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  • MIL-OSI: NXP Semiconductors Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, Nov. 04, 2024 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the third quarter, which ended September 29, 2024. “NXP delivered quarterly revenue of $3.25 billion, in-line with our overall guidance. While we experienced some strength against our expectations in the Communication Infrastructure, Mobile and Automotive end markets, we were confronted with increasing macro related weakness in the Industrial & IoT market. Our guidance for the fourth quarter reflects broader macro weakness especially in Europe and the Americas. We focus on managing what is in our control enabling NXP to drive resilient profitability and earnings in an uncertain demand environment,” said Kurt Sievers, NXP President and Chief Executive Officer.

    Key Highlights for the Third Quarter 2024:

    • Revenue was $3.25 billion, down 5 percent year-on-year;
    • GAAP gross margin was 57.4 percent, GAAP operating margin was 30.5 percent and GAAP diluted Net Income per Share was $2.79;
    • Non-GAAP gross margin was 58.2 percent, non-GAAP operating margin was 35.5 percent, and non-GAAP diluted Net Income per Share was $3.45;
    • Cash flow from operations was $779 million, with net capex investments of $186 million, resulting in non-GAAP free cash flow of $593 million;
    • During the third quarter of 2024, NXP continued to execute its capital return policy with the payment of $259 million in cash dividends, and the repurchase of $305 million of its common shares. The total capital return of $564 million in the quarter represented 95 percent of third quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return to shareholders represented $2.4 billion or 87 percent of non-GAAP free cash flow. The interim dividend for the third quarter 2024 was paid in cash on October 9, 2024 to shareholders of record as of September 12, 2024. On August 29th, the NXP board of directors authorized an additional $2.0 billion for share repurchases, resulting in a $2.64 billion share repurchase balance at the end of the third quarter. Subsequent to the end of the third quarter, between September 30, 2024 and November 1, 2024, NXP executed via a 10b5-1 program additional share repurchases totaling $117 million;
    • On August 20, 2024, ESMC, the previously announced manufacturing joint venture between TSMC, Robert Bosch GmbH, Infineon Technologies AG and NXP Semiconductors N.V. held a groundbreaking ceremony to mark the initial phase of construction of its first semiconductor fab in Dresden, Germany;
    • On September 4, 2024, Vanguard International Semiconductor Corporation and NXP Semiconductors N.V. announced the receipt of all necessary governmental approvals from relevant authorities and injected capital to officially establish the previously announced VisionPower Semiconductor Manufacturing Company Pte Ltd (VSMC) manufacturing joint venture. The company will now proceed with the planned construction of VSMC’s first 300mm wafer manufacturing facility;
    • On September 10, 2024, NXP announced the Trimension® SR250, the industry’s first single-chip, UWB solution to enable Industrial and IoT applications that integrates on-chip processing capabilities with both short-range UWB-based radar and secure ranging;
    • On September 17, 2024, NXP announced the MC33777, the world’s first electric vehicle battery junction box IC that consolidates essential BMS functions into a single device; and
    • On September 24, 2024, NXP announced the new i.MX RT700 crossover MCU family, designed to power smart AI-enabled edge devices, such as wearables, consumer medical devices, smart home devices and HMI platforms.

    Summary of Reported Third Quarter 2024 ($ millions, unaudited) (1)

      Q3 2024
    		   Q2 2024
    		   Q3 2023    Q – Q   Y – Y
    Total Revenue $ 3,250     $ 3,127     $ 3,434     4%   -5%
    GAAP Gross Profit $ 1,866     $ 1,792     $ 1,965     4%   -5%
    Gross Profit Adjustments(i) $ (26 )   $ (41 )   $ (45 )        
    Non-GAAP Gross Profit $ 1,892     $ 1,833     $ 2,010     3%   -6%
    GAAP Gross Margin   57.4 %     57.3 %     57.2 %        
    Non-GAAP Gross Margin   58.2 %     58.6 %     58.5 %        
    GAAP Operating Income (Loss) $ 990     $ 896     $ 992     10%   —%
    Operating Income Adjustments(i) $ (163 )   $ (175 )   $ (211 )        
    Non-GAAP Operating Income $ 1,153     $ 1,071     $ 1,203     8%   -4%
    GAAP Operating Margin   30.5 %     28.7 %     28.9 %        
    Non-GAAP Operating Margin   35.5 %     34.3 %     35.0 %        
    GAAP Net Income (Loss) attributable to Stockholders $ 718     $ 658     $ 787          
    Net Income Adjustments(i) $ (172 )   $ (171 )   $ (178 )        
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 890     $ 829     $ 965          
    GAAP diluted Net Income (Loss) per Share(ii) $ 2.79     $ 2.54     $ 3.01          
    Non-GAAP diluted Net Income (Loss) per Share(ii) $ 3.45     $ 3.20     $ 3.70          
    Additional information
      Q3 2024
    		   Q2 2024
    		   Q3 2023
    		   Q – Q   Y – Y
    Automotive $ 1,829     $ 1,728     $ 1,891     6%   -3%
    Industrial & IoT $ 563     $ 616     $ 607     -9%   -7%
    Mobile $ 407     $ 345     $ 377     18%   8%
    Comm. Infra. & Other $ 451     $ 438     $ 559     3%   -19%
    DIO   149       148       134          
    DPO   60       64       60          
    DSO   30       27       25          
    Cash Conversion Cycle   119       111       99          
    Channel Inventory (weeks / months)   8 / 1.9       7 / 1.7       7 / 1.5          
    Gross Financial Leverage(iii)   1.9x       1.9x       2.1x          
    Net Financial Leverage(iv)   1.3x       1.3x       1.3x          
                                   
    1. Additional Information for the Third Quarter 2024:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

    Guidance for the Fourth Quarter 2024: ($ millions, except Per Share data) (1)

                  Guidance Range              
      GAAP   Reconciliation   non-GAAP
      Low   Mid   High       Low   Mid   High
    Total Revenue $3,000   $3,100   $3,200       $3,000   $3,100     $3,200
    Q-Q -8%   -5%   -2%       -8%   -5     -2%
    Y-Y -12%   -9%   -6%       -12%   -9     -6%
    Gross Profit $1,674   $1,746   $1,820   $(35)   $1,709   $1,781     $1,855
    Gross Margin 55.8%   56.3%   56.9%       57.0%   57.5%     58.0%
    Operating Income (loss) $810   $872   $936   $(184)   $994   $1,056     $1,120
    Operating Margin 27.0%   28.1%   29.3%       33.1%   34.1%     35.0%
    Financial Income (expense) $(87)   $(87)   $(87)   $(10)   $(77)   $(77)     $(77)
    Tax rate 17.2%-18.2%       16.3%-17.3%
    NCI & Other $(14)   $(14)   $(14)   $(3)   $(11)   $(11)     $(11)
    Shares – diluted 257.0   257.0   257.0       257.0   257.0     257.0
    Earnings Per Share – diluted $2.26   $2.46   $2.66       $2.93   $3.13     $3.33
                                 

    Note (1) Additional Information:

    1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(10) million; Share-based Compensation, $(15) million; Other Incidentals, $(10) million;
    2. GAAP Operating Income (loss) is expected to include PPA effects, $(39) million; Share-based Compensation, $(118) million; Restructuring and Other Incidentals, $(27) million;
    3. GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;
    4. GAAP Non-Controlling Interest (NCI) and Other is expected to include results relating to non-foundry equity-accounted investees $(3) million;
    5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for Non-controlling interest & Other and the adjustment on Tax due to the earlier mentioned adjustments.

    NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

    Non-GAAP Financial Measures

    In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

    These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

    In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

    The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

    Conference Call and Webcast Information

    The company will host a conference call with the financial community on Tuesday, November 5, 2024 at 8:00 a.m. U.S. Eastern Standard Time (EST) to review the third quarter 2024 results in detail.

    Interested parties may preregister to obtain a user-specific access code for the call here.

    The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

    About NXP Semiconductors

    NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $13.28 billion in 2023. Find out more at www.nxp.com.

    Forward-looking Statements

    This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

    For further information, please contact:
       
    Investors: Media:
    Jeff Palmer Paige Iven
    jeff.palmer@nxp.com paige.iven@nxp.com
    +1 408 205 0687  +1 817 975 0602

    NXP-CORP

    NXP Semiconductors
    Table 1: Condensed consolidated statement of operations (unaudited)

    ($ in millions except share data) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
               
    Revenue $ 3,250     $ 3,127     $ 3,434  
    Cost of revenue   (1,384 )     (1,335 )     (1,469 )
    Gross profit   1,866       1,792       1,965  
    Research and development   (577 )     (594 )     (601 )
    Selling, general and administrative   (265 )     (270 )     (294 )
    Amortization of acquisition-related intangible assets   (29 )     (28 )     (71 )
    Total operating expenses   (871 )     (892 )     (966 )
    Other income (expense)   (5 )     (4 )     (7 )
    Operating income (loss)   990       896       992  
    Financial income (expense):          
    Extinguishment of debt   —       —       —  
    Other financial income (expense)   (82 )     (75 )     (75 )
    Income (loss) before income taxes   908       821       917  
    Benefit (provision) for income taxes   (173 )     (154 )     (123 )
    Results relating to equity-accounted investees   (6 )     (3 )     (2 )
    Net income (loss)   729       664       792  
    Less: Net income (loss) attributable to non-controlling interests   11       6       5  
    Net income (loss) attributable to stockholders   718       658       787  
               
    Earnings per share data:          
    Net income (loss) per common share attributable to stockholders in $
    Basic $ 2.82     $ 2.58     $ 3.06  
    Diluted $ 2.79     $ 2.54     $ 3.01  
               
    Weighted average number of shares of common stock outstanding during the period (in thousands):
    Basic   254,458       255,478       257,488  
    Diluted   257,717       258,732       261,095  
               

    NXP Semiconductors
    Table 2: Condensed consolidated balance sheet (unaudited)

    ($ in millions) As of
      September 29, 2024   June 30, 2024   October 1, 2023
    ASSETS          
    Current assets:          
    Cash and cash equivalents $ 2,748     $ 2,859     $ 4,042  
    Short-term deposits   400       400       —  
    Accounts receivable, net   1,070       927       939  
    Inventories, net   2,234       2,148       2,140  
    Other current assets   574       546       495  
    Total current assets   7,026       6,880       7,616  
               
    Non-current assets:          
    Other non-current assets   2,641       2,290       2,236  
    Property, plant and equipment, net   3,309       3,289       3,197  
    Identified intangible assets, net   735       796       1,010  
    Goodwill   9,958       9,941       9,937  
    Total non-current assets   16,643       16,316       16,380  
               
    Total assets   23,669       23,196       23,996  
               
    LIABILITIES AND EQUITY          
    Current liabilities:          
    Accounts payable   899       929       959  
    Restructuring liabilities-current   52       62       16  
    Other current liabilities   1,542       1,622       1,990  
    Short-term debt   499       499       999  
    Total current liabilities   2,992       3,112       3,964  
               
    Non-current liabilities:          
    Long-term debt   9,683       9,681       10,173  
    Restructuring liabilities   4       7       3  
    Deferred tax liabilities   57       48       44  
    Other non-current liabilities   1,189       1,003       1,014  
    Total non-current liabilities   10,933       10,739       11,234  
               
    Non-controlling interests   338       327       310  
    Stockholders’ equity   9,406       9,018       8,488  
    Total equity   9,744       9,345       8,798  
               
    Total liabilities and equity   23,669       23,196       23,996  
               

    NXP Semiconductors
    Table 3: Condensed consolidated statement of cash flows (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    Cash flows from operating activities:          
    Net income (loss) $ 729     $ 664     $ 792  
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:          
    Depreciation and amortization   218       213       273  
    Share-based compensation   115       114       103  
    Amortization of discount (premium) on debt, net   —       1       1  
    Amortization of debt issuance costs   2       1       2  
    Results relating to equity-accounted investees   6       3       2  
    (Gain) loss on equity securities, net   7       3       4  
    Deferred tax expense (benefit)   (40 )     (23 )     (33 )
    Changes in operating assets and liabilities:          
    (Increase) decrease in receivables and other current assets   (167 )     10       40  
    (Increase) decrease in inventories   (86 )     (46 )     (34 )
    Increase (decrease) in accounts payable and other liabilities   118       (220 )     (128 )
    (Increase) decrease in other non-current assets   (134 )     40       (49 )
    Exchange differences   7       5       5  
    Other items   4       (4 )     10  
    Net cash provided by (used for) operating activities   779       761       988  
    Cash flows from investing activities:          
    Purchase of identified intangible assets   (26 )     (55 )     (42 )
    Capital expenditures on property, plant and equipment   (186 )     (185 )     (200 )
    Proceeds from the disposals of property, plant and equipment   —       1       —  
    Purchase of investments   (159 )     —       (31 )
    Net cash provided by (used for) investing activities   (371 )     (239 )     (273 )
    Cash flows from financing activities:          
    Dividends paid to common stockholders   (259 )     (260 )     (262 )
    Proceeds from issuance of common stock through stock plans   39       3       36  
    Purchase of treasury shares and restricted stock unit
    withholdings    		   (305 )     (310 )     (306 )
    Other, net   (1 )     —       (1 )
    Net cash provided by (used for) financing activities   (526 )     (567 )     (533 )
    Effect of changes in exchange rates on cash positions   7       (4 )     (3 )
    Increase (decrease) in cash and cash equivalents   (111 )     (49 )     179  
    Cash and cash equivalents at beginning of period   2,859       2,908       3,863  
    Cash and cash equivalents at end of period   2,748       2,859       4,042  
               
    Net cash paid during the period for:          
    Interest   27       86       38  
    Income taxes, net of refunds   196       193       165  
    Net gain (loss) on sale of assets:          
    Cash proceeds from the sale of assets   —       1       —  
    Book value of these assets   —       (1 )     —  
    Non-cash investing activities:          
    Non-cash capital expenditures   125       166       167  
               

    NXP Semiconductors
    Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

    ($ in millions except share data) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Gross Profit $ 1,866     $ 1,792     $ 1,965  
    PPA Effects   (12 )     (12 )     (13 )
    Restructuring   —       (4 )     —  
    Share-based compensation   (14 )     (15 )     (14 )
    Other incidentals   —       (10 )     (18 )
    Non-GAAP Gross Profit $ 1,892     $ 1,833     $ 2,010  
    GAAP Gross margin   57.4 %     57.3 %     57.2 %
    Non-GAAP Gross margin   58.2 %     58.6 %     58.5 %
    GAAP Research and development $ (577 )   $ (594 )   $ (601 )
    Restructuring   —       (4 )     4  
    Share-based compensation   (58 )     (58 )     (53 )
    Other incidentals   —       —       (2 )
    Non-GAAP Research and development $ (519 )   $ (532 )   $ (550 )
    GAAP Selling, general and administrative $ (265 )   $ (270 )   $ (294 )
    PPA effects   (1 )     (1 )     (1 )
    Restructuring   —       2       —  
    Share-based compensation   (43 )     (41 )     (36 )
    Other incidentals   (2 )     (2 )     (4 )
    Non-GAAP Selling, general and administrative $ (219 )   $ (228 )   $ (253 )
    GAAP Operating income (loss) $ 990     $ 896     $ 992  
    PPA effects   (42 )     (41 )     (85 )
    Restructuring   —       (6 )     4  
    Share-based compensation   (115 )     (114 )     (103 )
    Other incidentals   (6 )     (14 )     (27 )
    Non-GAAP Operating income (loss) $ 1,153     $ 1,071     $ 1,203  
    GAAP Operating margin   30.5 %     28.7 %     28.9 %
    Non-GAAP Operating margin   35.5 %     34.3 %     35.0 %
    GAAP Income tax benefit (provision) $ (173 )   $ (154 )   $ (123 )
    Income tax effect   9       15       45  
    Non-GAAP Income tax benefit (provision) $ (182 )   $ (169 )   $ (168 )
    GAAP Net income (loss) attributable to stockholders $ 718     $ 658     $ 787  
    PPA Effects   (42 )     (41 )     (85 )
    Restructuring   —       (6 )     4  
    Share-based compensation   (115 )     (114 )     (103 )
    Other incidentals   (6 )     (14 )     (27 )
    Other adjustments:          
    Adjustments to financial income (expense)   (12 )     (8 )     (10 )
    Income tax effect   9       15       45  
    Results relating to equity-accounted investees, excluding Foundry investees1   (6 )     (3 )     (2 )
    Non-GAAP Net income (loss) attributable to stockholders $ 890     $ 829     $ 965  
               
               
    Additional Information:          
    1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
               
    GAAP net income (loss) per common share attributable to stockholders – diluted $ 2.79     $ 2.54     $ 3.01  
    PPA Effects   (0.16 )     (0.16 )     (0.33 )
    Restructuring   —       (0.02 )     0.01  
    Share-based compensation   (0.45 )     (0.44 )     (0.40 )
    Other incidentals   (0.02 )     (0.06 )     (0.10 )
    Other adjustments:          
    Adjustments to financial income (expense)   (0.05 )     (0.03 )     (0.03 )
    Income tax effect   0.04       0.06       0.17  
    Results relating to equity-accounted investees, excluding Foundry investees1   (0.02 )     (0.01 )     (0.01 )
    Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 3.45     $ 3.20     $ 3.70  
               
               
    Additional Information:          
    1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

    NXP Semiconductors
    Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Financial income (expense) $ (82 )   $ (75 )   $ (75 )
    Foreign exchange loss   (3 )     (2 )     (3 )
    Other financial expense   (9 )     (6 )     (7 )
    Non-GAAP Financial income (expense) $ (70 )   $ (67 )   $ (65 )
               

    NXP Semiconductors
    Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Other income (expense) $ (5 )   $ (4 )   $ (7 )
    Other incidentals   (4 )     (2 )     (3 )
    Non-GAAP Other income (expense) $ (1 )   $ (2 )   $ (4 )
               

    NXP Semiconductors
    Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Results relating to equity-accounted investees $ (6 )   $ (3 )   $ (2 )
    Results of equity-accounted investees, excluding Foundry investees1   (6 )     (3 )     (2 )
    Non-GAAP Results relating to equity-accounted investees $ —     $ —     $ —  
               
    Additional Information:
    1. We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

    NXP Semiconductors
    Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Net income (loss) $ 729     $ 664     $ 792  
    Reconciling items to EBITDA (Non-GAAP)          
    Financial (income) expense   82       75       75  
    (Benefit) provision for income taxes   173       154       123  
    Depreciation   149       146       163  
    Amortization   69       67       110  
    EBITDA (Non-GAAP) $ 1,202     $ 1,106     $ 1,263  
    Reconciling items to adjusted EBITDA (Non-GAAP)          
    Results of equity-accounted investees, excluding Foundry investees1   6       3       2  
    Restructuring   —       6       (4 )
    Share-based compensation   115       114       103  
    Other incidental items   6       14       27  
    Adjusted EBITDA (Non-GAAP) $ 1,329     $ 1,243     $ 1,391  
    Trailing twelve month adjusted EBITDA (Non-GAAP)   5,235       5,297       5,384  
               
               
    Additional Information:          
    1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
               
               
    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    Net cash provided by (used for) operating activities $ 779     $ 761     $ 988  
    Net capital expenditures on property, plant and equipment   (186 )     (184 )     (200 )
    Non-GAAP free cash flow $ 593     $ 577     $ 788  
    Trailing twelve month non-GAAP free cash flow $ 2,759     $ 2,954     $ 2,568  
    Trailing twelve month non-GAAP free cash flow as percent of Revenue   21 %     23 %     20 %
               

    The MIL Network –

  • MIL-OSI: Greenlight Re Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, Nov. 04, 2024 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights (all comparisons are to third quarter 2023 unless noted otherwise):

    • Gross premiums written of $168.3 million compared to $183.1 million;
    • Net premiums earned of $151.9 million, compared to $163.1 million;
    • Net underwriting income of $6.1 million, compared to $14.4 million;
    • Total investment income of $28.1 million, compared to $5.1 million;
    • Net income of $35.2 million, or $1.01 per diluted ordinary share, compared to $13.5 million, or $0.39 per diluted ordinary share;
    • Combined ratio of 95.9%, compared to 91.2%; and
    • Fully diluted book value per share increased $1.07, or 6.1%, to $18.72, from $17.65 at June 30, 2024.

    Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “Our third quarter results demonstrated Greenlight Re’s disciplined and resilient underwriting approach, achieving profitable performance for the eighth consecutive quarter. Alongside strong investment returns, Greenlight Re recorded a notably strong quarter.”

    David Einhorn, Chairman of the Board of Directors, said, “Solasglas generated a net return of 5.2% in the third quarter, while maintaining a conservative exposure to equity markets. Despite significant natural catastrophe events during the quarter, Greenlight Re performed well, with positive performance on both our underwriting and investment activities.”

    Third Quarter 2024 Results

    Gross premiums written in the third quarter of 2024 were $168.3 million, compared to $183.1 million in the third quarter of 2023. The $14.7 million decrease, or 8.0%, was primarily due to a personal property contract and a Lloyd’s casualty contract that the Company non-renewed during 2024, and was partially offset by growth in the specialty business. Similarly, earned premiums decreased by $11.2 million, or 6.9%, to $151.9 million.

    The Company recognized net underwriting income of $6.1 million in the third quarter of 2024, compared to net underwriting income of $14.4 million during the equivalent period in 2023. The combined ratio for the third quarter of 2024 was 95.9%, compared to 91.2% for the equivalent period in 2023. Catastrophe losses, including Hurricane Helene, Central European floods and US severe convective storms, added 9.3% to the combined ratio during the third quarter of 2024.

    The Company’s total investment income during the third quarter of 2024 was $28.1 million. The Company’s investment in the Solasglas fund, managed by DME Advisors, returned 5.2%, representing net income of $19.8 million. The Company reported $8.2 million of other investment income, primarily from interest earned on its restricted cash and cash equivalents.

    The net income of $35.2 million contributed to the 6.1% increase in fully diluted book value per share for the quarter, which increased to $18.72 per share at September 30, 2024 from $17.65 at June 30, 2024.

    During the third quarter of 2024, the Company repurchased 547,402 ordinary shares for $7.5 million under its share repurchase plan.

    The following table summarizes the components of the Company’s combined ratio.

        Third Quarter
    Underwriting ratios   2024     2023  
    Loss ratio – current year   65.0 %   61.4 %
    Loss ratio – prior year   (3.7)%   (2.0)%
    Loss ratio   61.3 %   59.4 %
    Acquisition cost ratio   30.4 %   28.8 %
    Composite ratio   91.7 %   88.2 %
    Underwriting expense ratio   4.2 %   3.0 %
    Combined ratio   95.9 %   91.2 %

    Greenlight Capital Re, Ltd. Third Quarter 2024 Earnings Call

    Greenlight Re will host a live conference call to discuss its financial results on Tuesday, November 5, 2024, at 9:00 a.m. Eastern Time. Dial-in details: 

    U.S. toll free  1-877-407-9753
    International  1-201-493-6739

    The conference call can also be accessed via webcast at:

    https://event.webcasts.com/starthere.jsp?ei=1692074&tp_key=a944f284f8

    A telephone replay will be available following the call through November 11, 2024.  The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13749374. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

    2024 Investor Day

    As previously announced, the Company will host its 2024 Investor Day in New York City on Tuesday, November 19, 2024, at 12:00 noon Eastern Time. The event will include a luncheon, detailed presentation from members of the executive management team, and opportunities for live interaction during the Q&A segment.

    Attendees must register in advance. To register, please contact Karin Daly, Greenlight Capital Re’s investor relations representative at IR@greenlightre.ky.

    The 2024 Investor Day will be held exclusively in-person. An archived webcast will become available on the Company’s website following the event.

    Non-GAAP Financial Measures
    In presenting the Company’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including fully diluted book value per share and net underwriting income (loss), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures allow for a more thorough understanding of the underlying business. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

    Forward-Looking Statements
    This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations pillar may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

    About Greenlight Capital Re, Ltd.
    Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

    Investor Relations Contact
    Karin Daly
    Vice President, The Equity Group Inc.
    (212) 836-9623
    IR@greenlightre.ky

    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (expressed in thousands of U.S. dollars, except per share and share amounts)
      September 30, 2024   December 31, 2023
      (UNAUDITED)    
    Assets      
    Investments      
    Investment in related party investment fund, at fair value $ 397,888   $ 258,890
    Other investments   73,559     73,293
    Total investments   471,447     332,183
    Cash and cash equivalents   54,642     51,082
    Restricted cash and cash equivalents   567,091     604,648
    Reinsurance balances receivable (net of allowance for expected credit losses)   718,719     619,401
    Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses)   65,947     25,687
    Deferred acquisition costs   82,206     79,956
    Unearned premiums ceded   35,270     17,261
    Other assets   6,364     5,089
    Total assets $ 2,001,686   $ 1,735,307
    Liabilities and equity      
    Liabilities      
    Loss and loss adjustment expense reserves $ 811,152   $ 661,554
    Unearned premium reserves   347,103     306,310
    Reinsurance balances payable   88,152     68,983
    Funds withheld   20,788     17,289
    Other liabilities   8,491     11,795
    Debt   62,582     73,281
    Total liabilities   1,338,268     1,139,212
    Shareholders’ equity      
    Ordinary share capital (par value $0.10; issued and outstanding, 34,832,493) (2023: par value $0.10; issued and outstanding, 35,336,732) $ 3,483   $ 3,534
    Additional paid-in capital   481,672     484,532
    Retained earnings   178,263     108,029
    Total shareholders’ equity   663,418     596,095
    Total liabilities and equity $ 2,001,686   $ 1,735,307
    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
    (UNAUDITED) 
    (expressed in thousands of U.S. dollars, except percentages and per share amounts)
      Three months ended September 30   Nine months ended September 30
        2024       2023       2024       2023  
    Underwriting revenue              
    Gross premiums written $ 168,346     $ 183,074     $ 554,579     $ 524,472  
    Gross premiums ceded   (26,598 )     (14,789 )     (64,611 )     (35,740 )
    Net premiums written   141,748       168,285       489,968       488,732  
    Change in net unearned premium reserves   10,136       (5,175 )     (18,150 )     (43,030 )
    Net premiums earned $ 151,884     $ 163,110     $ 471,818     $ 445,702  
    Underwriting related expenses              
    Net loss and loss adjustment expenses incurred:              
    Current year $ 98,820     $ 100,143     $ 305,467     $ 273,570  
    Prior year   (5,654 )     (3,300 )     (943 )     10,502  
    Net loss and loss adjustment expenses incurred   93,165       96,843       304,524       284,072  
    Acquisition costs   46,162       46,933       138,226       126,702  
    Underwriting expenses   6,073       4,639       18,223       14,046  
    Deposit interest expense (income), net   377       278       1,020       645  
    Net underwriting income (1) $ 6,107     $ 14,417     $ 9,825     $ 20,237  
                   
    Income (loss) from investment in Solasglas $ 19,844     $ (1,853 )   $ 42,422     $ 27,791  
    Net investment income   8,244       6,958       24,611       24,705  
    Total investment income $ 28,088     $ 5,105     $ 67,033     $ 52,496  
                   
    Corporate expenses $ 4,253     $ 3,266     $ 13,334     $ 13,820  
    Foreign exchange losses (gains)   (5,826 )     1,999       (3,245 )     (7,661 )
    Other income, net   (2,210 )     (706 )     (9,969 )     (5,738 )
    Interest expense   2,018       1,457       4,827       2,977  
    Income tax expense   723       29       1,677       111  
    Net income $ 35,237     $ 13,477     $ 70,234     $ 69,224  
                   
    Earnings per share              
    Basic $ 1.03     $ 0.40     $ 2.05     $ 2.03  
    Diluted $ 1.01     $ 0.39     $ 2.02     $ 1.99  
                   
    Underwriting ratios:              
    Loss ratio – current year   65.0 %     61.4 %     64.7 %     61.4 %
    Loss ratio – prior year (3.7)%   (2.0)%   (0.2)%     2.4 %
    Loss ratio   61.3 %     59.4 %     64.5 %     63.8 %
    Acquisition cost ratio   30.4 %     28.8 %     29.3 %     28.4 %
    Composite ratio   91.7 %     88.2 %     93.8 %     92.2 %
    Underwriting expense ratio   4.2 %     3.0 %     4.1 %     3.3 %
    Combined ratio   95.9 %     91.2 %     97.9 %     95.5 %

    1 Net underwriting income is a non-GAAP financial measure. See “ Key Financial Measures and Non-GAAP Measures” below for discussion and reconciliation of non-GAAP financial measures.

    The following tables present the Company’s net premiums earned and underwriting ratios by line of business: 

      Three months ended September 30   Three months ended September 30
      2024     2023  
      Property   Casualty   Other   Total   Property   Casualty   Other   Total
      ($ in thousands except percentage)
    Net premiums earned $19,134     $83,079     $49,671     $151,884     $24,362     $93,514     $45,234     $163,110  
    Underwriting ratios:                              
    Loss ratio 112.4 %   52.7 %   56.1 %   61.3 %   54.1 %   67.4 %   45.6 %   59.4 %
    Acquisition cost ratio 19.9     34.0     28.4     30.4     17.7     31.9     28.2     28.8  
    Composite ratio 132.3 %   86.7 %   84.5 %   91.7 %   71.8 %   99.3 %   73.8 %   88.2 %
    Underwriting expense ratio             4.2                 3.0  
    Combined ratio             95.9 %               91.2 %
      Nine months ended September 30   Nine months ended September 30
      2024     2023  
      Property   Casualty   Other   Total   Property   Casualty   Other   Total
      ($ in thousands except percentage)
    Net premiums earned $60,610     $263,872     $147,336     $471,818     $63,854     $259,075     $122,773     $445,702  
    Underwriting ratios:                              
    Loss ratio 90.1 %   61.5 %     59.4 %   64.5 %   81.6 %   67.0 %   47.5 %   63.8 %
    Acquisition cost ratio 17.1     32.6       28.3     29.3     18.5     31.0     28.2     28.4  
    Composite ratio 107.2 %   94.1 %     87.7 %   93.8 %   100.1 %   98.0 %   75.7 %   92.2 %
    Underwriting expense ratio             4.1                 3.3  
    Combined ratio             97.9 %               95.5 %


    GREENLIGHT CAPITAL RE, LTD.
    KEY FINANCIAL MEASURES AND NON-GAAP MEASURES

    Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

    The key non-GAAP financial measures used in this news release are:

    • Fully diluted book value per share; and
    • Net underwriting income (loss).

    These non-GAAP financial measures are described below.

    Fully Diluted Book Value Per Share

    Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

    We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

    We calculate basic book value per share as (a) ending shareholders’ equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

    The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

      September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    Numerator for basic and fully diluted book value per share:                  
    Total equity as reported under U.S. GAAP $  663,418   $   634,020   $ 624,458   $ 596,095   $ 575,865
    Denominator for basic and fully diluted book value per share:                  
    Ordinary shares issued and outstanding as reported and denominator for basic book value per share   34,832,493     35,321,144     35,321,144     35,336,732     35,337,407
    Add: In-the-money stock options (1) and all outstanding RSUs   602,013     594,612     585,334     264,870     312,409
    Denominator for fully diluted book value per share   35,434,506     35,915,756     35,906,478     35,601,602     35,649,816
                       
    Basic book value per share $ 19.05   $ 17.95   $ 17.68   $ 16.87   $ 16.30
    Fully diluted book value per share $ 18.72   $ 17.65   $ 17.39   $ 16.74   $ 16.15

    (1) Assuming net exercise by the grantee.

    Net Underwriting Income (Loss)

    One way that we evaluate the Company’s underwriting performance is by measuring net underwriting income (loss). We do not use premiums written as a measure of performance. Net underwriting income (loss) is a performance measure used by management to evaluate the fundamentals underlying the Company’s underwriting operations. We believe that the use of net underwriting income (loss) enables investors and other users of the Company’s financial information to analyze our performance in a manner similar to how management analyzes performance. Management also believes this measure follows industry practice and allows the users of financial information to compare the Company’s performance with that of our industry peer group.

    Net underwriting income (loss) is considered a non-GAAP financial measure because it excludes items used to calculate net income before taxes under U.S. GAAP. We calculate net underwriting income (loss) as net premiums earned less net loss and loss adjustment expenses, acquisition costs, underwriting expenses (including related G&A expenses), and deposit interest expense, plus deposit interest income. The measure excludes, on a recurring basis: (1) investment income (loss); (2) other income (expense) not related to underwriting, including foreign exchange gains or losses, and Lloyd’s interest income and expense; (3) corporate G&A expenses; and (4) interest expense. We exclude total investment income or loss, foreign exchange gains or losses, and Lloyd’s interest income or expense as we believe these items are influenced by market conditions and other factors unrelated to underwriting decisions. Additionally, we exclude corporate G&A and interest expenses because these costs are generally fixed and not incremental to or directly related to our underwriting operations. We believe all of these amounts are largely independent of our underwriting process, and including them could hinder the analysis of trends in our underwriting operations. Net underwriting income (loss) should not be viewed as a substitute for U.S. GAAP net income before income taxes.

    The reconciliations of net underwriting income to income before income taxes (the most directly comparable U.S. GAAP financial measure) on a consolidated basis are shown below:

      Three months ended September 30   Nine months ended September 30
        2024       2023       2024       2023  
      ($ in thousands)
    Income before income tax $ 35,960     $  13,506     $ 71,911     $ 69,335  
    Add (subtract):              
    Total investment income   (28,088 )     (5,105 )     (67,033 )     (52,496 )
    Foreign exchange losses (gains)   (5,826 )     1,999       (3,245 )     (7,661 )
    Other non-underwriting income   (2,210 )     (706 )     (9,969 )     (5,738 )
    Corporate expenses   4,253       3,266       13,334       13,820  
    Interest expense   2,018       1,457       4,827       2,977  
    Net underwriting income $ 6,107     $ 14,417     $ 9,825     $ 20,237  

    The MIL Network –

  • MIL-OSI: Par Pacific Holdings Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Nov. 04, 2024 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended September 30, 2024.

    • Net Income of $7.5 million, or $0.13 per diluted share
    • Adjusted Net Loss of $(5.5) million, or $(0.10) per diluted share
    • Adjusted EBITDA of $51.4 million
    • Record logistics financial results driven by record refining throughput
    • Liquidity increased by $112.1 million while repurchasing $21.9 million of common stock

    Par Pacific reported net income of $7.5 million, or $0.13 per diluted share, for the quarter ended September 30, 2024, compared to $171.4 million, or $2.79 per diluted share, for the same quarter in 2023. Third quarter 2024 Adjusted Net Loss was $(5.5) million, compared to Adjusted Net Income of $193.4 million in the third quarter of 2023. Third quarter 2024 Adjusted EBITDA was $51.4 million, compared to $255.7 million in the third quarter of 2023. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

    “Our third quarter financial results reflect a challenging summer refining margin environment,” said Will Monteleone, President and Chief Executive Officer. “Despite the cyclical downturn, refining system throughput set a quarterly record, our retail and logistics segments delivered consistently strong financial results, and our Hawaii SAF project has entered the construction phase. We are focused on improving operating and capital efficiency while prioritizing safe and reliable operations.”

    Refining

    The Refining segment reported operating income of $19.0 million in the third quarter of 2024, compared to $194.8 million in the third quarter of 2023. Adjusted Gross Margin for the Refining segment was $142.2 million in the third quarter of 2024, compared to $350.6 million in the third quarter of 2023.

    Refining segment Adjusted EBITDA was $20.1 million in the third quarter of 2024, compared to $233.6 million in the third quarter of 2023.

    Hawaii
    The 3-1-2 Singapore Crack Spread was $11.00 per barrel in the third quarter of 2024, compared to $23.39 per barrel in the third quarter of 2023. Throughput in the third quarter of 2024 was 81 thousand barrels per day (Mbpd), compared to 82 Mbpd for the same quarter in 2023. Production costs were $4.58 per throughput barrel in the third quarter of 2024, compared to $4.50 per throughput barrel in the same period of 2023.

    The Hawaii refinery’s Adjusted Gross Margin was $6.10 per barrel during the third quarter of 2024, including a net price lag impact of approximately $5.1 million, or $0.68 per barrel, compared to $13.47 per barrel during the third quarter of 2023.

    Montana
    The RVO Adjusted USGC 3-2-1 Index averaged $14.14 per barrel in the third quarter of 2024, compared to $29.65 in the third quarter of 2023. The Montana refinery’s throughput in the third quarter of 2024 was 57 Mbpd, compared to 55 Mbpd for the same quarter in 2023. Production costs were $11.61 per throughput barrel, compared to $10.83 per throughput barrel in the same period of 2023.

    The Montana refinery’s Adjusted Gross Margin was $12.42 per barrel during the third quarter of 2024, compared to $26.49 per barrel during the third quarter of 2023.

    Washington
    The RVO Adjusted Pacific Northwest 3-1-1-1 Index averaged $15.48 per barrel in the third quarter of 2024, compared to $35.00 per barrel in the third quarter of 2023. The Washington refinery’s throughput was 41 Mbpd in the third quarter of 2024, compared to 41 Mbpd in the third quarter of 2023. Production costs were $3.50 per throughput barrel in the third quarter of 2024, compared to $3.77 per throughput barrel in the same period of 2023.

    The Washington refinery’s Adjusted Gross Margin was $1.76 per barrel during the third quarter of 2024, compared to $12.30 per barrel during the third quarter of 2023.

    Wyoming
    The RVO Adjusted USGC 3-2-1 Index averaged $14.14 per barrel in the third quarter of 2024, compared to $29.65 per barrel in the third quarter of 2023. The Wyoming refinery’s throughput was 19 Mbpd in the third quarter of 2024, compared to 20 Mbpd in the third quarter of 2023. Production costs were $7.00 per throughput barrel in the third quarter of 2024, compared to $6.46 per throughput barrel in the same period of 2023.

    The Wyoming refinery’s Adjusted Gross Margin was $13.65 per barrel during the third quarter of 2024, including a FIFO impact of approximately $(4.7) million, or $(2.63) per barrel, compared to $37.01 per barrel during the third quarter of 2023.

    Retail

    The Retail segment reported operating income of $18.3 million in the third quarter of 2024, compared to $13.3 million in the third quarter of 2023. Adjusted Gross Margin for the Retail segment was $42.6 million in the third quarter of 2024, compared to $38.2 million in the same quarter of 2023.

    Retail segment Adjusted EBITDA was $21.0 million in the third quarter of 2024, compared to $16.7 million in the third quarter of 2023. The Retail segment reported sales volumes of 31.2 million gallons in the third quarter of 2024, compared to 31.1 million gallons in the same quarter of 2023. Third quarter 2024 same store sales fuel volumes decreased by (1.4)% while merchandise revenue increased by 3.8%, compared to third quarter of 2023.

    Logistics

    The Logistics segment reported operating income of $26.2 million in the third quarter of 2024, compared to $20.7 million in the third quarter of 2023. Adjusted Gross Margin for the Logistics segment was $36.3 million in the third quarter of 2024, compared to $35.3 million in the same quarter of 2023.

    Logistics segment Adjusted EBITDA was $33.0 million in the third quarter of 2024, compared to $29.1 million in the third quarter of 2023.

    Liquidity

    Net cash provided by operations totaled $78.5 million for the three months ended September 30, 2024, including working capital inflows of $67.2 million and deferred turnaround expenditures of $(15.6) million. Excluding these items, net cash provided by operations was $26.9 million for the three months ended September 30, 2024. Net cash provided by operations was $269.2 million for the three months ended September 30, 2023. Net cash used in investing activities totaled $(28.3) million for the three months ended September 30, 2024, consisting primarily of capital expenditures, compared to $(5.7) million for the three months ended September 30, 2023. Net cash used in financing activities totaled $(46.8) million for the three months ended September 30, 2024, compared to $(92.9) million for the three months ended September 30, 2023.

    At September 30, 2024, Par Pacific’s cash balance totaled $183.0 million, gross term debt was $546.0 million, and total liquidity was $632.5 million. Net term debt was $363.0 million at September 30, 2024. In the third quarter of 2024, the Company repurchased $21.9 million of common stock.

    Laramie Energy

    In conjunction with Laramie Energy LLC’s (“Laramie’s”) refinancing and subsequent cash distribution to Par Pacific during the first quarter of 2023, we resumed the application of equity method accounting for our investment in Laramie effective February 21, 2023. During the third quarter of 2024, we recorded $(0.3) million of equity losses. Laramie’s total net loss was $(4.2) million in the third quarter of 2024, including unrealized losses on derivatives of $(0.4) million, compared to $(4.7) million in the third quarter of 2023. Laramie’s total Adjusted EBITDAX was $9.9 million in the third quarter of 2024, compared to $15.4 million in the third quarter of 2023.

    Conference Call Information

    A conference call is scheduled for Tuesday, November 5, 2024 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until November 19, 2024 and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 4223997.

    About Par Pacific

    Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

    Forward-Looking Statements

    This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the anticipated synergies and other benefits of the Billings refinery and associated marketing and logistics assets (“Billings Acquisition”), including renewable growth opportunities, the anticipated financial and operating results of the Billings Acquisition and the effect on Par Pacific’s cash flows and profitability (including Adjusted EBITDA and Adjusted Net Income and Free Cash Flow per share); and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

    Contact:
    Ashimi Patel
    VP, Investor Relations & Sustainability
    (832) 916-3355
    apatel@parpacific.com

     
    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  
    Revenues $ 2,143,933     $ 2,579,308     $ 6,142,236     $ 6,048,444  
    Operating expenses              
    Cost of revenues (excluding depreciation)   1,905,200       2,174,385       5,422,875       5,038,211  
    Operating expense (excluding depreciation)   147,049       145,183       444,389       330,146  
    Depreciation and amortization   31,879       35,311       96,679       87,887  
    General and administrative expense (excluding depreciation)   22,399       23,694       87,322       66,148  
    Equity earnings from refining and logistics investments   (3,008 )     (3,934 )     (12,846 )     (4,359 )
    Acquisition and integration costs   (23 )     4,669       68       17,213  
    Par West redevelopment and other costs   4,006       3,127       9,048       8,490  
    Loss on sale of assets, net   —       —       114       —  
    Total operating expenses   2,107,502       2,382,435       6,047,649       5,543,736  
    Operating income   36,431       196,873       94,587       504,708  
    Other income (expense)              
    Interest expense and financing costs, net   (23,402 )     (20,815 )     (61,720 )     (51,974 )
    Debt extinguishment and commitment costs   —       —       (1,418 )     (17,682 )
    Other income (loss), net   1,253       (43 )     (1,447 )     301  
    Equity earnings (losses) from Laramie Energy, LLC   (336 )     —       2,867       10,706  
    Total other expense, net   (22,485 )     (20,858 )     (61,718 )     (58,649 )
    Income before income taxes   13,946       176,015       32,869       446,059  
    Income tax expense   (6,460 )     (4,600 )     (10,496 )     (6,741 )
    Net income $ 7,486     $ 171,415     $ 22,373     $ 439,318  
    Weighted-average shares outstanding              
    Basic   55,729       60,223       57,283       60,241  
    Diluted   56,224       61,404       58,070       61,144  
                   
    Income per share              
    Basic $ 0.13     $ 2.85     $ 0.39     $ 7.29  
    Diluted $ 0.13     $ 2.79     $ 0.39     $ 7.18  
     
    Balance Sheet Data
    (Unaudited)
    (in thousands)
     
      September 30, 2024   December 31, 2023
    Balance Sheet Data      
    Cash and cash equivalents $ 182,977   $ 279,107
    Working capital (1)   542,690     190,042
    ABL Credit Facility   511,000     115,000
    Term debt (2)   546,021     550,621
    Total debt, including current portion   1,043,706     650,858
    Total stockholders’ equity   1,254,026     1,335,424

    ______________________________
    (1)   Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.
    (2)   Term debt includes the Term Loan Credit Agreement and other long-term debt.


    Operating Statistics

    The following table summarizes key operational data:

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Total Refining Segment              
    Feedstocks throughput (Mbpd) (1)   198.4       198.2       186.3       164.6  
    Refined product sales volume (Mbpd) (1)   216.2       217.3       200.2       178.7  
                   
    Hawaii Refinery              
    Feedstocks throughput (Mbpd)   80.7       82.3       80.4       80.9  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   25.6 %     26.5 %     26.0 %     26.7 %
    Distillates   38.3 %     42.1 %     38.1 %     40.8 %
    Fuel oils   32.0 %     26.5 %     32.0 %     28.0 %
    Other products   0.7 %     2.1 %     0.3 %     1.5 %
    Total yield   96.6 %     97.2 %     96.4 %     97.0 %
                   
    Refined product sales volume (Mbpd)   93.5       90.0       87.8       89.2  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 6.10     $ 13.47     $ 10.06     $ 14.74  
    Production costs per bbl ($/throughput bbl) (3)   4.58       4.50       4.66       4.46  
    D&A per bbl ($/throughput bbl)   0.25       0.65       0.47       0.68  
                   
    Montana Refinery              
    Feedstocks Throughput (Mbpd) (1)   57.2       55.4       49.2       57.1  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   46.5 %     50.5 %     49.5 %     49.6 %
    Distillates   34.7 %     27.7 %     31.7 %     28.2 %
    Asphalt   11.0 %     14.7 %     9.3 %     14.4 %
    Other products   4.0 %     3.4 %     4.4 %     3.5 %
    Total yield   96.2 %     96.3 %     94.9 %     95.7 %
                   
    Refined product sales volume (Mbpd) (1)   60.3       63.5       53.4       62.5  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 12.42     $ 26.49     $ 14.15     $ 27.74  
    Production costs per bbl ($/throughput bbl) (3)   11.61       10.83       13.16       10.10  
    D&A per bbl ($/throughput bbl)   1.82       1.63       1.69       1.69  
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Washington Refinery              
    Feedstocks throughput (Mbpd)   41.1       41.0       37.9       40.5  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   23.6 %     22.8 %     24.0 %     23.4 %
    Distillate   35.3 %     34.6 %     34.5 %     34.6 %
    Asphalt   17.4 %     20.1 %     18.6 %     19.4 %
    Other products   19.7 %     18.8 %     19.3 %     18.8 %
    Total yield   96.0 %     96.3 %     96.4 %     96.2 %
                   
    Refined product sales volume (Mbpd)   42.4       44.2       39.6       43.3  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 1.76     $ 12.30     $ 4.03     $ 9.91  
    Production costs per bbl ($/throughput bbl) (3)   3.50       3.77       4.28       4.00  
    D&A per bbl ($/throughput bbl)   1.81       1.79       2.00       1.81  
                   
    Wyoming Refinery              
    Feedstocks throughput (Mbpd)   19.4       19.5       18.8       17.7  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   43.7 %     46.7 %     45.7 %     46.0 %
    Distillate   49.0 %     47.1 %     48.1 %     47.3 %
    Fuel oils   3.4 %     2.5 %     2.5 %     2.5 %
    Other products   2.3 %     1.7 %     2.2 %     1.7 %
    Total yield   98.4 %     98.0 %     98.5 %     97.5 %
                   
    Refined product sales volume (Mbpd)   20.0       19.6       19.4       18.3  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 13.65     $ 37.01     $ 14.42     $ 28.88  
    Production costs per bbl ($/throughput bbl) (3)   7.00       6.46       7.30       7.34  
    D&A per bbl ($/throughput bbl)   2.43       2.41       2.51       2.69  
                   
    Market Indices ($ per barrel)              
    3-1-2 Singapore Crack Spread (4) $ 11.00     $ 23.39     $ 14.04     $ 19.45  
    RVO Adj. Pacific Northwest 3-1-1-1 Index (5)   15.48       35.00       19.49       28.51  
    RVO Adj. USGC 3-2-1 Index (6)   14.14       29.65       17.79       25.96  
                   
    Crude Oil Prices ($ per barrel)              
    Brent $ 78.71     $ 85.92     $ 81.82     $ 81.93  
    WTI   75.27       82.22       77.61       77.28  
    ANS (7)   80.26       89.25       83.49       82.57  
    Bakken Clearbrook   74.41       83.58       76.22       79.38  
    WCS Hardisty   59.98       65.42       62.20       60.75  
    Brent M1-M3   1.31       1.27       1.22       0.74  
                   
    Retail Segment              
    Retail sales volumes (thousands of gallons)   31,232       31,137       91,186       87,710  

    ______________________________
    (1)   Feedstocks throughput and sales volumes per day for the Montana refinery for the three and nine months ended September 30, 2023 are calculated based on the 92 and 122-day periods for which we owned the Montana refinery during the three and nine months ended September 30, 2023, respectively. As such, the amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three and nine months ended September 30, 2023, plus the Montana refinery’s throughput or sales volumes averaged over the periods from July 1, 2023 to September 30, 2023 and June 1, 2023 to September 30, 2023, respectively. The 2024 amounts for the total refining segment represent the sum of the Hawaii, Montana, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three and nine months ended September 30, 2024.
    (2)   We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method.
    (3)   Management uses production costs per barrel to evaluate performance and compare efficiency to other companies in the industry. There are a variety of ways to calculate production costs per barrel; different companies within the industry calculate it in different ways. We calculate production costs per barrel by dividing all direct production costs, which include the costs to run the refineries including personnel costs, repair and maintenance costs, insurance, utilities, and other miscellaneous costs, by total refining throughput. Our production costs are included in Operating expense (excluding depreciation) on our condensed consolidated statements of operations, which also includes costs related to our bulk marketing operations and severance costs.
    (4)   We believe the 3-1-2 Singapore Crack Spread (or three barrels of Brent crude oil converted into one barrel of gasoline and two barrels of distillates (diesel and jet fuel)) is the most representative market indicator for our operations in Hawaii.
    (5)   We believe the RVO Adjusted Pacific Northwest 3-1-1-1 Index (or three barrels of WTI crude oil converted into one barrel of Pacific Northwest gasoline, one barrel of Pacific Northwest ULSD and one barrel of USGC VGO, less 100% of the RVO cost for gasoline and ULSD) is the most representative market indicator for our operations in Washington.
    (6)   We believe the RVO Adjusted USGC 3-2-1 Index (or three barrels of WTI crude oil converted into two barrels of USGC gasoline and one barrel of USGC ULSD, less 100% of the RVO cost) is the most representative market indicator for our operations in Montana and Wyoming.
    (7)   ANS crude price influences the Hawaii Refinery’s financial performance. Beginning in September 2024, the ANS index has been updated from a Platts marker to an Argus marker to better reflect the prompt ANS market.


    Non-GAAP Performance Measures

    Management uses certain financial measures to evaluate our operating performance that are considered non-GAAP financial measures. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

    We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Management uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) and Adjusted EBITDA (as defined below) are useful supplemental financial measures that allow investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure. We believe Adjusted EBITDA by segment (as defined below) is a useful supplemental financial measure to evaluate the economic performance of our segments without regard to financing methods, capital structure, or historical cost basis.

    Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Billings Acquisition.

    Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. In addition, we have modified our environmental obligation mark-to-market adjustment to include only the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (“Washington CCA”) and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities.

    Beginning with financial results reported for the fourth quarter of 2023, Adjusted Net Income (loss) excludes unrealized interest rate derivative losses (gains) and all Laramie Energy related impacts with the exception of cash distributions. We have recast Adjusted Net Income (Loss) for prior periods when reported to conform to the modified presentation.

    Beginning with financial results reported for the first quarter of 2024, Adjusted Net Income (loss) also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities.

    Adjusted Gross Margin

    Adjusted Gross Margin is defined as operating income (loss) excluding:

    •   operating expense (excluding depreciation);
    •   depreciation and amortization (“D&A”);
    •   Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments;
    •   impairment expense;
    •   loss (gain) on sale of assets, net;
    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); and
    •   unrealized loss (gain) on derivatives.

    The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

    Three months ended September 30, 2024 Refining   Logistics   Retail
    Operating income $ 19,005     $ 26,164   $ 18,274
    Operating expense (excluding depreciation)   122,054       3,334     21,661
    Depreciation and amortization   22,623       5,925     2,680
    Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments   658       861     —
    Inventory valuation adjustment   14,057       —     —
    Environmental obligation mark-to-market adjustments   (4,432 )     —     —
    Unrealized gain on commodity derivatives   (31,772 )     —     —
    Gain on sale of assets, net   —       —     —
    Adjusted Gross Margin (1) $ 142,193     $ 36,284   $ 42,615
    Three months ended September 30, 2023 Refining   Logistics   Retail
    Operating income $ 194,847     $ 20,736   $ 13,315
    Operating expense (excluding depreciation)   116,949       6,135     22,099
    Depreciation and amortization   24,278       7,708     2,766
    Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments   821       698     —
    Inventory valuation adjustment   72,823       —     —
    Environmental obligation mark-to-market adjustments   (50,153 )     —     —
    Unrealized gain on commodity derivatives   (8,995 )     —     —
    Adjusted Gross Margin (1) $ 350,570     $ 35,277   $ 38,180
    Nine Months Ended September 30, 2024 Refining   Logistics   Retail
    Operating income $ 82,811     $ 64,579   $ 45,323  
    Operating expense (excluding depreciation)   365,031       11,847     67,511  
    Depreciation and amortization   66,584       19,893     8,471  
    Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments   2,037       2,550     —  
    Inventory valuation adjustment   (6,419 )     —     —  
    Environmental obligation mark-to-market adjustments   (18,199 )     —     —  
    Unrealized loss on commodity derivatives   34,061       —     —  
    Loss (gain) on sale of assets, net   —       124     (10 )
    Adjusted Gross Margin (1) $ 525,906     $ 98,993   $ 121,295  
    Nine Months Ended September 30, 2023 Refining   Logistics   Retail
    Operating income $ 502,123     $ 54,035   $ 42,009
    Operating expense (excluding depreciation)   252,802       13,178     64,166
    Depreciation and amortization   59,827       17,801     8,577
    Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments   821       905     —
    Inventory valuation adjustment   126,799       —     —
    Environmental obligation mark-to-market adjustments   (174,111 )     —     —
    Unrealized gain on commodity derivatives   (487 )     —     —
    Adjusted Gross Margin (1) $ 767,774     $ 85,919   $ 114,752

    ______________________________
    (1)   For the three and nine months ended September 30, 2024 and 2023, there was no impairment expense in Operating income. For the three months ended September 30, 2024 and the three and nine months ended September 30, 2023, there was no (gain) loss on sale of assets recorded in Operating income.


    Adjusted Net Income (Loss) and Adjusted EBITDA

    Adjusted Net Income (Loss) is defined as Net income (loss) excluding:

    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
    •   unrealized (gain) loss on derivatives;
    •   acquisition and integration costs;
    •   redevelopment and other costs related to Par West;
    •   debt extinguishment and commitment costs;
    •   increase in (release of) tax valuation allowance and other deferred tax items;
    •   changes in the value of contingent consideration and common stock warrants;
    •   severance costs and other non-operating expense (income);
    •   (gain) loss on sale of assets;
    •   impairment expense;
    •   impairment expense associated with our investment in Laramie Energy; and
    •   Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions.

    Adjusted EBITDA is defined as Adjusted Net Income (Loss) excluding:

    •   D&A;
    •   interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);
    •   cash distributions from Laramie Energy, LLC to Par;
    •   Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments; and
    •   income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.

    The following table presents a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss), on a historical basis for the periods indicated (in thousands):        

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Net income $ 7,486     $ 171,415     $ 22,373     $ 439,318  
    Inventory valuation adjustment   14,057       72,823       (6,419 )     126,799  
    Environmental obligation mark-to-market adjustments   (4,432 )     (50,153 )     (18,199 )     (174,111 )
    Unrealized loss (gain) on derivatives   (31,196 )     (9,116 )     33,756       (1,151 )
    Acquisition and integration costs   (23 )     4,669       68       17,213  
    Par West redevelopment and other costs   4,006       3,127       9,048       8,490  
    Debt extinguishment and commitment costs   —       —       1,418       17,682  
    Changes in valuation allowance and other deferred tax items (1)   5,707       —       9,238       —  
    Severance costs and other non-operating expense (2)   (1,490 )     615       14,648       1,685  
    Loss on sale of assets, net   —       —       114       —  
    Equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions   336       —       (1,382 )     —  
    Adjusted Net Income (Loss) (3)   (5,549 )     193,380       64,663       435,925  
    Depreciation and amortization   31,879       35,311       96,679       87,887  
    Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)   22,826       20,936       62,025       52,638  
    Laramie Energy, LLC cash distributions to Par   —       —       (1,485 )     (10,706 )
    Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments   1,519       1,519       4,587       1,726  
    Income tax expense (benefit)   753       4,600       1,258       6,741  
    Adjusted EBITDA (3) $ 51,428     $ 255,746     $ 227,727     $ 574,211  

    ______________________________
    (1)   For the three and nine months ended September 30, 2024, we recognized a non-cash deferred tax expense of $5.7 million and $9.2 million, respectively, related to deferred state and federal tax liabilities. This tax benefit is included in Income tax expense (benefit) on our consolidated statements of operations. For the three and nine months ended September 30, 2023, we did not have any adjustments to our valuation allowance and other deferred tax items.
    (2)   For the nine months ended September 30, 2024, we incurred $13.1 million of stock-based compensation expenses associated with accelerated vesting of equity awards and modification of vested equity awards related to our CEO transition and $2.3 million for an estimated legal settlement unrelated to current operating activities.
    (3)   For the three and nine months ended September 30, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) and Adjusted EBITDA made during the reporting periods.

    The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) per share (in thousands, except per share amounts):

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023     2024     2023
    Adjusted Net Income (Loss) $ (5,549 )   $ 193,380   $ 64,663   $ 435,925
    Plus: effect of convertible securities   —       —     —     —
    Numerator for diluted income (loss) per common share $ (5,549 )   $ 193,380   $ 64,663   $ 435,925
                   
    Basic weighted-average common stock shares outstanding   55,729       60,223     57,283     60,241
    Add dilutive effects of common stock equivalents (1)   —       1,181     787     903
    Diluted weighted-average common stock shares outstanding   55,729       61,404     58,070     61,144
                   
    Basic Adjusted Net Income (Loss) per common share $ (0.10 )   $ 3.21   $ 1.13   $ 7.24
    Diluted Adjusted Net Income (Loss) per common share $ (0.10 )   $ 3.15   $ 1.11   $ 7.13

    ______________________________
    (1)   Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Loss per common share for the three months ended September 30, 2024.


    Adjusted EBITDA by Segment

    Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

    •   D&A;
    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
    •   unrealized (gain) loss on derivatives;
    •   acquisition and integration costs;
    •   redevelopment and other costs related to Par West;
    •   severance costs and other non-operating expense (income);
    •   (gain) loss on sale of assets;
    •   impairment expense; and
    •   Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments.

    Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

    The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):

      Three Months Ended September 30, 2024
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 19,005     $ 26,164   $ 18,274   $ (27,012 )
    Depreciation and amortization   22,623       5,925     2,680     651  
    Inventory valuation adjustment   14,057       —     —     —  
    Environmental obligation mark-to-market adjustments   (4,432 )     —     —     —  
    Unrealized gain on commodity derivatives   (31,772 )     —     —     —  
    Acquisition and integration costs   —       —     —     (23 )
    Par West redevelopment and other costs   —       —     —     4,006  
    Severance costs and other non-operating expense   —       —     —     (1,490 )
    Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments   658       861     —     —  
    Other income, net   —       —     —     1,253  
    Adjusted EBITDA (1) $ 20,139     $ 32,950   $ 20,954   $ (22,615 )
      Three Months Ended September 30, 2023
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 194,847     $ 20,736   $ 13,315   $ (32,025 )
    Depreciation and amortization   24,278       7,708     2,766     559  
    Inventory valuation adjustment   72,823       —     —     —  
    Environmental obligation mark-to-market adjustments   (50,153 )     —     —     —  
    Unrealized gain on commodity derivatives   (8,995 )     —     —     —  
    Acquisition and integration costs   —       —     —     4,669  
    Par West redevelopment and other costs   —       —     —     3,127  
    Severance costs and other non-operating expenses   —       —     580     35  
    Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments   821       698     —     —  
    Other loss, net   —       —     —     (43 )
    Adjusted EBITDA (1) $ 233,621     $ 29,142   $ 16,661   $ (23,678 )
      Nine Months Ended September 30, 2024
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 82,811     $ 64,579   $ 45,323     $ (98,126 )
    Depreciation and amortization   66,584       19,893     8,471       1,731  
    Inventory valuation adjustment   (6,419 )     —     —       —  
    Environmental obligation mark-to-market adjustments   (18,199 )     —     —       —  
    Unrealized loss on commodity derivatives   34,061       —     —       —  
    Acquisition and integration costs   —       —     —       68  
    Severance costs and other non-operating expenses   642       —     —       14,006  
    Par West redevelopment and other costs   —       —     —       9,048  
    Loss (gain) on sale of assets, net   —       124     (10 )     —  
    Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments   2,037       2,550     —       —  
    Other loss, net   —       —     —       (1,447 )
    Adjusted EBITDA (1) $ 161,517     $ 87,146   $ 53,784     $ (74,720 )
      Nine Months Ended September 30, 2023
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 502,123     $ 54,035   $ 42,009   $ (93,459 )
    Depreciation and amortization   59,827       17,801     8,577     1,682  
    Inventory valuation adjustment   126,799       —     —     —  
    Environmental obligation mark-to-market adjustments   (174,111 )     —     —     —  
    Unrealized gain on commodity derivatives   (487 )     —     —     —  
    Acquisition and integration costs   —       —     —     17,213  
    Severance costs and other non-operating expenses   —       —     580     1,105  
    Par West redevelopment and other costs   —       —     —     8,490  
    Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments   821       905     —     —  
    Other income, net   —       —     —     301  
    Adjusted EBITDA (1) $ 514,972     $ 72,741   $ 51,166   $ (64,668 )

    ________________________________________
    (1)   For the three and nine months ended September 30, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, or impairments associated with our investment in Laramie Energy. For three months ended September 30, 2024 and for the three and nine months ended September 30, 2023, there was no loss (gain) on sale of assets.


    Laramie Energy Adjusted EBITDAX

    Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative loss (gain), loss (gain) on settled derivative instruments, interest expense, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, exploration and geological and geographical expense, bonus accrual, equity-based compensation expense, loss (gain) on disposal of assets, phantom units, and expired acreage (non-cash). We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

    The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Net income (loss) $ (4,239 )   $ (3,479 )   $ (4,296 )   $ 54,048  
    Commodity derivative (income) loss   (5,234 )     1,889       (15,821 )     (32,951 )
    Gain (loss) on settled derivative instruments   5,584       2,775       14,220       (1,433 )
    Interest expense and loan fees   5,745       5,783       15,783       14,742  
    Gain on extinguishment of debt   —       (3,454 )     —       6,644  
    Non-cash preferred dividend   —       —       —       2,910  
    Depreciation, depletion, amortization, and accretion   8,128       9,248       24,683       22,465  
    Phantom units   (217 )     2,425       (503 )     3,171  
    Loss (gain) on sale of assets, net   (8 )     239       (8 )     307  
    Expired acreage (non-cash)   157       —       722       112  
    Total Adjusted EBITDAX (1) $ 9,916     $ 15,426     $ 34,780     $ 70,015  

    ______________________________
    (1)   For the three and nine months ended September 30, 2024 and 2023, there was no exploration and geological and geographical expense, bonus accrual, or equity-based compensation expense.

    The MIL Network –

  • MIL-OSI: Royalty Pharma and Syndax Pharmaceuticals Enter Into $350 Million Royalty Funding Agreement for Niktimvo

    Source: GlobeNewswire (MIL-OSI)

    • Proceeds expected to support the upcoming planned launches and fund the continued development of Niktimvo and revumenib
    • Expected to fund Syndax through profitability; proforma cash approaching $800 million as of June 30

    NEW YORK and WALTHAM, Mass., Nov. 04, 2024 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) and Syndax Pharmaceuticals (Nasdaq: SNDX) today announced that Royalty Pharma has entered into a $350 million synthetic royalty funding agreement with Syndax based on U.S. net sales of Niktimvo (axatilimab-csfr).

    “We are excited to partner with Syndax, an innovative oncology company with an exciting pipeline” said Pablo Legorreta, founder and CEO of Royalty Pharma. “Niktimvo is a first-in-class product that has the potential to address the serious and devastating complications associated with chronic GVHD, where there is clear unmet need for additional treatment options. We look forward to Syndax and their partner Incyte launching Niktimvo soon and bringing this important medicine to GVHD patients.”

    “We expect this transaction to fund us through profitability, while ensuring that we continue to participate in the profits from Niktimvo and retain the upside of its future growth. With this significant infusion of capital, we are well positioned to successfully launch two first-in-class medicines and expand their opportunity with additional indications,” said Michael A. Metzger, Chief Executive Officer of Syndax. “Royalty Pharma shares our belief that Niktimvo can create significant value as a new treatment option for patients with chronic graft-versus-host disease (GVHD) and recognizes its multi-billion-dollar franchise potential.”

    Under the terms of the agreement, Syndax received an upfront payment of $350 million in exchange for a 13.8% royalty on U.S. net sales of Niktimvo. Royalty payments to Royalty Pharma will cease upon reaching a multiple of 2.35x.

    Advisors

    Gibson, Dunn & Crutcher LLP and Dechert LLP acted as legal advisors to Royalty Pharma. Goldman Sachs & Co. LLC acted as exclusive financial advisor and Cooley LLP acted as legal advisors to Syndax on the transaction.

    About Niktimvo™ (axatilimab-csfr)

    Niktimvo (axatilimab-csfr) is a first-in-class anti-CSF-1R antibody approved for use in the U.S. for the treatment of chronic graft-versus-host disease (GVHD) after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg (88.2 lbs).

    In the U.S., Niktimvo will be co-commercialized by Syndax and Incyte. Incyte has exclusive commercialization rights for Niktimvo outside of the U.S. Syndax anticipates that Niktimvo will be launched in the U.S. no later than early first quarter 2025.

    In 2016, Syndax licensed exclusive worldwide rights to develop and commercialize axatilimab from UCB. In September 2021, Syndax and Incyte entered into an exclusive worldwide co-development and co-commercialization license agreement for axatilimab in chronic GVHD and any future indications.

    Axatilimab is being studied in frontline combination trials in chronic GVHD – a Phase 2 combination trial with ruxolitinib (NCT06388564) is underway and a Phase 3 combination trial with steroids is in preparation. Axatilimab is also being studied in an ongoing Phase 2 trial in patients with idiopathic pulmonary fibrosis (NCT06132256).

    Niktimvo is a trademark of Incyte.
    All other trademarks are the property of their respective owners.

    Important Safety Information
    Warnings and Precautions
    Infusion-Related Reactions

    Niktimvo™ (axatilimab-csfr) can cause infusion-related reactions. Infusion-related reactions, including hypersensitivity reactions, occurred in 18% of patients who received Niktimvo in the clinical trial (AGAVE-201), with Grade 3 or 4 reactions in 1.3%.

    Premedicate with an antihistamine and an antipyretic for patients who have previously experienced an infusion-related reaction to Niktimvo. Monitor patients for signs and symptoms of infusion-related reactions, including fever, chills, rash, flushing, dyspnea, and hypertension. Interrupt or slow the rate of infusion or permanently discontinue Niktimvo based on severity of the reaction.

    Embryo-Fetal Toxicity

    Based on its mechanism of action, Niktimvo may cause fetal harm when administered to a pregnant woman. Advise pregnant women of the potential risk to the fetus. Advise females of reproductive potential to use effective contraception during treatment with Niktimvo and for 30 days after the last dose.

    Adverse Reactions

    Serious adverse reactions occurred in 44% of patients who received Niktimvo (N=79). Serious adverse reactions in >2 patients included infection (pathogen unspecified) (14%), viral infection (14%) and respiratory failure (5.1%). Permanent discontinuation of Niktimvo due to an adverse reaction occurred in 10% of patients and dose reduction due to adverse reaction occurred in 8% of patients. Dose interruptions due to an adverse reaction occurred in 44% of patients. The adverse reactions leading to dose interruption in >2 patients were viral infection, infection (pathogen unspecified), bacterial infection, musculoskeletal pain, and pyrexia.

    The most common (≥15%) adverse reactions, including laboratory abnormalities, were increased aspartate aminotransferase (AST), infection (pathogen unspecified), increased alanine aminotransferase (ALT), decreased phosphate, decreased hemoglobin, viral infection, increased gamma glutamyl transferase (GGT), musculoskeletal pain, increased lipase, fatigue, increased amylase, increased calcium, increased creatine phosphokinase (CPK), increased alkaline phosphatase (ALP), nausea, headache, diarrhea, cough, bacterial infection, pyrexia, and dyspnea.

    Clinically relevant adverse reactions in <10% of patients who received Niktimvo included:

    • Eye disorders: periorbital edema
    • Skin and subcutaneous skin disorders: pruritus
    • Vascular disorders: hypertension

    Immunogenicity: Anti-Drug Antibody–Associated Adverse Reactions
    Across treatment arms in patients with cGVHD who received Niktimvo in clinical trials, among the patients who developed anti-drug antibodies (ADAs), hypersensitivity reactions occurred in 26% (13/50) of patients with neutralizing antibodies (NAb) and in 4% (2/45) of those without NAb.

    Use in Specific Populations
    Lactation

    Because of the potential for serious adverse reactions in a breastfed child, advise women not to breastfeed during treatment and for 30 days after the last dose of Niktimvo.

    Females and Males of Reproductive Potential

    Pregnancy Testing
    Verify pregnancy status in females of reproductive potential prior to initiating Niktimvo.

    Contraception
    Females
    Advise females of reproductive potential to use effective contraception during treatment with Niktimvo and for 30 days after the last dose of Niktimvo.

    Dosage and Administration
    Dosage Modifications for Adverse Reactions

    Monitor aspartate aminotransferase (AST), alanine aminotransferase (ALT), alkaline phosphatase (ALP), creatine phosphokinase (CPK), amylase, and lipase prior to the start of Niktimvo therapy, every 2 weeks for the first month, and every 1 to 2 months thereafter until abnormalities are resolved. See Table 1 in the Prescribing Information for more recommendations. Please see the full Prescribing Information for Niktimvo.

    About Royalty Pharma plc

    Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 16 development-stage product candidates.

    About Syndax

    Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company developing an innovative pipeline of cancer therapies. Highlights of the Company’s pipeline include revumenib, a selective menin inhibitor, and Niktimvo™ (axatilimab-csfr), an FDA-approved monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor. Fueled by our commitment to reimagining cancer care, Syndax is working to unlock the full potential of its pipeline and is conducting several clinical trials across the continuum of treatment. For more information, please visit www.syndax.com.

    Royalty Pharma Forward-Looking Statements

    The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof.

    This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities and market growth. In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the company’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. The company does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law.

    Certain information contained in this document relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the company’s own internal estimates and research. While the company believes these third-party sources to be reliable as of the date of this document, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this document involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the company believes its own internal research is reliable, such research has not been verified by any independent source.

    For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

    Syndax Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend,” “believe” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Syndax’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the expected use of the upfront payment, including funding of the Company through profitability; the Company’s positioning to launch its products and expand opportunity; expectations of Niktimvo’s billion-dollar franchise potential by creating significant value as a new treatment option for patients with chronic GVHD; timing for commercialization of Niktimvo in the U.S.; and the progress, timing, clinical development and scope of clinical trials. Many factors may cause differences between current expectations and actual results, including: unexpected safety or efficacy data observed during preclinical or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; changes in expected or existing competition; changes in the regulatory environment; failure of Syndax’s collaborators to support or advance collaborations or product candidates; and unexpected litigation or other disputes. Other factors that may cause Syndax’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Syndax’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, Syndax assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

    Royalty Pharma Investor Relations and Communications

    +1 (212) 883-6772
    ir@royaltypharma.com

    Syndax Contact

    Sharon Klahre
    +1 (781) 684-9827
    sklahre@syndax.com

    The MIL Network –

  • MIL-OSI: American Coastal Insurance Corporation to Host Their 2024 Virtual Investor Day on December 4th at 11:00 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), will host their 2024 Virtual Investor Day on Wednesday, December 4, 2024, at 11:00 a.m. Eastern Time.

    During the Investor Day, American Coastal’s management team will provide an in-depth presentation of the Company’s strategic initiatives, operation strategies, and financial outlook. The formal presentations will be followed by an interactive Q&A session.

    The event will be broadcast live via webcast in the Investor Relations section of the Company’s website at investors.amcoastal.com. A replay of the video broadcast will be available following the conclusion of the event.

    About American Coastal Insurance Corporation:
    American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

    Contact Information:                
    Alexander Baty                
    Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
    investorrelations@amcoastal.com
    (727) 425-8076        

    Karin Daly
    Investor Relations, Vice President, The Equity Group
    kdaly@equityny.com
    (212) 836-9623

    The MIL Network –

  • MIL-OSI Canada: Grow your career with Alberta’s public service

    Source: Government of Canada regional news

    Alberta called and the world answered. Hundreds of thousands of people are choosing Alberta as the place to find meaningful and well-paying work to support their families and their futures. Alberta’s public sector salaries are some of the strongest in Canada and with less tax, workers have more take-home pay. The cost of living is also lower than in many other jurisdictions, allowing for a better quality of life. New health care facilities will provide thousands of health care positions, and the 90 new schools that will be kick-started over the next three years will all need educators and support staff.

    To support Alberta’s growth, health and safety, there are many other occupations available, including corrections officers, sheriffs and paramedics. These roles, and many others, are available in the province’s big cities and rural areas.

    “Opportunity abounds in Alberta in both the private and public sectors. Working in the public sector provides individuals opportunities that span numerous sectors and skill levels while also being financially rewarding and providing an opportunity to have a positive impact in the daily lives of Albertans. We’re inviting everyone to see the full breadth of meaningful and impactful job opportunities available in our beautiful province.”

    Danielle Smith, Premier

    As the government continues its work to provide high-quality services to Albertans across the province, it is promoting its efficient and effective workforce. To inform people about the great career options in the public service, a provincial advertising campaign will run for the next six weeks. Print, radio, television and social media advertisements will share with Albertans that life, and work, are better here and to ask them to consider a career in the provincial public sector.

    Quick facts

    • Between July 1, 2023, and July 1, 2024, the province’s population expanded by more than 204,000 people, which is an annual growth rate of 4.4 per cent.
    • Alberta’s annual growth is comparable to the population in two new cities the size of Lethbridge or Red Deer.  
    • In the third quarter of 2024, Alberta’s population reached 4.9 million people.

    Related information

    • alberta.ca/BetterHere

    MIL OSI Canada News –

  • MIL-OSI Economics: ONLINE EVENT | Latin America – Spain Railway Dialogues ‘Rails towards a sustainable future”

    Source: CAF Development Bank of Latin America

    Under the title ‘Rails Towards a Sustainable Future’, this event aims to highlight the tremendous potential of rail as a mode of land transport capable of ensuring the mobility of large volumes of people and goods, boosting the economic, environmental, and social sustainability essential for the future. The Railway Dialogues will take place on November 13 and 14 at the La Moneda Cultural Center, gathering experts, government representatives, private companies, and financial institutions involved in the railway sector.

    The first day is designed to foster knowledge sharing and inter-institutional collaboration, creating an ideal setting for learning from expert insights, discovering best practices, and building valuable connections within the railway industry. Authorities from countries such as Chile, Brazil, Panama, Uruguay, and Spain will participate.

    The second day, organized by EFE as part of its 140th anniversary celebration, will address the challenges and opportunities in Chile’s railway sector, including a panel that brings in international railway perspectives with contributions from experts, authorities, and key institutions in the field.

    To mark this anniversary, the La Moneda Cultural Center will also host the exhibition ‘The Train Runs Along the Line‘, which explores the present and future of railways in Chile.

    This event wraps up a week of railway-related activities in Santiago, Chile. In the days leading up to it, the 60th Annual Assembly of the Latin American Railway Association (ALAF) and the Regional Assembly of the International Union of Railways (UIC) will take place.

    Date: November 13 and 14
    Time: 9:30 a.m. (Chile)*
    *The event will be streamed on this microsite

    MIL OSI Economics –

  • MIL-OSI USA: Ohio Celebrates Congresswoman Beatty’s Lifelong Fight for Equality with Hall of Fame Honor

    Source: United States House of Representatives – Congresswoman Joyce Beatty (3rd District of Ohio)

    COLUMBUS, OH —Today, Congresswoman Joyce Beatty (OH-03) was inducted into the Ohio Civil Rights Commission’s 15th Civil Rights Hall of Fame during a ceremony at the Lincoln Theatre. Alongside ten fellow honorees, Congresswoman Beatty was celebrated as a pioneering leader in civil and human rights and a champion of equality and inclusion.

    The Ohio Civil Rights Hall of Fame honors individuals who have made significant contributions to civil rights, cultural awareness, and understanding, advancing a more just society. 

    “It is a profound honor to be recognized alongside such remarkable individuals,”said Congresswoman Beatty. “This induction is not just a reflection of my journey but a testament to the power each of us holds to stand up for equality. Civil rights isn’t just a chapter in history—it’s a commitment to justice that each of us must carry forward.”

    Congresswoman Beatty has been a trailblazing leader in civil rights throughout her career. She has marched alongside Martin Luther King III, Reverend Al Sharpton, and Reverend Jesse Jackson. As a state legislator, she established Ohio’s Rosa Parks Day, making Ohio the first state to recognize this civil rights icon. Breaking barriers, she became Ohio’s first female Democratic House Leader.

    In Congress, Beatty is known as the powerful and productive Chair Emerita of the Congressional Black Caucus (CBC). She spoke at the 50th anniversary of the March on Washington, co-sponsored the bill making Juneteenth a federal holiday, and helped President Joe Biden pass the $1.3 trillion Infrastructure Bill. She also advised the President on his 2022 Executive Order addressing police brutality and chaired Congress’s first Diversity and Inclusion Subcommittee. Currently, Beatty leads the CBC Task Force on Diversity, Equity, and Inclusion.

    Her dedication to civil rights has earned her various accolades, including the Dr. Mary McLeod Bethune Legacy Award. Congresswoman Beatty serves as a National Campaign Advisor for Vice President Kamala Harris and has been included on EBONY magazine’s “Power 150” list of influential African Americans.

    The Ohio Civil Rights Commission commended Congresswoman Beatty and the other inductees for their enduring contributions to equality and inclusion.

    ###

    MIL OSI USA News –

  • MIL-OSI Australia: Publicly available data to help understand tax compliance

    Source: Australian Department of Revenue

    Understand tax compliance in Australia

    An important feature of the Australian tax system is that the details of income earned and taxes paid by taxpayers are kept confidential. This applies for both people and entities. We believe this confidentiality supports full and honest disclosure to us.

    However, an interested person can use a range of tools to better understand a company’s tax position. New data sources are available to help the community understand more about the tax compliance of large corporate groups.

    We encourage community enquiries. These support an informed debate about tax compliance in Australia. Informed debate can balance speculation about low or no tax paid by some corporate groups. It can also address concern about non-compliance by the large corporate groups population in general.

    Sources of information

    Relevant sources of information about a company’s tax position include:

    • reports prepared by the corporate group itself, especially reports written under the voluntary tax transparency code
    • financial reports prepared by the corporate group and lodged, directly or indirectly, with the corporate regulator, ASIC
    • our annual publication of key financial and tax data relevant to large corporate groups under the corporate tax transparency measure
    • informed analysis and media commentary of particular corporate groups or industries including    
      • analysis of annual reports prepared by a corporate group in Australia
      • reports filed by the overseas headquarters of a multinational with operations in Australia.

    How large corporate groups are taxed

    In looking at the tax paid by a particular large corporate group, it is important to remember:

    • income tax isn’t paid on gross income, it’s paid on taxable income, meaning they may pay less or no tax in subsequent years
    • even very large corporate groups sometimes make losses that may mean they don’t pay tax in that year and, subject to integrity provisions in the law, they can carry forward and claim these as a tax deduction in future years
    • Australia generally doesn’t tax the offshore profits of corporate groups where they are comparably taxed overseas
    • the profits of businesses run through trusts are usually taxed at the investor level, not the trust level.

    Voluntary tax transparency code

    We encourage large corporate groups to adopt the voluntary tax transparency code (the Code). This includes entities treated as companies for Australian tax purposes and foreign multinationals with operations in Australia.

    The Code was developed by the Board of Taxation and endorsed by the Australian Government in the 2015–16 federal Budget. It’s designed to encourage greater transparency within the corporate sector, particularly by multinationals. It will improve the community’s understanding of the corporate sector’s compliance with Australia’s tax laws.

    We’re encouraged by the number of corporates volunteering to produce tax performance reports. By 31 August 2023:

    • over 140 corporates published reports for 2021–22
    • over 120 corporates published to date for 2022–23
    • over 20 corporates published to date for 2023–24.

    We believe this will support more informed community debate about the tax system.

    The first Voluntary Tax Transparency Code reportExternal Link for 2015–16 was published on data.gov.au in September 2016. It is updated as we receive more reports from businesses and currently includes 8 years of data. Over 210 corporates have become signatories to the Code.

    Requirement to lodge general purpose financial statements

    Most large corporates file detailed accounts with ASIC. These general purpose financial statements (GPFS) provide some tax payment details, including:

    • the amount they expect to pay as tax liabilities
    • a tax note explaining material tax adjustments, for example, profits and dividends or both from a foreign subsidiary may be exempt for income tax purposes, but treated as income in the accounts
    • any amended assessment received, subject to principles of materiality
    • information on substantial tax disputes, where the reporting entity has to disclose contingent liabilities under the Corporations Act 2001.

    Some large global entities with Australian operations may not have been required to provide full GPFS to ASIC. Sometimes they’ve been able to lodge special purpose financial statements. Separately, grandfathering provisions provided exemptions from filing GPFS with ASIC for some Australian large private companies.

    However, recent changes made to legislation means these companies will no longer be exempt from lodging financial statements with ASIC. The exemption now only applies to financial years ending on or before 9 August 2022 when the Act received royal assent.

    For income years beginning on or after 1 July 2016, legislation now requires significant global entities to lodge GPFS with us if they don’t already provide them to ASIC. We pass these to ASICExternal Link and they make them public in their document register.

    This measure increases the transparency of large multinational companies operating in Australia. Since its introduction, we’ve sent over 15,000 GPFS to ASIC.

    Corporate transparency report

    We publish limited tax details of certain large corporate taxpayers in accordance with tax returns as lodged. This is part of a global push to improve transparency and inform public debate about tax policy.

    The law requires us to publish this information each year. We also provide supporting commentary to give context to the data and help users understand the tax adjustments that may be relevant in arriving at the taxable income. Importantly, this data doesn’t get updated for subsequent ATO-initiated amendments to the returns lodged.

    The information published is drawn from tax return labels and covers:

    • name
    • ABN
    • total income
    • taxable income
    • tax payable
    • petroleum resource rent tax (PRRT) payable.

    Many companies prepare additional information available to the public that provides context to the data we publish.

    We released the 2022–23 Report of entity tax information in November 2024, published on data.gov.au.

    For more information, see:

    Other sources of information

    Some media and professional analysts study corporations and/or industries. These reports sometimes draw on detailed financial updates filed by multinational enterprises in their home jurisdiction. They can indicate taxes paid globally and sometimes taxes paid here in Australia.

    Other analyses of a corporate group’s financial and tax position might arise upon a significant or material event. This may include a merger, acquisition or takeover proposal, or a major change in their financial position following receipt of an amended tax assessment.

    MIL OSI News –

  • MIL-OSI Australia: The OECD four pillars of compliance

    Source: Australian Department of Revenue

    Large corporate group registration

    As significant contributors to the Australian tax system, we’re confident large corporate groups who should be registered in the system are registered. With sophisticated business operations of $250 million or more in revenue annually, these groups are well aware of their tax obligations.

    Large corporate group lodgment

    Large corporate groups predominantly lodge on time. These businesses have significant internal capacity and capability to lodge. Failure to lodge is likely to be symptomatic of broader issues within the business.

    Of those that don’t lodge on time, many are late by less than one month and most are late by less than 3 months. We have specific engagement strategies for these entities. There are also higher penalties for significant global entities that fail to lodge on time.

    Occasionally we may find individual entities within a large corporate group not meeting their lodgment obligations. Often this is due to the entities being dormant or non-trading, which is not a revenue risk under ordinary circumstances.

    Figure 1: Large corporate groups lodgment performance, 2022–23

    Correct reporting

    Measuring assurance and confidence in tax consequences

    Tax assured helps us demonstrate our confidence in the tax system. We consider amounts of tax to be assured where we have evidence they have been reported correctly. We collect evidence from a range of sources including directly from taxpayers.

    Where we can’t gather evidence to assure tax, we rely on our broader risk management approaches to provide us with confidence in tax reporting.

    Tax assured complements other measures, including tax gaps and total revenue effects. Together they provide insight into how well the tax and super systems are performing. We use this insight to assist Treasury with shaping the future design of the systems and our strategies for addressing potential non-compliance.

    We have assured $36.9 billion of income tax reported by large corporate groups for 2021–22 and $39.2 billion for 2020–21.

    You can also find out about How we gain confidence the right amount of tax is being paid.

    Preventative action

    We undertake a range of activities aimed at preventing non-compliance. We do this:

    • across the large corporate groups population generally
    • through direct action with the largest taxpayers in this population.

    You can find out more in Population wide approaches to preventing non-compliance and how we engage with specific taxpayers in Active prevention: one-to-one.

    Corrective action

    Corrective action targets those cases where taxpayers seek to push the boundary of acceptable tax planning. We identify these cases based on:

    • intelligence
    • data analysis
    • risk assessments.

    Where we suspect a particular arrangement is being used by multiple large corporate groups we address the potential non-compliance in a targeted and coordinated way. This includes investigating both taxpayers and advisers we suspect are involved. We also provide early warning to the market of our concerns, often in the form of a taxpayer alert.

    Results from our compliance activities

    Our compliance activities and the results we obtain act as a visible deterrent against large corporate groups choosing not to comply with their Australian tax obligations.

    The significant fluctuation in the outcomes of our corrective action each year reflects the characteristics of the large corporate groups population:

    • There are low levels of systemic tax avoidance, so we don’t have a regular program of audits on the same fact pattern leading to similar audit results across years.
    • The size of the taxpayers and their transactions is such that a single audit case may amount to significant sums in additional tax payable.
    • Complex transactions may be subject to multi-year investigations and subsequent litigation before the taxpayer pays additional taxes and penalties.
    Table 1: Corrective action targeting large corporate groups income tax, 2018–19 to 2023–24

    Corrective action targeting large corporate groups income tax

    2018–19
    $m

    2019–20
    $m

    2020–21
    $m

    2021–22
    $m

    2022–23
    $m

    2023–24
    $m

    Total debits (liabilities) (see Note 1)

    1,876

    2,053

    2,818

    2,666

    1,974

    2,824

    Audit yield (cash) (see Note 2)

    1,136

    1,373

    1,051

    1,428

    1,276

    1,669

    Note 1: Liabilities raised in a given year may relate to multiple years of assessments and include additional tax, penalties and interest.

    Note 2: Audit yield is actual cash collected (or estimated to have been collected) against liabilities raised (in the year and prior) and includes collections on tax, penalties and interest.

    The complexity inherent in the law and the business affairs of large corporate groups can lead to significant differences in interpretation of how the law applies in a given circumstance. Taxpayers can and do dispute amended assessments made by us, sometimes all the way to the courts. The result is not always in our favour.

    Sometimes we settle disputes for a lesser amount than originally assessed. This means the additional cash we collect from an audit doesn’t always equal the amount of additional tax liabilities we raised under the amended assessment.

    Observed behaviours

    Some large corporate groups may engage in tax minimisation or avoidance. But typically, they are not reckless and do not evade tax.

    Where we see an incorrect application of the law and reasonable care hasn’t been taken, we can apply a range of administrative penalties. These vary, depending on the behaviour involved.

    Our analysis of culpability penalty rates imposed confirms a strong compliance culture among large corporate groups. We have not raised a penalty in cases where the taxpayer made a voluntary disclosure or, in our view, had a reasonably arguable position and it is otherwise appropriate to not impose a penalty.

    Even where we have applied penalties, in most cases we considered there was, at most, a lack of reasonable care and not recklessness or intentional disregard. We may reduce a penalty where appropriate based on the facts and circumstances of the case.

    Figure 2: Culpability penalty rates applied to large corporate groups, 2018–19 to 2023–24

    You can also view data for Culpability penalty rates applied to large corporate groups, 2018–19 to 2023–24 in table format.

    On-time payments

    Most large corporate groups generally pay their tax obligations on time and almost all tax is paid within 365 days or within agreed upon timetables.

    As with lodgment obligations, our work managing debts of large corporate groups focuses on cooperative relationships. We also emphasise:

    • transparency
    • prevention before correction
    • early assurance
    • certainty for all parties.

    This is our starting position for working with all businesses. Most businesses work this way with us.

    Figure 3: Large corporate groups payment times, 2022–23

    Large corporate groups income tax debt is relatively small compared to the total corporate income tax reported. Similarly, the income tax value of debt owed by these groups represents only a small percentage of their total tax paid on time, and the majority of this debt is disputed.

    Disputed debt covers tax outstanding that is subject to:

    • an objection with us
    • a review via the Administrative Review Tribunal
    • appeal to the Federal Court.

    We expect that in such a large and complex system we will have disputes. Our intention is to resolve disputes as early as possible, in a way that is fair and respectful.

    A very small amount of debt is owed by former large corporate groups that are now under some form of insolvency administration.

    Figure 4: Large corporate groups debt as a proportion of corporate income tax, 2022–23

    MIL OSI News –

  • MIL-OSI USA: From Logistics to Legacy: NASA Employee is a Part of Something Great

    Source: NASA

    Every task at NASA’s Stennis Space Center near Bay St. Louis, Mississippi, is not simply work for Tessa Keating – it is a meaningful step toward a part of something great.
    “It has been a dream career. I count it an honor to share the NASA story and humbled to know our team witnesses a part of history,” said Keating, a NASA public affairs specialist in the NASA Stennis Office of Communications. “Every day is an opportunity to contribute to the NASA legacy that will last beyond today. “
    Keating plans onsite logistics, serves as a protocol officer, and coordinates the Space Flight Awareness Program for NASA Stennis and the NASA Shared Services Center. In fact, she organized much of the recent Space Flight Awareness Silver Snoopy Award ceremony at NASA Stennis in August, except for one part. As the ceremony finished, NASA Stennis Director John Bailey said one more award was to be given.
    No one was more surprised than the logistics coordinator herself when Keating’s family joined her on stage. The 21-year NASA Stennis employee was honored for her outstanding contributions in sharing the NASA story of exploring the secrets of the universe for the benefit of all with a diverse audience and for equipping everyone with a broader knowledge and appreciation of the center’s vital role within NASA.
    “I am not sure I will ever be able to top that in my NASA career,” Keating said.
    It became a full-circle moment that she described as a great honor. The Silver Snoopy is the astronauts’ personal award and is presented to less than 1 percent of the total NASA workforce. Reid Wiseman, a NASA astronaut and commander for the upcoming Artemis II mission around the Moon, presented the award to Keating, along with a lapel pin flown aboard NASA’s Artemis I mission.
    As NASA returns to the Moon for scientific discovery, economic benefits, and inspiration for the Artemis Generation, Keating says it will be extra-special watching Wiseman and the Artemis II crew lay the groundwork for future milestones.
    Keating helped lay the groundwork ahead of the successful Artemis I mission. She served as lead logistics for onsite guest operations in 2021 when NASA conducted the most powerful propulsion test in more than 40 years at NASA Stennis. A full-duration hot fire of the first SLS (Space Launch System) core stage and its four RS-25 engines culminated a year-long series of integrated tests. Keating coordinated the viewing of the hot fire for some 200 agency leaders and guests, despite restricted settings due to COVID-19.  
    “It was truly a highlight. I had grown up hearing my parents and grandparents talk about engines that were tested during the Apollo era, and I had never experienced something of that magnitude,” Keating said. “I was able to live it, feel it, and watch the next part of NASA history onsite.”
    For Keating, the groundwork for a NASA career came following graduation with a bachelor’s degree in Journalism from William Carey University and a master’s degree in Communications from The University of Southern Mississippi, both schools in Hattiesburg, Mississippi. Having grown up in Pearl River County, Mississippi, for most of her life, she knew about NASA Stennis. However, she did not think she could ever work at the center because her strengths were in areas beyond math and science.
    Following some additional exploration and conversations with influential people in her life, Keating discovered she, in fact, could be a part of something great at NASA Stennis.
    “The possibilities are endless at NASA when you allow yourself to put your best foot forward and research the many opportunities that are available. There is always room for various types of studies,” Keating said. “I credit where I am in my career to God and to the people who have helped to guide my path. I will be forever grateful.” 

    MIL OSI USA News –

  • MIL-OSI USA: Lagniappe for November 2024

    Source: NASA

    Explore Lagniappe for November 2024 featuring:

    NASA Stennis Takes Key Step in Expanding its Range Operations Work
    NASA Stennis Plants Artemis Moon Tree
    NASA Employees Complete Agency Leadership Program

    The month of October is known for becoming cooler in these parts, and there sure were plenty of recent cool moments for NASA Stennis that set the tone for the future.
    Last month, the center marked a milestone for testing a new SLS (Space Launch System) rocket stage to fly on future Artemis missions to the Moon and beyond.
    Crews safely lifted and installed the interstage simulator component that will be used for future testing of NASA’s exploration upper stage on the B-2 side of the Thad Cochran Test Stand.
    Why does this matter?
    When the new upper stage is ready to fly following testing at NASA Stennis, it will allow NASA to send astronauts and larger payloads to the Moon on a single mission.
    It is expected to fly on Artemis IV when astronauts will live and work in humanity’s first lunar space station, Gateway.
    How exciting! This mission will make possible new opportunities for science and preparation for human missions to Mars.
    The massive interstage simulator component lifted and installed at NASA Stennis is 103 tons, or 206,000 pounds. When you learn about the exploration upper stage, and how it functions, it makes sense. The upper stage is powered by four engines and provides more than 97,000 pounds of thrust.
    Speaking of missions to the Moon, have you ever asked yourself why are we returning to the Moon?
    A few goals NASA has set for Artemis missions include: preparing for future exploration missions deeper into space – including Mars – by developing and proving new technologies and capabilities, while learning how to live and operate on the lunar surface; finding and using water and other critical resources needed for long-term exploration; and investigating the Moon’s mysteries to learn more about Earth and the universe for the benefit of all.
    These long-term plans build on more than 50 years of NASA’s experience and are reigniting everyone’s passion for discovery.
    I believe it because the grandgators have been talking NASA nonstop lately.
    All of this culminates with inspiring the Artemis Generation and encouraging young people to pursue studies and careers in science, technology, engineering, and mathematics.
    Throughout the month of October, NASA Stennis representatives have been doing just that, sharing the cool ways NASA explores, innovates, and inspires all of humanity and the Artemis Generation.
    Such stops have included Congressman Bennie Thompson’s College and Career Fair in Greenville, Mississippi, located in the Yazoo-Mississippi Delta area, bordering the state of Arkansas; Cruisin’ the Coast, where car enthusiasts from over 37 states and Canada drive to the Mississippi Gulf Coast annually; and various college and career fairs throughout Pearl River County and Hancock County, areas where many NASA Stennis employees live.
    October indeed was a cool month, and November has started off that way, too. NASA Stennis representatives participated in the NAS Pensacola Blue Angels Homecoming Air Show Nov. 1-2, one of Pensacola’s largest events with more than 150,000 in attendance.
    It marked just the fifth time in history that the U.S. Air Force Thunderbirds and U.S. Navy Blue Angels have flown together. This event also celebrated the 55th anniversary of NASA’s lunar landing.
    Pretty cool, huh?
    > Back to Top

    NASA Stennis Achieves Milestone in Preparation for Future Artemis Testing
    NASA’s Stennis Space Center near Bay St. Louis, Mississippi, achieved a key milestone this week for testing a new SLS (Space Launch System) rocket stage to fly on future Artemis missions to the Moon and beyond.

    NASA Stennis Takes Key Step in Expanding its Range Operations Work
    NASA’s Stennis Space Center near Bay St. Louis, Mississippi, has entered into an agreement with Skydweller Aero Inc. for the company to operate its solar-powered autonomous aircraft in the site’s restricted airspace, a key step towards achieving a strategic center goal.

    NASA Stennis Conducts Water Flush at Fred Haise Test Stand

    NASA Employees Complete Agency Leadership Program

    NASA Stennis Plants Artemis Moon Tree

    NASA Stennis Crews Continue Exploration Upper Stage Preparations

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    LSU Engineering Students Visit NASA Stennis

    U.S. Ambassador Visits NASA Stennis

    NASA Stennis Highlights Return to the Moon in Louisiana

    NASA Stennis Hosts Office of the Chief Information Officer Teams

    Start Your Engines: NASA Stennis Cruises on the Coast

    Stennis Hosts Family Day at INFINITY

    Java with John: Brewing Conversations and Connection with NASA Stennis Employees

    NASA Attends Blue Angels Airshow

    NASA Attends Picayune Street Fair

    > Back to Top

    > Back to Top

    Every task at NASA’s Stennis Space Center near Bay St. Louis, Mississippi, is not simply work for Tessa Keating – it is a meaningful step toward a part of something great.

    > Back to Top

    Lagniappe is published monthly by the Office of Communications at NASA’s Stennis Space Center. The NASA Stennis office may be contacted by at 228-688-3333 (phone); ssc-office-of-communications@mail.nasa.gov (email); or NASA OFFICE OF COMMUNICATIONS, Attn: LAGNIAPPE, Mail code IA00, Building 1111 Room 173, Stennis Space Center, MS 39529 (mail).
    The Lagniappe staff includes: Managing Editor Lacy Thompson, Editor Bo Black, and photographer Danny Nowlin.
    To subscribe to the monthly publication, please email the following to ssc-office-of-communications@mail.nasa.gov – name, location (city/state), email address.

    MIL OSI USA News –

  • MIL-OSI USA: Welch Awarded American Farm Bureau Federation’s “Friend of the Farm Bureau” Award 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    Welch Joins Vermont Farmers and Agriculture Leaders in Fairlee 
    FAIRLEE, VT – U.S. Senator Peter Welch (D-Vt.), Chair of the Senate Agriculture Subcommittee on Rural Development and Energy, was awarded the American Farm Bureau Federation’s “Friend of the Farm Bureau” Award for the 118th Congress for his leadership and commitment to Vermont’s farmers and rural communities. Senator Welch accepted the award at the Vermont Farm Bureau’s annual dinner in Fairlee. 
    “Agriculture is at the heart of what makes Vermont special— our sense of community, our working lands, and neighbors feeding neighbors. But this important part of our State’s culture has been threatened by market pressures and back-to-back floods, which have made it tough for rural families to make ends meet and farmers to stay in business. I’m fighting in Washington to help and will keep working to support Vermont farmers, farmworkers, and families,” said Senator Welch. 
    View photos from the event below: 

    Senator Welch earned the “Friend of the Farm Bureau” award for his dedication and commitment to Vermont’s farmers, agricultural industry, and rural communities. He was nominated by the Vermont Farm Bureau.  
    At the event, Senator Welch highlighted the urgent need to pass a bipartisan Farm Bill to help farmers keep farming and put food on the table for families across America. The Senate’s draft Farm Bill, the Rural Prosperity and Food Security Act, includes several priorities championed by Sen. Welch that will strengthen Vermont’s farms, rural communities, and families, including: 

    The Farmland Access Act, legislation to improve Agricultural Conservation Easement Program (ACEP) entity certification and buy-protect-sell provisions to help protect American farmland for its intended use and expand access to farming for the next generation. 

    The Future Farmers and Ranchers of Tomorrow Act, bicameral legislation to increase access to U.S. Department of Agriculture (USDA) programs for young and new farmers by revising USDA’s “qualified beginning farmer or rancher” definition to allow non-related beginning farmers and ranchers in joint entities to be eligible for FSA loans. 

    The O DAIRY Act, legislation to improve collection of organic dairy market data. 

    The ReConnecting Rural America Act, bipartisan legislation that would codify and clarify components of USDA’s ReConnect Loan and Grant Program and, in so doing, reduce red tape, and speed broadband deployment. 

    The Rural Prosperity and Food Security Act contains more than 100 pieces of legislation that aim to support our farms, create jobs, improve rural infrastructure, expand access to childcare and health care, support rural education and skills training, build out high-speed rural broadband, help build more affordable housing in rural America, assist homeowners and farms transition to greener energy and lower their utility bills, clean up our drinking water, conserve our land, and more.  

    MIL OSI USA News –

  • MIL-OSI United Nations: ‘Hell Is Breaking Loose’ in Lebanon, All-Out War Must Be Avoided, Secretary-General Tells Security Council

    Source: United Nations – Peacekeeping

    Following are UN Secretary-General António Guterres’ remarks to the Security Council meeting on Lebanon, in New York today:

    Hell is breaking loose in Lebanon.  As I told the General Assembly yesterday, we should all be alarmed by the escalation.  Lebanon is at the brink.

    Of course, the Blue Line has seen tensions for years. But, since October 2023, exchanges of fire have expanded in scope, depth and intensity.

    Hizbullah and other non-State armed groups in Lebanon and the Israel Defense Forces have exchanged fire on an almost daily basis — with Hizbullah indicating that they would require a ceasefire in Gaza to cease hostilities.

    The exchanges of fire have been in repeated violation of Security Council resolution 1701 (2006).  The daily use of weapons by non-State armed groups is in violation of Security Council resolutions 1559 (2004) and 1701 (2006).

    Lebanese sovereignty must be respected and the Lebanese State must have full control of weapons throughout Lebanese territory. We support all efforts to strengthen the Lebanese Armed Forces.

    Since October 2023, nearly 200,000 people within Lebanon and over 60,000 from northern Israel have fled their homes.  Many lives have been lost.  All this must stop.

    The communities of northern Israel and southern Lebanon must be able to return to their homes, and live in safety and security, without fear.

    Since the emergency Council session on Lebanon on 20 September — in the wake of the remote detonation of pagers and hand-held radios used by Hizbullah across Lebanon — hostilities have escalated dramatically.

    The past weekend saw heavy exchanges of fire endangering civilians on both sides of the Blue Line — with Israel Defense Forces striking approximately 400 Hizbullah targets in Lebanon, while Hizbullah launched hundreds of missiles, rockets and drones into northern Israel.

    Monday was the bloodiest day in Lebanon in a generation. The Israel Defense Forces said that it struck some 1,600 Hizbullah targets.  Many civilians were killed, and many, many more were injured.  Since then, Israel continued its deadly strikes across Lebanon, including in the southern suburbs of Beirut.

    Lebanon’s Ministry of Public Health reported that 569 people were killed on Monday and Tuesday — including 50 children and 94 women.  Over 1,800 people were injured.  Lebanese authorities report a total of 1,247 deaths since October 2023. Two colleagues from UNHCR [Office of the United Nations High Commissioner for Refugees] were among those killed in yesterday’s bombing.

    Today, further strikes killed at least another 50 people and injured more than 200.  Meanwhile, roads are clogged as families desperately seek safety. Many are stranded at the Beirut airport.

    The Ministry of Interior of Lebanon has reported that over 90,000 people have fled southern and eastern Lebanon towards Beirut and the north-west, with 30,000 people in shelters.

    At least $170 million is needed to respond to growing numbers of displaced and mounting humanitarian needs.  The people of Israel have endured also repeated attacks from Hizbullah and others.

    According to Israeli officials, since last October, more than 8,300 rockets, around 1500 anti-tank missiles and hundreds of explosive unmanned aerial vehicles have targeted Israel — with 49 Israeli deaths and hundreds injured.

    Hizbullah continues to launch drone and increasingly high calibre missile and rocket attacks on military targets and residential areas in Israel.

    Earlier today, they launched a ballistic missile targeting Mossad headquarters near Tel Aviv.

    The ongoing rocket attacks have injured several people in Israel, with homes and other structures damaged.

    Diplomatic efforts have intensified to achieve a temporary ceasefire — allowing for delivery of humanitarian relief and paving the way for the resumption of more durable peace.  We fully support these efforts.

    Earlier this week, the United Nations Special Coordinator for Lebanon — Jeanine Hennis-Plasschaert — travelled to Israel for consultations, underscoring that military escalation is in no one’s interest.

    The Head of Mission and Force Commander of the United Nations Interim Force in Lebanon, UNIFIL — General Aroldo Lazaro — has continued his close engagement with the parties, supporting humanitarian access wherever possible and continuing to urge immediate de-escalation.

    Despite the dangerous conditions, our peacekeepers remain in position.  To mitigate the risk to Mission personnel, most civilian personnel have temporarily relocated north of the Litani River.  A few critical staff members remain in the Mission’s area of operations, together with the blue helmets.

    I want to reiterate our sincere gratitude to our peacekeepers — civilian and military — who serve along the Blue Line, as well as to all the troop-contributing countries.

    I implore the Council to work in lock-step to help put out this fire.  The parties must immediately return to a cessation of hostilities and take real action towards full implementation of resolutions 1559 (2004) and 1701 (2006).

    Civilians must be protected.  Civilian infrastructure must not be targeted.  The safety and security of all UN personnel and assets must be ensured. International law must be respected.

    To all sides, let us say in one clear voice:  Stop the killing and destruction.  Tone down the rhetoric and threats.  Step back from the brink.

    An all-out war must be avoided at all costs.  It would surely be an all-out catastrophe.  The people of Lebanon — as well as the people of Israel — and the people of the world — cannot afford Lebanon to become another Gaza.

    MIL OSI United Nations News –

  • MIL-OSI USA: ICYMI: Our health care system is dysfunctional: Here’s how to make America healthy again

    Source: United States House of Representatives – Representative Chip Roy (R-TX)

    WASHINGTON, D.C. – On Monday, Representative Chip Roy (TX-21) penned an op-ed in The Hill laying out a conservative vision for healthcare freedom as we enter 2025.

    The full text of the op-ed is available at the link here; some key quotes are below:

    • “American healthcare is getting more expensive but Americans aren’t getting healthier… Spending more money on government programs is not the solution. What we need is a fundamental paradigm shift toward healthcare freedom.”
    • “We must end the crony capitalism ruining our healthcare system. We must be brave enough to overhaul the government bureaucrats at NIH, CDC, and the USDA – and to take on Big Insurance, Big Hospital, Big Pharma, Big Corporations, and Big Ag.”
    • “Government-manufactured unhealthiness seems to be by design. Pharma companies, insurance companies, pharmacy benefit managers, and hospitals rarely make money off gym memberships and higher fruit and vegetable sales. By abandoning the focus on health, this makes the cost of everything in healthcare more expensive, and people are discouraged from seeking the care they need.”
    • “Instead of allowing big corporations to dominate healthcare policy, we must empower Americans and reward them for making smarter healthcare decisions…”
    • “Enough is enough. We must embrace two steps to healthcare freedom. First, we must break the grip of the cronyism that feeds us poisoned food and makes a quick buck off the “cure.” Then, we must free the system using DPC and HSAs – among other things –  to destroy the third-party paper pushers’ power to deny us an affordable and personalized relationship with the healthcare provider of our choice.”
    • “Get the government bureaucrat and corporate America out of the way of you and your farmer and you and your providers so that we can make America healthy again.”

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Liberia

    Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

    • Reviewed: 22 November 2022, 14:57 NZDT
    • Still current at: 5 November 2024

    Related news features

    If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.

    Exercise increased caution in Liberia due to the unpredictable security situation and violent crime (level 2 of 4).  

    Liberia

    Violent Crime
    Violent crime occurs throughout Liberia, and there is a high incidence of armed robbery, sexual assault, mugging and residential burglary. Most crime is opportunistic but there are also organised criminal groups. Criminals are often armed, typically with a knife or a machete. The level of crime is much higher after dark. 

    As foreigners may be targeted due to their perceived wealth, avoid displaying or wearing items that appear valuable, such as mobile devices and jewellery. Walking alone or travelling after dark should be avoided. No resistance should be given if you are the victim of an armed robbery or mugging, as this could lead to an escalation in violence. Avoid travelling alone or after dark.

    Liberian police and authorities have a very limited capacity to respond and provide effective protective services, particularly outside the capital Monrovia.  

    Terrorism
     There is no history of terrorism in Liberia; however, terrorist groups remain active across West Africa and attacks in other countries have targeted beach resorts, hotels, cafes and restaurants visited by foreigners.

    New Zealanders in Liberia are advised to keep themselves informed of potential risks to safety and security by monitoring the media and other local information sources. We recommend following any instructions issued by the local authorities and exercising vigilance in public places.

    Local travel
    New Zealanders considering travel to Liberia are advised to make adequate security arrangements with a reliable organisation in advance of your arrival. 

    You should avoid local public transport. Pre-arrange transport for the duration of your stay, including to and from the airport, which is located some distance from downtown Monrovia. Taxis should be booked using a reputable company via a trusted friend or through your hotel. When travelling by road, keep doors locked and windows up at all times, as taxis have been occasionally targeted for robbery. Secure tourist facilities and accommodation are very limited and poorly maintained. Stay only in reputable accommodation with adequate guarding. Photo identification should be carried at all times.

    The security situation in Grand Gedeh and River Gee counties, which border Cote D’Ivoire, can be unstable. There are armed groups near the border and occasional cross-border attacks have occurred in the past.

    Civil Unrest
    The security situation in Liberia remains fragile. Sporadic demonstrations and local disturbances can turn violent and there is ongoing potential for unrest. Police may use tear gas and/or water cannons to disperse demonstrations.  New Zealanders in Liberia are advised to avoid all large crowds, political rallies and demonstrations as they have the potential to turn violent. 

    Scams
    Commercial and internet fraud is common in Liberia. New Zealanders should be wary of any offers that seem too good to be true, as they may be a scam. For further information see our advice on Internet Fraud and International Scams and Internet dating scams. 

    Ebola Virus Disease
    Following an Ebola outbreak in 2014, the World Health Organisation (WHO) declared Liberia free of Ebola Virus Disease (EVD) transmission in June 2016. For more information on Ebola, please see the Ministry of Health’s website and the WHO website. 

    General Travel Advice
    As there is no New Zealand diplomatic presence in Liberia, the ability of the government to provide consular assistance to New Zealand citizens is severely limited. We offer advice to New Zealanders about contingency planning that travellers to Liberia should consider. 

    Modern medical services in Liberia are very limited, so we advise New Zealanders travelling or living in Liberia to have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air.

    Penalties for possession, use or trafficking of illegal drugs are severe and can include lengthy imprisonment or fines.

    Photography of government offices, airports, military establishments or officials, is prohibited, and could result in detention. If in doubt, don’t take a picture.

    Authorities may ask for proof of your identity, so carry a colour photocopy of your passport and visa for Liberia at all times. Checkpoints operate throughout the country.

    New Zealanders in Liberia are encouraged to register their details with the Ministry of Foreign Affairs and Trade.

    Travel tips

    See our regional advice for Africa

    Top of page

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Local News – Papakōwhai shared path open and proving popular

    Source: Porirua City Council

    The newly completed Papakōwhai shared path is a fantastic addition to this part of Porirua, according to one of the area’s school principals.
    The 1.7km shared pathway, along the eastern side of Papakōwhai Rd, improves the connections between key locations, including Aotea College, Aotea Lagoon, Paremata School and Paremata Railway Station. It forms part of the national Te Araroa Trail and was fully funded by the Government’s Transport Choices Fund, led by NZ Transport Agency Waka Kotahi.
    Construction began in November 2023 and it was officially opened on 21 October.
    Paremata School principal Bryce Coleman said it makes it safer for his pupils to get to school.
    “For our students to be able to cycle safely along a busy stretch of road is a real bonus,” he said.
    “Congratulations to the Council and the pathway team for all their hard mahi – it’s just what was needed for the local community and has improved road safety.”
    The shared path supports the Council’s objectives to reduce emissions and focus on moving towards a more climate-resilient way of life.
    The new path includes:
    – 1.7km of shared path – which is 2.5m-3m wide
    – Seven pedestrian crossings to make it safer and easier to get around
    – 50 new streetlight poles with LED lights
    – 5000+ plants to enhance the path past the wetland and to reduce construction impact.
    A key add-on for the project was the installation of the pump track at Aotea Lagoon last December. The loop of mounds and curves provides a riding experience for those on bikes, scooters, roller blades, roller skates and skateboards.

    MIL OSI New Zealand News –

  • MIL-OSI Security: McKeesport Felon Sentenced to Prison for Possession of Firearm and Ammunition

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    PITTSBURGH, Pa. – A resident of McKeesport, Pennsylvania, was sentenced on October 31, 2024, to 33 months in prison for violating federal firearm laws and conditions of his federal supervised release, United States Attorney Eric G. Olshan announced today.

    Senior United States District Judge Joy Flowers Conti imposed the sentence on Jared Abraham Ogrosky, 26, also ordering Ogrosky to serve three years of supervised release following his prison term.

    Ogrosky previously pleaded guilty in this case to possessing a firearm and ammunition as a convicted felon on March 12, 2024. Federal law prohibits possession of a firearm or ammunition by a convicted felon. Additionally, Ogrosky admitted to violating several conditions of his supervised release following his earlier convictions for trafficking in heroin and fentanyl and possession of a firearm in furtherance of a drug trafficking crime.

    Assistant United States Attorney V. Joseph Sonson prosecuted this case on behalf of the government.

    United States Attorney Olshan commended the Bureau of Alcohol, Tobacco, Firearms and Explosives; Allegheny County District Attorney Narcotics Enforcement Team; and U.S. Marshals Service for the investigation leading to the successful prosecution of Ogrosky.

    MIL Security OSI –

  • MIL-OSI USA: Remarks by Vice President Harris at a Campaign Event | Scranton,  PA

    US Senate News:

    Source: The White House
    Montage Mountain ResortScranton, Pennsylvania
    1:52 P.M. EST
    THE VICE PRESIDENT:  Scranton!  (Applause.)  Hey, everybody! 
    Can we hear it for Glen?  (Applause.)  Let’s hear it for Glen.
    Hi, Scranton.  Good afternoon, everyone.  Good afternoon.  It is so good to be with everyone.  (Applause.)  Thank you. 
    Are we ready to do this? 
         AUDIENCE:  Yes!
    THE VICE PRESIDENT: We- — we’re ready to get out the vote? 
         AUDIENCE:  Yes!
    THE VICE PRESIDENT:  We’re ready to win?
         AUDIENCE:  Yes!
    THE VICE PRESIDENT:  All right.  Okay.  So, first, let me thank Glen.  I was — I was telling him when we were just hanging out backstage, so when I — my first office that I ran for was district attorney, and the Carpenters were the first union to endorse me.  (Applause.)  And — and I — and I’ve always — I mean, even before, but always — I will always and always have stood with labor. 
    And so, I’m very proud to stand with you, Glen, with your members, with all the members of labor, as we do this together.  (Applause.) 
    And as he pointed out, there’s a huge difference between me and the other guy, which everybody here knows, which is why you are here to help us get out the vote.  (Applause.) 
    But I thought I would share with you — so, I was — when I was coming in, someone reminded me of — of a story I’ve shared, which is when I first ran for office as DA.  So, I — I started out at six points in the polls, right?  So, you kn- — for anyone who knows, that’s 6 out of 100.  (Laughter.)  No one thought we could win.  And I used to campaign with my ironing board.  (Laughter.)  Okay.  You are wondering, “Now, what is she talking about?”  (Laughter.)
    So, I would grab my ironing board, a roll of duct tape, my pois- — my posters and my flyers, and I’d put them all in my car, and I’d drive to the local grocery stores.  And I’d pull out my ironing board and my duct tape and my posters and my flyers, and I’d walk to the front of the grocery store outside, and I’d stand up my ironing board, because, you see, an ironing board makes a really great standing desk.  (Laughter.)
    And I’d use the duct tape to tape my posters on the outside of the thing, and I’d put my flyers on top of the ironing board.  And I would require people to talk to me as they walked in and out of the grocery store.  (Laughter.)
    And I will tell you, that is how I love to campaign.  I don’t do it as much anymore, obviously.  But what you all are signing up to do today and what you’ve been doing, like, let’s enjoy it.  You know, and I know you do.  I can feel the mood in here.  Because it’s the best of who we are as a democracy. 
    And I think we’ve kind of — (applause) — right?
    And that’s what our campaign has been about.  We are a people-driven campaign, and we love the people.  And we see, in the face of a stranger, a neighbor — right? — and that’s the spirit of what we are doing. 
    And over these last — you know, this whole era of this other guy, you know, it —  but it — what it’s done with all that talk that’s been about trying to have us point fingers at each other and divide each other, it makes people feel alone.  It makes them feel like there’s nobody standing with them. 
    And so, the way I have always been thinking about our campaign and these next 24 hours is as we are getting out the vote, as we are canvassing, let’s be intentional about building community — about building community, about building coalitions, about reminding people we all have so much more in common than what separates us.  There is power in that.  There is power in that.  (Applause.)  And there’s lasting power in that, right?
    It’s about the win, and it is about more.  It is about more.  It is about just strengthening our country and reminding each other we are all in this together.  We rise and fall together.  And that is the strength of who we are and everyone here. 
    That’s the strength of Bob Casey.  We’ve got to get him back in the United States Senate.  (Applause.) 
    That’s the strength of Mayor Cognetti and all that she has been doing.  Right?  (Applause.)
    It’s about leadership that is the kind of leadership that we want.  Right?  They are leaders, we are leaders who understand that the measure of our strength is not based on who we beat down.  It’s based on who we lift up.  Right?  (Applause.)  And so, that’s what we’re going to do.  
    And so, over these next 24 hours, I know everyone is here, including our youngest leaders — I see you over there.  I know you’re not ready to vote because you look like you’re about eight, but — (laughs) — but you tell the adults in your life why it’s important they vote.  Okay?  (Laughs.)  (Applause.)
    But over these next 24 hours, let’s — let’s enjoy this moment to knock on a neighbor’s door and in their face, even if we’ve not met them, know that we have a lot that we care about in common and that we are optimistic about the future of our country, that we love our country, and that that’s what this fight is about, and about the promise of America — and the promise of America being represented by everybody who is here.  
    So, I thank you all for the time that you have taken out of your busy lives.  There are a number of things that each one of you could be doing right now and — but you’re here, and we’re all here together, under this one roof, as a community of people who care and who are dedicated to the hard work that it requires.  
    You know, I — I like to say that you — you know, when you love something, you fight for it.  (Applause.)  And that’s what we’re doing.  And that’s what we’re doing.  We love our country, and we are fighting for the best of who we are.  And —
    AUDIENCE MEMBER:  We love you!
    THE VICE PRESIDENT:  And I love you.  (Applause.)  Thank you.  I love you.
    So —
    AUDIENCE:  Kamala!  Kamala!  Kamala!
    THE VICE PRESIDENT:  Thank you.  Thank you.  Thank you.  Thank you.
    AUDIENCE:  Kamala!  Kamala!  Kamala!
    THE VICE PRESIDENT:  Let’s vote.  Let’s get out the vote.  Let’s get out the vote.  Let’s get out the vote. 
    AUDIENCE:  Let’s get out the vote!  Let’s get out the vote!  Let’s get out the vote!
    THE VICE PRESIDENT:  Let’s get out the vote.  Let’s get out the vote.  Let’s get out the vote.   Let’s win. (Laughs.)  (Applause.)
    All right, let’s get to work.  Twenty-four hours to go.  And I — I so — I — I’m so grateful for everyone here.  I — I just — I’ll end with this point.  You know, I have the — I have the privilege, I have the blessing of being able to travel around our country.  And I’m telling you guys, we’re good.  We’re good.  We’re good.  (Applause.)  We really are.  
    I mean, every — I s- — I go into rooms with people who s- — again, seemingly have nothing in common and have everything in common — rooms of people of all kinds of different backgrounds, of ages coming together in this sense of just the — the collective.  We’re good.
    And so, we’re going to keep doing this work with the optimism that it requires to be strong.  Everyone here knows, in the context of your family, in your life, when you believe something is possible, you put in the hard work, and you know it’s good work — hard work is good work, it’s joyful work — and we get the job done.  
    Let’s get this done.  Thank you all.  (Applause.)
    END                 2:00 P.M. EDT

    MIL OSI USA News –

  • MIL-OSI Europe: Press release – Hearing of Commissioner-designate Apostolos Tzitzikostas

    Source: European Parliament 3

    On Monday evening, the Transport and Tourism Committee questioned Apostolos Tzitzikostas, Greek candidate for the sustainable transport and tourism portfolio.

    The committee chair and political group coordinators will meet without delay to assess the performance and qualification of the Commissioner-designate.

    Competitive transport, which respects environment

    In his introductory speech, Mr Tzitzikostas stressed that if confirmed as Commissioner for sustainable transport and tourism he will focus on enhancing the competitiveness of the EU’s transport sector, sticking to the agreed timetable for its green and digital transitions, completing the Trans-European Transport (TEN-T) network by the established deadlines, enhancing transport safety, and ensuring the enforcement of current EU rules. To push for transport decarbonisation solutions, such as the production of sustainable fuels and the development of charging infrastructure, he committed to presenting a sustainable transport investment plan in 2025, while on competitiveness he pledged to develop an EU industrial action plan for automotive sector.

    On the modal shift, the Commissioner-designate said he would present a plan to connect EU capitals and large cities by high-speed rail, including night trains. In addition, Mr Tzitzikostas committed to presenting a single digital booking and ticketing option for rail in the first year of his mandate.

    On tourism, he said the EU must maintain its number one destination raking in the world. He committed to a strategy for sustainable tourism, to support the industry and preserve the well-being of local communities.

    European solutions, working conditions, modal shift

    Several MEPs asked the Commissioner-designate to support the EU’s transport and tourism sectors and look for solutions at the EU level. Cutting red tape, less reporting requirements and a pause on new proposals without undertaking an impact assessment were some of the demands presented by MEPs to Mr Tzitzikostas.

    MEPs also asked questions on working conditions in the transport sector, especially in aviation and maritime, and secured a commitment from Mr Tzitzikostas for a comprehensive evaluation of the situation in this area within his first 100 days.

    Members questioned Mr Tzitzikostas on the review of aviation service and air passenger right rules, the modal shift from road to rail, concrete proposals to encourage high-speed and night trains, the development of clean corporate fleet as well as additional measures to ensure transport safety.

    Mr Tzitzikostas was also quizzed on specific measures to rescue the EU’s automotive industry, on financial support needed to complete the TEN-T network as well as plans to ensure maritime security and the disruption of Russia’s shadow vessels fleet.

    You can watch the video recording of the full hearing here.

    Press point

    At the end of the hearing, the Chair of the Transport and Tourism Committee, Ms Elissavet Vozemberg, held a press point outside the meeting room: watch it here.

    Next steps

    Based on the committee recommendations, the Conference of Presidents (EP President Metsola and political group chairs) is set to conduct the final evaluation and declare the hearings closed on 21 November. Once the Conference of Presidents declares all hearings closed, the evaluation letters will be published.

    The election by MEPs of the full college of Commissioners (by a majority of the votes cast, by roll-call) is currently scheduled to take place during the 25-28 November plenary session in Strasbourg.

    MIL OSI Europe News –

  • MIL-OSI Video: Clean Energy Shift Risks Widening Inequalities – UN Vice Chief | Briefing | United Nations

    Source: United Nations (Video News)

    Deputy Secretary-General Amina J. Mohammed today (4 Nov) said, “there is a danger that the clean energy transition could reproduce and amplify inequalities of the past: With developing countries – rich in the renewables critical to the transition – banished to the bottom of those value chains, their people are exploited, and their environment in jeopardy as others grow wealthy on their resources.”

    Presenting the report of the Secretary-General’s Panel on Critical Energy Transition Minerals, Mohammed said, “we are in the midst of a quiet revolution. The way we power our economies and societies is changing. Renewables have never been cheaper or more accessible, and the acceleration in their roll-out is staggering but uneven.”

    Mohammed said, “the Panel’s report identifies ways governments, industry, and the United Nations can work to embed justice and equity in critical energy transition mineral value chains and ensures that they spur sustainable development, respect people, protect the environment, and power prosperity in resource-rich developing countries.”

    She said the report, “outlines seven guiding principles that prioritize human rights, environmental protection, and inclusive development while also insisting on responsible trade and investment.”

    One of the Panel’s Co-chairs, Ambassador Nozipho Mxakato-Diseko of South Africa, said, “these minerals are so essential to the transition of the world to a low carbon economy, that it’s important that there’s understanding amongst member states, there’s understanding among countries that are producing and endowed with these minerals and countries that consume these minerals that tend to be very strong.”

    Above all, Mxakato-Diseko said, there is need for cooperation and understanding and trust between big powers.”

    The South African Ambassador said, “this is an area where one country cannot benefit alone to the detriment of other countries. We either all do something to address climate change together or we don’t, and we sink together. We either act together to save the world and address climate change, or we don’t together, and we perish. And history will not be kind on us.”

    The report indicates that effective climate action and the global deployment of renewable energy technologies relies on the sufficient, reliable and affordable supply of critical energy transition minerals (CETMs). For the energy transition to be just, these minerals must be extracted, processed, transformed and recycled sustainably and equitably.

    According to the International Energy Agency (IEA), reaching net-zero globally by 2050 would require the demand for CETMs to increase three and a half times by 2030, with even steeper demand for key commodities such as lithium (8 times), graphite (7 times), and nickel (7 times).

    The report states that countries with large reserves of CETMs could, with careful action-orientated planning, have an opportunity to transform economies, create green jobs, and foster sustainable local, regional and global development, especially for developing countries and communities.

    https://www.youtube.com/watch?v=80-fMeKTZF0

    MIL OSI Video –

  • MIL-OSI Video: Reassessing Policy Tools for Current and Future Challenges | 25th Jacques Polak ARC

    Source: International Monetary Fund – IMF (video statements)

    Join us for an engaging policy panel discussion at the 25th Annual Research Conference on reassessing policy tools for current and future challenges. Moderated by Pierre-Olivier Gourinchas, this discussion will feature insights from distinguished panelists Şebnem Kalemli-Özcan, Ricardo Reis, Isabel Schnabel, and Nathan Sheets. Join us on November 14 at 1:30 PM ET. https://imf.org/ARC

    https://www.youtube.com/watch?v=HI3RDdhEvNc

    MIL OSI Video –

  • MIL-OSI Video: Opening Remarks | 25th Jacques Polak Annual Research Conference

    Source: International Monetary Fund – IMF (video statements)

    Join us for an engaging policy panel discussion at the 25th Annual Research Conference on reassessing policy tools for current and future challenges. Moderated by Pierre-Olivier Gourinchas, this discussion will feature insights from distinguished panelists Şebnem Kalemli-Özcan, Ricardo Reis, Isabel Schnabel, and Nathan Sheets. Join us on November 14 at 1:30 PM ET. https://imf.org/ARC

    https://www.youtube.com/watch?v=RwRSIuVN7zg

    MIL OSI Video –

  • MIL-OSI Video: Occupied Palestinian Territory, Ukraine, Lebanon & other topics – Daily Press Briefing (4 Nov 2024)

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    -Occupied Palestinian Territory
    -Lebanon/Israel
    -Lebanon/Humanitarian
    -Ukraine
    -Ukraine/Humanitarian
    -Security Council
    -Rosemary DiCarlo/Japan
    -West and Central Africa
    -Democratic Republic of the Congo
    -Deputy Secretary-General
    -World Urban Forum
    -Counter-Terrorism
    -Resident Coordinator – Honduras
    -NY marathon
    -Briefings today

    Occupied Palestinian Territory
    In Gaza, the Office for the Coordination of Humanitarian Affairs is deeply concerned about persistent reports of mounting casualties, with the number of Palestinians being killed and injured especially high in North Gaza Governorate, where the Israeli military operations are continuing.
    In a statement on Saturday, Catherine Russell, the UNICEF, Children’s Fund head, said that more than 50 children had reportedly been killed in Jabalya over the previous two days alone, after strikes leveled two residential buildings sheltering hundreds of people.
    Meanwhile, our humanitarian colleagues tell us that, for the past month, Israeli authorities have only allowed humanitarian access to Jabalya, Beit Lahia and Beit Hanoun on an exceptional basis, leaving us unable to confirm the conditions of people inside and we worry for their safety.
    OCHA warns that the already limited humanitarian supplies entering Gaza have dwindled even further since October. Private imports are virtually banned, and Israeli authorities are only allowing the use of three entry points – Kerem Shalom, Gate 96, which is near Deir Al-Balah and Erez West. Furthermore, humanitarian colleagues can only access these border areas by highly dangerous routes. The use of most roads leading to these entry points has either been banned by the Israeli authorities or rendered unsafe due to the ongoing hostilities.
    The routes available are often in poor condition and prone to armed looting fueled by the breakdown in public order and safety.
    Our humanitarian colleagues note that supplies reaching the northern crossing at Erez West can only be sent to Gaza city, as requests to deliver them to besieged areas in North Gaza governorate are being consistently denied and rejected.
    For its part, the World Food Programme warns that as winter approaches, the lack of food and other vital humanitarian supplies entering the Gaza Strip could soon escalate into famine unless immediate action is taken. In October, the World Food Programme has only been able to reach 42 per cent of the 1.1 million people targeted for food assistance in Gaza, with reduced rations due to dropping aid levels.

    Lebanon/Israel
    An update from UNIFIL, who is noting with continued concern the airstrikes by the Israel Defense Forces across Lebanon over the weekend, including in the South, in Sidon, Baalbek and Beirut, resulting in several casualties. In southern Lebanon, the peacekeepers report that IDF operations have continued, involving clashes with Hizbullah. Meanwhile, they also report that Hizbullah has continued to launch drones and dozens of rockets South, into Israel.
    The increasing impact on civilians is of grave concern and we condemn the loss of civilian lives. All actors must adhere to international law and protect civilians and civilian infrastructure. UNIFIL premises also continue to be impacted. On 2 November, a UN position near Markaba, in Sector East, sustained damage to its prefabricated containers and perimeters caused by demolition operations being undertaken by the IDF.
    A nearby explosion also damaged a UN vehicle at the [UNIFIL] Naqoura Headquarters, with no injuries reported. We once again remind all actors of the inviolability of the UN premises and their responsibility to protect UN peacekeepers.
    We urge the parties to halt the violence immediately. The United Nations continues to support efforts towards a ceasefire and a diplomatic solution.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=04%20November%202024

    https://www.youtube.com/watch?v=YHC60gr1Lo8

    MIL OSI Video –

  • MIL-OSI Canada: West Coast ports work stoppage: Joint statement

    Source: Government of Canada regional news

    “Alberta’s government is disappointed and dismayed that yet another work stoppage is occurring in Canada’s transportation sector that has the potential to create widespread damage to Canadians, our country’s economy and our reputation as a reliable trading partner.

    “Alberta is a landlocked province that relies on the safe, dependable movement of goods to and from West Coast ports. These ports export about $50 million worth of Alberta’s key commodities every day including agricultural, energy and manufacturing-related products. A prolonged work stoppage will disrupt the movement of these products, backlog other transportation networks such as rail and trucking and damage the economies of Alberta and Canada.

    “Our government respects the collective bargaining process and encourages the employers and the ship and dock forepersons union to continue working with federal mediators towards an agreement to ensure there are minimal disruptions at West Coast ports.

    “We also call on the federal government to take whatever steps are necessary to maintain critical port operations. Going forward, we encourage the federal government to respond proactively and more effectively to labour disputes affecting essential components of our transportation and supply chain networks, especially those with a limited number of service providers wherein disruptions lead to severe and widespread consequences due to the lack of alternative options.

    “We are calling on the federal government to urgently intervene with binding arbitration, and improve its strategy for managing labour relations, especially within federally regulated transportation sectors. The work stoppages we are seeing every year are a clear indication of the breakdown in these relations and require immediate attention to re-establish stability in our supply chains.”

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Political Attacks – Appalling attack on public service official by Minister crosses the line – PSA

    Source: PSA

    Associate Health Minister Casey Costello’s attack on the neutrality of a health official is outrageous and shows again how this Government is fearful of advice it doesn’t like.
    “Publicly attacking a public servant for giving advice that you disagree with is unacceptable within our democratic system,” said Kerry Davies, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.
    “Officials are there to give robust advice so Ministers can carefully weigh all the evidence and make good decisions.
    “In this case, the official with expertise in this matter was simply doing the job expected of her by taxpayers. She was pointing out the flaws in evidence the Minister herself provided to justify a $200 million tax break for tobacco companies.
    “Taxpayers rightly expect officials to provide robust advice and evidence and challenge Ministers. It’s how our system works.
    “Of course, Ministers have a right to reject that advice, but publicly attacking an official undermines a core principle that officials must be able to give free and frank advice to enable good decision-making.”
    The Public Service Act 2020 makes that principle for officials very clear – ‘when giving advice to Ministers, to do so in a free and frank manner’, so that the public service can deliver on its purpose of supporting ‘constitutional and democratic government’.
    “The Minister talks about the need for officials to hold to ‘public sector standards of integrity and political neutrality’ – that is exactly what this official was doing,” said Kerry Davies.
    “Here we have an inexperienced Minister intimidating officials because she is simply unhappy with their advice. That is wrong.
    “The Government promised to base decisions on evidence, but it has consistently ignored the advice and evidence presented to it by officials when Ministers didn’t like it.
    “But this Minister has now gone a step too far and her public attack will have a chilling effect on officials. How is that good for our democracy?
    “The PSA will be writing to the incoming Public Service Commissioner to express our strong concerns.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Nation-first Information Standard for lithium-ion e-bikes and e-skateboards

    Source: New South Wales Government 2

    Headline: Nation-first Information Standard for lithium-ion e-bikes and e-skateboards

    Published: 4 November 2024

    Released by: Minister for Better Regulation and Fair Trading, Minister for Transport

    In an Australian first, NSW Fair Trading is set to introduce an Information Standard for lithium-ion battery-powered e-micromobility products, as it powers up its nation-leading effort to protect consumers from safety risks posed by the increasingly popular devices. 

    Information Standards regulate what guidance and warnings are provided to consumers about goods and services, with an aim to keep purchasers informed of the risks products carry and how they should be used to avoid those risks.

    E-micromobility products include e-scooters, e-bikes, e-skateboards, self-balancing hoverboards and their associated chargers.

    If retailers in NSW do not provide product guidance mandated by an Information Standard, they could be subject to penalties of up to $5,500 for each breach.

    NSW Fair Trading’s proposed Information Standard for lithium-ion battery-powered e-micromobility devices will provide consumer advice and warnings on: 

    Fire safety and emergency procedures – identifying signs of a fire and procedures to be followed in case of an emergency.  

    Electrical safety – warnings for consumers about lithium-ion batteries, battery charging and warnings against modification of the device. 

    Product storage – information on safe storage and protection from environmental hazards. 

    Use, service and repair – information about safe use practices, what to do if there is any damage to the device, and details about service and repair centres.  

    Road rules – information urging consumers to check the road rules applicable to their device.

    End of life – best practices for disposal of devices and lithium-ion batteries. 

    The forthcoming Information Standard, which is expected to be introduced in early 2025, will support the new product safety standards for lithium-ion e-micromobility devices.

    The safety standards announced in early August require e-bikes, e-scooters, hoverboards and e-skateboards to meet new testing, certification, and marking requirements, and will be introduced in a staged process from 1 February 2025.

    The product safety standards are intended to curb the fire-risks associated with lithium-ion e-micromobility devices by ensuring low quality and dangerous versions of these products cannot enter the market and be sold on to unwitting consumers.  

    Retailers, manufacturers and suppliers will face fines of up to $825,000 for not complying with the new safety standards.

    E-micromobility products were the single largest group of lithium-ion battery-powered devices associated with fires in 2022 and 2023, with Fire and Rescue NSW recording 90 incidents related to the products in those years. There have been 72 fire-incidents connected with e-micromobility products in 2024. 

    This work by NSW Fair Trading complements the regulatory work for batteries being undertaken by the NSW Environment Protection Authority – showing that NSW is leading the way when it comes to protecting consumers, workers and the environment from battery risks now and into the future.

    NSW Fair Trading is consulting with industry stakeholders and Government agencies to determine what should be included in the Information Standard. The public can have their say at: https://www.haveyoursay.nsw.gov.au/lithium-ion-battery-powered-micromobility-vehicles until 6 December 2024.

    For more information on the new lithium-ion battery powered e-micromobility product standards, please visit: https://www.nsw.gov.au/housing-and-construction/safety-home/electrical-safety/lithium-ion-battery-safety/new-safety-standards-for-lithium-ion-batteries-e-mobility-devices 

    Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:  

    “We need to ensure we have a robust regulatory framework to keep consumers safe from the potential harms posed by some lithium-ion battery-powered products.

    “This Information Standard is another step in building that framework and will provide consumers with the information they need to stay safe when using e-micromobility devices.

    “The NSW Government looks forward to working with, and hearing from stakeholders and the public, about what they think consumers need to know before they buy an e-bike or other e-micromobility product.”

    Minister for Transport Jo Haylen said:

    “As we move towards legalising the use of e-scooters and other micro-mobility devices on NSW roads, it’s vital we ensure these devices are up to standard and pass strict safety standards.

    “Ensuring that high quality lithium-ion battery-powered devices are the only ones available on the shelves will keep people safe.”

    Quotes attributable to Commissioner of NSW Fair Trading, Natasha Mann:  

    “NSW Fair Trading has been working closely with consumers, industry, and other Government agencies to ensure people are protected from the risks posed by lithium-ion e-micromobility products. 

    “While new product standards for manufacturers, retailers, and suppliers are set to come into effect from 1 February next year, an Information Standard will give people access to the guidance they need when purchasing one of these products.

    “These changes are about empowering consumers to make informed decisions when they first buy a product and knowing how to use it safely through the product’s life.”

    MIL OSI News –

  • MIL-OSI New Zealand: Consumers and Tech – Revealed: the WiFi routers to rent, upgrade to or buy outright – Consumer NZ

    Source: Consumer NZ

    Find out which routers offer the best home WiFi performance.

    In partnership with the Commerce Commission, Consumer NZ has tested a number of WiFi routers and reveals that some broadband companies now provide devices as good as off-the-shelf options

    “This work builds on the Commission’s monitoring, including our RealSpeed report, which shows the importance of having a good in-home set-up to make the most of your broadband speeds,” says Tristan Gilbertson, Telecommunications Commissioner.

    Consumer’s expert testers put a selection of models from broadband providers and popular retail brands through their paces.

    “Your router is your gateway to the internet, and the better the router, the better the performance of your connectivity,” says Mr Gilbertson.

    As Nick Gelling, Consumer product test writer, says, “With a growing number of households relying on stable internet connectivity to stream TV, work remotely or play games, understanding the differences in router performance, ease of use and security features is crucial.

    “Nearly all New Zealanders use WiFi to connect multiple devices throughout their homes to the internet, yet many are unaware of how to optimise their set-ups for the best performance.”

    Find a reliable router

    Consumer’s rigorous testing revealed that many routers provided by telcos are now on a par with, and in some cases outperform, popular third-party options.

    “This is promising news for people who are hesitant to invest in their own equipment,” said Gelling, “because, these days, many telcos offer routers for rent at about $4 to $5 per month.

    Standout performers in Consumer’s testing

    Consumer’s test experts found that the best off-the-shelf options were the TP-Link Deco X55 and XE75 mesh systems. Some of the top performing routers provided by broadband providers included the TP-Link Deco X53 (fibre and copper-based DSL) and X58-4G (4G broadband), as well as Spark’s Smart Modem 2 (fibre and 4G).

    Visit the Consumer website for a full breakdown of the results: https://consumernz.cmail19.com/t/i-l-fjtuddt-iyhupdhli-y/

    Consumer insights: When to upgrade

    Consumer NZ’s Gelling emphasised the importance of knowing when to upgrade your router.

    “While many broadband providers are now offering quality hardware, it’s sensible to update your router every few years.

    “If you’re still using an outdated model, you might be missing out on significant improvements in speed and security.”

    The Commission advises New Zealanders to assess their current internet performance to check if they should upgrade to a faster plan or connection type, before deciding to switch providers or purchase a new router.

    Simple steps like repositioning your router or connecting devices to the 5GHz band can often yield noticeable improvements.

    The Cost of Connectivity

    As more telcos begin to implement monthly rental fees for routers, with costs typically around $4 to $5 per month, Consumer urges people to consider their options carefully.

    “While these fees might seem nominal, investing in your own quality router gives you the freedom to swap providers more often, which could save you money in the long run,” Gelling added.

    “With the rising cost of internet services, which have increased by 11% over the past two years, understanding your options for obtaining a reliable router can help mitigate some of these costs.”

    Tips for Consumers

    Evaluate your current setup: Ensure your router is positioned centrally in your home, ideally where you can see it.
     
    Consider a mesh system: For larger homes, investing in a mesh network (linking up two or more routers) can significantly improve connectivity.
     
    Stay updated on technology: Look for routers that support at least the WiFi 6 standard for now. The cost of WiFi 7 is still high and it’s not yet compatible with most phones and computers.
     
    Don’t hesitate to buy: If your telco’s offerings are lacking, don’t be afraid to invest in a high-quality third-party router.
     
    Explore options to change provider: There can be advantages to switching providers particularly at the time of your contract ending or if your router is over four years old.

    For detailed test results and a comprehensive buying guide, visit Consumer NZ’s website: https://consumernz.cmail19.com/t/i-l-fjtuddt-iyhupdhli-y/

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Union Minister Shri C.R. Patil Highlights Prime Minister’s Commitment to Ganga Conservation while inaugurating Ganga Utsav 2024 at Haridwar

    Source: Government of India

    Union Minister Shri C.R. Patil Highlights Prime Minister’s Commitment to Ganga Conservation while inaugurating Ganga Utsav 2024 at Haridwar

    Minister of State Shri Raj Bhushan Choudhary underscores Ganga Utsav’s role in promoting conservation and reverence for Maa Ganga

    Ganga Utsav is Organized by NMCG to Celebrate Ganga River’s National Status and Promote Conservation Efforts

    Posted On: 04 NOV 2024 8:37PM by PIB Delhi

    Union Minister for Jal Shakti Shri C R Patil inaugurates Ganga Utsav 2024 at Chandi Ghat in Haridwar today in august presence of Minister of State for Jal Shakti Shri Raj Bhushan Chaudhary and Uttarakhand Minister for Women & Child Welfare Smt. Rekha Arya.  The Secretary of the Ministry of Jal Shakti, Mrs. Debashree Mukherjee was also present on the occasion. Ganga Utsav 2024 is organised by the National Mission for Clean Ganga (NMCG) to mark the anniversary of declaring the Ganga River as the National River. The primary aim of this festival is to promote the conservation of the Ganga River, emphasize its cultural and spiritual importance, and raise public awareness about cleanliness. This eighth edition of the event was the first to be held on the riverbank, with celebrations extending across 139 districts in the Ganga basin states. Each state hosted a main event organized by District Ganga Committees.

    Speaking on the occasion, Union Minister for Jal Shakti Shri C R Patil shared the Prime Minister’s message that the Ganga benefits 600 million people of this country and revered as a mother, it gives selflessly without taking. Sh. Patil emphasized that revering rivers as mothers is deeply rooted in our culture and conserving the river is a noble initiative that we all must ensure. Shri Patil recalled that, upon becoming Prime Minister, Shri Narendra Modi expressed that “Maa Ganga has called me.” Since then, the Prime Minister has shown unwavering commitment to raising awareness and rallying public support for the conservation of Maa Ganga.

    Union Minister Shri Patil noted that Prime Minister’s Jal Sanchay, Jan Bhagidari initiative has gained widespread support, with people actively participating in the cause. Rainwater harvesting structures are being constructed across states to store water. He emphasized that Jan Samarthan (public support) is essential for conserving Maa Ganga, as it requires a collective, holistic effort from everyone.

    Sh. Patil also interacted and had a discussion with spiritual leaders and gurus present in the Utsav under a session titled Ganga Samvad. Speaking at the session, Sh. Patil emphasized for river conservation and rejuvenation and urged everyone to spread awareness about this to save Maa Ganga.  Sh. Patil flagged off Ganga Women Rafting Expedition. The 50-day long expedition will conclude at Ganga Sagar traversing through 9 major cities & towns across the Ganga River. This historic expedition will coincide with various activities organized across several districts in the five key states of the Ganga basin. He also felicitated BSF River Rafting team on the occasion.

    Speaking at the event, Union Minister of State for Jal Shakti, Shri Raj Bhushan Choudhary, highlighted that Ganga Utsav is a unique festival dedicated to river conservation, with many activities planned to promote the conservation and cleanliness of the Ganga. He emphasized that rivers are not just sources of water but are also sacred and deeply significant, especially Maa Ganga, which unites us all. He affirmed that, under Prime Minister Narendra Modi’s leadership, efforts are underway to ensure the cleanliness and conservation of Maa Ganga.

    Sh. Raj Bhushan Chaudhary said that through the Namami Gange initiative, ₹7,144 crore has been sanctioned in Bihar for 39 Sewage Treatment Plants (STPs), with 17 already completed. Conservation efforts are also focused on Ganga’s tributaries. These projects are essential for conserving Maa Ganga, a river with rich historical and cultural significance and help in driving national development through conservation of rivers, he added.

    Chief Minister of Uttarakhand, Shri Pushkar Singh Dhami had also conveyed through Video message for conservation of Maa Ganga.

    Union Minister of State Shri Raj Bhushan Choudhary flagged off National Book Trust (NBT) Bus as part of Ganga Utsav 2024. The NBT bus with literature regarding river Ganga carries out ‘Ganga Pustak Parikrama’ with the theme ‘Ganges through the ages: A Literary Bioscope’. The bus will travel through major 10 cities in the 5 riparian states along the Ganga River basin.

    This year’s event saw participation from several river cities under the River City Alliance, an organization that now includes 145 river cities nationwide. The alliance’s main objective is to promote healthy urban rivers through an integrated approach to river-sensitive urban planning. This approach aims for pollution-free, continuously flowing rivers that are cherished by all, contributing to water-secure cities and fostering inclusive, sustainable urban development. The festival serves as a key platform to underscore the cultural and spiritual importance of rivers in our society.

    The festival featured a “Ghat Par Haat” market along with stalls from local departments to highlight various aspects of the Namami Gange initiative. A range of engaging activities for children, including quizzes, film screenings, magic shows, puppet shows, and drawing and painting competitions, promoted their involvement in river conservation. Additionally, Nukkad Nataks (street plays) focused on raising awareness about river conservation among the youth. The event also included an exhibition on Namami Gange, showcasing the diverse facets of this important initiative.

    Minister of State for Jal Shakti, Shri Raj Bhushan Choudhary and other dignitaries also participated in Ganga Arti at Haridwar.

    *****

    DSK/GS

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: FTII’s student film ‘Sunflowers Were The First Ones To Know’ qualifies for Oscars in the Live Action Short Film Category

    Source: Government of India (2)

    FTII’s student film ‘Sunflowers Were The First Ones To Know’ qualifies for Oscars in the Live Action Short Film Category

    FTII produced and La Cinef- Cannes winning film to compete at the 97th Academy Awards

    Posted On: 04 NOV 2024 5:55PM by PIB Mumbai

    : Mumbai/Pune, November 4, 2024

    Film and Television Institute of India (FTII)’s student film “SUNFLOWERS WERE FIRST ONES TO KNOW” has qualified for the 2025 Oscars in the Live Action Short Film Category.

    This short film has been directed by FTII student Chidananda S Naik and had earlier this year won the first Prize at the Cannes Film Festival’s La Cinef Selection, which led to global recognition for this Kannada- language project inspired by Indian folk stories and traditions.

    The film, produced when Chidanand S. Naik was a student at FTII, showcases the expertise of a talented team, including Suraj Thakur (Cinematography), Manoj V (Editing) and Abhishek Kadam (Sound Design). The narrative is both poignant and profound, centering on an elderly woman who steals the village rooster, leading to a cessation of sunlight and resulting in turmoil within the community. In an effort to restore order, a prophecy is invoked, resulting in the exile of the woman’s family as they undertake a desperate mission to retrieve the rooster.

    The La Cinef Jury at Cannes had commended the film for its illuminating storytelling and masterful direction, stating, “Une illumination qui, du fond de la nuit, brille par son humour et le sens de la mise en scène, le premier prix est attribué à Sunflowers Were the First Ones to Know de Chidananda S. Naik” (“An illumination that, from the depths of the night, shines with humor and a keen sense of direction, the first prize is awarded to ‘Sunflowers Were the First Ones to Know’ by Chidananda S Naik.”)

    Film director Chidananda S Naik remarked, “I have aspired to tell this story for as long as I can remember. Our goal was to recreate the experience of not merely hearing these stories but of genuinely living them—an experience I hope resonates with audiences around the globe.”

    Filmed entirely at night, ‘Sunflowers Were the First Ones to Know’ immerses viewers in the heart of the Indian landscape, inviting them to engage with its unique culture and atmosphere. Shri Naik’s direction artfully combines traditional narrative elements with visuals that celebrate the beauty of the region, emphasizing the deep-rooted connections between people and the magic of their stories.

    Having received acclaim on the festival circuit, including the Best Indian Competition award at the Bengaluru International Short Film Festival, ‘Sunflowers Were the First Ones to Know’ is now poised to compete alongside the world’s best short films. The campaign for Sunflowers will feature special screenings, press opportunities, and Q&A events, providing Academy members and audiences worldwide with a glimpse into the universal power of India’s storytelling traditions. Beyond its accolades, ‘Sunflowers Were the First Ones to Know’ serves as an invitation for viewers to engage with Indian culture and storytelling, illuminating the universal themes that resonate deeply with audiences globally.

     

     

     

     

     

    Source: FTII

     

    NJ/SC/PM

     

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    MIL OSI Asia Pacific News –