NewzIntel.com

Category: Transport

  • MIL-OSI United Kingdom: Caithness Area Place Planning community event

    Source: Scotland – Highland Council

    Several public drop-in sessions are being held across Caithness during February with displays of options for the future masterplanning for the area.  Council officers will be on hand to explain the proposals and answer any questions.  

    The content of each session will vary slightly, with a mix of displays focussing on the draft Caithness Area Place Plan, the Highland Investment Plan, the Highland Local Development Plan and the Visitor Levy consultation.

    Communities and Place Committee Chair, Cllr Graham MacKenzie said: “These collaborative community events are an excellent opportunity for the public to come along and find out more about the future masterplanning for the area and ask questions and suggest ideas. It also opens the opportunity to connect and discuss further partnership working within our communities.”

    Plans on display and for discussion are:

    Highland Investment Plan – In May 2024 Highland Council approved the £2.1 billion twenty-year Highland Investment Plan.  This is a highly significant, long term infrastructure investment programme for the Highland area and is a radical solution to the significant challenges the Council faces in reducing, maintaining, and renewing our asset base, and is closely linked to plans to modernise Council service delivery. 

    A key element of this approach will be to establish Community Points of Delivery which will be places where a wide range of Council services, including education, can be delivered alongside other partner and community services as part of a future integrated operating model for partnership working.

    Thurso has been selected as one of the priority locations to develop a local place-based masterplan and this event will provide an opportunity to view the work that has been carried out to date and to gather feedback from members of the community. Further engagement with stakeholders will take place thereafter, and prior to reporting on the outcomes at a Council meeting in June.

    Highland Local Development Plan (HLDP) – The Highland Council is gathering evidence including the views of the public and local organisations to help formulate a new, statutory land use plan for Highland. This Plan will shape future planning application and other building investment decisions. The events will display and present the information we think is relevant to the future planning of Thurso, Wick, nearby large villages and the wider Caithness area but we want your views on what else we should consider. Planning staff will be available in Wick and Thurso to discuss the Plan and explain how to find out more and make comment. A consultation launched on 31 January on evidence, runs to 12 noon on 31 March 2025; a call for development sites launched the same day runs until 12 noon on 02 May 2025. For those that can’t make the events then more details of the Plan and access to the current consultation are available here 

    Caithness Area Place Plan (APP) – drafts of the Caithness Area Place Plan will be available.  This plan will capture the priorities for the area set out in other plans and those identified through previous community engagement sessions.  The APP provides the basis for place-centred service delivery and will act as a tool for funders, guiding investment into the area. 

    Visitor Levy – a public consultation is currently underway on the proposal to implement a Visitor Levy in Highland Visitor Levy Consultation | Visitor Levy | The Highland Council and officers will be present at the sessions in Wick and Thurso to informally answer any questions about the proposals and the consultation process.

    The drop-in sessions are as follows:

    Wednesday 12 Feb 2025 – Public Engagement Drop In – Pulteney Centre, Wick -1000-1530

    Tues 18 February 2025 – Public Engagement Drop In – Thurso Library – 1500-1930

    Weds 26 February 2025 – Public Engagement Workshop – Lybster Community Hall – 1400-1700

    For those who can’t attend any of the sessions, there will also be an on-line evening event on Wednesday 19 February 2025 –  to book a place please click here

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Health – ProCare Foundation announces recipients of more than $200,000 of funding

    Source: ProCare Foundation

    Six Auckland organisations tackling health inequity and poverty have received a major boost, with the ProCare Charitable Foundation announcing $210,000 in grants to support initiatives that promote community health and wellbeing.


    This year’s recipients are:

    1. Auckland Women’s Centre Inc
    2. BabyStart Charitable Trust
    3. Dance & Arts Therapy NZ
    4. Garden to Table Trust
    5. Orange Sky NZ Ltd
    6. Warriors Community Foundation.

     

    ProCare Foundation Chair, Peter Didsbury, says: “Every dollar granted reflects our commitment to addressing health inequities and empowering organisations working on the frontlines of our communities. This funding is an investment in healthier futures for all Aucklanders.”

    “It’s inspiring to see the creativity and dedication these organisations bring to tackling some of our toughest social and health challenges. Their mahi aligns perfectly with the Foundation’s mission – to support the health and well-being of disadvantaged communities by delivering health-related activities that improve a community’s wellbeing, or reduce health inequalities and alleviate poverty and deprivation in the Auckland region,” concludes Didsbury.

    The Foundation was established by the shareholders of ProCare Health Limited in 2013 with Trustee and Administration services being provided by Public Trust.

    Glenys Talivai, CEO of Public Trust, says: “Empowering local organisations with targeted funding creates ripple effects and positive outcomes for the larger community. Our work with the ProCare Charitable Foundation is a powerful way to uplift organisations that provide care and protection for society’s most vulnerable. We are proud to be the trustee and manage the granting programme and congratulate the six organisations receiving funding.”

    Since the establishment of the ProCare Charitable Foundation, it has granted more than $2 million in funding to increase community health and wellbeing in the Greater Auckland Region.

    Recipients of the ProCare Charitable Foundation funding, as selected at the end of 2024 are:

    Organisation: Auckland Women’s Centre Inc

    Project: Supporting no/low-cost counselling: supervision, triage, referrals, and client-counsellor matching.

    The centre facilitates empowerment and wellbeing for all women in Tāmaki Makaurau via education, counselling, brief crisis support, peer support, advice and referral, community kōrero, advocacy, and safe space. In 2025, they will offer five student counsellors, up from 3.5 in 2024 and two in 2023. Their counsellors are of different ethnicities, ages and interests who meet the needs of diverse women.

    Organisation: BabyStart Charitable Trust

    Project: Supporting infant and maternal care packages for Auckland families.

    BabyStart’s purpose is to alleviate poverty, encourage positive parenting and safe sleep practices, and encourage engagement with maternal health services through the provision of high-quality infant care packages. This funding will go towards baby boxes with baby clothing and care items for high needs whānau based on need and availability.

    Organisation: Dance & Arts Therapy NZ

    Project: Dance movement and arts therapy for 80+ vulnerable children

    Their mission is to provide unwavering support to the mental health and disability sectors through dance movement and arts therapy. They serve individuals of all backgrounds, including those with disabilities, mental health challenges, low-income children and survivors of abuse. The funding will cover facilitation, materials, coordination, venue hire, and administration, delivering 108 sessions for at-risk children and 128 sessions for children with disabilities.

    Organisation: Garden to Table Trust

    Project: Supporting salary for programme coordinators – Auckland.

    The Garden to Table programme is currently running in 85 schools and ECEs in Greater Auckland (excluding South Auckland). The programme is typically run as a regular session in school where tamariki learn the skills they need to grow fresh produce, harvest it, prepare and cook it. Children do everything for themselves and are encouraged to take their learning home to share with family and whānau.

    Organisation: Orange Sky NZ Ltd

    Project: Laundry & shower service for those experiencing homelessness and hardship.

    In Auckland, they operate two vans, an internal laundry at HomeGround (Auckland City Mission), and a pod in South Auckland. Through these services, they aim to raise dignity and mana for individuals experiencing homelessness and hardship, supporting their health and wellbeing. By offering clean clothes and access to showers, they foster a sense of self-worth and community connection, addressing both immediate needs and the long-term goal of improving lives in the wider Auckland region.

    Organisation: Warriors Community Foundation

    Project: Supporting health-focused programmes promoting physical, mental well-being, and inclusivity.

    The Tupu Maia programme is dedicated to promoting the health and wellbeing of intermediate-aged girls by advancing education on physical and mental wellness. The programme focuses on building confidence, self-esteem, and physical activity through structured lessons on nutrition, hydration, sleep, and mental resilience. By fostering a supportive environment, Tupu Maia encourages participants to develop lifelong habits that improve both their physical and mental health.

     About the ProCare Foundation

    The ProCare Foundation was established by the shareholders of ProCare who gifted more than 90% of their shares to the Foundation in 2013. The purpose of the Foundation is to help promote the health and wellbeing of disadvantaged communities, deliver health-related activities that improve a community’s wellbeing, or reduce health inequalities and alleviate poverty and deprivation in the Auckland region. For more information about the Foundation and previous grant recipients, click here or visit www.procare.co.nz  

    MIL OSI New Zealand News –

  • MIL-OSI Security: Two Individuals Charged With Running a Fencing Operation for South American Theft Groups in Manhattan’s Diamond District

    Source: Office of United States Attorneys

    Defendants Allegedly Received Luxury Items Linked to Burglaries Across Multiple States

    Earlier today, at the federal court in Brooklyn, an indictment was unsealed charging Dimitriy Nezhinskiy and Juan Villar with conspiracy to receive stolen property related to their purchasing of stolen goods that traveled across state lines. The defendants were arrested today, Nezhinskiy in New Jersey and Villar in Manhattan. They will be arraigned tomorrow before United States Magistrate Judge Lara K. Eshkenazi.

    John J. Durham, United States Attorney for the Eastern District of New York, James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), Jessica S. Tisch, Commissioner, New York City Police Department (NYPD) and Patrick J. Ryder, Commissioner, Nassau County Police Department (NCPD) announced the charges.

    “As alleged, the defendants created an illicit market and fueled demand for burglaries by South American Theft Groups and other crews around the country by purchasing stolen watches, jewelry and other luxury items, and then re-selling them in their New York City store,” stated United States Attorney Durham.  “My Office will continue to pursue organized groups who engage, enable, or encourage the pillaging of residential homes and businesses that has a corrosive effect on the sense of security in our communities.”

    “For almost five years, Dimitriy Nezhinskiy and Juan Villar allegedly served as unlawful brokers to perpetuate the sale of stolen luxury items by purchasing them from burglary crews. The defendants’ alleged actions incentivized highly organized South American Theft Groups to continue their meticulous looting scheme against a myriad of affluent residences and businesses across the country. With our law enforcement partners, the FBI will continue to dismantle any criminal activity curated to capitalize on victims’ losses and establish an economic demand for ill-obtained merchandise within our city,” stated FBI Assistant Director in Charge Dennehy.

    “We will not tolerate crime of any kind in New York, whether it be street crime, retail theft, or these organized operations that target residential homes to steal and resell luxury goods,” said NYPD Commissioner Tisch.  “Today’s indictment is the result of our strong work with our law enforcement partners and our commitment to cracking down on these crime rings that threaten our communities.”

    “We want to thank our partners in federal law enforcement for this collaborative effort to bring this criminal to justice,” stated NCPD Commissioner Ryder. “The men and women of the Nassau County Police Department, particularly the dedicated Detectives of the Major Case Squad, work tirelessly to investigate crimes and arrest those who prey upon our citizens.”

    As alleged in the indictment, between approximately 2020 and 2025, the defendants conspired with each another and others to receive and purchase stolen property, including jewelry, watches, handbags and assorted luxury items that had been stolen outside of the state of New York and transported into New York.  As detailed in court filings, Nezhinskiy and Villar regularly served as “fences” for burglary crews based out of South America who traveled around the United States committing burglaries, typically targeting wealthier neighborhoods or jewelry vendors, and stealing luxury accessories. Nezhinskiy and Villar’s operation provided an essential market for the stolen goods, perpetuating the dangerous criminal activities of the burglary and theft crews composed largely of foreign nationals.

    For example, evidence links Nezhinskiy and Villar to thefts around the country, including crimes committed by Bryan Leandro Herrera Maldonado, a prolific burglar who committed at least 16 residential burglaries across the United States between 2019 and 2020.  Additionally, phone records and video surveillance links Nezhinskiy to at least two members of a four-man burglary crew believed to be involved in the December 9, 2024 burglary of a high-profile athlete in Ohio, and showed Nezhinskiy in contact with that crew less than one week before the burglary in Ohio.

    In addition, between October 2022 and January 2024, an undercover detective conducted seven controlled sales of purported stolen property, including high-end handbags and luxury accessories, to Nezhinskiy or Villar, or both, at their business location in Manhattan’s Diamond District.  During these controlled sales, the undercover detective provided the defendants with items that the undercover told the defendants had been stolen, and received cash in exchange for the stolen goods.

    Today, law enforcement executed a search warrant at the location on 47th Street in Manhattan where Nezhinskiy and Villar operate a pawn shop and seized large quantities of suspected stolen property, including dozens of high-end watches and jewelry. Law enforcement also recovered large quantities of cash and marijuana.  Simultaneously, law enforcement executed a search warrant at storage units belonging to Nezhinskiy in New Jersey where an additional cache of suspected stolen property was found.  From inside Nezhinskiy’s storage units, law enforcement recovered large quantities of luxury goods and clothing, including high-end handbags, wine, sports memorabilia, jewelry, artwork and power tools consistent with those commonly used in burglaries and opening safes.

    The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.  If convicted of receipt of stolen goods, the defendants face up to 10 years in prison.

    The government’s case is being handled by the Criminal Section of the Office’s Long Island Division and the Office’s General Crimes Section.  Assistant United States  Attorneys Michael R. Maffei, Katherine P. Onyshko and Sean M. Sherman are in charge of the prosecution.

    The Defendants:

    DIMITRIY NEZHINSKIY
    Age:  43
    North Bergen, New Jersey

    JUAN VILLAR
    Age:  48
    Queens, New York

    E.D.N.Y. Docket No. 25-CR-40 (WFK)

    MIL Security OSI –

  • MIL-OSI Europe: Answer to a written question – Regulation (EU) 2024/573 on fluorinated greenhouse gases – E-002924/2024(ASW)

    Source: European Parliament

    Regulation (EU) 2024/573[1] on fluorinated greenhouse gases (F-gases) includes prohibitions on placing on the market certain F-gas equipment, which are expected to be feasible from the date they apply, provide legal certainty to manufacturers and promote innovation. The latter is clearly evidenced by many new models of heat pumps for private residences that avoid the use of F-gases and are being shown at major trade fairs, e.g. Chillventa[2]. New production capacities have been created to produce such equipment.

    Conversely, there is no indication that the new F-gas Regulation, which only entered into force in March 2024, has adversely affected the uptake of heat pumps. Rather, a slowing growth of heat pump sales observed in some Member States is attributed by the European Heat Pump Association (EHPA) in its latest report[3] to changes or lack/removal of national support schemes, energy prices favouring gas and fossil fuels and other issues affecting end-users (high interest rates, renovation rate slow-down, inflation).

    The Commission intends to carry out a review of the F-gas Regulation by 2030 as provided for in the regulation.

    • [1] https://eur-lex.europa.eu/eli/reg/2024/00573/oj
    • [2] https://www.chillventa.de/en
    • [3] EHPA (2024). European Heat Pump Market and Statistics Report 2024.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Safeguards attached to top-up support to the Rwanda Defence Force (RDF) under the European Peace Facility (EPF) – E-003055/2024(ASW)

    Source: European Parliament

    The European Peace Facility (EPF) EUR 20 million top-up support measure covers the acquisition of non-lethal individual equipment for the Rwanda’s troops (RDF) deployed in Cabo Delgado and the costs of the transport of staff, equipment and supplies between Rwanda and Mozambique[1].

    The RDF was deployed at the request of the Government of Mozambique and was instrumental in tackling the security crisis in Cabo Delgado.

    Regardless of the assistance measure in question, the EU condemned Rwanda’s support for M23 and military presence on Congolese territory, and urged Rwanda to end its cooperation with M23 and withdraw its military forces from the Democratic Republic of the Congo (DRC)[2].

    It has also sanctioned two Rwandan military officers for their responsibility in sustaining the armed conflict, instability and insecurity in the DRC.

    Under the EPF, each assistance measure includes robust safeguards, which are duly implemented in the arrangements with the beneficiary to ensure compliance by the end users with the requirements and conditions established by the Council[3].

    This has been the case for the initial assistance measure as well as for the top-up adopted in November 2024. Failure to comply with international law and the said arrangements may result in the suspension or termination of the support. To date, the RDF deployment in Mozambique has fully complied with these arrangements.

    Major General Emmy Ruvusha, while mentioned by the United Nations (UN) group of experts[4], was not sanctioned by either the UN or the EU, nor is he an indicted war criminal.

    The EPF assistance measure is not intended for support to specific individuals or to the RDF as a whole, but to sustain the RDF deployment in Cabo Delgado, with the full support of the Mozambican authorities.

    • [1] Press release of 18 November 2024, https://www.consilium.europa.eu/en/press/press-releases/2024/11/18/european-peace-facility-council-tops-up-support-to-the-deployment-of-the-rwanda-defence-force-to-fight-terrorism-in-cabo-delgado/
    • [2] Eastern DRC: Statement by the Spokesperson on the latest developments of 6 January 2025, https://www.eeas.europa.eu/eeas/eastern-drc-statement-spokesperson-latest-developments_en
    • [3] Council Decision (CFSP) 2021/509 of 22 March 2021 establishing a European Peace Facility, and repealing Decision (CFSP) 2015/528, Article 62.
    • [4] Final report of the Group of Experts on the Democratic Republic of the Congo, https://documents.un.org/doc/undoc/gen/n23/123/80/pdf/n2312380.pdf

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – EU humanitarian aid following the devastation caused by Hurricane Oscar in Cuba – E-002317/2024(ASW)

    Source: European Parliament

    The Commission has closely followed the impacts of recent hurricanes in Cuba, including Hurricane Oscar as of 20 October 2024 and Hurricane Rafael as of 11 November 2024, compounding an already dire situation in the country that was also hit by earthquakes on 10 November 2024.

    The Commission deployed a humanitarian expert to the affected areas to assess the needs and responded immediately when the disasters stroke. In total, the Commission has allocated EUR 3.3 million in humanitarian assistance for the affected population in Cuba. These funds will contribute, inter alia, to the United Nations (UN) Action Plan for Hurricane Oscar Response in the sectors of food and health and will support the Cuban Red Cross in their emergency response in Eastern Cuba.

    Furthermore, the EU has deployed a humanitarian airbridge to transport more than 100 tons of humanitarian supplies from UN partners, EU, and Spanish stocks in 5 flights from its Panama hub to Cuba, which have provided relief to people affected by Hurricane Oscar. This emergency response complements an allocation of EUR 500 000 awarded in June 2024 to respond to urgent health and medical needs in the country. The Commission also continues to support disaster preparedness efforts in Cuba.

    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Shortcomings in the management of the Recovery and Resilience Facility – E-002577/2024(ASW)

    Source: European Parliament

    1. The Commission welcomes the European Court of Auditors’ (ECA) acknowledgement in Special Report 14/2024 that the Recovery and Resilience Facility (RRF) contributes to the EU’s green transition by, amongst other things, prompting Member States to include substantial climate measures (both reforms and investments) in their recovery plans. As noted in the Commission’s replies to the special report[1], ECA’s findings on the calculation of the RRF’s climate contribution are the mathematical consequence of ECA using more conservative climate coefficients than those provided for in the RRF Regulation[2]. The Commission notes that it is obliged to apply the methodology agreed by the two co-legislators and the specific coefficients set by the regulation. The Commission reiterates that the RRF is one of the key EU instruments to support the green transition, with an expected unprecedented EUR 276 billion contributing to climate objectives.

    2. The design of the RRF ensures that Member States receive significant financial support in return for the successful implementation of their reform and investment agenda, in line with EU priorities. The RRF has channelled significant resources to help Member States design and implement reforms and investments to increase the share of renewables in Member States’ energy mix, improve energy efficiency, cut pollution, boost the economy through green technologies, support sustainable transport, enhance climate resilience, and promote green skills. The Commission has been working closely with Member States to ensure the successful and timely implementation of the Facility.

    • [1] https://www.eca.europa.eu/Lists/ECAReplies/COM-Replies-SR-2024-14/COM-Replies-SR-2024-14_EN.pdf
    • [2] Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32021R0241
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – European companies following the introduction of sanctions – E-002556/2024(ASW)

    Source: European Parliament

    From the outset, the sanctions have been designed and implemented to impose a heavy price on Russia and Belarus, whilst minimising adverse effects on the EU, its citizens and businesses.

    When developing sanctions packages, the Commission carefully considers their impact on EU operators and on individual Member States. Consultations with Member States and industry are aimed at preventing adverse impacts.

    Against the backdrop of Russia’s war of aggression, Ukraine has benefited from various EU support measures. The Autonomous Measures adopted by the European Parliament and the Council in June 2022 and renewed twice until June 2025 have provided duty and quota-free access for Ukrainian agricultural products to the EU market.

    The Commission has been monitoring the impact of these measures closely (monitoring reports are shared with the European Parliament’s Committee on International Trade) and has not found any adverse impact of liberalisation on the EU market.

    Concerning the possible establishment of a mechanism to mitigate the impact of sanctions, the Commission would like to recall that the adoption of sanctions takes into account impacts on the EU’s economy and operators and systematically requires the unanimous approval by the Member States.

    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Continued strengthening of the EU Solidarity Lanes to support Ukraine – E-000335/2025

    Source: European Parliament

    Question for written answer  E-000335/2025
    to the Commission
    Rule 144
    Tomas Tobé (PPE), Jens Gieseke (PPE), Norbert Lins (PPE), Elena Nevado del Campo (PPE), Borja Giménez Larraz (PPE)

    In response to Russia’s war of aggression against Ukraine, the Commission launched the EU-Ukraine Solidarity Lanes in May 2022, the purpose being to establish logistics routes and enable trade in Ukrainian goods to continue[1]. The Solidarity Lanes have been very effective. In two years, they have allowed Ukraine to export around 162 million tonnes of goods. The total value of trade via the Solidarity Lanes is estimated at around EUR 192 billion[2].

    Continued support for Ukraine in every sector is crucial for ensuring the country’s resilience, and the Solidarity Lanes highlight the importance of functioning infrastructure in this regard. In light of this:

    • 1.How does the Commission plan to strengthen the Solidarity Lanes between the EU and Ukraine?
    • 2.What other measures does the Commission plan to take in order to meet Ukraine’s infrastructure needs?

    Submitted: 27.1.2025

    • [1] https://transport.ec.europa.eu/news-events/news/european-commission-establish-solidarity-lanes-help-ukraine-export-agricultural-goods-2022-05-12_en.
    • [2] https://commission.europa.eu/topics/eu-solidarity-ukraine/eu-assistance-ukraine/eu-ukraine-solidarity-lanes_en.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Several Swedish municipalities and regions are missing out on millions of kronor in electricity subsidies because they are being classified as farms – E-003014/2024(ASW)

    Source: European Parliament

    Concerning the first and second questions, the Commission cannot take position without further details. Both questions seem largely related to the interpretation of the national law, which the Commission cannot comment on.

    Nevertheless, Article 345 of the Treaty on the Functioning of the European Union expresses the principle of neutrality in relation to the rules in Member States governing the system of property ownership.

    This implies that public bodies, such as municipalities or regions, may also carry out economic activities and then constitute undertakings, as defined in the jurisprudence of the EU Courts.

    However, the classification of such an entity as an undertaking is always relative to a specific activity. An entity that carries out both economic and non-economic activities is to be regarded as an undertaking only with regard to the former.

    It follows that EU competition law, including EU State aid law, does not require to qualify a municipality or region that carries out different activities, some of them economic and some non-economic, as an undertaking with regard to all its activities, but only with regard to those that are economic in nature.

    As such, these rules do not require to qualify the entirety of a municipality or region that, amongst many activities, also carries out the economic activity of primary agricultural production as a farmer, but rather only those activities that constitute such primary agricultural production.

    Moreover, the Commission is committed to bring down electricity prices for households and businesses to support the energy transition and the Union’s competitiveness.

    Therefore, the Commission is working on the Clean Industrial Deal and an Action Plan for Affordable Energy to be published in the first hundred days of this Commission, in line with the mission letters by the President of the Commission to the Executive Vice-President for a Clean, Just and Competitive Transition[1] and to the Commissioner for Energy and Housing[2].

    • [1] https://commission.europa.eu/document/download/33d74e86-3a17-472c-ba93-59d1606bbc20_en?filename=mission-letter-ribera_0.pdf
    • [2] https://commission.europa.eu/document/download/35154547-48c1-4671-8d34-13e098859a57_en?filename=mission-letter-jorgensen.pdf

    MIL OSI Europe News –

  • MIL-OSI: Artisan Partners Asset Management Inc. Reports 4Q24 and Year Ended December 31, 2024 Results and Quarterly and Special Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the quarter and year ended December 31, 2024, and declared a quarterly and special annual dividend. The full earnings release and investor presentation can be viewed at www.apam.com.

    Conference Call

    The Company will host a conference call on February 5, 2025 at 1:00 p.m. (Eastern Time) to discuss these results. Hosting the call will be Eric Colson, Chief Executive Officer, Jason Gottlieb, President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10194959. A replay of the call will be available until February 12, 2025 at 9:00 a.m. (Eastern Time), by dialing 877.344.7529 or 412.317.0088 for international callers; the replay conference ID is 2159030. An audio recording will also be available on the Company’s website.

    About Artisan Partners

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

    Source: Artisan Partners Asset Management Inc.

    Investor Relations Inquiries
    866.632.1770
    ir@artisanpartners.com

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Sale of Vantage at Tomball

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 04, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that on January 31, 2025, Vantage at Tomball, a 288-unit market rate multifamily property located in Tomball, TX, was sold at the direction of its managing member. The Partnership’s investment in Vantage at Tomball was originated in August 2020 and the Partnership contributed equity totaling $11.4 million. As a result of the sale, the Partnership’s equity investment in the property was redeemed. At closing of the sale, the Partnership received net cash of approximately $14.2 million, consisting of the return of its contributed equity and accrued preferred return. The Partnership estimates it will not recognize any gain, loss, or Cash Available for Distribution upon sale.

    “The proceeds from the sale of Vantage at Tomball will allow the Partnership to deploy capital into new accretive investments across our investment classes,” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership. “The Partnership’s overall return on the Vantage at Tomball investment was less than what has historically been achieved on prior equity investments due to rising insurance costs in the Houston metropolitan area as well as the higher interest rate environment since the last joint venture equity sale of the Vantage at Conroe investment in June 2023. However, we continue to believe in the long-term value of our multifamily property joint venture equity investment strategy.”

    Disclosure Regarding Non-GAAP Measures

    This report refers to Cash Available for Distribution (“CAD”), which is identified as a non-GAAP financial measure. We believe CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and our computation of CAD may not be comparable to CAD reported by other companies. Although we consider CAD to be a useful measure of our operating performance, CAD is a non-GAAP measure and should not be considered as an alternative to net income that is calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP. For the amounts disclosed herein related to this transaction, there are no reconciling items between net income per BUC, basic and diluted, and CAD per BUC, basic and diluted.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at  www.ghiinvestors.com.

    Safe Harbor Statement

    Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com 

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – European trucks used by the Syrian regime – E-002384/2024(ASW)

    Source: European Parliament

    Ordinary road trucks are not subject to an export ban within the EU restrictive measures vis-à-vis Syria, as established in Council Regulation (EU) No 36/2012[1]. However, when exporting such trucks to Syria, EU operators should ensure that no funds or economic resources are made available to listed persons.

    The responsibility for the implementation and enforcement of EU sanctions lies with the Member States. In case of doubt, EU operators are encouraged to seek assistance from the relevant Member State national competent authority. The Commission stands ready to support Member States in the uniform application of EU sanctions, including by providing clarifications where necessary.

    The Commission works in close coordination with the Member State national competent authorities to monitor the implementation of EU sanctions. This close coordination ensures that the EU’s Syria sanctions are responsive to any issues observed during the implementation of EU sanctions. In the event of any possible breach, the Commission brings this to the attention of the national competent authorities. It is then for national authorities to investigate the matter.

    For EU operators to minimise the risk of engagement with designated persons or entities, the Commission recommends a risk-based approach consisting of risk assessment, multi-level due diligence and ongoing monitoring.

    • [1] OJ L 16, 19.1.2012, p. 1-32.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI: Midland States Bancorp, Inc. Announces Common Stock and Preferred Stock Dividends

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., Feb. 04, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (NASDAQ: MSBI) announced today that its Board of Directors declared a quarterly cash dividend of $0.31 per share of its common stock. The dividend is payable on February 21, 2025 to all shareholders of record as of the close of business on February 14, 2025.

    The Board of Directors also declared a cash dividend of $0.4844 per depository share on its 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable on March 31, 2025 to stockholders of record as of March 17, 2025.

    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of December 31, 2024, the Company had total assets of approximately $7.53 billion, and its Wealth Management Group had assets under administration of approximately $4.15 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

    CONTACTS:
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

    The MIL Network –

  • MIL-OSI: UK’s Aldermore Bank selects Temenos to launch new small business savings notice accounts

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, Feb. 04, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today announced that UK-based Aldermore Bank (Aldermore) has selected Temenos SaaS to modernize its existing savings operations starting with quickly launching new savings notice accounts for small businesses.

    The bank will adopt Temenos Business & Corporate Enterprise Service to achieve a fast time to market and scale efficiently as it seeks to grow customer deposits and unlock new sources of revenue. Using Temenos’ end-to-end service for business and corporate banking, Aldermore will leverage pre-configured, proven capabilities across core and digital banking, to enable rapid deployment of its new products.

    Following the launch of these, Aldermore will also migrate its existing business savings accounts to Temenos, consolidating multiple legacy systems on a single, cloud-based solution with the highest security standards. This will enable the bank to increase efficiency and deliver exceptional experiences in line with its customer-centric business model.

    Part of First Rand Group, the largest financial services group in Africa, Aldermore is a multi-specialist lending and savings provider with total assets of £20.5bn. The bank is focused on helping groups underserved by mainstream providers, particularly SMEs, homeowners, landlords and intermediaries.

    With Temenos Business & Corporate Enterprise Service, Aldermore will benefit from high levels of automation to easily configure banking services that meet the specific needs of its client base. Leveraging, pre-packaged capabilities tailored to the UK market, as well as pre-defined user journeys and proven processes, Aldermore will be able to quickly move these into production and scale according to customer demand on a proven, modern solution.

    Alex Myers, Commercial Director for savings at Aldermore Bank, said: “This strategic technology investment will help us to rapidly expand our offering, providing more customer-centric solutions and exceptional experiences for the underserved small business market. With Temenos SaaS, we can launch new products in record time, with the agility to adapt to the changing needs of our customers.”

    Mark Yamin-Ali, Managing Director, Europe, Temenos, commented: “We’re delighted Aldermore has chosen Temenos SaaS to help drive its expansion of business savings. Aldermore prioritized both advanced technology and robust functionality, and Temenos was the only provider that met both needs. With pre-configured, proven capabilities tailored to the UK market and the small business sector, Temenos will help the bank to deliver a much faster time to market and increased efficiency as it looks to drive future growth.”

    Temenos is the global market leader in banking software, ranked #1 by IBS Intelligence in eight categories, including core, digital and Islamic banking, in the latest IBS Intelligence Sales League Table. Temenos was also named a Leader in the The Forrester Wave™: Digital Banking Processing Platforms, Q4 2024.

    About Aldermore Bank
    Aldermore backs more people to go for it, in life and business. We get finance to people who want to get on in life; building businesses, buying property and purchasing vehicles. And we champion equality by supporting those that the big traditional banks can’t or won’t help.

    The Group consists of two operating companies, Aldermore Bank plc and MotoNovo Finance Limited. Aldermore Bank provides finance to business owners, homeowners and landlords, and supports savers. It operates online, by phone and through networks. MotoNovo Finance helps people buy their next car, van or motorcycle.

    Aldermore Group is part of FirstRand Group, the largest financial services group in Africa by market capitalisation.

    About Temenos
    Temenos (SIX: TEMN) is the world’s leading platform for banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average.

    For more information, please visit www.temenos.com.

    Media Contacts 
     
    Scott Rowe & Michael Anderson
    Temenos Global Public Relations
    Tel: +44 20 7423 3857
    Email: press@temenos.com    		 Gabriel Goonetillake
    Temenos Team at Edelman Smithfield
    Tel: +44 7813 407710
    Email: Temenos@EdelmanSmithfield.com

    The MIL Network –

  • MIL-OSI Europe: Latest news – 4 February – World Cancer Day – Committee on Public Health

    Source: European Parliament

    World cancer day © Image used under the licence of Adobe stock

    World Cancer Day is an international day observed every 4 February to raise awareness about cancer, encourage its prevention, and mobilise action to address the global cancer epidemic. Cancer is a major health concern worldwide, being the second-leading cause of death globally. The World Cancer Day theme 2025-2027, “United by Unique” places people at the centre of care and explores new ways of making a difference.

    MIL OSI Europe News –

  • MIL-OSI Economics: Thales Alenia Space signs a contract with Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module, a critical element of Lunar Gateway

    Source: Thales Group

    Headline: Thales Alenia Space signs a contract with Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module, a critical element of Lunar Gateway

    Thales Alenia Space strengthens its cooperation with the UAE as a key partner in future space missions

    Cannes, February  4th, 2025 – Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), has signed a contract with Mohammed Bin Rashid Space Centre (MBRSC), the scientific and technological hub driving the UAE’s leadership in space services and exploration, for the design and development of the Emirates Crew and Science Airlock Module to be docked to Lunar Gateway cislunar space station.

    The Airlock will allow astronauts to perform spacewalks, transfer research to and from the lunar station, and serve as an additional docking port for spacecraft vehicles. This contribution to Gateway will establish the UAE as a major player in space exploration, develop the Science Community in the UAE and prepare the next generations of scientists and engineers to support space programs.

    Emirates Airlock: allowing extravehicular activities for astronauts

    © Thales Alenia Space/Briot

    The Emirates Airlock will be designed to allow extravehicular activities (EVA) for astronauts, enhance Gateway operations and utilization, and offer a scientific airlock capability.

    This pressurized module will provide space for the storage and maintenance of EVA suits, EVA-related tools and equipment, as well as a science airlock for transferring scientific experiments and Gateway hardware between the pressurized volume and the exterior of the cislunar space station.

    The key milestones planned for 2025 are the Mission Concept Review followed by the System Requirements Review and the Preliminary Design Reviews at primary structure and, respectively, system level.

    “I would like to sincerely thank the Mohammed Bin Rashid Space Centre (MBRSC) for putting its trust in our company”, Thales Alenia Space CEO, Hervé Derrey, said. “This new pressurized element is crucial for Lunar Gateway as it will be designed to enable extravehicular activities for astronauts in particular. We are delighted to accompany the MBRSC and the UAE bold vision in space exploration and support their commitment to international partners. This new contract emphasizes even more Thales Alenia Space’s leading positions in the fields of space transportation systems, orbital infrastructures and deep space exploration”.

    “I want to express my gratitude to the MBRSC for entrusting Thales Alenia Space in the manufacturing of the Emirates crew and science airlock module dedicated to Lunar Gateway” said Giampiero Di Paolo, Deputy CEO and Senior Vice President, Observation, Exploration and Navigation at Thales Alenia Space. “This partnership is a significant milestone, reflecting the trust the UAE has placed in our expertise and commitment to advancing space exploration. The Airlock module paves the way to the UAE’s remarkable commitment to innovation and excellence in space endeavours. Our goal is to work with the space community to contribute to lunar exploration and to continuous presence on the lunar surface. In that sense, we continuously invest in new technological developments and foster innovation. Challenges like this stimulate us and our supply chain for the benefit of the whole space ecosystem”.

    Our company has leveraged its longstanding experience in pressurized modules to offer a fifth module for the cislunar space station, including Lunar-View, Lunar-Link, Lunar I-Hab for ESA, HALO’s pressurized module for Northrop Grumman and now the Emirates airlock module.

    About MBRSC

    The Mohammed Bin Rashid Space Centre (MBRSC), established in 2006, is a leading scientific and technological hub driving the UAE’s leadership in space services and exploration. MBRSC has grown to become the incubator of the UAE National Space Programme, fostering scientific research, innovation and building a sustainable space sector in the UAE. MBRSC is committed to innovation, collaboration, and excellence in all aspects of space exploration and development.

    About Thales Alenia Space

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries, with 16 sites in Europe.

    MIL OSI Economics –

  • MIL-OSI United Nations: Deadly attacks in eastern Aleppo highlight Syria’s vulnerability

    Source: United Nations 4

    By Vibhu Mishra

    Peace and Security

    The United Nations on Tuesday condemned a deadly car bomb attack in the Syrian city of Manbij that killed 20 people, mostly women, and left many others critically injured.

    The explosion on Monday – close to the Turkish border – targeted a vehicle transporting seasonal agricultural workers. According to news reports, at least 11 women and three children were among the dead.

    It follows another attack just days earlier that killed four civilians and injured nine others, including six children. Monday’s car bombing was reportedly the seventh in just over a month and it marks the deadliest attack inside Syria since the fall of the Assad regime.

    The area has been a battleground for Turkish-backed forces and mostly Kurdish fighters. No group has claimed responsibility for Monday’s attack so far.

    “We reiterate that all parties must uphold their obligations under international humanitarian law to protect civilians,” said UN Spokesperson Stéphane Dujarric, briefing journalists in New York.

    “Civilians and civilian infrastructure should never be targeted.”

    Thousands displaced

    Meanwhile, hostilities persist in northeast Syria, particularly in eastern Aleppo, Al-Hasakeh and Ar-Raqqa, where over 25,000 have been displaced.

    Shelling, airstrikes, and ongoing clashes have devastated communities, leading to widespread destruction of homes, hospitals, and essential infrastructure, according to a humanitarian bulletin issued by UN relief coordination office, OCHA.

    Across the country, lack of public services and funding have made it difficult for humanitarian organizations to respond.

    In Homs and Hama, electricity is available for only 45 to 60 minutes every eight hours, while in northwest Syria, more than 100 health facilities have run out of funding since the start of the year.

    The UN and its partners are appealing for $1.2 billion to assist 6.7 million of Syria’s most vulnerable people through March 2025.

    Humanitarian efforts

    Despite the challenges, UN agencies and partners continue their efforts to deliver assistance and monitor the situation, as security allows.

    On February 3, a UN cross-border mission from Türkiye to Idlib assessed cash distribution efforts – part of a broader effort to reach communities in need.

    “So far in 2025, we completed 40 cross-border missions to Syria, mostly to monitor and assess projects – nearly double the number of missions that we had at the same time last year,” Mr. Dujarric said.

    On January 30, UN teams also conducted an assessment mission to Sweida, close to the Jordanian border, marking the first UN presence in the area since October 2023. The visit revealed critical shortages of drinking water and irrigation resources, exacerbated by years of drought.

    © UNICEF/Muhannad Aldhaher

    Refugee returns

    Meanwhile, a recent survey by the UN refugee agency, UNHCR, found that 27 per cent of Syrian refugees in Jordan, Lebanon, Iraq and Egypt, plan to return home within the next 12 months – a sharp increase from less than 2 per cent recorded in April last year.

    Since the fall of the Assad regime in December, to 23 January, over 210,000 Syrians have returned with many facing challenges related to destroyed property, lack of infrastructure, and security concerns.

    Internally displaced persons (IDPs) within Syria are also beginning to return home, albeit in small numbers.

    Since early December, approximately 57,000 IDPs – mostly single-family groups or individuals – have left IDP camps.

    However, nearly two million people remain in over 1,500 camps across Idlib and northern Aleppo, where safety concerns and a lack of essential services continue to hinder returns.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Transport – Desert Road closure costing freight businesses an estimated $100,000 per day

    Source: Ia Ara Aotearoa Transporting New Zealand

    National road freight association Transporting New Zealand has emphasised the importance of getting the Desert Road on State Highway 1 reopened as soon as possible, estimating that the closure is increasing freight costs for businesses and consumers by $100,000 per day.
    Chief executive Dom Kalasih says that while using block road closures allows NZTA to work more efficiently and safely on roading projects, it is essential that these are well managed and keep to schedule.
    “Transporting New Zealand supported the block road closure approach for the Desert Road project, rather than operating stop-go for months and years on end. However, taking this approach means that NZTA needs to be providing regular comms updates and completing these works on time.
    “If there are any delays with the Desert Road opening, it is critical that NZTA provides notice well in advance so that transport companies can readjust their plans to manage the extra demands.”
    Kalasih says that having the closure extended would be bad news for businesses and consumers across the country.
    “Based on NZTA information about the additional detour time and traffic data, we estimate the additional freight cost is in the order of $100,000 per day, due to approximately 800 trucks per day having to travel for an additional 35-40 minutes. Our members have no choice but to pass those costs on to their customers, and that shows up as higher prices for consumers.
    “There’s also the loss in labour productivity and the significant impact on local businesses in the affected area to consider.
    “The closure also increases risk to the resilience of the network. If SH4 between National Park and Tohunga Junction was to become blocked for any significant period, then inter-regional travel across the Central Plateau would be severely impacted.”
    Transporting New Zealand sought an update from NZTA on how the project was tracking to schedule on Monday, and will be keeping their members regularly updated. 
    About Ia Ara Aotearoa Transporting New Zealand 
    Ia Ara Aotearoa Transporting New Zealand is the peak national membership association representing the road freight transport industry. Our members operate urban, rural and inter-regional commercial freight transport services throughout the country.
    Road is the dominant freight mode in New Zealand, transporting 92.8% of the freight task on a tonnage basis, and 75.1% on a tonne-km basis. The road freight transport industry employs over 34,000 people across more than 4700 businesses, with an annual turnover of $6 billion. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Op-Ed – Everyone has a plan until they get punched in the face – OPED Conor English

    Opinion – by Conor English
     
    5 February 2025 – Everyone has a plan until they get punched in the face – Boxer Mike Tyson famously said, “Everyone has a plan until they get punched in the face”.  He was simply pointing out in his own unique direct way, that sometimes things don’t go the way you think. There can be unintended consequences. Your opponent can counter punch, so a “plan b” can be useful!
     
    The new USA government has a plan to use tariffs as a way of incentivising other countries to do things that are helpful to the USA. Things like curtail immigrants or drugs travelling over the border, or to shift their manufacturing jobs to America.  The President has described the word “tariffs” as “the most beautiful word in the dictionary” so its clear he likes the idea of using tariffs. It does have some logic. Maybe this plan will work?
     
    So, using emergency powers that enable quick action, rather than long winded trade negotiation processes, this plan is being implemented this week.  First up, 10% tariff on goods from China, and energy products from Canada. Tariffs will be set at 25% for most other goods from Canada and Mexico. If these countries change their drug, migration and manufacturing policies, the USA will look to review the tariff levels.  That’s the new deal.
     
    New Zealand had its own tariffs for many years as was fashionable. But now we seek fair trade, with no tariffs or quotas, or other non-tariff trade barriers in our trading relationships. It matters to us as a small trading country at the bottom of the world. Multilateral co-operation and enforcement frameworks such as the World Trade Organisation are vital.   
     
    America, like many countries, has a long history of using tariffs. An excellent example of how things can end up like a punch in the face, as Mike Tyson would put it, is the passing of what was known as the “Smoot Hawley” Tariff Act on June 17, 1930. This raised tariffs on over 20,000 imported goods, despite a petition signed by 1,028 economists asking President Hoover to veto the legislation. He didn’t. The theory was it would save jobs in America and protect local producers from international competition following the “Black Thursday” share market crash on October 24, 1929.
     
    But it didn’t make things better, it made things worse.
     
    Americas trading partners punched back. They didn’t do nothing. They retaliated, just as Canada and Mexico now have. The world economy and geopolitics has evolved significantly since the great depression and what happened then may not happen now. However, history can perhaps provide some small insight as to how this might play out.
     
    Wikipedia tells us that after the Smoot- Hawley passed – yes – USA imports did decrease by 66% from $4.4 billion  in 1929, to $1.5 billion in 1933. So that must be good for domestic jobs and industries? Well no, because other countries punched back with their own tariffs, as well as sourcing their own imports from other countries rather than America.
     
    As a result, USA exports also decreased 61% from $5.4 billion to $2.1 billion. GNP fell from $103.1 billion in 1929 to $75.8 billion in 1931, bottoming out at $55.6 billion in 1933, a drop of around 50% over four years. 
     
    So rather than create jobs, jobs were lost, and plenty of them. Unemployment was at 8% in 1930 when the Smoot–Hawley Tariff Act was passed, but the new law failed to lower it. The unemployment rate jumped to 16% in 1931, and 25% in 1932–33. The factories that produced those export goods couldn’t sell their products, so staff lost their jobs.
     
    Unemployment didn’t fall below early 1930s levels until the massive economic stimulus of World War 2.
     
    As with any economy, there is always more than just one thing happening, but at that time, that is what happened in the USA. So how does this current fast changing situation effect New Zealand?
     
    Unlike 100 years ago, we get impacted very quickly by the transmission of changes in our exchange rate, interest rates, commodity prices, share markets and trade flows. This then flows through our economy.
     
    For example, if inflation goes up in America because of the new tariffs, international interest rates may go up, thus reducing the speed of any reductions on our mortgage rates. Dairy commodity prices might rise, but so too might international oil prices, pushing up our fuel prices and inflation. Our dollar may fall, making it cheaper for tourists to visit, but the cost of servicing our increasing national debt more expensive.  Chinese built EVs may be more available and cheaper here as cars are diverted from the USA market.
     
    There will be all sorts of positive and negative impacts, unintended consequences and unforeseen outcomes. It could be overall positive or overall negative for both America and New Zealand, but we just don’t know. We do know though that it creates more uncertainty, and that’s not helpful to anyone.     
     
    So will it be a punch in the face, as Mike Tyson suggests, or a pat on the back?  Either way, we need to be fleet of foot and have a “Plan B”.
     
    Conor English is a Director of Silvereye – a Wellington based Government relations firm, a former exporter, CEO of Federated Farmers, and Independent Advisor to the Reserve Bank of New Zealand. 

    MIL OSI New Zealand News –

  • MIL-OSI: Mulvihill Enhanced Split Preferred Share ETF Declares Monthly Distribution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) — Mulvihill Enhanced Split Preferred Share ETF has declared a monthly cash distribution in the amount of $0.08333 per unit, payable on March 7, 2025 to unitholders of record on February 28, 2025.

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com.

    John Germain, Senior VP & CFO   Mulvihill Capital Management Inc.
        121 King Street West
        Suite 2600
        Toronto, Ontario, M5H 3T9
         

    Commissions, trailing commissions, management fees and expenses all may be associated with exchange traded funds (ETFs). Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. There are risks involved with investing in ETFs. Please read the prospectus for a complete description of risks relevant to ETFs. Investors may incur customary brokerage commissions in buying or selling ETFs.

    The MIL Network –

  • MIL-OSI: Mercury Systems Reports Second Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Q2 FY25 Bookings of $242.4 million; book-to-bill ratio of 1.09
    • Record backlog of $1.4 billion; up 6% year-over-year
    • Q2 FY25 Revenue of $223.1 million; GAAP net loss of $17.6 million; and adjusted EBITDA of $22.0 million
    • Record Operating Cash Flow of $85.5 million with Free Cash Flow of $81.9 million

    ANDOVER, Mass., Feb. 04, 2025 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), reported operating results for the second quarter of fiscal year 2025, ended December 27, 2024.

    “We delivered solid results in the second quarter of fiscal 2025 that were once again in line with or ahead of our expectations, and I’m optimistic about our ongoing efforts to improve performance as we move through the fiscal year,” said Bill Ballhaus, Mercury’s Chairman and CEO.

    “In the quarter we secured bookings of $242.4 million, for a trailing-twelve-month book-to-bill of 1.12; revenue of $223.1 million, up 13% year-over-year; adjusted EBITDA of $22.0 million and adjusted EBITDA margin of 9.9%, both up substantially year-over-year; and record free cash flow of $81.9 million, up $44.4 million year-over-year. These results reflect continued progress in each of our four priority areas, highlighted by solid execution across our broad portfolio of production and development programs, a record backlog of $1.4 billion, reduced operating expenses enabling increased positive operating leverage, and continued progress on free cash flow drivers, with net working capital down $114.9 million year-over-year.”

    Second Quarter Fiscal 2025 Results

    Total Company second quarter fiscal 2025 revenues were $223.1 million, compared to $197.5 million in the second quarter of fiscal 2024.

    Total bookings for the second quarter of fiscal 2025 were $242.4 million, yielding a book-to-bill ratio of 1.09 for the quarter.

    Total Company GAAP net loss and loss per share for the second quarter of fiscal 2025 were $17.6 million, and $0.30, respectively, compared to GAAP net loss and loss per share of $45.6 million, and $0.79, respectively, for the second quarter of fiscal 2024. Adjusted earnings (loss) per share (“adjusted EPS”) was $0.07 per share for the second quarter of fiscal 2025, compared to $(0.42) per share in the second quarter of fiscal 2024.

    Second quarter fiscal 2025 adjusted EBITDA for the total Company was $22.0 million, compared to $(21.3) million for the second quarter of fiscal 2024.

    Cash flows provided by operating activities in the second quarter of fiscal 2025 were $85.5 million, compared to $45.5 million in the second quarter of fiscal 2024. Free cash flow, defined as cash flows from operating activities less capital expenditures for property and equipment, was $81.9 million for the second quarter of fiscal 2025 and $37.5 million for the second quarter of fiscal 2024.

    Backlog

    Mercury’s total backlog at December 27, 2024 was $1.4 billion, an approximate $80.0 million increase from a year ago. Of the December 27, 2024 total backlog, $789.9 million represents orders expected to be recognized as revenue within the next 12 months.

    Conference Call Information

    Management will host a conference call and simultaneous webcast at 5:00 p.m. ET on Tuesday, February 4, 2025, to discuss Mercury’s quarterly financial results, business highlights and outlook. In addition, Company representatives may answer questions concerning business and financial developments and trends, the Company’s view on earnings forecasts, and other business and financial matters affecting the Company, the responses to which may contain information that has not been previously disclosed.

    To attend the conference call or webcast, participants should register online at ir.mrcy.com/events-presentations. Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. A replay of the webcast will be available two hours after the call and archived on the same web page for six months.

    Use of Non-GAAP Financial Measures
    In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, the Company provides adjusted EBITDA, adjusted income, adjusted earnings per share (“adjusted EPS”) and free cash flow, which are non-GAAP financial measures. Adjusted EBITDA, adjusted income, and adjusted EPS exclude certain non-cash and other specified charges. The Company believes these non-GAAP financial measures are useful to help investors understand its past financial performance and prospects for the future. However, these non-GAAP measures should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. Management believes these non-GAAP measures assist in providing a more complete understanding of the Company’s underlying operational results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company’s business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. A reconciliation of GAAP to non-GAAP financial results discussed in this press release is contained in the attached exhibits.

    Mercury Systems – Innovation that Matters®
    Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 23 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)

    Investors and others should note that we announce material financial information using our website (www.mrcy.com), SEC filings, press releases, public conference calls, webcasts, and social media, including X (X.com/mrcy) and LinkedIn (www.linkedin.com/company/mercury-systems). Therefore, we encourage investors and others interested in Mercury to review the information we post on the social media and other communication channels listed on our website.

    Forward-Looking Safe Harbor Statement

    This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company’s focus on enhanced execution of the Company’s strategic plan under a refreshed Board and leadership team. You can identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company’s products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, adherence to required manufacturing standards, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, such as the deductibility of internal research and development, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

    Contact:
    Tyler Hojo, CFA, Vice President of Investor Relations
    Mercury Systems, Inc.
    978-967-3676

    Mercury Systems and Innovation That Matters are registered trademarks of Mercury Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders.

    MERCURY SYSTEMS, INC.  
    UNAUDITED CONSOLIDATED BALANCE SHEETS  
    (In thousands)      
      December 27,   June 28,
        2024       2024  
           
    Assets      
    Current assets:      
    Cash and cash equivalents $ 242,565     $ 180,521  
    Accounts receivable, net   104,491       111,441  
    Unbilled receivables and costs in excess of billings, net   278,657       304,029  
    Inventory   344,415       335,300  
    Prepaid expenses and other current assets   20,556       22,493  
    Total current assets   990,684       953,784  
           
    Property and equipment, net   111,459       110,353  
    Goodwill   938,093       938,093  
    Intangible assets, net   226,142       250,512  
    Operating lease right-of-use assets, net   56,525       60,860  
    Deferred tax asset   71,712       58,612  
    Other non-current assets   6,840       6,691  
    Total assets $ 2,401,455     $ 2,378,905  
           
    Liabilities and Shareholders’ Equity      
    Current liabilities:      
    Accounts payable $ 64,778     $ 81,068  
    Accrued expenses   40,471       42,926  
    Accrued compensation   32,015       36,398  
    Income taxes payable   306       109  
    Deferred revenues and customer advances   135,963       73,915  
    Total current liabilities   273,533       234,416  
           
    Income taxes payable   7,713       7,713  
    Long-term debt   591,500       591,500  
    Operating lease liabilities   57,805       62,584  
    Other non-current liabilities   10,628       9,917  
    Total liabilities   941,179       906,130  
           
    Shareholders’ equity:      
    Preferred stock   —       —  
    Common stock   587       581  
    Additional paid-in capital   1,266,926       1,242,402  
    Retained earnings   184,695       219,799  
    Accumulated other comprehensive income   8,068       9,993  
    Total shareholders’ equity   1,460,276       1,472,775  
    Total liabilities and shareholders’ equity $ 2,401,455     $ 2,378,905  
    MERCURY SYSTEMS, INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS        
    (In thousands, except per share data)
      Second Quarters Ended   Six Months Ended
      December 27, 2024   December 29, 2023   December 27, 2024   December 29, 2023
    Net revenues $ 223,125     $ 197,463     $ 427,556     $ 378,454  
    Cost of revenues(1)   162,299       165,943       314,940       296,407  
    Gross margin   60,826       31,520       112,616       82,047  
                   
    Operating expenses:              
    Selling, general and administrative(1)   40,501       44,470       73,654       80,264  
    Research and development(1)   21,368       28,476       39,751       60,348  
    Amortization of intangible assets   11,154       12,270       22,389       24,817  
    Restructuring and other charges   40       2       2,300       9,548  
    Acquisition costs and other related expenses   178       231       355       1,200  
    Total operating expenses   73,241       85,449       138,449       176,177  
                   
    Loss from operations   (12,415 )     (53,929 )     (25,833 )     (94,130 )
                   
    Interest income   406       29       950       132  
    Interest expense   (8,430 )     (8,674 )     (17,336 )     (16,537 )
    Other expense, net   (3,865 )     (1,148 )     (5,204 )     (2,922 )
                   
    Loss before income tax benefit   (24,304 )     (63,722 )     (47,423 )     (113,457 )
    Income tax benefit   (6,725 )     (18,141 )     (12,319 )     (31,168 )
    Net loss $ (17,579 )   $ (45,581 )   $ (35,104 )   $ (82,289 )
                   
    Basic net loss per share $ (0.30 )   $ (0.79 )   $ (0.60 )   $ (1.44 )
                   
    Diluted net loss per share $ (0.30 )   $ (0.79 )   $ (0.60 )   $ (1.44 )
                   
    Weighted-average shares outstanding:              
    Basic   58,561       57,424       58,454       57,314  
    Diluted   58,561       57,424       58,454       57,314  
                   
    (1) Includes stock-based compensation expense, allocated as follows:
    Cost of revenues $ (167 )   $ 4     $ (54 )   $ 820  
    Selling, general and administrative $ 6,317     $ 5,742     $ 10,928     $ 7,503  
    Research and development $ 1,812     $ 1,640     $ 3,180     $ 3,180  
    MERCURY SYSTEMS, INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
      Second Quarters Ended   Six Months Ended
      December 27, 2024   December 29, 2023   December 27, 2024   December 29, 2023
    Cash flows from operating activities:              
    Net loss $ (17,579 )   $ (45,581 )   $ (35,104 )   $ (82,289 )
    Depreciation and amortization   20,922       22,193       42,142       44,885  
    Other non-cash items, net   5,083       1,640       10,685       (2,011 )
    Cash settlement for termination of interest rate swap   —       —       —       7,403  
    Changes in operating assets and liabilities   77,036       67,242       53,079       38,438  
                   
    Net cash provided by operating activities   85,462       45,494       70,802       6,426  
                   
    Cash flows from investing activities:              
    Purchases of property and equipment $ (3,555 )   $ (7,990 )   $ (9,791 )   $ (16,005 )
    Other investing activities   1,900       —       1,900       —  
                   
    Net cash used in investing activities   (1,655 )     (7,990 )     (7,891 )     (16,005 )
                   
    Cash flows from financing activities:              
    Proceeds from employee stock plans   1,492       3,163       1,492       3,163  
    Borrowings under credit facilities   —       40,000       —       105,000  
    Payments of deferred financing and offering costs   —       (1,931 )     (2,249 )     (1,931 )
    Payments for retirement of common stock   —       (15 )     —       (15 )
                   
    Net cash provided by (used in) financing activities   1,492       41,217       (757 )     106,217  
                   
    Effect of exchange rate changes on cash and cash equivalents   (857 )     556       (110 )     445  
                   
    Net increase in cash and cash equivalents   84,442       79,277       62,044       97,083  
                   
    Cash and cash equivalents at beginning of period   158,123       89,369       180,521       71,563  
                   
    Cash and cash equivalents at end of period $ 242,565     $ 168,646     $ 242,565     $ 168,646  
    UNAUDITED SUPPLEMENTAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (In thousands)            
                 

    Adjusted EBITDA, a non-GAAP measure for reporting financial performance, excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company’s underlying results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company’s business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below:

    Other non-operating adjustments. The Company records other non-operating adjustments such as gains or losses on foreign currency remeasurement, investments and fixed asset sales or disposals among other adjustments. These adjustments may vary from period to period without any direct correlation to underlying operating performance.

    Interest income and expense. The Company receives interest income on investments and incurs interest expense on loans, financing leases and other financing arrangements. These amounts may vary from period to period due to changes in cash and debt balances and interest rates driven by general market conditions or other circumstances which may be outside of the normal course of the Company’s operations.

    Income taxes. The Company’s GAAP tax expense can fluctuate materially from period to period due to tax adjustments that are not directly related to underlying operating performance or to the current period of operations.

    Depreciation. The Company incurs depreciation expense related to capital assets purchased to support the ongoing operations of the business. These assets are recorded at cost or fair value and are depreciated using the straight-line method over the useful life of the asset. Purchases of such assets may vary significantly from period to period and without any direct correlation to underlying operating performance.

    Amortization of intangible assets. The Company incurs amortization of intangible assets primarily as a result of acquired intangible assets such as backlog, customer relationships and completed technologies but also due to licenses, patents and other arrangements. These intangible assets are valued at the time of acquisition or upon receipt of right to use the asset, amortized over the requisite life and generally cannot be changed or influenced by management after acquisition.

    Restructuring and other charges. The Company incurs restructuring and other charges in connection with management’s decisions to undertake certain actions to realign operating expenses through workforce reductions and the closure of certain Company facilities, businesses and product lines. The Company’s adjustments reflected in restructuring and other charges are typically related to acquisitions and organizational redesign programs initiated as part of discrete post-acquisition integration activities. Management believes these items are non-routine and may not be indicative of ongoing operating results.

    Impairment of long-lived assets. The Company incurs impairment charges of long-lived assets based on events that may or may not be within the control of management. Management believes these items are outside the normal operations of the Company’s business and are not indicative of ongoing operating results.

    Acquisition, financing and other third party costs. The Company incurs transaction costs related to acquisition and potential acquisition opportunities, such as legal, accounting, and other third party advisory fees. The Company may also incur third party costs, such as legal, banking, communications, proxy solicitation, and other third party advisory fees in connection with engagements by activist investors or unsolicited acquisition offers. Although the Company may incur such third party costs and other related charges and adjustments, it is not indicative that any transaction will be consummated. Additionally, the Company incurs unused revolver and bank fees associated with maintaining its credit facility as well as non-cash financing expenses associated with obtaining its credit facility. Management believes these items are outside the normal operations of the Company’s business and are not indicative of ongoing operating results.

    Fair value adjustments from purchase accounting. As a result of applying purchase accounting rules to acquired assets and liabilities, certain fair value adjustments are recorded in the opening balance sheet of acquired companies. These adjustments are then reflected in the Company’s income statements in periods subsequent to the acquisition. In addition, the impact of any changes to originally recorded contingent consideration amounts are reflected in the income statements in the period of the change. Management believes these items are outside the normal operations of the Company and are not indicative of ongoing operating results.

    Litigation and settlement income and expense. The Company periodically receives income and incurs expenses related to pending claims and litigation and associated legal fees and potential case settlements and/or judgments. Although the Company may incur such costs and other related charges and adjustments, it is not indicative of any particular outcome until the matter is fully resolved. Management believes these items are outside the normal operations of the Company’s business, often occur in periods other than the period of activity, and are not indicative of ongoing operating results. The Company periodically receives warranty claims from customers and makes warranty claims towards its vendors and supply chain. Management believes the expenses and gains associated with these recurring warranty items are within the normal operations and operating cycle of the Company’s business. Therefore, management deems no adjustments are necessary unless under extraordinary circumstances.

    Stock-based and other non-cash compensation expense. The Company incurs expense related to stock-based compensation included in its GAAP presentation of cost of revenues, selling, general and administrative expense and research and development expense. The Company also incurs non-cash based compensation in the form of pension related expenses and matching contributions to its defined contribution plan. Although stock-based and other non-cash compensation is an expense of the Company and viewed as a form of compensation, these expenses vary in amount from period to period, and are affected by market forces that are difficult to predict and are not within the control of management, such as the market price and volatility of the Company’s shares, risk-free interest rates and the expected term and forfeiture rates of the awards, as well as pension actuarial assumptions. Management believes that exclusion of these expenses allows comparisons of operating results to those of other companies, both public, private or foreign, that disclose non-GAAP financial measures that exclude stock-based compensation and other non-cash compensation.

    Mercury uses adjusted EBITDA as an important indicator of the operating performance of its business. Management excludes the above-described items from its internal forecasts and models when establishing internal operating budgets, supplementing the financial results and forecasts reported to the Company’s board of directors, determining a portion of bonus compensation for executive officers and other key employees based on operating performance, evaluating short-term and long-term operating trends in the Company’s operations, and allocating resources to various initiatives and operational requirements. The Company believes that adjusted EBITDA permits a comparative assessment of its operating performance, relative to its performance based on its GAAP results, while isolating the effects of charges that may vary from period to period without direct correlation to underlying operating performance. The Company believes that these non-GAAP financial adjustments are useful to investors because they allow investors to evaluate the effectiveness of the methodology and information used by management in its financial and operational decision-making. The Company believes that trends in its adjusted EBITDA are valuable indicators of its operating performance.

    Adjusted EBITDA is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the adjusted EBITDA financial adjustments described above, and investors should not infer from the Company’s presentation of this non-GAAP financial measure that these costs are unusual, infrequent or non-recurring.

    The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure.

      Second Quarters Ended   Six Months Ended
      December 27, 2024   December 29, 2023   December 27, 2024   December 29, 2023
    Net loss $ (17,579 )   $ (45,581 )   $ (35,104 )   $ (82,289 )
    Other non-operating adjustments, net   2,549       (1,042 )     814       (311 )
    Interest expense, net   8,024       8,645       16,386       16,405  
    Income tax benefit   (6,725 )     (18,141 )     (12,319 )     (31,168 )
    Depreciation   9,768       9,923       19,753       20,068  
    Amortization of intangible assets   11,154       12,270       22,389       24,817  
    Restructuring and other charges   40       2       2,300       9,548  
    Impairment of long-lived assets   —       —       —       —  
    Acquisition, financing and other third party costs   1,109       860       3,440       2,192  
    Fair value adjustments from purchase accounting   178       178       355       355  
    Litigation and settlement expense, net   2,087       1,383       3,481       1,886  
    Stock-based and other non-cash compensation expense   11,424       10,195       21,984       19,146  
    Adjusted EBITDA $ 22,029     $ (21,308 )   $ 43,479     $ (19,351 )
     

    Free cash flow, a non-GAAP measure for reporting cash flow, is defined as cash provided by operating activities less capital expenditures for property and equipment, which includes capitalized software development costs, and, therefore, has not been calculated in accordance with GAAP. Management believes free cash flow provides investors with an important perspective on cash available for investment and acquisitions after making capital investments required to support ongoing business operations and long-term value creation. The Company believes that trends in its free cash flow are valuable indicators of its operating performance and liquidity.

    Free cash flow is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenditures similar to the free cash flow financial adjustment described above, and investors should not infer from the Company’s presentation of this non-GAAP financial measure that these expenditures reflect all of the Company’s obligations which require cash.

    The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure.

      Second Quarters Ended   Six Months Ended
      December 27, 2024   December 29, 2023   December 27, 2024   December 29, 2023
    Net cash provided by operating activities $ 85,462     $ 45,494     $ 70,802     $ 6,426  
    Purchases of property and equipment   (3,555 )     (7,990 )     (9,791 )     (16,005 )
    Free cash flow $ 81,907     $ 37,504     $ 61,011     $ (9,579 )
    UNAUDITED SUPPLEMENTAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (In thousands, except per share data)
     

    Adjusted income and adjusted earnings per share (“adjusted EPS”) are non-GAAP measures for reporting financial performance, exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company’s underlying results and trends and allows for comparability with its peer company index and industry. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The Company uses these measures along with the corresponding GAAP financial measures to manage the Company’s business and to evaluate its performance compared to prior periods and the marketplace. The Company defines adjusted income as income before other non-operating adjustments, amortization of intangible assets, restructuring and other charges, impairment of long-lived assets, acquisition, financing and other third party costs, fair value adjustments from purchase accounting, litigation and settlement income and expense, and stock-based and other non-cash compensation expense. The impact to income taxes includes the impact to the effective tax rate, current tax provision and deferred tax provision(1). Adjusted EPS expresses adjusted income on a per share basis using weighted average diluted shares outstanding.

    The following tables reconcile the most directly comparable GAAP financial measures to the non-GAAP financial measures.

      Second Quarters Ended
      December 27, 2024   December 29, 2023
    Net loss and loss per share $ (17,579 )   $ (0.30 )   $ (45,581 )   $ (0.79 )
    Other non-operating adjustments, net   2,549           (1,042 )    
    Amortization of intangible assets   11,154           12,270      
    Restructuring and other charges   40           2      
    Impairment of long-lived assets   —           —      
    Acquisition, financing and other third party costs   1,109           860      
    Fair value adjustments from purchase accounting   178           178      
    Litigation and settlement expense, net   2,087           1,383      
    Stock-based and other non-cash compensation expense   11,424           10,195      
    Impact to income taxes(1)   (7,022 )         (2,446 )    
    Adjusted income (loss) and adjusted earnings (loss) per share(2) $ 3,940     $ 0.07     $ (24,181 )   $ (0.42 )
                   
    Diluted weighted-average shares outstanding       58,843           57,424  
                   
    (1) Impact to income taxes is calculated by recasting income before income taxes to include the items involved in determining adjusted income and recalculating the income tax provision using this adjusted income from operations before income taxes. The recalculation also adjusts for any discrete tax expense or benefit related to the items.
    (2) Adjusted earnings per share is calculated using diluted shares whereas Net loss per share or Adjusted loss per share is calculated using basic shares. There were no impact to the calculation of adjusted earnings per share as a result of this for the second quarters ended December 27, 2024 and December 29, 2023.
      Six Months Ended
      December 27, 2024   December 29, 2023
    Net loss and loss per share $ (35,104 )   $ (0.60 )   $ (82,289 )   $ (1.44 )
    Other non-operating adjustments, net   814           (311 )    
    Amortization of intangible assets   22,389           24,817      
    Restructuring and other charges   2,300           9,548      
    Impairment of long-lived assets   —           —      
    Acquisition, financing and other third party costs   3,440           2,192      
    Fair value adjustments from purchase accounting   355           355      
    Litigation and settlement expense, net   3,481           1,886      
    COVID related expenses   —           —      
    Stock-based and other non-cash compensation expense   21,984           19,146      
    Impact to income taxes(1)   (13,275 )         (13,204 )    
    Adjusted income (loss) and adjusted earnings (loss) per share(2) $ 6,384     $ 0.11     $ (37,860 )   $ (0.66 )
                   
    Diluted weighted-average shares outstanding       58,752           57,314  
                   
    (1) Impact to income taxes is calculated by recasting income before income taxes to include the items involved in determining adjusted income and recalculating the income tax provision using this adjusted income from operations before income taxes. The recalculation also adjusts for any discrete tax expense or benefit related to the items.
    (2) Adjusted earnings per share is calculated using diluted shares whereas Net loss per share is calculated using basic shares. There were no impact to the calculation of adjusted earnings per share as a result of this for the six months ended December 27, 2024 and December 29, 2023.

    The MIL Network –

  • MIL-OSI: H&R Block Reports Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    — Repurchased $190 Million of Shares—

    — Reaffirms Full Year Outlook —

    KANSAS CITY, Mo., Feb. 04, 2025 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) (the “Company”) today released financial results1 for its fiscal 2025 second quarter ended December 31, 2024.

    “I am pleased with our performance in the first half of the year,” said Jeff Jones, president and chief executive officer. “We are reaffirming our fiscal 2025 outlook, and are well prepared to deliver this tax season and in the second half of the fiscal year.”

    Fiscal 2025 Second Quarter Results and Key Financial Metrics
    “We are on track for the year and we are well positioned to deliver strong results,” said Tiffany Mason, chief financial officer. “During the second quarter, we repurchased 3.2 million shares for $190 million, reflecting our confidence in the long-term value of our stock and our commitment to delivering shareholder returns.”

    For the second quarter, the Company delivered total revenue of $179.1 million, which was flat to the prior year. Increases in revenue from Wave and international tax preparation were offset by lower interest and fee income on Emerald Advance® due to a decrease in loan originations.

    Total operating expenses of $472.4 million increased by $25.8 million as expected, primarily due to higher tax professional and corporate wages, increased healthcare costs, an increase in occupancy costs and the timing of marketing expenses versus the prior year.

    Pretax loss increased by $29.4 million to $312.3 million.

    Loss per share from continuing operations2 increased to $(1.79) from $(1.33) and adjusted loss per share from continuing operations2 increased to $(1.73) from $(1.27), due to a higher net loss and fewer shares outstanding as a result of share repurchases, which are accretive to earnings per share on a full-year basis.

    Capital Allocation

    The Company reported the following related to its capital structure:

    • Repurchased and retired 3.2 million shares at an aggregate price of $190.5 million, or $58.65 per share in the second quarter.
    • The Company has approximately $1.1 billion remaining on its $1.5 billion share repurchase program.

    Since 2016, the Company has returned more than $4.4 billion to shareholders in the form of dividends and share repurchases, buying back over 43% of its shares outstanding3.

    Fiscal Year 2025 Outlook Reaffirmed

    The Company continues to expect:

    • Revenue to be in the range of $3.69 to $3.75 billion.
    • EBITDA4 to be in the range of $975 million to $1.02 billion.
    • Effective tax rate to be approximately 13%, resulting in a one-time benefit to EPS of approximately 50 cents.
    • Adjusted Diluted Earnings Per Share4 to be in the range of $5.15 to $5.35.

    Conference Call

    The Company will host a conference call for analysts and investors to discuss second quarter 2025 results at 4:30 p.m. ET on Tuesday, February 4, 2025. To join live, participants must register at https://register.vevent.com/register/BI06a7e8ddc07544a6853995c1fe75ea2c. Once registered, the participant will receive a dial-in number and unique PIN to access the call. Please join approximately 5 minutes prior to the scheduled start time.

    The call, along with a presentation for viewing, will also be webcast in a listen-only format for the media and general public. The webcast can be accessed directly at https://edge.media-server.com/mmc/p/qdeqpgfd and will be available for replay 2 hours after the call is concluded and continuing for 90 days.

    About H&R Block

    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time, and be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    About Non-GAAP Financial Information

    This press release and the accompanying tables include non-GAAP financial information. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles, please see the section of the accompanying tables titled “Non-GAAP Financial Information.”

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “commits,” “seeks,” “estimates,” “projects,” “forecasts,” “targets,” “would,” “will,” “should,” “goal,” “could” or “may” or other similar expressions. Forward-looking statements provide management’s current expectations or predictions of future conditions, events or results. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. They may include estimates of revenues, client trajectory, income, effective tax rate, earnings per share, cost savings, capital expenditures, dividends, share repurchases, liquidity, capital structure, market share, industry volumes or other financial items, descriptions of management’s plans or objectives for future operations, products or services, or descriptions of assumptions underlying any of the above. They may also include the expected impact of external events beyond the Company’s control, such as outbreaks of infectious disease, severe weather events, natural or manmade disasters, or changes in the regulatory environment in which we operate. All forward-looking statements speak only as of the date they are made and reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data or methods, future events or other changes, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to a variety of economic, competitive and regulatory factors, many of which are beyond the Company’s control, that are described in our Annual Report on Form 10-K for the most recently completed fiscal year in the section entitled “Risk Factors” and additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. You may get such filings for free at our website at https://investors.hrblock.com. In addition, factors that may cause the Company’s actual estimated effective tax rate to differ from estimates include the Company’s actual results from operations compared to current estimates, future discrete items, changes in interpretations and assumptions the Company has made, future actions of the Company, or increases in applicable tax rates in jurisdictions where the Company operates. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

    1 All amounts in this release are unaudited. Unless otherwise noted, all comparisons refer to the current period compared to the corresponding prior year period.
    2 All per share amounts are based on fully diluted shares at the end of the corresponding period. The Company reports non-GAAP financial measures of performance, including adjusted earnings per share (EPS), earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations, free cash flow, and free cash flow yield, which it considers to be useful metrics for management and investors to evaluate and compare the ongoing operating performance of the Company. See “About Non-GAAP Financial Information” below for more information regarding financial measures not prepared in accordance with generally accepted accounting principles (GAAP).
    3 Shares outstanding calculated as of April 30, 2016.
    4 Adjusted Diluted EPS and EBITDA from continuing operations are non-GAAP financial measures. Future period non-GAAP outlook includes adjustments for items not indicative of our core operations, which may include, without limitation, items described in the below section titled “Non-GAAP Financial Information” and in the accompanying tables. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as nonrecurring, unusual, or unanticipated charges, expenses or gains, or other items that may not directly correlate to the underlying performance of our business operations. The exact amounts of these adjustments are not currently determinable but may be significant. It is therefore not practicable to provide the comparable GAAP measures or reconcile this non-GAAP outlook to the most comparable GAAP measures.

    For Further Information
         
    Investor Relations:   Colby Brown, (816) 854-4559, colby.brown@hrblock.com
        Jordyn Eskijian, (816) 854-5674, jordyn.eskijian@hrblock.com
    Media Relations:   Teri Daley, (816) 854-3787, teri.daley@hrblock.com
        Media Desk, mediadesk@hrblock.com
         
    FINANCIAL RESULTS   (unaudited, in 000s – except per share amounts)
        Three months ended December 31,   Six months ended December 31,
          2024       2023       2024       2023  
    REVENUES:                
    U.S. tax preparation and related services:                
    Assisted tax preparation   $              48,380     $ 48,342     $              91,343     $ 87,605  
    Royalties                      3,499       5,454                        9,351       11,155  
    DIY tax preparation                    13,744       13,111                      16,980       16,959  
    Refund Transfers                          637       813                        1,497       1,955  
    Peace of Mind® Extended Service Plan                    16,145       17,440                      39,242       42,287  
    Tax Identity Shield®                      4,013       4,694                        7,922       9,274  
    Other                    11,824       9,592                      25,633       20,572  
    Total U.S. tax preparation and related services                    98,242       99,446                    191,968       189,807  
    Financial services:                
    Emerald Card® and SpruceSM                    10,148       11,700                      18,974       20,333  
    Interest and fee income on Emerald Advance®                    12,308       15,235                      12,308       15,533  
    Total financial services                    22,456       26,935                      31,282       35,866  
    International                    31,811       29,569                      96,666       90,134  
    Wave                    26,561       23,133                      52,964       47,076  
    Total revenues   $            179,070     $ 179,083     $            372,880     $ 362,883  
    Compensation and benefits:                
    Field wages                    81,565       77,795                    149,659       140,230  
    Other wages                    78,731       74,671                    156,066       146,769  
    Benefits and other compensation                    38,402       36,063                      77,156       71,311  
                       198,698       188,529                    382,881       358,310  
    Occupancy                  104,999       101,194                    206,317       200,479  
    Marketing and advertising                    14,863       11,305                      24,835       16,786  
    Depreciation and amortization                    29,195       30,107                      58,026       60,332  
    Bad debt                    19,416       21,754                      22,146       26,552  
    Other                  105,190       93,626                    200,297       174,182  
    Total operating expenses                  472,361       446,515                    894,502       836,641  
    Other income (expense), net                      2,744       5,922                      14,661       15,758  
    Interest expense on borrowings                   (21,752 )     (21,364 )                   (37,599 )     (37,234 )
    Pretax loss                 (312,299 )     (282,874 )                 (544,560 )     (495,234 )
    Income tax benefit                   (69,833 )     (93,758 )                 (130,673 )     (143,245 )
    Net loss from continuing operations                 (242,466 )     (189,116 )                 (413,887 )     (351,989 )
    Net loss from discontinued operations                        (954 )     (639 )                     (2,109 )     (1,248 )
    Net loss   $           (243,420 )   $ (189,755 )   $           (415,996 )   $ (353,237 )
    BASIC AND DILUTED LOSS PER SHARE:                
    Continuing operations   $                 (1.79 )   $ (1.33 )   $                 (3.02 )   $ (2.44 )
    Discontinued operations                       (0.01 )     —                         (0.01 )     (0.01 )
    Consolidated   $                 (1.80 )   $ (1.33 )   $                 (3.03 )   $ (2.45 )
    WEIGHTED AVERAGE DILUTED SHARES                  135,563       142,340                    137,359       144,307  
    Adjusted diluted EPS (1)   $                 (1.73 )   $ (1.27 )   $                 (2.89 )   $ (2.31 )
    EBITDA (1)   $           (261,352 )   $ (231,403 )   $           (448,935 )   $ (397,668 )
                                     

    (1) All non-GAAP measures are results from continuing operations. See “Non-GAAP Financial Information” for a reconciliation of non-GAAP measures.

    CONSOLIDATED BALANCE SHEETS   (unaudited, in 000s – except per share data)
    As of   December 31, 2024   June 30, 2024
             
    ASSETS        
    Cash and cash equivalents   $                   320,051     $ 1,053,326  
    Cash and cash equivalents – restricted                           21,473       21,867  
    Receivables, net                         321,171       69,075  
    Prepaid expenses and other current assets                         114,658       95,208  
    Total current assets                         777,353       1,239,476  
    Property and equipment, net                         143,833       131,319  
    Operating lease right of use assets                         389,629       461,986  
    Intangible assets, net                         270,601       264,102  
    Goodwill                         783,286       785,226  
    Deferred tax assets and income taxes receivable                         281,694       271,658  
    Other noncurrent assets                           65,924       65,043  
    Total assets   $                2,712,320     $ 3,218,810  
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    LIABILITIES:        
    Accounts payable and accrued expenses   $                   136,893     $ 155,830  
    Accrued salaries, wages and payroll taxes                           64,993       105,548  
    Accrued income taxes and reserves for uncertain tax positions                         149,255       318,830  
    Current portion of long-term debt                         349,611       —  
    Operating lease liabilities                         170,726       206,070  
    Deferred revenue and other current liabilities                         187,885       191,050  
    Total current liabilities                      1,059,363       977,328  
    Long-term debt and line of credit borrowings                      1,932,545       1,491,095  
    Deferred tax liabilities and reserves for uncertain tax positions                         292,643       291,063  
    Operating lease liabilities                         228,041       265,373  
    Deferred revenue and other noncurrent liabilities                           72,188       103,357  
    Total liabilities                      3,584,780       3,128,216  
    COMMITMENTS AND CONTINGENCIES        
    STOCKHOLDERS’ EQUITY:        
    Common stock, no par, stated value $.01 per share                             1,644       1,709  
    Additional paid-in capital                         752,093       762,583  
    Accumulated other comprehensive loss                         (71,762 )     (48,845 )
    Retained earnings (deficit)                       (908,785 )     12,654  
    Less treasury shares, at cost                       (645,650 )     (637,507 )
    Total stockholders’ equity (deficiency)                       (872,460 )     90,594  
    Total liabilities and stockholders’ equity   $                2,712,320     $ 3,218,810  
             
             
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   (unaudited, in 000s)
    Six months ended December 31,     2024       2023  
             
    CASH FLOWS FROM OPERATING ACTIVITIES:        
    Net loss   $                 (415,996 )   $ (353,237 )
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization                           58,026       60,331  
    Provision for credit losses                           20,727       21,536  
    Deferred taxes                           (1,531 )     (35,525 )
    Stock-based compensation                           17,945       17,525  
    Changes in assets and liabilities, net of acquisitions:        
    Receivables                       (262,348 )     (348,833 )
    Prepaid expenses, other current and noncurrent assets                             2,588       (7,395 )
    Accounts payable, accrued expenses, salaries, wages and payroll taxes                         (76,806 )     (58,543 )
    Deferred revenue, other current and noncurrent liabilities                         (45,170 )     (58,520 )
    Income tax receivables, accrued income taxes and income tax reserves                       (192,340 )     (180,706 )
    Other, net                              (733 )     1,201  
    Net cash used in operating activities                       (895,638 )     (942,166 )
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Capital expenditures                         (49,115 )     (32,708 )
    Payments made for business acquisitions, net of cash acquired                         (28,017 )     (27,158 )
    Franchise loans funded                         (17,442 )     (15,491 )
    Payments from franchisees                                971       2,747  
    Other, net                             6,110       1,565  
    Net cash used in investing activities                         (87,493 )     (71,045 )
    CASH FLOWS FROM FINANCING ACTIVITIES:        
    Repayments of line of credit borrowings                       (100,000 )     (25,000 )
    Proceeds from line of credit borrowings                         890,000       825,000  
    Dividends paid                         (96,960 )     (89,854 )
    Repurchase of common stock, including shares surrendered                       (436,233 )     (378,709 )
    Other, net                             1,791       4,011  
    Net cash provided by financing activities                         258,598       335,448  
    Effects of exchange rate changes on cash                           (9,136 )     671  
    Net decrease in cash and cash equivalents, including restricted balances                       (733,669 )     (677,092 )
    Cash, cash equivalents and restricted cash, beginning of period                      1,075,193       1,015,316  
    Cash, cash equivalents and restricted cash, end of period   $                   341,524     $ 338,224  
    SUPPLEMENTARY CASH FLOW DATA:        
                     
    Income taxes paid, net (includes payments for purchased investment tax credits)   $                     62,290     $ 72,160  
    Interest paid on borrowings                           33,412       35,496  
    Accrued additions to property and equipment                             3,798       4,036  
    New operating right of use assets and related lease liabilities                           47,135       70,532  
    Accrued dividends payable to common shareholders                           50,176       45,273  
             
    (in 000s)
        Three months ended December 31,   Six months ended December 31,
    NON-GAAP FINANCIAL MEASURE – EBITDA     2024       2023       2024       2023  
                     
    Net loss – as reported   $           (243,420 )   $ (189,755 )   $           (415,996 )   $ (353,237 )
    Discontinued operations, net                          954       639                        2,109       1,248  
    Net loss from continuing operations – as reported                 (242,466 )     (189,116 )                 (413,887 )     (351,989 )
    Add back:                
    Income tax benefit                   (69,833 )     (93,758 )                 (130,673 )     (143,245 )
    Interest expense                    21,752       21,364                      37,599       37,234  
    Depreciation and amortization                    29,195       30,107                      58,026       60,332  
                        (18,886 )     (42,287 )                   (35,048 )     (45,679 )
    EBITDA from continuing operations   $           (261,352 )   $ (231,403 )   $           (448,935 )   $ (397,668 )
                     
                     
    (in 000s, except per share amounts)
        Three months ended December 31,   Six months ended December 31,
    NON-GAAP FINANCIAL MEASURE – ADJUSTED EPS     2024       2023       2024       2023  
                     
    Net loss from continuing operations – as reported   $           (242,466 )   $ (189,116 )   $           (413,887 )   $ (351,989 )
    Adjustments:                
    Amortization of intangibles related to acquisitions (pretax)                    10,910       12,269                      22,038       24,824  
    Tax effect of adjustments (1)                     (2,539 )     (3,087 )                     (5,184 )     (6,022 )
    Adjusted net loss from continuing operations   $           (234,095 )   $ (179,934 )   $           (397,033 )   $ (333,187 )
    Diluted loss per share from continuing operations – as reported   $                 (1.79 )   $ (1.33 )   $                 (3.02 )   $ (2.44 )
    Adjustments, net of tax                        0.06       0.06                          0.13       0.13  
    Adjusted diluted loss per share from continuing operations   $                 (1.73 )   $ (1.27 )   $                 (2.89 )   $ (2.31 )
                     

    (1)Tax effect of adjustments is the difference between the tax provision calculated on a GAAP basis and on an adjusted non-GAAP basis.

    Non-GAAP  Financial Information

    Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Because these measures are not measures of financial performance under GAAP and are susceptible to varying calculations, they may not be comparable to similarly titled measures for other companies.

    We consider our non-GAAP financial measures to be performance measures and a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business. We make adjustments for certain non-GAAP financial measures related to amortization of intangibles from acquisitions and goodwill impairments. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.

    We measure the performance of our business using a variety of metrics, including earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations, adjusted EBITDA from continuing operations, adjusted diluted earnings per share from continuing operations, free cash flow, and free cash flow yield. We also use EBITDA from continuing operations and pretax income from continuing operations, each subject to permitted adjustments, as performance metrics in incentive compensation calculations for our employees.

    The MIL Network –

  • MIL-OSI: Nasdaq CEO Adena Friedman to Present at the 2025 UBS Financial Services Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) will be presenting at the following conference, with a webcast available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.cfm.

       
    Who: Adena Friedman, Chair & CEO, Nasdaq
       
    What: 2025 UBS Financial Services Conference
       
    When: Monday, February 10, 2025
    1:00 PM ET
       

    About Nasdaq

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

    Media Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: Nasdaq Reports January 2025 Volumes

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for January 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.

    About Nasdaq

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

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

    Media Relations Contacts:

    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi@Nasdaq.com

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: Intapp Announces Second Quarter Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Second quarter SaaS revenue of $80.0 million, up 27% year-over-year
    • Cloud annual recurring revenue (ARR) of $331.1 million, up 29% year-over-year
    • Trailing twelve months’ cloud net revenue retention rate as of December 31, 2024 was 119%

    PALO ALTO, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Intapp, Inc. (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, announced financial results for its fiscal second quarter ended December 31, 2024. Intapp also provided its outlook for the third quarter and the full fiscal year 2025.

    “I’m pleased to share that once again we’ve achieved strong quarterly results which are supported by the addition of new clients and expanded client relationships,” said John Hall, CEO of Intapp. “Our second quarter results are indicative of our ability to continually drive AI, cloud adoption, and modernization across the industries we serve.”

    Second Quarter of Fiscal Year 2025 Financial Highlights

    • SaaS revenue was $80.0 million, a 27% year-over-year increase compared to the second quarter of fiscal year 2024.
    • Total revenue was $121.2 million, a 17% year-over-year increase compared to the second quarter of fiscal year 2024.
    • Cloud ARR was $331.1 million as of December 31, 2024, a 29% year-over-year increase compared to Cloud ARR as of December 31, 2023. Cloud ARR represented 76% of total ARR as of December 31, 2024, compared to 70% as of December 31, 2023.
    • Total ARR was $437.1 million as of December 31, 2024, a 20% year-over-year increase compared to total ARR as of December 31, 2023.
    • GAAP operating loss was $(10.2) million, compared to a GAAP operating loss of $(11.1) million in the second quarter of fiscal year 2024.
    • Non-GAAP operating income was $18.9 million, compared to a non-GAAP operating income of $7.6 million in the second quarter of fiscal year 2024.
    • GAAP net loss was $(10.2) million, compared to a GAAP net loss of $(9.2) million in the second quarter of fiscal year 2024.
    • Non-GAAP net income was $17.4 million, compared to a non-GAAP net income of $8.8 million in the second quarter of fiscal year 2024.
    • GAAP net loss per share was $(0.13), compared to a GAAP net loss per share of $(0.13) in the second quarter of fiscal year 2024.
    • Non-GAAP diluted net income per share was $0.21, compared to a non-GAAP diluted net income per share of $0.11 in the second quarter of fiscal year 2024.
    • Cash and cash equivalents were $285.6 million as of December 31, 2024, compared to $208.4 million as of June 30, 2024.
    • For the six months ended December 31, 2024, net cash provided by operating activities was $49.7 million, compared to net cash provided by operating activities of $23.6 million for the six months ended December 31, 2023.

    Business Highlights

    • As of December 31, 2024, we served more than 2,650 clients, 728 of which each had contracts greater than $100,000 of ARR.
    • We upsold and cross-sold our existing clients such that our trailing twelve months’ cloud net revenue retention rate as of December 31, 2024 was 119%.
    • We continued to add new clients and expand existing accounts including accounting firm Milsted Langdon and consulting firm Alvarez & Marsal. 
    • We were named to Forbes’ America’s Most Successful Mid-Cap Companies listing for 2024. 
    • Intapp DealCloud won bronze in the Enterprise Product of the Year – Software category at the 2024 Best in Biz Awards.

    Third Quarter and Full Fiscal Year 2025 Outlook

      Fiscal 2025 Outlook
      Third Quarter Fiscal Year
      (in millions, except per share data)
    SaaS revenue $84.0 – $85.0 $328.8 – $332.8
    Total revenue $128.3 – $129.3 $498.5 – $502.5
    Non-GAAP operating income $18.5 – $19.5 $70.2 – $74.2
    Non-GAAP diluted net income per share $0.21 – $0.23 $0.83 – $0.87
         

    The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

    The information presented in this press release includes non-GAAP financial measures such as “non-GAAP operating income,” “non-GAAP net income,” and “non-GAAP diluted net income per share.” Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and the financial tables below for reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

    The guidance regarding non-GAAP operating income excludes known pre-tax charges related to estimated stock-based compensation of $23.4 million for the third quarter of fiscal year 2025 and $90.6 million for fiscal year 2025 and amortization of intangible assets of $2.7 million for the third quarter of fiscal year 2025 and $11.2 million for fiscal year 2025. The guidance regarding non-GAAP diluted net income per share excludes known pre-tax charges related to estimated stock-based compensation of $0.28 per share for the third quarter of fiscal year 2025 and $1.08 per share for fiscal year 2025 and amortization of intangible assets of $0.03 per share for the third quarter of fiscal year 2025 and $0.13 per share for fiscal year 2025. The Company has not included a quantitative reconciliation of its guidance for non-GAAP operating income and non-GAAP diluted net income per share to their most directly comparable GAAP financial measures, other than stock-based compensation and amortization of intangible assets, because certain of these reconciling items, including change in fair value of contingent consideration, transaction costs, restructuring and other costs and income tax effect of non-GAAP adjustments, could be highly variable and cannot be reasonably predicted without unreasonable effort. This is due to the inherent difficulty of forecasting the timing of certain events that have not yet occurred and are out of the Company’s control and the amounts of associated reconciling items. Please note that the unavailable reconciling items could significantly impact the Company’s GAAP operating results.

    Corporate Presentation

    A supplemental financial presentation and other information will be accessible through Intapp’s investor relations website at https://investors.intapp.com/.

    Webcast
    Intapp will host a conference call for analysts and investors on Tuesday, February 4, 2025, beginning at 2:00 p.m. PT (5:00 p.m. ET). The call will be webcast live via the “Investors” section of the Intapp company website at https://investors.intapp.com/. A replay of the call will be available through the Intapp website for 90 days.

    About Intapp

    Intapp software helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp’s portfolio of vertical SaaS solutions, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world’s top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific platform and solutions to modernize and drive new growth.

    Forward-Looking Statements

    This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full fiscal year 2025, growth strategy, business plans and market position. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “expand,” “outlook” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: our ability to continue our growth at or near historical rates; our future financial performance and ability to be profitable; the effect of global events on the U.S. and global economies, our business, our employees, our results of operations, our financial condition, demand for our products, sales and implementation cycles, and the health of our clients’ and partners’ businesses; our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions; our ability to effectively manage U.S. and global market and economic conditions, including inflationary pressures, economic and market downturns and volatility in the financial services industry, particularly adverse to our targeted industries; the length and variability of our sales cycle; our ability to attract and retain clients; our ability to attract and retain talent; our ability to compete in highly competitive markets, including AI products; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; the successful assimilation or integration of the businesses, technologies, services, products, personnel or operations of acquired companies; our ability to incur indebtedness in the future and the effect of conditions in credit markets; the sufficiency of our cash and cash equivalents to meet our liquidity needs; and our ability to maintain, protect, and enhance our intellectual property rights. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and any subsequent public filings. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Presentation Changes Related to SaaS and License Revenue

    Effective July 1, 2024, the Company adjusted the classification of support services related to subscription license to be included within “license” on the unaudited condensed consolidated statements of operations. Prior to July 1, 2024, support services related to subscription license were included in a line item entitled “SaaS and Support.” Accordingly, effective July 1, 2024, SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribed service during the subscription term. There was no change to the Company’s revenue recognition policy, except for the change in classification noted herein.

    The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues did not affect total revenues, operating income, or net income.

    Non-GAAP Financial Measures and Other Metrics

    This press release contains the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted net income per share. These non-GAAP measures exclude the impact of stock-based compensation, amortization of intangible assets, change in fair value of contingent consideration, transaction costs, restructuring and other costs and the income tax effect of non-GAAP adjustments. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

    Free cash flow is a non-GAAP financial measure, and a supplemental liquidity measure that management uses to evaluate our core operating business and our ability to meet our current and future financing and investing needs. It consists of net cash provided by operating activities less cash paid for purchases of property and equipment. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

    Other metrics include total ARR, Cloud ARR and Cloud net revenue retention rate. Total ARR represents the annualized recurring value of all active SaaS and on-premise subscription license contracts at the end of a reporting period. Cloud ARR is the portion of the annualized recurring value of our active SaaS contracts at the end of a reporting period. Contracts with a term other than one year are annualized by taking the committed contract value for the current period divided by number of days in that period, then multiplying by 365. Cloud net revenue retention rate is the portion of our net revenue retention rate, which represents the net revenue retention of our SaaS contracts. We calculate Cloud net revenue retention by starting with the Cloud ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period Cloud ARR. We then calculate the Cloud ARR from these same clients as of the current fiscal period, or current period Cloud ARR. We then divide the current period Cloud ARR by the prior period Cloud ARR to calculate the Cloud net revenue retention.

    We believe these non-GAAP financial measures and metrics provide useful information to investors as they are used by management to manage the business, make planning decisions, evaluate our performance, and allocate resources and provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization of intangible assets, change in fair value of contingent consideration, transaction costs, restructuring and other costs and the income tax effect of non-GAAP adjustments. Non-GAAP diluted net income per share is calculated by dividing non-GAAP net income by the estimated diluted weighted average shares outstanding for the period.

    Investor Contact
    David Trone
    Senior Vice President, Investor Relations
    Intapp, Inc.
    ir@intapp.com

    Media Contact
    Ali Robinson
    Global Media Relations Director
    Intapp, Inc.
    press@intapp.com

     
    INTAPP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited, in thousands, except per share data and percentages)
     
        Three Months
    Ended December 31,    		     Six Months
    Ended December 31,    		  
        2024     2023     2024     2023  
    Revenues                        
    SaaS   $ 79,976     $ 63,117     $ 156,852     $ 122,030  
    License     28,017       28,135       56,509       56,186  
    Professional services     13,216       12,681       26,653       27,292  
    Total revenues     121,209       103,933       240,014       205,508  
    Cost of revenues                        
    SaaS     16,292       12,810       31,610       25,521  
    License     1,630       1,606       3,382       3,308  
    Professional services     14,549       16,353       29,413       33,513  
    Total cost of revenues     32,471       30,769       64,405       62,342  
    Gross profit     88,738       73,164       175,609       143,166  
    Gross margin     73.2 %     70.4 %     73.2 %     69.7 %
    Operating expenses:                        
    Research and development     33,325       27,981       65,752       56,477  
    Sales and marketing     40,791       35,269       78,551       69,688  
    General and administrative     24,808       20,996       48,746       42,048  
    Total operating expenses     98,924       84,246       193,049       168,213  
    Operating loss     (10,186 )     (11,082 )     (17,440 )     (25,047 )
    Interest and other income (expense), net     (202 )     2,057       3,220       1,114  
    Net loss before income taxes     (10,388 )     (9,025 )     (14,220 )     (23,933 )
    Income tax benefit (expense)     171       (188 )     (517 )     (601 )
    Net loss   $ (10,217 )   $ (9,213 )   $ (14,737 )   $ (24,534 )
    Net loss per share, basic and diluted   $ (0.13 )   $ (0.13 )   $ (0.19 )   $ (0.35 )
    Weighted-average shares used to compute net loss per share, basic and diluted     78,118       70,521       76,861       69,729  
                                     
     
    INTAPP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited, in thousands)
     
        December 31, 2024     June 30, 2024  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 285,631     $ 208,370  
    Restricted cash     200       200  
    Accounts receivable, net     87,596       95,103  
    Unbilled receivables, net     13,786       13,300  
    Other receivables, net     4,412       2,743  
    Prepaid expenses     11,284       9,031  
    Deferred commissions, current     14,232       13,907  
    Total current assets     417,141       342,654  
    Property and equipment, net     20,172       18,944  
    Operating lease right-of-use assets     18,426       21,382  
    Goodwill     285,907       285,969  
    Intangible assets, net     34,351       40,293  
    Deferred commissions, noncurrent     18,335       18,495  
    Other assets     6,255       5,262  
    Total assets   $ 800,587     $ 732,999  
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Accounts payable   $ 16,631     $ 13,348  
    Accrued compensation     35,045       42,066  
    Accrued expenses     7,266       12,040  
    Deferred revenue, net     234,962       218,923  
    Other current liabilities     12,243       14,270  
    Total current liabilities     306,147       300,647  
    Deferred tax liabilities     1,255       1,336  
    Deferred revenue, noncurrent     3,033       3,563  
    Operating lease liabilities, noncurrent     17,409       19,605  
    Other liabilities     4,353       4,610  
    Total liabilities     332,197       329,761  
    Stockholders’ equity:            
    Common stock     79       75  
    Additional paid-in capital     971,631       891,681  
    Accumulated other comprehensive loss     (1,401 )     (1,336 )
    Accumulated deficit     (501,919 )     (487,182 )
    Total stockholders’ equity     468,390       403,238  
    Total liabilities and stockholders’ equity   $ 800,587     $ 732,999  
     
     
    INTAPP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, in thousands)
     
        Three Months Ended
    December 31,    		     Six Months Ended
    December 31,    		  
        2024     2023     2024     2023  
    Cash Flows from Operating Activities:                        
    Net loss   $ (10,217 )   $ (9,213 )   $ (14,737 )   $ (24,534 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                        
    Depreciation and amortization     4,372       3,975       8,839       7,984  
    Amortization of operating lease right-of-use assets     1,278       1,152       2,558       2,282  
    Accounts receivable allowances     273       803       823       1,228  
    Stock-based compensation     25,411       16,508       45,400       35,265  
    Change in fair value of contingent consideration     —       (784 )     (1,004 )     (2,215 )
    Deferred income taxes     (26 )     (104 )     (74 )     (217 )
    Other     38       39       76       77  
    Changes in operating assets and liabilities:                        
    Accounts receivable     (23,742 )     (10,902 )     6,465       12,570  
    Unbilled receivables, current     (1,009 )     (1,888 )     (486 )     (5,774 )
    Prepaid expenses and other assets     (2,433 )     (446 )     (5,001 )     (1,788 )
    Deferred commissions     (1,832 )     (1,189 )     (165 )     (1,068 )
    Accounts payable and accrued liabilities     185       9,760       (7,875 )     (1,517 )
    Deferred revenue, net     32,784       4,615       15,509       4,837  
    Operating lease liabilities     (1,344 )     (768 )     (2,675 )     (2,339 )
    Other liabilities     1,501       477       2,032       (1,144 )
    Net cash provided by operating activities     25,239       12,035       49,685       23,647  
    Cash Flows from Investing Activities:                        
    Purchases of property and equipment     (62 )     (213 )     (416 )     (1,354 )
    Capitalized internal-use software costs     (1,915 )     (1,592 )     (3,449 )     (3,453 )
    Business combinations, net of cash acquired     —       —       (897 )     —  
    Net cash used in investing activities     (1,977 )     (1,805 )     (4,762 )     (4,807 )
    Cash Flows from Financing Activities:                        
    Payments for deferred offering costs     —       (148 )     —       (781 )
    Proceeds from stock option exercises     9,666       15,612       32,584       17,936  
    Proceeds from employee stock purchase plan     1,970       1,725       1,970       1,725  
    Payments of deferred contingent consideration and holdback associated with acquisitions     (1,023 )     (2,551 )     (2,410 )     (2,551 )
    Net cash provided by financing activities     10,613       14,638       32,144       16,329  
    Effect of foreign currency exchange rate changes on cash and cash equivalents     (2,091 )     (58 )     194       203  
    Net increase in cash, cash equivalents and restricted cash     31,784       24,810       77,261       35,372  
    Cash, cash equivalents and restricted cash – beginning of period     254,047       141,747       208,570       131,185  
    Cash, cash equivalents and restricted cash – end of period   $ 285,831     $ 166,557     $ 285,831     $ 166,557  
     
     

    INTAPP, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited, in thousands, except per share data and percentages)

    The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below:

    Non-GAAP Gross Profit

        Three Months Ended
    December 31,    		     Six Months Ended
    December 31,    		  
        2024     2023     2024     2023  
    GAAP gross profit   $ 88,738     $ 73,164     $ 175,609     $ 143,166  
    Adjusted to exclude the following:                        
    Stock-based compensation     2,702       2,018       4,934       3,892  
    Amortization of intangible assets     1,509       1,055       3,080       2,110  
    Restructuring and other costs     53       —       62       —  
    Non-GAAP gross profit   $ 93,002     $ 76,237     $ 183,685     $ 149,168  
    Non-GAAP gross margin     76.7 %     73.4 %     76.5 %     72.6 %
     

    Non-GAAP Operating Expenses

        Three Months Ended
    December 31,    		     Six Months Ended
    December 31,    		  
        2024     2023     2024     2023  
    GAAP research and development   $ 33,325     $ 27,981     $ 65,752     $ 56,477  
    Stock-based compensation     (6,800 )     (4,468 )     (11,424 )     (9,114 )
    Restructuring and other costs     (113 )     —       (162 )     —  
    Non-GAAP research and development   $ 26,412     $ 23,513     $ 54,166     $ 47,363  
                             
                             
    GAAP sales and marketing   $ 40,791     $ 35,269     $ 78,551     $ 69,688  
    Stock-based compensation     (7,232 )     (4,888 )     (12,970 )     (10,227 )
    Amortization of intangible assets     (1,268 )     (1,396 )     (2,536 )     (2,883 )
    Non-GAAP sales and marketing   $ 32,291     $ 28,985     $ 63,045     $ 56,578  
                             
                             
    GAAP general and administrative   $ 24,808     $ 20,996     $ 48,746     $ 42,048  
    Stock-based compensation     (8,677 )     (5,134 )     (16,072 )     (12,032 )
    Amortization of intangible assets     (163 )     (163 )     (326 )     (326 )
    Change in fair value of contingent consideration     —       784       1,004       2,215  
    Transaction costs (1)     (530 )     (350 )     (664 )     (678 )
    Restructuring and other costs     (64 )     —       (236 )     —  
    Non-GAAP general and administrative   $ 15,374     $ 16,133     $ 32,452     $ 31,227  
     

    Non-GAAP Operating Income

        Three Months Ended
    December 31,    		     Six Months Ended
    December 31,    		  
        2024     2023     2024     2023  
    GAAP operating loss   $ (10,186 )   $ (11,082 )   $ (17,440 )   $ (25,047 )
    Adjusted to exclude the following:                        
    Stock-based compensation     25,411       16,508       45,400       35,265  
    Amortization of intangible assets     2,940       2,614       5,942       5,319  
    Change in fair value of contingent consideration     —       (784 )     (1,004 )     (2,215 )
    Transaction costs (1)     530       350       664       678  
    Restructuring and other costs     230       —       460       —  
    Non-GAAP operating income   $ 18,925     $ 7,606     $ 34,022     $ 14,000  
     

    Non-GAAP Net Income

        Three Months Ended
    December 31,    		     Six Months Ended
    December 31,    		  
        2024     2023     2024     2023  
    GAAP net loss   $ (10,217 )   $ (9,213 )   $ (14,737 )   $ (24,534 )
    Adjusted to exclude the following:                        
    Stock-based compensation     25,411       16,508       45,400       35,265  
    Amortization of intangible assets     2,940       2,614       5,942       5,319  
    Change in fair value of contingent consideration     —       (784 )     (1,004 )     (2,215 )
    Transaction costs (1)     530       350       664       678  
    Restructuring and other costs     230       —       460       —  
    Income tax effect of non-GAAP adjustments     (1,489 )     (710 )     (2,513 )     (1,125 )
    Non-GAAP net income   $ 17,405     $ 8,765     $ 34,212     $ 13,388  
                             
    GAAP net loss per share, basic and diluted   $ (0.13 )   $ (0.13 )   $ (0.19 )   $ (0.35 )
    Non-GAAP net income per share, diluted   $ 0.21     $ 0.11     $ 0.41     $ 0.17  
                             
    Weighted-average shares used to compute GAAP net loss per share, basic and diluted     78,118       70,521       76,861       69,729  
    Weighted-average shares used to compute non-GAAP net income per share, diluted     83,910       80,285       82,724       79,926  
     

    Free Cash Flow

        Three Months Ended
    December 31,    		     Six Months Ended
    December 31,    		  
        2024     2023     2024     2023  
    Net cash provided by operating activities   $ 25,239     $ 12,035     $ 49,685     $ 23,647  
    Adjusted for the following cash outlay:                        
    Purchases of property and equipment     (62 )     (213 )     (416 )     (1,354 )
    Free cash flow (2)   $ 25,177     $ 11,822     $ 49,269     $ 22,293  
     

    (1) Consists of acquisition-related transaction costs, costs related to a legal settlement incurred in connection with an acquisition and costs related to certain non-capitalized offering-related expenses.

    (2) Beginning with the second quarter ended December 31, 2023, we have excluded capitalized internal-use software costs and cash paid for interest from the calculation of our free cash flow, which we believe better aligns with industry standard. Our free cash flow for prior period presented were recast to conform to the updated methodology and are reflected herein for comparison purposes.

    The MIL Network –

  • MIL-OSI Submissions: Asia-Pacific region to chart bold path for migration governance

    Source: United Nations – ESCAP

    The second Regional Review of the Global Compact for Safe, Orderly and Regular Migration (GCM) in Asia and the Pacific opened today with a call for migration policies that prioritize the needs and rights of migrants while ensuring broad collaboration across governments, communities and key stakeholders.  

    The region, home to over 40 per cent of the world’s international migrants, is witnessing significant shifts driven by demographic changes, rapid digital transformation and the increasing effects of climate change and other crises. Intraregional migration remains predominant, with 70 per cent of migrants moving within the region.

    Much of international migration is propelled by the search for decent work, with women migrants playing a critical yet often undervalued role in sectors such as care and domestic work. Children also make up a significant proportion of migrants in the region, with unique needs for services and protection due to their heightened vulnerability.  

    “Migration, if managed in a well-informed, planned and voluntary manner, with full respect and protection of human rights, can bring benefits to all. Migrants should have their potential fully harnessed to play key roles in enhancing sustainable development in countries of origin and destination,” said Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP) in her opening remarks.

    “With over 40 per cent of the world’s migrants calling Asia and the Pacific home, the region has a unique opportunity to lead by example—expanding regular pathways, protecting lives and ensuring migration benefits all,” said Catalina Devandas, representing IOM Director General Amy Pope in her capacity as Coordinator of the UN Network on Migration.
     
    Expected outcomes and commitments

    Over the next three days, participants will share progress, challenges and good practices in implementing the 23 objectives of the GCM. Discussions will focus on the critical role of migrants in the region’s resilience and sustainable development, particularly in light of lessons learned during the COVID-19 pandemic.

    “In host countries, migrants bring with them not only the needed manpower, but also skills, expertise and social interactions, that can help accelerate economic and social development. Meanwhile, home countries can enjoy the economic boost from remittances from migrant workers and diaspora,” shared Eksiri Pintaruchi, Permanent Secretary for Foreign Affairs of Thailand.

    Speaking on behalf of the Stakeholder Action Group, migrant domestic worker and member of the International Domestic Workers Federation Nasrikah highlighted the importance of having segregated data on migration to inform policymakers on the key needs and situations of migrants and their families and take action based on analysis and true stories of unsafe migration.

    Recognizing the importance of addressing the interconnected challenges shaping migration dynamics such as rapid digital transformation, climate change, demographic shifts and economic disparities, several key commitments are expected to emerge from the review including:

    Protecting migrants’ rights and saving lives: Governments are expected to renew their commitments to policies that uphold migrants’ rights, promote gender equality, tackle discrimination and ensure access to health care, education, decent work and social protection for all migrants, including their children.
    Using technology to improve migration systems: Key priorities include reducing remittance transfer costs, promoting digital and financial inclusion, closing gender gaps in financial access, simplifying migration processes and increasing transparency
    Preparing for crises and climate impacts: Governments are expected to recognize the need for migration policies that help migrants and communities better withstand climate change, economic shocks and health emergencies, using reliable, timely and disaggregated data.
    Strengthening regional cooperation: The meeting will highlight cross-border collaboration, stronger partnerships and meaningful engagement with migrants, civil society, women’s rights organizations and the private sector to improve migration governance.

    The outcomes of this meeting will contribute to global discussions at the 2026 International Migration Review Forum. Governments are also expected to reaffirm their commitment to aligning migration governance with the Sustainable Development Goals, recognizing that protecting all migrants and enabling their full contributions to society are essential to achieving the 2030 Agenda for Sustainable Development.

    Note to Editor:
    The second Regional Review benefited from insights shared in the Asia-Pacific Migration Report 2024, developed by ESCAP and the Regional United Nations Network on Migration for Asia and the Pacific, as well as extensive stakeholder consultations held in its lead-up.
     
    For more information: https://www.unescap.org/events/2025/second-asia-pacific-regional-review-implementation-global-compact-safe-orderly-and

    MIL OSI – Submitted News –

  • MIL-OSI USA: Hoeven Statement on Confirmation of Doug Collins to Lead Veterans Affairs

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    02.04.25
    WASHINGTON – U.S. Senator John Hoeven released the following statement after the Senate confirmed former Representative Doug Collins to serve as the Secretary of Veterans Affairs:
    “Congratulations to our newest Secretary of Veterans Affairs, Doug Collins,” said Hoeven. “His experience as an Air Force Colonel and chaplain have prepared him to lead the Department of Veterans Affairs. We appreciate his commitment to ensure that our veterans receive the recognition, benefits and high quality care they have earned. When we met, Secretary Collins also committed to help us advance upgrades for Fargo National Cemetery. He understands what it means to serve, and we look forward to working with him to ensure that our nation keeps its promises to our veterans.” 

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Statement at Executive Session to Vote on HHS Nominee

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at an executive session to vote on the nomination of Robert F. Kennedy Jr. to be Secretary of the U.S. Department of Health and Human Services (HHS).

    As prepared for delivery:

    “We meet today to vote on the nomination of Robert F. Kennedy Jr. to be Secretary of the U.S. Department of Health and Human Services (HHS).

    “Mr. Kennedy, if confirmed, will have the opportunity to deliver much needed change to our nation’s health care system.

    “He has spent his career fighting to end America’s chronic illness epidemic and has been a leading advocate for health care transparency, both for patients and for taxpayers.

    “Mr. Kennedy has also clearly responded to our questions during the rigorous due diligence process, his hearing, and in the course of answering over nine hundred questions for the record that were asked by Members of this Committee.

    “In response to Members of this Committee, Mr. Kennedy has even amended his ethics agreement, going beyond what is required by the Office of Government Ethics.

    “Mr. Kennedy has proven his commitment to the role of Secretary of HHS, and I will vote in favor of his nomination. 

    “I strongly encourage my colleagues on both sides of the aisle to do the same.

    “With that, I recognize Ranking Member Wyden for his remarks.”

    MIL OSI USA News –

  • MIL-OSI USA: Senate Confirms Doug Collins as Secretary of Veterans Affairs

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    WASHINGTON, D.C. — The United States Senate confirmed Doug Collins as the next Secretary of Veterans Affairs today by a vote of 77 to 23.  
    U.S. Senator Kevin Cramer (R-ND), who served with Collins in the House of Representatives for six years, introduced him at his confirmation hearing and celebrated the bipartisan passage of his nomination from the Senate Veterans’ Affairs Committee. Additionally, Cramer penned an op-ed in the Washington Examiner highlighting how Collins will restore America’s promise to veterans.
    “Doug puts our veterans first and fights for their access to timely and quality local healthcare,” said Cramer. “His commitment to the law and servant leadership is exactly what the Department of Veterans Affairs needs to stay on mission. I look forward to working with Doug in his new position.”

    MIL OSI USA News –