15 and Mahomies helping expand access to early childhood education
Early education has become more expensive and harder to find for parents and caregivers. That's why the 15 and the Mahomies Foundation is funding scholarships for five local families in need.
The scholarships will help fund an entire year of tuition for five children at the Open Minds Child Development Center in Olathe.
The money is also helping to expand the System of Care Initiative's Parent U program, which provides resources to break the cycle of poverty.
Student loan borrowers face abrupt 180 as GOP budget threatens to raise payments
'Being able to invest in early childhood and early learning of young children, actually meets a both short term and long-term goals and those are then related to workforce development, which in turn helps the economic base of any community,' Janice Smith said, executive director at System of Care.
Leaders say only 15% of children are kindergarten ready when they enter, but that number rises closer to 70% at the end of nine months of early education.
'So much focus is on K-12, but in terms of brain development, 80% of your brain development happens before your five, so it's important that we also invest there. Now they are preparing those individuals not only to be ready for kindergarten, but to graduate from high school,' Abdul Yahaya said, co-founder of Open Minds.
According to SOCI, working families in Kansas City with low-income are spending on average more than 30% of their income on childcare, far exceeding the federal affordability guideline of seven percent.
See the latest headlines in Kansas City and across Kansas, Missouri
'The community benefits because the families are able to elevate themselves by being regular attendees at their place of employment, as well as having peace of mind at the early education center that they have the scholarship to,' Jeanette Prenger said, with '15 and the Mahomies.'
Leaders say previous scholarship recipients are already showing a 30% increase in kindergarten preparedness.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets, including the expected sale of VALARIS 247; general economic, market, business and industry conditions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, inflation, volatility affecting financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; the use of artificial intelligence by us, third-party service providers or our competitors; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. 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(2.8 ) 3.5 Total other income (expense) (18.4 ) 11.3 4.6 (7.7 ) 11.9 INCOME BEFORE INCOME TAXES 145.7 154.3 123.8 87.2 120.8 PROVISION (BENEFIT) FOR INCOME TAXES 31.5 193.5 (6.8 ) 24.3 (30.0 ) NET INCOME (LOSS) 114.2 (39.2 ) 130.6 62.9 150.8 NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 115.1 $ (37.9 ) $ 133.7 $ 64.6 $ 149.6 EARNINGS (LOSS) PER SHARE Diluted $ 1.61 $ (0.53 ) $ 1.88 $ 0.88 $ 2.03 WEIGHTED-AVERAGE SHARES OUTSTANDING Basic 71.1 71.0 71.1 72.4 72.4 Diluted 71.3 71.0 71.2 73.2 73.7 Expand VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) Expand VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Expand Six Months Ended June 30, 2025 2024 OPERATING ACTIVITIES Net income $ 75.0 $ 176.3 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax expense 173.3 15.5 Depreciation expense 68.6 56.5 Net (gain) loss on sale of property (27.9 ) 0.1 Accretion of discount on notes receivable from ARO (12.3 ) (27.6 ) Share-based compensation expense 11.6 15.4 Loss on impairment 7.8 — Equity in earnings of ARO (1.5 ) (2.1 ) Changes in contract liabilities (33.4 ) (24.8 ) Changes in deferred costs 4.3 (0.8 ) Other 4.4 4.2 Changes in operating assets and liabilities 14.3 (168.8 ) Contributions to pension plans and other post-retirement benefits (8.3 ) (6.1 ) Net cash provided by operating activities $ 275.9 $ 37.8 INVESTING ACTIVITIES Additions to property and equipment $ (167.4 ) $ (261.5 ) Proceeds from disposition of assets 27.6 0.1 Net cash used in investing activities $ (139.8 ) $ (261.4 ) FINANCING ACTIVITIES Other $ (0.4 ) $ (1.8 ) Net cash used in financing activities $ (0.4 ) $ (1.8 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH $ 135.7 $ (225.4 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 380.5 635.7 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 516.2 $ 410.3 Expand VALARIS LIMITED AND SUBSIDIARIES (In millions) (Unaudited) Expand Three Months Ended Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 OPERATING ACTIVITIES Net income (loss) $ 114.2 $ (39.2 ) $ 130.6 $ 62.9 $ 150.8 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation expense 35.5 33.1 33.9 31.7 29.7 Accretion of discount on notes receivable from ARO (6.2 ) (6.1 ) (6.2 ) (6.2 ) (20.6 ) Share-based compensation expense 6.0 5.6 5.3 7.0 7.4 Deferred income tax expense (benefit) 3.5 169.8 (13.5 ) 3.8 13.5 Equity in losses (earnings) of ARO 1.1 (2.6 ) (10.7 ) 23.8 0.3 Net (gain) loss on sale of property (0.8 ) (27.1 ) (0.1 ) 0.2 — Loss on impairment — 7.8 — — — Changes in contract liabilities (15.6 ) (17.8 ) (18.2 ) 11.3 (17.8 ) Changes in deferred costs 4.5 (0.2 ) 6.7 33.4 (3.0 ) Other 2.1 2.3 1.9 0.8 2.4 Changes in operating assets and liabilities (21.0 ) 35.3 (3.2 ) 37.8 (147.5 ) Contributions to pension plans and other 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Expand VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) Expand Three Months Ended Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 UTILIZATION - ACTIVE FLEET (1) (2) Floaters Drillships 76 % 84 % 77 % 91 % 90 % Semisubmersibles 88 % 70 % 66 % 75 % 100 % 78 % 81 % 74 % 87 % 92 % Jackups Harsh Environment 93 % 87 % 99 % 88 % 80 % Benign Environment 89 % 83 % 85 % 82 % 81 % Legacy 98 % 100 % 100 % 100 % 100 % 92 % 87 % 93 % 87 % 82 % Total 86 % 85 % 85 % 87 % 86 % Other Valaris Total 89 % 88 % 89 % 90 % 90 % Pro Forma Jackups (3) 94 % 90 % 95 % 91 % 88 % Expand (1) Rig utilization is derived by dividing the number of operating days by the number of available days in the period for the active fleet. Available days is defined as the maximum number of days available in the period for the active fleet, calculated by multiplying the number of rigs in each asset category by the number of days in the period, for active rigs only. Active rigs are defined as rigs that are not preservation stacked. (2) Active fleet represents rigs that are not preservation stacked or held for sale and includes rigs that are in the process of being reactivated. (3) Includes all Valaris jackups including those leased to ARO Drilling. Expand VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) Expand Three Months Ended Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 OPERATING DAYS (1) Floaters Drillships 689 759 704 834 815 Semisubmersibles 160 167 183 206 273 849 926 887 1,040 1,088 Jackups Harsh Environment 753 697 816 731 655 Benign Environment 566 519 548 528 552 Legacy 178 180 184 184 182 1,497 1,396 1,548 1,443 1,389 Total 2,346 2,322 2,435 2,483 2,477 Other Leased and Managed Rigs 819 810 840 1,012 959 Expand (1) Represents the total number of days under contract in the period. Days under contract equals the total number of days that rigs have earned and recognized day rate revenue, including days associated with compensated downtime and mobilizations. When revenue is deferred and amortized over a future period, for example when we receive fees while mobilizing to commence a new contract or while being upgraded in a shipyard, the related days are excluded from days under contract. Expand VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) Expand VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) Expand (1) Active fleet represents rigs that are not preservation stacked or held for sale and includes rigs that are in the process of being reactivated. (2) Represents VALARIS DPS-3, VALARIS DPS-5 and VALARIS DPS-6, which were classified as held for sale as of March 31, 2025 and were subsequently sold in April 2025. (3) Leased rigs and managed rigs included in Other reporting segment. Expand Three Months Ended Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Revenues $ 139.9 $ 134.7 $ 136.3 $ 113.7 $ 124.2 Operating expenses Contract drilling (exclusive of depreciation) 96.4 85.6 81.5 93.8 94.1 Loss on impairment — — — 28.4 — Depreciation 28.7 29.5 29.4 21.1 19.7 General and administrative 6.6 6.3 7.5 4.9 5.5 Operating income (loss) 8.2 13.3 17.9 (34.5 ) 4.9 Other expense, net 15.5 15.2 13.7 15.3 13.4 Provision (benefit) for income taxes 1.3 (0.9 ) (10.9 ) 4.2 (1.8 ) Net income (loss) $ (8.6 ) $ (1.0 ) $ 15.1 $ (54.0 ) $ (6.7 ) Adjusted EBITDA $ 36.9 $ 42.8 $ 47.3 $ 15.0 $ 24.6 ARO Drilling condensed income statement information presented above represents 100% of ARO. Valaris has a 50% ownership interest in ARO. Expand ARO DRILLING OPERATING STATISTICS (Unaudited) Expand As of (In millions) Jul 24, 2025 Apr 30, 2025 Feb 18, 2025 Oct 30, 2024 Jul 29, 2024 CONTRACT BACKLOG (1) Owned Rigs $ 970.1 $ 1,054.4 $ 1,124.9 $ 1,236.9 $ 1,322.9 Leased Rigs 1,379.2 1,440.9 298.0 344.4 510.4 Total $ 2,349.3 $ 2,495.3 $ 1,422.9 $ 1,581.3 $ 1,833.3 Expand (1) Contract drilling backlog reflects commitments, represented by signed drilling contracts, and is calculated by multiplying the contracted day rate by the contract period. The contracted day rate excludes certain types of lump sum fees for rig mobilization, demobilization, contract preparation, as well as customer reimbursables and bonus opportunities. Expand (1) Average daily revenue is derived by dividing Revenues (exclusive of reimbursable revenues), excluding contract termination fees, by the aggregate number of operating days. (2) All ARO leased rigs are leased from Valaris. (3) Rig utilization is derived by dividing the number of operating days by the number of available days in the period for the rig fleet. (4) Revenue efficiency is day rate revenue earned as a percentage of maximum potential day rate revenue. (5) Represents the total number of days under contract in the period. Days under contract equals the total number of days that rigs have earned and recognized day rate revenue, including days associated with compensated downtime and mobilizations. When revenue is deferred and amortized over a future period, for example when we receive fees while mobilizing to commence a new contract or while being upgraded in a shipyard, the related days are excluded from days under contract. Expand Non-GAAP Financial Measures (Unaudited) To supplement Valaris' condensed consolidated financial statements presented on a GAAP basis, this press release provides investors with Adjusted EBITDA and Adjusted Free Cash Flow, which are non-GAAP measures. Valaris defines "Adjusted EBITDA" as net income (loss) before income tax expense, interest expense, other (income) expense, depreciation expense, loss on impairment and equity in (earnings) losses of ARO. Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of our core operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities, or (c) as a measure of liquidity. Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies. Valaris defines "ARO Adjusted EBITDA" as ARO's net income (loss) before income tax expense, other expense, net, depreciation expense and loss on impairment. ARO Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of ARO's core operating performance and to evaluate ARO's long-term financial performance against that of ARO's peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of ARO's core operating performance and makes it easier to compare ARO's results with those of other companies within ARO's industry. ARO Adjusted EBITDA should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities, or (c) as a measure of liquidity. ARO Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies. The Company is not able to provide a reconciliation of the Company's forward-looking Adjusted EBITDA, as discussed on its second quarter 2025 earnings conference call, to the most directly comparable GAAP measure without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation, including forward-looking tax expense and other income (expense). Valaris defines "Adjusted Free Cash Flow" as net cash provided by operating activities less capital expenditures plus proceeds from the disposition of assets. Adjusted Free Cash Flow is a non-GAAP measure that our management uses to assess the cash generation of our fleet, including proceeds from the sale of assets, and deducting operating expenses and capital expenditures to maintain and upgrade our assets. We believe that this measure is useful to investors and analysts in allowing for greater transparency of the cash generation of our business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of Net Income (Loss) to Adjusted EBITDA A reconciliation of net income (loss) as reported to Adjusted EBITDA is included in the tables below (in millions): Three Months Ended Jun 30, 2025 Mar 31, 2025 VALARIS Net income (loss) $ 114.2 $ (39.2 ) Add (subtract): Income tax expense 31.5 193.5 Interest expense, net 24.8 24.3 Gain on sale of property (0.8 ) (27.1 ) Other income (5.6 ) (8.5 ) Operating income $ 164.1 $ 143.0 Add (subtract): Depreciation 35.5 33.1 Loss on impairment — 7.8 Equity in (earnings) losses of ARO 1.1 (2.6 ) Adjusted EBITDA $ 200.7 $ 181.3 Expand A reconciliation of net loss as reported to ARO Adjusted EBITDA is included in the tables below (in millions): Three Months Ended Jun 30, 2025 Mar 31, 2025 ARO Net loss $ (8.6 ) $ (1.0 ) Add (subtract): Income tax expense (benefit) 1.3 (0.9 ) Other expense, net 15.5 15.2 Operating income $ 8.2 $ 13.3 Add: Depreciation expense 28.7 29.5 Adjusted EBITDA $ 36.9 $ 42.8 Expand Reconciliation of Net Income to Adjusted EBITDA (In millions) Three Months Ended Jun 30, 2025 Mar 31, 2025 FLOATERS Net income $ 128.8 $ 129.9 Add: Other expense 0.5 0.7 Operating income $ 129.3 $ 130.6 Add: Depreciation 14.6 14.2 Loss on Impairment — 7.8 Adjusted EBITDA $ 143.9 $ 152.6 JACKUPS Net income $ 75.1 $ 81.7 Subtract: Gain on sale of property — (23.0 ) Other income (0.3 ) (0.9 ) Operating income $ 74.8 $ 57.8 Add: Depreciation 14.6 12.7 Adjusted EBITDA $ 89.4 $ 70.5 OTHER Net income $ 20.6 $ 17.1 Operating income $ 20.6 $ 17.1 Add: Depreciation 2.8 2.8 Adjusted EBITDA $ 23.4 $ 19.9 Expand Reconciliation of Net Income (Loss) to Adjusted EBITDA (In millions) Three Months Ended Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 DRILLSHIPS Net income $ 123.4 $ 132.2 $ 95.4 $ 117.3 $ 79.6 Add (subtract): Other (income) expense 0.5 0.7 (1.7 ) (0.3 ) (1.5 ) Operating income $ 123.9 $ 132.9 $ 93.7 $ 117.0 $ 78.1 Add (subtract): Depreciation 13.4 13.0 14.7 13.9 13.2 Other — — — — (0.1 ) Adjusted EBITDA (1) $ 137.3 $ 145.9 $ 108.4 $ 130.9 $ 91.2 SEMISUBMERSIBLES Net income (loss) $ 5.4 $ (2.3 ) $ 7.0 $ 9.5 $ 34.5 Subtract: Other income — — — — (0.2 ) Operating income (loss) $ 5.4 $ (2.3 ) $ 7.0 $ 9.5 $ 34.3 Add: Depreciation 1.2 1.2 1.3 0.9 0.9 Loss on impairment — 7.8 — — — Adjusted EBITDA (1) $ 6.6 $ 6.7 $ 8.3 $ 10.4 $ 35.2 Expand (1) Adjusted EBITDA for asset category excludes onshore support costs and general and administrative expense. Expand Reconciliation of Net Income to Adjusted EBITDA (In millions) Three Months Ended Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 HARSH ENVIRONMENT JACKUPS Net income $ 42.2 $ 31.6 $ 43.5 $ 24.8 $ 31.0 Add (subtract): Other (income) expense (0.1 ) (0.1 ) (0.3 ) 0.2 (0.3 ) Operating income $ 42.1 $ 31.5 $ 43.2 $ 25.0 $ 30.7 Add: Depreciation 7.3 7.1 6.8 6.4 5.6 Adjusted EBITDA (1) $ 49.4 $ 38.6 $ 50.0 $ 31.4 $ 36.3 BENIGN ENVIRONMENT JACKUPS Net income $ 31.7 $ 47.3 $ 16.9 $ 17.6 $ 19.2 Subtract: Gain on sale of property — (23.0 ) — — — Other income (0.2 ) (0.8 ) (0.5 ) (0.2 ) (0.8 ) Operating income $ 31.5 $ 23.5 $ 16.4 $ 17.4 $ 18.4 Add: Depreciation 4.8 3.1 3.1 2.6 2.9 Adjusted EBITDA (1) $ 36.3 $ 26.6 $ 19.5 $ 20.0 $ 21.3 LEGACY JACKUPS Net income $ 1.2 $ 2.8 $ 3.6 $ 3.3 $ 2.6 Subtract: Other income — — — (0.1 ) — Operating income $ 1.2 $ 2.8 $ 3.6 $ 3.2 $ 2.6 Add: Depreciation 2.5 2.5 2.4 2.4 2.4 Adjusted EBITDA (1) $ 3.7 $ 5.3 $ 6.0 $ 5.6 $ 5.0 Expand (1) Adjusted EBITDA for asset category excludes onshore support costs and general and administrative expense. Expand Reconciliation of Cash from Operating Activities to Adjusted Free Cash Flow (In millions) Three Months Ended Jun 30, 2025 Mar 31, 2025 Net cash provided by operating activities $ 120.0 $ 155.9 Additions to property and equipment (67.2 ) (100.2 ) Proceeds from disposition of assets 9.8 17.8 Adjusted Free Cash Flow $ 62.6 $ 73.5 Expand
