Market Newsdesk

November 23, 2021 7:03 am

QIWI Announces Third Quarter 2021 Financial Results

Revenue from continued operations increased 8% YoY to RUB 11,746 million

Total Net Revenue from continued operations decreased 2% YoY to RUB 6,419 million

Net Profit increased 190% YoY to RUB 8,836 million (or RUB 140.71 per diluted share)

Adjusted Net Profit decreased 17% YoY to RUB 2,705 million (or RUB 43.32 per diluted share)

QIWI upgraded FY 2021 guidance
Board of Directors approved interim dividends of 30 cents per share

NICOSIA, Cyprus, Nov. 23, 2021 (GLOBE NEWSWIRE) — QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a leading provider of cutting-edge payment and financial services in Russia and the CIS, today announced its financial results for the third quarter ended September 30, 2021.

3Q 2021 Key Operating and Financial Highlights
¹


		3Q 2020	3Q 2021	YoY	9M 2020	9M 2021	YoY	3Q 2021
		RUB million	RUB million	%	RUB million	RUB million	%	USD million⁽¹⁾
Consolidated Group results	Revenue	10,833	11,746	8.4%	29,663	31,793	7.2%	161.4
	Total Net Revenue	6,637	6,419	(3.3%)	19,736	17,629	(10.7%)	88.2
	LFL Total Net Revenue⁽²⁾	6,557	6,419	(2.1%)	18,122	17,629	(2.7%)	88.2
	Adjusted EBITDA	4,020	3,834	(4.6%)	10,223	10,504	2.7%	53
	Adjusted EBITDA margin	60.6 %	59.7 %	(0.8%)	51.8 %	59.6 %	7.8%	59.7 %
	Net Profit	3,043	8,836	190.4%	6,479	13,423	107.2%	121.4
	Adjusted Net profit	3,275	2,705	(17.4%)	7,785	7,470	(4.0%)	37.2
	Adjusted Net profit margin	49.3 %	42.1 %	(7.2%)	39.4 %	42.4 %	2.9%	42.1 %
Payment Services (PS)	PS Net Revenue	6,108	5,855	(4.1%)	16,826	16,295	(3.2%)	80.5
	PS Payment Net Revenue	5,303	4,856	(8.4%)	14,507	13,857	(4.5%)	66.7
	PS Payment Volume, billion	435	490	12.6 %	1,153	1,332	15.6 %	6.7
	PS Payment Net Revenue Yield	1.22 %	0.99 %	(0.2 %)	1.26 %	1.04 %	(0.2 %)	0.99 %
	PS Other Net Revenue	805	999	24.1%	2,320	2,438	5.1%	14
	Adjusted Net profit	3,633	3,231	(11.1%)	9,927	8,753	(11.8%)	44
	Adjusted Net profit margin	59.5 %	55.2 %	(4.3%)	59.0 %	53.7 %	(5.3%)	55.2 %

(1) Throughout this release dollar translation calculated using a ruble to U.S. dollar exchange rate of RUB 72.7608 to U.S. $1.00, which was the official exchange rate quoted by the Central Bank of the Russian Federation as of September 30, 2021.
(2) Like-for-like Total Net Revenue excludes discontinued Consumer Financial Services (Sovest) and Rocketbank segments.

Key events in 3Q 2021 and after the reported period

Alexey Mashchenkov was appointed as CFO of QIWI.
The Board of Directors approved an interim dividend for 3Q 2021 in the amount of 30 cents per share.
QIWI completed the sale of its 40% stake (45% economic interest) in Tochka² resulting in total gain on disposal of RUB 6.2 billion, including RUB 2.7 billion of accrued performance adjustment income contingent to Tochka’s earnings for the year 2021.
The role of a single Unified Interactive Bets Accounting Center (ETSUP) was announced. Since October 2021 the newly-appointed ETSUP replaced TSUPIS of QIWI. The Company ensured a seamless transition of clients to the ETSUP. QIWI wallet remains a payment method for making bets and receiving winning payouts.
Factoring PLUS was rebranded into ROWI.

______________________

¹ Total Net Revenue, adjusted EBITDA, adjusted EBITDA margin, adjusted Net profit, adjusted Net profit margin, financial results on a like-for-like basis in this release are “non-IFRS financial measures”. Please see the section “Non-IFRS Financial Measures and Supplemental Financial Information” for more details as well as reconciliation at the end of this release.
² For more details please refer to the respective press release disclosed at Company’s website:
https://investor.qiwi.com/news-releases/news-release-details/qiwi-completes-sale-its-stake-tochka-project.

2021 Guidance
³

QIWI upgraded its FY 2021 guidance following strong results for 9M 2021:

Total Net Revenue is expected to decrease by 10% to 15% YoY;
Payment Services Net Revenue is expected to decrease by 5% to 10% YoY;
Adjusted Net Profit is expected to decrease by 10% to 15% YoY.

Our outlook reflects (1) recent changes in the betting industry landscape described in the “Recent developments” section, (2) conservative projections of recovery of cross-borders operations, and (3) sale of stake in Tochka project, previously accounted for under the equity pick-up method.

These are our current views and expectations only which are based on the trends we see as of the day of this press release. If such trends were to deteriorate or improve further the impact on our business and operations could deviate from that currently expected.

The Company reserves the right to revise guidance in the course of the year or when additional information regarding the effect of the ongoing events becomes available.

3Q Results

Net Revenue breakdown by segments
⁴


	3Q 2020	3Q 2021	YoY		9M 2020	9M 2021	YoY		3Q 2021
	RUB million	RUB million	%		RUB million	RUB million	%		USD million
Total Net Revenue	6,637	6,419	(3.3	%)	19,736	17,629	(10.7	%)	88.2
LFL Total Net Revenue	6,557	6,419	(2.1	%)	18,122	17,629	(2.7	%)	88.2
Payment Services (PS)	6,108	5,855	(4.1	%)	16,826	16,295	(3.2	%)	80.5
PS Payment Net Revenue	5,303	4,856	(8.4	%)	14,507	13,857	(4.5	%)	66.7
PS Other Net Revenue	805	999	24.1	%	2,320	2,438	5.1	%	13.7
Consumer Financial Services (СFS)	64	–	(100.0	%)	1,067	–	(100.0	%)	–
Rocketbank	16	–	(100.0	%)	548	–	(100.0	%)	–
Corporate and Other	449	564	25.6	%	1,295	1,334	3.0	%	7.8

Total Net Revenue from continued operations decreased by 2.1% YoY to RUB 6,419 million ($88.2 million) driven by PS segment Net Revenue decline. Including discontinued operations of Sovest (reflected in CFS) and Rocketbank Total Net Revenue decreased by 3.3% YoY.

PS Net Revenue in 3Q 2021 was RUB 5,855 million ($80.5 million) – 4.1% lower compared to last year driven by decrease of PS Payment Net Revenue.

______________________

³ Guidance is provided in Russian rubles
⁴ Total Net Revenue, PS Net Revenue, PS Payment Net Revenue, PS Other Net Revenue, СFS Net Revenue, Rocketbank Net Revenue, Corporate and Other Net Revenue in this release are “non-IFRS financial measures”. Please see the section “Non-IFRS Financial Measures and Supplemental Financial Information” for more details as well as reconciliation at the end of this release.

PS Payment segment breakdown by verticals
⁵


	3Q 2020	3Q 2021	YoY	9M 2020	9M 2021	YoY	3Q 2021
	RUB	RUB	%	RUB	RUB	%	USD
PS Payment Volume (billion)⁽¹⁾	435.4	490.5	12.6 %	1,152.6	1,332.1	15.6 %	6.7
E-commerce	133.9	118.8	(11.3%)	343.3	312.4	(9.0%)	1.6
Financial services	65.2	71.8	10.1%	186.5	200.5	7.5%	1.0
Money remittances	185.9	261.1	40.5%	472.4	694.9	47.1%	3.6
Telecom	36.2	28.6	(21.0%)	118.9	89.3	(24.9%)	0.4
Other	14.3	10.2	(28.3%)	31.5	35.0	10.9%	0.1
PS Payment Net Revenue (million)⁽²⁾	5,303	4,856	(8.4 %)	14,506	13,857	(4.5 %)	66.7
E-commerce	3,123	2,286	(26.8%)	8,523	6,361	(25.4%)	31.4
Financial services	331	134	(59.6%)	931	462	(50.4%)	1.8
Money remittances	1,605	2,316	44.3%	4,274	6,553	53.3%	31.8
Telecom	143	115	(19.2%)	573	392	(31.6%)	1.6
Other	102	4	(95.7%)	206	90	(56.4%)	0.1
PS Payment Net Revenue Yield⁽³⁾	1.22 %	0.99 %	(0.23 %)	1.26 %	1.04 %	(0.22 %)	0.99 %
E-commerce	2.33%	1.93%	(0.41%)	2.48%	2.04%	(0.45%)	1.93%
Financial services	0.51%	0.19%	(0.32%)	0.50%	0.23%	(0.27%)	0.19%
Money remittances	0.86%	0.89%	0.02%	0.90%	0.94%	0.04%	0.89%
Telecom	0.40%	0.40%	0.01%	0.48%	0.44%	(0.04%)	0.40%
Other	0.71%	0.04%	(0.67%)	0.65%	0.26%	(0.40%)	0.04%

(1) PS Payment Volume by market verticals and consolidated payment volume consist of the amounts paid by our customers to merchants or other customers included in each of those market verticals less intra-group eliminations.
(2) PS Payment Net Revenue is calculated as the difference between PS Payment Revenue and PS Cost of Payment Revenue (excluding D&A). PS Payment Revenue primarily consists of merchant and consumer fees. Cost of PS Payment Revenue primarily consists of commission to agents.
(3) PS Payment Net Revenue Yield is defined as PS Payment net revenue divided by Payment Services payment segment volume.

In 3Q 2021 PS Payment Net Revenue decreased by 8.4% YoY and amounted to RUB 4,856 million ($66.7 million) as a result of a decrease of PS Payment Net Revenue Yield by 23bps YoY partially compensated by an increase of the PS Payment volume by 12.6%.

PS Payment Volume increased by 12.6% to RUB 490 billion primarily due to the Money remittance and Financial services verticals.

Money Remittances vertical went up by 40.5% YoY reaching a historical high level of RUB 261 billion represented by increased volumes across key streamlines, namely (i) B2B2C payments from QIWI wallet accountholders and payouts on cards (up 110% YoY) resulting largely from the development of our product offering for self-employed and increase in peer-to-peer operations, and (ii) repayment of customers’ betting winnings on the QIWI wallet (up 29% YoY).
Volume growth in the Financial services vertical by 10.1% YoY was driven by increased bank and micro loans repayments.
E-commerce vertical Volume went down by 11.3% YoY on decrease in payment volumes to foreign merchants due to temporary restrictions imposed by the CBR⁶ in December 2020 and expired in May 2021 which were partially offset by increased TSUPIS operations and recovery of tourism.
Telecom volume decreased by 21.0% YoY to RUB 29 billion on lower volumes coming through MNOs⁷ and adverse impact of the downsizing kiosk network.
Other category comprising a broad range of merchants in utilities and other government payments as well as charity organizations to which we offer payment processing services decreased by 28.3% YoY to RUB 10 billion.

We note significant growth within the B2B and B2B2C streamlines as we continuously enhance our customer value proposition. These transactions mostly represent use-cases connected to peer-to-peer transactions, light banking, collection of proceeds services we provide to self-employed customers, etc. We believe that significant growth in revenue from peer-to-peer transactions may not be representative of revenue from such transactions in future periods.

______________________

⁵ Please see the section “Non-IFRS Financial Measures and Supplemental Financial Information” for more details as well as reconciliation at the end of this release.
⁶ Disclosed in the Report of Foreign Private Issuer on Form 6-K furnished to the SEC on December 9, 2020.
⁷ Mobile network operators.

A decline in PS Payment Net Revenue Yield by 23bps to 0.99% was mainly driven by a combination of (1) decreased E-commerce Net Revenue Yield by 41bps to 1.93% and (2) lower share of E-commerce vertical in total PS volume by 6.5ppt to 24.2%, both resulting from the temporary restrictions imposed on higher-yielding cross-border payments.

Any changes in the regulatory regime or in the interpretation of current regulations that affect the continuation of one or more types of transactions currently facilitated by our system may materially adversely affect our results of operations.

PS Other Net Revenue breakdown


	3Q 2020	3Q 2021	YoY		9M 2020	9M 2021	YoY		3Q 2021
	RUB million	RUB million	%		RUB million	RUB million	%		USD million
PS Other Net Revenue	805	999	24.1	%	2,320	2,438	5.1	%	13.7
Fees for inactive accounts and unclaimed payments	506	441	(12.8	%)	1,497	1,295	(13.5	%)	6.1
Other Net Revenue	299	558	86.8	%	823	1,143	38.9	%	7.7

PS Other Net Revenue increased by 24.1% YoY and stood at RUB 999 million ($13.7 million).

Fees for inactive accounts and unclaimed payments were RUB 441 million ($6.1 million) or 12.8% lower compared to 3Q 2020 due to extension of inactivity terms from 6 to 12 months as well as decreased number of QIWI wallet accounts.

Other Net Revenue largely composed of interest revenue, revenue from overdrafts provided to agents, and advertising increased by 86.8% YoY up to RUB 558 million ($7.7 million) mainly driven by higher interest revenue on more efficient cash allocation underpinned by increased interest rates.

Payment Services other operating data


	September 30, 2020	September 30, 2021	YoY %
Active kiosks and terminals (units)⁽¹⁾	117,137	96,369	(17.7	%)
Active QIWI wallet accounts (million)⁽²⁾	19.7	14.9	(24.5	%)

(1) We measure the numbers of our kiosks and terminals on a daily basis, with only those kiosks and terminals being taken into calculation through which at least one payment has been processed during the day, which we refer to as active kiosks and terminals. The period end numbers of our kiosks and terminals are calculated as an average of the number of active kiosks and terminals for the last 30 days of the respective reporting period.
(2) Active QIWI wallet accounts calculated on a yearly basis, i.e. an active account is an account that had at least one transaction within the last 12 months from the reporting date.

The number of active kiosks and terminals was 96,370, including Contact and Rapida physical points of service, a decrease of 17.7% compared to the previous year. The number of kiosks and terminals is generally decreasing as market evolves towards a higher share of digital payments. Nevertheless, our physical distribution network remains an important part of our omni-channel infrastructure allowing consumers to use physical currency for online payments and offering merchants access to a large pool of customers that use cash.

The number of active QIWI wallet accounts was 14.9 million as of the end of 3Q 2021, a decrease of 4.8 million YoY. The decrease primarily resulted from the introduction of limitations on the anonymous wallets and enhancement of certain KYC, identification and compliance procedures. The number of active QIWI wallets was also affected by the CBR restrictions imposed in December 2020 resulting in outflow of clients that customarily used our services specifically for payments to merchants that have become subject to the restrictions. We also note 1.3 million of QIWI wallet accounts previously created solely for the purposes of making bets via QIWI TSUPIS using other than QIWI wallet payment method. These QIWI wallets are at risk as QIWI stopped providing TSUPIS services in October 2021. We are focused on diversification of our product proposition and increase of payment volumes per QIWI wallet account. In 3Q 2021 payment volume per active QIWI wallet account⁸ was 92% higher YoY.

Corporate and Other (CO) Net Revenue breakdown


	3Q 2020	3Q 2021		YoY		9M 2020	9M 2021		YoY		3Q 2021
	RUB million	RUB million		%		RUB million	RUB million		%		USD million
CO Net Revenue	449	564		25.6	%	1,295	1,334		3.0	%	7.8
Tochka	126	126		0.4	%	457	282		(38.3	%)	1.7
ROWI	182	295		61.8	%	488	670		37.4	%	4.1
Flocktory	135	152		13.2	%	341	412		20.8	%	2.1
Corporate and Other projects	6	(10	)	(262.3	%)	10	(30	)	(409.8	%)	(0.1	)

CO Net Revenue in 3Q 2021 increased by 25.6% YoY to RUB 564 million ($7.8 million) driven by ROWI, Flocktory and Other projects Net Revenue growth:

Tochka Net Revenue remained generally flat YoY and stood at RUB 126 million ($1.7 million). In the 3Q 2021 QIWI completed the sale of its 40% stake (45% economic interest) in the capital of Tochka associate to Otkritie Bank. The Company continues to work with Tochka and Otkritie Bank on joint B2B2C projects providing a bundle of services for taxi, courier delivery, transportation companies, self-employed individuals and other users.
In 3Q 2021 QIWI Factoring business was rebranded into ROWI. ROWI Net Revenue increased by 61.8% YoY to RUB 295 million ($4.1 million) on further expansion of bank guarantees and factoring portfolios as well as launch of new products:
- Bank Guarantees portfolio increased by 86% YoY to RUB 31.2 billion with average check growth by 66% to RUB 1.1 million.
- Factoring portfolio increased by 83% YoY and reached RUB 7.0 billion with number of active clients going up by 48% YoY to 592.
- In 3Q ROWI launched two new finance products – online loans for government contracts execution and loans for marketplaces suppliers based on sales analytics. Net Revenue of new products in 3Q 2021 reached RUB 28 million.
Flocktory Net Revenue increased by 13.2% YoY and reached RUB 152 million ($2.1 million) driven by growing number of clients and traffic-providers using Flocktory’s platform and marketing services underpinned by growth of average check.
Corporate and Other projects Net Revenue include result of operations of different projects in the start-up stage and in 3Q 2021 it amounted to RUB 10 million ($0.1 million) of loss.

______________________

⁸ Payment volume per active QIWI wallet account for the period is calculated as total amount of outgoing payments for the period including peer-to-peer transactions divided by number of active QIWI wallet accounts involved in transactions within the period.

Operating expenses and other non-operating income and expenses


	3Q 2020		3Q 2021		YoY		9M 2020		9M 2021		YoY		3Q 2021
	RUB million		RUB million		%		RUB million		RUB million		%		USD million
Operating expenses	(3,026	)	(2,874	)	(5.0	%)	(10,764	)	(8,005	)	(25.6	%)	(39.5	)
% of Net Revenue	(45.6 %)		(44.8 %)		0.8 %		(54.5 %)		(45.4 %)		9.1 %
Selling, general and administrative expenses	(711)		(986)		38.7%		(2,634)		(2,147)		(18.5%)		(13.6)
% of Net Revenue	(10.7 %)		(15.4 %)		(4.6%)		(13.3 %)		(12.2 %)		1.2%
Personnel expenses	(1,983)		(1,496)		(24.6%)		(6,204)		(4,726)		(23.8%)		(20.6)
% of Net Revenue	(29.9 %)		(23.3 %)		6.6%		(31.4 %)		(26.8 %)		4.6%
Depreciation, amortization & impairment	(317)		(289)		(8.8%)		(1,101)		(872)		(20.8%)		(4.0)
% of Net Revenue	(4.8 %)		(4.5 %)		0.3%		(5.6 %)		(4.9 %)		0.6%
Credit loss (expense)	(15)		(103)		586.7%		(825)		(260)		(68.5%)		(1.4)
% of Net Revenue	(0.2 %)		(1.6 %)		(1.4%)		(4.2 %)		(1.5 %)		2.7%
Other non-operating income and expenses excluding gain on disposal of an associate	321		36		(88.8 %)		(441 )		200		(145.4 %)		0.5
% of Net Revenue	4.8 %		0.6 %		(4.3 %)		(2.2 %)		1.1 %		3.4 %
Share of gain of an associate and a joint venture	256		–		(100.0%)		495		306		(38.2%)		–
% of Net Revenue	3.9 %		0.0 %		(3.9%)		2.5 %		1.7 %		(0.8%)
Foreign exchange loss, net	125		3		(97.6%)		(130)		(39)		(70.0%)		0.0
% of Net Revenue	1.9 %		0.0 %		(1.8%)		(0.7 %)		(0.2 %)		0.4%
Interest income and expenses, net	(23)		2		108.7%		(88)		(25)		71.6%		0.0
% of Net Revenue	(0.3 %)		0.0 %		0.4%		(0.4 %)		(0.1 %)		0.3%
Other income and expenses, net	(37)		31		183.8%		(718)		(42)		94.2%		0.4
% of Net Revenue	(0.6 %)		0.5 %		1.0%		(3.6 %)		(0.2 %)		3.4%
Gain on disposal of an associate	–		6,213				–		6,213				85.4
% of Net Revenue			96.8 %						35.2 %

Operating expenses went down by 5.0% YoY to RUB 2,874 million ($39.5 million) and improved by 82bps to 44.8% as percent of Total Net Revenue driven by divestiture of Rocketbank project that offset Total Net Revenue decline due to temporary restrictions imposed on cross-border payments.

Selling, general and administrative expenses increased by 38.7% to RUB 986 million ($13.6 million). SG&A expenses as percent of Total Net Revenue increased by 4.6ppt YoY to 15.4% primarily due to (i) advisory services for market research while reviewing Company’s strategy and (ii) higher tax expenses as a result of increased share of operations with financial companies which are non-deductible for VAT purposes.

Personnel expenses decreased by 24.6% YoY to RUB 1,496 million ($20.6 million) and improved by 6.6ppt to 23.3% as percent of Total Net Revenue primarily driven by divestiture of Rocketbank project.

Depreciation, amortization and impairment decreased by 27bps YoY to 4.5% as percent of Total Net Revenue driven by divestiture of Rocketbank project.

Credit loss increased by 1.4ppt YoY to 1.6% as percent of Total Net Revenue driven by provisions accrued in 3Q 2021 resulting from ROWI business portfolio growth and other factors.

Other non-operating income and expenses excluding gain on disposal of an associate in 3Q decreased by 88.8% YoY to RUB 36 million ($0.5 million) mainly driven by (i) no contribution from Tochka equity pick up due to sales of stake in the project, and (ii) lower forex exchange gain driven by currency rates fluctuations. Other insignificant changes are driven by divestiture of Rocketbank project.

Gain on disposal of an associate in the 3Q 2021 resulted from sale of stake in Tochka and stood at RUB 6.2 billion including: (i) base deal amount of RUB 4.95 billion, (ii) accrued expected performance adjustment gain contingent on Tochka’s earnings for the year 2021 in the amount of RUB 2.7 billion, (iii) dividends received in 3Q in the amount of RUB 0.5 billion, and (iv) less carrying amount of disposed investment in the amount of RUB 1.95 billion. Contingent amount is expected to be received in 2Q 2022.

Income tax expense

Income tax expense increased by 7.8% YoY to RUB 958 million mainly resulting from divesture of SOVEST and Rocketbank projects. Effective tax rate in 3Q 2021 was 12.8ppt lower YoY and stood at 9.8% as a result of recognition of non-taxable gain on disposal of Tochka.

Profitability results

3Q 2020

3Q 2021

YoY

9M 2020

9M 2021

YoY

3Q 2021

RUB million

USD million

Adjusted EBITDA

4,020

3,834

(4.6
%)

10,223

10,504

2.7
%

52.7

Adjusted EBITDA margin, %

60.6
%

59.7
%

(0.8
%)

51.8
%

59.6
%

7.8
%

59.7
%

Adjusted Net Profit

3,275

2,705

(17.4
%)

7,785

7,470

(4.0
%)

37.2

Adjusted Net Profit margin, %

49.3
%

42.1
%

(7.2
%)

39.4
%

42.4
%

2.9
%

42.1
%

Payment Services

3,633

3,231

(11.1%)

9,927

8,753

(11.8%)

44.4

PS Net Profit margin, %

59.5
%

55.2
%

(4.3
%)

59.0
%

53.7
%

(5.3
%)

55.2
%

Consumer Financial Services

(137)

–

(100.0%)

(793)

–

(100.0%)

–

Rocketbank

(165)

–

(100.0%)

(781)

–

(100.0%)

–

Corporate and Other (CO)

(56)

(526)

(848.2%)

(568)

(1,283)

(125.8%)

(7.2)

Tochka

281

(98.3%)

590

328

(44.4%)

0.1

ROWI

122

69.7%

164

156

(4.6%)

1.7

Flocktory

(6
)

(114.3%)

(109
)

(291.7%)

(0.1
)

Corporate and Other projects

(453
)

(647
)

(42.7%)

(1,378
)

(1,658
)

(20.3%)

(8.8
)

Adjusted EBITDA decreased by 4.6% YoY to RUB 3,834 million ($52.7 million) driven by Total Net Revenue decline and modest Adjusted EBITDA margin decline by 84bps to 59.7%. Adjusted EBITDA margin decreased mainly due to PS Payment Net Revenue decline partially offset by optimization measures resulting from divesture of Rocketbank project.

Adjusted Net Profit in 3Q 2021 decreased by 17.4% YoY to RUB 2,705 million ($37.2 million). Adjusted Net Profit margin declined by 7.2ppt and stood at 42.1% driven by (i) Adjusted EBITDA dynamics, (ii) no share gain from Tochka associate, and (iii) lower forex exchange gain.

Payment Services Net Profit decreased by 11.1% YoY to RUB 3,231 million ($44.4 million) as a result of a combination of PS Net Revenue decline by 4.1% YoY mainly due to temporary restrictions imposed on higher-yielding cross-border payments and PS Net Profit margin contraction by 4.3ppt to 55.2% primarily driven by higher tax expenses due to changing base for VAT and adverse forex exchange impact.

CO Net Loss in 3Q 2021 increased to RUB 526 million ($7.2 million) driven primarily by the following factors:

Corporate and Other projects Net Loss in 3Q 2021 increased by 42.7% YoY to RUB 647 million mainly due to advisory services for market research while reviewing Company’s strategy, increased costs for insurance of Directors and Officers and higher income tax expenses.
Tochka Net Profit decreased to RUB 5 million followed by sale of QIWI stake in the project.
ROWI Net Profit increased by 69.7% YoY to RUB 122 million as a result of project scale up reflected in portfolio growth.
Flocktory Net Loss in 3Q 2021 stood at RUB 6 million primarily driven by (i) increased personnel expenses mainly due to selective review of salaries and new hires, and (ii) negative forex exchange impact.

Consolidated cash flow statement


	9M 2020		9M 2021		YoY		9M 2021
	RUB million		RUB million		%		USD million
Net cash generated from operating activities before changes in working capital	8,724		8,762		0.4	%	120.4
Change in working capital	(6,012	)	(13,672	)	127.4	%	(187.9	)
Net interest and income tax paid	735		(16	)	(102.2	%)	(0.2	)
Net cash flow used in operating activities	3,447		(4,926	)	(242.9	%)	(67.7	)
Net cash received from investing activities	684		(33	)	(104.8	%)	(0.5	)
Net cash used in from financing activities	(3,438	)	(4,805	)	39.8	%	(66.0	)
Effect of exchange rate changes on cash and cash equivalents	1,411		(140	)	(109.9	%)	(1.9	)
Net decrease in cash and cash equivalents	2,104		(9,904	)	(570.7	%)	(136.1	)
Cash and cash equivalents at the beginning of the period	42,101		47,382		12.5	%	651.2
Cash and cash equivalents at the end of the period	44,205		37,478		(15.2	%)	515.1

Net cash generated from operating activities before changes in working capital for 9M 2021 slightly increased by 0.4% YoY to RUB 8,762 million ($120.4 million) as decrease in Net Revenue by 10.7% YoY due to temporary suspension of cross-border operations was compensated by improved profitability on divesture of loss making SOVEST and Rocketbank projects. Net cash flow used in operating activities for 9M 2021 stood at RUB 4,926 million ($67.7 million) driven by significant changes in working capital and increased income tax paid. Change in working capital for 9M 2021 resulted in cash outflow of RUB 13,672 million primarily due to (i) lower accounts payable and accruals of RUB 10,444 million resulted from discontinuation of payments to foreign merchants on the back of the temporary CBR prescriptions related to cross-border operations; (ii) decrease in customer accounts and amounts due to banks in the amount of RUB 4,163 million driven predominantly due to the wind-down of Rocketbank and seasonality; (iii) increase in loans issued from banking operations of RUB 2,418 million mainly related to ROWI business development, and (iv) decrease in trade and other receivables by RUB 2,125 million mainly due to seasonal factor. Net interest and income tax paid increased by RUB 751 million mainly resulting from divesture of loss making SOVEST and Rocketbank projects.

Net cash flow used in investing activities for 9M 2021 stood at RUB 33 million ($0.5 million). The net cash outflow was primarily driven by purchase of debt securities in the amount of RUB 8.1 billion, which was partially offset by proceeds from sale of Tochka of RUB 4.95 billion.

Net cash flow used in financing activities for 9M 2021 increased by 39.8% YoY to RUB 4,805 million ($66.0 million). The increase in net cash outflow was primarily driven by (i) repayment of borrowings of RUB 649 million and (ii) higher dividend payments during 9M 2021 by RUB 621 million compared to the same period of last year due to an increase of distributable profit and lower payout ratio in 2020 due to the COVID-19 outbreak.

As a result of factors described above cash and cash equivalents as of September 30, 2021 were RUB 37,478 million ($515.1 million) – a decrease by 15.2% compared to September 30, 2020.

Dividends

In March 2021, the Board of Directors has approved a target dividend payout ratio for 2021. In accordance with the decision of the Board of Directors, the Company aims to distribute at least 50% of Group Adjusted Net Profit for 2021.

Following the determination of 3Q 2021 financial results and taking into consideration the current operating environment, the Board of Directors approved a dividend of USD 30 cents per share. The dividend record date is December 6, 2021, and the Company intends to pay the dividend on December 8, 2021. The holders of ADSs will receive the dividend shortly thereafter.

The Board of Directors reserves the right to distribute the dividends on a quarterly basis, as it deems necessary so that the total annual payout is in accordance with the target range provided, though the payout ratios for each of the quarters may vary and be outside of this range.

Recent Developments

Betting industry regulation

Since 2016, we have been operating an Interactive Bets Accounting Center (TSUPIS), which we established together with one of the self-regulated associations of bookmakers in order to enable us to accept electronic bets on behalf of sports betting companies and process related payments. In December 2020, a new law was adopted, establishing a Unified Gambling Regulator as a new governmental agency with broad authority to oversee the betting market, and creating the role of a single Unified Interactive Bets Accounting Center (ETSUP). QIWI made a proposal to serve as the ETSUP but it was not successful. Since October 2021, the newly-appointed ETSUP solely processes betting operations replacing both TSUPIS operators. As a result, QIWI lost the ability to generate volume and income directly related to TSUPIS business in Russia starting from 4Q 2021. It will most likely also affect our acquiring services provided to sports betting companies in a bundle with TSUPIS operations. At the same time, part of the betting revenues generated from QIWI wallet services, including commissions for betting accounts top-ups and winning payouts are expected to be retained. We note that there can be no assurance that recent changes will not have adverse impact on the overall usage of QIWI wallet.

The combined betting stream for 9M 2021 represented 26% (or RUB 351.6 billion) of PS Payment Volume and 38% (or RUB 5,225 million) of PS Payment Net Revenue. QIWI’s TSUPIS business and related acquiring services for 9M 2021 accounted 23% (or RUB 3,246 million) of PS Payment Net Revenue.

We are looking for different options to share our expertise and technologies to transform and secure our place on the new betting landscape.

Earnings Conference Call and Audio Webcast

QIWI will host a conference call to discuss 3Q 2021 financial results today at 8:30 a.m. ET. (1:30 p.m. London time; 4:30 p.m. Moscow time)

Hosting the call will be (i) Andrey Protopopov, CEO, (ii) Alexey Mashchenkov, CFO and (iii) Elena Nikonova, Deputy CFO for Corporate Finance.

To participate in the conference call, please use the following details:

Live call	Toll Free (US) Toll International Toll Free (Russia)	+1 (877) 407-3982 +1 (201) 493-6780\| 88 00 100 6268
Replay	Toll Free (US) Toll International	+1 (844) 512-2921 +1 (412) 317-6671
	available since Tuesday, November 23, 2021, 11:30 a.m. ET till Tuesday, December 7, 2021
Confirmation Code	13724831

The call will be webcast live from the Company’s website at https://www.qiwi.ru under the Corporate Investor Relations section or directly at http://investor.qiwi.com/.

About QIWI plc.

For over 20 years we stood at the fore point of fintech innovations to facilitate and secure digitalization of payments. Our mission is to connect our clients providing unique financial and technological solutions to make the impossible accessible and simple.

QIWI is a leading provider of cutting-edge payment and financial services in Russia and the CIS. We offer a wide range of products under several directions: QIWI payment and financial services ecosystem for merchants and B2C clients across digital use-cases, ROWI digital structured financial products for SME, Flocktory services in marketing automation and advertising technologies, and several other startups.

QIWI has an integrated proprietary network that enables payment services across online, mobile and physical channels and provides access to financial services for retail customers and B2B partners. Our network allows over 27 million of customers and partners to accept and transfer RUB 148 billion of cash and electronic payments monthly. Company’s money remittance payment platform connects businesses and people from over 185 countries via over 670 thousand service points. Our customers and partners can use cash, stored value, prepaid cards and other electronic payment methods in order to pay for goods and services or transfer money across virtual or physical environments interchangeably, as well as employ QIWI’s open API infrastructure and highly customizable, sophisticated payment solutions to serve their business or personal needs. Our ROWI brand serves businesses with digital factoring, bank guarantees and other financial solutions for SMEs.

For the FY 2020 QIWI had revenue of RUB 40.6 billion and an Adjusted EBITDA of RUB 13.8 billion. QIWI’s American depositary shares are traded on the NASDAQ and Moscow Exchange (ticker: QIWI). QIWI has a credit rating from Standard & Poor’s of BB-/B.

For more information, visit investor.qiwi.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of, and subject to the protection of, the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding expected total net revenue, adjusted net profit and net revenue yield, dividend payments, payment volume growth, growth of physical and virtual distribution channels, trends in each of our market verticals and statements regarding the development of our ROWI and Flocktory businesses, the impact of the COVID-19 pandemic and related public health measures on our business, merchants, customers, and employees, the impact of the restrictions imposed on us by the CBR on December 7, 2020, in particular with respect to payments to foreign merchants, developments in the betting industry in the Russian Federation and its regulation, and others. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of QIWI plc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Various factors that could cause actual future results and other future events to differ materially from those estimated by management include, but are not limited to, the macroeconomic conditions of the Russian Federation and in each of the international markets in which we operate, growth in each of our market verticals, competition, the introduction of new products and services and their acceptance by consumers, QIWI’s ability to estimate the market risk and capital risk associated with new projects, a decline in net revenue yield, regulation, QIWI’s ability to grow physical and virtual distribution channels, cyberattacks and security vulnerabilities in QIWI’s products and services, QIWI’s ability to expand geographically, the risk that new projects will not perform in accordance with its expectations and other risks identified under the Caption “Risk Factors” in QIWI’s Annual Report on Form 20-F and in other reports QIWI files with the U.S. Securities and Exchange Commission. QIWI undertakes no obligation to revise any forward-looking statements or to report future events that may affect such forward-looking statements unless QIWI is required to do so by law.


QIWI plc. Consolidated Statement of Financial Position *(in millions)*

	As of December 31,	As of September 30,	As of September 30,
	2020	2021 (unaudited)	2021 (unaudited)
	RUB	RUB	USD
Assets
Non-current assets
Property and equipment	1,893	1,476	20.3
Goodwill and other intangible assets	10,813	10,546	144.9
Investments in associates	1,635	–	–
Long-term debt securities and deposits	3,495	1,117	15.4
Long-term loans	214	641	8.8
Other non-current assets	112	133	1.8
Deferred tax assets	209	202	2.8
Total non-current assets	18,371	14,115	194.0
Current assets
Trade and other receivables	7,445	7,713	106.0
Short-term loans	5,799	7,798	107.2
Short-term debt securities and deposits	2,888	10,260	141.0
Prepaid income tax	197	27	0.4
Other current assets	1,202	1,077	14.8
Cash and cash equivalents	47,382	37,478	515.1
Assets held for sale	31	–	–
Total current assets	64,944	64,353	884.4
Total assets	83,315	78,468	1,078.4
Equity and liabilities
Equity attributable to equity holders of the parent
Share capital	1	1	0.0
Additional paid-in capital	1,876	1,876	25.8
Share premium	12,068	12,068	165.9
Other reserve	2,575	2,559	35.2
Retained earnings	14,602	24,131	331.6
Translation reserve	554	540	7.4
Total equity attributable to equity holders of the parent	31,676	41,175	565.9
Non-controlling interests	96	103	1.4
Total equity	31,772	41,278	567.3
Non-current liabilities
Long term debt	4,923	4,942	67.9
Long-term deferred income	–	750	10.3
Long-term lease liabilities	762	346	4.8
Other non-current liabilities	80	79	1.1
Deferred tax liabilities	1,161	1,417	19.5
Total non-current liabilities	6,926	7,534	103.5
Current liabilities
Trade and other payables	29,528	19,060	262.0
Customer accounts and amounts due to banks	12,301	8,136	111.8
Short-term debt	1,640	991	13.6
Short-term lease liability	354	301	4.1
VAT and other taxes payable	147	184	2.5
Other current liabilities	647	984	13.5
Total current liabilities	44,617	29,656	407.6
Total equity and liabilities	83,315	78,468	1,078.4


QIWI plc. Consolidated Statement of Comprehensive Income *(in millions, except per share data)*

	Three months ended (unaudited)
	September 30, 2020		September 30, 2021		September 30, 2021
	RUB⁽¹⁾		RUB		USD
Continuing operations
Revenue:	10,833		11,746		161.4
Payment processing fees	9,348		9,667		132.9
Interest revenue calculated using the effective interest rate	476		962		13.2
Fees from inactive accounts and unclaimed payments	506		441		6.1
Other revenue	503		676		9.3

Operating costs and expenses:	(7,031	)	(8,201	)	(112.7	)
Cost of revenue (exclusive of items shown separately below)	(4,424	)	(5,327	)	(73.2	)
Selling, general and administrative expenses	(669	)	(986	)	(13.6	)
Personnel expenses	(1,645	)	(1,496	)	(20.6	)
Depreciation and amortization	(273	)	(277	)	(3.8	)
Credit loss expense	(20	)	(103	)	(1.4	)
Impairment of non-current assets	–		(12	)	(0.2	)
Profit from operations	3,802		3,545		48.7

Gain on disposal of an associate	–		6,213		85.4
Share of gain of an associate and a joint venture	256		–		–
Foreign exchange gain/(loss), net ⁽²⁾	134		3		0.0
Interest income and expenses, net	(13	)	2		0.0
Other income and expenses, net	17		31		0.4
Profit before tax from continuing operations	4,196		9,794		134.6
Income tax expense	(908	)	(958	)	(13.2	)
Net profit from continuing operations	3,288		8,836		121.4

Discontinued operations
Loss after tax from discontinued operations	(245	)	–		–
Net profit	3,043		8,836		121.4
Attributable to:
Equity holders of the parent	3,014		8,787		120.8
Non-controlling interests	29		49		0.7

Other comprehensive income
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Foreign currency translation:
Exchange differences on translation of foreign operations	116		10		0.1
Debt securities at fair value through other comprehensive income (FVOCI):
Net gains arising during the period, net of tax	–		(21	)	(0.3	)
Net gains recycled to profit or loss upon disposal	–		(2	)	(0.0	)
Total other comprehensive income/(loss), net of tax	116		(13	)	(0.2	)
Total comprehensive income, net of tax effect of nil	3,159		8,823		121.3
Attributable to:
Equity holders of the parent	3,128		8,774		120.6
Non-controlling interests	31		49		0.7

Earnings per share:
Basic, profit attributable to ordinary equity holders of the parent	48.36		140.71		1.93
Diluted, profit attributable to ordinary equity holders of the parent	48.29		140.71		1.93

Earnings per share for continuing operations
Basic, profit from continuing operations attributable to ordinary equity holders of the parent	52.29		140.71		1.93
Diluted, profit from continuing operations attributable to ordinary equity holders of the parent	52.22		140.71		1.93

_______________________

(1) Following the divestiture of SOVEST and the wind-down of Rocketbank, certain amounts have been reclassified to Discontinued operations in order to conform to the current period’s presentation.
(2) Starting December 31, 2020, we present foreign exchange gain and foreign exchange loss on a netted basis. This change in presentation was implemented to make our financial statements comparable with industry peers.


QIWI plc. Consolidated Statement of Comprehensive Income *(in millions, except per share data)*

	Nine months ended (unaudited)
	September 30, 2020		September 30, 2021		September 30, 2021
	RUB⁽¹⁾		RUB		USD
Continuing operations
Revenue:	29,663		31,793		437.0
Payment processing fees	25,079		26,444		363.4
Interest revenue calculated using the effective interest rate	1,687		2,305		31.7
Fees from inactive accounts and unclaimed payments	1,497		1,295		17.8
Other revenue	1,400		1,749		24.0

Operating costs and expenses:	(18,950	)	(22,169	)	(304.7	)
Cost of revenue (exclusive of items shown separately below)	(11,777	)	(14,164	)	(194.7	)
Selling, general and administrative expenses	(1,872	)	(2,147	)	(29.5	)
Personnel expenses	(4,422	)	(4,726	)	(65.0	)
Depreciation and amortization	(802	)	(848	)	(11.7	)
Credit loss expense	(45	)	(260	)	(3.6	)
Impairment of non-current assets	(32	)	(24	)	(0.3	)
Profit from operations	10,713		9,624		132.3

Gain on disposal of an associate	–		6,213		85.4
Share of gain of an associate and a joint venture	495		306		4.2
Foreign exchange gain/(loss), net ⁽²⁾	(105	)	(39	)	(0.5	)
Interest income and expenses, net	(57	)	(25	)	(0.3	)
Other income and expenses, net	(6	)	(42	)	(0.6	)
Profit before tax from continuing operations	11,040		16,037		220.4
Income tax expense	(2,253	)	(2,614	)	(35.9	)
Net profit from continuing operations	8,787		13,423		184.5

Discontinued operations
Loss after tax from discontinued operations	(2,308	)	–		–
Net profit	6,479		13,423		184.5
Attributable to:
Equity holders of the parent	6,417		13,348		183.5
Non-controlling interests	62		75		1.0

Other comprehensive income
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Foreign currency translation:
Exchange differences on translation of foreign operations	269		(14	)	(0.2	)
Debt securities at fair value through other comprehensive income (FVOCI):
Net gains arising during the period, net of tax	32		(21	)	(0.3	)
Net gains recycled to profit or loss upon disposal	(47	)	(2	)	(0.0	)
Total other comprehensive income/(loss), net of tax	254		(37	)	(0.5	)
Total comprehensive income, net of tax effect of nil	6,733		13,386		184.0
Attributable to:
Equity holders of the parent	6,658		13,311		182.9
Non-controlling interests	75		75		1.0

Earnings per share:
Basic, profit attributable to ordinary equity holders of the parent	103.16		213.81		2.94
Diluted, profit attributable to ordinary equity holders of the parent	102.94		213.72		2.94

Earnings per share for continuing operations
Basic, profit from continuing operations attributable to ordinary equity holders of the parent	140.27		213.81		2.94
Diluted, profit from continuing operations attributable to ordinary equity holders of the parent	139.96		213.72		2.94

_____________________


QIWI plc. Consolidated Statement of Cash Flows *(in millions)*

	Nine months ended (unaudited)
	September 30, 2020		September 30, 2021		September 30, 2021
	RUB		RUB		USD⁽¹⁾
Operating activities
Profit before tax from continuing operations	11,040		16,037		220.4
Loss before tax from discontinued operations	(2,509	)	–		–
Profit before tax	8,531		16,037		220.4
Adjustments to reconcile profit before tax to net cash flows generated from operating activities
Depreciation and amortization	967		848		11.7
Foreign exchange loss, net	130		39		0.5
Interest income, net	(2,145	)	(1,898	)	(26.1	)
Сredit loss expense	825		260		3.6
Share of gain of an associate and a joint venture	(495	)	(306	)	(4.2	)
Loss on forward contract to sell Sovest loans’ portfolio	712		–		–
Gain on disposal of an associate			(6,213	)	(85.4	)
Impairment of non-current assets	134		24		0.3
Other	65		(29	)	(0.4	)
Changes in operating assets and liabilities:
Decrease in trade and other receivables	1,222		2,125		29.2
Decrease/(increase) in other assets	(115	)	86		1.2
Decrease in customer accounts and amounts due to banks	(11,437	)	(4,163	)	(57.2	)
Decrease in accounts payable and accruals	(1,243	)	(10,444	)	(143.5	)
(Decrease)/Increase in other liabilities	(432	)	1,142		15.7
Decrease in loans issued from banking operations	5,993		(2,418	)	(33.2	)
Cash used in operations	2,712		(4,910	)	(67.5	)
Interest received	2,621		2,579		35
Interest paid	(421	)	(428	)	(5.9	)
Income tax paid	(1,465	)	(2,167	)	(29.8	)
Net cash flow used in operating activities	3,447		(4,926	)	(67.7	)
Investing activities
Cash paid for acquisition	(89	)	(10	)	(0.1	)
Purchase of property and equipment	(226	)	(208	)	(2.9	)
Proceeds from sale of an associate			4,947		68.0
Purchase of intangible assets	(179	)	(122	)	(1.7	)
Proceeds from sale of fixed and intangible assets	162		12		0.2
Loans issued	(12	)	(23	)	(0.3	)
Repayment of loans issued	–		12		0.2
Purchase of debt securities and deposits	(2,355	)	(8,058	)	(110.7	)
Proceeds from sale and redemption of debt securities	3,230		2,885		39.7
Dividends received from an associate	153		532		7.3
Net cash used in investing activities	684		(33	)	(0.5	)
Financing activities
Repayment of borrowings	105		(649	)	(8.9	)
Payment of principal portion of lease liabilities	(275	)	(270	)	(3.7	)
Dividends paid to owners of the Group	(3,201	)	(3,822	)	(52.5	)
Dividends paid to non-controlling shareholders	(67	)	(64	)	(0.9	)
Net cash (used in)/generated from financing activities	(3,438	)	(4,805	)	(66.0	)
Effect of exchange rate changes on cash and cash equivalents	1,411		(140	)	(1.9	)
Net increase in cash and cash equivalents	2,104		(9,904	)	(136.1	)
Cash and cash equivalents at the beginning of the period	42,101		47,382		651.2
Cash and cash equivalents at the end of the period	44,205		37,478		515.1

Non-IFRS Financial Measures and Supplemental Financial Information

This release presents Total Net Revenue, PS Payment Net Revenue, PS Other Net Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Profit and Adjusted Net Profit per share, which are non-IFRS financial measures. You should not consider these non-IFRS financial measures as substitutes for or superior to revenue, in the case of Total Net Revenue, PS Payment Net Revenue and PS Other Net Revenue; Net Profit, in the case of Adjusted EBITDA; and Adjusted Net Profit, or earnings per share, in the case of Adjusted Net Profit per share, each prepared in accordance with IFRS.

Furthermore, because these non-IFRS financial measures are not determined in accordance with IFRS, they are susceptible to varying calculations and may not be comparable to other similarly titled measures presented by other companies. QIWI encourages investors and others to review our financial information in its entirety and not rely on a single financial measure. For more information regarding Total Net Revenue, PS Payment Net Revenue, PS Other Net Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Profit, and Adjusted Net Profit per share, including a quantitative reconciliation of Total Net Revenue, PS Payment Net Revenue, PS Other Net Revenue, Adjusted EBITDA and Adjusted Net Profit to the most directly comparable IFRS financial performance measure, which is revenue in the case of Total Net Revenue, PS Payment Net Revenue and PS Other Net Revenue and Net Profit in the case of Adjusted EBITDA and Adjusted Net Profit, see Reconciliation of IFRS to Non-IFRS Operating Results in this earnings release.

We define non-IFRS financial measures as follows:

“Adjusted EBITDA” as Net profit plus: (1) depreciation and amortization (2) other income and expenses (3) foreign exchange gain/loss (4) gain on disposal of an associate (5) share of gain of an associate and a joint venture (6) Interest income and expenses (7) Offering expenses (8) loss from sale of Sovest loans’ portfolio (9) share-based payment expenses (10) impairment of non-current assets
“Adjusted Net profit” as Net profit plus: (1) fair value adjustments recorded on business combinations and their amortization (2) impairment of non-current assets (3) share-based payment expenses (4) offering expenses (5) gain on disposal of an associate (6) loss from sale of Sovest loans’ portfolio (7) effect of taxation of the above items
“Adjusted EBITDA Margin” as Adjusted EBITDA divided by Total Net Revenue.
“Adjusted Net profit Margin” as Adjusted Net profit divided by Total Net Revenue.

QIWI presents PS Payment segment breakdown by verticals and we define these measures as follows:

PS Payment Net Revenue is the Net Revenue consisting of the merchant and consumer fees collected for the payment transactions.
- E-commerce payment net revenue consists of fees charged to customers and merchants that buy and sell products and services online, including online games, social networks, betting, online stores, game developers, software producers, coupon websites, tickets and numerous other merchants.
- Financial Services payment net revenue primarily consists of fees charged for payments accepted on behalf of our bank partners and microfinance companies.
- Money Remittance payment net revenue primarily consists of fees charged for transferring funds via money remittance companies, card-to-card transfers and certain wallet-to-wallet transfers.
- Telecom payment net revenue primarily consists of fees charged for payments to MNOs, internet services providers and pay television providers.
- Other payment net revenue consists of consumer and merchant fees charged for a variety of payments including multi-level-marketing, utility bills, government payments, education services and many others.
PS Other Net Revenue primarily consists of revenue from fees for inactive accounts and unclaimed payments, interest revenue, revenue from overdrafts provided to agents, rent of space for kiosks, cash and settlement services and advertising.


QIWI plc. Reconciliation of IFRS to Non-IFRS Operating Results *(in millions, except per share data)*

	Three months ended (unaudited)
	September 30, 2020		September 30, 2021		September 30, 2021
	RUB⁽¹⁾		RUB		USD

Revenue⁽²⁾	11,087		11,746		161.4
Minus: Cost of revenue (exclusive of depreciation and amortization) ⁽³⁾	4,450		5,327		73.2
Total Net Revenue	6,637		6,419		88.2
Segment Net Revenue
Payment Services Segment Revenue	10,398		10,902		149.8

PS Payment Revenue⁽⁴⁾	9,348		9,667		132.9
Minus: Cost of PS Payment Revenue (exclusive of depreciation and amortization)⁽⁵⁾	4,045		4,811		66.1
PS Payment Adjusted Net Revenue	5,303		4,856		66.7

PS Other Revenue⁽⁶⁾	1,050		1,235		17.0
Minus: Cost of PS Other Revenue (exclusive of depreciation and amortization)⁽⁷⁾	245		236		3.2
PS Other Adjusted Net Revenue	805		999		13.7
Payment Services Segment Net Revenue	6,108		5,855		80.5

Consumer Financial Services Segment Revenue	72		–		–
Minus: Cost of CFS revenue (exclusive of depreciation and amortization)	8		–		–
Consumer Financial Services Segment Net Revenue	64		–		–

Rocketbank Revenue	26		–		–
Minus: Cost of Rocketbank revenue (exclusive of depreciation and amortization)	10		–		–
Rocketbank Net Revenue	16		–		–

Corporate and Other Category Revenue	591		844		11.6
Minus: Cost of CO revenue (exclusive of depreciation and amortization)	142		280		3.8
Corporate and Other Category Net Revenue	449		564		7.8

Total Segment Net Revenue	6,637		6,419		88.2

Net Profit	3,043		8,836		121.4
Plus:
Depreciation and amortization	317		277		3.8
Other income and expenses, net	(17	)	(31	)	(0.4	)
Foreign exchange (gain)/loss, net	(125	)	(3	)	(0.0	)
Gain on disposal of an associate⁽⁹⁾	–		(6,213	)	(85.4	)
Share of gain of an associate and a joint venture	(256	)	–		–
Interest income and expenses, net	23		(2	)	(0.0	)
Income tax expenses	889		958		13.2
Offering expenses	55		–		–
Loss from sale of Sovest loans’ portfolio	54		–		–
Share-based payment expenses	37		–		–
Impairment of non-current assets	–		12		0.2
Adjusted EBITDA	4,020		3,834		52.7
Adjusted EBITDA margin	60.6	%	59.7	%	59.7	%

Net profit	3,043		8,836		121.4
Fair value adjustments recorded on business combinations and their amortization⁽⁸⁾	87		84		1.2
Impairment of non-current assets	–		12		0.2
Share-based payment expenses	37		–		–
Offering expenses	55		–		–
Gain on disposal of an associate⁽⁹⁾	–		(6,213	)	(85.4	)
Loss from sale of Sovest loans’ portfolio	54		–		–
Effect of taxation of the above items	(1	)	(14	)	(0.2	)
Adjusted Net Profit	3,275		2,705		37.2

Adjusted Net Profit per share:
Basic	52.55		43.32		0.60
Diluted	52.48		43.32		0.60

Weighted-average number of shares used in computing Adjusted Net Profit per share:
Basic	62,324		62,449		62,449
Diluted	62,404		62,449		62,449

_________________________

(1) The results presented in Reconciliation differ from IFRS results due to Rocketbank and CFS results are presented as discontinued operations in IFRS.
(2) Including revenue from discontinued operations of RUB 254 million for the third quarter ended September 30, 2020.
(3) Including cost of revenue from discontinued operations of RUB 26 million for the third quarter ended September 30, 2020.
(4) PS Payment Revenue represents payment processing fees, which primarily consists of the merchant and consumer fees charged for the payment transactions.
(5) Cost of PS Payment Revenue (exclusive of depreciation and amortization) primarily consists of transaction costs to acquire payments from our customers payable to agents, mobile operators, international payment systems and other parties.
(6) PS Other Revenue primarily consists of revenue from fees for inactive accounts and unclaimed payments, interest revenue, revenue from overdrafts provided to agents, rent of space for kiosks, cash and settlement services and advertising.
(7) Cost of PS Other Revenue (exclusive of depreciation and amortization) primarily consists of direct costs associated with other revenue and other costs, including but not limited to: costs of call-centers and advertising commissions.
(8) Amortization of fair value adjustments primarily includes the effect of the acquisition of control in Contact and Rapida.
(9) Gain on disposal of an associate in the 3Q 2021 in the amount of 6.2 billion including: (i) base deal amount of RUB 4.95 billion from sale of stake in Tochka, (ii) accrued expected performance adjustment gain contingent on Tochka’s earnings for the year 2021 in the amount of RUB 2.7 billion, (iii) dividends received in 3Q in the amount of RUB 0.5 billion, and (iv) less carrying amount of disposed investment in the amount of RUB 1.95 billion. Contingent amount is expected to be received in 2Q 2022.


QIWI plc. Reconciliation of IFRS to Non-IFRS Operating Results *(in millions, except per share data)*

	Nine months ended (unaudited)
	September 30, 2020		September 30, 2021		September 30, 2021
	RUB⁽¹⁾		RUB		USD

Revenue ⁽²⁾	32,277		31,793		436.9
Minus: Cost of revenue (exclusive of depreciation and amortization) ⁽³⁾	12,541		14,164		194.7
Total Net Revenue	19,736		17,629		242.3
Segment Net Revenue
Payment Services Segment Revenue	28,214		29,594		406.7

PS Payment Revenue⁽⁴⁾	25,079		26,444		363.4
Minus: Cost of PS Payment Revenue (exclusive of depreciation and amortization)⁽⁵⁾	10,572		12,587		173.0
PS Payment Adjusted Net Revenue	14,507		13,857		190.4

PS Other Revenue⁽⁶⁾	3,135		3,150		43.3
Minus: Cost of PS Other Revenue (exclusive of depreciation and amortization)⁽⁷⁾	816		712		9.8
PS Other Adjusted Net Revenue	2,320		2,438		33.5
Payment Services Segment Net Revenue	16,826		16,295		224.0

Consumer Financial Services Segment Revenue	1,198		–		–
Minus: Cost of CFS revenue (exclusive of depreciation and amortization)	131		–		–
Consumer Financial Services Segment Net Revenue	1,067		–		–

Rocketbank Revenue	1,151		–		–
Minus: Cost of Rocketbank revenue (exclusive of depreciation and amortization)	604		–		–
Rocketbank Net Revenue	548		–		–

Corporate and Other Category Revenue	1,714		2,199		30.2
Minus: Cost of CO revenue (exclusive of depreciation and amortization)	419		865		11.9
Corporate and Other Category Net Revenue	1,295		1,334		18.3

Total Segment Net Revenue	19,736		17,629		242.3

Net Profit	6,479		13,423		184.5
Plus:
Depreciation and amortization	967		848		11.7
Other income and expenses, net	6		42		0.6
Foreign exchange (gain)/loss, net	130		39		0.5
Gain on disposal of an associate⁽⁹⁾	–		(6,213	)	(85.4	)
Share of gain of an associate and a joint venture	(495	)	(306	)	(4.2	)
Interest income and expenses, net	88		25		0.3
Income tax expenses	2,052		2,614		35.9
Offering expenses	65		–		–
Loss from sale of Sovest loans’ portfolio	712		–		–
Share-based payment expenses	85		8		0.1
Impairment of non-current assets	134		24		0.3
Adjusted EBITDA	10,223		10,504		144.4
Adjusted EBITDA margin	51.8	%	59.6	%	59.6	%

Net profit	6,479		13,423		184.5
Fair value adjustments recorded on business combinations and their amortization⁽⁸⁾	256		252		3.5
Impairment of non-current assets	134		24		0.3
Share-based payment expenses	85		8		0.1
Offering expenses	65		–		–
Gain on disposal of an associate⁽⁹⁾	–		(6,213	)	(85.4	)
Loss from sale of Sovest loans’ portfolio	712		–		–
Effect of taxation of the above items	54		(24	)	(0.3	)
Adjusted Net Profit	7,785		7,470		102.7

Adjusted Net Profit per share:
Basic	125.16		119.66		1.64
Diluted	124.88		119.60		1.64

Weighted-average number of shares used in computing Adjusted Net Profit per share:
Basic	62,200		62,428		62,428
Diluted	62,340		62,456		62,456

_____________________________

(1) The results presented in Reconciliation differ from IFRS results due to Rocketbank and CFS results are presented as discontinued operations in IFRS.
(2) Including revenue from discontinued operations of RUB 2,614 million for the nine months ended September 30, 2020.
(3) Including cost of revenue from discontinued operations of RUB 764 million for the nine months ended September 30, 2020.
(4) PS Payment Revenue represents payment processing fees, which primarily consists of the merchant and consumer fees charged for the payment transactions.
(5) Cost of PS Payment Revenue (exclusive of depreciation and amortization) primarily consists of transaction costs to acquire payments from our customers payable to agents, mobile operators, international payment systems and other parties.
(6) PS Other Revenue primarily consists of revenue from fees for inactive accounts and unclaimed payments, interest revenue, revenue from overdrafts provided to agents, rent of space for kiosks, cash and settlement services and advertising.
(7) Cost of PS Other Revenue (exclusive of depreciation and amortization) primarily consists of direct costs associated with other revenue and other costs, including but not limited to: costs of call-centers and advertising commissions.
(8) Amortization of fair value adjustments primarily includes the effect of the acquisition of control in Contact and Rapida.
(9) Gain on disposal of an associate in the 9M 2021 in the amount of 6.2 billion including: (i) base deal amount of RUB 4.95 billion from sale of stake in Tochka, (ii) accrued expected performance adjustment gain contingent on Tochka’s earnings for the year 2021 in the amount of RUB 2.7 billion, (iii) dividends received in 3Q in the amount of RUB 0.5 billion, and (iv) less carrying amount of disposed investment in the amount of RUB 1.95 billion. Contingent amount is expected to be received in 2Q 2022.

Contact

Investor Relations
+357.25028091
[email protected]

November 23, 2021 7:03 am

Madrigal Pharmaceuticals Announces Participation at Two Upcoming Virtual Investor Conferences

CONSHOHOCKEN, Pa., Nov. 23, 2021 (GLOBE NEWSWIRE) — Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL), a clinical-stage biopharmaceutical company pursuing novel therapeutics for cardio-metabolic and fatty liver diseases with high unmet medical need such as non-alcoholic steatohepatitis (NASH), announced today its management team will participate in two upcoming virtual investor conferences:

Evercore ISI 4th Annual HealthCONx Conference 2021

Fireside chat at 9:40 AM EST on Tuesday, November 30, 2021

Piper Sandler 33rd Annual Virtual Healthcare Conference

Fireside chat at 11:30 AM EST on Thursday, December 2, 2021

The presentations will be webcast live and archived recordings will be available for replay in the Events & Presentations section of the Madrigal website for 90 days following the live presentations.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) is a clinical-stage biopharmaceutical company pursuing novel therapeutics that target a specific thyroid hormone receptor pathway in the liver, which is a key regulatory mechanism common to a spectrum of fatty liver and cardio-metabolic diseases with high unmet medical need. Madrigal’s lead candidate, resmetirom, is a first-in-class, orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR)-β selective agonist that is currently in two Phase 3 clinical studies, MAESTRO-NASH and MAESTRO- NAFLD-1, designed to demonstrate multiple benefits in NASH (non-alcoholic steatohepatitis) patients. For more information, visit www.madrigalpharma.com.

Investor Contact

Alex Howarth, Madrigal Pharmaceuticals, Inc., [email protected]

Media Contact

Christopher Frates, Madrigal Pharmaceuticals, Inc., [email protected]

November 23, 2021 7:03 am

Polestar 5 Previewed in Next Episode of Polestar Precept Documentary

Polestar 5 Previewed in Next Episode of Polestar Precept Documentary

GOTHENBURG, Sweden–(BUSINESS WIRE)–
In the latest episode of its YouTube documentary series, “Precept: from Concept to Car”, Polestar has previewed more of final design direction for the forthcoming Polestar 5. The web series documents the transformation of the Polestar Precept concept car into the Polestar 5 – an electric performance 4-door GT set to be launched in 2024.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211123005716/en/

(Photo: Polestar)

“With the Precept documentary series we are intentionally doing something car companies usually don’t – going behind the scenes with transparency as we turn this stunning concept car into production reality. It makes me very proud to see how much of the concept car’s design is making it into the Polestar 5 – a great achievement by our designers and engineers alike,” comments Thomas Ingenlath, Polestar CEO.

This third instalment of the series shows the closest look at the car on its way to production to date, thanks to a focus on the exterior design process. As such it reveals key production features which distinguish Polestar 5 from the show car that debuted in early 2020. A behind-the-scenes look elaborates on the challenges to establish a balance between sensational design and engineering requirements.

Precept was developed to preview the future of Polestar, embodying the company’s key pillars of design, sustainability, technology and performance. Now seen with production readiness in mind, the Polestar 5 embodies the company’s increasingly independent and muscular design language, cues of which will already be seen on Polestar 3 that is expected to be launched in 2022.

The development of the sustainability, technology and performance credentials of Polestar 5 will be discussed in future episodes of the series. The confirmation of the Polestar 5 production nomenclature for Precept comes on the eve of the concept car’s North American debut, which will coincide with a Polestar presentation in New York City in the first week of December at exclusive investor, analyst and press events. Precept will subsequently be undertaking a public tour in the US, visiting Polestar Spaces across the country.

This represents Polestar taking yet another step towards its future. In September, the company announced its intention to list on the Nasdaq stock exchange in a business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW and GGPIU).

About Polestar

Polestar was established as a new, standalone Swedish premium electric vehicle manufacturer in 2017. Founded by Volvo Cars and Geely Holding, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result.

Polestar is headquartered in Gothenburg, Sweden, and its vehicles are currently available and on the road in 14 global markets across Europe, North America and China. In 2021, Polestar is expanding into eight additional new markets in Europe, the middle East and Asia Pacific. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the U.S.

In September 2021, Polestar announced its intention to list as a public company on the Nasdaq in a business combination agreement with Gores Guggenheim, Inc. More information on this definitive agreement can be found here.

Polestar produces two electric performance cars. The Polestar 1 is a low-volume electric performance hybrid GT with a carbon fibre body, 609 hp, 1,000 Nm and an electric-only range of 124 km (WLTP) – the longest of any hybrid car in the world. With production coming to an end late in 2021, Polestar 1 has established itself as a truly exclusive driver’s car.

The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single-motor powertrains with as much as 300 kW / 408 hp and 660 Nm.

In the future, the Polestar 3 electric performance SUV is expected to join the portfolio, as well as the Precept – a design study vehicle released in 2020 that is under development for future production. Precept showcases the brand’s future vision in terms of sustainability, digital technology and design. In April 2021, Polestar announced the important goal of creating a truly climate-neutral car by 2030.

About Gores Guggenheim, Inc.

Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Gores Guggenheim’s strategy is to identify and complete business combinations with market leading companies with strong equity stories that will benefit from the growth capital of the public equity markets and be enhanced by the experience and expertise of Gores’ and Guggenheim’s long history and track record of investing in and operating businesses.

Forward-Looking Statements

Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Gores Guggenheim, Inc. (“Gores Guggenheim”), Polestar Performance AB and/or its affiliates (the “Company”) and Polestar Automotive Holding UK Limited (“ListCo”). For example, projections of future revenue, volumes and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Gores Guggenheim and its management, and the Company and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of definitive agreements with respect to the proposed business combination between Gores Guggenheim, the Company, ListCo and the other parties thereto (the “the Business Combination”); (2) the outcome of any legal proceedings that may be instituted against Gores Guggenheim, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of Gores Guggenheim, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) risks associated with changes in applicable laws or regulations and the Company’s international operations; (10) the possibility that the Company or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the Company’s estimates of expenses and profitability; (12) the Company’s ability to maintain agreements or partnerships with its strategic partners Volvo Cars and Geely and to develop new agreements or partnerships; (13) the Company’s ability to maintain relationships with its existing suppliers and strategic partners, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (14) the Company’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (15) the Company’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (16) delays in the design, manufacture, launch and financing of the Company’s vehicles and the Company’s reliance on a limited number of vehicle models to generate revenues; (17) the Company’s ability to continuously and rapidly innovate, develop and market new products; (18) risks related to future market adoption of the Company’s offerings; (19) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (20) the Company’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to the Company by its partners in order for the Company to be able to increase its vehicle production capacities; (21) risks related to the Company’s distribution model; (22) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on the Company’s future business; (23) changes in regulatory requirements, governmental incentives and fuel and energy prices; (24) the impact of the global COVID-19 pandemic on Gores Guggenheim, the Company, the Company’s post business combination’s projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and (25) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Gores Guggenheim’s final prospectus relating to its initial public offering (File No. 333-253338) declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 22, 2021, and other documents filed, or to be filed, with the SEC by Gores Guggenheim or ListCo, including the Registration/Proxy Statement (as defined below). There may be additional risks that neither Gores Guggenheim, the Company nor ListCo presently know or that Gores Guggenheim, the Company or ListCo currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Gores Guggenheim, the Company nor ListCo undertakes any duty to update these forward-looking statements.

Additional Information

In connection with the proposed Business Combination, (i) ListCo has filed with the SEC a registration statement on Form F-4 containing a preliminary proxy statement of Gores Guggenheim and a preliminary prospectus (the “Registration/Proxy Statement”), and (ii) Gores Guggenheim will file a definitive proxy statement relating to the proposed Business Combination (the “Definitive Proxy Statement”) and will mail the Definitive Proxy Statement and other relevant materials to its stockholders after the Registration/Proxy Statement is declared effective. The Registration/Proxy Statement contains and the Definitive Proxy Statement will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of Gores Guggenheim stockholders to be held to approve the proposed Business Combination. This Press Release does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Before making any voting or other investment decisions, securityholders of Gores Guggenheim and other interested persons are advised to read, the Registration/Proxy Statement and the amendments thereto and the Definitive Proxy Statement and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Gores Guggenheim, the Company, ListCo and the Business Combination. When available, the Definitive Proxy Statement and other relevant materials for the proposed Business Combination will be mailed to stockholders of Gores Guggenheim as of a record date to be established for voting on the proposed Business Combination. Stockholders will also be able to obtain copies of the Registration/Proxy Statement, the Definitive Proxy Statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Gores Guggenheim, Inc., 6260 Lookout Rd., Boulder, CO 80301, attention: Jennifer Kwon Chou.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation

Gores Guggenheim and certain of its directors and executive officers may be deemed participants in the solicitation of proxies from Gores Guggenheim’s stockholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in Gores Guggenheim is set forth in Gores Guggenheim’s filings with the SEC (including Gores Guggenheim’s final prospectus related to its initial public offering (File No. 333-253338) declared effective by the SEC on March 22, 2021), and are available free of charge at the SEC’s website at www.sec.gov, or by directing a request to Gores Guggenheim, Inc., 6260 Lookout Rd., Boulder, CO 80301, attention: Jennifer Kwon Chou. Additional information regarding the interests of such participants is contained in the Registration/Proxy Statement and will be contained in the Definitive Proxy Statement.

The Company and ListCo, and certain of their directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Gores Guggenheim in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination is included in the Registration/Proxy Statement and will be included in the Definitive Proxy Statement.

No Offer and Non-Solicitation

This Press Release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Gores Guggenheim, the Company or ListCo, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005716/en/

For inquiries regarding Polestar:

Jonathan Goodman

Polestar

[email protected]

Andrew Lytheer

Polestar

[email protected]

John Paolo Canton

Polestar

[email protected]

KEYWORDS: Sweden Europe

INDUSTRY KEYWORDS: Environment Alternative Vehicles/Fuels Automotive Automotive Manufacturing General Automotive Performance & Special Interest Manufacturing Entertainment

MEDIA:

Photo

(Photo: Polestar)

November 23, 2021 7:03 am

Can-Fite’s Piclidenoson Commences Clinical Study for the Treatment of Canine Osteoarthritis

Can-Fite’s Piclidenoson Commences Clinical Study for the Treatment of Canine Osteoarthritis

Study conducted and costs covered by Vetbiolix, Can-Fite’s development and commercialization partner for the veterinary market
Canine osteoarthritis, a market projected to reach $3 billion by 2024, has a shorter path to regulatory approval and commercialization than human indications

PETACH TIKVA, Israel–(BUSINESS WIRE)–Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CFBI), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address inflammatory, cancer and liver diseases, today announced that its veterinary development and commercialization partner Vetbiolix, a France-based veterinary biotech company, has commenced a safety and efficacy study of Piclidenoson for the treatment of osteoarthritis in dogs. Safety results are expected Q1 2022 and efficacy data is expected Q4 2022. Piclidenoson has been widely tested in human clinical trials and has a favorable safety profile across more than 1,500 human patients.

As an oral drug with an excellent safety profile in human clinical trials, Piclidenoson may offer a much needed, safe, and effective treatment for canine osteoarthritis. The most commonly used current treatments for this indication include oral non-steroidal anti-inflammatory drugs (NSAIDs) for pain control which carry significant harmful side effects, and an injectable disease modifying osteoarthritis drug (DMOAD) that targets the progression of disease.

In the U.S. approximately 23 million dogs are diagnosed with some form of arthritis, and about 20%-25% of dogs have osteoarthritis. The chronic joint disease is characterized by loss of joint cartilage, thickening of the joint capsule, and new bone formation around the joint that leads to limb dysfunction and pain. The canine osteoarthritis market is projected to reach $3 billion by 2024.

“Based on Piclidenoson’s safety profile in humans and small animals, we expect similar excellent results in dogs. We are hopeful that Piclidenoson may also show efficacy in osteoarthritis and offer relief to millions of dogs and their families. Working with Vetbiolix for this veterinary indication, our aim is to leverage our clinical pipeline to benefit animals while accelerating our path to commercialization through a capital efficient strategy,” stated Can-Fite CEO Dr. Pnina Fishman.

Vetbiolix is responsible for all costs and development of Piclidenoson in the veterinary osteoarthritis market for dogs and cats, for which Vetbiolix has the exclusive rights to Piclidenoson for two years under an option agreement. Should the clinical studies yield positive data and Vetbiolix exercises its option to license from Can-Fite, then Vetbiolix will be obligated to pay Can-Fite upfront and milestone payments, in addition to royalties on sales upon regulatory approval for veterinary use.

About Can-Fite BioPharma Ltd.

Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CFBI) is an advanced clinical stage drug development Company with a platform technology that is designed to address multi-billion dollar markets in the treatment of cancer, liver, inflammatory disease and COVID-19. The Company’s lead drug candidate, Piclidenoson, is currently in a Phase III trial for psoriasis and a Phase II study in the treatment of moderate COVID-19. Can-Fite’s liver drug, Namodenoson, is headed into a Phase III trial for hepatocellular carcinoma (HCC), the most common form of liver cancer, and a Phase IIb trial for the treatment of non-alcoholic steatohepatitis (NASH). Namodenoson has been granted Orphan Drug Designation in the U.S. and Europe and Fast Track Designation as a second line treatment for HCC by the U.S. Food and Drug Administration. Namodenoson has also shown proof of concept to potentially treat other cancers including colon, prostate, and melanoma. CF602, the Company’s third drug candidate, has shown efficacy in the treatment of erectile dysfunction. These drugs have an excellent safety profile with experience in over 1,500 patients in clinical studies to date. For more information please visit: www.can-fite.com.

Forward-Looking Statements

This press release may contain forward-looking statements, about Can-Fite’s expectations, beliefs or intentions regarding, among other things, market risks and uncertainties, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, Can-Fite or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by Can-Fite with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of Can-Fite’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause Can-Fite’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause Can-Fite’s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: our history of losses and needs for additional capital to fund our operations and our inability to obtain additional capital on acceptable terms, or at all; uncertainties of cash flows and inability to meet working capital needs; the impact of the COVID-19 pandemic; the initiation, timing, progress and results of our preclinical studies, clinical trials and other product candidate development efforts; our ability to advance our product candidates into clinical trials or to successfully complete our preclinical studies or clinical trials; our receipt of regulatory approvals for our product candidates, and the timing of other regulatory filings and approvals; the clinical development, commercialization and market acceptance of our product candidates; our ability to establish and maintain strategic partnerships and other corporate collaborations; the implementation of our business model and strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our ability to operate our business without infringing the intellectual property rights of others; competitive companies, technologies and our industry; statements as to the impact of the political and security situation in Israel on our business; and risks and other risk factors detailed in Can-Fite’s filings with the SEC and in its periodic filings with the TASE. In addition, Can-Fite operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. Can-Fite does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005715/en/

Can-Fite BioPharma

Motti Farbstein

[email protected]

+972-3-9241114

KEYWORDS: Israel Middle East

INDUSTRY KEYWORDS: Health FDA Diabetes Clinical Trials Pharmaceutical Biotechnology Veterinary

MEDIA:

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November 23, 2021 7:03 am

Genius Sports Reports 70% Third Quarter Revenue Growth and Raises 2021 Revenue Guidance

Genius Sports Reports 70% Third Quarter Revenue Growth and Raises 2021 Revenue Guidance

Delivered record high Q3 revenue of $69.1m, growing over 70% year-over-year
Announced strategic partnerships with Entain/BetMGM, FanDuel, Golden Nugget, Hard Rock Digital, Penn/Barstool Sportsbook, and PointsBet, in addition to Caesars, DraftKings, WynnBet, and 888/SI Sportsbook, to provide our full range NFL-related products
Over 97% of the U.S. market now using NFL data exclusively through Genius
Increasing 2021 Group Revenue guidance from $255-$260m to $257-$262m, equating to over 70% year-on-year growth at the midpoint

LONDON & NEW YORK–(BUSINESS WIRE)–
Genius Sports Limited (NYSE:GENI) (“Genius” or “GSL”), the official data, technology and commercial partner that powers the global ecosystem connecting sports, betting and media, today announced financial results for its fiscal 2021 third quarter ended September 30, 2021.

“Genius Sports’ growth is accelerating at an unprecedented level that far surpasses our original expectations. We are capturing more opportunities than ever before, underpinned by the broad adoption of official data by the entire ecosystem,” said Mark Locke, GSL Co-Founder and CEO. “While only months into our first NFL season, we are even more confident of the long-term prospects of the partnership. We are transforming the global sports betting market through our progressive investment in technological innovation, and we will continue to do so for years ahead.”

Nick Taylor, GSL CFO, added, “We’ve positioned the business for continued success, giving us great confidence in raising our 2021 revenue outlook. We anticipate continued strong revenue growth as the market continues to expand and evolve, while preserving the option to reinvest in the business to fund strategic growth initiatives and drive long-term sustainability and scale. This early stage of our growth cycle presents a window of opportunity to invest in the future success of the business, and we’re excited to continue building towards our strategic vision.”

*$ in thousands*	Q321	Q320	%	YTD21	YTD20	%
Group Revenue	69,136	40,556	70.5%	178,723	102,722	74.0%
Betting Technology, Content & Services	43,644	29,580	47.5%	123,272	75,353	63.6%
Sports Technology & Services	11,594	4,484	158.6%	24,190	11,808	104.9%
Media Technology, Content & Services	13,898	6,492	114.1%	31,261	15,561	100.9%
Group Adj. EBITDA	(392)	9,382	(104.2%)	14,057	13,475	4.3%
Group Adj. EBITDA Margin	nm	23.1%	nm	7.9%	13.1%	(5.2%)

Q3 2021 Financial Highlights

Group Revenue: Group revenue increased by over 70% year-over-year to $69.1 million, driven by significant, well-balanced growth across all business segments. On a constant currency basis, revenue increased $25.9 million, or 60% year-over-year.
- Betting Technology, Content & Services: Revenue increased 48% year-over-year to $43.6 million. Growth in the business was driven by price increases on contract renewals and renegotiations with existing customers, powered by our official rights strategy, expansion of value-add services, and new service offerings. Growth was also supported by new customer wins and increased utilization of our available content.
- Sports Technology & Services: Revenue increased 159% year-over-year to $11.6 million, driven by the inclusion of revenues derived from two acquisitions, Sportzcast, acquired in December 2020, and Second Spectrum, acquired in June 2021.
- Media Technology, Content & Services: Revenue increased 114% year-over-year to $13.9 million, driven by new customer wins for programmatic advertising services and inclusion of revenues from recent acquisitions.

Group Adj. EBITDA: Group adjusted (non-GAAP) EBITDA was ($0.4) million, with revenue growth offset by strategic investments and data rights costs.

Business Highlights

During the third quarter reporting period:

Announced strategic partnerships to provide our NFL offering to:
- Caesars,
- DraftKings,
- Entain and BetMGM,
- Golden Nugget Online Gaming,
- Penn Interactive to power its Barstool Sportsbook,
- WynnBET, and
- 888 to power its SI Sportsbook
Granted a Temporary Event Wagering Supplier license by the Arizona Department of Gaming.
Certified by the State of Connecticut, Department of Consumer Affairs, as an Online Gaming Service Provider.

After the third quarter reporting period:

Announced a new landmark partnership with Hard Rock Digital and expanded partnerships with FanDuel and PointsBet to provide our NFL offering.
Announced in-stadia sports betting partnership with the Philadelphia Eagles to deliver real-time betting odds and drive fan engagement in Lincoln Financial Field’s sports betting lounges.
Second Spectrum appointed the exclusive Official Tracking Data Provider of Danish Superliga and 1st Division, expanding on Genius’ existing league partnership.
Certified by the State of Louisiana Gaming Control Board as a Sports Wagering Service Provider for an initial six months, making Genius operational in 18 U.S. states.

Financial Outlook

Genius increased its full-year 2021 revenue projections and now expects to generate approximately $257 to $262 million (previously $255 to $260 million). The company also revised its adjusted EBITDA forecast to be broadly breakeven (previously $10 to $20 million), reflecting strategic reinvestment of near-term earnings to fund organic and inorganic growth initiatives supporting long-term sustainability and scale.

Genius management believes the positioning of the business over time will rely on the investments made in this early stage of the Company’s growth cycle, which may present attractive opportunities with sustainable long-term returns. These anticipated investments include various technology developments, data and streaming rights, the expansion of U.S. operational infrastructure, as well as other potential opportunities to help solidify the Company’s competitive advantages, while supporting a stabilized Adj. EBITDA margin of 40% at scale.

Financial Statements & Reconciliation Tables

Genius Sports Limited
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021	2020	2021	2020
Revenue	$ 69,136	$ 40,556	$ 178,723	$ 102,722
Cost of revenue	86,441	29,148	366,746	79,657
Gross (loss) profit	(17,305)	11,408	(188,023)	23,065
Operating expenses:
Sales and marketing	6,077	2,515	16,943	9,640
Research and development	9,789	2,069	19,928	6,644
General and administrative	28,741	6,917	262,442	20,701
Transaction expenses	2,876	53	9,646	53
Total operating expense	47,483	11,554	308,959	37,038
Loss from operations	(64,788)	(146)	(496,982)	(13,973)
Interest income (expense), net	(175)	(1,979)	(3,185)	(5,799)
Gain (loss) on disposal of assets	–	–	(1)	–
Change in fair value of derivative warrant liabilities	(10,452)	–	(49,319)	–
Gain (loss) on foreign currency	4,941	115	9,645	(242)
Total other income (expenses)	(5,686)	(1,864)	(42,860)	(6,041)
Loss before income taxes	(70,474)	(2,010)	(539,842)	(20,014)
Income tax benefit (expense)	497	197	379	3,171
Net loss	$ (69,977)	$ (1,813)	$ (539,463)	$ (16,843)
Net loss per common share:
Basic and diluted	$ (0.37)	$ (0.03)	$ (3.94)	$ (0.24)
Weighted average common stock outstanding:
Basic and diluted	188,866,430	70,040,242	137,022,447	70,040,242

Genius Sports Limited
Condensed Consolidated Balance Sheets
(In thousands, except share data)

	(Unaudited)
	September 30	December 31
	2021	2020
ASSETS
Current assets:
Cash and cash equivalents	$ 234,238	$ 11,781
Accounts receivable, net	39,391	24,776
Contract assets	15,778	10,088
Prepaid expenses	33,079	4,107
Other current assets	11,447	10,584
Total current assets	333,933	61,336
Property and equipment, net	11,931	5,002
Intangible assets, net	196,319	114,542
Goodwill	346,229	200,624
Deferred tax asset	6	5
Other assets	8,473	9,496
Total assets	$ 896,891	$ 391,005
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$ 11,301	$ 10,106
Accrued expenses	35,178	35,220
Deferred revenue	32,127	26,036
Current debt	23	10,272
Derivative warrant liabilities	54,761	–
Other current liabilities	12,943	3,714
Total current liabilities	146,333	85,348

Long-term debt – less current portion	72	82,723
Deferred tax liability	28,707	8,097
Other liabilities	9,681	3,589
Total liabilities	184,793	179,757
Temporary equity:
Preference shares, $0.0001 par value, none authorized, issued and outstanding at September 30, 2021; 218,561,319 shares authorized, issued and outstanding at December 31, 2020	–	350,675
Total temporary equity	–	350,675
Shareholders’ equity (deficit)
Common stock, $0.01 par value, unlimited shares authorized, 191,700,674 shares issued and outstanding at September 30, 2021; 70,040,242 shares authorized, issued and outstanding at December 31, 2020	1,917	24
B Shares, $0.0001 par value, 22,500,000 shares authorized, 18,500,000 shares issued and outstanding at September 30, 2021; none authorized, issued and outstanding at December 31, 2020	2	–
Additional paid-in capital	1,424,196	2,393
Accumulated deficit	(704,027)	(153,237)
Accumulated other comprehensive income (loss)	(9,990)	11,393
Total shareholders’ equity (deficit)	712,098	(139,427)
Total liabilities, temporary equity and shareholders’ equity (deficit)	$ 896,891	$ 391,005

Genius Sports Limited
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
	Nine Months Ended September 30,
	2021	2020
Cash Flows from operating activities:
Net loss	$ (539,463)	$ (16,843)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	41,936	25,400
Loss (gain) on disposal of assets	1	–
Stock-based compensation	451,943	–
Change in fair value of derivative warrant liabilities	49,319	–
Non-cash interest expense (income), net	2,630	4,977
Amortization of contract cost	591	450
Deferred income taxes	(505)	(3,171)
Loss (gain) on foreign currency remeasurement	(5,498)	1,874
Changes in assets and liabilities
Effect of business combinations	(23,596)	–
Accounts receivable, net	(15,302)	(5,004)
Contract asset	(5,950)	1,197
Prepaid expenses	(29,581)	(262)
Other current assets	537	(660)
Other assets	320	(2,515)
Accounts payable	1,245	(1,393)
Accrued expenses	368	7,339
Deferred revenue	6,621	6,199
Other current liabilities	4,530	1,014
Other liabilities	(844)	(954)
Net cash provided by (used in) operating activities	(60,698)	17,648
Cash flows from investing activities:
Purchases of property and equipment	(3,608)	(1,158)
Capitalization of internally developed software costs	(16,297)	(12,206)
Repayment of executive loan notes	4,738	–
Purchases of intangible assets	–	(1,296)
Acquisition of business, net of cash acquired	(104,942)	–
Proceeds from disposal of assets	156	25
Net cash used in investing activities	(119,953)	(14,635)
Cash flows from financing activities:
Proceeds from merger with dMY Technology Group, Inc. II	276,341	–
dMY Technology Group, Inc. II transaction costs	(24,828)	–
Capitalization of Genius equity issuance costs	(20,217)	–
PIPE financing, net of equity issuance costs	316,800	–
Issuance of common stock in connection with additional equity offering, net of equity issuance costs	254,774	–
Issuance of B shares	2	–
Preference shares payout and Incentive Securities Catch-Up Payment	(313,162)	–
Repayment of loans and mortgage	(96,959)	(17)
Proceeds from exercise of Public Warrants	16,292	–
Proceeds from shareholder deposits	–	92
Net cash provided by financing activities	409,043	75
Effect of exchange rate changes on cash	(5,935)	(2,430)
Net increase (decrease) in cash	222,457	658
Cash, beginning of period	11,781	8,228
Cash, end of period	$ 234,238	$ 8,886
Supplemental disclosure of cash activities:
Cash paid during the period for interest	$ 555	$ 822
Cash paid (received) during the period for income taxes	$ 3,209	$ 691
Supplemental disclosure of noncash investing and financing activities:
Preferred share accretion	$ 11,327	$ 23,620
Conversion of preference shares to common stock	$ 69,272	$ –
Warrants acquired as part of merger with dMY Technology Group, Inc. II	$ (84,664)	$ –
Exercise of Private Placement Warrants	$ 65,876	$ –

Genius Sports Limited
Reconciliation of U.S. GAAP Net loss to Adjusted EBITDA
(Unaudited)
(In thousands)
	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021	2020	2021	2020
	(dollars, in thousands)
Consolidated net loss	$ (69,977)	$ (1,813)	$ (539,463)	$ (16,843)
Adjusted for:
Net, interest expense	175	1,979	3,185	5,799
Income tax expense (benefit)	(497)	(197)	(379)	(3,171)
Amortization of acquired intangibles⁽¹⁾	13,023	5,462	26,266	15,945
Other depreciation and amortization⁽²⁾	6,708	3,394	16,261	9,905
Stock-based compensation⁽³⁾	37,438	–	451,943	–
Transaction expenses	2,876	53	9,646	53
Litigation and related costs⁽⁴⁾	1,828	617	3,528	1,545
Change in fair value of derivative warrant liabilities	10,452	–	49,319	–
Other⁽⁵⁾	(2,418)	(113)	(6,249)	242
Adjusted EBITDA	$ (392)	$ 9,382	$ 14,057	$ 13,475

Includes amortization of intangible assets generated through business acquisitions, inclusive of amortization for data rights, marketing products, and acquired technology.
Includes depreciation of Genius’ property and equipment, amortization of contract cost, and amortization of internally developed software and other intangible assets. Excludes amortization of intangible assets generated through business acquisitions.
Includes restricted shares and stock options granted to employees and directors and equity-classified non-employee awards issued to suppliers.
Includes mainly legal and related costs in connection with non-routine litigation matters including Sportradar litigation and BetConstruct litigation.
Includes gain/losses on disposal of assets, gain/losses on foreign currency and expenses incurred related to earn-out payments on historical acquisitions.

Webcast and Conference Call Details

Genius Sports management will host a conference call and webcast today at 8:00AM EST to discuss the Company’s third quarter results.

The conference call may be accessed by dialing (760) 294-1674.

A live audio webcast may be accessed on the Company’s investor relations website at investors.geniussports.com along with Genius’ earnings press release and related materials. A replay of the webcast will be available on the website within 24 hours after the call.

About Genius Sports

Genius Sports is the official data, technology and commercial partner that powers the global ecosystem connecting sports, betting and media. We are a global leader in digital sports content, technology and integrity services. Our technology is used in over 150 countries worldwide, empowering sports to capture, manage and distribute their live data and video, driving their digital transformation and enhancing their relationships with fans.

We are the trusted partner to over 400 sports organizations globally, including many of the world’s largest leagues and federations such as the NFL, EPL, FIBA, NCAA, NASCAR, AFA and PGA.

Genius Sports is uniquely placed through cutting-edge technology, scale and global reach to support our partners. We are more than just a technology company, we build long-term relationships with sports at all levels, helping them to control and maximize the value of their content while providing technical expertise and round-the-clock support.

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures not presented in accordance with U.S. GAAP.

Adjusted EBITDA

We present Group adjusted EBITDA, a non-GAAP performance measure, to supplement our results presented in accordance with U.S. GAAP. Group adjusted EBITDA is defined as earnings before interest, income tax, depreciation and amortization and other items that are unusual or not related to our revenue-generating operations, including stock based compensation expense.

Group adjusted EBITDA is used by management to evaluate our core operating performance on a comparable basis and to make strategic decisions. We believe Group adjusted EBITDA is useful to investors for the same reasons as well as in evaluating our operating performance against competitors, which commonly disclose similar performance measures. However, our calculation of Group adjusted EBITDA may not be comparable to other similarly titled performance measures of other companies. Group adjusted EBITDA is not intended to be a substitute for any U.S. GAAP financial measure.

We do not provide a reconciliation of Group adjusted EBITDA to consolidated net income/(loss) on a forward-looking basis because we are unable to forecast certain items required to develop meaningful comparable GAAP financial measures without unreasonable efforts. These items are difficult to predict and estimate and are primarily dependent on future events. The impact of these items could be significant to our projections.

Constant Currency

Certain income statement items in this press release are discussed on a constant currency basis. Our results between periods may not be comparable due to foreign currency translation effects. We present certain income statement items on a constant currency basis, as if GBP:USD exchange rate had remained constant period-over-period, to enhance the comparability of our results. We calculate income statement constant currency amounts by taking the relevant average GBP:USD exchange rate used in the preparation of our income statement for the more recent comparative period and apply it to the actual GBP amount used in the preparation of our income statement for the prior comparative period.

Constant currency amounts only adjust for the impact related to the translation of our consolidated financial statements from GBP to USD. Constant currency amounts do not adjust for any other translation effects, such as the translation of results of subsidiaries whose functional currency is other than GBP or USD, as such effects have not been material to date.

Forward-Looking Statements

This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These forward-looking statements include information about our possible or assumed future results of operations or our performance. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “estimates,” and variations of such words and similar expressions are intended to identify such forward looking statements. Although we believe that the forward-looking statements contained in this press release are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to: the effect of COVID-19 on our business, risks related to our reliance on relationships with sports organizations and the potential loss of such relationships or failure to renew or expand existing relationships; fraud, corruption or negligence related to sports events, or by our employees or contracted statisticians; risks related to changes in domestic and foreign laws and regulations or their interpretation; compliance with applicable data protection and privacy laws; pending litigation and investigations; the failure to protect or enforce our proprietary and intellectual property rights; claims for intellectual property infringement; our reliance on information technology; risks related to our ability to achieve the anticipated benefits from the business combination with dMY Technology Group, Inc. II; and other factors included under the heading “Risk Factors” in our Annual Report on Form 20-F filed with the SEC on April 30, 2021.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statements contained herein, to reflect any change in our expectations with respect to such statements or any change in events, conditions or circumstances upon which any statement is based.

# # #

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005705/en/

Media

Chris Dougan, Chief Communications Officer

+1 (202) 766-4430

[email protected]

Charlie Harrison / Katherine Kremer, The One Nine Three Group

+44 788 41 36143 / +1 (917) 885-9704

[email protected] / [email protected]

Investors

Brandon Bukstel, Investor Relations Manager

+1 (954)-554-7932

[email protected]

KEYWORDS: Europe United States United Kingdom North America New York

INDUSTRY KEYWORDS: Software Sports Internet Data Management Technology Other Sports Casino/Gaming Entertainment

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November 23, 2021 7:03 am

Heliogen Announces Nominations of Technology Leaders Julie Kane and Robert Kavner to its Post-Combination Board of Directors

Heliogen Announces Nominations of Technology Leaders Julie Kane and Robert Kavner to its Post-Combination Board of Directors

Kane and Kavner bring extensive public company, corporate governance and financial expertise to advance Heliogen’s mission of replacing fossil fuel with concentrated sunlight

PASADENA, Calif.–(BUSINESS WIRE)–
Heliogen, Inc. (“Heliogen” or the “Company”), a leading provider of AI-enabled concentrated solar power, today announced that Julie Kane and Robert Kavner have been nominated to join Heliogen’s Board of Directors upon closing of the Company’s business combination with Athena Technology Acquisition Corp. (NYSE: ATHN).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211123005626/en/

Julie Kane (Photo: Business Wire)

“Building out an experienced, talented, and diverse Board of Directors for Heliogen is a primary goal of ours as we move to complete our business combination,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “Both Julie and Robert further this aim and bring to the proposed Board a wide range of public company knowledge and experiences across industries and financial and technical disciplines. Their additions signal the deep commitment I and the rest of the Heliogen executive team have to good corporate governance and accountability. I am excited to have them on the team as we continue to execute our strategy and scale our technology to decarbonize the energy and industrial sectors.”

Ms. Kane has served as a director of SIGA Technologies, Inc. (“SIGA”) since May 2019. She currently chairs SIGA’s Compensation Committee and formerly chaired SIGA’s Nominations and Corporate Governance Committee. She is currently an independent consultant in the aviation industry. Ms. Kane is the former Senior Vice President, Chief Ethics and Compliance Officer, and Deputy General Counsel of PG&E Corporation (2015-2020). Prior to joining PG&E Corporation in 2015, Ms. Kane worked at Avon Products, Incorporated as Vice President and General Counsel of Avon North America and Corporate Legal Functions. Prior to joining Avon in 2013, Ms. Kane held a number of senior roles with Novartis Corporation and its affiliates over a 25-year period. Ms. Kane is a member of the Board of Directors of the Ethics Resource Center in Washington, D.C., and formerly served on the Board of Governors of the Commonwealth Club of California.

Ms. Kane holds an undergraduate degree in political science from Williams College and a law degree from the University of San Francisco School of Law. Ms. Kane is a member of the California state bar. Ms. Kane’s decades of experience spanning several industries, including pharmaceuticals, chemicals and agribusiness, beauty, direct-selling and dual-fuel utilities, along with her experience in environmental, social and governance matters, provides our Board with valuable insight into many aspects of our business.

Since 1995, Mr. Kavner has been an independent venture capital investor focusing on investments in technology companies. From January 1996 through December 1998, Mr. Kavner served as president and chief executive officer of On Command Corporation, a provider of on-demand video systems for the hospitality industry. From 1984 to 1995, Mr. Kavner held several senior management positions at AT&T, including senior vice president, chief financial officer and chief executive officer of Multimedia Products and Services Group and chairman of AT&T Venture Capital Group. Mr. Kavner also served as a member of AT&T’s executive committee. Prior to joining AT&T, Mr. Kavner was a partner of PricewaterhouseCoopers.

Mr. Kavner currently serves on the boards of directors of a number of privately-held companies, including several early-stage companies. He has previously served on the board of directors of a number of public companies, including serving as chairman of Earthlink Networks, CitySearch, Overture, and Pandora Media, and as a member of the boards of Sun Microsystems, Philips Telecommunications, Fleet Bank of Boston, Tandem Computers, and Duracell International. Mr. Kavner received a B.B.A. from Adelphi University and attended the Advanced Management Program at the Amos Tuck School at Dartmouth College.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit heliogen.com.

On July 6, 2021, Heliogen entered into a definitive business combination agreement with Athena Technology Acquisition Corp. (NYSE: ATHN). Upon the closing of the business combination, Heliogen will become publicly traded on the New York Stock Exchange under the new ticker symbol “HLGN”. Additional information about the transaction can be viewed here: www.heliogen.com/investor-center/.

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus which has not yet become effective. After the registration statement is declared effective, Athena will mail a definitive proxy statement/prospectus relating to the proposed business combination to its stockholders. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Additional information about the proposed business combination and related transactions will be described in Athena’s combined proxy statement/prospectus relating to the proposed business combination and the businesses of Athena and Heliogen, Inc. (“Heliogen”), which Athena has filed with the SEC. The proposed business combination and related transactions will be submitted to stockholders of Athena for their consideration. Athena’s stockholders and other interested persons are advised to read the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus, when available, and other documents filed in connection with Athena’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions, because these materials will contain important information about Heliogen, Athena and the proposed business combination and related transactions. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of a record date to be established for voting on the proposed business combination and related transactions. Stockholders may also obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed with the SEC by Athena, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Phyllis Newhouse, President and Chief Executive Officer, Athena Technology Acquisition Corp., 125 Townpark Drive, Suite 300, Kennesaw, GA 30144, or by telephone at (970) 924-0446.

Participants in the Solicitation

Athena, Heliogen and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Athena’s stockholders in respect of the proposed business combination and related transactions. Information regarding Athena’s directors and executive officers is available in its Registration Statement on Form S-1 and the prospectus included therein filed with the SEC on March 3, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the preliminary and definitive proxy statements/prospectus related to the proposed business combination and related transactions when it becomes available, and which can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005626/en/

Contacts

Heliogen Media Contact:

Leo Traub, Antenna Group

[email protected]

+ 1 (646) 883 3562

Heliogen Investor Contact:

Caldwell Bailey, ICR Inc.

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Alternative Energy Energy Environment Other Technology Technology

MEDIA:

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Robert Kavner (Photo: Business Wire)

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Julie Kane (Photo: Business Wire)

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November 23, 2021 7:03 am

BeiGene Closes on Property for New U.S. Manufacturing and Clinical R&D Center

BeiGene Closes on Property for New U.S. Manufacturing and Clinical R&D Center

BeiGene plans to develop 42-acre site at Princeton West Innovation Park in Hopewell, New Jersey as a manufacturing site for advanced new medicines

HOPEWELL, N.J. & CAMBRIDGE, Mass. & BEIJING–(BUSINESS WIRE)–
BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160), a global biotechnology company focused on developing and commercializing innovative cancer medicines worldwide, announced today that it has purchased a 42-acre site at the Princeton West Innovation Campus in Hopewell, N.J. to house a new state-of-the-art manufacturing campus and clinical R&D center. As a key part of BeiGene’s continued growth, the company is investing in U.S. manufacturing to further expand and diversify its global supply chain and build new manufacturing capabilities for its deep pipeline of biologic and drug candidates.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211123005577/en/

Rendering of BeiGene’s planned state-of-the-art manufacturing campus and clinical R&D center on its new 42-acre site at the Princeton West Innovation Campus in Hopewell, N.J. Credit: BeiGene

Subject to finalizing the development plans, BeiGene expects to invest several hundred million dollars in the initial phase of construction, in addition to the acquisition of the property, for the state-of-the-art facility that is expected to include up to approximately 400,000 square feet of dedicated commercial-stage biologic pharmaceutical manufacturing, including up to 16,000 liters of biologics capacity, along with clinical R&D and office space. Construction of the initial phase is expected to commence in 2022 and be completed in late-2023 or in 2024. In addition, the property has more than one million square feet of developable real estate for potential future expansion.

“With this property acquisition, we plan to establish a flagship manufacturing and clinical R&D center in the U.S. to diversify our global supply chain. We are proud to take this next step in our journey to advance impactful treatments and make them more accessible to patients around the world,” said John V. Oyler, Co-Founder, Chairman, and CEO of BeiGene. “We have already begun hiring additional colleagues from the deep talent pool in New Jersey and look forward to serving as a member of the thriving Princeton-Hopewell business community.”

“We are extremely excited that BeiGene has taken the next step in the company’s push to manufacture innovative cancer medicines right here in New Jersey,” said Governor Phil Murphy. “Our goal since day one has been to create an environment in New Jersey that fosters the growth of companies like BeiGene and we are excited to see what’s next as the company expands.”

“With more new companies, like BeiGene, coming into the Princeton West Innovation Campus, Hopewell Township’s future as a leader in the biotech base continues to come to fruition. BeiGene’s expertise in developing innovative cancer treatments combined with their planned state-of-the-art facility makes this a win-win-win for Hopewell, BeiGene, and the millions of cancer patients whose lives will hopefully improve from BeiGene medicines. We are proud that those medicines will be manufactured right here,” said Hopewell Township Mayor Julie Blake.

BeiGene acquired the Hopewell property from Lincoln Equities Group and has retained DPR Construction as its construction management firm and IPS as its architectural and engineering firm.

About BeiGene

BeiGene is a global, science-driven biotechnology company focused on developing innovative and affordable medicines to improve treatment outcomes and access for patients worldwide. With a broad portfolio of more than 40 clinical candidates, we are expediting development of our diverse pipeline of novel therapeutics through our own capabilities and collaborations. We are committed to radically improving access to medicines for two billion more people by 2030. BeiGene has a growing global team of over 7,700 colleagues across five continents. To learn more about BeiGene, please visit www.beigene.com and follow us on Twitter at @BeiGeneGlobal.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding BeiGene’s plans and expectations to establish a new manufacturing and clinical R&D center in New Jersey, to manufacture commercial-stage medicines and drug candidates at the site and to diversify its global supply chain, the expected timing for the initiation and completion of construction, BeiGene’s anticipated investment in and recruiting of talent for the new manufacturing and R&D center, and BeiGene’s plans, commitments, aspirations and goals under the heading “About BeiGene”. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeiGene’s ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeiGene’s ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeiGene’s ability to obtain and maintain protection of intellectual property for its medicines and technology; BeiGene’s reliance on third parties to conduct drug development, manufacturing and other services; BeiGene’s limited experience in obtaining regulatory approvals and commercializing pharmaceutical products and its ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates and achieve and maintain profitability; and the impact of the COVID-19 pandemic on BeiGene’s clinical development, regulatory, commercial and other operations, as well as those risks more fully discussed in the section entitled “Risk Factors” in BeiGene’s most recent quarterly report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in BeiGene’s subsequent filings with the U.S. Securities and Exchange Commission. All information in this press release is as of the date of this press release, and BeiGene undertakes no duty to update such information unless required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005577/en/

BeiGene Investors

Gabrielle Zhou

+86 010 5895 8058 or +1 857-302-5189

[email protected]

BeiGene Media

Liza Heapes

+1 857-302-5663

[email protected]

KEYWORDS: Massachusetts New Jersey China United States North America Asia Pacific

INDUSTRY KEYWORDS: Health Genetics Clinical Trials Research Science Pharmaceutical Biotechnology

MEDIA:

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Rendering of BeiGene’s planned state-of-the-art manufacturing campus and clinical R&D center on its new 42-acre site at the Princeton West Innovation Campus in Hopewell, N.J. Credit: BeiGene

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November 23, 2021 7:03 am

XORTX Therapeutics Announces Annual and Special Meeting of Shareholders

CALGARY, Alberta, Nov. 23, 2021 (GLOBE NEWSWIRE) — XORTX Therapeutics Inc. (“XORTX” or the “Company”) (TSXV: XRTX | NASDAQ: XRTX), a pharmaceutical therapeutics company focused on developing innovative therapies to treat progressive kidney disease, announces that it will hold its annual and special meeting of shareholders at 11:00 a.m. (Calgary time) on Monday, December 20, 2021 (the “Meeting”). Materials for the Meeting have been mailed to shareholders and are available on the Company’s SEDAR profile and the Company’s website.

The meeting has been called for shareholders to consider annual matters including the election of directors, re-appointment of Smythe LLP Chartered Accountants as auditors and re-approval of the Company’s 10% rolling stock option plan. The Company’s slate of directors includes Allen Davidoff, founder of XORTX and CEO, Ian Klassen, a director since 2020, recently appointed directors, William Farley and Jacqueline Le Saux, long term director, Paul Van Damme, and Raymond Pratt, MD FACP, a nominee. Bruce Rowlands will not be standing for re-election at the Meeting.

Dr. Pratt is an accomplished Physician Executive with 40 years’ experience in both clinical medicine and Nephrology. In his 25 years in the pharmaceutical industry, he has led global clinical trials, clinical pharmacology, drug safety and regulatory affairs in both large and small companies. His leadership has led to the approval of drugs for renal, hematology and CNS patients in the US and other global markets.

Dr. Allen Davidoff, President and CEO stated, “We are very pleased to have Ray Pratt agree to join the XORTX board. His training as a nephrologist, in drug development experience, and as an executive, will be an important resource for XORTX as the Company advances its clinical trials and regulatory filings and prepares for commercial program launch. On behalf of the Company and personally, we thank Bruce Rowlands for his contributions to the advancement of XORTX over the past seven years, including three year as Chairman of the Company. Bruce’s tireless efforts on behalf of the Company and our shareholders is greatly appreciated.”

Due to the impacts of the COVID-19 pandemic, governmental recommendations and/or orders for physical distancing, restrictions on group gatherings, non-essential travel and business activities, XORTX is requesting that shareholders do not attend the meeting in person. To mitigate any risks to stakeholders, employees, partners and community members, the Company will hold the Meeting by conference call. Shareholders are encouraged to cast their votes in advance by proxy.

About XORTX Therapeutics Inc.

XORTX Therapeutics Inc. is a pharmaceutical company with two clinically advanced products in development – XRx-008 for Autosomal Dominant Polycystic Kidney Disease (ADPKD), XRx-101 for Coronavirus / COVID-19 infection and XRx-225 is a pre-clinical stage program for Type 2 Diabetic Nephropathy (T2DN). XORTX is working to advance its clinical development stage products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. At XORTX Therapeutics, we are dedicated to developing medications to improve the quality of life and future health of patients. Additional information on XORTX Therapeutics is available at www.xortx.com.

For further information, please contact:

Allen Davidoff, CEO	Nick Rigopulos, Director of Communications
[email protected] or +1 403 455 7727	[email protected] or +1 617 901 0785

The TSX Venture Exchange and Nasdaq have neither approved nor disapproved the contents of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward Looking Statements

This press release contains express or implied forward-looking statements pursuant to Canadian and U.S. Federal securities laws. These forward-looking statements and their implications are based on the current expectations of the management of XORTX only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, XORTX undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting XORTX is contained in the Company’s Management’s Discussion and Analysis for the interim period ended June 30, 2020 filed on the Company’s SEDAR profile (www.sedar.com) and under the heading “Risk Factors” in XORTX’s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (“SEC”) available on the SEC’s website, www.sec.gov.

November 23, 2021 7:03 am

Driven Brands to Present at the Morgan Stanley Virtual Global Consumer & Retail Conference

CHARLOTTE, N.C., Nov. 23, 2021 (GLOBE NEWSWIRE) — Driven Brands Holdings Inc. (NASDAQ: DRVN) announces that Jonathan Fitzpatrick, president and chief executive officer, and Tiffany Mason, executive vice president and chief financial officer, will present at the Morgan Stanley Virtual Global Consumer & Retail Conference on Tuesday, November 30, 2021.

The presentation will take place at 12:10 PM ET. It will be webcast and can be accessed by visiting Driven Brands’ Investor Relations website at investors.drivenbrands.com. A replay of the webcast will be available until December 31, 2021.

About Driven Brands

Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,300 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates more than $1 billion in revenue from more than $4 billion in system-wide sales.

Contacts

Shareholder/Analyst inquiries:

Rachel Webb
[email protected]
(704) 644-8125

Media inquiries:

Media Relations
[email protected]
(704) 644-8129

November 23, 2021 7:03 am

Analog Devices Reports Record Fourth Quarter and Fiscal 2021 Results

Analog Devices Reports Record Fourth Quarter and Fiscal 2021 Results

Fourth quarter revenue of $2.34 billion, exceeded the midpoint of guidance, and fiscal 2021 revenue of $7.32 billion was led by strength in the Industrial and Automotive markets
Operating cash flow of $2.7 billion and free cash flow of $2.4 billion in fiscal 2021
Returned a record $3.7 billion to shareholders in fiscal 2021 through dividends and buybacks, including $2.0 billion of our $2.5 billion accelerated share repurchase program
Completed the acquisition of Maxim Integrated, further strengthening ADI’s position as a high-performance semiconductor leader

WILMINGTON, Mass.–(BUSINESS WIRE)–
Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance semiconductor company, today announced financial results for its fourth quarter and full year fiscal 2021, which ended October 30, 2021.

“ADI delivered another quarter of record revenue and profits, marking a strong end to the fiscal year. Our Industrial and Automotive markets reached all-time highs and our Consumer business returned to solid growth in fiscal 2021,” said Vincent Roche, President and CEO, “As we enter fiscal 2022, our backlog and bookings remain robust, and we continue to invest in capacity, setting us up for continued growth in the years ahead.”

Roche continued, “The past year truly demonstrated the vital importance of semiconductors to the modern digital age and we’re now better positioned than ever to capture value with our acquisition of Maxim Integrated. This combination has expanded our global team of talented employees and best-in-class technologies, and together, we will develop even more complete, high-performance solutions that define the edge of possible. I’m confident in our ability to drive the next waves of analog semiconductor innovation, while delivering strong returns for shareholders.”

Performance for the Fourth Quarter and Fiscal 2021

Results Summary⁽¹⁾
(in millions, except per-share amounts and percentages)

	Three Months Ended									Twelve Months Ended
	Oct 30, 2021			Oct 31, 2020			Change			Oct 30, 2021			Oct 31, 2020			Change
Revenue	$	2,340		$	1,526		53		%	$	7,318		$	5,603		31	%
Gross margin	$	1,122		$	1,023		10		%	$	4,525		$	3,690		23	%
Gross margin percentage	47.9		%	67.0		%	(1,910 bps)			61.8		%	65.9		%	(410 bps)
Operating income	$	99		$	462		(79)		%	$	1,692		$	1,498		13	%
Operating margin	4.2		%	30.2		%	(2,600 bps)			23.1		%	26.7		%	(360 bps)
Diluted earnings per share	$	0.16		$	1.04		(85)		%	$	3.46		$	3.28		5	%

Adjusted Results
Adjusted gross margin	$	1,660		$	1,068		55		%	$	5,186		$	3,870		34	%
Adjusted gross margin percentage	70.9		%	70.0		%	90 bps			70.9		%	69.1		%	180 bps
Adjusted operating income	$	1,009		$	636		59		%	$	3,104		$	2,234		39	%
Adjusted operating margin	43.1		%	41.7		%	140 bps			42.4		%	39.9		%	250 bps
Adjusted diluted earnings per share	$	1.73		$	1.44		20		%	$	6.46		$	4.91		32	%

							Three Months Ended						Trailing Twelve Months
Cash Generation							Oct 30, 2021						Oct 30, 2021
Net cash provided by operating activities							$	941					$	2,735
% of revenue							40					%	37				%
Capital expenditures							$	(131)					$	(344)
Free cash flow							$	810					$	2,391
% of revenue							35					%	33				%

							Three Months Ended						Trailing Twelve Months
Cash Return							Oct 30, 2021						Oct 30, 2021
Dividend paid							$	(371)					$	(1,109)
Stock repurchases							(2,096)						(2,605)
Total cash returned							$	(2,467)					$	(3,714)

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

Outlook for the First Quarter of Fiscal Year 2022

For the first quarter of fiscal 2022, we are forecasting revenue of $2.60 Billion , +/- $100 Million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 12.0%, +/- 200 bps, and adjusted operating margin of approximately 43.3%, +/- 70 bps. We are planning for reported EPS to be $0.43, +/- $0.10, and adjusted EPS to be $1.78, +/- $0.10.

Our first quarter fiscal 2022 outlook is based on current expectations and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.

The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also “Non-GAAP Financial Information” section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $0.69 per outstanding share of common stock. The dividend will be paid on December 14, 2021 to all shareholders of record at the close of business on December 3, 2021.

Conference Call Scheduled for Today, Tuesday, November 23, 2021 at 10:00 am ET

ADI will host a conference call to discuss our fourth quarter and fiscal year 2021 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com, or by telephone. The participant dial-in for both domestic and international callers will be available ten minutes before the call begins by calling 833-423-0297. International participants may provide the passcode 8334230297.

A replay of the conference call will be available approximately two hours after the call concludes and may be accessed for up to two weeks, by dialing 855-859-2056 (replay only) and entering the conference ID: 5047545, or by visiting investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company’s use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

Management uses non-GAAP measures internally to evaluate the Company’s operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company’s core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as the primary performance measurement when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company’s core business. Management also believes that the non-GAAP liquidity measure free cash flow is useful both internally and to investors because it provides information about the amount of cash generated after capital expenditures that is then available to repay debt obligations, make investments and fund acquisitions, and for certain other activities.

The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow margin percentage.

Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding certain acquisition related expenses¹ which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue.

Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses¹, acquisition related transaction costs², special charges, net³ and charitable foundation contribution⁴which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses¹, acquisition related transaction costs², special charges, net³ and charitable foundation contribution⁴ which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue.

Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: acquisition related expenses¹ and loss on extinguishment of debt⁵which are described further below.

Adjusted income before income taxes is defined as (loss) income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses¹, acquisition related transaction costs², special charges, net³, charitable foundation contribution⁴ and loss on extinguishment of debt⁵which are described further below.

Adjusted provision for income taxes is defined as (benefit from) provision for income taxes, determined in accordance with GAAP, excluding tax related items⁶which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes.

Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses¹, acquisition related transaction costs², special charges, net³, charitable foundation contribution⁴, loss on extinguishment of debt⁵ and tax related items⁶ which are described further below.

Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow margin percentage represents free cash flow divided by revenue.

¹Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, inventory, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) and Linear Technology Corporation (Linear) acquisitions. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.

²Acquisition Related Transaction Costs: Costs directly related to the proposed Maxim Integrated Products, Inc. acquisition, including legal, accounting and other professional fees as well as integration-related costs. We excluded these costs from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance.

³Special Charges, net: Expenses, net, incurred in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.

⁴Charitable Foundation Contribution: Expenses incurred in connection with a one time contribution of registered shares of common stock to the Analog Devices Foundation. We excluded this expense from our non-GAAP measures because this expense has no direct correlation to the operation of our business in the future.

⁵Loss on Extinguishment of Debt: Expenses incurred related to the extinguishment of debt including make-whole premiums and other related fees, as well as the acceleration of unamortized debt costs and previously deferred derivative hedge losses. We excluded these costs from our non-GAAP measures because they are not reflective of our ongoing financial performance.

⁶Tax Related Items: Income tax effect of the non-GAAP items discussed above and income tax from certain discrete tax items related to an intra-entity transfer of intangible assets, the resolution of the IRS audit of Linear’s pre-acquisition federal income tax returns for fiscal year 2015 through fiscal year 2017, other discrete income tax benefits upon filing of our fiscal 2019 federal income tax return and income tax from prior period tax credits. We excluded these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.

About Analog Devices

Analog Devices, Inc. (NASDAQ: ADI) operates at the center of the modern digital economy, converting real-world phenomena into actionable insight with its comprehensive suite of analog and mixed signal, power management, radio frequency (RF), and digital and sensor technologies. ADI serves 125,000 customers worldwide with more than 75,000 products in the industrial, communications, automotive, and consumer markets. ADI is headquartered in Wilmington, MA. Visit https://www.analog.com.

Forward Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding our acquisition of Maxim Integrated Products, Inc. (“Maxim”); the impact of the COVID-19 pandemic on our business, financial condition and results of operations; expected revenue, operating margin, tax rate, earnings per share, and other financial results; expected market trends, market share gains, operating leverage, production and inventory levels; expected customer demand and order rates for our products and expected product offerings; product development; and marketing position. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic; political and economic uncertainty, including any faltering in global economic conditions or the stability of credit and financial markets; erosion of consumer confidence and declines in customer spending; unavailability of raw materials, services, supplies or manufacturing capacity; changes in geographic, product or customer mix; changes in export classifications, import and export regulations or duties and tariffs; changes in our estimates of our expected tax rates based on current tax law; adverse results in litigation matters, including the potential for litigation related to the Maxim acquisition; the risk that we will be unable to retain and hire key personnel; unanticipated difficulties or expenditures relating to integrating Maxim; uncertainty as to the long-term value of our common stock; the diversion of management time on integrating Maxim’s business and operations; our ability to successfully integrate acquired businesses and technologies, including Maxim; and the risk that expected benefits, synergies and growth prospects of acquisitions, including our acquisition of Maxim, may not be fully achieved in a timely manner, or at all. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission (“SEC”), including the risk factors contained in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended				Twelve Months Ended
	Oct 30, 2021		Oct 31, 2020		Oct 30, 2021		Oct 31, 2020
Revenue	$	2,339,568	$	1,526,295	$	7,318,286	$	5,603,056
Cost of sales	1,217,748		503,211		2,793,274		1,912,578
Gross margin	1,121,820		1,023,084		4,525,012		3,690,478
Operating expenses:
Research and development	399,121		280,239		1,296,126		1,050,519
Selling, marketing, general and administrative	317,455		165,115		915,418		659,923
Amortization of intangibles	213,594		108,007		536,811		429,455
Special charges, net	92,645		8,051		84,456		52,337
Total operating expenses	1,022,815		561,412		2,832,811		2,192,234
Operating income	99,005		461,672		1,692,201		1,498,244
Nonoperating expense (income):
Interest expense	54,621		48,593		184,825		193,305
Loss on extinguishment of debt	215,150		—		215,150		—
Interest income	(421)		(527)		(1,220)		(4,305)
Other, net	(14,178)		(3,704)		(35,268)		(2,373)
Total nonoperating expense	255,172		44,362		363,487		186,627
(Loss) income before income taxes	(156,167)		417,310		1,328,714		1,311,617
(Benefit from) provision for income taxes	(231,854)		30,784		(61,708)		90,856
Net income	$	75,687	$	386,526	$	1,390,422	$	1,220,761

Shares used to compute earnings per share – basic	483,345		369,284		397,462		368,633
Shares used to compute earnings per share – diluted	487,781		372,322		401,288		371,973

Basic earnings per common share	$	0.16	$	1.05	$	3.50	$	3.31
Diluted earnings per common share	$	0.16	$	1.04	$	3.46	$	3.28


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

	October 30, 2021		October 31, 2020
Cash & cash equivalents	$	1,977,964	$	1,055,860
Accounts receivable	1,459,056		737,536
Inventories	1,200,610		608,260
Other current assets	740,687		116,032
Total current assets	5,378,317		2,517,688
Net property, plant and equipment	1,979,051		1,120,561
Other investments	127,856		86,729
Goodwill	26,918,470		12,278,425
Intangible assets, net	15,267,170		3,650,280
Deferred tax assets	2,267,269		1,503,064
Other assets	383,938		311,856
Total assets	$	52,322,071	$	21,468,603

Other current liabilities	$	2,253,649	$	1,364,986
Debt, current	516,663		—
Long-term debt	6,253,212		5,145,102
Deferred income taxes	3,938,830		1,919,595
Other non-current liabilities	1,367,175		1,040,975
Shareholders’ equity	37,992,542		11,997,945
Total liabilities & equity	$	52,322,071	$	21,468,603


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

	Three Months Ended						Twelve Months Ended
	Oct 30, 2021			Oct 31, 2020			Oct 30, 2021			Oct 31, 2020
Cash flows from operating activities:
Net income	$	75,687		$	386,526		$	1,390,422		$	1,220,761
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	72,338			57,053			231,275			233,775
Amortization of intangibles	406,625			145,163			843,359			577,148
Cost of goods sold for inventory acquired	331,083			—			331,083			—
Stock-based compensation expense	124,928			36,557			243,611			149,518
Gain on sale of property, plant and equipment	—			—			(13,557)			—
Non-cash contribution to charitable foundation	—			—			—			40,000
Loss on extinguishment of debt	215,150			—			215,150			—
Non-cash portion of special charges	2,538			—			2,538			—
Deferred income taxes	(334,429)			(71,146)			(406,922)			(113,948)
Other	4,275			(257)			(15,524)			5,418
Changes in operating assets and liabilities	42,531			118,702			(86,366)			(104,185)
Total adjustments	865,039			286,072			1,344,647			787,726
Net cash provided by operating activities	940,726			672,598			2,735,069			2,008,487
Percent of revenue	40.2		%	44.1		%	37.4		%	35.8		%

Cash flows from investing activities:
Proceeds from other investments	7,910			—			30,125			—
Additions to property, plant and equipment, net	(130,777)			(29,888)			(343,676)			(165,692)
Cash received from acquisition of Maxim, net of cash paid	2,450,550			—			2,450,550			—
Proceeds from sale of property, plant and equipment	—			—			35,714			—
Payments for acquisitions, net of cash acquired	—			(1,433)			(24,950)			(14,196)
Change in other assets	(878)			579			(4,238)			(635)
Net cash provided by (used for) investing activities	2,326,805			(30,742)			2,143,525			(180,523)

Cash flows from financing activities:
Proceeds from debt	3,939,640			—			3,939,640			395,646
Early termination of debt	(3,591,982)			—			(3,591,982)			—
Debt repayments	—			(450,000)			—			(750,000)
Payments on revolver	(400,000)			—			(400,000)			(350,000)
Proceeds from revolver	400,000			—			400,000			350,000
Payment on derivative instrument	(153,161)			—			(153,161)			—
Prepayment for stock repurchases	(500,000)			—			(500,000)			—
Dividend payments to shareholders	(371,230)			(229,597)			(1,109,344)			(886,155)
Repurchase of common stock	(2,095,992)			(7,222)			(2,605,144)			(244,487)
Proceeds from employee stock plans	7,757			10,653			63,105			68,403
Change in other financing activities	(4,730)			—			(2,778)			(4,015)
Net cash used for financing activities	(2,769,698)			(676,166)			(3,959,664)			(1,420,608)
Effect of exchange rate changes on cash	(570)			(94)			3,174			182

Net increase (decrease) in cash and cash equivalents	497,263			(34,404)			922,104			407,538
Cash and cash equivalents at beginning of period	1,480,701			1,090,264			$	1,055,860		648,322
Cash and cash equivalents at end of period	$	1,977,964		$	1,055,860		$	1,977,964		$	1,055,860

ANALOG DEVICES, INC.

REVENUE TRENDS BY END MARKET

(Unaudited)

(In thousands)

The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.

	Three Months Ended
	Oct 30, 2021				Oct 31, 2020
	Revenue		% of revenue*	Y/Y %	Revenue		% of revenue*
Industrial	$	1,178,476	50%	45%	$	812,729	53%
Automotive	452,589		19%	97%	229,916		15%
Communications	351,568		15%	13%	311,039		20%
Consumer	356,935		15%	107%	172,611		11%
Total revenue	$	2,339,568	100%	53%	$	1,526,295	100%

	Twelve Months Ended
	Oct 30, 2021				Oct 31, 2020
	Revenue		% of revenue*	Y/Y %	Revenue		% of revenue*
Industrial	$	4,011,485	55%	34%	$	2,998,259	54%
Automotive	1,248,635		17%	60%	778,297		14%
Communications	1,198,461		16%	1%	1,191,169		21%
Consumer	859,705		12%	35%	635,331		11%
Total revenue	$	7,318,286	100%	31%	$	5,603,056	100%

*The sum of the individual percentages may not equal the total due to rounding.


ANALOG DEVICES, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	Oct 30, 2021			Oct 31, 2020			Oct 30, 2021			Oct 31, 2020

Gross margin	$	1,121,820		$	1,023,084		$	4,525,012		$	3,690,478
Gross margin percentage	47.9		%	67.0		%	61.8		%	65.9		%
Acquisition related expenses	537,784			44,741			661,438			179,374
Adjusted gross margin	$	1,659,604		$	1,067,825		$	5,186,450		$	3,869,852
Adjusted gross margin percentage	70.9		%	70.0		%	70.9		%	69.1		%

Operating expenses	$	1,022,815		$	561,412		$	2,832,811		$	2,192,234
Percent of revenue	43.7		%	36.8		%	38.7		%	39.1		%
Acquisition related expenses	(223,151)			(110,963)			(552,789)			(444,261)
Acquisition related transaction costs	(56,289)			(10,977)			(112,859)			(20,098)
Charitable foundation contribution	—			—			—			(40,000)
Special charges, net	(92,645)			(8,050)			(84,458)			(52,337)
Adjusted operating expenses	$	650,730		$	431,422		$	2,082,705		$	1,635,538
Adjusted operating expenses percentage	27.8		%	28.3		%	28.5		%	29.2		%

Operating income	$	99,005		$	461,672		$	1,692,201		$	1,498,244
Operating margin	4.2		%	30.2		%	23.1		%	26.7		%
Acquisition related expenses	760,935			155,704			1,214,227			623,635
Acquisition related transaction costs	56,289			10,977			112,859			20,098
Charitable foundation contribution	—			—			—			40,000
Special charges, net	92,645			8,050			84,458			52,337
Adjusted operating income	$	1,008,874		$	636,403		$	3,103,745		$	2,234,314
Adjusted operating margin	43.1		%	41.7		%	42.4		%	39.9		%

Nonoperating expense (income)	255,172			$	44,362		363,487			186,627
Acquisition related expenses	3,842			—			3,842			—
Loss on extinguishment of debt	(215,150)			—			(215,150)			—
Adjusted nonoperating expense (income)	$	43,864		$	44,362		152,179			$	186,627

(Loss) income before income taxes	$	(156,167)		$	417,310		$	1,328,714		$	1,311,617
Acquisition related expenses	757,093			155,704			1,210,385			623,635
Acquisition related transaction costs	56,289			10,977			112,859			20,098
Charitable foundation contribution	—			—			—			40,000
Special charges, net	92,645			8,050			84,458			52,337
Loss on extinguishment of debt	$	215,150		$	—		$	215,150		$	—
Adjusted income before income taxes	$	965,010		$	592,041		$	2,951,566		$	2,047,687

(Benefit from) provision for income taxes	$	(231,854)		$	30,784		$	(61,708)		$	90,856
Effective tax rate	(148.5)		%	7.4		%	(4.6)		%	6.9		%
Income tax effect of adjustments above	165,505			26,878			231,972			106,291
Income tax from certain discrete tax items	188,872			—			188,872			25,951
Adjusted provision for income taxes	$	122,524		$	57,662		$	359,136		$	223,098
Adjusted tax rate	12.7		%	9.7		%	12.2		%	10.9		%

Diluted EPS	$	0.16		$	1.04		$	3.46		$	3.28
Acquisition related expenses	1.55			0.42			3.02			1.68
Acquisition related transaction costs	0.12			0.03			0.28			0.05
Charitable foundation contribution	—			—			—			0.11
Special charges, net	0.19			0.02			0.21			0.14
Loss on extinguishment of debt	0.44			—			0.54			—
Income tax effect of adjustments above	(0.34)			(0.07)			(0.58)			(0.29)
Income tax from certain discrete tax items	(0.39)			—			(0.47)			(0.07)
Adjusted diluted EPS*	$	1.73		$	1.44		$	6.46		$	4.91

* The sum of the individual per share amounts may not equal the total due to rounding.


ANALOG DEVICES, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(Unaudited)
(In thousands)

	Trailing Twelve Months			Three Months Ended
	Oct 30, 2021			Oct 30, 2021			Jul. 31, 2021			May 1, 2021			Jan. 30, 2021
Revenue	$	7,318,286		2,339,568			$	1,758,853		$	1,661,407		$	1,558,458
Net cash provided by operating activities	$	2,735,069		$	940,726		$	630,041		$	736,361		$	427,941
% of Revenue	37		%	40		%	36		%	44		%	27		%
Capital expenditures	$	(343,676)		$	(130,777)		$	(86,341)		$	(59,170)		$	(67,388)
Free cash flow	$	2,391,393		$	809,949		$	543,700		$	677,191		$	360,553
% of Revenue	33		%	35		%	31		%	41		%	23		%


ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS
(Unaudited)

	Three Months Ending January 29, 2022
	Reported	Adjusted
Revenue	$2.60 Billion	$2.60 Billion
	(+/- $100 Million)	(+/- $100 Million)
Operating margin	12.0%	43.3% (1)
	(+/-200 bps)	(+/-70 bps)
Nonoperating expenses	~ $50 Million	~ $50 Million
Tax rate	12.5%	12.5% (2)
	(+/-100 bps)	(+/-100 bps)
Diluted shares	~ 530 Million	~ 530 Million
Earnings per share	$0.43	$1.78 (3)
	(+/- $0.10)	(+/- $0.10)

(1) Includes $815 million of adjustments related to acquisition related expenses and acquisition related transaction costs as previously defined in the Non-GAAP Financial Information section of this press release.

(2) Includes $102 million of tax effects associated with the adjustments for acquisition related expenses and acquisition related transaction costs noted above.

(3) Includes $1.35 of adjustments related to the net impact of acquisition related expenses and acquisition related transaction costs, as well as the tax effects on those items.

(ADI WEB)

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005603/en/

For more information:

Investor:

Analog Devices, Inc.

Mr. Michael Lucarelli

Vice President of Investor Relations and FP&A

781-461-3282

[email protected]

Media:

Teneo

Ms. Andrea Calise

917-826-3804

[email protected]

Teneo

Ms. Megan Fenton

917-860-0356

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Technology Semiconductor Other Technology

MEDIA:

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