NewzIntel.com

Category: Transport

  • MIL-OSI Global: Bird flu detected in pigs – here’s why virologists are concerned

    Source: The Conversation – UK – By Ed Hutchinson, Professor, MRC-University of Glasgow Centre for Virus Research, University of Glasgow

    H5N1 influenza has now been detected in pigs. This was something virologists had been worrying about ever since this highly pathogenic strain of bird flu started its rapid global spread in 2020. But why were we worrying specifically about pigs? And does this case – detected on a farm in Oregon on October 29 – change anything?

    It might seem odd that we care about it at all. In many ways, the initial reports of this case are – against the backdrop of a continuing viral outbreak that has devastated seabird colonies around the world, caused huge die-offs of sea lions and led to the emergence of an entirely new disease of US dairy cattle – pretty innocuous.

    What we currently know is this: H5N1 bird flu infected poultry on a small American non-commercial farm, something which is sadly now quite common. In this case, there were other animals on the farm, including five pigs. Although the pigs appeared to be healthy, a nasal swab from one of them was found to contain H5N1.

    We don’t yet know if the pig was actually infected or if it had just snuffled up some contaminated material from the birds. At the moment, this particular outbreak doesn’t seem to have spread into any other pigs.

    And “spillover” infections on farms, where a virus from one species turns up in another, are nothing new. Back in May, H5N1 turned up in farmed alpacas in a somewhat similar incident.

    In May, bird flu turned up in an alpaca.
    Siam Stock/Shutterstock

    To understand why pigs get virologist’s attention, we need to think about what it means for a virus to jump from one host species to another. A moment’s reflection tells us that changing host species must be an incredibly difficult thing for a virus to do.

    The world is teeming with viruses that infect every species around us. If it wasn’t very nearly impossible for a virus to jump from one species into another, we’d be dealing with a new pandemic every ten minutes.

    Much more subtle

    The reason it’s so difficult for a virus to jump between different types of host is because viruses are fundamentally different from bacteria, or parasites: pathogens that basically just want to eat us. Viruses are much more subtle.

    Viruses work by taking control of our cells and carefully reprogramming them into machines for making more viruses. Because of this, a virus infecting a new host species is like someone trying to win an argument by shouting at people in a language that they can’t understand. And this is where pigs come in.

    Influenza viruses (specifically influenza A viruses, the group to which H5N1 belongs) are unusually good at crossing between different host species. They still only manage to create a new human disease once every few decades, but that’s a better hit rate than any other virus.

    If we look back, most of the pandemics we know of have been caused by influenza viruses, and the threat of a new pandemic is the biggest worry we have about H5N1 now.

    One of the main reasons that influenza is good at learning the language of a new host species is that, if two influenza viruses can get into the same cell at the same time, they will assemble new viruses that take some of their genes from one parent virus and some from the other. The novel virus that this creates can suddenly shift to being better evolved to its host.

    For example, it could still look like an avian virus, which we have no immunity to, while having swapped most of its genes for versions that are very good at winning arguments with human cells. This is a powerful way for a virus to leapfrog towards causing a pandemic. However, it only works if a bird virus and a human virus can get into the same cell at the same time, and this turns out to be really difficult for influenza viruses to do.

    It’s difficult because influenza viruses get into cells by grabbing on to a particular type of sugar molecule that coats the cell surface. This molecule can be chemically assembled in several different shapes, and while one shape of molecule is used on cells in birds (and, we now think, in cow’s udders), a different shape is used on cells in the human airway.

    Mixing vessels

    Bird flu viruses and human flu viruses are trying to get into cells by rattling the handles of different doors, which limits their ability to meet in the same cell. And this is where pigs come in, because it turns out that the cells in pig airways use both types of sugar molecule on their surface. Pig cells can be infected by both bird flu and human flu, making pigs a potential “mixing vessel” in which influenza viruses with pandemic potential could be brewed.

    Has this happened yet? Thankfully, no. At the moment, this detection of H5N1 in a pig appears to have been an isolated incident. We don’t know how likely it is to happen again.

    Indeed, there is an idea that it could be quite hard for this particular virus to infect pigs, a hypothesis supported by some experimental work and by the observation that, despite H5N1 running rampant and turning up in all sorts of animals over the last four years, this is the first time an H5N1 infection of pigs has been suspected.

    Even if H5N1 did succeed in establishing sustained transmission in pigs – as it has already done in cows – what that would mean is far from certain. We know that influenza viruses can mix with each other in pigs, but we also know that the strain of influenza virus that entered pigs in 1918 then circulated in them for over 90 years before combining with other viruses to cause the 2009 swine flu pandemic.

    So why did a report of H5N1 in pigs get so much attention from virologists? H5N1 has the potential to be an extremely dangerous virus for many different animals, and combining its genes with a human virus could make it much more dangerous to us.

    The risks of that happening have already begun to increase as this year’s winter flu season starts for humans while H5N1 is circulating on farms in the US. Any suggestion of the virus turning up in animals that could help it to mix and match with a human influenza is a troubling reminder that H5N1 has the potential to change its capabilities very quickly.

    When it comes to which animals to watch for signs of such a change happening, some animals are more equal than others. For as long as H5N1 is around, virologists are going to watch any infections of pigs with interest.

    Ed Hutchinson is affiliated with the European Scientific Working group on Influenza and other respiratory viruses (ESWI) and has an unpaid position on the advisory board of PinPoint Medical. His reserach receives funding from UKRI and the Wellcome Trust.

    – ref. Bird flu detected in pigs – here’s why virologists are concerned – https://theconversation.com/bird-flu-detected-in-pigs-heres-why-virologists-are-concerned-242623

    MIL OSI – Global Reports –

  • MIL-OSI Global: How to Build a Truth Engine documentary makes for sober but crucial viewing in our age of disinformation

    Source: The Conversation – UK – By Clodagh Harrington, Lecturer in American Politics, University College Cork

    If the powerful documentary How to Build a Truth Engine had to be compressed into two thematic strands they might be “how the human mind works” and “how our brain can be manipulated by information”. Director Friedrich Moser’s film takes us on a two-hour voyage of explanation, covering issues from cyber-warfare to elections, COVID to conflict and more.

    Engaged citizens may find some of it they knew already. However, Moser offers a forensic and evidence-based delivery of how, why and the extent to which technology, events and the manipulation of both has had a powerful and deeply disconcerting impact on humans individually and collectively.

    As an expert in American politics, who recently wrote on the crisis of truth in the current US election, I found How to Build a Truth Engine makes for sober but crucial viewing.

    As our news cycles overflow with disinformation and fake news, this visually engaging film takes us on a calm, scientific tour of how we got to where we are – which is disinformation-central.

    Experts in neuroscience, engineering and even folklore explain the ways in which we think and process information. As humans, our brains rely on steady, clear streams of data. When these streams become polluted, our capacity to process and understand reality is challenged, and our vulnerability to false narratives increases.

    Clearly, lying for political purposes is as old as politics itself, but the capacity to disseminate these lies is now on a scale previously unimaginable, as the documentary shows.

    Unsurprisingly, Moser’s production gives much attention to the plight of traditional journalism. It also focuses on the challenges we face as consumers of news now that the process through which information is filtered and considered fit for dissemination has been dismantled to an alarming extent.

    The programme offers a stark reminder of the current state of conventional journalism, weakened by the migration of resources to online search engines where advertising and algorithms trump fact checking and truth telling.

    Among the topics covered is the 2022 Russian invasion of Bucha in Ukraine, in which multiple civilians were killed, with bound bodies left in the streets. At the time, the Kremlin rebuffed Ukrainian allegations of war crimes as a fake narrative and went so far as to state that the civilian massacre was a staged event.

    Western journalists, including New York Times staff, used satellite imagery to piece together events in the lead-up to the atrocity. As a result, they were able to verify what the Ukrainians had told them, but with the powerful addition of visual evidence, which transcended any “he said, she said” narrative.

    If truth is the first casualty of war, this important use of technology for such crucial purpose offers a ripple of accuracy in an ocean of falsehood.

    In highlighting the significance to the human brain of narrative and storytelling, the documentary offers chilling insights regarding the conspiracy theory path that led to the January 6 attack on the US Capitol in 2021. History is filled with tales of societies falling for false narratives, and the assault on the Capitol adheres to these criteria.

    From stereotyping to the creation of insider-outsider narratives (where certain groups are presented as relatable and others as negative and untrustworthy), it is only a small leap to negative assumptions about those deemed outsiders. In the case of January 6 Capitol attack in 2021, the documentary makes clear the groundwork was laid long before any violence took place.

    And so, we are reminded that the fiction that the 2020 election was stolen by Joe Biden was promoted, shared, amplified and repeated back (between Donald Trump, social media and sympathetic television networks) until the protesters were whipped into a frenzy. The result of this unchecked political propaganda was death and destruction.

    Those in Moser’s film offer a chilling reminder that as long as the lie of the “Big Steal”, as it is known now, remains alive as truth in the minds of many Americans, then it can happen again. If the relentless pursuit of accuracy is a core component of journalism, we can see that this pursuit is under constant siege as lies propagate at lightning speed and citizens choose their own truths.

    The documentary taps into the key question of our era: how do we know what we know? In an age of information warfare, truth is a valuable and vulnerable commodity. As humans, we have created technology so advanced that it is already outsmarting us.

    And truth is often diluted, polluted or drowned out completely in our daily communication torrents. This, combined with the nefarious agendas of bad actors means that individuals, communities and our way of life are under significant threat. The consolation, as presented by Moser’s work, may be that technology can also get us out of this predicament. That’s assuming that we want it to.


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

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

    – ref. How to Build a Truth Engine documentary makes for sober but crucial viewing in our age of disinformation – https://theconversation.com/how-to-build-a-truth-engine-documentary-makes-for-sober-but-crucial-viewing-in-our-age-of-disinformation-242554

    MIL OSI – Global Reports –

  • MIL-OSI Global: What poll watchers can − and can’t − do on Election Day

    Source: The Conversation – USA – By Mollie J. Cohen, Assistant Professor of Political Science, Purdue University

    Poll watchers keep an eye on voting in Georgia in November 2022. AP Photo/Ben Gray

    When most people think of their experience of voting in person, they may remember other voters at the polls, or the hardworking election officials checking people in and helping people submit their ballots. But in many elections, a third group is often present: poll watchers.

    Poll watchers are ordinary citizens who volunteer to observe elections on behalf of an organization. Many of them do so on behalf of a specific political party. Other volunteers are nonpartisan poll watchers; they observe the action at polling places on behalf of nonpartisan organizations, including domestic groups and international election watchdogs such as the Carter Center or the Organization for Security and Co-operation in Europe.

    The United States has not historically relied extensively on international election monitors, and they are prohibited in some states, such as Tennessee. Most often, when journalists and academics like us refer to poll watchers in the U.S., we mean partisan election observers.

    If all goes well on Election Day, poll watchers’ jobs will be tedious. They will simply watch voters performing the key acts of democracy: filing into the precinct, engaging with poll workers and casting ballots. Partisan poll watchers will also likely observe the tabulation of ballots and receive an official copy of the results in case they choose to conduct a simultaneous tally.

    What do poll watchers do?

    Poll watchers protect their organization’s interests at polling places. By observing as ballots are cast and counted, poll watchers can help ensure that only eligible voters participate and that blatant election rigging – like stuffing the ballot box with unauthorized ballots – does not occur.

    As observers independent of the government officials they are monitoring, poll watchers can add an extra layer of transparency and accountability to election proceedings and help to ensure that elections are free and fair.

    Poll watchers, like this one in Detroit in 2020, monitor all aspects of voting and tabulation.
    AP Photo/David Goldman

    However, poll watchers can also undermine the integrity of elections. For example, poll watchers may overzealously – and illegally – challenge a citizen’s eligibility to cast a ballot without cause. Or their presence may intimidate or pressure voters.

    In the 1980s, for example, the Republican Party in New Jersey recruited uniformed, off-duty police officers to watch the polls and posted signs offering a reward for information about people violating election laws. A lawsuit over that activity led to a nationwide court order barring the Republican National Committee from using poll watchers without clearance from a federal judge. The order was lifted in 2018.

    Historical records show that, since the early 1800s, poll watchers from both parties frequently challenged the eligibility of African Americans and likely immigrants, often leading to their removal from the voter rolls. In cases like these, poll watchers can undermine the core democratic principle of voters’ freedom to participate.

    It is also important to remember that many poll watchers are partisans – they work on behalf of their political parties. In fact, in recent years a central goal of the Republican Party has been recruiting and deploying poll watchers. Our research shows that in the current era of polarized partisan politics in the United States, the mere presence of partisan actors at polling locations can undermine voters’ trust in elections.

    What are the rules?

    While the history and partisan nature of election observation may raise concerns about voter intimidation, a variety of federal and state laws protect voters on Election Day.

    Poll watchers are subject to federal laws that protect voters from intimidation and interference. Many states also have additional regulations that govern what poll watchers can do when observing elections.

    For instance, some states require formal training. The state of Georgia, for example, requires all partisan poll watchers to complete training provided by their political party. Watchers in Ohio, on the other hand, must be registered voters but are not required to complete formal training.

    Another important difference between states is whether they allow poll watchers to directly interact with voters. In some states, such as Georgia, poll watchers may not speak to voters. In others, such as Ohio, poll watchers can speak with voters but can’t threaten voters for choosing a certain candidate or encourage them to vote for another.

    Poll workers, like these in New York City in 2020, often make sure poll watchers can see what’s happening.
    AP Photo/John Minchillo

    Challenging voters’ eligibility

    A final important difference between states rules about poll watchers is whether they can challenge the eligibility of a voter. Good-faith challenges can arise when a poll watcher has a strong reason to believe that a voter is not eligible to vote in the district where they are voting. Pennsylvania poll watchers, for example, are allowed to keep a list of eligible voters and could register a challenge if they believe someone not on that list is attempting to vote.

    Poll watchers who operate in bad faith may make challenges based on little or no evidence, with the intention of distracting poll workers, demoralizing voters and slowing voting, rather than ensuring the rules are followed correctly.

    Poll watchers generally raise challenges at the polling place directly with election administrators, who are local volunteers and employees. Voters whose eligibility is challenged may have to cast a provisional ballot and present additional proof of their identification and residence to election officials, either on Election Day or in a later legal proceeding. Importantly, many states have strong regulations that aim to protect voters against arbitrary challenges to their eligibility. Challengers in Florida, for example, must submit a formal written oath attesting to the accuracy of their challenge and are subject to prosecution if the challenge is determined to be “frivolous.”

    If a poll watcher suspects that something is amiss at a polling location while voters are casting ballots or while ballots are being tabulated, they can raise concerns with local election administrators or other election officials, such as local boards of elections. They may also pass the word up through the political party they are representing.

    Many issues are straightforward to address, and election workers respond immediately. More complex concerns – or allegations reported to party leaders by many poll watchers in different locations – may ultimately lead to legal action in the courts.

    Mollie J. Cohen has received funding from the Russell Sage Foundation.

    Geoffrey D. Sheagley receives funding from the Russell Sage Foundation.

    – ref. What poll watchers can − and can’t − do on Election Day – https://theconversation.com/what-poll-watchers-can-and-cant-do-on-election-day-241544

    MIL OSI – Global Reports –

  • MIL-OSI Global: The 27 Club isn’t true, but it is real − a sociologist explains why myths endure and how they shape reality

    Source: The Conversation – USA – By Zackary Okun Dunivin, Postdoctoral Fellow in Communication, University of California, Davis

    Many members of the 27 Club are outsize in their cultural influence. Psychology Forever/Wikimedia Commons, CC BY-SA

    There’s a certain allure to the notion that some of the world’s brightest stars burn out at the age of 27. The so-called 27 Club has captivated the public imagination for half a century. Its members include legendary musicians Jimi Hendrix, Janis Joplin, Jim Morrison, Kurt Cobain and Amy Winehouse. The idea is as seductive as it is tragic: a convergence of talent, fame and untimely death at a singular age.

    But is there any truth to this phenomenon, or is it merely a story we tell ourselves and each other about fame and youth?

    In our newly published research, my colleague Patrick Kaminski and I explore why the 27 Club persists in culture. We didn’t set out to debunk the myth. After all, there is no reason to think that 27 is an especially dangerous age beyond superstition.

    Rather, we wanted to explore the 27 Club to understand how such a myth gains traction and affects people’s perception of reality.

    Is the 27 Club real?

    The origin of the 27 Club dates back to the early 1970s, following the deaths of Brian Jones, Jimi Hendrix, Janis Joplin and Jim Morrison – all at age 27, within a span of two years.

    This uncanny coincidence left its mark on collective memory. It wasn’t just their age. It was the common thread of musical genius, countercultural influence and the tragic allure of lives cut short by a cocktail of fame, drug use and the struggle of being human. The narrative is not just compelling but almost mystical in its synchronicity.

    Analyzing data from 344,156 notable deceased individuals listed on Wikipedia, we found that while there’s no increased risk of dying at 27, those who do die at that age receive significantly more public attention. Using Wikipedia page views as a proxy for fame, our study revealed that the legacies of these 27-year-olds are amplified, garnering more visibility than those who die at adjacent ages.

    This increased visibility has a strange effect: People are more likely to encounter those who died at 27 than other young ages, even if they are not aware of the myth. This in turn creates the appearance of greater risk of mortality at 27. The myth of the 27 Club is a self-fulfilling prophecy: It became “real” because we believed it.

    Why is the 27 Club a thing?

    We believe this phenomenon can be understood through three interrelated concepts: path dependence, stigmergy and memetic reification.

    Path dependence refers to how random events can set a precedent that influences future outcomes. The initial cluster of high-profile deaths at age 27 was statistically improbable – we estimate that one in 100,000 timelines would have four such famous deaths at age 27 – but it established a narrative pathway that has persisted and shaped collective reality.

    Stigmergy describes how traces of an event or action left in the environment can indirectly coordinate future events or actions. In the digital age, platforms such as Wikipedia serve as repositories of collective memory. The existence of a dedicated 27 Club page, with links to its members’ pages, increases the visibility of those who die at 27. This creates a feedback loop: The more we click, the more prominent these figures become, and the more the myth is reinforced.

    Finally, what we call memetic reification captures how beliefs can shape reality. We draw from a sociological concept called the Thomas theorem, which states that if you “define a situation as real, they are real in their consequences.” The 27 Club myth has tangible effects on cultural memory and fame. By imbuing significance into the age of 27, society elevates the legacies of those who die at that age, making the myth materially consequential.

    Why do myths endure?

    Why do such myths endure? At their core, myths are not about factual accuracy but about narratives that resonate with people. They thrive on mystery, tragedy and the human penchant for finding patterns even in randomness. The story of the 27 Club is poetic, encapsulating the fleeting nature of genius and the fragility of life. It’s a story that begs to be told and retold, regardless of its veracity.

    This isn’t an isolated phenomenon. Cultural patterns often arise from chance events that, through collective commitment and storytelling, become embedded in our understanding of the world.

    Your social world shapes what you value and how you behave.

    Consider the evolution of language – why do we call a dog a “dog”? There is nothing doggy about the word. Philosopher Ludwig Wittgenstein observed that nearly all symbols are arbitrary. Some countries drive on the left side of the road while others on the right. While the choice to adopt left- or right-side traffic is influenced by neighboring countries or car producers, ultimately these followed from an arbitrary resolution to the need to pick one side or the other. These conventions began as random occurrences that, over time, became standardized and meaningful through social reinforcement.

    The 27 Club serves as a lens through which you can examine the power of mythmaking in shaping perceptions of history and reality. It highlights how collective beliefs can have real-world consequences, influencing who becomes immortalized in cultural memory. It’s a testament to the complex interplay between chance events, storytelling and the mechanisms by which myths are perpetuated.

    Though we may appear to dispel the myth of the 27 Club, let’s not abandon the story. We’re myth trusters, not myth busters. In unraveling the myth, we’re acknowledging the profound ways in which narratives influence our collective consciousness. By understanding the processes behind myth formation, we can better appreciate the richness of culture and the stories people choose to tell.

    Zackary Dunivin has received funding from the National Science Foundation Research Traineeship Grant 1735095 “Interdisciplinary Training in Complex Networks and Systems.”

    – ref. The 27 Club isn’t true, but it is real − a sociologist explains why myths endure and how they shape reality – https://theconversation.com/the-27-club-isnt-true-but-it-is-real-a-sociologist-explains-why-myths-endure-and-how-they-shape-reality-242693

    MIL OSI – Global Reports –

  • MIL-OSI Global: How scenario planning could help Canadian policymakers deal with American political chaos

    Source: The Conversation – Canada – By Kevin Quigley, Scholarly Director of the MacEachen Institute for Public Policy and Governance, Dalhousie University

    One of the most bizarre aspects of the United States presidential election has been how difficult it’s been to determine the truth — particularly due to Republican Donald Trump’s candidacy — and if the truth even matters.

    As former Trump advisor Anthony Scaramucci once noted about the former president: “Don’t take him literally, take him symbolically.” This advice wasn’t very helpful.

    The difficulty in determining what is true is symptomatic of the high levels of uncertainty that Canadian policymakers are confronted with regularly in their dealings with their American counterparts.

    Voters in the most powerful nation on Earth — and Canada’s neighbour and largest trading partner — are choosing between two starkly different choices on the ballot, and Canada must be attentive and adaptive across a number of policy areas.

    Three-part process

    Scenario planning provides an effective way to address such high levels of uncertainty. The method can generate difficult and radically different descriptions of the future by way of challenging participants, requiring imaginative interventions and overcoming stability and optimism biases.

    At the MacEachen Institute for Public Policy and Governance at Dalhousie University, our team used this method extensively throughout the COVID-19 pandemic, including with members of the tourism industry in early 2021. The method proved to be an effective tool for these organizations in planning for the 2021 tourism season in light of the uncertainty posed by COVID-19.

    There are typically three parts to the approach, divided by sessions. The first session establishes the goals the participants wish to achieve in light of their unique challenges and timelines. Goals vary but usually address some aspect of the medium-term success of the organization. Timelines can be anything from a few months down the road to decades from now.

    Motivating factors

    The group then discusses drivers, which are highly impactful forces beyond their immediate control that will shape the scenarios. Two drivers are selected, often based on supply-and-demand concepts.

    During the second session, participants describe four scenarios based on the two drivers, answering questions that include:

    1. What does this scenario look like?

    2. How would we arrive at this scenario?

    3. What are the underlying causes of the scenario?

    4. What are the critical failures and opportunities in this scenario?

    Finally, the group names the scenario. The four scenarios are deliberately intended to be different and extreme in order to push people beyond their comfort zones.

    At the third session, participants establish how they’re going to judge policies and operational changes knowing that any one of the four scenarios could materialize.

    Trade, economy

    In terms of scenario planning for the Canada-U.S. relationship, Canadian policymakers could consider U.S. trade policies as the first driver (liberal trade policies vs. protectionist policies) and the state of the American economy as the second driver (it either booms or it sinks into a deep recession).

    Organized as a two-by-two matrix, policymakers can explore four plausible future scenarios: either liberal or protectionist trade policies, during either an economic boom or a recession.

    Within these four scenarios, policymakers can develop criteria by which to evaluate Canadian policies knowing that any one of these four scenarios could materialize.

    There are important things to consider at the design stage.

    To start, it can be time-consuming to organize and execute the sessions. You can run remarkably simple and helpful sessions in a day, or extremely involved ones over several months.

    The number of participants is flexible. Usually it involves a small to medium-sized group, but individuals can use the two-by-two matrix to think through problems over lunch.

    Who’s there matters. We tend to invite people who represent different parts of an organization or sector. That provides legitimacy to the process and satisfies a sense of fair play, and this approach can also help participants accept the conclusions and communicate them broadly.

    At the same time, having representatives from each part of the organization can lead to turf wars. It can serve to reinforce existing institutional arrangements rather than challenge, change and in some cases abolish them. Bringing in guest speakers to share best practices from other jurisdictions can help to discuss difficult issues.

    The Ambassador Bridge, spanning the Detroit River between Windsor and Detroit, in December 2021. The trade and economic relationship between the U.S. and Canada provides lots of material for scenario planning for Canadian policymakers.
    THE CANADIAN PRESS/Fred Thornhill

    Embracing diversity

    Scenario planning exercises also favour elite groups — experts, company executives and clever high flyers who are skilled at imaginative thinking. Turning to these elite groups can be at odds with equity, diversity, inclusion and accessibility principles.

    Diverse sources of information can challenge participants to think differently and also help participants to understand the impacts of scenarios to different communities.

    Participants also need to be able to speak frankly. Values may differ, and attempts by participants to avoid saying anything controversial can crowd out more nuanced thoughts.

    Generally, egalitarian dynamics lead to consensus-seeking solutions. But this doesn’t always result in more radical transformations. In some respects, the four possible scenarios compel participants to consider quite different views, which can be helpful.

    Diverse participants in scenario planning sessions can challenge people to think differently.
    (Shutterstock)

    All of this makes discussing how to judge new programs at the third session more challenging and important.

    One way to address these challenges is to have a broad way to discuss and evaluate each strategy. Typically, we examine different parts of the strategy — how an organization gathers information, sets standards and changes behaviour internally — and different criteria by which to judge the strategies (efficiency, fairness and accountability and stability and learning).

    An experienced moderator with some professional distance from the group can help to keep the conversation on time, on subject and challenge participants when conventional wisdom starts to creep in.

    Public agencies are premised on a command-and-control dynamic, but policymakers increasingly need tools and skills that allow them to anticipate, address and communicate risks over which they have limited control.

    The U.S. election and its aftermath in the weeks and months to come are a salient and consequential example. Scenario planning allows policymakers to challenge their assumptions and have difficult conversations in light of quickly changing events in order to seize opportunities and reduce vulnerabilities.

    Kevin Quigley received funding from the Atlantic Canada Opportunities Agency, Change Lab Action Research Network, and SSHRC for the work discussed in this article.

    – ref. How scenario planning could help Canadian policymakers deal with American political chaos – https://theconversation.com/how-scenario-planning-could-help-canadian-policymakers-deal-with-american-political-chaos-242335

    MIL OSI – Global Reports –

  • MIL-OSI USA: Durbin, Duckworth Announce $87 Million In Federal Funding For Illinois Rail System Improvements

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    11.01.24
    CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Tammy Duckworth (D-IL) today announced $87,078,200 in federal funding from the U.S. Department of Transportation’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program for four rail infrastructure improvement projects across Illinois.
    “Illinois holds a unique position as the converging point for railroads that cross our nation,” said Durbin. “This significant federal investment will ensure our state remains not just a crossroads, but a thriving nexus that efficiently connects people, goods, and ideas. I’m proud to have helped bring local officials, the State, and other stakeholders together to improve our rail network for passengers in Illinois and throughout the Midwest.”
    “Illinois is a national epicenter of passenger, commuter and freight rail, and improving rail service and reliability across the Midwest is critically important,” Duckworth said. “I’m proud to see these significant federal investments coming to our region to help make it easier, faster, safer and more efficient for people and goods to get where they need to go. I’ll keep working with Senator Durbin to ensure that our state and region are receiving the federal resources they deserve to remain a national leader in the transportation sector.”
    Recipients of CRISI funding include:
    OmniTRAX Holdings Combined, Inc. – Yard Area Rail Decongestion and Safety Project ($40,955,000)
    Iowa Interstate Railroad, LLC – Bridge Replacements in Iowa and Illinois to Develop Green Energy and Safety ($29,883,200)
    Midwest Interstate Passenger Rail Commission – Invest Midwest: The Future of Midwest Passenger Rail-Phase 1 ($1,840,000)
    National Railroad Passenger Corporation (Amtrak) – Mechanical Craft Workforce Development Apprenticeship Training Program ($14,400,000)
    CRISI grants are funded by the Infrastructure Investment and Jobs Act to expand and improve passenger rail. Last week, Durbin and Duckworth announced that the Springfield Rail Improvements Project would receive $157,126,494 in CRISI grant funding for its final segment.
    -30-

    MIL OSI USA News –

  • MIL-OSI: OnStation Welcomes Former Infotech VP Ward Zerbe to Accelerate Public Sector Adoption

    Source: GlobeNewswire (MIL-OSI)

    OnStation Announces Ward Zerbe as Their New Director of Public Sector Programs

    Ward adds over 40 years of wealth of industry knowledge and experience to the OnStation team.

    CLEVELAND, Nov. 04, 2024 (GLOBE NEWSWIRE) — OnStation, the leading provider of digital stationing solutions for the heavy highway industry, today announced the appointment of Ward Zerbe as its new Director of Public Sector Programs.

    With more than 40 years of experience of successfully driving innovation and delivering information technology solutions, Ward’s experience covers federal, state, local, and international government. Prior to OnStation, Ward spent over 20 years with Infotech, Inc in several roles driving business growth in the transportation infrastructure sector working with state and local governments and contractors. Most recently Ward was Infotech’s Executive Relationships Officer engaging senior customer and industry executives to develop long term relationships that span the transportation infrastructure industry. Previously, Ward served as the Vice President for the AASHTOWare Products Division overseeing the software development and maintenance, implementation services, and support for the AASHTOWare Project suite of applications for construction contract management. As an Account Manager at Infotech, he was instrumental in creating the account management structure that resulted in unprecedented growth.

    As the transportation construction industry continues to evolve, the necessity of accurate stationing data is critical to any construction project. It is central to construction administration, digital project delivery, eTicketing, and asset management. OnStation’s digital stationing tool has been embraced in the industry to provide a common, accurate reference from bidding through closeout. Now is the time to accelerate the presence of OnStation’s solutions wherever transportation infrastructure projects are executed.

    Ward brings a wealth of industry knowledge and experience as a trusted advisor to customers throughout the US. “After hearing about OnStation several times from various colleagues, my research led me to determine their solution was going to be a game changer. I see a lot of possibilities for the product even beyond its current use today. Also, OnStation has the right approach to working with public sector customers. I had to be a part of this important venture.”

    The opportunity to add Ward to the OnStation Team was an easy decision, said CEO Patrick Russo. “Ward originally connected with Dave Thomas, our Director of Business Development, and expressed interest in joining OnStation. After a couple of direct conversations, I could tell Ward fit into the OnStation culture of operating with high integrity and shared the same goals of continuing to transform our industry with innovative, worker first tools that easily tie stationing, documentation and inspection together. Full gas ahead!”

    For more information about OnStation and its solutions, please visit www.onstationapp.com.

    About Ward Zerbe

    Ward graduated from The George Washington University with a bachelor’s degree in business administration and information systems and he holds the PMP certification from the Project Management Institute. Ward’s career highlights include implementing the first nationwide network infrastructure for the Federal Highway Administration, delivering intelligent transportations systems for the Maryland Department of Transportation, and delivering a SaaS data analytics module as the capstone for AASHTOWare Project. Ward also spent a year overseas as an adviser to the Royal Thai Government implementing a project management system. For Ward, it’s the relationships that are key to making technology successful.

    Ward and his wife Kim have been married over 41 years and have 4 grown married children and 2 granddaughters. They enjoy traveling, making new friends, and working on their farm in Virginia.

    About OnStation

    OnStation is a collaborative digital stationing platform that offers location-based project records from bid to close. Specifically designed for the heavy highway industry, OnStation’s mobile app centralizes communication, boosts productivity, enhances worker safety, and improves project quality. Users benefit from live jobsite stationing, milepost, and LRS capabilities. They can overlay design layers on the project map and communicate via a custom chat platform that organizes and records project events at their locations. OnStation is available on both the Apple App Store and Google Play Store and is supported on all desktop systems.

    Contact
    Jessica Kodrich
    jkodrich@onstationapp.com 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ecb230e-7164-403e-acbb-14bf56514960

    The MIL Network –

  • MIL-OSI USA: Foundation Communities Prepared to Help Thousands of Central Texans Enroll in Health Insurance During 12th Open Enrollment Season

    Source: United States House of Representatives – Congressman Lloyd Doggett (D-TX)

    The Open Enrollment period for 2025 HealthCare.gov Marketplace plans offer high levels of affordability, quality, and choice

    AUSTIN, TX – Central Texans have an exciting opportunity to access high-quality, affordable health insurance starting November 1st through HealthCare.gov. The 2025 Open Enrollment period runs from November 1, 2024 to January 15, 2025, offering a wide range of plans with options for as little as $0 a month after subsidies.

    Helping to expand access to health insurance and lowering health care costs for Central Texas families is a top priority for local leaders Congressman Lloyd Doggett, Travis County Judge Andy Brown, and District 4 Councilmember José “Chito” Vela, who joined Foundation Communities (FC) and the Health Alliance for Austin Musicians (HAAM) host a press conference, on Wednesday, October 30 to kick off this year’s anticipated 12th Open Enrollment period.

    “Thanks to the dedicated and effective team at Foundation Communities, Central Texans can obtain valuable, objective, free help to enroll in the affordable health insurance plan that best meets their needs,” said Rep. Doggett. “In Congress, I continue working to make health care more affordable and to ensure local nonprofits like Foundation Communities are supported in their vital services.”

    For 2025, community members in Travis County have hundreds of plans to choose from, provided by multiple insurers. Consumers with existing coverage through HealthCare.gov are also highly encouraged to return and shop to see if another plan better meets their needs at a lower cost.

    As Texas remains the most uninsured state and thousands of our neighbors lack health insurance, Foundation Communities is leading the way as a key enrollment resource for the twelfth straight year, helping to connect thousands of people to coverage through the Marketplace. Last year, Foundation Communities successfully helped over 4,600 people enroll in quality health coverage, with 27% of them securing insurance for the first time.

    The Prosper Health Coverage team at Foundation Communities will continue their work of guiding consumers through the Marketplace application and securing the maximum financial assistance. As the largest Navigator program in Central Texas, Foundation Communities is poised to help thousands of local community members enroll in affordable health insurance from November 1, 2024 to January 15, 2025.

    Health insurance can be complicated, and making sense of which plan is best for individuals and families can be stressful. The experts at Foundation Communities are here to help Central Texans select the best plan and find increased savings on their monthly premiums. Our team of more than 100 Navigators are offering thousands of appointments during Open Enrollment, in- person and by phone. Community members are welcome to schedule an appointment or walk in to one of our two Prosper Centers during program hours:

    Prosper Center – North

    5900 AirportBlvd

    Austin, TX 78752

    Monday – Thursday, 9:00a.m. to 6:00p.m. Friday – Saturday, 9:00 a.m. to 4:00 p.m.

    Prosper Center – South 2900 S. I-35Frontage Road Austin, TX 78704

    Monday – Thursday, 9:00a.m. to 6:00p.m. Friday – Saturday, 9:00 a.m. to 4:00 p.m.

    Foundation Communities helps thousands of Central Texans enroll in health insurance each year and has helped more than 60,000 people enroll in affordable Marketplace health plans since the first Open Enrollment period.

    “At Foundation Communities, over 99% of those we assist in enrolling in Marketplace health plans receive financial aid to cover monthly premiums, deductibles, and copayments. Every Marketplace plan guarantees comprehensive, high-quality health coverage,” says Erika Leos, Director of Prosper Programs. “Our expert Navigators are dedicated to making the process easier, guiding you to the plan that best fits your budget and healthcare needs.”

    Open Enrollment is the only time of year people can enroll in a health plan unless they have a qualifying life event such as moving, getting married, or having a baby. “We urge anyone looking for health insurance in 2025 to start with Foundation Communities.” Leos says. “We take the stress out of finding the best insurance plan, helping you secure affordable, comprehensive coverage so you can focus on staying healthy and enjoying the peace of mind that comes with it.”

    Foundation Communities encourages consumers to schedule an appointment online at ProsperHealthCoverage.org or by calling 512-381-4520 to meet with one of their trained and certified marketplace Navigators to update, select and sign-up for their 2025 health plan. Walk- Ins are also welcome at one of FC’s two Prosper Centers in Austin.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Aguilar Announces $600,000 for Mental Health and Substance Use Services in the Inland Empire

    Source: United States House of Representatives – Representative Pete Aguilar (31 CD Ca)

    Today, Rep. Pete Aguilar announced a $600,000 grant award for Inland Behavioral and Health Services, Inc. to expand its mental health and substance use treatment services. The funding comes as part of the U.S. Department of Health and Human Services’ Health Resources and Services Administration’s Fiscal Year (FY) 2024 Behavioral Health Services Expansion (BHSE) Grant Awards. 

    “We need to improve access to health services that address addiction and improve the health and well-being of the Inland Empire,” said Rep. Pete Aguilar. “This grant will empower Inland Behavioral Health and Services, Inc. to expand treatment and support for urgent mental health and substance use needs, helping individuals find stability and opening doors to brighter futures and more job opportunities.”

    This funding comes as part of the Biden-Harris Administration’s Unity Agenda for the Nation. It includes a historic $240 million investment to launch and expand mental health and substance use disorder services in more than 400 community health centers nationwide that provide care for more than 10 million people. 

    The grant award will help Inland Behavioral and Health Services, Inc. expand its mental health and substance abuse services by hiring certified substance use counselors and Peer Support Specialists and training providers to treat opioid use disorders. 

    Inland Behavioral and Health Services, Inc. (IBHS) is a community-centered nonprofit and federally qualified healthcare provider that has served the Inland Empire since 1978. IBHS offers primary healthcare and social services, including physical health care, substance abuse treatment, mental health improvement, homeless services and prevention education.

    Rep. Aguilar serves as Chair of the House Democratic Caucus and as a member of the House Committee on Appropriations.

    MIL OSI USA News –

  • MIL-OSI USA: Palmer Leads Letter Demanding Answers from HHS Regarding Radical Gender-Identity Ideology

    Source: United States House of Representatives – Congressman Gary Palmer (R-AL)

    WASHINGTON, D.C. — Today, Representative Gary Palmer (AL-06) sent a letter to U.S. Department of Health and Human Services (HHS) Secretary Xavier Becerra raising concerns about the Biden-Harris administration’s decision to embed radical gender-identity ideology into 13 federal grants serving vulnerable populations. The letter demands Secretary Becerra justify this policy change and provide a prompt response to ensure HHS remains focused on its mission to ensure public safety while also respecting and protecting religious freedom and the integrity of care for vulnerable populations. Rep. Palmer issued the following statement:

    “Under the guise of inclusivity, this administration is forcing radical ideological changes into programs that should focus on care, not politics,” said Rep. Palmer. “This new rule threatens to undermine the safety of vulnerable populations, including women escaping abuse and young children needing care, who must not be subjected to policies forcing them to share spaces with individuals of the opposite sex. Additionally, faith-based institutions and community organizations play a vital role in delivering services to those in need. The religious exemption does not clearly provide protections to ensure some groups are not forced to choose between violating their beliefs and losing critical funds.”

    Rep. Palmer continued, “Pushing their radical transgender policies, especially on children, will never be accepted by a broad range of faith-based and common-sense based organizations. Standing up against the Biden-Harris radical agenda will likely result in many very effective organizations being denied grants, including grants supporting medical care. These grants are meant to strengthen healthcare access, not mandate controversial procedures that many providers, and parents, oppose. Forcing healthcare providers to administer irreversible treatments under the banner of gender-affirming care undermines both medical ethics and patient safety.”

    “This is another example of the Biden-Harris administration putting their radical agenda over the well-being of our people. Their overreach into gender identity policies threatens to turn essential services into ideological battlegrounds, placing the most vulnerable Americans at risk,” concluded Rep. Palmer.

    The letter is co-signed by 20 members of Congress including Reps. Robert Aderholt (AL-04), Vern Buchanan (FL-16), Ben Cline (VA-06), Michael Cloud (TX-27), Eric Crawford (AR-01), Jeff Duncan (SC-03), Bob Good (VA-05), Michael Guest (MS-03), Harriet Hageman (WY-At Large), Clay Higgins (LA-03), Mike Kelly (PA-16), Greg Lopez (CO-04), Richard McCormick (GA -06), Carol Miller (WV-01), Ralph Norman (SC-05), August Pfluger (TX-11), John Rose (TN-06), Chip Roy (TX-21), Glenn Thompson (PA-15), and Randy Weber (TX-14).

    Read the letter here.

    BACKGROUND

    HHS has expanded the definition of “sex” in federal grants, based on the Bostock v. Clayton County Supreme Court decision, to include gender identity and sexual orientation. Recent regulations impact 13 key federal grant programs serving vulnerable populations and funding medical care. The letter raises concerns about the policy’s reliance on Bostock v. Clayton County, which was limited to employment law, arguing its extension to HHS grants lacks legal authority and creates confusion by ignoring congressional intent. Requiring shelters to admit biological males identifying as women and forcing group homes to house children of opposite sexes in shared spaces could compromise safety and disrupt care for vulnerable populations.

    In May of this year, HHS finalized a regulation applying the Biden administration’s interpretation of Bostock (redefining the meaning of “sex”) to several grants that assist vulnerable populations and health care delivery. The final rule can be found here: Federal Register :: Health and Human Services Grants Regulation

    Last month, HHS added this same language to their universal grant guidance, as part of a push by the Biden-Harris administration to embed their radical policies across all federal grants. This change was finalized immediately through an interim final rule without public comment, which is a process usually used for emergency regulatory actions. Link to interim final rule: Federal Register :: Health and Human Services Adoption of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards

    Some of the grants impacted by the new HHS rule support medical care, such as nursing workforce development and clinical training programs. These grants could require healthcare providers to implement gender-transition procedures, including hormone therapies and surgeries on minors, even in the 26 states that prohibit these procedures for children. 

    MIL OSI USA News –

  • MIL-OSI New Zealand: The Achieving Society, and Paku Manu Ariki Whakatakapōkai

    Source: ACT Party

    The Haps

    The media and the usual suspects are breathless at David Seymour’s school lunch success. He’s halved the cost and delivered for more children, despite believing it’s the parents’ job in the first place. If Labour had done it the same way, they could have saved over $800 million. First they said he’d cancel it. Then they said he couldn’t do it. Now they say the savings are too great, and not enough businesses will make money from the scheme. Moaning Report managed to hang their coverage of the Government saving $170m off one Principal who didn’t like it.

    The Achieving Society, and Paku Manu Ariki Whakatakapōkai

    David McClelland was a psychologist who analysed children’s books to understand the values of different cultures. His work is summarised in Richard Prebble’s classic I’ve Been thinking.

    The basic conclusion is that societies who tell their children they can make a difference in their own lives, if they take responsibility and make an effort, will grow wealthy and peaceful. Those who tell their children that life is a bit like bad weather, something you’re powerless to change, have difficult times ahead.

    It worked. Writing in the 1950s, McClelland was able to forecast Japan’s economic miracle based on his study of their nursery rhymes. It was a big call for a war-torn country under foreign occupation.

    That basic story has become the kernel of the modern ACT Party. Own your future, change your future, real change, change makers, make a difference in your own life and the lives of those you care about… Individuals matter because they’re the only entity that can choose to act, and sometimes the most unlikely people have insights that will benefit us all.

    Why does the Party care about property rights? Because it’s hard to make a difference if everything you acquire gets nicked by criminals, or the IRD, or if you can’t use your property the way you want to because of red tape. It’s also why education matters, and you shouldn’t be discriminated against on any personal characteristic.

    What, then to make of Paku Manu Ariki Whakatakapōkai? Apparently the best picture book at the book awards for children this year, by McClelland’s standards it shows New Zealand is stuffed.

    The story has barely been covered in New Zealand, with two exceptions. A beautiful op-ed by Josie Pagani, that contrasts the book with Barack Obama’s liberalism, and a gushing interview with the author published by the parallel state-funded universe that is The Spinoff.

    The story is a stream of consciousness from a young boy. My name is Paku Manu Ariki Whakatakapōkai, you can call me Paku Manu Ariki Whakatakapōkai. And he’s off. The usual reason for saying ‘you can call me…’ is to offer an alternative. It’s a sign of friendship and a will to get on with one another. Instead Paku uses the phrase to insist right off the bat that you must use his 13 syllables.

    The book carries on in this vein, Paku believes that he was created at the same time as the universe and everyone was created at the same time. He doesn’t understand why there are rules or anyone is required to follow them, but he’s sure they shouldn’t apply to him.

    Then the author has him say “I will hit all the English people in the face because they stole the land”. And “My Dad is Māori like me. I feel sorry for my Mum. She’s only Pākehā.”

    The kind interpretation, that the author sells (and may genuinely believe) is that the book is designed to ‘stimulate conversations.’ The voice is simply the musings of a child, why be so hard on him?

    As Pagani says, ‘those sound like adult words.’ The author doesn’t challenge the tropes that she puts in the mouth of the young child. There’s no conclusion that racially motivated violence is actually a bad thing. There’s only reference to Nana, who says you shouldn’t hit people, but she is abandoned as a quaint figure.

    Parents (Paku is modelled on the author’s son) are apparently not to guide their children, they’re there to be their friends. Rather than passing on values of achievement, cooperation, respect for the dignity of others, Paku’s worst instincts (or is that the author’s prejudices?) are amplified.

    Besides winning the Picture Book award, this book was funded by Creative New Zealand. This is the same Creative New Zealand that funded Tusi’ata Avia’s poem that cast Captain Cook as an avatar for Europeans in New Zealand and celebrated stabbing him with a pig knife.

    Of course, the Government, and specifically Arts Minister Paul Goldsmith, is turning over appointments in these outfits and setting new expectations. Nonetheless this book, its taxpayer funding, and its national award show how deeply ingrained is New Zealand’s appetite for self-destruction.

    Only by recommitting ourselves to universal human rights—equal rights—for each and every person can we overcome such corrosive thinking. Thankfully, there is a whole political party committed to doing just that.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Governor Cooper Issues Executive Order Directing State Agency Surplus Goods to Western North Carolina

    Source: US State of North Carolina

    Headline: Governor Cooper Issues Executive Order Directing State Agency Surplus Goods to Western North Carolina

    Governor Cooper Issues Executive Order Directing State Agency Surplus Goods to Western North Carolina
    mseets

    Last week, Governor Roy Cooper issued an Executive Order directing donations of state surplus goods to Western North Carolina to help counties impacted by Hurricane Helene.

    “Hurricane Helene caused immense damage to property owned by state and local governments, schools and nonprofits,” said Governor Cooper. “This Executive Order helps get them replacement property quickly and efficiently so they can continue with their missions.”

    State agencies, local governments, public school and nonprofits in western North Carolina have lost property due to the storm and many state agencies have surplus property that may be beneficial in aiding recovery. This Executive Order lessens regulations on donations of state surplus property both to governmental entities and to non-profits aiding in recovery to expedite the process and help Western North Carolina recover from this storm.

    The Secretaries of DOA and DIT are authorized to carry out these actions. All agencies, political subdivisions and public-school systems affected by Helene are encouraged to contact the State Surplus Property Agency to identify what inventory is available. This Executive Order is effective immediately and will remain in effect throughout the State of Emergency.

    The North Carolina Council of State unanimously concurred with this Executive Order.

    You can see the Concurrence Record here.

    Read the Executive Order here.

    ###

    Nov 4, 2024

    MIL OSI USA News –

  • MIL-OSI: Rubis: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 28 October to 1st November 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, 4 November 2024, 06:00pm

    Issuer Name: Rubis (LEI: 969500MGFIKUGLTC9742)
    Category of securities: Ordinary shares (ISIN: FR0013269123)
    Period: From 28 October to 1st November 2024

    In accordance with the authorisation granted by the Ordinary Shareholders’ Meeting held on 11 June 2024 to implement a share buyback programme, the Company operated, between 28 October and 1st November 2024, the purchases of its own shares in view of their cancelation presented below.

    Aggregate presentation per day and per market

    Name of issuer Identification code of issuer (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market
    (MIC Code)
    RUBIS 969500MGFIKUGLTC9742 28/10/2024 FR0013269123 3,000 24.9000 AQEU
    RUBIS 969500MGFIKUGLTC9742 28/10/2024 FR0013269123 21,600 25.0319 CEUX
    RUBIS 969500MGFIKUGLTC9742 28/10/2024 FR0013269123 3,000 24.9600 TQEX
    RUBIS 969500MGFIKUGLTC9742 28/10/2024 FR0013269123 9,614 25.0480 XPAR
    RUBIS 969500MGFIKUGLTC9742 29/10/2024 FR0013269123 2,900 24.9000 AQEU
    RUBIS 969500MGFIKUGLTC9742 29/10/2024 FR0013269123 21,000 24.9686 CEUX
    RUBIS 969500MGFIKUGLTC9742 29/10/2024 FR0013269123 3,300 24.8400 TQEX
    RUBIS 969500MGFIKUGLTC9742 29/10/2024 FR0013269123 30,000 24.9427 XPAR
    RUBIS 969500MGFIKUGLTC9742 30/10/2024 FR0013269123 486 24.8824 AQEU
    RUBIS 969500MGFIKUGLTC9742 30/10/2024 FR0013269123 19,783 24.8944 CEUX
    RUBIS 969500MGFIKUGLTC9742 30/10/2024 FR0013269123 4,265 24.9232 TQEX
    RUBIS 969500MGFIKUGLTC9742 30/10/2024 FR0013269123 11,039 24.9077 XPAR
    RUBIS 969500MGFIKUGLTC9742 31/10/2024 FR0013269123 2,668 23.8258 AQEU
    RUBIS 969500MGFIKUGLTC9742 31/10/2024 FR0013269123 20,606 23.6341 CEUX
    RUBIS 969500MGFIKUGLTC9742 31/10/2024 FR0013269123 3,396 23.1625 TQEX
    RUBIS 969500MGFIKUGLTC9742 31/10/2024 FR0013269123 35,947 23.0416 XPAR
    RUBIS 969500MGFIKUGLTC9742 01/11/2024 FR0013269123 224 22.4577 AQEU
    RUBIS 969500MGFIKUGLTC9742 01/11/2024 FR0013269123 284 22.4200 CEUX
    RUBIS 969500MGFIKUGLTC9742 01/11/2024 FR0013269123 8,351 22.3955 XPAR
    * Four-digit rounding after the decimal TOTAL 201,463 24.3203  

    Detailed presentation per transaction

    Detailed information on the transactions carried out from 28 October to 1st November 2024 is available on the Company’s website (www.rubis.fr) in the section “Investors – Regulated information – Share buyback programme”.

      Contact
      RUBIS – Legal Department
      Tel. : + 33 (0)1 44 17 95 95

    Attachment

    The MIL Network –

  • MIL-OSI: Revenue as of September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    • €742.8 million in revenue over 9 months, down 3.5%, reflecting the group’s strategic orientations
      • Implementation of a strategy to prioritize margins over revenue growth
      • Continuing diversification into activities related to the energy transition, with strong growth of +28%
      • Accelerating growth in Germany, the group’s future third pillar, at +28%.
    • Third quarter: €225.4 million in revenue, down 10.1%, reflecting the continuation of 2nd quarter trends
      • Impact of selectivity measures implemented in Q2 in French and Spanish telecom sectors in France and Spain .
      • Temporarily reduced fiber activity in Belgium as negotiations continue between telco service providers looking to pool their investments
      • Sustained strong growth in Germany: +33%.
      • Strong growth in Energy activity, despite unfavorable seasonal effects in Q3: +26 %
    • 2024 full-year outlook confirmed   
      9 months Q3
    In millions of euros (unaudited data) 2024 2023 % change 2024 2023 % change
    Group 742.8 769.7         -3.5% 225.4 250.7         -10.1%
    Benelux 278.9 269.6         3.5% 82.1 89.6         -8.3%
    France 270.2 297.8         -9.3% 81.7 98.4         -16.9%
    Other Countries 193.8 202.4         -4.3% 61.6 62.7         -1.8%

    Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “The evolution of Solutions30’s revenue since the beginning of the year reflects the strategic orientations we shared at our Capital Markets Day last September. We are prioritizing margins over revenue growth, with an increased selectivity in our mature markets. At the same time, we are continuing our expansion in Germany, which is set to become a profitable growth pillar for Solutions30, as well as our diversification into energy transition-related services, buoyed by favorable structural trends. The decrease in revenue in the third quarter was a continuation of trends seen in the second quarter, with the deepening impact of measures to reduce our exposure to certain insufficiently profitable contracts in France and Spain and a temporary slowdown in the fiber business in Belgium. In the current contrasted market environment, we are confident that our strategic choices are fully relevant.”

    Consolidated revenue

    In the first nine months of 2024, Solutions30’s consolidated revenue amounted to €742.8 million, down 3.5% from €769.7 million in the same period of 2023. This includes an organic contraction of -4.2%, a +0.3% impact from acquisitions, and a +0.4% favorable currency effect.

    This decrease reflects the group’s strategic orientations, as presented at the Capital Markets Day held on September 26, 2024. Namely, the prioritization of margins over revenue growth with the measures taken in Q2 to reduce exposure to certain telecoms contracts, notably in France and Spain, which no longer met the Group’s profitability requirements. Solutions30’s growth drivers, however, maintained strong momentum: Germany, which is proving to be its best-performing market in terms of growth, and energy-related services, which continue to develop successfully, confirming the relevance of the strategic diversification undertaken.

    Third-quarter consolidated revenue totaled €225.4 million, compared with €250.7 million in Q3 2023, representing a decline of -10.1% (-10.5% organically). This sharper decline than in Q2 (-4.5%) mainly reflects (i) the deepening impact of selectivity measures implemented in Q2 in the telecoms sector in France and Spain, and (ii) ongoing negotiations between Belgian telecom service providers, begun in Q2, with a view to pooling their fiber deployment investments.

    Benelux

    Revenue in Benelux for the first nine months of the year totaled €278.9 million, representing 38% of total revenue, up 3.5% (+3.4% organic growth). Following a year of exceptional growth (+77.2% in the first nine months of 2023), which set a particularly high comparison basis, business in the Benelux countries remains slowed down by ongoing negotiations between Belgian telecoms service providers to streamline the rollout of fiber nationwide. Although the Belgian market’s potential remains high, these negotiations are causing delays for Solutions30’s business. In Q4, these effects will be amplified due to the merger of two of the Group’s customers, Proximus and Fiberklaar, impacting the pace of the connection market.

    In the third quarter of 2024, Benelux revenue totaled €82.1 million, down 8.3% (-8.6% organic). Connectivity activity posted revenue of €61.3 million, down -15.3%. This decline reflects the full impact of delays in fiber roll-out in Belgium from the 2nd quarter onwards, due to the above-mentioned negotiations, as well as, to a lower extent, the impact of the Belgian communal and provincial elections, which was limited by efficient planning.

    The development of Energy activity continues, with growth accelerating to +23% in the third quarter of 2024 and revenue reaching €15.8 million. In September 2024, Solutions30 announced its acquisition of Xperal, a Netherlands-based photovoltaic project specialist (see press release dated September 23, 2024). This acquisition significantly enhances the group’s offering in the sector, providing an integrated range of energy services in the Benelux countries that cover smart meters, electric vehicle charging stations, low-voltage electricity grids, photovoltaic installation, and energy storage solutions. The acquisition of Xperal is fully in line with the Group’s strategy to become a leading energy services player in all the regions where it operates.

    Technology activity posted revenue of €5.0 million in the third quarter of 2024, up +16.1%.         

    France

    In France, revenue for the first nine months of the year was €270.2 million, or 36% of total revenue, down
    -9.3%. This change includes an organic contraction of -9.9% and a +0.6% positive impact from the acquisition of Elec-ENR, consolidated since July 2023.

    In the third quarter of 2024, revenue amounted to €81.7 million, a purely organic decline of -16.9%, driven by the sharp -35.3% decrease in Connectivity revenue to €45.8 million. This reflects the deepening impact of the selective measures implemented in the 2nd quarter, which led the Group to significantly reduce its exposure to certain contracts that no longer met its profitability standards. It also reflects a slowdown in the fiber roll-out market, which is set to continue in the quarters ahead.

    Revenue from Energy activity continued to grow strongly, rising by +42.5% in the third quarter to €18,6 million. Solutions30 continues to successfully diversify in this sector, which is buoyed by favorable structural trends, and is gradually establishing itself as a leading player. Growth, however, was less strong than in the second quarter (+56%), due to the seasonal nature of these services, which usually experience lower activity during the summer period, before tending to rebound in the fourth quarter.

    Technology activity’s revenue was €17.3 million, rising sharply by +19.8% and reflecting a temporary increase in business linked to the 2024 Paris Olympics. Drawing on its expertise in these fields, Solutions30 was on call at all Olympic sites to provide technical assistance for IT and payment systems.

    Other countries

    In other countries, the Group generated €193.8 million in revenue over the first nine months of the year, or 26% of total revenue, down -4.3%. This includes an organic decline of -5.8% and a positive currency effect of +1.5%, reflecting the appreciation of the zloty and the pound sterling against the euro during this period. In the third quarter of 2024, revenue was €61.6 million, down -1.8% (-3.0% organic) but with highly contrasting situations from one country to another.

    In Germany, Solutions30 is benefiting from exceptional market momentum, with revenue increasing +33.2% in the third quarter of 2024 to €21.8 million. Coaxial network activity remains strong, while fiber activities continue to ramp up. Solutions30 is now firmly established as a trusted partner for the six national telecom service providers.

    In Poland, growth remained solid at +24.2%, with revenue reaching €14.5 million in the third quarter.

    In Italy, revenue amounted to €12.8 million in the third quarter. Normal activity has resumed with more favorable economic conditions, after the Group voluntarily limited its call-outs with its main fiber customer from the second half of 2023. Solutions30 returned to slight growth of +0.8% in the third quarter, and will benefit from a favorable base effect in the fourth quarter.

    In Spain, revenue fell by -43.5% to €7.3 million, reflecting the full impact of measures taken in the second quarter to reduce the Group’s exposure to the mature fiber market. The Connectivity business is currently being restructured, while the Group refocuses its development on Energy and Technology. In the third quarter, it won a strategic contract with Atlante to install an initial set of 50 electric vehicle charging stations (see press release from September 30, 2024).

    Lastly, in the United Kingdom, revenue fell by -42.5% to €5.2 million, reflecting the continued refocusing of Connectivity activities on the fiber market. Solutions30 is also focusing on developing its Energy business, as demonstrated by the multi-year contract signed with Connected Kerb to develop its electric vehicle charging infrastructure network (see press release from September 24, 2024).

    2024 full-year outlook confirmed

    For the full year 2024, Solutions30 expects slightly lower revenue compared to 2023, along with improvement in the Group’s adjusted EBITDA margin, leading to an overall increase in adjusted EBITDA.

    2026 Roadmap

    At the Capital Markets Day held on September 26, 2024, Solutions30 shared its 2026 roadmap, with concrete action plans and objectives tailored to each of its markets.

    In the Benelux, the group is confident it will be able to capitalize on its leading market position and return to a profitable growth trajectory as early as 2025, whatever the outcome of the current negotiations with service providers. It is targeting an adjusted EBITDA margin above 10% by 2026.

    In France, Energy activity revenue is set to triple compared with 2023, reaching €150 million by 2026. In Connectivity activity, the Group is working to stabilize its business while applying strict contract selectivity. It is also positioning itself to seize future opportunities such as the forthcoming dismantling of the copper network. Adjusted EBITDA margin, benefiting from the global transformation plan launched in 2022, should exceed 10% by 2026.

    In Germany, Solutions30 is aiming for a first milestone in 2026, with revenue of between €150 and €200 million, and an adjusted EBITDA margin well above 10%. The country should then continue to grow faster than the rest of the Group, becoming one of its biggest contributors.

    In the rest of Europe, Solutions30 has adopted a differentiated approach, with the aim of maintaining profitable growth in Poland, continuing to improve performance in the United Kingdom, and restoring margins in Italy and Spain by 2026, or else envisaging strategic actions for its activities in these two countries.

    Webcast for investors and analysts
    Date: Monday, November 4, 2024
    6:30 PM (CET) – 5:30 PM (GMT)

    Speakers
    Gianbeppi Fortis, Chief Executive Officer
    Jonathan Crauwels, Chief Financial Officer
    Amaury Boilot, Group General Secretary

    Connection details
    Webcast in English: https://channel.royalcast.com/solutions30-en/#!/solutions30-en/20241104_1

    Upcoming events

    Gilbert Dupont Forum Valeurs Familiales  (Paris) – November 5, 2024

    CIC Forum (Virtual Day)  – November 21, 2024

    2024 Q4 Revenue  – January 29, 2025

    About Solutions30 SE

    Solutions30 provides consumers and businesses with access to the key technological advancements that are shaping our everyday lives, especially those driving the digital transformation and energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1600 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland.
    The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30).
    Indices: CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Growth.
    Visit our website for more information: www.solutions30.com.

    Contact

    Individual Shareholders:
    shareholders@solutions30.com – Tel: +33 (0)1 86 86 00 63

    Analysts/investors:
    investor.relations@solutions30.com

    Press – Image 7:
    Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

    Attachment

    The MIL Network –

  • MIL-OSI: Security Bancorp, Inc. Announces Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    MCMINNVILLE, Tenn., Nov. 04, 2024 (GLOBE NEWSWIRE) — Security Bancorp, Inc. (“Company”) (OTCBB: “SCYT”), the holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”), today announced its consolidated earnings for the third quarter of its fiscal year ended December 31, 2024.

    Net income for the three months ended September 30, 2024 was $1.0 million, or $2.77 per share, compared to $859,000, or $2.30 per share, for the same quarter last year. For the nine months ended September 30, 2024, the Company’s net income was $2.9 million or $7.84 per share, compared to $2.4 million, or $6.52 per share, for the same period in 2023.

    For the three months ended September 30, 2024, net interest income increased $359,000, or 14.3%, to $2.9 million from $2.5 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024, net interest income increased $838,000, or 11.4%, to $8.2 million from $7.3 million for the nine months ended September 30, 2023. The increase in net interest income for the three and nine months ended September 30, 2024 was primarily the result of increases in loan balances and interest income on loans that was partially offset by a smaller increase in interest expense. Net interest income after provision for loan losses for the three months ended September 30, 2024 was $2.8 million, an increase of $357,000, or 14.6%, from $2.5 million for the same period in the previous year. For the nine months ended September 30, 2024, net interest income after provision for loan losses increased $857,000, or 12.0%, to $8.0 million from $7.2 million for the same period in 2023. The primary reason for the increase during the three and nine months ended September 30, 2024 was an increase in net interest income.

    Non-interest income for the three months ended September 30, 2024 increased to $635,000 compared to $410,000 for the three months ended September 30, 2023. Non-interest income for the nine months ended September 30, 2024 increased to $1.6 million compared to $1.2 million for the same period of the prior year. The increase in non-interest income was primarily attributed to incentive income related to the Bank’s card processing contracts.

    Non-interest expense for the three months ended September 30, 2024 was $2.0 million, an increase of $341,000, or 20.0%, from $1.7 million for the same period of the prior year. For the nine months ended September 30, 2024, non-interest expense was $5.6 million, an increase of $501,000, or 9.8%, compared to the same period in 2023. The increase for the three and nine months ended September 30, 2024 was primarily due to an increase in consulting fee expense related to renegotiation of the Bank’s data processing contracts.

    The Company’s consolidated assets were $346.6 million at September 30, 2024, compared to $324.4 million at December 31, 2023. The $22.1 million, or 6.8%, increase in assets was a result of an increase loans receivable, net.   Loans receivable, net, increased $26.8 million, or 11.4%, to $262.2 million at September 30, 2024 from $235.4 million at December 31, 2023. The increase in loans receivable was primarily attributable to an increase in residential mortgage and commercial real estate loans.

    For the three months ended September 30, 2024 the provision for loan losses was $65,000 compared to $63,000 for the same period in 2023. The provision for loan losses was $164,000 for the nine months ended September 30, 2024 compared to $183,000 in the comparable period in 2023, a decrease of $19,000.

    Non-performing assets decreased $359,000, or 98.9%, to $4,000 at September 30, 2024 from $363,000 at December 31, 2023. The decrease is attributable to a decline in non-performing loans and the sale of $139,000 of real estate owned. Based on its analysis of delinquent loans, non-performing loans and classified loans, management believes that the Company’s allowance for loan losses of $2.6 million at September 30, 2024 was adequate to absorb known and inherent risks in the loan portfolio. At September 30, 2024, the ratio of the allowance for loan losses to non-performing assets was 63,750.0% compared to 664.19% at December 31, 2023.

    Investment and mortgage-backed securities available-for-sale at September 30, 2024 increased $1.3 million, or 2.8%, to $47.1 million from $45.8 million at December 31, 2023. The increase was due to purchases of investment securities that was partially offset by maturities of investment securities and paydowns. There were no investment and mortgage-backed securities held-to-maturity at September 30, 2024 and December 31, 2023.

    Deposits increased $15.1 million, or 5.2%, to $304.9 million at September 30, 2024 from $289.8 million at December 31, 2023. The increase was primarily attributable to increases in certificates of deposit.  

    Stockholders’ equity increased $3.7 million or 11.7% to $34.8 million, or 10.05% of total assets at September 30, 2024 compared to $31.2 million, or 9.6%, of total assets, at December 31, 2023.

    Safe-Harbor Statement

    Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates and projections of future performance. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, competitive conditions, regulatory changes, and other risks.

    Contact: Michael D. Griffith
      President & Chief Executive Officer
      (931) 473-4483
    SECURITY BANCORP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS
    (unaudited) (dollars in thousands)
    OPERATING DATA Three months ended
    Sept 30,    		 Nine months ended
    Sept 30,
      2023 2024 2023 2024
    Interest income $4,023 $5,085 $11,326 $14,459
    Interest expense 1,509 2,212 3,978 6,273
    Net interest income 2,514 2,873 7,348 8,186
    Provision for loan losses 63 65 183 164
    Net interest income after provision for loan losses 2,451 2,808 7,165 8,022
    Non-interest income 410 635 1,233 1,555
    Non-interest expense 1,705 2,046 5,110 5,611
    Income before income tax expense 1,156 1,397 3,288 3,966
    Income tax expense 297 359 850 1,027
    Net income $859 $1,038 $2,438 $2,939
    Net Income per share (basic) $2.30 $2.77 $6.52 $7.84
             
    FINANCIAL CONDITION DATA At Sept 30, 2024 At December 31, 2023
    Total assets $346,585 $324,440
    Investments and mortgage- backed securities – available for sale 47,125 45,837
    Loans receivable, net 262,195 235,411
    Deposits 304,897 289,810
    Federal Funds Sold 3,000 -0-
    Federal Home Loan Bank Advances -0- -0-
    Stockholders’ equity 34,829 31,179
    Non-performing assets 4 363
    Non-performing assets to total assets 0.001% 0.11%
    Allowance for loan losses 2,550 2,411
    Allowance for loan losses to total loans receivable 0.96% 1.01%
    Allowance for loan losses to non-performing assets 63,750.0 664.19

    The MIL Network –

  • MIL-OSI: Serstech Secures 9.7 MSEK Orders from Chilean Partner Aerotech

    Source: GlobeNewswire (MIL-OSI)

    Serstech has today received two orders totaling 9.7 MSEK from its Chilean partner, Aerotech. The orders include the Serstech Arx mkII and ChemDash software, with delivery and invoicing scheduled for the fourth quarter of 2024.

    The final recipients of these orders are the Carabineros and the Investigations Police of Chile (PDI). PDI is the nation’s primary civilian police force specializing in criminal investigations, intelligence operations, and counterterrorism, with a particular focus on areas such as drug trafficking and organized crime.

    These orders represent the fourth and fifth in 2024 from Chilean law enforcement through Aerotech, underscoring the growing demand for Serstech’s solutions in the region.

    For further information, please contact:

    Stefan Sandor,                                                                              

    CEO, Serstech AB Phone: +46 739 606 067

    Email: ss@serstech.com

    or

    Thomas Pileby,

    Chairman of the Board, Serstech AB Phone: +46 702 072 643

    Email: tp@serstech.com

    or visit: www.serstech.com

    This is information that Serstech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 18:50 CET on November 4, 2024.

    Certified advisor to Serstech is Svensk Kapitalmarknadsgranskning AB (SKMG).

    About Serstech

    Serstech delivers solutions for chemical identification and has customers around the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech’s head office is in Sweden and all production is done in Sweden.

    Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com

    The MIL Network –

  • MIL-OSI: Bitget Launches Female-Centric Pitching Competition during DevCon 24′ with Access Up to $100K Funding Opportunities

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Nov. 04, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has launched “Pitch n Slay,” a special initiative under its Blockchain4Her program organized to provide exposure for female entrepreneurs in the blockchain space. Building on Bitget’s larger $10 million Blockchain4Her project, the program extends targeted support to promising women-led startups by offering them a chance to secure up to $100,000 in funding by Foresight Ventures. This funding is accompanied by valuable mentorship from experienced professionals in the blockchain industry.

    The “Pitch n Slay” program, created in partnership with organizations such as World of Women, Women in Web3, and Bitget Wallet, is structured to offer a pathway for women entrepreneurs to receive the capital, guidance, and exposure necessary to scale their projects. Additional partnerships with Foresight Ventures and Morph highlight Bitget’s emphasis on uniting resources and mentorship from leaders within the blockchain ecosystem.

    Throughout the program, selected participants will undergo a rigorous mentorship and development journey. After an initial pitching round, finalists will receive support in market strategy, scaling, and technology, led by industry experts including Gracy Chen, CEO of Bitget, Taya A, CEO of World of Women, Min Xue, Partner of Foresight Ventures, Tess Hau, Founder of Tess Ventures, and other prominent Web3 leaders. Hosted on 15th November, in Bangkok, Thailand the “Pitch n Slay” program finalists will present their refined projects to a panel of investors and judges. Out of the shortlisted women-run startups top 3 winners will get grants to further their startup journey. The first winner takes home $5000, the second place will be rewarded with $3000 and the third will get $2000 subsequently. All three will be qualified for further pitching to Foresight Ventures, if the deal goes through each can receive funding up to $100K in pre-seed.

    Bitget’s constant focus on supporting women in Web3 is part of its strategy of creating accessible pathways for funding and growth for women entrepreneurs led by the company’s CEO, Gracy Chen “Bitget is a proudly gender-inclusive organization, with over 45% of our management roles held by women. Through Blockchain4Her, it’s our honor to support women founders with opportunities for exposure, mentorship, and funding. We’ll continue to expand this platform, creating pathways for growth and amplifying women-led startups in Web3,” said Chen.

    The Pitch n’ Slay initiative directly addresses the underrepresentation of female entrepreneurs in blockchain, providing both the financial and professional support essential for success in a competitive landscape.

    Applications are open for eligible women-led startups. For more details, visit the application page here

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience volatility. Investments should only be made with funds that can be afforded to lose. The value of investments may be impacted, and there is a possibility of not achieving financial goals or recovering the principal investment. Independent financial advice should be sought, and personal financial experience and standing should be carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any losses incurred. This information is not intended as financial advice.

    Contact

    PR team

    media@bitget.com

    The MIL Network –

  • MIL-OSI: Aviva Canada encourages municipalities to apply for funding for Level 2 EV charging stations

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — Aviva Canada is pleased to announce it has opened the application period for the third year of its Charged for Change program. With installations in 15 municipalities already completed or underway, this year’s funding will support public electric vehicle (EV) charging infrastructure projects in even more communities that currently lack sufficient access.

    Presented in partnership with Earth Day Canada, Aviva’s $3M Charged for Change program allows municipalities and Indigenous communities to apply for funding to install Level 2 electric vehicle chargers for their residents and visitors. Municipalities across Canada can submit applications via the Charged for Change homepage until February 20, 2025.

    “We are thrilled to open applications for the third year of our Charged for Change program and are looking forward to helping even more Canadian communities install public EV infrastructure for their residents. We know that a lack of publicly available EV charging infrastructure can be a barrier to EV adoption and want to support Canadians, particularly those in communities with little to no access, in making the switch to an EV,” said Aviva Canada’s Chief Public Affairs, Marketing and Communications Officer, Pascal Dessureault.

    In its first year, the Charged for Change program funded Level 2 charging stations for seven Ontario municipalities and is expected to deliver 37 charging heads across 16 sites in the Town of Pelham, Township of Selwyn, The County of Prince Edward, Town of Thessalon, Municipality of East Ferris, Township of Manitouwadge, and Township of Essa. As of September 15, this year, the charging stations installed in these communities have delivered 2,600 charging sessions and 8,300 charging hours.

    The program expanded across Canada in its second year, where eight municipalities received funding; Town of Okotoks, AB, Town of Grand Bay-Westfield, NB, Municipality of Lakeshore, ON, Municipalité des Hautes-Terres, NB, Municipalité de Chertsey, QC, Village de Bois-Joli, NB, Communauté rurale de Kedgwick, NB, and Ville régionale de Cap-Acadie, NB. Those projects are either underway or completed and in use.

    “We know that access to public charging infrastructure is a key deciding factor for consumers considering the purchase of an EV. We also know that there is a disparity between levels of infrastructure in larger, urban centres versus smaller, often rural communities. Charged for Change hopes to level that playing field so that Canadians who want to make the climate-conscious decision to switch to an EV feel confident that it can meet their needs,” said Valérie Mallamo, Executive Director, Earth Day Canada.

    Aviva’s partnership with Earth Day Canada supports municipalities in working with utility suppliers directly to install the charging station infrastructure in selected communities. Communities across Canada are encouraged to apply for year three funding now via the Charged for Change homepage.

    To help more Canadians transition to EVs, Aviva’s EV insurance solution offers customers up to 10 per cent off their premium when they insure an EV.1

    Testimonials from year one Charged for Change recipient municipalities:

    Municipality of East Ferris:
    “The installation of charging stations provided by the Charged for Change Program allowed the Municipality of East Ferris to install our first public EV charging stations in the community. It also allowed us to start the transition of our vehicle fleet to electric vehicles with the purchase of our first EV municipal vehicle taking place in early 2024. We are fortunate to have been selected for the program and the infrastructure that we installed will have lasting impacts on municipal operations for years to come.” – Greg Kirton, Director of Community Services, Municipality of East Ferris

    Town of Thessalon:
    “Our first EV station users stopped in on their road trip from Whistler, British Columbia. They told us that they would have by-passed Thessalon if it weren’t for these charging stations. Since they were able to charge their vehicle in Thessalon they stayed at local accommodations and spent time exploring other town amenities.” – Lindsay MacFarlane, Deputy Clerk, Town of Thessalon

    The County of Prince Edward:
    “Working with Earth Day Canada and Aviva on this project helped me gain an understanding of the world of electric vehicles and helped me come to the conclusion that yes, EV ownership in a rural community is very possible! After doing a test drive with Plug n Drive at our inauguration event and speaking firsthand to EV drivers and suppliers of EV charging equipment through this project, I felt really confident in my choice to make my next car an EV. I ditched the ICE and signed a leased an EV this spring. I wouldn’t have felt so sure of my decision without the experience working with Earth Day Canada and Aviva.” – Julianne Snepts, Programs Supervisor, The County of Prince Edward

    About Aviva Canada

    Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. As a subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a sustainable future for our people, our customers, our communities and our planet. In 2021, Aviva plc announced Aviva’s global ambition to become a net zero carbon emissions company by 2040.

    For more information, visit aviva.ca or Aviva Canada’s blog, Twitter, Facebook and LinkedIn pages.

    *Note: Media may arrange interviews by contacting:

    Media Contact: Kelsie Ludlow, Communications Specialist, Aviva
    Email: kelsie.ludlow@aviva.com
    Tel: 437-331-7209

    1 Terms and conditions apply. Please visit www.aviva.ca for more details.

    The MIL Network –

  • MIL-OSI: Bitget Expands GameFi Offerings with Legend of Arcadia (ARCA) Listing and Airdrop Events

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Nov. 04, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company has listed Legend of Arcadia (ARCA) in its Innovation and GameFi Zone, offering users an opportunity to participate in ARCA-related activities and share a pool of 2,375,000 ARCA tokens. As a unique addition to the gaming ecosystem, Legend of Arcadia brings an engaging blend of casual gameplay with blockchain-driven rewards, attracting both traditional gamers and Web3 enthusiasts alike. The listing marks a significant expansion in Bitget’s GameFi offerings, inviting users to explore new avenues in the evolving digital economy.

    ARCA token’s deposits, withdrawals and trading are currently open. This listing introduces a new asset to Bitget’s platform and provides an interactive way for users to earn ARCA through a series of airdrop activities. By locking ETH on PoolX, participants can secure a portion of 1,500,000 ARCA tokens. The allocation formula ensures a fair distribution based on each participant’s locked ETH proportion within the pool, fostering a competitive yet equitable system for acquiring tokens.

    Another airdrop opportunity awaits through the CandyBomb promotion, where users can gain access to 875,000 ARCA tokens by engaging in ARCA spot and futures trading. This initiative incentivizes both new spot and futures users, with 437,500 ARCA tokens reserved for each trading category. Participation is streamlined through the CandyBomb page, where users simply need to join the activity to start accumulating rewards based on their net deposits and trading volumes, enhancing user engagement with the ARCA ecosystem.
    Legend of Arcadia offers a captivating gameplay experience by merging traditional gaming elements with blockchain-based incentives, presenting a novel approach to the gaming sector. Set in a multi-chain universe, Legend of Arcadia is both free-to-play and play-to-earn, allowing players to immerse themselves in a strategic, card-based environment where they can earn rewards through staking, battling, and mining. The game introduces users to the whimsical world of “toy heroes,” collectible NFT characters that are central to the gameplay. With eight classes and six factions of these toy-like characters, players can build diverse teams, compete strategically, and earn in-game assets, creating a dynamic ecosystem that merges the entertainment of gaming with the financial opportunities of Web3.

    As Bitget continues to broaden its GameFi portfolio, the listing of ARCA shows the platform’s dedication to fostering accessible, rewarding digital experiences for its global user base. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. The addition of ARCA into Bitget’s portfolio marks a significant step toward expanding its ecosystem, allowing users to access new opportunities in the evolving DeFi landscape.

    For more information on ARCA tokens listing on Bitget, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/929aede6-1e17-4464-99b7-d407fcf59b31

    The MIL Network –

  • MIL-OSI: EXL to Participate in J.P. Morgan 2024 Ultimate Services Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a leading data analytics and digital operations and solutions company, today announced that Maurizio Nicolelli, executive vice president and chief financial officer, will participate in the J.P. Morgan 2024 Ultimate Services Investor Conference in New York. A simultaneous webcast will take place on Thursday, Nov. 14.

    J.P. Morgan Ultimate Services Investor Conference
    Presenter: Maurizio Nicolelli, CFO
    Date: Thursday, Nov. 14, 2024
    Time: 1:10 PM (Eastern)
    Location: New York, NY

    A link to the webcast is available in the Investor Relations section of EXL’s website at ir.exlservice.com. A replay will be available for approximately 30 days on the company’s website.

    About ExlService Holdings, Inc.
    EXL (Nasdaq: EXLS) is a leading data analytics and digital operations and solutions company. We partner with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. EXL harnesses the power of data, analytics, AI, and deep industry knowledge to transform operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 57,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Contacts:

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

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

    The MIL Network –

  • MIL-OSI: Premium Income Corporation Announces Monthly Distribution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation has declared monthly distributions payable on November 29, 2024 to shareholders of record on November 15, 2024 in the following amounts per share:

    Share Class Ticker Amount Per Share
    Class A Shares PIC.A $0.08000
    Preferred Shares PIC.PR.A $0.10625
         

    To the extent that any portion of the distributions are ordinary taxable dividends and not capital gains dividends, they will be eligible dividends.

    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 Vice-President & 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 investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Third Quarter 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the third quarter ended September 30, 2024.

    THIRD QUARTER HIGHLIGHTS

    • Q3 2024 average production of 26,978 bo/d (49,370 boe/d), an increase of 2.4% from Q2 2024
    • Q3 2024 consolidated net income (including non-controlling interest) of $109.0 million; net income attributable to Viper Energy, Inc. of $48.9 million, or $0.52 per common share
    • Q3 2024 cash available for distribution to Viper’s common shares (as defined and reconciled below) of $75.4 million, or $0.73 per Class A common share
    • Declared Q3 2024 base cash dividend of $0.30 per Class A common share; implies a 2.3% annualized yield based on the November 1, 2024, share closing price of $52.16
    • Q3 2024 variable cash dividend of $0.31 per Class A common share; total base-plus-variable dividend of $0.61 per Class A common share implies a 4.7% annualized yield based on the November 1, 2024, share closing price of $52.16
    • Total Q3 2024 return of capital of $62.4 million, or $0.61 per Class A common share, represents 83% of cash available for distribution
    • 330 total gross (6.8 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q3 2024 with an average lateral length of 11,866 feet
    • As previously announced, closed acquisition of certain mineral and royalty interest-owning subsidiaries of Tumbleweed-Q Royalty Partners, LLC and MC Tumbleweed Royalty, LLC on September 3, 2024; closed acquisition of subsidiaries of Tumbleweed Royalty IV, LLC on October 1, 2024 (the “TWR IV acquisition” and collectively with the other Tumbleweed acquisitions, the “Tumbleweed Acquisitions”)
    • Initiating average daily production guidance for Q4 2024 of 29,250 to 29,750 bo/d (52,500 to 53,000 boe/d)
    • Increasing full year 2024 average daily production guidance to 27,000 to 27,250 bo/d (48,750 to 49,250 boe/d)

    “The third quarter marked a continuation of Viper delivering on its differentiated strategy and value proposition, and was highlighted by both continued organic production growth on our legacy asset base and the closing of the Tumbleweed Acquisitions. As we prepare to head into 2025, we look forward to further delivering on our strategy of consolidating high quality mineral and royalty assets through a disciplined and focused approach,” stated Travis Stice, Chief Executive Officer of Viper.

    Mr. Stice continued, “Looking specifically at current operations, activity remains strong across our acreage position as represented by the substantial amount of work-in-progress and line-of-sight wells, and we continue to benefit from Diamondback’s large scale development of our high concentration royalty acreage. We expect our durable production profile, along with our best-in-class cost structure, to continue to highlight the advantaged nature of our business model as we can maintain our strong free cash flow conversion despite the volatility in commodity prices.”

    FINANCIAL UPDATE

    Viper’s third quarter 2024 average unhedged realized prices were $75.24 per barrel of oil, $0.13 per Mcf of natural gas and $19.89 per barrel of natural gas liquids, resulting in a total equivalent realized price of $45.83/boe.

    Viper’s third quarter 2024 average hedged realized prices were $74.27 per barrel of oil, $0.56 per Mcf of natural gas and $19.89 per barrel of natural gas liquids, resulting in a total equivalent realized price of $45.87/boe.

    During the third quarter of 2024, the Company recorded total operating income of $209.6 million and consolidated net income (including non-controlling interest) of $109.0 million.

    As of September 30, 2024, the Company had a cash balance of $168.6 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $830.4 million, resulting in net debt (as defined and reconciled below) of $661.7 million. Viper’s outstanding long-term debt as of September 30, 2024 consisted of $430.4 million in aggregate principal amount of its 5.375% Senior Notes due 2027, $400.0 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and no borrowings on its revolving credit facility, leaving $850.0 million available for future borrowings and $1.0 billion of total liquidity.

    Giving effect to the closing of the TWR IV acquisition on October 1, 2024 and the funding of the cash consideration of $458.9 million (of which $43.1 million had previously been paid into escrow, and the remainder was funded at closing with net proceeds from the underwritten public equity offering of Class A common stock that was completed on September 13, 2024, cash on hand, and borrowings under the revolving credit facility), pro forma net debt as of October 1, 2024 was approximately $1.1 billion.

    THIRD QUARTER 2024 CASH DIVIDEND & CAPITAL RETURN PROGRAM

    Viper announced today that the Board of Directors (the “Board”) of Viper Energy, Inc., declared a base dividend of $0.30 per Class A common share for the third quarter of 2024 payable on November 21, 2024 to Class A common shareholders of record at the close of business on November 14, 2024.

    The Board also declared a variable cash dividend of $0.31 per Class A common share for the third quarter of 2024 payable on November 21, 2024 to Class A common shareholders of record at the close of business on November 14, 2024.

    OPERATIONS UPDATE

    During the third quarter of 2024, Viper estimates that 330 gross (6.8 net 100% royalty interest) horizontal wells with an average royalty interest of 2.1% were turned to production on its acreage position with an average lateral length of 11,866 feet. Of these 330 gross wells, Diamondback is the operator of 81 gross wells, with an average royalty interest of 5.1%, and the remaining 249 gross wells, with an average royalty interest of 1.1%, are operated by third parties.

    Viper’s footprint of mineral and royalty interests was 32,567 net royalty acres as of September 30, 2024. Giving effect to the closing of the TWR IV acquisition on October 1, 2024, Viper’s pro forma acreage position was approximately 35,634 net royalty acres, of which Diamondback operated approximately 19,227 net royalty acres.

    Our gross well information as of October 1, 2024 is as follows, after giving effect to the Tumbleweed Acquisitions and Diamondback’s completed merger with Endeavor Energy Resources, L.P.:

      Diamondback
    Operated    		   Third Party
    Operated    		   Total
    Horizontal wells turned to production(1):          
    Gross wells         81     249     330  
    Net 100% royalty interest wells         4.1     2.7     6.8  
    Average percent net royalty interest         5.1 %   1.1 %   2.1 %
               
    Horizontal producing well count:          
    Gross wells         2,755     7,969     10,724  
    Net 100% royalty interest wells         150.1     102.0     252.1  
    Average percent net royalty interest         5.4 %   1.3 %   2.4 %
               
    Horizontal active development well count:          
    Gross wells         179     624     803  
    Net 100% royalty interest wells         10.4     7.3     17.7  
    Average percent net royalty interest         5.8 %   1.2 %   2.2 %
               
    Line of sight wells:          
    Gross wells         266     859     1,125  
    Net 100% royalty interest wells         8.6     13.4     22.0  
    Average percent net royalty interest         3.2 %   1.6 %   2.0 %

    (1) Average lateral length of 11,866 feet.

    The 803 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, there are currently 60 gross rigs operating on Viper’s acreage, seven of which are operated by Diamondback. The 1,125 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

    GUIDANCE UPDATE

    Below is Viper’s updated guidance for the full year 2024, as well as production guidance for Q4 2024.

       
      Viper Energy, Inc.
       
    Q4 2024 Net Production – MBo/d 29.25 – 29.75
    Q4 2024 Net Production – MBoe/d 52.50 – 53.00
    Full Year 2024 Net Production – MBo/d 27.00 – 27.25
    Full Year 2024 Net Production – MBoe/d 48.75 – 49.25
       
    Share costs ($/boe)  
    Depletion $11.50 – $12.00
    Cash G&A $0.80 – $1.00
    Non-Cash Share-Based Compensation $0.10 – $0.20
    Interest Expense $4.00 – $4.25
       
    Production and Ad Valorem Taxes (% of Revenue) ~7%
    Cash Tax Rate (% of Pre-Tax Income Attributable to Viper Energy, Inc.)(1) 20% – 22%
    Q4 2024 Cash Taxes ($ – million)(2) $13.0 – $18.0

    (1)   Pre-tax income attributable to Viper Energy, Inc. is reconciled below.
    (2)   Attributable to Viper Energy, Inc.

    CONFERENCE CALL

    Viper will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2024 on Tuesday, November 5, 2024 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

    About Viper Energy, Inc.

    Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed TWR IV acquisition and other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

    In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, the new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

    Viper Energy, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited, in thousands, except share amounts)
           
      September 30,   December 31,
       2024     2023 
    Assets      
    Current assets:      
    Cash and cash equivalents         $ 168,649     $ 25,869  
    Royalty income receivable (net of allowance for credit losses)           108,857       108,681  
    Royalty income receivable—related party           35,997       3,329  
    Income tax receivable           —       813  
    Derivative instruments           2,795       358  
    Prepaid expenses and other current assets           3,882       4,467  
    Total current assets           320,180       143,517  
    Property:      
    Oil and natural gas interests, full cost method of accounting ($1,622,601 and $1,769,341 excluded from depletion at September 30, 2024 and December 31, 2023, respectively)           4,771,268       4,628,983  
    Land           5,688       5,688  
    Accumulated depletion and impairment           (1,016,173 )     (866,352 )
    Property, net           3,760,783       3,768,319  
    Funds held in escrow           43,050       —  
    Derivative instruments           2,727       92  
    Deferred income taxes (net of allowances)           74,617       56,656  
    Other assets           4,653       5,509  
    Total assets         $ 4,206,010     $ 3,974,093  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable         $ 26     $ 19  
    Accounts payable—related party           —       1,330  
    Accrued liabilities           41,465       27,021  
    Derivative instruments           901       2,961  
    Income taxes payable           1,816       1,925  
    Total current liabilities           44,208       33,256  
    Long-term debt, net           821,505       1,083,082  
    Derivative instruments           —       201  
    Other long-term liabilities           4,789       —  
    Total liabilities           870,502       1,116,539  
    Stockholders’ equity:      
    Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 102,947,008 shares issued and outstanding as of September 30, 2024 and 86,144,273 shares issued and outstanding as of December 31, 2023           —       —  
    Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 85,431,453 shares issued and outstanding as of September 30, 2024 and 90,709,946 shares issued and outstanding as of December 31, 2023           —       —  
    Additional paid-in capital           1,429,649       1,031,078  
    Retained earnings (accumulated deficit)           (28,691 )     (16,786 )
    Total Viper Energy, Inc. stockholders’ equity           1,400,958       1,014,292  
    Non-controlling interest           1,934,550       1,843,262  
    Total equity           3,335,508       2,857,554  
    Total liabilities and stockholders’ equity         $ 4,206,010     $ 3,974,093  
     
    Viper Energy, Inc.
    Condensed Consolidated Statements of Operations
    (unaudited, in thousands, except per share data)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
       2024     2023     2024     2023 
    Operating income:              
    Oil income         $ 186,750     $ 168,008     $ 558,203     $ 443,927  
    Natural gas income           823       8,893       8,763       22,974  
    Natural gas liquids income           20,585       18,713       61,745       47,995  
    Royalty income           208,158       195,614       628,711       514,896  
    Lease bonus income—related party           107       97,237       227       105,585  
    Lease bonus income           1,143       196       2,289       1,730  
    Other operating income           180       193       461       774  
    Total operating income           209,588       293,240       631,688       622,985  
    Costs and expenses:              
    Production and ad valorem taxes           15,113       12,286       44,720       37,794  
    Depletion           54,528       36,280       149,821       101,331  
    General and administrative expenses—related party           2,569       924       7,391       2,772  
    General and administrative expenses           2,046       956       6,712       3,880  
    Other operating (income) expense           (236 )     —       (3 )     —  
    Total costs and expenses           74,020       50,446       208,641       145,777  
    Income (loss) from operations           135,568       242,794       423,047       477,208  
    Other income (expense):              
    Interest expense, net           (16,739 )     (10,970 )     (54,736 )     (31,636 )
    Gain (loss) on derivative instruments, net           7,410       (2,988 )     5,264       (30,685 )
    Other income, net           —       256       —       258  
    Total other expense, net           (9,329 )     (13,702 )     (49,472 )     (62,063 )
    Income (loss) before income taxes           126,239       229,092       373,575       415,145  
    Provision for (benefit from) income taxes           17,194       21,879       42,729       39,735  
    Net income (loss)           109,045       207,213       330,846       375,410  
    Net income (loss) attributable to non-controlling interest           60,128       128,614       181,668       232,294  
    Net income (loss) attributable to Viper Energy, Inc.         $ 48,917     $ 78,599     $ 149,178     $ 143,116  
                   
    Net income (loss) attributable to common shares:              
    Basic         $ 0.52     $ 1.11     $ 1.64     $ 1.99  
    Diluted         $ 0.52     $ 1.11     $ 1.64     $ 1.99  
    Weighted average number of common shares outstanding:              
    Basic           93,695       70,925       90,895       71,803  
    Diluted           93,747       70,925       90,989       71,803  
                                   
    Viper Energy, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited, in thousands)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Cash flows from operating activities:              
    Net income (loss)         $ 109,045     $ 207,213     $ 330,846     $ 375,410  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                      
    Provision for (benefit from) deferred income taxes           1,777       355       (505 )     887  
    Depletion           54,528       36,280       149,821       101,331  
    (Gain) loss on derivative instruments, net           (7,410 )     2,988       (5,264 )     30,685  
    Net cash receipts (payments) on derivatives           187       (3,807 )     (2,038 )     (10,019 )
    Other           1,390       823       4,470       2,045  
    Changes in operating assets and liabilities:              
    Royalty income receivable           26,163       (23,039 )     2,886       (22,147 )
    Royalty income receivable—related party           (1,015 )     (3,047 )     (32,667 )     (1,171 )
    Accounts payable and accrued liabilities           19,107       6,739       14,192       4,156  
    Accounts payable—related party           —       —       (1,330 )     (306 )
    Income taxes payable           (385 )     11,738       (109 )     12,411  
    Other           (413 )     3,485       1,398       (885 )
    Net cash provided by (used in) operating activities           202,974       239,728       461,700       492,397  
    Cash flows from investing activities:              
    Acquisitions of oil and natural gas interests—related party           —       —       —       (75,073 )
    Acquisitions of oil and natural gas interests           (241,877 )     (51,101 )     (271,052 )     (98,510 )
    Proceeds from sale of oil and natural gas interests           (2,967 )     (1,191 )     87,674       (3,166 )
    Net cash provided by (used in) investing activities           (244,844 )     (52,292 )     (183,378 )     (176,749 )
    Cash flows from financing activities:              
    Proceeds from borrowings under credit facility           375,000       69,000       470,000       260,000  
    Repayment on credit facility           (552,000 )     (43,000 )     (733,000 )     (162,000 )
    Net proceeds from public offering           475,904       —       475,904       —  
    Repurchased shares/units under buyback program           —       (9,650 )     —       (67,181 )
    Dividends/distributions to stockholders           (58,649 )     (25,300 )     (156,553 )     (84,181 )
    Dividends/distributions to Diamondback            (64,947 )     (40,200 )     (191,830 )     (127,929 )
    Other           —       (4,551 )     (63 )     (5,722 )
    Net cash provided by (used in) financing activities           175,308       (53,701 )     (135,542 )     (187,013 )
    Net increase (decrease) in cash and cash equivalents           133,438       133,735       142,780       128,635  
    Cash, cash equivalents and restricted cash at beginning of period           35,211       13,079       25,869       18,179  
    Cash, cash equivalents and restricted cash at end of period         $ 168,649     $ 146,814     $ 168,649     $ 146,814  
     
    Viper Energy, Inc.
    Selected Operating Data
    (unaudited)
               
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    Production Data:          
    Oil (MBbls)           2,482     2,398     2,037
    Natural gas (MMcf)           6,150     5,631     4,900
    Natural gas liquids (MBbls)           1,035     983     867
    Combined volumes (MBoe)(1)           4,542     4,320     3,721
               
    Average daily oil volumes (bo/d)           26,978     26,352     22,141
    Average daily combined volumes (boe/d)           49,370     47,473     40,446
               
    Average sales prices:          
    Oil ($/Bbl)         $ 75.24   $ 81.04   $ 82.48
    Natural gas ($/Mcf)         $ 0.13   $ 0.20   $ 1.81
    Natural gas liquids ($/Bbl)         $ 19.89   $ 20.35   $ 21.58
    Combined ($/boe)(2)         $ 45.83   $ 49.88   $ 52.57
               
    Oil, hedged ($/Bbl)(3)         $ 74.27   $ 80.24   $ 81.44
    Natural gas, hedged ($/Mcf)(3)         $ 0.56   $ 0.64   $ 1.47
    Natural gas liquids ($/Bbl)(3)         $ 19.89   $ 20.35   $ 21.58
    Combined price, hedged ($/boe)(3)         $ 45.87   $ 50.00   $ 51.55
               
    Average Costs ($/boe):          
    Production and ad valorem taxes         $ 3.33   $ 3.52   $ 3.30
    General and administrative – cash component           0.83     0.84     0.41
    Total operating expense – cash         $ 4.16   $ 4.36   $ 3.71
               
    General and administrative – non-cash stock compensation expense         $ 0.19   $ 0.19   $ 0.10
    Interest expense, net         $ 3.69   $ 4.32   $ 2.95
    Depletion         $ 12.01   $ 11.19   $ 9.75

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Realized price net of all deducts for gathering, transportation and processing.
    (3)   Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

    NON-GAAP FINANCIAL MEASURES

    Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

    Viper defines cash available for distribution to Viper Energy, Inc. shareholders generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Viper further defines cash available for variable dividends as at least 75 percent of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA, cash available for distribution and cash available for variable dividends:

    Viper Energy, Inc.
    (unaudited, in thousands, except per share data)
       
      Three Months Ended
    September 30, 2024
    Net income (loss) attributable to Viper Energy, Inc.         $ 48,917  
    Net income (loss) attributable to non-controlling interest           60,128  
    Net income (loss)           109,045  
    Interest expense, net           16,739  
    Non-cash share-based compensation expense           845  
    Depletion           54,528  
    Non-cash (gain) loss on derivative instruments           (7,223 )
    Other non-cash operating expenses           (236 )
    Other non-recurring expenses           92  
    Provision for (benefit from) income taxes           17,194  
    Consolidated Adjusted EBITDA           190,984  
    Less: Adjusted EBITDA attributable to non-controlling interest           86,613  
    Adjusted EBITDA attributable to Viper Energy, Inc.         $ 104,371  
       
    Adjustments to reconcile Adjusted EBITDA to cash available for distribution:  
    Income taxes payable for the current period         $ (15,416 )
    Debt service, contractual obligations, fixed charges and reserves           (8,922 )
    Lease bonus income, net of tax           (479 )
    Distribution equivalent rights payments           (123 )
    Preferred distributions                   (20 )
    Effect of subsequent ownership changes                   (3,963 )
    Cash available for distribution to Viper Energy, Inc. shareholders         $ 75,448  
      Three Months Ended September 30, 2024
      Amounts   Amounts Per
    Common Share
    Reconciliation to cash available for variable dividends:      
    Cash available for distribution to Viper Energy, Inc. shareholders         $ 75,448   $ 0.73
           
    Return of Capital          $ 62,375   $ 0.61
    Less:      
    Base dividend           30,884     0.30
    Cash available for variable dividends         $ 31,491   $ 0.31
           
    Total approved base and variable dividend per share             $ 0.61
           
    Class A common stock outstanding               102,947

    The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to Viper Energy, Inc. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper Energy, Inc, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of Viper Energy, Inc. Class A common stock.

    Viper Energy, Inc.
    Pre-tax income attributable to Viper Energy, Inc.
    (unaudited, in thousands)
       
      Three Months Ended
    September 30, 2024
     
    Income (loss) before income taxes         $ 126,239  
    Less: Net income (loss) attributable to non-controlling interest           60,128  
    Pre-tax income attributable to Viper Energy, Inc.         $ 66,111  
       
    Income taxes payable for the current period         $ 15,416  
    Effective cash tax rate attributable to Viper Energy, Inc.           23.3 %

    Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Viper Energy, Inc. to the non-GAAP financial measure of adjusted net income (loss):

    Viper Energy, Inc.
    Adjusted Net Income (Loss)
    (unaudited, in thousands, except per share data)
       
      Three Months Ended September 30, 2024
      Amounts   Amounts Per
    Diluted Share
    Net income (loss) attributable to Viper Energy, Inc. (1)         $ 48,917     $ 0.52  
    Net income (loss) attributable to non-controlling interest           60,128       0.64  
    Net income (loss)(1)            109,045       1.16  
    Non-cash (gain) loss on derivative instruments, net           (7,223 )     (0.08 )
    Other non-cash operating expenses           (236 )     —  
    Other non-recurring expenses           92       —  
    Adjusted income excluding above items(1)            101,678       1.08  
    Income tax adjustment for above items           1,003       0.02  
    Adjusted net income (loss)(1)            102,681       1.10  
    Less: Adjusted net income (loss) attributed to non-controlling interests           57,059       0.61  
    Adjusted net income (loss) attributable to Viper Energy, Inc. (1)          $ 45,622     $ 0.49  
           
    Weighted average Class A common shares outstanding:      
    Basic           93,695  
    Diluted           93,747  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Viper Energy, Inc., (ii) less the reallocation of $0.1 million in earnings attributable to participating securities, (iii) divided by diluted weighted average Class A common shares outstanding.

    RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

    The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

        September 30, 2024   Net Q3
    Principal
    Borrowings/
    (Repayments)    		   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
        (in thousands)
    Total long-term debt(1)   $ 830,350     $ (177,000 )   $ 1,007,350     $ 1,103,350     $ 1,093,350     $ 680,350  
    Cash and cash equivalents     (168,649 )         (35,211 )     (20,005 )     (25,869 )     (146,814 )
    Net debt   $ 661,701         $ 972,139     $ 1,083,345     $ 1,067,481     $ 533,536  

    (1) Excludes debt issuance costs, discounts & premiums.

    Derivatives

    As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

      Crude Oil (Bbls/day, $/Bbl)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025
    Deferred Premium Puts – WTI (Cushing)   16,000       20,000       20,000       —     —
    Strike $ 55.00     $ 55.00     $ 55.00     $ —   $ —
    Premium $ (1.70 )   $ (1.62 )   $ (1.61 )   $ —   $ —
      Crude Oil (Bbls/day, $/Bbl)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025
    Costless Collars – WTI (Cushing)   4,000     —     —     —     —
    Floor $ 55.00   $ —   $ —   $ —   $ —
    Ceiling $ 93.66   $ —   $ —   $ —   $ —
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025
    Costless Collars – Henry Hub   —     60,000     60,000     60,000     60,000
    Floor $ —   $ 2.50   $ 2.50   $ 2.50   $ 2.50
    Ceiling $ —   $ 4.93   $ 4.93   $ 4.93   $ 4.93
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025
    Natural Gas Basis Swaps – Waha Hub   30,000       60,000       60,000       60,000       60,000  
    Swap Price $ (1.20 )   $ (0.80 )   $ (0.80 )   $ (0.80 )   $ (0.80 )

    Investor Contact:

    Austen Gilfillian
    +1 432.221.7420
    agilfillian@viperenergy.com 

    Source: Viper Energy, Inc.; Diamondback Energy, Inc.

    The MIL Network –

  • MIL-OSI: Diamondback Energy, Inc. Announces Third Quarter 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the third quarter ended September 30, 2024.

    THIRD QUARTER 2024 HIGHLIGHTS

    • As previously announced, closed merger with Endeavor Energy Resources, L.P. (“Endeavor”) on September 10, 2024
    • Average production of 321.1 MBO/d (571.1 MBOE/d)
    • Net cash provided by operating activities of $1.2 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1.4 billion
    • Cash capital expenditures of $688 million
    • Free Cash Flow (as defined and reconciled below) of $708 million; Adjusted Free Cash Flow (as defined and reconciled below) of $1.0 billion
    • Declared Q3 2024 base cash dividend of $0.90 per share payable on November 21, 2024; implies a 2.0% annualized yield based on November 1, 2024 closing share price of $175.81
    • Repurchased 2,919,763 shares of common stock in Q3 2024 for $515 million, excluding excise tax (at a weighted average price of $176.40 per share); repurchased 1,029,191 shares of common stock to date in Q4 2024 for $185 million, excluding excise tax (at a weighted average price of $180.13 per share)
    • Total Q3 2024 return of capital of $780 million; represents ~78% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q3 2024 base dividend
    • As previously announced, Board approved a $2.0 billion increase to share repurchase authorization to $6.0 billion from $4.0 billion previously

    TRP ENERGY (“TRP”) TRADE

    • On November 3rd, Diamondback and TRP entered into a definitive agreement under which Diamondback will trade certain Delaware Basin assets and pay approximately $238 million in cash to TRP in exchange for TRP’s Midland Basin assets
    • TRP’s Midland Basin assets are made up of ~15,000 net acres across Upton and Reagan counties and consist of 55 remaining undeveloped operated locations, the majority of which immediately compete for capital
    • The asset also includes 18 Drilled Uncompleted Wells (“DUCs”) which provide for additional capital allocation flexibility
    • The trade is expected to be accretive to both Cash Flow and Free Cash Flow per share and enhances Diamondback’s near-term oil production profile
    • Expected to close in December 2024, subject to customary regulatory approvals and closing conditions
    • Jefferies LLC is serving as financial advisor to Diamondback. Kirkland & Ellis LLP is serving as legal advisor to Diamondback. J.P. Morgan Securities LLC, Moelis & Company and RBC Capital Markets are acting as financial advisors to TRP. Clifford Chance US LLP is serving as legal advisor to TRP.

    OPERATIONS UPDATE

    The tables below provide a summary of operating activity for the third quarter of 2024.

      Total Activity (Gross Operated):        
        Number of Wells
    Drilled    		   Number of Wells
    Completed    		  
      Midland Basin 71   87  
      Delaware Basin 5   8  
      Total 76   95  
      Total Activity (Net Operated):        
        Number of Wells
    Drilled    (1)    		   Number of Wells
    Completed    (1)    		  
      Midland Basin 67   95  
      Delaware Basin 4   7  
      Total 71   102  
      (1) Includes two additional net wells drilled and nine additional net wells completed, respectively, from interests acquired in the Endeavor Acquisition during the first six months of 2024.  
               

    During the third quarter of 2024, Diamondback drilled 71 gross wells in the Midland Basin and five gross wells in the Delaware Basin. The Company turned 87 operated wells to production in the Midland Basin and eight gross wells in the Delaware Basin, with an average lateral length of 12,238 feet. Operated completions during the third quarter consisted of 22 Wolfcamp A wells, 21 Lower Spraberry wells, 15 Jo Mill wells, 14 Wolfcamp B wells, 12 Middle Spraberry wells, four Dean wells, four Third Bone Spring wells and three Upper Spraberry wells.

    For the first nine months of 2024, Diamondback drilled 211 gross wells in the Midland Basin and 24 gross wells in the Delaware Basin. The Company turned 267 operated wells to production in the Midland Basin and 15 operated wells to production in the Delaware Basin. The average lateral length for wells completed during the first nine months of 2024 was 11,645 feet, and consisted of 72 Lower Spraberry wells, 61 Wolfcamp A wells, 45 Wolfcamp B wells, 40 Jo Mill wells, 34 Middle Spraberry wells, nine Wolfcamp D wells, nine Dean wells, six Upper Spraberry wells, four Third Bone Spring wells, one Second Bone Spring well and one Barnett well.

    FINANCIAL UPDATE

    Diamondback’s third quarter 2024 net income was $659 million, or $3.19 per diluted share. Adjusted net income (as defined and reconciled below) for the third quarter was $698 million, or $3.38 per diluted share.

    Third quarter 2024 net cash provided by operating activities was $1.2 billion. Through the first nine months of 2024, Diamondback’s net cash provided by operating activities was $4.1 billion.

    During the third quarter of 2024, Diamondback spent $633 million on operated and non-operated drilling and completions, $52 million on infrastructure and environmental and $3 million on midstream, for total cash capital expenditures of $688 million. Through the first nine months of 2024, Diamondback spent $1.8 billion on operated and non-operated drilling and completions, $128 million on infrastructure and environmental and $8 million on midstream, for total cash capital expenditures of $1.9 billion.

    Third quarter 2024 Consolidated Adjusted EBITDA (as defined and reconciled below) was $1.8 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the third quarter was $1.7 billion.

    Diamondback’s third quarter 2024 Free Cash Flow (as defined and reconciled below) was $708 million. Adjusted Free Cash Flow (as reconciled and defined below) for the third quarter was $1.0 billion. Through September 30, 2024, Diamondback’s Free Cash Flow was $2.3 billion, with $2.7 billion of Adjusted Free Cash Flow over the same period.

    Third quarter 2024 average unhedged realized prices were $73.13 per barrel of oil, $(0.26) per Mcf of natural gas and $17.70 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $44.80 per BOE.

    Diamondback’s cash operating costs for the third quarter of 2024 were $11.49 per BOE, including lease operating expenses (“LOE”) of $6.01 per BOE, cash general and administrative (“G&A”) expenses of $0.63 per BOE, production and ad valorem taxes of $2.91 per BOE and gathering, processing and transportation expenses of $1.94 per BOE.

    As of September 30, 2024, Diamondback had $201 million in standalone cash and $115 million in borrowings outstanding under its revolving credit facility, with approximately $2.4 billion available for future borrowings under the facility and approximately $2.6 billion of total liquidity. As of September 30, 2024, the Company had consolidated total debt of $13.1 billion and consolidated net debt (as defined and reconciled below) of $12.7 billion, up from consolidated total debt of $12.2 billion and up from consolidated net debt of $5.3 billion as of June 30, 2024. Effective in September 2024, the Company’s borrowing base and elected commitment was increased to $2.5 billion from $1.6 billion previously.

    DIVIDEND DECLARATIONS

    Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $0.90 per common share for the third quarter of 2024 payable on November 21, 2024 to stockholders of record at the close of business on November 14, 2024.

    Future base and variable dividends remain subject to review and approval at the discretion of the Company’s Board of Directors.

    COMMON STOCK REPURCHASE PROGRAM

    During the third quarter of 2024, Diamondback repurchased ~2.9 million shares of common stock at an average share price of $176.40 for a total cost of approximately $515 million, excluding excise tax. To date, Diamondback has repurchased ~23.3 million shares of common stock at an average share price of $133.48 for a total cost of approximately $3.1 billion and has approximately $2.9 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

    UPDATED 2024 GUIDANCE

    Below is Diamondback’s guidance for the full year 2024, which includes fourth quarter production, unit costs and capital guidance. The Company’s production and capital guidance for the full year 2024 has been updated to give effect to the Endeavor merger, which was completed on September 10, 2024.

      2024 Guidance 2024 Guidance
      Diamondback Energy, Inc. Viper Energy, Inc.
         
    2024 Net production – MBOE/d 587 – 590 (from 462 – 470) 48.75 – 49.25
    2024 Oil production – MBO/d 335 – 337 (from 273 – 276) 27.00 – 27.25
    Q4 2024 Oil production – MBO/d (total – MBOE/d) 470 – 475 (840 – 850) 29.25 – 29.75 (52.50 – 53.00)
         
    Q4 2024 Unit costs ($/BOE)    
    Lease operating expenses, including workovers $5.90 – $6.20  
    G&A    
    Cash G&A $0.55 – $0.65  
    Non-cash equity-based compensation $0.25 – $0.40  
    DD&A $14.00 – $15.00  
    Interest expense (net of interest income) $0.25 – $0.50  
    Gathering, processing and transportation $1.60 – $1.80  
         
    Production and ad valorem taxes (% of revenue) ~7%  
    Corporate tax rate (% of pre-tax income) 23%  
    Cash tax rate (% of pre-tax income) 15% – 18%  
    Cash taxes ($ – million) $240 – $300 $13 – $18
         
    Capital Budget ($ – million)    
    2024 Total capital expenditures $2,875 – $3,000 (from $2,350 – $2,450)  
    Q4 2024 Capital expenditures $950 – $1,050  
         
    Q4 2024 Gross horizontal wells drilled (net) 105 – 125 (100 – 118)  
    Q4 2024 Gross horizontal wells completed (net) 110 – 130 (102 – 120)  
         

    CONFERENCE CALL

    Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2024 on Tuesday, November 5, 2024 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

     
    Diamondback Energy, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited, in millions, except share amounts)
           
      September 30,   December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents ($169 million and $26 million related to Viper) $ 370     $ 582  
    Restricted cash   3       3  
    Accounts receivable:      
    Joint interest and other, net   233       192  
    Oil and natural gas sales, net ($109 million and $109 million related to Viper)   1,197       654  
    Inventories   126       63  
    Derivative instruments   42       17  
    Prepaid expenses and other current assets   51       110  
    Total current assets   2,022       1,621  
    Property and equipment:      
    Oil and natural gas properties, full cost method of accounting ($21,971 million and $8,659 million excluded from amortization at September 30, 2024 and December 31, 2023, respectively) ($4,771 million and $4,629 million related to Viper and $1,623 million and $1,769 million excluded from amortization related to Viper)   79,718       42,430  
    Other property, equipment and land   1,417       673  
    Accumulated depletion, depreciation, amortization and impairment ($1,016 million and $866 million related to Viper)   (18,082 )     (16,429 )
    Property and equipment, net   63,053       26,674  
    Funds held in escrow   43       —  
    Equity method investments   377       529  
    Derivative instruments   38       1  
    Deferred income taxes, net   62       45  
    Investment in real estate, net   81       84  
    Other assets   71       47  
    Total assets $ 65,747     $ 29,001  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable – trade $ 198     $ 261  
    Accrued capital expenditures   641       493  
    Current maturities of long-term debt   1,000       —  
    Other accrued liabilities   857       475  
    Revenues and royalties payable   1,444       764  
    Derivative instruments   34       86  
    Income taxes payable   289       29  
    Total current liabilities   4,463       2,108  
    Long-term debt ($822 million and $1,083 million related to Viper)   11,923       6,641  
    Derivative instruments   79       122  
    Asset retirement obligations   493       239  
    Deferred income taxes   9,952       2,449  
    Other long-term liabilities   18       12  
    Total liabilities   26,928       11,571  
    Stockholders’ equity:      
    Common stock, $0.01 par value; 800,000,000 shares authorized; 292,742,664 and 178,723,871 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively   3       2  
    Additional paid-in capital   34,007       14,142  
    Retained earnings (accumulated deficit)   3,427       2,489  
    Accumulated other comprehensive income (loss)   (8 )     (8 )
    Total Diamondback Energy, Inc. stockholders’ equity   37,429       16,625  
    Non-controlling interest   1,390       805  
    Total equity   38,819       17,430  
    Total liabilities and stockholders’ equity $ 65,747     $ 29,001  
     
    Diamondback Energy, Inc.
    Condensed Consolidated Statements of Operations
    (unaudited, $ in millions except per share data, shares in thousands)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Revenues:              
    Oil, natural gas and natural gas liquid sales $ 2,354     $ 2,265     $ 6,629     $ 6,063  
    Sales of purchased oil   282       59       698       59  
    Other operating income   9       16       28       62  
    Total revenues   2,645       2,340       7,355       6,184  
    Costs and expenses:              
    Lease operating expenses   316       226       825       618  
    Production and ad valorem taxes   153       118       413       421  
    Gathering, processing and transportation   102       73       261       209  
    Purchased oil expense   280       59       696       59  
    Depreciation, depletion, amortization and accretion   742       442       1,694       1,277  
    General and administrative expenses   49       34       141       111  
    Merger and integration expense   258       1       273       11  
    Other operating expenses   35       47       68       113  
    Total costs and expenses   1,935       1,000       4,371       2,819  
    Income (loss) from operations   710       1,340       2,984       3,365  
    Other income (expense):              
    Interest expense, net   (18 )     (37 )     (101 )     (130 )
    Other income (expense), net   89       33       87       61  
    Gain (loss) on derivative instruments, net   131       (76 )     101       (358 )
    Gain (loss) on extinguishment of debt   —       —       2       (4 )
    Income (loss) from equity investments, net   6       9       23       39  
    Total other income (expense), net   208       (71 )     112       (392 )
    Income (loss) before income taxes   918       1,269       3,096       2,973  
    Provision for (benefit from) income taxes   210       276       685       648  
    Net income (loss)   708       993       2,411       2,325  
    Net income (loss) attributable to non-controlling interest   49       78       147       142  
    Net income (loss) attributable to Diamondback Energy, Inc. $ 659     $ 915     $ 2,264     $ 2,183  
                   
    Earnings (loss) per common share:              
    Basic $ 3.19     $ 5.07     $ 12.00     $ 12.01  
    Diluted $ 3.19     $ 5.07     $ 12.00     $ 12.01  
    Weighted average common shares outstanding:              
    Basic   204,730       178,872       187,253       180,400  
    Diluted   204,730       178,872       187,253       180,400  
     
    Diamondback Energy, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited, in millions)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Cash flows from operating activities:              
    Net income (loss) $ 708     $ 993     $ 2,411     $ 2,325  
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
    Provision for (benefit from) deferred income taxes   51       10       180       185  
    Depreciation, depletion, amortization and accretion   742       442       1,694       1,277  
    (Gain) loss on extinguishment of debt   —       —       (2 )     4  
    (Gain) loss on derivative instruments, net   (131 )     76       (101 )     358  
    Cash received (paid) on settlement of derivative instruments   (4 )     (24 )     (36 )     (62 )
    (Income) loss from equity investment, net   (6 )     (9 )     (23 )     (39 )
    Equity-based compensation expense   16       13       49       40  
    Other   20       3       77       (23 )
    Changes in operating assets and liabilities:              
    Accounts receivable   106       (256 )     61       (218 )
    Income tax receivable   —       103       12       267  
    Prepaid expenses and other current assets   (11 )     (8 )     78       5  
    Accounts payable and accrued liabilities   (395 )     (28 )     (490 )     46  
    Income taxes payable   (36 )     23       (51 )     4  
    Revenues and royalties payable   95       53       109       139  
    Other   54       (33 )     104       (12 )
       Net cash provided by (used in) operating activities   1,209       1,358       4,072       4,296  
    Cash flows from investing activities:              
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (688 )     (684 )     (1,934 )     (2,052 )
    Property acquisitions   (7,791 )     (168 )     (7,994 )     (1,193 )
    Proceeds from sale of assets   207       868       459       1,400  
    Other   106       (1 )     103       (14 )
       Net cash provided by (used in) investing activities   (8,166 )     15       (9,366 )     (1,859 )
    Cash flows from financing activities:              
    Proceeds under term loan agreement   1,000       —       1,000       —  
    Proceeds from borrowings under credit facilities   1,011       1,015       1,185       4,466  
    Repayments under credit facilities   (1,073 )     (1,332 )     (1,333 )     (4,368 )
    Proceeds from senior notes   —       —       5,500       —  
    Repayment of senior notes   —       —       (25 )     (134 )
    Repurchased shares under buyback program   (515 )     (56 )     (557 )     (709 )
    Repurchased shares/units under Viper’s buyback program   —       (10 )     —       (67 )
    Proceeds from partial sale of investment in Viper Energy, Inc.   —       —       451       —  
    Net proceeds from Viper’s issuance of common stock   476       —       476       —  
    Dividends paid to stockholders   (416 )     (149 )     (1,316 )     (841 )
    Dividends/distributions to non-controlling interest   (59 )     (25 )     (157 )     (84 )
    Other   (5 )     (7 )     (142 )     (34 )
       Net cash provided by (used in) financing activities   419       (564 )     5,082       (1,771 )
    Net increase (decrease) in cash and cash equivalents   (6,538 )     809       (212 )     666  
    Cash, cash equivalents and restricted cash at beginning of period   6,911       21       585       164  
    Cash, cash equivalents and restricted cash at end of period $ 373     $ 830     $ 373     $ 830  
     
    Diamondback Energy, Inc.
    Selected Operating Data
    (unaudited)
               
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    Production Data:          
    Oil (MBbls)   29,537       25,129       24,482  
    Natural gas (MMcf)   66,519       51,310       49,423  
    Natural gas liquids (MBbls)   11,918       9,514       8,943  
    Combined volumes (MBOE)(1)   52,541       43,195       41,662  
               
    Daily oil volumes (BO/d)   321,054       276,143       266,109  
    Daily combined volumes (BOE/d)   571,098       474,670       452,848  
               
    Average Prices:          
    Oil ($ per Bbl) $ 73.13     $ 79.51     $ 81.57  
    Natural gas ($ per Mcf) $ (0.26 )   $ 0.10     $ 1.62  
    Natural gas liquids ($ per Bbl) $ 17.70     $ 17.97     $ 21.02  
    Combined ($ per BOE) $ 44.80     $ 50.33     $ 54.37  
               
    Oil, hedged ($ per Bbl)(2) $ 72.32     $ 78.55     $ 80.51  
    Natural gas, hedged ($ per Mcf)(2) $ 0.60     $ 1.03     $ 1.62  
    Natural gas liquids, hedged ($ per Bbl)(2) $ 17.70     $ 17.97     $ 21.02  
    Average price, hedged ($ per BOE)(2) $ 45.43     $ 50.89     $ 53.74  
               
    Average Costs per BOE:          
    Lease operating expenses $ 6.01     $ 5.88     $ 5.42  
    Production and ad valorem taxes   2.91       3.26       2.83  
    Gathering, processing and transportation expense   1.94       1.90       1.75  
    General and administrative – cash component   0.63       0.63       0.51  
    Total operating expense – cash $ 11.49     $ 11.67     $ 10.51  
               
    General and administrative – non-cash component $ 0.30     $ 0.44     $ 0.31  
    Depreciation, depletion, amortization and accretion per BOE $ 14.12     $ 11.18     $ 10.61  
    Interest expense, net $ 0.34     $ 1.02     $ 0.89  

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.


    NON-GAAP FINANCIAL MEASURES

    ADJUSTED EBITDA

    Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, if any, non-cash equity-based compensation expense, capitalized equity-based compensation expense, merger and integration expenses, other non-cash transactions and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company adds the items listed above to net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

    Diamondback Energy, Inc.
    Reconciliation of Net Income (Loss) to Adjusted EBITDA
    (unaudited, in millions)
               
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    Net income (loss) attributable to Diamondback Energy, Inc. $ 659     $ 837     $ 915  
    Net income (loss) attributable to non-controlling interest   49       57       78  
    Net income (loss)   708       894       993  
    Non-cash (gain) loss on derivative instruments, net   (135 )     (46 )     52  
    Interest expense, net   18       44       37  
    Depreciation, depletion, amortization and accretion   742       483       442  
    Depreciation and interest expense related to equity method investments   15       23       18  
    Non-cash equity-based compensation expense   24       26       21  
    Capitalized equity-based compensation expense   (8 )     (7 )     (8 )
    Merger and integration expenses   258       3       1  
    Other non-cash transactions   (72 )     6       (12 )
    Provision for (benefit from) income taxes   210       252       276  
    Consolidated Adjusted EBITDA   1,760       1,678       1,820  
    Less: Adjustment for non-controlling interest   104       103       78  
    Adjusted EBITDA attributable to Diamondback Energy, Inc. $ 1,656     $ 1,575     $ 1,742  


    ADJUSTED NET INCOME

    Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, merger and integration expense, other non-cash transactions and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

    Diamondback Energy, Inc.
    Adjusted Net Income
    (unaudited, $ in millions except per share data, shares in thousands)
       
      Three Months Ended September 30, 2024
      Amounts   Amounts Per
    Diluted Share
    Net income (loss) attributable to Diamondback Energy, Inc.(1) $ 659     $ 3.19  
    Net income (loss) attributable to non-controlling interest   49       0.24  
    Net income (loss)(1)   708       3.43  
    Non-cash (gain) loss on derivative instruments, net   (135 )     (0.66 )
    Merger and integration expense   258       1.26  
    Other non-cash transactions   (72 )     (0.35 )
    Adjusted net income excluding above items(1)   759       3.68  
    Income tax adjustment for above items   (12 )     (0.06 )
    Adjusted net income(1)   747       3.62  
    Less: Adjusted net income attributable to non-controlling interest   49       0.24  
    Adjusted net income attributable to Diamondback Energy, Inc.(1) $ 698     $ 3.38  
           
    Weighted average common shares outstanding:      
    Basic     204,730  
    Diluted     204,730  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $6 million in earnings attributable to participating securities, (iii) divided by diluted weighted average common shares outstanding.


    OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

    Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

    Free Cash Flow, which is a non-GAAP financial measure, is cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company believes that Free Cash Flow is useful to investors as it provides measures to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis as adjusted for non-recurring tax impacts from divestitures, merger and integration expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. The Company uses Free Cash Flow to reduce debt, as well as return capital to stockholders as determined by the Board of Directors.

    The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow:

    Diamondback Energy, Inc.
    Operating Cash Flow Before Working Capital Changes and Free Cash Flow
    (unaudited, in millions)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Net cash provided by operating activities $ 1,209     $ 1,358     $ 4,072     $ 4,296  
    Less: Changes in cash due to changes in operating assets and liabilities:              
    Accounts receivable   106       (256 )     61       (218 )
    Income tax receivable   —       103       12       267  
    Prepaid expenses and other current assets   (11 )     (8 )     78       5  
    Accounts payable and accrued liabilities   (395 )     (28 )     (490 )     46  
    Income taxes payable   (36 )     23       (51 )     4  
    Revenues and royalties payable   95       53       109       139  
    Other   54       (33 )     104       (12 )
    Total working capital changes   (187 )     (146 )     (177 )     231  
    Operating cash flow before working capital changes   1,396       1,504       4,249       4,065  
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (688 )     (684 )     (1,934 )     (2,052 )
    Total Cash CAPEX   (688 )     (684 )     (1,934 )     (2,052 )
    Free Cash Flow   708       820       2,315       2,013  
    Tax impact from divestitures(1)   —       64       —       64  
    Merger and integration expenses   258       —       273       —  
    Early termination of derivatives   37       —       37       —  
    Treasury locks   —       —       25       —  
    Adjusted Free Cash Flow $ 1,003     $ 884     $ 2,650     $ 2,077  

    (1) Includes the tax impact for the disposal of certain Midland Basin water assets and Delaware Basin oil gathering assets.


    NET DEBT

    The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

    Diamondback Energy, Inc.
    Net Debt
    (unaudited, in millions)
                           
      September 30,
    2024    		   Net Q3
    Principal
    Borrowings/
    (Repayments)    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
      (in millions)
    Diamondback Energy, Inc.(1) $ 12,284     $ 1,115     $ 11,169     $ 5,669     $ 5,697     $ 5,697  
    Viper Energy, Inc.(1)   830       (177 )     1,007       1,103       1,093       680  
    Total debt   13,114     $ 938       12,176       6,772       6,790       6,377  
    Cash and cash equivalents   (370 )         (6,908 )     (896 )     (582 )     (827 )
    Net debt $ 12,744         $ 5,268     $ 5,876     $ 6,208     $ 5,550  

    (1)  Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.


    DERIVATIVES

    As of November 1, 2024, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

      Crude Oil (Bbls/day, $/Bbl)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY2026
    Long Puts – Crude Brent Oil 82,000   52,000   33,000   10,000   —   —
    Long Put Price ($/Bbl) $57.44   $60.00   $60.00   $60.00   —   —
    Deferred Premium ($/Bbl) $-1.52   $-1.48   $-1.50   $-1.63   —   —
    Long Puts – WTI (Magellan East Houston) 35,000   58,000   46,000   22,000   —   —
    Long Put Price ($/Bbl) $57.57   $56.21   $55.22   $55.00   —   —
    Deferred Premium ($/Bbl) $-1.61   $-1.58   $-1.56   $-1.64   —   —
    Long Puts – WTI (Cushing) 125,000   138,000   109,000   38,000   —   —
    Long Put Price ($/Bbl) $57.28   $56.63   $55.73   $55.00   —   —
    Deferred Premium ($/Bbl) $-1.61   $-1.58   $-1.56   $-1.50   —   —
    Costless Collars – WTI (Cushing) 46,000   13,000   —   —   —   —
    Long Put Price ($/Bbl) $60.87   $60.00   —   —   —   —
    Short Call Price ($/Bbl) $89.91   $89.55   —   —   —   —
    Basis Swaps – WTI (Midland) 43,000   58,000   45,000   45,000   45,000   —
    $1.18   $1.10   $1.08   $1.08   $1.08   —
    Roll Swaps – WTI 40,000   —   —   —   —   —
    $0.82   —   —   —   —   —
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026
    Costless Collars – Henry Hub 398,261   690,000   630,000   630,000   630,000   80,000
    Long Put Price ($/Mmbtu) $2.78   $2.53   $2.49   $2.49   $2.49   $2.50
    Ceiling Price ($/Mmbtu) $6.53   $5.41   $5.46   $5.46   $5.46   $5.95
    Natural Gas Swaps – Henry Hub 13,370   —   —   —   —   —
    $3.23   —   —   —   —   —
    Natural Gas Basis Swaps – Waha Hub 471,630   650,000   590,000   590,000   590,000   10,000
    $-1.11   $-0.80   $-0.83   $-0.83   $-0.83   $-1.25

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network –

  • MIL-OSI: HighPeak Energy, Inc. Announces Third Quarter 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter and nine months ended September 30, 2024, and provided updated 2024 production guidance.

    Highlights
    Third Quarter 2024

    • Sales volumes averaged 51,346 barrels of crude oil equivalent per day (“Boe/d”), consisting of 88% liquids (crude oil and NGL), representing a 6% increase over the second quarter 2024.
    • Net income was $49.9 million, or $0.35 per diluted share, and EBITDAX (a non-GAAP financial measure defined and reconciled below) was $214.3 million, or $1.51 per diluted share.
    • Generated free cash flow (a non-GAAP financial measure defined and reconciled below) of $36.1 million, which marks the fifth consecutive quarter of positive free cash flow generation.
    • The Company reduced long-term debt by $30 million during the third quarter and has reduced long-term debt by $90 million year-to-date, paid a quarterly dividend of $0.04 per share and continued to execute its share buyback plan by repurchasing over 870,000 shares during the third quarter.

    Recent Events

    • Increased 2024 average production guidance by more than 5% from the second quarter guidance revision and 10% from our original 2024 guidance to a range of 48,000 to 51,000 Boe/d expected for the full year 2024.
    • On November 4, 2024, the Company’s Board of Directors declared a quarterly dividend of $0.04 per common share outstanding payable in December 2024.

    Statement from HighPeak Chairman and CEO, Jack Hightower:

    “We promised this would be a year marked by steady and reliable achievements, and I am proud we have continued to demonstrate that commitment. There are three main takeaways from our third quarter results. First, our current well performance has led us to increase our full year production guidance 10% higher than originally projected. Second, our operations team continues to tighten costs, resulting in more capital and operating efficiencies across the corporate structure. Third, we continue to generate free cash flow, more than $200 million over the last five quarters, which in turn has strengthened our balance sheet and positioned us to take advantage of opportunities that increase shareholder value.

    “With HighPeak’s core values of maintaining disciplined operations, strengthening our balance sheet and maximizing value for our shareholders, we will finish strong in 2024 and set the course for continued momentum in 2025. Concurrently, we will remain diligent in our strategic alternatives process, with the goal of identifying a line of sight that will realize optimal value of this high quality asset.”

    Third Quarter 2024 Operational Update

    HighPeak’s sales volumes during the third quarter of 2024 averaged 51,346 Boe/d, a 6% increase over second quarter of 2024. Third quarter sales volumes consisted of approximately 88% liquids (crude oil and NGL).

    The Company ran two drilling rigs and one frac crew during the third quarter, drilled 17 gross (16.9 net) horizontal wells and completed 14 gross (10.5 net) producing horizontal wells. At September 30, 2024, the Company had 24 gross (23.9 net) horizontal wells and 1 gross (1.0 net) salt-water disposal well in various stages of drilling and completion.

    HighPeak President, Michael Hollis, commented,

    “The third quarter was another operationally disciplined, beat-and-raise quarter for HighPeak Energy. We increased the midpoint of our yearly production guide by an additional 5%, which is up 10% from our original guide. We also have exciting results both in our northern extension areas and our first well in the Middle Spraberry zone. The results of these successful wells bolster our massive runway of over 1,150 sub $50 oil breakeven drilling location inventory. At our current development cadence, that is over two decades of highly economic inventory.

    “As most are aware, there are structural differences between the Delaware and the Midland Basins that results in the D,C&E cost to be less in the Midland Basin. These structural differences of depth, pressure and horse-power requirements for stimulation can lead to over $3 million of savings per well. HighPeak’s acreage enjoys similar structural differences compared with the more central portions of the Midland Basin. HighPeak’s D,C&E costs are roughly $2 million dollars cheaper per well than average Midland Basin wells. Generating similar oil recoveries for roughly 25% less cost per foot, generates superior returns. Sustaining this for decades will drive significant shareholder value.

    “The HighPeak team continues to be focused on reducing operational and capital costs. All the hard work and effort over the last few years is now paying off. HighPeak lowered the midpoint of its 2024 LOE guide by 12.5% last quarter and we reaffirm our LOE range and tightened capital expenditure range for 2024. As continuous improvement is in our DNA, we look forward to achieving additional efficiency gains in 2025.”

    Third Quarter 2024 Financial Results

    HighPeak reported net income of $49.9 million for the third quarter of 2024, or $0.35 per diluted share. The Company reported EBITDAX of $214.3 million, or $1.51 per diluted share.

    Third quarter average realized prices were $75.99 per barrel (“$/Bbl”) of crude oil, $21.14 per barrel of NGL and $0.42 per Mcf of natural gas, resulting in an overall realized price of $57.49 per Boe, or 76.3% of the weighted average of NYMEX crude oil prices, excluding the effects of derivatives. HighPeak’s cash costs for the third quarter were $11.81 per Boe, including lease operating expenses of $7.12 per Boe, workover expenses of $0.38 per Boe, production and ad valorem taxes of $3.26 per Boe and G&A expenses of $1.05 per Boe. As a result, the Company’s unhedged EBITDAX per Boe was $45.68, or 79.5% of the overall realized price per Boe for the quarter, excluding the effects of derivatives.

    HighPeak’s third quarter 2024 capital expenditures to drill, complete, equip, provide facilities and for infrastructure were $140.0 million. 

    Dividends

    During the third quarter of 2024, HighPeak’s Board of Directors approved a quarterly dividend of $0.04 per share, or $5.0 million in dividends paid to stockholders during the quarter. In addition, in November 2024, the Company’s Board of Directors declared a quarterly dividend of $0.04 per share, or approximately $5.0 million in dividends, to be paid on December 23, 2024 to stockholders of record on December 2, 2024.

    Conference Call

    HighPeak will host a conference call and webcast on Tuesday, November 5, 2024, at 10:00 a.m. Central Time for investors and analysts to discuss its results for the third quarter of 2024. Conference call participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on the HighPeak Energy website at www.highpeakenergy.com under the “Investors” section of the website. A replay will also be available on the website following the call.

    When available, a copy of the Company’s earnings release, investor presentation and Quarterly Report on Form 10-Q may be found on its website at www.highpeakenergy.com.

    About HighPeak Energy, Inc.

    HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

    Cautionary Note Regarding Forward-Looking Statements

    The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. (“HighPeak Energy,” the “Company” or the “Successor”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company’s control. For example, the Company’s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties.

    These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company’s Board and the interest of prospective counterparties, the Company’s ability to realize the results contemplated by its 2024 guidance, volatility of commodity prices, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease pandemic, on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company’s drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy’s ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy’s oil, natural gas liquids and natural gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and other filings with the SEC. The Company undertakes no duty to publicly update these statements except as required by law.

    Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Reserves estimates included herein may not be indicative of the level of reserves or PV-10 value of oil and natural gas production in the future. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact HighPeak’s strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

    Use of Projections

    The financial, operational, industry and market projections, estimates and targets in this press release and in the Company’s guidance (including production, operating expenses and capital expenditures in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above. These projections are speculative by their nature and, accordingly, are subject to significant risk of not being actually realized by the Company. Projected results of the Company for 2024 are particularly speculative and subject to change. Actual results may vary materially from the current projections, including for reasons beyond the Company’s control. The projections are based on current expectations and available information as of the date of this release. The Company undertakes no duty to publicly update these projections except as required by law.

    Drilling Locations

    The Company has estimated its drilling locations based on well spacing assumptions and upon the evaluation of its drilling results and those of other operators in its area, combined with its interpretation of available geologic and engineering data. The drilling locations actually drilled on the Company’s properties will depend on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Any drilling activities conducted on these identified locations may not be successful and may not result in additional proved reserves. Further, to the extent the drilling locations are associated with acreage that expires, the Company would lose its right to develop the related locations.

           
    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Balance Sheet Data
    (In thousands)
           
      September 30, 2024   December 31, 2023
    Current assets:          
    Cash and cash equivalents $ 135,573     $ 194,515  
    Accounts receivable   76,444       94,589  
    Derivative instruments   24,843       31,480  
    Inventory   7,966       7,254  
    Prepaid expenses   3,921       995  
    Total current assets   248,747       328,833  
    Crude oil and natural gas properties, using the successful efforts method of accounting:          
    Proved properties   3,798,128       3,338,107  
    Unproved properties   75,088       72,715  
    Accumulated depletion, depreciation and amortization   (1,079,113 )     (684,179 )
    Total crude oil and natural gas properties, net   2,794,103       2,726,643  
    Other property and equipment, net   3,483       3,572  
    Derivative instruments   —       16,059  
    Other noncurrent assets   15,133       5,684  
    Total assets $ 3,061,466     $ 3,080,791  
               
    Current liabilities:          
    Current portion of long-term debt, net $ 120,000     $ 120,000  
    Accounts payable – trade   52,557       63,583  
    Accrued capital expenditures   30,388       39,231  
    Revenues and royalties payable   28,532       29,724  
    Other accrued liabilities   25,499       19,613  
    Derivative instruments   1,937       13,054  
    Advances from joint interest owners   425       262  
    Operating leases   290       528  
    Accrued interest   —       1,398  
    Total current liabilities   259,628       287,393  
    Noncurrent liabilities:          
    Long-term debt, net   953,825       1,030,299  
    Deferred income taxes   227,966       197,068  
    Asset retirement obligations   14,231       13,245  
    Operating leases   126       —  
    Derivative instruments   —       65  
    Commitments and contingencies          
               
    Stockholders’ equity          
    Common stock   13       13  
    Additional paid-in capital   1,173,231       1,189,424  
    Retained earnings   432,446       363,284  
    Total stockholders’ equity   1,605,690       1,552,721  
    Total liabilities and stockholders’ equity $ 3,061,466     $ 3,080,791  
               
    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Statements of Operations
    (in thousands, except per share data)
                 
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Operating revenues:                      
    Crude oil sales $ 270,636     $ 338,372     $ 827,595     $ 790,458  
    NGL and natural gas sales   942       7,214       7,013       19,682  
    Total operating revenues   271,578       345,586       834,608       810,140  
    Operating costs and expenses:                      
    Crude oil and natural gas production   35,413       39,820       98,482       107,696  
    Production and ad valorem taxes   15,412       18,839       46,410       44,395  
    Exploration and abandonments   362       1,728       1,027       4,372  
    Depletion, depreciation and amortization   136,578       117,420       395,121       291,562  
    Accretion of discount   241       122       722       360  
    General and administrative   4,971       6,934       14,391       11,952  
    Stock-based compensation   3,753       14,057       11,326       22,095  
    Total operating costs and expenses   196,730       198,920       567,479       482,432  
    Other expense   1,404       540       3,405       8,042  
    Income from operations   73,444       146,126       263,724       319,666  
    Interest income   2,172       730       6,964       923  
    Interest expense   (42,579 )     (37,022 )     (129,204 )     (103,278 )
    Loss on derivative instruments, net   32,334       (29,655 )     (23,411 )     (30,898 )
    Loss on extinguishment of debt   —       (27,300 )     —       (27,300 )
    Income before income taxes   65,371       52,879       118,073       159,113  
    Income tax expense   15,438       14,100       31,985       38,251  
    Net income $ 49,933     $ 38,779     $ 86,088     $ 120,862  
                           
    Earnings per share:                      
    Basic net income $ 0.36     $ 0.28     $ 0.62     $ 0.94  
    Diluted net income $ 0.35     $ 0.28     $ 0.60     $ 0.90  
                           
    Weighted average shares outstanding:                      
    Basic   124,988       123,159       125,595       115,164  
    Diluted   129,094       127,006       129,581       120,531  
                           
    Dividends declared per share $ 0.04     $ 0.025     $ 0.12     $ 0.075  
                                   

     

    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (in thousands)
               
      Nine Months Ended September 30,
      2024   2023
    CASH FLOWS FROM OPERATING ACTIVITIES:          
    Net income $ 86,088     $ 120,862  
    Adjustments to reconcile net income to net cash provided by operations:          
    Provision for deferred income taxes   30,898       38,251  
    Loss on extinguishment of debt   —       27,300  
    Loss on derivative instruments   23,411       30,898  
    Cash paid on settlement of derivative instruments   (11,897 )     (21,032 )
    Amortization of debt issuance costs   6,199       9,352  
    Amortization of original issue discounts on long-term debt   7,385       12,660  
    Stock-based compensation expense   11,326       22,095  
    Accretion expense   722       360  
    Depletion, depreciation and amortization expense   395,121       291,562  
    Exploration and abandonment expense   386       3,747  
    Changes in operating assets and liabilities:          
    Accounts receivable   18,145       (29,385 )
    Prepaid expenses, inventory and other assets   (12,387 )     (1,628 )
    Accounts payable, accrued liabilities and other current liabilities   (4,524 )     16,700  
    Net cash provided by operating activities   550,873       521,742  
    CASH FLOWS FROM INVESTING ACTIVITIES:          
    Additions to crude oil and natural gas properties   (452,148 )     (840,663 )
    Changes in working capital associated with crude oil and natural gas property additions   (13,214 )     (86,468 )
    Acquisitions of crude oil and natural gas properties   (10,367 )     (9,602 )
    Proceeds from sales of properties   118       —  
    Deposit and other costs related to pending acquisitions   —       (409 )
    Other property additions   (216 )     (103 )
    Net cash used in investing activities   (475,827 )     (937,245 )
    CASH FLOWS FROM FINANCING ACTIVITIES:          
    Repayments under Term Loan Credit Agreement   (90,000 )     —  
    Repurchased shares under buyback program   (27,247 )     —  
    Dividends paid   (15,082 )     (8,706 )
    Dividend equivalents paid   (1,602 )     (903 )
    Debt issuance costs   (58 )     (26,401 )
    Proceeds from exercises of warrants   1       1,728  
    Borrowings under Term Loan Credit Agreement   —       1,170,000  
    Repayments under Prior Credit Agreement   —       (525,000 )
    Repayments of 10.000% Senior Notes and 10.625% Senior Notes   —       (475,000 )
    Borrowings under Prior Credit Agreement   —       255,000  
    Proceeds from issuance of common stock   —       155,768  
    Stock offering costs   —       (5,371 )
    Premium on extinguishment of debt   —       (4,457 )
    Proceeds from exercises of stock options   —       148  
    Net cash (used in) provided by financing activities   (133,988 )     536,806  
    Net (decrease) increase in cash and cash equivalents   (58,942 )     121,303  
    Cash and cash equivalents, beginning of period   194,515       30,504  
    Cash and cash equivalents, end of period $ 135,573     $ 151,807  
               
    HighPeak Energy, Inc.
    Unaudited Summary Operating Highlights
                           
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Average Daily Sales Volumes:                      
    Crude oil (Bbls)   38,710       44,381       38,581       37,171  
    NGLs (Bbls)   6,497       4,708       5,890       3,895  
    Natural gas (Mcf)   36,831       21,716       32,418       18,221  
    Total (Boe)   51,346       52,708       49,874       44,102  
                           
    Average Realized Prices (excluding effects of derivatives):                      
    Crude oil per Bbl $ 75.99     $ 82.87     $ 78.29     $ 77.90  
    NGL per Bbl $ 21.14     $ 20.08     $ 21.96     $ 22.23  
    Natural gas per Mcf $ 0.42     $ 1.89     $ 0.58     $ 1.58  
    Total per Boe $ 57.49     $ 71.27     $ 61.07     $ 67.29  
                           
    Margin Data ($ per Boe):                      
    Average price, excluding effects of derivatives $ 57.49     $ 71.27     $ 61.07     $ 67.29  
    Lease operating expenses   (7.12 )     (7.87 )     (6.74 )     (8.23 )
    Expense workovers   (0.38 )     (0.34 )     (0.47 )     (0.71 )
    Production and ad valorem taxes   (3.26 )     (3.89 )     (3.40 )     (3.69 )
    General and administrative expenses   (1.05 )     (1.43 )     (1.05 )     (0.99 )
      $ 45.68     $ 57.74     $ 49.41     $ 53.67  
                           
    HighPeak Energy, Inc.
    Unaudited Earnings Per Share Details
                           
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Net income as reported $ 49,933     $ 38,779     $ 86,088     $ 120,862  
    Participating basic earnings   (4,835 )     (3,771 )     (8,280 )     (12,413 )
    Basic earnings attributable to common shareholders   45,098       35,008       77,808       108,449  
    Reallocation of participating earnings   66       54       102       192  
    Diluted net income attributable to common shareholders $ 45,164     $ 35,062     $ 77,910     $ 108,641  
                           
    Basic weighted average shares outstanding   124,988       123,159       125,595       115,164  
    Dilutive warrants and unvested stock options   1,952       1,688       1,832       3,208  
    Dilutive unvested restricted stock   2,154       2,159       2,154       2,159  
    Diluted weighted average shares outstanding   129,094       127,006       129,581       120,531  
                           
    Net income per share attributable to common shareholders:                      
    Basic $ 0.36     $ 0.28     $ 0.62     $ 0.94  
    Diluted $ 0.35     $ 0.28     $ 0.60     $ 0.90  
                           
    HighPeak Energy, Inc.
    Unaudited Reconciliation of Net Income to EBITDAX, Discretionary Cash Flow and Net Cash Provided by Operations
    (in thousands)
                 
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Net income $ 49,933     $ 38,779     $ 86,088     $ 120,862  
    Interest expense   42,579       37,022       129,204       103,278  
    Interest income   (2,172 )     (730 )     (6,964 )     (923 )
    Income tax expense   15,438       14,100       31,985       38,251  
    Depletion, depreciation and amortization   136,578       117,420       395,121       291,562  
    Accretion of discount   241       122       722       360  
    Exploration and abandonment expense   362       1,728       1,027       4,372  
    Stock based compensation   3,753       14,057       11,326       22,095  
    Derivative related noncash activity   (33,775 )     15,883       11,514       9,866  
    Loss on extinguishment of debt   —       27,300       —       27,300  
    Other expense   1,404       540       3,405       8,042  
    EBITDAX   214,341       266,221       663,428       625,065  
    Cash interest expense   (38,020 )     (33,798 )     (115,620 )     (85,723 )
    Other (a)   53       4,480       1,831       (3,287 )
    Discretionary cash flow   176,374       236,903       549,639       536,055  
    Changes in operating assets and liabilities   729       (78,837 )     1,234       (14,313 )
    Net cash provided by operating activities $ 177,103     $ 158,066     $ 550,873     $ 521,742  
                           
    (a) includes interest and other income net of current tax expense, other expense and operating portion of exploration and abandonment expenses.
     
    HighPeak Energy, Inc.
    Unaudited Free Cash Flow Reconciliation
    (in thousands)
               
      Three Months Ended September 30, 2024   Nine Months Ended September 30, 2024
               
    Net cash provided by operating activities $ 177,103     $ 550,873  
    Changes in operating assets and liabilities   (729 )     (1,234 )
    Discretionary cash flow   176,374       549,639  
    Less: Additions to crude oil and natural gas properties (excluding acquisitions)   (140,251 )     (452,148 )
    Free cash flow $ 36,123     $ 97,491  
               

    Investor Contact:

    Ryan Hightower
    Vice President, Business Development
    817.850.9204
    rhightower@highpeakenergy.com

    Source: HighPeak Energy, Inc.

    The MIL Network –

  • MIL-OSI: Cipher Mining Announces October 2024 Operational Update

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for October 2024.

    Key Highlights

    Key Metrics October 2024
    BTC Mined1 168
    BTC Sold 248
    BTC Held 1,428
    Deployed Mining Rigs 77,000
    Month End Operating Hash Rate (EH/s) 10.7

    1 Includes October power sales estimates (based on current meter data and nodal prices) equivalent to 4.5 bitcoin (using month-end bitcoin price of $69,278) and 30 BTC mined at JV data centers representing Cipher’s ownership

    Management Commentary for October

    During the month, the Company’s operations and construction teams began executing on the upgrade of the mining fleet at Odessa and continued to develop the new Black Pearl data center.

    For a business update on the Company, please refer to our 3rd quarter business update call from Thursday, October 31st – link to the call here.

    Bitcoin Production and Operations Updates for October 2024

    Cipher produced ~1681 BTC in October. As part of its regular treasury management process, Cipher sold ~248 BTC in October, ending the month with a balance of ~1,428 BTC.

    Rig Upgrade Deployment at Odessa

                                                  
    1 Includes October power sales estimates (based on current meter data and nodal prices) equivalent to 4.5 bitcoin (using month-end bitcoin price of $69,278) and 30 BTC mined at JV data centers representing Cipher’s ownership

    About Cipher

    Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about our beliefs and expectations regarding our future results of operations and financial position, planned business model and strategy, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts we may make to modify aspects of our business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”), as any such factors may be updated from time to time in the Company’s other filings with the SEC, including without limitation, the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contacts:
    Investor Contact:
    Josh Kane
    Head of Investor Relations at Cipher Mining
    josh.kane@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

    The MIL Network –

  • MIL-OSI: Nasdaq Reports October 2024 Volumes

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for October 2024 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: Tactile Systems Technology, Inc. Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Nov. 04, 2024 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the third quarter ended September 30, 2024 and announced the adoption of a share repurchase program.

    Third Quarter 2024 Summary & Recent Business Highlights:

    • Total revenue increased 5% year-over-year to $73.1 million
      • Lymphedema product revenue increased 4% over Q3 2023
      • Airway clearance product revenue increased 10% over Q3 2023
    • Net income of $5.2 million versus $22.3 million in Q3 2023
    • Adjusted EBITDA of $10.7 million versus $7.7 million in Q3 2023
    • Operating cashflow of $24.3 million year-to-date, compared to $17.5 million in the prior year period
    • Ended Q3 2024 with $82.1 million in cash and cash equivalents
    • Launched Nimbl, our next-generation lymphedema therapy platform for upper extremity conditions
    • Announced publication of positive clinical trial results in VA lymphedema patients using Flexitouch therapy
    • Authorized a program to repurchase up to $30.0 million of the Company’s common stock

    “In the third quarter, we delivered solid gross margin expansion, drove continued improvements in profitability, and achieved double-digit growth in both our commercial and VA lymphedema channels,” said Sheri Dodd, President and Chief Executive Officer of Tactile Medical. “Operationally, we advanced key pillars of our commercial strategy, including launching our next-generation lymphedema therapy platform and announcing the publication of a positive new data set among Veterans.”

    Ms. Dodd continued, “While pleased with this performance, our revenue was impacted by changes in policy interpretation from Medicare administrators and DME buying patterns within our airway clearance business. However, we continue to see strong patient and clinician demand for our products, aided by improving CMS coverage conditions on the near horizon. We are taking a concerted approach to fortify our sales channels, simplify our front and back-office work through technology modernization, and amplify the voice of our patients and providers through product and service innovation.”

    Ms. Dodd concluded, “Finally, we are increasingly benefiting from generating free cash flow, a trend we expect to continue. This provides us the luxury of continuing to evaluate various investment opportunities to drive growth and increase shareholder value, while also initiating a share repurchase program. We believe this strategic near-term use of cash aligns with our conviction in the trajectory of our business and our ability to execute our financial and operational initiatives.”

    Share Repurchase Program

    The Company also announced today that the Board of Directors of the Company authorized a program to repurchase up to $30.0 million of common stock. Under the program, purchases may be made from time to time in the open market, in privately negotiated purchases, or both. The timing and number of shares to be purchased will be based on the price of the Company’s common stock, general business and market conditions and other investment considerations and factors. The share repurchase program expires on October 31, 2026. The program does not obligate the Company to repurchase any specific number of shares and may be suspended or discontinued at any time without prior notice. The Company intends to finance the share repurchase program with cash on hand.

    Third Quarter 2024 Financial Results

    Total revenue in the third quarter of 2024 increased $3.5 million, or 5%, to $73.1 million, compared to $69.6 million in the third quarter of 2023. The increase in total revenue was attributable to an increase of $2.8 million, or 4%, in sales and rentals of the lymphedema product line and an increase of $0.7 million, or 10%, in sales of the airway clearance product line in the quarter ended September 30, 2024, compared to the third quarter of 2023.

    Gross profit in the third quarter of 2024 increased $5.4 million, or 11%, to $54.8 million, compared to $49.4 million in the third quarter of 2023. Gross margin was 75.0% of revenue, compared to 70.9% of revenue in the third quarter of 2023. Non-GAAP gross margin was 75.4% of revenue, compared to 71.4% of revenue in the third quarter of 2023.

    Operating expenses in the third quarter of 2024 increased $6.6 million, or 16%, to $48.0 million, compared to $41.4 million in the third quarter of 2023.

    Operating income was $6.8 million in the third quarter of 2024, compared to $8.0 million in the third quarter of 2023. Non-GAAP operating income in the third quarter of 2024 was $7.9 million, compared to $5.2 million in the third quarter of 2023.

    Other income was $0.5 million in the third quarter of 2024, compared to other expense of $0.4 million in the third quarter of 2023.

    Income tax expense was $2.1 million in the third quarter of 2024, compared to an income tax benefit of $14.7 million in the third quarter of 2023.

    Net income in the third quarter of 2024 was $5.2 million, or $0.21 per diluted share, compared to $22.3 million, or $0.94 per diluted share, in the third quarter of 2023. Non-GAAP net income in the third quarter of 2024 was $6.0 million, compared to $20.2 million in the third quarter of 2023. The change in both net income and non-GAAP net income was driven by the impact last year’s valuation allowance release had on prior-year income tax.

    Weighted average shares used to compute diluted net income per share were 24.3 million and 23.8 million for the third quarters of 2024 and 2023, respectively.

    Adjusted EBITDA was $10.7 million in the third quarter of 2024, compared to $7.7 million in the third quarter of 2023.

    First Nine Months 2024 Financial Results

    Total revenue for the nine months ended September 30, 2024, increased $10.6 million, or 5%, to $207.4 million, compared to $196.8 million for the nine months ended September 30, 2023. The increase in total revenue was attributable to an increase of $10.0 million, or 6%, in sales and rentals of the lymphedema product line and an increase of $0.6 million, or 2%, in sales of the airway clearance product line for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023.

    Net income for the nine months ended September 30, 2024, was $7.2 million, or $0.30 per diluted share, compared to $20.3 million, or $0.88 per diluted share, for the nine months ended September 30, 2023. Non-GAAP net income for the nine months ended September 30, 2024, was $9.5 million, compared to $20.6 million for the nine months ended September 30, 2023.

    Weighted average shares used to compute diluted net income per share were 24.1 million and 23.0 million for the nine months ended September 30, 2024 and 2023, respectively.

    Adjusted EBITDA was $20.8 million in the nine months ended September 30, 2024, compared to $14.3 million in the nine months ended September 30, 2023.

    Balance Sheet Summary

    As of September 30, 2024, the Company had $82.1 million in cash and cash equivalents and $27.0 million of outstanding borrowings under its credit agreement, compared to $61.0 million in cash and cash equivalents and $29.3 million of outstanding borrowings under its credit agreement as of December 31, 2023.

    2024 Financial Outlook

    The Company is updating its 2024 financial outlook and now expects full year 2024 total revenue in the range of $292 million to $295 million, representing growth of approximately 6% to 8% year-over-year, compared to total revenue of $274.4 million in 2023. The Company’s prior 2024 guidance expectation was total revenue in the range of $293 million to $298 million, representing growth of approximately 7% to 9%.

    Conference Call

    Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on November 4, 2024, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13748661. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13748661. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Legal Notice Regarding Forward-Looking Statements

    This release contains forward-looking statements. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; the impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; adverse economic conditions or intense competition; price increases for supplies and components; wage and component price inflation; loss of a key supplier; entry of new competitors and products; compliance with and changes in federal, state and local government regulation; loss or retirement of key executives, including transition matters related to the Company’s recent Chief Executive Officer change; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

    Use of Non-GAAP Financial Measures

    This press release includes the non-GAAP financial measures of Adjusted EBITDA, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, and non-GAAP net income, which differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).

    Adjusted EBITDA in this release represents net income or loss, plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense, plus or minus the change in fair value of earn-out and plus executive transition costs. Non-GAAP gross profit in this release represents gross profit plus non-cash intangible asset amortization expense. Non-GAAP gross margin in this release represents non-GAAP gross profit divided by revenue. Non-GAAP operating income in this release represents operating income adjusted for non-cash intangible asset amortization expense, change in fair value of earn-out and executive transition expenses. Non-GAAP net income represents net income adjusted for non-cash intangible asset amortization expense, change in fair value of earn-out and executive transition expenses, and adjusted for the income tax effect on reconciling items. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are included in this press release.

    These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses these measures principally as measures of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes these measures are useful to investors as supplemental information and because they are frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes these non-GAAP financial measures are useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

    The non-GAAP financial measures presented in this release should not be considered as an alternative to, or superior to, their respective GAAP financial measures, as measures of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and they should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

                     
    Tactile Systems Technology, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
        September 30,   December 31,
    (In thousands, except share and per share data)   2024   2023
    Assets            
    Current assets                
    Cash and cash equivalents   $ 82,146     $ 61,033  
    Accounts receivable     39,970       43,173  
    Net investment in leases     13,953       14,195  
    Inventories     21,176       22,527  
    Prepaid expenses and other current assets     5,127       4,366  
    Total current assets     162,372       145,294  
    Non-current assets                
    Property and equipment, net     5,878       6,195  
    Right of use operating lease assets     17,553       19,128  
    Intangible assets, net     43,708       46,724  
    Goodwill     31,063       31,063  
    Accounts receivable, non-current     3,628       10,936  
    Deferred income taxes     19,719       19,378  
    Other non-current assets     3,803       2,720  
    Total non-current assets     125,352       136,144  
    Total assets   $ 287,724     $ 281,438  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable   $ 7,290     $ 6,659  
    Note payable     2,956       2,956  
    Accrued payroll and related taxes     13,086       16,789  
    Accrued expenses     7,088       5,904  
    Income taxes payable     611       1,467  
    Operating lease liabilities     2,883       2,807  
    Other current liabilities     3,240       4,475  
    Total current liabilities     37,154       41,057  
    Non-current liabilities                
    Note payable, non-current     23,959       26,176  
    Accrued warranty reserve, non-current     1,448       1,681  
    Income taxes payable, non-current     495       446  
    Operating lease liabilities, non-current     16,767       18,436  
    Total non-current liabilities     42,669       46,739  
    Total liabilities     79,823       87,796  
                     
    Stockholders’ equity:                
    Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023     —       —  
    Common stock, $0.001 par value, 300,000,000 shares authorized; 23,997,089 shares issued and outstanding as of September 30, 2024; 23,600,584 shares issued and outstanding as of December 31, 2023     24       24  
    Additional paid-in capital     181,739       174,724  
    Retained earnings     26,138       18,894  
    Total stockholders’ equity     207,901       193,642  
    Total liabilities and stockholders’ equity   $ 287,724     $ 281,438  
                     
                                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
                                 
                                 
        Three Months Ended   Nine Months Ended
        September 30,   September 30,
    (In thousands, except share and per share data)   2024   2023   2024   2023
    Revenue                            
    Sales revenue   $ 63,168     $ 58,866     $ 180,742     $ 171,459  
    Rental revenue     9,925       10,720       26,657       25,312  
    Total revenue     73,093       69,586       207,399       196,771  
    Cost of revenue                            
    Cost of sales revenue     15,603       17,016       46,810       48,523  
    Cost of rental revenue     2,703       3,211       8,270       9,122  
    Total cost of revenue     18,306       20,227       55,080       57,645  
    Gross profit                            
    Gross profit – sales revenue     47,565       41,850       133,932       122,936  
    Gross profit – rental revenue     7,222       7,509       18,387       16,190  
    Gross profit     54,787       49,359       152,319       139,126  
    Operating expenses                            
    Sales and marketing     26,838       26,030       82,803       80,538  
    Research and development     2,417       1,964       6,794       6,030  
    Reimbursement, general and administrative     18,118       16,449       51,158       46,874  
    Intangible asset amortization and earn-out     633       (3,073 )     1,898       (557 )
    Total operating expenses     48,006       41,370       142,653       132,885  
    Income from operations     6,781       7,989       9,666       6,241  
    Other income (expense)     452       (404 )     832       (2,235 )
    Income before income taxes     7,233       7,585       10,498       4,006  
    Income tax expense (benefit)     2,078       (14,714 )     3,254       (16,307 )
    Net income   $ 5,155     $ 22,299     $ 7,244     $ 20,313  
    Net income per common share                            
    Basic   $ 0.21     $ 0.95     $ 0.30     $ 0.89  
    Diluted   $ 0.21     $ 0.94     $ 0.30     $ 0.88  
    Weighted-average common shares used to compute net income per common share                            
    Basic     23,985,364       23,483,269       23,842,049       22,714,574  
    Diluted     24,254,176       23,848,729       24,070,084       22,987,667  
                                     
                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
         
        Nine Months Ended September 30,
    (In thousands)   2024   2023
    Cash flows from operating activities            
    Net income   $ 7,244     $ 20,313  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization     5,079       4,916  
    Deferred income taxes     (341 )     (20,717 )
    Stock-based compensation expense     5,969       5,597  
    Loss on disposal of property and equipment and intangibles     308       3  
    Change in fair value of earn-out liability     —       (2,475 )
    Changes in assets and liabilities, net of acquisition:            
    Accounts receivable     3,203       10,947  
    Net investment in leases     242       2,527  
    Inventories     1,351       (374 )
    Income taxes     (807 )     (99 )
    Prepaid expenses and other assets     (1,844 )     (369 )
    Right of use operating lease assets     (18 )     292  
    Accounts receivable, non-current     7,308       8,425  
    Accounts payable     582       (3,622 )
    Accrued payroll and related taxes     (3,703 )     (2,316 )
    Accrued expenses and other liabilities     (251 )     (5,545 )
    Net cash provided by operating activities     24,322       17,503  
    Cash flows from investing activities            
    Purchases of property and equipment     (1,932 )     (1,424 )
    Proceeds from sale of property and equipment     12       —  
    Intangible assets expenditures     (85 )     (117 )
    Net cash used in investing activities     (2,005 )     (1,541 )
    Cash flows from financing activities            
    Proceeds from issuance of note payable     —       8,250  
    Payments on earn-out     —       (5,000 )
    Payments on note payable     (2,250 )     (2,250 )
    Payments on revolving line of credit     —       (8,250 )
    Payments of deferred debt issuance costs     —       (125 )
    Proceeds from exercise of common stock options     2       13  
    Proceeds from the issuance of common stock from the employee stock purchase plan     1,044       882  
    Proceeds from issuance of common stock at market     —       34,625  
    Net cash (used in) provided by financing activities     (1,204 )     28,145  
    Net increase in cash and cash equivalents     21,113       44,107  
    Cash and cash equivalents – beginning of period     61,033       21,929  
    Cash and cash equivalents – end of period   $ 82,146     $ 66,036  
                 
    Supplemental cash flow disclosure            
    Cash paid for interest   $ 1,612     $ 2,810  
    Cash paid for taxes   $ 4,428     $ 3,006  
    Capital expenditures incurred but not yet paid   $ 49     $ 40  
                     

    The following table summarizes revenue by product line for the three and nine months ended September 30, 2024 and 2023:

        Three Months Ended   Nine Months Ended
        September 30,   September 30,
    (In thousands)   2024   2023   2024   2023
    Revenue                        
    Lymphedema products   $ 65,282     $ 62,506     $ 182,278     $ 172,257  
    Airway clearance products     7,811       7,080       25,121       24,514  
    Total   $ 73,093     $ 69,586     $ 207,399     $ 196,771  
                             
    Percentage of total revenue                        
    Lymphedema products     89 %     90 %     88 %     88 %
    Airway clearance products     11 %     10 %     12 %     12 %
    Total     100 %     100 %     100 %     100 %
                                     

    The following table contains a reconciliation of GAAP gross profit and margin to non-GAAP gross profit and margin:

    Tactile Systems Technology, Inc.
    Reconciliation of Gross Profit and Margin to Non-GAAP Gross Profit and Margin
    (Unaudited)
                                     
        Three Months Ended   Nine Months Ended
        September 30, September 30,
    (Dollars in thousands)   2024   2023   2024   2023
    Gross profit, as reported   $ 54,787     $ 49,359     $ 152,319     $ 139,126  
    Gross margin, as reported     75.0 %     70.9 %     73.4 %     70.7 %
    Reconciling items:                                
    Non-cash intangible asset amortization expense   $ 317     $ 316     $ 950     $ 945  
    Non-GAAP gross profit   $ 55,104     $ 49,675     $ 153,269     $ 140,071  
    Non-GAAP gross margin     75.4 %     71.4 %     73.9 %     71.2 %
                                     

    The following table contains a reconciliation of GAAP operating income to non-GAAP operating income:

    Tactile Systems Technology, Inc.
    Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
    (Unaudited)
                                 
        Three Months Ended   Nine Months Ended
        September 30, September 30,
    (Dollars in thousands)   2024   2023   2024   2023
    GAAP operating income   $ 6,781     $ 7,989     $ 9,666     $ 6,241  
    Reconciling items:                            
    Non-cash intangible asset amortization expense impacting gross profit   $ 317     $ 316     $ 950     $ 945  
    Non-cash intangible asset amortization expense impacting operating expenses     633       633       1,898       1,919  
    Change in fair value of earn-out     —       (3,705 )     —       (2,475 )
    Executive transition expenses     136       —       111       —  
    Non-GAAP operating income:   $ 7,867     $ 5,233     $ 12,625     $ 6,630  
                                     

    The following table contains a reconciliation of GAAP net income to non-GAAP net income:

    Tactile Systems Technology, Inc.
    Reconciliation of GAAP Net Income to Non-GAAP Net Income
    (Unaudited)
                             
        Three Months Ended   Nine Months Ended
        September 30, September 30,
    (Dollars in thousands)   2024   2023   2024   2023
    GAAP net income   $ 5,155     $ 22,299     $ 7,244     $ 20,313  
    Reconciling items:                        
    Non-cash intangible asset amortization expense impacting gross profit   $ 317     $ 316     $ 950     $ 945  
    Non-cash intangible asset amortization expense impacting operating expenses     633       633       1,898       1,919  
    Change in fair value of earn-out     —       (3,705 )     —       (2,475 )
    Executive transition expenses     136       —       111       —  
    Income tax expense on reconciling items*     (272 )     689       (740 )     (97 )
    Non-GAAP net income   $ 5,969     $ 20,232     $ 9,463     $ 20,605  
    * The effect of income tax on the reconciling items is estimated using the Company’s effective statutory tax rate.
     

    The following table contains a reconciliation of net income to Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023, as well as the dollar and percentage change between the comparable periods:

    Tactile Systems Technology, Inc.
    Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
    (Unaudited)
                                                     
        Three Months Ended   Increase   Nine Months Ended   Increase
        September 30,   (Decrease)   September 30,   (Decrease)
    (Dollars in thousands)   2024   2023   $   %   2024   2023   $   %
    Net income   $ 5,155     $ 22,299     $ (17,144 )   (77 ) %   $ 7,244     $ 20,313     $ (13,069 )   64   %
    Interest (income) expense, net     (452 )     404       (856 )   N.M. %     (823 )     2,235       (3,058 )   (137 ) %
    Income tax expense (benefit)     2,078       (14,714 )     16,792     (114 ) %     3,254       (16,307 )     19,561     (120 )  
    Depreciation and amortization     1,734       1,646       88     5   %     5,079       4,915       164     3   %
    Stock-based compensation     2,070       1,766       304     17   %     5,969       5,597       372     7   %
    Change in fair value of earn-out     —       (3,705 )     3,705     (100 ) %     —       (2,475 )     2,475     (100 ) %
    Executive transition costs     136       —       136     —   %     111       —       111     —   %
    Adjusted EBITDA   $ 10,721     $ 7,696     $ 3,025     39   %   $ 20,834     $ 14,278     $ 6,556     46   %
                                                                     

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    • First quarter SaaS revenue of $76.9 million, up 30% year-over-year
    • Cloud annual recurring revenue (ARR) of $309.1 million, up 27% year-over-year
    • Trailing twelve months’ cloud net revenue retention rate as of September 30, 2024 was 119%

    PALO ALTO, Calif., Nov. 04, 2024 (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 first quarter ended September 30, 2024. Intapp also provided its outlook for the second quarter and updated outlook for the full fiscal year 2025.

    “We’re pleased to start the fiscal year––our fourth as a public company––with the launch of a new vertical AI solution aimed directly at the needs of our target market,” said John Hall, CEO of Intapp. “We are excited by the interest in our new product releases and the ability to support our clients as they move towards digitization and look to innovate through the use of advanced technology.”

    First Quarter of Fiscal Year 2025 Financial Highlights

    • SaaS revenue was $76.9 million, a 30% year-over-year increase compared to the first quarter of fiscal year 2024.
    • Total revenue was $118.8 million, a 17% year-over-year increase compared to the first quarter of fiscal year 2024.
    • Cloud ARR was $309.1 million as of September 30, 2024, a 27% year-over-year increase compared to Cloud ARR as of September 30, 2023. Cloud ARR represented 74% of total ARR as of September 30, 2024, compared to 69% as of September 30, 2023.
    • Total ARR was $417.2 million as of September 30, 2024, a 19% year-over-year increase compared to total ARR as of September 30, 2023.
    • GAAP operating loss was $(7.3) million, compared to a GAAP operating loss of $(14.0) million in the first quarter of fiscal year 2024.
    • Non-GAAP operating income was $15.1 million, compared to a non-GAAP operating income of $6.4 million in the first quarter of fiscal year 2024.
    • GAAP net loss was $(4.5) million, compared to a GAAP net loss of $(15.3) million in the first quarter of fiscal year 2024.
    • Non-GAAP net income was $16.8 million, compared to a non-GAAP net income of $4.6 million in the first quarter of fiscal year 2024.
    • GAAP net loss per share was $(0.06), compared to a GAAP net loss per share of $(0.22) in the first 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 $0.06 in the first quarter of fiscal year 2024.

    Balance Sheet and Cash Flow Highlights

    • Cash and cash equivalents were $253.8 million as of September 30, 2024, compared to $208.4 million as of June 30, 2024.
    • For the three months ended September 30, 2024, net cash provided by operating activities was $24.4 million, compared to net cash provided by operating activities of $11.6 million for the three months ended September 30, 2023.

    Business Highlights

    • As of September 30, 2024, we served more than 2,600 clients, 707 of which each with 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 September 30, 2024 was 119%.
    • We continued to add new clients and expand existing accounts including Crete Professionals Alliance, an alliance of accounting and professional services firms, and private equity firms Alpaca Real Estate and NORD Holding.
    • We announced the availability of Intapp Assist for Terms, which expands generative AI functionality to Intapp’s compliance solutions.
    • Intapp DealCloud was named Deal Origination Solution of the Year at the 2024 Private Equity Wire U.S. Credit Awards.

    Second Quarter and Full Fiscal Year 2025 Outlook

      Fiscal 2025 Outlook
      Second Quarter Fiscal Year
      (in millions, except per share data)
    SaaS revenue $79.5 – $80.5 $327.6 – $331.6
    Total revenue $120.5 – $121.5 $495.5 – $499.5
    Non-GAAP operating income $14.0 – $15.0 $61.5 – $65.5
    Non-GAAP diluted net income per share $0.15 – $0.17 $0.73 – $0.77
     

    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 $23.3 million for the second quarter of fiscal year 2025 and $85.4 million for fiscal year 2025 and amortization of intangible assets of $2.9 million for the second 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 second quarter of fiscal year 2025 and $1.02 per share for fiscal year 2025 and amortization of intangible assets of $0.04 per share for the second 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 Monday, November 4, 2024, 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 second 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 and amortization of intangible assets. 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
    September 30,    		  
        2024     2023  
    Revenues            
    SaaS   $ 76,876     $ 58,913  
    License     28,492       28,051  
    Professional services     13,437       14,611  
    Total revenues     118,805       101,575  
    Cost of revenues            
    SaaS     15,318       12,711  
    License     1,752       1,702  
    Professional services     14,864       17,160  
    Total cost of revenues     31,934       31,573  
    Gross profit     86,871       70,002  
    Gross margin     73.1 %     68.9 %
    Operating expenses:            
    Research and development     32,427       28,496  
    Sales and marketing     37,760       34,419  
    General and administrative     23,938       21,052  
    Total operating expenses     94,125       83,967  
    Operating loss     (7,254 )     (13,965 )
    Interest and other income (expense), net     3,422       (943 )
    Net loss before income taxes     (3,832 )     (14,908 )
    Income tax expense     (688 )     (413 )
    Net loss   $ (4,520 )   $ (15,321 )
    Net loss per share, basic and diluted   $ (0.06 )   $ (0.22 )
    Weighted-average shares used to compute net loss per share, basic and diluted     75,604       68,937  
    INTAPP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited, in thousands)
     
        September 30,
    2024    		     June 30,
    2024    		  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 253,847     $ 208,370  
    Restricted cash     200       200  
    Accounts receivable, net     62,053       95,103  
    Unbilled receivables, net     12,777       13,300  
    Other receivables, net     2,732       2,743  
    Prepaid expenses     11,294       9,031  
    Deferred commissions, current     13,678       13,907  
    Total current assets     356,581       342,654  
    Property and equipment, net     19,441       18,944  
    Operating lease right-of-use assets     20,030       21,382  
    Goodwill     286,472       285,969  
    Intangible assets, net     37,291       40,293  
    Deferred commissions, noncurrent     17,057       18,495  
    Other assets     5,550       5,262  
    Total assets   $ 742,422     $ 732,999  
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Accounts payable   $ 16,013     $ 13,348  
    Accrued compensation     33,958       42,066  
    Accrued expenses     8,600       12,040  
    Deferred revenue, net     203,114       218,923  
    Other current liabilities     11,575       14,270  
    Total current liabilities     273,260       300,647  
    Deferred tax liabilities     1,298       1,336  
    Deferred revenue, noncurrent     2,097       3,563  
    Operating lease liabilities, noncurrent     18,626       19,605  
    Other liabilities     5,021       4,610  
    Total liabilities     300,302       329,761  
    Stockholders’ equity:            
    Common stock     78       75  
    Additional paid-in capital     934,585       891,681  
    Accumulated other comprehensive loss     (841 )     (1,336 )
    Accumulated deficit     (491,702 )     (487,182 )
    Total stockholders’ equity     442,120       403,238  
    Total liabilities and stockholders’ equity   $ 742,422     $ 732,999  
    INTAPP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, in thousands)
     
        Three Months Ended
    September 30,    		  
        2024     2023  
    Cash Flows from Operating Activities:            
    Net loss   $ (4,520 )   $ (15,321 )
    Adjustments to reconcile net loss to net cash provided by operating activities:            
    Depreciation and amortization     4,467       4,009  
    Amortization of operating lease right-of-use assets     1,280       1,130  
    Accounts receivable allowances     550       425  
    Stock-based compensation     19,989       18,757  
    Change in fair value of contingent consideration     (1,004 )     (1,431 )
    Deferred income taxes     (48 )     (113 )
    Other     38       38  
    Changes in operating assets and liabilities:            
    Accounts receivable     30,207       23,472  
    Unbilled receivables, current     523       (3,886 )
    Prepaid expenses and other assets     (2,568 )     (1,342 )
    Deferred commissions     1,667       121  
    Accounts payable and accrued liabilities     (8,060 )     (11,277 )
    Deferred revenue, net     (17,275 )     222  
    Operating lease liabilities     (1,331 )     (1,571 )
    Other liabilities     531       (1,621 )
       Net cash provided by operating activities     24,446       11,612  
    Cash Flows from Investing Activities:            
    Purchases of property and equipment     (354 )     (1,141 )
    Capitalized internal-use software costs     (1,534 )     (1,861 )
    Business combinations, net of cash acquired     (897 )     —  
       Net cash used in investing activities     (2,785 )     (3,002 )
    Cash Flows from Financing Activities:            
    Payments for deferred offering costs     —       (633 )
    Proceeds from stock option exercises     22,918       2,324  
    Payments of deferred contingent consideration and holdback associated with acquisitions     (1,387 )     —  
       Net cash provided by financing activities     21,531       1,691  
    Effect of foreign currency exchange rate changes on cash and cash equivalents     2,285       261  
       Net increase in cash, cash equivalents and restricted cash     45,477       10,562  
    Cash, cash equivalents and restricted cash – beginning of period     208,570       131,185  
    Cash, cash equivalents and restricted cash – end of period   $ 254,047     $ 141,747  
    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
    September 30,    		  
        2024     2023  
    GAAP gross profit   $ 86,871     $ 70,002  
    Adjusted to exclude the following:            
    Stock-based compensation     2,232       1,874  
    Amortization of intangible assets     1,571       1,055  
    Restructuring and other costs     10       —  
    Non-GAAP gross profit   $ 90,684     $ 72,931  
    Non-GAAP gross margin     76.3 %     71.8 %
    Non-GAAP Operating Expenses
        Three Months Ended
    September 30,    		  
        2024     2023  
    GAAP research and development   $ 32,427     $ 28,496  
    Stock-based compensation     (4,624 )     (4,646 )
    Restructuring and other costs     (48 )     —  
    Non-GAAP research and development   $ 27,755     $ 23,850  
                 
    GAAP sales and marketing   $ 37,760     $ 34,419  
    Stock-based compensation     (5,738 )     (5,339 )
    Amortization of intangible assets     (1,268 )     (1,487 )
    Non-GAAP sales and marketing   $ 30,754     $ 27,593  
                 
                 
    GAAP general and administrative   $ 23,938     $ 21,052  
    Stock-based compensation     (7,395 )     (6,898 )
    Amortization of intangible assets     (163 )     (163 )
    Change in fair value of contingent consideration     1,004       1,431  
    Transaction costs (1)     (134 )     (328 )
    Restructuring and other costs     (172 )     —  
    Non-GAAP general and administrative   $ 17,078     $ 15,094  
    Non-GAAP Operating Income
        Three Months Ended
    September 30,    		  
        2024     2023  
    GAAP operating loss   $ (7,254 )   $ (13,965 )
    Adjusted to exclude the following:            
    Stock-based compensation     19,989       18,757  
    Amortization of intangible assets     3,002       2,705  
    Change in fair value of contingent consideration     (1,004 )     (1,431 )
    Transaction costs (1)     134       328  
    Restructuring and other costs     230       —  
    Non-GAAP operating income   $ 15,097     $ 6,394  
    Non-GAAP Net Income
        Three Months Ended
    September 30,    		  
        2024     2023  
    GAAP net loss   $ (4,520 )   $ (15,321 )
    Adjusted to exclude the following:            
    Stock-based compensation     19,989       18,757  
    Amortization of intangible assets     3,002       2,705  
    Change in fair value of contingent consideration     (1,004 )     (1,431 )
    Transaction costs (1)     134       328  
    Restructuring and other costs     230       —  
    Income tax effect of non-GAAP adjustments     (1,024 )     (415 )
    Non-GAAP net income   $ 16,807     $ 4,623  
                 
    GAAP net loss per share, basic and diluted   $ (0.06 )   $ (0.22 )
    Non-GAAP net income per share, diluted   $ 0.21     $ 0.06  
                 
    Weighted-average shares used to compute GAAP net loss per share, basic and diluted     75,604       68,937  
    Weighted-average shares used to compute non-GAAP net income per share, diluted     81,538       79,567  
    Free Cash Flow
        Three Months Ended
    September 30,    		  
        2024     2023  
    Net cash provided by operating activities   $ 24,446     $ 11,612  
    Adjusted for the following cash outlay:            
    Purchases of property and equipment     (354 )     (1,141 )
    Free cash flow (2)   $ 24,092     $ 10,471  
     
    (1) Consists of acquisition-related transaction costs 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: EverQuote Announces Record Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue Exceeds 150% Year-Over-Year Growth to $144.5 million
    • Variable Marketing Margin Increases Over 125% Year-Over-Year to $43.9 million
    • Delivers Net Income of $11.6 million and Adjusted EBITDA of $18.8 million

    CAMBRIDGE, Mass., Nov. 04, 2024 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the third quarter ended September 30, 2024.

    “We delivered record third quarter results for revenue, Variable Marketing Margin, or VMM, and Adjusted EBITDA that once again exceeded the high-end of our guidance range,” said Jayme Mendal, CEO of EverQuote. “We continue to benefit from the auto industry recovery and strong execution.  We are strategically investing into this strengthening demand environment, as we continue to effectively optimize our traffic operations, improve our AI-powered bidding solutions, and roll-out our next generation agent technology platform.”

    “Our record third quarter financial results and cash flow are evidence that we are emerging from the auto insurance downturn as a stronger company due to our ability to efficiently scale, drive strong operational leverage, and maintain disciplined expense management,” said Joseph Sanborn, CFO of EverQuote.  “Looking ahead, we expect to build upon our strong performance this year, while judiciously investing to position ourselves as the leader in our industry.”

    Third Quarter 2024 Highlights:
    (Unless otherwise noted, all comparisons are relative to the third quarter of 2023).

    • Total revenue of $144.5 million, an increase of 163%.
    • Automotive insurance vertical revenue of $130.0 million, up 202%, and representing 90% of revenue.
    • Home and renters insurance vertical revenue of $14.1 million, up 30% compared to $10.9 million.
    • VMM increased to $43.9 million, compared to VMM of $19.4 million.
    • GAAP net income improved to $11.6 million, compared to a GAAP net loss of $29.2 million.
    • Adjusted EBITDA increased to $18.8 million, compared to an Adjusted EBITDA loss of $1.9 million.
    • Cash flow from operations of $23.6 million, compared to cash flow from operations of ($4.1) million.
    • Ended the quarter with $82.8 million in cash and cash equivalents, an increase of 36% from $60.9 million at the end of the second quarter of 2024.

    Fourth Quarter 2024 Outlook:

    • Revenue of $131.0 – $136.0 million, representing 140% year-over-year growth at the midpoint.
    • Variable Marketing Margin of $38.0 – $40.0 million, representing 89% year-over-year growth at the midpoint.
    • Adjusted EBITDA of $14.0 – $16.0 million, versus a loss of ($0.9) million in the prior year’s period.

    With respect to the Company’s expectations under “Fourth Quarter 2024 Outlook” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, restructuring and other charges, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

    Conference Call and Webcast Information

    EverQuote will host a conference call and live webcast to discuss its third quarter 2024 financial results at 4:30 p.m. Eastern Time today, November 4, 2024. To access the conference call, dial Toll Free: +1 (800) 715-9871 for the US, or +1 (646) 307-1963 for international callers, and provide conference ID 4210704. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.

    Safe Harbor Statement

    This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company’s quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2024, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7)  risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing margin, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; and (16) the future trading prices of our Class A common stock.

    About EverQuote

    EverQuote operates a leading online insurance marketplace, connecting consumers with insurance providers. Our vision is to become the largest online source of insurance policies by using data, technology, and knowledgeable advisors to make insurance simpler, more affordable, and personalized.

    For more information, visit https://investors.everquote.com and follow on LinkedIn.

    Investor Relations Contact

    Brinlea Johnson
    The Blueshirt Group
    (415) 489-2193

    EVERQUOTE, INC.
    STATEMENTS OF OPERATIONS
     
      Three Months Ended
    September 30,    		     Nine Months Ended
    September 30,    		  
      2024     2023     2024     2023  
      (in thousands except per share)  
    Revenue $ 144,530     $ 55,011     $ 352,735     $ 232,216  
    Cost and operating expenses(1):                              
    Cost of revenue   5,450       6,150       15,502       17,467  
    Sales and marketing   111,794       46,505       273,491       195,537  
    Research and development   8,026       6,270       21,913       21,647  
    General and administrative   7,594       5,741       22,105       19,339  
    Restructuring and other charges   —       19,757       —       23,589  
    Acquisition-related costs   —       —       —       (150 )
    Total cost and operating expenses   132,864       84,423       333,011       277,429  
    Income (loss) from operations   11,666       (29,412 )     19,724       (45,213 )
    Other income:                              
    Interest income   554       411       1,396       869  
    Other income, net   53       20       154       5  
    Total other income, net   607       431       1,550       874  
    Income (loss) before income taxes   12,273       (28,981 )     21,274       (44,339 )
    Income tax expense   (719 )     (236 )     (1,411 )     (600 )
    Net income (loss) $ 11,554     $ (29,217 )   $ 19,863     $ (44,939 )
    Net income (loss) per share:                              
    Basic $ 0.33     $ (0.87 )   $ 0.57     $ (1.36 )
    Diluted $ 0.31     $ (0.87 )   $ 0.54     $ (1.36 )
    Weighted average common shares outstanding:                              
    Basic   35,234       33,549       34,845       33,146  
    Diluted   37,214       33,549       36,509       33,146  
                                   
    (1) Amounts include stock-based compensation expense, as follows:          
      Three Months Ended
    September 30,    		     Nine Months Ended
    September 30,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Cost of revenue $ 51     $ 57     $ 129     $ 170  
    Sales and marketing   1,837       2,216       5,083       6,761  
    Research and development   1,342       1,820       4,080       6,479  
    General and administrative   2,216       1,386       6,012       4,585  
    Restructuring and other charges   —       165       —       1,288  
      $ 5,446     $ 5,644     $ 15,304     $ 19,283  
                                   
    EVERQUOTE, INC.
    BALANCE SHEET DATA
     
      September 30,     December 31,  
      2024     2023  
      (in thousands)  
    Cash and cash equivalents $ 82,841     $ 37,956  
    Working capital   79,913       39,293  
    Total assets   180,539       110,925  
    Total liabilities   62,837       30,018  
    Total stockholders’ equity   117,702       80,907  
                   
    EVERQUOTE, INC.
    STATEMENTS OF CASH FLOWS
     
      Three Months Ended
    September 30,    		     Nine Months Ended
    September 30,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Cash flows from operating activities:                              
    Net income (loss) $ 11,554     $ (29,217 )   $ 19,863       (44,939 )
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                              
    Depreciation and amortization expense   1,618       2,251       4,117       5,121  
    Stock-based compensation expense   5,446       5,644       15,304       19,283  
    Loss on sale of health assets   —       19,388       —       19,388  
    Impairment of right-of-use asset   —       384       —       384  
    Change in fair value of contingent consideration liabilities   —       —       —       (150 )
    Provision for bad debt   8       (38 )     16       186  
    Unrealized foreign currency transaction (gains) losses   59       (17 )     56       (1 )
    Changes in operating assets and liabilities:                              
    Accounts receivable   (219 )     (63 )     (27,079 )     7,267  
    Prepaid expenses and other current assets   (1,002 )     770       312       2,637  
    Commissions receivable, current and non-current   1,078       2,740       3,722       2,611  
    Operating lease right-of-use assets   590       632       1,842       2,006  
    Other assets   —       —       (291 )     36  
    Accounts payable   5,220       (2,217 )     29,703       (10,029 )
    Accrued expenses and other current liabilities   75       (3,791 )     1,113       (3,522 )
    Deferred revenue   (120 )     92       (93 )     34  
    Operating lease liabilities   (693 )     (705 )     (2,153 )     (2,348 )
    Net cash provided by (used in) operating activities   23,614       (4,147 )     46,432       (2,036 )
    Cash flows from investing activities:                              
    Acquisition of property and equipment, including costs capitalized for development of internal-use software   (1,489 )     (966 )     (3,111 )     (2,988 )
    Proceeds from sale of health assets   —       13,194       —       13,194  
    Net cash provided by (used in) investing activities   (1,489 )     12,228       (3,111 )     10,206  
    Cash flows from financing activities:                              
    Proceeds from exercise of stock options   288       —       2,902       340  
    Tax withholding payments related to net share settlement   (507 )     (67 )     (1,350 )     (299 )
    Net cash provided by (used in) financing activities   (219 )     (67 )     1,552       41  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   16       (13 )     12       3  
    Net increase in cash, cash equivalentsand restricted cash   21,922       8,001       44,885       8,214  
    Cash, cash equivalents and restricted cash at beginning of period   60,919       31,048       37,956       30,835  
    Cash, cash equivalents and restricted cash at end of period $ 82,841     $ 39,049     $ 82,841     $ 39,049  
                                   
    EVERQUOTE, INC.
    FINANCIAL AND OPERATING METRICS
     
    Revenue by vertical:
     
      Three Months Ended September 30,     Change  
      2024     2023     %  
      (in thousands)          
    Automotive $ 130,005     $ 43,077       201.8 %
    Home and renters   14,142       10,889       29.9 %
    Other   383       1,045       -63.3 %
    Total revenue $ 144,530     $ 55,011       162.7 %
                           
      Nine Months Ended September 30,     Change  
      2024     2023     %  
      (in thousands)          
    Automotive $ 310,165     $ 182,520       69.9 %
    Home and renters   40,715       31,068       31.1 %
    Other   1,855       18,628       -90.0 %
    Total revenue $ 352,735     $ 232,216       51.9 %
                           

    Other financial and non-financial metrics:

      Three Months Ended September 30,     Change  
      2024     2023     %  
      (in thousands)          
    Income (loss) from operations $ 11,666     $ (29,412 )     -139.7 %
    Net income (loss) $ 11,554     $ (29,217 )     -139.5 %
    Variable marketing margin $ 43,931     $ 19,368       126.8 %
    Adjusted EBITDA(1) $ 18,783     $ (1,905 )   NM  
                         
      Nine Months Ended September 30,     Change  
      2024     2023     %  
      (in thousands)          
    Income (loss) from operations $ 19,724     $ (45,213 )     -143.6 %
    Net income (loss) $ 19,863     $ (44,939 )     -144.2 %
    Variable marketing margin $ 111,204     $ 79,614       39.7 %
    Adjusted EBITDA(1) $ 39,299     $ 1,347     NM  
                         
    (1) Adjusted EBITDA is a non-GAAP measure. Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information.
     

    To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

    The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; restructuring and other charges; acquisition-related costs; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.

    The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.

    The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.

    The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.

    EVERQUOTE, INC.
    RECONCILIATION OF NON-GAAP MEASURES TO GAAP
     
      Three Months Ended
    September 30,    		     Nine Months Ended
    September 30,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Net income (loss) $ 11,554     $ (29,217 )   $ 19,863     $ (44,939 )
    Stock-based compensation   5,446       5,479       15,304       17,995  
    Depreciation and amortization   1,618       2,251       4,117       5,121  
    Restructuring and other charges   —       19,757       —       23,589  
    Acquisition-related costs   —       —       —       (150 )
    Interest income   (554 )     (411 )     (1,396 )     (869 )
    Income tax expense   719       236       1,411       600  
    Adjusted EBITDA $ 18,783     $ (1,905 )   $ 39,299     $ 1,347  

    The MIL Network –

  • MIL-OSI: RYVYL to Announce Third Quarter 2024 Financial Results on Thursday, November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    SANDIEGO, CA, Nov. 04, 2024 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic payment technology for diverse international markets, plans to report financial results for the third quarter of 2024 on Thursday, November 14, 2024, after the market close.

    RYVYL management will host a conference call at 4:30 p.m. Eastern Time on Thursday, November 14, 2024, to discuss the Company’s financial results for the third quarter ended September 30, 2024, provide a corporate update and end with a question-and-answer session. To participate, please use the following information and submit your questions in writing prior to the call at RYVYL@lhai.com.

    Q3 2024 Conference Call and Webcast
    Date: Thursday, November 14, 2024
    Time: 4:30 p.m. Eastern Time
    US Dial In: 1- 877-407-4018
    International Dial In: 1-201-689-8471
    Webcast: Q3 2024 Webcast
    Call me: Link

    Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me link for instant telephone access to the event. The Call me link will be made active 15 minutes prior to scheduled start time.

    A replay of the call will be available through January 14, 2025, by calling 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally and entering access ID 13749031. An archived version of the webcast will also be available for 90 days on the IR section of the RYVYL website or by clicking the webcast link above.

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging proprietary blockchain ledger and electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the timing and expectation of revenues from the license described herein and are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

    IR Contact: David Barnard, LHA Investor Relations, 415-433-3777, RYVYL@lhai.com

    The MIL Network –