Market Newsdesk

Jack Molloy, Executive Vice President & COO, Motorola Solutions, to Participate in the Morgan Stanley Technology, Media & Telecom Conference

CHICAGO–(BUSINESS WIRE)–
Motorola Solutions (NYSE:MSI), a global leader in public safety and enterprise security, today announced that Jack Molloy, executive vice president and COO, will participate at the upcoming Morgan Stanley Technology, Media & Telecom Conference on Tuesday, March 7, 2023 at 9:50 a.m. Pacific Time.

A live webcast and replay of the fireside chat will be featured on Motorola Solutions’ Investor Relations website at www.motorolasolutions.com/investors.

About Motorola Solutions

Motorola Solutions is a global leader in public safety and enterprise security. Our solutions in land mobile radio communications, video security & access control and command center software, bolstered by managed & support services, create an integrated technology ecosystem to help make communities safer and businesses stay productive and secure. At Motorola Solutions, we’re ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.

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Investor Contact

Tim Yocum

Motorola Solutions

+1 847 576 6899

[email protected]

Media Contact

Alexandra Reynolds

Motorola Solutions

+1 312 965 3968

[email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Technology Mobile/Wireless Security Other Technology Telecommunications Software Internet Hardware Consumer Electronics

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PGIM Closed End Funds declare distributions for March, April and May 2023

NEWARK, N.J.–(BUSINESS WIRE)–
PGIM High Yield Bond Fund, Inc. (NYSE: ISD), PGIM Global High Yield Fund, Inc. (NYSE: GHY) and PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) declared today monthly distributions for March, April and May 2023. The distribution amounts and schedule for each fund appears below:

Fund Name	Ticker	Distribution Per Share	Change from Prior Distribution
PGIM High Yield Bond Fund, Inc.	ISD	$0.105	–
PGIM Global High Yield Fund, Inc.	GHY	$0.105	–
PGIM Short Duration High Yield Opportunities Fund	SDHY	$0.108	–

Month	Ex-Date	Record Date	Payable Date
March	03/16/2023	03/17/2023	03/31/2023
April	04/13/2023	04/14/2023	04/28/2023
May	05/11/2023	05/12/2023	05/31/2023

The distribution amounts are forward-looking and may include net investment income, currency gains, capital gains and a return of capital, but such a determination cannot be made at this time. This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the applicable Board of Directors.

In early 2023, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital). If applicable, and when available, a current estimate of the distribution’s composition can be found in the Section 19 notice section of the website. Please consult your tax advisor for further information.

ABOUT PGIM INVESTMENTS

PGIM Investments, LLC and its affiliates offer more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities, alternatives and real estate.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with more than $1.2 trillion in assets under management as of December 31, 2022. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund.

Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and subadvised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager.

These Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.

An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice.

PGIM Fixed Income is a unit of PGIM, Inc., which is a registered investment advisor and Prudential Financial company. © 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

1067839-00001-00 Expiration: 03/31/2024

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005101/en/

MEDIA:

Kylie Scott

+973-902-2503

[email protected]

CONNECT WITH US:

Visit pgim.com

Join the conversation on Twitter @PGIM

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

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EngageSmart Announces Proposed Public Offering of Common Stock by Selling Stockholders

BOSTON–(BUSINESS WIRE)–
EngageSmart, Inc. (“EngageSmart”) (NYSE: ESMT), a leading provider of vertically tailored customer engagement software and integrated payments solutions, announced today the commencement of a proposed underwritten public offering of 8,000,000 shares of its common stock being offered for sale by certain of its stockholders, including affiliates of General Atlantic, L.P. and Summit Partners and certain members of the Company’s management (collectively, the “Selling Stockholders”). In addition, certain of the Selling Stockholders have granted the underwriters a 30-day option to purchase up to 1,200,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The Selling Stockholders will receive all of the proceeds from the offering. EngageSmart is not selling any of its shares in the offering and will not receive any of the proceeds from the sale of shares in the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Goldman Sachs & Co. LLC, J.P. Morgan, BofA Securities and Citigroup will act as joint book-running managers for the offering.

The public offering is being made pursuant to an automatic shelf registration statement on Form S-3 that was filed by EngageSmart with the U.S. Securities and Exchange Commission (the “SEC”) and automatically became effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by phone at (866) 471‐2526 or by email at [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by phone at (866) 803-9204 or by email at [email protected]; BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, by telephone at (800) 299-1322 or by e-mail at [email protected]; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, toll-free: (800) 831-9146 or by e-mail at [email protected].

This release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this release may be forward-looking statements, including statements relating to the offering, including the timing and size of the offering and the grant of the option to purchase additional shares. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this release are only predictions. EngageSmart has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that EngageSmart believes may affect its business, financial condition, and results of operations.

Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause EngageSmart’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Item 1A of EngageSmart’s Annual Report on Form 10-K for the year ended December 31, 2022, and Forms 10-Q and 8-K subsequently filed with SEC. Such statements in this release are based upon information available to EngageSmart as of the date of this release, and while EngageSmart believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and such statements should not be read to indicate that EngageSmart has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. EngageSmart qualifies all of its forward-looking statements by these cautionary statements. Except as required by applicable law, EngageSmart does not plan to publicly update or revise any forward-looking statements contained in this release, whether as a result of any new information, future events, or otherwise.

About EngageSmart

EngageSmart is a leading provider of vertically tailored customer engagement software and integrated payments solutions. Our mission is to simplify customer and client engagement to allow our customers to focus resources on initiatives that improve their businesses and better serve their communities. EngageSmart offers single instance, multi-tenant, true Software-as-a-Service vertical solutions, including SimplePractice, InvoiceCloud, HealthPay24 and DonorDrive, that are designed to simplify its customers’ engagement with their clients by driving digital adoption and self-service. As of December 31, 2022, EngageSmart serves approximately 99,300 customers in the SMB Solutions segment and approximately 3,300 customers in the Enterprise Solutions segment across several core verticals: Health & Wellness, Government, Utilities, Financial Services, Healthcare, and Giving.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006405/en/

Investor Relations:

Josh Schmidt

EngageSmart, Inc.

[email protected]

Press:

Nicole Bestard

Quarter Horse PR

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Software Technology Payments

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Insight to Present at Raymond James 44^th Annual Institutional Investors Conference

CHANDLER, Ariz.–(BUSINESS WIRE)–Insight Enterprises, Inc. (Nasdaq: NSIT) (the “Company”) today announced that it is scheduled to participate in the following upcoming investor conference:

Raymond James 44th Annual Institutional Investors Conference

Tuesday, March 7, 2023, 8:05 AM ET

Participants: Joyce Mullen, CEO and Glynis Bryan, CFO

The Insight presentation will be broadcast live over the Internet at http://investor.insight.com/ where you can also view other recent webcasts, downloadable slide presentations and other investor information.

About Insight

Insight Enterprises, Inc. is a Fortune 500 solutions integrator with 13,000+ teammates worldwide helping organizations accelerate their digital journey to modernize their business and maximize the value of technology. We enable secure, end-to-end transformation and meet the needs of our clients through a comprehensive portfolio of solutions, far-reaching partnerships and 33+ years of broad IT expertise. Rated as a Forbes World’s Best Employer and a Great Place to Work, we amplify our solutions and services with global scale, local expertise and a world-class ecommerce experience, realizing the digital ambitions of our clients at every opportunity. Discover more at www.insight.com. NSIT-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005256/en/

Ryan Miyasato

Investor Relations

Tel. 408-975-8507

Email [email protected]

KEYWORDS: Arizona United States North America

INDUSTRY KEYWORDS: Data Management Security Technology Software Electronic Commerce Internet

MEDIA:

Posted on February 28, 2023 5:46 pm

Quotient Appoints Michael Wargotz to Board of Directors

Quotient Appoints Michael Wargotz to Board of Directors

SALT LAKE CITY–(BUSINESS WIRE)–
Quotient Technology Inc. (NYSE: QUOT) (“Quotient” or the “Company”), a leading digital promotions and media technology company, today announced that it has appointed Michael Wargotz to the Company’s Board of Directors, effective immediately. Mr. Wargotz will serve as a Class II director, which class has a one-year term expiring as of the Company’s 2023 Annual Meeting of Stockholders.

Mr. Wargotz is an experienced public company Board member, with more than 30 years of leadership and business development experience, as well as significant finance and investor relations expertise, including audit oversight, financial reporting, and compliance. He is currently a private investor, involved in various start-up ventures and previously served as Co-Founder and partner of Axcess Worldwide, a brand experience marketing development agency.

“We are excited to welcome Michael to our Board of Directors,” said Robert McDonald, Chair of Quotient. “Michael brings decades of leadership and Board experience, as well as finance, IR, branding, and governance expertise. We believe his track record of growing companies through business development and investment will be valuable as we look to scale our company and deliver greater value to our partners and shareholders.”

Mr. Wargotz said, “I am eager to work alongside the Quotient Board and management team to capitalize on the unique opportunity they have in the evolving digital promotions and media industry. I look forward to helping drive forward its strategic and financial objectives to create value for Quotient shareholders.”

Mr. Wargotz fills the vacancy created by the resignation of Matthew O’Grady, who resigned from the Board effective December 31, 2022, and who at the time of his resignation was one of two directors serving on the Board pursuant to the Cooperation Agreement between Quotient and Engaged Capital LLC. Mr. Wargotz will serve on the Audit Committee, the Nominating and Corporate Governance Committee and the Strategic Committee.

About Michael H. Wargotz

Mr. Wargotz currently serves on the Board of Travel + Leisure Co., the world’s leading membership and leisure travel company. From 2011 to 2017, Mr. Wargotz served as Chairman of Axcess Ventures, an affiliate of Axcess Worldwide, a brand experience marketing development agency. From 2010 to 2011, he co-founded and served as Chief Financial Officer of The Milestone Aviation Group, a global aviation leasing company, from 2010 to 2011. Mr. Wargotz served as the Co-Chairman of Axcess Luxury and Lifestyle from August 2009 to July 2010. From 2006 to 2009, he served as the Chief Financial Advisor of NetJets, Inc., a leading provider of private aviation services from 2006 to 2009 and Vice President of NetJets from 2004 to 2006. Mr. Wargotz co-founded and was a partner in Axcess Worldwide from 2001 to 2004. From January 1998 to December 1999, Mr. Wargotz served in various leadership positions at Cendant Corporation, including President and Chief Executive Officer of its Lifestyle Division, Executive Vice President and Chief Financial Officer of its Alliance Marketing Segment, and Senior Vice President, Business Development. Prior to 1998, Mr. Wargotz served in various finance and accounting positions at HFS Incorporated, PaineWebber & Co, America Express and Price Waterhouse. Mr. Wargotz received a B.A. in Accounting from Rutgers University and an M.B.A. from New York University.

About Quotient

Quotient Technology (NYSE: QUOT) is a leading digital promotions and media technology company for advertisers, retailers and consumers. Quotient’s omnichannel platform is powered by exclusive consumer spending data, location intelligence and purchase intent data to reach millions of shoppers daily and deliver measurable, incremental sales.

Quotient partners with leading advertisers, publishers and retailers, including Clorox, Procter & Gamble, Unilever, CVS, Dollar General, Ahold Delhaize USA, Amazon and Microsoft. Quotient is headquartered in Salt Lake City, Utah, and has offices across the US as well as in Bangalore, Paris, London and Tel Aviv. For more information visit www.quotient.com.

Quotient and the Quotient logo are trademarks or registered trademarks of Quotient Technology Inc. and its subsidiaries in the United States and other countries. Other marks are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006164/en/

Investor Relations:

Drew Haroldson

The Blueshirt Group for Quotient

[email protected]

KEYWORDS: Utah United States North America

INDUSTRY KEYWORDS: Telecommunications Software Internet Search Engine Marketing Advertising Communications Technology Mobile/Wireless

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Posted on February 28, 2023 5:46 pm

Quotient Appoints Jeff Williams as Chief Retail Officer and Yuneeb Khan as Chief Operating Officer

Quotient Appoints Jeff Williams as Chief Retail Officer and Yuneeb Khan as Chief Operating Officer

Williams, a 20+ Year Retail, CPG and ECommerce Industries Veteran Brings Array of Retailer Relationships and Track Record of Client Success

Khan Will Maintain His Current Responsibilities as Chief Financial Officer and Oversee the Company’s Information Technology and Operations Teams

SALT LAKE CITY–(BUSINESS WIRE)–
Quotient Technology Inc. (NYSE: QUOT) (“Quotient” or the “Company”), a leading digital promotions and media technology company, today announced that Jeff Williams has been appointed to the role of Chief Retail Officer effective March 6, 2023.

“We are thrilled to welcome Jeff to our leadership team,” said Quotient Chief Executive Officer, Matt Krepsik. “He has extensive retail and AdTech experience and an impressive track record of developing go-to-market strategies, acquiring new clients, and managing key business relationships to help scale organizations. We believe his expertise will help us strengthen our current retailer relationships and build out our retailer network, as we look to expand the national scale and reach of retailers and their shoppers.”

Mr. Williams has over 20 years of leadership experience in retail, consumer packaged goods (CPG), and eCommerce with expertise in developing go-to-market strategies, opening new retail channels, growing strategic relationships with retailers, and driving client success. Mr. Williams previously served as Chief Commercial Officer at Replenium, an auto-replenishment platform for retailers and brands that dynamically automates routine purchases for shoppers and integrates within eCommerce systems. He also previously served as Senior Vice President of U.S. Retail and Industry Relations at NielsenIQ from 2015 to 2020.

“I believe Quotient has tremendous potential in the digital media market with its high value products, unique platform and network of customers and partners,” said Mr. Williams. “I have been impressed by the work underway by Matt and the leadership team to evolve the business, and believe Quotient is well positioned to provide the retail media platform of choice for digital promotions and media across the industry. I look forward to working closely with the team to continue building out Quotient’s retailer network and providing valuable products to its retailers and CPGs.”

In addition, Quotient announced the appointment of Yuneeb Khan, Chief Financial Officer, to the additional role of Chief Operating Officer effective immediately. Mr. Khan will maintain his current responsibilities in his new position, as well as oversee the Company’s information technology and operations teams.

“Since joining Quotient as our CFO last year, Yuneeb has played an important role in guiding our business transformation, and we are grateful to have a talented finance and AdTech executive of his caliber on the team,” Mr. Krepsik continued. “As we continue to simplify and focus our business structure, he was a natural choice to assume the role of COO to help the Company advance its strategy.”

Mr. Khan said, “We are making tangible progress to drive efficiencies across the organization and better align the Company as a consumer promotions network and retail media technology platform. I look forward to continuing to work with the Quotient team to advance our important operational and financial initiatives underway that are designed to benefit all our stakeholders.”

Mr. Khan has served as Chief Financial Officer at Quotient since July 2022. He has over 25 years of Global Finance and Business leadership experience with globally recognized companies including Nielsen, General Electrics, and PricewaterhouseCoopers. Previously, he served as the Global President of NielsenIQ’s Consumer Insights business and Chief Financial Officer of Nielsen Global Connect (NielsenIQ) and Nielsen Global Operations and Technology. He has built and led global teams, driven global transformation, and participated in several large M&A transactions including the $11.6 billion sale of GE’s Plastics division to SABIC and the $2.7 billion Sale of Nielsen Connect to Advent International.

Fourth Quarter 2022 Financial Results

In a separate release today, Quotient reported financial results for the fourth quarter. Management will host a webcast conference call to discuss the results today at 5:00 p.m. EDT/ 2:00 p.m. PDT.

About Jeff Williams

Starting in 2020, Mr. Williams previously served as Chief Commercial Officer at Replenium, a transformational auto-replenishment platform designed for integration into eCommerce systems of retailers or brands. In this role, he was responsible for overseeing the commercial and marketing strategy, along with the retail, manufacturing, and eCommerce platform partnerships. Mr. Williams also currently serves as CEO and Principal of Fair Warning Consulting, LLC, a strategic growth advisory services for retail, CPG, eCommerce, and technology or service provider companies. He has over 20 years of leadership experience in retail, CPG, and eCommerce industries with expertise in go-to-market framework development, strategic consultation, new business acquisition and development, P&L management, attracting high performing talent, and organizational design. Mr. Williams served in various roles of increasing responsibility at NielsenIQ, including most recently as Senior Vice President of U.S. Retail and Industry Relations from 2015 to 2020. He was responsible for overseeing all strategic go-to-market client activities, relationship development with Amazon Global, commercial growth for Nielsen U.S., and market measurement expansion for new market and channel investments. He received a B.S. in Economics from the State University of New York.

About Quotient

Quotient Technology (NYSE: QUOT) is a leading digital promotions and media technology company for advertisers, retailers and consumers. Quotient’s omnichannel platform is powered by exclusive consumer spending data, location intelligence and purchase intent data to reach millions of shoppers daily and deliver measurable, incremental sales.

Quotient partners with leading advertisers, publishers and retailers, including Clorox, Procter & Gamble, Unilever, CVS, Dollar General, Ahold Delhaize USA, Amazon and Microsoft. Quotient is headquartered in Salt Lake City, Utah, and has offices across the US as well as in Bangalore, Paris, London and Tel Aviv. For more information visit www.quotient.com.

Quotient and the Quotient logo are trademarks or registered trademarks of Quotient Technology Inc. and its subsidiaries in the United States and other countries. Other marks are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006161/en/

Investor Relations:

Drew Haroldson

The Blueshirt Group for Quotient

[email protected]

KEYWORDS: United States North America Utah

INDUSTRY KEYWORDS: Technology Other Communications Advertising Other Technology Electronic Commerce Communications Media Digital Marketing Data Management Search Engine Marketing

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Posted on February 28, 2023 5:46 pm

Mastercard to Participate in Upcoming Investor Conferences

Mastercard to Participate in Upcoming Investor Conferences

PURCHASE, N.Y.–(BUSINESS WIRE)–
Mastercard Incorporated (NYSE: MA) today announced its participation in the following investor conference.

On Tuesday, March 14, Craig Vosburg, chief product officer, will present at the Wolfe FinTech Forum in New York. The discussion will begin at 8:45 a.m. Eastern Time and last for approximately 35 minutes.

There will be a live audio webcast of the discussion and a replay will be archived for 30 days at investor.mastercard.com.

About Mastercard Incorporated (NYSE: MA), www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006402/en/

Investor Relations: Jud Staniar, [email protected], 914-249-4565

Communications: Seth Eisen, [email protected], 914-249-3153

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Innoviva Reports Fourth Quarter 2022 Financial Results and Highlights Recent Company Progress

• Royalties of $54.7 million in the fourth quarter of 2022 for RELVAR^®/BREO^® ELLIPTA^® and ANORO^® ELLIPTA^®
• Net product sales of $14.6 million in the fourth quarter of 2022 for GIAPREZA^® and XERAVA^®
• $100 million share repurchase program initiated in the fourth quarter of 2022
• Sapna Srivastava, Ph.D., appointed to the Company’s Board of Directors

 

BURLINGAME, Calif.–(BUSINESS WIRE)–
Innoviva, Inc. (NASDAQ: INVA) (“Innoviva” or “the Company”), a diversified holding company with a portfolio of royalties and other healthcare assets, today reported financial results for the fourth quarter ended December 31, 2022.

• Gross royalty revenues of $54.7 million from Glaxo Group Limited (“GSK”) for the fourth quarter of 2022 included royalties of $44.3 million from global net sales of RELVAR^®/BREO^® ELLIPTA^® and royalties of $10.4 million from global net sales of ANORO^® ELLIPTA^®.
• Income before income taxes decreased to a loss of $64.7 million, compared to income of $56.5 million in the same quarter of 2021, driven primarily by reduced royalty revenue contribution following Theravance Respiratory Company LLC (“TRC”) divestiture partially offset by GIAPREZA^® and XERAVA^® revenues, incremental operating expenses related to recent acquisitions, and adverse contribution from net changes in fair value of equity and long-term investments.
• Decrease in fair values of equity and long-term investments of $85.4 million in the fourth quarter of 2022 was driven mainly by a $117.3 million unrealized loss related to share price decline for Armata Pharmaceuticals Inc. (“Armata”) over the time period, much of which has since been recouped due to favorable year to date share price performance in 2023.
• Net cash provided by operating activities was $201.7 million in 2022, compared to $363.8 million in 2021, driven primarily by reduced revenues following TRC divestiture as well as additional incremental operating expenses, including one-time costs, following recent acquisitions.
• Net cash and cash equivalents totaled $291.0 million, and royalty and product sale receivables totaled $64.1 million as of December 31, 2022.

Pavel Raifeld, Chief Executive Officer of Innoviva, stated: “Our diversified core royalty business remains solid. RELVAR^®/BREO^® ELLIPTA^® global net sales decreased in the fourth quarter of 2022 primarily due to unfavorable prior period adjustments in the U.S., despite stable volume trends. ANORO^® ELLIPTA^® global net sales decreased slightly compared to the fourth quarter of 2021 mainly due to foreign exchange rate changes.”

Mr. Raifeld continued: “We continue to advance our strategy of building a best-in-class hospital and infectious disease business formed through acquisitions of Entasis Therapeutics and La Jolla Pharmaceutical. Notably, GIAPREZA^® and XERAVA^® had their strongest quarter ever, the FDA accepted our SUL-DUR NDA with Priority Review, and enrollment in our Phase 3 registrational trial of zoliflodacin remains on track, with study completion anticipated in 2023. We believe this platform will afford us multiple opportunities to create and crystalize shareholder value.”

“While capital markets volatility has significantly impacted income over the past quarter, primarily manifesting through decline in Armata’s share price, most losses have been recouped following recent stock rallies. We remain excited about our prospects and continue to be disciplined with our capital, executing on the $100 million share buyback program and optimizing our operating footprint following recent acquisitions,” said Mr. Raifeld.

Recent Highlights

• GSK Net Sales:
  • Fourth quarter 2022 net sales of RELVAR^®/BREO^® ELLIPTA^® by GSK were $295.2 million with $83.0 million in net sales from the U.S. market and $212.2 million from non-U.S. markets.
  • Fourth quarter 2022 net sales of ANORO^® ELLIPTA^® by GSK were $159.8 million with $82.6 million net sales from the U.S. market and $77.2 million from non-U.S. markets.
• Clinical Updates:
  • On November 30, 2022, the U.S. Food and Drug Administration (FDA) granted priority review for SUL-DUR, an investigational drug for the treatment of infections caused by Acinetobacter baumannii-calcoaceticus complex (ABC), including multi-drug resistant and carbapenem-resistant strains.
  • The FDA is currently planning to hold an advisory committee meeting to discuss this New Drug Application. The target PDUFA date (or action date) is May 29, 2023.
  • At the annual meeting of the Infectious Disease Society of America which took place from October 19 to October 23, 2022 in Washington, D.C., Entasis Therapeutics, a wholly owned subsidiary of the Company, had six presentations on SUL-DUR, reinforcing the positive safety and efficacy findings from the Company’s pivotal Phase 3 ATTACK trial.
  • Additionally, at the same annual meeting of the Infectious Disease Society of America, La Jolla Pharmaceutical, another wholly owned subsidiary of the Company, had five abstracts on XERAVA^® focused primarily on its use in combination therapies.
  • Enrollment in the phase 3 registrational trial for zoliflodacin, a first-in-class oral antibiotic for the treatment of gonorrhea being developed in partnership with GARD-P, remains on track, and study completion is anticipated in 2023.

• Corporate Updates:
  • Innoviva’s Board of Directors authorized a share repurchase program in the fourth quarter of 2022 under which the Company may repurchase up to $100.0 million of its outstanding shares of common stock.
  • In January 2023, Sapna Srivastava, Ph.D., a highly experienced executive within the biopharmaceutical and banking industries, joined the Company’s Board of Directors.
  • In January 2023, we closed a $30 million convertible debt facility with Armata, supporting the clinical development of its multiple innovative bacteriophage assets as well as advanced biologics cGMP manufacturing capabilities.
  • In January 2023, we invested an additional $5 million in Gate Neurosciences, Inc. to support the clinical development of their differentiated pipeline of neuropsychiatric therapeutics.
  • In January 2023, we paid off our convertible notes due 2023 in the amount of $96.2 million.

About Innoviva

Innoviva is a diversified holding company with a portfolio of royalties and other healthcare assets. Innoviva’s royalty portfolio includes respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR^®/BREO^® ELLIPTA^® (fluticasone furoate/ vilanterol, “FF/VI”) and ANORO^® ELLIPTA^® (umeclidinium bromide/ vilanterol, “UMEC/VI”). Under the Long-Acting Beta2 Agonist (“LABA”) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR^®/BREO^® ELLIPTA^® and ANORO^® ELLIPTA^®. Innoviva’s other healthcare assets include infectious disease and hospital assets stemming from acquisitions of Entasis Therapeutics, including its lead asset sulbactam-durlobactam, and La Jolla Pharmaceutical, including GIAPREZA® (angiotensin II), approved to increase blood pressure in adults with septic or other distributive shock and XERAVA® (eravacycline) for the treatment of complicated intra-abdominal infections in adults.

ANORO^®, RELVAR^® and BREO^® are trademarks of the GSK group of companies.

Forward Looking Statements

This press release contains certain “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives, and future events. Innoviva intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “expect”, “goal”, “intend”, “objective”, “opportunity”, “plan”, “potential”, “target” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve substantial risks, uncertainties, and assumptions. These statements are based on the current estimates and assumptions of the management of Innoviva as of the date of this press release and are subject to known and unknown risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Innoviva to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: expected cost savings; lower than expected future royalty revenue from respiratory products partnered with GSK; the commercialization of RELVAR^®/BREO^® ELLIPTA^®, ANORO^® ELLIPTA^®, GIAPREZA^® and XERAVA^® in the jurisdictions in which these products have been approved; the strategies, plans and objectives of Innoviva (including Innoviva’s growth strategy and corporate development initiatives); the timing, manner, and amount of potential capital returns to shareholders; the status and timing of clinical studies, data analysis and communication of results; the potential benefits and mechanisms of action of product candidates; expectations for product candidates through development and commercialization; the timing of regulatory approval of product candidates; and projections of revenue, expenses and other financial items; the impact of the novel coronavirus (“COVID-19”); the timing, manner and amount of capital deployment, including potential capital returns to stockholders; and risks related to the Company’s growth strategy. Other risks affecting Innoviva are described under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Innoviva’s Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Reports on Form 10-Q, which are on file with the Securities and Exchange Commission (“SEC”) and available on the SEC’s website at www.sec.gov. Additional risk factors are presented on Form 8-K filed on August 23, 2022. Past performance is not necessarily indicative of future results. No forward-looking statements can be guaranteed, and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The information in this press release is provided only as of the date hereof, and Innoviva assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law.

INNOVIVA, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
		Three Months Ended								Year Ended
		December 31,								December 31,
		2022				2021				2022				2021
Revenue:
Royalty revenue, net (1)		$	51,216			$	107,680			$	311,645			$	391,866
Net product sales			14,587				–				19,694				–
Total revenue			65,803				107,680				331,339				391,866
Expenses:
Cost of products sold (inclusive of amortization of inventory fair value adjustments)			10,113				–				13,793				–
Selling, general and administrative			17,390				3,113				63,538				16,187
Research and development			10,049				40				41,432				576
Amortization of acquired intangible assets			4,070				–				5,581				–
Gain on TRC sale			–				–				(266,696	)
Loss on debt extinguishment			–				–				20,662
Changes in fair values of equity method investments, net			117,275				9,025				161,749				(84,392	)
Changes in fair values of equity and long-term investments, net			(31,868	)			33,917				(8,462	)			(6,638	)
Interest and dividend income			(3,188	)			(454	)			(6,369	)			(1,839	)
Interest expense			4,028				4,841				15,789				19,070
Other expense (income), net			2,622				708				3,373				3,626
Total expenses			130,491				51,190				44,390				(53,410	)
Income before income taxes			(64,688	)			56,490				286,949				445,276
Income tax expense			3,626				10,839				66,687				76,439
Net income			(68,314	)			45,651				220,262				368,837
Net income attributable to noncontrolling interest			–				35,305				6,341				102,983
Net income attributable to Innoviva stockholders		$	(68,314	)		$	10,346			$	213,921			$	265,854
Basic net income per share attributable to Innoviva stockholders		$	(0.98	)		$	0.15			$	3.07			$	3.24
Diluted net income per share attributable to Innoviva stockholders		$	(0.98	)		$	0.14			$	2.37			$	2.87
Shares used to compute basic net income per share			69,656				69,492				69,644				82,062
Shares used to compute diluted net income per share			69,656				81,770				95,249				94,310

(1) Total net revenue is comprised of the following (in thousands):
		Three Months Ended								Year Ended
		December 31,								December 31,
		2022				2021				2022				2021
		(unaudited)								(unaudited)
Royalties		$	54,671			$	111,135			$	325,468			$	405,689
Amortization of capitalized fees			(3,455	)			(3,455	)			(13,823	)			(13,823	)
Royalty revenue, net		$	51,216			$	107,680			$	311,645			$	391,866

INNOVIVA, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
		December 31,			December 31,
		2022			2021
Assets
Cash and cash equivalents		$	291,049		$	201,525
Royalty and product sale receivables			64,073			110,711
Inventory, net			55,897			–
Prepaid expense and other current assets			32,492			1,437
Property and equipment, net			170			12
Equity and long-term investments			403,013			483,845
Capitalized fees			97,607			111,430
Right-of-use assets			3,265			97
Goodwill			26,713			–
Intangible assets			252,919			–
Deferred tax assets, net			–			17,327
Other assets			4,299			11
Total assets		$	1,231,497		$	926,395
Liabilities and stockholders’ equity
Other current liabilities		$	32,322		$	1,655
Accrued interest payable			4,359			4,152
Deferred revenues			2,094			–
Convertible subordinated notes, due 2023, net			96,193			240,364
Convertible senior notes, due 2025, net			190,583			154,289
Convertible senior notes, due 2028, net			253,597			–
Other long term liabilities			70,918			–
Deferred tax liabilities			5,771
Income tax payable – long term			9,872			–
Innoviva stockholders’ equity			565,788			414,743
Noncontrolling interest			–			111,192
Total liabilities and stockholders’ equity		$	1,231,497		$	926,395

INNOVIVA, INC.
Cash Flows Summary
(in thousands)
(unaudited)
		Year Ended December 31,
		2022				2021
Net cash provided by operating activities		$	201,726			$	363,813
Net cash provided by (used in) investing activities			(56,634	)			43,722
Net cash used in financing activities			(55,568	)			(452,497	)
Net change		$	89,524			$	(44,962	)
Cash and cash equivalents at beginning of period			201,525				246,487
Cash, cash equivalents and restricted cash at end of period		$	291,049			$	201,525

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006203/en/

Innoviva Contacts:

Argot Partners

(212) 600-1902

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Health Infectious Diseases Other Health General Health Pharmaceutical Biotechnology

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