.

    The Company remains committed to maintaining a strong investment grade balance sheet.

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, May 1, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through June 1, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 2285919.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at March 31, 2025 and March 31, 2024, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended March 31, 2025 and March 31, 2024.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
    period ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
             
    Key annualized operating ratios        
             
    Leverage ratios        
    Financial leverage ratio P/(P+R)   74.9 %   74.1 %   73.2 %
    Average financial leverage ratio Q/(Q+V)   75.4 %   75.0 %   73.8 %
             
    Other key operating ratios        
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.09 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.92 %   7.31 %   7.34 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   42.23 %   39.34 %   32.37 %
             
    Per share information        
    Number of shares outstanding W   402,350     404,502     388,926  
    Weighted average number of shares outstanding [basic] X   403,502     404,578     389,161  
    Weighted average number of shares outstanding [diluted] Y   403,686     404,726     404,118  
    Cumulative preferred share dividends during the period Z   —     —     2,919  
    Other effects of dilution on an adjusted operating income basis AA $ —     —   $ 1,222  
    Net income per share [basic] (A-Z)/X $ 0.25   $ 0.23   $ 0.23  
    Net income per share [diluted]   $ 0.25   $ 0.23   $ 0.23  
             
    Adjusted EPS [basic] (D1)/X $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.28   $ 0.27   $ 0.26  
                         

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Reported results US$ US$ US$
    Services income, net   152,482     161,461     147,053  
    Net financing revenue   111,556     103,453     107,178  
    Syndication revenue, net   11,633     5,976     8,226  
    Net revenue   275,671     270,890     262,457  
    Operating expenses   135,007     141,234     132,499  
    Operating income   140,664     129,656     129,958  
    Operating margin   51.0 %   47.9 %   49.5 %
    Total expenses   139,200     149,463     139,478  
    Income before income taxes   136,471     121,427     122,979  
    Net income   102,250     92,057     93,817  
    EPS [basic] $ 0.25   $ 0.23   $ 0.23  
    EPS [diluted] $ 0.25   $ 0.23   $ 0.23  
    Adjusting items      
    Impact of adjusting items on operating expenses:      
    Strategic initiatives costs – Salaries, wages, and benefits   —     —     485  
    Strategic initiatives costs – General and administrative expenses   —     —     1,640  
    Share-based compensation   10,183     13,687     10,731  
    Amortization of convertible debenture discount   —     —     793  
    Total impact of adjusting items on operating expenses   10,183     13,687     13,649  
    Total pre-tax impact of adjusting items   10,183     13,687     13,649  
    Total after-tax impact of adjusting items   7,612     10,265     10,305  
    Total impact of adjusting items on EPS [basic]   0.02     0.03     0.03  
    Total impact of adjusting items on EPS [diluted]   0.02     0.03     0.03  
                       
      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Adjusted results US$ US$ US$
    Adjusted net revenue   275,671     270,890     262,457  
    Adjusted operating expenses   124,824     127,547     118,850  
    Adjusted operating income   150,847     143,343     143,607  
    Adjusted operating margin   54.7 %   52.9 %   54.7 %
    Provision for income taxes   34,221     29,370     29,162  
    Adjustments:      
    Pre-tax income   3,750     5,481     5,390  
    Foreign tax rate differential and other   118     985     632  
    Provision for taxes applicable to adjusted results   38,089     35,836     35,184  
    Adjusted net income   112,758     107,507     108,423  
    Adjusted EPS [basic] $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] $ 0.28   $ 0.27   $ 0.26  
                       

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts   For the three-month period ended
    (in US$000’s unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
        US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,699,109   7,576,386   7,478,974  
    Allowance for credit losses F 7,137   6,168   5,794  
    Net investment in finance receivable G 5,148,688   4,968,294   5,349,038  
    Equipment under operating leases H 2,428,013   2,435,430   2,685,015  
    Net earning assets I=G+H 7,576,701   7,403,724   8,034,053  
    Average net earning assets J 7,618,350   7,848,023   7,825,155  
    Goodwill and intangible assets K 1,660,009   1,672,701   1,587,465  
    Average goodwill and intangible assets L 1,663,050   1,675,336   1,588,981  
    Borrowings M 9,045,885   8,463,789   9,021,567  
    Unsecured convertible debentures N —   —   126,108  
    Less: continuing involvement liability O (136,932 ) (132,683 ) (87,199 )
    Total debt P=M+N-O 8,908,953   8,331,106   9,060,476  
    Cash and restricted funds P1 780,531   408,621   1,031,951  
    Total net debt P2 = P-P1 8,128,422   7,922,485   8,028,525  
    Average debt Q 8,363,864   8,313,527   8,239,147  
    Total shareholders’ equity R 2,720,616   2,774,315   2,944,588  
    Preferred shares S —   —   181,077  
    Common shareholders’ equity T=R-S 2,720,616   2,774,315   2,763,511  
    Average common shareholders’ equity U 2,730,985   2,768,504   2,747,716  
    Average total shareholders’ equity V 2,730,985   2,768,504   2,928,793  
                   

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Reported Expenses 139,200   149,463   139,478  
    Less:          
    Amortization of intangible assets from acquisitions 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Operating expenses 135,007   141,234   132,499  
    Less:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total adjustments 10,183   13,687   13,649  
    Adjusted operating expenses 124,824   127,547   118,850  
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Income before income taxes 136,471   121,427   122,979  
    Adjustments:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total pre-tax impact of adjusting items —   —   2,125  
    Adjusted operating income 150,847   143,343   143,607  
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$ US$
    Net income 102,250   92,057   93,817  
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Provision for income taxes 34,221   29,370   29,162  
    Provision for taxes applicable to adjusted results (38,089 ) (35,836 ) (35,184 )
    Adjusted net income 112,758   107,507   108,423  
                 

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management
    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios; and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI: AGF Investments Announces Fee Reductions and Risk Rating Changes for Certain Funds

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) is pleased to announce today lower management and administration fees and risk ratings for certain funds. These changes build on the firm’s commitment to continually reviewing its product line-up to ensure its offerings are responsive to market trends and competitively priced.

    Management Fee Changes

    AGF Investments is reducing management fees on the following funds/series effective May 1.

    Fund Series Current
    Management Fee    		 Updated
    Management Fee
    AGF Equity Income Fund F 0.85 0.80
    AGF European Equity Class MF 2.50 1.90
    AGF European Equity Class T 2.50 1.90
    AGF European Equity Class F 1.00 0.90
    AGF Global Strategic Income Fund MF 2.25 2.00
    AGF Global Strategic Income Fund T 2.25 2.00
    AGF Global Strategic Income Fund V 2.25 2.00
           

    Fixed Administration Fee Changes

    AGF Investments is reducing administration fees on the following funds/series effective May 1.

    Fund Series Current
    Admin     Fee    		 Updated
    Admin Fee
    AGF European Equity Class MF 0.38 0.17
    AGF European Equity Class T 0.38 0.17
    AGF European Equity Class F 0.32 0.02
           

    Risk Rating Changes

    The following risk rating changes are effective today.  

    Fund Current Risk Rating Updated Risk Rating
    AGF European Equity Class Medium-High Medium
    AGF European Equity Fund Medium-High Medium
         

    These risk rating changes are the result of an annual review conducted by AGF Investments using the prescribed risk classification methodology. No material changes have been made to the investment objectives, strategies or management of AGF European Equity Class/Fund.

    Further information about the AGF Funds can be found at AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. 

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $52 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network –

  • MIL-OSI: Midland States Bancorp, Inc. Announces Preliminary 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., April 30, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) reported preliminary results for the first quarter of 2025. As previously disclosed, the Company is completing its evaluation, subject to review by its independent registered public accounting firm, of the accounting and financial reporting of third-party lending and servicing arrangements, including the collection and analysis of third-party documentation, not material to tangible equity. This process is ongoing and must be completed for the Company to file its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which is expected to include restated financial statements for the applicable periods.

    While the Company works diligently to complete this process, the Company is providing preliminary results for the first quarter of 2025. These results reflect the updated accounting methodology for the remaining third party lending and servicing arrangements. The Company’s actual results may differ materially from these preliminary financial results. The Company is also completing an evaluation of whether there is an impairment to its goodwill, including obtaining valuation information from third parties. An impairment, if determined to exist, would not affect the tangible equity or the regulatory capital ratios of the Company. This preliminary financial data has been prepared by and is the responsibility of the Company. The Company’s independent auditor has not reviewed or audited these preliminary financial results. The results should be considered preliminary and are subject to adjustment based on the results of the process, the restatement and other developments that may arise between now and the time the Company’s 2024 audited consolidated financial statements are issued.

    As a result of the delays in the filing of the 2024 Annual Report, certain subsequent events have been evaluated and will be recorded in the Company’s audited financial statements for the year ended December 31, 2024. The Company will continue to evaluate subsequent events that occur prior to the date the financial statements for the year ended December 31, 2024 are available to be issued.

    Preliminary 2025 First Quarter Results

    • Net income available to common shareholders of $12.6 million, or $0.57 per diluted share, for the first quarter of 2025
    • Pre-tax, pre-provision earnings of $27.0 million, or $1.12 per diluted share, for the first quarter of 2025

    Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

    “We are working diligently to resolve the delay in our audited financials, although we want to emphasize that we do not expect a material impact to first quarter tangible equity or regulatory capital levels, and that our unaudited preliminary first quarter results already reflect the previously disclosed accounting methodology changes, for a small third party guaranteed loan portfolio.

    “Improving credit quality remains a strategic priority, and during the first quarter we had no significant new substandard or nonperforming loans identified, with two-thirds of net charge-offs in the quarter taking place within third party programs that were fully reimbursed. The previously disclosed sale of $330 million of GreenSky loans in April 2025, plus tighter underwriting standards in our equipment finance portfolio are expected to significantly reduce exposure to higher-risk portfolios over the balance of 2025.

    “Our underlying profitability trends were favorable in the first quarter, with a strong net interest margin of 3.48%, solid loan growth in the Community Bank, and continued contribution from our wealth management revenue platform. We continue to expect stronger profitability over the balance of 2025 with growing capital ratios.”

    Key Points for First Quarter and Outlook

    Continued Credit Clean-up; Tightened Credit Standards

    • The Company closed its sale of participation interests of consumer loans originated through the GreenSky program. The sale included approximately $330 million, or 89%, of the Company’s GreenSky portfolio. The remaining portfolio will be retained by the Company under a new servicing agreement.
    • Substandard accruing loans and nonperforming loans decreased slightly to $75.7 million and $140.0 million at March 31, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
    • Net charge-offs were $16.9 million for the quarter, including $11.1 million of fully reimbursed charge-offs related to our third party lending programs. Net charge-offs in our equipment finance portfolio were approximately $4.5 million as we continue to see credit issues primarily in the trucking industry.
    • Provision for credit losses on loans was $8.3 million for the first quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
    • Allowance for credit losses on loans was $90.5 million, or 1.80% of total loans.

    The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of March 31, 2025.

    (in thousands)   As of and for the
    Three Months Ended
    March 31, 2025
    Asset Quality    
    Loans 30-89 days past due   $ 43,522  
    Nonperforming loans     140,020  
    Nonperforming assets     146,080  
    Substandard accruing loans     75,668  
    Net charge-offs     16,878  
    Loans 30-89 days past due to total loans     0.87 %
    Nonperforming loans to total loans     2.79 %
    Nonperforming assets to total assets     1.96 %
    Allowance for credit losses to total loans     1.80 %
    Allowance for credit losses to nonperforming loans     64.60 %
    Net charge-offs to average loans     1.35 %
             

    Solid Growth Trends in Community Bank & Wealth Management

    • Total loans at March 31, 2025 were $5.02 billion, a decrease of $149.5 million from December 31, 2024. Key changes in the loan portfolio were as follows:
      • Loans originated by our Community Bank increased $56.8 million, or 1.8%, from December 31, 2024, pipelines remain strong
      • We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $159.3 million during the quarter.
      • Equipment finance portfolio balances declined $44.9 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
    • Total deposits were $5.94 billion at March 31, 2025, a decrease of $260.8 million from December 31, 2024. The decline in deposits reflects the following:
      • Noninterest-bearing deposits increased $35.1 million in the quarter.
      • Retail deposits increased by $96.8 million through a growth and marketing strategy implemented late in the first quarter of 2025, along with higher average deposits held by retail customers.
      • Brokered deposits, including both money market and time deposits decreased by $115.4 million.
      • Sweep accounts included in interest bearing checking decreased by $115.4 million, of which $80 million was related to normal first quarter distributions for one large depositor with the remainder due to seasonal adjustments.
      • Servicing deposits decreased by $53.9 million.
    • Wealth Management revenue totaled $7.4 million in the first quarter of 2025. Assets under administration were $4.10 billion at March 31, 2025. The Company added six new sales positions in the first quarter of 2025 and continues to experience strong pipelines.

    Net Interest Margin

    • Net interest margin was 3.48%, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.29% in the first quarter of 2025.

    The following table summarizes certain factors affecting the Company’s net interest margin for the first quarter of 2025.

        For the Three Months Ended
    (dollars in thousands)   March 31, 2025
    Interest-earning assets   Average Balance   Interest & Fees   Yield/Rate
    Cash and cash equivalents   $ 68,671   $ 718   4.24 %
    Investment securities(1)     1,311,887     15,517   4.80  
    Loans(1)(2)     5,057,394     78,014   6.26  
    Loans held for sale     326,348     4,563   5.67  
    Nonmarketable equity securities     35,614     647   7.37  
    Total interest-earning assets     6,799,914     99,459   5.93  
    Noninterest-earning assets     687,870        
    Total assets   $ 7,487,784        
                 
    Interest-Bearing Liabilities            
    Interest-bearing deposits   $ 5,074,007   $ 34,615   2.77 %
    Short-term borrowings     73,767     700   3.85  
    FHLB advances & other borrowings     299,578     3,163   4.28  
    Subordinated debt     77,752     1,387   7.23  
    Trust preferred debentures     51,283     1,200   9.49  
    Total interest-bearing liabilities     5,576,387     41,065   2.99  
    Noninterest-bearing deposits     1,052,181        
    Other noninterest-bearing liabilities     124,638        
    Shareholders’ equity     734,578        
    Total liabilities and shareholder’s equity   $ 7,487,784        
                 
    Net Interest Margin       $ 58,394   3.48 %
                 
    Cost of Deposits           2.29 %
    (1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million for the three months ended March 31, 2025.
    (2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
       

    Trends in Noninterest Income and Expense

    • Noninterest income was $17.8 million for the first quarter of 2025 and included a loss on limited partnership investments of $0.6 million and credit enhancement losses of $0.6 million, offset by income from death benefits on life insurance policies of $0.3 million.
    • As of the date of this earnings release, the Company expects noninterest income of approximately $17.0 million to $17.5 million in the near term quarters after consideration of credit enhancement income or losses.
    • Noninterest expense was $48.9 million for the first quarter of 2025 and was impacted by an additional $1.4 million in severance expense and $0.7 million in professional fees. The Company continues to experience higher levels of legal fees and other expenses related to loan collections.
    • As of the date of this earnings release, the Company expects the near term operating expense run rate to be approximately $48.0 million to $49.0 million.

    First Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

        As of and for the
    Three Months Ended
    March 31, 2025
    Return on average assets     0.80 %
    Pre-tax, pre-provision return on average assets(1)     1.46 %
    Net interest margin     3.48 %
    Efficiency ratio (1)     64.24 %
    Noninterest expense to average assets     2.65 %
    Net charge-offs to average loans     1.35 %
    Tangible book value per share at period end (1)   $ 21.43  
    Diluted earnings per common share   $ 0.57  
    Common shares outstanding at period end     21,503,036  
    (1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
       

    Capital

    At March 31, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

      As of March 31, 2025
      Midland States Bank   Midland States
    Bancorp, Inc.    		   Minimum Regulatory Requirements (2)
    Total capital to risk-weighted assets 13.10%   13.77%   10.50%
    Tier 1 capital to risk-weighted assets 11.84%   11.43%   8.50%
    Common equity Tier 1 capital to risk-weighted assets 11.84%   8.60%   7.00%
    Tier 1 leverage ratio 9.90%   9.55%   4.00%
    Tangible common equity to tangible assets (1) N/A   6.32%   N/A
    (1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
    (2) Includes the capital conservation buffer of 2.5%, as applicable.
       

    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2025, the Company had total assets of approximately $7.46 billion, and its Wealth Management Group had assets under administration of approximately $4.10 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank. 

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

    These non-GAAP financial measures include “Pre-tax, pre-provision earnings,” “Pre-tax, pre-provision diluted earnings per share,” “Pre-tax, pre-provision return on average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including the expected timing and results of the Company’s audit for the year ended December 31, 2024, and the Company’s ongoing evaluation of whether there is an impairment to its goodwill; the fact that the completion and filing of the 2024 Annual Report has taken, and may continue to take, longer than expected; changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    CONTACTS:
    Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
         
    (dollars in thousands)   As of March 31, 2025
    Assets    
    Cash and cash equivalents   $ 102,006  
    Investment securities     1,368,405  
    Loans     5,018,053  
    Allowance for credit losses on loans     (90,458 )
    Total loans, net     4,927,595  
    Loans held for sale     287,821  
    Premises and equipment, net     86,719  
    Other real estate owned     4,669  
    Loan servicing rights, at lower of cost or fair value     17,278  
    Goodwill     161,904  
    Other intangible assets, net     11,189  
    Company-owned life insurance     212,336  
    Credit enhancement asset     5,614  
    Other assets     272,217  
    Total assets   $ 7,457,753  
         
    Liabilities and Shareholders’ Equity    
    Noninterest-bearing demand deposits   $ 1,090,707  
    Interest-bearing deposits     4,845,727  
    Total deposits     5,936,434  
    Short-term borrowings     40,224  
    FHLB advances and other borrowings     498,000  
    Subordinated debt     77,754  
    Trust preferred debentures     51,358  
    Other liabilities     109,599  
    Total liabilities     6,713,369  
    Total shareholders’ equity     744,384  
    Total liabilities and shareholders’ equity   $ 7,457,753  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
         
    (in thousands, except per share data)   For the Three Months
    Ended     March 31, 2025
    Net interest income:    
    Interest income   $ 99,251  
    Interest expense     41,065  
    Net interest income     58,186  
    Provision for credit losses on loans     8,250  
    Net interest income after provision for credit losses     49,936  
    Noninterest income:    
    Wealth management revenue     7,350  
    Service charges on deposit accounts     3,305  
    Interchange revenue     3,151  
    Residential mortgage banking revenue     676  
    Income on company-owned life insurance     2,334  
    Credit enhancement (loss) income     (578 )
    Other income     1,525  
    Total noninterest income     17,763  
    Noninterest expense:    
    Salaries and employee benefits     26,416  
    Occupancy and equipment     4,498  
    Data processing     6,919  
    Professional services     2,741  
    Amortization of intangible assets     911  
    FDIC insurance     1,463  
    Other expense     5,977  
    Total noninterest expense     48,925  
    Income before income taxes     18,774  
    Income tax expense     3,975  
    Net income     14,799  
    Preferred stock dividends     2,228  
    Net income available to common shareholders   $ 12,571  
         
    Basic earnings per common share   $ 0.57  
    Diluted earnings per common share   $ 0.57  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
         
    (in thousands)   As of March 31, 2025
    Loan Portfolio Mix    
    Commercial loans   $ 869,009
    Equipment finance loans     390,276
    Equipment finance leases     373,168
    Total commercial loans and leases     1,632,453
    Commercial real estate     2,592,325
    Construction and land development     264,966
    Residential real estate     373,095
    Consumer     155,214
    Total loans   $ 5,018,053
         
    Loan Portfolio Segment    
    Regions    
    Eastern   $ 897,792
    Northern     747,028
    Southern     711,787
    St. Louis     902,743
    Total Community Bank     3,259,350
    Specialty finance     865,401
    Equipment finance     763,444
    Non-core consumer and other(1)     129,858
    Total loans   $ 5,018,053
         
    Deposit Portfolio Mix    
    Noninterest-bearing demand   $ 1,090,707
    Interest-bearing:    
    Checking     2,161,282
    Money market     1,154,403
    Savings     522,663
    Time     818,732
    Brokered time     188,647
    Total deposits   $ 5,936,434
         
    Deposit Portfolio by Channel    
    Retail   $ 2,846,494
    Commercial     1,074,837
    Public Funds     490,374
    Wealth & Trust     301,251
    Servicing     842,567
    Brokered Deposits     358,063
    Other     22,848
    Total deposits   $ 5,936,434
    (1) Non-core consumer loans refers to consumer loan portfolios originated through third parties.
       
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
         
    Pre-Tax, Pre-Provision Earnings Reconciliation
         
        For the Three Months
    Ended March 31, 2025
    Income before income taxes   $ 18,774  
    Provision for credit losses     8,250  
    Pre-tax, pre-provision earnings   $ 27,024  
    Pre-tax, pre-provision earnings per diluted share   $ 1.12  
    Pre-tax, pre-provision return on average assets     1.46 %
         
    Efficiency Ratio Reconciliation
         
    (dollars in thousands)   For the Three Months
    Ended     March 31, 2025
    Noninterest expense – GAAP   $ 48,925  
         
    Net interest income – GAAP   $ 58,186  
    Effect of tax-exempt income     208  
    Adjusted net interest income     58,394  
         
    Noninterest income – GAAP     17,763  
         
    Adjusted total revenue   $ 76,157  
         
    Efficiency ratio     64.24 %
             
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
         
    (dollars in thousands, except per share data)   As of March 31, 2025
    Shareholders’ Equity to Tangible Common Equity
    Total shareholders’ equity—GAAP   $ 744,384  
    Adjustments:    
    Preferred Stock     (110,548 )
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible common equity     460,743  
         
    Total Assets to Tangible Assets:    
    Total assets—GAAP   $ 7,457,753  
    Adjustments:    
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible assets   $ 7,284,660  
         
    Common Shares Outstanding     21,503,036  
         
    Tangible Common Equity to Tangible Assets     6.32 %
    Tangible Book Value Per Share   $ 21.43  

    The MIL Network –

  • MIL-OSI: Ansys Announces Q1 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    / Q1 2025 Results

    • Revenue of $504.9 million
    • GAAP diluted earnings per share of $0.59 and non-GAAP diluted earnings per share of $1.64
    • GAAP operating profit margin of 11.7% and non-GAAP operating profit margin of 33.5%
    • Operating cash flows of $398.9 million and unlevered operating cash flows of $407.1 million
    • Annual contract value (ACV) of $410.1 million
    • Deferred revenue and backlog of $1,627.7 million on March 31, 2025

    PITTSBURGH, April 30, 2025 (GLOBE NEWSWIRE) — ANSYS, Inc. (NASDAQ: ANSS) today reported first quarter 2025 revenue of $504.9 million, an increase of 8% in reported currency, or 10% in constant currency, when compared to the first quarter of 2024. For the first quarter of 2025, the Company reported diluted earnings per share of $0.59 and $1.64 on a GAAP and non-GAAP basis, respectively, compared to $0.40 and $1.39 on a GAAP and non-GAAP basis, respectively, for the first quarter of 2024. Additionally, the Company reported first quarter ACV growth of 1% in reported currency, or 2% in constant currency, when compared to the first quarter of 2024. The results for the first quarter met the Company’s expectations and it continues to expect double-digit FY 2025 ACV growth.

    As previously announced, on January 15, 2024, Ansys entered into a definitive agreement with Synopsys, Inc. (“Synopsys”) under which Synopsys will acquire Ansys. Since the Company’s last earnings release, the U.K. Competition and Markets Authority has formally cleared the transaction in Phase 1 subject to previously announced divestitures. Additionally, Ansys and Synopsys have received clearances from the Turkey Competition Authority, Japan Fair Trade Commission, Korea Fair Trade Commission and Taiwan Fair Trade Commission. We continue to work with the regulators in other relevant jurisdictions to conclude their reviews. The transaction is anticipated to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. As previously announced, in light of the pending transaction with Synopsys, Ansys has suspended quarterly earnings conference calls and no longer provides quarterly or annual guidance.

    The non-GAAP financial results highlighted represent non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures can be found later in this release.

    / Summary of Financial Results

    Ansys’ first quarter 2025 and 2024 financial results are presented below. The 2025 and 2024 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items.

    Our results are as follows:

      GAAP
    (in thousands, except per share data and percentages) Q1 2025   Q1 2024   % Change
    Revenue $   504,891     $   466,605     8.2 %
    Net income $     51,865     $     34,778     49.1 %
    Diluted earnings per share $        0.59        $        0.40        47.5 %
    Gross margin   85.6 %     85.3 %    
    Operating profit margin   11.7 %     9.3 %    
    Effective tax rate   19.6 %     15.1 %    
                       
      Non-GAAP
    (in thousands, except per share data and percentages) Q1 2025   Q1 2024   % Change
    Net income $   144,149     $   121,996     18.2 %
    Diluted earnings per share $        1.64        $        1.39        18.0 %
    Gross margin   91.2 %     90.9 %    
    Operating profit margin   33.5 %     32.2 %    
    Effective tax rate   17.5 %     17.5 %    
                       
      Other Metrics
    (in thousands, except percentages) Q1 2025   Q1 2024   % Change
    ACV $   410,068   $   407,405   0.7 %
    Operating cash flows $   398,935   $   282,817   41.1 %
    Unlevered operating cash flows $   407,128   $   292,667   39.1 %
                     
    Supplemental Financial Information

    / Annual Contract Value

    (in thousands, except percentages) Q1 2025   Q1 2025 in
    Constant Currency    		   Q1 2024   % Change   % Change in
    Constant Currency
    ACV $        410,068   $         416,640   $        407,405   0.7 %   2.3 %
                                 

    Recurring ACV includes both subscription lease ACV and all maintenance ACV (including maintenance from perpetual licenses). It excludes perpetual license ACV and service ACV.

     

    / Revenue

    (in thousands, except percentages) Q1 2025   Q1 2025 in
    Constant Currency    		   Q1 2024   % Change   % Change in
    Constant Currency
    Revenue $        504,891   $         512,570   $        466,605   8.2 %   9.9 %
                                 
    REVENUE BY LICENSE TYPE
                           
    (in thousands, except percentages) Q1 2025   % of Total   Q1 2024   % of Total   % Change   % Change in
    Constant Currency
    Subscription Lease $          96,919   19.2 %   $          94,800   20.3 %   2.2 %   4.0 %
    Perpetual              63,036   12.5 %                65,521   14.0 %   (3.8)%   (2.9)%
    Maintenance1            324,392   64.2 %              289,340   62.0 %   12.1 %   13.9 %
    Service              20,544   4.1 %                16,944   3.6 %   21.2 %   22.5 %
    Total $        504,891       $        466,605       8.2 %   9.9 %
                           

    1Maintenance revenue is inclusive of both maintenance associated with perpetual licenses and the maintenance component of subscription leases.

    REVENUE BY GEOGRAPHY
                           
    (in thousands, except percentages) Q1 2025   % of Total   Q1 2024   % of Total   % Change   % Change in
    Constant Currency
    Americas $        230,377   45.6 %   $        208,697   44.7 %   10.4 %   10.5 %
                           
    Germany              35,021   6.9 %                36,198   7.8 %   (3.3)%   (0.4)%
    Other EMEA              83,839   16.6 %                82,417   17.7 %   1.7 %   3.9 %
    EMEA            118,860   23.5 %              118,615   25.4 %   0.2 %   2.6 %
                           
    Japan              43,297   8.6 %                36,532   7.8 %   18.5 %   20.9 %
    Other Asia-Pacific            112,357   22.3 %              102,761   22.0 %   9.3 %   12.9 %
    Asia-Pacific            155,654   30.8 %              139,293   29.9 %   11.7 %   15.0 %
                           
    Total $        504,891       $        466,605       8.2 %   9.9 %
                                   
    REVENUE BY CHANNEL
           
      Q1 2025   Q1 2024
    Direct revenue, as a percentage of total revenue 69.1 %   66.5 %
    Indirect revenue, as a percentage of total revenue 30.9 %   33.5 %
               

    / Deferred Revenue and Backlog

    (in thousands) March 31,
    2025    		   December 31,
         2024    		   March 31,
    2024
    Current Deferred Revenue $            490,318   $            504,527   $            433,167
    Current Backlog                511,197                  524,617                  433,106
    Total Current Deferred Revenue and Backlog            1,001,515               1,029,144                  866,273
               
    Long-Term Deferred Revenue                  30,840                    31,778                    21,434
    Long-Term Backlog                595,388                  657,345                  481,746
    Total Long-Term Deferred Revenue and Backlog                626,228                  689,123                  503,180
               
    Total Deferred Revenue and Backlog $        1,627,743   $        1,718,267   $        1,369,453
                     

    / Currency

    The first quarter of 2025 revenue, operating income and ACV, as compared to the first quarter of 2024, were impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. The currency fluctuation impacts on revenue, GAAP and non-GAAP operating income and ACV based on 2024 exchange rates are reflected in the tables below. Deferred revenue and backlog as of March 31, 2025, as compared to the balances at December 31, 2024, were also impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. Amounts in brackets indicate an adverse impact from currency fluctuations.

    (in thousands) Q1 2025
    Revenue $          (7,679 )
    GAAP operating income $          (2,848 )
    Non-GAAP operating income $          (3,044 )
    ACV $          (6,572 )
    Deferred revenue and backlog $         19,166  
           

    The most meaningful currency impacts are typically attributable to U.S. Dollar exchange rate changes against the Euro and Japanese Yen. Historical exchange rates are reflected in the charts below.

      Period-End Exchange Rates
    As of EUR/USD   USD/JPY
    March 31, 2025                    1.08                       150
    December 31, 2024                    1.04                       157
    March 31, 2024                    1.08                       151
           
      Average Exchange Rates
    Three Months Ended EUR/USD   USD/JPY
    March 31, 2025                    1.05                       152
    March 31, 2024                    1.09                       148
           

    / GAAP Financial Statements

    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (in thousands) March 31, 2025   December 31, 2024
    ASSETS:      
    Cash & short-term investments $                      1,828,559   $                      1,497,517
    Accounts receivable, net                              754,655                             1,022,850
    Goodwill                          3,799,809                             3,778,128
    Other intangibles, net                              694,235                                716,244
    Other assets                              903,755                             1,036,692
    Total assets $                      7,981,013   $                      8,051,431
    LIABILITIES & STOCKHOLDERS’ EQUITY:      
    Current deferred revenue $                          490,318   $                          504,527
    Long-term debt                              754,287                                754,208
    Other liabilities                              556,933                                706,256
    Stockholders’ equity                          6,179,475                             6,086,440
    Total liabilities & stockholders’ equity $                      7,981,013   $                      8,051,431
               
    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Statements of Income
    (Unaudited)
        Three Months Ended
    (in thousands, except per share data)   March 31,
    2025    		   March 31,
    2024
    Revenue:        
    Software licenses   $              159,955     $              160,321  
    Maintenance and service                     344,936                       306,284  
    Total revenue                     504,891                       466,605  
    Cost of sales:        
    Software licenses                         9,370                         10,044  
    Amortization                       23,429                         22,484  
    Maintenance and service                       39,770                         36,139  
    Total cost of sales                       72,569                         68,667  
    Gross profit                     432,322                       397,938  
    Operating expenses:        
    Selling, general and administrative                     230,415                       219,643  
    Research and development                     137,292                       128,811  
    Amortization                         5,722                           6,145  
    Total operating expenses                     373,429                       354,599  
    Operating income                       58,893                         43,339  
    Interest income                       16,743                         10,995  
    Interest expense                     (10,177 )                     (12,369 )
    Other expense, net                           (930 )                       (1,007 )
    Income before income tax provision                       64,529                         40,958  
    Income tax provision                       12,664                           6,180  
    Net income   $                51,865     $                34,778  
    Earnings per share – basic:        
    Earnings per share   $                     0.59     $                     0.40  
    Weighted average shares                       87,653                         87,067  
    Earnings per share – diluted:        
    Earnings per share   $                     0.59     $                     0.40  
    Weighted average shares                       88,127                         87,780  
                     

    / Glossary of Terms

    Annual Contract Value (ACV): ACV is a key performance metric and is useful to investors in assessing the strength and trajectory of our business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making and in setting sales targets used for compensation. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV. ACV is composed of the following:

    • the annualized value of maintenance and subscription lease contracts with start dates or anniversary dates during the period, plus
    • the value of perpetual license contracts with start dates during the period, plus
    • the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
    • the value of work performed during the period on fixed-deliverable services contracts.

    When we refer to the anniversary dates in the definition of ACV above, we are referencing the date of the beginning of the next twelve-month period in a contractually committed multi-year contract. If a contract is three years in duration, with a start date of July 1, 2025, the anniversary dates would be July 1, 2026 and July 1, 2027. We label these anniversary dates as they are contractually committed. While this contract would be up for renewal on July 1, 2028, our ACV performance metric does not assume any contract renewals.

    Example 1: For purposes of calculating ACV, a $100,000 subscription lease contract or a $100,000 maintenance contract with a term of July 1, 2025 – June 30, 2026 would each contribute $100,000 to ACV for fiscal year 2025 with no contribution to ACV for fiscal year 2026.

    Example 2: For purposes of calculating ACV, a $300,000 subscription lease contract or a $300,000 maintenance contract with a term of July 1, 2025 – June 30, 2028 would each contribute $100,000 to ACV in each of fiscal years 2025, 2026 and 2027. There would be no contribution to ACV for fiscal year 2028 as each period captures the full annual value upon the anniversary date.

    Example 3: A perpetual license valued at $200,000 with a contract start date of March 1, 2025 would contribute $200,000 to ACV in fiscal year 2025.

    Backlog: Deferred revenue associated with installment billings for periods beyond the current quarterly billing cycle and committed contracts with start dates beyond the end of the current period.

    Deferred Revenue: Billings made or payments received in advance of revenue recognition.

    Subscription Lease or Time-Based License: A license of a stated product of our software that is granted to a customer for use over a specified time period, which can be months or years in length. In addition to the use of the software, the customer is provided with access to maintenance (unspecified version upgrades and technical support) without additional charge. The revenue related to these contracts is recognized ratably over the contract period for the maintenance portion and up front for the license portion.

    Perpetual / Paid-Up License: A license of a stated product and version of our software that is granted to a customer for use in perpetuity. The revenue related to this type of license is recognized up front.

    Maintenance: A contract, typically one year in duration, that is purchased by the owner of a perpetual license and that provides access to unspecified version upgrades and technical support during the duration of the contract. The revenue from these contracts is recognized ratably over the contract period.

    / Reconciliations of GAAP to Non-GAAP Measures (Unaudited)

      Three Months Ended
      March 31, 2025
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      432,322   85.6 %   $        58,893   11.7 %   $      51,865     $        0.59  
    Stock-based compensation expense               3,977   0.8 %              70,243   14.0 %             70,243                 0.80  
    Excess payroll taxes related to stock-based awards                  354   0.1 %                6,016   1.2 %               6,016                 0.07  
    Amortization of intangible assets from acquisitions             23,429   4.6 %              29,151   5.7 %             29,151                 0.33  
    Expenses related to business combinations                  405   0.1 %                4,787   0.9 %               4,787                 0.05  
    Adjustment for income tax effect                     —   — %                      —   — %           (17,913 )             (0.20 )
    Total non-GAAP $      460,487   91.2 %   $      169,090   33.5 %   $    144,149     $        1.64  
                                           

    1 Diluted weighted average shares were 88,127.

      Three Months Ended
      March 31, 2024
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      397,938   85.3 %   $       43,339   9.3 %   $      34,778     $        0.40  
    Stock-based compensation expense               3,343   0.7 %             58,664   12.7 %             58,664                 0.66  
    Excess payroll taxes related to stock-based awards                  378   0.1 %                5,362   1.1 %               5,362                 0.06  
    Amortization of intangible assets from acquisitions             22,484   4.8 %             28,629   6.1 %             28,629                 0.33  
    Expenses related to business combinations                     —   — %             14,261   3.0 %             14,261                 0.16  
    Adjustment for income tax effect                     —   — %                      —   — %           (19,698 )             (0.22 )
    Total non-GAAP $      424,143   90.9 %   $     150,255   32.2 %   $    121,996     $        1.39  
                                           

    1 Diluted weighted average shares were 87,780.

      Three Months Ended
    (in thousands) March 31,
    2025    		   March 31,
    2024
    Net cash provided by operating activities $            398,935     $            282,817  
    Cash paid for interest                    9,931                      11,939  
    Tax benefit                   (1,738 )                     (2,089 )
    Unlevered operating cash flows $            407,128     $            292,667  
                   

    / Use of Non-GAAP Measures

    We provide non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income, non-GAAP diluted earnings per share and unlevered operating cash flows as supplemental measures to GAAP regarding our operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. A detailed explanation of each of the adjustments to these financial measures is described below. This press release also contains a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure, as applicable.

    We use non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (b) to set internal sales targets and spending budgets, (c) to allocate resources, (d) to measure operational profitability and the accuracy of forecasting, (e) to assess financial discipline over operational expenditures and (f) as an important factor in determining variable compensation for management and employees. In addition, many financial analysts that follow us focus on and publish both historical results and future projections based on non-GAAP financial measures. We believe that it is in the best interest of our investors to provide this information to analysts so that they accurately report the non-GAAP financial information. Moreover, investors have historically requested, and we have historically reported, these non-GAAP financial measures as a means of providing consistent and comparable information with past reports of financial results.

    While we believe that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, are not reported by all our competitors and may not be directly comparable to similarly titled measures of our competitors due to potential differences in the exact method of calculation. We compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.

    The adjustments to these non-GAAP financial measures, and the basis for such adjustments, are outlined below:

    Amortization of intangible assets from acquisitions. We incur amortization of intangible assets, included in our GAAP presentation of amortization expense, related to various acquisitions we have made. We exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance because these costs are fixed at the time of an acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by us after the acquisition. Accordingly, we do not consider these expenses for purposes of evaluating our performance during the applicable time period after the acquisition, and we exclude such expenses when making decisions to allocate resources. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our past reports of financial results as we have historically reported these non-GAAP financial measures.

    Stock-based compensation expense. We incur expense related to stock-based compensation included in our GAAP presentation of cost of maintenance and service; research and development expense; and selling, general and administrative expense. We also incur excess payroll tax expense related to stock-based compensation, which is an additional non-GAAP adjustment. Although stock-based compensation is an expense and viewed as a form of compensation, we exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance. Specifically, we exclude stock-based compensation during our annual budgeting process and our quarterly and annual assessments of our performance. The annual budgeting process is the primary mechanism whereby we allocate resources to various initiatives and operational requirements. Additionally, the annual review by our Board of Directors during which it compares our historical business model and profitability to the planned business model and profitability for the forthcoming year excludes the impact of stock-based compensation. In evaluating the performance of our senior management and department managers, charges related to stock-based compensation are excluded from expenditure and profitability results. In fact, we record stock-based compensation expense into a stand-alone cost center for which no single operational manager is responsible or accountable. In this way, we can review, on a period-to-period basis, each manager’s performance and assess financial discipline over operational expenditures without the effect of stock-based compensation. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

    Expenses related to business combinations. We incur expenses for professional services rendered in connection with acquisitions and divestitures, which are included in our GAAP presentation of selling, general and administrative expense. We also incur other expenses directly related to business combinations, including compensation expenses and concurrent restructuring activities, such as employee severances and other exit costs. These costs are included in our GAAP presentation of cost of maintenance and service, selling, general and administrative and research and development expenses. We exclude these acquisition-related expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance, as we generally would not have otherwise incurred these expenses in the periods presented as a part of our operations. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

    Non-GAAP tax provision. We utilize a normalized non-GAAP annual effective tax rate (AETR) to calculate non-GAAP measures. This methodology provides better consistency across interim reporting periods by eliminating the effects of non-recurring items and aligning the non-GAAP tax rate with our expected geographic earnings mix. To project this rate, we analyzed our historic and projected non-GAAP earnings mix by geography along with other factors such as our current tax structure, recurring tax credits and incentives, and expected tax positions. On an annual basis we re-evaluate and update this rate for significant items that may materially affect our projections.

    Unlevered operating cash flows. We make cash payments for the interest incurred in connection with our debt financing which are included in our GAAP presentation of operating cash flows. We exclude this cash paid for interest, net of the associated tax benefit, for the purpose of calculating unlevered operating cash flows. Unlevered operating cash flow is a supplemental non-GAAP measure that we use to evaluate our core operating business. We believe this measure is useful to investors and management because it provides a measure of our cash generated through operating activities independent of the capital structure of the business.

    Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
    We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures as listed below:

    GAAP Reporting Measure Non-GAAP Reporting Measure
    Gross Profit Non-GAAP Gross Profit
    Gross Profit Margin Non-GAAP Gross Profit Margin
    Operating Income Non-GAAP Operating Income
    Operating Profit Margin Non-GAAP Operating Profit Margin
    Net Income Non-GAAP Net Income
    Diluted Earnings Per Share Non-GAAP Diluted Earnings Per Share
    Operating Cash Flows Unlevered Operating Cash Flows
       

    Constant currency. In addition to the non-GAAP financial measures detailed above, we use constant currency results for financial and operational decision-making and as a means to evaluate period-to-period comparisons by excluding the effects of foreign currency fluctuations on the reported results. To present this information, the 2025 period results for entities whose functional currency is a currency other than the U.S. Dollar were converted to U.S. Dollars at rates that were in effect for the 2024 comparable period, rather than the actual exchange rates in effect for 2025. Constant currency growth rates are calculated by adjusting the 2025 period reported amounts by the 2025 currency fluctuation impacts and comparing the adjusted amounts to the 2024 comparable period reported amounts. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our reported results to our past reports of financial results without the effects of foreign currency fluctuations.

    / About Ansys

    Our Mission: Powering Innovation that Drives Human Advancement™

    When visionary companies need to know how their world-changing ideas will perform, they close the gap between design and reality with Ansys simulation. For more than 50 years, Ansys software has enabled innovators across industries to push boundaries by using the predictive power of simulation. From sustainable transportation to advanced semiconductors, from satellite systems to life-saving medical devices, the next great leaps in human advancement will be powered by Ansys.

    / Forward-Looking Information

    This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are statements that provide current expectations or forecasts of future events based on certain assumptions. Forward-looking statements are subject to risks, uncertainties, and factors relating to our business which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements.

    Forward-looking statements use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “target” or other words of similar meaning. Forward-looking statements include those about the proposed transaction with Synopsys, including the expected date of closing and the potential benefits thereof, and other aspects of future operations. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    The risks associated with the following, among others, could cause actual results to differ materially from those described in any forward-looking statements:

    • our ability to complete the proposed transaction with Synopsys on anticipated terms and timing, including completing the associated divestiture of our PowerArtist RTL business and obtaining regulatory approvals, and other conditions related to the completion of the transaction with Synopsys;
       
    • the realization of the anticipated benefits of the proposed transaction with Synopsys, including potential disruptions to our and Synopsys’ businesses and commercial relationships with others resulting from the announcement, pendency or completion of the proposed transaction and uncertainty as to the long-term value of Synopsys’ common stock;
       
    • restrictions on our operations during the pendency of the proposed transaction with Synopsys that could impact our ability to pursue certain business opportunities or strategic transactions, including tuck-in M&A;
       
    • adverse conditions in the macroeconomic environment, including inflation, recessionary conditions and volatility in equity and foreign exchange markets;
       
    • political, economic and regulatory uncertainties in the countries and regions in which we operate;
       
    • impacts from tariffs, trade sanctions, export controls or other trade barriers, including export control restrictions and licensing requirements for exports to China;
       
    • impacts resulting from the conflict between Israel and Hamas and other countries and groups in the Middle East, including impacts from changes to diplomatic relations and trade policy between the United States and other countries resulting from the conflict;
       
    • impacts from changes to diplomatic relations and trade policy between the United States and Russia or between the United States and other countries that may support Russia or take similar actions due to the conflict between Russia and Ukraine;
       
    • constrained credit and liquidity due to disruptions in the global economy and financial markets, which may limit or delay availability of credit under our existing or new credit facilities, or which may limit our ability to obtain credit or financing on acceptable terms or at all;
       
    • our ability to timely recruit and retain key personnel in a highly competitive labor market, including potential financial impacts of wage inflation and potential impacts due to the proposed transaction with Synopsys;
       
    • our ability to protect our proprietary technology; cybersecurity threats or other security breaches, including in relation to breaches occurring through our products and an increased level of our activity that is occurring from remote global off-site locations; and disclosure or misuse of employee or customer data whether as a result of a cybersecurity incident or otherwise;
       
    • volatility in our revenue due to the timing, duration and value of multi-year subscription lease contracts; and our reliance on high renewal rates for annual subscription lease and maintenance contracts;
       
    • declines in our customers’ businesses resulting in adverse changes in procurement patterns; disruptions in accounts receivable and cash flow due to customers’ liquidity challenges and commercial deterioration; uncertainties regarding demand for our products and services in the future and our customers’ acceptance of new products; delays or declines in anticipated sales due to reduced or altered sales and marketing interactions with customers; and potential variations in our sales forecast compared to actual sales;
       
    • our ability and our channel partners’ ability to comply with laws and regulations in relevant jurisdictions; and the outcome of contingencies, including legal proceedings, government or regulatory investigations and tax audit cases;
       
    • uncertainty regarding income tax estimates in the jurisdictions in which we operate; and the effect of changes in tax laws and regulations in the jurisdictions in which we operate;
       
    • the quality of our products, including the strength of features, functionality and integrated multiphysics capabilities; our ability to develop and market new products to address the industry’s rapidly changing technology, including the use of artificial intelligence and machine learning in our products as well as the products of our competitors; failures or errors in our products and services; and increased pricing pressure as a result of the competitive environment in which we operate;
       
    • investments in complementary companies, products, services and technologies; our ability to complete and successfully integrate our acquisitions and realize the financial and business benefits of such transactions; and the impact indebtedness incurred in connection with any acquisition could have on our operations;
       
    • investments in global sales and marketing organizations and global business infrastructure, and dependence on our channel partners for the distribution of our products;
       
    • current and potential future impacts of any global health crisis, natural disaster or catastrophe; the actions taken to address these events by our customers, our suppliers, and regulatory authorities; the resulting effects on our business, the global economy and our consolidated financial statements; and other public health and safety risks and related government actions or mandates;
       
    • operational disruptions generally or specifically in connection with transitions to and from remote work environments; and the failure of our technological infrastructure or those of the service providers upon whom we rely including for infrastructure and cloud services;
       
    • our intention to repatriate previously taxed earnings and to reinvest all other earnings of our non-U.S. subsidiaries;
       
    • plans for future capital spending and the extent of corporate benefits from such spending; and higher than anticipated costs for research and development or a slowdown in our research and development activities;
       
    • our ability to execute on our strategies related to environmental, social and governance matters, and meet evolving and varied expectations, including as a result of evolving regulatory and other standards, processes and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing, and changes in carbon markets; and
       
    • other risks and uncertainties described in our reports filed from time to time with the Securities and Exchange Commission (the SEC).  

    Ansys and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.

    Visit https://investors.ansys.com for more information.

    ANSS-F

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/555457d0-68c2-4e39-9654-7433c0575e9e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f9600ece-a84c-4586-bb8a-98965ce32a1c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/131c8a8b-e47c-4724-bdab-f0846535f0df

    The MIL Network –

  • MIL-OSI: First Mid Bancshares, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MATTOON, Ill., April 30, 2025 (GLOBE NEWSWIRE) — First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2025.

    Highlights

    • Record high quarterly net income of $22.2 million, or $0.93 diluted EPS, an increase of $0.13
    • Adjusted net income (non-GAAP*) of $23.1 million, or $0.96 diluted EPS, an increase of $0.09 for the quarter
    • Net interest margin tax equivalent (non-GAAP*) expands to 3.60% helping drive fourth consecutive quarter of growth in net interest income
    • Tangible book value per share (non-GAAP*) increased 4.4% during the quarter
    • Board of Directors declares regular quarterly dividend of $0.24 per share

    “We kicked off 2025 with a record high quarterly net income that reflects our strategic focus on driving a higher return on assets,” said Joe Dively, Chairman and Chief Executive Officer. “We delivered growth in both loans and deposits in what is typically a seasonally pressured quarter, and we significantly expanded our net interest margin through both an increase in earning asset yields and a decrease in the average cost of funds. In addition, we successfully completed our retail online system conversion during the quarter providing a better overall product for our customers and an improved platform to grow relationships across business lines.”

    “Lastly, while we recognize the uncertainty that exists in the macro environment, we are well-prepared with a disciplined credit culture and diversified revenue sources that position us to weather economic disruptions and continue to deliver exceptional service to our customers and communities,” Dively concluded.

    Net Interest Income
    Net interest income for the first quarter of 2025 increased by $0.5 million, or 0.8% compared to the fourth quarter of 2024. The increase was primarily the result of interest expense declining at a faster pace than interest income. Less days in the quarter drove declines in both interest income and expense. The decline in interest income included $0.5 million in lower accretion income, which totaled $2.9 million compared to $3.4 million of accretion income in the fourth quarter.

    In comparison to the first quarter of 2024, net interest income increased $3.9 million, or 7.1%. Interest income was lower by $0.1 million, inclusive of a decline in accretion income of $0.7 million compared to the first quarter last year. Interest expense was lower by $4.1 million compared to the same period last year.

    Net Interest Margin
    Net interest margin, on a tax equivalent basis (non-GAAP), was 3.60% for the first quarter of 2025 representing an increase of 19 basis points over the prior quarter driven by both an increase to earning asset yields and a decrease to funding costs. Excluding the decline in accretion income, the net interest margin increased 23 basis points in the period. Beginning with the first quarter of 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. This change added five-basis points to the net interest margin in the first quarter 2025 compared to the fourth quarter of 2024.

    In comparison to the first quarter of last year, the net interest margin increased 35 basis points, with an average earning asset increase of 13 basis points, despite a five-basis point reduction to accretion income.

    Loan Portfolio
    Total loans ended the quarter at $5.70 billion, representing an increase of $26.4 million, or 0.5%, from the prior quarter, despite elevated payoffs during the period.   The increase was primarily in construction and land development, multifamily residential properties, and agriculture operating loans. The largest declines were in commercial real estate and commercial and industrial loans. The average loan balance for the quarter declined compared to the fourth quarter, as a majority of the net loan growth occurred in March 2025.

    In comparison to the first quarter last year, loan growth increased $199.6 million, or 3.6%. The largest increases were in construction and development, agriculture operating lines, and commercial and industrial loans.

    Asset Quality
    The first quarter was another solid performance with respect to the Company’s asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $70.1 million and the ACL to total loans ratio was 1.23%. In addition to the ACL, an unearned discount of $32.6 million remains at quarter end. Provision expense was recorded in the amount of $1.7 million with net charge-offs of $1.8 million in the quarter. Also, at the end of the first quarter, the ratio of non-performing loans to total loans was 0.47%, the ACL to non-performing loans was 263.4%, and the ratio of nonperforming assets to total assets was 0.38%. Nonperforming loans declined by $3.2 million to $26.6 million at quarter end. Special mention loans increased by $16.2 million to $74.0 million and substandard loans decreased $1.6 million to $33.9 million.

    Deposits
    Total deposits ended the quarter at $6.13 billion, which represented an increase of $73.3 million, or 1.2%, from the prior quarter. Noninterest bearing and time deposits were the primary drivers of the increase with growth of $65.4 million and $75.4 million for the period, respectively. The increase in time deposits was driven by a combination of the Company retaining a vast majority of customers with maturing CD’s, gaining new customers with its promotional offerings, and the addition of $52.0 million in brokered deposits as rates declined and the wholesale market became attractive. With the Company’s strong liquidity position, it was able to reduce outstanding FHLB borrowings and subordinated debt during the quarter by a combined $55.5 million helping lower overall funding costs.

    Noninterest Income
    Noninterest income for the first quarter of 2025 was $24.9 million compared to $26.4 million in the fourth quarter of 2024.   The decline was primarily driven by a $1.3 million gain on the sale of property in the fourth quarter. The current quarter included losses on securities sales of $0.2 million. Excluding those two items, noninterest income was flat versus the prior period. The decline of $0.5 million in wealth management revenue was as expected given the seasonal nature of farmland sales. Overall Ag Services revenue was $2.6 million in the period.   Insurance revenues achieved a record high quarter of revenue, despite a challenging operating environment for the industry. Debit card fee income was down $0.6 million primarily driven by less usage due to a pullback in consumer spending.

    In comparison to the first quarter of 2024, noninterest income increased $0.4 million, or 1.6%, with increases in wealth management and insurance as the key drivers. The combined increase for these two business lines was 8.2% year-over-year. Debit card fee income reflected the largest decline from lower consumer spending in the first quarter of 2025.

    Noninterest Expenses
    Noninterest expense for the first quarter of 2025 totaled $54.5 million compared to $56.3 million in the prior quarter. The current quarter included $1.0 million of nonrecurring expenses primarily related to the Company’s technology initiatives, including the successful conversion of its retail online platform during the first quarter, versus $2.2 million in nonrecurring costs in the prior quarter. Excluding these items, noninterest expenses were down $0.6 million with the largest decreases in salaries and benefits and debit card expenses.

    In comparison to the first quarter of 2024, noninterest expenses increased $1.1 million. The increase was primarily driven by annual compensation increases and a $0.9 million credit in the first quarter of last year for a debit card fee negotiated settlement agreement with its primary provider.

    The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2025 was 58.9% compared to 58.8% in the prior quarter and 59.1% for the same period last year.

    Capital Levels and Dividend
    The Company’s capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:

    Total capital to risk-weighted assets 15.59%
    Tier 1 capital to risk-weighted assets 13.13%
    Common equity tier 1 capital to risk-weighted assets 12.73%
    Leverage ratio 10.73%
       

    Tangible book value per share (non-GAAP) increased $1.07, or 4.4% during the first quarter of 2025. The increase was driven primarily by earnings growth, which accounted for $0.79 of the increase. The remaining increase of $0.28 was the result of improvement in accumulated other comprehensive income from a lower unrealized loss position in the investment portfolio.

    The Company’s Board of Directors approved a regular quarterly dividend of $0.24 payable on May 30, 2025, for shareholders of record on May 15, 2025.

    About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $7.6 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.

    *Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Earnings,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Assets,” and “Adjusted Return on Average Common Equity”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.

    Forward Looking Statements
    This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; and the impact of pandemics on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

    Investor Contact:
    Austin Frank
    SVP, Shareholder Relations
    217-258-5522
    afrank@firstmid.com

    Matt Smith
    Chief Financial Officer
    217-258-1528
    msmith@firstmid.com

    – Tables Follow –

               
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, unaudited)
     
      As of
      March 31,   December 31,   March 31,
      2025   2024   2024
               
    Assets          
    Cash and cash equivalents $ 201,470     $ 121,216     $ 355,701  
    Investment securities   1,049,003       1,073,510       1,149,752  
    Loans (including loans held for sale)   5,698,858       5,672,462       5,499,295  
    Less allowance for credit losses   (70,051 )     (70,182 )     (67,936 )
    Net loans   5,628,807       5,602,280       5,431,359  
    Premises and equipment, net   97,446       100,234       101,666  
    Goodwill and intangibles, net   258,671       261,906       260,699  
    Bank Owned Life Insurance   171,127       170,854       167,247  
    Other assets   166,164       189,734       211,822  
    Total assets $ 7,572,688     $ 7,519,734     $ 7,678,246  
               
    Liabilities and Stockholders’ Equity          
    Deposits:          
    Non-interest bearing $ 1,394,590     $ 1,329,155     $ 1,448,299  
    Interest bearing   4,735,790       4,727,941       4,794,637  
    Total deposits   6,130,380       6,057,096       6,242,936  
    Repurchase agreements with customers   219,772       204,122       210,719  
    Other borrowings   195,000       242,520       238,761  
    Junior subordinated debentures   24,335       24,280       24,113  
    Subordinated debt   79,535       87,472       106,862  
    Other liabilities   52,717       57,853       56,903  
    Total liabilities   6,701,739       6,673,343       6,880,294  
               
    Total stockholders’ equity   870,949       846,391       797,952  
    Total liabilities and stockholders’ equity $ 7,572,688     $ 7,519,734     $ 7,678,246  
               
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
           
      Three Months Ended
      March 31,
      2025   2024
    Interest income:      
    Interest and fees on loans $ 79,918     $ 77,823  
    Interest on investment securities   6,777       7,405  
    Interest on federal funds sold & other deposits   864       2,444  
    Total interest income   87,559       87,672  
    Interest expense:      
    Interest on deposits   23,722       26,096  
    Interest on securities sold under agreements to repurchase   1,180       2,056  
    Interest on other borrowings   1,831       2,314  
    Interest on jr. subordinated debentures   468       542  
    Interest on subordinated debt   949       1,194  
    Total interest expense   28,150       32,202  
    Net interest income   59,409       55,470  
    Provision for credit losses   1,652       (357 )
    Net interest income after provision for credit losses   57,757       55,827  
    Non-interest income:      
    Wealth management revenues   5,800       5,322  
    Insurance commissions   9,925       9,213  
    Service charges   2,901       2,956  
    Net securities gains/(losses)   (181 )     0  
    Mortgage banking revenues   711       706  
    ATM/debit card revenue   3,646       4,055  
    Other   2,062       2,226  
    Total non-interest income   24,864       24,478  
    Non-interest expense:      
    Salaries and employee benefits   31,748       30,448  
    Net occupancy and equipment expense   8,479       7,560  
    Net other real estate owned (income) expense   101       (21 )
    FDIC insurance   849       869  
    Amortization of intangible assets   3,231       3,497  
    Stationary and supplies   431       391  
    Legal and professional expense   3,076       2,449  
    ATM/debit card expense   1,831       1,191  
    Marketing and donations   852       862  
    Other   3,874       6,116  
    Total non-interest expense   54,472       53,362  
    Income before income taxes   28,149       26,943  
    Income taxes   5,978       6,440  
    Net income $ 22,171     $ 20,503  
           
    Per Share Information      
    Basic earnings per common share $ 0.93     $ 0.86  
    Diluted earnings per common share   0.93       0.86  
           
    Weighted average shares outstanding   23,858,817       23,872,731  
    Diluted weighted average shares outstanding   23,959,228       23,960,335  
           
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
                       
      For the Quarter Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025     2024     2024   2024   2024
    Interest income:                  
    Interest and fees on loans $ 79,918     $ 81,288     $ 81,775     $ 79,560     $ 77,823  
    Interest on investment securities   6,777       6,990       7,036       7,405       7,405  
    Interest on federal funds sold & other deposits   864       1,564       2,371       1,718       2,444  
    Total interest income   87,559       89,842       91,182       88,683       87,672  
    Interest expense:                  
    Interest on deposits   23,722       26,144       28,341       26,338       26,096  
    Interest on securities sold under agreements to repurchase   1,180       1,333       1,444       1,615       2,056  
    Interest on other borrowings   1,831       1,917       2,195       2,248       2,314  
    Interest on jr. subordinated debentures   468       510       567       537       542  
    Interest on subordinated debt   949       988       1,092       1,180       1,194  
    Total interest expense   28,150       30,892       33,639       31,918       32,202  
    Net interest income   59,409       58,950       57,543       56,765       55,470  
    Provision for credit losses   1,652       3,643       1,266       1,083       (357 )
    Net interest income after provision for credit losses   57,757       55,307       56,277       55,682       55,827  
    Non-interest income:                  
    Wealth management revenues   5,800       6,275       5,816       5,405       5,322  
    Insurance commissions   9,925       6,805       6,003       6,531       9,213  
    Service charges   2,901       3,058       3,121       3,227       2,956  
    Net securities gains/(losses)   (181 )     0       (277 )     (156 )     0  
    Mortgage banking revenues   711       1,104       1,109       1,038       706  
    ATM/debit card revenue   3,646       4,204       4,267       4,281       4,055  
    Other   2,062       4,917       2,984       2,096       2,226  
    Total non-interest income   24,864       26,363       23,023       22,422       24,478  
    Non-interest expense:                  
    Salaries and employee benefits   31,748       31,957       31,565       30,164       30,448  
    Net occupancy and equipment expense   8,479       7,285       8,055       7,507       7,560  
    Net other real estate owned (income) expense   101       240       107       85       (21 )
    FDIC insurance   849       863       829       902       869  
    Amortization of intangible assets   3,231       3,314       3,405       3,340       3,497  
    Stationary and supplies   431       642       482       370       391  
    Legal and professional expense   3,076       5,386       2,573       2,536       2,449  
    ATM/debit card expense   1,831       2,043       1,869       1,281       1,191  
    Marketing and donations   852       906       836       814       862  
    Other   3,874       3,661       4,212       4,392       6,116  
    Total non-interest expense   54,472       56,297       53,933       51,391       53,362  
    Income before income taxes   28,149       25,373       25,367       26,713       26,943  
    Income taxes   5,978       6,205       5,885       6,968       6,440  
    Net income $ 22,171     $ 19,168     $ 19,482     $ 19,745     $ 20,503  
                       
    Per Share Information                  
    Basic earnings per common share $ 0.93     $ 0.80     $ 0.81     $ 0.83     $ 0.86  
    Diluted earnings per common share   0.93       0.80       0.81       0.82       0.86  
                       
    Weighted average shares outstanding   23,858,817       23,818,806       23,905,099       23,896,210       23,872,731  
    Diluted weighted average shares outstanding   23,959,228       23,908,340       24,006,647       23,998,152       23,960,335  
                       
    FIRST MID BANCSHARES, INC.
    Consolidated Financial Highlights and Ratios
    (Dollars in thousands, except per share data)
    (Unaudited)
     
        As of and for the Quarter Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
        2025   2024   2024   2024   2024
                         
    Loan Portfolio                    
    Construction and land development   $ 269,148     $ 236,093     $ 190,857     $ 195,389     $ 186,851  
    Farm real estate loans     373,413       390,760       384,620       387,015       388,941  
    1-4 Family residential properties     488,139       496,597       505,342       507,517       518,641  
    Multifamily residential properties     356,858       332,644       338,167       334,446       312,758  
    Commercial real estate     2,397,985       2,417,585       2,440,120       2,406,955       2,396,092  
    Loans secured by real estate     3,885,543       3,873,679       3,859,106       3,831,322       3,803,283  
    Agricultural operating loans     296,811       239,671       233,414       213,997       213,217  
    Commercial and industrial loans     1,303,712       1,335,920       1,283,631       1,268,646       1,227,906  
    Consumer loans     47,220       53,960       63,222       70,841       79,569  
    All other loans     165,572       169,232       175,218       175,811       175,320  
    Total loans     5,698,858       5,672,462       5,614,591       5,560,617       5,499,295  
                         
    Deposit Portfolio                    
    Non-interest bearing demand deposits   $ 1,394,590     $ 1,329,155     $ 1,387,290     $ 1,393,336     $ 1,448,299  
    Interest bearing demand deposits     1,814,427       1,907,733       1,834,123       1,909,993       1,974,857  
    Savings deposits     643,289       636,427       648,582       673,381       704,777  
    Money Market     1,215,420       1,196,537       1,183,594       1,127,699       1,107,177  
    Time deposits     1,062,654       987,244       1,035,245       1,011,370       1,007,826  
    Total deposits     6,130,380       6,057,096       6,088,834       6,115,779       6,242,936  
                         
    Asset Quality                    
    Non-performing loans   $ 26,598     $ 29,835     $ 18,242     $ 19,079     $ 20,064  
    Non-performing assets     28,703       32,030       20,076       20,557       21,471  
    Net charge-offs (recoveries)     1,783       2,235       804       708       381  
    Allowance for credit losses to non-performing loans     263.36 %     235.23 %     377.01 %     358.05 %     338.60 %
    Allowance for credit losses to total loans outstanding     1.23 %     1.24 %     1.22 %     1.23 %     1.24 %
    Nonperforming loans to total loans     0.47 %     0.53 %     0.32 %     0.34 %     0.36 %
    Nonperforming assets to total assets     0.38 %     0.43 %     0.27 %     0.27 %     0.28 %
    Special Mention loans     74,019       57,848       38,151       30,767       65,693  
    Substandard and Doubtful loans     33,884       35,516       29,037       27,594       29,296  
                         
    Common Share Data                    
    Common shares outstanding     23,981,916       23,895,807       23,904,051       23,895,868       23,888,929  
    Book value per common share   $ 36.32     $ 35.42     $ 35.91     $ 34.05     $ 33.40  
    Tangible book value per common share (1)     25.53       24.46       24.82       23.28       22.49  
    Tangible book value per common share excluding other comprehensive income at period end (1)     31.21       30.42       29.70       29.43       28.67  
    Market price of stock     34.90       36.82       38.91       32.88       32.68  
                         
    Key Performance Ratios and Metrics                    
    End of period earning assets   $ 6,844,096     $ 6,775,075     $ 6,786,458     $ 6,812,574     $ 6,923,742  
    Average earning assets     6,769,858       6,884,303       6,857,070       6,815,932       6,884,855  
    Average rate on average earning assets (tax equivalent)     5.29 %     5.24 %     5.35 %     5.27 %     5.16 %
    Average rate on cost of funds     1.74 %     1.83 %     2.00 %     1.91 %     1.91 %
    Net interest margin (tax equivalent) (1)(2)     3.60 %     3.41 %     3.35 %     3.36 %     3.25 %
    Return on average assets     1.19 %     1.01 %     1.03 %     1.05 %     1.07 %
    Adjusted return on average assets (1)     1.23 %     1.10 %     1.05 %     1.07 %     1.17 %
    Return on average common equity     10.35 %     9.04 %     9.40 %     9.92 %     10.37 %
    Adjusted return on average common equity (1)     10.78 %     9.80 %     9.58 %     10.11 %     11.28 %
    Efficiency ratio (tax equivalent) (1)     58.88 %     58.76 %     61.33 %     59.61 %     59.09 %
    Full-time equivalent employees     1,194       1,198       1,207       1,185       1,188  
                         
                         
    1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
    2 During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets.
                     
    FIRST MID BANCSHARES, INC.
    Net Interest Margin
    (In thousands, unaudited)
     
      For the Quarter Ended March 31, 2025
      QTD Average       Average
      Balance   Interest   Rate
    INTEREST EARNING ASSETS          
    Interest bearing deposits $ 70,701     $ 827       4.74 %
    Federal funds sold   75       1       5.41 %
    Certificates of deposits investments   3,162       36       4.62 %
    Investment Securities   1,090,099       7,254       2.66 %
    Loans (net of unearned income)   5,605,821       80,194       5.80 %
               
    Total interest earning assets   6,769,858       88,312       5.29 %
               
    NONEARNING ASSETS          
    Other nonearning assets   777,177          
    Allowance for loan losses   (70,620 )        
               
    Total assets $ 7,476,415          
               
    INTEREST BEARING LIABILITIES          
    Demand deposits $ 3,039,621     $ 14,900       1.99 %
    Savings deposits   640,687       164       0.10 %
    Time deposits   1,022,200       8,658       3.44 %
    Total interest bearing deposits   4,702,508       23,722       2.05 %
    Repurchase agreements   201,679       1,180       2.37 %
    FHLB advances   194,324       1,807       3.77 %
    Federal funds purchased   –       –       0.00 %
    Subordinated debt   82,608       949       4.66 %
    Jr. subordinated debentures   24,306       468       7.81 %
    Other debt   1,467       24       6.63 %
    Total borrowings   504,384       4,428       3.56 %
    Total interest bearing liabilities   5,206,892       28,150       2.19 %
               
    NONINTEREST BEARING LIABILITIES          
    Demand deposits   1,370,107     Average cost of funds   1.74 %
    Other liabilities   42,946          
    Stockholders’ equity   856,470          
               
    Total liabilities & stockholders’ equity $ 7,476,415          
               
    Net Interest Earnings / Spread     $ 60,162       3.10 %
               
    Tax effected yield on interest earning assets         3.60 %
               
    Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
               
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, unaudited)
                       
      As of and for the Quarter Ended
      March 31,   December 31,   September 30,
    		   June 30,   March 31,
      2025   2024   2024   2024   2024
                       
    Net interest income as reported $ 59,409     $ 58,950     $ 57,543     $ 56,765     $ 55,470  
    Net interest income, (tax equivalent)   60,162       59,717       58,627       57,361       56,086  
    Average earning assets   6,769,858       6,884,303       6,857,070       6,815,932       6,884,855  
    Net interest margin (tax equivalent)   3.60 %     3.41 %     3.35 %     3.36 %     3.25 %
                       
                       
    Common stockholder’s equity $ 870,949     $ 846,391     $ 858,497     $ 813,645     $ 797,952  
    Goodwill and intangibles, net   258,671       261,906       265,139       257,377       260,699  
    Common shares outstanding   23,982       23,896       23,904       23,896       23,889  
    Tangible Book Value per common share $ 25.53     $ 24.46     $ 24.82     $ 23.28     $ 22.49  
    Accumulated other comprehensive loss (AOCI)   (136,097 )     (142,383 )     (116,692 )     (146,998 )     (147,667 )
    Adjusted tangible book value per common share $ 31.21     $ 30.42     $ 29.70     $ 29.43     $ 28.67  
                       
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, except per share data, unaudited)
                       
      As of and for the Quarter Ended
      March 31,   December 31,   September 30, June 30,   March 31,
      2025   2024   2024   2024   2024
    Adjusted earnings Reconciliation                  
    Net Income – GAAP $ 22,171     $ 19,168     $ 19,482     $ 19,745     $ 20,503  
    Adjustments (post-tax): (1)                  
    Nonrecurring technology project expenses   728       1,710       –       –       –  
    Net (gain)/loss on securities sales   143       –       219       123       –  
    Integration and acquisition expenses   41       –       137       250       1,804  
    Total non-recurring adjustments (non-GAAP) $ 912     $ 1,710     $ 356     $ 373     $ 1,804  
                       
    Adjusted earnings – non-GAAP $ 23,083     $ 20,878     $ 19,838     $ 20,118     $ 22,307  
    Adjusted diluted earnings per share (non-GAAP) $ 0.96     $ 0.87     $ 0.83     $ 0.84     $ 0.93  
    Adjusted return on average assets – non-GAAP   1.23 %     1.10 %     1.05 %     1.07 %     1.17 %
    Adjusted return on average common equity – non-GAAP   10.78 %     9.80 %     9.58 %     10.11 %     11.28 %
                       
                       
    Efficiency Ratio Reconciliation                  
    Noninterest expense – GAAP $ 54,472     $ 56,297     $ 53,933     $ 51,391     $ 53,362  
    Other real estate owned property income (expense)   (101 )     (240 )     (107 )     (85 )     21  
    Amortization of intangibles   (3,231 )     (3,314 )     (3,405 )     (3,340 )     (3,497 )
    Nonrecurring technology project expense   (921 )     (2,164 )     –       –       –  
    Integration and acquisition expenses   (52 )     –       (174 )     (316 )     (2,283 )
    Adjusted noninterest expense (non-GAAP) $ 50,167     $ 50,579     $ 50,247     $ 47,650     $ 47,603  
                       
    Net interest income -GAAP $ 59,409     $ 58,950     $ 57,543     $ 56,765     $ 55,470  
    Effect of tax-exempt income (1)   753       767       1,084       596       616  
    Adjusted net interest income (non-GAAP) $ 60,162     $ 59,717     $ 58,627     $ 57,361     $ 56,086  
                       
    Noninterest income – GAAP $ 24,864     $ 26,363     $ 23,023     $ 22,422     $ 24,478  
    Net (gain)/loss on securities sales   181       0       277       156       0  
    Adjusted noninterest income (non-GAAP) $ 25,045     $ 26,363     $ 23,300     $ 22,578     $ 24,478  
                       
    Adjusted total revenue (non-GAAP) $ 85,207     $ 86,080     $ 81,927     $ 79,939     $ 80,564  
                       
    Efficiency ratio (non-GAAP)   58.88 %     58.76 %     61.33 %     59.61 %     59.09 %
                       
    (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

    The MIL Network –

  • MIL-OSI Economics: Microsoft Cloud and AI strength drives third quarter results

    Source: Microsoft

    Headline: Microsoft Cloud and AI strength drives third quarter results

    Microsoft Cloud and AI Strength Drives Third Quarter Results

    REDMOND, Wash. — April 30, 2025 — Microsoft Corp. today announced the following results for the quarter ended March 31, 2025, as compared to the corresponding period of last fiscal year:

    ·        Revenue was $70.1 billion and increased 13% (up 15% in constant currency)

    ·        Operating income was $32.0 billion and increased 16% (up 19% in constant currency)

    ·        Net income was $25.8 billion and increased 18% (up 19% in constant currency)

    ·        Diluted earnings per share was $3.46 and increased 18% (up 19% in constant currency)

    “Cloud and AI are the essential inputs for every business to expand output, reduce costs, and accelerate growth,” said Satya Nadella, chairman and chief executive officer of Microsoft. “From AI infra and platforms to apps, we are innovating across the stack to deliver for our customers.”

    “We delivered a strong quarter with Microsoft Cloud revenue of $42.4 billion, up 20% (up 22% in constant currency) year-over-year driven by continued demand for our differentiated offerings,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

    Business Highlights

    Revenue in Productivity and Business Processes was $29.9 billion and increased 10% (up 13% in constant currency), with the following business highlights:

    ·        Microsoft 365 Commercial products and cloud services revenue increased 11% (up 14% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 12% (up 15% in constant currency)

    ·        Microsoft 365 Consumer products and cloud services revenue increased 10% (up 12% in constant currency) driven by Microsoft 365 Consumer cloud revenue growth of 10% (up 12% in constant currency)

    ·        LinkedIn revenue increased 7% (up 8% in constant currency)

    ·        Dynamics products and cloud services revenue increased 11% (up 13% in constant currency) driven by Dynamics 365 revenue growth of 16% (up 18% in constant currency)

    Revenue in Intelligent Cloud was $26.8 billion and increased 21% (up 22% in constant currency), with the following business highlights:

    ·        Server products and cloud services revenue increased 22% (up 24% in constant currency) driven by Azure and other cloud services revenue growth of 33% (up 35% in constant currency)

    Revenue in More Personal Computing was $13.4 billion and increased 6% (up 7% in constant currency), with the following business highlights:

    ·        Windows OEM and Devices revenue increased 3%

    ·        Xbox content and services revenue increased 8% (up 9% in constant currency)

    ·        Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 23% in constant currency)

    Microsoft returned $9.7 billion to shareholders in the form of dividends and share repurchases in the third quarter of fiscal year 2025.

    Business Outlook

    Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

    Quarterly Highlights, Product Releases, and Enhancements 

    Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

    Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

    Environmental, Social, and Governance (ESG)

    To learn more about Microsoft’s corporate governance and our environmental and social practices, please visit our investor relations Board and ESG website and reporting at Microsoft.com/transparency. 

    Webcast Details

    Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on April 30, 2026.

    Constant Currency

    Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

    Financial Performance Constant Currency Reconciliation

     

    Three Months Ended March 31,

     ($ in millions, except per share amounts)

    Revenue

    Operating Income

    Net Income

    Diluted Earnings per Share

    2024 As Reported (GAAP)

    $61,858

    $27,581

    $21,939

    $2.94

    2025 As Reported (GAAP)

    $70,066

    $32,000

    $25,824

    $3.46

    Percentage Change Y/Y (GAAP)

    13%

    16%

    18%

    18%

    Constant Currency Impact

    $(1,059)

    $(703)

    $(392)

    $(0.05)

    Percentage Change Y/Y Constant Currency

    15%

    19%

    19%

    19%

     

    Segment Revenue Constant Currency Reconciliation

     

    Three Months Ended March 31,

     ($ in millions)

    Productivity and Business Processes

    Intelligent Cloud

    More Personal Computing

    2024 As Reported (GAAP)

    $27,113

    $22,141

    $12,604

    2025 As Reported (GAAP)

    $29,944

    $26,751

    $13,371

    Percentage Change Y/Y (GAAP)

    10%

    21%

    6%

    Constant Currency Impact

    $(626)

    $(308)

    $(125)

    Percentage Change Y/Y Constant Currency

    13%

    22%

    7%

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

    Selected Product and Service Revenue Constant Currency Reconciliation           

     

    Three Months Ended March 31, 2025

    Percentage Change Y/Y (GAAP)

    Constant Currency Impact

    Percentage Change Y/Y Constant Currency

    Microsoft Cloud

    20%

    2%

    22%

    Microsoft 365 Commercial products and cloud services

    11%

    3%

    14%

    Microsoft 365 Commercial cloud

    12%

    3%

    15%

    Microsoft 365 Consumer products and cloud services

    10%

    2%

    12%

    Microsoft 365 Consumer cloud

    10%

    2%

    12%

    LinkedIn

    7%

    1%

    8%

    Dynamics products and cloud services

    11%

    2%

    13%

    Dynamics 365

    16%

    2%

    18%

    Server products and cloud services

    22%

    2%

    24%

    Azure and other cloud services

    33%

    2%

    35%

    Windows OEM and Devices

    3%

    0%

    3%

    Xbox content and services

    8%

    1%

    9%

    Search and news advertising excluding traffic acquisition costs

    21%

    2%

    23%

     

    About Microsoft

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

    Forward-Looking Statements

    Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

    ·        intense competition in all of our markets that may adversely affect our results of operations;

    ·        focus on cloud-based and AI services presenting execution and competitive risks;

    ·        significant investments in products and services that may not achieve expected returns;

    ·        acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;

    ·        impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;

    ·        cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

    ·        disclosure and misuse of personal data that could cause liability and harm to our reputation;

    ·        the possibility that we may not be able to protect information stored in our products and services from use by others;

    ·        abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;

    ·        products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;

    ·        issues about the use of AI in our offerings that may result in reputational or competitive harm, or legal liability;

    ·        excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

    ·        supply or quality problems;

    ·        government enforcement under competition laws and new market regulation may limit how we design and market our products;

    ·        potential consequences of trade and anti-corruption laws;

    ·        potential consequences of existing and increasing legal and regulatory requirements;

    ·        laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;

    ·        claims against us that may result in adverse outcomes in legal disputes;

    ·        uncertainties relating to our business with government customers;

    ·        additional tax liabilities;

    ·        sustainability regulations and expectations that may expose us to increased costs and legal and reputational risk;

    ·        an inability to protect and utilize our intellectual property may harm our business and operating results;

    ·        claims that Microsoft has infringed the intellectual property rights of others;

    ·        damage to our reputation or our brands that may harm our business and results of operations;

    ·        adverse economic or market conditions that may harm our business;

    ·        catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;

    ·        exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and

    ·        the dependence of our business on our ability to attract and retain talented employees.

    For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

    All information in this release is as of March 31, 2025. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

    For more information, press only:

    Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

    For more information, financial analysts and investors only:

    Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

    Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.


     

    MICROSOFT CORPORATION

    INCOME STATEMENTS

    (In millions, except per share amounts) (Unaudited)

    Three Months Ended

     March 31,

    Nine Months Ended

     March 31,

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue:

    Product

     $15,319

     $17,080

     $46,810

     $51,556

    Service and other

    54,747

     

    44,778

     

    158,473

     

    128,839

    Total revenue

    70,066

     

    61,858

     

    205,283

     

    180,395

    Cost of revenue:

    Product

    3,037

    4,339

    10,187

    13,834

    Service and other

    18,882

     

    14,166

     

    53,630

     

    40,596

    Total cost of revenue

    21,919

     

    18,505

     

    63,817

     

    54,430

    Gross margin

    48,147

    43,353

    141,466

    125,965

    Research and development

    8,198

    7,653

    23,659

    21,454

    Sales and marketing

    6,212

    6,207

    18,369

    17,640

    General and administrative

    1,737

    1,912

    5,233

    5,363

    Operating income

    32,000

     

    27,581

     

    94,205

     

    81,508

    Other expense, net

    (623)

     

    (854)

     

    (3,194)

     

    (971)

    Income before income taxes

    31,377

    26,727

    91,011

    80,537

    Provision for income taxes

    5,553

     

    4,788

     

    16,412

     

    14,437

    Net income

     $25,824

     

     $21,939

     

     $74,599

     

     $66,100

    Earnings per share:

    Basic

     $3.47

     $2.95

     $10.03

     $8.90

    Diluted

     $3.46

     $2.94

     $9.99

     $8.85

    Weighted average shares outstanding:

    Basic

    7,434

    7,431

    7,434

    7,431

    Diluted

    7,461

     

    7,472

     

    7,466

     

    7,467

     


     

    COMPREHENSIVE INCOME STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     March 31,

    Nine Months Ended

     March 31,

     

    2025

     

    2024

     

    2025

     

    2024

    Net income

     $25,824

     

     $21,939

     

     $74,599

     

     $66,100

    Other comprehensive income (loss), net of tax:

    Net change related to derivatives

    (20)

    10

    4

    28

    Net change related to investments

    450

    (202)

    1,130

    869

    Translation adjustments and other

    353

     

    (294)

     

    (377)

     

    11

    Other comprehensive income (loss)

    783

     

    (486)

     

    757

     

    908

    Comprehensive income

     $26,607

     

     $21,453

     

     $75,356

     

     $67,008

     


     

    BALANCE SHEETS

    (In millions) (Unaudited)

     

    March 31,

    2025

    June 30,

     2024

    Assets

    Current assets:

    Cash and cash equivalents

     $28,828

     $18,315

    Short-term investments

    50,790

    57,228

    Total cash, cash equivalents, and short-term investments

    79,618

    75,543

    Accounts receivable, net of allowance for doubtful accounts of $695 and $830

    51,700

    56,924

    Inventories

    848

    1,246

    Other current assets

    24,478

    26,021

    Total current assets

    156,644

    159,734

    Property and equipment, net of accumulated depreciation of $87,074 and $76,421

    183,939

    135,591

    Operating lease right-of-use assets

    24,475

    18,961

    Equity and other investments

    16,035

    14,600

    Goodwill

    119,329

    119,220

    Intangible assets, net

    23,968

    27,597

    Other long-term assets

    38,234

    36,460

    Total assets

     $562,624

     $512,163

    Liabilities and stockholders’ equity

    Current liabilities:

    Accounts payable

     $26,250

     $21,996

    Short-term debt

    0

    6,693

    Current portion of long-term debt

    2,999

    2,249

    Accrued compensation

    10,579

    12,564

    Short-term income taxes

    6,805

    5,017

    Short-term unearned revenue

    44,636

    57,582

    Other current liabilities

    22,937

    19,185

    Total current liabilities

    114,206

    125,286

    Long-term debt

    39,882

    42,688

    Long-term income taxes

    25,061

    27,931

    Long-term unearned revenue

    2,840

    2,602

    Deferred income taxes

    2,522

    2,618

    Operating lease liabilities

    17,686

    15,497

    Other long-term liabilities

    38,536

    27,064

    Total liabilities

    240,733

    243,686

    Commitments and contingencies

    Stockholders’ equity:

    Common stock and paid-in capital – shares authorized 24,000; outstanding 7,434 and 7,434

    106,965

    100,923

    Retained earnings

    219,759

    173,144

    Accumulated other comprehensive loss

    (4,833)

    (5,590)

    Total stockholders’ equity

    321,891

    268,477

    Total liabilities and stockholders’ equity

     $562,624

     $512,163

     


     

    CASH FLOWS STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     March 31,

    Nine Months Ended

     March 31,

     

    2025

     

    2024

     

    2025

     

    2024

    Operations

    Net income

     $25,824

     $21,939

     $74,599

     $66,100

    Adjustments to reconcile net income to net cash from operations:

    Depreciation, amortization, and other

    8,740

    6,027

    22,950

    15,907

    Stock-based compensation expense

    2,980

    2,703

    8,901

    8,038

    Net recognized losses (gains) on investments and derivatives

    (298)

    49

    553

    261

    Deferred income taxes

    (2,244)

    (1,323)

    (4,835)

    (3,593)

    Changes in operating assets and liabilities:

    Accounts receivable

    (2,461)

    (2,028)

    5,598

    6,055

    Inventories

    52

    260

    390

    1,229

    Other current assets

    1,076

    951

    642

    880

    Other long-term assets

    (518)

    (2,137)

    (3,368)

    (5,577)

    Accounts payable

    1,179

    648

    1,221

    (659)

    Unearned revenue

    (1,032)

    (645)

    (12,923)

    (10,309)

    Income taxes

    1,298

    2,622

    (1,081)

    2,493

    Other current liabilities

    2,839

    2,803

    576

    215

    Other long-term liabilities

    (391)

     

    48

     

    292

     

    313

    Net cash from operations

    37,044

     

    31,917

     

    93,515

     

    81,353

    Financing

    Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net

    0

    (3,810)

    (5,746)

    6,392

    Proceeds from issuance of debt

    0

    6,352

    0

    24,198

    Repayments of debt

    (2,250)

    (11,589)

    (3,216)

    (16,005)

    Common stock issued

    546

    522

    1,508

    1,468

    Common stock repurchased

    (4,781)

    (4,213)

    (13,874)

    (13,044)

    Common stock cash dividends paid

    (6,169)

    (5,572)

    (17,913)

    (16,197)

    Other, net

    (382)

     

    (498)

     

    (1,614)

     

    (1,006)

    Net cash used in financing

    (13,036)

     

    (18,808)

     

    (40,855)

     

    (14,194)

    Investing

    Additions to property and equipment

    (16,745)

    (10,952)

    (47,472)

    (30,604)

    Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets

    (981)

    (1,575)

    (4,235)

    (67,790)

    Purchases of investments

    (4,474)

    (2,183)

    (8,144)

    (14,901)

    Maturities of investments

    6,721

    3,350

    11,461

    23,218

    Sales of investments

    2,161

    1,941

    6,688

    8,871

    Other, net

    604

    (1,281)

    (325)

    (916)

    Net cash used in investing

    (12,714)

     

    (10,700)

     

    (42,027)

     

    (82,122)

    Effect of foreign exchange rates on cash and cash equivalents

    52

     

    (80)

     

    (120)

     

    (107)

    Net change in cash and cash equivalents

    11,346

    2,329

    10,513

    (15,070)

    Cash and cash equivalents, beginning of period

    17,482

     

    17,305

     

    18,315

     

    34,704

    Cash and cash equivalents, end of period

     $28,828

     

     $19,634

     

     $28,828

     

     $19,634

     


     

    SEGMENT REVENUE AND OPERATING INCOME

    (In millions) (Unaudited)

     

    Three Months Ended

     March 31,

     

    Nine Months Ended

     March 31,

     

     

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue

     

     

     

     

     

     

     

    Productivity and Business Processes

     $29,944

     

     $27,113

     

     $87,698

     

     $78,193

    Intelligent Cloud

    26,751

     

    22,141

     

    76,387

     

    63,679

    More Personal Computing

    13,371

     

    12,604

     

    41,198

     

    38,523

    Total

     $70,066

     

     $61,858

     

     $205,283

     

     $180,395

    Operating Income

     

     

     

     

     

     

     

    Productivity and Business Processes

     $17,379

     

     $15,143

     

     $50,780

     

     $43,955

    Intelligent Cloud

    11,095

     

    9,515

     

    32,449

     

    27,978

    More Personal Computing

    3,526

     

    2,923

     

    10,976

     

    9,575

    Total

     $32,000

     

     $27,581

     

     $94,205

     

     $81,508

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

     

    MIL OSI Economics –

  • MIL-OSI USA: Wyden, Colleagues Introduce Bipartisan Bill to Tackle Housing Affordability Crisis

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    April 30, 2025

    Washington D.C.—U.S. Senator Ron Wyden, D-Ore today joined Senate colleagues in reintroducing a bipartisan bill that would expand the existing, successful Low-Income Housing Tax Credit and increase the supply of affordable housing units in Oregon and nationwide.

    “It’s time for Congress to meet the housing crisis with the bold solutions it demands and that starts with increasing housing supply,” said Wyden, Ranking Member of the Senate Finance Committee. “Our bill will deliver some much-needed relief to families by supporting existing, successful federal housing programs and building over one million new units of affordable housing. I am all in to bring down costs and make housing more affordable for everyone no matter your zip code.” 

    Since 1986, the Housing Credit has paid for 90% of the federally-funded affordable housing construction across the country, and has financed 4 million affordable homes. The National Association of Homebuilders reports that building materials have increased in cost by an average of 5.5% due to enacted or anticipated tariffs since January 2025, underscoring the urgent need for this legislation.  Moreover, according to the association, 60% of builders reported that as a result of tariffs, their suppliers have already increased or announced increases of material prices – with tariffs increasing the cost of a typical home by $10,900.

    The Affordable Housing Credit Improvement Act would support the financing of new affordable homes by:

    • Increasing the amount of credits allocated to each state. The legislation would increase the number of credits available to states by 50 percent for the next two years and make permanent the temporary 12.5 percent increase secured in 2018 —which has already helped build more than 59,000 additional affordable housing units nationwide. 
    • Increasing the number of affordable housing projects that can be built using private activity bonds. This provision would stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure the Housing Credit. As a result, projects would have to carry less debt, and more projects would be eligible to receive the credit. 
    • Improving the Housing Credit program to better serve at-risk and underserved communities. The legislation would also make improvements to better serve veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Americans. 

    This legislation builds on Wyden’s long history of working to address the national housing crisis. In 2023, he introduced his comprehensive Decent, Affordable, Safe Housing for All (DASH) Act, which would expand essential services to ensure permanent housing stability, create a new down payment tax credit for first-time homebuyers, and expand the production of affordable housing for low-income and middle-income families.

    In addition to Wyden, the bill was co-led by Sens. Maria Cantwell, D-Wash., Todd Young, R-Ind., and Marsha Blackburn, R-Tenn. It has 30 total original cosponsors, with an equal split of Democrats and Republicans.

    MIL OSI USA News –

  • MIL-OSI USA: School Official Pleads Guilty to 2.9M Scheme to Defraud Veterans’ Education Programs

    Source: US State of California

    A Virginia career services manager for a school offering job training programs to veterans pleaded guilty today for his role in a scheme to defraud the Department of Veterans Affairs (VA) of nearly $3 million.

    According to court documents, Jeffrey Williams, 37, of Alexandria, used false records to defraud the VA of millions of dollars from approximately July 2022 to May 2024. During that time, the defendant was a career services manager at an educational institution offering veterans educational programs in cyber that could be paid for by the VA. As part of the scheme, Williams created fraudulent employment offer letters, falsified certifications, and forged veterans’ signatures to make it appear as if veterans had attained the meaningful employment needed for the educational institution to receive tuition payments from the government. Williams caused the submission of hundreds of false documents to the VA, claiming approximately $2.9 million in fraudulent tuition payments for at least 189 veterans.

    Williams pleaded guilty to one count of wire fraud and faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The VA Office of Inspector General is investigating the case.

    Trial Attorney Lauren Archer of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Jordan Harvey for the Eastern District of Virginia are prosecuting the case.

    MIL OSI USA News –