Market Newsdesk

TDCX’s first quarter 2023 revenue up 8.2%, or up 13.1% in constant currency terms¹

SINGAPORE–(BUSINESS WIRE)–
TDCX Inc. (NYSE: TDCX) (“TDCX” or the “Company”), an award-winning digital customer experience (CX) solutions provider for technology and blue-chip companies, today announced its unaudited financial results for the first quarter ended March 31, 2023.

First Quarter 2023 Financial Highlights³

• Total revenue of US$124.3 million, up 8.2% year-on-year, including a 4.9% point negative impact of foreign exchange rates compared with the prior year period, and up 13.1% in constant currency terms¹
• Profit for the period was US$20.5 million, up 22.5% year-on-year

• EBITDA^2,4 of US$32.0 million, up 7.0% year-on-year, and Adjusted EBITDA^2,4 of US$30.0 million, down 16.2% year-on-year

• Profit for the period, EBITDA^2,4 and Adjusted EBITDA^2,4 included a net reversal of equity-settled share-based payment expenses of US$3.9 million

Mr. Laurent Junique, Chief Executive Officer and Founder of TDCX, said, “We delivered a resilient set of results this quarter through our continued focus on operational excellence. Our efforts to deepen our support for existing clients are also showing results, as revenue from clients outside our top five rose 45 per cent year-on-year.

“Given market uncertainties, we are seeing more emphasis for stronger performance and greater productivity among our clients. Hence, we are focused on adding value to our clients by helping them solve their strategic CX challenges. We do this by leveraging the insights and best practices gathered from our Digital CX Center of Excellence and our recently launched TDCX AI arm.

“Looking ahead, we continue to strengthen our capabilities by deepening our sector expertise in our core verticals, sharpening our operational capabilities, and expanding our footprint for better client coverage.”

(US$ million, except for %)3	Q1 2022	Q1 2023	% Change
Revenue	114.9	124.3	+8.2% (+13.1% on a constant currency basis)1, 2
Profit for the period	16.7	20.5	+22.5%
EBITDA2,4	29.9	32.0	+7.0%
EBITDA Margins2,4 (%)	26.1%	25.8%
Adjusted EBITDA2,4	35.8	30.0	-16.2%
Adjusted EBITDA Margins2,4 (%)	31.2%	24.2%
Adjusted Net Income2,5	22.6	18.3	-19.1%

Q1 23 Business Highlights

Strong Client Growth Year-on-Year

• Client count^{6, 7} up 55% year-on-year, bringing total client count to 85 as of 31 March 2023, compared to 55 as of 31 March 2022

Improved Client Diversification

• Broad-based growth as revenue from clients outside the top five rose 45% year-on-year⁷
• Revenue mix from top five clients lowered to 76% in Q1 23 from 83% in Q1 22

Strategic Geographic Expansion

• Opening of Jakarta operation in January 2023, which further bolsters TDCX’s strong Southeast Asian foothold

• Launch of a new campus in São Paulo, Brazil – TDCX’s 29th globally – in May 2023 to support a key gaming client

Full Year 2023 Outlook

For the full year 2023, TDCX expects its financial results to be:

2023 Outlook
Revenue growth (YoY)	Range: 3% – 8% (On a constant currency basis1,2,8)
Adjusted EBITDA margin2,4	Approximately 25% – 29%

Detailed Financial Information on the Form 6-K

Please refer to https://investors.tdcx.com/financials/quarterly-results/default.aspx for the detailed financial information contained in Form 6-K.

__________________

¹ Revenue at constant currency is calculated by translating the revenue of our local subsidiaries in each period in the respective local functional currencies to the presentation currency of the Company and its subsidiaries (the “Group”), using the average currency conversion rates in effect during the comparable prior period, rather than at the actual currency conversion rates in effect during that period.

² EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Revenue at Constant Currency and Revenue Growth at Constant Currency are supplemental non-IFRS financial measures and should not be considered in isolation or as a substitute for financial results reported under IFRS (see “Non-IFRS Financial Measures” in the Form 6-K or “Reconciliation of non-IFRS financial measures to the nearest comparable IFRS measures” in the presentation slides for more details).

The reported amounts for Adjusted EBITDA and Adjusted Net Income for the three months ended March 31, 2023 include adjustments for certain items (i.e., acquisition-related professional fees and net foreign exchange gains or losses) which were not included in similar non-IFRS financial measures previously reported in prior periods. In order to place the current disclosure in the appropriate context and enhance its comparability, similar adjustments have been made for Adjusted EBITDA and Adjusted Net Income for the three months ended March 31, 2022.

³ FX rate of US$1 = S$1.3270, being the approximate rate in effect as of March 31, 2023, assumed in converting financials from SG dollar to U.S. dollar.

⁴ “EBITDA” represents profit for the year/ period before interest expense, interest income, income tax expense and depreciation and amortization expense. “EBITDA margin” represents EBITDA as a percentage of revenue. “Adjusted EBITDA” represents profit for the period before interest expense, interest income, income tax expense, depreciation and amortization expense, acquisition-related professional fees, net foreign exchange gains or losses and equity-settled share-based payment expense (or net reversal) incurred in connection with our TDCX Performance Share Plan (the “Performance Share Plan”), which was adopted on August 26, 2021 and allows us to offer Class A ordinary shares or ADSs to our employees, officers, executive directors and consultants. “Adjusted EBITDA margin” represents Adjusted EBITDA as a percentage of revenue.

⁵ “Adjusted Net Income” represents profit for the period before acquisition-related professional fees, net foreign exchange gains or losses and equity-settled share-based payment expense (or net reversal) incurred in connection with our Performance Share Plan, net of any tax impact of such adjustments.

⁶ “Client count” refers to launched campaigns that are revenue generating.

⁷ Includes additional clients attributable to our Hong Kong subsidiary.

⁸ We have not reconciled non-IFRS forward-looking revenue growth at constant currency to its most directly comparable IFRS measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. The revenue growth outlook indicated for 2023 is calculated and presented at constant currency, as it would require unreasonable efforts to predict factors out of our control or not readily predictable, such as currency exchange movements over the course of an entire year.

Webcast and Conference Call Information

TDCX senior management will host a conference call to discuss the first quarter 2023 unaudited financial results.

A live webcast of this conference call will be available on TDCX’s website. Access information on the conference call and webcast is as follows:

Date and time:		May 31, 2023, 8:30 PM (U.S. Eastern Time)
		June 1, 2023, 8:30 AM (Singapore / Hong Kong Time)
Webcast link:		https://events.q4inc.com/earnings/TDCX/Q1-2023
Dial in numbers:		USA Toll Free: +1 855 979 6654	United States (Local): +1 646 787 9445
		Singapore: +65 3163 4602	Hong Kong: +852 5803 3413
		UK Toll Free +44 800 358 1035	All other locations: +44 20 3936 2999
Participant Access Code: 644840

A replay of the conference call will be available at TDCX’s investor relations website (investors.tdcx.com). An archived webcast will be available at the same link above.

About TDCX INC.

Singapore-headquartered TDCX provides transformative digital CX solutions, enabling world-leading and disruptive brands to acquire new customers, to build customer loyalty and to protect their online communities.

TDCX helps clients achieve their customer experience aspirations by harnessing technology, human intelligence and its global footprint. It serves clients in fintech, gaming, technology, home sharing and travel, digital advertising and social media, streaming and e-commerce. TDCX’s expertise and strong footprint in Asia has made it a trusted partner for clients, particularly high-growth, new economy companies, looking to tap the region’s growth potential.

TDCX’s commitment to delivering positive outcomes for our clients extends to its role as a responsible corporate citizen. Its Corporate Social Responsibility program focuses on positively transforming the lives of its people, its communities and the environment.

TDCX employs more than 18,400 employees across 30 campuses globally, specifically in Brazil, Colombia, Hong Kong, India, Japan, Malaysia, Mainland China, Philippines, Romania, Singapore, South Korea, Spain, Thailand, Türkiye, and Vietnam. For more information, please visit www.tdcx.com.

Convenience Translation

The Company’s financial information is stated in Singapore dollars, the legal currency of Singapore. Unless otherwise noted, all translations from Singapore dollars to U.S. dollars and from U.S. dollars to Singapore dollars in this press release were made at a rate of S$1.3270 to US$1.00, the approximate rate in effect as of March 31, 2023. We make no representation that any Singapore dollar or U.S. dollar amount could have been, or could be, converted into U.S. dollars or Singapore dollar, as the case may be, at any particular rate, the rate stated herein, or at all.

Non-IFRS Financial Measure

To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the following non-IFRS financial measure to help evaluate our operating performance:

“EBITDA” represents profit for the year/ period before interest expense, interest income, income tax expense and depreciation and amortization expense. “EBITDA margin” represents EBITDA as a percentage of revenue. “Adjusted EBITDA” represents profit for the year/ period before interest expense, interest income, income tax expense, depreciation and amortization expense, acquisition-related professional fees, net foreign exchange gains or losses and equity-settled share-based payment expense (or net reversal) incurred in connection with our Performance Share Plan. “Adjusted EBITDA margin” represents Adjusted EBITDA as a percentage of revenue.

“Adjusted Net Income” represents profit for the year/ period before acquisition-related professional fees, net foreign exchange gains or losses and equity-settled share-based payment expense (or net reversal) incurred in connection with our Performance Share Plan, net of any tax impact of such adjustments.

Revenue at constant currency is calculated by translating the revenue of our local subsidiaries in each period in the respective local functional currencies to the Group’s presentation currency, using the average currency conversion rates in effect during the comparable prior period, rather than at the actual currency conversion rates in effect during that period.

We believe that EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Revenue at Constant Currency and Revenue Growth at Constant Currency help us to compare our operating performance on a consistent basis by removing the impact of items not directly resulting from our core operations, and thereby help us to identify underlying trends in our operating results, enhancing our understanding of past performance and future prospects.

We exclude items from Adjusted EBITDA and Adjusted Net Income, including acquisition-related professional fees, net foreign exchange gains or losses and equity-settled share-based payment expense (or net reversal) incurred in connection with our Performance Share Plan, as they are not indicative of our ongoing operating performance, and adjusting for such items is meaningful and useful to readers to understand the underlying performance of the business by eliminating the impact of certain items that may obscure trends in the underlying performance of the business.

The above non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or construed as an alternative to revenue, net income, or any other measure of performance or as an indicator of our operating performance. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies because other companies may calculate similarly titled measures differently. For more information on the non-IFRS financial measures, including full reconciliations to the nearest IFRS measure, please see the form 6-K section captioned “Non-IFRS Financial Measures” or the presentation slides.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Among other things, the outlook for the full year, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the performance of TDCX’s largest clients; the successful implementation of its business strategy; the continued service of its founder and certain of its key employees and management; its ability to compete effectively; its ability to navigate difficulties and successfully expand its operations into countries in which it has no prior operating experience; its ability to maintain its pricing, control costs or continue to grow its business; its ability to attract and retain enough highly trained employees; its compliance with service level and performance requirements by, and contractual obligations with, its clients; its exposure to various risks in Southeast Asia; its contractual relationship with key clients; clients and prospective clients’ spending on omnichannel CX solutions and content, trust and safety services; its ability to successfully identify, acquire and integrate companies; its spending on employee salaries and benefits expenses; and its involvement in any disputes, legal, regulatory, and other proceedings arising out of its business operations. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
		For the three months ended March 31,
		2023					2022
		US$’000		S$’000			S$’000
Revenue		124,301		164,947			152,423
Employee benefits expense		(79,939	)	(106,079	)		(103,850	)
Depreciation and amortization expense		(8,481	)	(11,254	)		(9,556	)
Rental and maintenance expense		(2,555	)	(3,391	)		(2,266	)
Recruitment expense		(2,295	)	(3,045	)		(2,809	)
Transport and travelling expense		(346	)	(459	)		(190	)
Telecommunication and technology expense		(2,509	)	(3,329	)		(2,629	)
Interest expense		(360	)	(478	)		(487	)
Other operating expense (1)		(5,021	)	(6,662	)		(2,554	)
Share of profit from an associate		—		—			18
Interest income		1,361		1,806			267
Other operating income		390		517			1,592
Profit before income tax		24,546		32,573			29,959
Income tax expense		(4,044	)	(5,366	)		(7,754	)
Profit for the period		20,502		27,207			22,205
Item that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		(2,681	)	(3,558	)		(1,116	)
Total comprehensive income for the period		17,821		23,649			21,089
Profit attributable to:
– Owners of TDCX Inc.		20,502		27,207			22,205
– Non-controlling interests		—		—			—
		20,502		27,207			22,205
Total comprehensive income attributable to:
– Owners of TDCX Inc.		17,821		23,649			21,089
– Non-controlling interests		—		—			—
		17,821		23,649			21,089
Basic earnings per share (in US$ or S$) (2)		0.14		0.19			0.15
Diluted earnings per share (in US$ or S$) (2)		0.14		0.19			0.15

_______________________________

⁽¹⁾ We reported foreign exchange gains or losses, as applicable, on a net basis for the relevant period under the “other operating expense” line item.

⁽²⁾ Basic and diluted earnings per share

	For the three months ended March 31,
	2023	2022
Weighted average number of ordinary shares for the purposes of basic earnings per share	144,920,762	145,745,209
Effect of vesting of employee share awards	—	134,474
Weighted average number of ordinary shares for the purposes of diluted earnings per share	144,920,762	145,879,683

The translation of Singapore Dollar amounts into United States Dollar amounts (“USD”) for the unaudited condensed interim consolidated statement of profit or loss and other comprehensive income above are included solely for the convenience of readers outside of Singapore and have been made at the rate of S$1.3270 to US$1.00, the approximate rate of exchange at March 31, 2023. Such translations should not be construed as representations that the Singapore Dollar amounts could be converted into USD at that or any other rate.

Comparison of the Three Months Ended March 31, 2023 and 2022

Revenue. Our revenue increased by 8.2% to S$164.9 million (US$124.3 million) for the three months ended March 31, 2023 from S$152.4 million for the three months ended March 31, 2022 primarily driven by a 23.2% increase in revenue from sales and digital marketing services followed by a 9.2% increase in revenue from omnichannel CX solutions services rendered, partially offset by a 17.3% decrease in revenue from content, trust and safety services.

• Our revenue from omnichannel CX solutions services increased by 9.2% to S$97.7 million (US$73.6 million) from S$89.5 million for the same period of 2022 primarily due to higher business volumes driven by the expansion of existing campaigns by clients in the travel and hospitality, gaming, fast moving consumer goods, and technology verticals, partially offset by a lower demand for our services from existing clients in the fintech, and digital advertising and media verticals.

• Our revenue from sales and digital marketing services increased by 23.2% to S$44.0 million (US$33.2 million) from S$35.7 million for the same period of 2022 primarily due to the expansion of existing campaigns by our key digital advertising and media clients and additional contributions from new clients in 2022 continuing to scale up.

• Our revenue from content, trust and safety services decreased by 17.3% to S$21.8 million (US$16.5 million) from S$26.4 million for the same period of 2022 primarily due to contraction of volumes requirement by existing clients in the digital advertising and media vertical.

• Our revenue from our other service fees increased by 72.5% to S$1.4 million (US$1.0 million) from S$0.8 million for the same period of 2022 primarily due to an expansion of existing campaigns.

The following table sets forth our service provided by amount for the three months ended March 31, 2023 and 2022.

	For the three months ended March 31,
	2023			2022
	US$’000	S$’000		S$’000
Revenue by service
Omnichannel CX solutions*	73,642	97,723		89,505
Sales and digital marketing	33,167	44,012		35,710
Content, trust and safety*	16,452	21,832		26,408
Other service fees #	1,040	1,380		800
Total revenue	124,301	164,947		152,423

^* During the second quarter ended June 30, 2022, we renamed our “content monitoring and moderation” services as “content, trust and safety” services and reclassified certain of our revenue from our omnichannel CX solution services and our other service fees under content, trust and safety services. Accordingly, we reclassified our segment revenue for all periods presented herein on a comparable basis except where otherwise noted. See “Segment Reclassification” below.

^#Other service fees comprise revenue from other business process services and revenue from other services.

Employee Benefits Expense. Our employee benefits expense increased by 2.1% to S$106.1 million (US$79.9 million) from S$103.9 million for the same period of 2022 primarily due to higher employee headcount and wage adjustments. This was partially offset by a reversal of share-based payment expense as certain performance share awards are not expected to vest. Our average number of employees in the first quarter of 2023 increased by 21.6% compared to the same period of 2022 driven by higher net business volumes of several existing campaigns and new campaign launches over the course of 2022 and the first quarter of 2023. The reversal of the abovementioned share-based payment expense resulted in a reduction in employee benefits expense of S$7.0 million (US$5.3 million).

Depreciation and Amortization Expense. Our depreciation and amortization expense increased by 17.8% to S$11.3 million (US$8.5 million) from S$9.6 million for the same period of 2022 primarily due to our office space expansion in Malaysia, Thailand, Korea and Spain and depreciation and amortization expense arising from our acquisition on October 13, 2022 of our Hong Kong associated company, which then became a wholly-owned subsidiary.

Rental and Maintenance Expense. Our rental and maintenance expense increased by 49.6% to S$3.4 million (US$2.6 million) from S$2.3 million for the same period of 2022 primarily due to the setting up of greenfield sites in Brazil, Türkiye and Vietnam. In addition, our rental and maintenance expense increased to support the expansion in volumes of certain existing key clients’ campaigns in the Philippines, Singapore and Malaysia that required the need for additional technology devices and equipment.

Recruitment Expense. Our recruitment expense increased by 8.4% to S$3.0 million (US$2.3 million) from S$2.8 million for the same period of 2022 primarily due to increased hiring activities to support the campaigns requirements in a few of our sites.

Transport and Travelling Expense. Our transport and travelling expense increased by 141.6% to S$0.5 million (US$0.3 million) from S$0.2 million for the same period of 2022 mainly due to increased operational and corporate travel.

Telecommunication and Technology Expense. Our telecommunication and technology expense increased by 26.6% to S$3.3 million (US$2.5 million) from S$2.6 million for the same period of 2022 primarily due to an increase in software subscription and outsourced IT services.

Interest Expense. The decrease in our interest expense was not significant.

Other Operating Expense. Our other operating expense increased by 160.8% to S$6.7 million (US$5.0 million) from S$2.6 million for the same period of 2022 primarily due to higher foreign exchange losses and increased professional and advisory fees related to evaluation and diligence activities on a discontinued acquisition.

Share of Profit from an Associate. Our share of profit from an associate was insignificant for the three months ended March 31, 2022 and 2023. Our associated company became our wholly-owned subsidiary after we acquired all remaining shares of the company on October 13, 2022.

Interest Income. Our interest income increased by 576.4% to S$1.8 million (US$1.4 million) from S$0.3 million for the same period of 2022 primarily due to higher placements of excess liquid funds in interest earning deposit.

Other Operating Income. Our other operating income decreased by 67.5% to S$0.5 million (US$0.4 million) from S$1.6 million for the same period of 2022 primarily due to lower government grants received by our Singapore subsidiaries.

Profit Before Income Tax. As a result of the foregoing, our profit before income tax rose by 8.7% to S$32.6 million (US$24.5 million) from S$30.0 million for the corresponding period of 2022.

Income Tax Expense. Our income tax expense decreased by 30.8% to S$5.4 million (US$4.0 million) from S$7.8 million for the same period of 2022 primarily due to the recognition of a deferred tax asset and lower taxable profits earned by our subsidiaries in Singapore, Thailand and Malaysia.

Profit for the Period. As a result of the foregoing, our profit for the period increased by 22.5% to S$27.2 million (US$20.5 million) from S$22.2 million for the same period of 2022.

Exchange differences on translation of foreign operations. Exchange differences on translation of foreign operations recognized in other comprehensive income increased by 218.8% to a loss of S$3.6 million (US$2.7 million) from a loss of S$1.1 million for the same period of 2022 primarily due to the weakening of the functional currencies of the foreign operations against the Singapore Dollar.

Total Comprehensive Income for the Period. As a result of the foregoing, our total comprehensive income for the period increased by 12.1% to S$23.6 million (US$17.8 million) from S$21.1 million for the same period of 2022.

Additional Adjustments to Certain Non-IFRS Financial Measures

With effect from January 1, 2023, we have decided to include adjustments for net foreign exchange gains or losses and acquisition-related professional fees in Adjusted EBITDA, Adjusted Net Income and Adjusted EPS, in addition to an adjustment for equity-settled share-based payment expense (or net reversal) that was included in such previously reported non-IFRS measures in prior periods. Over the course of the previous year, we have identified such additional items as not indicative of our ongoing operating performance, and adjusting for such items is meaningful and useful to readers to understand the underlying performance of the business by eliminating the impact of certain items that may obscure trends in the underlying performance of the business. For further information, see “Non-IFRS Financial Measures” below.

Share Repurchase Program

On March 14, 2022, we announced that the board of directors had approved a US$30.0 million share repurchase program. The share repurchase program commenced on March 14, 2022. The repurchase program has no expiration date and may be suspended, modified or discontinued at any time without prior notice. We expect to fund repurchases under this program with our existing cash balance.

Our proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations and its insider trading policy. Our board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. All share repurchases are subject to and will be carried out, if at all, in accordance with applicable regulatory requirements.

From January 1, 2023 to May 30, 2023, we purchased 3,000 American Depositary Shares (ADSs) at a cost of US$30,000 under our share repurchase program.

Segment Reclassification

During the second quarter of 2022, we renamed our “content monitoring and moderation” services as “content, trust and safety” services. The change reflects the industry’s broader view that content monitoring and moderation services are part of a larger group of services that includes other trust and safety related services and helps enhance our ability to track our performance.

Our content, trust and safety services comprise content monitoring and moderation services, trust and safety services and data annotation services. Content monitoring and moderation service involves the review of user submitted content for violation of terms of use or non-compliance with the specifications and guidelines provided by our clients. Trust and safety services entail our dedicated and trained resources in assisting our clients to verify, detect and prevent incidences of fraudulent use of clients’ tools so as to promote users’ confidence in using our clients’ platforms and tools. Data annotation services provided by us serve to support the development of our clients’ efforts in machine learning and automation initiatives and projects.

Revenue for trust and safety related services that were previously classified under omnichannel CX solutions and other service fees respectively, which can currently be reasonably identified and quantified, will now be reported as content, trust and safety services.

NON-IFRS FINANCIAL MEASURES

EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income margin, Adjusted EPS, revenue at constant currency, and revenue growth at constant currency are non-IFRS financial measures. TDCX monitors EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income margin, Adjusted EPS, revenue at constant currency and revenue growth at constant currency because they assist the Company in comparing its operating performance on a consistent basis by removing the impact of items not directly resulting from its core operations.

EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin

“EBITDA” represents profit for the period before interest expense, interest income, income tax expense, and depreciation expense. “EBITDA margin” represents EBITDA as a percentage of revenue. “Adjusted EBITDA” represents profit for the period before interest expense, interest income, income tax expense, depreciation and amortization expense, equity-settled share-based payment expense (or net reversal) incurred in connection with our Performance Share Plan, net foreign exchange gain or loss and acquisition-related professional fees. “Adjusted EBITDA margin” represents Adjusted EBITDA as a percentage of revenue.

	For the Three Months ended March 31,
	2023							2022 (4)
	US$’000		S$’000		Margin			S$’000		Margin
Revenue	124,301		164,947		—			152,423		—
Profit for the period and net profit margin	20,502		27,207		16.5	%		22,205		14.6	%
Adjustments for:
Depreciation and amortization expense	8,481		11,254		6.8	%		9,556		6.3	%
Income tax expense	4,044		5,366		3.3	%		7,754		5.1	%
Interest expense	360		478		0.3	%		487		0.3	%
Interest income	(1,361	)	(1,806	)	(1.1	%)		(267	)	(0.2	%)
EBITDA and EBITDA margin	32,026		42,499		25.8	%		39,735		26.1	%
Adjustment:
Equity-settled share-based payment (net reversal) / expense (1)	(3,868	)	(5,133	)	(3.1	%)		7,933		5.2	%
Net foreign exchange loss/ (gain) (2)	1,117		1,482		0.9	%		(165	)	(0.1	%)
Acquisition-related professional fees (3)	741		983		0.6	%		—		—
Adjusted EBITDA and Adjusted EBITDA margin	30,016		39,831		24.2	%		47,503		31.2	%

_______________________________

⁽¹⁾ Refer to equity-settled share-based payment expense (or net reversal) arising from TDCX Performance Share Plan.

⁽²⁾ Refer to realized and unrealized losses or gains resulting from changes in exchange rates between the functional currency and the currency in which a foreign currency transaction is denominated.

⁽³⁾ Refer to fees incurred on third-party service providers in connection with a discontinued acquisition.

⁽⁴⁾ The reported amounts for Adjusted EBITDA for the three months ended March 31, 2023 include adjustments for certain items (i.e., acquisition-related professional fees and net foreign exchange gains or losses) which were not included in similar non-IFRS financial measures previously reported in prior periods. In order to place the current disclosure in the appropriate context and enhance its comparability, similar adjustments have been made for Adjusted EBITDA for the three months ended March 31, 2022.

Adjusted Net Income and Adjusted Net Income margin

“Adjusted Net Income” represents profit for the period before equity-settled share-based payment expense (or net reversal) incurred in connection with our Performance Share Plan, net foreign exchange gain or loss and acquisition-related professional fees, net of any tax impact of such adjustments. “Adjusted Net Income margin” represents Adjusted Net Income as a percentage of revenue.

	For the Three Months ended March 31,
	2023								2022 (4)
	US$’000		S$’000			Margin			S$’000		Margin
Profit for the period and net profit margin	20,502		27,207			16.5	%		22,205		14.6	%
Adjustment for:
Equity-settled share-based payment (net reversal) / expense (1)	(3,868	)	(5,133		)	(3.1	%)		7,933		5.2	%
Net foreign exchange loss/ (gain) (2)	933			1,238		0.8	%		(122	)	(0.1	%)
Acquisition-related professional fees (3)	741			983		0.6	%		—		—
Adjusted Net Income and Adjusted Net Income margin	18,308		24,295			14.8	%		30,016		19.7	%

_______________________________

⁽¹⁾ Refer to equity-settled share-based payment expense (or net reversal) arising from TDCX Performance Share Plan.

⁽²⁾ Refer to realized and unrealized losses or gains resulting from changes in exchange rates between the functional currency and the currency in which a foreign currency transaction is denominated, net of tax effects.

⁽³⁾ Refer to fees incurred on third-party service providers in connection with a discontinued acquisition.

⁽⁴⁾ The reported amounts for Adjusted Net Income for the three months ended March 31, 2023 include adjustments for certain items (i.e., acquisition-related professional fees and net foreign exchange gains or losses) which were not included in similar non-IFRS financial measures previously reported in prior periods. In order to place the current disclosure in the appropriate context and enhance its comparability, similar adjustments have been made for Adjusted Net Income for the three months ended March 31, 2022.

Adjusted EPS

“Adjusted EPS” represents earnings available to shareholders excluding the impact of equity-settled share-based payment expense (or net reversal), net foreign exchange gain or loss and acquisition-related professional fees.

Adjusted EPS is calculated as earnings available to shareholders excluding the impact of equity-settled share-based payment expense (or net reversal), net foreign exchange gain or loss and acquisition-related professional fees, divided by the diluted weighted-average number of shares outstanding.

	For the Three Months ended March 31,
	2023									2022 (4)
	Amount		Per Share		Amount		Per Share			Amount		Per Share
	US$’000		US$		S$’000		S$			S$’000		S$
Reported earnings available to shareholders and EPS	20,502		0.14		27,207		0.19			22,205		0.15
Adjustments for:
Equity-settled share-based payment (net reversal) / expense (1)	(3,868	)	(0.03	)	(5,133	)	(0.04	)		7,933		0.06
Net foreign exchange loss/ (gain) (2)	933		0.01		1,238		0.01			(122	)	—
Acquisition-related professional fees (3)	741		0.01		983		0.01			—		—
Adjusted earnings available to shareholders and Adjusted EPS	18,308		0.13		24,295		0.17			30,016		0.21

_______________________________

⁽¹⁾ Refer to equity-settled share-based payment expense (or net reversal) arising from TDCX Performance Share Plan.

⁽²⁾ Refer to realized and unrealized losses or gains resulting from changes in exchange rates between the functional currency and the currency in which a foreign currency transaction is denominated, net of tax effects.

⁽³⁾ Refer to fees incurred on third-party service providers in connection with a discontinued acquisition.

⁽⁴⁾ The reported amounts for Adjusted EPS for the three months ended March 31, 2023 include adjustments for certain items (i.e., acquisition-related professional fees and net foreign exchange gains or losses) which were not included in similar non-IFRS financial measures previously reported in prior periods. In order to place the current disclosure in the appropriate context and enhance its comparability, similar adjustments have been made for Adjusted EPS for the three months ended March 31, 2022.

Revenue at Constant Currency and Revenue Growth at Constant Currency

Revenue at constant currency, which is revenue adjusted for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Revenue at constant currency is calculated by translating the revenue of our local subsidiaries in each period in the respective local functional currencies to TDCX Inc.’s and its consolidated subsidiaries’ (together, the “Group”) presentation currency, using the average currency conversion rates in effect during the comparable prior period (rather than at the actual currency conversion rates in effect during the current reporting period). Revenue growth at constant currency means the period-over-period change in revenue at constant currency compared against revenue in the prior period.

	For the Three Months Ended March 31,			Revenue growth as reported		Foreign exchange impact		Revenue growth at constant currency
	2023	2022
	S$’000	S$’000
Revenue	164,947	152,423		8.2	%	4.9	%	13.1	%

The Company has not reconciled non-IFRS forward-looking revenue growth at constant currency to its most directly comparable IFRS measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. The revenue growth outlook indicated for 2023 is calculated and presented at constant currency, as it would require unreasonable efforts to predict factors that are out of the Company’s control or are not readily predictable, such as currency exchange movements over the course of an entire year.

The Company uses revenue at constant currency and revenue growth at constant currency, which are supplemental non-IFRS financial measures, to provide better comparability of revenue trends period-over-period (without the impact of fluctuations in foreign currency exchange rates) because it is a global company that transacts business in multiple currencies and reports financial information in the Group’s functional reporting currency. Foreign currency exchange rate fluctuations affect the amounts reported by the Company in the Group’s functional reporting currency with respect to its foreign revenues. Generally, when the Group’s functional reporting currency dollar either strengthens or weakens against other currencies, revenue at constant currency rates and revenue growth at constant currency rates will be higher or lower than revenue and revenue growth reported at actual exchange rates.

The Company believes that non-IFRS financial measures such as EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income margin, Adjusted EPS, revenue at constant currency and revenue growth at constant currency help us to identify underlying trends in our operating results, enhancing our understanding of past performance and future prospects.

While the Company believes that such non-IFRS financial measures provide useful information to investors in understanding and evaluating the Company’s results of operations in the same manner as its management, the Company’s use of such non-IFRS financial measures have limitations as analytical tools and you should not consider these in isolation or as a substitute for analysis of the Company’s results of operations or financial condition as reported under IFRS.

TDCX’s non-IFRS financial measures do not reflect all items of income and expense that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-IFRS measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the company’s financial information in its entirety and not rely on any single financial measure.

The translation of Singapore Dollar amounts into United States Dollar amounts for the unaudited condensed interim consolidated statement of profit or loss and other comprehensive income above are included solely for the convenience of readers outside of Singapore and have been made at the rate of S$1.3270 to US$1.00, the approximate rate of exchange at March 31, 2023. Such translations should not be construed as representations that the Singapore Dollar amounts could be converted into USD at that or any other rate.

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
		As of March 31, 2023						As of December 31, 2022
		US$’000			S$’000			S$’000
ASSETS
Current assets
Cash and cash equivalents		282,333			374,656			389,100
Fixed and pledged deposits		136			181			6,551
Trade receivables		75,921			100,747			88,808
Contract assets		46,595			61,831			58,808
Other receivables		12,963			17,202			15,885
Financial assets measured at fair value through profit or loss		40,000			53,080			29,776
Income tax receivable		550			730			354
Total current assets		458,498			608,427			589,282
Non-current assets
Pledged deposits		445			590			584
Goodwill and intangible assets		2,133			2,831			2,924
Other receivables		2,955			3,921			5,019
Plant and equipment		29,794			39,537			41,292
Right-of-use assets		24,249			32,179			35,236
Deferred tax assets		3,173			4,211			3,463
Total non-current assets		62,749			83,269			88,518
Total assets		521,247			691,696			677,800
LIABILITIES AND EQUITY
Current liabilities
Other payables		35,148			46,642			49,723
Lease liabilities		12,587			16,703			17,818
Provision for reinstatement cost		3,480			4,618			5,282
Income tax payable		12,989			17,237			16,560
Total current liabilities		64,204			85,200			89,383
Non-current liabilities
Lease liabilities		14,266			18,931			20,644
Provision for reinstatement cost		3,222			4,275			3,572
Defined benefit obligation		1,356			1,799			1,497
Deferred tax liabilities		875			1,161			852
Total non-current liabilities		19,719			26,166			26,565
Capital, reserves and non-controlling interests
Share capital		14			19			19
Reserves		158,900			210,861			219,590
Retained earnings		278,424			369,468			342,221
Equity attributable to owners of the Group		437,338			580,348			561,830
Non-controlling interests		(14	)		(18	)		22
Total equity		437,324			580,330			561,852
Total liabilities and equity		521,247			691,696			677,800

The translation of Singapore Dollar amounts into United States Dollar amounts for the unaudited condensed interim consolidated statement of financial position above are included solely for the convenience of readers outside of Singapore and have been made at the rate of S$1.3270 to US$1.00, the approximate rate of exchange at March 31, 2023. Such translations should not be construed as representations that the Singapore Dollar amounts could be converted into USD at that or any other rate.

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
	For the three months ended March 31,
	2023					2022
	US$’000		S$’000			S$’000
Operating activities
Profit before income tax	24,546		32,573			29,959
Adjustments for:
Depreciation and amortization expense	8,481		11,254			9,556
Gain on early termination of right-of-use assets	(2	)	(2	)		(1	)
Equity-settled share-based payment expense	(3,868	)	(5,133	)		7,933
Provision for office reinstatement cost	(8	)	(10	)		18
Bank loan transaction cost	8		11			14
Interest income	(1,361	)	(1,806	)		(267	)
Interest expense	360		478			487
Retirement benefit service cost	204		271			192
Loss on disposal and write-off of plant and equipment	2		3			—
Share of profit from an associate	—		—			(18	)
Operating cash flows before movements in working capital	28,362		37,639			47,873
Trade receivables	(9,281	)	(12,316	)		13,168
Contract assets	(2,415	)	(3,205	)		(5,352	)
Other receivables	(174	)	(231	)		(1,713	)
Other payables	(2,261	)	(3,000	)		(519	)
Cash generated from operations	14,231		18,887			53,457
Interest received	1,361		1,806			267
Income tax paid	(4,134	)	(5,486	)		(3,494	)
Net cash from operating activities	11,458		15,207			50,230
Investing activities
Purchase of plant and equipment	(3,029	)	(4,020	)		(1,949	)
Proceeds from disposal of plant and equipment	2		2			1
Decrease in fixed deposits	4,782		6,346			—
Increase in pledged deposits	—		—			1
Investment in financial assets measured at fair value through profit or loss	(17,929	)	(23,792	)		—
Net cash used in investing activities	(16,174	)	(21,464	)		(1,947	)
Financing activities
Repayment of lease liabilities	(4,219	)	(5,598	)		(4,721	)
Interest paid	—		—			(93	)
Repayment of bank loan	—		—			(2,437	)
Repurchase of American Depositary Shares	(30	)	(40	)		(1,806	)
Net cash used in financing activities	(4,249	)	(5,638	)		(9,057	)
Net (decrease)/ increase in cash and cash equivalents	(8,965	)	(11,895	)		39,226
Effect of foreign exchange rate changes on cash held in foreign currencies	(1,920	)	(2,549	)		(734	)
Cash and cash equivalents at beginning of period	293,218		389,100			313,147
Cash and cash equivalents at end of period	282,333		374,656			351,639

The translation of Singapore Dollar amounts into United States Dollar amounts for the unaudited condensed interim consolidated statement of cash flows above are included solely for the convenience of readers outside of Singapore and have been made at the rate of S$1.3270 to US$1.00, the approximate rate of exchange at March 31, 2023. Such translations should not be construed as representations that the Singapore Dollar amounts could be converted into USD at that or any other rate.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230531005637/en/

For enquiries, please contact:

Investors / Analysts: Jason Lim

[email protected]

Media: Eunice Seow

[email protected]

KEYWORDS: Hong Kong Singapore Asia Pacific

INDUSTRY KEYWORDS: Technology Human Resources Professional Services Other Communications Public Relations/Investor Relations Marketing Software Digital Marketing Advertising Communications Internet Fintech Data Management Content Marketing

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NuStar Energy L.P.’s 2022 Schedule K-3 Now Available

SAN ANTONIO–(BUSINESS WIRE)–
NuStar Energy L.P. (NYSE: NS) today announced that its 2022 Schedule K-3, reflecting items of international tax relevance, is available online. Unitholders requiring this information may access their Schedules K-3 at www.nustarenergy.com in the Investors section of the website.

A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. To the extent Schedule K-3 is applicable to your return filing needs, we encourage you to review the information contained on this form and refer to the appropriate federal laws and guidance or consult with your tax advisor.

To receive an electronic copy of Schedule K-3 via email, NuStar Energy L.P. unitholders may call Tax Package Support toll free at (844) 364-7560 for Series A, Series B and Series C preferred units and (800) 310-6595 for common units weekdays between 8 a.m. and 5 p.m. CT.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230531005992/en/

Investors, Pam Schmidt, Vice President, Investor Relations

Investor Relations: 210-918-INVR (4687)

or

Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer

Corporate Communications: 210-918-2314

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Utilities Transport Logistics/Supply Chain Management Oil/Gas Alternative Energy Energy

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Pan American Silver Releases 2022 Sustainability Report

VANCOUVER, British Columbia–(BUSINESS WIRE)–Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) today released its 2022 Sustainability Report (the “Report”) describing Pan American’s approach and performance in the areas of environment, social and governance (“ESG”) in 2022. The Report also includes our 2023 goals for ESG performance. A Spanish version of the Report will be released shortly.

Highlights of Pan American’s 2022 ESG performance include:

• Reduced greenhouse gas (“GHG”) emissions by 19% compared to the 2022 base case¹.

• Reduced water use by 14% compared to the 2022 base case¹.

• Secured renewable energy supply at both our operations in Mexico.

• Invested $14.7 million in local communities. In addition, Pan American spent approximately $1.4 billion on wages, supplies, services and taxes, benefiting the national, regional and local economies where our operations are located.

• Launched ‘Future PAAS’, a one-year professional internship program designed to attract and develop young talent for careers at Pan American.

(1) The 2022 base case was our projected 2022 water use, energy use, GHG emissions, and waste generation, as calculated using our life of mine plans adjusted for annual production guidance.

The Report has been prepared in accordance with the Global Reporting Initiative (“GRI”) Standards, including the GRI Mining & Metals Sector Disclosures, and the Sustainability Accounting Standards Board (“SASB”) Standard. The Report also takes into consideration the Taskforce on Climate-related Financial Disclosures (“TCFD”) framework.

The acquisition of Yamana Gold Inc. (“Yamana”), which was completed on March 31, 2023, will allow Pan American to leverage the best sustainability practices of both companies and to enhance the development of long-term ESG goals. The 2022 Report focuses on the assets that the Company owned in 2022 and excludes reporting on any of the assets acquired from Yamana. The 2023 Sustainability Report, which will be issued in 2024, will incorporate information on the assets from the Yamana acquisition.

The 2022 Report marks the 13th annual Sustainability Report published by Pan American. For more information on Pan American’s sustainability efforts and to access all reports, visit https://www.panamericansilver.com/sustainability/

S&P Global ranks Pan American in the top 10%

Pan American’s ESG performance in 2022 was recognized by S&P Global, which placed Pan American in the top 10% in the Metals & Mining industry in 2022, and included Pan American in the S&P Global Sustainability Yearbook 2023. This Yearbook aims to distinguish individual companies, within their industries, that have demonstrated strengths in corporate sustainability. Our improvements in ESG were also noted by Sustainalytics and Institutional Shareholder Services (ISS).

C3 AI Announces Fiscal Fourth Quarter and Full Year Fiscal 2023 Financial Results

Generative AI Changes Everything

REDWOOD CITY, Calif.–(BUSINESS WIRE)–
C3.ai, Inc. (NYSE: AI), the Enterprise AI application software company, today announced financial results for its fiscal fourth quarter and full fiscal year ended April 30, 2023.

Fiscal Fourth Quarter 2023 Financial Highlights

• Revenue: Total revenue for the quarter was $72.4 million.
• Subscription Revenue: Subscription revenue for the quarter was $56.9 million, constituting 79% of revenue.
• Gross Profit: GAAP gross profit for the quarter was $47.5 million, representing a 66% gross margin. Non-GAAP gross profit for the quarter was $53.9 million, representing a 74% non-GAAP gross margin.
• Remaining Performance Obligations (“RPO”): GAAP RPO was $381.4 million.
• Current RPO: Current RPO of $186.3 million.
• Net Loss per Share: GAAP net loss per share was $(0.58). Non-GAAP net loss per share was $(0.13).
• Cash Balance: $812.4 million in cash, cash equivalents, and investments.
• Free Cash Flow: Positive free cash flow $16.3 million.

Full Year Fiscal 2023 Financial Highlights

• Revenue: Total revenue for the fiscal year was $266.8 million, an increase of 5.6% compared to FY 22.
• Subscription Revenue: Subscription revenue for the fiscal year was $230.4 million, constituting 86% of revenue, representing 11.4% growth over FY 22.
• Gross Profit: GAAP gross profit for the fiscal year was $180.5 million, representing 68% gross margin. Non-GAAP gross profit was $205.2 million, representing 77% non-GAAP gross margin.
• Net Loss per Share: GAAP net loss per share was $(2.45). Non-GAAP net loss per share was $(0.42).

Overall Business Results:

We believe it is generally agreed today that the market for enterprise AI applications is substantially larger and growing at a much greater growth rate than experts predicted. C3 AI has been at the vanguard of the enterprise AI market for over a decade as that market has developed from its roots in IoT, to unsupervised learning, supervised learning, NLP, deep learning, reinforcement learning, and now generative AI.

The interest in applying AI to business processes is more active than we’ve ever seen.

C3 AI Applications:

As the enterprise AI market develops, it appears that the bulk of the demand is increasingly for turnkey enterprise AI applications, rather than development tools. An evaluation of our bookings for the past fiscal year indicates that 83% of our bookings were driven by application sales. 17% of our bookings were driven by sales of the C3 AI Platform.

C3 AI delivers over 40 enterprise AI applications today.

We are seeing increasing diversity in the industries we serve. For FY 23, an analysis of our bookings includes:

Oil & Gas				33.8 %
Federal, Defense & Aerospace				28.9 %
High Tech				13.2 %
Energy & Utilities				11.4 %
Manufacturing				4.2 %
Food Processing				2.0 %
Chemicals				1.8 %
Life Sciences				1.5 %
Other				3.2 %

An important leading indicator of our increasing industry diversity is evidenced by the trial and pilot agreements closed in Q4 FY 23:

Federal, Defense & Aerospace				36.8 %
Manufacturing				15.8 %
High Tech				10.5 %
Oil & Gas				10.5 %
Agriculture				5.3 %
State and Local				5.3 %
Chemicals				5.3 %
Energy & Utilities				5.3 %
Financial Services				5.3 %

As a result of increasing market demand for enterprise AI — and from our adoption of consumption-based pricing — we are seeing a substantial increase in opportunities and shorter sales cycles.

In the fourth quarter of FY 23, the company closed 43 agreements, including 19 pilots. The number of qualified enterprise opportunities targeted for closure within 12 months in our sales pipeline has increased by more than 100% in the past year. During FY 23, we closed 126 agreements, up from 83 the prior year. The average sales cycle for agreements in Q4 FY 23 was 3.7 months, down from 5 months in Q4 FY 22.

An examination of the composition of our pilot account profile suggests there is significant opportunity for growth as these accounts convert to consumption pricing. Of the 19 pilot accounts signed in Q4 FY 23:

Pilots				Account size in revenue
7				> $100 billion
7				$10 – $100 billion
4				$1 – $10 billion
0				$100 million – $1 billion
1				< $100 million

In FY 23, C3 AI expanded its application footprint at Shell, Koch Industries, U.S. Air Force Rapid Sustainment Office (“RSO”), PwC, Ball, ExxonMobil, Con Edison, Defense Counterintelligence and Security Agency (“DCSA”),Baker Hughes, New York Power Authority, Duke Energy, ATB, Defense Innovation Unit, Roche, Cargill, and Engie, among others.

In FY 23, we established new customer relationships with Department of Defense – Common DoD Artificial Intelligence Office; Daly City, CA; DOW; ExxonMobil; Flex; General Mills; Hexagon; Nucor; O-I; Pantaleon; Riverside County, CA; Stark County, Ohio; Telus; DoD-SOCOM; DoD-TRANSCOM; ESAB, and others. Many of these also expanded their C3 AI engagements during the year.

C3 AI Partner Network:

C3 AI’s partner ecosystem is increasingly effective at opening new doors, providing prospects the assurance of success, and providing customers with the highest quality service. In FY 23, we closed 71 agreements with and through our partner network including Google Cloud, AWS, Microsoft, Baker Hughes, Booz Allen, and others. C3 AI has grown its qualified 12-month opportunity pipeline with AWS by over 24% in the last quarter, with particular focus on state and local government. With Google Cloud, our joint qualified 12-month opportunity pipeline grew from 25 opportunities at the end of FY 22 to 140 opportunities at the end of FY 23, a 460% increase. We closed 10 new oil & gas accounts in the year with Baker Hughes including ExxonMobil, ADNOC, ENI, and others.

C3 Generative AI:

In Q4, we released the C3 Generative AI solution to the market. It is distinguished from other GPT/LLM solutions in the market in that — leveraging the capabilities of the C3 AI Platform — it 1) allows enterprises access to all their enterprise data and open source data — ERP, CRM, SCADA, text, PDFs, Excel, PowerPoint, sensor data, open source, etc.; 2) provides traceable, deterministic, consistent answers; 3) enforces corporate information access controls and security protocols; 4) has no risk of LLM-caused data or IP exfiltration; and 5) is hallucination-free.

We rapidly closed three C3 Generative AI application agreements in the quarter with large enterprises, including Georgia-Pacific, Flint Hills Resources, and the U.S. Department of Defense Missile Defense Agency (MDA). These applications are expected to be live in Q1 FY 24. We are currently working a substantial pipeline of additional C3 Generative AI opportunities with large corporations. The C3 Generative AI application is now available on both the AWS and Google Cloud marketplaces. It is difficult to estimate the size of the addressable market for these solutions, but it appears extraordinarily large.

C3 AI Federal Momentum:

The U.S. Federal Sector represented 29% of our bookings in FY 23.

The U.S. Air Force selected C3 AI as the System of Record for AI-enabled predictive maintenance. C3 AI’s predictive maintenance solution, Predictive Analytics & Decision Assistant (“PANDA”), has been in production use for several years at the USAF Rapid Sustainment Office (“RSO”). This designation expands C3 AI’s opportunity to all predictive maintenance applications in the U.S. Air Force.

Plan for Profitability:

The company continues on-track with its plan for profitability, with the goal of achieving a sustainably non-GAAP profitable business by the end of fiscal year 2024, ending April 30, 2024. Positive results to date, including $16.3 million positive free cash flow from business operations in Q4 FY 23.

CEO Comments:

“As we began the fiscal year on May 1, the company has never been better positioned,” said Thomas M. Siebel, C3 AI CEO. “I believe we now have broad consensus that the addressable market for Enterprise AI is extraordinarily large and rapidly growing; we have nearly 1,000 talented, dedicated employees; the C3 AI Platform is increasingly recognized as the gold-standard in enterprise AI; we have over 40 production enterprise AI applications that offer the market rapid time to value; our C3 Generative AI offerings are being enthusiastically received; our growing market-partner ecosystem provides us extraordinary reach; with our tried, tested, and proven management team, our strong work ethic, and armed with $812 million in cash — we are well positioned to accelerate growth, gain market share, attain sustainable non-GAAP profitability, and establish a market-leading position globally in enterprise AI. FY 2024 will be exciting.”

Financial Outlook:

The Company’s guidance includes GAAP and non-GAAP financial measures.

The following table summarizes C3 AI’s guidance for the first quarter of fiscal 2024 and full-year fiscal 2024:

(in millions)	First Quarter Fiscal 2024 Guidance		Full Year Fiscal 2024 Guidance
Total revenue	$70.0 – $72.5		$295.0 – $320.0
Non-GAAP loss from operations	($25.0) – ($30.0)		($50.0) – ($75.0)

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP results included in this press release. Our fiscal year ends April 30, and numbers are rounded for presentation purposes.

C3 AI Investor Day – June 22, 2023:

C3 AI will be hosting an Investor Day in New York City to provide C3 AI investors a company update; additional information about our product roadmap; product demonstrations; direct access to the C3 AI Executive team; updates on the partner eco-system; C3 Generative AI demonstrations; and additional company developing news. The event will be broadcast to the investor community at large via live webcast.

Conference Call Details

What:			C3 AI Fourth Quarter Fiscal 2023 Financial Results Conference Call
When:			Wednesday, May 31, 2023
Time:			2:00 p.m. PT / 5:00 p.m. ET
Participant Registration:			https://register.vevent.com/register/BI82803676bd9a45f486a3df9d2260d9a6 (live call)
Webcast:			https://edge.media-server.com/mmc/p/4mip8zax (live and replay)

Investor Presentation Details

An investor presentation providing additional information and analysis can be found at our investor relations page at ir.c3.ai.

Statement Regarding Use of Non-GAAP Financial Measures

The Company reports the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

• Non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, and non-GAAP net loss per share. Our non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, and non-GAAP net loss per share exclude the effect of stock-based compensation expense-related charges and employer payroll tax expense related to employee stock-based compensation. We believe the presentation of operating results that exclude these non-cash items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.

• Free cash flow. We believe free cash flow, a non-GAAP financial measure, is useful in evaluating liquidity and provides information to management and investors about our ability to fund future operating needs and strategic initiatives. We calculate free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment and capitalized software development costs. This non-GAAP financial measure may be different than similarly titled measures used by other companies. Additionally, the utility of free cash flow is further limited as it does not represent the total increase or decrease in our cash balances for a given period.

We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP financial measures.

Use of Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including our market leadership position, anticipated benefits from our partnerships and investments, financial outlook, our expectations relating to our new consumption-pricing model and the impact to our results of operations, our expectation to be operating profitably on a non-GAAP basis by the end of fiscal 2024, the expected benefits of our offerings, our business strategies, plans, and objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including difficulties in evaluating our prospects and future results of operations given our limited operating history, our dependence on a limited number of existing customers that account for a substantial portion of our revenue, our ability to attract new customers and retain existing customers, market awareness and acceptance of enterprise AI solutions in general and our products in particular, and our history of operating losses. Some of these risks are described in greater detail in our filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q for the fiscal quarters ended July 31, 2022, October 31, 2022 and January 31, 2022, and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Form 10-K that will be filed for the fiscal year ended April 30, 2023, although new and unanticipated risks may arise. The future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Except to the extent required by law, we do not undertake to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations.

About C3.ai, Inc.

C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company. C3 AI delivers a family of fully integrated products including the C3 AI Application Platform, an end-to-end platform for developing, deploying, and operating enterprise AI applications and C3 AI Applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally, and C3 Generative AI, a suite of large AI transformer models for the enterprise.

C3.AI, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)
	Three Months Ended April 30,								Fiscal Year Ended April 30,
	2023				2022				2023				2022
Revenue
Subscription(1)	$	56,866			$	56,302			$	230,443			$	206,916
Professional services(2)		15,544				16,015				36,352				45,843
Total revenue		72,410				72,317				266,795				252,759
Cost of revenue
Subscription(3)		23,872				12,958				78,423				45,838
Professional services		1,036				4,405				7,914				17,875
Total cost of revenue		24,908				17,363				86,337				63,713
Gross profit		47,502				54,954				180,458				189,046
Operating expenses
Sales and marketing(4)		51,701				47,450				183,121				173,584
Research and development		49,681				46,378				210,660				150,544
General and administrative		19,400				17,649				77,170				61,040
Total operating expenses		120,782				111,477				470,951				385,168
Loss from operations		(73,280	)			(56,523	)			(290,493	)			(196,122	)
Interest income		8,230				750				21,979				1,827
Other income (expense), net		284				(2,452	)			350				3,019
Loss before provision for income taxes		(64,766	)			(58,225	)			(268,164	)			(191,276	)
Provision for income taxes		190				195				675				789
Net loss	$	(64,956	)		$	(58,420	)		$	(268,839	)		$	(192,065	)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.58	)		$	(0.55	)		$	(2.45	)		$	(1.84	)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted		112,746				105,824				109,851				104,404

(1)		Including related party revenue of $19,568 and $20,465 for the three months ended April 30, 2023 and 2022, respectively, and $75,452 and $60,425 for the fiscal years ended April 30, 2023 and 2022, respectively.
(2)		Including related party revenue of $8,025 and $3,982 for the three months ended April 30, 2023 and 2022, respectively, and $16,774 and $16,872 for the fiscal years ended April 30, 2023 and 2022, respectively.
(3)		Including purchases from related party included in cost of revenue of nil and $190 for the three months ended April 30, 2023 and 2022, respectively, and nil and $578 for the fiscal years ended April 30, 2023 and 2022, respectively.
(4)		Including related party sales and marketing expense of $3,416 and $5,639 for the three months ended April 30, 2023 and 2022, respectively, and $13,962 and $8,229 for the fiscal years ended April 30, 2023 and 2022, respectively.

C3.AI, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) (Unaudited)
	April 30, 2023				April 30, 2022
Assets
Current assets
Cash and cash equivalents	$	284,829			$	339,528
Short-term investments		446,155				620,633
Accounts receivable, net of allowance of $359 and $157 as of April 30, 2023 and 2022, respectively(1)		134,586				80,271
Prepaid expenses and other current assets(2)		23,309				20,004
Total current assets		888,879				1,060,436
Property and equipment, net		84,578				14,517
Goodwill		625				625
Long-term investments		81,418				32,086
Other assets, non-current(3)		47,528				63,218
Total assets	$	1,103,028			$	1,170,882
Liabilities and stockholders’ equity
Current liabilities
Accounts payable(4)	$	24,610			$	54,218
Accrued compensation and employee benefits		46,513				32,223
Deferred revenue, current(5)		47,846				48,854
Accrued and other current liabilities(6)		17,070				14,874
Total current liabilities		136,039				150,169
Deferred revenue, non-current		4				288
Other long-term liabilities(7)		37,320				30,948
Total liabilities		173,363				181,405
Commitments and contingencies
Stockholders’ equity
Class A common stock, $0.001 par value. 1,000,000,000 shares authorized as of April 30, 2023 and 2022, respectively; 110,442,569 and 102,725,041 shares issued and outstanding as of April 30, 2023 and 2022 respectively		110				103
Class B common stock, $0.001 par value; 3,500,000 shares authorized as of April 30, 2023 and 2022, respectively; 3,499,992 and 3,499,992 shares issued and outstanding as of April 30, 2023 and 2022, respectively		3				3
Additional paid-in capital		1,740,174				1,532,917
Accumulated other comprehensive loss		(385	)			(2,148	)
Accumulated deficit		(810,237	)			(541,398	)
Total stockholders’ equity		929,665				989,477
Total liabilities and stockholders’ equity	$	1,103,028			$	1,170,882

(1)		Including amounts from a related party of $74,620 and $35,848 as of April 30, 2023 and 2022, respectively.
(2)		Including amounts from a related party of $4,983 and $4,862 as of April 30, 2023 and 2022, respectively.
(3)		Including amounts from a related party of $11,279 and $16,141 as of April 30, 2023 and 2022, respectively.
(4)		Including amounts from a related party of $2,200 and $18,549 as of April 30, 2023 and 2022, respectively.
(5)		Including amounts from a related party of $249 and $132 as of April 30, 2023 and 2022, respectively.
(6)		Including amounts from a related party of $2,448 and $2,510 as of April 30, 2023 and 2022, respectively.
(7)		Including amounts from a related party of nil and $2,448 as of April 30, 2023 and 2022, respectively.

C3.AI, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
	Fiscal Year Ended April 30,
	2023				2022
Cash flows from operating activities:
Net loss	$	(268,839	)		$	(192,065	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		6,088				5,190
Non-cash operating lease cost		6,992				4,185
Stock-based compensation expense		216,542				113,441
Other		(4,309	)			1,601
Changes in operating assets and liabilities
Accounts receivable(1)		(54,517	)			(14,156	)
Prepaid expenses, other current assets and other assets(2)		(576	)			(14,578	)
Accounts payable(3)		(22,041	)			34,481
Accrued compensation and employee benefits		3,193				10,394
Operating lease liabilities		13,641				(3,266	)
Other liabilities(4)		(10,573	)			(5,604	)
Deferred revenue(5)		(1,292	)			(26,085	)
Net cash used in operating activities		(115,691	)			(86,462	)
Cash flows from investing activities:
Purchases of property and equipment		(70,518	)			(3,791	)
Capitalized software development costs		(1,000	)			(500	)
Purchases of investments		(745,249	)			(796,487	)
Maturities and sales of investments		876,713				1,117,793
Net cash provided by investing activities		59,946				317,015
Cash flows from financing activities:
Repurchase and retirement of Class A Common stock		—				(15,000	)
Payment of deferred offering costs		—				(105	)
Proceeds from exercise of Class A common stock options		4,468				20,816
Proceeds from issuance of Class A common stock under employee stock purchase plan		3,093				—
Taxes paid related to net share settlement of equity awards		(6,940	)			—
Net cash provided by financing activities		621				5,711
Net (decrease) increase in cash, cash equivalents and restricted cash		(55,124	)			236,264
Cash, cash equivalents and restricted cash at beginning of period		352,519				116,255
Cash, cash equivalents and restricted cash at end of period	$	297,395			$	352,519
Cash and cash equivalents	$	284,829			$	339,528
Restricted cash included in prepaid expenses and other current assets		—				425
Restricted cash included in other assets, non-current		12,566				12,566
Total cash, cash equivalents and restricted cash	$	297,395			$	352,519
Supplemental disclosure of cash flow information—cash paid for income taxes	$	578			$	939
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	$	13,814			$	9,261
Right-of-use assets obtained in exchange for lease obligations (including remeasurement of right-of-use assets and lease liabilities due to changes in the timing of receipt of lease incentives)	$	(5,589	)		$	26,529
Right-of-use assets obtained in exchange for lease obligations arising from lease modifications	$	3,093			$	1,572
Receivable from exercise of stock options included in prepaid expenses, other current assets and other assets	$	61			$	29
Unpaid liabilities related to intangible purchases	$	1,500			$	2,500
Vesting of early exercised stock options	$	1,006			$	2,746

(1)		Including changes in related party balances of $38,772 and $20,668 for the fiscal years ended April 30, 2023 and 2022, respectively.
(2)		Including changes in related party balances of $(4,741) and $12,739 for the fiscal years ended April 30, 2023 and 2022, respectively.
(3)		Including changes in related party balances of $(16,349) and $18,493 for the fiscal years ended April 30, 2023 and 2022, respectively.
(4)		Including changes in related party balances of $(2,510) and $(3,350) for the fiscal years ended April 30, 2023 and 2022, respectively.
(5)		Including changes in related party balances of $117 and $(7,565) for the fiscal years ended April 30, 2023 and 2022, respectively.

C3.AI, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except percentages) (Unaudited)
	Three Months Ended April 30,								Fiscal Year Ended April 30,
	2023				2022				2023				2022
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Gross profit on a GAAP basis	$	47,502			$	54,954			$	180,458			$	189,046
Stock-based compensation expense (1)		5,972				3,533				23,637				11,348
Employer payroll tax expense related to employee stock-based compensation (2)		377				41				1,150				114
Gross profit on a non-GAAP basis	$	53,851			$	58,528			$	205,245			$	200,508
Gross margin on a GAAP basis		66	%			76	%			68	%			75	%
Gross margin on a non-GAAP basis		74	%			81	%			77	%			79	%
Reconciliation of GAAP loss from operations to non-GAAP loss from operations:
Loss from operations on a GAAP basis	$	(73,280	)		$	(56,523	)		$	(290,493	)		$	(196,122	)
Stock-based compensation expense (1)		48,068				35,628				216,542				113,441
Employer payroll tax expense related to employee stock-based compensation (2)		1,669				178				5,877				1,972
Loss from operations on a non-GAAP basis	$	(23,543	)		$	(20,717	)		$	(68,074	)		$	(80,709	)
Reconciliation of GAAP net loss per share to non-GAAP net loss per share:
Net loss on a GAAP basis	$	(64,956	)		$	(58,420	)		$	(268,839	)		$	(192,065	)
Stock-based compensation expense (1)		48,068				35,628				216,542				113,441
Employer payroll tax expense related to employee stock-based compensation (2)		1,669				178				5,877				1,972
Net loss on a non-GAAP basis	$	(15,219	)		$	(22,614	)		$	(46,420	)		$	(76,652	)
GAAP net loss per share attributable to common stockholders, basic and diluted	$	(0.58	)		$	(0.55	)		$	(2.45	)		$	(1.84	)
Non-GAAP net loss per share attributable to common stockholders, basic and diluted	$	(0.13	)		$	(0.21	)		$	(0.42	)		$	(0.73	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		112,746				105,824				109,851				104,404

(1)

Starting fiscal year 2023, the Company records stock-based compensation associated with the Company’s annual bonus program that will be settled by shares of restricted common stock. Stock-based compensation expense for gross profits and gross margin includes costs of subscription and cost of professional services as follows. Stock-based compensation expense for loss from operations includes total stock-based compensation expense as follows:

	Three Months Ended April 30,								Fiscal Year Ended April 30,
	2023				2022				2023				2022
Cost of subscription	$	5,663			$	2,814			$	21,417			$	8,638
Cost of professional services		309				719				2,220				2,710
Sales and marketing		17,214				11,804				71,389				40,344
Research and development		17,449				13,340				90,217				39,200
General and administrative		7,433				6,951				31,299				22,549
Total stock-based compensation expense	$	48,068			$	35,628			$	216,542			$	113,441

(2)

Employer payroll tax expense related to employee stock-based compensation for gross profits and gross margin includes costs of subscription and cost of professional services as follows. Employer payroll tax expense related to employee stock-based compensation for loss from operations includes total employer payroll tax expense related to employee stock-based compensation as follows:

	Three Months Ended April 30,								Fiscal Year Ended April 30,
	2023				2022				2023				2022
Cost of subscription	$	357			$	35			$	1,003			$	42
Cost of professional services		20				6				147				72
Sales and marketing		604				42				1,767				760
Research and development		576				72				2,523				509
General and administrative		112				23				437				589
Total employer payroll tax expense	$	1,669			$	178			$	5,877			$	1,972

Reconciliation of free cash flow to the GAAP measure of net cash provided by (used in) operating activities:

The following table below provides a reconciliation of free cash flow to the GAAP measure of net cash provided by (used in) operating activities for the periods presented:

	Three Months Ended April 30,								Fiscal Year Ended April 30,
	2023				2022				2023				2022
Net cash provided by (used in) operating activities	$	27,054			$	(13,162	)		$	(115,691	)		$	(86,462	)
Less:
Purchases of property and equipment		(10,751	)			(1,608	)			(70,518	)			(3,791	)
Capitalized software development costs		—				—				(1,000	)			(500	)
Free cash flow	$	16,303			$	(14,770	)		$	(187,209	)		$	(90,753	)

 

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Investor Contact

[email protected]

Press Contact

Lisa Kennedy

(415) 914-8336

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Internet Data Management Technology Artificial Intelligence Software

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InvenTrust Properties Corp. To Present at NAREIT’s REITWeek 2023 Investor Conference

DOWNERS GROVE, Ill.–(BUSINESS WIRE)–
InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) announced that its management team will present at NAREIT’s REITWeek 2023 Investor Forum on Tuesday, June 6, 2023, in New York. InvenTrust will provide a general overview and update on the company’s performance followed by a question-and-answer session.

The webcast information is as follows:

Event: InvenTrust Properties Management Presentation at REITWeek 2023

When: Tuesday, June 6, 2023, from 8:45 A.M to 9:15 A.M. EDT

Where: Live webcast will be available on InvenTrust’s website under the Investors/News & Events

If you are unable to listen during the live webcast, audio from the conference will be available on the Company’s website for a limited period of time. The Company’s management team will also be hosting meetings with the investment community at the conference on June 6-8, 2023.

About InvenTrust Properties Corp.

InvenTrust Properties Corp. (“we,” the “Company,” “our,” “us,” “IVT” or “InvenTrust”) is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing environmental, social and governance (ESG) practices and standards. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. IVT is committed to leadership in ESG practices and has been a Global Real Estate Sustainability Benchmark (“GRESB”) member since 2013. For more information, please visit www.inventrustproperties.com.

Availability of Information on InvenTrust Properties Corp.’s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust Twitter account (twitter.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company’s business to our colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company’s social media channels.

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Dan Lombardo

Vice President of Investor Relations

630-570-0605

[email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Construction & Property Professional Services REIT Finance

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Adicet Bio Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

REDWOOD CITY, Calif. & BOSTON–(BUSINESS WIRE)–
Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer, today announced it granted inducement awards on May 31, 2023.

Three individuals were hired by Adicet in May 2023. In the aggregate, Adicet granted new hires non-qualified stock options to purchase 34,800 shares of Adicet’s common stock with an exercise price of $5.48 per share, the closing price of Adicet’s common stock as reported by Nasdaq on May 31, 2023. One-fourth of the shares underlying each employee’s option will vest on the one-year anniversary of each recipient’s start date and thereafter the remaining three-fourths of the shares underlying each employee’s option will vest in thirty-six substantially equal monthly installments, such that the shares underlying the option granted to each employee will be fully vested on the fourth anniversary of the recipient’s start date, in each case, subject to each such employee’s continued employment with Adicet on such vesting dates.

All of the above-described awards were granted outside of Adicet’s stockholder-approved equity incentive plans pursuant to Adicet’s 2022 Inducement Plan (the Inducement Plan), which was adopted by the board of directors in January 2022 and subsequently amended in January 2023. The awards were authorized by the compensation committee of the board of directors, which is comprised solely of independent directors, as a material inducement to the employees entering into employment with Adicet in accordance with Nasdaq Listing Rule 5635(c)(4).

About Adicet Bio, Inc.

Adicet Bio, Inc. is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs) and chimeric antigen adaptors (CAds), to enhance selective tumor targeting and facilitate innate and adaptive anti-tumor immune response for durable activity in patients. For more information, please visit our website at https://www.adicetbio.com.

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Adicet Bio., Inc.

Investor and Media Contacts

Anne Bowdidge

[email protected]

Janhavi Mohite

Stern Investor Relations, Inc.

212-362-1200

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Oncology Health Stem Cells Research Science Pharmaceutical Biotechnology

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