Market Newsdesk

April 15, 2021 8:48 am

Schwab Reports Record First Quarter Earnings Per Share

Schwab Reports Record First Quarter Earnings Per Share

Unprecedented Client Engagement Included $148.2 Billion in Core Net New Assets,

3.2 Million New Brokerage Accounts and 8.4 Million Daily Average Trades, All Records

WESTLAKE, Texas–(BUSINESS WIRE)–
The Charles Schwab Corporation announced today that its net income for the first quarter of 2021 was a record $1.5 billion, compared with $1.1 billion for the fourth quarter of 2020, and $795 million for the first quarter of 2020. The company’s financial results include TD Ameritrade from closing on October 6, 2020 forward, as well as certain acquisition and integration-related costs and the amortization of acquired intangibles. Together these transaction-related expenses totaled $273 million pre-tax for the first quarter of 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210415005353/en/

	Three Months Ended March 31,						%
Financial Highlights	2021			2020			Change

Net revenues (in millions)	$	4,715		$	2,617		80%
Net income (in millions)
GAAP	$	1,484		$	795		87%
Adjusted ⁽¹⁾	$	1,690		$	827		104%
Diluted earnings per common share
GAAP	$	.73		$	.58		26%
Adjusted ⁽¹⁾	$	.84		$	.61		38%
Pre-tax profit margin
GAAP	41.6		%	40.0		%
Adjusted ⁽¹⁾	47.4		%	41.7		%
Return on average common
stockholders’ equity (annualized)	12		%	14		%
Return on tangible
common equity (annualized) ⁽¹⁾	24		%	16		%

		Note: All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding.
⁽¹⁾		Further details on non-GAAP financial measures and a reconciliation of such measures to GAAP reported results are included on pages 10-11 of this release.

CEO Walt Bettinger said, “The first three months of 2021 have in many ways been both the most successful and the most challenging in our history. As the U.S. economic recovery advanced, supported by expanding COVID-19 vaccine rollouts and government aid packages, the equity markets continued to climb, with the S&P 500^® rising 78% between the pandemic-driven low in March 2020 and the end of this year’s first quarter. Interest rates began to lift as well, with the 10-year Treasury yield moving to 1.74% by quarter-end – its highest level since January 2020. This environment contributed to another rise in client engagement and activity beyond the record levels of late last year. As investors turned to Schwab for help in navigating current conditions, they opened 3.2 million new brokerage accounts – a level that exceeds our reported total for all of 2020, excluding the accounts we acquired as part of our recent M&A activity. At the same time, elevated interest in technology and other growth-oriented stocks, as well as heightened market attention to certain names via social media, significantly bolstered trading activity. Daily trades rose to an average of 8.4 million in the first three months of 2021, with a single day peak of 12.3 million. That average is approximately four times higher than the pro forma combined pace for the fourth quarter of 2019 – the onset of the $0 online equity commission era. Amidst this surge in activity, investors entrusted us with $148.2 billion in core net new assets – including $62.6 billion in March alone – up 102% from a year ago, and 24% higher than the record we just set last quarter. This strength in asset gathering enabled us to end March serving a record $7.07 trillion in client assets, up 102% from a year ago, and up 6% in just three months.”

Mr. Bettinger continued, “Early in the first quarter, we were challenged to keep pace with extraordinary activity from both new and existing clients. On the heels of an already strong 2020, retail call volumes accelerated further to 8.3 million across the combined company, up 19% from a year ago and 51% above the busiest quarter in 2019. In addition, mobile and web logins topped 1.1 billion, up 138% year-over-year. This strength in engagement was felt broadly – all of our top 25 market opens occurred during the first quarter, and we have seen multiple days where we handled at least 10 million trades and concurrently accommodated more than 15 million logins across mobile and web. With activity levels running well beyond anything we’ve ever seen, our service quality was impacted at times. As a result, we took multiple steps to better deliver the service experience our clients deserve and rely on, including enhancing online self-service capabilities, streamlining our call-routing processes, and actively ramping up hiring to expand capacity. We’ve increased our team of client service professionals by 10% since month-end December and are developing a pipeline of talent to support ongoing growth. Our efforts were already yielding results by quarter-end, with average speed-to-answer progressing back towards a more normalized range and call handle times declining back to late 2020 levels. Whatever lies ahead for us during the remainder of the year, living up to our ‘no trade-offs’ approach to service is our priority. Our team comes to work each day committed to earning the trust clients place in us to do just that.”

CFO Peter Crawford commented, “Schwab’s strong financial performance in early 2021 reflects the power of our diversified revenue streams. Net interest revenue grew 6% versus the fourth quarter of 2020, largely due to elevated margin utilization and higher overall interest-earning assets stemming from rising client cash balances. These factors more than offset the ongoing impacts of the Fed’s Zero Interest Rate Policy, including elevated prepayments of mortgage-backed securities. Asset management and administration fees increased 3% from the fourth quarter of 2020 as growth in advisory solution balances and strong equity markets more than offset a small increase in money market fund fee waivers. Trading revenue rose dramatically, up 42% sequentially, boosted by early-2021 market events on top of an already busy trading environment. Bank deposit account fee revenue declined 1% as balances ended the first quarter relatively flat to December 31 at $164.2 billion and certain balances repriced to current rates. Altogether, total revenues grew 13% from the prior quarter to a record $4.7 billion. On the expense side, total GAAP spending increased 2% to $2.8 billion for the quarter, including $119 million in acquisition and integration-related costs and $154 million in amortization of acquired intangibles. Exclusive of these items ⁽¹⁾, adjusted total expenses were up 9% quarter-over-quarter, reflecting the impact of extraordinary client activity alongside our planned spending. Overall, our ability to maintain disciplined expense management while investing to support current and future growth through this period enabled us to produce a 41.6% pre-tax profit margin – our highest level in four quarters – or 47.4% on an adjusted basis ⁽¹⁾.”

Mr. Crawford concluded, “During the first quarter we took advantage of favorable market conditions to help optimize our capital mix. We executed two preferred offerings equal to $2.25 billion and $600 million – which placed outstanding balances at the upper-end of our 25%-30% guideline relative to Total Tier 1 Capital. As previously announced, proceeds from the more recent Series J issuance will be used to redeem our $600 million Series C preferred. Additionally, we moved to enhance our liquidity position ahead of pending debt maturities by issuing 3- and 7- year senior notes totaling $4 billion in March. Our priority for capital management remains centered on maintaining flexibility to support ongoing growth – which will soon include the first Bank Deposit Account transfers, set to begin as early as June 30 – while also helping us move towards our long-term Tier 1 Leverage Ratio operating objective of 6.75%-7.00%. Consolidated balance sheet assets ended the quarter at $563 billion, up 3% from December 31 and our preliminary Tier 1 Leverage Ratio increased to 6.4%. Overall, our healthy financial performance, high-quality balance sheet, and solid capital base enabled us to achieve a 12% return on equity and a 24% ROTCE ⁽¹⁾for the first quarter. Confidence in our all-weather business model, coupled with a focus on balancing near-term profitability and long-term investment, enables us to continue driving scale while endeavoring to meet our clients’ needs.”

⁽¹⁾

Further details on non-GAAP financial measures and a reconciliation of such measures to GAAP reported results are included on pages 10-11 of this release.

Commentary from the CFO

Periodically, our Chief Financial Officer provides insight and commentary regarding Schwab’s financial picture at: https://www.aboutschwab.com/cfo-commentary. The most recent commentary, which provides perspective on trends in client trading activity, was posted on March 12, 2021.

Forward-Looking Statements

This press release contains forward-looking statements relating to actions being taken to expand capacity, enhance service quality and support ongoing growth; maintaining disciplined expense management while investing to support current and future growth, meet client needs, and drive scale and efficiency; guideline percentage of preferred stock relative to Total Tier 1 Capital; Tier 1 Leverage Ratio operating objective; capital management; Bank Deposit Account transfers; and balancing near-term profitability and long-term investment. These forward-looking statements reflect management’s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations.

Important factors that may cause such differences include, but are not limited to, the company’s ability to develop and launch new and enhanced products, services, and capabilities, as well as enhance its infrastructure and capacity, in a timely and successful manner; hire talent; support client activity levels; successfully implement integration strategies and plans; manage expenses; attract and retain clients and registered investment advisors and grow those relationships and client assets; and monetize client assets. Other important factors include general market conditions, including equity valuations, trading activity, the level of interest rates – which can impact money market fund fee waivers, and credit spreads; market volatility; client use of the company’s advisory solutions and other products and services; capital and liquidity needs and management; client sensitivity to rates; level of client assets, including cash balances; the transfer of Bank Deposit Account balances; balance sheet cash; the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities to contain the spread of the virus and the economic impact; and other factors set forth in the company’s most recent report on Form 10-K.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 31.9 million active brokerage accounts, 2.1 million corporate retirement plan participants, 1.6 million banking accounts, and approximately $7.07 trillion in client assets. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC, https://www.sipc.org), and their affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com.

TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are separate but affiliated companies and subsidiaries of TD Ameritrade Holding Corporation. TD Ameritrade Holding Corporation is a wholly-owned subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.

THE CHARLES SCHWAB CORPORATION
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
	Three Months Ended March 31,
	2021		2020
Net Revenues
Interest revenue	$	2,015	$	1,708
Interest expense	(104)		(136)
Net interest revenue	1,911		1,572
Asset management and administration fees ⁽¹⁾	1,016		827
Trading revenue	1,216		188
Bank deposit account fees	351		—
Other	221		30
Total net revenues	4,715		2,617
Expenses Excluding Interest
Compensation and benefits	1,430		897
Professional services	226		182
Occupancy and equipment	237		142
Advertising and market development	116		67
Communications	147		75
Depreciation and amortization ⁽²⁾	129		90
Amortization of acquired intangible assets ⁽²⁾	154		6
Regulatory fees and assessments	78		34
Other	238		77
Total expenses excluding interest	2,755		1,570
Income before taxes on income	1,960		1,047
Taxes on income	476		252
Net Income	1,484		795
Preferred stock dividends and other	96		38
Net Income Available to Common Stockholders	$	1,388	$	757
Weighted-Average Common Shares Outstanding:
Basic	1,882		1,287
Diluted	1,892		1,294
Earnings Per Common Shares Outstanding⁽³⁾:
Basic	$	.74	$	.59
Diluted	$	.73	$	.58

⁽¹⁾		Includes fee waivers of $78 million for the three months ended March 31, 2021.
⁽²⁾		Beginning in the third quarter of 2020, amortization of acquired intangible assets was reclassified from depreciation and amortization. Prior periods have been reclassified to reflect this change.
⁽³⁾		For the three months ended March 31, 2021, the Company had voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class.

THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)
	Q1-21 % change				2021			2020
	vs.		vs.		First			Fourth			Third			Second			First
(In millions, except per share amounts and as noted)	Q1-20		Q4-20		Quarter			Quarter			Quarter			Quarter			Quarter
Net Revenues
Net interest revenue	22	%	6	%	$	1,911		$	1,809		$	1,343		$	1,389		$	1,572
Asset management and administration fees	23	%	3	%	1,016			987			860			801			827
Trading revenue	N/M		42	%	1,216			854			181			193			188
Bank deposit account fees	N/M		(1)	%	351			355			—			—			—
Other	N/M		29	%	221			171			64			67			30
Total net revenues	80	%	13	%	4,715			4,176			2,448			2,450			2,617
Expenses Excluding Interest
Compensation and benefits	59	%	2	%	1,430			1,398			840			819			897
Professional services	24	%	(16)	%	226			269			194			198			182
Occupancy and equipment	67	%	(7)	%	237			254			155			152			142
Advertising and market development	73	%	(6)	%	116			123			66			70			67
Communications	96	%	16	%	147			127			73			78			75
Depreciation and amortization ⁽¹⁾	43	%	(1)	%	129			130			97			97			90
Amortization of acquired intangible assets ⁽¹⁾	N/M		5	%	154			147			25			12			6
Regulatory fees and assessments	129	%	37	%	78			57			36			36			34
Other	N/M		22	%	238			195			73			100			77
Total expenses excluding interest	75	%	2	%	2,755			2,700			1,559			1,562			1,570
Income before taxes on income	87	%	33	%	1,960			1,476			889			888			1,047
Taxes on income	89	%	40	%	476			341			191			217			252
Net Income	87	%	31	%	$	1,484		$	1,135		$	698		$	671		$	795
Preferred stock dividends and other	153	%	13	%	96			85			83			50			38
Net Income Available to Common Stockholders	83	%	32	%	$	1,388		$	1,050		$	615		$	621		$	757
Earnings per common share ⁽²⁾:
Basic	25	%	30	%	$	.74		$	.57		$	.48		$	.48		$	.59
Diluted	26	%	28	%	$	.73		$	.57		$	.48		$	.48		$	.58
Dividends declared per common share	—		—		$	.18		$	.18		$	.18		$	.18		$	.18
Weighted-average common shares outstanding:
Basic	46	%	2	%	1,882			1,848			1,289			1,288			1,287
Diluted	46	%	2	%	1,892			1,855			1,294			1,294			1,294
Performance Measures
Pre-tax profit margin					41.6		%	35.3		%	36.3		%	36.2		%	40.0		%
Return on average common stockholders’ equity (annualized) ⁽³⁾					12		%	11		%	10		%	10		%	14		%
Financial Condition (at quarter end, in billions)
Cash and cash equivalents	(29)	%	21	%	$	48.6		$	40.3		$	27.5		$	33.6		$	68.5
Cash and investments segregated	18	%	(20)	%	40.4			50.4			29.6			33.2			34.3
Receivables from brokerage clients — net	N/M		16	%	74.7			64.4			25.4			21.4			19.0
Available for sale securities	54	%	1	%	341.6			337.4			303.8			281.2			221.2
Bank loans — net	30	%	7	%	25.4			23.8			22.3			20.9			19.5
Total assets	52	%	3	%	563.5			549.0			419.4			400.5			370.8
Bank deposits	33	%	3	%	369.9			358.0			320.7			301.6			277.5
Payables to brokerage clients	105	%	(3)	%	101.3			104.2			52.0			50.1			49.3
Short-term borrowings	N/M		N/M		2.5			—			—			—			—
Long-term debt	108	%	30	%	17.7			13.6			7.8			8.5			8.5
Stockholders’ equity	111	%	(1)	%	55.6			56.1			31.3			30.8			26.3
Other
Full-time equivalent employees (at quarter end, in thousands)	58	%	—		32.0			32.0			22.1			21.8			20.2
Capital expenditures — purchases of equipment, office facilities, and property, net (in millions)	(16)	%	5	%	$	209		$	200		$	122		$	169		$	250
Expenses excluding interest as a percentage of average client assets (annualized)					0.16		%	0.17		%	0.14		%	0.16		%	0.16		%
Clients’ Daily Average Trades (DATs) (in thousands)	N/M		45	%	8,414			5,796			1,460			1,619			1,540
Number of Trading Days	(2)	%	(3)	%	61.0			63.0			64.0			63.0			62.0
Revenue Per Trade ⁽⁴⁾	20	%	1	%	$	2.37		$	2.34		$	1.94		$	1.89		$	1.97

Note: The above table reflects the recognition of TD Ameritrade’s assets acquired and liabilities assumed at provisional fair value as of October 6, 2020. Results of operations and metrics are inclusive of TD Ameritrade beginning October 6, 2020.
⁽¹⁾		Beginning in the third quarter of 2020, amortization of acquired intangible assets was reclassified from depreciation and amortization. Prior periods have been reclassified to reflect this change.
⁽²⁾		Beginning in the fourth quarter of 2020, the Company had voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class.
⁽³⁾		Return on average common stockholders’ equity is calculated using net income available to common stockholders divided by average common stockholders’ equity.
⁽⁴⁾		Revenue per trade is calculated as trading revenue divided by DATs multiplied by the number of trading days.
N/M Not meaningful. Percentage changes greater than 200% are presented as not meaningful.

THE CHARLES SCHWAB CORPORATION
Net Interest Revenue Information
(In millions, except ratios or as noted)
(Unaudited)
	Three Months Ended March 31,
	2021						2020
	Average Balance		Interest Revenue/ Expense		Average Yield/ Rate		Average Balance		Interest Revenue/ Expense		Average Yield/ Rate
Interest-earning assets
Cash and cash equivalents	$	38,898	$	7	0.08	%	$	32,134	$	85	1.04	%
Cash and investments segregated	48,149		10		0.08	%	23,716		87		1.45	%
Receivables from brokerage clients	67,738		563		3.32	%	19,151		168		3.47	%
Available for sale securities ⁽¹⁾	338,245		1,091		1.29	%	197,745		1,185		2.39	%
Bank loans	24,476		139		2.27	%	18,897		144		3.06	%
Total interest-earning assets	517,506		1,810		1.40	%	291,643		1,669		2.28	%
Securities lending revenue ⁽²⁾			204						37
Other interest revenue ⁽²⁾			1						2
Total interest-earning assets ⁽³⁾	$	517,506	$	2,015	1.56	%	$	291,643	$	1,708	2.33	%
Funding sources
Bank deposits	$	363,099	$	13	0.01	%	$	227,523	$	57	0.10	%
Payables to brokerage clients	87,339		2		0.01	%	30,287		8		0.10	%
Short-term borrowings ⁽⁴⁾	1,093		—		0.22	%	3		—		1.07	%
Long-term debt	14,245		85		2.37	%	7,527		66		3.53	%
Total interest-bearing liabilities	465,776		100		0.09	%	265,340		131		0.20	%
Non-interest-bearing funding sources ⁽³⁾	51,730						26,303
Securities lending expense⁽²⁾			5						7
Other interest expense ⁽²⁾			(1)						(2)
Total funding sources ⁽³⁾	$	517,506	$	104	0.08	%	$	291,643	$	136	0.19	%
Net interest revenue			$	1,911	1.48	%			$	1,572	2.14	%

⁽¹⁾		Amounts have been calculated based on amortized cost.
⁽²⁾		Beginning in the fourth quarter of 2020, securities lending revenue has been reclassified from broker-related receivables and other revenue. Securities lending expense has been reclassified from other expense. Prior period amounts have been reclassified to reflect this change.
⁽³⁾		Beginning in the fourth quarter of 2020, broker-related receivables were removed from total interest-earning assets and netted against non-interest-bearing funding sources, resulting in an immaterial reduction to total interest-earning assets and total funding sources. Prior period amounts have been reclassified to reflect this change.
⁽⁴⁾		Interest revenue or expense was less than $500 thousand in the period or periods presented.

THE CHARLES SCHWAB CORPORATION
Asset Management and Administration Fees Information
(In millions, except ratios or as noted)
(Unaudited)
	Three Months Ended March 31,
	2021						2020
	Average Client Assets		Revenue		Average Fee		Average Client Assets		Revenue		Average Fee
Schwab money market funds before fee waivers	$	169,683	$	122	0.29	%	$	203,772	$	152	0.30	%
Fee waivers			(78)						—
Schwab money market funds	169,683		44		0.11	%	203,772		152		0.30	%
Schwab equity and bond funds, ETFs, and collective trust funds (CTFs)	377,282		86		0.09	%	290,808		76		0.11	%
Mutual Fund OneSource^® and other non- transaction fee funds	222,455		172		0.31	%	188,583		147		0.31	%
Other third-party mutual funds and ETFs ⁽¹⁾	849,409		168		0.08	%	451,959		77		0.07	%
Total mutual funds, ETFs, and CTFs⁽²⁾	$	1,618,829	470		0.12	%	$	1,135,122	452		0.16	%
Advice solutions ⁽²⁾
Fee-based	$	424,629	468		0.45	%	$	263,256	312		0.48	%
Non-fee-based	84,767		—		—		71,229		—		—
Total advice solutions	$	509,396	468		0.37	%	$	334,485	312		0.38	%
Other balance-based fees ⁽³⁾	576,562		64		0.05	%	432,847		54		0.05	%
Other ⁽⁴⁾			14						9
Total asset management and administration fees			$	1,016					$	827

⁽¹⁾		Beginning in the fourth quarter of 2020, includes third-party money funds related to the acquisition of TD Ameritrade.
⁽²⁾		Advice solutions include managed portfolios, specialized strategies, and customized investment advice such as Schwab Private Client^TM, Schwab Managed Portfolios^TM, Managed Account Select^®, Schwab Advisor Network^®, Windhaven^® Strategies, ThomasPartners^® Strategies, Schwab Index Advantage^® advised retirement plan balances, Schwab Intelligent Portfolios^®, Institutional Intelligent Portfolios^®, Schwab Intelligent Portfolios Premium^®, TD Ameritrade AdvisorDirect^®, Essential Portfolios, Selective Portfolios, and Personalized Portfolios; as well as legacy non-fee advice solutions including Schwab Advisor Source and certain retirement plan balances. Average client assets for advice solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. For the total end of period view, please see the Monthly Activity Report.
⁽³⁾		Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.
⁽⁴⁾		Includes miscellaneous service and transaction fees relating to mutual funds and ETFs that are not balance-based.

THE CHARLES SCHWAB CORPORATION
Growth in Client Assets and Accounts
(Unaudited)
	Q1-21 % Change				2021		2020
	vs.		vs.		First		Fourth		Third		Second		First
(In billions, at quarter end, except as noted)	Q1-20		Q4-20		Quarter		Quarter		Quarter		Quarter		Quarter
Assets in client accounts
Schwab One^®, certain cash equivalents and bank deposits	44	%	2	%	$	467.3	$	458.4	$	370.3	$	349.2	$	324.4
Bank deposit account balances	N/M		(1)	%	164.2		165.9		—		—		—
Proprietary mutual funds (Schwab Funds^® and Laudus Funds^®) and CTFs
Money market funds ⁽¹⁾	(20)	%	(7)	%	163.6		176.1		190.3		211.6		203.7
Equity and bond funds and CTFs ⁽²⁾	54	%	7	%	152.9		142.9		125.5		117.0		99.1
Total proprietary mutual funds and CTFs	5	%	(1)	%	316.5		319.0		315.8		328.6		302.8
Mutual Fund Marketplace^{® (3)}
Mutual Fund OneSource^® and other non-transaction fee funds	41	%	2	%	227.3		223.9		203.6		193.0		161.6
Mutual fund clearing services	38	%	(2)	%	248.7		252.9		228.4		217.3		180.8
Other third-party mutual funds ⁽⁴⁾	103	%	5	%	1,375.8		1,304.6		848.1		796.5		676.2
Total Mutual Fund Marketplace	82	%	4	%	1,851.8		1,781.4		1,280.1		1,206.8		1,018.6
Total mutual fund assets	64	%	3	%	2,168.3		2,100.4		1,595.9		1,535.4		1,321.4
Exchange-traded funds (ETFs)
Proprietary ETFs ⁽²⁾	62	%	11	%	220.9		198.8		168.9		156.3		136.5
Other third-party ETFs	171	%	9	%	1,035.1		947.3		512.6		468.0		382.5
Total ETF assets	142	%	10	%	1,256.0		1,146.1		681.5		624.3		519.0
Equity and other securities	163	%	9	%	2,721.0		2,504.7		1,453.2		1,305.8		1,035.5
Fixed income securities	16	%	(3)	%	364.5		377.1		318.0		314.8		313.8
Margin loans outstanding	N/M		19	%	(72.2)		(60.9)		(23.6)		(19.4)		(17.2)
Total client assets	102	%	6	%	$	7,069.1	$	6,691.7	$	4,395.3	$	4,110.1	$	3,496.9
Client assets by business
Investor Services	109	%	5	%	$	3,865.9	$	3,667.9	$	2,377.7	$	2,223.5	$	1,846.8
Advisor Services	94	%	6	%	3,203.2		3,023.8		2,017.6		1,886.6		1,650.1
Total client assets	102	%	6	%	$	7,069.1	$	6,691.7	$	4,395.3	$	4,110.1	$	3,496.9
Net growth in assets in client accounts (for the quarter ended)
Net new assets by business
Investor Services ⁽⁵⁾	84	%	(93)	%	$	65.1	$	939.2	$	18.9	$	113.0	$	35.3
Advisor Services⁽⁶⁾	81	%	(91)	%	68.7		751.5		32.3		24.4		37.9
Total net new assets	83	%	(92)	%	$	133.8	$	1,690.7	$	51.2	$	137.4	$	73.2
Net market gains (losses)	N/M		(60)	%	243.6		605.7		234.0		475.8		(615.1)
Net growth (decline)	N/M		(84)	%	$	377.4	$	2,296.4	$	285.2	$	613.2	$	(541.9)
New brokerage accounts (in thousands, for the quarter ended) ⁽⁷⁾	N/M		(80)	%	3,153		15,774		592		1,652		609
Client accounts (in thousands)
Active brokerage accounts	150	%	8	%	31,902		29,629		14,393		14,107		12,736
Banking accounts	13	%	7	%	1,608		1,499		1,486		1,463		1,426
Corporate retirement plan participants	22	%	2	%	2,105		2,054		1,722		1,716		1,721

⁽¹⁾		Total client assets in purchased money market funds are located at: https://www.aboutschwab.com/investor-relations.
⁽²⁾		Includes balances held on and off the Schwab platform. As of March 31, 2021, off-platform equity and bond funds, CTFs, and ETFs were $18.5 billion, $5.8 billion, and $72.4 billion, respectively.
⁽³⁾		Excludes all proprietary mutual funds and ETFs.
⁽⁴⁾		As of March 31, 2021, third-party money funds were $18.2 billion.
⁽⁵⁾		First quarter of 2021 includes an outflow of $14.4 billion from a mutual fund clearing services client. Fourth quarter of 2020 includes inflows of $890.7 billion related to the acquisition of TD Ameritrade. Second quarter of 2020 includes inflows of $79.9 billion related to the acquisition of the assets of USAA’s Investment Management Company and $10.9 billion from a mutual fund clearing services client.
⁽⁶⁾		Fourth quarter of 2020 includes inflows of $680.6 billion related to the acquisition of TD Ameritrade. Third quarter of 2020 includes an inflow of $8.5 billion related to the acquisition of Wasmer, Schroeder & Company, LLC.
⁽⁷⁾		Fourth quarter of 2020 includes 14.5 million new brokerage accounts related to the acquisition of TD Ameritrade. Second quarter of 2020 includes 1.1 million new brokerage accounts related to the acquisition of the assets of USAA’s Investment Management Company.
N/M Not meaningful. Percentage changes greater than 200% are presented as not meaningful.

The Charles Schwab Corporation Monthly Activity Report For March 2021
	2020																				2021						Change
	Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb		Mar		Mo.		Yr.
Market Indices (at month end)
Dow Jones Industrial Average	21,917		24,346		25,383		25,813		26,428		28,430		27,782		26,502		29,639		30,606		29,983		30,932		32,982		7	%	50	%
Nasdaq Composite	7,700		8,890		9,490		10,059		10,745		11,775		11,168		10,912		12,199		12,888		13,071		13,192		13,247		—		72	%
Standard & Poor’s^® 500	2,585		2,912		3,044		3,100		3,271		3,500		3,363		3,270		3,622		3,756		3,714		3,811		3,973		4	%	54	%
Client Assets (in billions of dollars)
Beginning Client Assets	3,862.8		3,496.9		3,778.3		4,009.0		4,110.1		4,278.0		4,489.7		4,395.3		5,878.5		6,421.0		6,691.7		6,759.6		6,900.5
Net New Assets ⁽¹⁾	27.9		15.3		97.5		24.6		11.2		20.0		20.0		1,596.9		32.1		61.7		34.2		37.0		62.6		69	%	124	%
Net Market Gains (Losses)	(393.8)		266.1		133.2		76.5		156.7		191.7		(114.4)		(113.7)		510.4		209.0		33.7		103.9		106.0
Total Client Assets (at month end)	3,496.9		3,778.3		4,009.0		4,110.1		4,278.0		4,489.7		4,395.3		5,878.5		6,421.0		6,691.7		6,759.6		6,900.5		7,069.1		2	%	102	%
Core Net New Assets ⁽²⁾	27.9		15.3		17.6		13.7		2.7		20.0		20.0		25.6		32.1		61.7		34.2		51.4		62.6		22	%	124	%
Receiving Ongoing Advisory Services (at month end) ⁽³⁾
Investor Services	291.5		309.9		339.8		345.2		355.6		366.8		361.2		425.3		457.1		471.8		472.4		481.3		495.2		3	%	70	%
Advisor Services ⁽⁴⁾	1,531.3		1,647.9		1,711.7		1,747.5		1,818.5		1,900.5		1,870.1		2,505.5		2,715.7		2,828.3		2,840.6		2,913.3		2,997.9		3	%	96	%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts	12,736		12,866		14,007		14,107		14,220		14,311		14,393		29,013		29,202		29,629		30,534		31,523		31,902		1	%	150	%
Banking Accounts	1,426		1,439		1,448		1,463		1,480		1,493		1,486		1,496		1,504		1,499		1,518		1,542		1,608		4	%	13	%
Corporate Retirement Plan Participants	1,721		1,696		1,714		1,716		1,712		1,715		1,722		2,072		2,045		2,054		2,069		2,093		2,105		1	%	22	%
Client Activity
New Brokerage Accounts (in thousands)⁽⁵⁾	283		201		1,250		201		206		202		184		14,718		430		626		1,095		1,211		847		(30)	%	199	%
Client Cash as a Percentage of Client Assets ⁽⁶⁾	15.1	%	14.3	%	14.0	%	13.6	%	13.0	%	12.5	%	12.8	%	13.4	%	12.4	%	12.3	%	12.2	%	11.8	%	11.5	%	(30) bp		(360) bp
Derivative Trades as a Percentage of Total Trades	7.0	%	10.2	%	12.2	%	10.6	%	13.1	%	13.8	%	14.5	%	20.5	%	19.4	%	18.9	%	17.4	%	16.6	%	18.5	%	190 bp		1,150 bp
Mutual Fund and Exchange-Traded Fund
Net Buys (Sells)^(7,8) (in millions of dollars)
Large Capitalization Stock	984		(693)		(768)		(1,254)		(2,536)		(1,422)		(1,360)		(935)		4,454		3,693		(1,604)		3,143		6,447
Small / Mid Capitalization Stock	(954)		151		(401)		(1,063)		(1,476)		(441)		(497)		(753)		2,431		2,293		1,841		1,492		1,995
International	(2,116)		(2,207)		(1,953)		(1,580)		(773)		230		370		168		2,110		4,112		4,330		4,439		4,323
Specialized	333		2,059		1,512		1,020		1,505		906		115		215		1,985		3,777		3,667		5,172		3,536
Hybrid	(4,790)		(860)		(518)		(97)		(769)		(124)		(12)		(553)		(402)		359		407		832		1,133
Taxable Bond	(23,142)		1,642		5,469		9,215		7,314		7,680		5,734		5,904		4,825		10,004		10,922		8,418		6,584
Tax-Free Bond	(5,229)		(242)		805		1,710		1,297		1,648		1,123		861		1,131		2,165		2,679		916		1,653
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds ⁽⁷⁾	(34,382)		(3,863)		(564)		1,768		(147)		2,568		757		(2,260)		2,832		6,336		5,713		6,273		6,190
Exchange-Traded Funds ⁽⁸⁾	(532)		3,713		4,710		6,183		4,709		5,909		4,716		7,167		13,702		20,067		16,529		18,139		19,481
Money Market Funds	(1,233)		8,465		4,833		(5,673)		(9,039)		(5,614)		(6,627)		(4,021)		(5,908)		(7,332)		(5,248)		(4,405)		(4,528)
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets^(9,10)	317,850		353,018		361,814		373,986		379,521		384,690		392,784		442,119		466,677		482,394		517,306		514,885		520,074		1	%	64	%
Average Bank Deposit Account Balances ^(10,11)	—		—		—		—		—		—		—		132,030		162,315		163,463		167,980		167,433		164,866		(2)	%	N/M

⁽¹⁾		February 2021 includes an outflow of $14.4 billion from a mutual fund clearing services client. October 2020 includes an inflow of $1.6 trillion related to the acquisition of TD Ameritrade. July 2020 includes an inflow of $8.5 billion related to the acquisition of Wasmer, Schroeder & Company, LLC. June 2020 includes an inflow of $10.9 billion from a mutual fund clearing services client. May 2020 includes an inflow of $79.9 billion related to the acquisition of the assets of USAA’s Investment Management Company.
⁽²⁾		Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $10 billion) relating to a specific client. These flows may span multiple reporting periods.
⁽³⁾		Beginning in December 2020, AdvisorDirect^® assets are presented as Investor Services. In December 2020, $46.5 billion and $50.4 billion for October and November, respectively, were reclassified from Advisor Services to Investor Services.
⁽⁴⁾		Excludes Retirement Business Services.
⁽⁵⁾		October 2020 includes 14.5 million new brokerage accounts related to the acquisition of TD Ameritrade. May 2020 includes 1.1 million new brokerage accounts related to the acquisition of the assets of USAA’s Investment Management Company.
⁽⁶⁾		Schwab One^®, certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets.
⁽⁷⁾		Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to Investment Managers. Excludes money market fund transactions.
⁽⁸⁾		Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.
⁽⁹⁾		Represents average total interest-earning assets on the company’s balance sheet.
⁽¹⁰⁾		October 2020 averages reflect a full month of Schwab balances and 26 days of TD Ameritrade balances following the acquisition closing on October 6, 2020. Calculating the consolidated daily average from the closing date onwards would result in Average Interest- Earning Assets and Average Bank Deposit Account Balances of $450,004 million and $157,414 million, respectively.
⁽¹¹⁾		Represents average TD Ameritrade clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.
N/M Not meaningful. Percentage changes greater than 200% are presented as not meaningful.

In addition to disclosing financial results in accordance with generally accepted accounting principles in the U.S. (GAAP), Schwab’s first quarter earnings release contains references to the non-GAAP financial measures described below. We believe these non-GAAP financial measures provide useful supplemental information about the financial performance of the Company, and facilitate meaningful comparison of Schwab’s results in the current period to both historic and future results. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may not be comparable to non-GAAP financial measures presented by other companies.

Schwab’s use of non-GAAP measures is reflective of certain adjustments made to GAAP financial measures as described below.

Non-GAAP

Adjustment or

Measure

Definition

Usefulness to Investors and Uses by

Management

Acquisition and integration-related costs and amortization of acquired intangible assets

Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company’s business acquisitions, amortization of acquired intangible assets, and, where applicable, the income tax effect of these expenses.

Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company’s revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives.

We exclude acquisition and integration-related costs and amortization of acquired intangible assets for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab’s ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods.

Acquisition and integration-related costs fluctuate based on the timing of acquisitions and integration activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company’s ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company’s underlying operating performance.

Return on tangible common equity

Return on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets — net, and related deferred tax liabilities.

Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab’s balance sheet.

Beginning in 2021, the Company also uses adjusted diluted EPS and return on tangible common equity as components of performance criteria for employee bonus and certain executive management incentive compensation arrangements. The Compensation Committee of CSC’s Board of Directors maintains discretion in evaluating performance against these criteria.

The tables below present reconciliations of GAAP measures to non-GAAP measures:

	Three Months Ended March 31,
	2021				2020
	Total Expenses Excluding Interest		Net Income		Total Expenses Excluding Interest		Net Income
Total expenses excluding interest (GAAP), Net income (GAAP)	$	2,755	$	1,484	$	1,570	$	795
Acquisition and integration-related costs ⁽¹⁾	(119)		119		(37)		37
Amortization of acquired intangible assets	(154)		154		(6)		6
Income tax effects ⁽²⁾	N/A		(67)		N/A		(11)
Adjusted total expenses (non-GAAP), Adjusted net income (non-GAAP)	$	2,482	$	1,690	$	1,527	$	827

⁽¹⁾		Acquisition and integration-related costs for the three months ended March 31, 2021 primarily consist of $72 million of compensation and benefits, $27 million of professional services, and $16 million of occupancy and equipment. Acquisition and integration-related costs for the three months ended March 31, 2020 primarily consist of $23 million of professional services, $8 million of compensation and benefits, and $4 million of other expense.
⁽²⁾		The income tax effect of the non-GAAP adjustments is determined using an effective tax rate reflecting the exclusion of non-deductible acquisition costs and is used to present the acquisition and integration-related costs and amortization of acquired intangible assets on an after-tax basis.
N/A Not applicable.

	Three Months Ended March 31,
	2021				2020
	Amount		% of Total Net Revenues		Amount		% of Total Net Revenues
Income before taxes on income (GAAP), Pre-tax profit margin (GAAP)	$	1,960	41.6	%	$	1,047	40.0	%
Acquisition and integration-related costs	119		2.5	%	37		1.5	%
Amortization of acquired intangible assets	154		3.3	%	6		0.2	%
Adjusted income before taxes on income (non-GAAP), Adjusted pre-tax profit margin (non-GAAP)	$	2,233	47.4	%	$	1,090	41.7	%

	Three Months Ended March 31,
	2021				2020
	Amount		Diluted EPS		Amount		Diluted EPS
Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP)	$	1,388	$	.73	$	757	$	.58
Acquisition and integration-related costs	119		.06		37		.03
Amortization of acquired intangible assets	154		.08		6		—
Income tax effects	(67)		(.03)		(11)		—
Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP)	$	1,594	$	.84	$	789	$	.61

	Three Months Ended March 31,
	2021			2020
Return on average common stockholders’ equity (GAAP)	12		%	14		%
Average common stockholders’ equity	$	46,691		$	21,215
Less: Average goodwill	(11,952)			(1,227)
Less: Average acquired intangible assets — net	(9,915)			(125)
Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net	1,935			67
Average tangible common equity	$	26,759		$	19,930
Adjusted net income available to common stockholders ⁽¹⁾	$	1,594		$	789
Return on tangible common equity (non-GAAP)	24		%	16		%

⁽¹⁾

See table above for the reconciliation of net income available to common stockholders to adjusted net income available to common stockholders (non-GAAP).

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005353/en/

MEDIA:

Mayura Hooper

Charles Schwab

Phone: 415-667-1525

INVESTORS/ANALYSTS:

Jeff Edwards

Charles Schwab

Phone: 415-667-1524

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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April 15, 2021 8:48 am

Conduent Ranked Among Top Global Companies for Best Culture by Comparably

Comparably also ranked Conduent among Best Places to Work in the New York City Region

FLORHAM PARK, N.J., April 15, 2021 (GLOBE NEWSWIRE) — Conduent Incorporated (Nasdaq: CNDT) today announced that the company ranked 29^th on Comparably’s Best Global Company Culture list of the Top 50 highest-rated cultures for companies with more than 500 employees with an international footprint.

“Being recognized in Comparably’s Best Global Culture ranking over these past 12 challenging months is a significant achievement and a reason for all of our associates to be extremely proud,” said Cliff Skelton, Chief Executive Officer, Conduent. “Together we have created a culture that is already being recognized among some of the world’s top companies and continues to deliver for our clients and their customers. That says a lot about our associates and how our sense of Conduent community is strengthened by constant interaction, collaboration and connection with each other. We are one team, on one mission.”

During the past year, Conduent and its associates achieved the following:

Coalesced around a company purpose that focuses on driving client success
Reinforced core values including teamwork, communication, accountability and inclusiveness
Established new head of Diversity & Inclusion reporting directly to the CEO
Ensured safety of our essential workers and all teammates during COVID-19 pandemic
Increased associate engagement scores across all categories in our annual associate experience survey
Implemented new training platforms to facilitate on-going learning and development
Continued to improve client satisfaction, significantly increasing the metric for second year in a row

Comparably’s Best Global Company Culture ratings were derived from current associates, within and outside of the U.S., who provided reviews of Conduent on Comparably.com over the past 12 months. Nearly 20 different workplace culture categories were measured, from compensation, leadership, and work-life balance to professional development opportunities, and perks and benefits. All ratings were given during the COVID-19 pandemic, March 2020 through March 2021.

“Despite a year challenged by a global pandemic, the companies on this year’s Best Places to Work Awards have been deemed by employees as top-notch in various core culture metrics,” said Comparably CEO Jason Nazar. “Conduent’s wins on both a local and international scale are a testament to the organization’s strong leadership and positive culture across its offices worldwide.”

Among Best Places to Work in the New York City Region

Conduent was also recognized on Comparably’s Best Places to Work in New York 2021 list, based on sentiment ratings provided by current associates in the greater New York City area who anonymously rated their employers on Comparably.com. All ratings were also given during the COVID-19 pandemic from March 2020 through March 2021, making this list especially relevant for job seekers looking for a great place to work in the area.

“It’s truly an honor for our associates to be recognized for Conduent’s culture and as a best place to work in the New York City area,” Skelton added. “With our teams making great progress toward our growth, quality and efficiency goals, we are proud to stand among many iconic companies and are looking forward to continuing our progress and ascent in the rankings by holding true to our vision and values.”

About Conduent

Conduent delivers mission-critical services and solutions on behalf of businesses and governments – creating exceptional outcomes for its clients and the millions of people who count on them. Through process, technology and our diverse and dedicated associates, Conduent solutions and services automate workflows, improve efficiencies, reduce costs and enable revenue growth. It’s why most Fortune 100 companies and over 500 government entities depend on Conduent every day to manage their essential interactions and move their operations forward.

Conduent’s differentiated services and solutions improve experiences for millions of people every day, including three out of every four U.S. insured patients, 10 million employees who use its HR Services, and nearly 18 million benefits recipients. Conduent’s solutions deliver exceptional outcomes for its clients including $16 billion in savings from medical bill review of workers compensation claims, up to 40% efficiency increase in HR operations, up to 27% reduction in government benefits costs, up to 40% improvement in finance, accounting and procurement expense, and improved customer service interaction times by up to 20% with higher end-user satisfaction. Learn more at https://www.conduent.com.

About Comparably

Comparably (www.comparably.com) is a leading workplace culture and compensation monitoring site that provides the most comprehensive and accurate representation of what it’s like to work at companies. Employees can access salary data and anonymously rate their workplaces in nearly 20 different culture categories, providing the public a transparent and in-depth look at the experiences workers have based on their gender, ethnicity, age, tenure, industry, location, and education. Since launching in 2016, Comparably has accumulated 10 million ratings from employees across 60,000 North American companies. It has become one of the most used SaaS solutions for employer branding and one of the most trusted third-party sites for salary and workplace culture data. For highly cited workplace culture and compensation studies, including Comparably’s annual Workplace Culture Awards: www.comparably.com/news.

Media Contact:

Sean Collins, Conduent, +1-310-497-9205, [email protected]

Investor Relations Contacts:

Alan Katz, Conduent, +1-973-526-7173, [email protected]

Note: To receive RSS news feeds, visit www.news.conduent.com. For open commentary, industry perspectives and views, visit http://twitter.com/Conduent, http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent.

Trademarks

Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/72161a65-8862-46df-87c8-dfb66a53de9d

https://www.globenewswire.com/NewsRoom/AttachmentNg/eb4cf821-f67f-4c7e-bbd3-bdf45aa9c6e6

April 15, 2021 8:48 am

Rubicon’s Renaud de Viel Castel Named to International Trade Advisory Body by decree signed by French Prime Minister Jean Castex

Chief Operating Officer appointed to key role in global French business advisory organization

Lexington, KY, April 15, 2021 (GLOBE NEWSWIRE) — Rubicon, a software platform that provides smart waste and recycling solutions to businesses and governments worldwide, proudly announced today that the company’s Chief Operating Officer (COO), Renaud de Viel Castel, has been named as a Conseiller du Commerce extérieur de la France (CCEF) by the Prime Minister of France, Jean Castex, and the global CCEF network. The appointment caps a year-long nomination process that originated locally, passed through the French Embassy in Washington D.C., and was ultimately vetted and approved in Paris. Professionals who hold these roles are also known as French Foreign Trade Advisors, and Viel Castel’s appointment is effective immediately.

The CCEF network has existed for more than 120 years. It is comprised of over 4,000 executives and entrepreneurs in more than 150 countries around the world. The CCEFs voluntarily share their experience and expertise to help build relationships between France and top international companies, and to advance the interests of French businesses globally.

As part of the network, the CCEFs’ mission is composed of four main parts: advising public authorities on trade and market issues; supporting international businesses through operational guidance and relationship development; coaching young professionals for careers in global business; and promoting France as a business-friendly locale for entrepreneurs and other professionals.

“It is a great honor to be named a trade advisor in the United States and join the CCEF network,” said Viel Castel. “Joining such a prestigious community is certainly a milestone in my career, but more importantly it is an opportunity to work alongside many of our world’s greatest business minds to further build Rubicon’s presence globally and to create a cleaner, healthier world for all.”

As COO, Viel Castel oversees the daily operations of Rubicon, and leads a number of critical growth projects including product development and adoption, the company’s rapidly growing global expansion team, and the overall digitization of Rubicon’s business.

“We are thrilled that Renaud is joining the CCEF network,” said Nate Morris, Founder and CEO of Rubicon. “As one of our longest-serving executives, Renaud has a proven track record of leadership, and has been a key figure in making Rubicon the fully digital company it is today. In addition to his new international advisory responsibilities, he will continue to help guide the strategic direction of our company and keep us focused on our mission to end waste.”

Prior to joining Rubicon, Viel Castel held several leadership positions at Veolia North America, a global environmental solutions company focused on helping customers address sustainability challenges in energy, water, and waste. Viel Castel was General Manager at Transdev North America, a leader in the transportation industry, and the largest private sector provider of multimodal transportation in North America.

Originally from Paris, France, Viel Castel graduated with a Master of Science in global management from the Business School of Rouen, as well as with a Master’s degree from EDC Paris Business School.

About Rubicon

Rubicon is a software platform that provides smart waste and recycling solutions for businesses and governments worldwide. Using technology to drive environmental innovation, the company helps turn businesses into more sustainable enterprises, and neighborhoods into greener and smarter places to live and work. Rubicon’s mission is to end waste by helping its partners find economic value in their waste streams and confidently execute on their sustainability goals. Learn more at Rubicon.com.

Rubicon’s inaugural Environmental, Social, and Governance (ESG) Report, Toward a Future Without Waste, can be found at Rubicon.com/esg-report.

Dan Sampson
Vice President, Marketing & Communications
Rubicon
[email protected]

April 15, 2021 8:48 am

Panoply Named to Tracxn’s Enterprise Information Management 2021 List of Most Promising Startups

Leading data and research firm for investors and venture capitalists includes Panoply as a mini unicorn that promises accelerated growth

SAN FRANCISCO, April 15, 2021 (GLOBE NEWSWIRE) — Panoply, a cloud data platform that makes it easy to sync, store and access business data, today announced that the company has been included in the Enterprise Information Management 2021 list of most promising startups from Tracxn, the data and research firm for investors and venture capitalists.

According to Tracxn, Enterprise Information Management is one of the most active sectors for venture capitalists with $8.1 billion in investment dollars spread across more than 500 companies, including three-fourths of that funding in the last three years. Panoply was listed among the “Minicorns,” those unicorn companies that are early-stage venture funding (Series A+) but promise to be high growth.

“Panoply is pleased to have been included in the Tracxn list of Emerging Information Management companies,” said Paul Friesen, Panoply Co-CEO. “With $24 million in funding to date, we have already made a big impact on the cloud data management market. Our no-code approach to data integration appeals to any business with data trapped in the cloud. As infrastructures become more complex and more data is stored in cloud siloes, we know that more companies will rely on services like Panoply to support data consolidation and analytics.”

Tracxn’s Emerging Startup Series is a list of “unicorn” companies with more than $1 billion in valuation. The list is broken down into “Soonicorns,” which are companies that have high valuation and promise to soon rise to become unicorns, and “Minicorns,” which are early-stage companies that promise to become long-term unicorns. Tracxn assesses candidates for its list using publicly available information and analysis of likely company performance in each sector. Companies are selected based on criteria such as market size, marquee investors, execution, and growth prospects.

To view the complete list of Tracxn’s Top Enterprise Information Management Startups, visit https://tracxn.com/d/emerging-startups/top-enterprise-information-management-startups-2021#DocAuthority.

About Panoply

Founded in 2015, Panoply offers data warehousing and code-free data integration that helps businesses unlock business intelligence without the pain of complex pipeline management or time-consuming data warehouse configuration. The company’s best-in-class data analytics automates ETL processes and data warehouse setup to simplify the discovery of crucial insights that drive business growth. Panoply’s no-code integrations make it easy to connect data sources such as MySQL, Postgres, MongoDB, HubSpot, Salesforce, Shopify, Zendesk, and Google Analytics, as well an array of BI and analytics tools, enabling analysis in minutes without development overhead.

For more information visit www.panoply.io.

Contact:

Tom Woolf
Woolf Media & Marketing
415-842-7398
[email protected]

April 15, 2021 8:48 am

Skye Bioscience to Present at Upcoming Investment Conferences in April

San Diego, Calif, April 15, 2021 (GLOBE NEWSWIRE) — Skye Bioscience, Inc. (OTCQB: SKYE) (“SKYE” or the “Company”), a biopharmaceutical company developing proprietary, synthetic cannabinoid-derived molecules to treat glaucoma and other diseases with significant unmet need, announced today that Punit Dhillon, CEO, Skye Bioscience will present a virtual corporate overview at the Sequire Cannabis Investor Conference and Planet Microcap Showcase next week. Details are as follows:

Sequire Cannabis Investor Conference

Date: April 20, 2021
Time: 12:30 PM EST; Track 1
Registration Link: https://bit.ly/3aeOPi2

Planet Microcap Showcase

Date: April 22, 2021
Time: 10:30 AM EST; Track 1
Registration Link: https://bit.ly/3mLO9pa

About Skye Bioscience, Inc.

Skye Bioscience Inc. is a biopharmaceutical company unlocking the pharmaceutical potential of cannabinoids through the development of its proprietary, cannabinoid-derived molecules to treat diseases with significant unmet needs. The company’s lead molecule, in preclinical studies, has demonstrated potential as a new class of therapy to lower intraocular pressure in patients with glaucoma or elevated intraocular pressure that is superior to the current standard of care. For more information, please visit: www.skyebioscience.com.

CONTACT

Karam Takhar
VP, Corporate Development & Investor Relations
Email: [email protected]
Phone: (858) 410-0266

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements, including statements regarding our product development, business strategy, timing of clinical trials and commercialization of cannabinoid-derived therapeutics. Such statements and other statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. In some cases, forward-looking statements can be identified by terminology including “anticipated,” “contemplates,” “goal,” “focus,” “aims,” “intends,” “believes,” “can,” “could,” “challenge,” “predictable,” “will,” “would,” “may” or the negative of these terms or other comparable terminology. We operate in a rapidly changing environment and new risks emerge from time to time. As a result, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. Risks and uncertainties that may cause actual results to differ materially include, among others, our capital resources, uncertainty regarding the results of future testing and development efforts and other risks that are described in the Risk Factors section of Skye’s most recent annual or quarterly report filed with the Securities and Exchange Commission. Except as expressly required by law, Skye disclaims any intent or obligation to update these forward-looking statements.

April 15, 2021 8:45 am

Wipro Limited Announces Results for the Quarter and Year ended March 31, 2021 under IFRS

Wipro Limited Announces Results for the Quarter and Year ended March 31, 2021 under IFRS

IT Services Revenue growth for the quarter at 3.9% QoQ

EPS for the year increased by 14.6% YoY

BANGALORE, India & EAST BRUNSWICK, N.J.–(BUSINESS WIRE)–
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for the Quarter and Year ended March 31, 2021.

Highlights of the Results

Results for the Quarter ended March 31, 2021:

Gross Revenue was Rs 162.5 billion ($2.2 billion¹), an increase of 3.4% YoY
IT Services Segment Revenue was at $2,152.4 million, an increase of 3.9% QoQ and 3.8% YoY
Non-GAAP² constant currency IT Services Segment Revenue increased by 3.0% QoQ and 0.5% YoY
IT Services Operating Margin³for the quarter was at 21.0%, an expansion of 344 bps YoY
Net Income for the quarter was Rs 29.7 billion ($406.4 million¹), an increase of 27.8% YoY
Earnings Per Share for the quarter was at Rs 5.39 ($0.07¹), an increase of 31.8% YoY

Results for the Year ended March 31, 2021:

Gross Revenue was Rs 619.4 billion ($8.5 billion¹), an increase of 1.5% YoY
IT Services Segment Revenue was at $8,136.5 million, a decrease of 1.4% YoY
Non-GAAP² constant currency IT Services Segment Revenue decreased by 2.3% YoY
IT Services Operating Margin³for the year was at 20.3%, an expansion of 218 bps YoY
Net Income for the year was Rs 107.9 billion ($1,475.9 million¹), an increase of 11.0% YoY
Earnings Per Share for the year was at Rs 19.11 ($0.26¹), an increase of 14.6% YoY
Operating Cash Flow was at Rs 147.6 billion ($2,017.4 million¹), an increase of 46.6% YoY, which is 136.7% of Net Income

Performance for the quarter and year ended March 31, 2021

Thierry Delaporte, CEO and Managing Director said, “I am delighted with the way we have finished the financial year. We delivered a third consistent quarter of strong revenue growth, deal wins and operating margins. We also announced our largest ever acquisition of Capco that will bolster our global financial services sector. We are excited with this wave of business momentum that we are witnessing. All key markets are now growing on YoY basis and this provides us a solid foundation to build on next year growth rates.”

Jatin Dalal, Chief Financial Officer said, “We delivered a 340 bps expansion YoY in operating margins for the quarter after absorbing the impact of wage hike. On a full year basis we increased margins by 220 bps with a consistent improvement in operating metrics. Led by disciplined execution, we generated strong operating cash flows at 136.7% of our net income for the full year. We successfully completed the share buyback program returning $1.3Bn to our shareholders.”

For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 73.14, as published by the Federal Reserve Board of Governors on March 31, 2021. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2021 was US$1= Rs 73.83
Constant currency revenue for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period
IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials

Outlook for the quarter ending June 30, 2021

We expect Revenue from our IT Services business to be in the range of $2,195 million to $2,238 million*. This translates to a sequential growth of 2.0% to 4.0%. This does not include revenue from our recently announced acquisitions of Capco and Ampion.

* Outlook is based on the following exchange rates: GBP/USD at 1.39, Euro/USD at 1.20, AUD/USD at 0.78, USD/INR at 72.76 and CAD/USD at 0.78

Capital Allocation

In the quarter ended March 31, 2021, the Company has concluded the buyback of 237.5 million equity shares as approved earlier by the Board of Directors at their meeting held on October 13, 2020 for an aggregate amount of Rs 95 billion ($1.3 billion¹), excluding buyback tax
The interim dividend of Rs 1 declared by the Board at its meeting held on January 13, 2021 shall be considered as the final dividend for the financial year 2020-21

IT Services

Wipro continued its momentum in winning large deals with our customers as described below:

Wipro has won a multi-million-dollar integrated engagement from a leading US-based industrial manufacturing company to transform and modernize its business functions and enable it to become a digital enterprise via transformation in applications, infrastructure, cyber security and service delivery.
Wipro has won a multi-year strategic contract from a US-based digital transformation and consulting agency to provide Infrastructure Managed Services for its Data Center, and Network and Tools landscape. Wipro will leverage AI Ops tool stack to automate the client’s infrastructure to reduce turnaround time across requests and incidents, improve operational efficiency, and deliver a superior user experience for its end customer, a leading US-based Federal agency.

Digital Services Highlights

We continue to see increasing traction in digital oriented and other strategic deals as illustrated below:

A leading Indian e-commerce and technology company has selected Wipro to enhance customer experience, leveraging its expertise in digital operations and new-age solutions.
A leading technology provider has awarded Wipro a contract to consolidate its enterprise digital assets on cloud and on-premise to a centralized content repository to enable robust management of its marketing content needs.
A global communications and networking giant has extended their decade-long partnership with Wipro Designit to research, prototype, and design their major product family, as well as associated services and experience.
Wipro has won a multi-year engagement with a US-based utilities company to provide System Integrator services for a large business and IT transformation program in the areas of Supply Chain and Enterprise Work and Asset Management. Wipro will leverage its strong domain expertise and capabilities in Digital, Applications, and Data and Analytics to implement leading practices and business processes across the enterprise.
A multinational professional services company has engaged Wipro Designit to design next generation, user-centric experience for its employees. Designit will apply research, service design blueprinting and experience design to transform the workplace and the computing experience for the client’s global workforce.

Analyst Recognition

Wipro was positioned as a Leader in Gartner Magic Quadrant for Managed Workplace Services, North America, Daniel Barros, Mark Ray, Stephanie Stoudt-Hansen, Tobi Bet, 24 Feb 2021
Wipro was positioned as a Leader in Gartner Magic Quadrant for Managed Workplace Services, Europe, David Groombridge, Claudio Da Rold, Alexandra Chavez, Daniel Barros, Katja Ruud, 24 Feb 2021
Wipro was positioned as a Leader in Gartner Magic Quadrant for Customer Service BPO, Deborah Alvord, Kim Dans, Philip Jenkins, John Quaglietta, TJ Singh, 9 Feb 2021
Wipro ranks among the Top Service Providers in Customer Satisfaction Category in Whitelane / Quint Netherlands IT Outsourcing Study 2021
Wipro ranks among the Top Service Providers in Customer Satisfaction Category in Whitelane & PA Consulting IT Outsourcing Study 2021 in Nordics Region
Wipro was positioned as a Leader in Everest Group’s Pharmacovigilance and Complaint Management Operations Services PEAK Matrix® Assessment 2021
Wipro was recognized as a Leader in Everest Group’s Intelligent Process Automation (IPA) Solutions PEAK Matrix® Assessment 2021
Wipro was recognized as a Leader in Everest Group’s Semiconductor Engineering Services PEAK Matrix® Assessment 2021
Wipro was rated as a Leader in ISG Provider Lens™ Salesforce Ecosystem Partners 2021 – US
Wipro was rated as a Leader in ISG Provider Lens™ Next-gen Application Development & Maintenance (ADM) Services 2020 – US and UK

Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

IT Products

IT Products Segment Revenue for the year was Rs 7.7 billion ($105.1 million¹)
IT Products Segment Results for the year was a profit of Rs 0.05 billion ($0.62 million¹)
IT Products Segment Revenue for the quarter was Rs 2.1 billion ($28.9 million¹)
IT Products Segment Results for the quarter was a profit of Rs 0.15 billion ($2.0 million¹)

India business from State Run Enterprises (ISRE)

India SRE Segment Revenue for the year was Rs 8.9 billion ($121.8 million¹)
India SRE Segment Results for the year was a profit of Rs 1.1 billion ($14.5 million¹)
India SRE Segment Revenue for the quarter was Rs 2.3 billion ($31.5 million¹)
India SRE Segment Results for the quarter was a profit of Rs 0.6 billion ($8.0 million¹)

Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

This non-GAAP financial measure is not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. In addition to this non-GAAP measure, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

Results for the quarter and year ended March 31, 2021, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com

Quarterly Conference Call

We will hold an earnings conference call today at 07:15 p.m. Indian Standard Time (09:45 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a web-cast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIPRO210415

An audio recording of the management discussions and the question and answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 190,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Rs in millions, except share and per share data, unless otherwise stated)

	As at March 31, 2020	As at March 31, 2021
			Convenience translation into US dollar in millions Refer footnote 1
ASSETS
Goodwill	131,012	139,127	1,902
Intangible assets	16,362	13,085	179
Property, plant and equipment	81,120	85,192	1,165
Right-of-Use assets	16,748	16,420	225
Financial assets
Derivative assets	–	16	^
Investments	9,302	10,576	145
Trade receivables	6,049	4,358	60
Other financial assets	5,881	6,088	83
Investments accounted for using the equity method	1,383	1,464	20
Deferred tax assets	6,005	1,664	23
Non-current tax assets	11,414	14,323	196
Other non-current assets	11,935	15,935	217
Total non-current assets	297,211	308,248	4,215
Inventories	1,865	1,064	15
Financial assets
Derivative assets	3,025	4,064	56
Investments	189,635	175,707	2,402
Cash and cash equivalents	144,499	169,793	2,321
Trade receivables	104,474	94,298	1,289
Unbilled receivables	25,209	27,124	371
Other financial assets	8,614	7,245	99
Contract assets	17,143	16,507	226
Current tax assets	2,882	2,461	34
Other current assets	22,505	24,923	340
Total current assets	519,851	523,186	7,153

TOTAL ASSETS	817,062	831,434	11,368

EQUITY
Share capital	11,427	10,958	150
Share premium	1,275	714	10
Retained earnings	476,103	466,692	6,381
Share-based payment reserve	1,550	3,071	42
SEZ Re-investment reserve	43,804	41,154	563
Other components of equity	23,299	30,506	418
Equity attributable to the equity holders of the Company	557,458	553,095	7,564
Non-controlling interests	1,875	1,498	20
TOTAL EQUITY	559,333	554,593	7,584

LIABILITIES
Financial liabilities
Loans and borrowings	4,840	7,458	102
Derivative liabilities	138	–	–
Lease liabilities	12,638	13,513	185
Other financial liabilities	151	2,291	31
Deferred tax liabilities	2,825	4,633	63
Non-current tax liabilities	13,205	11,069	151
Other non-current liabilities	7,537	7,835	107
Provisions	2	2	^
Total non-current liabilities	41,336	46,801	639
Financial liabilities
Loans, borrowings and bank overdrafts	73,202	75,874	1,037
Derivative liabilities	7,231	1,070	15
Trade payables and accrued expenses	78,129	78,870	1,078
Lease liabilities	6,560	7,669	105
Other financial liabilities	899	1,470	20
Contract liabilities	18,775	22,535	308
Current tax liabilities	11,731	17,324	237
Other current liabilities	19,254	24,552	336
Provisions	612	676	9
Total current liabilities	216,393	230,040	3,145
TOTAL LIABILITIES	257,729	276,841	3,784

TOTAL EQUITY AND LIABILITIES	817,062	831,434	11,368
^ Value is less than 1

WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Rs in millions, except share and per share data, unless otherwise stated)

	Three months ended March 31,						Year ended March 31,
	2020		2021		2021		2020		2021		2021
					Convenience translation into US dollar in millions Refer footnote 1						Convenience translation into US dollar in millions Refer footnote 1
Revenues	157,110		162,454		2,221		610,232		619,430		8,469
Cost of revenues	(114,133	)	(109,805	)	(1,501	)	(436,085	)	(423,205	)	(5,786	)
Gross profit	42,977		52,649		720		174,147		196,225		2,683

Selling and marketing expenses	(10,295	)	(10,679	)	(146	)	(42,907	)	(41,400	)	(566	)
General and administrative expenses	(7,681	)	(8,689	)	(119	)	(29,823	)	(34,686	)	(474	)
Foreign exchange gains	993		886		12		3,169		2,995		41
Other operating income/(loss), net	395		–		–		1,144		(81	)	(1	)
Results from operating activities	26,389		34,167		467		105,730		123,053		1,683

Finance expenses	(1,653	)	(1,122	)	(15	)	(7,328	)	(5,088	)	(70	)
Finance and other income	4,907		4,447		61		24,081		20,912		286
Share of net profit /(loss) of associates accounted for using the equity method	13		4		^		29		130		2
Profit before tax	29,656		37,496		513		122,512		139,007		1,901
Income tax expense	(6,205	)	(7,755	)	(106	)	(24,799	)	(30,345	)	(415	)
Profit for the period	23,451		29,741		407		97,713		108,662		1,486

Profit attributable to:
Equity holders of the Company	23,260		29,721		407		97,218		107,946		1,476
Non-controlling interests	191		20		^		495		716		10
Profit for the period	23,451		29,741		407		97,713		108,662		1,486

Earnings per equity share:
Attributable to equity holders of the Company
Basic	4.09		5.39		0.07		16.67		19.11		0.26
Diluted	4.07		5.38		0.07		16.62		19.07		0.26

Weighted average number of equity shares
used in computing earnings per equity share
Basic	5,692,835,298		5,510,335,838		5,510,335,838		5,833,384,018		5,649,265,885		5,649,265,885
Diluted	5,703,378,727		5,524,619,810		5,524,619,810		5,847,823,239		5,661,657,822		5,661,657,822
^ Value is less than 1

Additional Information:

Particulars	Three months ended			Year ended
	March 31, 2021	December 31, 2020	March 31, 2020	March 31, 2021	March 31, 2020
	Audited	Audited	Audited	Audited	Audited
Revenue
IT Services
Americas 1	46,510	45,015	45,977	178,091	176,115
Americas 2	46,475	44,702	45,418	179,821	181,481
Europe	45,107	42,880	41,104	165,441	157,526
APMEA	20,825	20,717	20,395	82,462	78,676
Total of IT Services	158,917	153,314	152,894	605,815	593,798
IT Products	2,117	1,563	3,266	7,685	11,657
ISRE	2,302	2,388	1,931	8,912	7,950
Reconciling Items	4	1	12	13	(4)
Total Revenue	163,340	157,266	158,103	622,425	613,401

Other operating income/(loss), net
IT Services	–	–	395	(81)	1,144
Total Other operating income/(loss), net	–	–	395	(81)	1,144

Segment Result
IT Services
Americas 1	9,863	8,095	7,324	33,040	27,289
Americas 2	10,500	10,216	9,008	41,589	34,341
Europe	8,704	9,251	7,181	31,673	27,617
APMEA	3,074	2,765	2,426	11,476	9,550
Unallocated	1,257	2,944	609	5,153	7,732
Other operating income/(loss), net	–	–	395	(81)	1,144
Total of IT Services	33,398	33,271	26,943	122,850	107,673
IT Products	145	78	145	45	(323)
ISRE	587	471	(510)	1,061	(1,849)
Reconciling Items	37	(7)	(189)	(903)	229
Total	34,167	33,813	26,389	123,053	105,730
Finance Expense	(1,122)	(1,400)	(1,653)	(5,088)	(7,328)
Finance and Other Income	4,447	5,975	4,907	20,912	24,081
Share of net profit/ (loss) of associates accounted for using the equity method	4	101	13	130	29
Profit before tax	37,496	38,489	29,656	139,007	122,512

The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (ISRE).

IT Services: As announced on November 12, 2020, effective January 1, 2021, the Company re-organized IT Services segment to four Strategic Market Units (“SMUs”) – Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).

Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM”). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

IT Products: The Company is a value-added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products.

India State Run Enterprise segment (ISRE): This segment consists of IT Services offerings to entities/ departments owned or controlled by the Government of India and/ or any State Governments.

Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)

Three Months ended March 31, 2021
IT Services Revenue as per IFRS	$	2,152.4
Effect of Foreign currency exchange movement	$	(18.7	)
Non-GAAP Constant Currency IT Services Revenue based on	$	2,133.7
previous quarter exchange rates

Three Months ended March 31, 2021
IT Services Revenue as per IFRS	$	2,152.4
Effect of Foreign currency exchange movement	$	(68.8	)
Non-GAAP Constant Currency IT Services Revenue based on	$	2,083.6
exchange rates of comparable period in previous year

Year ended March 31, 2021
IT Services Revenue as per IFRS	$	8,136.5
Effect of Foreign currency exchange movement	$	(72.2	)
Non-GAAP Constant Currency IT Services Revenue based on	$	8,064.4
exchange rates of comparable period in previous year

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005601/en/

Contact for Investor Relations

Aparna Iyer

Phone: +91-80-6142 7139

[email protected]

Abhishek Kumar Jain

Phone: +91-9845791363

[email protected]

Contact for Media & Press

Vipin Nair

Phone: +91-80-6142 6450

[email protected]

KEYWORDS: New Jersey United States India North America Asia Pacific

INDUSTRY KEYWORDS: Software Networks Internet Finance Consulting Data Management Professional Services Technology

MEDIA:

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April 15, 2021 8:44 am

CoreCivic Announces Closing of $450 Million 8.25% Senior Notes Due 2026

BRENTWOOD, Tenn., April 15, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the “Company”) closed its offering of $450,000,000 aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Notes”) on April 14, 2021. The Notes were priced at 99.0% of face value and have an effective yield to maturity of 8.50%. The aggregate net proceeds from the sale of the Notes are expected to be approximately $435.1 million, after deducting the original issuance and underwriting discounts and estimated offering expenses. CoreCivic is using a significant amount of the net proceeds from the offering of the Notes (i) to redeem all $250 million principal amount of its outstanding 5.00% senior notes due 2022 (the “2022 Senior Notes”), which have been called for redemption on May 14, 2021 by a redemption notice issued on April 14, 2021, including the payment of the applicable make-whole amount and accrued interest, and (ii) to otherwise repay or reduce its other indebtedness, which includes repurchasing approximately $128 million principal amount of the $350 million aggregate principal amount of 4.625% senior notes due 2023 (the “2023 Senior Notes”). Following the repurchases of the 2023 Senior Notes described in the preceding sentence, the outstanding principal balance of the 2023 Senior Notes will be approximately $222 million. CoreCivic may use any remaining proceeds for general corporate purposes.

Imperial Capital acted as left lead underwriter, StoneX Financial Inc. acted as joint bookrunner, and Wedbush Securities Inc. acted as co-manager for the offering.

The Notes were offered pursuant to CoreCivic’s effective shelf registration statement on Form S-3ASR, which became effective upon filing with the Securities and Exchange Commission on April 6, 2021. A prospectus supplement describing the terms of the offering has been filed with the Securities and Exchange Commission and is available at www.sec.gov. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained at Imperial Capital, LLC, 10100 Santa Monica Boulevard, Suite 2400, Los Angeles, CA 90067, Attn: Prospectus Department, or by telephone at (310) 246-3700.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute a notice of redemption under the indenture governing the 2022 Senior Notes or the indenture governing the 2023 Senior Notes, nor shall there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release includes forward-looking statements regarding CoreCivic’s intended use of the remaining net proceeds from the issuance of the Notes. These forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in CoreCivic’s Securities and Exchange Commission filings, including CoreCivic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission on February 22, 2021, as well as the risks identified in the prospectus supplement and the accompanying prospectus relating to the offering. CoreCivic wishes to caution readers that certain important factors may have affected and could in the future affect CoreCivic’s actual results and could cause CoreCivic’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of CoreCivic, including the risk that the offering of the Notes cannot be successfully completed. CoreCivic undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About CoreCivic

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the U.S. CoreCivic has been a flexible and dependable partner for government for more than 35 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Contact:

Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024
Media: Steve Owen – Vice President, Communications – (615) 263-3107

April 15, 2021 8:42 am

Heliospectra Set to Release Next-Gen Automated Light Control System

helioCORE™ 2.0 improves crop output and lowers energy costs using data-driven software

PR Newswire

GOTHENBURG, Sweden, April 15, 2021 /PRNewswire/ — Heliospectra, commitment to building tomorrow’s technology for today’s growers, has announced the launch of helioCORE 2.0. The newly upgraded state-of-the-art plant science software is being released to leading commercial growers and research institutions around the globe. It is expected to have a full launch by Q3 of 2021.

In 2018, Heliospectra launched its game-changing helioCORE software. Applying decades of plant biology and research, helioCORE enabled growers unprecedented control over light intensity, spectrum, and photoperiod. After testing for over 2 years and collecting data through rigorous trials and grower feedback, Heliospectra has perfected helioCORE’s interface and functionality and is launching version 2.0.

“We wanted to ensure Heliospectra delivers what growers have come to expect from us, which is the best and latest within control and horticulture lighting,” said Ali Ahmadian, CEO of Heliospectra AB. Adding that this is the perfect time for the release of helioCORE 2.0. “Automation solutions are changing and optimizing the horticulture industry and lighting is a natural part of that.” Ahmadian adds, “through scheduling, predictive algorithms, and sensor technology, helioCORE provides growers with a tool to identify growth issues in time, and deliver consistency in growth, less waste, and increase in yield – providing a competitive edge for growers globally.”

The helioCORE enables growers to connect up to 5000 lights in one platform from anywhere, at any time, via wifi or cable through any device. The value of this powerful software is in the benefits it holds for growing best practices:

Set Daily Light Integral (DLI): The system uses predictive algorithms to implement a proper DLI (daily light amount target) for greenhouses and helps keep costs down by uploading local utility rates to prioritize lamp usage at times of the day when energy and utility costs are lowest. With a precise DLI, growers can ensure plants are getting the light they need 365 days of the year, no matter the weather conditions.

Control PPFD (Photosynthetic Photon Flux Density) levels: The highly sophisticated system allows growers to maintain consistent light intensity and control the PPFD levels to maximize plant efficiency and photosynthesis.

Customized light strategies using scheduling: From any device, growers can create customized and repeatable light schedules, from end-of-day treatment to full growth cycles, thereby granting growers control over flavor, morphology and nutrition.

These helioCORE benefits are improved with a new interface in its anticipated 2.0 upgrade. This means growers now have the opportunity and ability to optimize their cultivation and grow every crop to their full potential, all while improving operational and financial performance.

Ahmadian adds, “this is just the beginning of innovation for Heliospectra. We are hard at work, developing our patented biosensor technology, that will integrate with helioCORE 2.0, taking the industry a step further on how we communicate with crops and perfect the art of growing.”

With nothing else like the unique helioCORE software on the market, Heliospectra is solidifying its position by staying on the cutting edge of plant science, continuously improving, and focusing on innovative solutions.

To learn more about helioCORE and to sign up for a demo, visit https://www.heliospectra.com/led-grow-light-control-software.

CONTACT:

För mer information:

Heliospectra AB, Fiskhamnsgatan 2, 414 58 Göteborg
Telefon 031 40 67 10[email protected]

http://www.heliospectra.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/heliospectra/r/heliospectra-set-to-release-next-gen-automated-light-control-system,c3325295

The following files are available for download:

https://mb.cision.com/Main/5333/3325295/1402142.pdf	Release
https://news.cision.com/heliospectra/i/heliocore-2-0-light-control-software-by-heliospectra,c2900419	helioCORE 2 0 Light Control Software by Heliospectra

View original content:http://www.prnewswire.com/news-releases/heliospectra-set-to-release-next-gen-automated-light-control-system-301269845.html

SOURCE Heliospectra

April 15, 2021 8:39 am

Atento Sets Date for Fiscal First Quarter 2021 Results

PR Newswire

NEW YORK, April 15, 2021 /PRNewswire/ — Atento S.A. (NYSE: ATTO), the largest provider of customer relationship management and business process outsourcing solutions (CRM/BPO) in Latin America and among the top five providers worldwide, announced today that it will release its fiscal First Quarter 2021 financial results after the market close of the New York Stock Exchange on Wednesday, May 5, 2021. Atento’s senior management team will host a conference call and webcast to discuss the financial and operating results on Thursday, May 6, 2021 at 10:00 a.m. Eastern Time.

You are invited to visit Atento’s Investor Relations website at http://investors.atento.com. A replay will also be available after the event in the Presentations and Webcast section of the website.

Dial In Info:

USA: +1 866 807 9684
Brazil: +55 11 4933-0682
Spain: +34 91 414 9260
UK: +44 20 3514 3188

Webcast: click here

About Atento
Atento is the largest provider of customer relationship management and business process outsourcing (“CRM BPO”) services in Latin America, and among the top five providers globally. Atento is also a leading provider of nearshoring CRM BPO services to companies that carry out their activities in the United States. Since 1999, the company has developed its business model in 13 countries where it employs approximately 140,000 people. Atento has over 400 clients to whom it offers a wide range of CRM BPO services through multiple channels. Atento’s clients are mostly leading multinational corporations in sectors such as telecommunications, banking and financial services, health, retail and public administrations, among others. Atento’s shares trade under the symbol ATTO on the New York Stock Exchange (NYSE). In 2019, Atento was named one of the World’s 25 Best Multinational Workplaces and one of the Best Multinationals to Work for in Latin America by Great Place to Work®. Also, in 2021 Everest named Atento as a star performer Gartner named the company as a leader in the 2021 Gartner Magic Quadrant. For more information visit www.atento.com

Investor Relations

Shay Chor

[email protected]

Investor Relations

Fernando Schneider

[email protected]

Media Relations

Pablo Sánchez Pérez

[email protected]

+34 670031347

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “continue” or similar terminology. These statements reflect only Atento’s current expectations and are not guarantees of future performance or results. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. In particular, the COVID-19 pandemic, and governments’ extraordinary measures to limit the spread of the virus, are disrupting the global economy and Atento’s industry, and consequently adversely affecting the Company’s business, results of operation and cash flows and, as conditions are recent, uncertain and changing rapidly, it is difficult to predict the full extent of the impact that the pandemic will have. Risks and uncertainties include, but are not limited to, competition in Atento’s highly competitive industries; increases in the cost of voice and data services or significant interruptions in these services; Atento’s ability to keep pace with its clients’ needs for rapid technological change and systems availability; the continued deployment and adoption of emerging technologies; the loss, financial difficulties or bankruptcy of any key clients; the effects of global economic trends on the businesses of Atento’s clients; the non-exclusive nature of Atento’s client contracts and the absence of revenue commitments; security and privacy breaches of the systems Atento uses to protect personal data; the cost of pending and future litigation; the cost of defending Atento against intellectual property infringement claims; extensive regulation affecting many of Atento’s businesses; Atento’s ability to protect its proprietary information or technology; service interruptions to Atento’s data and operation centers; Atento’s ability to retain key personnel and attract a sufficient number of qualified employees; increases in labor costs and turnover rates; the political, economic and other conditions in the countries where Atento operates; changes in foreign exchange rates; Atento’s ability to complete future acquisitions and integrate or achieve the objectives of its recent and future acquisitions; future impairments of our substantial goodwill, intangible assets, or other long-lived assets; and Atento’s ability to recover consumer receivables on behalf of its clients. In addition, Atento is subject to risks related to its level of indebtedness. Such risks include Atento’s ability to generate sufficient cash to service its indebtedness and fund its other liquidity needs; Atento’s ability to comply with covenants contained in its debt instruments; the ability to obtain additional financing; the incurrence of significant additional indebtedness by Atento and its subsidiaries; and the ability of Atento’s lenders to fulfill their lending commitments. Atento is also subject to other risk factors described in documents filed by the comp any with the United States Securities and Exchange Commission.

These forward-looking statements speak only as of the date on which the statements were made. Atento undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

View original content to download multimedia:http://www.prnewswire.com/news-releases/atento-sets-date-for-fiscal-first-quarter-2021-results-301269840.html

SOURCE Atento S.A.

April 15, 2021 8:38 am

Helius Medical Technologies, Inc. to Present at the Planet MicroCap Showcase on April 21st

NEWTOWN, Pa., April 15, 2021 (GLOBE NEWSWIRE) — Helius Medical Technologies, Inc. (Nasdaq:HSDT) (TSX:HSM) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today announced that management will participate in the Planet MicroCap Showcase, which is being held virtually from April 20th-22nd. Management will present on Wednesday, April 21st at 8:30 a.m. Eastern Time.

A live audio webcast of the conference presentation will be available under the ‘Events’ section of the Helius Medical Technologies investor relations website at https://heliusmedical.com/index.php/investor-relations/events/upcoming-events. An archive of the webcast will be available following the conference.

About Helius Medical Technologies, Inc.

Helius Medical Technologies is a neurotech company focused on neurological wellness. The Company’s purpose is to develop, license and acquire unique and non-invasive platform technologies that amplify the brain’s ability to heal itself. The Company’s first commercial product is the Portable Neuromodulation Stimulator (PoNS™). For more information, visit www.heliusmedical.com.

About the PoNS™ Device and PoNS Treatment™

The Portable Neuromodulation Stimulator (PoNS™) is an innovative non-surgical medical device, inclusive of a controller and mouthpiece, which delivers mild electrical stimulation to the surface of the tongue to provide treatment of gait deficit and is indicated for use in the United States as a short term treatment of gait deficit due to mild-to-moderate symptoms from multiple sclerosis (MS) and is to be used as an adjunct to a supervised therapeutic exercise program in patients 22 years of age and over by prescription only. The PoNS device is authorized for sale in Canada as a class II, non-implantable, medical device intended as a short term treatment (14 weeks) of gait deficit due to mild and moderate symptoms from MS, and chronic balance deficit due to mild-to-moderate traumatic brain injury (mmTBI) and is to be used in conjunction with physical therapy. The PoNS device is an investigational medical device in the European Union (“EU”) and Australia (“AUS”). It is currently under premarket review by the AUS Therapeutic Goods Administration.

Investor Relations Contact:

Westwicke on behalf of Helius Medical Technologies, Inc.
Jack Powell, Vice President
[email protected]