Category: Transport

MIL-OSI: TransUnion Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Exceeded first quarter 2025 financial guidance across all key financial metrics
Delivered 8 percent organic constant currency revenue growth (7 percent reported) led by U.S. Financial Services, Emerging Verticals and International
De-levered to 2.9x Leverage Ratio at quarter-end and repurchased $10 million shares through mid-April
Maintaining organic constant currency revenue growth guidance of 4.5 to 6 percent (4 to 5.5 percent reported revenue growth)

CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended March 31, 2025.

First Quarter 2025 Results

Revenue:

Total revenue for the quarter was $1,096 million, an increase of 7 percent (8 percent on a constant currency basis), compared with the first quarter of 2024.

Earnings:

Net income attributable to TransUnion was $148 million for the quarter, compared with $65 million for the first quarter of 2024 primarily due to a $56 million reduction of a previously established accrual for a lawsuit that was dismissed in the first quarter of 2025. Diluted earnings per share was $0.75, compared with $0.33 in the first quarter of 2024. Net income attributable to TransUnion margin was 13.5 percent, compared with 6 percent in the first quarter of 2024.
Adjusted Net Income was $208 million for the quarter, compared with $179 million for the first quarter of 2024. Adjusted Diluted Earnings per Share was $1.05, compared with $0.92 in the first quarter of 2024.
Adjusted EBITDA was $397 million for the quarter, compared with $358 million for the first quarter of 2024, an increase of 11 percent (12 percent on a constant currency basis). Adjusted EBITDA margin was 36.2 percent, compared with 35.1 percent in the first quarter of 2024.

“In the first quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 9 percent against subdued market conditions, led by strong mortgage and accelerating non-mortgage Financial Services and Emerging Verticals growth. International grew 6 percent on a constant currency basis, with high-single digit growth across most markets and India up low-single digits as anticipated.”

“We are maintaining our 2025 organic constant currency revenue guidance of 4.5 to 6 percent, balancing strong outperformance in the first quarter against increasing market risks. We are actively monitoring conditions but to-date have not experienced softening volumes in our business.”

“We believe we are well-positioned to navigate potential economic softening. We have a proven track record of delivering revenue growth through economic cycles, supported by a diversified and high-growth portfolio across solutions, verticals and geographies. Should conditions deteriorate, we are prepared to prudently manage costs while prioritizing the completion of our business transformation to deliver structural cost savings and accelerate innovation.”

First Quarter 2025 Segment Results

Segment revenue and Adjusted EBITDA for the first quarter of 2025 and the related growth rates compared with the first quarter of 2024 were as follows:

(in millions)	First Quarter 2025		Reported Growth Rate		Constant Currency Growth Rate
U.S. Markets:
Financial Services	$	404	15	%	15	%
Emerging Verticals		315	6	%	6	%
Consumer Interactive		138	(1	)%	(1	)%
Total U.S. Markets Revenue	$	857	9	%	9	%

U.S. Markets Adjusted EBITDA	$	320	12	%	12	%

International:
Canada	$	38	—	%	7	%
Latin America		33	—	%	7	%
United Kingdom		59	9	%	9	%
Africa		17	12	%	10	%
India		69	(3	)%	1	%
Asia Pacific		27	7	%	8	%
Total International Revenue	$	242	2	%	6	%

International Adjusted EBITDA	$	110	3	%	7	%

Liquidity and Capital Resources

Cash and cash equivalents was $610 million at March 31, 2025 and $679 million at December 31, 2024.

For the three months ended March 31, 2025, cash provided by operating activities was $53 million, compared with $54 million in 2024. The decrease in cash provided by operating activities was primarily due to the timing of accounts receivable collections and higher bonus payouts in 2025 compared with 2024, mostly offset by improved operating performance and lower interest expense. For the three months ended March 31, 2025, cash used in investing activities was $87 million, compared with $62 million in 2024. The increase in cash used in investing activities was primarily due to a current year investment in a note receivable and an increase in capital expenditures. For the three months ended March 31, 2025, capital expenditures were $68 million, compared with $62 million in 2024. Capital expenditures as a percent of revenue represented 6% for each of the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025, cash used in financing activities was $41 million, compared with $31 million in 2024. Cash used in financing activities was higher primarily due to stock buybacks in 2025.

Second Quarter and Full Year 2025 Outlook

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

	Three Months Ended June 30, 2025						Twelve Months Ended December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,076		$	1,095		$	4,358		$	4,417
Revenue growth¹:
As reported		3	%		5	%		4	%		5.5	%
Constant currency^{1, 2}		4	%		6	%		5	%		6	%
Organic constant currency^{1, 3}		3	%		5	%		4.5	%		6	%

Net income attributable to TransUnion	$	69		$	77		$	383		$	411
Net income attributable to TransUnion growth	(18		)%	(9		)%		35	%		44	%
Net income attributable to TransUnion margin		6.5	%		7.1	%		8.8	%		9.3	%

Diluted Earnings per Share	$	0.35		$	0.39		$	1.92		$	2.06
Diluted Earnings per Share growth	(20		)%	(10		)%		33	%		43	%

Adjusted EBITDA, as reported⁵	$	375		$	386		$	1,549		$	1,590
Adjusted EBITDA growth, as reported⁴		—	%		3	%		3	%		6	%
Adjusted EBITDA margin		34.8	%		35.3	%		35.6	%		36.0	%

Adjusted Diluted Earnings per Share⁵	$	0.95		$	0.99		$	3.93		$	4.08
Adjusted Diluted Earnings per Share growth	(4		)%		—	%		—	%		4	%

Additional revenue growth assumptions:

The impact of changing exchange rates is expected to be approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q2 2025 and less than 1 point of benefit for FY 2025.
The impact of mortgage is expected to be approximately 2 points of benefit for Q2 2025 and 2 points of benefit for FY 2025.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.

Additional Adjusted EBITDA assumptions:

The impact of changing foreign currency exchange rates is expected to have approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

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

About TransUnion (NYSE: TRU)

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

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

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

Forward-Looking Statements

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

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

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

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

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


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

	March 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	609.9		$	679.5
Trade accounts receivable, net of allowance of $24.4 and $19.9		882.3			798.9
Other current assets		326.2			323.4
Total current assets		1,818.4			1,801.8
Property, plant and equipment, net of accumulated depreciation and amortization of $527.6 and $506.3		199.8			203.5
Goodwill		5,162.7			5,144.3
Other intangibles, net of accumulated amortization of $2,421.7 and $2,294.5		3,205.6			3,257.5
Other assets		562.6			577.7
Total assets	$	10,949.1		$	10,984.8
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	325.6		$	294.6
Current portion of long-term debt		70.6			70.6
Other current liabilities		492.3			694.4
Total current liabilities		888.5			1,059.6
Long-term debt		5,060.2			5,076.6
Deferred taxes		386.4			415.3
Other liabilities		121.5			114.5
Total liabilities		6,456.6			6,666.0
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of March 31, 2025 and December 31, 2024, respectively		—			—
Common stock, $0.01 par value; 1.0 billion shares authorized at March 31, 2025 and December 31, 2024, 201.7 million and 201.5 million shares issued at March 31, 2025 and December 31, 2024, respectively, and 195.1 million and 194.9 million shares outstanding as of March 31, 2025 and December 31, 2024, respectively		2.0			2.0
Additional paid-in capital		2,595.1			2,558.9
Treasury stock at cost; 6.7 million and 6.6 million shares at March 31, 2025 and December 31, 2024, respectively		(340.1	)		(334.6	)
Retained earnings		2,484.5			2,357.9
Accumulated other comprehensive loss		(355.7	)		(367.2	)
Total TransUnion stockholders’ equity		4,385.8			4,217.0
Noncontrolling interests		106.7			101.8
Total stockholders’ equity		4,492.5			4,318.8
Total liabilities and stockholders’ equity	$	10,949.1		$	10,984.8


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

	Three Months Ended March 31,
		2025			2024
Revenue	$	1,095.7		$	1,021.2
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		445.6			406.3
Selling, general and administrative		256.8			305.6
Depreciation and amortization		138.9			134.0
Restructuring		—			18.2
Total operating expenses		841.4			864.1
Operating income		254.4			157.2
Non-operating income and (expense)
Interest expense		(56.1	)		(68.7	)
Interest income		8.6			5.4
Earnings from equity method investments		4.3			4.7
Other income and (expense), net		(17.4	)		(15.7	)
Total non-operating income and (expense)		(60.6	)		(74.1	)
Income before income taxes		193.8			83.0
Provision for income taxes		(41.0	)		(13.0	)
Net income		152.7			70.0
Less: net income attributable to noncontrolling interests		(4.7	)		(4.9	)
Net income attributable to TransUnion	$	148.1		$	65.1

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.76		$	0.34
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33
Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

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


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

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income	$	152.7		$	70.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		138.9			134.0
Loss on repayment of loans		—			0.7
Deferred taxes		(22.5	)		(27.1	)
Stock-based compensation		30.3			24.1
Other		15.2			(1.2	)
Changes in assets and liabilities:
Trade accounts receivable		(88.9	)		(60.7	)
Other current and long-term assets		3.8			43.7
Trade accounts payable		29.7			28.7
Other current and long-term liabilities		(206.7	)		(158.2	)
Cash provided by operating activities		52.5			54.0
Cash flows from investing activities:
Capital expenditures		(68.4	)		(62.4	)
Proceeds from sale/maturities of other investments		0.2			—
Investments in nonconsolidated affiliates and notes receivable		(20.0	)		(1.2	)
Other		1.6			1.2
Cash used in investing activities		(86.6	)		(62.4	)
Cash flows from financing activities:
Proceeds from term loans		—			264.1
Repayments of term loans		—			(257.1	)
Repayments of debt		(17.7	)		(14.6	)
Debt financing fees		—			(4.7	)
Dividends to shareholders		(22.6	)		(20.8	)
Proceeds from issuance of common stock		10.6			12.4
Employee taxes paid on restricted stock units recorded as treasury stock		(5.5	)		(10.6	)
Repurchase of common stock		(5.4	)		—
Cash used in financing activities		(40.6	)		(31.3	)
Effect of exchange rate changes on cash and cash equivalents		5.1			(2.9	)
Net change in cash and cash equivalents		(69.6	)		(42.6	)
Cash and cash equivalents, beginning of period		679.5			476.2
Cash and cash equivalents, end of period	$	609.9		$	433.6

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

TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures

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

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

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

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

Consolidated Adjusted EBITDA

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

Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
Provision for income taxes, as reported on our Consolidated Statements of Operations.
Depreciation and amortization, as reported on our Consolidated Statements of Operations.
Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

Consolidated Adjusted EBITDA Margin

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

Adjusted Net Income

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

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

Adjusted Diluted Earnings Per Share

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

Adjusted Provision for Income Taxes

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

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

Adjusted Effective Tax Rate

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

Leverage Ratio

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

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

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

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


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

	For the Three Months Ended March 31, 2025 compared with the Three Months Ended March 31, 2024
	Reported		CC Growth¹		Organic CC Growth²
Revenue:
Consolidated	7.3	%	8.1	%	8.1	%
U.S. Markets	8.6	%	8.6	%	8.6	%
Financial Services	14.7	%	14.7	%	14.7	%
Emerging Verticals	5.8	%	5.8	%	5.8	%
Consumer Interactive	(0.8	)%	(0.8	)%	(0.8	)%
International	2.5	%	6.0	%	6.0	%
Canada	0.4	%	6.9	%	6.9	%
Latin America	(0.5	)%	6.9	%	6.9	%
United Kingdom	8.6	%	9.5	%	9.5	%
Africa	11.9	%	9.5	%	9.5	%
India	(3.3	)%	0.9	%	0.9	%
Asia Pacific	7.0	%	8.0	%	8.0	%

Adjusted EBITDA:
Consolidated	10.9	%	12.3	%	12.3	%
U.S. Markets	12.3	%	12.3	%	12.3	%
International	2.8	%	7.3	%	7.3	%

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


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

	Three Months Ended March 31,
		2025			2024
Revenue:
U.S. Markets gross revenue
Financial Services	$	403.6		$	351.7
Emerging Verticals		314.9			297.5
Consumer Interactive		138.2			139.3
U.S. Markets gross revenue	$	856.6		$	788.6

International gross revenue
Canada	$	37.8		$	37.7
Latin America		32.8			32.9
United Kingdom		58.8			54.2
Africa		16.9			15.1
India		68.8			71.1
Asia Pacific		27.0			25.3
International gross revenue	$	242.2		$	236.3

Total gross revenue	$	1,098.8		$	1,024.9

Intersegment revenue eliminations
U.S. Markets	$	(1.6	)	$	(2.3	)
International		(1.5	)		(1.5	)
Total intersegment revenue eliminations	$	(3.1	)	$	(3.7	)

Total revenue as reported	$	1,095.7		$	1,021.2

Adjusted EBITDA:
U.S. Markets	$	320.1		$	285.2
International		109.8			106.8
Corporate		(32.8	)		(33.9	)
Adjusted EBITDA Margin:¹
U.S. Markets		37.4	%		36.2	%
International		45.3	%		45.2	%

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

	Three Months Ended March 31,
		2025			2024
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	148.1		$	65.1
Net interest expense		47.5			63.2
Provision for income taxes		41.0			13.0
Depreciation and amortization		138.9			134.0
EBITDA	$	375.5		$	275.4
Adjustments to EBITDA:
Stock-based compensation		30.3			24.1
Mergers and acquisitions, divestitures and business optimization¹		17.9			9.2
Accelerated technology investment²		20.0			18.5
Operating model optimization program³		9.8			24.4
Net other⁴		(56.4	)		6.5
Total adjustments to EBITDA	$	21.7		$	82.8
Consolidated Adjusted EBITDA	$	397.1		$	358.2

Net income attributable to TransUnion margin		13.5	%		6.4	%
Consolidated Adjusted EBITDA margin⁵		36.2	%		35.1	%

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

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Transaction and integration costs	$	5.3	$	2.2
Fair value and impairment adjustments		12.6		0.1
Post-acquisition adjustments		—		6.9
Total mergers and acquisitions, divestitures and business optimization	$	17.9	$	9.2

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

	Three Months Ended March 31,
		2025		2024
Foundational Capabilities	$	7.4	$	6.8
Migration Management		12.6		10.1
Program Enablement		—		1.7
Total accelerated technology investment	$	20.0	$	18.5

Operating model optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Employee separation	$	—	$	16.8
Facility exit		—		1.4
Business process optimization		9.8		6.2
Total operating model optimization	$	9.8	$	24.4

Net other consisted of the following adjustments:

	Three Months Ended March 31,
		2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	(0.1	)	$	3.1
Other debt financing expenses		0.5			0.6
Currency remeasurement on foreign operations		(0.6	)		2.6
Legal and regulatory expenses, net		(56.0	)		—
Other non-operating (income) expense		(0.3	)		0.2
Total other adjustments	$	(56.4	)	$	6.5

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


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

	Three Months Ended March 31,
		2025			2024
Income attributable to TransUnion	$	148.1		$	65.1

Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.76		$	0.34
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33

Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion	$	148.1		$	65.1
Adjustments before income tax items:
Amortization of certain intangible assets¹		70.9			72.0
Stock-based compensation		30.3			24.1
Mergers and acquisitions, divestitures and business optimization²		17.9			9.2
Accelerated technology investment³		20.0			18.5
Operating model optimization program⁴		9.8			24.4
Net other⁵		(56.7	)		5.9
Total adjustments before income tax items	$	92.3		$	154.3
Total adjustments for income taxes⁶		(32.7	)		(40.4	)
Adjusted Net Income	$	207.6		$	179.0

Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

Adjusted Earnings per Share:
Basic	$	1.06		$	0.92
Diluted	$	1.05		$	0.92

	Three Months Ended March 31,
		2025			2024
Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33
Adjustments before income tax items:
Amortization of certain intangible assets¹		0.36			0.37
Stock-based compensation		0.15			0.12
Mergers and acquisitions, divestitures and business optimization²		0.09			0.05
Accelerated technology investment³		0.10			0.09
Operating model optimization program⁴		0.05			0.13
Net other⁵		(0.29	)		0.03
Total adjustments before income tax items	$	0.47		$	0.79
Total adjustments for income taxes⁶		(0.17	)		(0.21	)
Adjusted Diluted Earnings per Share	$	1.05		$	0.92

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

1.		Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
2.		Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Transaction and integration costs	$	5.3	$	2.2
Fair value and impairment adjustments		12.6		0.1
Post-acquisition adjustments		—		6.9
Total mergers and acquisitions, divestitures and business optimization	$	17.9	$	9.2

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

	Three Months Ended March 31,
		2025		2024
Foundational Capabilities	$	7.4	$	6.8
Migration Management		12.6		10.1
Program Enablement		—		1.7
Total accelerated technology investment	$	20.0	$	18.5

Operating model optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Employee separation	$	—	$	16.8
Facility exit		—		1.4
Business process optimization		9.8		6.2
Total operating model optimization	$	9.8	$	24.4

Net other consisted of the following adjustments:

	Three Months Ended March 31,
		2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	(0.1	)	$	3.1
Currency remeasurement on foreign operations		(0.6	)		2.6
Legal and regulatory expenses, net		(56.0	)		—
Other non-operating (income) and expense		—			0.2
Total other adjustments	$	(56.7	)	$	5.9

Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.


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

	Three Months Ended March 31,
		2025			2024
Income before income taxes	$	193.8		$	83.0
Total adjustments before income tax items from Schedule 3		92.3			154.3
Adjusted income before income taxes	$	286.1		$	237.3

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:
Provision for income taxes		(41.0	)		(13.0	)
Adjustments for income taxes:
Tax effect of above adjustments		(32.3	)		(35.0	)
Eliminate impact of excess tax expense for stock-based compensation		0.5			1.0
Other¹		(0.9	)		(6.4	)
Total adjustments for income taxes	$	(32.7	)	$	(40.4	)
Adjusted Provision for Income Taxes	$	(73.7	)	$	(53.4	)

Effective tax rate		21.2	%		15.7	%
Adjusted Effective Tax Rate		25.8	%		22.5	%

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

Other adjustments for income taxes include:

	Three Months Ended March 31,
		2025			2024
Deferred tax adjustments	$	(4.6	)	$	(5.1	)
Valuation allowance adjustments		2.3			0.2
Return to provision, audit adjustments and reserves related to prior periods		1.0			(0.9	)
Other adjustments		0.4			(0.5	)
Total other adjustments	$	(0.9	)	$	(6.4	)


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

	Trailing Twelve Months Ended March 31, 2025
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	367.3
Net interest expense		221.0
Provision for income taxes		126.9
Depreciation and amortization		542.6
EBITDA	$	1,257.7
Adjustments to EBITDA:
Stock-based compensation	$	127.5
Mergers and acquisitions, divestitures and business optimization¹		35.2
Accelerated technology investment²		85.7
Operating model optimization program³		80.3
Net other⁴		(41.1	)
Total adjustments to EBITDA	$	287.6
Leverage Ratio Adjusted EBITDA	$	1,545.3

Total debt	$	5,130.8
Less: Cash and cash equivalents		609.9
Net Debt	$	4,521.0

Ratio of Net Debt to Net income attributable to TransUnion		12.3
Leverage Ratio		2.9

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

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Transaction and integration costs	$	14.2
Fair value and impairment adjustments		20.8
Post-acquisition adjustments		0.1
Total mergers and acquisitions, divestitures and business optimization	$	35.2

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

	Trailing Twelve Months Ended March 31, 2025
Foundational Capabilities	$	36.3
Migration Management		45.6
Program Enablement		3.8
Total accelerated technology investment	$	85.7

Operating model optimization consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Employee separation	$	7.9
Facility exit		40.7
Business process optimization		31.7
Total operating model optimization	$	80.3

Net other consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Deferred loan fee expense from debt prepayments and refinancings	$	14.6
Other debt financing expenses		2.3
Currency remeasurement on foreign operations		(1.1	)
Legal and regulatory expenses, net		(56.0	)
Other non-operating (income) and expense		(1.0	)
Total other adjustments	$	(41.1	)


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

	Three Months Ended March 31,
		2025		2024

U.S. Markets	$	101.2	$	100.8
International		36.6		32.2
Corporate		1.1		1.0
Total depreciation and amortization	$	138.9	$	134.0

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


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

	Three Months Ended June 30, 2025						Twelve Months Ended December 31, 2025
	Low			High			Low			High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion	$	69		$	77		$	383		$	411
Interest, taxes and depreciation and amortization		220			224			917			929
EBITDA	$	290		$	302		$	1,299		$	1,340
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		85			85			250			250
Adjusted EBITDA	$	375		$	386		$	1,549		$	1,590

Net income attributable to TransUnion margin		6.5	%		7.1	%		8.8	%		9.3	%
Consolidated Adjusted EBITDA margin²		34.8	%		35.3	%		35.6	%		36.0	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.35		$	0.39		$	1.92		$	2.06
Adjustments to diluted earnings per share¹		0.60			0.60			2.00			2.01
Adjusted Diluted Earnings per Share	$	0.95		$	0.99		$	3.93		$	4.08

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

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

The MIL Network –

April 24, 2025

MIL-OSI United Kingdom: Coventry City Council joins BCIMO’s Family Day as a leading event partner

Source: City of Coventry

Coventry City Council joins BCIMO as its Main Event Partner for its upcoming Family Day, offering local families and rail enthusiasts the chance to ride the Coventry Very Light Rail (CVLR).

The partnership between BCIMO and Coventry City Council has been fundamental to forming the Very Light Rail National Innovation Centre in Dudley. This centre was established to support the development of the emerging Very Light Rail industry and innovation across the wider rail sectors. As part of this collaboration, Coventry City Council secured Government funding to help prepare the centre for its role in enabling the research and development of the CVLR vehicle.

Since 2022, the CVLR demonstrator, a battery-operated, zero-emission transport system capable of carrying up to 60 passengers (20 seated), has been tested at BCIMO’s Rail Development & Test Site. The system offers an alternative way to travel, complementing existing public transport. It is sustainable, cost-effective, and will help improve air quality while reducing congestion. It will be a hop-on-hop-off urban transport system with no overhead cables and potentially driverless in the future.

As the leading event partner, Coventry City Council will give visitors to Family Day a unique experience: ride the CVLR demonstrator along BCIMO’s whole test track, through the iconic Dudley Railway Tunnel, and around the loop. The vehicle can accommodate up to 20 passengers on this day. This will be the only time people can ride the vehicle at the Dudley site before it relocates to Coventry to run on a 220-metre section of VLR track in May and June.

Councillor Jim O’Boyle, Cabinet Member for Jobs, Regeneration, and Climate Change at Coventry City Council, said: Very Light Rail is the beginning of our plans to revolutionise transport in Coventry. The Family Day in Dudley provides the first opportunity for the public to experience a ride ahead of it moving to Coventry for on-road testing. CVLR can potentially change how people move around smaller cities and towns. It’s green, has the potential to provide a hop-on, hop-off service, and it’s a fraction of the price of conventional tram systems, thanks to our very clever track. It’s great that people can ride on it and experience it in Dudley, where it has been shuttling up and down as part of testing and soon in our city centre.

Neil Fulton, CEO of BCIMO, added: We are incredibly proud of our long-standing partnership with Coventry City Council. Their early support was crucial in helping us develop the facilities that have enabled the programme team to test and advance their Very Light Rail system. As the Main Event Partner for Family Day, we’re excited to offer the public this exclusive opportunity to experience the CVLR demonstrator firsthand, showcasing the exciting potential of sustainable transport for the future.

To learn more about the event, buy tickets, or get involved in other ways, please visit the BCIMO Family Day website page.

Published: Thursday, 24th April 2025

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI Russia: Polytechnic and BRU strengthen the technological sovereignty of the Union State

Translation. Region: Russian Federal

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

The visit of the Polytechnic University delegation to the Republic of Belarus continues. At the site of the strategic partner of SPbPU, the Belarusian-Russian University (Mogilev), several events related to the joint activities of our universities are currently taking place. The leaders of the Polytechnic University, which coordinates the activities of Slavic universities within the framework of the national project, were met at BRU with traditional hospitality – a loaf of bread and salt.

BRU Rector Mikhail Lustenkov welcomed his Russian colleagues: “Our cooperation with the St. Petersburg Polytechnic University has long been truly warm and productive. I can say with confidence that we do not have such a multifaceted and strategically important partnership with any other university. Today we have a wonderful opportunity to personally show you what results we have achieved thanks to our joint work. The Comprehensive Program for the Development of Slavic Universities plays a special role in our development, within the framework of which your support is invaluable to us. Polytechnic is not just a partner, but a reliable ally in the pursuit of development and improvement.”

The official meeting of SPbPU Rector Andrey Rudskoy, Vice-Rector for International Affairs Dmitry Arsenyev and Director of the Institute of Mechanical Engineering, Materials and Transport Anatoly Popovich with BRU Rector Mikhail Lustenkov and key vice-rectors was devoted to the prospects for expanding cooperation in the main areas of partnership, including the creation of innovative joint educational programs, the development of research infrastructure and the training of professional personnel for high-tech sectors of the Union State economy.

“We have found the right interaction and the basis for Slavic unity in the field of education. Unique laboratories have been created in Belarus, students study together, and are distributed to enterprises in both countries. This is a very correct and important symbiosis, reflecting the most important role of Slavic universities. Our partnership in welding technologies is of particular importance. You have strong developments, and we have exclusive methods, for example, electron beam and vacuum welding. For Russia, as a powerful shipbuilding center, training welders is an urgent task. We are ready to share high-tech solutions and adopt your practical experience. In addition, we are united by intelligent control systems, digital technologies, supercomputer centers and modeling. Without this, modern science and industry are impossible. I am sure that together we can strengthen both sides,” Andrey Rudskoy emphasized.

A landmark event was the signing of an agreement to launch a unique joint network bachelor’s degree program “Artificial Intelligence in Technical Systems”. This four-year program was developed by joint efforts of specialists from the Higher School of Cyber-Physical Systems Management of SPbPU and the Department of Software of BRU. It should become a flagship project in training new generation specialists. Already at the development stage, the program aroused significant interest not only among Russian and Belarusian applicants, but also among students from China, which indicates its international demand.

“This visit is the next stage of our strategic partnership. Within the walls of the Belarusian-Russian University, we see not only modern laboratories, but also a special atmosphere of joint creativity. We were particularly impressed by the achievements of our Belarusian colleagues in training engineering personnel and organizing the educational process. We see significant potential for expanding joint educational programs and scientific research,” said Dmitry Arsenyev.

This is not the first network program launched by the two universities. Since 2022, SPbPU and BRU have been implementing a network bachelor’s degree program in the field of “Foreign Regional Studies”. From April 21 to 25, five students of the Higher School of International Relations of the Humanitarian Institute of SPbPU are undergoing an internship at BRU. The students were selected based on the results of the essay competition “25 years of the Union State: history, achievements and future goals of Russia and Belarus”. The educational program at BRU includes lectures (“Culture of Belarus: traditions and modernity”, “The main stages of the development of philosophical thought in Belarus”, “Society in Belarus: features and development”, etc.) and a cultural program. In parallel with the student internship, Associate Professor of the Polytechnic University Alexey Vovenda held master classes for BRU students on organizing research activities within the framework of the field of “Foreign Regional Studies”. Since 2022, a total of 19 SPbPU students and 29 BRU students have been trained within the network program.

Getting acquainted with the university infrastructure allowed the SPbPU delegation to evaluate the achievements of the joint laboratory of intelligent robotics and cyber-physical systems. In it, students and teachers of the two universities successfully implement projects in the field of digital twins of industrial facilities and predictive analytics systems. The delegation was especially interested in practical solutions for remote monitoring of critical facilities using artificial intelligence technologies. In the robotics laboratory, guests were shown how to remotely connect to production lines and control robots located at different points.

No less productive was the visit to the Department of Technosphere Safety, where the industrial internship program for master’s students of the “Environmental Safety in Industry” program of SPbPU has been successfully implemented for the third year. A unique methodology for studying the impact of radionuclides on the environment, developed by Belarusian colleagues, complements the educational programs of the St. Petersburg university with an important practical component. The internship has been held since 2022. During this time, 15 Polytechnic students have completed it. And just this week, another internship program for three more students of the Civil Engineering Institute is ending at the experimental sites and in the laboratories of the Department of Technosphere Safety.

At the Department of Welding Equipment and Technologies, guests were presented with advanced developments in the field of additive and welding technologies. In this area, BRU is rightfully considered a unique platform in the Republic of Belarus. The only Certification and Testing Center in the Republic operates on the basis of the university, which carries out certification of welding equipment and materials, testing of welded samples and structures, training, certification and certification of welders, and develops and qualifies welding processes.

Director of IMMiT Anatoly Popovich supported the rector of SPbPU, noting that the key area of cooperation between the universities should be interaction in the field of advanced production technologies, in particular powder metallurgy and welding processes. He emphasized that BRU has unique practical experience in the field of high-tech welding, including automatic, thick-plate and argon-arc welding, and is ready to actively share these developments with colleagues from the Polytechnic University.

The Higher School of Materials Physics and Technology of SPbPU (Professor Sergey Parshin) has been collaborating with this BRU department since 2021. The partners jointly conduct scientific research, supervise postgraduate students and give lectures. The center discussed the possibilities of developing cooperation. In particular, organizing network interaction between the Polytechnic University, BRU, institutes of the Russian Academy of Sciences and the National Academy of Sciences, and creating a Competence Center for Welding Technologies on the basis of BRU.

As part of the activities to coordinate the activities of Slavic universities, this week SPbPU experts are holding a project-analytical session to prepare a development program for the Belarusian-Russian University for 2026-2030. The session focused on developing a common understanding among the BRU team of the university’s target model, strategic development goals, and ways to achieve them.

SPbPU experts — Vice-Rector for Personnel Policy Maria Vrublevskaya, Head of the Project Office “Slavic Universities” Nikita Golovin and expert of the Department of Strategic Planning and Development Tatyana Morina. They shared their experience in implementing the Priority-2030 program, proposing innovative approaches to transforming the university into an educational hub. The main vector of BRU development is maintaining the model of an engineering university with an emphasis on close cooperation with industry. This is necessary for sustainable regional development, as well as in the interests of Belarus, Russia and the Union State as a whole.

Maria Vrublevskaya shared the results of the project-analytical session: “Despite serious restrictions related to state frameworks, as well as difficulties in developing human capital, the university demonstrated impressive results. Investments were implemented effectively: growth points are fully equipped, strong teams were formed, and best practices reached the level of sustainable development. Now the team is at the peak of intellectual potential, and although the strategy for further development until 2030 is yet to be determined, it is already obvious that the invested resources have produced a significant effect.”

The results of the visit confirmed that the cooperation between SPbPU and BRU has reached a qualitatively new level, combining fundamental academic traditions with advanced educational technologies. Joint projects in the field of artificial intelligence, cyber-physical systems and technosphere safety not only strengthen the scientific and technical potential of the two countries, but also create the basis for the formation of a single educational space and increasing the technological sovereignty of the Union State.

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 –

April 24, 2025
MIL-OSI USA: SPC Apr 24, 2025 Day 4-8 Severe Weather Outlook

Source: US National Oceanic and Atmospheric Administration

Day 4-8 Severe Weather Outlook Issued on Apr 24, 2025

Updated: Thu Apr 24 08:49:02 UTC 2025

.

D4
Sun, Apr 27, 2025 – Mon, Apr 28, 2025
D7
Wed, Apr 30, 2025 – Thu, May 01, 2025

D5
Mon, Apr 28, 2025 – Tue, Apr 29, 2025
D8
Thu, May 01, 2025 – Fri, May 02, 2025

D6
Tue, Apr 29, 2025 – Wed, Apr 30, 2025
(All days are valid from 12 UTC – 12 UTC the following day)

Note: A severe weather area depicted in the Day 4-8 period indicates 15%, 30% or higher probability for severe thunderstorms within 25 miles of any point.

PREDICTABILITY TOO LOW is used to indicate severe storms may be possible based on some model scenarios. However, the location or occurrence of severe storms are in doubt due to: 1) large differences in the deterministic model solutions, 2) large spread in the ensemble guidance, and/or 3) minimal run-to-run continuity.

POTENTIAL TOO LOW means the threat for a regional area of organized severe storms appears unlikely (i.e., less than 15%) for the forecast day.

Forecast Discussion

ZCZC SPCSWOD48 ALL
ACUS48 KWNS 240847
SPC AC 240847

Day 4-8 Convective Outlook
NWS Storm Prediction Center Norman OK
0347 AM CDT Thu Apr 24 2025

Valid 271200Z – 021200Z

…DISCUSSION…
…Day 4/Sun – Great Plains…

An upper trough over the southwestern U.S. early Sunday will develop
east, becoming oriented from the central Rockies to the Lower CO
Valley by Monday morning. As the trough develops east, a band of
enhanced southwesterly mid/upper flow will overspread NM northeast
to the Dakotas. A lee surface cyclone will deepen over western
SD/NE, eventually shifting east into eastern SD by early Monday.
Southerly low-level flow will transport Gulf moisture northward
across the Plains as a dryline sharpens over western portions of the
Plains. An EML should limit diurnal thunderstorm activity, though an
isolated supercell can not be ruled out somewhere along the dryline
from western SD southward into west TX. As a 50-60 kt low-level jet
develops overnight, elevated convection may develop near the surface
low over parts of SD/ND. This activity could pose a risk for hail,
but uncertainty precludes 15 percent probabilities at this time.

…Day 5/Mon – Southern Plains to Upper Midwest…

A shortwave trough embedded within the larger-scale western U.S.
upper trough will eject from the central Rockies to the Upper
Midwest on Monday. The southern branch of the western upper trough
will stall over the Four Corners vicinity, but a broad swath of
50-80 kt 500 mb southwesterly flow will extend from the southern
Plains to the upper Great Lakes. A surface low will shift east
across the Upper MS Valley, with a trailing cold front moving across
the northern/central Plains into WI/IA during the afternoon and
overnight hours. A dryline also will extend southwest from
northeast/central KS into western OK/northwest TX.

Rich Gulf moisture will be transported northward on increasing
southerly low-level flow ahead of the aforementioned surface
features. Moderate to strong destabilization is forecast from OK
northeast into IA and adjacent parts of southern MN/southwest WI.
Supercell wind profiles amid this very moist/unstable airmass will
support an all-hazards severe risk. The greatest risk should be
centered on IA and adjacent areas from extreme northeast KS into
southeast MN/southwest WI, where an intense low-level jet is
expected to develop by late afternoon/early evening.

With southwest extent across eastern KS into OK, and northwest TX,
convective coverage is less certain as capping my limit severe
thunderstorm development. Current model trends hanging back the
southern branch of the upper trough also suggests large-scale ascent
will be weaker across the region, resulting in a more difficult time
overcoming capping. Higher probabilities may be needed in subsequent
outlooks if trends suggest capping will be less of a hindrance.

…Day 6/Tue – North TX into southern Lower MI and OH…

Severe potential will continue into Tuesday, especially from the
Mid-MS Valley into Lower MI/OH where the surface cold front is
expected to continue pushing east/southeast through the period.
While the upper shortwave trough over the Great Lakes will deamplify
through the day, enhanced southwesterly flow atop the frontal
boundary and a moist/unstable airmass should continue to support
severe thunderstorm organization in the form of clusters and line
segments.

With southwest extent into AR/eastern OK/north TX, large-scale
ascent will become weaker. However, persistent warm advection in the
vicinity of a stalled boundary, and potential secondary surface low
development should foster strong/severe thunderstorm activity.

…Days 7-8/Wed-Thu… OK/TX into the Lower MS Valley…

Forecast guidance shows the southwestern U.S. upper trough ejecting
across the southern Plains and Lower MS Valley by the end of the
forecast period. This could bring severe thunderstorm potential to
these regions (OK/TX on Wed, ArkLaTex/Lower MS Valley on Thu).
However, several periods of thunderstorm activity leading into
Wednesday and large surface pattern differences among medium range
guidance precludes introduction of severe probabilities at this
time.

..Leitman.. 04/24/2025

CLICK TO GET WUUS48 PTSD48 PRODUCT

MIL OSI USA News –

April 24, 2025
MIL-OSI USA: SPC Apr 24, 2025 0730 UTC Day 3 Severe Thunderstorm Outlook

Source: US National Oceanic and Atmospheric Administration

For best viewing experience, please enable browser JavaScript support.

Apr 24, 2025 0730 UTC Day 3 Severe Thunderstorm Outlook

Updated: Thu Apr 24 06:58:25 UTC 2025 (Print Version | | )

Probabilistic to Categorical Outlook Conversion Table

Forecast Discussion

SPC AC 240658

Day 3 Convective Outlook
NWS Storm Prediction Center Norman OK
0158 AM CDT Thu Apr 24 2025

Valid 261200Z – 271200Z

…THERE IS A MARGINAL RISK OF SEVERE THUNDERSTORMS ACROSS EASTERN
NEW MEXICO INTO WESTERN TEXAS…

…SUMMARY…
Isolated strong to severe thunderstorms are possible on Saturday
across portions of eastern New Mexico into western Texas.

…Southern High Plains…

An upper ridge will remain centered over the Great Plains on
Saturday. However, an upper trough will shift east into the
Southwestern U.S., and southwesterly flow aloft will increase across
the southern Rockies/High Plains vicinity by late afternoon into the
overnight hours. At the surface, a stalled front from east-central
NM into central OK will lift northward through the day and
south/southeasterly low-level flow will transport upper 50s to low
60s F dewpoints northward across the High Plains. Midlevel lapse
rates will steepen through the day, and a corridor of weak to
moderate instability is expected along a sharpening dryline across
eastern NM into western TX.

Some forecast guidance has quite a bit of ongoing convection
Saturday morning, which lends to uncertainty regarding severe
potential. Nevertheless, the overall environment will support severe
thunderstorms capable of producing large hail and damaging gusts.
While coverage and location is uncertain, highest confidence in a
few supercells is across eastern NM and perhaps into adjacent west
TX.

..Leitman.. 04/24/2025

CLICK TO GET WUUS03 PTSDY3 PRODUCT

NOTE: THE NEXT DAY 3 OUTLOOK IS SCHEDULED BY 1930Z

Top/Latest Day 1 Outlook/Today’s Outlooks/Forecast Products/Home

MIL OSI USA News –

April 24, 2025
MIL-OSI Africa: African Mining Week (AMW) to Spotlight Investor Strategies Driving Africa’s Mineral Industrialization

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

CAPE TOWN, South Africa, April 24, 2025/APO Group/ —

African Mining Week (AMW) – taking place from October 1–3, 2025, in Cape Town – will connect global investors with high-impact opportunities across Africa’s mining sector, spotlighting the strategies fueling the continent’s mineral industrialization.

A key highlight of the event will be a high-level panel, The Investor Perspective: Financing Africa’s Mineral Industrialization. The session will explore the evolving investment landscape and examine diverse financing mechanisms – including bank loans, private equity, venture capital and impact investing – that are mobilizing capital into African mining.

DFIs Drive Infrastructure Investments

Attracted by strong returns and Africa’s long-term growth potential, development finance institutions (DFIs) are ramping up investments into the continent’s mining infrastructure. In March 2025, the African Development Bank approved a $150 million loan to Mauritania’s state-owned mining company SNIM and committed $500 million to the Lobito Corridor – a strategic railway project linking Angola, the DRC and Zambia to international markets. Meanwhile, the Africa Finance Corporation (AFC) is backing several critical mineral projects, including Nyanza Light Metals’ $780 million PGMs facility in South Africa, Gecamines’ expansion in the DRC, Giyani Metals’ manganese development in Botswana and FG Gold’s project in Sierra Leone. Between 2014 and 2024, AFC invested over $1 billion into Africa’s mining sector. The U.S. International Development Finance Corporation (DFC) is also deepening its commitment, providing more than $750 million toward the Lobito Corridor, $34 million for Pensana’s Longonjo rare earths project in Angola and $3.2 million to Chillerton’s green copper development in Zambia.

Geopolitics and African Prospects

Geopolitical shifts are intensifying the global race for Africa’s critical minerals, vital for the energy transition and digital economy. From 2019 to 2023, companies from the United Arab Emirates committed over $110 billion to African projects. In early 2025, UAE-based Ambrosia Investment Holding acquired a 50% stake in Allied Gold’s projects in Ethiopia and Mali, investing $375 million to scale up gold production. Canadian mining investment on the continent has now surpassed $37 billion, with companies like Ivanhoe Mines, Fortuna Silver, Pioneer Lithium and Trigon Metals leading expansion efforts. Similarly, Australia’s mining footprint in Africa reached $60 billion in asset value in 2024, supported by firms such as Sovereign Metals, Cazaly Resources and Atlantic Lithium.

Private Placements

Private placements are emerging as a preferred capital-raising vehicle for mining ventures across Africa. Companies including Zanaga Iron Ore, Moab Minerals, Global Atomic Corporation, Premier African Minerals and Trigon Metals are leveraging this mechanism to fast-track project development and attract investor interest. As ESG criteria take center stage in investment decision-making, AMW will serve as a platform for financiers and project developers to engage on sustainability metrics, transparency and responsible investing.

MIL OSI Africa –

April 24, 2025
MIL-OSI Africa: Beating malaria: what can be done with shrinking funds and rising threats

Source: The Conversation – Africa – By Taneshka Kruger, UP ISMC: Project Manager and Coordinator, University of Pretoria

Healthcare in Africa faces a perfect storm: high rates of infectious diseases like malaria and HIV, a rise in non-communicable diseases, and dwindling foreign aid.

In 2021, nearly half of the sub-Saharan African countries relied on external financing for more than a third of their health expenditure. But donor fatigue and competing global priorities, such as climate change and geopolitical instability, have placed malaria control programmes under immense pressure. These funding gaps now threaten hard-won progress and ultimately malaria eradication.

The continent’s healthcare funding crisis isn’t new. But its consequences are becoming more severe. As financial contributions shrink, Africa’s ability to respond to deadly diseases like malaria is being tested like never before.

Malaria remains one of the world’s most pressing public health threats. According to the World Health Organization there were an estimated 263 million malaria cases and 597,000 deaths globally in 2023 – an increase of 11 million cases from the previous year.

The WHO African region bore the brunt, with 94% of cases and 95% of deaths. It is now estimated that a child under the age of five dies roughly every 90 seconds due to malaria.

Yet, malaria control efforts since 2000 have averted over 2 billion cases and saved nearly 13 million lives globally. Breakthroughs in diagnostics, treatment and prevention have been critical to this progress. They include insecticide-treated nets, rapid diagnostic tests, artemisinin-based combination therapies (drug combinations to prevent resistance) and malaria vaccines.

Since 2017, the progress has been flat. If the funding gap widens, the risk is not just stagnation; it’s backsliding. Several emerging threats such as climate change and funding shortfalls could undo the gains of the early 2000s to mid-2010s.

New challenges

Resistance to drugs and insecticides, and strains of the malaria parasite Plasmodium falciparum that standard diagnostics can’t detect, have emerged as challenges. There have also been changes in mosquito behaviour, with vectors increasingly biting outdoors, making bed nets less effective.

Climate change is shifting malaria transmission patterns. And the invasive Asian mosquito species Anopheles stephensi is spreading across Africa, particularly in urban areas.

Add to this the persistent issue of cross-border transmission, and growing funding shortfalls and aid cuts, and it’s clear that the fight against malaria is at a critical point.

As the world observes World Malaria Day 2025 under the theme “Malaria ends with us: reinvest, reimagine, reignite”, the call to action is urgent. Africa must lead the charge against malaria through renewed investment, bold innovation, and revitalised political will.

Reinvest: Prevention is the most cost-effective intervention

We – researchers, policymakers, health workers and communities – need to think smarter about funding. The economic logic of prevention is simple. It’s far cheaper to prevent malaria than to treat it. The total cost of procuring and delivering long-lasting insecticidal nets typically ranges between US$4 and US$7 each and the nets protect families for years. In contrast, treating a single case of severe malaria may cost hundreds of dollars and involve hospitalisation.

In high-burden countries, malaria can consume up to 40% of public health spending.

In Tanzania, for instance, malaria contributes to 30% of the country’s total disease burden. The broader economic toll – lost productivity, work and school absenteeism, and healthcare costs – is staggering. Prevention through long-lasting insecticidal nets, chemoprevention and health education isn’t only humane; it’s fiscally responsible.

Reimagine: New tools, local solutions

We cannot fight tomorrow’s malaria with yesterday’s tools. Resistance, climate-driven shifts in transmission, and urbanisation are changing malaria’s patterns.

This is why re-imagining our approach is urgent.

African countries must scale up innovations like the RTS,S/AS01 vaccine and next-generation mosquito nets. But more importantly, they must build their own capacity to develop, test and produce these tools.

This requires investing in research and development, regional regulatory harmonisation, and local manufacturing.

There is also a need to build leadership capacity within malaria control programmes to manage this adaptive disease with agility and evidence-based decision-making.

Reignite: Community and collaboration matters

Reigniting the malaria fight means shifting power to those on the frontlines. Community health workers remain one of Africa’s greatest untapped resources. Already delivering malaria testing, treatment and health education in remote areas, they can also be trained to manage other health challenges.

Integrating malaria prevention into broader community health services makes sense. It builds resilience, reduces duplication, and ensures continuity even when external funding fluctuates.

Every malaria intervention delivered by a trusted, local health worker is a step towards community ownership of health.

Strengthened collaboration between partners, governments, cross-border nations, and local communities is also needed.

The cost of inaction is unaffordable

Africa’s malaria challenge is part of a deeper health systems crisis. By 2030, the continent will require an additional US$371 billion annually to deliver basic primary healthcare – about US$58 per person.

For malaria in 2023 alone, US$8.3 billion was required to meet global control and elimination targets, yet only US$4 billion was mobilised. This gap has grown consistently, increasing from US$2.6 billion in 2019 to US$4.3 billion in 2023.

The shortfall has led to major gaps in the coverage of essential malaria interventions.

The solution does not lie in simply spending more, but in spending smarter by focusing on prevention, building local innovation, and strengthening primary healthcare systems.

The responsibility is collective. African governments must invest boldly and reform policies to prioritise prevention.

Global partners must support without dominating. And communities must be empowered to take ownership of their health.

– Beating malaria: what can be done with shrinking funds and rising threats
– https://theconversation.com/beating-malaria-what-can-be-done-with-shrinking-funds-and-rising-threats-255126

MIL OSI Africa –

April 24, 2025

MIL-OSI: FirstCash Reports Record First Quarter Operating Results; Earnings per Share Increase 39% in Total and 34% on an Adjusted Basis; Operating Cash Flows Fund Store Additions, $60 Million of First Quarter Share Repurchases and Continued Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, April 24, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale payment solutions, today announced operating results for the three month period ended March 31, 2025. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.38 per share, which will be paid in May 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash posted record first quarter results, driven by the continued revenue and earnings growth from core pawn operations coupled with strong operating margins in the AFF POS payment solutions segment. Resulting first quarter net income grew 36% on a GAAP basis and 32% on an adjusted basis.

“Demand for pawn loans was robust during the quarter in both the U.S. and Latin America, with ending same-store pawn receivables increasing 13% in the U.S. and 14% in Latin America (local currency basis) versus last year. This marked seven consecutive quarters of double-digit same-store receivable growth in the U.S. segment which drove a 17% increase in earnings from the Company’s largest operating segment.

“Driven by a 19% increase in the number of merchant locations and further diversification outside of the furniture vertical, AFF delivered strong results as well, with earnings growth benefiting from solid credit performance and significant cost reductions. Excluding certain furniture retailers that closed last year due to bankruptcies, the number of active doors increased 29%, which should drive future revenue growth with greater merchant vertical diversification.

“Strong cash flows for the first quarter provided funding for the addition of 12 pawn locations, further purchases of store real estate and $60 million of stock repurchases in addition to the ongoing quarterly cash dividend. These investments are expected to deliver further earnings accretion in 2025 and beyond.”

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

	Three Months Ended March 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts		2025		2024		2025		2024
Revenue	$	836,423	$	836,370	$	836,423	$	836,370
Net income	$	83,591	$	61,368	$	92,781	$	70,189
Diluted earnings per share	$	1.87	$	1.35	$	2.07	$	1.55
EBITDA (non-GAAP measure)	$	162,961	$	132,587	$	162,880	$	131,592
Weighted-average diluted shares		44,789		45,387		44,789		45,387

Consolidated Operating Highlights

Diluted earnings per share for the first quarter increased 39% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 34% compared to the prior-year quarter.
Net income for the first quarter increased 36% over the prior-year quarter on a GAAP basis while adjusted net income increased 32% compared to the prior-year quarter.
Gross revenues totaled $836 million in the first quarter, flat on a U.S. dollar basis and up 4% on a constant currency basis, compared to the prior-year quarter.
For the trailing twelve month period ended March 31, 2025:
- Revenues totaled a record $3.4 billion
- Net income totaled $281 million on a GAAP basis while adjusted net income was $325 million
- Adjusted EBITDA was $590 million
- Operating cash flows were $544 million and adjusted free cash flows (a non-GAAP measure) were $269 million

Store Base and Platform Growth

Pawn Stores – 12 pawn locations were added in the first quarter through an acquisition and new store openings in three countries.
- In the U.S., a high profile luxury buy/sell retail store was acquired in Las Vegas, Nevada, and one new location in Texas was opened during the first quarter.
- There were 10 new store openings in Latin America in the first quarter which included nine locations in Mexico and one location in El Salvador.
- The Company purchased the underlying real estate of seven U.S. stores during the quarter, bringing the total number of company owned locations to 407 at quarter end.
- As of March 31, 2025, the Company had 3,023 locations, comprised of 1,197 U.S. locations and 1,826 locations in Latin America.
Retail POS Payment Solutions (AFF) Merchant Partnerships – At March 31, 2025, there were approximately 14,500 active retail and e-commerce merchant partner locations, representing a 19% increase in the number of active merchant locations compared to a year ago. Excluding furniture locations that closed in the prior year due to merchant partner bankruptcies, the number of active doors increased 29%.

U.S. Pawn Segment Operating Results

Segment pre-tax operating income in the first quarter of 2025 was a record $113 million, an increase of $17 million, or 17%, compared to the prior-year quarter. The resulting segment pre-tax operating margin increased to a record 27% for the first quarter of 2025 compared to 26% for the prior-year quarter.
Pawn receivables increased 16% in total at March 31, 2025 compared to the prior year, driven by a 2% increase in the year-to-date weighted-average store count coupled with an impressive 13% increase in same-store pawn receivables. On a two-year stacked basis, same-store pawn receivables were up 27%.
Pawn loan fees increased 12% for the first quarter, while on a same-store basis, they increased 10% compared to the respective prior-year period.
Retail merchandise sales increased 6% in the first quarter of 2025 compared to the prior-year quarter, while same-store retail sales increased 2% compared to the prior-year quarter.
Retail sales margins increased to 42% for the first quarter compared to 41% in the prior-year quarter.
Annualized inventory turnover was 2.8 times for the trailing twelve months ended March 31, 2025, which equaled the inventory turnover during the same prior-year period. Inventories aged greater than one year at March 31, 2025 remained low at 2% of total inventories.
Operating expenses for the first quarter increased 8% as compared to the prior-year quarter, primarily due to store additions and increased labor and variable compensation expenses. On a same-store basis, expenses increased 6% for the quarter compared to the respective prior-year period.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the first quarter of 2025 was 20.4 pesos / dollar, an unfavorable change of 20% versus the comparable prior-year period.

Given the 20% decrease in the average Mexican peso exchange rate, first quarter segment pre-tax operating income decreased 2% on a U.S. dollar basis compared to last year. Segment earnings increased 13% over last year on a constant currency basis, with resulting segment pre-tax operating margins of 17% under both measures, compared to 16% in the prior year.
Pawn receivables at March 31, 2025 decreased 5% on a U.S. dollar basis while increasing 15% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables decreased 5% on a U.S. dollar basis but increased 14% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the first quarter decreased 5% on a U.S. dollar-basis, they increased 13% on a constant currency basis compared to the prior-year quarter.
Retail merchandise sales in the first quarter of 2025 decreased 8% on a U.S. dollar-basis compared to the prior-year quarter while increasing 9% on a constant currency basis. On a same-store basis, first quarter retail merchandise sales decreased 9% on a U.S. dollar basis while increasing 9% on a constant currency basis compared to the prior-year quarter.
Retail margins were 35% for the first quarter of 2025 compared to 36% in the prior-year quarter. Annualized inventory turnover was 4.2 times for the trailing twelve months ended March 31, 2025 compared to 4.4 times in the prior-year period. Inventories aged greater than one year at March 31, 2025 remained low at 2%.
Operating expenses decreased 9% in total and 8% on a same-store basis compared to the prior-year quarter. On a constant currency basis, they increased 8% both in total and on a same-store basis. The increase in constant currency expenses from all stores reflected increased store counts and higher labor costs (due primarily to further increases in the federal minimum wage), along with other inflationary impacts.

American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

First quarter segment pre-tax operating income totaled $52 million, an increase of 58% compared to the prior-year quarter. The growth in earnings was driven primarily by gross margin improvement and operating expense reductions.
While gross revenues, comprised of lease-to-own (“LTO”) fees and interest and fees on finance receivables, decreased 12% compared to the prior-year quarter, net revenue increased 12%. The improvement in net revenue reflected lower LTO depreciation expense resulting from lower early buyout activity in the current quarter combined with lower lease and loan loss provisioning expense as discussed below.
Gross transaction volume of lease and loan originations during the first quarter decreased $21 million, or 8%, compared to the first quarter of last year. Excluding 2024 originations from American Freight and Conn’s Home Plus (both of which ceased operations in the fourth quarter of 2024 due to bankruptcy), first quarter 2025 origination volume increased approximately 24%.
Combined gross leased merchandise and finance receivables outstanding at March 31, 2025 decreased 4% compared to the March 31, 2024 balances due to lower first quarter originations.
The combined first quarter lease and loan loss provision expense decreased $10 million, or 13%, compared to last year. The decrease reflected reduced up-front provisioning given the $21 million decline in origination activity, coupled with lower than expected charge-offs resulting in reserve releases on older vintages. As a percentage of the total gross transaction volume, the combined lease and loan loss provision expense was 27% for the first quarter of 2025 compared to 29% in the first quarter of 2024. The combined allowance as a percentage of combined leased merchandise and finance receivables at March 31, 2025 was 43% compared to 42% a year ago.
Operating expenses decreased 30% compared to the prior-year quarter, primarily due to the elimination of certain expenses associated with supporting the American Freight and Conn’s Home Plus relationships along with continued realization of operating synergies, including greater efficiencies in technology and development infrastructure, coupled with other cost reduction initiatives.

Cash Flow and Liquidity

Consolidated operating cash flows for the twelve month period ended March 31, 2025 grew 27% and totaled $544 million compared to $428 million in the same prior-year period, with significant contributions from each of the Company’s three business segments.
Adjusted free cash flows increased 33% to $269 million in the twelve month period ended March 31, 2025 compared to $201 million in the same prior-year period.
The operating cash flows helped fund significant growth in earning assets and continued investments in the pawn store platform over the past twelve months with a nominal increase in net debt:
- Pawn earning assets (pawn receivables and inventories) increased $76 million compared to last year.
- A total of 38 pawn stores were acquired for a combined purchase price of $103 million.
- 53 new pawn stores were added with a combined investment of $19 million in fixed assets and working capital.
- Real estate purchases totaled $82 million as the Company purchased the underlying real estate at 56 of its existing pawn stores, bringing the number of Company-owned properties to 407 locations.
Net debt at March 31, 2025 was $1.6 billion, of which $1.5 billion is fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032. The outstanding balance under the Company’s $700 million revolving line of credit totaled $175 million at March 31, 2025.
Based on trailing twelve month results, the Company’s net debt to adjusted EBITDA ratio improved to 2.68x at March 31, 2025.

Shareholder Returns

The Board of Directors declared a $0.38 per share second quarter cash dividend, which will be paid on May 30, 2025 to stockholders of record as of May 15, 2025. This represents an annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
During the first quarter, the Company repurchased 525,000 shares of common stock at a total cost of $60 million and an average price of $113.54 per share.
Over the past twelve months, the Company has repurchased 1,246,000 shares of common stock at a total cost of $145 million and paid out $67 million in cash dividends, representing a payout ratio of approximately 75% of net income over the same period.
The Company has $55 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
The Company generated a 14% return on equity and a 6% return on assets for the twelve months ended March 31, 2025. Using adjusted net income for the twelve months ended March 31, 2025, the adjusted return on equity was 16% while the adjusted return on assets was 7%.

2025 Outlook

Driven by the strong first quarter results and continued demand for pawn loans, the outlook for 2025 remains highly positive, with expected year-over-year growth in income driven by the continued growth in earning asset balances coupled with store additions. Anticipated conditions and trends for the remainder of 2025 include the following:

Pawn Operations:

Pawn operations are expected to remain the primary earnings driver in 2025 as the Company expects segment income from the combined U.S. and Latin America pawn segments to be over 80% of total segment level pre-tax income for the full year.
The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential acquisitions. The guidance provided below does not assume any material acquisition activity.

U.S. Pawn

Same-store pawn loans at March 31, 2025 were up 13% compared to a year ago, with April balances to date up similarly. Given the strength of the first quarter same-store results, the increase in pawn fee growth is estimated to be in a range of 9% to 11% for the full year.
Retail sales are expected to grow mid-single digits in 2025, with retail sales margins targeted at approximately 41% to 42%.

Latin America Pawn

U.S. dollar-reported results for Latin America in 2025 are expected to be impacted by the lower exchange rate for the Mexican peso, which has most recently been in a range of approximately 20 to 21 pesos per U.S. dollar compared to the average exchange rate of 18.3 to 1 in 2024.
Same-store pawn receivables at March 31, 2025 were down 5% on a U.S. dollar basis but up 14% on a constant currency basis, with April balances to date up similarly. Full year pawn fee growth is now expected to increase in a range of 10% to 12% on a local currency basis while it is projected to be flat to down slightly on a U.S. dollar basis, given the current exchange rate.
Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.

Retail POS Payment Solutions (AFF) Operations:

Despite an 8% year-over-year decrease in first quarter originations, the forecast for full year origination volume for 2025 is expected to be consistent with or slightly above full year 2024 volume. Excluding 2024 originations from Conn’s Home Plus and American Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024, reflecting continued diversification outside the furniture vertical.
While net revenue in the first quarter benefited from lower credit provisioning on reduced originations and older vintage reserve releases, the remainder of the year will see increased loss provisioning consistent with the expected growth in origination activity over the balance of 2025.
Given the above origination and provisioning dynamics, second quarter net revenues are expected to decline 14% to 16% over last year, with full year net revenues forecast to decline in a range of 8% to 12% compared to the prior year. Quarterly operating expenses for the balance of 2025 are expected to remain consistent with the first quarter run rate.
The Company is raising AFF segment earnings expectations for 2025, with full year segment income now expected to increase over last year in a mid single-digit percentage range given the strong first quarter results coupled with the continued operating expense savings.

Tax Rates and Currency:

The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24.5% to 25.5%.
Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

Additional Commentary and Analysis

Mr. Wessel further commented on FirstCash’s strong first quarter results and the outlook for the remainder of 2025, “As reported, our first quarter operating results were outstanding for each business segment and provide tremendous momentum as we begin the second quarter.

“The operating fundamentals in our core pawn segments remain especially strong given current demand for pawn loans. Total outstanding pawn loans at the end of the quarter were up 16% in the U.S. and 15% in Latin America, on a local currency basis, while the average loan amounts were up 11% in the U.S and 7% in Latin America on a local currency basis. At the same time, retail sales and margins remain solid given the deep-value, treasure-hunt nature of our retail showrooms.

“FirstCash continued to invest in the long-term growth of its core pawn assets by expanding its presence in existing markets and entering new markets across both segments. Over the last 12 months, we have added a total of 91 locations through new store openings and acquisitions. The Las Vegas location acquired in the first quarter is expected to deliver significantly higher retail revenue than a typical store, and with the addition of pawn products, should drive even greater profitability and further raise our profile in the high-end segment of the pawn market. Most importantly, the pipeline driving pawn store growth remains robust as we continue to open new stores and evaluate additional acquisition opportunities across multiple markets.

“In addition, we continue to purchase the underlying real estate of high-performing U.S. stores where we now own over 400 locations, representing over a third of our domestic locations. These real estate acquisitions give us not only long-term control of our prime locations, but also reduce future operating costs. At the same time, we continue to reduce current expenses in certain markets in both the U.S. and Latin America, where we often have overlapping locations arising from acquisitions. By consolidating the operations of these overlapping stores into single locations, we can achieve significant cost savings.

“First quarter results for AFF were also positive in almost every aspect despite the bankruptcies of two of its larger furniture lease-to-own merchant partners in late 2024. While revenues declined slightly as expected, we more than offset the impact with strong collection results on the existing portfolios and reduced operating expenses. Our resulting outlook for 2025 earnings is improved and we continue to see a clear path for long-term growth of the AFF segment.

“Strong consolidated cash flows again supported the growth and further shareholder returns through year-over-year growth in earning assets, new and acquired stores and further share repurchases and dividends. The 525,000 shares repurchased in the first quarter for $60 million were executed at an average price of less than $114 per share. At the same time, we reduced outstanding debt on our revolving credit facility by $23 million and decreased the leverage ratio during the quarter.

“In summary, the current market environment remains extremely strong for our pawn-focused business model. Pawn products do well in challenging or uncertain economic cycles and combine well with a deep-value retail sales channel that has limited direct impact from tariffs. With our excellent balance sheet and cash flows, we have a strong platform to continue to drive expected long-term growth in revenues, earnings and shareholder value,” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of annualized segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

Forward-Looking Information

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future, including the Consumer Financial Protection Bureau (the “CFPB”) lawsuit filed against the Company; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands)

	Three Months Ended
	March 31,
		2025			2024
Revenue:
Retail merchandise sales	$	371,056		$	366,821
Pawn loan fees		191,871			179,535
Leased merchandise income		156,918			205,671
Interest and fees on finance receivables		73,413			57,387
Wholesale scrap jewelry sales		43,165			26,956
Total revenue		836,423			836,370

Cost of revenue:
Cost of retail merchandise sold		224,124			223,529
Depreciation of leased merchandise		88,819			120,284
Provision for lease losses		27,562			43,010
Provision for loan losses		36,360			30,418
Cost of wholesale scrap jewelry sold		35,355			23,289
Total cost of revenue		412,220			440,530

Net revenue		424,203			395,840

Expenses and other income:
Operating expenses		214,586			221,136
Administrative expenses		48,523			44,018
Depreciation and amortization		25,502			26,027
Interest expense		27,471			25,418
Interest income		(1,229	)		(743	)
Gain on foreign exchange		(14	)		(186	)
Merger and acquisition expenses		462			597
Other income, net		(2,315	)		(2,312	)
Total expenses and other income		312,986			313,955

Income before income taxes		111,217			81,885

Provision for income taxes		27,626			20,517

Net income	$	83,591		$	61,368

Certain amounts in the consolidated statement of income for the three months ended March 31, 2024 have been reclassified in order to conform to the 2025 presentation.

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	March 31,						December 31,
		2025			2024			2024
ASSETS
Cash and cash equivalents	$	146,034		$	135,070		$	175,095
Accounts receivable, net		71,166			69,703			73,325
Pawn loans		499,710			456,079			517,867
Finance receivables, net		145,079			105,653			147,501
Inventories		334,700			302,385			334,580
Leased merchandise, net		103,612			157,785			128,437
Prepaid expenses and other current assets		26,033			30,460			26,943
Total current assets		1,326,334			1,257,135			1,403,748

Property and equipment, net		724,213			658,349			717,916
Operating lease right of use asset		329,183			320,515			324,646
Goodwill		1,815,139			1,730,353			1,787,172
Intangible assets, net		216,736			265,184			228,858
Other assets		9,952			10,080			9,934
Deferred tax assets, net		4,720			5,836			4,712
Total assets	$	4,426,277		$	4,247,452		$	4,476,986

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	129,137		$	138,812		$	171,540
Customer deposits and prepayments		76,211			75,423			72,703
Lease liability, current		96,539			100,874			95,161
Total current liabilities		301,887			315,109			339,404

Revolving unsecured credit facilities		175,000			15,000			198,000
Senior unsecured notes		1,532,099			1,529,147			1,531,346
Deferred tax liabilities, net		129,936			133,606			128,574
Lease liability, non-current		228,995			209,208			225,498
Total liabilities		2,367,917			2,202,070			2,422,822

Stockholders’ equity:
Common stock		575			573			575
Additional paid-in capital		1,755,591			1,727,564			1,767,569
Retained earnings		1,477,730			1,263,564			1,411,083
Accumulated other comprehensive loss		(130,540	)		(36,702	)		(129,596	)
Common stock held in treasury, at cost		(1,044,996	)		(909,617	)		(995,467	)
Total stockholders’ equity		2,058,360			2,045,382			2,054,164
Total liabilities and stockholders’ equity	$	4,426,277		$	4,247,452		$	4,476,986

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(UNAUDITED)

The Company organizes its operations into three reportable segments as follows:

U.S. pawn
Latin America pawn
Retail POS payment solutions (AFF)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated to the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Three Months Ended
	March 31,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	251,225		$	236,990		6	%
Pawn loan fees		137,948			122,974		12	%
Wholesale scrap jewelry sales		33,492			17,726		89	%
Total revenue		422,665			377,690		12	%

Cost of revenue:
Cost of retail merchandise sold		145,758			139,914		4	%
Cost of wholesale scrap jewelry sold		27,224			15,266		78	%
Total cost of revenue		172,982			155,180		11	%

Net revenue		249,683			222,510		12	%

Segment expenses:
Operating expenses		128,951			118,895		8	%
Depreciation and amortization		7,600			7,013		8	%
Total segment expenses		136,551			125,908		8	%

Segment pre-tax operating income	$	113,132		$	96,602		17	%

Operating metrics:
Retail merchandise sales margin	42		%	41		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	27		%	26		%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

	As of March 31,
	2025			2024			Increase
Earning assets:
Pawn loans	$	365,972		$	315,792		16	%
Inventories		246,237			216,762		14	%
	$	612,209		$	532,554		15	%

Average outstanding pawn loan amount (in ones)	$	289		$	261		11	%

Composition of pawn collateral:
General merchandise	27		%	29		%
Jewelry	73		%	71		%
	100		%	100		%

Composition of inventories:
General merchandise	39		%	41		%
Jewelry	61		%	59		%
	100		%	100		%

Percentage of inventory aged greater than one year	2		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

Latin America Pawn Operating Results and Margins (dollars in thousands)

												Constant Currency Basis
												Three Months
												Ended
		Three Months Ended										March 31,
		March 31,						Increase /					2025		Increase
			2025			2024		(Decrease)				(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	120,532		$	130,849			(8	)%		$	143,211			9	%
Pawn loan fees			53,923			56,561			(5	)%			64,091			13	%
Wholesale scrap jewelry sales			9,673			9,230			5	%			9,673			5	%
Total revenue			184,128			196,640			(6	)%			216,975			10	%

Cost of revenue:
Cost of retail merchandise sold			78,739			84,183			(6	)%			93,439			11	%
Cost of wholesale scrap jewelry sold			8,131			8,023			1	%			9,647			20	%
Total cost of revenue			86,870			92,206			(6	)%			103,086			12	%

Net revenue			97,258			104,434			(7	)%			113,889			9	%

Segment expenses:
Operating expenses			61,417			67,425			(9	)%			72,515			8	%
Depreciation and amortization			4,436			5,105			(13	)%			5,216			2	%
Total segment expenses			65,853			72,530			(9	)%			77,731			7	%

Segment pre-tax operating income		$	31,405		$	31,904			(2	)%		$	36,158			13	%

Operating metrics:
Retail merchandise sales margin	35			%	36		%				35			%
Net revenue margin	53			%	53		%				52			%
Segment pre-tax operating margin	17			%	16		%				17			%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

									Constant Currency Basis
									As of
									March 31,
	As of March 31,						Increase /		2025		Increase
	2025			2024			(Decrease)		(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	133,738		$	140,287		(5	)%	$	161,065	15	%
Inventories		88,463			85,623		3	%		106,579	24	%
	$	222,201		$	225,910		(2	)%	$	267,644	18	%

Average outstanding pawn loan amount (in ones)	$	86		$	97		(11	)%	$	104	7	%

Composition of pawn collateral:
General merchandise	58		%	63		%
Jewelry	42		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	62		%	66		%
Jewelry	38		%	34		%
	100		%	100		%

Percentage of inventory aged greater than one year	2		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	4.2 times			4.4 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	March 31,				Increase /
		2025		2024	(Decrease)
Revenue:
Leased merchandise income	$	156,918	$	205,671	(24	)%
Interest and fees on finance receivables		73,413		57,387	28	%
Total revenue		230,331		263,058	(12	)%

Cost of revenue:
Depreciation of leased merchandise		89,143		120,774	(26	)%
Provision for lease losses		27,604		43,180	(36	)%
Provision for loan losses		36,360		30,418	20	%
Total cost of revenue		153,107		194,372	(21	)%

Net revenue		77,224		68,686	12	%

Segment expenses:
Operating expenses		24,218		34,816	(30	)%
Depreciation and amortization		705		721	(2	)%
Total segment expenses		24,923		35,537	(30	)%

Segment pre-tax operating income	$	52,301	$	33,149	58	%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

	Three Months Ended
	March 31,				Increase /
		2025		2024	(Decrease)
Leased merchandise	$	94,305	$	154,121		(39	)%
Finance receivables		141,262		102,165		38	%
Total gross transaction volume	$	235,567	$	256,286		(8	)%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of March 31,						Increase /
		2025			2024		(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	172,886		$	253,876			(32	)%
Less allowance for lease losses		(69,077	)		(95,786	)		(28	)%
Leased merchandise, net	$	103,809		$	158,090			(34	)%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	263,421		$	201,673			31	%
Less allowance for loan losses		(118,342	)		(96,020	)		23	%
Finance receivables, net	$	145,079		$	105,653			37	%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Allowance for Lease and Loan Losses and Other Portfolio Metrics (dollars in thousands)

	Three Months Ended
	March 31,						Increase /
		2025			2024		(Decrease)
Allowance for lease losses:
Balance at beginning of period	$	80,661		$	95,752			(16	)%
Provision for lease losses		27,604			43,180			(36	)%
Charge-offs		(41,528	)		(45,149	)		(8	)%
Recoveries		2,340			2,003			17	%
Balance at end of period	$	69,077		$	95,786			(28	)%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	29		%	28		%
Average monthly net charge-off rate ⁽²⁾	6.8		%	5.5		%
Delinquency rate ⁽³⁾	22.6		%	20.5		%

Allowance for loan losses:
Balance at beginning of period	$	117,005		$	96,454			21	%
Provision for loan losses		36,360			30,418			20	%
Charge-offs		(38,419	)		(33,279	)		15	%
Recoveries		3,396			2,427			40	%
Balance at end of period	$	118,342		$	96,020			23	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	26		%	30		%
Average monthly net charge-off rate ⁽²⁾	4.4		%	5.0		%
Delinquency rate ⁽³⁾	19.3		%	19.2		%

_{⁽¹⁾Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.}
_{⁽²⁾Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.}
_{⁽³⁾Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).}

FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of March 31, 2025, the Company operated 3,023 pawn store locations composed of 1,197 stores in 29 U.S. states and the District of Columbia, 1,724 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

The following table details pawn store count activity for the three months ended March 31, 2025:

	Three Months Ended March 31, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,200		1,826		3,026
New locations opened	1		10		11
Locations acquired	1		—		1
Consolidation of existing pawn locations ⁽¹⁾	(5	)	(10	)	(15	)
Total locations, end of period	1,197		1,826		3,023

_{⁽¹⁾Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.}

Retail POS Payment Solutions

As of March 31, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 14,500 active retail merchant partner locations. This compares to the active door count of approximately 12,200 locations at March 31, 2024.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(UNAUDITED)

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

While acquisitions are an important part of the Company’s overall strategy, the Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses and amortization of acquired AFF intangible assets. The Company does not consider these items to be related to the organic operations of the acquired businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the acquired businesses. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

The Company has certain leases in Mexico which are denominated in U.S. dollars. The lease liability of these U.S. dollar-denominated leases, which is considered a monetary liability, is remeasured into Mexican pesos using current period exchange rates, resulting in the recognition of foreign currency exchange gains or losses. The Company has adjusted the applicable financial measures to exclude these remeasurement gains or losses (1) because they are non-cash, non-operating items that could create volatility in the Company’s consolidated results of operations due to the magnitude of the end of period lease liability being remeasured and (2) to improve comparability of current periods presented with prior periods.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

							Trailing Twelve
	Three Months Ended						Months Ended
	March 31,						March 31,
		2025			2024			2025		2024
	In Thousands			In Thousands			In Thousands		In Thousands
Net income, as reported	$	83,591		$	61,368		$	281,038	$	233,281
Adjustments, net of tax:
Merger and acquisition expenses		354			457			1,603		6,524
Non-cash foreign currency loss (gain) related to lease liability		40			(169	)		2,836		(1,100	)
AFF purchase accounting and other adjustments		9,258			9,573			37,974		52,812
Other expenses (income), net		(462	)		(1,040	)		1,821		(2,154	)
Adjusted net income	$	92,781		$	70,189		$	325,272	$	289,363

	Three Months Ended
	March 31,
		2025			2024
	Per Share			Per Share
Diluted earnings per share, as reported	$	1.87		$	1.35
Adjustments, net of tax:
Merger and acquisition expenses		—			0.01
AFF purchase accounting and other adjustments		0.21			0.21
Other expenses (income), net		(0.01	)		(0.02	)
Adjusted diluted earnings per share	$	2.07		$	1.55

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

							Trailing Twelve
	Three Months Ended						Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
Net income	$	83,591		$	61,368		$	281,038		$	233,281
Income taxes		27,626			20,517			91,070			78,240
Depreciation and amortization		25,502			26,027			104,416			108,077
Interest expense		27,471			25,418			107,279			97,764
Interest income		(1,229	)		(743	)		(2,421	)		(1,695	)
EBITDA		162,961			132,587			581,382			515,667
Adjustments:
Merger and acquisition expenses		462			597			2,093			8,488
Non-cash foreign currency loss (gain) related to lease liability		57			(241	)		4,053			(1,571	)
AFF purchase accounting and other adjustments ⁽¹⁾		—			—			—			13,968
Other expenses (income), net		(600	)		(1,351	)		2,197			(2,798	)
Adjusted EBITDA	$	162,880		$	131,592		$	589,725		$	533,754

_{⁽¹⁾For the twelve months ended March 31, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.}

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

							Trailing Twelve
	Three Months Ended						Months Ended
	March 31,						March 31,
		2025			2024			2025			2024
Cash flow from operating activities	$	126,640		$	122,532		$	544,066		$	428,080
Cash flow from certain investing activities:
Pawn loans, net ⁽¹⁾		19,440			25,149			(77,708	)		(54,187	)
Finance receivables, net		(20,566	)		(15,311	)		(144,569	)		(106,213	)
Purchases of furniture, fixtures, equipment and improvements		(12,914	)		(26,427	)		(54,732	)		(72,747	)
Free cash flow		112,600			105,943			267,057			194,933
Merger and acquisition expenses paid, net of tax benefit		354			457			1,603			6,524
Adjusted free cash flow	$	112,954		$	106,400		$	268,660		$	201,457

_{⁽¹⁾Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.}

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Return on Equity and Adjusted Return on Assets

Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

	Trailing Twelve
	Months Ended
	March 31, 2025
Adjusted net income⁽¹⁾	$	325,272

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,027,110
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	16		%

Average total assets (average of five most recent quarter-end balances)	$	4,373,194
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	7		%

_{⁽¹⁾See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.}

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

	March 31,		Favorable /
	2025	2024	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	20.3	16.7	(22	)%
Three months ended	20.4	17.0	(20	)%

Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8	1	%
Three months ended	7.7	7.8	1	%

Colombian peso / U.S. dollar exchange rate:
End-of-period	4,193	3,842	(9	)%
Three months ended	4,191	3,915	(7	)%

The MIL Network –

April 24, 2025

MIL-OSI: Radware Announces Extraordinary General Meeting

Source: GlobeNewswire (MIL-OSI)

TEL AVIV, Israel, April 24, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced that an Extraordinary General Meeting of Shareholders (the ”Extraordinary General Meeting” or the “Meeting”) will be held on Thursday, May 29, 2025, at 8:00 a.m. (EST), at the offices of Radware Inc., 575 Corporate Drive, Mahwah, N.J. 07430, U.S.A. The record date for the Meeting is April 25, 2025.

The agenda of the Meeting is: (1) to approve grants of equity-based awards to, and modifications in the structure of the annual bonus of, the president and chief executive officer of the Company; and (2) transact such other business as may properly come before the Meeting or any postponement or adjournment thereof.

Proposal 1, the proposal voted upon, requires the approval of a simple majority of the shares voted on the matter at the Meeting, either in person or by proxy; provided that either (i) the shares voted in favor of the proposal include at least a majority of the shares voted at the Meeting, either in person or by proxy, by shareholders who are not “controlling shareholders” and do not have a “personal interest” (as such terms are defined in the Israeli Companies Law, 5759-1999 (the “Companies Law”)) in such proposal or (ii) the total number of shares voted against such proposal by the disinterested shareholders described in clause (i) does not exceed 2% of the aggregate voting rights in the Company. As of the date hereof, the Company has no controlling shareholder within the meaning of the Companies Law.

In the absence of the requisite quorum of shareholders at the Extraordinary General Meeting, the Extraordinary General Meeting shall be adjourned to the same day in the next week, at the same time and place, unless otherwise determined at the Extraordinary General Meeting in accordance with the Company’s Articles of Association.

Additional Information and Where to Find It

In connection with the Extraordinary General Meeting, Radware will make available to its shareholders of record a proxy statement describing the proposal to be voted upon at the Extraordinary General Meeting, along with a proxy card enabling them to indicate their vote on the matter. The Company will also furnish copies of the proxy statement and proxy card to the U.S. Securities and Exchange Commission (SEC) on Form 6-K, which may be obtained for free from the SEC’s website at www.sec.gov, the Company’s website at https://www.radware.com/ir/financial-info/ or by directing such request to the Company’s Investor Relations department at ir@radware.com.

About Radware

Radware^® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Contacts
Investor Relations:
Yisca Erez, +972-72-3917211, ir@radware.com

Media Contacts:
Gerri Dyrek, gerri.dyrek@radware.com

Safe Harbor Statement

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

The MIL Network –

April 24, 2025
MIL-OSI: Insuranceopedia Unveils PolicyAI – Worlds First AI-Tool That Slashes Auto Insurance Costs
Source: GlobeNewswire (MIL-OSI)

DELAWARE, Del., April 24, 2025 (GLOBE NEWSWIRE) — Today, Insuranceopedia officially launches PolicyAI, a groundbreaking free tool that uses artificial intelligence to analyze auto insurance policies, identify coverage gaps, and provide personalized recommendations to help drivers save money and improve protection.

“Most people have no idea what their car insurance actually covers, or more importantly, what it doesn’t,” said Max Coupland, CEO of Insuranceopedia. “PolicyAI helps you spot risky gaps and wasted money before it costs you.”

How PolicyAI Works

Users can upload their auto insurance policy and answer a couple of questions. PolicyAI’s AI engine scans the document, cross-checks it against state laws, risk factors (like weather or theft rates by ZIP code), and the user’s profile to highlight:
- Coverage gaps (e.g., missing uninsured motorist coverage or low liability limits)
- Unnecessary or duplicate add-ons (e.g., roadside assistance already covered by a credit card)
- Money-saving opportunities (e.g., low-mileage discounts or policy bundling options)
The tool then provides a personalized “Coverage Strength Score”, a checklist of recommended improvements, and clear, data-driven explanations.

Who PolicyAI Helps

PolicyAI is designed for:
- Everyday drivers unsure if they’re overpaying
- People who want to save without sacrificing protection
- Gig workers and rideshare drivers with risky policy gaps
- Busy professionals who don’t have time to decode their insurance
- Anyone who wants to take control of their coverage without talking to an agent
“Our mission is simple — make insurance transparent, accessible, and fair,” added Coupland. “PolicyAI is here to make sure you’re not part of the 1 in 3 who find out their policy was missing something when it’s already too late.”

Try It Now

PolicyAI is live and free to use at: www.insuranceopedia.com/policyai

About Insuranceopedia

Insuranceopedia is an insurance marketplace on a mission to simplify insurance for consumers. Through expert content, educational tools, and AI-powered innovation, we help people better understand, compare, and manage their insurance coverage.

Media Contact:

Max Coupland
CEO, Insuranceopedia
max@insuranceopedia.com
www.insuranceopedia.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1b7d115-6b3f-4567-a6e3-546a8c2edb72

The MIL Network –
April 24, 2025

MIL-OSI: WTW Reports First Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

Revenue¹decreased 5% over prior year to $2.2 billion for the quarter due to the sale of TRANZACT
Organic Revenue growth of 5% for the quarter
Diluted Earnings per Share was $2.33 for the quarter, up 27% over prior year
Adjusted Diluted Earnings per Share was $3.13 for the quarter, comparable to prior year²
Operating Margin was 19.4% for the quarter, up 740 basis points over prior year
Adjusted Operating Margin was 21.6% for the quarter, up 100 basis points from prior year²

LONDON, April 24, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the first quarter ended March 31, 2025.

“We had a solid start to the year, delivering results in line with our expectations and making strong progress on our strategy to accelerate our performance, enhance our efficiency and optimize our portfolio,” said Carl Hess, WTW’s chief executive officer. “We are well-positioned to help our clients navigate economic uncertainty and highly focused on driving continued growth and margin expansion, and we are confident in our outlook. I’m proud of our team’s dedication and look forward to achieving our strategic and financial goals together.”

Consolidated Results

As reported, USD millions, except %

Key Metrics	Q1-25	Q1-24²	Y/Y Change
Revenue¹	$2,223	$2,341	Reported (5)% \| CC (4)% \| Organic 5%
Income from Operations	$432	$280	54%
Operating Margin %	19.4%	12.0%	740 bps
Adjusted Operating Income	$480	$483	(1)%
Adjusted Operating Margin %	21.6%	20.6%	100 bps
Net Income	$239	$194	23%
Adjusted Net Income	$316	$325	(3)%
Diluted EPS	$2.33	$1.83	27%
Adjusted Diluted EPS	$3.13	$3.13	0%

¹	The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.
²	Refer to “WTW Non-GAAP Measures” below and the Q1-25 Supplemental Slides for recast of historical Non-GAAP measures.

Revenue was $2.22 billion for the first quarter of 2025, a decrease of 5% as compared to $2.34 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue decreased 4%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Income for the first quarter of 2025 was $239 million compared to Net Income of $194 million in the prior-year first quarter. Adjusted EBITDA for the first quarter was $532 million, or 23.9% of revenue, a decrease of 3%, compared to Adjusted EBITDA of $546 million, or 23.3% of revenue, in the prior-year first quarter. The U.S. GAAP tax rate for the first quarter was 21.5%, and the adjusted income tax rate for the first quarter used in calculating adjusted diluted earnings per share was 22.7%.

Cash Flow and Capital Allocation

Cash flows used in operating activities were $35 million for the quarter ended March 31, 2025, compared to cash flows from operating activities of $24 million for the prior year. Free cash flow for the quarters ended March 31, 2025 and 2024 was $(86) million and $(36) million, respectively, a decrease of $50 million, primarily driven by the absence of cash collections related to TRANZACT, which the Company sold on December 31, 2024, and increased compensation payments in the current-year quarter as compared to the prior-year quarter. During the quarter ended March 31, 2025, the Company repurchased 607,221 of its outstanding shares for $200 million.

First Quarter 2025 Segment Highlights

Health, Wealth & Career (“HWC”)

As reported, USD millions, except %

Health, Wealth & Career	Q1-25	Q1-24	Y/Y Change
Total Revenue	$1,165	$1,336	Reported (13)% \| CC (12)% \| Organic 3%
Operating Income	$311	$336	(7)%
Operating Margin %	26.7%	25.1%	160 bps

The HWC segment had revenue of $1.17 billion in the first quarter of 2025, a decrease of 13% (12% decrease constant currency and organic growth of 3%) from $1.34 billion in the prior year. Health delivered organic revenue growth in all regions driven by solid client retention, new business and geographic expansion. Wealth generated organic revenue growth from higher levels of Retirement work in Europe and International, alongside growth in our Investments business due to the success of our LifeSight solution and capital market improvements. Career had modest revenue growth as increased advisory work was tempered by some postponements amid economic uncertainty. Benefits Delivery & Outsourcing revenue grew primarily from increased project and core administration work.

Operating margins in the HWC segment increased 160 basis points from the prior-year first quarter to 26.7%, primarily due to the sale of TRANZACT and savings from the Transformation program. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

Risk & Broking (“R&B”)

As reported, USD millions, except %

Risk & Broking	Q1-25	Q1-24	Y/Y Change
Total Revenue	$1,027	$978	Reported 5% \| CC 7% \| Organic 7%
Operating Income	$226	$203	11%
Operating Margin %	22.0%	20.8%	120 bps

The R&B segment had revenue of $1.03 billion in the first quarter of 2025, an increase of 5% (7% increase constant currency and organic) from $978 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) had organic revenue growth for the quarter driven by the Consulting and Technology practices.

Operating margins in the R&B segment increased 120 basis points from the prior-year first quarter to 22.0%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.

Select 2025 Financial Considerations

Changes to Non-GAAP financial measures:

All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefits
Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
Refer to Supplemental Slides for recast of historical Non-GAAP measures

Business mix:

TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024
Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.25 to $0.35

Free cash flow:

Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024
Cash taxes related to receipt of earnout from reinsurance divestiture will be classified as Cash Flows from Operating Activities on Statement of Cash Flows

Capital allocation:

Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

Foreign exchange:

Expect a foreign currency impact on adjusted diluted earnings per share to be neutral in 2025 at today’s rates

Adjusted operating margin outlook:

~100 basis points of average annual margin expansion over next 3 years in R&B
Incremental annual margin expansion at HWC and enterprise levels

The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

Conference Call

The Company will host a live webcast and conference call to discuss the financial results for the first quarter 2025. It will be held on Thursday, April 24, 2025, beginning at 9:00 a.m. Eastern Time. A live broadcast of the conference call will be available on WTW’s website here. The conference call will include a question-and-answer session. To participate in the question-and-answer session, please register here. An online replay will be available at www.wtwco.com shortly after the call concludes.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

WTW Non-GAAP Measures

In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation.

We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

Our non-GAAP measures and their accompanying definitions are presented as follows:

Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.

Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

WTW Forward-Looking Statements

This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisition and disposition; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our now-completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future successes, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our now-completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

Contact

INVESTORS
Claudia De La Hoz | Claudia.Delahoz@wtwco.com


	WTW Supplemental Segment Information (In millions of U.S. dollars) (Unaudited)

REVENUE
							Components of Revenue Change⁽ⁱ⁾
							Less:				Less:
	Three Months Ended March 31,				As Reported		Currency		Constant Currency		Acquisitions/		Organic
	2025		2024		% Change		Impact		Change		Divestitures		Change

Health, Wealth & Career
Revenue excluding interest income	$	1,158	$	1,327		(13)%		(1)%		(12)%		(14)%		3%
Interest income		7		9
Total		1,165		1,336		(13)%		(1)%		(12)%		(14)%		3%

Risk & Broking
Revenue excluding interest income	$	1,005	$	950		6%		(2)%		8%		0%		8%
Interest income		22		28
Total		1,027		978		5%		(2)%		7%		0%		7%

Segment Revenue	$	2,192	$	2,314		(5)%		(2)%		(4)%		(8)%		5%
Corporate, reimbursable expenses and other		21		21
Interest income		10		6
Revenue	$	2,223	$	2,341		(5)%		(1)%		(4)%		(8)%	5%⁽ⁱⁱ⁾

⁽ⁱ⁾	Components of revenue change may not add due to rounding.
⁽ⁱⁱ⁾	Interest income did not contribute to organic change for the three months ended March 31, 2025.

BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

	Three Months Ended March 31,
	HWC				R&B				Corporate				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Book-of-business settlements	$	2	$	—	$	—	$	2	$	—	$	—	$	2	$	2
Interest income		7		9		22		28		10		6		39		43
Total	$	9	$	9	$	22	$	30	$	10	$	6	$	41	$	45

SEGMENT OPERATING INCOME ⁽ⁱ⁾

	Three Months Ended March 31,
	2025		2024

Health, Wealth & Career	$	311	$	336
Risk & Broking		226		203
Segment Operating Income	$	537	$	539

⁽ⁱ⁾

Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

SEGMENT OPERATING MARGINS

	Three Months Ended March 31,
	2025		2024
Health, Wealth & Career		26.7%		25.1%
Risk & Broking		22.0%		20.8%

RECONCILIATION OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

	Three Months Ended March 31,
	2025			2024

Segment Operating Income	$	537		$	539
Amortization		(48	)		(60	)
Restructuring costs		—			(18	)
Transaction and transformation⁽ⁱ⁾		—			(125	)
Unallocated, net⁽ⁱⁱ⁾		(57	)		(56	)
Income from Operations		432			280
Interest expense		(65	)		(64	)
Other (loss)/income, net		(64	)		26
Income from operations before income taxes and interest in earnings of associates	$	303		$	242

⁽ⁱ⁾	In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
⁽ⁱⁱ⁾	Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

WTW Reconciliations of Non-GAAP Measures (In millions of U.S. dollars, except per share data) (Unaudited)

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

	Three Months Ended March 31,
	2025			2024

Net income attributable to WTW	$	235		$	190
Adjusted for certain items:
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Net periodic pension and postretirement benefits		75			(22	)
Gain on disposal of operations		(14	)		—
Tax effect on certain items listed above⁽ⁱ⁾		(28	)		(46	)
Adjusted Net Income	$	316		$	325

Weighted-average ordinary shares, diluted		101			104

Diluted Earnings Per Share	$	2.33		$	1.83
Adjusted for certain items:⁽ⁱⁱ⁾
Amortization		0.48			0.58
Restructuring costs		—			0.17
Transaction and transformation		—			1.21
Net periodic pension and postretirement benefits		0.74			(0.21	)
Gain on disposal of operations		(0.14	)		—
Tax effect on certain items listed above⁽ⁱ⁾		(0.28	)		(0.44	)
Adjusted Diluted Earnings Per Share⁽ⁱⁱ⁾	$	3.13		$	3.13

⁽ⁱ⁾	The tax effect was calculated using an effective tax rate for each item.
⁽ⁱⁱ⁾	Per share values and totals may differ due to rounding.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

	Three Months Ended March 31,
	2025				2024

Net Income	$	239		10.8%	$	194		8.3%
Provision for income taxes		65				48
Interest expense		65				64
Depreciation		54				59
Amortization		48				60
Restructuring costs		—				18
Transaction and transformation		—				125
Net periodic pension and postretirement benefits		75				(22	)
Gain on disposal of operations		(14	)			—
Adjusted EBITDA and Adjusted EBITDA Margin	$	532		23.9%	$	546		23.3%

RECONCILIATION OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

	Three Months Ended March 31,
	2025			2024

Income from operations and Operating margin	$	432	19.4%	$	280	12.0%
Adjusted for certain items:
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Adjusted operating income and Adjusted operating income margin	$	480	21.6%	$	483	20.6%

RECONCILIATION OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

	Three Months Ended March 31,
	2025			2024

Income from operations before income taxes and interest in earnings of associates	$	303		$	242

Adjusted for certain items:
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Net periodic pension and postretirement benefits		75			(22	)
Gain on disposal of operations		(14	)		—
Adjusted income before taxes	$	412		$	423

Provision for income taxes	$	65		$	48
Tax effect on certain items listed above⁽ⁱ⁾		28			46
Adjusted income taxes	$	93		$	94

U.S. GAAP tax rate		21.5	%		19.9	%
Adjusted income tax rate		22.7	%		22.3	%

⁽ⁱ⁾	The tax effect was calculated using an effective tax rate for each item.

RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

	Years Ended December 31,
	2025			2024

Cash flows (used in)/from operating activities	$	(35	)	$	24
Less: Additions to fixed assets and software		(51	)		(60	)
Free Cash Flow	$	(86	)	$	(36	)

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Income (In millions of U.S. dollars, except per share data) (Unaudited)

	Three Months Ended March 31,
	2025			2024
Revenue	$	2,223		$	2,341

Costs of providing services
Salaries and benefits		1,324			1,342
Other operating expenses		365			457
Depreciation		54			59
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Total costs of providing services		1,791			2,061

Income from operations		432			280

Interest expense		(65	)		(64	)
Other (loss)/income, net		(64	)		26

INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES		303			242

Provision for income taxes		(65	)		(48	)

INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES		238			194

Interest in earnings of associates, net of tax		1			—

NET INCOME		239			194

Income attributable to non-controlling interests		(4	)		(4	)

NET INCOME ATTRIBUTABLE TO WTW	$	235		$	190

EARNINGS PER SHARE
Basic earnings per share	$	2.34		$	1.84
Diluted earnings per share	$	2.33		$	1.83

Weighted-average ordinary shares, basic		100			103
Weighted-average ordinary shares, diluted		101			104

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Balance Sheets (In millions of U.S. dollars, except share data) (Unaudited)

	March 31,			December 31,
	2025			2024
ASSETS
Cash and cash equivalents	$	1,507		$	1,890
Fiduciary assets		10,293			9,504
Accounts receivable, net		2,366			2,494
Prepaid and other current assets		1,295			1,217
Total current assets		15,461			15,105
Fixed assets, net		667			661
Goodwill		8,841			8,799
Other intangible assets, net		1,255			1,295
Right-of-use assets		487			485
Pension benefits assets		550			530
Other non-current assets		803			806
Total non-current assets		12,603			12,576
TOTAL ASSETS	$	28,064		$	27,681
LIABILITIES AND EQUITY
Fiduciary liabilities	$	10,293		$	9,504
Deferred revenue and accrued expenses		1,499			2,211
Current debt		549			—
Current lease liabilities		120			118
Other current liabilities		923			765
Total current liabilities		13,384			12,598
Long-term debt		4,761			5,309
Liability for pension benefits		552			615
Provision for liabilities		359			341
Long-term lease liabilities		498			502
Other non-current liabilities		296			299
Total non-current liabilities		6,466			7,066
TOTAL LIABILITIES		19,850			19,664
COMMITMENTS AND CONTINGENCIES
EQUITY⁽ⁱ⁾
Additional paid-in capital		11,017			10,989
Retained earnings		51			109
Accumulated other comprehensive loss, net of tax		(2,935	)		(3,158	)
Total WTW shareholders’ equity		8,133			7,940
Non-controlling interests		81			77
Total Equity		8,214			8,017
TOTAL LIABILITIES AND EQUITY	$	28,064		$	27,681


⁽ⁱ⁾	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 99,210,847 (2025) and 99,805,780 (2024); Outstanding 99,210,847 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024.

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Cash Flows (In millions of U.S. dollars) (Unaudited)

	Years Ended March 31,
	2025			2024
CASH FLOWS (USED IN)/FROM OPERATING ACTIVITIES
NET INCOME	$	239		$	194
Adjustments to reconcile net income to total net cash from operating activities:
Depreciation		54			59
Amortization		48			60
Non-cash restructuring charges		—			11
Non-cash lease expense		25			27
Net periodic cost/(benefit) of defined benefit pension plans		88			(4	)
Provision for doubtful receivables from clients		5			8
Benefit from deferred income taxes		(23	)		(9	)
Share-based compensation		37			24
Net gain on disposal of operations		(14	)		—
Non-cash foreign exchange loss/(gain)		9			(1	)
Other, net		9			8
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable		162			113
Other assets		1			(53	)
Other liabilities		(691	)		(426	)
Provisions		16			13
Net cash (used in)/from operating activities		(35	)		24

CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software		(51	)		(60	)
Acquisitions of operations, net of cash acquired		(1	)		(15	)
(Purchase)/sale of investments		(32	)		1
Net cash used in investing activities		(84	)		(74	)

CASH FLOWS FROM FINANCING ACTIVITIES
Senior notes issued		—			746
Debt issuance costs		—			(7	)
Repayments of debt		(1	)		(1	)
Repurchase of shares		(200	)		(101	)
Net proceeds from fiduciary funds held for clients		315			1,011
Cash paid for employee taxes on withholding shares		(2	)		(5	)
Dividends paid		(88	)		(86	)
Acquisitions of and dividends paid to non-controlling interests		—			(1	)
Net cash from financing activities		24			1,556

(DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(95	)		1,506
Effect of exchange rate changes on cash, cash equivalents and restricted cash		80			(47	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD ⁽ⁱ⁾		4,998			3,792
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD ⁽ⁱ⁾	$	4,983		$	5,251

⁽ⁱ⁾	The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

	Years Ended March 31,
	2025			2024

Supplemental disclosures of cash flow information:
Cash and cash equivalents	$	1,507		$	1,893
Fiduciary funds (included in fiduciary assets)		3,476			3,358
Total cash, cash equivalents and restricted cash	$	4,983		$	5,251

(Decrease)/increase in cash, cash equivalents and other restricted cash	$	(411	)	$	487
Increase in fiduciary funds		316			1,019
Total ⁽ⁱ⁾	$	(95	)	$	1,506

⁽ⁱ⁾	Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

The MIL Network –

April 24, 2025

MIL-Evening Report: Scares and stunts in the home stretch: election special podcast

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Michelle Grattan and Amanda Dunn discuss the fourth week of the 2025 election campaign. While the death of Pope Francis interrupted campaigning for a while, the leaders had another debate on Tuesday night and the opposition (belatedly) put out its defence policy.

Michelle Grattan 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. Scares and stunts in the home stretch: election special podcast – https://theconversation.com/scares-and-stunts-in-the-home-stretch-election-special-podcast-255224

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-OSI NGOs: The first 72 hours of a cholera outbreak

Source: Médecins Sans Frontières –

Infectious diseases specialist Diyani Dewasurendra was on assignment in Malakal, South Sudan, when a cholera outbreak began. She goes through what happened during the first 72 hours and explains why vaccination is important for bringing outbreaks under control.

Diyani Dewasurendra, infectious disease specialist Every epidemic begins with a suspicion – a sudden rise in illness, recurring symptoms and the first severely ill patients. In crisis zones, infectious diseases can spread at lightning speed. Every minute counts when trying to contain them. The first 72 hours are critical: we need to act fast and strategically to save lives and prevent a disaster.

Infectious diseases specialist Diyani Dewasurendra checks on a child at the MSF hospital in Malakal. South Sudan, 2023.

Hour 0–12: first signs and initial measures

At our hospital in Malakal, we suddenly saw a spike in children arriving with severe diarrhoea. In a region with limited access to safe water, that’s a red flag. On top of that, it was March – the final month of the dry season. Since November, there had been almost no rainfall and many water sources had dried up.

We knew cholera was a possibility – but we had to be sure.

We collected samples and sent them to the lab. At the same time, we began monitoring case numbers. As soon as the first tests came back positive for cholera, we had to act quickly. The outbreak was now officially confirmed – and every minute counted.

In a region where many people lack access to clean water, a disease like cholera can escalate quickly. One of the most dangerous aspects is that the only available water source is often a river – the same river where animals bathe, where people wash themselves, and from which they drink. In situations like this, contamination with germs can have catastrophic consequences.

Hour 12–24: isolation and protection measures

The top priority is to stop the disease from spreading further. We immediately set up a cholera isolation ward at the hospital. In Malakal, this was especially challenging, as we already had a separate isolation area for measles. We had to ensure that patients with the two highly contagious diseases wouldn’t come into contact and that other patients would remain protected from infection.

At the same time, we started prevention efforts: we installed additional handwashing stations and educated the public about the importance of hygiene and handwashing.

Our health promoters went into surrounding communities to explain the early symptoms of cholera and when to seek treatment. Cholera is a severe diarrhoeal illness and diseases like this are especially dangerous for small children. Though treatable, an infection can lead to death within just a few hours if left untreated.

Hour 24–48: treating patients and identifying the source

While treating the first patients, we also assessed the water supply. In many parts of South Sudan, there are no wells or pumps – people collect water from rivers or ponds, which are often contaminated.

I remember one situation where a mass cattle die-off occurred and hundreds of carcasses were left lying along the riverbank. Yet people had no choice – they had to continue drinking from the river. Many didn’t realise that the water could be dangerous.

Together with the World Health Organization (WHO) and other partners, we tested the water quality and investigated potential sources of contamination. We knew we couldn’t just treat the disease – we had to prevent more people from getting infected.

That’s why we started distributing clean water. In some villages, we used charcoal filters or chlorine treatment to improve the water supply in the long term. We also installed sanitation facilities like latrines.

Hour 48–72: vaccination campaign and epidemic control

Now the goal was not just to slow down the outbreak, but to bring it under control. In addition to treating those already infected, the next major step was vaccination. Cholera can be contained with an oral vaccine – a major advantage, as it allows us to quickly and efficiently vaccinate large groups of people.

Before starting the vaccination campaign for the community, we had to protect our medical teams. Doctors, nurses and support staff are in direct contact with patients, so vaccination is essential for their survival. Only after that could we begin the large-scale rollout for the affected communities.

Education also played a crucial role. In crisis areas, people are not generally sceptical of vaccines – but often, they simply don’t know that a vaccine exists. As soon as we explained the purpose and benefits of the vaccine to the first groups, acceptance increased rapidly.

Acting fast saves lives

The first 72 hours of an epidemic determine whether it can be contained or spirals into a disaster. In the case of the 2023 cholera outbreak, we were able to respond quickly and limit the number of cases to 1,471. After 90 days, on 16 May 2023, intervention was closed as the cases decreased significantly and the outbreak was contained.

This outbreak once again showed how crucial are early diagnosis, isolation, identifying the source of infection and fast vaccination. Each of these steps is vital to saving lives.

We work under extremely difficult conditions in crisis zones, but access to vaccines remains one of our most powerful tools in the fight against epidemics. At the same time, we must not forget that long-term solutions – such as access to clean water – are just as important to prevent future outbreaks.

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MIL OSI NGO –

April 24, 2025
MIL-OSI United Kingdom: Angela and Her NOLA Brass Squad set to ignite the City of Derry Jazz & Big Band Festival with explos

Source: Northern Ireland – City of Derry

Angela and Her NOLA Brass Squad set to ignite the City of Derry Jazz & Big Band Festival with explos

17 April 2025

Get ready for a vibrant injection of New Orleans spirit as ‘Angela and Her NOLA Brass Squad’ prepares to make their highly anticipated debut at the City of Derry Jazz & Big Band Festival.
Born from the embers of the much-loved Jaydee Brass Band, ‘Angela and Her NOLA Brass Squad’ brings together familiar energy with exciting new sounds. After 15 years of electrifying street performances, the original Jaydee Brass Band took a break. However, the musical connection remained strong, and a core group of the original crew couldn’t resist reuniting, keen to experiment and explore fresh musical avenues.

This new ensemble welcomes dynamic vocalist Angela, whose captivating voice and charming stage presence perfectly complements their vision. The band’s formation was driven by a desire to create a versatile act equally at home busking on the streets and commanding festival stages.

While carrying the energetic DNA of Jaydee Brass Band, ‘Angela and Her NOLA Brass Squad’ carves its own path. This isn’t just a typical jazz fest brass band; it’s a powerful vocalist fronting a dynamic ensemble, reminiscent of a rock festival stage presence, yet retaining the raw, engaging spirit of a busking brass band. The ‘NOLA’ in their name is a clear nod to New Orleans, Louisiana, the birthplace of jazz and a city where the joy of everyday music-making thrives.

Band member Eelco van Velzen said the new ensemble is looking forward to returning to this year’s Jazz Festival and hope the Derry public love everything ‘Angela and Her NOLA Brass Squad’ have to offer. Eelco said: “Coming back to Derry after 15 previous visits with the Jaydee Brass band feels like flying home to introduce our new girlfriend to our parents. We are sure you will like her and approve of how we are moving forward.”

Extending a warm welcome to the new group, Jazz Festival Coordinator with Derry City and Strabane District Council, Aisling McCallion, said: “We are absolutely delighted to welcome ‘Angela and Her NOLA Brass Squad’ to this year’s festival lineup. Their unique blend of New Orleans jazz with contemporary flair perfectly embodies the spirit of musical innovation we strive to showcase. Having hosted the Jaydee Brass Band multiple times in previous years, we’re excited to see this evolution and know our festival attendees will be in for something truly special.”

Don’t miss the chance to witness the exciting debut of ‘Angela and Her NOLA Brass Squad’ at the City of Derry Jazz & Big Band Festival. Expect feisty, unfiltered fun and a musical experience that will get you moving!

There are multiple opportunities to catch this new group at this year’s festival – they’ll be on the steps of the Millennium Forum at 7.15pm on Friday 2^nd May or pop into the Blackbird at 11pm that night. On Saturday they are taking part in the DLD Second Line Parade at 11am, before returning to the Millennium Forum steps at 3.45pm, and closing Saturday with a performance at the Guildhall Taphouse at 10.30pm. On Sunday they will be playing at the Craft Village at 1pm, and then on the steps of the Richmond Centre at 4.30pm.

The City of Derry Jazz and Big Band Festival is organised and funded by Derry City and Strabane District Council with support from Diageo and EY.

For more information go to cityofderryjazzfestival.com and for regular updates follow the City of Derry Jazz festival on Facebook Instagram and X @derryjazzfest.

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Council response to Accounts Commission Best Value Assurance Report

Source: Scotland – Highland Council

Highland Council welcomes the positive Accounts Commission Best Value Report and acknowledges the need for transformation at pace.

Convener of the Council Cllr Bill Lobban said: “The Council notes the recent report by the Accounts Commission which we consider broadly positive. In particular, we note the comments that the Council has significantly improved since 2020.

“We also note the positive comments in the report about the ways in which Highland Council is taking steps to transform its delivery of services.”

In particular, Highland Council has set a budget for 2025 – 2026 which uses zero reserves to fill its revenue gap. In fact, the £12.9m of additional savings that were approved will enable strategic investment of £14m in energy and transport. This is a major step forward and it is positive that this has been recognised on a number of occasions, including in this report, by the Accounts Commission. The elected members of Highland Council have been prepared to make tough decisions, and it is positive that the Commission has recognised the strong relationships between councillors and officers as being a feature of the organisation.

When the Highland Investment Plan was approved by Council in May last year, the report included details of the processes for its funding whilst ensuring that the Plan remains affordable, prudent and sustainable. This approach is considered necessary in order to transform the Council’s assets and enable the improvement of services delivered across the Highlands.

The Council has selected 31 of the 107 Local Government Benchmarking Framework indicators to judge its performance improvement by and can document a process of continual improvement. This is in accordance with advice from Audit Scotland which is that councils should be selective in what they aim to improve, otherwise they can lose strategic focus. These improvements are across all services areas and show a positive trajectory. It should be noted that with such a large geographical expanse to operate in, and with a dispersed population in rural areas, there is probably nowhere in the UK which faces the same level of challenge in delivering services as experienced in Highland.

There are findings for Highland Council to take on board, which will be reported to a future meeting of the Council. One of these relates to historic levels of borrowing, which will continue to be monitored as a means of sustaining future investment.

24 Apr 2025

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MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Government action to improve safety in young offender institutions
Source: United Kingdom – Executive Government & Departments 3

Press release

Government action to improve safety in young offender institutions

Frontline officers and young people in custody will be better protected under plans to equip specially selected and trained staff with synthetic pepper spray, the Government has announced today (24 April).
Specially selected, trained staff to be equipped with synthetic pepper spray

Response to rising violence in young offender institutions

Rate of assaults on staff 14 times higher than in adult prisons

Amid rising levels of violence, the decision will help keep both staff and young people safe and reduce the severity of incidents in young offender institutions.

Over the last few years, more and more frontline officers have been forced to put themselves in danger to protect young people in custody from attack and fend off homemade weapons.

PAVA, a synthetic pepper spray which temporarily incapacitates those it is sprayed upon, will now be available to specialist staff in young offender institutions to help de-escalate and diffuse violent situations.

Today’s announcement comes as new figures show the rate of assaults in public youth offender institutions is around 14 times higher than in adult prisons.

By giving staff the tools they need to keep young people in custody safe, they will be able to focus on rehabilitation and help them turn their lives around. Reducing reoffending is fundamental to the government’s pledge to keep our streets safe, part of its Plan for Change.

Minister for Youth Justice Sir Nic Dakin said:

This government inherited a criminal justice system in crisis. The unacceptable levels of violence faced by our brave frontline officers in young offender institutions is yet another symptom of that.

This is not a decision we have made lightly, but our overarching duty is to keep staff and young people in custody safe. This spray is a vital tool to prevent serious violence, helping staff to focus on rehabilitation as part of our Plan for Change.

The number of young people in custody has fallen significantly in recent years. Those now held in young offender institutions are mostly older teenage boys, aged 16 to 18 years of age, and over two-thirds of all young people are there for violent offences such as murder, attempted murder and grievous bodily harm.

Recent incidents have seen young people in custody sustain serious injuries while staff have experienced fractures, dislocations, puncture wounds and lacerations.

The PAVA rollout will allow staff to respond to these incidents more effectively and restore order more quickly.

It will only be deployed in limited circumstances by specially trained individuals where there is serious violence or an imminent risk of it taking place. It has previously been used in young offender institutions when National Tactical Response Groups have been called to deal with serious incidents, but this change will mean it can be used more quickly to diffuse situations. It is already used by police in the community and by prison officers in the adult estate to reduce the risk of serious harm to staff and prisoners alike.

To keep both staff and young people safe, use in the youth estate will have strict controls, with each use of PAVA being reviewed by an independent panel and reported to ministers for further scrutiny. Ministers will also review its operation and impact after 12 months including to address any disproportionate use.

Today’s announcement follows extensive research and evidence gathering with specialists including subject matter experts and NHS England.

The Government has also recently taken action to end the practice of placing girls in young offender institutions following recommendations from Susannah Hancock’s independent review into the placement and care of girls in youth custody.

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Published 24 April 2025
MIL OSI United Kingdom –
April 24, 2025
MIL-OSI Russia: Rosneft organized a motor rally through the cities of Western Siberia in honor of the 80th anniversary of the Victory

Translation. Region: Russian Federal

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

Employees of Rosneft subsidiaries operating in the Yamalo-Nenets Autonomous Okrug, Khanty-Mansi Autonomous Okrug and Tyumen Oblast organized a motor rally in honor of the 80th anniversary of Victory. Cars decorated with the Victory Banner covered 1,418 km – this distance corresponds to the number of days that the Great Patriotic War lasted.

The patriotic action started in Novy Urengoy (Yamalo-Nenets Autonomous Area), the gas capital of Russia, where one of the key gas assets of the ROSPAN INTERNATIONAL Company is based. At the Memory Square, participants laid flowers at the Eternal Flame and unfurled a huge St. George ribbon. Participants of the Energy of Talents festival and students of Rosneft classes performed the legendary song Katyusha. Then a column of domestic cars headed to the city of Gubkinsky, starting the rally.

In Gubkinsky (YaNAO), RN-Purneftegaz, which built the settlement, and SevKomNeftegaz, carry out their production activities. Together with the participants of the motor rally, employees of these Societies, students of Rosneft-classes, as well as representatives of the Movement of the First and the public organization Veteran walked along the central street to the Eternal Flame, where they honored the memory of the heroes with a minute of silence.

The third city on the rally route was Nefteyugansk (Khanty-Mansi Autonomous Okrug), where Rosneft’s largest production asset, RN-Yuganskneftegaz, operates. The rally participants brought the Victory Banner to the Liberator Warrior Monument, one of the oldest memorials in the city, where flowers were laid.

Having overcome the final stage of the route, the motor rally ended in the capital of the Tyumen region. Accompanied by songs of the war years, a motorcade drove through the streets of Tyumen, led by retro cars and motorcycles decorated with symbols of the 80th anniversary of the Victory. The participants of the event were met at the Memory Square by veterans, as well as employees of Tyumenneftegaz, Kharampurneftegaz, RN-Uvatneftegaz and the corporate scientific institute. Those gathered honored the memory of the heroes of the Great Patriotic War with a minute of silence and laid flowers at the Eternal Flame.

Department of Information and Advertising of PJSC NK Rosneft April 24, 2025

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 –

April 24, 2025
MIL-OSI New Zealand: Unicef – Increases in vaccine-preventable disease outbreaks threaten years of progress, warn WHO, UNICEF, Gavi

Source: UNICEF Aotearoa NZ

Immunization efforts are under growing threat as misinformation, population growth, humanitarian crises, and funding cuts jeopardize progress and leave millions of children, adolescents, and adults at risk, warn WHO, UNICEF, and Gavi during World Immunization Week, 24-30 April.

Outbreaks of vaccine-preventable diseases such as measles, meningitis, and yellow fever are rising globally, and diseases like diphtheria, which have long been held at bay or virtually disappeared in many countries, are at risk of re-emerging. In response, the agencies are calling for urgent and sustained political attention and investment to strengthen immunization programmes and protect significant progress achieved in reducing child mortality over the past 50 years.

“Vaccines have saved more than 150 million lives over the past five decades,” said WHO Director-General, Dr Tedros Adhanom Ghebreyesus. “Funding cuts to global health have put these hard-won gains in jeopardy. Outbreaks of vaccine-preventable diseases are increasing around the world, putting lives at risk and exposing countries to increased costs in treating diseases and responding to outbreaks. Countries with limited resources must invest in the highest-impact interventions – and that includes vaccines.”

Rising outbreaks and strained health systems

Measles is making an especially dangerous comeback. The number of cases has been increasing year on year since 2021, tracking the reductions in immunization coverage that occurred during and since the COVID-19 pandemic in many communities. Measles cases reached an estimated 10.3 million in 2023, a 20 per cent increase compared to 2022.

The agencies warn that this upward trend likely continued into 2024 and 2025, as outbreaks have intensified around the world. In the past 12 months, 138 countries have reported measles cases, with 61 experiencing large or disruptive outbreaks – the highest number observed in any 12-month period since 2019.

Meningitis cases in Africa also rose sharply in 2024, and the upward trend has continued into 2025. In the first three months of this year alone, more than 5,500 suspected cases and nearly 300 deaths were reported in 22 countries. This follows approximately 26,000 cases and almost 1,400 deaths across 24 countries last year.

Yellow fever cases in the African region are also climbing, with 124 confirmed cases reported in 12 countries in 2024. This comes after dramatic declines in the disease over the past decade, thanks to global vaccine stockpiles and the use of yellow fever vaccine in routine immunization programmes. In the region of the Americas, yellow fever outbreaks have been confirmed since the beginning of this year, with a total of 131 cases in 4 countries.

These outbreaks come amidst global funding cuts. A recent WHO rapid stock take with 108 country offices of WHO-mostly in low- and lower-middle-income countries-shows that nearly half of those countries are facing moderate to severe disruptions to vaccination campaigns, routine immunization, and access to supplies due to reduced donor funding. Disease surveillance, including for vaccine-preventable diseases, is also impacted in more than half of the countries surveyed.

At the same time, the number of children missing routine vaccinations has been increasing in recent years, even as countries make efforts to catch up children missed during the pandemic. In 2023, an estimated 14.5 million children missed all of their routine vaccine doses-up from 13.9 million in 2022 and 12.9 million in 2019. Over half of these children live in countries facing conflict, fragility, or instability, where access to basic health services is often disrupted.

“The global funding crisis is severely limiting our ability to vaccinate over 15 million vulnerable children in fragile and conflict-affected countries against measles,” said UNICEF Executive Director Catherine Russell. “Immunization services, disease surveillance, and the outbreak response in nearly 50 countries are already being disrupted-with setbacks at a similar level to what we saw during COVID-19. We cannot afford to lose ground in the fight against preventable diseases.”

Continued investment in the ‘Big Catch-Up initiative’, launched in 2023 to reach children who missed vaccines during the COVID-19 pandemic, and other routine immunization programmes will be critical.

How immunization addresses these challenges

Joint efforts by WHO, UNICEF, Gavi and partners have helped countries expand access to vaccines and strengthen immunization systems through primary health care, even in the face of mounting challenges. Every year, vaccines save nearly 4.2 million lives against 14 diseases – with nearly half of these lives saved in the African region.

Vaccination campaigns have led to the elimination of meningitis A in Africa’s meningitis belt, while a new vaccine that protects against five strains of meningitis holds promise for broader protection, with efforts underway to expand its use for outbreak response and prevention.

Progress has also been made in reducing yellow fever cases and deaths through increasing routine immunization coverage and emergency vaccine stockpiles, but recent outbreaks in Africa and in the Region of the Americas highlight the risks in areas with no reported cases in the past, low routine vaccination coverage and gaps in preventive campaigns.

In addition, the past two years have seen substantial progress in other areas of immunization. In the African region, which has the highest cervical cancer burden in the world, HPV vaccine coverage nearly doubled between 2020 and 2023 from 21 per cent to 40 per cent, reflecting a concerted global effort towards eliminating cervical cancer. The progress in immunization also includes increases in global coverage of pneumococcal conjugate vaccines, particularly in the South-East Asia Region, alongside introductions in Chad and Somalia, countries with high disease burden.

Another milestone is the sub-national introduction of malaria vaccines in nearly 20 African countries, laying the foundation to save half a million additional lives by 2035 as more countries adopt the vaccines and scale-up accelerates as part of the tools to fight malaria.

Call to action

UNICEF, WHO, and Gavi urgently call for parents, the public, and politicians to strengthen support for immunization. The agencies emphasize the need for sustained investment in vaccines and immunization programmes and urge countries to honour their commitments to the Immunization Agenda 2030 (IA2030).

As part of integrated primary healthcare systems, vaccination can protect against diseases and connect families to other essential care, such as antenatal care, nutrition or malaria screening. Immunization is a ‘best buy’ in health with a return on investment of $54 for every dollar invested and provides a foundation for future prosperity and health security.

“Increasing outbreaks of highly infectious diseases are a concern for the whole world. The good news is we can fight back, and Gavi’s next strategic period has a clear plan to bolster our defences by expanding investments in global vaccine stockpiles and rolling out targeted preventive vaccination in countries most impacted by meningitis, yellow fever and measles,” said Dr Sania Nishtar, CEO of Gavi, the Vaccine Alliance. “These vital activities, however, will be at risk if Gavi is not fully funded for the next five years and we call on our donors to support our mission in the interests of keeping everyone, everywhere, safer from preventable diseases.”

Gavi’s upcoming high-level pledging summit taking place on 25 June 2025 seeks to raise at least US$ 9 billion from our donors to fund our ambitious strategy to protect 500 million children, saving at least 8 million lives from 2026-2030.

MIL OSI New Zealand News –

April 24, 2025
MIL-OSI New Zealand: First Responders – Auckland Hillside Road recycling plant fire update #2

Source: Fire and Emergency New Zealand

Fire and Emergency New Zealand crews have contained a large fire in an Auckland recycling plant to the building.

The officer in charge, Assistant Commander Barry Thomas says crews are now continuing to work on extinguishing the fire within the building.

“Sixteen fire trucks, four ladder trucks, four specialist appliances and twelve support vehicles from across Auckland and from Hamilton, plus around 90 personnel are responding.” he says.

“There are lithium-ion batteries in the fire inside the plant and the fire continues to produce toxic smoke.

“We sent out an emergency message alert around six thirty this evening with instructions for nearby public,” Barry Thomas says.

“We continue to urge people living nearby to stay inside and keep their windows closed. There is no immediate need to evacuate unless advised to do so.

“Roads remain closed in the area. Please stay away so our crews can get on with the job of extinguishing the fire.”

MIL OSI New Zealand News –

April 24, 2025
MIL-OSI United Kingdom: Membership of the Building Control Independent Panel
Source: United Kingdom – Government Statements

News story

Membership of the Building Control Independent Panel

The government has announced the appointment of five members to the Building Control Independent Panel.
Today (24 April), the government has announced the appointment of five members to the Building Control Independent Panel.

This delivers on a Grenfell Tower Inquiry recommendation, accepted by the government, to set up a panel to carry out a review of whether to change the way in which building control is delivered in England. 

The panel will be chaired by Dame Judith Hackitt, whose leadership of the Independent Review of Building Regulations and Fire Safety has already helped to shape vital reforms across the sector. An engineer by profession, Dame Judith currently serves as an adviser on building standards to both the UK and Australian Governments and is a member of the International Building Quality Council (IBQC).  She will be joined by four experts with extensive experience in the regulation and use of the building control sector: Elaine Bailey, Ken Rivers, Rt Hon Nick Raynsford and Dr David Snowball. 

The panel members’ collective expertise will support a thorough and independent review of the current building control model, including on the Inquiry’s recommendations to consider the issue of commercial incentives from the system and exploring alternative options and approaches. The panel is expected to provide a report to the government this autumn.

Minister for Building Safety, Alex Norris MP, said: 

“The appointment of this independent panel is a significant step in our response to the Grenfell Tower Inquiry. We need a building control system that puts safety first and supports our plans to accelerate remediation. It must also help to deliver 1.5 million safe, high-quality homes over this Parliament, and be equipped to meet the demands of a modern construction sector.  

“Their work will play a vital role in shaping a safer, more accountable building industry, and I look forward to receiving the panel’s recommendations as they take this important work forward.”

The Chair for the Building Control Independent Panel, Dame Judith Hackitt said: 

“The panel stands ready to get to work on this important review.  We will work at speed but we come at this issue with an open mind and a determination to further raise standards”. 

Background on the Building Control system  

The building control system is there primarily to oversee key safety standards set in legislation and ensure that buildings are checked and safe in areas such as fire and structural safety. Following concerns raised by the Grenfell Tower Inquiry, especially around conflicts of interest in the system, a new panel has been appointed to look at whether changes are required.   

Notes to Editors 

The establishment of the panel was announced in the Government’s response to the Grenfell Tower Inquiry on February 26, 2025. 

The Grenfell Tower Inquiry recommended that the Government establish an independent panel to consider whether to remove commercial interest from building control and whether to move to a national authority decision model. 

The panel’s role is advisory and independent.  The aim is a report to Government in the autumn with a response before the end of the year. 

Further updates, including the panel’s Terms of Reference, will be published on GOV.UK shortly. 

Panel members:

Elaine Bailey 

Elaine Bailey is a member of the Industry Safety Steering Group and was formerly the CEO of Hyde Housing (2014-2019). Elaine holds several non-executive directorships, including at MJ Gleeson plc, a house builder operating in the North and Midlands; McCarthy&Stone Shared Ownership (MCSSO), a For Profit Registered Provider of older persons’ housing with a strategic partnership with Homes England; and Andium Housing, Jersey’s largest provider of sub-market value homes for rent and purchase. 

Ken Rivers 

Ken is a non-executive director at the HSE, alongside his role as a member of the Industrial Safety Steering Group. Prior to that he chaired the Control of Major Accident Hazards Regulations Strategic Forum and led the tripartite group since its inception, bringing industry and regulators together to identify and address important matters of managing major hazard in the UK. He spent 38 years of his career working at Shell, through various different positions and was President of the Institution of Chemical Engineers. 

Rt Hon Nick Raynsford MP 

Nick Raynsford was a Labour MP for 24 years. During this time he held positions as Minister of State for Housing and Planning, Minister for Construction, Minister for London and Minister of State for Local and Regional Government. The latter included responsibility for the Fire and Rescue Service. Since then he has had a number of advisory and non-executive roles in the private, voluntary and public sectors. This included chairing CICAIR (CIC Approved Inspectors Register), the organisation responsible until April 2024 for registering private sector Building Control bodies. Nick is a member of the New Towns Taskforce, working with MHCLG.  

Dr. David Snowball 

David spent his working career in the Health and Safety Executive, joining as a Factory Inspector in 1984 and retiring 35 years later. He held senior posts in operational divisions overseeing HSE intervention and enforcement and was also responsible, as Director Regulation, for the quality of operational work. He spent 15 months as Acting Chief Executive before his retirement. He now sits on the Industry Safety Steering Group alongside Dame Judith and is a non-executive director at the Gangmaster and Labour Abuse Authority (Feb 2022- present).

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Published 24 April 2025
MIL OSI United Kingdom –
April 24, 2025
MIL-OSI: GPTBots Highlights Enterprise AI Agent Platform Capabilities at Inaugural GITEX Asia 2025
Source: GlobeNewswire (MIL-OSI)

HONG KONG, April 24, 2025 (GLOBE NEWSWIRE) — GPTBots.ai, a leading enterprise AI agent platform provider under Aurora Mobile (NASDAQ: JG), is showcasing its cutting-edge AI solutions at the inaugural GITEX Asia 2025 in Singapore (April 23-25). As Asia’s premier technology and innovation event and the Asian debut of GITEX GLOBAL, the summit themed “AI Everything Singapore,” attracts senior executives seeking innovative technologies. GPTBots stands out by offering tailored AI applications that empower enterprises to streamline operations, enhance customer experiences, and drive growth through custom-built AI agents.

GITEX Asia: A Hub for AI and Innovation
The first GITEX Asia convenes over 700 global enterprises and startups, 25,000+ tech buyers, and 250+ investors from over 70 countries. With a strong focus on AI, fintech, and digital transformation, the event features tech giants like Ericsson, Oracle, and NVIDIA, alongside influential government and industry speakers, fostering global collaboration and showcasing the latest technological advancements.

GPTBots’ Tailored AI Solutions for Complex Enterprise Needs
At the summit, GPTBots engaged with leaders facing specific challenges that require advanced, customized AI solutions beyond the capabilities of off-the-shelf products.
- A Leading Smart Medical Device Manufacturer (Commanding 80% Market Share in Singapore’s Hospitals):
  As a dominant player in the healthcare industry, this manufacturer manages vast volumes of sensitive data, including patient records, hospital operations, and device performance metrics. However, the organization faced significant challenges in harnessing this wealth of information effectively, struggling with fragmented reporting, underutilized insights, and the inability to automate critical processes like maintenance tracking and operational forecasting.
  Given the strict regulatory requirements that mandate all data remain within hospital premises, GPTBots’ private deployment capability provided a transformative solution. By enabling the creation of AI agents for advanced data analytics, predictive maintenance, and automated reporting, GPTBots empowered the manufacturer to unlock actionable insights from their data ecosystem. This not only enhanced operational efficiency and decision-making but also ensured uncompromised data privacy and security within each hospital’s environment. With GPTBots, the company has set a new standard for leveraging data-driven innovation in the healthcare sector.
Why GPTBots Stands Out
GITEX Asia 2025 highlights GPTBots’ unique value proposition for enterprises seeking actionable AI solutions:
- Tailored AI Applications: Specializing in creating custom AI agents that address specific enterprise needs, from automating complex workflows to building specialized knowledge assistants.
- Enterprise-Grade Capabilities: Offering features like multi-language support (90+ languages), knowledge base integration, seamless system compatibility, and crucially, flexible private deployment options to meet stringent data security and compliance requirements.
- Proven Expertise & Reliability: Demonstrating the ability to build robust, specialized AI agents that outperform generic models for specific business tasks, ensuring accuracy and efficiency.
Driving the Future of Enterprise AI
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About GPTBots
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The MIL Network –
April 24, 2025
MIL-OSI Global: Beating malaria: what can be done with shrinking funds and rising threats

Source: The Conversation – Africa – By Taneshka Kruger, UP ISMC: Project Manager and Coordinator, University of Pretoria

Healthcare in Africa faces a perfect storm: high rates of infectious diseases like malaria and HIV, a rise in non-communicable diseases, and dwindling foreign aid.

In 2021, nearly half of the sub-Saharan African countries relied on external financing for more than a third of their health expenditure. But donor fatigue and competing global priorities, such as climate change and geopolitical instability, have placed malaria control programmes under immense pressure. These funding gaps now threaten hard-won progress and ultimately malaria eradication.

The continent’s healthcare funding crisis isn’t new. But its consequences are becoming more severe. As financial contributions shrink, Africa’s ability to respond to deadly diseases like malaria is being tested like never before.

Malaria remains one of the world’s most pressing public health threats. According to the World Health Organization there were an estimated 263 million malaria cases and 597,000 deaths globally in 2023 – an increase of 11 million cases from the previous year.

The WHO African region bore the brunt, with 94% of cases and 95% of deaths. It is now estimated that a child under the age of five dies roughly every 90 seconds due to malaria.

Yet, malaria control efforts since 2000 have averted over 2 billion cases and saved nearly 13 million lives globally. Breakthroughs in diagnostics, treatment and prevention have been critical to this progress. They include insecticide-treated nets, rapid diagnostic tests, artemisinin-based combination therapies (drug combinations to prevent resistance) and malaria vaccines.

Since 2017, the progress has been flat. If the funding gap widens, the risk is not just stagnation; it’s backsliding. Several emerging threats such as climate change and funding shortfalls could undo the gains of the early 2000s to mid-2010s.

New challenges

Resistance to drugs and insecticides, and strains of the malaria parasite Plasmodium falciparum that standard
diagnostics can’t detect, have emerged as challenges. There have also been changes in mosquito behaviour, with vectors increasingly biting outdoors, making bed nets less effective.

Climate change is shifting malaria transmission patterns. And the invasive Asian mosquito species Anopheles stephensi is spreading across Africa, particularly in urban areas.

Add to this the persistent issue of cross-border transmission, and growing funding shortfalls and aid cuts, and it’s clear that the fight against malaria is at a critical point.

As the world observes World Malaria Day 2025 under the theme “Malaria ends with us: reinvest, reimagine, reignite”, the call to action is urgent. Africa must lead the charge against malaria through renewed investment, bold innovation, and revitalised political will.

Reinvest: Prevention is the most cost-effective intervention

We – researchers, policymakers, health workers and communities – need to think smarter about funding. The economic logic of prevention is simple. It’s far cheaper to prevent malaria than to treat it. The total cost of procuring and delivering long-lasting insecticidal nets typically ranges between US$4 and US$7 each and the nets protect families for years. In contrast, treating a single case of severe malaria may cost hundreds of dollars and involve hospitalisation.

In high-burden countries, malaria can consume up to 40% of public health spending.

In Tanzania, for instance, malaria contributes to 30% of the country’s total disease burden. The broader economic toll – lost productivity, work and school absenteeism, and healthcare costs – is staggering. Prevention through long-lasting insecticidal nets, chemoprevention and health education isn’t only humane; it’s fiscally responsible.

Reimagine: New tools, local solutions

We cannot fight tomorrow’s malaria with yesterday’s tools. Resistance, climate-driven shifts in transmission, and urbanisation are changing malaria’s patterns.

This is why re-imagining our approach is urgent.

African countries must scale up innovations like the RTS,S/AS01 vaccine and next-generation mosquito nets. But more importantly, they must build their own capacity to develop, test and produce these tools.

This requires investing in research and development, regional regulatory harmonisation, and local manufacturing.

There is also a need to build leadership capacity within malaria control programmes to manage this adaptive disease with agility and evidence-based decision-making.

Reignite: Community and collaboration matters

Reigniting the malaria fight means shifting power to those on the frontlines. Community health workers remain one of Africa’s greatest untapped resources. Already delivering malaria testing, treatment and health education in remote areas, they can also be trained to manage other health challenges.

Integrating malaria prevention into broader community health services makes sense. It builds resilience, reduces duplication, and ensures continuity even when external funding fluctuates.

Every malaria intervention delivered by a trusted, local health worker is a step towards community ownership of health.

Strengthened collaboration between partners, governments, cross-border nations, and local communities is also needed.

The cost of inaction is unaffordable

Africa’s malaria challenge is part of a deeper health systems crisis. By 2030, the continent will require an additional US$371 billion annually to deliver basic primary healthcare – about US$58 per person.

For malaria in 2023 alone, US$8.3 billion was required to meet global control and elimination targets, yet only US$4 billion was mobilised. This gap has grown consistently, increasing from US$2.6 billion in 2019 to US$4.3 billion in 2023.

The shortfall has led to major gaps in the coverage of essential malaria interventions.

The solution does not lie in simply spending more, but in spending smarter by focusing on prevention, building local innovation, and strengthening primary healthcare systems.

The responsibility is collective. African governments must invest boldly and reform policies to prioritise prevention.

Global partners must support without dominating. And communities must be empowered to take ownership of their health.

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

– ref. Beating malaria: what can be done with shrinking funds and rising threats – https://theconversation.com/beating-malaria-what-can-be-done-with-shrinking-funds-and-rising-threats-255126

MIL OSI – Global Reports –

April 24, 2025
MIL-OSI Video: President Trump meets with wounded veterans in the Oval Office for Executive Order signings

Source: United States of America – The White House (video statements)

‘There’s no group of people more important than the people in this room… and they’re going to be taken really well cared of — It’s really important to me.’

https://www.youtube.com/watch?v=65p08dcmPaU

MIL OSI Video –

April 24, 2025
MIL-OSI United Kingdom: Russia’s missile attacks against Ukrainian civilians over Easter demonstrate its attitude towards peace: UK statement to the OSCE
Source: United Kingdom – Government Statements

Speech

Russia’s missile attacks against Ukrainian civilians over Easter demonstrate its attitude towards peace: UK statement to the OSCE

Ambassador Holland condemns Russia’s missile attacks against civilians in Sumy and Kharkiv over Easter and President Putin’s transparently cynical attempts to portray Russia as the party of peace.
Thank you, Mister Chair. The United Kingdom is grateful to Finland for convening this Special Permanent Council. It was only 16 days ago that you were last compelled to call an extraordinary meeting of the Council after a Russian missile killed 20 people, including nine children, in Kryvyi Rih. It was the largest number of children killed in a single strike since the beginning of Russia’s full-scale invasion, according to the UN.

Last week was one of major religious festivals where communities around the globe came together in the spirit of peace and goodwill. But while Christians around the world were marking the beginning of Holy Week, a Russian ballistic missile struck the centre of Sumy. 34 people were killed, including two children. A further 117 were injured. Some of the victims were heading to church for a Palm Sunday service.

On Good Friday another Russian ballistic missile struck Kharkiv using a cluster munition. One person was killed and at least 60 were injured. On the same day, a drone attack on Sumy killed another civilian and destroyed a bakery preparing traditional Easter ‘paska’ bread.

Mister Chair, our thoughts are with all the victims and their loved ones at this tragic time.

Russia’s response to the widespread condemnation in this Council – and at the UN – following their attack on Sumy was to resort to their familiar playbook of disinformation and distortion in an attempt to justify the unjustifiable. We can expect to see a similar tactic on this occasion.

Through these barbaric attacks, Russia has shown that its cruelty knows no bounds and that it is not serious about peace. President Putin’s so-called “Easter truce” was a stunt, violated repeatedly by his own forces. A day later – Easter Monday – a further five civilians reportedly lost their lives following Russian attacks, laying bare the Kremlin’s transparently cynical attempt to portray themselves as the party of peace. Similar attacks have continued since, including yesterday against Kyiv, in which nine civilians were reportedly killed, and 70 more injured.

If Russia was serious about peace, it would agree to an immediate, full and unconditional ceasefire, just as Ukraine did, more than 40 days ago. If it was serious about peace, it would stop these senseless attacks on civilians. If it was serious about peace, it would honour the commitments it has made.

Russia’s continued attacks against Ukraine are another stark reminder that President Putin has not abandoned his goal of subjugating Ukraine. For this reason, the UK, alongside our partners and allies, will continue to provide Ukraine with the military support it needs to defend its citizens. And we stand ready to apply further pressure on Russia to hinder its ability to wage this war of aggression.

Thank you, Mister Chair.

Updates to this page

Published 24 April 2025

Invasion of Ukraine

UK visa support for Ukrainian nationals

Move to the UK if you’re coming from Ukraine

Homes for Ukraine: record your interest

Find out about the UK’s response
MIL OSI United Kingdom –
April 24, 2025
MIL-OSI Russia: Sobyanin: Almost 500 cultural heritage sites are being restored in Moscow

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Work continues in the capital to restore the historical appearance of buildings. This was reported by Sergei Sobyanin in his telegram channel.

“Currently, specialists are working on almost 500 cultural heritage sites. Among them

Donskoy Monastery— one of the largest projects that we are implementing together with the Ministry of Culture and the Russian Orthodox Church. Three towers and sections of the Eastern and Southern walls of the monastery are currently being restored here,” the Mayor of Moscow noted.

Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

Work continues inChurch of the Tikhvin Icon of the Mother of God in Alekseevsky and the extension to the northern gate. Specialists put the white stone details and plaster finish in order. The tiled stoves in the extension were restored.

They put things in order andthe main house of the Okhotnikovs’ city estate on Prechistenka is a striking example of a Moscow mansion in the Empire style. In 1868, it housed the famous Lev Polivanov Gymnasium, where many famous people of that time studied. Specialists are currently working on the interiors, including restoring the walls, vaults, drawn cornices, and cleaning the stucco decor.

House with mezzanines on Staraya Basmannaya Street has been known since the 18th century. Here, the historic lamps on the facades and the stucco will be restored, the base will be cleaned and the cracks will be eliminated.

City estate of Ya.A. Polyakov XIX – early XX century in Bolshoy Nikolopeskovsky Lane was built in the neo-Greek style. It was erected according to the design of the famous architect Illarion Ivanov-Shits. Currently, facade and roofing works are being carried out in the mansion, and the windows are also being repaired.

Another object is the main house of the city estate of the 18th-19th centuries on Novinsky Boulevard. Fyodor Chaliapin Memorial MuseumHere, the restoration of the stucco decoration of the facades and the veranda on the courtyard side is being completed.

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.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/mayor/tkhemes/12652050/

MIL OSI Russia News –

April 24, 2025
MIL-OSI Submissions: Palestinians in Gaza are enduring one of the darkest chapters of the war

Source: Medecins Sans Frontieres/Doctors Without Borders (MSF)

23 April 2025 – Flash Quote by Franz Luef, Medecins Sans Frontieres/Doctors Without Borders (MSF) Emergency Coordinator in Gaza:

“Palestinians in Gaza are enduring one of the darkest chapters of the war since its onset in October 2023. With hostilities reigniting on March 18th, Israeli forces have intensified their military operations across the Strip, while forcibly displacing people en masse with evacuation orders, and attacks and killings of medical and humanitarian workers. These actions, combined with the ongoing full siege of the Gaza Strip for over 50 days, are not isolated—they represent a systematic effort to dismantle its health system and any effective and principled humanitarian response.

MSF, like most humanitarian actors operating inside Gaza, faces daily operational dilemmas in a very volatile and unpredictable context. Do we move our teams from one place to another without receiving acknowledgement from Israeli forces after we notified them? Do we continue to operate in medical facilities that are being continuously attacked? How do we scale up our activities with no supplies or fuel entering the Strip and critical equipment and infrastructure being bombed?

The situation for Palestinians and those trying to help them in Gaza has become hell. With no end in sight, we are rushing towards the abyss. Israeli strikes are also targeting utility and construction vehicles, including bulldozers, water tankers, and sewage trucks. Without access to such essential tools, we cannot ensure minimum access to clean water and sanitation and prevent further health risks for the population in Gaza.

Since the war started, Israeli forces imposed imperfect mechanisms to protect civilians and humanitarian workers. But they have been nothing more than smoke and mirrors, with over 50,000 Palestinians killed according to the Ministry of health and at least 409 aid workers killed, according to the UN. Today, even these nominal systems are no longer in place. Evacuation orders by Israeli forces are forcibly transferring Palestinians into densely packed, makeshift zones, and humanitarians have no safety guarantees.

The Israeli authorities’ use of aid as a political weapon, coupled with the imposition of arbitrary restrictions on international humanitarian actors, while maintaining the illusion of humanitarian access, is coercing humanitarian and medical actors to compromise on their safety and their principles.”

MIL OSI – Submitted News –

April 24, 2025
MIL-OSI Global: What we’ve learnt about lone-actor terrorism over the years could help us prevent future attacks

Source: The Conversation – UK – By Diego Muro, Senior Lecturer in International Relations, University of St Andrews

Politically motivated attacks, carried out by lone individuals lacking direct affiliation with any terrorist group, have become more common in Europe during the last few decades.

One of the most common and devastating forms of lone-actor violence involves driving into crowds. In 2016, Mohamed Lahouaiej-Bouhlel used this method to kill 86 people in Nice. In 2011, Anders Breivik detonated a bomb in central Oslo before carrying out a mass shooting on the island of Utøya, leaving 77 dead. Not all lone-actor attacks are as deadly or indiscriminate as these. Some target specific people, as seen in the assassinations of German politician Walter Lübcke in 2019 and British MP David Amess in 2021.

Lone-actor terrorism – also known as lone-wolf terrorism – poses a unique challenge for European states. Traditional counterterrorism tools designed for organised groups like al-Qaeda, Islamic State, or Eta are far less effective against people acting alone. While lone-actor plots are typically less complex, they can still cause significant harm.

We’ve also seen that lone-actor attacks can trigger far-reaching ripple effects. The resulting public outrage can intensify debates on contentious issues like immigration, and ultimately boost support for extremist parties.

Copycat or reactionary attacks are another consequence of lone-actor terrorism. A striking example is the mass shootings carried out by Brenton Tarrant in New Zealand in 2019. He cited the actions of Breivik and others as direct inspiration. According to Tarrant’s own manifesto, a key trigger for his radicalisation was the 2017 Islamist attack in Stockholm, where Rakhmat Akilov, an asylum seeker from Uzbekistan, drove a truck into a crowd, killing five people, including an 11-year-old child.

Why lone-actor attacks are so difficult to prevent

Because lone actors operate independently and rarely communicate their intentions, their identities often remain unknown until after an attack. Their goals and ideologies are frequently ambiguous, making it hard to predict behaviour or select likely targets. Even correctly identifying an incident as lone-actor terrorism can be challenging.

The case of Axel Rudakubana illustrates this difficulty. Rudakubana killed three young girls in Southport, northern England, in 2024 after breaking into their Taylor Swift-themed dance workshop. Despite the discovery of an Al-Qaeda training manual in his possession, prosecutors found no substantial evidence of political motivation and labelled the incident a “mass killing” rather than terrorism.

It is very difficult – if not impossible – to determine the exact number of lone-actor terrorist attacks that have taken place in Europe with certainty. The absence of a universally accepted definition of terrorism is part of the problem. It’s also possible that acts of mass violence are being classified as terrorism when they are actually ideologically neutral. Equally, it can be difficult to determine whether an actor truly acted alone, especially in an age of internet radicalisation.

What is clear is that independent terrorist attacks became more frequent in the early 2010s. By 2013, such incidents spiked, with Europe seeing six to seven Islamist and far-right attacks per year (up from fewer than one annually before 2010). These figures refer strictly to cases where perpetrators acted independently, excluding those with evidence of external support. For example, Anis Amri’s 2016 truck attack in Berlin and Taimour al-Abdaly’s 2010 suicide attempt in Stockholm were initially seen as lone-actor events, but later investigations revealed ties to Islamist cells.

Lone-actor terrorism appears less common among far-left and ethno-nationalist groups, though exceptions do exist.

Lone-actor terrorist attacks in Europe

Lone-actor attacks in the 2010s.
D muro, O Craciunas, CC BY-ND

This shift towards lone-actor attacks is likely a result of evolving counterterrorism strategies implemented after major attacks like the 2004 Madrid train bombings and the 2005 London bombings. It became harder to carry out large-scale plots so groups like Al-Qaeda and later Islamic State switched to encouraging or organising attacks by loosely affiliated individuals acting independently but on their behalf.

The struggle between terrorist groups and governments is one of constant adaptation. By 2018, Europol data indicated that all the Islamist attacks that had been seen through to completion in Europe during that year had been carried out by lone actors.

Lone-actor attacks have an even longer history within far-right terrorism. The term “lone-wolf terrorist” was first popularised in American white supremacist propaganda in the early 1990s – well before the more neutral term “lone-actor terrorist” was adopted by researchers. As counterterrorism efforts increasingly targeted white supremacist groups, many within the movement came to see independent action as the most effective way to evade detection and maintain operational secrecy.

Addressing the threat

Fortunately, we now understand more about lone-actor crimes. We’ve come to understand that these attacks stem from complex psychological and environmental factors.

While perpetrators shouldn’t be dismissed as simply “crazy,” mental health can play a role in radicalisation, especially when combined with personal grievances, failed aspirations, and perceived injustices. Influences from family, peers and online spaces also shape this process. While no two radicalisation pathways are identical, certain patterns can be observed – and recognising them early may help reduce the threat.

The idea of “self-radicalisation” also merits caution. Lone actors rarely radicalise in isolation; their manifestos often echo broader ideological themes, shaped by conspiracy theories or charismatic figures. These actors often assign symbolic meaning to their actions. Raising awareness of the impact of violent public discourse is key – though this must be done without infringing on free speech. History shows that providing “pressure valves” for controversial ideas is more constructive than censorship.

Lone-actor attacks are, in part, difficult to prevent precisely because they are not a systemic threat in the way that coordinated, group-based terrorism can be. Its danger lies in isolated bursts of violence rather than in sustained campaigns. But there are patterns worth following that could help prevent future incidents.

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

– ref. What we’ve learnt about lone-actor terrorism over the years could help us prevent future attacks – https://theconversation.com/what-weve-learnt-about-lone-actor-terrorism-over-the-years-could-help-us-prevent-future-attacks-254137

MIL OSI – Global Reports –

April 24, 2025
MIL-OSI United Kingdom: Career Insight: Joe, Trainee Solicitor, HM Revenue & Customs

Source: United Kingdom – Executive Government & Departments

Case study

Career Insight: Joe, Trainee Solicitor, HM Revenue & Customs

Joe provides an insight into his training within HMRC Legal Group

I am a fourth seat trainee in HM Revenue & Customs (HMRC) Legal Group’s European and International Law advisory team. The team advises on, drafts and helps negotiate a range of international agreements, including Free-Trade Agreements and Double Taxation Treaties.

I studied Philosophy and Politics as my undergraduate degree, focussing my studies on human rights and the regulation of transnational enterprises. I suspected that a career in law was the best opportunity apply these interests in practice; however, as a non-law graduate I was reluctant to immediately volunteer for the expense and stress of two more years of study in the form of the GDL and LPC. So, after graduating, I moved abroad to pursue a career playing and coaching rugby; the COVID-19 pandemic put paid to that ambition but provided me the opportunity to start an online law conversion.

I applied for the role at HMRC as I thought that first-hand experience of the legislative process and regular precedent setting litigation would provide a great opportunity to develop my career as a solicitor; but also because the tax arena seemed to offer a lot of variety, encompassing my interests in both public law and commercial questions.

All trainees start in litigation for their first year, though pupils spend 6 months of this seconded to Chambers. My first seat was in VAT litigation so after three years of intensive study, I arrived at HMRC braced for mountains of paperwork and long days of dense tax calculations. Instead, waiting on my desk were various packets of lentil-based snacks and the deceptively knotty legal question; are these crisps, or at least similar to crisps? I spent the seat thinking about other such questions, like what distinguishes cosmetic surgery from medical care. During this seat I visited the Supreme Court assisting a senior lawyer and saw my own case feature in national newspapers.

For my second seat I applied for HMRC’s Enforcement and Illicit Finance litigation Team. The question for this team was less frequently whether someone owes tax, but how HMRC can actually collect it from them. My tasks ranged from advocating on HMRC’s behalf in the magistrates Court to instructing counsel at fast pace on High Court Proceedings, attending the Court of Appeal and working with international law enforcement to seize overseas assets.

As a trainee you will get give your own cases to run as part of a cross-HMRC case team with tax and policy experts, so you can stretch yourself in an environment surrounded by expert lawyers and tax professionals, who are all very generous with their time. Your role is to co-ordinate this team and ask the right questions to tease the legal arguments out of your clients. In this respect the skills I developed playing teams sports were as important as my legal knowledge.

In your second year you move into an advisory team. In my first six months I worked on a mix of human rights and technical tax advice as part of the Personal Tax and Welfare team. I drafted my statutory instrument, which was a particular highlight, and fed into a major budget measure. It can feel like a drastic transition from the more adversarial world of litigation, but the training is extensive with HMRC running internal induction courses alongside the wider GLP offering.

The advisory lawyers cover a wide variety of tasks, with my final seat feeling like an entirely new role. I didn’t study EU or International Law as part of my law conversion, but having the lawyers who drafted the treaties sat next to you in the office is always a good starting point!

Whilst the HMRC training contract will be of particular interest for anyone who wants a career in public law, I think it is really important to understand the breadth of the department’s work. There is regular precedent setting litigation with engages questions of employment and commercial law, and advisory teams that span the breadth of civil and criminal practice.

Updates to this page

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Groundbreaking performance set to turn the tables on graphic novel classic

Source: City of Leeds

The incredible worlds of graphic novels, orchestral music and electronic soundscapes will come together in a captivating, immersive performance in Leeds next week.

Award-winning turntablist, DJ and producer NikNak will join forces with Chineke! Orchestra for the world premier of “Parable”, a brand new piece created as part of the Sound Out Leeds series.

Performed at Hunslet’s Testbed, the groundbreaking piece is inspired by the acclaimed graphic novel adaptation of Octavia Butler’s Parable of the Sower, and will see turntables used as an instrument as they interact with a live orchestra.

Created in collaboration with acclaimed cellist Ayanna Witter-Johnson, “Parable” explores its source material’s themes of resilience, community and change, creating a dystopian world of sound.

Based in Leeds, DJ and radio broadcaster NikNak is also an Oram Award-winning turntablist, a form of music which sees artists manipulate sounds through techniques like scratching, beat juggling, and mixing, using turntables and a DJ mixer.

Speaking about her inspiration for the performance, NikNak said: “The themes of Parable of the Sower feel very relevant to our current times, and I wanted to channel those ideas into a musical and performance context. It’s a way to engage people with the book’s themes in a new medium.”

She added: “This commission blends turntablism and electronic music production elements with orchestral music in a way that feels fresh.

“What I’m doing with Chineke! Orchestra is creating a new piece from scratch, no pun intended, using turntables as an instrument alongside an orchestra. It’s something that doesn’t happen very often, and I’m very excited to bring this new, original work to life.”

Parable takes place at Testbed on May 1 at 8pm. Tickets and more information are available at: Parable – Concert Season

Aimed at supporting unconventional live experiences and a more accessible classical scene, Sound Out Leeds is produced by Leeds International Concert Season.

Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, said: “The breadth and diversity of the musical talent in Leeds is truly extraordinary and it’s wonderful that some of these amazing artists are being given such a unique chance to showcase what they can do.

“Seeing an eclectic programme of performers taking to the stage in their home city is genuinely inspiring for both audiences and aspiring Leeds artists.”

The Sound Out Leeds series is supported using public funding from the National Lottery through Arts Council England.

ENDS

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Career Insight: Nadia, Trainee Solicitor, HM Revenue & Customs

Source: United Kingdom – Government Statements

Case study

Career Insight: Nadia, Trainee Solicitor, HM Revenue & Customs

Nadia provides an insight into her training within HMRC Legal Group

I am a trainee solicitor, currently in my second seat, working in HM Revenue & Customs (HMRC) Legal Group’s VAT Litigation team. My current work includes conducting litigation and looking at the VAT treatment of certain supplies, like food, beauty procedures, books, and marketing deals from some big household names. A big part of the team’s work is also focusing on serious non-compliance fraud cases and various VAT avoidance schemes. Is Jaffa Cake a biscuit or a cake? That is the type of work you would be able to be involved in working for HMRC’s Legal Group.

When applying for a training contract at HMRC, I never truly understood what being a government lawyer would be like. As HMRC’s lawyers, we are protecting billions of pounds that are then given back to the community in the way of public services, like healthcare, police and many other areas funded by the taxpayers. It’s a ‘pinch-me’ moment knowing that your work is meaningful.

In my first seat in Business and Property Taxes Litigation team, and continuing into my second seat, I was given a lot of responsibility from the get-go. I am leading my own cases, managing clients that are experts in a tax field and working with the country’s best counsel. As a trainee, you get to experience various aspects of litigation, whether it is drafting statements of case, creating bundles, attending hearings, or even doing a bit of advocacy, you will not be bored. Some litigation teams are more fast paced than others, but that’s the beauty of it, you will be able to steer your training in the direction you want it to go.

I have truly enjoyed my time as a trainee so far and have been given the opportunity to get involved in work that I never thought I would be able to as a trainee. As strange as it may seem, the highlight of my first seat was when my counsel had suddenly fallen ill on the morning of an important hearing that I had been preparing for months. After dozens of calls with different Chambers, the tribunal, clients, and understandably very unhappy opposing counsel, we managed to adjourn the hearing. The feeling of accomplishment could not be described.

I would recommend a career at HMRC to anyone interested in public service and challenging, interesting, and meaningful work.

Updates to this page

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025

Category: Transport

New challenges

Reinvest: Prevention is the most cost-effective intervention

Reimagine: New tools, local solutions

Reignite: Community and collaboration matters

The cost of inaction is unaffordable

Hour 0–12: first signs and initial measures

Hour 12–24: isolation and protection measures

Hour 24–48: treating patients and identifying the source

Hour 48–72: vaccination campaign and epidemic control

Acting fast saves lives

MSF hospital forcibly closed in Ulang, Upper Nile state, following armed looting

People affected by violence and cholera in South Sudan arrive exhausted in Ethiopia

Three vaccinations that are critical to women’s health

Angela and Her NOLA Brass Squad set to ignite the City of Derry Jazz & Big Band Festival with explos

Highland Council welcomes the positive Accounts Commission Best Value Report and acknowledges the need for transformation at pace.

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Government action to improve safety in young offender institutions

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Updates to this page

Source: UNICEF Aotearoa NZ

Source: Fire and Emergency New Zealand

Membership of the Building Control Independent Panel

Minister for Building Safety, Alex Norris MP, said:

The Chair for the Building Control Independent Panel, Dame Judith Hackitt said:

Background on the Building Control system

Notes to Editors

Panel members:

Elaine Bailey

Ken Rivers

Rt Hon Nick Raynsford MP

Dr. David Snowball

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Updates to this page

New challenges

Reinvest: Prevention is the most cost-effective intervention

Reimagine: New tools, local solutions

Reignite: Community and collaboration matters

The cost of inaction is unaffordable

Russia’s missile attacks against Ukrainian civilians over Easter demonstrate its attitude towards peace: UK statement to the OSCE

Updates to this page

Invasion of Ukraine

Why lone-actor attacks are so difficult to prevent

Addressing the threat

Career Insight: Joe, Trainee Solicitor, HM Revenue & Customs

Updates to this page

Career Insight: Nadia, Trainee Solicitor, HM Revenue & Customs

Updates to this page

Minister for Building Safety, Alex Norris MP, said: 

The Chair for the Building Control Independent Panel, Dame Judith Hackitt said: 

Background on the Building Control system  

Notes to Editors 

Elaine Bailey 

Ken Rivers 

Rt Hon Nick Raynsford MP 

Dr. David Snowball 