Transport – Page 1822 – NewzIntel.com

MIL-OSI Australia: Australian Deputy PM: New appointments to Australia Council Board and Maritime Museum

Source: Minister of Infrastructure

The Australian Government is making appointments to arts bodies and collecting institutions to ensure they remain under strong leadership.

Ms Lauren Moss has been appointed as a member of the Australia Council Board of Creative Australia for a four-year term, replacing Ms Christine Simpson Stokes AM.

The Hon Don Harwin has been appointed as a member of the Council of the Australian National Maritime Museum for a three-year term.

Minister for the Arts, Tony Burke, said the appointees would lend a deep well of expertise to guide the administration of these important organisations.

“Lauren has extensive experience having previously worked in the Northern Territory Legislative Assembly for almost a decade. Her sound understanding of governance, arts and cultural issues within the Northern Territory will provide another great regional perspective to the Board.

“Don served in the NSW Parliament for many years and his time spent as Minister for the Arts will be a great asset for the Council’s governance.”

Creative Australia plays a vital role in growing Australia’s cultural infrastructure, through investing in creative talent and stimulating the market for Australian stories to be told on a national and international scale.

The Australian National Maritime Museum is dedicated to exploring Australia’s maritime history through topics of migration, archaeology, ocean science, commerce, culture and lifestyle, and honours the stories of First Nations peoples’ living cultural connection to ancestral waters.

Ms Lauren Moss was elected at 27 years old as a member of the Northern Territory Legislative Assembly, having served as the Member for Casuarina for almost ten years. She has held portfolio positions in Equality and Inclusion, Environment, Climate Change and Water Security, Mental Health and Suicide Prevention, Youth and Seniors, Education, Children, Women, Tourism, Sport and Culture, including the Arts. As Minister for Tourism, Sport and Culture, Ms Moss was responsible for initiatives including the establishment of Arts Trail funding and the Street Art Festival, increased funding for the screen sector and promotion of the economic value of the Territory’s Creative Industries. Before entering Parliament, Ms Moss was involved in various roles focusing on youth advocacy, alcohol harm minimisation and mental health, and was involved as a Youth Ambassador, Advisor and member to a number of youth mental health and youth affairs organisations.

The Hon Don Harwin served in the New South Wales Parliament for 23 years in a range of roles, including five years as the Minister for the Arts and 6 years as President of the Legislative Council. Mr Harwin has considerable background and experience in leadership, governance, policy, and arts advocacy. Mr Harwin currently holds a number of Board memberships including Chair of Music in the Regions Ltd and as a director of the Australia Youth Trust which supports initiatives to secure better health and education outcomes for young people in developing Commonwealth countries. Mr Harwin previously served as a Member of the Australia Council for the Arts, now operating as Creative Australia.

MIL OSI News –

February 27, 2025

MIL-OSI Australia: Australian Deputy PM: Appointments to National Gallery of Australia Council

Source: Minister of Infrastructure

The Australian Government has appointed Mrs Penny Fowler AM and Mr Jay Weatherill AO and reappointed Ms Ilana Atlas AO as members of the Council of the National Gallery of Australia for three-year terms.

The Council is responsible for overseeing the Gallery’s strategic and organisational goals and positioning it for the future so it can continue to deliver on its aim to inspire all Australians through art.

Minister for the Arts, Tony Burke, congratulated the new and returning appointees.

“Ilana has been serving on the Council since 2022 and was appointed as Deputy Chair by the Council in November 2023 and we’re thankful she’s agreed to continuing lending her talents.

“I’d also like to welcome Jay and Penny. As former Premier of South Australia and Minister for the Arts, Jay was a strong advocate for the sector and will be an excellent addition to the board.

“Penny has been the Chair of the National Portrait Gallery Board and understands the important role institutions have in preserving and showcasing some of our nation’s greatest treasures.”

The National Gallery is dedicated to collecting, sharing and celebrating art from Australia and the world. It is home to the country’s most valuable collection of art, with 155,000 works worth around $7 billion. This includes the world’s largest collection of Aboriginal and Torres Strait Islander art.

Ms Ilana Atlas AO has served on the National Gallery of Australia Council since March 2022 and was elected Deputy Chair by Council members in November 2023. She is Chair of Jarwun Limited and Scentre Group Limited and is a non-executive director of Origin Energy Limited, the Paul Ramsay Foundation and is also a Panel Member of Adara Partners and a director of Adara Development. Her previous non-executive director roles include Chairman of the Bell Shakespeare Company and Coca-Cola Amatil Limited and Director of ANZ Banking Group and the Human Rights Law Centre. Prior to serving on these Boards, Ms Atlas had a 10 year career at Westpac. Ms Atlas was also a partner in law firm Mallesons Stephen Jaques (now known as King & Wood Mallesons). In 2020 she was appointed an Officer of the Order of Australia for distinguished service to the financial and manufacturing sectors, to education, and to the arts.

Mr Jay Weatherill AO is the former Premier of South Australia from 2011 to 2018. He currently leads the Thrive by Five campaign within the Minderoo Foundation and is an Ambassador for Reggio Children. He will soon join the Susan McKinnon Foundation pursuing their democracy reform agenda. Previously Mr Weatherill worked as a lawyer between 1987 to 1995 becoming the founder and principal of his own firm between 1995 and 2002. In 2002 he became a member for the Parliament of South Australia and later Premier where he oversaw various portfolios including Minister for the Arts. Following his term Mr Weatherill became an Industry Professor at the University of South Australia from 2019 to 2024. He serves on several government and industry and philanthropic boards. In 2021 Mr Weatherill was appointed an Officer of the Order of Australia for distinguished service to the people and Parliament of South Australia, particularly as Premier, and to early childhood and tertiary education.

Mrs Penny Fowler AM is Chairman of the Herald & Weekly Times and is News Corp Australia’s Community Ambassador. Mrs Fowler has been a member of the National Portrait Gallery Board since March 2016 and served as Chair since January 2022 (her term will end on 8 March 2025). She chairs the Royal Children’s Hospital Good Friday Appeal, the Royal Botanic Gardens Victoria and the Tourism Australia Board. She is also on the Advisory Board of Visy/Pratt USA and is a board member of Tech Mahindra & the Bank of Melbourne (St. George) Foundation. Mrs Fowler is a member of Chief Executive Women and an Ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024 Mrs Fowler was appointed a Member of the Order of Australia for significant service to the community through a range of organisations.

MIL OSI News –

February 27, 2025

MIL-OSI: SEACOR Marine Announces Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2024.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2024 were $69.8 million, operating income was $10.6 million, and direct vessel profit (“DVP”)⁽¹⁾ was $23.1 million. This compares to consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023, and consolidated operating revenues of $68.9 million, operating loss of $6.5 million, and DVP of $16.0 million in the third quarter of 2024.

Notable fourth quarter items include:

4.5% decrease in revenues from the fourth quarter of 2023 and a 1.3% increase from the third quarter of 2024.
Average day rates of $18,901, a 4.8% increase from the fourth quarter of 2023, and flat from the third quarter of 2024.
72% utilization, an increase from 71% in the fourth quarter of 2023 and from 67% in the third quarter of 2024.
DVP margin of 33.1%, a decrease from 40.8% in the fourth quarter of 2023 and an increase from 23.2% in the third quarter of 2024, due in part to $3.5 million of drydocking and major repairs during the fourth quarter of 2024 compared to $1.7 million in the fourth quarter of 2023 and $8.3 million in the third quarter of 2024, all of which are expensed as incurred.
Refinancing of $328.7 million of principal indebtedness under multiple debt facilities, including $125.0 million previously due in 2026, into a single new credit facility due in the fourth quarter of 2029.
In connection with the refinancing, recognized a one-time loss of $31.9 million on debt extinguishment, of which $28.3 million was non-cash and primarily comprised of extinguishment of unamortized debt discounts.
Completed the sale of two anchor handling towing supply vessels (“AHTS”) for total proceeds of $22.5 million and a gain of $15.6 million, the proceeds of which will be used to partially fund the construction payments for two new PSVs.

For the fourth quarter of 2024, net loss was $26.2 million ($0.94 loss per basic and diluted share). This compares to a net income for the fourth quarter of 2023 of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). Sequentially, the fourth quarter 2024 results compare to a net loss of $16.3 million ($0.59 loss per basic and diluted share) in the third quarter of 2024.

Chief Executive Officer John Gellert commented:

“The fourth quarter results reflect a substantial improvement in operating performance compared with the prior quarters of 2024. This performance improvement was due mostly to fewer out-of-service days for repairs and drydockings which translated into improved utilization across most segments. We also benefited from having all our premium liftboats available and employed most of the quarter and currently plan to commence the permanent repairs of one of our U.S. flag premium liftboats at the end of the third quarter of 2025, which should provide us the opportunity to maximize utilization on these liftboats as seasonal activity improves in the Gulf of America. During the quarter, we did see soft market conditions in the North Sea as well as customer delays in programmed activities in Mexico and the U.S.

Looking at the rest of 2025, we continue to see a healthy level of inquiries across most of our international markets with the notable exception of the North Sea and Mexico, where regulatory or financial hurdles are subduing demand for oil and gas services. In the U.S., we see significant challenges for offshore wind in the near term, but the backlog of mandatory maintenance and decommissioning activity in the Gulf of America should ultimately lead to increased levels of activity on the shelf. Although we are not immune to the mid-cycle lull in offshore drilling activity worldwide, I remain optimistic that our fleet mix is well positioned to meet current demand expectations.

As previously announced, during the fourth quarter we entered into a new senior secured term loan of up to $391.0 million with an affiliate of EnTrust Global, which significantly simplified our debt capital structure into a single credit facility maturing in 2029. Importantly, this new credit facility addressed $125.0 million of near-term maturities previously due in 2026 to The Carlyle Group, inclusive of $35.0 million of convertible debt, eliminating approximately 10% of dilution overhang on the Company’s common stock. It also provided us with up to $41.0 million of borrowing capacity to finance the construction of two new PSVs, which we ordered during the fourth quarter of 2024. We had to fully amortize all debt discounts and issuance costs on the refinanced debt, including the shipyard financing with affiliates of COSCO, generating a $31.9 million one-time loss, of which $28.3 million was non-cash, but, in my view, the benefits of the refinancing and its support for the Company’s order for two new PSVs far outweigh the one-time loss.

I am particularly excited about this PSV order as we expand and complement our fleet of modern and fuel efficient PSVs. This is a continuation of our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets. The vessels are scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027, respectively. We will partly fund this new construction program with the $22.5 million of proceeds from the sale of our last remaining AHTS vessels, marking our exit from the AHTS asset class effective January 2025.”
_______________

(1)		Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com


SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)

	Three Months Ended December 31,						Year ended December 31,
	2024			2023			2024			2023
Operating Revenues	$	69,808		$	73,083		$	271,361		$	279,511
Costs and Expenses:
Operating		46,726			43,269			197,252			159,650
Administrative and general		10,888			11,547			44,713			49,183
Lease expense		347			679			1,678			2,748
Depreciation and amortization		12,879			13,022			51,628			53,821
		70,840			68,517			295,271			265,402
Gains on Asset Dispositions and Impairments, Net		11,624			18,057			13,481			21,409
Operating Income (Loss)		10,592			22,623			(10,429	)		35,518
Other Income (Expense):
Interest income		372			222			1,768			1,444
Interest expense		(10,001	)		(10,444	)		(40,627	)		(37,504	)
Loss on debt extinguishment		(31,923	)		—			(31,923	)		(2,004	)
Derivative (losses) gains, net		(536	)		608			(908	)		608
Foreign currency gains (losses), net		1,308			(1,276	)		(1,049	)		(2,133	)
Other, net		187			—			121			—
		(40,593	)		(10,890	)		(72,618	)		(39,589	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies		(30,001	)		11,733			(83,047	)		(4,071	)
Income Tax (Benefit) Expense		(2,345	)		6,378			(2,615	)		8,799
(Loss) Income Before Equity in Earnings of 50% or Less Owned Companies		(27,656	)		5,355			(80,432	)		(12,870	)
Equity in Earnings of 50% or Less Owned Companies		1,430			374			2,308			3,556
Net (Loss) Income	$	(26,226	)	$	5,729		$	(78,124	)	$	(9,314	)

Net (Loss) Earnings Per Share:
Basic	$	(0.94	)	$	0.21		$	(2.82	)	$	(0.34	)
Diluted	$	(0.94	)	$	0.20		$	(2.82	)	$	(0.34	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,773,200			27,182,496			27,655,289			27,082,391
Diluted		27,773,200			28,400,684			27,655,289			27,082,391


SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)

				Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Time Charter Statistics:
Average Rates Per Day	$	18,901		$	18,879		$	19,141		$	19,042		$	18,031
Fleet Utilization		72	%		67	%		69	%		62	%		71	%
Fleet Available Days ⁽²⁾		4,870			5,026			4,994			5,005			5,170
Operating Revenues:
Time charter	$	66,095		$	63,313		$	65,649		$	59,263		$	66,498
Bareboat charter		364			372			364			364			368
Other marine services		3,349			5,231			3,854			3,143			6,217
		69,808			68,916			69,867			62,770			73,083
Costs and Expenses:
Operating:
Personnel		20,365			21,940			21,566			21,670			22,080
Repairs and maintenance		10,433			9,945			10,244			9,763			7,604
Drydocking		2,467			6,068			6,210			6,706			2,561
Insurance and loss reserves		2,473			2,584			3,099			1,738			2,944
Fuel, lubes and supplies		4,884			6,574			3,966			4,523			3,683
Other		6,104			5,796			4,435			3,699			4,397
		46,726			52,907			49,520			48,099			43,269
Direct Vessel Profit ⁽¹⁾		23,082			16,009			20,347			14,671			29,814
Other Costs and Expenses:
Lease expense		347			364			486			481			679
Administrative and general		10,888			11,019			10,889			11,917			11,547
Depreciation and amortization		12,879			12,928			12,939			12,882			13,022
		24,114			24,311			24,314			25,280			25,248
Gains (Losses) on Asset Dispositions and Impairments, Net		11,624			1,821			37			(1	)		18,057
Operating Income (Loss)		10,592			(6,481	)		(3,930	)		(10,610	)		22,623
Other Income (Expense):
Interest income		372			358			445			593			222
Interest expense		(10,001	)		(10,127	)		(10,190	)		(10,309	)		(10,444	)
Derivative (losses) gains, net		(536	)		67			104			(543	)		608
Loss on debt extinguishment		(31,923	)		—			—			—			—
Foreign currency gains (losses), net		1,308			(1,717	)		(560	)		(80	)		(1,276	)
Other, net		187			29			—			(95	)		—
		(40,593	)		(11,390	)		(10,201	)		(10,434	)		(10,890	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(30,001	)		(17,871	)		(14,131	)		(21,044	)		11,733
Income Tax (Benefit) Expense		(2,345	)		(513	)		(682	)		925			6,378
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(27,656	)		(17,358	)		(13,449	)		(21,969	)		5,355
Equity in Earnings (Losses) of 50% or Less Owned Companies		1,430			1,012			966			(1,100	)		374
Net (Loss) Income	$	(26,226	)	$	(16,346	)	$	(12,483	)	$	(23,069	)	$	5,729

Net (Loss) Earnings Per Share:
Basic	$	(0.94	)	$	(0.59	)	$	(0.45	)	$	(0.84	)	$	0.21
Diluted	$	(0.94	)	$	(0.59	)	$	(0.45	)	$	(0.84	)	$	0.20
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,773			27,773			27,729			27,344			27,182
Diluted		27,773			27,773			27,729			27,344			28,401
Common Shares and Warrants Outstanding at Period End		28,950			28,950			28,941			28,906			28,489

_______________

(1)	See full description of footnote above.
(2)	Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.


SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*United States, primarily Gulf of America*
Time Charter Statistics:
Average rates per day worked	$	26,116		$	17,188		$	22,356		$	28,156		$	22,584
Fleet utilization		45	%		42	%		37	%		27	%		50	%
Fleet available days		920			920			921			927			1,152
Out-of-service days for repairs, maintenance and drydockings		75			116			179			137			61
Out-of-service days for cold-stacked status ⁽²⁾		184			175			127			182			254
Operating Revenues:
Time charter	$	10,744		$	6,593		$	7,697		$	6,957		$	12,929
Other marine services		1,114			1,188			480			1,026			5,346
		11,858			7,781			8,177			7,983			18,275
Direct Costs and Expenses:
Operating:
Personnel		6,097			6,297			6,284			5,781			6,906
Repairs and maintenance		1,680			1,655			1,879			1,404			819
Drydocking		1,451			2,615			2,570			1,968			303
Insurance and loss reserves		854			799			943			396			1,297
Fuel, lubes and supplies		854			964			866			667			1,032
Other		229			225			226			(171	)		475
		11,165			12,555			12,768			10,045			10,832
Direct Vessel Profit (Loss) ⁽¹⁾	$	693		$	(4,774	)	$	(4,591	)	$	(2,062	)	$	7,443
Other Costs and Expenses:
Lease expense	$	136		$	140		$	141		$	138		$	141
Depreciation and amortization		3,196			3,194			3,194			2,750			3,479

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	16,895		$	18,875		$	18,580		$	15,197		$	15,233
Fleet utilization		73	%		77	%		74	%		76	%		82	%
Fleet available days		1,856			1,990			1,969			1,775			1,748
Out-of-service days for repairs, maintenance and drydockings		180			203			203			238			124
Out-of-service days for cold-stacked status		—			58			91			91			92
Operating Revenues:
Time charter	$	22,999		$	28,809		$	27,047		$	20,555		$	21,791
Other marine services		1,027			3,048			1,028			169			189
		24,026			31,857			28,075			20,724			21,980
Direct Costs and Expenses:
Operating:
Personnel		5,654			6,083			4,969			5,181			6,007
Repairs and maintenance		3,712			3,455			3,161			3,209			2,807
Drydocking		835			681			1,226			2,032			1,298
Insurance and loss reserves		577			599			819			334			416
Fuel, lubes and supplies		2,226			2,514			1,170			1,287			623
Other		3,748			3,975			2,801			2,199			2,267
		16,752			17,307			14,146			14,242			13,418
Direct Vessel Profit ⁽¹⁾	$	7,274		$	14,550		$	13,929		$	6,482		$	8,562
Other Costs and Expenses:
Lease expense	$	82		$	75		$	172		$	178		$	289
Depreciation and amortization		4,477			4,540			4,565			3,915			3,747

_______________

(1)	See full description of footnote above.
(2)	Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2024.


SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	17,337		$	17,825		$	17,083		$	16,934		$	17,590
Fleet utilization		88	%		71	%		82	%		71	%		69	%
Fleet available days		1,266			1,288			1,296			1,365			1,461
Out-of-service days for repairs, maintenance and drydockings		30			229			168			224			360
Operating Revenues:
Time charter	$	19,385		$	16,411		$	18,073		$	16,477		$	17,729
Other marine services		635			375			619			350			539
		20,020			16,786			18,692			16,827			18,268
Direct Costs and Expenses:
Operating:
Personnel		5,470			5,769			6,930			5,963			5,522
Repairs and maintenance		3,574			3,318			3,443			2,712			2,590
Drydocking		(226	)		832			707			1,483			624
Insurance and loss reserves		804			927			798			618			1,022
Fuel, lubes and supplies		840			1,043			1,103			1,198			1,242
Other		1,305			1,131			989			1,000			1,133
		11,767			13,020			13,970			12,974			12,133
Direct Vessel Profit ⁽¹⁾	$	8,253		$	3,766		$	4,722		$	3,853		$	6,135
Other Costs and Expenses:
Lease expense	$	72		$	73		$	71		$	85		$	158
Depreciation and amortization		3,272			3,261			3,247			3,496			3,643

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	21,390		$	21,984		$	22,437		$	28,308		$	20,745
Fleet utilization		73	%		63	%		71	%		58	%		84	%
Fleet available days ⁽²⁾		828			828			808			938			809
Out-of-service days for repairs, maintenance and drydockings		20			94			41			1			—
Operating Revenues:
Time charter	$	12,967		$	11,500		$	12,832		$	15,274		$	14,049
Bareboat charter		364			372			364			364			368
Other marine services		573			620			1,727			1,598			143
		13,904			12,492			14,923			17,236			14,560
Direct Costs and Expenses:
Operating:
Personnel		3,144			3,791			3,383			4,745			3,645
Repairs and maintenance		1,467			1,517			1,761			2,438			1,388
Drydocking		407			1,940			1,707			1,223			336
Insurance and loss reserves		238			259			539			390			209
Fuel, lubes and supplies		964			2,053			827			1,371			786
Other		822			465			419			671			522
		7,042			10,025			8,636			10,838			6,886
Direct Vessel Profit ⁽¹⁾	$	6,862		$	2,467		$	6,287		$	6,398		$	7,674
Other Costs and Expenses:
Lease expense	$	57		$	76		$	102		$	80		$	91
Depreciation and amortization		1,934			1,933			1,933			2,721			2,153

_______________

(1)	See full description of footnote above.
(2)	Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.


SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	10,410		$	10,316		$	8,125		$	8,538		$	8,937
Fleet utilization		79	%		46	%		49	%		75	%		64	%
Fleet available days		178			334			364			364			368
Out-of-service days for repairs, maintenance and drydockings		28			87			29			—			41
Out-of-service days for cold-stacked status		—			58			91			91			92
Operating Revenues:
Time charter	$	1,465		$	1,576		$	1,459		$	2,331		$	2,102
Other marine services		—			13			219			—			6
		1,465			1,589			1,678			2,331			2,108
Direct Costs and Expenses:
Operating:
Personnel	$	595		$	981		$	1,045		$	1,064		$	944
Repairs and maintenance		128			239			465			220			612
Drydocking		5			436			280			68			58
Insurance and loss reserves		49			66			97			43			73
Fuel, lubes and supplies		25			90			69			616			375
Other		210			263			230			287			295
		1,012			2,075			2,186			2,298			2,357
Other Costs and Expenses:
Lease expense	$	7		$	4		$	164		$	171		$	253
Depreciation and amortization		122			175			175			175			175

*FSV*
Time Charter Statistics:
Average rates per day worked	$	13,643		$	13,102		$	12,978		$	11,834		$	11,841
Fleet utilization		72	%		81	%		80	%		72	%		74	%
Fleet available days		2,024			2,024			2,002			2,002			2,105
Out-of-service days for repairs, maintenance and drydockings		118			96			128			216			337
Out-of-service days for cold-stacked status		92			83			36			91			92
Operating Revenues:
Time charter	$	19,992		$	21,606		$	20,698		$	17,081		$	18,502
Other marine services		416			1,012			516			126			163
		20,408			22,618			21,214			17,207			18,665
Direct Costs and Expenses:
Operating:
Personnel	$	5,078		$	5,637		$	5,829		$	5,649		$	5,320
Repairs and maintenance		4,480			4,378			4,572			3,093			2,691
Drydocking		426			448			457			1,869			1,710
Insurance and loss reserves		422			532			546			277			507
Fuel, lubes and supplies		1,586			1,962			993			1,051			1,441
Other		2,456			2,238			1,850			1,649			1,632
		14,448			15,195			14,247			13,588			13,301
Other Costs and Expenses:
Depreciation and amortization	$	4,746		$	4,744		$	4,746		$	4,744		$	4,879


SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*PSV*
Time Charter Statistics:
Average rates per day worked	$	17,912		$	21,819		$	20,952		$	19,133		$	19,778
Fleet utilization		72	%		58	%		66	%		53	%		77	%
Fleet available days ⁽¹⁾		1,932			1,932			1,900			1,911			1,902
Out-of-service days for repairs, maintenance and drydockings		117			349			291			307			109
Operating Revenues:
Time charter	$	24,865		$	24,488		$	26,390		$	19,390		$	29,140
Bareboat charter		364			372			364			364			368
Other marine services		1,561			2,855			2,266			416			595
		26,790			27,715			29,020			20,170			30,103
Direct Costs and Expenses:
Operating:
Personnel	$	8,999		$	9,360		$	8,979		$	8,850		$	9,017
Repairs and maintenance		4,101			3,798			3,151			4,393			3,520
Drydocking		1,046			2,629			2,616			3,386			472
Insurance and loss reserves		618			636			1,037			395			690
Fuel, lubes and supplies		2,379			3,594			1,575			1,889			1,027
Other		2,566			2,821			1,850			1,395			1,922
		19,709			22,838			19,208			20,308			16,648
Other Costs and Expenses:
Lease expense	$	—		$	(3	)	$	3		$	—		$	—
Depreciation and amortization		4,122			4,117			4,128			4,073			4,073

_______________

(1)	Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.


SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	39,326		$	36,423		$	43,204		$	53,506		$	40,181
Fleet utilization		68	%		58	%		54	%		53	%		52	%
Fleet available days		736			736			728			728			795
Out-of-service days for repairs, maintenance and drydockings		41			109			143			78			60
Out-of-service days for cold-stacked status		92			92			91			91			162
Operating Revenues:
Time charter	$	19,773		$	15,643		$	17,102		$	20,461		$	16,754
Other marine services		1,177			1,142			666			1,772			4,666
		20,950			16,785			17,768			22,233			21,420
Direct Costs and Expenses:
Operating:
Personnel	$	5,678		$	5,926		$	6,842		$	6,140		$	5,316
Repairs and maintenance		1,722			1,531			2,054			2,035			769
Drydocking		990			2,555			2,857			1,383			321
Insurance and loss reserves		1,384			1,334			1,482			1,282			1,554
Fuel, lubes and supplies		894			928			1,329			967			838
Other		860			473			519			343			531
		11,528			12,747			15,083			12,150			9,329
Other Costs and Expenses:
Depreciation and amortization		3,866			3,866			3,865			3,866			3,867

*Other Activity*
Operating Revenues:
Other marine services	$	195		$	209		$	187		$	829		$	787
		195			209			187			829			787
Direct Costs and Expenses:
Operating:
Personnel	$	15		$	36		$	(1,129	)	$	(33	)	$	1,483
Repairs and maintenance		2			(1	)		2			22			12
Insurance and loss reserves		—			16			(63	)		(259	)		120
Fuel, lubes and supplies		—			—			—			—			2
Other		12			1			(14	)		25			17
		29			52			(1,204	)		(245	)		1,634
Other Costs and Expenses:
Lease expense	$	340		$	363		$	319		$	310		$	426
Depreciation and amortization		23			26			25			24			28


SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	59,491		$	35,601		$	40,605		$	59,593		$	67,455
Restricted cash		16,649			2,263			2,255			2,566			16,676
Receivables:
Trade, net of allowance for credit loss		69,888			76,497			70,770			58,272			63,728
Other		7,913			7,841			6,210			12,210			11,049
Tax receivable		1,601			983			983			983			983
Inventories		2,760			3,139			3,117			2,516			1,609
Prepaid expenses and other		4,406			4,840			5,659			3,425			2,686
Assets held for sale		10,943			—			500			500			500
Total current assets		173,651			131,164			130,099			140,065			164,686
Property and Equipment:
Historical cost		900,414			921,445			921,443			919,139			918,823
Accumulated depreciation		(367,448	)		(362,604	)		(349,799	)		(337,001	)		(324,141	)
		532,966			558,841			571,644			582,138			594,682
Construction in progress		11,904			11,935			11,518			13,410			10,362
Net property and equipment		544,870			570,776			583,162			595,548			605,044
Right-of-use asset – operating leases		3,436			3,575			3,683			3,988			4,291
Right-of-use asset – finance leases		36			19			28			29			37
Investments, at equity, and advances to 50% or less owned companies		3,541			2,046			2,641			3,122			4,125
Other assets		1,577			1,864			1,953			2,094			2,153
Total assets	$	727,111		$	709,444		$	721,566		$	744,846		$	780,336
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	606		$	494		$	861		$	1,285		$	1,591
Current portion of finance lease liabilities		17			17			26			33			35
Current portion of long-term debt		27,500			28,605			28,605			28,605			28,365
Accounts payable		29,236			22,744			17,790			23,453			27,562
Other current liabilities		27,683			28,808			23,795			21,067			19,533
Total current liabilities		85,042			80,668			71,077			74,443			77,086
Long-term operating lease liabilities		2,982			3,221			3,276			3,390			3,529
Long-term finance lease liabilities		20			4			5			—			6
Long-term debt		317,339			272,325			277,740			281,989			287,544
Deferred income taxes		22,037			26,802			30,083			33,873			35,718
Deferred gains and other liabilities		1,369			1,416			1,447			2,285			2,229
Total liabilities		428,789			384,436			383,628			395,980			406,112
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		287			287			286			286			280
Additional paid-in capital		479,283			477,661			476,020			474,433			472,692
Accumulated deficit		(180,600	)		(154,374	)		(138,028	)		(125,609	)		(102,425	)
Shares held in treasury		(8,110	)		(8,110	)		(8,110	)		(8,071	)		(4,221	)
Accumulated other comprehensive income, net of tax		7,141			9,223			7,449			7,506			7,577
		298,001			324,687			337,617			348,545			373,903
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		298,322			325,008			337,938			348,866			374,224
Total liabilities and equity	$	727,111		$	709,444		$	721,566		$	744,846		$	780,336


SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

				Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Cash Flows from Operating Activities:
Net (Loss) Income	$	(26,226	)	$	(16,346	)	$	(12,483	)	$	(23,069	)	$	5,729
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization		12,879			12,928			12,939			12,882			13,022
Deferred financing costs amortization		254			298			297			295			279
Stock-based compensation expense		1,622			1,604			1,587			1,645			1,510
Debt discount amortization		1,799			2,061			1,993			1,926			1,862
Allowance for credit losses		59			101			39			3			266
(Gains) losses from equipment sales, retirements or impairments		(11,624	)		(1,821	)		(37	)		1			(18,057	)
Losses on debt extinguishment		28,252			—			—			—			—
Derivative losses (gains)		536			(67	)		(104	)		543			(608	)
Interest on finance lease		2			—			1			—			1
Settlements on derivative transactions, net		—			—			—			164			—
Currency (gains) losses		(1,308	)		1,717			560			80			1,276
Deferred income taxes		(4,766	)		(3,281	)		(3,790	)		(1,845	)		2,640
Equity (earnings) losses		(1,430	)		(1,012	)		(966	)		1,100			(374	)
Dividends received from equity investees		—			1,498			1,418			—			166
Changes in Operating Assets and Liabilities:
Accounts receivables		5,448			(7,411	)		(6,928	)		4,291			(3,472	)
Other assets		1,338			1,032			(2,395	)		(1,290	)		733
Accounts payable and accrued liabilities		1,693			9,325			(4,378	)		(3,895	)		(6,456	)
Net cash provided by (used in) operating activities		8,528			626			(12,247	)		(7,169	)		(1,483	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(3,010	)		(210	)		(658	)		(3,416	)		(3,644	)
Proceeds from disposition of property and equipment		22,441			2,331			86			—			36,692
Net cash provided by (used in) investing activities		19,431			2,121			(572	)		(3,416	)		33,048
Cash Flows from Financing Activities:
Payments on long-term debt		(2,479	)		(7,770	)		(6,533	)		(7,530	)		(6,173	)
Payments on debt extinguishment		(328,712	)		—			—			—			—
Payments on debt extinguishment cost		(3,671	)		—			—			—			—
Proceeds from issuance of long-term debt, net of debt discount and issue costs		345,192			—			—			—			87
Payments on finance leases		(13	)		(10	)		(9	)		(9	)		(9	)
Proceeds from issuance of common stock, net of issue costs		—			—			—			—			24
Proceeds from exercise of stock options and warrants		—			38			102			—			—
Tax withholdings on restricted stock vesting		—			—			(39	)		(3,850	)		—
Net cash provided by (used in) financing activities		10,317			(7,742	)		(6,479	)		(11,389	)		(6,071	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		—			(1	)		(1	)		2			1
Net Change in Cash, Restricted Cash and Cash Equivalents		38,276			(4,996	)		(19,299	)		(21,972	)		25,495
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		37,864			42,860			62,159			84,131			58,636
Cash, Restricted Cash and Cash Equivalents, End of Period	$	76,140		$	37,864		$	42,860		$	62,159		$	84,131


SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

	Owned		Leased-in		Managed		Total
December 31, 2024
AHTS		—		—		2		2
FSV		22		—		1		23
PSV		21		—		—		21
Liftboats		8		—		—		8
		51		—		3		54
December 31, 2023
AHTS		3		1		—		4
FSV		22		—		3		25
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		3		58

The MIL Network –

February 27, 2025

MIL-OSI: ArrowMark Financial Corp. Releases Month End Estimated Net Asset Value as of January 2025

Source: GlobeNewswire (MIL-OSI)

DENVER, Feb. 26, 2025 (GLOBE NEWSWIRE) — ArrowMark Financial Corp., (NASDAQ: BANX) (“ArrowMark Financial”), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of January 31, 2025, was $22.11.

This estimated NAV is not a comprehensive statement of our financial condition or results for the month January 31, 2025.

About ArrowMark Financial Corp.
ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. BANX pursues its objective by investing primarily in regulatory capital securities of financial institutions. BANX is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com, or contact Destra at 877.855.3434 or by email at BANX@destracapital.com.

Disclaimer and Risk Factors:
There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the SEC are accessible on the SEC’s website at www.sec.gov and on the BANX’s website at ir.arrowmarkfinancialcorp.com.

Contact:
BANX@destracapital.com

The MIL Network –

February 27, 2025

MIL-OSI Security: Terre Haute Man Sentenced to Over Two Years in Federal Prison for Firearms Trafficking Offense

Source: Office of United States Attorneys

Bowling Green, KY – A Terre Haute, Indiana, man was sentenced yesterday to two years and six months in federal prison for illegally transferring a firearm to a convicted felon.

U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Acting Special Agent in Charge A.J. Gibes of the ATF Louisville Field Division, Commissioner Phillip Burnett, Jr. of the Kentucky State Police, and Sheriff Derek Polston of the Russell County Sheriff’s Office made the announcement.

According to court documents, Shawn Michael Kays, 42, was sentenced to two years and six months in federal prison, followed by three years of supervised release, for illegally transferring a firearm to a convicted felon. According to the plea agreement, between November of 2023 and January of 2024, Kays transported and transferred a Smith & Wesson, Model SD9VE, nine-millimeter pistol to a convicted felon. A criminal complaint filed on September 19, 2024, alleged that firearm was later used to kill a Russell County Sheriff’s Deputy on September 16, 2024. Kays is not charged with or alleged to have been involved in the shooting.

There is no parole in the federal system.

This case was investigated by the ATF Bowling Green Branch Office and the Russell County Sheriff’s Office, with assistance from the ATF Columbus Field Division, the ATF Indianapolis Field Division Office, and the Kentucky State Police.

Assistant U.S. Attorney R. Nicholas Rabold, of the U.S. Attorney’s Bowling Green Branch Office, prosecuted this case.

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

###

MIL Security OSI –

February 27, 2025

MIL-OSI Security: Former School District Employee Charged with Using AI Technology to Produce Sexual Abuse Images of Children in his Care, and Possession and Receipt of Child Pornography

Source: Office of United States Attorneys

MINNEAPOLIS – Defendant William Michael Haslach, 30, a former employee of Independent School District #622 (North St. Paul—Maplewood—Oakdale) and ISD #834 (Stillwater), has been charged with receipt and possession of child pornography as well as production of an obscene visual representation of child sexual abuse, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

According to court documents, defendant Haslach, of Maplewood, Minnesota, occupied several positions of trust with children. From August 2021 until January 2025, Haslach, 30, served as a lunch monitor and traffic guard for Independent School District #622 (North St. Paul—Maplewood—Oakdale). From 2021 through 2024, Haslach also served as a paraprofessional and later as a youth summer programs assistant for Independent School District #834 (Stillwater). Haslach used his access to children to take non-explicit photos of children in his care. Haslach then used those images to produce morphed/AI photos of those minors engaging in sexually explicit conduct. As detailed in the indictment, Haslach also possessed and received child pornography involving children that were abused by others.

“Prosecuting the predators who walk amongst us—in our neighborhoods, our communities, and particularly in our schools—will always be the top priority in the District of Minnesota,” said Acting U.S. Attorney Lisa D. Kirkpatrick. “My thoughts are with the many Minnesota parents who will be horrified to learn how Haslach used AI advances to victimize schoolchildren in his care. Rest assured, my office will prosecute this case to the fullest extent of the law.”

“Every child is entitled to a secure upbringing, and this case highlights the powerful collaboration among local, state, and federal law enforcement agencies in their mission to safeguard them,” said Special Agent in Charge Matthew Cybert, U.S. Secret Service – Minneapolis Field Office.

The federal indictment charges Haslach with five counts of receipt of child pornography, five counts of possession of child pornography, and one count of production of an obscene visual representation of child sexual abuse. Haslach made his initial appearance today in U.S. District Court before Judge Tony N. Leung. He was ordered to remain in custody pending a formal detention hearing on Monday, March 3, before Judge Douglas L. Micko.

Investigators believe there may be other victims relevant to this investigation. If your child has been in close contact with Haslach, and/or if you or your child is aware of Haslach taking a photo of your child, please contact the Minnesota BCA’s Tip Line at 651-793-2465 or email bca.tips@state.mn.us.

If you are a parent of a child that has at any point been under the care of Haslach, the U.S. Attorney’s Office has set up a website to provide you with resources and further information about this case: www.justice.gov/usao-mn/haslach-child-exploitation-case-school-district-employee-0

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

This case is the result of an investigation conducted by the United States Secret Service, Minnesota Bureau of Criminal Apprehension, and the Maplewood Police Department.

Assistant U.S. Attorney Carla J. Baumel is prosecuting the case.

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

MIL Security OSI –

February 27, 2025

MIL-OSI Security: KC Man Sentenced for Illegal Ammunition, Assaulting Officer

Source: Office of United States Attorneys

KANSAS CITY, Mo. – A Kansas City, Mo., man who rammed into a federal agent’s vehicle while attempting to escape arrest was sentenced in federal court today for illegally possessing ammunition and assaulting a federal law enforcement officer.

Charles D. Jackson, also known as “Grove Street” and “C Jackem,” 31, was sentenced by U.S. Chief District Judge Beth Phillips to five years and 10 months in federal prison without parole.

On June 13, 2024, Jackson pleaded guilty to one count of being a felon in possession of ammunition and one count of assaulting a federal law enforcement officer.

On Aug. 24, 2023, agents and task officers with the Bureau of Alcohol, Tobacco, Firearms and Explosives executed a search warrant at Jackson’s residence, one of multiple residential search warrants being executed for evidence related to federal violations committed by various individuals associated with an alliance of three street gangs: the Click Clack Gang, the Park Side Greasies and the South Benton Gang.

As several officers approached Jackson’s residence on foot, an ATF agent pulled her Jeep into the driveway to pin in a black Kia sedan that was backed into the driveway and still running. All of the agents and officers were wearing clearly marked body armor identifying them as “ATF Police.”

The officers announced themselves and the ATF agent activated the red and blue flashing lights on her Jeep, which was hood-to-hood with the Kia. Jackson, who was fully reclined in the driver’s seat, popped up and put the car in drive. He rammed into the front of the ATF vehicle, then backed up and drove forward several times in an apparent attempt to escape, nearly striking another ATF agent on foot. However, the ATF agent pushed the Kia into the garage with her Jeep, immobilizing it. Jackson must pay restitution for the damage he caused to the government vehicle.

On the floorboard of the front’s driver’s seat where Jackson had been sitting, agents located a loaded AR-style 5.56-caliber pistol with no serial number and with an extended magazine, which contained 39 rounds of ammunition.

Under federal law, it is illegal for anyone who has been convicted of a felony to be in possession of any firearm or ammunition. Jackson has a prior felony conviction for first degree robbery.

This case was prosecuted by Assistant U.S. Attorney John C. Constance. It was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives.

Organized Crime and Drug Enforcement Task Force

This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

MIL Security OSI –

February 27, 2025

MIL-OSI Security: Former School District Employee Charged with Using AI Technology to Produce Sexual Abuse Images of Children in his Care, and Possession and Receipt of Child Pornography

Source: Office of United States Attorneys

MINNEAPOLIS – Defendant William Michael Haslach, 30, a former employee of Independent School District #622 (North St. Paul—Maplewood—Oakdale) and ISD #834 (Stillwater), has been charged with receipt and possession of child pornography as well as production of an obscene visual representation of child sexual abuse, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

According to court documents, defendant Haslach, of Maplewood, Minnesota, occupied several positions of trust with children. From August 2021 until January 2025, Haslach, 30, served as a lunch monitor and traffic guard for Independent School District #622 (North St. Paul—Maplewood—Oakdale). From 2021 through 2024, Haslach also served as a paraprofessional and later as a youth summer programs assistant for Independent School District #834 (Stillwater). Haslach used his access to children to take non-explicit photos of children in his care. Haslach then used those images to produce morphed/AI photos of those minors engaging in sexually explicit conduct. As detailed in the indictment, Haslach also possessed and received child pornography involving children that were abused by others.

“Prosecuting the predators who walk amongst us—in our neighborhoods, our communities, and particularly in our schools—will always be the top priority in the District of Minnesota,” said Acting U.S. Attorney Lisa D. Kirkpatrick. “My thoughts are with the many Minnesota parents who will be horrified to learn how Haslach used AI advances to victimize schoolchildren in his care. Rest assured, my office will prosecute this case to the fullest extent of the law.”

“Every child is entitled to a secure upbringing, and this case highlights the powerful collaboration among local, state, and federal law enforcement agencies in their mission to safeguard them,” said Special Agent in Charge Matthew Cybert, U.S. Secret Service – Minneapolis Field Office.

The federal indictment charges Haslach with five counts of receipt of child pornography, five counts of possession of child pornography, and one count of production of an obscene visual representation of child sexual abuse. Haslach made his initial appearance today in U.S. District Court before Judge Tony N. Leung. He was ordered to remain in custody pending a formal detention hearing on Monday, March 3, before Judge Douglas L. Micko.

Investigators believe there may be other victims relevant to this investigation. If your child has been in close contact with Haslach, and/or if you or your child is aware of Haslach taking a photo of your child, please contact the Minnesota BCA’s Tip Line at 651-793-2465 or email bca.tips@state.mn.us.
If you are a parent of a child that has at any point been under the care of Haslach, the U.S. Attorney’s Office has set up a website to provide you with resources and further information about this case:

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

This case is the result of an investigation conducted by the United States Secret Service, Minnesota Bureau of Criminal Apprehension, and the Maplewood Police Department.

Assistant U.S. Attorney Carla J. Baumel is prosecuting the case.

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

MIL Security OSI –

February 27, 2025

MIL-OSI Security: Jackson Man Sentenced to Three Years in Prison for Illegal Possession of a Machinegun

Source: Office of United States Attorneys

Jackson, Miss – A Jackson man was sentenced to 3 years in federal prison for illegal possession of a machinegun.

According to court documents, Johnny Ragsdale, 21, was found in possession of an illegal machinegun after an attempted traffic stop on a vehicle in Jackson. Ragsdale, the driver, failed to yield to law enforcement and led Capitol Police on a high-speed chase. The chase ended after Ragsdale collided with a train car on Mill Street. A Glock pistol was recovered from the vehicle, and a machinegun conversion device, also known as a switch, was attached to the pistol.

Ragsdale was indicted by a federal grand jury on February 21, 2024, for illegal possession of a machinegun. He pled guilty on October 24, 2024.

The U.S. Attorney’s Office has seen an increase in cases involving illegal firearm conversion devices, commonly known as “switches” or “auto sears,” which convert semi-automatic handguns into fully automatic weapons (i.e., machineguns) in a matter of seconds. The rapid fire of firearms converted to machineguns presents a significant danger in our community to both the public and law enforcement. According to a 2023 report by the Bureau of Alcohol Tobacco, Firearms and Explosives (ATF), there was a 570% increase in the number of machinegun conversion devices taken into ATF custody between 2017 and 2021.

Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi and Special Agent in Charge Robert Eikhoff of the Federal Bureau of Investigation made the announcement.

The case was investigated by the ATF and the Capitol Police Department.

Assistant U.S. Attorney Amber Jones prosecuted the case.

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

MIL Security OSI –

February 27, 2025

MIL-OSI Security: Drug Trafficker Sentenced to 15 Years After Agents Seize Over 15 Kilograms of Fentanyl and Six Firearms from Phoenix Residence

Source: Office of United States Attorneys

PHOENIX, Ariz. – Jefferson Alejandro Lopez Alcaraz, 45, of Phoenix, was sentenced on February 13, 2025, by United States District Judge John T. Tuchi to 180 months in prison followed by five years of supervised release, to run consecutive to the 60-month sentence Lopez Alcaraz is currently serving in CR-21-00451-TUC-JCH. Co-defendant, Jaime Solorio-Torres, was sentenced to 57 months in prison on March 20, 2023.

According to court documents, on February 1, 2022, the Drug Enforcement Administration was surveilling a residence in Phoenix when agents observed a Toyota Prius arrive and park on the street. Agents then observed Solorio-Torres exit the Prius carrying a white and blue cooler. He then met with Lopez Alcazar inside the residence before exiting with the cooler and placing it back inside the Prius. After Solorio-Torres drove away, agents stopped the Prius and found 6.5 kilograms of fentanyl pills inside the cooler.

Agents obtained a search warrant for the residence and seized approximately 9 kilograms of fentanyl pills, 248 grams of methamphetamine, approximately 239 grams of Xanax pills, 6.6 grams of cocaine, and $26,532 in U.S. currency, along with a drug ledger and cache of six firearms. Two of the firearms had been reported stolen at the time they were seized.

The Drug Enforcement Administration, Phoenix East Valley Drug Enforcement Task Force conducted the investigation in this case. Assistant U.S. Attorney Stuart J. Zander, District of Arizona, Phoenix, handled the prosecution.

CASE NUMBER: CR-22-00103-PHX-JJT
RELEASE NUMBER: 2025-023_Lopez Alcaraz

# # #

For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

MIL Security OSI –

February 27, 2025

MIL-OSI Security: Woman Previously Convicted of Fraud and Identity Theft Offenses Sentenced to Additional Prison Time for Violating Supervised Release Conditions

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that JESSICA STUART, 42, last residing in Thomaston, was sentenced today by U.S. District Judge Sarala V. Nagala in Hartford to 10 months of imprisonment for violating the conditions of her supervised release that followed convictions and prison term for health care fraud and identity theft offenses.

According to court documents and statements made in court, Stuart does not have a college degree, was not a Board Certified Behavior Analyst (BCBA) or licensed medical practitioner, and did not have any formal training in applied behavior analysis for Autism Spectrum Disorder (ASD). Between approximately May 2019 and September 2020, Helping Hands Academy, LLC, a Bridgeport-based provider of applied behavior analysis services to children diagnosed with ASD, paid Stuart at least $146,0000 and submitted to Medicaid numerous fraudulent claims for applied behavioral analysis services that Stuart performed but was not qualified to provide. Stuart stole the professional identity of a legitimate BCBA so she could impersonate a BCBA and make a BCBA’s salary. Stuart caused Medicaid to pay out on over 1,900 fraudulent claims related to 12 children with ASD. Medicaid suffered a loss of approximately $369,439 as a result of Stuart’s conduct.

Stuart pleaded guilty to one count of health care fraud and one count of using false identification in connection with health care fraud and, on October 15, 2021, was sentenced to 27 months of imprisonment and three years of supervised release, and was ordered to pay full restitution. She was released from federal prison in April 2023.

In January 2025, Stuart was arrested by Bristol Police for offenses related to her alleged misuse of a Supplemental Nutrition Assistance Program (SNAP) benefits card that belonged to a resident of the Bristol Adult Resource Center (BARC) where Stuart had been employed. BARC is an organization that provides services to individuals with intellectual and developmental disabilities that require full-time care. The investigation further revealed that Stuart had submitted weekly certifications for, and subsequently received, state unemployment benefits for nearly a month after she began working at BARC in June 2024. Stuart also failed to timely notify the U.S. Probation Office of her contact with Bristol Police.

Stuart has been detained in federal custody since January 23, 2025.

The original investigation was conducted by the U.S. Department of Health and Human Services Office of the Inspector General (HHS-OIG) and the Federal Bureau of Investigation. This case was prosecuted by Assistant U.S. Attorney David T. Huang.

MIL Security OSI –

February 27, 2025

MIL-OSI Security: Colorado Springs Man Sentenced to 27.5 Years In Federal Prison

Source: Office of United States Attorneys

DENVER – The United States Attorney’s Office for the District of Colorado announces that Jose Baeza, 41, of Colorado Springs, was sentenced to 330 months in federal prison after pleading guilty to one count of conspiring to distribute 50 grams or more of methamphetamine and 500 grams or more of a mixture and substance containing a detectable amount of methamphetamine, one count of distributing and possessing with the intent to distribute 40 grams or more of fentanyl, and one count of felon in possession of a firearm. Baeza also pleaded guilty to one count of murder in the second degree in Otero County Court.

According to the plea agreement, Baeza, also known as “Terco” shot a person in La Junta, Colorado, in March 2022, over a drug debt owed to the drug trafficking organization to which he belonged. The person Baeza shot died of a gunshot wound to the chest.

“Violent drug dealers have no place in our communities,” said Acting United States Attorney J. Bishop Grewell. “I am grateful to our partners for removing this dangerous criminal from our streets and placing him behind bars for many years to come.”

“I commend the work of DEA’s Colorado Springs Resident Office and our partners at the U.S. Attorney’s Office in the District of Colorado for bringing justice to Jose Baeza,” said DEA Rocky Mountain Field Division Special Agent in Charge Jonathan Pullen. “Those involved in drug trafficking and murder have no place in our society, and DEA will continue to be relentless in its pursuit of individuals and criminal organizations who break the laws of the United States.”

United States District Court Judge Daniel D. Domenico presided over the sentencing.

The Drug Enforcement Administration handled the investigation. Assistant United States Attorneys Alyssa Christine Mance and Talia Bucci handled the prosecution.

Case Number: 22-CR-00345

MIL Security OSI –

February 27, 2025

MIL-OSI: UPDATE — Helium 10 Ushers in a Bold New Era of AI-Powered Advertising for Sellers with Helium 10 Ads Powered by Pacvue

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Feb. 26, 2025 (GLOBE NEWSWIRE) — Helium 10, the leading provider of e-commerce marketplace research data and cutting-edge e-commerce solutions for sellers, brands and agencies, today announced the launch of Helium 10 Ads, an unprecedented fusion of the industry’s best search optimization insights and enterprise-grade ad technology, powered by Pacvue, the leading commerce acceleration platform approaching $20 billion in ad spend managed. The new solution combines Pacvue’s enterprise-grade advertising technology with Helium 10 to help sellers of all experience levels unlock smarter advertising at scale and drive greater profitability.

“In an industry where advertising is essential to stay ahead and every dollar matters, sellers and SMBs need tools they can trust without constant manual intervention,” said Zoe Lu, Senior Vice President of SMB at Pacvue. “Helium 10 Ads powered by Pacvue democratizes access to best-in-class AI advertising capabilities that automatically manage campaigns and optimize performance, so sellers can focus on what matters – growing their businesses. We’ve brought AI Advertising into Helium 10’s most popular plan at no additional cost for our Platinum customers, further lowering the barrier to entry for customers to quickly launch and scale advertising campaigns.”

With Helium 10 Ads, sellers can now:

Effortlessly launch ad campaigns in minutes: AI-driven automation takes the complexity out of running ads across the top e-commerce marketplaces. Sellers can simply choose the product, advertising cost of sales (ACoS) target and daily budget, and AI Advertising handles the rest.
Fine tune ad campaigns with flexible, granular control: Rules-based advertising offers over a dozen criteria and actions to choose from and automate for experienced sellers looking for more control over their campaigns.
Leverage industry-leading research data: Improve discoverability with intelligence that helps sellers rank, boost visibility and convert by ensuring customers can find products when they search for them using Helium 10’s best-in-class keyword research database.
Access built-in best practices: Automatically applied proven PPC strategies ensure campaigns run more effectively, delivering better results with less manual intervention.
Gain enterprise-level ad technology: E-commerce Sellers and SMBs can now tap into the same advertising engine used by Fortune 100 brands, enabling access to the latest cutting-edge technology and APIs, robust automation, AI advancements, retailer expansion and future innovation.

Helium 10 Ads has already delivered impressive results for sellers managing large volumes of SKUs. During beta testing, it enabled a seller to automate and streamline their campaigns, which resulted in a 20% reduction in ACoS while driving increased sales.

“Helium 10 processes over two billion data points every day and offers the most powerful research database spanning 450M+ products to drive retail readiness at every stage across product discovery, keyword research and listing optimization. And now, with Pacvue’s powerful AI ad technology, sellers can reach their target audience with greater precision, scale smarter and drive sustainable growth with ease,” said Alfred Wang, Director of Data and Product Solutions at Pacvue.

Pacvue is the first-to-market commerce platform integrating retail media, commerce management and measurement. Pacvue now works with over 70,000 brands and agencies across 95+ retailers worldwide including Amazon, Walmart, Target and Instacart. By combining Pacvue technology with Helium 10’s leading-edge research solutions, sellers are equipped with the competitive edge to compete at scale and increase profitability through automation.

For more information about Helium 10 Ads, please visit helium10.com.

About Pacvue
Pacvue is the leading commerce acceleration platform that integrates retail media, commerce management and measurement. The company’s first-to-market platform drives incrementality, profitability and market share for brands, while turning insights into actionable recommendations. Backed by a global team of experts, Pacvue works with over 70,000 brands and agencies across 95+ retailers worldwide including Amazon, Walmart, Target and Instacart. With the incorporation of Pacvue’s enterprise solution with Helium 10 for SMBs, Pacvue is now the most comprehensive commerce and retail media platform available in the market. Founded in 2018, their global presence includes locations in Seattle, New York, Los Angeles, Washington DC, London, Shanghai and Tokyo. For more information, visit www.pacvue.com.

About Helium 10
Helium 10 is the leading all-in-one software platform for brands, agencies and sellers, delivering accurate, data-driven solutions. From opportunity seekers to solopreneurs, to full-time sellers, enterprises, agencies, and everyone in between, Helium 10 champions entrepreneurship at all stages with the playbook to build, grow and scale a meaningful and steadfast e-commerce business.

The MIL Network –

February 27, 2025

MIL-OSI: Urgently Announces Capital Structure Improvements and Secures up to $20 Million in New Financing

Source: GlobeNewswire (MIL-OSI)

VIENNA, Va., Feb. 26, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that it has reached an agreement with its lenders resulting in significant capital structure improvements. Urgently has entered into a new credit agreement for an asset-based revolving credit facility for up to $20 million with MidCap Financial, which will be used to repay existing indebtedness to its first lien lenders and to help the Company advance its mission to transform the legacy roadside assistance market and to develop and define the new market for connected mobility assistance services for automotive, insurance, fleet, logistics, new mobility and technology transportation companies.

“We are pleased to have announced our new credit facility, as well as the repayment of a significant amount of debt to our existing lenders,” said Tim Huffmyer, Chief Financial Officer of Urgently. “The new debt facility will support the business as we continue to transform the legacy roadside assistance market and to develop new connected mobility assistance services on a global scale. We appreciate MidCap Financial’s partnership and relationship-oriented approach.”

Garrett Fletcher, President of Structured Finance at MidCap Financial, commented, “Urgently is a leading mobility services platform that utilizes technology to improve the consumer roadside experience. Given their continued improvement in financial performance, we are excited to partner with Urgently and support their ongoing efforts to capitalize and further strengthen their business.”

Certain funds managed by Highbridge Capital Management, LLC (“Highbridge”), Onex Credit and Whitebox Advisors have also agreed to forego the repayment of certain fees under the company’s second lien agreements in exchange for the issuance of 1,358,073 shares of Urgently’s common stock and an extension of its second lien term loans until July 31, 2026.

“We appreciate the support of Highbridge, Onex Credit and Whitebox Advisors as they extend their partnership with the Urgently team,” said Matt Booth, CEO of Urgently. “Their continued support is indicative of the confidence that exists among leading financial, automotive, mobility and strategic investors in the strong business we’ve built. These capital structure improvements will allow us to strengthen our commitment to our partners, service providers and consumers, as we continue to transform the market with our market-leading digital platforms, products and solutions.”

Chardan served as exclusive financial advisor to Urgently to support the transaction.

About Urgently

Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

For media and investment inquiries, please contact:

Press: media@geturgently.com

Investor Relations: investorrelations@geturgently.com

About MidCap Financial

MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of December 31, 2024, MidCap Financial provides administrative or other services for over $53 billion of commitments*. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $751 billion as of December 31, 2024, in credit, private equity and real assets funds.

For more information about MidCap Financial, please visit http://www.midcapfinancial.com.

For more information about Apollo, please visit http://www.apollo.com.

*Including commitments managed by MidCap Financial Services Capital Management LLC, a registered investment adviser, as reported under Item 5.F on Part 1 of its Form ADV

Forward-Looking Statements

This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s ability to successfully deploy the capital from the new debt facility and repay its new and existing debt facilities, are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 2024, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the SEC on November 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

The MIL Network –

February 27, 2025

MIL-OSI: Element Reports Fourth Quarter and Record 2024 Financial Results; Reaffirms Full-Year 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

Amounts in US$ unless otherwise noted

Record 2024 net revenue of $1.1 billion driving record adjusted operating income, adjusted earnings per share and adjusted free cash flow per share
Record performance in 2024 underpinned by an 18% year-over-year increase in services revenue, and a 9% year-over-year increase in net financing revenue associated with higher net earning assets
Strong performance allowed for acceleration of strategic investments to position us for future success while delivering full-year adjusted operating margins within guidance range
Robust client demand, strong and growing pipeline, and a high-recurring-revenue business model, combined with the benefits of investments made in 2024, to drive continued growth across key financial metrics
Reaffirming 2025 guidance for net revenue growth of 6.5 to 8.5%, positive adjusted operating leverage, and high single- to low double-digit growth in each of adjusted operating income, adjusted EPS, and adjusted free cash flow per share

TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended December 31, 2024 and record results for full-year 2024. The following table presents Element’s selected financial results.

	Q4 2024¹		Q3 2024¹		Q4 2023¹		QoQ	YoY	2024		2023		YoY
In US$ millions, except percentages and per share amount							%	%					%
Selected results – as reported
Net revenue	270.9		279.6		245.1		(3)%	11%	1,087.6		959.1		13%
Pre-tax income	121.4		134.0		103.4		(9)%	17%	513.6		448.9		14%
Pre-tax income margin	44.8	%	47.9	%	42.2	%	(310) bps	260 bps	47.2	%	46.8	%	40 bps
Earnings per share (EPS) [basic]	0.23		0.24		0.20		(1)%	3%	0.96		0.84		12%
EPS [basic] [$CAD]	*0.32*		0.33		0.27		(3)%	19%	*1.31*		1.13		16%
Adjusted results (excludes one-time strategic project costs in 2024)¹
Adjusted net revenue²	270.9		279.6		245.1		(3)%	11%	1,087.6		959.1		13%
Adjusted operating income (AOI)²	143.3		161.4		134.9		(11)%	6%	601.2		530.5		13%
Adjusted operating margin²	52.9	%	57.7	%	55.0	%	(480) bps	(210) bps	55.3	%	55.3	%	— bps
Adjusted EPS² [basic]	0.27		0.29		0.25		(7)%	8%	1.12		0.98		14%
Adjusted EPS²[basic] [$CAD]	*0.37*		0.40		0.33		(8)%	12%	*1.53*		1.32		16%
Other highlights:
Adjusted free cash flow per share²(FCF/sh)	0.30		0.36		0.29		(17)%	3%	1.38		1.24		11%
Adjusted² (FCF/sh) [$CAD]	*0.41*		0.49		0.40		(16)%	2%	*1.89*		1.67		13%
Originations	1,498		1,716		1,490		(13)%	1%	6,732		6,340		6%

Strategic project costs totaled $20 million, of which $14 million was incurred in 2023 and $6 million in 2024, These costs were, attributable to leasing initiatives in Ireland, and were $2 million below planned investment as previously communicated. These costs for the quarterly periods in the above table were as follows: Q4 2023 ($11 million), Q3 2024 ($2 million), and Nil in Q4 2024. Additionally, Q3 2024 also included $7 million in acquisition-related costs, including severance, in connection with the Autofleet transaction.
Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.

“In 2024, we continued to execute our global growth strategy that builds on our considerable business momentum, delivering record results and value to clients, team members, and our shareholders. At the core of our efforts is a digital-first mindset and an unwavering commitment to operational excellence and prioritizing client success,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “Our robust performance relative to our plan allowed us to accelerate strategic investments aimed at enhancing our client experience, modernizing operations through digitization and automation, and strengthening our teams and culture. We achieved this while delivering within our full-year adjusted operating margin guidance and exceeding other key financial metrics. With these investments, we are building a stronger, more agile, and more innovative foundation to lead in defining the future of mobility.

Dottori-Attanasio continued, “We expect expense growth to moderate considerably in 2025 as the acceleration and benefits of this year’s investments begin to materialize. By optimizing costs and driving operational efficiencies through digital innovation, our disciplined approach to strategic investing in the areas that are critical to client success positions us well to both deliver on our financial targets and sustain success well into the future.”

Net revenue growth

Element grew 2024 net revenue 13% over 2023 (“year-over-year”) to $1.1 billion led largely by double-digit services revenue growth and higher net financing revenue.

Q4 2024 net revenue increased $26 million or 11% on a year-over-year basis led largely by robust services revenue growth. Q4 2024 net revenue decreased $9 million or 3% from a record Q3 2024 led largely by lower net financing revenue, lower syndication revenue and seasonal factors impacting Gains on Sale (“GOS”). This was partly offset by higher services revenue quarter-over-quarter.

Service revenue

Element’s largely unlevered services revenue is the key pillar of its capital-light business model, which also improves the Company’s return on equity profile.

2024 services revenue increased a strong 18% year-over-year to $596 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients and higher origination volumes.

Q4 2024 services revenue grew a robust 25% year-over-year and 10% quarter-over-quarter driven primarily by higher penetration and utilization rates.

Net financing revenue

2024 net financing revenue grew $38 million or 9% year-over-year led largely by higher net earning assets resulting from higher originations across all geographies. This increase was partly offset by higher funding costs, including higher interest expense largely associated with financing the redemptions of our preferred shares (previously recorded below the AOI line). GOS was largely unchanged year-over-year, as increased volumes of vehicles for sale continue to mitigate used vehicle price normalization.

Q4 2024 net financing revenue increased $1 million or 1% year-over-year led largely by the same reasons cited in the full-year 2024 explanation above. This increase was partly offset by a year-over-year decrease in GOS, and higher funding costs. A higher volume of vehicles for sale was more than offset by a decrease in used vehicle pricing in Mexico and ANZ.

Q4 2024 net financing revenue decreased $13 million or 11% from Q3 2024. This quarter-over-quarter decrease was materially led by seasonal factors affecting GOS and for the same reasons cited directly above. Lower net earning assets and higher interest expense associated with financing the redemption of our preferred shares on September 30, 2024, and the impact of incremental debt due to the acquisition of Autofleet also contributed to the decrease.

Syndication volume

The Company syndicated a record $3.5 billion of assets in 2024, an increase of $984 million or 40% from 2023, and $1.0 billion in Q4 2024 – $330 million or 47% higher than Q4 2023. This growth was largely associated with higher origination volume, the Company’s ongoing focus on its capital lighter model, and management of its tangible leverage. Overall, investor demand remains robust.

2024 syndication revenue decreased $3 million or 6% year-over-year led largely by the bulk syndication of a Canadian lease portfolio in December 2024 (the “Bulk Sale”) in the amount of $346 million (CAD$474 million). This Bulk Sale further diversified our funding sources. Initial sale and setup costs impacted yields. Yields were further impacted by the Company’s syndication mix and scheduled reduction in bonus depreciation driving lower net yields. Gross yield, which is a measure of the value and demand for our core syndication product, was relatively unchanged from 2023. For further information on the Bulk Sale, please refer to the Element announces new strategic funding relationship section in this press release.

Q4 2024 syndication revenue decreased $7 million or 55% year-over-year for the same reasons cited above for the full year 2024, and $11 million or 64% quarter-over-quarter largely due to lower net yields and setup costs associated with the sale of the Canadian portfolio.

Adjusted operating income and adjusted operating margins

AOI was a record $601 million in 2024, an increase of $71 million or 13% year-over-year. This resulted in adjusted EPS of $1.12 in 2024, which is a 14% increase year-over-year. 2024 adjusted operating margin was 55.3%, unchanged from last year and at the mid-point of the Company’s revised 2024 guidance range between 55.0 to 55.5%. Excluding Autofleet, adjusted operating margins would have expanded 30 basis points year-over-year to 55.6%.

Q4 2024 AOI was $143 million, an increase of $8 million or 6% year-over-year. Q4 2024 adjusted operating margin was 52.9% influenced by accelerated strategic investments, seasonal factors impacting GOS, $3 million in Autofleet operating costs, and the impact of the bulk sale of a portfolio of Canadian leases, which the Company believes will benefit 2025 and beyond. Excluding Autofleet, Q4 2024 adjusted operating margin was 54.1%.

Q4 2024 AOI decreased $18 million or 11% quarter-over-quarter led largely by the same reasons cited in the preceding paragraph.

Originations

Element originated $6.7 billion of assets in 2024, which is a $392 million or 6% increase year-over-year led by growth across all regions.

Q4 2024 originations of $1.5 billion increased $8 million or 1% year-over-year; however, originations decreased $218 million or 13% quarter-over-quarter led largely by seasonal factors including historically slower client order volume during the summer months.

Order volumes increased significantly in the last four months of 2024, reaching a record monthly high in December. This momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, is expected to drive solid origination volumes in the first half of 2025.

The table below sets out the geographic distribution of Element’s originations for 2024 and 2023:

(in US$000’s for stated values)	December 31, 2024			December 31, 2023
	$	%		$	%
United States and Canada	5,206,339	77.34	%	4,850,411	76.50	%
Mexico	1,035,249	15.38	%	1,028,165	16.22	%
Australia and New Zealand	489,960	7.28	%	461,451	7.28	%
Total	6,731,548	100.00	%	6,340,027	100.00	%

Adjusted free cash flow per share and returns to shareholders

On an adjusted basis, Element generated $1.38 of adjusted free cash flow (“FCF”) per share in 2024; up 11% year-over-year driven by growth in net revenues and higher originations, while investing approximately $77 million in total capital investments during the year. In Q4 2024, Element accelerated approximately $47 million of tax payments to the Australian Tax Office relating to the 2025 to 2027 taxation years. The tax payments relate to cash tax timing benefits received due to temporary accelerated depreciation available during the pandemic, effectively providing the Company with a tax deferral. The accelerated payment allows for future adjusted free cash flow to better represent the cash taxes that would be paid in the normal course of operations during those future years. This acceleration of Australian cash taxes is excluded from adjusted free cash flow per share.

Element returned $336 million of cash to shareholders through common share dividends, common share buybacks and preferred share redemptions in 2024.

Common dividend and share repurchases

On February 26, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the first quarter of 2025. The dividend will be payable on April 15, 2025 to shareholders of record as at the close of business on March 31, 2025.

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

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

During 2024, the Company purchased 630,657 Common Shares for cancellation under its normal course issuer bids, for an aggregate amount of approximately $11 million at a volume weighted average price of CAD$23.77 per Common Share. During Q4 2024, the Company purchased 175,357 Common Shares under its NCIB, for cancellation, for an aggregate amount of approximately $4 million at a volume weighted average price of CAD$28.51 per Common Share. During January and February 2025, the Company purchased 1.1 million Common Shares under its latest NCIB, for cancellation, for an aggregate amount of approximately $22 million at a volume weighted average price of CAD $28.75 per Common Share.

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

Preparing Element for the future

In 2024, Element was purposeful in accelerating strategic investments in support of future growth. The Company prioritized initiatives that elevate the client experience, modernize operations through digitization and automation, strengthen its teams and culture, and emphasized these efforts through the acquisition of Autofleet. While pursuing these strategic advancements, the Company exercised operational discipline to ensure that financial targets were achieved, maintaining operating margins within its 2024 guidance range of 55.0 to 55.5%. The Company expects expense growth to moderate considerably in 2025 as the benefits of these investments begin to materialize.

Notable achievements include:

Centralizing accountability for its U.S. and Canadian leasing operations in Ireland and establishing a strategic sourcing presence in Singapore, with these initiatives expected to generate between $30 – $45 million of run-rate net revenue, and between $22 – $37 million of run-rate adjusted operating income (“AOI”), by full-year 2028. Both units are fully operational with an expected payback period from the Company’s investments at less than 2.5 years.
Acquiring Autofleet’s robust and highly scalable fleet optimization technology platform to substantially accelerate its digitization and automation initiatives, enhance the client experience and accelerate operational scalability, unlocking new growth and value creation potential. The integration of Autofleet will enhance the Company’s position in the evolving mobility and vehicle connectivity landscape. Priorities include developing a Digital Driver Experience app, building a digital client reporting portal, and gradually migrating Element’s applications to Autofleet’s cloud and AI-based platform.
Launching an Acceleration Office, to fast-track and prioritize strategic initiatives like our holistic digital and data analytics transformation, and our expansion into both Insurance and the Small-to Medium-Sized Fleets space.
In January 2025, the Company expanded beyond its core by announcing a new Insurance Risk solution – a fully integrated insurance and risk management offering. This new service, launched in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. The new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

Guidance

Full-year 2024 Guidance

Element delivered full-year 2024 results within or above the high end of its previously provided guidance ranges on key metrics, with the exception of originations. The following table highlights our full-year 2024 guidance (as was updated alongside its Q2 2024 results release) compared to the full-year 2024 results.

In US$, except per share amounts	Full-year 2024 Guidance	Full-year 2024 Actuals
Net revenue	$1.060 – $1.080 billion	$1.088 billion
YoY Growth	11-13 %	13%
Adjusted operating margin¹	55.0% – 55.5%	55.3%
Adjusted operating income	$575 – 595 million	$601 million
YoY Growth	8-12 %	13%
Adjusted EPS [basic]	$1.07 – $1.11	$1.12
YoY Growth	9-13 %	14%
Adjusted free cash flow per share	$1.32 – 1.36	1.38
YoY Growth	6-10 %	11%
Originations	$7.0 – 7.4 billion	$6.7 billion
YoY Growth	11-17 %	6%

1. Excluding Autofleet, adjusted operating margin was 55.6% in 2024; representing adjusting operating margin expansion of 30 basis points year-over-year.

Certain year-over-year growth amounts shown in this table may not calculate exactly due to rounding.

Full-year 2025 Guidance

The Company expects to see continued growth in its client base and net revenue, driven by the ongoing transition to self-managed fleets and robust demand for its services and solutions. Strong order volumes over the last four months of 2024, bolstered by enhancements made through our U.S. and Canada leasing initiative in Ireland, is expected to drive solid originations volume in the first half of 2025. Originations are preceded by vehicle orders, which are binding commitments by clients to lease or purchase vehicles from Element.

Element is committed to generating positive operating leverage in 2025, and expects to begin realizing the benefits of the investments undertaken in 2024.

In US$, except per share amounts	Full-year 2025 Initial Guidance	Full-year 2025 Guidance
Net revenue	6.5 – 8.5%	$1.160 – $1.185 billion
Adjusted operating income	High-single to low-double digit	$645 – $670 million
Adjusted operating margins		55.5 – 56.5%
Adjusted EPS [basic]	High-single to low-double digit	$1.20 – $1.25
Adjusted free cash flow per share	High-single to low-double digit	$1.48- $1.53
Originations	Low- to mid-single digit	$6.9 – $7.1 billion

The Company’s guidance for 2025 incorporates the effects of several anticipated revenue headwinds, including the depreciation of the Mexican Peso (the Company has assumed an MXN-to-USD exchange rate of 20.5:1), higher interest expenses due to increased local Peso funding in 2025, and financing the redemption of the preferred shares. In addition, the scheduled reduction in bonus depreciation in the U.S. is likely to impact syndication yields. We also anticipate that our 2025 effective tax rate will average between 24.5% to 26.5%.

The above ranges are prior to any further material foreign exchange fluctuations, and any adverse impact related to changes in the trade agreements between the U.S., Mexico, and Canada.

Simplified capital structure

To further optimize the Company’s balance sheet and simplify its capital structure, the Company redeemed the following during 2024: (1) all of its 5,126,400 issued and outstanding 6.21% Cumulative 5-Year Rate Reset Preferred Shares Series C (the “Series C Shares”) on June 20, 2024, at a price of CAD$25.00 per Series C Share for an aggregate total amount of approximately US$91.2 million; (2) all of its 5,321,900 issued and outstanding 5.903% Cumulative 5-Year Rate Reset Preferred Shares Series E (the “Series E Shares”) on September 30, 2024, at a price of CAD$25.00 per Series E Share for an aggregate amount of US$95 million approximately; and (3) all of its remaining outstanding 4.25% Convertible Unsecured Subordinated Debentures due June 30, 2024 for consideration of approximately 14.6 million Common Shares, issued from Treasury and delivered to beneficial holders.

Following the redemption of its Series E preferred shares, the Company no longer has any preferred shares outstanding.

As at December 31, 2024, total Common Shares issued and outstanding were 404.5 million.

Element announces new strategic funding relationship

In December 2024, Element established a new strategic funding relationship with affiliates of Blackstone’s Infrastructure & Asset-Based Credit Group (“Blackstone”) involving a portfolio of Canadian fleet lease receivables valued at approximately $346 million (CAD$474 million). This initial transaction, which took place on December 20, 2024, has characteristics similar to that of a bulk syndication. Through this arrangement Element benefits from substantial derecognition of these finance lease receivables, diversifying and optimizing its funding profile, validating the high-quality of its asset origination platform, and supporting the Company’s continued growth.

This transaction further assists in diversifying the Company’s funding sources, reducing leverage and driving our capital lighter model. However, due to the initial sale, overall yield was negatively impacted by setup costs. These costs are not expected to recur in future transactions. Consequently, the Company expects higher syndication yields in 2025, while also benefiting from the derecognition of finance lease receivables that similar transactions would offer.

Transitioning to debt-to-capital vs. tangible leverage ratio (“TLR”)

In Q4 2024, in collaboration with its partners, the Company changed its banking covenants from TLR to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. Commencing in Q4 2024, the Company will prioritize the reporting and management of debt-to-capital metrics, though TLR will be still disclosed this quarter for consistency. The bank covenants are set at 80% of debt-to-capital, and the Company targets a range between 73% to 77%. The Company remains committed to maintaining a strong investment grade balance sheet and will continue to monitor TLR as a key internal metric, but it will be of reduced importance as an operating constraint.

At December 31, 2024, the Company’s debt-to-capital ratio was 74.1% (December 31, 2023 72%) and its TLR was 7.56:1 (December 31, 2023 5.99:1).

Conference call and webcast

A conference call to discuss these results will be held on Thursday, February 27, 2025 at 8:00 a.m. Eastern Time.

The conference call and webcast can be accessed as follows:

A taped recording of the conference call may be accessed through March 27, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 3917835.

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

The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at December 31, 2024 and December 31, 2023, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended December 31, 2024 and December 31, 2023.

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

		As at and for the three-month period ended									For the year ended
(in US$000’s except ratios and per share amounts or unless otherwise noted)		December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023

Key annualized operating ratios

Leverage ratios
Financial leverage ratio	P/(P+R)		74.1	%		74.3	%		72.4	%		74.1	%		72.4	%
Tangible leverage ratio	P/ (R-K)		7.56			7.00			5.98			7.56			5.99
Average financial leverage ratio	Q/(Q+V)		75.0	%		75.1	%		72.6	%		74.7	%		71.6	%
Average tangible leverage ratio	Q/(V-L)		7.60			6.80			5.75			6.72			5.53

Other key operating ratios
Allowance for credit losses as a % of total finance receivables before allowance	F/E		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Adjusted operating income on average net earning assets	B/J		7.31	%		8.01	%		7.20	%		7.53	%		7.57	%
Adjusted operating income on average tangible total equity of Element	D/(V-L)		39.34	%		37.91	%		29.34	%		35.76	%		30.08	%

Per share information
Number of shares outstanding	W		404,502			403,609			389,169			404,502			389,169
Weighted average number of shares outstanding [basic]	X		404,578			403,609			389,115			396,880			390,297
Pro forma diluted average number of shares outstanding	Y		404,726			403,768			404,068			404,164			405,242
Cumulative preferred share dividends during the period	Z		—			1,434			4,418			7,222			17,625
Other effects of dilution on an adjusted operating income basis	AA	$	—		$	0		$	1,184		$	2,412		$	4,859
Net income per share [basic]	(A-Z)/X	$	0.23		$	0.24		$	0.20		$	0.96		$	0.84
Net income per share [diluted]		$	0.23		$	0.24		$	0.19		$	0.95		$	0.82

Adjusted EPS [basic]	(D1)/X	$	0.27		$	0.29		$	0.25		$	1.12		$	0.99
Adjusted EPS [diluted]	(D1+AA)/Y	$	0.27		$	0.29		$	0.24		$	1.10		$	0.96

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

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

	For the three-month period ended									For the year ended
(in US$000’s except per share amounts or unless otherwise noted)	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Reported results	US$			US$			US$			US$			US$
Services income, net		161,461			146,903			129,657			595,540			502,659
Net financing revenue		103,453			116,090			102,211			449,130			410,853
Syndication revenue, net		5,976			16,643			13,261			42,890			45,587
Net revenue		270,890			279,636			245,129			1,087,560			959,099
Operating expenses		141,234			139,367			134,085			544,681			481,749
Operating income		129,656			140,269			111,044			542,879			477,350
Operating margin		47.9	%		50.2	%		45.3	%		49.9	%		49.8	%
Total expenses		149,463			145,669			141,716			574,003			510,153
Income before income taxes		121,427			133,967			103,413			513,557			448,946
Net income		92,057			98,565			81,567			387,137			345,599
EPS [basic]	$	0.23		$	0.24		$	0.20		$	0.96		$	0.84
EPS [diluted]	$	0.23		$	0.24		$	0.19		$	0.95		$	0.82
Adjusting items
Impact of adjusting items on operating expenses:
Strategic initiatives costs – Salaries, wages, and benefits		—			4,633			5,329			5,593			5,329
Strategic initiatives costs – General and administrative expenses		—			4,283			5,437			7,806			8,342
Share-based compensation		13,687			12,242			12,346			43,435			36,429
Amortization of convertible debenture discount		—			—			772			1,517			3,038
Total impact of adjusting items on operating expenses		13,687			21,158			23,884			58,351			53,138
Total pre-tax impact of adjusting items		13,687			21,158			23,884			58,351			53,138
Total after-tax impact of adjusting items		10,265			15,667			17,667			43,763			27,478
Total impact of adjusting items on EPS [basic]		0.03			0.04			0.05			0.11			0.07
Total impact of adjusting items on EPS [diluted]		0.03			0.04			0.04			0.11			0.06

	For the three-month period ended									For the year ended
(in US$000’s except per share amounts or unless otherwise noted)	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Adjusted results	US$			US$			US$			US$			US$
Adjusted net revenue		270,890			279,636			245,129			1,087,560			959,099
Adjusted operating expenses		127,547			118,209			110,201			486,330			428,611
Adjusted operating income		143,343			161,427			134,928			601,230			530,488
Adjusted operating margin		52.9	%		57.7	%		55.0	%		55.3	%		55.3	%
Provision for income taxes		29,370			35,402			21,846			126,420			103,347
Adjustments:
Pre-tax income		5,481			6,213			8,184			22,465			21,153
Foreign tax rate differential and other		985			275			5,092			1,474			5,607
Provision for taxes applicable to adjusted results		35,836			41,890			35,122			150,359			130,107
Adjusted net income		107,507			119,537			99,806			450,871			400,381
Adjusted EPS [basic]	$	0.27		$	0.29		$	0.25		$	1.12		$	0.98
Adjusted EPS [diluted]	$	0.27		$	0.29		$	0.24		$	1.10		$	0.96

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

Selected statement of financial position amounts		For the three-month period ended						For the year ended
(in US$000’s unless otherwise noted)		December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024		December 31, 2023
		US$		US$		US$		US$		US$
Total Finance receivables, before allowance for credit losses	E	7,576,386		7,612,881		7,225,093		7,576,386		7,225,093
Allowance for credit losses	F	6,168		6,069		5,539		6,168		5,539
Net investment in finance receivable	G	4,968,294		5,251,679		4,964,175		4,968,294		4,964,175
Equipment under operating leases	H	2,435,430		2,537,369		2,646,158		2,435,430		2,646,158
Net earning assets	I=G+H	7,403,724		7,789,048		7,610,333		7,403,724		7,610,333
Average net earning assets	J	7,848,023		8,059,992		7,494,361		7,980,144		7,008,655
Goodwill and intangible assets	K	1,672,701		1,581,560		1,596,323		1,672,701		1,596,323
Average goodwill and intangible assets	L	1,675,336		1,581,776		1,589,182		1,607,766		1,590,290
Borrowings	M	8,463,789		8,472,130		8,018,132		8,463,789		8,018,132
Unsecured convertible debentures	N	—		—		127,816		—		127,816
Less: continuing involvement liability	O	(132,683	)	(125,225	)	(81,851	)	(132,683	)	(81,851	)
Total debt	P=M+N-O	8,331,106		8,346,905		8,064,097		8,331,106		8,064,097
Cash and restricted funds	P₁	408,621		337,247		350,637		408,621		350,637
Total net debt	P₂ = P-P₁	7,922,485		8,009,658		7,713,460		7,922,485		7,713,460
Average debt	Q	8,313,527		8,582,383		7,829,218		8,473,105		7,361,960
Total shareholders’ equity	R	2,774,315		2,774,502		2,943,828		2,774,315		2,943,828
Preferred shares	S	—		—		181,077		—		181,077
Common shareholders’ equity	T=R-S	2,774,315		2,774,502		2,762,751		2,774,315		2,762,751
Average common shareholders’ equity	U	2,768,504		2,781,421		2,713,843		2,770,044		2,664,760
Average total shareholders’ equity	V	2,768,504		2,843,024		2,949,789		2,868,593		2,921,281

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

Adjusted operating expenses

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

	For the three-month period ended				For the year ended
(in US$000’s except per share amounts or unless otherwise noted)	December 31, 2024	September 30, 2024		December 31, 2023	December 31, 2024	December 31, 2023
	US$	US$		US$	US$	US$
Reported Expenses	149,463	145,669		141,716	574,003	510,153
Less:
Amortization of intangible assets from acquisitions	7,819	6,970		6,971	28,734	27,912
Loss (gain) on investments	410	(668	)	660	588	492
Operating expenses	141,234	139,367		134,085	544,681	481,749
Less:
Amortization of convertible debenture discount	—	—		772	1,517	3,038
Share-based compensation	13,687	12,242		12,346	43,435	36,429
Strategic initiatives costs – Salaries, wages and benefits	—	4,633		5,329	5,593	5,329
Strategic initiatives costs – General and administrative expenses	—	4,283		5,437	7,806	8,342
Total adjustments	13,687	21,158		23,884	58,351	53,138
Adjusted operating expenses	127,547	118,209		110,201	486,330	428,611

Adjusted operating income or Pre-tax adjusted operating income

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

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

	For the three-month period ended				For the year ended
(in US$000’s except per share amounts or unless otherwise noted)	December 31, 2024	September 30, 2024		December 31, 2023	December 31, 2024	December 31, 2023
	US$	US$		US$	US$	US$
Income before income taxes	121,427	133,967		103,413	513,557	448,946
Adjustments:
Amortization of convertible debenture discount	—	—		772	1,517	3,038
Share-based compensation	13,687	12,242		12,346	43,435	36,429
Amortization of intangible assets from acquisition	7,819	6,970		6,971	28,734	27,912
Loss (gain) on investments	410	(668	)	660	588	492
Adjusting Items:
Strategic initiatives costs – Salaries, wages and benefits	—	4,633		5,329	5,593	5,329
Strategic initiatives costs – General and administrative expenses	—	4,283		5,437	7,806	8,342
Total pre-tax impact of adjusting items	—	8,916		10,766	13,399	13,671
Adjusted operating income	143,343	161,427		134,928	601,230	530,488

Adjusted operating margin

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

After-tax adjusted operating income

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

Adjusted net income

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

	For the three-month period ended						For the year ended
(in US$000’s except per share amounts or unless otherwise noted)	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	US$		US$		US$		US$		US$
Net income	92,057		98,565		81,567		387,137		345,599
Amortization of convertible debenture discount	—		—		772		1,517		3,038
Share-based compensation	13,687		12,242		12,346		43,435		36,429
Amortization of intangible assets from acquisition	7,819		6,970		6,971		28,734		27,912
Loss (gain) on investments	410		(668	)	660		588		492
Strategic initiatives costs – Salaries, wages and benefits	—		4,633		5,329		5,593		5,329
Strategic initiatives costs – General and administrative expenses	—		4,283		5,437		7,806		8,342
Provision for income taxes	29,370		35,402		21,846		126,420		103,347
Provision for taxes applicable to adjusted results	(35,836	)	(41,890	)	(35,122	)	(150,359	)	(130,107	)
Adjusted net income	107,507		119,537		99,806		450,871		400,381

After-tax adjusted operating income attributable to common shareholders

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

About Element Fleet Management

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

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

The MIL Network –

February 27, 2025

MIL-OSI: Kneat Achieves Record Revenue for Fourth Quarter and Full Year 2024

Source: GlobeNewswire (MIL-OSI)

LIMERICK, Ireland, Feb. 26, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three- and twelve-month periods ended December 31, 2024. All dollar amounts are presented in Canadian dollars unless otherwise stated.

Total revenue reaches $13.7 million in the fourth quarter, an increase of 40% year over year
Fourth-quarter gross profit grew 48% year over year to $10.4 million
Annual Recurring Revenue (ARR)¹ at December 31, 2024, reaches $59.7 million, an increase of 60% year over year

“Our sustained revenue growth, expanding margins and solid traction across all areas of Validation demonstrate the durability of our business model. With companies throughout the Life Sciences adopting new technologies to drive business value, Validation’s transition to digital is set to continue, with Kneat leading the way.”

– said Eddie Ryan, Chief Executive Officer of Kneat.

Q4 2024 Highlights

Total revenues increased 40% to $13.7 million in the fourth quarter of 2024, compared to $9.8 million for the fourth quarter of 2023.
SaaS revenue for the fourth quarter of 2024 grew 41% to $12.5 million, versus $8.9 million for the fourth quarter of 2023.
Fourth-quarter 2024 gross profit was $10.4 million, up 48% from $7.0 million (adjusted)² in gross profit for the fourth quarter of 2023.
Gross margin in the fourth quarter of 2024 was 75%, compared to 71% (adjusted)² for the fourth quarter of 2023.
EBITDA³ in the fourth quarter of 2024 was $1.1 million, compared with ($0.1) million (adjusted)² for the fourth quarter of 2023.
Adjusted EBITDA³ in the fourth quarter of 2024 was $2.6 million, compared with ($0.3) million (adjusted)² for the fourth quarter of 2023.
Total ARR¹, which includes SaaS license and recurring maintenance fees, was $59.7 million at December 31, 2024, an increase of 60% from $37.4 million at December 31, 2023.
SaaS ARR¹, the proportion of ARR attributable to SaaS licenses, was $59.6 million at December 31, 2024, an increase of 60% from $37.3 million at December 31, 2023.

Full Year 2024 Highlights

Total revenues for the full year 2024 increased 43% to $48.9 million, compared to $34.2 million for 2023.
SaaS revenue grew 48%, reaching $44.6 million for the full year 2024, versus $30.1 million for 2023.
Full-year 2024 gross profit was $36.8 million, an increase of 59% compared to $23.1 million (adjusted)² for the full year 2023.
Gross margin for the full year 2024 was 75%, compared to 68% (adjusted)² for all of 2023.
EBITDA³ for the full year 2024 was $5.6 million, compared with ($5.7) million (adjusted)² for all of 2023.
Adjusted EBITDA³ for the full year 2024 was $7.0 million, compared with ($3.2) million (adjusted)² for all of 2023.
Net Revenue Retention Rate (NRR)¹, which reflects the expansion of ARR by customers on the platform at the start of 2024 over the course of the year, was 151% for the year ended December 31, 2024.

2024 Business Highlights

Over the course of 2024, Kneat announced the addition of five large strategic customers, including a consumer products company; a critical care company; pharmaceutical company; a contract development and manufacturing organization; and a medical device maker.
In 2024, Kneat formalized its partner program further, exceeded its goal of new partner additions, and welcomed two large strategic partners, Körber and ALTEN Group, which plan to leverage Kneat Gx to digitize their own processes as well as those of their customers.
Throughout 2024, a number of business functions within Kneat leveraged AI tools to enhance productivity, including Customer Success, Support and R&D. Concurrently, our product team have been evaluating the potential for AI to enhance the efficiency of the Kneat Gx platform, and we expect to incorporate some AI capabilities into it this year.
Kneat completed two equity financings in 2024, in February and October. In total, 13,653,880 common shares of the Company were sold for aggregate gross proceeds of $55,625,110.
For the fourth consecutive year, Kneat was recognized as one of Ireland’s fastest-growing technology companies. At the 2024 Deloitte Technology Fast 50 Awards, which ranks the 50 fastest-growing technology companies across Ireland, Kneat was also honoured with the 2024 Scale Ireland award for global expansion.

Kneat’s business momentum continues into 2025:

In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat to digitize its validation processes.
In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.

“We expected 2024 to be a year of material progress toward profitability, and it was. Gross profit grew at almost four times the rate of operating expense in 2024 as our land and expand strategy continued to deliver. We enter 2025 with a solid balance sheet and well-positioned to invest in ways that best serve the needs of companies looking to modernize their data-intensive work processes.”

– said Hugh Kavanagh, Chief Financial Officer of Kneat.

_______________
¹ ARR, SaaS ARR, and NRR are supplementary measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.
² The Company has adjusted the comparative consolidated financial information for immaterial errors related to the accounting for share-based compensation. Refer to note 21 to the audited consolidated financial statements for the year ended December 31, 2024 for further details.
³ EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

Quarterly Conference Call

Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s fourth-quarter and full-year 2024 results and hold a Q&A session for analysts and investors via webcast on February 27, 2025, at 9:00 a.m. ET.

Interested parties can register for the live webcast via the following link:

Register Here

Supplementary and Non-IFRS Financial Measures

The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

Annual Recurring Revenue (“ARR”)

ARR is used by Kneat to assess the expected recurring annual revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated as the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

Software-as-a-Service Annual Recurring Revenue (“SaaS ARR”)

SaaS ARR is a component of ARR that is used by Kneat to assess the expected recurring revenues exclusively from license subscriptions to the Kneat Gx platform at the end of the period. SaaS ARR is calculated as the SaaS licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed SaaS license fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

Net Revenue Retention Rate (“NRR”)

We believe that our Net Revenue Retention Rate is a key measure to provide insight into the long-term value of our customers and our ability to retain and expand revenue from our customer base over time. Our Net Revenue Retention Rate is calculated over a trailing twelve-month period by considering the cohort of customers on our platform as of the beginning of the period and dividing the ARR attributable to this group of customers at the end of the period by the ARR at the beginning of the period. By implication, this ratio excludes any ARR from new customers acquired during the period but includes revenue changes for this cohort base of customers during the period being measured. This measure provides insight into customer expansions, downgrades, and churn, and illustrates the level of scaling by those customers.

Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange loss (gain), and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

About Kneat

Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit www.kneat.com.

Cautionary and Forward-Looking Statements

Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated February 26, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

For further information:

Katie Keita, Kneat Investor Relations
P: + 1 902-706-9074
E: katie.keita@kneat.com

kneat.com, inc.
Consolidated Statements of Loss and Comprehensive Loss
(expressed in Canadian dollars)

	Three-month period ended						Year ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
				(Adjusted)						(Adjusted)
Revenue
SaaS License fees		12,537,109			8,922,491			44,569,846			30,066,905
On-premise license fees		–			–			–			436,126
Maintenance fees		123,667			46,819			322,335			277,199
Professional services and other		1,072,835			844,689			4,046,238			3,443,178
Total Revenue		13,733,611			9,813,999			48,938,419			34,223,408

Cost of Revenue		(3,372,387	)		(2,811,181	)		(12,179,880	)		(11,091,576	)
Gross Profit		10,361,224			7,002,818			36,758,539			23,131,832
Gross Margin		75	%		71	%		75	%		68	%

Expenses
Research and development		(4,545,776	)		(3,733,887	)		(17,268,722	)		(15,387,726	)
Sales and marketing		(4,828,335	)		(4,500,992	)		(17,163,189	)		(14,266,739	)
General and administrative		(1,823,992	)		(1,925,415	)		(8,273,995	)		(7,411,540	)
Total Expenses		(11,198,103	)		(10,160,294	)		(42,705,906	)		(37,066,005	)

Operating Loss		(836,879	)		(3,157,476	)		(5,947,367	)		(13,934,173	)

Finance Expense		(1,034,424	)		(629,794	)		(3,665,098	)		(1,081,853	)
Interest income		298,308			621			678,388			6,635
Foreign exchange loss/(gain)		(828,354	)		1,083,675			1,399,547			545,776

Income (loss) before income taxes		(2,401,349	)		(2,702,974	)		(7,534,530	)		(14,463,615	)
Income tax expense		(61,907	)		(47,342	)		(192,598	)		(55,891	)

Net loss for period		(2,463,256	)		(2,750,316	)		(7,727,128	)		(14,519,506	)

Other comprehensive loss
Foreign currency translation adjustment to presentation currency		411,921			750,382			(995,322	)		(263,950	)

Comprehensive loss for the period		(2,051,335	)		(1,999,934	)		(8,722,450	)		(14,783,456	)

Loss per share – Basic and diluted	$	(0.03	)	$	(0.04	)	$	(0.09	)	$	(0.19	)

Weighted Average Number of Common Shares Outstanding – Basic and diluted		93,005,493			78,093,350			86,545,119			77,833,268

Reconciliation:
Total income (loss) for the period		(2,463,256	)		(2,750,316	)		(7,727,128	)		(14,519,506	)
Interest expense		863,766			629,794			3,494,441			1,081,853
Interest income		(298,308	)		(621	)		(678,388	)		(6,635	)
Income taxes		61,907			47,342			192,598			55,891
Depreciation expense		174,751			192,038			745,639			786,085
Amortization expense		2,791,627			1,803,172			9,560,000			6,889,552
EBITDA		1,130,487			(78,591	)		5,587,162			(5,712,760	)

Adjustments to EBITDA
Foreign exchange (gain) loss		828,354			(1,083,675	)		(1,399,547	)		(545,776	)
Stock-based compensation expense		669,201			834,569			2,785,906			3,049,967
Adjusted EBITDA		2,628,042			(327,697	)		6,973,521			(3,208,569	)

kneat.com, inc.
Consolidated Statements of Financial Position
(expressed in Canadian dollars)

	December 31,		December 31,
	2024		2023
			(Adjusted)
Assets

Current assets
Cash		58,889,572		15,252,526
Amounts receivable		18,377,009		11,601,558
Prepayments		1,870,095		1,138,382
		79,136,676		27,992,466
Non-current assets
Amounts receivable		2,368,006		1,650,795
Property and equipment		6,782,179		7,209,953
Intangible assets		36,290,869		29,005,092

Total Assets		124,577,730		65,858,306

Liabilities

Current liabilities
Accounts payable and accrued liabilities		8,580,104		7,874,332
Contract liabilities		21,631,416		13,647,071
Loan payable and accrued interest		4,116,723		–
Lease liabilities		434,096		535,832
		34,762,339		22,057,235
Non-current liabilities
Contract liabilities		33,393		41,084
Lease liabilities		5,671,952		5,976,380
Loan payable and accrued interest		19,038,203		21,657,423

Total Liabilities		59,505,887		49,732,122

Equity
Shareholders’ equity		65,071,843		16,126,184

Total Liabilities and Equity		124,577,730		65,858,306

kneat.com, inc.
Consolidated Statement of Cash Flows
(expressed in Canadian dollars)
For the years ended

	December 31,			December 31,
		2024			2023
				(Adjusted)
Operating activities
Net loss for the year		(7,727,128	)		(14,519,506	)
Charges to loss not involving cash:
Depreciation of property and equipment		745,639			786,085
Share-based compensation		3,825,512			3,998,749
Interest Expense		3,494,441			1,081,853
Tax expense		192,598			55,891
Amortization of the intangible asset		9,389,343			6,828,213
Amortization of loan issuance costs		171,593			61,164
Write-off of property and equipment		–			26,721
Impact of lease termination		–			(67,600	)
Foreign exchange (gain)		(1,399,547	)		(545,776	)
Decrease in non-current contract liabilities		(9,436	)		(905,846	)
Net change in non-cash working capital related to operations		1,107,145			2,868,609
Net cash provided by/(used in) operating activities		9,790,160			(331,443	)

Financing activities
Payment of principal and interest on loans payable		(2,475,283	)		(630,410	)
Proceeds from the exercise of stock options		2,086,699			295,350
Repayment of lease liabilities		(744,061	)		(752,802	)
Proceeds received from loan financing		–			21,978,000
Issuance costs associated with loan financing		–			(624,596	)
Proceeds received from public equity financing		55,625,110			–
Share issuance costs associated with public equity financing		(3,869,212	)		–
Net cash provided by financing activities		50,623,253			20,265,542

Investing activities
Additions to the intangible asset		(19,716,562	)		(17,879,014	)
Collection of research and development tax credits		2,360,342			1,185,720
Additions to property and equipment		(165,592	)		(181,358	)
Net cash used in investing activities		(17,521,812	)		(16,874,652	)

Effects of exchange rates on cash		745,445			(89,399	)

Net change in cash during the year		43,637,046			2,970,048

Cash – Beginning of year		15,252,526			12,282,478

Cash – End of year		58,889,572			15,252,526

The MIL Network –

February 27, 2025

MIL-OSI Economics: IMF Executive Board Concludes Annual Discussions on CEMAC Common Policies and Common Policies in Support of Member Countries Reform Programs

Source: International Monetary Fund

February 26, 2025

The CEMAC economy lost momentum in 2023 due to a contraction in hydrocarbon production, while the external position weakened.
The commitment expressed at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and prioritize structural reforms offers hope for a more resilient medium-term outlook.
Implementing fiscal consolidation in line with these commitments and accelerating structural reforms will be critical to bolstering economic diversification and resilience.

Washington, DC: On February 24, 2025, the IMF Executive Board concluded the annual discussions with the Central African Economic and Monetary Community (CEMAC) on Common Policies of Member Countries and Common Policies in Support of Member Countries Reform Programs.[1]

The CEMAC economy slowed in 2023, driven by a decline in hydrocarbon production, with real GDP growth decelerating to 2.5 percent. The external position weakened as the accumulation of foreign exchange (FX) reserves slowed, leaving them below adequate levels. Economic activity is estimated to have gained some momentum in 2024, with real GDP expanding by 3.2 percent, supported by a rebound in hydrocarbon output. However, regional policy assurances on the net foreign assets (NFA) for end-June 2024 (EUR 4.5 billion) were not met, falling short by EUR 4.43 billion. Preliminary data also suggest that the end-December 2024 policy assurances on NFA are unlikely to have been met. This reflects a weakening external position due to lower oil prices and fiscal slippages. Inflation remained persistently high at 4.3 percent in September 2024, exceeding the regional convergence criterion.

While regional authorities maintained an appropriate monetary policy stance, progress on the reform agenda has slowed somewhat. At its September 2024 meeting, the Central Bank (BEAC) kept the policy rate unchanged at 5 percent and continued its weekly liquidity injections through its main refinancing window to mitigate increased volatility of liquidity conditions in the banking system. BEAC also advanced the enforcement of the FX regulations. BEAC and the Banking Commission of Central Africa (COBAC) remained engaged with banks structurally dependent on BEAC’s refinancing, ensuring they submit credible refinancing plans. The CEMAC Commission has sustained its regional surveillance consultations across member States, while the Permanent Secretariat of CEMAC’s Economic and Financial Reform Program (PREF-CEMAC) has continued implementing the region’s structural reforms action matrix.

The outlook remains clouded by high uncertainty. Its trajectory depends on the effective implementation of corrective measures by member states, consistent with the commitment made at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and advance structural reforms. In the near term, real GDP growth is projected to slow to 2.8 percent in 2025, primarily due to weaker oil output. Inflation is projected to decline further to 3.1 percent by end-2025, reflecting the lagged effects of past policy tightening and lower global commodity prices. Significant downside risks remain, including delays in addressing fiscal slippages, declining commodity prices, tighter financial conditions, heightened political uncertainty amid a busy 2025 election calendar, persistent inflation, financial instability, slow structural reform progress, food insecurity, domestic conflicts, and climate-related disruptions.

In the medium term, growth is projected to strengthen to 3.6 percent by 2029, mainly owing to a rebound in the non-oil sector. Structural reforms aimed at improving governance, enhancing the business climate, and expanding access to finance are expected to bolster potential output. Member states are anticipated to implement sustained fiscal consolidation, with public debt projected to decline to 42 percent of GDP by 2029, down from 50.9 percent of GDP in 2024. The current account balance is projected to deteriorate to -2.2 percent of GDP by 2029, from about -1.2 percent of GDP in 2024, driven mainly by lower hydrocarbon export receipts and production. Member states’ adjustment efforts are expected to stabilize reserve coverage at around 4.3 months of prospective imports in the medium term, slightly below staff’s adequacy metrics for a resource-rich monetary union (5 months).

Executive Board Assessment[2]

Executive Directors agreed with the thrust of the staff appraisal. They noted the loss of economic momentum due to a contraction in hydrocarbon production and slower non-oil growth. Given the weakening external position, large fiscal imbalances, heightened stress in the regional debt market, and elevated uncertainty, they underscored the urgency of a well calibrated macroeconomic policy mix and sustained reform efforts to enhance resilience to shocks and preserve macroeconomic and financial stability.

Directors welcomed the commitment made at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and prioritize structural reforms to ensure equitable adjustment burden sharing and enhance the monetary union’s external stability. They urged CEMAC authorities to swiftly implement fiscal consolidation in line with these commitments, noting the need to enhance non-oil tax revenues and improve expenditure efficiency, including completing energy subsidy reforms, while ensuring targeted social safety nets for the most vulnerable. Strengthening public financial management, reinforcing debt management, and addressing arrears will also be critical.

Directors concurred that BEAC should maintain a tightening monetary policy bias and only reduce interest rates if there is clear evidence of inflation converging toward the regional convergence criterion and diminishing risks to external stability. Considering persistent tight liquidity conditions, BEAC should sustain liquidity providing operations while continuing efforts to address fragmentation within the banking system. Continued enforcement of FX regulations also remains crucial.

Directors reiterated the need for strong collective action from national and regional authorities to preserve financial stability. Efforts should focus on strengthening COBAC’s supervisory capacity, strictly enforcing regulations for noncompliance, resolutely recapitalizing or resolving weak banks, ensuring that banks adequately account for sovereign exposure, addressing new risks posed by digital payments and assets, and strengthening the AML/CFT framework.

Directors reiterated the importance of strengthening the regional surveillance framework and called for further efforts towards the adoption of the draft sanction mechanism for breaches of regional surveillance rules.

Directors stressed the importance of accelerating structural reforms to strengthen governance and regulation, human capital, climate adaptation, and regional trade and infrastructure, which would help boost potential growth, economic diversification, and resilience.

Directors regretted that BEAC did not meet the authorities’ policy assurance on NFA for June 2024, and that the December 2024 target is unlikely to be met, as committed in June 2024. They assessed that the authorities undertook and committed to sufficient corrective action to address the shortfall during the December 2024 Heads of State meeting and endorsed the authorities’ policy assurance on NFA accumulation for end March 2025 and end June 2025 as committed in February 2025. Directors also supported the new policy assurances on financial stability. They emphasized that implementation of these assurances is critical for the success of Fund supported programs with CEMAC member countries.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of these bilateral Article IV consultations, staff hold separate annual discussions with the regional institutions responsible for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central African Economic and Monetary Union, and the West African Economic and Monetary Union. For each of the currency unions, staff teams visit the regional institutions responsible for common policies in the currency union, collects economic and financial information, and discusses with officials the currency union’s economic developments and policies. On return to headquarters, staff prepares a report, which forms the basis of discussion by the Executive Board. Both staff’s discussions with the regional institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member.

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’ authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Tatiana Mossot

Phone: +1 202 623-7100Email: MEDIA@IMF.org

MIL OSI Economics –

February 27, 2025

MIL-OSI New Zealand: Interim Report: increased capital investment in Auckland

Source: Auckland Council

Auckland Council’s Interim Report shows the group invested significantly to strengthen the physical resilience of Auckland and manage growth, while meeting its financial targets.

The council delivered $1.9 billon of capital investment in the six months to December 2024 – a record for a six-month period and an increase of $474 million on the six months to the end of December 2023.

In line with Auckland Council’s Long-term Plan 2024-2034, this investment was prioritised in transport, water and enabling local boards to better respond to the needs of their communities.

Auckland Council group chief financial officer Ross Tucker said the Interim Report highlights the increased investment in the region’s infrastructure likes roads, pipes and stormwater assets.

“Of the total capital invested in the six months, 38 per cent has been invested in roading and public transport – $727 million to improve our region’s roads, buses and trains, such as the City Rail Link project,” says Mr Tucker.

“Another 29 per cent – or over $552 million – has been invested into Auckland’s water supply, wastewater and stormwater, delivering new and improved infrastructure that improves existing services and will support Aucklanders for generations to come.

“We’ve also prioritised the buy-out of category three properties, spending $392 million on close to 400 properties that had an intolerable risk to life. We know the risk category three buy-outs are higher than originally anticipated, however it is being closely and carefully managed as part of making Auckland a more resilient region.”

The buyout funding includes a 50-50 agreement between Auckland Council and central government, secured in October 2023.

Major projects delivered

In its first six months, the council delivered a number of major projects in Auckland, both in communities and with region-wide benefits.

These include the Central Interceptor reaching the three-quarter completion mark, refitting a fourth low emission ferry vessel and getting it into operation, and continued progress on the City Rail Link with overhead line equipment and switch rooms commissioned at Britomart.

“Our half year results are in line with expectations. We are getting on with delivering the physical and financial resilience we planned, while ensuring value for Aucklanders.”

This includes progress on the Auckland Future Fund. In December 2024, the fund sold Auckland Council’s remaining shares in Auckland International Airport Limited for $1.32 billion.

The fund will use the sale proceeds to diversify the council’s major financial investments across different sectors and geographic regions, with expected stronger annual returns to council to help fund services and infrastructure.

The full Interim Report is available via the main Auckland Council website.

Auckland Council Group highlights – six months to December 2024

Operating revenue increased 15 percent to $5.4 billion, compared to the six months to 31 December 2023. This includes revenue to pay for the services we provide and invest in maintaining and renewing our assets.
The operating surplus was $2 billion, an increase on $571 million in 2023.
The group’s capital investment in infrastructure and community assets totalled $1.9 billion – 33 percent more than the prior period.
Net debt increased to $13.2 billion, from $12.3 billion in June 2024. This increased debt was primarily used to fund investment in new assets, spreading the cost of these assets over the generations that will use them.

Key capital highlights include:

Providing funding, alongside the Crown, to City Rail Link Limited which continued work on New Zealand’s largest infrastructure project. One of the significant milestones was achieving permanent power to the stations’ high voltage rooms and main switchboards.
Bringing the Pukekohe Water Treatment Plant back into service after it was damaged in the 2023 severe weather events which enabled the community to increase water usage by six million litres a day at a time when water demand is at its peak.
Achievement of a major milestone on the Central Interceptor project, with Hiwa-i-te-Rangi Tunnel Boring Machine breaking through into a shaft in Western Springs, which enabled a tunnel to be built which collects wastewater and stormwater overflows from Mount Albert.
Significant progress made on the Eastern Busway project with the completion of the new bus station at Botany Town Centre
Completion of the Port of Auckland Outfall Upgrade project which improves the stormwater network and mitigates significant flooding risk at Britomart
Construction and renewal of many local and regional parks, sporting and leisure facilities such as refurbishment of Te Pae o Kura – Kelston Community Centre and renewal of Windmill Park with upgraded kiosk space, toilet facilities, a first aid room and storage.

MIL OSI New Zealand News –

February 27, 2025

MIL-OSI Australia: Over $250 million now allocated to Vic road safety projects

Source: Australian Ministers for Regional Development

Additional funding is set to support 16 new life-saving projects across both metropolitan and regional roads in Victoria, under the Australian Government’s Road Safety Program.

The Federal Government is partnering with the Victorian Government to provide contributions of over $69.7 million each, for a joint investment of over $139.4 million, bringing the total joint investment by both governments under the Program to $259.5 million.

This boost in funding will ensure greater levels of safety by targeting notorious crossing, intersections and thoroughfares across Victoria, further reducing the risk of crashes that cause fatal or serious injuries.

For instance, traffic lights will be installed at the intersections of Deakin Avenue (Sturt Highway) and Sixteenth Street in Mildura – a known black spot – and at Stud Road and McFees Road in Dandenong.

Upgraded traffic signals to boost pedestrian safety will also be rolled out at notorious intersections in Frankston, Banyule and Bayside, while dedicated right turns will be introduced at four intersections across Ararat, Ballarat, and Horsham.

In regional Victoria, a $22 million package of works will deliver line marking improvements at high-risk intersections across the Gippsland, Hume, Loddon-Mallee, Grampians, and Barwon South-West regions. $10 million will also be provided to improve safety for motorcyclists, through improved protections on barriers, skid resistance, shoulder sealing, and curve signage.

Approximately 172 new construction jobs are expected to be created over the life of the Program across Victoria. Further information on the Road Safety Program can be found here.

Quotes attributable to Federal Assistant Minister for Regional Development, Anthony Chisholm:

“This additional funding is all part of our collective promise to do what we can to significantly reduce the number of road deaths and serious injuries on our roads, and it’s great to see the Victorian Government come to the table and collaborate with us on this.

“These projects won’t just improve safety, they’ll also provide those living in regional communities across Victoria with employment opportunities in the construction and planning industry.

“The wider Road Safety Program forms part of the Albanese Government’s ongoing commitment to work with state and territory governments to fund the priority road safety works they identify.”

Quotes attributable to Victorian Minister for Local Government, Ports and Freight, Roads and Road Safety, Melissa Horne:

“Any life lost on our roads is a tragedy, that’s why we’re working with the Federal Government to reduce road trauma – in the Albanese Government we have a partner in Canberra that backs infrastructure investment in Victoria.

“These new projects build on our record investment in road safety infrastructure which is saving lives, reducing injuries and preventing crashes before they happen.”

MIL OSI News –

February 27, 2025

MIL-OSI Australia: Consumer warning as NSW Fair Trading odometer tampering crackdown fines 28 sellers in one month

Source: New South Wales Ministerial News

Published: 27 February 2025

Released by: Minister for Better Regulation and Fair Trading

Used-car buyers are being urged to check a vehicle’s history before purchase after NSW Fair Trading issued 28 fines in a month and a man was sentenced to a nine-month intensive corrections order for unlicensed motor dealing and odometer tampering.

During the crackdown, NSW Fair Trading issued 54 penalty notices in relation to car sales and repairs valued at more than $100,000. While more than half were for odometer interference, other offences included the non-supply of goods and services, and unlicensed vehicles and sales.

Additionally, Andrew Rodney Leech pled guilty to operating without a motor dealer’s licence and odometer tampering. Between 2020 and 2022 Leech sold 16 vehicles while unlicensed, online with one car having an odometer that had been wound back by more than 200,000 kilometres.

Buyers of used vehicles are being urged to research the car’s history to ensure it has no outstanding finance, has not been written off in a crash, and has accurate odometer readings.

The NSW Government offers a free vehicle registration check where prospective buyers have access to a NSW-registered vehicle’s previous three annual odometer readings, as well as basic details like vehicle make, registration and insurance history.

Across the motor vehicle industry in 2024, NSW Fair Trading took disciplinary action against 21 licensed motor vehicle dealers and repairers, resulting in 10 licence cancellations, 13 disqualifications including three permanent, and one suspension.

For more information on consumer protections relating to purchasing a used vehicle visit the NSW Fair Trading website.

To check registration, including odometer reading visit the website of Service NSW or the Service NSW App.

Quotes to be attributed to Minister for Better Regulation and Fair Trading Anoulack Chanthivong:

“Odometer tampering is used by unscrupulous sellers to increase the value of a vehicle leaving the buyer with a vehicle which is not in the condition advertised, and likely to require repairs at cost and inconvenience to the buyer.

“Sellers of used cars who reduce the number of kilometres displayed on the vehicle can be fined $1,100 per offence, and if taken to court can receive a penalty of up to $55,000 per offence.

“Any buyer of a used car from any source, whether that be online like Facebook Marketplace or through a licenced car dealer, should do their homework including visiting the Service NSW website to run a free history check on the car they wish to purchase.”

MIL OSI News –

February 27, 2025

MIL-OSI Australia: Busiest hospitals in Australia reducing wait times

Source: New South Wales Ministerial News

Published: 27 February 2025

Released by: Minister for Health

Some of the busiest hospitals in Australia have significantly reduced the time people are waiting for treatment to commence in emergency departments.

Liverpool ED – which receives more than 90,000 presentations each year – has halved average time to treatment for triage 2 emergency patients, from 18 minutes to 9 minutes over the past year.

Westmead ED – which receives close to 80,000 presentations each year – has reduced average time to treatment for triage 2 emergency patients by over a third, from 15 minutes to 9 minutes.

Nepean ED – which receives close to 90,000 presentations each year – has seen the percentage of patients transferred from paramedics to ED staff on time increase from 65.1 per cent to 82.2 per cent. This figure also indicates significant a improvement to ambulance access at the hospital.

Triage 2 emergency cases are categorised as people with an imminently life-threatening condition.

People in this category could be suffering from chest pain, difficulty breathing, stroke, or severe fractures.

Meanwhile, Gosford ED – which receives almost 80,000 presentations each year – has seen a reduction in wait times for non-urgent conditions from 86 minutes to 72 minutes.

It follows the Minns Labor Government’s investment of half a billion dollars to relieve pressure on NSW EDs – designed to create more pathways to care outside the hospital, as well as improve patient flow inside the hospital – which includes:

$171.4 million to introduce three additional virtual care services helping 180,000 avoid a trip to the ED;
$100 million to back in our urgent care services to become a mainstay and key instrument of the health system in providing a pathway to care outside of our hospitals for an estimated 114,000 patients;
$70 million to expand ED short stay units to improve patient flow to reduce ED wait times by nearly 80,000 hours;
$15.1 million for an Ambulance Matrix that provides real time hospital data to enable paramedics to transport patients to emergency departments with greater capacity and reducing wait times;
$31.4 million to increase Hospital in the Home across the state allowing over 3,500 additional patients each year to be cared for in their home rather than a hospital bed; and
$53.9 million to improve patient flow and support discharge planning by identified patients early on that are suitable to be discharged home with the appropriate supports in place.

Quotes attributable to Minister for Health Ryan Park:

“I don’t want us to get ahead of ourselves because these figures while encouraging, will fluctuate.

“Our EDs continue to grapple with record pressure and demand, and we mustn’t forget that.

“These reduced wait times are a testament to the hard working health staff in some of the busiest hospitals in one of the busiest health systems in the world.

“I want to remind people who struggle to find a GP, you can ring HealthDirect on 1800 022 222 where you will speak with a registered nurse who can direct you to an urgent care service or clinic.

“It’s free and it could save you waiting unnecessarily in an ED.”

MIL OSI News –

February 27, 2025

MIL-OSI Australia: Housing Delivery Authority fast tracks 18 projects as State Significant Developments

Source: New South Wales Ministerial News

Published: 27 February 2025

Released by: The Premier, Minister for Planning and Public Spaces

The Minister for Planning and Public Spaces has declared a further 18 housing proposals State Significant Developments (SSDs) following the second round of recommendations from the Housing Delivery Authority.

The new housing proposals, if approved, could deliver more than 8600 much-needed new homes.

At its first two meetings, the authority has declared 29 proposals with more than 15,000 potential homes as state significant.

The Housing Delivery Authority (HDA) has been established by the Minns Labor Government with a strong mandate to speed up assessment timeframes.

This is part of the Minns Labor Government’s plan to build a better NSW with more homes and services, so young people, families and key local workers have somewhere to live and in the communities they choose.

The HDA is now accepting expressions of interest for major residential developments above $60 million in metropolitan areas and $30 million in regional NSW.

To date, the authority has received over 200 expressions of interest since it first invited proposals in January 2025. At its latest meeting, a further 39 proposals were examined.

The authority is prioritising high-quality housing projects with detailed plans that can be submitted within nine months and can begin construction within 12 months of approval.

All proposals declared as an SSD will have their development applications assessed by the Department of Planning, Housing and Infrastructure.

Without needing to be approved by councils, this can cut approval times and speed up the delivery of new homes.

These complex proposals often require greater resources and planning capabilities and as a result, the projects can get stuck in council planning systems for years.

The HDA offers proponents a new State Significant Development pathway, with the option of concurrent rezoning and assessment.

The SSD applications will be publicly exhibited before they are determined, and the planning department will seek input from councils.

The HDA builds on the Minns Government’s recent reforms to the planning system to speed up the delivery of more homes, including:

The development of the NSW Pattern Book and accelerated planning pathway for those who use the pre-approved patterns.
The largest rezoning in NSW history around transport hubs.
The largest ever investment in the delivery of social and affordable housing in NSW.
$200 million in financial incentives for councils that meet the new expectations for development applications, planning proposals and strategic planning.
$450 million to build new apartments for essential workers including nurses, paramedics, teachers, allied health care workers, police officers and firefighters.

Once a project has been declared SSD, the proponent will be issued Secretary’s Environmental Assessment Requirements (SEAR). Proponents then have nine months to prepare their Environmental Impact Statement or the SEARs will be revoked.

Clear advice and guidance will be provided to all applicants by the department on the next steps to take with their development proposal. This advice includes an alternative planning pathway for major housing projects that may require a concurrent rezoning but do not satisfy the criteria of the HDA pathway.

Recommendations from the HDA are published as required under the Environmental Planning and Assessment Act 1979 before the SSD declaration. For more information visit the Housing Delivery Authority webpage.

Premier of New South Wales Chris Minns said:

“We are fast-tracking quality housing proposals to help deliver homes our state desperately needs.

“These major projects could deliver thousands of homes for young people, families and workers.

“The Housing Delivery Authority is a major change that is already making it easier and faster to get started.

“Without our changes to increase housing supply, Sydney risks becoming a city without a future because it’s simply too expensive to put a roof over your head.”

Minister for Planning and Public Spaces Paul Scully said:

“The Minns Labor Government established the HDA to reduce the time it takes for proposals to progress through a planning pathway, and it is pleasing to see the that the first two HDA meetings have delivered quality proposals that will now develop detailed proposals.

“So far, 29 proposals amounting to more than 15,000 potential homes have been declared state significant.

“The quality of proposals recommended to me by the HDA shows that developers are hearing the message, we’re looking for major housing developments that can get out of the ground quickly.”

MIL OSI News –

February 27, 2025

MIL-OSI Australia: Over $250 million now allocated to Victorian road safety projects

Source: Australian Ministers 1