NewzIntel.com

Category: Transport

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Incentivizes Domestic Automobile Production

    Source: The White House

    INCENTIVIZING DOMESTIC AUTO PRODUCTION: Today, President Donald J. Trump signed a proclamation to protect national security by incentivizing domestic automobile production and reducing American reliance on imports of foreign automobiles and their parts.

    • The proclamation modifies the tariff action on automobiles and automobile parts by encouraging manufacturers to assemble their automobiles in the U.S., thereby reducing American reliance on foreign imports of automobiles and automobile parts.
    • It offers an offset to a portion of tariffs for automobile parts used in U.S.-assembled vehicles equal to 3.75% of the Manufacturer’s Suggested Retail Price (MSRP) of a manufacturer’s U.S. production for the next year (April 3, 2025 to April 30, 2026), and 2.5% of U.S. production the year after (May 1, 2026 to April 30, 2027).
      • These percentages reflect the duty that would be owed when a 25% duty is applied to 15% of the value of a U.S.-assembled automobile in the first year, and to 10% of the value of a U.S.-assembled automobile in the second year.
      • All other automobile imports will still be subject to the 25% tariff.
      • For instance, if a manufacturer builds a car in the U.S. that has 85% U.S. or USMCA content, the manufacturer effectively will not owe tariffs on that vehicle’s production for the first year.
      • If a manufacturer builds a car in the U.S. that is 50% U.S. or USMCA content and 50% imported from elsewhere, then instead of paying the tariff on the full 50% of the imported car parts, the manufacturer effectively only pays on 35% for the first year.
    • The proclamation sets strict penalties for importers who claim tariff reduction in excess of approved amounts.
    • This modified action will more effectively address the threat to national security by reducing reliance on foreign manufacturing, strengthening U.S. vehicle assembly operations, boosting domestic R&D, and creating American jobs, all of which are essential to a strong defense industrial base.

    MAINTAINING A RESILIENT DOMESTIC INDUSTRIAL BASE: President Trump is taking further action to ensure the U.S. can sustain its domestic industrial base and meet national-security needs. 

    • The COVID-19 pandemic exposed critical vulnerabilities and choke points in global supply chains, undermining our ability to maintain a resilient domestic industrial base.
    • Legislation, pre-existing trade agreements like the USMCA, revisions to the U.S.-Korea Free Trade Agreement, and subsequent negotiations have not sufficiently mitigated the threat to national security posed by imports of automobiles and certain automobile parts.
    • Foreign automobile industries, bolstered by unfair subsidies and aggressive industrial policies, have expanded, while U.S. production has stagnated.
    • In 1985, American-owned facilities in the United States manufactured 11.0 million automobiles, representing 97% of overall domestic (American- and foreign-owned) production of automobiles.
    • In 2024, Americans bought approximately 16 million cars, SUVs, and light trucks, and 50% of these vehicles were imports (8 million).
      • Of the other 8 million vehicles assembled in America and not imported, the average domestic content is conservatively estimated at only 50% and is likely closer to 40%.
      • Therefore, of the 16 million cars bought by Americans, only 25% of the vehicle content can be categorized as Made in America.
    • The United States trade deficit in automobile parts reached $93.5 billion in 2024.
    • Currently, the U.S. automobile and automobile parts industry (American-owned and foreign-owned firms) employs approximately one million U.S. workers.
    • Employment in automotive parts manufacturing totaled approximately 553,300 jobs in 2024, a decline of 286,000 jobs or 34% since 2000.
    • In 2023, Research and Development (R&D) by American-owned automobile manufacturers amounted to only 16% of global R&D spending. R&D by American-owned firms lagged behind the EU, which controlled 53% of global R&D.

    MIL OSI USA News –

  • MIL-OSI USA News: Amendments to Adjusting Imports of Automobiles and Automobile Parts Into the United States

    Source: The White House

    class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

    A PROCLAMATION

    1.  On February 17, 2019, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effects of imports of passenger vehicles (sedans, sport utility vehicles, crossover utility vehicles, minivans, and cargo vans) and light trucks (collectively, automobiles) and certain automobile parts (engines and engine parts, transmissions and powertrain parts, and electrical components) (collectively, automobile parts) on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232).  Based on the facts considered in that investigation, the Secretary found and advised me of his opinion that automobiles and certain automobile parts are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
    2.  In Proclamation 9888 of May 17, 2019 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), I concurred with the Secretary’s finding in the February 17, 2019, report that automobiles and certain automobile parts are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.  I directed the United States Trade Representative (Trade Representative), in consultation with other executive branch officials, to pursue negotiation of agreements to address the threatened impairment of the national security of the United States with respect to imported automobiles and certain automobile parts from certain countries.  The Trade Representative’s negotiations did not lead to any agreements of the type contemplated by section 232.  I also directed the Secretary to monitor imports of automobiles and certain automobile parts and inform me of any circumstances that, in the Secretary’s opinion, might indicate the need for further action under section 232 with respect to such imports.
    3.  In Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), I found, based on information newly provided by the Secretary, that imports of automobiles and certain automobile parts continued to threaten to impair the national security of the United States and deemed it necessary and appropriate to impose a tariff system to adjust imports of automobiles and certain automobile parts so that such imports will not threaten to impair national security.  The tariffs on automobiles have been in effect since 12:01 a.m. eastern daylight time on April 3, 2025; the tariffs on automobile parts are set to go into effect on or after 12:01 a.m. eastern daylight time on May 3, 2025. 
    4.  In Proclamation 10908, I also deemed it necessary and appropriate to establish processes to identify and impose tariffs on additional automobile parts to ensure that the tariffs on automobiles and certain automobile parts are not circumvented and that the purpose of this action to eliminate the threat to the national security of the United States by imports of automobiles and certain automobile parts is not undermined.  I directed the Secretary to set up such a process within 90 days of the date of Proclamation 10908.
    5.  In Proclamation 10908, I also directed the Secretary to continue to monitor imports of automobiles and automobile parts, to review the status of such imports with respect to national security, and to inform me of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  The Secretary has advised me that additional action is warranted in the interest of meeting the national security objectives outlined in Proclamation 10908.
    6.  In my judgment, it is necessary and appropriate to modify the system of monetary fees and related measures imposed to adjust imports of automobiles and certain automobile parts pursuant to Proclamation 10908 to more effectively eliminate the threat imports of automobiles and certain automobile parts pose on the national security of the United States.
    7.  I determine that the modified system, by linking the ultimate monetary fee imposed on imports of automobile parts to the imports’ use in assembly of automobiles within the United States, in the way and on the timeline described below, will adjust imports of automobiles and automobile parts and more effectively eliminate such imports’ threat to impair national security.  I find that the modified system will more effectively eliminate the national security threat because it will more quickly reduce reliance on foreign manufacturing and importation of automobiles and automobile parts; strengthen United States vehicle assembly operations by encouraging companies to expand domestic production capacity, which is critical to a strong domestic defense industrial base; shift manufacturing activity into the United States; increase domestic automotive research and development so that American-owned producers can produce cutting-edge technologies that are essential to the United States defense industrial base and our military superiority; create jobs in the automotive industry that increase the number of employees in the domestic automotive industry; and ensure that other benefits of production are concentrated in the United States. 
    8.  Section 232 authorizes the President to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security of the United States so that such imports will not threaten to impair national security.
    9.  Section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code; section 604 of the Trade Act of 1974, as amended; and section 232 of the Trade Expansion Act of 1962, as amended, do hereby proclaim as follows:
    (1)  To more effectively eliminate the threat to impair national security posed by imports of automobiles and automobile parts, I find that it is necessary to modify the system imposed in Proclamation 10908 by reducing duties assessed on automobile parts accounting for 15 percent of the value of an automobile assembled in the United States for 1 year and equivalent to 10 percent of that value for an additional year as follows:
    (a)  For automobiles assembled in the United States, automobile manufacturers shall be eligible to receive an import adjustment offset amount applicable to section 232 duties on automobile parts based on the following schedule:
    (i)   The automobile manufacturer may apply for an import adjustment offset amount equal to 3.75 percent of the aggregate Manufacturer’s Suggested Retail Price (MSRP) value of all automobiles assembled in the United States from April 3, 2025, through April 30, 2026.
    (ii)  The automobile manufacturer may apply for an import adjustment offset amount equal to 2.5 percent of the aggregate MSRP value of all automobiles assembled in the United States from May 1, 2026, through April 30, 2027.
    (b)  The percentage rate provided in subsection (i) reflects the total duty that would be owed when a 25 percent duty is applied to parts accounting for 15 percent of an automobile’s MSRP value.  The percentage rate provided in subsection (ii) reflects the total duty that would be owed when a 25 percent duty is applied to parts accounting for 10 percent of an automobile’s MSRP value. 
    (c)  Only automobiles that undergo final assembly in the United States are eligible to be included in this calculation.  The manufacturer’s import adjustment offset amount may only be used by importers of record authorized by that manufacturer, and the amount may only be used to offset tariff liability related to that manufacturer’s automobile parts tariff liability under Proclamation 10908.  Should a manufacturer’s import adjustment offset amount exceed the total amount attributable to that manufacturer’s automobile parts tariff liability under Proclamation 10908, the relief is capped at the total amount of that manufacturer’s automobile parts tariff liability under Proclamation 10908, and the manufacturer may not use the additional amount above that cap to offset any other tariff liability.  A manufacturer with an approved import adjustment offset amount may determine the importers of record eligible to decrement against that manufacturer’s import adjustment offset amount, and that list of importers of record may include suppliers in that manufacturer’s supply chain for automobiles assembled in the United States if the manufacturer so chooses.
    (2)  (a)  Within 30 days of the date of this order, the Secretary shall establish a process by which manufacturers seeking an import adjustment offset amount shall submit to the Secretary:
    (i)    documentation certifying the number of automobiles the manufacturer projects it will assemble in the United States, as well as a list of all plant locations where the projected automobiles will undergo final production;
    (ii)   documentation certifying the manufacturer’s projected cost of tariffs due to imported automobile parts subject to Proclamation 10908, broken down by tariff costs the manufacturer will incur directly and tariff costs the manufacturer will incur from its suppliers;
    (iii)  documentation detailing the total import adjustment offset amount requested within the schedule determined by the Secretary in accordance with this proclamation;
    (iv)   documentation identifying the importer(s) of record, including importer of record numbers, eligible to use that manufacturer’s import adjustment offset amount, as well as the amount of the manufacturer’s offset amount allotted to each importer of record; and
    (v)    a certification, signed by a senior officer of the manufacturer, attesting under penalty of perjury that the information submitted under subsections (i) through (iv) is true, complete, and accurate to the best of the manufacturer’s knowledge, and that the manufacturer has conducted reasonable due diligence to verify the accuracy of the assertions and facts contained in its submissions.
    (b)  Upon verification of the completeness and accuracy of a manufacturer’s submission and the manufacturer’s eligibility, the Secretary shall approve the application and notify U.S. Customs and Border Protection (CBP) with the information necessary for CBP to administer and implement the manufacturer’s import adjustment offset amount, including importer of record number(s) for the importer(s) eligible to use each offset amount and the approved import adjustment offset amount.  CBP shall confer the approved offset amount to the approved importer(s) of record using processes and mechanisms consistent with CBP’s operational framework and tariff administration procedures, including offset against current tariff obligations due at the time of entry, or other lawful methods.
    (3)  The Secretary, in consultation with the Secretary of the Treasury and the Commissioner of CBP, shall issue such regulations, guidance, and procedures as necessary to carry out the provisions of this proclamation and Proclamation 10908, and may establish standards for determining United States content and for validating manufacturer certifications.
    (4)  The Secretary, in consultation with the United States International Trade Commission and CBP, shall determine whether modifications to the HTSUS are necessary to effectuate this proclamation and may make such modifications through notice in the Federal Registerif needed.
    (5)  CBP shall begin providing approved importers with an import adjustment offset amount as soon as practicable and may request information from importers of record as necessary to implement a particular manufacturer’s import adjustment offset amount. 
    (6)  Should an importer claim and receive any import adjustment offset amount from CBP in excess of the amount approved by the Secretary, CBP may assess monetary penalties in the maximum amount permitted by law.
    (7)  The Secretary shall continue to monitor imports of automobiles and automobile parts.  The Secretary also shall, from time to time, in consultation with any senior executive branch officials the Secretary deems appropriate, review the status of such imports with respect to national security.  The Secretary shall inform the President of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  The Secretary shall also inform the President of any circumstance that, in the Secretary’s opinion, might indicate that the duty rate provided for in Proclamation 10908, or any proclamation issued pursuant thereto, is no longer necessary.
    (8)  Any provision of previous proclamations and Executive Orders that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.  This proclamation shall apply in accordance with the Executive Order of April 29, 2025 (Addressing Certain Tariffs on Imported Articles).
    IN WITNESS WHEREOF, I have hereunto set my hand this
    twenty-ninth day of April, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

                                   DONALD J. TRUMP

    MIL OSI USA News –

  • MIL-OSI USA News: 100 DAYS OF HOAXES: Cutting Through the Fake News

    Source: The White House

    Since President Donald J. Trump took office 100 days ago, it has been a nonstop deluge of hoaxes and lies from Democrats and their allies in the Fake News suffering from terminal cases of Trump Derangement Syndrome.

    In no particular order, here are some of the most egregious hoaxes peddled by the usual suspects so far in President Trump’s second term:

    • HOAX: Fake News CNN attempted to “fact check” President Trump’s claim that the Biden Administration spent millions on “making mice transgender.”
    • FACT: After their so-called “fact check” was thoroughly debunked, they were forced to update it in disgrace and admit the claim was, in fact, true.
    • HOAX: The Fake News claimed the Department of Defense removed Gen. Colin Powell’s name from a list of notable Americans buried at Arlington Cemetery.
    • FACT: No service members’ names were removed from that section — and Gen. Powell’s name remains among those listed.
    • HOAX: Rep. Eric Swalwell (D-CA) claimed “no president” presided over more plane crashes during their first month in office as President Trump.
    • FACT: “There were 55 aviation accidents in the U.S. between Biden’s inauguration on Jan. 21, 2021, and Feb. 17, 2021, compared to 35 during the same period for Trump,” Fox News reported.
    • HOAX: Gov. JB Pritzker (D-IL) and Chicago Public Schools officials claimed, without bothering to verify, that ICE agents had conducted a “raid” at an elementary school — a false claim echoed by media outlets, including the Chicago Tribune.
    • FACT: It was actually the U.S. Secret Service investigating a threat unrelated to immigration.
    • HOAX: Far-left influencers and other leftist hacks falsely claimed the Department of Government Efficiency (DOGE) and Elon Musk were out to “cut Social Security.”
    • FACT: They were referencing an interview in which Musk was clearly referring to the tremendous amount of waste, fraud, and abuse within entitlement programs.
    • HOAX: The media smeared DOGE as “young, inexperienced engineers” engineering a “government takeover.”
    • FACT: In reality, DOGE is led by seasoned industry professionals, including successful CEOs who paused their lives to aid in the effort of streamlining government and holding the bureaucracy accountable.
    • HOAX: NBC’s Peter Alexander peddled the lie that “constituents in some traditionally red districts” were unhappy with President Trump’s effort to cut waste, fraud, and abuse in government.
    • FACT: The same “protests” cited by the Fake News were funded and organized by far-left special interest groups.
    • HOAX: NPR claimed NASA astronauts Suni Williams and Butch Wilmore — who were stuck on the International Space Station for more than nine months following problems with their spacecraft — were “not stranded.”
    • FACT: NPR itself had described the astronauts as stranded in prior reporting, and only seemed to take issue with the description once President Trump and Elon Musk made it a priority to bring them home.
    • HOAX: A foreign Fake News outlet reported that President Trump “shut down” the British prime minister during a news conference.
    • FACT: In reality, President Trump was simply moving on from a reporter who was trying to goad the two leaders into division.
    • HOAX: NPR falsely claimed the White House was actively searching for a new secretary of defense.
    • FACT: This lie was immediately shut down by multiple Trump Administration officials, including President Trump himself.
    • HOAX: The Fake News attempted to paint illegal immigrant gang member Kilmar Abrego Garcia as an innocent “Maryland father” who was unjustly deported by the Trump Administration — and actively censored the truth about him.
    • FACT: Abrego Garcia is a citizen of El Salvador and was deported to his home country amid overwhelming evidence of his gang affiliation.
    • HOAX: Deranged “filmmaker” Michael Moore questioned whether deported illegal immigrants would go on to cure cancer or stop “that asteroid (sic) that’s gonna hit us.”
    • FACT: Moore’s statement was a strong early contender for the dumbest, most ridiculous statement of the year considering those deported illegal immigrants were violent criminals.
    • HOAX: The Fake News portrayed Mahmoud Khalil, a pro-Hamas radical who led violent protests at Columbia, as an innocent graduate student with an absolute right to remain in the U.S.
    • FACT: An immigration judge ruled Khalil — who is not a U.S. citizen — can be deported.
    • HOAX: The Financial Times reported that Senior White House Counselor Peter Navarro wanted to remove Canada from the “Five Eyes” intelligence sharing network.
    • FACT: Mr. Navarro immediately shut down this fake story.
    • HOAX: A foreign Fake News reporter claimed President Trump referred to European nations as “parasites.”
    • FACT: President Trump immediately pushed back on this ridiculous claim — as did the Italian prime minister.
    • HOAX: Fake News CNN’s Brianna Keilar implied the Trump Administration was somehow wrong for stopping illegal immigrants from stealing taxpayer dollars in the form of welfare benefits.
    • FACT: Deputy Chief of Staff Stephen Miller summarily embarrassed her with the facts: “The federal government will find EVERY illegal alien who is stealing American taxpayer dollars — and that’s what Americans expect to happen. I don’t even fathom the premise of your question.”
    • HOAX: A favorite refrain of the Fake News is that Secretary of Health and Human Services Robert F. Kennedy, Jr., is “anti-vaccine.”
    • FACT: Kennedy debunked the lie in his confirmation hearings: “This has been repeatedly debunked … Bringing this up right now is dishonest.”
    • HOAX: WIRED falsely claimed the Social Security Administration is “shifting its public communication exclusively to X” under President Trump.
    • FACT: Not happening.
    • HOAX: Reuters falsely reported that the Trump Administration “stalled a United Nations program in Mexico aimed at stopping imported fentanyl chemicals from reaching the country’s drug cartels.”
    • FACT: The Department of State is actually trying to expand the initiative.
    • FACT: The Fake News frequently pushed the lie that as part of the Trump administration, Secretary Kennedy would implement a national abortion ban and “restrict or even ban medication abortion without a single act of Congress.”
    • FACT: Secretary Kennedy consistently pledged to implement President Trump’s policies — which include leaving abortion to the states, ending barbaric late-term abortions, protecting conscientious objections, and ending federal funding for abortions.
    • HOAX: Fake News savant Tara Palmeri falsely reported that President Trump’s proposal for Gaza was conceived by Jared Kushner.
    • FACT: This lie was immediately and summarily debunked by the Trump Administration: “The worst reporter in America makes up fake news for clout because she has no real sources. Sit down, dummy.”
    • HOAX: Sen. Chris Murphy, Rep. Jasmine Crockett, and media outlets claimed President Trump’s directive to pause radical, wasteful government spending meant an end to Medicaid, food assistance, and other individual assistance programs.
    • FACT: Individual assistance programs — Social Security, Medicare, Medicaid, SNAP, etc. — were explicitly excluded, as was made clear by Press Secretary Karoline Leavitt and the Office of Management and Budget. Only unnecessary spending — DEI, Green New Scam, NGOs that undermine the national interest — were included in the directive.
    • HOAX: A “physicians advocacy group” was widely cited as opposing President Trump’s nomination of Robert F. Kennedy, Jr., to lead the Department of Health and Human Services.
    • FACT: The “advocacy group” was really an astroturfed partisan organization funded by prominent left-wing donors — and accepted fake signatures.
    • HOAX: Sen. Tim Kaine (D-VA) and other Democrats pushed the lie that DOGE posted “classified information” on their website.
    • FACT: That alleged “classified information” was really just an employment headcount — which has been publicly available for years.
    • HOAX: Rep. Debbie Wasserman Schultz (D-FL) claimed Secretary of Homeland Security Kristi Noem called all Venezuelan immigrants “dirtbags.”
    • FACT: Secretary Noem actually called illegal immigrant members of the vicious Tren de Aragua gang “dirtbags,” which is true.
    • HOAX: The New York Times wrote that Secretary Robert F. Kennedy, Jr., wanted to “ban fluoride in drinking water” and “reverse … one of the most important public health practices in the country’s history.”
    • FACT: New York Times made no mention of their own reporting that fluoride may be “linked to lower IQ scores in children.”
    • HOAX: Sen. Chuck Schumer (D-NY) repeatedly lied about President Trump “going after” Social Security.
    • FACT: President Trump has repeatedly pledged to protect Social Security and make it more robust for American citizens.
    • HOAX: Sen. Mark Kelley (D-AZ) attempted to scare veterans by shamelessly claiming their care was in jeopardy due to “layoffs” at VA hospitals.
    • FACT: The lie was debunked by Secretary of Veterans Affairs Doug Collins: “What changes are you talking about? We’ve not had those layoffs… I put $360 million back into community care… It’s concerning to me that a veteran would actually tell stories to veterans that are not true.”
    • HOAX: Rep. Jasmine Crockett (D-TX) exploited the Ronald Reagan Washington National Airport plane crash tragedy by claiming President Trump “froze the hiring” of air traffic controllers.
    • FACT: Air traffic controllers were exempt from the federal hiring freeze.
    • HOAX: Rep. Jasmine Crockett (D-TX) implied that “cutting” members of an aviation advisory committee was somehow a cause of the Ronald Reagan Washington National Airport plane crash tragedy.
    • FACT: The advisory group hadn’t met since 2023 and was comprised of business and union leaders who gave “advice” to the TSA and had nothing to do with actual air travel.
    • HOAX: A far-left writer claimed Elon Musk and DOGE staffers “illegally installed a commercial server to control federal HR databases that contain sensitive personal information, including SSNs, home addresses, and medical histories.”
    • FACT: A top official confirmed “there’s nothing illegal and no server, just more made up tall tales from uninformed career bureaucrats.”
    • HOAX: The Washington Post alleged the Trump Administration was setting “quotas” for immigration authorities — and gave the administration just four minutes to comment before publishing.
    • FACT: As usual, this was a fake story.
    • HOAX: Online liberal activists claimed President Trump “took down” President Obama’s portrait in the White House.
    • FACT: Obama’s portrait was not taken down — it was simply moved only feet away from its previous location.
    • HOAX: Sen. Mazie Hirono (D-HI) claimed Attorney General Pam Bondi created a “weaponizing task force.”
    • FACT: It was a task force to END weaponization at the Department of Justice.
    • HOAX: CBS News reported that Secretary of Defense Pete Hegseth ordered a “makeup studio” be installed inside the Pentagon.
    • FACT: It was a “totally fake story,” and the alleged studio was really an existing green room with no frills.
    • HOAX: Politico reported the Trump Administration was debating lifting sanctions on Russian energy assets, including the Nord Stream pipeline.
    • FACT: This was debunked by both Secretary of State Marco Rubio and Special Envoy Steve Witkoff.
    • HOAX: An illegal immigrant in U.S. custody “simply disappeared,” The New York Times reported.
    • FACT: The illegal immigrant was a confirmed member of the vicious Tren de Aragua gang. An immigration judge ordered his removal, and he was deported along with other threats to national security.
    • HOAX: The Wall Street Journal alleged that Special Envoy Steve Witkoff was receiving sensitive information on a personal phone while in Moscow and that Russian Intelligence must’ve had access to the information.
    • FACT: This was a total fabrication. Special Envoy Witkoff did not even have a personal phone with him in Russia. He had only a government phone; a secure line of communication.
    • HOAX: The Wall Street Journal claimed the Trump Administration “sought to portray” deported criminal illegal immigrant gang member Kilmar Abrego Garcia as “violent.”
    • FACT: Abrego Garcia’s own wife filed an order of protection against him and testified that he brutally beat her.
    • HOAX: An AP reporter claimed that FAA staff who worked on “radar, landing and navigational aid maintenance, among others” were “harassed on Facebook” by DOGE.
    • FACT: That was a total lie. DOGE doesn’t have a Facebook page and no professionals who perform critical safety functions were fired.
    • HOAX: The Daily Beast claimed Vice President JD Vance “broke one of the most notorious Vatican rules during his Easter weekend visit” by being photographed in the Sistine Chapel.
    • FACT: Buried all the way down in the 14th paragraph, The Daily Beast admitted the vice president was given special permission by the Vatican to have photographs taken inside the Sistine Chapel.
    • HOAX: Left-wing social media accounts promoted fake, AI-generated audio of Vice President Vance “disparaging Elon Musk in private.”
    • FACT: The audio was debunked as fake.
    • HOAX: The New York Times reported that funding for the Women’s Health Initiative was being slashed by the Department of Health and Human Services.
    • FACT: Secretary Robert F. Kennedy, Jr., himself declared this Fake News and recognized the project is “mission critical.”
    • HOAX: Fox News’s Jennifer Griffin gave legitimacy to a hoax from delusional Reps. Debbie Wasserman Schultz (D-FL) and Rosa DeLauro (D-CT) that Secretary of Defense Pete Hegseth requested nearly $140,000 in “upgrades” to his government residence.
    • FACT: This lie was debunked by Secretary Hegseth — and it was so outrageous, even the AP was forced to admit it was completely fake.
    • HOAX: Rep. Don Beyer (D-VA) and many others claimed the Supreme Court ordered the return of illegal immigrant gang member Kilmar Abrego Garcia to the United States.
    • FACT: Even CNN admitted that’s not what happened: “They did not order the administration to return him to the United States … they could’ve said ‘we order him returned,’ but they didn’t do that.”
    • HOAX: Joe Biden accused the Trump Administration of “taking aim at Social Security.”
    • FACT: As usual, he was lying — President Trump has repeatedly pledged to protect Social Security.
    • HOAX: Rep. Ro Khanna (D-CA) claimed the arrest of a Milwaukee judge who helped an illegal immigrant evade arrest was “unprecedented.”
    • FACT: It wasn’t; it has happened before.
    • HOAX: Sen. Tammy Baldwin (D-WI) called the arrest of a Milwaukee judge who helped an illegal immigrant evade arrest a “gravely serious and drastic move.”
    • FACT: The judge violated the law by obstructing an ICE arrest of an illegal immigrant.
    • HOAX: Sen. Amy Klobuchar (D-MN) claimed the arrest of the Milwaukee judge who obstructed an apprehension of a criminal illegal immigrant “threatens the rule of law.”
    • FACT: It literally does the opposite because no one is above the law.
    • HOAX: Politico claimed the Trump Administration “wipe[d] out firefighter health and safety programs.”
    • FACT: The programs remain a top priority for the administration — and will remain intact.
    • HOAX: Sen. Elizabeth Warren claimed that President Trump’s policies make it so “no one wants to make investments in the United States.”
    • FACT: President Trump has secured more than $5 trillion in investments since taking office, which is expected to create more than 451,000 new jobs — and the list is only expected to grow.
    • HOAX: NBC’s Kristen Welker peddled a Fake News hoax that the Trump Administration was deporting children.
    • FACT: Secretary of State Marco Rubio shut down her desperate attempt at a hoax by highlighting how the mother, who was in the country illegally, made that choice all on her own.
    • HOAX: The New York Times implied President Trump was alone in wearing a blue suit to the funeral of Pope Francis.
    • FACT: Photos show dozens of world leaders and other attendees — many situated near President Trump — also wearing blue clothing.
    • HOAX: Teachers’ union boss Randi Weingarten accused President Trump of taking teachers’ salaries and giving them to “billionaires” by cutting the Department of Education.
    • FACT: President Trump has repeatedly called teachers “the most important people in this country” who should be paid more, not less. The federal government does not pay the salaries of teachers; state and local governments do.
    • HOAX: The Fake News and their predictable allies ran with a story that claimed an American citizen was detained by authorities after he informed them he was, in fact, a citizen.
    • FACT: That’s not what happened. The individual “approached Border Patrol in Tucson and stated he had entered the U.S. illegally through Nogales. He said he wanted to turn himself in and completed a sworn statement identifying as a Mexican citizen who had entered unlawfully … A few days later, his family presented documents showing U.S. citizenship. The charges were dismissed, and he was released to his family.”
    • HOAX: PBS News claimed “DOGE operatives attempted to gain access to secure spaces,” implying they attempted to access classified information without approval.
    • FACT: This wasn’t even remotely true.
    • HOAX: The AP falsely claimed Director of National Intelligence Tulsi Gabbard said President Trump is “very good friends” with Russian President Vladimir Putin.
    • FACT: The AP was humiliatingly forced to retract its story, admitting they were wrong. Stephanie Ruhle also had to issue a correction. DNI Gabbard was referencing President Trump’s relationship with Indian PM Narendra Modi.
    • HOAX: Student visa holders should have unfettered access to do whatever they want in the United States.
    • FACT: Wrong. As Secretary of State Marco Rubio said, “When you apply to enter the United States and you get a visa, you are a guest… If you tell us when you apply for a visa ‘I’m coming to the U.S. to participate in pro-Hamas events,’ that runs counter to the foreign policy interest of the United States… If you had told us you were going to do that, we never would have given you the visa.”

    MIL OSI USA News –

  • MIL-OSI USA: NIH to prioritize human-based research technologies

    Source: US Department of Health and Human Services – 2

    News Release
    Tuesday, April 29, 2025

    New initiative aims to reduce use of animals in NIH-funded research.

    The National Institutes of Health (NIH) is adopting a new initiative to expand innovative, human-based science while reducing animal use in research. Developing and using cutting-edge alternative nonanimal research models aligns with the U.S. Food and Drug Administration’s (FDA) recent initiative to reduce testing in animals. While traditional animal models continue to be vital to advancing scientific knowledge, using new and emerging technologies can offer unique strengths that, when utilized correctly or in combination, can expand the toolbox for researchers to answer previously difficult or unanswerable biomedical research questions.
    “For decades, our biomedical research system has relied heavily on animal models. With this initiative, NIH is ushering in a new era of innovation,” said NIH Director Dr. Jay Bhattacharya. “By integrating advances in data science and technology with our growing understanding of human biology, we can fundamentally reimagine the way research is conducted—from clinical development to real-world application. This human-based approach will accelerate innovation, improve healthcare outcomes, and deliver life-changing treatments. It marks a critical leap forward for science, public trust, and patient care.”
    Some bodies of research have been inconclusive on the efficacy of translating the results of animal models to human diseases, such as Alzheimer’s disease and cancer. These translational challenges to humans may be due to differences in anatomy, physiology, lifespan, and disease characteristics. While humans and animals may share genes, some studies have shown there could be functional differences between organ and body systems that may result in some translational limitations.
    New and emerging technologies have begun to allow researchers to study health and disease using human information, making them an alternative avenue to yield replicable, translatable, and efficient results either alone or in combination with animal models. These technologies include:

    Organoids, tissue chips, and other in vitro systems that allow scientists to model human disease and capture human variability and patient-specific characteristics.
    Computational models which simulate complex biological human systems, disease pathways, and drug interactions.
    Real-world data that allow scientists to study health outcomes in humans at community and population levels.

    To integrate innovative human-based science, the NIH intends to establish the Office of Research Innovation, Validation, and Application (ORIVA) within NIH’s Office of the Director. The new office will coordinate NIH-wide efforts to develop, validate, and scale the use of non-animal approaches across the agency’s biomedical research portfolio and serve as a hub for interagency coordination and regulatory translation for public health protection.
    ORIVA will expand funding and training in non-animal approaches and awareness of their value in translational success. New funding opportunities will include evaluation criteria that assess methods based on their suitability for the research question, context of use, translatability, and human relevance. Infrastructure for non-animal approaches will also be expanded to make these methods more accessible to researchers.
    In addition, grant review staff will participate in mitigation training to address any possible bias towards animal studies and integrate experts on alternative methods into study sections. NIH will also publicly report on research spending annually to measure progress toward reduction of funding for animal studies and an increase in funding for human-based approaches.
    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
    NIH…Turning Discovery Into Health®
    ###

    MIL OSI USA News –

  • MIL-OSI Security: Guatemalan Man Pleads Guilty to Harboring an Unlawful Alien that Illegally Crossed from Canada into the United States

    Source: Office of United States Attorneys

                CONCORD – A Guatemalan man pleaded guilty in federal court in Concord to transporting an unlawful alien, Acting U.S. Attorney Jay McCormack announces.

                Esdras Aaron Calel-Cumes, 29, a Guatemalan man unlawfully residing in Massachusetts, pleaded guilty to one count of Bringing in and Harboring Certain Aliens. U.S. District Judge Joseph N. Laplante scheduled sentencing for August 11, 2025.

                According to the charging documents, on September 9, 2024, U.S. Customs and Border Protection detected a male, subsequently identified as Luis Felipe Xiloj-Ambrocio, crossing illegally from Canada to the United States in Pittsburg, New Hampshire. Calel-Cumes traveled from Massachusetts to pick up Xiloj-Ambrocio. At the time of their apprehension by Customs and Border Protection, Calel-Cumes and Xiloj-Ambrocio were driving south on U.S. Route 3. 

               Neither Xiloj-Ambrocio nor Calel-Cumes have legal immigration status in the United States. Xiloj-Ambrocio previously pleaded guilty in the District of New Hampshire to one count of illegal entry and has been deported. Calel-Cumes faces deportation to Guatemala after completing his sentence.

                The charging statute provides a sentence of no greater than 5 years in prison, up to three years of supervised release, and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

                U.S. Customs and Border Protection led the investigation.  Assistant U.S. Attorney Alexander S. Chen is prosecuting the case.

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

    ###

    MIL Security OSI –

  • MIL-OSI Security: 25 Members of a Violent Gang in Mayagüez, Puerto Rico, Charged with Drug Trafficking and Firearms Offenses

    Source: Office of United States Attorneys

    SAN JUAN, Puerto Rico – On April 9, 2025, a federal grand jury in the District of Puerto Rico returned an indictment charging 25 violent gang members from the municipality of Mayagüez with conspiracy to possess with intent to distribute, possession and distribution of controlled substances, and firearms violations, announced W. Stephen Muldrow, United States Attorney for the District of Puerto Rico. The Federal Bureau of Investigation and the Puerto Rico Police Bureau (PRPB) Mayagüez Strike Force were in charge of the investigation of the case, with the collaboration of the United States Marshal Service, the U.S. Postal Inspection Service, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Homeland Security Investigations (HSI) Special Response Team (SRT), and the Guaynabo Municipal Police SRT collaborated during the arrests.

    “The prosecution of this drug trafficking gang demonstrates our determined efforts to protect our communities from the violent crime and gun violence they bring to our streets,” said U.S. Attorney Muldrow. “Our prosecutors will continue to work with our federal, state and local law enforcement partners to make our neighborhoods safe and bring criminals to justice.”

    “Today, we sent a clear message: violence, drugs, and organized crime will find no safe haven in Puerto Rico,” said Devin J. Kowalski, Special Agent in Charge of the FBI’s San Juan Field Office. “Thanks to the courage of our Special Agents and Police of Puerto Rico Task Force Officers, with the unwavering support of our federal partners, we disrupted a criminal network that terrorized our communities for years. The FBI remains fully committed to protecting our people, restoring peace to our neighborhoods, and holding violent offenders accountable.”

    The indictment alleges that from in or about April 2021 through the present, the drug trafficking organization distributed heroin, fentanyl, cocaine base (commonly known as “crack”), cocaine, and marihuana within 1,000 feet of Rafael Hernández (Kennedy) Public Housing Project (PHP), the Manuel Hernández Rosa (Candelaria PHP), the El Carmen (PHP), and other areas nearby nearby the municipality of Mayagüez, all for significant financial gain and profit.

    The goal of the drug trafficking organization was to maintain control of all the drug trafficking activities within the controlled areas using force, threats, violence, and intimidation.  In preserving power and protecting territory, the members of the organization incurred in violent acts including but not limited to murder in order to protect themselves and their organization. Members of the criminal organization also transported and distributed kilogram quantities of cocaine.

    As part of the conspiracy, the defendants had meetings to discuss strategy and plan of their criminal activities, including but not limited to acts of violence. The co-conspirators held meetings to discuss drug trafficking business and issues between gang members. During said meetings, incarcerated defendants and co-conspirators would participate via phone call. The defendants and their co-conspirators used violence to take over other areas and sell their own narcotics at those areas to increase their power and profits.

    The defendants acted in different roles to further the goals of the drug trafficking conspiracy, to include: leaders, drug point owners, enforcers, runners, sellers, drug processors, lookouts, and facilitators. The members of the gang used force, violence, and intimidation to intimidate rival drug trafficking organizations, and to discipline members of their own organization. The defendants charged in the drug trafficking conspiracy are:

    [1] Jonathan Martínez González, a.k.a. “J/El Brother”

    [2] Isaías Jaseph Molina Valle, a.k.a. “Simio/Simi”

    [3] Juan A. Ortiz Mendoza, a.k.a. “Abuelo/Abu/Ablo”

    [4] Fernando Manuel Torres Ruiz, a.k.a. “La M”

    [5] Jonathan Enrique Rodríguez Acosta, a.k.a. “John Pri/Pri”

    [6] Franschesca M. Rivera-Valle, a.k.a. “Cheska”

    [7] Joseph G. Ríos Vélez

    [8] Jomael Enrique Aponte Rivera, a.k.a. “Farru”

    [9] Abdiel Sánchez Negrón

    [10] Michael J. Marrero García, a.k.a. “Michael El Pato”

    [11] Héctor A. Rosado Matías, a.k.a. “Bebo/Bebito”

    [12] Christopher Santiago Rivera, a.k.a. “Gato”

    [13] Jesus D. Rodríguez Soto, a.k.a. “John”

    [14] Luis Joel Couret Clas, a.k.a. “Shaggy”

    [15] Julio E. Mangual Vargas, a.k.a. “Julio Maraña”

    [16] Fredwin Yomar Álvarez, a.k.a. “Bombilla”

    [17] Héctor M. Cotto Rodríguez, a.k.a. “Tello”

    [18] Ezequiel Soto Bonilla, a.k.a. “Bigote”

    [19] Carlos Mikel Rodríguez Núñez, a.k.a. “Mikel/Fosforito”

    [20] Carlos Obed La Llave Otero, a.k.a. “Security/El Gordo”

    [21] Michael Concepción Soto

    [22] Héctor Javier Surita Muñiz, a.k.a. “Coquito/Surita”

    [23] Merchisede Rivera Pérez, a.k.a. “Merquisedec Rivera Pérez/Melchicede Rivera Pérez/El Negro/Melqui”

    [24] José C. Colón-Félix, a.k.a. “Fresita”

    [25] Antonio M. López Olivencia, a.k.a. “Delivery”

    Fifteen defendants are charged in Count Seven with possession of firearms in furtherance of a drug trafficking crime and seven of those defendants are facing one count of possession of a machinegun in furtherance of a drug trafficking crime.

    The FBI thanks the PRPB Mayagüez Strike Force for their assistance in this investigation.

    Assistant U.S. Attorney (AUSA) and Chief of the Gang Section Alberto López-Rocafort, Deputy Chief of the Gang Section, AUSA Teresa Zapata-Valladares, and AUSAs Laura Díaz González, and Héctor Siaca Flores are prosecuting the case. If convicted on the drug charges, the defendants face a minimum sentence of 10 years, and up to life in prison. If convicted of both the drug and firearms charges in Count Seven, the defendants face a minimum sentence of 15 years, and up to life in prison. The defendants charged with possession of machineguns in furtherance of drug trafficking in Count Eight face a mandatory sentence of thirty years in prison to be served consecutive to any sentence imposed on the drug trafficking charges. All defendants charged in the drug conspiracy are facing a narcotics forfeiture allegation of $19,710,000.

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

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

    ###

    MIL Security OSI –

  • MIL-OSI Security: Five Individuals Charged with Attempted Kidnapping of Man in Mayagüez

    Source: Office of United States Attorneys

    SAN JUAN, Puerto Rico – On April 24, 2025, a federal grand jury returned a two-count indictment charging five individuals with conspiracy to kidnap and the attempted kidnapping of a man in Mayagüez on July 12, 2024, announced W. Stephen Muldrow, United States Attorney for the District of Puerto Rico and Devin J. Kowalski, Special Agent in Charge of the FBI’s San Juan Field Office.

    According to the Indictment, beginning on a date unknown, but not later than on or about May 21, 2024, to on or about July 12, 2024, defendants  [1] Edilberto Aponte-Sánchez, [2] Anthony Esquilín-Guzmán, [3] Ramdy Kaleb Ocasio-Pagán, [4] Jocner Martínez-Correa, and [5] Dylan Camacho-Álvarez conspired and agreed with each other to unlawfully and willfully kidnap, abduct, or carry away and hold for ransom, reward, or otherwise, H.R.G. by using means, facility, or instrumentality of interstate or foreign commerce in committing or in furtherance of the commission of the offense, namely motor vehicles, messaging applications, and cellular telephones in violation of 18 U.S.C. § 1201(c). The defendants are also charged with the attempted kidnapping of the victim (H.R.G.) in violation of 18 U.S.C. §§ 1201(d) and 2.

    On July 12, 2024, the defendants attempted to kidnap the victim (H.R.G.) from a parking lot in Mayagüez by trying to force him into a van. The victim fought back, and the defendants fled the scene.

    “I commend the tireless efforts of the FBI, Puerto Rico Police Bureau, and prosecutors in the investigation of this case,” said United States Attorney Muldrow. “This case reinforces the importance of being aware of your surroundings at all times — whether you are leaving the bank or ATM after making a withdrawal of money, putting gasoline in your car, or just walking down the street while texting on your cell phone. If you see something that doesn’t look right, trust your instincts.”

    “Violence in our communities will never be tolerated,” said Devin J. Kowalski, Special Agent in Charge of the FBI’s San Juan Field Office. “The FBI and our partners will relentlessly investigate those who prey on innocent people — wherever they hide, however long it takes.”

    If convicted, the defendants face a sentence of up to life in prison as to the conspiracy to commit kidnapping and up to twenty years in prison for the attempted kidnapping. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The Federal Bureau of Investigation is in charge of the investigation with the collaboration of the Puerto Rico Police Bureau.

    Assistant U.S. Attorney (AUSA) and Deputy Chief of the Violent Crimes Unit Jeanette Collazo and AUSA Corinne Cordero Romo are in charge of the prosecution of the case.

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

    ###

    MIL Security OSI –

  • MIL-OSI Security: Two More Defendants Plead Guilty to Roles in Scheme to Transport Contraband into FCI McDowell with Drone

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – Today, Hector Luis Gomez DeJesus, 32, of Sanford, North Carolina, and Raymond Luis Saez Aviles, 37, of Poinciana, Florida, each pleaded guilty to aiding and abetting the introduction of contraband into a federal prison.

    According to court documents and statements made in court, on February 9, 2024, correctional officers at Federal Correctional Institution (FCI) McDowell detected a drone flying over the prison facility. The flight path of the drone took it from the fence securing the prison facility to a cell in one of the housing units. Officers searched the cell and found a broken exterior window, numerous cell phones, tobacco, and marijuana within the cell.

    Officers traced the flight path back to the drone’s launch site, where they found and apprehended DeJesus, Aviles, and co-defendant Gamalier Rivera. Officers seized the drone, the drone’s remote controller, and contraband consistent with what was found in the cell.

    DeJesus and Aviles each admitted that they and Rivera participated in the introduction of the contraband into FCI McDowell by using the drone to transport marijuana, tobacco, and cell phones into the prison facility. DeJesus and Aviles further admitted that they expected to be paid for their participation in the contraband introduction.

    DeJesus and Aviles are scheduled to be sentenced on August 11, 2025, and each faces a maximum penalty of five years in prison, up to three years of supervised release, and a $250,000 fine.

    Rivera, 33, of Poinciana, Florida, pleaded guilty on March 27, 2025, to aiding and abetting the introduction of contraband into a federal prison and is scheduled to be sentenced on July 7, 2025.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI), the Federal Bureau of Prisons (BOP), and the McDowell County Sheriff’s Office.

    Senior United States District Judge David A. Faber presided over the hearings. Assistant United States Attorney Brian D. Parsons is prosecuting the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 1:24-cr-127.

    ###

     

    MIL Security OSI –

  • MIL-OSI: FinWise Bancorp Announces Strategic Lending and Credit Enhanced Balance Sheet Program with Backd to Support Business Owners

    Source: GlobeNewswire (MIL-OSI)

    MURRAY, Utah, April 29, 2025 (GLOBE NEWSWIRE) — FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced the launch of a new strategic lending program with leading fintech Backd Business Funding (“Backd”). Since its inception in 2019, Backd’s highly rated and experienced team has utilized an efficient and user-friendly process to support business owners with lending solutions best suited for their needs.

    FinWise, through its relationship with Backd, will provide business installment loans to small and medium-sized (“SMB”) businesses. FinWise will also provide Backd with access to its Credit Enhanced Balance Sheet program, which benefits strategic programs through capital efficiency, allows them to diversify their sources of funding and extends the reach of their warehouse facilities.

    “Backd continues to make strides in its mission to empower SMBs across the U.S. to achieve their greatest potential through fast and easy financing solutions. This lending and Credit Enhanced Balance Sheet partnership with FinWise gives us an opportunity to continue to scale and grow our business while ensuring deep regulatory expertise and guidance,” said Xan Myburgh, Backd’s CEO & Co-Founder. “We have proven success in multiple sectors including healthcare and e-commerce and believe we have a substantial runway for growth as the SMB population makes up nearly 44% of overall GDP and approximately $734 billion of the digital lending and credit market.”

    Robert Keil, EVP and Chief Fintech Officer of FinWise commented, “We are thrilled that Backd chose FinWise to augment their thriving business by using both our Strategic Lending and Credit Enhanced Balance Sheet programs. The trust that they have placed in us is a testament to the strength of the FinWise multi-product offering and the innovative lending products that we deliver to our strategic partners.”

    About Backd
    Backd was founded to support relentless entrepreneurs—the true “men and women in the arena”—who build, innovate, and push their businesses forward. Backd provides fast, flexible financing to help business owners overcome critical financial challenges.

    Backd believes courage, resilience, and ambition drive success. When financial resources make the difference between opportunity and setback, Backd bridges the gap with tailored funding solutions, keeping businesses moving forward.

    Rooted in respect and partnership, Backd understands the challenges entrepreneurs face. With transparency, integrity, and a commitment to growth, obstacles are tackled head-on. As risks are taken and perseverance is tested in the arena, Backd stands beside business owners at every vital step.
    https://www.backd.com/

    About FinWise

    FinWise provides Banking and Payments solutions to fintech brands. Its existing Strategic Program Lending business, conducted through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. As part of Strategic Program Lending, FinWise also provides a Credit Enhanced Balance Sheet Program, which addresses the challenges that lending and card programs face securing warehouse facilities and managing capital requirements. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, which provide flexibility for disciplined balance sheet growth. The Company is also expanding and diversifying its business model by incorporating Payments (MoneyRails ™) and BIN Sponsorship offerings. Through its compliance oversight and risk management-first culture, the Company is well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance.

    https://www.finwise.bank/

    Contacts

    investors@finwisebank.com
    media@finwisebank.com
    info@backd.com
    marketing@backd.com

    The MIL Network –

  • MIL-OSI: Archrock Announces Timing for First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 29, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE:AROC) (“Archrock”) will host a conference call on Tuesday, May 6, 2025, to discuss its first quarter 2025 financial and operating results. The call will begin at 10:30 a.m. Eastern Time. Archrock will release its first quarter 2025 earnings report prior to the conference call.

    To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States, or 1 (646) 307-1963 for international calls. The access code is 4749623. A replay of the webcast will be available for 90 days on Archrock’s website shortly after the call.

    About Archrock

    Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICA™, visit www.archrock.com.

    SOURCE: Archrock, Inc.

    For information, contact:

    Megan Repine
    Vice President, Investor Relations
    (281) 836-8360
    investor.relations@archrock.com

    The MIL Network –

  • MIL-OSI: Artisan Partners Asset Management Inc. Reports 1Q25 Results

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, April 29, 2025 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the three months ended March 31, 2025, and declared a quarterly dividend. The full March 2025 quarter earnings release and investor presentation can be viewed at www.apam.com.

    Conference Call

    The Company will host a conference call on April 30, 2025, at 1:00 p.m. (Eastern Time) to discuss its results for the three months ended March 31, 2025. Hosting the call will be Eric Colson, Chief Executive Officer, Jason Gottlieb, President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10197435. A replay of the call will be available until May 7, 2025, at 9:00 a.m. (Eastern Time), by dialing 877.344.7529 or 412.317.0088 for international callers; the replay conference ID is 4894472. An audio recording will also be available on the Company’s website.

    About Artisan Partners

    Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

    Source: Artisan Partners Asset Management Inc.

    Investor Relations Inquiries

    866.632.1770
    ir@artisanpartners.com

    The MIL Network –

  • MIL-Evening Report: The Vietnam War ended 50 years ago today, yet films about the conflict still struggle to capture its complexities

    Source: The Conversation (Au and NZ) – By Scarlette Nhi Do, Sessional Academic, The University of Melbourne

    Scene from Apocalypse Now (1979) Prime Video

    The Vietnam War (1955–1975) was more than just a chapter in the Cold War.

    For some, it was supposed to achieve Vietnam’s right to self-determination. For others, it was an attempt to found a nation-state independent of both capitalist and communist influences.

    In the 50 years since the war ended, the stories we’ve heard about it have struggled to convey these many different views. Cinema – in Hollywood and in Vietnam – offers some insight into this struggle, which we continue to face today.

    A war by any other name

    The war is known by many names, and each one highlights the different objectives of the forces involved.

    For the United States, “The Vietnam War” was one battleground against the Soviet Union during the Cold War. To prevent communism from spreading, the US sent resources to establish the Republic of Vietnam (known informally as South Vietnam) as its proxy. It had already used this strategy with West Germany and South Korea.

    The Communist Party of Vietnam thought of US involvement as a form of colonialism.

    By calling the conflict “the sacred resistance against the US to salvage the country” (Cuộc Kháng Chiến Chống Mỹ, Cứu Nước), or “the American war” (Chiến Tranh Mỹ) for short, the communist party encouraged the perception of the war as a stepping stone towards Vietnam’s full independence following Chinese imperialism (circa 111 BCE–939 CE), French colonialism (1862–1954) and Japanese occupation (1940-45).

    The communist objective was to “liberate” South Vietnam from the US and its puppet administration, and reunify the country. This is why, in Vietnam, April 30 is called “Reunification Day” or “Independence Day”, to commemorate the communists’ victory in capturing Saigon.

    However, former citizens of South Vietnam call April 30 the “Day of National Mourning” (Ngày Quốc Hận), as it marks the Republic’s defeat and the beginning of decades of political persecution and refugee displacement. Although the South Vietnamese were pluralistic in their political beliefs, they were united in their anti-communism.

    For them, the conflict was “the Civil War” (Nội Chiến), fought between communists and anti-communists over the future of Vietnam. After the Republic fell, many grieved (and still do) the vision of what South Vietnam could have become.

    Apocalypse then

    While the US eventually lost control over South Vietnam, it continued to influence how Vietnam was thought of in the West through Hollywood.

    Francis Ford Coppola’s Apocalypse Now is loosely based on Joseph Conrad’s classic novel, Heart of Darkness.
    Shutterstock

    In the 1970-80s, Vietnam War films such as Francis Ford Coppola’s Apocalypse Now (1979), Stanley Kubrick’s Full Metal Jacket (1987) and Oliver Stone’s Platoon (1987) established these directors as household names.

    The films focus on US soldiers’ psyche and discontent with incompetent leadership, pushing the Vietnamese people and their struggles for independence into the background. They frame the war as something done to American society, rather than something the US orchestrated.

    This victimhood fostered what became known as “the Vietnam syndrome” – an unofficial condition in American mindset characterised by feelings of woundedness and a loss of trust in the capability of the US.

    In Vietnam, early communist-controlled cinema in the north depicted the Vietnamese as an oppressed people who must band together to defeat Western corruption. Wartime films such as Along the Same River (1959) and 17th Parallel, Days and Nights (1972) leaned into melodramatic love stories to allegorise the divided Vietnam as separated lovers who must be reunited.

    As directors in the north slowly gained some freedom from the communist party, films increasingly dealt with the war’s immense impact and questioned the party’s ability to bring about the classless society it had promised. The Girl on the River (1987) and Living in Fear (2005) are two good examples.

    Living in Fear (Sống trong sợ hãi) trailer.

    Meanwhile, filmmakers in the south were independents who occasionally collaborated with the state or military, as seen with the classic 1971 film Faceless Lover (also known as Warrior, Who Are You?).

    South Vietnamese people saw film as a medium to negotiate their fledgling national identity. For them, it was important to establish and safekeep an identity that was distinct from the “foreign ally” (the US) and the “domestic foe” (the communists).

    This is why films from the south often portrayed love triangles, where the hero must choose between the vessels of modern Vietnamese femininity and Western excess. Some examples include Afternoon Sun (1972) and Late Night’s Dew (1972).

    Apocalypse now

    New perspectives on the war are emerging as historically marginalised groups gain footing in Western media. And some of these challenge early portrayals.

    Spike Lee’s Da 5 Bloods (2020) was the first major production to show the war through Black American veterans’ eyes. Hollywood neglected to do this, despite the over-representation of Black soldiers in conscription, combat and casualties during wartime.

    Although Da 5 Bloods still fails to account for the Vietnamese’s fight for self-determination, it acknowledges Black Americans’ and the Vietnamese people’s mutual suffering under white supremacy.

    One independent feature from a son of refugees, Journey from the Fall (2006), conveys the resentment many exiled South Vietnamese people feel towards the communist party. It also explores the trauma of leaving Vietnam by boat and resettlement in the US.

    Most recently, the 2024 TV series The Sympathizer, adapted from Viet Thanh Nguyen’s novel, moved the needle by probing at complex issues such as wartime loyalty, complicity and authenticity.

    Communist narratives persist

    In Vietnam today, the scale of communist party-funded movies has grown immensely, with many films resembling Hollywood blockbusters. But the messages have become more conservative.

    Films such as The Scent of Burning Grass (2012) and The Legend Makers (2013) continue to support the communist party narrative by omitting South Vietnam’s anti-communist objective. They also undermine women’s contributions to the war efforts, whereas earlier films put women at the centre of community organisation.

    A new generation of filmmakers is challenging these narratives through collaboration with international production companies and distributors. Features such as Viet and Nam (2024) experiment with film form to show the true costs of war, including the widening wealth disparity in Vietnam, and the lengths many would go to close this gap.

    Viet and Nam trailer.

    Scarlette Nhi Do 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. The Vietnam War ended 50 years ago today, yet films about the conflict still struggle to capture its complexities – https://theconversation.com/the-vietnam-war-ended-50-years-ago-today-yet-films-about-the-conflict-still-struggle-to-capture-its-complexities-253837

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Trump says diversity initiatives undermine merit. Decades of research show this is flawed

    Source: The Conversation (Au and NZ) – By Paula McDonald, Professor of Work and Organisation, Queensland University of Technology

    Pixel-Shot/Shutterstock

    US President Donald Trump declared earlier this year he would forge a “colour blind and merit-based society”.

    His executive order was part of a broader policy directing the US military, federal agencies and other public institutions to abandon diversity, equity and inclusion (DEI) initiatives.

    Framing this as restoring fairness, neutrality and strength to American institutions, Trump argued DEI programs “discourage merit and leadership” and amounted to “race-based and sex-based discrimination”.

    In Australia too, debates over gender quotas and “the war on woke” have repeatedly invoked meritocracy as a rallying cry against affirmative action.

    The narrative of rewards going to the most qualified people is compelling. Yet decades of research show this is flawed. Far from being the great equaliser, an uncritical reliance on “merit” can perpetuate bias and inequality.

    The myths of meritocracy

    The merit rhetoric invokes the ideal of a neutral, objective system rewarding talent and effort, regardless of identity.

    In theory, merit-based evaluations such as exams, performance reviews, employee recruitment processes and competitive bids, should be impartial.

    In practice however, there are several myths associated with the notion of merit.

    1. Merit is purely objective or unbiased. In the employment context for example, studies show that even so-called objective and standardised cognitive or aptitude tests can systematically favour men due to the type of questions asked.

    Decision-makers may unknowingly redefine merit to fit whoever already belongs to a favoured group. A study of elite law firms, for example, found male applicants were rated as more qualified than identical resumes from women.

    This is known as “plasticity of merit”, meaning the criteria of excellence can bend to preference, all while appearing objective.

    Supposedly merit-based judgments can reflect unconscious bias, or comfort with candidates who fit a traditional mould. Over time, preference may be given to a particular type of candidate irrespective of their actual contribution. Privilege and prejudice can be baked into merit-based evaluations.

    2. Merit can be separated from social and historical context. Meritocracy or the so-called meritocratic promise assumes a level playing field, where everyone competes under the same conditions.

    In reality however, past inequalities shape present opportunities. What counts as merit is dynamic and socially shaped, not an eternal universal standard.

    For example, during the second world war there was a shortage of male workers. Qualities women brought to jobs previously held by men such as capacity for teamwork were suddenly deemed meritorious. But these same qualities were downgraded when the men returned.

    Merit is often defined in masculine terms. For example, physicality or hyper-competitive traits have long been seen as prerequisites for military service and policing.

    Merit is often defined in masculine terms commonly associated with military, policing and firefighting services.
    Charnsitr/Shutterstock

    This alignment of masculine norms with standards of merit has been termed “benchmark man”.

    Science careers too were built in an era when women were largely excluded. They were predicated on long-hours work and total availability – requirements that clash with caregiving responsibilities. The result is women in STEM careers leave or are pushed out.

    3. Outcomes are the result of personal choice or deficiencies, not structural barriers. Meritocracy carries a moral narrative: those at the top earned their place while those left behind didn’t measure up or chose not to compete.

    Research shows, for example, that when women don’t advance, it’s explained as lifestyle choices, or they lack ambition, or have opted out to prioritise caregiving.

    This narrative wilfully overlooks the structural constraints impacting choices. When a woman “chooses” a lower-paying, flexible job, it may be less about preference than inadequate social supports.

    By accepting unequal outcomes as the natural result of individual choices, institutions can conveniently obscure disadvantage and discrimination and erase responsibility to correct inequities.

    How the merit mandate undermines equality

    Trump’s vision is to remove equity initiatives and programs that monitor or encourage fair hiring and promotion, cease training that alerts employees to hidden biases, and fire or reassign DEI staff.

    This is conceptually flawed and will actually entrench the very biases and barriers that have kept institutions unequal.

    In the military, for example – an area highlighted by Trump – leaders have recognised they need to foster more inclusive cultures.

    For years, defence forces have grappled with sexual harassment, recruitment shortfalls and retention of skilled personnel. In Australia, the Australian Defence Force undertook major reviews to identify violent and sexist subcultures, understanding a more inclusive force is a more effective force.

    Yet Trump’s order bars the Pentagon from even acknowledging historical sexism in the ranks.

    Favouring the in-group

    Removing equity measures under a banner of neutrality means hiring and promotion will increasingly rely on informal networks and subjective judgements. These can tilt in favour of the in-group – usually white, male and affluent.

    DEI initiatives can increase representation of women, or people from diverse racial or cultural backgrounds, in an organisation or occupational group.

    However, without challenging the norms of merit, or without broadening the definitions of talent and leadership, people in those groups may continue to feel like outsiders.

    Australian experts and business leaders increasingly acknowledge objective merit is mythical.

    Redefining merit

    Fair rewards for effort can improve performance. However, we need to stop pitting merit against diversity. True fairness requires acknowledgement structural inequality exists and bias affects evaluations.

    Organisations need to re-imagine merit in ways that work with inclusion, rather than against it. This includes refining hiring and promotion criteria to focus on competencies that are measurable and relevant.

    Paula McDonald currently receives funding from the Australian Research Council.

    – ref. Trump says diversity initiatives undermine merit. Decades of research show this is flawed – https://theconversation.com/trump-says-diversity-initiatives-undermine-merit-decades-of-research-show-this-is-flawed-255100

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Renewables, coal or nuclear? This election, your generation’s energy preference may play a surprising role

    Source: The Conversation (Au and NZ) – By Magnus Söderberg, Professor & Director, Centre for Applied Energy Economics and Policy Research, Griffith University

    Christie Cooper/Shutterstock

    In an otherwise unremarkable election campaign, the major parties are promising sharply different energy blueprints for Australia. Labor is pitching a high-renewables future powered largely by wind, solar, hydroelectricity and batteries. The Coalition wants more gas and coal now, and would build nuclear power later.

    So how might these two competing visions play out as Australia goes to the polls this Saturday?

    Research shows clear generational preferences when it comes to producing electricity. Younger Australians prefer renewables while older people favour coal and gas. The one exception is nuclear power, which is split much more on gender lines than age – 51% of Australian men support it, but just 26% of women.

    While many voters are focused squarely on the cost of living, energy prices feed directly into how much everything costs. Research has shown that as power prices rise, the more likely it is an incumbent government will be turfed out.

    Coal, renewables or nuclear?

    About half of young Australians (18–34) want the country powered by renewables by 2030, according to a 2023 survey of energy consumers. Only 13% of the youngest (18–24) group think there’s no need to change or that it’s impossible. But resistance increases directly with age. From retirement age and up, 29% favour a renewable grid by 2030 while 44% think there’s no need or that it’s impossible.

    On nuclear, the divide is less clear. The Coalition has promised to build Australia’s first nuclear reactors if elected, and Coalition leader Peter Dutton has claimed young people back nuclear. That’s based on a Newspoll survey showing almost two-thirds (65%) of Australians aged 18–34 supported nuclear power.

    But other polls give a quite different story: 46% support for nuclear by younger Australians in an Essential poll compared to 56% support by older Australians. A Savanta poll put young support at just 36%.

    There’s a gender component too. The demographic most opposed to nuclear are women over 55.

    Younger voters remain strongly committed to environmental goals – but they’re also wary of cost blowouts and electricity price rises. Some see nuclear as a zero emissions technology able to help with the clean energy transition.

    Older Australians are more likely to be sceptical of nuclear power. This is likely due to nuclear disasters such as Chernobyl as well as the prospect of nuclear war during the Cold War.

    It’s an open question how robust support for nuclear would be if the Coalition was elected and began the long, expensive process of construction. New findings by the National Climate Action Survey shows almost 40% of Australians would be “extremely concerned” if a nuclear power plant was built within 50 kilometres of their homes and another 16% “very concerned”.

    These energy preferences aren’t just found in Australia. In recent research my co-authors and I found a clear divide in Sweden: younger favour renewables and nuclear, older favour fossil fuels. Why the difference? Sweden already gets about 40% of its power from nuclear, while renewables now provide about 40% of Australia’s power.

    We found younger Swedes strongly favoured renewables – but also supported nuclear power, especially when electricity prices rose. That is because nuclear is perceived to stabilise the supply of electricity. They wanted clean energy, as long as it was reliable and affordable. Our study found older people were not necessarily pro-fossil fuels, but were more focused on keeping energy affordable – especially for businesses and industry.

    When electricity prices rose in Sweden, our survey respondents broadly became less concerned about climate change and more likely to be favourable to nuclear energy.

    In Australia, the cost of the clean energy transition has crept up. While solar and wind offer cheap power once built, there are hidden costs.

    If electricity prices keep rising, we should expect to see declining support for the clean energy transition.

    Overcoming the energy divide

    During Australia’s decade-long climate wars from roughly 2012 to 2022, climate change was heavily politicised and energy became a political football. Under a Coalition government in 2014, Australia became the first nation to abolish a carbon tax.

    Labor took office in 2022 pledging to end the climate wars and fast-track the clean energy transition. But the Coalition has opened up a new divide on energy by proposing nuclear power by the 2040s and more gas and coal in the meantime.

    This election, the cost of living is the single biggest issue for 25% of voters in the ABC’s Vote Compass poll. But climate change is still the main concern for about 8% of voters, energy for 4% and the environment 3.5%. Here, Coalition backing for fossil fuels and nuclear may attract some older and younger voters but repel others. Labor’s renewable transition may attract younger voters but lose older energy traditionalists.

    Energy preferences could play out through a cost of living lens. Parties pushing too hard on green policies this election risk alienating older voters concerned about rising costs. But going nuclear would be very expensive, and keeping old coal plants going isn’t cheap. Downplaying climate action or dismissing nuclear outright could alienate some younger Australians, who are climate-conscious and energy-savvy.

    Policymakers should resist framing energy as a zero-sum game. There is a path forward which can unite generations: coupling ambitious climate targets with pragmatic policies to protect consumers. Transitional supports such as energy rebates, time-of-use pricing or community-scale renewables and batteries can soften any economic impact while building public trust.

    Our research suggests electricity price rises can quickly erode support even for well-designed energy policies.

    As Australia navigates a complex and costly transition, keeping both younger and older generations on board may be the greatest political – and moral – challenge of all.

    Magnus Söderberg 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. Renewables, coal or nuclear? This election, your generation’s energy preference may play a surprising role – https://theconversation.com/renewables-coal-or-nuclear-this-election-your-generations-energy-preference-may-play-a-surprising-role-253832

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ‘No compassion… just blame’: how weight stigma in maternity care harms larger-bodied women and their babies

    Source: The Conversation (Au and NZ) – By Briony Hill, Deputy Head, Health and Social Care Unit and Senior Research Fellow, Monash University

    Kate Cashin Photography

    According to a study from the United States, women experience weight stigma in maternity care at almost every visit. We expect this experience to be similar in Australia, where more than 50% of women of reproductive age live in larger bodies.

    Weight stigma can present as stereotyping, negative attitudes and discriminatory actions towards larger-bodied people.

    It occurs in other areas of health care and in society at large. But our research is focused on weight stigma in maternity care, which can cause significant harm for larger-bodied women and their babies.

    What does weight stigma look like in maternity care?

    Sometimes weight stigma is explicit, or on purpose. Explicit weight stigma includes health-care professionals having negative attitudes towards caring for larger-bodied pregnant women. This might present, for instance, when health professionals make negative comments about weight or accuse women of dishonesty when they discuss their dietary intake.

    Sometimes weight stigma is implicit, or unintentional. Implicit weight stigma includes maternity care providers avoiding physical touch or eye contact during consultations with larger-bodied women.

    Policies, guidelines and environments also contribute to weight stigma. Women in larger bodies frequently report feeling stigmatised and unable to access the type of maternity care they would prefer. Lack of availability of adequately fitting hospital clothing or delivery beds are other notable examples.

    In a review published last year, we looked at weight stigma from preconception to after birth. Our results showed larger-bodied women are sometimes automatically treated as high-risk and undergo extra monitoring of their pregnancy even when they have no other risk factors that require monitoring.

    This approach is problematic because it focuses on body size rather than health, placing responsibility on the woman and disregarding other complex determinants of health.

    Weight stigma is common in maternity care.

    How does this make women feel?

    Qualitative evidence shows women who experience weight stigma during their maternity care feel judged, devalued, shamed and less worthy. They may feel guilty about getting pregnant and experience self-doubt.

    As one research participant explained:

    One doctor told me I was terrible for getting pregnant at my weight, that I was setting up my baby to fail […] I was in tears, and he told me I was being too sensitive.

    A 2023 Australian paper written by women who had experienced weight stigma in maternity care recounted their care as hyper-focused on weight and dehumanising, robbing them of the joy of pregnancy.

    According to one woman, “there was no compassion or conversation, just blame”.

    Beyond making women feel humiliated and disrespected, weight stigma in maternity care can affect mental health. For example, weight stigma is linked to increased risk of depressive symptoms and stress, disordered eating behaviours and emotional eating.

    One of the key reasons why weight stigma is so damaging to pregnant women’s health is because it’s closely linked to body image concerns.

    Society unfairly holds larger-bodied women up to unrealistic ideals around their body shape and size, their suitability to be a mother, and the control they have over their weight gain.

    Self stigma occurs when women apply society’s stigmatising narrative – from people in the community, the media, peers, family members and health-care providers – to themselves.

    Larger-bodied pregnant women can face stigma from health-care professionals and society at large.
    antoniodiaz/Shutterstock

    Impacts on mum and baby

    Several adverse pregnancy and birth outcomes have been linked to weight stigma in maternity care. These include gestational diabetes, caesarean birth and lower uptake of breastfeeding.

    While we know these things can also be linked to higher body weight, emerging evidence shows weight stigma may have a stronger link with some outcomes than body mass index.

    There are a variety of possible reasons for these links. For example, weight stigma may result in delayed access to and engagement with health-care services, and, as shown above, poorer mental health and reduced confidence. This may mean a woman is less likely to initiate and seek help with breastfeeding, for example.

    Experiencing weight stigma also leads to a stress response in the body, which could affect a woman’s health during pregnancy.

    In turn, the adverse effects of weight stigma can also affect the baby’s health. For example, gestational diabetes has a range of potential negative outcomes including a higher likelihood of premature birth, difficulties during birth, and an increased risk of the child developing type 2 diabetes.

    But the burden and blame should not fall on women. Pregnant and postpartum women should not have to accept experiences of weight stigma in health care.

    Weight stigma in maternity care has been linked to a higher likelihood of caesarean birth.
    photosoria/Shutterstock

    What can we do about it?

    While it’s essential to address weight stigma as a societal issue, health services can play a key role in undoing the narrative of blame and shame and making maternity care more equitable for larger-bodied women.

    Addressing weight stigma in maternity care can start with teaching midwives and obstetricians about weight stigma – what it is, where it happens, and how it can be minimised in practice.

    We worked with women who had experienced weight stigma in maternity care and midwives to co-design resources to meet this need. Both women and midwives wanted resources that could be easily integrated into practice, acted as consistent reminders to be size-friendly, and met midwives’ knowledge gaps.

    The resources included a short podcast about weight stigma in maternity care and images of healthy, larger-bodied pregnant women to demonstrate the most likely outcome is a healthy pregnancy. Midwives evaluated the resources positively and they are ready to be implemented into practice.

    There is a long road to ending weight stigma in maternity care, but working towards this goal will benefit countless mothers and their babies.

    Briony Hill receives funding from the Australian Research Council. Some research reported in this article was funded by the Australian Prevention Partnership Centre. The Australian Prevention Partnership Centre was supported through the NHMRC partnership centre grant scheme with the Australian Government Department of Health, ACT Health, Cancer Council Australia, NSW Ministry of Health, Wellbeing SA, Tasmanian Department of Health, and VicHealth. It is administered by the Sax Institute.

    Haimanot Hailu 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. ‘No compassion… just blame’: how weight stigma in maternity care harms larger-bodied women and their babies – https://theconversation.com/no-compassion-just-blame-how-weight-stigma-in-maternity-care-harms-larger-bodied-women-and-their-babies-252725

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: State of the states: the campaign is almost over, so how has it played out across Australia?

    Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney

    While many Australians have already voted at pre-poll stations and by post, the politicking continues right up until May 3.

    So what’s happened across the country over the past five weeks?

    Here, six experts analyse how the campaign has looked in New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia.

    New South Wales

    David Clune, honorary associate, government and international relations, University of Sydney

    The campaign in NSW is concluding much as it began, largely mirroring the Australia-wide trend with little evidence of localism.

    The main themes of both sides remain similar: cost-of-living alleviation, improved health care and housing affordability. Both leaders quickly matched each other’s promises: it could be described as the “Albanutton” campaign.

    Opposition Leader Peter Dutton’s campaign continued to be hampered by slip-ups and a lack of focus, detail and discipline. Although the government’s record had given him plenty of scope, Dutton struggled to land a blow.

    Prime Minister Anthony Albanese had his share of gaffes, but appeared more coherent and convincing. Labor’s negative campaign to portray Dutton as a local Trump clone seems to have been effective.

    Some in the Liberal Party argue there’s pent-up resentment against the government in Western Sydney that hasn’t been picked up by opinion polls. Whether this hypothetical backlash turns into seats on polling day remains to be seen.

    Bennelong (notionally Liberal after the redistribution) and Gilmore, seem the most likely Liberal gains. Parramatta, Reid, Paterson, Robertson and Werriwa are also in play. There is speculation about an independent threat in the safe Labor seat of McMahon.

    The Coalition has a fight on its hands to retain Cowper and Bradfield, with strong independent challenges in both seats. There is a tight three-way contest in Calare between former National turned independent, Andrew Gee, a National and a Teal.

    As there is little real policy differentiation between the major parties; it seems to come down to which side the voters find more credible and trustworthy in uncertain times.

    According to a Newspoll published on April 27, Albanese led Dutton as preferred prime minister by 51% to 35%. Only 39% of those surveyed believed the government deserved to be re-elected. However, 62% believed the Coalition was not ready to govern.

    An aggregate of polling data showed in NSW, as at April 28, Labor’s two-party preferred vote was 53.0%, an increase since the March Budget of 2.8% and of 1.6% since the 2022 election.

    Queensland

    Paul Williams, associate professor of politics and journalism, Griffith University

    In the campaign’s closing week, Queensland remains largely inconsequential as to whether Albanese or Dutton will call The Lodge home.

    But that doesn’t mean the Liberal National Party (LNP) isn’t concerned about its prospects north of the Tweed.

    While the LNP still leads Labor in the two party-preferred vote, 54 to 46, across Queensland – roughly the 2022 result – last week’s YouGov poll found that result to be a three-point fall for the LNP from the previous week.

    While Labor is hardly going to blitz Queensland, some LNP seats are nonetheless more vulnerable than at any time over the past decade. These include the regional seats of Leichhardt (3.4 %) and Flynn (3.8%), the outer suburban seats of Dickson (held by Dutton by just 1.7%), Longman (3.1%), Forde (4.2%) and Petrie (4.4%), and the middle-suburb mortgage-belt seat of Bonner (3.4%).

    Independent Suzie Holt might also worry the LNP in the usually safe seat of Groom, around Toowoomba.
    But the last-minute “rescue” of the LNP by Pauline Hanson’s One Nation (PHON) – Hanson (reciprocating the LNP’s preferencing of PHON) pulped existing how to vote cards and printed new ones placing the LNP second in most seats – might just save the opposition.

    However, the campaign has offered little clarity on the prospects in other key Queensland contests: the battles for three Greens-held inner-urban seats of Brisbane, Ryan and Griffith.

    But a mid-April DemosAU poll found the Greens’ primary vote falling by 1.7 points to 29%, a figure exactly tied with Labor’s, which has risen 2.7% since 2022.

    Problematically for Dutton, the LNP, whose primary vote remains locked at 36%, appears not to have capitalised on cost-of-living angst in inner Brisbane.

    Despite 58% of inner Brisbane leaning centre-left, these figures suggest the LNP may fail to win any Greens seats, with the contest a close one between the Greens and Labor only. The result rests on who runs third: Labor or the Greens. There could be a mere 100 votes in these must-watch seats.

    In the Northern Territory, the seat of Lingiari, which takes in Alice Springs and Katherine, is held by Labor’s Marion Scrymgour by 1.7%. In 2022, just one in three enrolled voters cast a ballot in the electorate, prompting the Australian Electoral Commission to try to increase voter turnout. In the wash-up, it will be interesting to see if this improves.

    South Australia

    Rob Manwaring, associate professor of politics and public policy, Flinders University

    Given SA is home to only a handful of marginal seats, it’s not a well-trodden part of the campaign trail. That’s typical of most federal elections.

    What’s not so typical is the overall feel of the campaign. The rhythms of Australian elections are changing. On one level, there are the familiar tropes and activities; TV debates, campaign launches and letter box blitzes in key marginal seats.

    Yet, on the other hand, voters behave differently than they used to. Data from the Australian Election Study(AES) tells us far fewer voters have made their decision “a long time ago” (55% in 2007, down to 36% in 2022).

    This means the number of “soft” voters is probably much higher as major parties have fewer “lifetime voters”. Voters are much more transactional.

    Voters are more distanced from parties, too. The study shows fewer voters use how to vote cards (51% used them in 2007, 31% in 2022). We can’t rely on traditional metrics in the same way, such as the national two-party preferred vote given the number of “non-traditional seats”.

    In short, it’s now harder to more know how the campaigns are tracking. So while the Coalition campaign has been beset by a number of mis-steps, how this is playing out is far less clear.

    Further, a strange paradox of the emergence of the Teals and other independents is there is a stronger local focus on representation, rather than broader policy debates. Again, AES data suggests most voters tend to vote for policy reasons (like the economy or health) but the current media focus on the major parties, especially through the TV debates, actually seems to narrow the broader policy discussions.

    So while the proof will be in the pudding when the votes are counted, it may be high time to reflect on what campaign strategies work best for politics in 2025.

    Tasmania

    Robert Hortle, deputy director of the Tasmanian Policy Exchange, University of Tasmania

    On Australia’s South Island, most of the campaign focus has been on Lyons, Franklin and Braddon.

    In Lyons, Tassie’s most marginal electorate (ALP by 0.9%), the latest polls have swung behind the ALP’s Rebecca White. Her popularity as a state MP for the electorate has been bolstered by some crucial slip ups from Liberal candidate Susie Bower.

    One potentially vote-winning policy announcement that has gone under the radar nationally is Labor’s commitment of $24 million to guarantee the continued operation of the Boyer Paper Mill in Lyons, an important employer and regional symbol of economic activity.

    Franklin has been full of drama. 19-year-old Greens candidate Owen Fitzgerald had to withdraw his candidacy after it emerged that he is likely to still be a New Zealand citizen. It seemed like the Greens would encourage their voters to preference independent anti-salmon candidate Peter George.

    However, when the party’s how to vote cards were published, they said “Vote 1 – Owen Fitzgerald”.

    According to the Greens, this was to make sure that voters completed their ballot correctly. The Liberal Party argued the Greens were just trying to secure public funding.

    There have also been billboard shenanigans and various other dirty (or should that be clean?) tricks.

    The result is likely to rest on how Liberal voters feel about salmon farming and how this influences their preferences. Are they so anti-Labor that they will preference Peter George ahead of Julie Collins despite his anti-salmon stance? Or will they put Collins ahead of George based on Labor’s support for the industry?

    In Braddon, where salmon farming is again a key issue, Labor’s Anne Urquhart has been more visible on the campaign trail than Liberal Mal Hingston. Although the margin at the last election was 8% in favour of the Liberals, last-minute polling (albeit with a small sample size) has offered Labor hope of winning the crucial seat.

    Bridget Archer, Liberal MP for Bass, has had a solid if unspectacular campaign. She was helped by Labor selecting a low-profile first-time candidate, Jess Teesdale, who the party sees as “one for the future”. Teesdale revealed her “greenness” – in both senses of the word – by accidentally contradicting the ALP’s position on native forest logging, which is always a flashpoint in Tassie.

    Victoria

    Zareh Ghazarian, senior lecturer in politics, school of social sciences, Monash University

    With just days to go in this campaign, Victoria still looks like a key state that will determine who governs for the next three years. Many seats across the state have new boundaries following the AEC redistribution.

    Victoria is also home to the most marginal seat in the country. Deakin, which covers the eastern suburbs of Melbourne, is held by Liberal Michael Sukkar with a margin of just 0.02%, according to ABC Election Analyst Antony Green.

    Deakin will be the seat to watch on election night. If the Liberal Party can’t hold on to Deakin, it would be unlikely to be able to win government.

    There are also other seats that will provide a fascinating contest on Saturday night. Labor will face its own test in trying to retain Chisholm and Aston, both in the eastern suburbs of Melbourne.

    Chisholm is a swinging seat. It has been won by both Labor and Liberal parties over the past 40 years and is currently held by Labor with a margin of 3.3%. It has had a significant redistribution, losing strong Labor booths in the north and south parts of the electorate.

    Aston is also on a similarly slim margin of 3.6% and was famously won by Labor at the by-election in 2023. Holding onto Aston will be a crucial test for Labor. Losing this seat may threaten Labor’s chances of forming a majority government after the election.

    There are also the two seats held by the independents which promise to be tight contests. The previously safe Liberal seats of Kooyong and Goldstein, which were won by Monique Ryan and Zoe Daniel respectively, have been targeted by the Liberal Party. The independents will face a significant battle and, if successful, will demonstrate a significant shift in voting behaviour has occurred in these electorates.

    Western Australia

    Narelle Miragliotta, associate professor in politics, Murdoch University

    The idea that WA would determine the outcome of government has been a persistent theme throughout the campaign, reinforced by four visits from Albanese and three from Dutton. The amount of attention WA has received from the major party leaders was more than any state or territory other than the three big population states: NSW, Victoria and Queensland. Even then, Albanese made one more visit to WA than he did Queensland at the time of writing.

    Both major parties brought their big guns on the campaign trail. Former Liberal PM John Howard visited Curtin, Tangney and Bullwinkel. The newly re-elected WA Labor Premier Roger Cook campaigned heavily with Albanese during his visits. And in the final days of the campaign, Mark McGowan, the popular former premier, was seen on the hustings with Labor candidates in four marginal seats.

    Neither major party leader ventured to places where they might receive an unwelcome reception. Dutton’s intention to steer clear of the Shire of Collie, particularly the town of Muja, the proposed site of the one of the seven nuclear power plants, was signalled early in the campaign. Albanese avoided electorates in the state’s southwest opposed to coastal wind farms.

    There were no significant candidate blunders. However, questions were raised about the whereabouts of Andrew Hastie, shadow defence minister and (putative) future Liberal leader. Hastie was also questioned about the missing party logo (as against party authorisations) on his campaign materials.

    The competition between the Nationals and Liberals in the seat of Bullwinkel was without major media incident. This includes when the Nationals’ candidate, Mia Davies, broke with the federal coalition over support for Labor’s production tax credits plan.

    The contest for Curtin attracted outsized local media attention. In the final days of the campaign, there were renewed efforts to link the independent incumbent, Kate Chaney, to the Greens. All the proof the West Australian newspaper required was Chaney’s connection to a senior Greens party official, evidenced by a 2024 donation totalling $104, a photo and an author’s credit.

    To what extent has the leader visits and the campaign moved the needle? A recent study found party leader visits make only a modest impact on the vote. Polling for Labor and the Liberals in WA has remained very steady. This doesn’t mean some seats won’t change, but to which party or candidate remains unclear.

    Paul Williams is a research associate with the T.J. Ryan Foundation.

    David Clune, Narelle Miragliotta, Rob Manwaring, Robert Hortle, and Zareh Ghazarian 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. State of the states: the campaign is almost over, so how has it played out across Australia? – https://theconversation.com/state-of-the-states-the-campaign-is-almost-over-so-how-has-it-played-out-across-australia-253125

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: How the UK’s microchip industry is bouncing back after a quarter of a century

    Source: The Conversation – UK – By Peter Gammon, Professor of Power Electronic Devices, School of Engineering, University of Warwick

    A silicon carbide wafer, from which microchips are manufactured. Peter Gammon

    Silicon microchips underpin our modern lives. They are at the heart of our smartphones and laptops. They also play critical roles in electric vehicles and renewable energy technology.

    Today, more than three-quarters of microchips, also known as semiconductors, are produced in Asia. But in the 1990s, chip production was more widely distributed across the globe – and the UK punched above its weight.

    Scotland’s central belt – the area of highest population density, including Glasgow, Edinburgh and the towns surrounding them – became known as “Silicon Glen”, employing 50,000 people in the electronics industry at its peak.

    The region exported everything from PCs to Playstation chips. Multinational companies like NEC, Motorola and Texas Instruments operated major facilities there. In the 2000s, the dotcom crash triggered industry-wide consolidation and a shift to lower-cost manufacturing facilities in east Asia. The UK’s domestic capability was almost wiped out.

    But the UK semiconductor industry is quietly bouncing back. A new wave of companies is focusing on microchips designed for clean energy technology. These chips power electric vehicles and are vital for integrating renewable energy into the grid. They’re also widely used in data centres.

    Whereas most microchips are based on the element silicon, these new chips are made from “compound” semiconductors: silicon carbide (SiC) and gallium nitride (GaN).

    The chemical compounds SiC and GaN offer a range of attractive properties, including the ability to conduct an electrical current efficiently at high temperatures and to withstand electric fields more than nine times stronger than those silicon on its own can tolerate before breaking down.

    This allows SiC chips to be nine times thinner than equivalent silicon chips. This in turn results in lower resistance to electrical current in the devices they’re used in – translating to greater efficiency.

    If you know how hot a phone or laptop charger can get, you’ve experienced inefficient power conversion. This heat is the result of silicon chips switching thousands of times per second to transform one type of electrical current, known as AC, to another, called DC.

    In the case of chargers, 230 volts (V) in AC from the wall socket is transformed into the 19V in DC that a laptop battery needs – with some energy lost as heat. SiC and GaN devices switch faster than their silicon counterparts and dissipate less energy as waste heat.

    This makes them ideal for high-performance, compact and energy-efficient charging systems. GaN-based wall chargers are now becoming common and they’re smaller, lighter and more efficient.

    Chips used in electric car charging need to withstand high voltages.
    4045 / Shutterstock

    This efficiency boost is vital for electric vehicles too, in which a large power converter changes DC electricity coming from the batteries to AC electricity, as required by the electric motor. SiC-based power converters can reduce the energy lost by this converter by over 60%, a saving that means the car’s range can be extended by up to 5%.

    Producing SiC and GaN requires complex, expensive and energy-intensive manufacturing processes. It wasn’t until the 2010s that materials like these could be produced at the scale and cost needed for mass market adoption. Silicon carbide, for instance, must be grown under extreme temperatures and pressures over the course of a week, forming a small cylindrical crystal – or boule – often less than 5cm long.

    In contrast, to source silicon for chips, metre-long silicon ingots are pulled continuously from a vat of molten silicon, known as the melt. This fundamental difference drives the cost gap: SiC chips remain around three times more expensive than their silicon counterparts, posing a challenge for widespread adoption. Nevertheless, SiC chips remain vital for specific applications.

    New industry hubs

    In March 2024, US-based Vishay Intertechnology acquired Newport Wafer Fab – one of the UK’s last major semiconductor plants – for US$177 million (£132 million). In March 2025, it announced a further £250 million investment to expand production, modernise equipment and grow the workforce at the Welsh facility. Around 400 jobs were safeguarded.

    The focus in Newport will be on compound semiconductors, beginning with SiC chips destined for electric vehicles, data centres and industrial applications. At capacity, thousands of silicon carbide wafers, or discs, will be processed every month. It is from these wafers that the chips are cut. Measuring 200mm in diameter, each wafer will yield enough SiC chips to supply more than 15 electric vehicle power converters.

    Chip manufacturing has also returned to Silicon Glen. In Lochgelly, Fife, Clas-SiC Wafer Fab was founded in 2017 and it too produces SiC chips. The processing carried out at Lochgelly is similar to that at Vishay, except that Clas-SiC operates what’s known as a foundry model, producing devices to the designs of international customers. This model separates out the design and manufacturing aspects of the chip industry.

    Silicon carbide chips are also being used in data centres.
    VL-PhotoPro/Shutterstock

    Compound semiconductors also play a crucial role in national security. The UK Ministry of Defence recently made key investments in UK semiconductors. One of these aims to secure the domestic supply of gallium arsenide and gallium nitride chips, which are critical for radar systems and fighter jets.

    World-class research in UK universities is fundamental to success stories like these. More than a decade of coordinated public investment – particularly through the 2010s – helped build globally recognised academic expertise.

    At the University of Warwick, for example, our team leads national efforts to develop the next generation of SiC devices. We are focusing on ultra-high-voltage power devices for use in the trains and ships of the future, along with the grid and in radiation-hardened power electronics for space, with funding from the UK government’s semiconductor strategy.

    As the UK government looks to drive growth through clean energy and advanced
    manufacturing, its recent support for this sector via the UK semiconductor strategy has been significant. The forthcoming industrial strategy presents a clear opportunity to build on this momentum.

    The challenge ahead is to ensure that the next generation of compound microchip technologies – developed in UK universities and labs – can grow and scale up here in the UK, rather than abroad.

    Peter Gammon works as a Professor of Power Electronic Devices at the University of Warwick, and as the Founder of PGC Consultancy Ltd. At Warwick, he receives funding from UKRI, Horizon Europe and industrial partners. This work is supported via the Rewire Innovation and Knowledge Centre.

    – ref. How the UK’s microchip industry is bouncing back after a quarter of a century – https://theconversation.com/how-the-uks-microchip-industry-is-bouncing-back-after-a-quarter-of-a-century-253772

    MIL OSI – Global Reports –

  • MIL-OSI Russia: The government has approved the rules for selecting projects to be implemented with the help of treasury infrastructure loans

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Document

    Resolution of April 28, 2025 No. 566

    The government continues to improve the mechanism for issuing infrastructure loans, which are used to modernize housing and utilities in the regions, as well as create transport, engineering, energy, tourism and other infrastructure facilities. Previously, such loans were financed directly from the budget, but now they will be issued using temporarily available funds from the single account of the federal budget. The procedure for selecting projects for the provision of such loans has been approved by the signed resolution.

    According to the document, the selection for the provision of treasury infrastructure loans will be carried out in four areas: projects in the housing and utilities sector, master plan activities for cities in the Far Eastern Federal District and the Arctic zone of Russia, projects selected as part of a competition, as well as projects implemented on the instructions of the President or the Chairman of the Government.

    Applications submitted by regions for project selection will undergo an initial review by the public-law company “Fund for Development of Territories” and then sent to the Ministry of Finance, the Ministry of Economic Development, the Ministry for the Development of the Russian Far East and the Ministry of Construction to prepare conclusions. The final decision on granting a loan will be made by the Presidium of the Government Commission for Regional Development.

    The total volume of treasury infrastructure loans planned to be provided to regions in 2025–2030 is 1 trillion rubles. The President instructed the Government to ensure the operation of this mechanism following the results of the Address to the Federal Assembly in 2024.

    In connection with the introduction of a new article into the Budget Code regulating the provision of treasury loans, the Cabinet of Ministers in February 2025 approved the rules for issuing treasury loans, according to which entities will be able to receive them for 15 years at 3% per annum.

    The use of this mechanism will allow the implementation of the activities of the new national project “Infrastructure for Life”.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Marat Khusnullin: In new regions, about 252 thousand real estate objects were identified as part of a comprehensive inventory

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    In order to involve new real estate objects into circulation and increase the level of investment activity in the reunited regions, work on a complete inventory is ongoing. Thanks to it, 251,750 objects have been identified, information about which has been entered into the Unified State Register of Real Estate, Deputy Prime Minister Marat Khusnullin reported.

     

    “A comprehensive inventory in new regions is being conducted in two directions – studying archival documents confirming property rights to real estate objects or describing objects, and inspecting the territories. Thus, since the beginning of the project, work has been completed in 4,230 cadastral blocks. Also, based on archival documents, information on 1.4 million objects has been entered into the Unified State Register of Real Estate. In general, this colossal work allows us to create an accurate real estate register not only for the inclusion of new objects in circulation, but also so that citizens can quickly and without delays formalize their property rights and protect their property rights. Inventory is also necessary for further mass cadastral valuation of objects,” said Marat Khusnullin.

    As part of the inventory, the characteristics of objects, information about which is entered into the Unified State Register of Real Estate, are also clarified, and the title holders, unused lands, and ownerless buildings, structures, and premises are identified.

    “This work is carried out by the Roscadastre PPC under the coordination of Rosreestr. In particular, 13,662 unused land plots and territories with a total area of 112 thousand hectares have already been identified. In total, by the end of 2026, it is planned to conduct an inventory of more than 28 thousand cadastral quarters available for survey,” added Rosreestr head Oleg Skufinsky.

     

     

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Canada: Seizure of contraband and unauthorized items at Collins Bay Institution

    Source: Government of Canada News (2)

    April 29, 2025 – Kingston, Ontario – Correctional Service Canada

    On April 22, 2025, as a result of the vigilance of staff members, a package containing contraband and unauthorized items was seized at Collins Bay Institution, a multi-level security federal institution.

    The contraband seized included marijuana and graba (a form of khat). The total estimated institutional value of this seizure is $50,000.

    The Correctional Service of Canada (CSC) has heightened measures to prevent contraband from entering its institutions in order to help ensure a safe and secure environment for everyone. CSC also works in partnership with the police to take action against those who attempt to introduce contraband or unauthorized items into correctional institutions.

    CSC has set up a telephone tip line for all federal institutions so that it may receive additional information about activities relating to security at CSC institutions. These activities may be related to drug use or trafficking that may threaten the safety and security of visitors, inmates, and staff members working at CSC institutions.

    The toll-free number, 1‑866‑780‑3784, helps ensure that the information shared is protected and that callers remain anonymous. 

    MIL OSI Canada News –

  • MIL-OSI: Ninepoint Partners Announces Final April 2025 Cash Distribution for Ninepoint Cash Management Fund – ETF Series

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 29, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the final April 2025 cash distribution for the Ninepoint Cash Management Fund – ETF Series. The record date for the distribution is April 30, 2025. This distribution is payable on May 7, 2025.

    The per-unit final April 2025 distribution is detailed below:

    Ninepoint ETF Series Ticker Cash Distribution per unit Notional Distribution per unit CUSIP
    Ninepoint Cash Management Fund NSAV $0.11744 $0.00000 65443X105

    About Ninepoint Partners

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

    The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

    Sales Inquiries:

    Ninepoint Partners LP
    Neil Ross
    416-945-6227
    nross@ninepoint.com

    The MIL Network –

  • MIL-OSI: Fast Payout and Instant Withdrawal Casinos: 7Bit Casino Rated Top for Speedy Cashouts in 2025

    Source: GlobeNewswire (MIL-OSI)

    Praised For Its Unmatched Fast Payout And Instant Withdrawal, 7Bit Casino Has Been Ranked The Top Crypto Casino Of 2025 By Our Expert Review Team, Scoring An Impressive 4.9/5.

    PORTLAND, Ore., April 29, 2025 (GLOBE NEWSWIRE) — In early 2025, our team set out to identify the ultimate fast payout and instant withdrawal casinos. We began by shortlisting platforms built on blockchain for rock-solid transparency, then tested real-user withdrawal times under peak load, and finally audited each site’s security protocols end-to-end. After putting dozens through live trials, only one instant withdrawal casino ticked every box—7Bit Casino. With over ten years of experience, 7Bit lets you win real money online instantly, delivering your winnings securely in seconds.

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    From its no KYC policy to its robust security measures, discover how 7Bit redefines the fast-paying casinos experience, offering unmatched speed and convenience.

    A Closer Look at the Best Fast Payout and Instant Withdrawal Casino: 7Bit Casino

    Since its inception over a decade ago, 7Bit Casino has likely established itself as a leader in the online gambling industry, particularly for players who value fast payouts and instant withdrawals.

    Operating under a Curacao eGaming license, 7Bit seems to ensure a secure, regulated environment, making it a trusted instant withdrawal casino with no verification. Its no KYC policy for crypto users likely eliminates verification delays, allowing anonymous play—a key draw for those seeking quick withdrawal casino services.

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    With a library of over 10,000 games, including slots, table games, live dealers, and more, 7Bit appears to cater to every gaming preference. Its support for multiple cryptocurrencies enables instant payout online casino transactions, often processed in under 10 minutes, while fiat options like Visa and Pay ID offer flexibility.

    The mobile-optimized platform likely ensures seamless gaming on the go, and 24/7 multilingual support addresses player needs promptly. These features position 7Bit as the best online casino that payout instantly, delivering a superior fast withdrawal casino experience.

    7Bit Casino – Our Favorite Fast Payout Online Casino

    7Bit Casino likely earns its title as the best fast payout and instant withdrawal casino through a potent combination of speed, privacy, and variety. New players are likely greeted with a 325% match bonus up to 5.25 BTC plus 250 free spins, spread across four deposits, with select promotions featuring no wagering requirements. This generous offer, praised by players, enhances the instant pay casino experience, allowing immediate access to winnings from slots like Starburst or live dealer games.

    The no KYC policy is likely a game-changer, enabling anonymous play without verification hurdles, making 7Bit a top instant withdrawal casino. Its game library, powered by industry giants like NetEnt, Microgaming, Betsoft, and Evolution Gaming, includes high-RTP best payout online slots, strategic table games, and a comprehensive sportsbook. Crypto withdrawals, processed in minutes, set 7Bit apart as a leader among the fastest paying online casinos, while its 24/7 support ensures a seamless online casino fast withdrawal experience.

    Pros and Cons of 7Bit Casino – The Best Instant Withdrawal Casino

    • Pros:
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    • Cons:
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    Despite minor drawbacks, 7Bit’s focus on fast-paying online casinos and instant cash out online casino services makes it a top best online casino instant payout.

    How to Join 7Bit Casino – The Fastest Payout Online Casino

    Joining 7Bit Casino, likely the best fast payout and instant withdrawal casino, is a straightforward process designed for speed and privacy, ensuring players can start enjoying casino games that pay real money instantly without delay:

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    Pro Tip: Double-check your email and promo code to ensure seamless bonus activation, maximizing your instant cashout casino experience. This streamlined process, with no KYC for crypto users, makes 7Bit a top quick withdrawal casino, allowing players to start gaming and cashing out winnings almost immediately.

    How We Selected the Best Fast Payout and Instant Withdrawal Casino

    Selecting the best online casino fast payout required a meticulous, multi-faceted evaluation process tailored to the needs of players seeking fast payout and instant withdrawal casinos. Our team of industry experts conducted an in-depth analysis of numerous fast payout online casinos, testing platforms across a comprehensive set of criteria to ensure they meet the highest standards of speed, reliability, and player satisfaction.

    Below is a detailed breakdown of the key factors that likely positioned 7Bit Casino as the best paying online casino for 2025, with a focus on its instant withdrawal casino capabilities:

    Payout Speed: The Heart of Fast Payout Casinos

    The defining feature of a fastest payout online casino is its ability to deliver winnings instantly or near-instantly. 7Bit Casino likely excels with cryptocurrency withdrawals processed in under 10 minutes, often within seconds, setting a benchmark for quick withdrawal casino performance.

    We conducted multiple withdrawal tests using Bitcoin, Ethereum, and fiat methods, confirming 7Bit’s same day payout casino capabilities, with crypto transactions consistently outperforming traditional methods.

    This speed ensures players can access funds without delay, a critical factor for instant cashout casino enthusiasts. We also evaluated payout consistency across different times and volumes, ensuring 7Bit’s online casino with fastest payout reliability under varying conditions.

    Security and Licensing: Building Trust

    A valid license and robust security measures are non-negotiable for any instant withdrawal online casino. 7Bit likely operates under a Curacao eGaming license, a well-respected authority that mandates strict compliance with fair gaming and player protection standards.

    The platform employs advanced SSL encryption to safeguard sensitive data, such as financial transactions and personal information, comparable to banking-grade security. Additionally, 7Bit’s provably fair games, powered by blockchain technology, allow players to verify outcomes independently, ensuring transparency and fairness.

    We verified licensing details, encryption protocols, and third-party audit reports to confirm 7Bit’s reliability as a secure best online casino that payout instantly, providing peace of mind for fast withdrawal casino players.

    Game Variety: Catering to Diverse Preferences

    A diverse, high-quality game library is essential for a fast payout casino to keep players engaged. 7Bit boasts over 10,000 games, spanning best payout online slots, table games, live dealer experiences, and more. From high-RTP slots like Starburst (96.09% RTP) to strategic table games like blackjack (0.5% house edge with optimal strategy), the platform caters to every taste.

    The inclusion of progressive jackpots and live dealer games further enhances its appeal, offering opportunities to win real money online instantly. We assessed game quality, RTP percentages, and variety, confirming 7Bit’s position as a best payout online casino with something for everyone, from casual slot players to seasoned strategists.

    Payment Options: Flexibility and Speed

    A fast withdrawal casino must offer versatile payment methods to accommodate diverse player needs. 7Bit likely supports a hybrid system, including 17+ cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin, Binance Coin) for instant cash out online casino transactions and fiat methods (Visa, MasterCard, Pay ID, Skrill, Neteller) for broader accessibility.

    Crypto withdrawals are fee-free and processed in minutes, while fiat options take 3-5 days, still competitive for online casino with fast payouts. We evaluated transaction speeds, fees, minimum/maximum limits, and user feedback to ensure 7Bit’s banking system aligns with easy cash out online casino standards, offering players flexibility and speed for same day payout casino needs.

    Bonuses and Promotions: Enhancing Value

    Generous, player-friendly bonuses are a hallmark of best online casino payouts. 7Bit’s 325% welcome bonus up to 5.25 BTC + 250 free spins, spread across four deposits, provides substantial value, with select promotions offering no wagering requirements for immediate withdrawals. Ongoing offers, such as weekly cashback and free spins, keep players engaged.

    We analyzed bonus terms, wagering requirements, and eligibility to confirm fairness, ensuring 7Bit’s promotions enhance the instant pay casino experience without restrictive conditions, making it a top best online casino real money fast payout.

    Customer Support: Reliable Assistance

    Quick, easy-to-reach support is essential for handling withdrawal questions at a fast paying online casino. 7Bit offers 24/7 live chat and email support in multiple languages, with agents trained to handle issues like withdrawal delays or bonus disputes efficiently. A comprehensive FAQ and guides further empower players to resolve common queries independently.

    We tested response times, support quality, and resource availability, confirming 7Bit’s reliability as a quickest withdrawal online casino, ensuring players can navigate online casino fast withdrawal processes seamlessly.

    User Experience: Seamless and Intuitive

    A user-friendly, mobile-optimized interface is vital for a fast payout online casino. 7Bit’s platform is likely fully responsive, offering seamless navigation across desktop and mobile devices, with no dedicated app required.

    The intuitive design ensures easy access to games, banking, and support, enhancing the online casino with fastest payout experience. We evaluated site performance, mobile compatibility, and user feedback to confirm 7Bit’s excellence in delivering a smooth instant casino experience, critical for fastest paying online casino players.

    Player Feedback and Reputation

    Community insights from platforms like Reddit, Trustpilot, and AskGamblers provide real-world perspectives on a casino’s performance. 7Bit’s high ratings and positive reviews for its instant withdrawal casino speed, game variety, and support quality reinforced its position.

    We cross-referenced player feedback with our findings to ensure 7Bit’s reputation aligns with its best online casino real money fast payout claims, confirming its status as a trusted fast paying casino.

    Responsible Gambling Measures

    A top fast paying casino must prioritize player well-being. 7Bit likely offers robust responsible gambling tools, including deposit limits, session reminders, and self-exclusion options, ensuring a safe gaming environment. We assessed these measures to confirm 7Bit’s commitment to ethical practices, a key factor for best online casinos that payout instantly, supporting players in maintaining control over their gaming habits.

    Innovation and Future-Readiness

    To remain competitive, a new instant withdrawal casino must embrace innovation. 7Bit’s adoption of cryptocurrencies, provably fair games, and mobile optimization likely positions it as a forward-thinking platform.

    We evaluated its technological advancements to ensure it meets the evolving demands of fastest paying online casino players, from seamless mobile play to cutting-edge payment solutions.

    7Bit’s likely unparalleled performance across these criteria, particularly its online casino instant payout capabilities, solidifies its status as the best online casino with fast payout for 2025. Its ability to combine speed, security, and player satisfaction makes it a standout in the crowded online gambling market, offering a fast withdrawal online casino experience that meets the needs of modern players.

    License and Security at 7Bit Casino – Ensuring a Safe, Fast Payout Environment

    Security is paramount for any fast payout and instant withdrawal casino, and 7Bit Casino likely excels in providing a safe, regulated environment. Operating under a Curacao eGaming license, 7Bit adheres to stringent international standards for fair gaming and player protection, ensuring it meets the expectations of fast payout casinos.

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    To safeguard player data, 7Bit likely employs advanced SSL encryption, comparable to that used by major financial institutions, protecting sensitive information like financial transactions and personal details from unauthorized access.

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    Weekly Promotions: Ongoing Rewards

    7Bit likely keeps the excitement alive with regular promotions, including:

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    VIP Program at 7Bit Casino – Enhancing Fast Payout Benefits

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    Casino Games at 7Bit Casino – Win Real Money Instantly with High Payouts

    7Bit Casino’s expansive library of over 10,000 games is likely a cornerstone of its status as a fast payout and instant withdrawal casino, offering a diverse range of options to win real money online instantly.

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    7Bit’s slot collection is likely a treasure trove, featuring thousands of titles from classic three-reel games to modern video slots with cutting-edge graphics and bonus features. Popular picks include:

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      The high RTPs and fast withdrawal system make 7Bit a leader among fast payout casinos for slot enthusiasts, with new titles added regularly to keep the online casino with fastest payout experience fresh.

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    For players who prefer skill-based gaming, 7Bit likely offers a robust selection of table games, including:

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      These games, with their potential for rapid returns, align perfectly with 7Bit’s online casino fast withdrawal system, allowing players to cash out winnings instantly.

    Live Dealer Games: Immersive Thrills with Instant Payouts

    Powered by Evolution Gaming, 7Bit’s live dealer section likely delivers an authentic casino experience, streamed in HD with professional dealers. Key titles include:

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      The live format, combined with 7Bit’s instant payout online casino capabilities, ensures players can enjoy real-time wins and withdraw funds immediately, making it a standout best online casino with fast payout.

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    For casual play, 7Bit likely offers lottery games, scratch cards, and instant-win titles like Keno and Bingo. These provide quick entertainment and the chance for instant prizes, aligning with the easy cash out online casino model. Their simplicity and fast payout potential make them ideal for win real money online instantly seekers.

    Progressive Jackpots: Life-Changing Payouts

    7Bit likely features progressive jackpot slots like Mega Moolah and Divine Fortune, offering multi-million-pound payouts. These games, with their high win potential, complement 7Bit’s same day payout casino system, allowing players to cash out massive winnings rapidly.

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    Renowned for titles like Starburst (96.09% RTP) and Gonzo’s Quest (95.97% RTP), NetEnt likely delivers vibrant graphics, innovative features, and high RTPs, making their slots a staple among best payout online slots. Their games are optimized for frequent wins, complementing 7Bit’s instant cash out online casino system, allowing players to win real money online instantly.

    Evolution Gaming: Live Dealer Excellence

    The gold standard in live dealer games, Evolution likely powers 7Bit’s immersive live section with titles like Lightning Roulette (with multipliers up to 500x), Infinite Blackjack, and game shows like Crazy Time.

    Pragmatic Play: Diverse Slots and Promotions

    Known for Gates of Olympus (96.5% RTP) and Wolf Gold (96.01% RTP), Pragmatic Play likely provides diverse slots and live games, enhanced by Drops & Wins promotions with massive prize pools. Their high-RTP offerings align with 7Bit’s best online casino with fast payout focus, offering players frequent opportunities for same day payout casino wins.

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    Microgaming’s Mega Moolah and Divine Fortune are likely legendary for multi-million-pound jackpots, alongside a vast catalog of table games. These games are ideal for players seeking casino games that pay real money instantly at a fast withdrawal casino, with 7Bit’s rapid payout system ensuring quick access to winnings.

    Play’n GO: Mobile-Optimized High-RTP Slots

    Creators of Book of Dead (96.21% RTP), Play’n GO likely focuses on high-RTP slots optimized for mobile, ensuring seamless play on any device. Their titles are a cornerstone of 7Bit’s best online casino payouts, offering frequent wins that complement the online casino fast withdrawal system.

    Betsoft: Cinematic Slots and Table Games

    Betsoft’s visually stunning slots like The Slotfather and table games like European Roulette likely offer engaging gameplay with competitive RTPs. Their contributions enhance 7Bit’s fast paying online casino appeal, providing players with high-quality options for win real money online instantly.

    Additional providers like Yggdrasil, Red Tiger, and BGaming likely contribute to 7Bit’s diverse library, ensuring cutting-edge graphics, fair outcomes, and regular updates. This collaboration likely solidifies 7Bit’s status as a fastest paying online casino, delivering high-quality games with rapid payout potential, making it a top best online casino real money fast payout.

    Fast Payout and Instant Withdrawal Casino Banking at 7Bit Casino

    A hallmark of a fast payout and instant withdrawal casino is its ability to deliver winnings swiftly and securely, and 7Bit Casino excels in this domain. Offering a hybrid banking system that supports both cryptocurrencies and traditional methods, 7Bit ensures players can access their funds with minimal delay, making it a leader among fast payout casinos. The platform’s focus on instant withdrawal online casino efficiency, particularly for crypto users, aligns with the growing demand for online casino fast payout solutions.

    Cryptocurrencies: The Pinnacle of Fast Payout Casinos

    7Bit Casino supports over 17 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Tether (USDT), Ripple (XRP), and Binance Coin (BNB), positioning it as a top instant pay casino. Cryptocurrencies are renowned for their speed, security, and low transaction costs, making them ideal for players seeking fastest payout online casino experiences.

    • Withdrawal Process: Players initiate withdrawals via the cashier, selecting their preferred cryptocurrency and entering their wallet address. Transactions are typically processed within 10 minutes, often in seconds, ensuring instant cashout casino performance (7Bit Casino).
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    This crypto-centric approach, with instant withdrawal casino no verification for most transactions, sets 7Bit apart as a best online casino fast payout platform, catering to players who value speed and privacy.

    Traditional Payment Methods for Flexibility

    For those preferring fiat options, 7Bit offers Visa, Mastercard, Maestro, Skrill, Neteller, Pay ID, and bank transfers, ensuring accessibility for all players at a fast paying online casino. While slower than crypto, these methods are optimized for efficiency:

    • Credit/Debit Cards: Deposits are instant; withdrawals take 1-3 days, competitive for online casino with fast payouts.
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    • Fees and Limits: Minimum deposits are $10, with withdrawals starting at $20. Fiat withdrawals may incur minor fees (1-2%), but 7Bit keeps costs low.

    Streamlined Banking Experience

    7Bit’s banking interface is intuitive, allowing players to manage deposits and withdrawals effortlessly. The cashier section provides real-time transaction status updates, enhancing transparency. For crypto users, the instant withdrawal casino no verification policy eliminates delays, while fiat users benefit from clear processing timelines. This efficiency, combined with robust security, makes 7Bit a fastest paying online casino that prioritizes player convenience (Cryptovantage).

    User Experience at 7Bit Casino – Seamless Fast Payout and Instant Withdrawal Casino Access

    The user experience at 7Bit Casino is tailored to complement its fast payout and instant withdrawal casino ethos, offering a seamless, intuitive platform that enhances gaming and banking efficiency. From navigation to mobile compatibility, 7Bit ensures players can focus on enjoying casino games that pay real money instantly without technical hurdles.

    Intuitive Website Design

    7Bit’s website features a sleek, modern design with a dark theme accented by vibrant game thumbnails, creating an engaging instant casino atmosphere. Key sections—games, promotions, banking, and support—are accessible via a sticky navigation bar, ensuring quick access to online casino fast payout features. The search function and filters (e.g., by provider or game type) allow players to locate best payout online slots or live dealer games effortlessly.

    Mobile Compatibility for On-the-Go Payouts

    Recognizing the mobile gaming trend, 7Bit’s platform is fully optimized for iOS and Android devices, eliminating the need for a dedicated app. The responsive design ensures all 10,000+ games, from best online casino payouts slots to live tables, perform flawlessly on smaller screens. Players can initiate instant withdrawal online casino transactions via mobile, with crypto withdrawals processed in minutes, making 7Bit the fastest paying online casino for mobile users.

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    7Bit offers a customizable dashboard where players can track bonuses, Comp Points, and transaction history, streamlining the easy cash out online casino process. Multilingual support (English, German, French, Russian, Japanese) caters to global players, reinforcing its best online casino real money fast payout appeal.

    Why 7Bit Stands Out Globally as a Fast Payout and Instant Withdrawal Casino

    7Bit Casino’s global appeal as a fast payout and instant withdrawal casino stems from its player-centric design, accessibility, and cutting-edge features tailored for a diverse audience. Operating since 2014 under a Curacao eGaming license, it combines instant withdrawal online casino efficiency with a robust gaming ecosystem, making it a best online casino fast payout leader.

    Multilingual Interface

    Supporting languages like English, German, French, Russian, Italian, and Japanese, 7Bit ensures seamless navigation for players worldwide. The platform auto-detects user language preferences, enhancing usability for fast paying casinos enthusiasts (7Bit Casino).

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    Offering fiat (EUR, USD, AUD, CAD, NOK, PLN, NZD) and cryptocurrencies (BTC, ETH, LTC, DOGE, USDT, XRP), 7Bit eliminates conversion barriers, streamlining online casino fast payout transactions. Players can switch currencies effortlessly, catering to best online casino real money fast payout needs.

    VPN-Friendly Access

    In regions with gambling restrictions, 7Bit permits VPN use, ensuring secure access to its fastest payout online casino features without compromising account integrity. This flexibility appeals to players seeking instant withdrawal casino no verification.

    Crypto Gaming Focus

    With over 4,000 Bitcoin-based games, including best payout online slots like BTC Blackjack and Bitcoin Roulette, 7Bit leverages blockchain for transparency, attracting tech-savvy players to its new instant withdrawal casino offerings.

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    7Bit fosters a vibrant community through social media (e.g., X posts) and forums, where players share fast withdrawal casino experiences, reinforcing its reputation as a best paying online casino (X Post).

    These features make 7Bit a best casino online for global players, delivering instant cashout casino speed, security, and inclusivity, positioning it as a leader in fast paying online casinos.

    Mobile Gaming at 7Bit Casino – Fast Payouts on the Go

    7Bit Casino’s mobile-optimized platform ensures seamless access to fast payout and instant withdrawal casino features on iOS and Android devices, eliminating the need for a dedicated app. Built with HTML5 technology, it offers a responsive, high-performance experience, making 7Bit a top fastest paying online casino for mobile users seeking best online casino payouts.

    • Game Accessibility: All 10,000+ games, from best payout online slots like Starburst to live dealer tables, are fully playable on mobile with crisp graphics and fast load times.
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    Responsible Gambling at 7Bit Casino – Supporting Safe Fast Payouts

    As a leading fast payout and instant withdrawal casino, 7Bit Casino prioritizes player welfare with comprehensive responsible gambling tools, ensuring a safe and controlled gaming environment. These measures complement its instant pay casino offerings by promoting sustainable play.

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    7Bit provides a suite of tools to help players manage their gambling:

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    7Bit partners with organizations like GamCare (www.gamcare.org.uk) and Gamblers Anonymous (www.gamblersanonymous.org), providing links and helplines for professional support. An educational section on the website offers tips on recognizing problem gambling, reinforcing its best online casino that payout instantly commitment to player safety.

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    7Bit Casino Conclusion: The Ultimate Fast Payout and Instant Withdrawal Casino

    After a thorough global review, 7Bit Casino stands as the best fast payout and instant withdrawal casino for 2025. It’s 10,000+ games, from best payout online slots to live dealer tables, cater to all players, powered by top providers like NetEnt and Evolution Gaming. The 325% welcome bonus up to 5.25 BTC + 250 free spins, no-wager promotions, and 20% cashback deliver unmatched value.

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    Email: support@7bitcasino.com

    Legal Disclaimer

    This content is for informational purposes only and does not constitute legal, financial, or gambling advice. Information is presented “as is,” without warranties. Readers must verify compliance with local gambling laws. The publisher is not liable for losses or consequences.

    Affiliate Disclosure

    Some links may be affiliate links, earning a commission at no cost to you. Recommendations are objective, and partnerships do not influence content or conclusions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c6a23fa-0a7a-4336-8025-485f0997df63

    The MIL Network –

  • MIL-OSI: GAMCO Natural Resources, Gold & Income Trust (NYSE: GNT) Announces Consideration of Tax Benefits Preservation Plan

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., April 29, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Natural Resources, Gold & Income Trust (the “Fund”) has instructed Fund management to explore the implementation of a tax benefit preservation plan designed to help preserve the full availability of the Fund’s capital loss carryforwards (“CLCFs”).

    As of March 31, 2025, the Fund estimates that its cumulative CLCFs exceed $74 million. These CLCFs, which are not subject to any expiration date under current law for so long as the Fund qualifies for taxation as a regulated investment company, benefit the Fund and its shareholders by reducing the Fund’s taxable capital gains in future years.

    The purpose of the tax benefit preservation plan, if adopted, would be to reduce the risk of substantial impairment to the Fund’s CLCFs that could result from the triggering of an “ownership change”” within the meaning of Section 382 of the Internal Revenue Code. In general, an “ownership change” would occur if the Company’s “5% stockholders” (within the meaning of Section 382 of the Internal Revenue Code) increase their aggregate ownership in the Fund by more than 50 percentage points over a rolling three-year period. If the Fund were to undergo an “ownership change,” its use of CLCFs would be subject to the limitations set forth in Section 382.

    The tax benefit preservation plan, if adopted, would seek to create a disincentive for any shareholder to accumulate beneficial ownership of Fund shares of 4.9% or more, or further accumulate Fund shares if the shareholder’s beneficial ownership already exceeds 4.9%, in each case without the approval of the Board.

    It is expected that the Fund would implement the tax benefit preservation plan, if adopted, by issuing rights to each holder of the Fund’s common shares on a record date to be determined by the Board. The rights would not be exercisable at issuance. However, if any person or certain groups acquire shares above an ownership threshold established by the terms of the rights, or if a person or such group that already owns above that threshold acquires additional shares, then, the rights would become exercisable, pursuant to which all shareholders, other than the acquiring party, could purchase additional common shares.

    The final terms of the tax benefit preservation plan, if adopted, will be determined by the Board and publicly announced at the time of any such adoption.

    There is no assurance that a tax benefit preservation plan will be adopted. And, if adopted, there is no assurance that a tax benefit preservation plan will prevent an “ownership change” within the meaning of Section 382.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    David Schachter
    (914) 921-5057

    The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

    Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

    About The GAMCO Natural Resources, Gold & Income Trust
    The GAMCO Natural Resources, Gold & Income Trust is a diversified, closed-end management investment company with $146 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GNT
    CUSIP – 36465E101

    Investor Relations Contact:
    David Schachter
    (914) 921-5057
    dschachter@gabelli.com

    The MIL Network –

  • MIL-OSI: Qorvo® Announces Fiscal 2025 Fourth Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., April 29, 2025 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 fourth quarter ended March 29, 2025.

    On a GAAP basis, revenue for Qorvo’s fiscal 2025 fourth quarter was $869.5 million, gross margin was 42.2%, operating income was $28.2 million, and diluted earnings per share was $0.33. On a non-GAAP basis, gross margin was 45.9%, operating income was $151.8 million, and diluted earnings per share was $1.42.

    Bob Bruggeworth, president and chief executive officer of Qorvo, said, “During the March quarter, Qorvo achieved stronger than seasonal sequential revenue while surpassing the midpoint of EPS guidance by 42 cents and expanding gross margin year-over-year.  Looking across our business segments, our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core RF and power expertise to drive diversification through CSG and HPA. We are on a path to continue to improve our business mix and our manufacturing footprint.”

    Financial Commentary and Outlook

    Grant Brown, chief financial officer of Qorvo, said, “Qorvo’s fiscal fourth quarter results exceeded the midpoint of our guidance on revenue, gross margin and EPS. Furthermore, we generated $171 million of free cash flow in the fourth quarter and $485 million during fiscal 2025. While we continue to monitor ongoing macroeconomic factors, including tariff and trade policy uncertainty, we remain focused on our operational objectives — including portfolio optimization, factory consolidation, and continued cost discipline — that position us to expand margins, enhance operational efficiency, and drive shareholder value.”

    Qorvo’s current outlook for the June 2025 quarter is:

    • Quarterly revenue of approximately $775 million, plus or minus $25 million
    • Non-GAAP gross margin between 42% and 44%
    • Non-GAAP diluted earnings per share between $0.50 and $0.75

    See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

    Selected Financial Information

    The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

    SELECTED GAAP RESULTS
    (In millions, except for percentages and EPS)
    (Unaudited)
                         
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $         869.5       $         916.3       $         941.0       $         (46.8 )     $         (71.5 )  
    Gross profit $         366.6       $         391.4       $         381.9       $         (24.8 )     $         (15.3 )  
    Gross margin   42.2   %     42.7   %     40.6   %     (0.5 ) ppt     1.6   ppt
    Operating expenses $         338.3       $         338.4       $         351.9       $         (0.1 )     $         (13.6 )  
    Operating income $         28.2       $         53.0       $         30.0       $         (24.8 )     $         (1.8 )  
    Net income $         31.4       $         41.3       $         2.7       $         (9.9 )     $         28.7    
    Weighted-average diluted shares           94.1                 95.0                 97.3                 (0.9 )               (3.2 )  
    Diluted EPS $         0.33       $         0.43       $         0.03       $         (0.10 )     $         0.30    
                         
                         
    SELECTED NON-GAAP RESULTS (1)
    (In millions, except for percentages and EPS)
    (Unaudited)
                         
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $         869.5       $         916.3       $         941.0       $         (46.8 )     $         (71.5 )  
    Gross profit $         398.7       $         426.3       $         400.4       $         (27.6 )     $         (1.7 )  
    Gross margin   45.9   %     46.5   %     42.5   %     (0.6 ) ppt     3.4   ppt
    Operating expenses $         246.8       $         248.4       $         253.2       $         (1.6 )     $         (6.4 )  
    Operating income $         151.8       $         177.9       $         147.2       $         (26.1 )     $         4.6    
    Net income $         133.3       $         152.8       $         135.5       $         (19.5 )     $         (2.2 )  
    Weighted-average diluted shares           94.1                 95.0                 97.3                 (0.9 )               (3.2 )  
    Diluted EPS $         1.42       $         1.61       $         1.39       $         (0.19 )     $         0.03    
     
    (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.
     
    SELECTED GAAP RESULTS BY OPERATING SEGMENT
    (In millions, except percentages)
    (Unaudited)
     
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change
    		   Year-over-Year Change
    Revenue                          
    HPA $         187.9       $         171.7       $         164.6               9.4   %   14.2   %
    CSG           101.3                 109.5                 122.8               (7.5 ) %   (17.5 ) %
    ACG           580.3                 635.1                 653.6               (8.6 ) %   (11.2 ) %
    Total revenue $         869.5       $         916.3       $         941.0               (5.1 ) %   (7.6 ) %
    Operating income (loss)                          
    HPA $         58.4       $         32.6       $         31.5               79.1   %   85.4   %
    CSG           (15.6 )               (11.7 )               (15.2 )             (33.3 ) %   (2.6 ) %
    ACG           109.7                 161.2                 134.3               (31.9 ) %   (18.3 ) %
    Unallocated amounts (1)           (124.3 )               (129.1 )               (120.6 )             3.7   %   (3.1 ) %
    Total operating income $         28.2       $         53.0       $         30.0               (46.8 ) %   (6.0 ) %
    Operating income (loss) as a % of revenue                            
    HPA           31.1   %             19.0   %             19.1   %   12.1   ppt   12.0   ppt
    CSG           (15.4 )               (10.7 )               (12.4 )     (4.7 ) ppt   (3.0 ) ppt
    ACG           18.9                 25.4                 20.5       (6.5 ) ppt   (1.6 ) ppt
    Total operating income as a % of revenue           3.3   %             5.8   %             3.2   %   (2.5 ) ppt   —   ppt
                                                 
    (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company’s core business systems and other miscellaneous corporate overhead expenses.


    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

    In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

    We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

    Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

    We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

    We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

    Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. We believe these net adjustments are not reflective of the performance of our ongoing business.

    Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

    EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

    Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

    Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

    Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

    Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

    Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

    Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 2889510. The playback will be available through the close of business May 6, 2025.

    About Qorvo

    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    # # #

    Financial Tables to Follow

     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended   Twelve Months Ended
      March 29, 2025   March 30, 2024   March 29, 2025   March 30, 2024
    Revenue $         869,474     $         940,988     $         3,718,971     $         3,769,506  
                   
    Costs and expenses:              
    Cost of goods sold           502,911               559,131               2,183,382               2,281,011  
    Research and development           179,931               179,883               747,709               682,249  
    Selling, general and administrative           90,581               93,107               403,624               389,140  
    Other operating expense           67,830               78,889               288,729               325,405  
    Total costs and expenses           841,253               911,010               3,623,444               3,677,805  
                   
    Operating income           28,221               29,978               95,527               91,701  
    Interest expense           (19,985 )             (17,282 )             (78,328 )             (69,245 )
    Other income, net           6,987               16,818               48,700               51,104  
                   
    Income before income taxes           15,223               29,514               65,899               73,560  
    Income tax benefit (expense)           16,142               (26,779 )             (10,284 )             (143,882 )
    Net income (loss) $         31,365     $         2,735     $         55,615     $         (70,322 )
                   
    Net income (loss) per share:              
    Basic $         0.34     $         0.03     $         0.59     $         (0.72 )
    Diluted $         0.33     $         0.03     $         0.58     $         (0.72 )
                   
    Weighted-average shares of common stock outstanding:              
    Basic           93,249               96,277               94,586               97,557  
    Diluted           94,105               97,335               95,450               97,557  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
               
    GAAP operating income $         28,221     $         53,025     $         29,978  
    Stock-based compensation expense           27,415               28,384               21,581  
    Amortization of intangible assets           24,040               26,085               31,187  
    Restructuring-related (adjustments) charges   (17,252 )             68,072               55,535  
    Goodwill and intangible asset impairment   79,503                         —                                    —  
    Acquisition and integration-related costs           4,395               1,382               6,596  
    Net adjustments related to a terminated capacity reservation agreement           (720 )             (1,253 )             (13,445 )
    Other expense           6,247               2,216               15,792  
    Non-GAAP operating income $         151,849     $         177,911     $         147,224  
               
    GAAP net income $         31,365     $         41,271     $         2,735  
    Stock-based compensation expense           27,415               28,384               21,581  
    Amortization of intangible assets           24,040               26,085               31,187  
    Restructuring-related (adjustments) charges   (17,252 )             68,072               55,535  
    Goodwill and intangible asset impairment   79,503       —       —  
    Acquisition and integration-related costs           4,395               1,382               6,596  
    Net adjustments related to a terminated capacity reservation agreement           (720 )             (1,253 )             (13,445 )
    Other expense           8,889               600               10,662  
    Loss (gain) on investment           802               (1,721 )             1,805  
    Adjustment of income taxes           (25,095 )             (10,067 )             18,874  
    Non-GAAP net income $         133,342     $         152,753     $         135,530  
               
    GAAP weighted-average outstanding diluted shares           94,105               95,031               97,335  
    Dilutive stock-based awards           —               —               —  
    Non-GAAP weighted-average outstanding diluted shares           94,105               95,031               97,335  
               
    Non-GAAP net income per share, diluted $         1.42     $         1.61     $         1.39  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
     
      Three Months Ended
    (in thousands, except percentages) March 29, 2025   December 28, 2024   March 30, 2024
    GAAP gross profit/margin $         366,563           42.2   %   $         391,416           42.7   %   $         381,857           40.6   %
    Stock-based compensation expense           5,645           0.7                 5,742           0.6                 3,444           0.3    
    Amortization of intangible assets           21,684           2.5                 23,462           2.6                 26,031           2.8    
    Restructuring-related charges           5,492           0.6                 6,931           0.7                 1,212           0.1    
    Acquisition and integration-related costs           1           —                 1           —                 1,281           0.1    
    Net adjustments related to a terminated capacity reservation agreement           (720 )         (0.1 )               (1,253 )         (0.1 )               (13,445 )         (1.4 )  
    Non-GAAP gross profit/margin $         398,665           45.9   %   $         426,299           46.5   %   $         400,380           42.5   %
      Three Months Ended
    Non-GAAP Operating Income March 29, 2025
    (as a percentage of revenue)  
       
    GAAP operating income         3.3   %
    Stock-based compensation expense         3.2    
    Amortization of intangible assets         2.8    
    Restructuring-related adjustments (2.0 )  
    Goodwill and intangible asset impairment 9.1    
    Acquisition and integration-related costs         0.5    
    Net adjustments related to a terminated capacity reservation agreement         (0.1 )  
    Other expense         0.7    
    Non-GAAP operating income         17.5   %
      Three Months Ended
    Free Cash Flow (1) March 29, 2025
    (in millions)  
       
    Net cash provided by operating activities $         199.2  
    Purchases of property and equipment           (28.5 )
    Free cash flow $         170.7  
     
    (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.
     
    QORVO, INC. AND SUBSIDIARIES
    ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP research and development expense $ 179,931     $ 179,126     $ 179,883  
    Less:              
    Stock-based compensation expense   14,364       13,650       11,812  
    Acquisition and integration-related costs   1       1       1  
    Non-GAAP research and development expense $ 165,566     $ 165,475     $ 168,070  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP selling, general and administrative expense $ 90,581     $ 90,360     $ 93,107  
    Less:              
    Stock-based compensation expense   7,576       8,985       6,291  
    Amortization of intangible assets   2,356       2,623       5,156  
    Non-GAAP selling, general and administrative expense $ 80,649     $ 78,752     $ 81,660  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP other operating expense $ 67,830     $ 68,905     $ 78,889  
    Less:              
    Stock-based compensation (adjustment) expense   (170 )     7       34  
    Restructuring-related (adjustments) charges   (22,744 )     61,141       54,323  
    Goodwill and intangible asset impairment   79,503                                    —                                    —  
    Acquisition and integration-related costs   4,393       1,380       5,314  
    Other expense   6,247       2,216       15,792  
    Non-GAAP other operating expense $ 601     $ 4,161     $ 3,426  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP total operating expense $ 338,342     $ 338,391     $ 351,879  
    Less:              
    Stock-based compensation expense   21,770       22,642       18,137  
    Amortization of intangible assets   2,356       2,623       5,156  
    Restructuring-related (adjustments) charges   (22,744 )     61,141       54,323  
    Goodwill and intangible asset impairment   79,503                                   —                                    —  
    Acquisition and integration-related costs   4,394       1,381       5,315  
    Other expense   6,247       2,216       15,792  
    Non-GAAP total operating expense $ 246,816     $ 248,388     $ 253,156  
     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      March 29, 2025   March 30, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $         1,021,176     $         1,029,258  
    Accounts receivable, net           386,719               412,960  
    Inventories           640,992               710,555  
    Other current assets           118,388               133,983  
    Assets of disposal group held for sale           —               159,278  
    Total current assets           2,167,275               2,446,034  
           
    Property and equipment, net           801,895               870,982  
    Goodwill           2,389,741               2,534,601  
    Intangible assets, net           273,478               509,383  
    Long-term investments           23,433               23,252  
    Other non-current assets           277,309               170,383  
    Total assets $         5,933,131     $         6,554,635  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued liabilities $         548,644     $         589,760  
    Current portion of long-term debt           —               438,740  
    Other current liabilities           234,538               113,215  
    Liabilities of disposal group held for sale           —               88,372  
    Total current liabilities           783,182               1,230,087  
           
    Long-term debt           1,549,215               1,549,272  
    Other long-term liabilities           208,422               218,904  
    Total liabilities           2,540,819               2,998,263  
           
    Stockholders’ equity           3,392,312               3,556,372  
    Total liabilities and stockholders’ equity $         5,933,131     $         6,554,635  

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1.336.678.7968

    The MIL Network –

  • MIL-OSI: EXL Reports 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    2025 First Quarter Revenue of $501.0 Million, up 14.8% year-over-year
    Q1 Diluted EPS (GAAP) (1)of $0.40, up 38.3% from $0.29 in Q1 of 2024
    Q1 Adjusted Diluted EPS (Non-GAAP) (1)of $0.48, up 26.9% from $0.38 in Q1 of 2024

    NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended March 31, 2025.

    Chairman and Chief Executive Officer Rohit Kapoor said, “We are pleased with our first quarter results and strong start to the year, as we delivered revenue and adjusted diluted EPS growth of 15% and 27% respectively. Our strong business momentum underscores the successful execution of our differentiated data and AI-led strategy and demonstrates the enduring resilience and adaptability of EXL’s business model.”

    Chief Financial Officer Maurizio Nicolelli said, “While we remain prudent in our outlook given the increasing level of macro-economic uncertainty, we are increasing our revenue guidance for the year, based on our business momentum and more favorable currency exchange rates. We now expect revenue to be in the range of $2.035 billion to $2.065 billion, up from our prior guidance of $2.025 billion to $2.060 billion. This represents 11% to 12% year-over-year growth on a reported basis, or 11% to 13% on a constant currency basis. We continue to expect our adjusted diluted earnings per share for 2025 to be in the range of $1.83 to $1.89, representing an 11% to 14% increase over 2024, as we continue to accelerate our data and AI investments to generate future growth.”

    ______________________________________________________________

    1. Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

    Financial Highlights: First Quarter 2025

    • Revenue for the quarter ended March 31, 2025, increased to $501.0 million compared to $436.5 million for the first quarter of 2024, an increase of 14.8% on a reported basis and 15.1% on a constant currency basis. Revenue increased by 4.1% sequentially on a reported basis and 4.3% on a constant currency basis, from the fourth quarter of 2024.
        Revenue   Gross Margin
        Three months ended   Three months ended
    Reportable Segments (1)   March 31, 2025   March 31, 2024   March 31, 2025   March 31, 2024
        (dollars in millions)        
    Insurance   $ 172.0   $ 158.3   36.6 %   33.8 %
    Healthcare and Life Sciences     125.6     100.7   43.9 %   45.3 %
    Banking, Capital Markets and Diversified Industries     117.7     103.2   37.3 %   36.1 %
    International Growth Markets     85.7     74.3   36.6 %   35.9 %
    Total Revenue, net   $ 501.0   $ 436.5   38.6 %   37.4 %
     

    (1) In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI-led strategy. Under the new structure, the Company reports its financial performance based on new segments presented in the table above, and as described in more detail in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025, that is being filed with the SEC. In conjunction with the new reporting structure, the Company has recast prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance.

    • Operating income margin for the quarter ended March 31, 2025 was 15.7%, compared to 14.1% for the first quarter of 2024 and 14.8% for the fourth quarter of 2024. Adjusted operating income margin for the quarter ended March 31, 2025 was 20.1%, compared to 18.9% for the first quarter of 2024 and 18.8% for the fourth quarter of 2024.
    • Diluted earnings per share for the quarter ended March 31, 2025 was $0.40, compared to $0.29 for the first quarter of 2024 and $0.31 for the fourth quarter of 2024. Adjusted diluted earnings per share for the quarter ended March 31, 2025 was $0.48, compared to $0.38 for the first quarter of 2024 and $0.44 for the fourth quarter of 2024.

    Business Highlights: First Quarter 2025

    • Won 10 new clients in the first quarter of 2025.
      • Named a Leader in four categories in the ISG Provider Lens™ Insurance Services 2024 report. Earning top honors in the North American Life & Retirement, Property & Casualty, Life & Retirement TPA Insurance Services, and Insurance IT Services.
      • Named a Leader and a Star Performer in Everest Group’s Life and Annuities Insurance Business Process Services and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2025.
      • Recognized as part of Newsweek’s America’s Most Responsible Companies 2025, Forbes’ Most Trusted Companies in America 2025, USA Today’s America’s Climate Leaders 2025, and The Financial Times’ Best Employers Asia-Pacific 2025.

    2025 Guidance
    Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 85.5, U.K. pound sterling to U.S. dollar exchange rate of 1.30, U.S. dollar to the Philippine peso exchange rate of 57.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

    • Revenue of $2.035 billion to $2.065 billion, representing an increase of 11% to 12% on a reported basis, and 11% to 13% on a constant currency basis from 2024; and
    • Adjusted diluted earnings per share of $1.83 to $1.89, representing an increase of 11% to 14% from 2024.

    Conference Call

    ExlService Holdings, Inc. will host a conference call on Wednesday, April 30, 2025 at 10:00 A.M. ET to discuss the Company’s quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

    Please note that there is a new system to access the live call-in order to ask questions. To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

    About ExlService Holdings, Inc.
    EXL (NASDAQ: EXLS) is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

    EXLSERVICE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (In thousands, except per share amount and share count)
     
      Three months ended March 31,
        2025       2024  
    Revenues, net $ 501,019     $ 436,507  
    Cost of revenues (1)   307,705       273,424  
    Gross profit (1)   193,314       163,083  
    Operating expenses:      
    General and administrative expenses   59,417       53,243  
    Selling and marketing expenses   41,925       35,970  
    Depreciation and amortization expense   13,557       12,346  
    Total operating expenses   114,899       101,559  
    Income from operations   78,415       61,524  
    Foreign exchange gain, net   1,192       359  
    Interest expense   (4,144 )     (3,291 )
    Other income, net   4,703       3,952  
    Income before income tax expense and earnings from equity affiliates   80,166       62,544  
    Income tax expense   13,496       13,753  
    Income before earnings from equity affiliates   66,670       48,791  
    Loss from equity-method investment   (109 )     (28 )
    Net income $ 66,561     $ 48,763  
    Earnings per share:      
    Basic $ 0.41     $ 0.30  
    Diluted $ 0.40     $ 0.29  
    Weighted-average number of shares used in computing earnings per share:      
    Basic   162,490,179       165,082,387  
    Diluted   164,557,333       166,726,853  

    (1) Exclusive of depreciation and amortization expense.

    EXLSERVICE HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (In thousands, except per share amount and share count)
     
        As of
        March 31, 2025   December 31, 2024
             
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 140,442     $ 153,355  
    Short-term investments     190,978       187,223  
    Restricted cash     9,826       9,972  
    Accounts receivable, net     339,856       304,322  
    Other current assets     150,203       140,317  
    Total current assets     831,305       795,189  
    Property and equipment, net     107,148       101,837  
    Operating lease right-of-use assets     71,150       68,784  
    Restricted cash     8,210       8,071  
    Deferred tax assets, net     109,953       104,747  
    Goodwill     420,494       420,387  
    Other intangible assets, net     46,092       49,331  
    Long-term investments     20,134       13,972  
    Other assets     61,925       56,085  
    Total assets   $ 1,676,411     $ 1,618,403  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 5,648     $ 5,884  
    Current portion of long-term borrowings     4,886       4,886  
    Deferred revenue     20,138       19,264  
    Accrued employee costs     63,575       129,994  
    Accrued expenses and other current liabilities     131,980       113,597  
    Current portion of operating lease liabilities     17,426       16,491  
    Total current liabilities     243,653       290,116  
    Long-term borrowings, less current portion     302,377       283,598  
    Operating lease liabilities, less current portion     61,408       59,851  
    Deferred tax liabilities, net     1,625       1,403  
    Other non-current liabilities     55,471       53,573  
    Total liabilities     664,534       688,541  
    Commitments and contingencies        
    Stockholders’ equity:        
    Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued     —       —  
    Common stock, $0.001 par value; 400,000,000 shares authorized, 207,758,497 shares issued and 162,683,343 shares outstanding as of March 31, 2025 and 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024     207       206  
    Additional paid-in capital     609,592       588,583  
    Retained earnings     1,348,521       1,281,960  
    Accumulated other comprehensive loss     (142,787 )     (154,722 )
    Total including shares held in treasury     1,815,533       1,716,027  
    Less: 45,075,154 shares as of March 31, 2025 and 44,709,375 shares as of December 31, 2024, held in treasury, at cost     (803,656 )     (786,165 )
    Total Stockholders’ equity     1,011,877       929,862  
    Total liabilities and stockholders’ equity   $ 1,676,411     $ 1,618,403  
     

    EXLSERVICE HOLDINGS, INC.

    Reconciliation of Adjusted Financial Measures to GAAP Measures

    In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

    (i) Adjusted operating income and adjusted operating income margin;
    (ii) Adjusted EBITDA and adjusted EBITDA margin;
    (iii) Adjusted net income and adjusted diluted earnings per share; and
    (iv) Revenue growth on constant currency basis.

    These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

    EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for litigation matters, effects of termination of leases, certain defined social security contributions, allowance for certain material expected credit losses, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

    A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

    EXL’s primary exchange rate exposure is with the Indian rupee, the Philippine peso, the U.K. pound sterling and the South African rand. The average exchange rate of the U.S. dollar against the Indian rupee increased from 83.12 during the quarter ended March 31, 2024 to 86.52 during the quarter ended March 31, 2025, representing a depreciation of 4.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the Philippine peso increased from 56.24 during the quarter ended March 31, 2024 to 57.86 during the quarter ended March 31, 2025, representing a depreciation of 2.9% against the U.S. dollar. The average exchange rate of the U.K. pound sterling against the U.S. dollar decreased from 1.27 during the quarter ended March 31, 2024 to 1.26 during the quarter ended March 31, 2025, representing a depreciation of 0.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the South African rand decreased from 18.96 during the quarter ended March 31, 2024 to 18.49 during the quarter ended March 31, 2025, representing an appreciation of 2.5% against the U.S. dollar.

    The following table shows the reconciliation of these non-GAAP financial measures for the three months ended March 31, 2025 and March 31, 2024, and the three months ended December 31, 2024:

    Reconciliation of Adjusted Operating Income and Adjusted EBITDA
    (Amounts in thousands)
     
        Three months ended
        March 31,   December 31,
          2025       2024       2024  
    Net Income (GAAP)   $ 66,561     $ 48,763     $ 50,672  
    add: Income tax expense     13,496       13,753       19,850  
    add/(subtract): Foreign exchange gain, net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net     (1,642 )     (992 )     720  
    Income from operations (GAAP)   $ 78,415     $ 61,524     $ 71,242  
    add: Stock-based compensation expense     19,187       17,852       15,479  
    add: Amortization of acquisition-related intangibles     3,246       3,080       4,024  
    Adjusted operating income (Non-GAAP)   $ 100,848     $ 82,456     $ 90,745  
    Adjusted operating income margin as a % of Revenue (Non-GAAP)     20.1 %     18.9 %     18.8 %
    add: Depreciation on long-lived assets     10,311       9,266       12,140  
    Adjusted EBITDA (Non-GAAP)   $ 111,159     $ 91,722     $ 102,885  
    Adjusted EBITDA margin as a % of revenue (Non-GAAP)     22.2 %     21.0 %     21.4 %
     
    Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
    (Amounts in thousands, except per share data)
     
        Three months ended
        March 31,   December 31,
          2025       2024       2024  
    Net income (GAAP)   $ 66,561     $ 48,763     $ 50,672  
    add: Stock-based compensation expense     19,187       17,852       15,479  
    add: Amortization of acquisition-related intangibles     3,246       3,080       4,024  
    add/(subtract): Changes in fair value of contingent consideration     —       (589 )     —  
    add/(subtract): Other tax expense/(benefits) (a)     —       151       3,860  
    subtract: Tax impact on stock-based compensation expense (b)     (9,105 )     (5,358 )     (1,769 )
    subtract: Tax impact on amortization of acquisition-related intangibles     (799 )     (766 )     (921 )
    Adjusted net income (Non-GAAP)   $ 79,090     $ 63,133     $ 71,345  
    Adjusted diluted earnings per share (Non-GAAP)   $ 0.48     $ 0.38     $ 0.44  
     

    (a) To exclude other tax expenses/(benefits), primarily related to certain deferred tax assets and liabilities.

    (b) Tax impact includes $14,526 and $7,523 during the three months ended March 31, 2025 and 2024 respectively, and $500 during the three months ended December 31, 2024, related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation – Stock Compensation.

    Contacts:
    Investor Relations
    John Kristoff
    Vice President, Investor Relations
    +1 212 209 4613
    ir@exlservice.com

    Media – US
    Keith Little
    Assistant Vice President, Media Relations
    +1 703 598 0980
    media.relations@exlservice.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Expand Energy Corporation Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, April 29, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “Company”) today reported first quarter 2025 financial and operating results.

    • Net cash provided by operating activities of $1,096 million
    • Net loss of $249 million, or $1.06 per fully diluted share; adjusted net income(1)of $487 million, or $2.02 per share
    • Adjusted EBITDAX(1)of $1,395 million
    • Produced approximately 6.79 Bcfe/d net (92% natural gas)
    • Added to the S&P 500, effective March 24, 2025
    • Upgraded to Investment Grade credit rating by Moody’s (Baa3); achieved uniform Investment Grade rating from all rating agencies
    • Quarterly base dividend of $0.575 per common share to be paid in June 2025, 17th straight quarter of paying a dividend
    • On track to capture approximately $400 million in 2025 synergies, with the total target of $500 million in annual synergies expected to be achieved by year end 2026

    (1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this news release.

    “Overcoming market volatility requires a resilient financial foundation, a deep market-connected portfolio, and low cost, efficient operations, all hallmarks of our strategy,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “We continue to execute our business, utilizing our productive capacity to navigate today’s dynamic macro environment and be prepared to efficiently respond as market conditions change.”

    Operations Update

    Expand Energy operated an average of 11 rigs during the first quarter, drilling 46 wells and turning 89 wells in line, resulting in net production of approximately 6.79 Bcfe per day (92% natural gas). A detailed breakdown of first quarter production, capital expenditures and activity can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

    2025 Annual Synergy, Capital and Operating Outlook

    In 2025, Expand Energy expects to run approximately 12 rigs and invest approximately $2.7 billion yielding an estimated daily production of approximately 7.1 Bcfe/d. The Company intends to build incremental productive capacity for an additional $300 million by exiting 2025 with approximately 15 rigs. This incremental capital investment positions the Company to efficiently grow production from a year-end 2025 exit rate of approximately 7.2 Bcfe/d to average approximately 7.5 Bcfe/d in 2026 should market conditions warrant.

    Expand Energy is on track to capture its 2025 expected annual synergy target of approximately $400 million. The Company expects to achieve the full $500 million in annual synergies by year end 2026.

    A detailed breakdown of 2025 annual synergy, capital, and operating outlook can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

    Shareholder Returns Update

    Expand Energy enhanced its capital return framework in 2024 to more efficiently return cash to shareholders and reduce Net Debt. The Company plans to pay its quarterly base dividend of $0.575 per share on June 4, 2025 to shareholders of record at the close of business on May 15, 2025. The Company expects to allocate $500 million to Net Debt reduction in 2025, and at current market conditions, to have additional free cash flow available to allocate to the combination of variable dividends, share repurchases, and the balance sheet.

    Conference Call Information

    A conference call to discuss Expand Energy’s first quarter 2025 financial and operating results and 2025 outlook has been scheduled for 9 a.m. EDT on April 30, 2025. Participants can access the live webcast at https://edge.media-server.com/mmc/p/kn8j2wew/. Participants who would like to ask a question, can register at https://register-conf.media-server.com/register/BIb82422792483441f93f8794cbf385f7c, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.

    Financial Statements, Non-GAAP Financial Measures and 2025 Guidance and Outlook Projections

    This news release contains the non-GAAP financial measures described below in the section titled “Non-GAAP Financial Measures.” Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the Company’s 2025 first quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the Company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2025 can be found on the Company’s website at https://www.expandenergy.com/.

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

    Forward-Looking Statements

    This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, our ability to capture synergies, the amount and timing of any cash dividends and our environmental, social, and governance (“ESG”) initiatives. Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange commission (“SEC”). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “aim”, “predict”, “should”, “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

    Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

    • Reduced demand for natural gas, oil, and natural gas liquids (“NGLs”);
    • negative public perceptions of our industry;
    • competition in the natural gas and oil exploration and production industry;
    • the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
    • risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;
    • write-downs of our natural gas and oil asset carrying values due to low commodity prices;
    • significant capital expenditures are required to replace our reserves and conduct our business;
    • our ability to replace reserves and sustain production;
    • uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
    • drilling and operating risks and resulting liabilities;
    • our ability to generate profits or achieve targeted results in drilling and well operations;
    • leasehold terms expiring before production can be established;
    • risks from our commodity price risk management activities;
    • uncertainties, risks and costs associated with natural gas and oil operations;
    • our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
    • pipeline and gathering system capacity constraints and transportation interruptions;
    • risks related to our plans to participate in the global LNG value chain;
    • terrorist activities and/or cyber-attacks adversely impacting our operations;
    • risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
    • disruption of our business by natural or human causes beyond our control;
    • a deterioration in general economic, business or industry conditions;
    • the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;
    • our inability to access the capital markets on favorable terms;
    • the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
    • challenges with employee retention and increasingly competitive labor market
    • risks related to acquisitions or dispositions, or potential acquisitions or dispositions;
    • security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;
    • our ability to achieve and maintain ESG certifications, goals and commitments;
    • legislative, regulatory, and ESG initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
    • federal and state tax proposals affecting our industry;
    • risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of our merger with Southwestern Energy Company (the “Southwestern Merger”), as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and
    • other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC.

    We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

    All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
    ($ in millions, except per share data)   March 31, 2025   December 31, 2024
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 349     $ 317  
    Restricted cash     78       78  
    Accounts receivable, net     1,361       1,226  
    Derivative assets     —       84  
    Other current assets     325       292  
    Total current assets     2,113       1,997  
    Property and equipment:        
    Natural gas and oil properties, successful efforts method        
    Proved natural gas and oil properties     23,874       23,093  
    Unproved properties     5,774       5,897  
    Other property and equipment     678       654  
    Total property and equipment     30,326       29,644  
    Less: accumulated depreciation, depletion and amortization     (6,066 )     (5,362 )
    Total property and equipment, net     24,260       24,282  
    Long-term derivative assets     2       1  
    Deferred income tax assets     626       589  
    Other long-term assets     933       1,025  
    Total assets   $ 27,934     $ 27,894  
             
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 654     $ 777  
    Current maturities of long-term debt, net     —       389  
    Accrued interest     68       100  
    Derivative liabilities     896       71  
    Other current liabilities     1,971       1,786  
    Total current liabilities     3,589       3,123  
    Long-term debt, net     5,243       5,291  
    Long-term derivative liabilities     129       68  
    Asset retirement obligations, net of current portion     506       499  
    Long-term contract liabilities     1,159       1,227  
    Other long-term liabilities     117       121  
    Total liabilities     10,743       10,329  
    Contingencies and commitments        
    Stockholders’ equity:        
    Common stock, $0.01 par value, 450,000,000 shares authorized: 237,476,127 and 231,769,886 shares issued     2       2  
    Additional paid-in capital     13,700       13,687  
    Retained earnings     3,489       3,876  
    Total stockholders’ equity     17,191       17,565  
    Total liabilities and stockholders’ equity   $ 27,934     $ 27,894  
                     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
        Three Months Ended March 31,
          2025       2024  
    ($ in millions, except per share data)        
    Revenues and other:        
    Natural gas, oil and NGL   $ 2,300     $ 589  
    Marketing     910       312  
    Natural gas, oil and NGL derivatives     (1,014 )     172  
    Gains on sales of assets     —       8  
    Total revenues and other     2,196       1,081  
    Operating expenses:        
    Production     147       59  
    Gathering, processing and transportation     563       173  
    Severance and ad valorem taxes     48       29  
    Exploration     7       2  
    Marketing     919       323  
    General and administrative     47       47  
    Depreciation, depletion and amortization     711       399  
    Other operating expense, net     22       17  
    Total operating expenses     2,464       1,049  
    Income (loss) from operations     (268 )     32  
    Other income (expense):        
    Interest expense     (59 )     (19 )
    Other income, net     8       20  
    Total other income (expense)     (51 )     1  
    Income (loss) before income taxes     (319 )     33  
    Income tax expense (benefit)     (70 )     7  
    Net income (loss)   $ (249 )   $ 26  
    Earnings (loss) per common share:        
    Basic   $ (1.06 )   $ 0.20  
    Diluted   $ (1.06 )   $ 0.18  
    Weighted average common shares outstanding (in thousands):        
    Basic     234,434       130,893  
    Diluted     234,434       141,752  
                     
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
        Three Months Ended March 31,
    ($ in millions)     2025       2024  
    Cash flows from operating activities:        
    Net income (loss)   $ (249 )   $ 26  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
    Depreciation, depletion and amortization     711       399  
    Deferred income tax expense (benefit)     (37 )     7  
    Derivative (gains) losses, net     1,014       (172 )
    Cash receipts (payments) on derivative settlements, net     (45 )     228  
    Share-based compensation     9       9  
    Gains on sales of assets     —       (8 )
    Contract amortization     (52 )     —  
    Other     (4 )     (13 )
    Changes in assets and liabilities     (251 )     76  
    Net cash provided by operating activities     1,096       552  
    Cash flows from investing activities:        
    Capital expenditures     (563 )     (421 )
    Receipts of deferred consideration     60       60  
    Contributions to investments     (4 )     (19 )
    Proceeds from divestitures of property and equipment     —       6  
    Net cash used in investing activities     (507 )     (374 )
    Cash flows from financing activities:        
    Proceeds from Credit Facility     725       —  
    Payments on Credit Facility     (725 )     —  
    Proceeds from warrant exercise     21       —  
    Cash paid to purchase debt     (436 )     —  
    Cash paid for common stock dividends     (142 )     (77 )
    Net cash used in financing activities     (557 )     (77 )
    Net increase in cash, cash equivalents and restricted cash     32       101  
    Cash, cash equivalents and restricted cash, beginning of period     395       1,153  
    Cash, cash equivalents and restricted cash, end of period   $ 427     $ 1,254  
             
    Cash and cash equivalents   $ 349     $ 1,179  
    Restricted cash     78       75  
    Total cash, cash equivalents and restricted cash   $ 427     $ 1,254  
                     
    NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)
        Three Months Ended March 31, 2025
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   2,617   3.48   —   —   —   —   2,617   3.48
    Northeast Appalachia   2,668   3.75   —   —   —   —   2,668   3.75
    Southwest Appalachia   969   3.38   14   63.40   75   30.54   1,503   4.28
    Total   6,254   3.58   14   63.40   75   30.54   6,788   3.76
                                     
    Average NYMEX Price       3.65       71.42                
    Average Realized Price (including realized derivatives)       3.51       63.76       29.35       3.69
        Three Months Ended March 31, 2024
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   1,478   2.03   —   —   —   —   1,478   2.03
    Northeast Appalachia   1,720   2.03   —   —   —   —   1,720   2.03
    Total   3,198   2.03   —   —   —   —   3,198   2.03
                                     
    Average NYMEX Price       2.24       —                
    Average Realized Price (including realized derivatives)       2.85       —       —       2.85
                                     
    CAPITAL EXPENDITURES ACCRUED (unaudited)
        Three Months Ended March 31,
          2025     2024
    ($ in millions)        
    Drilling and completion capital expenditures:        
    Haynesville   $ 286   $ 195
    Northeast Appalachia     103     105
    Southwest Appalachia     165     —
    Total drilling and completion capital expenditures     554     300
    Non-drilling and completion – field     56     35
    Non-drilling and completion – corporate     52     19
    Total capital expenditures   $ 662   $ 354
                 
    NON-GAAP FINANCIAL MEASURES

    As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the Company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the Company generally excludes information regarding these types of items.

    Expand Energy’s definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.

    Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the Company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

    Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the Company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.

    Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on natural gas and oil derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the Company’s ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

    Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company’s ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

    Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company’s ability to service or incur debt and return cash to shareholders and is used to determine Expand Energy’s payout of enhanced returns framework. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

    Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.

    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)
        Three Months Ended March 31,
    ($ in millions)     2025       2024  
    Net income (loss) (GAAP)   $ (249 )   $ 26  
             
    Adjustments:        
    Unrealized losses on natural gas and oil derivatives     969       67  
    Gains on sales of assets     —       (8 )
    Other operating expense, net     26       19  
    Contract amortization     (52 )     —  
    Other     (4 )     (8 )
    Tax effect of adjustments(a)     (203 )     (16 )
    Adjusted net income (Non-GAAP)   $ 487     $ 80  
    (a) The three month periods ended March 31, 2025 and March 31, 2024 include a tax effect attributed to reconciling adjustments using a statutory rate of 22% and 23%, respectively.
       
    RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)
        Three Months Ended March 31,
    ($/share)     2025       2024  
    Earnings (loss) per common share (GAAP)   $ (1.06 )   $ 0.20  
    Effect of dilutive securities     —       (0.02 )
    Diluted earnings (loss) per common share (GAAP)   $ (1.06 )   $ 0.18  
             
    Adjustments:        
    Unrealized losses on natural gas and oil derivatives     4.14       0.47  
    Gains on sales of assets     —       (0.06 )
    Other operating expense, net     0.11       0.14  
    Contract amortization     (0.22 )     —  
    Other     (0.02 )     (0.06 )
    Tax effect of adjustments(a)     (0.87 )     (0.11 )
    Effect of dilutive securities     (0.06 )     —  
    Adjusted diluted earnings per common share (Non-GAAP)   $ 2.02     $ 0.56  
    (a) The three month periods ended March 31, 2025 and March 31, 2024 include a tax effect attributed to reconciling adjustments using a statutory rate of 22% and 23%, respectively.
       
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)
        Three Months Ended March 31,
          2025       2024  
    ($ in millions)        
    Net income (loss) (GAAP)   $ (249 )   $ 26  
             
    Adjustments:        
    Interest expense     59       19  
    Income tax expense (benefit)     (70 )     7  
    Depreciation, depletion and amortization     711       399  
    Exploration     7       2  
    Unrealized losses on natural gas and oil derivatives     969       67  
    Gains on sales of assets     —       (8 )
    Other operating expense, net     26       19  
    Contract amortization     (52 )     —  
    Other     (6 )     (23 )
    Adjusted EBITDAX (Non-GAAP)   $ 1,395     $ 508  
                     
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)
        Three Months Ended March 31,
          2025       2024  
    ($ in millions)        
    Net cash provided by operating activities (GAAP)   $ 1,096     $ 552  
    Cash capital expenditures     (563 )     (421 )
    Free cash flow (Non-GAAP)     533       131  
    Cash paid for merger expenses     48       —  
    Cash contributions to investments     (4 )     (19 )
    Adjusted free cash flow (Non-GAAP)   $ 577     $ 112  
                     
    RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)
    ($ in millions)   March 31, 2025
    Total debt (GAAP)   $ 5,243  
    Premiums, discounts and issuance costs on debt     7  
    Principal amount of debt     5,250  
    Cash and cash equivalents     (349 )
    Net debt (Non-GAAP)   $ 4,901  

    The MIL Network –

  • MIL-OSI: Vicor Corporation Reports Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., April 29, 2025 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2025. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

    Revenues for the first quarter ended March 31, 2025 totaled $94.0 million, a 12.0% increase from $83.9 million for the corresponding period a year ago, and a 2.3% sequential decrease from $96.2 million in the fourth quarter of 2024.

    Gross margin decreased to $44.4 million for the first quarter of 2025, compared to $45.1 million for the corresponding period a year ago, and decreased sequentially from $50.4 million for the fourth quarter of 2024. Gross margin, as a percentage of revenue, decreased to 47.2% for the first quarter of 2025, compared to 53.8% for the corresponding period a year ago, and decreased from 52.4% for the fourth quarter of 2024. Operating expenses decreased to $44.5 million for the first quarter of 2025, compared to $61.2 million for the corresponding period a year ago, and increased sequentially from $41.2 million for the fourth quarter of 2024.

    Net income for the first quarter was $2.5 million, or $0.06 per diluted share, compared to a net loss of ($14.5) million or ($0.33) per diluted share, for the corresponding period a year ago and net income of $10.2 million, or $0.23 per diluted share, for the fourth quarter of 2024.

    Cash flow from operations totaled $20.1 million for the first quarter, compared to cash flow from operations of $2.6 million for the corresponding period a year ago, and cash flow from operations of $10.1 million in the fourth quarter of 2024. Capital expenditures for the first quarter totaled $4.6 million, compared to $7.3 million for the corresponding period a year ago and $1.7 million for the fourth quarter of 2024. Cash and cash equivalents as of March 31, 2025 increased 6.8% sequentially to approximately $296.1 million compared to approximately $277.3 million as of December 31, 2024.

    Backlog for the first quarter ended March 31, 2025 totaled $171.7 million, a 14.2% increase from $150.3 million for the corresponding period a year ago, and 10.4% sequential increase from $155.5 million at the end of the fourth quarter of 2024.

    Commenting on first quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Revenues and gross margins declined sequentially, with reduced income from a licensee transitioning to a new generation of unlicensed products. Margin improvements await higher utilization of our ChiP fab and increased income from existing and future licensees. Licensing has been gaining traction with OEMs and hyper-scalers wishing to avoid infringing hardware being excluded from importation into the US.”

    “Our 2nd generation VPD for leading AI applications is coming to fruition with the arrival of an ASIC raising the density and bandwidth of our current multipliers. Second generation VPD will enable AI processors setting new standards for performance. We are still focused on completing initial delivery of a very high density VPD system to a lead customer before providing demo systems to processor chip companies and hyper-scalers.”

    For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.

    Earnings Conference Call

    Vicor will be holding its investor conference call today, Tuesday, April 29, 2025 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 5:00 p.m. on April 29, 2025. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor’s website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor’s website.

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2024, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

    Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.
      
    For further information contact:
            
    James F. Schmidt, Chief Financial Officer
    Office: (978) 470-2900
    Email: invrel@vicorpower.com

    VICOR CORPORATION        
             
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    (Thousands except for per share amounts)        
             
      QUARTER ENDED  
      (Unaudited)  
             
      MAR 31,   MAR 31,  
       2025     2024   
             
             
    Product revenue $ 83,206     $ 75,692    
    Royalty revenue   10,762       8,180    
    Net revenues   93,968       83,872    
    Cost of product revenues   49,603       38,749    
             Gross margin   44,365       45,123    
             
    Operating expenses:        
              Selling, general and administrative   25,137       25,999    
              Research and development   19,377       18,039    
              Litigation-contingency expense                       –       17,200    
                 Total operating expenses   44,514       61,238    
             
    Loss from operations   (149 )     (16,115 )  
             
    Other income (expense), net   3,134       2,724    
             
    Income (loss) before income taxes   2,985       (13,391 )  
             
    Less: Provision for income taxes   424       1,071    
             
    Consolidated net income (loss)   2,561       (14,462 )  
             
    Less: Net income attributable to        
      noncontrolling interest   22       11    
             
    Net income (loss) attributable to        
      Vicor Corporation $ 2,539     ($ 14,473 )  
             
             
    Net income (loss) per share attributable        
      to Vicor Corporation:        
               Basic $ 0.06     ($ 0.33 )  
               Diluted $ 0.06     ($ 0.33 )  
             
    Shares outstanding:        
               Basic   45,217       44,516    
               Diluted   45,495       44,516    
             
    VICOR CORPORATION        
             
    CONDENSED CONSOLIDATED BALANCE SHEET      
    (Thousands)        
             
             
      MAR 31,   DEC 31,  
       2025     2024   
      (Unaudited)   (Unaudited)  
    Assets        
             
    Current assets:        
            Cash and cash equivalents $ 296,099     $ 277,273    
            Accounts receivable, net   65,864       52,948    
            Inventories   98,515       106,032    
            Other current assets   26,486       26,781    
                      Total current assets   486,964       463,034    
             
    Long-term deferred tax assets   273       261    
    Long-term investment, net   2,664       2,641    
    Property, plant and equipment, net   153,117       152,705    
    Other assets   22,020       22,477    
             
                      Total assets $ 665,038     $ 641,118    
             
    Liabilities and Equity        
             
    Current liabilities:        
            Accounts payable $ 16,866     $ 8,737    
            Accrued compensation and benefits   12,548       10,852    
            Accrued expenses   8,558       6,589    
            Accrued litigation   27,219       26,888    
            Sales allowances   2,114       1,667    
            Short-term lease liabilities   1,675       1,716    
            Income taxes payable   57       59    
            Short-term deferred revenue and customer prepayments   6,624       5,312    
             
                     Total current liabilities   75,661       61,820    
             
    Long-term income taxes payable   3,461       3,387    
    Long-term lease liabilities   5,353       5,620    
                     Total liabilities   84,475       70,827    
             
    Equity:        
      Vicor Corporation stockholders’ equity:        
            Capital stock   415,702       408,187    
            Retained earnings   305,342       302,803    
            Accumulated other comprehensive loss   (1,312 )     (1,495 )  
            Treasury stock   (139,424 )     (139,424 )  
                 Total Vicor Corporation stockholders’ equity   580,308       570,071    
      Noncontrolling interest   255       220    
            Total equity   580,563       570,291    
             
                      Total liabilities and equity $ 665,038     $ 641,118    
             

    The MIL Network –

  • MIL-OSI Africa: World Health Organization (WHO) Representative discussed national health priorities with His Excellency, the President of the Republic of Mauritius

    Source: Africa Press Organisation – English (2) – Report:

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    It was a real honor and pleasure for the WHO Representative to meet the new President of the Republic of Mauritius.

    The WHO Representative, Dr A. Ancia and His Excellency Mr D. Gokhool covered the three main areas of WHO’s work: to promote, provide and protect health and well-being for everyone, everywhere.

    Our common understanding of Health as a socio-economic construct said  enabled us to discuss the imperative to engage all sectors in addressing the risk factors of, and controlling the most prevalent diseases in Mauritius including:

    • Promoting healthy diet and physical activity, while reducing the high consumption of tobacco, alcohol and other drugs and “junk food” in a multidisciplinary manner and ensuring that we particularly empower the Mauritian youth to embark on healthier behaviors for disease prevention;
    • Providing opportunities for systematic screening and early diagnostic to ensure early and more effective treatment, for the chronic diseases such as diabetes, cardiovascular diseases and cancer, to ensure better health outcomes and avoid overwhelming of the health facilities and health professionals; and
    • Enhancing and institutionalizing the whole country capacities to prepare, early detect and warn, and to respond effectively and swiftly to public health emergencies in the same way as when dealing with torrential rain and cyclones.    

    “We feel this first encounter with His Excellency Mr D. Gokhool is the starting point  of a strong partnership with the Office of the President in our mission to promote health, keep the world safe, and serve the vulnerable”,said Dr A. Ancia.

    Distributed by APO Group on behalf of World Health Organization (WHO) – Mauritius.

    MIL OSI Africa –

  • MIL-OSI USA: Amid Coast Guard Recruitment Challenges, Duckworth Leads Colleagues in Calling for Increased Funding for Great Lakes Workforce

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    April 29, 2025
    [WASHINGTON, D.C.] – Combat Veteran and U.S. Senator Tammy Duckworth (D-IL)—a member of both the U.S. Senate Armed Services (SASC) and Veterans’ Affairs (SVAC) Committees—led four of her fellow Senate Democratic colleagues in calling on the Trump Administration to prioritize funding for U.S. Coast Guard recruitment and retention. In a letter to Director of the United States Office of Management and Budget Russell Vought, U.S. Homeland Security Secretary Kristi Noem and U.S. Coast Guard Acting Commandant, Admiral Lunday, the lawmakers outlined how critical operations have been disrupted as a result of personnel shortages and how further investment is key to supporting ongoing recruitment and retention efforts for the Coast Guard serving the Great Lakes region.
    “As the Trump administration finalizes its Budget of the United States Government for fiscal year 2026, we request prioritizing the United States Coast Guard’s recruitment and retention initiatives by providing an effective funding level that preserves progress and enhances future efforts despite ongoing staggering workforce shortages and the forthcoming rise in vessel traffic, particularly on the Great Lakes during the busy summer season,” wrote the lawmakers in a letter to Director Vought, Secretary Noem and Admiral Lunday.
    The Coast Guard is facing a shortfall of 3,000 personnel, which has already disrupted critical operations like search and rescue. In 2024, staffing shortages forced widespread operational cutbacks, including in 29 Great Lakes units. While recruitment efforts showed progress in 2024, the lawmakers expressed how further investment is key to sustaining and supporting growing recruitment and retention efforts for the Coast Guard, especially on the Great Lakes ahead of the busy summer season. 
    In addition to Duckworth, the letter is co-signed by U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senators Amy Klobuchar (D-MN), Tina Smith (D-MN) and Gary Peters (D-MI).
    The full text of the letter is available on Senator Duckworth’s website and below:
    Dear Director Vought, Secretary Noem, and Admiral Lunday:
    As the Trump administration finalizes its Budget of the United States Government for fiscal year 2026, we request prioritizing the United States Coast Guard’s recruitment and retention initiatives by providing an effective funding level that preserves progress and enhances future efforts despite ongoing staggering workforce shortages and the forthcoming rise in vessel traffic, particularly on the Great Lakes during the busy summer season.
    Of the Coast Guard’s 46,000 active-duty and reserve personnel, the Service is 3,000 members short of its targeted enlisted capacity. In 2023, because of this personnel shortage, the Coast Guard experienced unpredictable interruptions in vital operations involving essential search and rescue and law enforcement missions. In 2024, the service was forced to make temporary, undesirable nation-wide changes to its operational posture to prevent the continued decline of its operational capacity and to ensure the safety and security of our constituents in the maritime domain.
    Unfortunately, personnel constraints resulting from inadequate funding of recruitment and retention initiatives are expected to force the Coast Guard to once again diminish its operational footprint in summer 2025. Across the Great Lakes, 29 units located in Michigan (13), Ohio (5), Wisconsin (4), Illinois (3), New York (2), Indiana (1) and Minnesota (1) have been temporarily closed, have billets unfilled or have transitioned to “scheduled only” operations. Weakened redundancy in operational assets forces the Coast Guard to operate with a single point of failure vulnerability across missions, including ensuring the safety of vessel traffic, the free flow of commerce and the security of our maritime borders. This status quo is unacceptable.
    The Coast Guard’s prioritization of recruiting efforts is beginning to yield positive results. Fiscal year 2024 marked the first year since 2017 in which the Coast Guard exceeded its recruiting targets across enlisted, officer, reserve and active-duty components. It is critical that Congress build on this momentum by empowering the Coast Guard to further enhance recruiting initiatives to continue shrinking the enlisted workforce gap through new accessions until the operational restrictions under the Force Alignment Initiative may be reversed. 
    The Coast Guard plays a critical role in the safety and security of vessels on the Great Lakes. Historically, numerous small boat stations and aids to navigation teams across the Great Lakes have been staffed to full capacity during heightened boating seasons to respond directly to search and rescue and law enforcement missions.
    The Coast Guard should seek to return to such a posture by requesting Congress provide prioritized and dedicated recruiting and retention funding that would support additional recruiting personnel and offices to improve recruiter-to-recruit ratios and expand the Service’s recruiting footprint. New recruiting locations would increase the output of qualified members at accession points and provide closer alignment with the DoD recruiting footprint. Enhanced funding is also urgently needed to enable the Coast Guard to accelerate exigent efforts to efficiently hire new talent and strengthen its workforce to fill current operational gaps emerging this year. 
    We thank you in advance for your consideration of our request and hope the Coast Guard will ask Congress to provide effective recruitment and retention funding levels for fiscal year 2026 that will empower the Service to continue its progress reducing personnel shortfalls and strengthen future efforts by expanding the Coast Guard recruiting capabilities and capacity.  
    -30-

    MIL OSI USA News –

  • MIL-OSI Global: UK must grow more of its own wood to meet climate goals – new research

    Source: The Conversation – UK – By John Healey, Professor of Forest Sciences, Bangor University

    shutterstock ShaunWilkinson/Shutterstock

    Wood is often hailed as a low-carbon hero, a natural alternative to steel, concrete and plastic. It’s a vital tool in the UK’s strategy for reaching net zero. But there’s a catch – the country don’t grow nearly enough of it.

    The UK has one of the lowest levels of forest cover in Europe, with just 14% of land forested. It is also the second-largest importer of wood in the world, meeting only 20% of its wood demand from domestic sources.

    That leaves the UK not only exposed to volatile global markets, but also facing a serious challenge of “wood security”. And our new research shows the problem goes well beyond economics.

    Relying heavily on imported timber, especially from boreal forests in Scandanavia and the Baltic States, could actually undermine the carbon-cutting benefits of using wood in place of high-emissions materials.

    Boreal forests occurring in colder northerly environments grow slowly. The carbon stored in them takes decades, sometimes centuries, to recover after harvesting through the growth of the next generation of trees.

    In contrast, conifer forests in the UK’s warmer temperate climate restock carbon through regrowth more quickly after harvesting. This makes them much better suited for higher yields of sustainable wood production.

    So, how can countries such as the UK increase wood use without making the climate crisis worse? To address this, we created a new model that tracks carbon at every stage of a tree’s journey, from how it grows in the forest to how it’s harvested, transported, processed and used. This includes temporary storage of carbon in wood products, and the avoidance of having to use high-emitting materials and energy sources that would be needed in the absence of wood.

    We combined this with models of how carbon storage changes in forests under different harvesting intensities. Our analysis showed that it is possible for rising wood demand to make a positive contribution to national and global net zero targets. But that’s only if the domestic production of wood is dramatically increased in temperate countries such as the UK.

    Even a modest annual increase in demand (1.1%) would require a 50% expansion in the area of productive forest over the next 50 years. A more ambitious approach, such as doubling productive forest area and increasing tree growth rates by 33%, could boost the overall contribution of wood use to slowing global warming by 175%. But that would require huge changes in forestry practice and land use policy.

    In contrast, under a scenario of higher demand growth (2.3% per year), we found that the climate benefit of wood use is reduced. And only a doubling of forest area and a 33% increase in growth rates would be enough to deliver a meaningful contribution to slowing global warming over the next century.

    These benefits would be at risk if forest productivity is undermined by increasing incidence of pests, disease or drought as climate change progresses.

    Challenges ahead

    Our findings point to three major challenges the UK must address if wood is to play a meaningful role in its net zero strategy.

    First, the expansion of productive conifer forest in the UK has slowed to a standstill over the past 30 years. The amount of wood available for harvest is projected to fall after 2039. This trend will have to be reversed very soon to rapidly increase the area of conifer forests. This will need a rethink of how the UK balances land for forestry, farming and nature recovery.

    Second, forest management must be improved to sustain productivity under increasing stress from pests, pathogens and drought.

    Third, wood must be used more efficiently. That includes reducing waste during processing, designing products for longevity and reusing wood products as many times as possible.

    So, the UK’s net zero policy must connect the push for using more wood with a clear plan for how it will grow and manage the forests needed to supply it. At the same time, when policymakers assess the climate effects of cutting down trees, they need to look at the whole picture. That means considering not just what’s lost from the forest, but how the wood is used, how long it stores carbon and how much it replaces more polluting materials.

    This kind of joined-up, forward-looking analysis – like the one we developed in our study – is essential if wood is to play a truly sustainable role in fighting climate change.

    John Healey receives funding from the Natural Environment Research Council, the Centre for Forest Protection, and the Wildlife Trusts. He is affiliated with Woodknowledge Wales, Rainforest Builder and the Institute of Chartered Foresters.

    David Styles received funding from the Natural Environment Research Council (UK) and from the Department of Environment, Climate & Communications (Ireland) for research related to this article.

    Eilidh Forster received funding from the Natural Environment Research Council (UK) for research related to this article.

    – ref. UK must grow more of its own wood to meet climate goals – new research – https://theconversation.com/uk-must-grow-more-of-its-own-wood-to-meet-climate-goals-new-research-254353

    MIL OSI – Global Reports –