Market Newsdesk

VANCOUVER, BC, May 5, 2021 /PRNewswire/ – BBTV Holdings Inc. (TSX: BBTV) (OTCQX: BBTVF) (“BBTV” or the “Company”), the leading business in the creator economy, today announced that it will release its financial results for the first quarter 2021 after market close on Thursday, May 13th. The Company will subsequently hold a conference call that same day, Thursday, May 13th, at 2:15pm Pacific Time/5:15pm Eastern Time hosted by Ms. Shahrzad Rafati, Chairperson and CEO, and Mr. Todd Tappin, Chief Financial Officer. A question and answer session will follow the corporate update.

Conference Call Details

Thursday May 13th, 2021, 2:15pm Pacific Time/5:15pm Eastern Time.

Participant Information
Conference ID: 4192186
Participant Toll Free Dial-In Number: (844) 418-0102
Participant International Dial-In Number: (236) 714-3015
Please connect at least 15 minutes prior to the conference call.

To coincide with the call, an Investor Highlights presentation will available at: https://investors.bbtv.com/events-and-presentations/default.aspx

Links to SEDAR filings, conference call recordings and press releases are available on the investor website at: https://investors.bbtv.com/

Telephonic Replay:
Encore Dial In #: (800) 585-8367 or (416) 621-4642
Conference ID: 4192186
May 13, 2021 22:30 ET – May 20, 202123:59 ET

About BBTV
BBTV is a media and technology company headquartered in Vancouver, Canada. The company’s mission is to help content creators become more successful. With creators ranging from individuals to global media companies, BBTV provides a comprehensive, end-to-end solution to increase viewership and drive revenue powered by its innovative technology, while allowing creators to focus on their core competency – content creation. In January 2021, BBTV had the second most unique monthly viewers among digital platforms with more than 600 million globally, who consumed approximately 50 billion minutes of video content, the most among media companies. www.bbtv.com^[1]

Contacts:
Media Relations
Dan Gamble
778-873-0422
[email protected]

Investor Relations


[email protected]

Contact:
Ron Shuttleworth
Partner
Oak Hill Financial Inc
(647)-500-7371
[email protected] 

BBTV-F

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SOURCE BBTV Holdings Inc.

NEW YORK, May 5, 2021 /PRNewswire/ — OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced Vanstar Mining Resources, Inc. (TSX-V: VSR) (OTCQX: VMNGF), a gold exploration company, has qualified to trade on the OTCQX® Best Market. Vanstar Mining Resources, Inc. upgraded to OTCQX from the Pink® market.

Vanstar Mining Resources, Inc. begins trading today on OTCQX under the symbol “VMNGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

JC St-Amour, President and CEO of Vanstar Mining commented, “Our US investor base is an important group of shareholders and I am pleased to have upgraded to the OTCQX Market to provide more transparency and increase our exposure to one of the largest markets globally.  Vanstar has several highly prospective gold properties in Quebec including our flagship Nelligan project, which we jointly own with IAMGOLD Corp. The Nelligan project hosts a world class gold deposit, is located in one of the best mining jurisdictions in the world and is being jointly explored and developed by a successful and experienced mining Company, IAMGOLD. This year promises to be an exciting year for Vanstar with exploration results from Nelligan and our other gold properties expected throughout the year.”

Securities Law USA, PLLC acted as the company’s OTCQX sponsor.

About Vanstar Mining Resources, Inc.
Vanstar Mining Resources Inc. is a gold exploration company with properties located in Northern Québec at different stages of development. The Company owns a 25% interest in the Nelligan project (3.2 million inferred ounces Au, NI 43-101 October 2019) and 1% NSR. The Nelligan Project won the “Discovery of the Year” award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar also owns 100% of the Felix property under development in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property) and 100% of Amanda, a 7,677 ha property located on the Auclair formation with historic gold showings up to 12.1 g/t Au over 3 meters.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 11,000 U.S. and global securities.  Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services.  We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, [email protected] 

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SOURCE OTC Markets Group Inc.

 
R
ecently Appointed, Stacey Gillespie,
Advances
R&D Practices and Fuels
Rritual’s
Functional Sup
erfoods
Product Pipeline
f
or National Rollout

VANCOUVER, BC, May 5, 2021 /PRNewswire/ – Rritual Superfoods Inc. (“Rritual” or the “Company”) (CSE: RSF) (FSE: 0RW) is excited to announce that recently appointed Chief Innovation Officer, Stacey Gillespie, has launched the Company’s Research and Development division, establishing best practices toward the development of a category leading product pipeline.  

“Stacey’s expertise and depth of knowledge has made an immediate impact, resulting in the establishment of an approach to product development based on best practices and the spirit of innovation for our customers,” said Mr. David Kerbel, Rritual CEO. “As a result, Rritual is now armed with an innovative and highly responsive product development program designed to capitalize on emerging product categories to satisfy consumer demand for products incorporating ‘Superfood’ ingredients.”

As Rritual aims to define the functional superfoods sector, the Company has put in place the leadership and expertise to create organizational knowledge for the long term in its approach to product development in serving the end consumer. “Rritual has embraced the concept of being a consumer centred enterprise, and as it relates to product development that means we begin with an understanding of consumer desires and industry trends from our research and relationships, and we design and commercialize our products to meet those desires and trends on a timely basis,” said Stacey Gillespie, Rritual Chief Innovation Officer.

Rritual now deploys a process for product development that blends best practices with agility to identify categories with high growth potential, including its flagship mushrooms and adaptogens product line, and innovative products such as the following from the Company’s Product Pipeline for Q2/Q3:

• Vegan Chai Rose Latte Collagen Booster: Collagen-Booster Rose Chai Latte Powder made with tremella, reishi, aloe vera and other beautifying superfoods in a skin-hydrating & vegan cream base.
• Mood & Energy Ube Matcha Latte Powder: Made with Cordyceps, lion’s mane, matcha & purple/blue hue super foods (ube purple sweet pea powder, purple pea flower, blue spirulina) broad-spectrum of prebiotic superfoods of purple sweet potato powder, lucuma, and inulin which combined support a healthy microbiome so you can trust your gut again.
• Superfood Vegan Creamer: Made with vegan cream base and proprietary immune-synergy blend with key adaptogenic botanicals.
• Ready to Drink Beverages: Powered by adaptogenic botanicals and enhanced with organic exotic superfruits and prebiotic fibers to support a healthy microbiome which in turn helps support a healthy immune system, digestive function, and a positive outlook. These beverages will provide clean and pure refreshment to replenish the body and mind.

This new line of innovative products will tap into the developing and recently announced distribution agreements that will be carrying Rritual’s full flagship product line. As a result, these new products will have exposure to major wellness retailers and sales platforms including CrossMark.

Functional foods and “Superfoods” are foods that offer maximum nutritional benefits and are packed with vitamins, minerals, and antioxidants. They can possess unique properties that boost immunity, improve brain function, and more. “As an emerging category, consumer interest for Superfoods is building rapidly, and Rritual in embracing a consumer centric model is cognizant of the opportunity that exists to educate consumers in addition to providing them with a line of products that are differentiated, efficacious and most importantly taste good,” added Stacey.

Rritual product offerings are all USDA-certified organic and are a caffeine-free option that can be mixed with other beverages or enjoyed by itself. Rritual’s proprietary Immune-Synergy Six Mushroom Blend is the only functional health product on the market that contains a daily prebiotic blend which nourishes a healthy gut microbiome and facilitates balanced digestive function.

About Rritual

Rritual is a functional superfood company that creates plant-based elixirs, which support immunity, focus and relaxation. The company is poised to dominate a segment where demand and sales are growing exponentially. Under the executive leadership with over 100 years of CPG pedigree, Rritual is launching in North America in Q2 2021 as the company positions itself as a leader in the functional health and wellness industry. Rritual’s superfood elixirs can be found online at www.rritual.com.

Follow Rritual on Twitter, LinkedIn, Facebook, and Instagram.

Functional Foods Market

According to Grandview Research*, it is estimated that the global functional food market is projected to reach $275 billion by 2025, growing at 7.9% each year with consumers putting more emphasis on health and wellness.

*https://www.grandviewresearch.com/press-release/global-functional-foods-market

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to Rritual’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements relating to the Company’s plans to leverage third party manufacturing and logistics, the Company’s broader retail distribution plans and the Company’s other plans, focus and objectives.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Rritual’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors set forth under “Forward-Looking Statements” and “Risk Factors” in the final long form prospectus of the Company dated February 26, 2021 and available under the Company’s profile on SEDAR at www.sedar.com. Rritual undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Rritual to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

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SOURCE Rritual Superfoods Inc.

Learn more at Ritchie Bros. Canadian Agriculture Industry Panel on May 10 at 11 a.m. Pacific

SASKATOON, SK, May 5, 2021 /PRNewswire/ – Every spring, Ritchie Bros. holds dozens of farm retirement dispersals across Western Canada. Traditionally the company would drive from farm to farm as a travelling auction company, but in Spring 2021 all bidding is conducted online via Timed Auction or with an auctioneer, and it’s paying off for consignors.

“We registered more than 160,000 bidders and attracted more than 1.6 million online equipment views for our spring 2021 agricultural events,” said Jordan Clarke, Sales Director, Ritchie Bros. “As a result, equipment pricing in March and April was very strong in Canada, with buyers pushing hard on almost every asset category.”

This spring, in just 30 days, Ritchie Bros. conducted 71 farm auctions, generating CA$104+ million in gross transaction value. Equipment highlights included 230+ tractors, 140+ combines, 110+ air drills, 675+ grain bins, farmland, and a lot more. Specific sales highlights included a 2020 Claas 8700 combine that sold in Bowsman, MB via Timed Auction for CA$500,000; a 2018 John Deere R4045 120-ft high clearance sprayer that sold via auctioneer in Regina, SK for CA$445,000; and a 2018 Versatile 610DT track tractor that sold via Timed Auction in Eatonia, SK for CA$410,000.

Want to learn more? Ritchie Bros. Canadian Agriculture Industry Panel on May 10 at 11 a.m. Pacific
On May 10, 2021, at 11 a.m. – 12 p.m. Pacific, Ritchie Bros. will host a Canadian agriculture industry panel to discuss key issues impacting the farming industry in Canada, including supply/demand metrics, macro economic issues, and more. This free one-hour online panel discussion will feature Farm Credit Canada Principal Agriculture Economist Craig Klemmer; Western Equipment Dealers Association CEO John Schmeiser; along with Ritchie Bros. experts Jordan Clarke (Director, Sales) and Kevin Tink (Senior Advisor & Auctioneer). Register for free online at rbauction.com/blog!

Spring Auction Customer Testimonials:

• “We were new to the online auction process, so we had a lot of questions, and they were always there for us,” said Larry and Jean Hamilton, who sold farmland on April 5 and 6 in Saskatoon, SK. “The entire process was handled in a very professional manner and the end results were above and beyond our expectations.”
• “All of the Ritchie bros. employees were friendly, easy to work with, and very accommodating,” said LeRoy and Karen Sonnenberg, who sold 75+ items via Timed Auction on April 9. “We were very pleased with the process and the outcome from our auction. Ritchie Bros. are excellent to work with from start to finish.”
• “Thank you, Ritchie Bros, for a first-class auction and an excellent result,” said Kerry Peterson, who sold 175+ items in a Timed Auction on April 10.

To consign equipment to an upcoming Ritchie Bros. auction, contact your sales rep or visit rbauction.com/selling.

About Ritchie Bros.:

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company’s selling channels include: Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The Company’s suite of solutions also includes Ritchie Bros. Asset Solutions and Rouse Services LLC, which together provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment financing and leasing through Ritchie Bros. FinancialServices. For more information about Ritchie Bros., visit RitchieBros.com.

Photos and video for embedding in media stories are available at rbauction.com/media. 

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SOURCE Ritchie Bros.

CARLSBAD, Calif., May 5, 2021 /PRNewswire/ — Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) today reported its financial results for the first quarter of 2021 and recent business highlights.

“In the first quarter, we took important steps to maximize the value of our wholly owned pipeline. We recently initiated pivotal studies with our wholly owned FUS-ALS and Alexander disease programs. We delivered positive results from our IONIS-PKK-L_Rx program, demonstrating its potential to change the standard of care for patients with hereditary angioedema. We also further strengthened the business and continued executing on our strategic priorities,” said Brett P. Monia, Ph.D., chief executive officer of Ionis. “This summer, we expect data from our IONIS-MAPT_Rx program in Alzheimer’s disease patients. And later this year, we look forward to data from the Phase 3 VALOR study of tofersen in patients with SOD1-ALS. If results from the VALOR study are positive, we expect tofersen to be our next commercial medicine. These key upcoming catalysts, together with our recent achievements, position us well to have 12 or more products on the market in 2026.”

First Quarter 2021 and Recent Summary Financial Results

• On track to achieve 2021 financial guidance reflecting investments in Ionis’ wholly owned pipeline, based on the following first quarter results
• $112 million in total revenues
• $159 million of operating expenses on a non-GAAP basis⁽¹⁾ and $204 million on a GAAP basis
• Net loss of $45 million on a non-GAAP basis⁽¹⁾ and $90 million on a GAAP basis
• Further strengthened the Company’s balance sheet with pro forma cash of $2.1 billion, after reflecting the convertible notes transaction
• Enables expansion of manufacturing and R&D capacity
• $632.5 million principal due in April 2026 with 0% interest and an effective conversion price of $76.39 after the purchase of a call spread
• Will realize interest expense savings while keeping potential future dilution nearly flat
• Repurchased approximately 80% of previously outstanding 1% convertible notes due in November 2021

“So far this year, we have taken important steps in support of developing and commercializing our wholly owned medicines. In addition to completing the restructuring of our European operations, we expanded our Sobi distribution agreement to include North America. These transactions unlocked significant resources that we are now redirecting towards our highest priority programs, including IONIS-TTR-L_Rx and IONIS-APOCIII-L_Rx,” said Elizabeth L. Hougen, chief financial officer of Ionis. “We are on track to meet our 2021 financial guidance. In the second half of this year, we expect R&D revenue to increase as many of our partnered programs continue to advance. Importantly, we are well-capitalized with the resources we need to expand our manufacturing and R&D capacity to support the future needs of our wholly owned pipeline. This large capital project, which is now underway, is necessary to successfully execute on our goal to drive growth.”  

First Quarter 2021 Marketed Products Highlights 

• SPINRAZA: a global foundation-of-care for the treatment of spinal muscular atrophy (SMA) patients of all ages
• $521 million in worldwide sales in the first quarter
• More than 11,000 patients worldwide were on therapy at the end of the first quarter across post-marketing, expanded access and clinical trial settings
• Higher-dose SPINRAZA demonstrated safety and tolerability consistent with the currently approved dose in the open-label safety cohort of the DEVOTE study, enabling enrollment in the blinded, pivotal cohort to get underway
• TEGSEDI and WAYLIVRA: important medicines approved for the treatment of patients with severe rare diseases
• Completed the transition of European operations to Swedish Orphan Biovitrum AB (Sobi) and expanded the distribution agreement to include North American TEGSEDI operations

First Quarter 2021 and Recent Pipeline Events

• Phase 3 Pipeline: growing and positioned for 12 or more products on the market in 2026
• Advanced ION363 into a Phase 3 study in patients with FUS-ALS
• Advanced tofersen into the Phase 3 ATLAS study in presymptomatic SOD1-ALS patients
• Roche reported tominersen data related to the dosing halt in the Phase 3 program
• Mid-stage Pipeline: advancing multiple medicines with potential to change the standard of care for patients with severe diseases
• Reported positive topline IONIS-PKK-L_Rx results in patients with hereditary angioedema
• Advanced ION373 into the Phase 2 portion of a pivotal study in patients with Alexander disease
• Advanced the IONIS-AGT-L_Rx development program:
• Reported positive Phase 2 data in JACC: Basic to Translational Science  
• Advanced into a Phase 2b study in patients with hypertension uncontrolled with three or more antihypertensive medications
• Advanced into a Phase 2 study in patients with chronic heart failure with reduced injection fraction
• Advanced the ongoing Phase 2 study of ION541 in patients with ALS regardless of family history, resulting in a $10 million payment from Biogen

Upcoming 2021 Pipeline Catalysts
⁽²⁾ 

First Quarter 2021 Financial Results

Revenue

Ionis’ revenue was comprised of the following (amounts in millions):

The Company’s commercial revenue in the first quarter of 2021 was consistent with the same period last year. As the Company completes its transition of TEGSEDI operations in North America to Sobi, the Company’s commercial revenue from product sales will shift to distribution fees based on net sales generated by Sobi.

The Company’s R&D revenue decreased in the first quarter of 2021 compared to the same period last year primarily because the Company earned more milestone payments in the first quarter of 2020 than the same period this year. The Company expects its R&D revenue to increase in the second half of 2021 compared to the first half.

Financial Impacts of Akcea Acquisition and Restructured Operations

In conjunction with the Akcea acquisition and restructured European operations, in the first quarter of 2021, the Company incurred $7 million of costs, which it excluded from its non-GAAP amounts for the period. Refer to the detailed reconciliation of non-GAAP and GAAP measures that is provided later in this release. The Company expects to incur additional expenses in the range of $11 million to $14 million related to the restructuring of its North American TEGSEDI operations from the expanded distribution agreement with Sobi. The company will reflect the North American TEGSEDI restructuring costs primarily in the second quarter of 2021.

Operating Expenses

Ionis’ operating expenses for the first quarter of 2021 increased compared to the same period last year driven primarily by the Company’s investments in advancing its late-stage wholly owned pipeline.

Net Loss Attributable to Ionis Common Stockholders

Ionis’ net loss attributable to Ionis’ common stockholders for the first quarter of 2021 increased compared to the same period in the prior year for the reasons discussed above.

Balance Sheet

Ionis ended March 2021 with cash, cash equivalents and short-term investments of $1.8 billion, compared to $1.9 billion at December 31, 2020. In April 2021, Ionis issued $632.5 million of 0% senior convertible notes due in April 2026 and repurchased $247.9 million of its 1% senior convertible notes. After reflecting these transactions, Ionis’ pro forma cash, cash equivalents and short-term investments was $2.1 billion.

The Company revised its 2020 amounts to reflect the simplified convertible instruments guidance the Company adopted retrospectively on January 1, 2021.

Webcast

Today, at 11:30 a.m. Eastern Time, Ionis will conduct a live webcast to discuss this earnings release and related activities. Interested parties may access the webcast here. A webcast replay will be available for a limited time at the same address.

About Ionis Pharmaceuticals, Inc.

For more than 30 years, Ionis has been the leader in RNA-targeted therapy, pioneering new markets and changing the standards of care with its novel antisense technology. Ionis currently has three marketed medicines and a premier late-stage pipeline highlighted by industry-leading neurological and cardiometabolic franchises. Our scientific innovation began and continues with the knowledge that sick people depend on us, which fuels our vision of becoming one of the most successful biotechnology companies. 

To learn more about Ionis visit www.ionispharma.com or follow us on Twitter @ionispharma.

Ionis’ Forward-looking Statement

This press release includes forward-looking statements regarding Ionis’ business, financial guidance and the therapeutic and commercial potential of SPINRAZA (nusinersen), TEGSEDI (inotersen) and WAYLIVRA (volanesorsen) and Ionis’ technologies and products in development. Any statement describing Ionis’ goals, expectations, financial or other projections, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, including those related to the impact COVID-19 could have on our business, and including those inherent in the process of discovering, developing and commercializing medicines that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such medicines. Ionis’ forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Ionis’ forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Ionis. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Ionis’ programs are described in additional detail in Ionis’ annual report on Form 10-K for the year ended December 31, 2020, and the most recent Form 10-Q quarterly filing, which are on file with the SEC. Copies of these and other documents are available from the Company.

In this press release, unless the context requires otherwise, “Ionis,” “Company,” “we,” “our,” and “us” refers to Ionis Pharmaceuticals and its subsidiaries.

Ionis Pharmaceuticals^™ is a trademark of Ionis Pharmaceuticals, Inc. Akcea Therapeutics^® is a registered trademark of Akcea Therapeutics, Inc. TEGSEDI^® is a registered trademark of Akcea Therapeutics, Inc. WAYLIVRA^® is a registered trademark of Akcea Therapeutics, Inc. SPINRAZA^® is a registered trademark of Biogen. 

*The Company revised its 2020 amounts to reflect the simplified convertible instruments guidance the Company adopted retrospectively on January 1, 2021.

*The Company revised its 2020 amounts to reflect the simplified convertible instruments guidance the Company adopted retrospectively on January 1, 2021.

Reconciliation of GAAP to Non-GAAP Basis

As illustrated in the Selected Financial Information in this press release, non-GAAP operating expenses, non-GAAP income (loss) from operations, and non-GAAP net income (loss) attributable to Ionis Pharmaceuticals, Inc. common stockholders were adjusted from GAAP to exclude compensation expense related to equity awards and costs related to the Akcea acquisition and restructured European operations and the related tax effects. Compensation expense related to equity awards are non-cash. Costs related to the Akcea acquisition and restructured European operations include: severance costs, retention costs and other costs. Ionis has regularly reported non-GAAP measures for operating results as non-GAAP results. These measures are provided as supplementary information and are not a substitute for financial measures calculated in accordance with GAAP. Ionis reports these non-GAAP results to better enable financial statement users to assess and compare its historical performance and project its future operating results and cash flows. Further, the presentation of Ionis’ non-GAAP results is consistent with how Ionis’ management internally evaluates the performance of its operations.

*The Company revised its 2020 amounts to reflect the simplified convertible instruments guidance the Company adopted retrospectively on January 1, 2021.

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SOURCE Ionis Pharmaceuticals, Inc.

ORLANDO, Fla., May 5, 2021 /PRNewswire/ — Tupperware Brands Corporation (NYSE: TUP) today reported operating results for the first quarter ended March 27, 2021.

First Quarter 2021 Financial Highlights

• Net sales of $460.3 million increased 22% vs. 2020, up 20% in local currency
• GAAP diluted earnings per share were $0.85 compared to a loss of $(0.16) for the first quarter 2020
• Adjusted ⁽¹⁾ diluted earnings per share were $0.82 compared to $0.09 in 2020
• Net Income was $45.3 million compared to a net loss of $(7.8) million for the first quarter of 2020
• Effective tax rate was 31%
• EBITDA⁽¹⁾ grew 551% to $88.6 million compared to $13.6 million in the first quarter of 2020

“The strong financial performance this quarter is a concrete example that we are strengthening the foundation of our company.  We continue to revitalize the brand through the expanded use of digital tools by our sales force to solve consumer needs,” said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. “Additionally, we have made great progress building the team needed to accelerate growth in new channels of distribution so more consumers have access to our environmentally-friendly, reusable products.”

“Our cash earnings in the first quarter illustrate the benefits of the ongoing turnaround plan, which is creating a more profitable company. Additionally, the sale of non-core assets resulted in a sizeable reduction of our debt, consistent with our capital allocation policy, resulting in a prospective fifty-basis-point interest rate reduction,” said Sandra Harris, Tupperware Brands Chief Financial Officer and Chief Operating Officer.

Quarterly Results:

First quarter net sales were $460.3 million, an increase of 22%, and 20% in local currency when comparing first quarters of 2021 and 2020. Average active sales force increased 16% and productivity was up 3%. This continued increase in activity and productivity of the direct selling sales force is due to adoption of digital tools and techniques to expand their geographical reach to attract more customers and bring Tupperware’s environmentally friendly and reusable products to a larger audience.

First quarter 2021 net sales for the segments were:

• Asia Pacific – Net sales were $125.3 million, up 4% and local currency sales down 2% from first quarter of 2020
• Europe – Net sales were $126.8 million, up 20% and local currency sales up 12% from first quarter of 2020
• North America – Net sales were $146.5 million, up 45% and local currency sales up 43% from first quarter of 2020
• South America – Net sales were $61.6 million, up 27% and local currency sales up 53% from first quarter of 2020

Net income was $45.3 million vs. a loss of $(7.8) million for the first quarter of 2021 and 2020, respectively. GAAP diluted earnings per share were $0.85 vs. a loss of $(0.16) for the first quarter of 2021 and 2020, respectively. The increase in net income and GAAP diluted earnings per share was primarily due to increased profit from sales growth, realization of the turnaround plan cost savings and sale of non-core assets.

Liquidity

As of March 27, 2021, the Company continued to be in compliance with its financial covenants under its credit agreement with a debt to debt covenant EBITDA ⁽¹⁾ ratio of 2.36 versus 5.36 in the first quarter of 2020.

About Tupperware Brands Corporation

Tupperware Brands Corporation (“Tupperware” or the “Company”) is a leading global consumer products company that designs innovative, functional, and environmentally responsible products. Founded in 1946, the Company’s signature container created the modern food storage category that revolutionized the way the world stores, serves, and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. With a purpose to nurture a better future, the Company’s products are an alternative to single-use items. The Company distributes its products into nearly 80 countries primarily through approximately 3.2 million independent sales force members around the world. Worldwide, the Company engages in the marketing, manufacture, and sale of design-centric preparation, storage, and serving solutions for the kitchen and home through the Tupperware brand name and beauty products through the Fuller, NaturCare, Nutrimetics and Nuvo brands. Each brand manufactures and/or markets a broad line of high-quality products. The Company primarily uses a direct selling business model to distribute and market products, while continuing to expand digital platforms and business-to-business distribution channels. Through personal connections, product demonstrations, and understanding of consumer needs, the Company’s sales force members have been selling products to customers for over 75 years.

The Company is a Delaware corporation that was organized on February 8, 1996 in connection with the corporate reorganization of Premark International, Inc. (“Premark”).

Forward-Looking Statements

Statements contained in this release that are not historical fact and use predictive words such as “estimates”, “outlook”, “guidance”, “expect”, “believe”, “intend”, “designed”, “target”, “plans”, “may”, “will”, “we are confident” and similar words are forward-looking statements. These forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following: the effects of the outbreak of the novel coronavirus (COVID-19) pandemic; our ability to ship product to customers on a timely basis, including because of delays caused by our supply chain; our ability to sustain the same level of growth in net sales and net income that we recorded in the prior quarters; the success of the Company’s efforts to improve its profitability and liquidity position and any capital structure actions that it may take the Company’s ability to comply with its financial covenants under its term loan and credit agreement; the success and timing of growth and turnaround initiatives; leadership development and succession changes; impairment and other charges related to purchase accounting goodwill and restructuring actions; the risk of foreign-currency fluctuations and currency translation impacts on the Company’s business associated with these fluctuations; the Company’s ability to engage in hedging transactions (including, without limitation, forwards and swaps) with financial institutions to mitigate risks relating to foreign-currency fluctuations and/or interest rate fluctuations and the possibility that such hedging transactions, even if entered into, are unsuccessful; the risk of changes in cash flow resulting from changes in foreign exchange rates and hedge settlements; uncertainties related to the interpretation of, and regulations under, changes in the U.S. tax law and tax laws and regulations in other countries; the Company’s future tax-planning initiatives; any prospective or retrospective increases in duties on the Company’s products; any adverse results of tax audits or unfavorable changes to tax laws in the Company’s various markets; risk that direct selling laws and regulations in any of the Company’s markets may be modified, interpreted or enforced in a manner that results in negative changes to the Company’s business models or negatively impacts its revenue, sales force or business, including through the interruption of recruiting and sales activities, loss of licenses, imposition of fines, or any other adverse actions or events; unpredictable economic and political conditions and events globally; the success of new product introductions and promotional programs to generate interest among the Company’s sales force and customers and generate selling activities on a sustained basis; success of business-to-business selling arrangements and their timing; success of buyers in obtaining financing or attracting tenants for commercial and residential developments; the timing and success of closing asset sales; risks related to accurately predicting, delivering or maintaining sufficient quantities of products to support planned initiatives or launch strategies; governmental approvals of materials for use in food containers and beauty, personal care, nutritional and nutraceutical products; continued competitive pressures for products or sales force in the Company’s markets; and other risks detailed in the Company’s periodic reports as filed in accordance with the Securities Exchange Act of 1934, as amended.

The Company updates each month the impact of changes in foreign exchange rates versus the prior year, posting it on Tupperware Brands Foreign Exchange Translation Impact Update. Other than updating for changes in foreign currency exchange rates, the Company does not intend to update forward-looking information.

Non-GAAP Financial Measures

The Company utilizes non-GAAP financial measures in this release, which are provided to assist readers’ understanding of the Company’s results of operations. These amounts exclude certain items that at times materially impact the comparability of the Company’s results of operations. The adjusted information is intended to be indicative of the Company’s primary operations, and to assist readers in evaluating performance and analyzing trends across periods by providing what the Company believes is a useful measure for predictive purposes. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP.

The non-GAAP financial measures include comparisons related to profit that exclude:

• gains from the sale of property, plant and equipment and other real estate related operations
• insurance settlement gains or significant charges related to casualty losses caused by significant weather events, fires or similar circumstances
• exit or disposal cost obligations related to rationalizing supply chain operations and other re-engineering activities performed to wind-down or significantly restructure businesses, including cumulative translation adjustments recognized in income upon liquidation of operations in a country, asset sales or fixed asset impairments, inventory obsolescence and other operating losses incurred in conjunction with such activities
• certain asset retirement obligations
• pension settlements
• significant discrete impacts of new tax laws upon adoption, including the impact on cumulative deferred taxes from items previously recorded as cumulative translation adjustments
• amortization of definite-lived intangible assets
• non-cash impairment charges related to the carrying value of acquired intangible assets and goodwill
• infrequent costs incurred in connection with a change in capital structure
• the impact from hyper-inflationary economies on net monetary assets and other balance sheet positions that impact near term income
• non-recurring costs associated with the turnaround plan

While these types of events can and do recur periodically, they are not part of the Company’s primary business operations and are excluded from indicated financial information due to their distinction from ongoing business operations, inherent volatility and impact on the comparability of earnings across periods, as amounts recognized in any given period are not indicative of amounts that may be recognized in any particular future period.

Additionally, the Company engages in business to business transactions, in which it sells products to a partner company. Since the level of these sales is volatile from quarter-to-quarter and year-to-year, and is largely independent of the activities of its sales force, the Company at times, in addition to disclosing reported sales, discloses “core” sales amounts and comparisons, which excludes amounts sold under business to business transactions. This illustrates sales results and trends directly associated with activities of its independent sales force. All financial information disclosed and presented includes business to business transactions unless specifically stated as “core” sales or otherwise indicated.

Also, as the impact of changes in exchange rates is an important factor in understanding period-to-period comparisons. The Company believes the presentation of results on a local currency basis, in addition to reported results, helps improve readers’ ability to understand the Company’s operating results and evaluate performance in comparison with prior periods. The Company presents local currency information that compares results between periods as if current period exchange rates had been the exchange rates in the prior period. The Company uses results on a local currency basis as one measure to evaluate performance and generally refers to such amounts as restated or excluding the impact of foreign currency.

These core sales and local currency results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. Core sales and results on a local currency basis may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.

Information included with this release includes references to EBITDA, debt covenant EBITDA as well as references to debt to debt covenant EBITDA ratio, which are non-GAAP financial measures used in the Company’s term loan agreement and credit agreement. The Company uses these measures in its capital allocation decision process and in discussions with investors, analysts and other interested parties, and therefore believes it is useful to disclose this amount and ratio. The Company’s calculation of these measures is in accordance with its term loan agreement and credit agreement, and is set forth in the reconciliation from GAAP amounts in an attachment to this release; however, the reader is cautioned that other companies define these measures in different ways, and consequently they may not be comparable with similarly labeled amounts disclosed by others.

Summary Financial Statements

 

 

 

 

Segment Information

The Company manufactures and distributes a broad portfolio of products, primarily through independent direct sales force members. Certain operating segments have been aggregated based upon consistency of economic substance, geography, products, production process, class of customers and distribution method.

 

Sales Force Statistics

Sales force statistics shown below are collected by the Company and, in some cases, provided by distributors and sales force. Active sales force is defined as the average number of sellers ordering in each cycle over the course of the quarter. Local currency, or restated, changes are measured by comparing current year results with those of the prior year, translated at the current year’s foreign exchange rates.

 

 

 

 

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SOURCE Tupperware Brands Corporation

NEW YORK, May 5, 2021 /PRNewswire/ — LaLiga North America and Verizon announced today that it will launch an always-on gaming platform for amateur gamers, featuring the EA Sports FIFA video game. The free online program called, LaLiga All-Star Gaming Challenge presented by Verizon, will be operated by Boom.TV and runs from May 1 through November 30. Verizon customers will receive exclusive plus-up experiences by joining the program.

The gaming program is a first-of-its-kind for amateur gamers of all levels to gain experience, meet their idols, and improve their FIFA skills. It will be hosted by Olympian and former Colombia Women’s National Team Player Melissa Ortiz, media personality Mando Fresko, and FIFA streamer RatedHugo.

The program will be available for participants across the country with showcases in Chicago, Dallas, Houston, Los Angeles, Miami, New York, San Antonio, and San Diego. Each region will feature a team captain—either a LaLiga player, LaLiga Ambassador or gaming influencer—who will engage with participants through meet-and-greet and masterclass gaming tutorials. Participants will be assigned to compete in the nearest regions.

Former FC Barcelona and Altético Madrid player and LaLiga Ambassador Luis Garcia is the captain of the San Diego region, which begins its programming today. Other captains include FC Barcelona and U.S. Men’s National Team player Sergiño Dest, and Mexico National Team players Diego Lainez (Real Betis) and Hector Herrera (Atlético Madrid). More captains will be announced in the coming weeks.

Winners will be selected through participation and engagement meaning players don’t necessarily have to be the best to win. Eight participants will have the opportunity to win an all-expenses paid trip to Spain for an immersive gaming and LaLiga experience for them and a guest.

“LaLiga North America and Verizon are harnessing the power of gaming to build a community of fans from all over the country who share a common love of FIFA,” said Patrick Lowe, Head of Partnerships for LaLiga North America. “From California to Texas, Florida and New York, LaLiga fans will be connected in new ways, all with the chance for the ultimate prize: a free trip to experience LaLiga with a friend in Spain.”

About LaLiga North America
LaLiga North America is a joint venture between LaLiga and Relevent Sports Group, which serves as the exclusive representation of LaLiga in the U.S. and Canada for all business and development activities. The operation supports the league’s growth in the region through consumer-related activities including content development, events and activations, marketing agreements, youth academies, development of youth soccer coaches, exhibition matches and plans to have an official LaLiga Santander match played in the U.S.

About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.   

CONTACT: Sabrina Carrozza, [email protected]

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SOURCE LaLiga North America

NEW YORK, May 5, 2021 /PRNewswire/ — Criteo S.A. (NASDAQ: CRTO), the global technology company powering the world’s marketers with trusted and impactful advertising, today announced financial results for the first quarter ended March 31, 2021 that exceeded the Company’s quarterly guidance.

First Quarter 2021 Financial Highlights:

The following table summarizes our consolidated financial results for the three months ended March 31, 2021 and 2020:

Megan Clarken, Chief Executive Officer of Criteo, said, “Our commitments to deliver measurable results for our customers, our growth investments and our consistent focus on execution and productivity enabled us to deliver strong top line and margin.”

Q1 2021 Operating Highlights

• New solutions grew 60% year-over-year at constant currency² to 21% of total Revenue ex-TAC.
• Retail Media revenue grew 69% year-over-year at constant currency² and Retail Media Revenue ex-TAC grew 122% at constant currency². Same-client revenue³ for Retail Media grew 61% and same-client Revenue ex-TAC³ for Retail Media increased 89% year-over-year.
• Criteo launched its contextual advertising solution, a first-of-its-kind product that connects first-party commerce data with real-time contextual signals, paving the way for marketers to continue to drive and measure incremental revenue in a post-cookie world.
• Same-client revenue³ increased 8% year-over-year, accelerating vs. Q4 2020, and same-client Revenue ex-TAC³ increased 3% year-over-year at constant currency².
• We added over 120 net new live clients in Q1 2021 and closed the quarter with 20,626 clients⁴.

^{___________________________________________________}

¹ Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, Revenue ex-TAC margin, Adjusted EBITDA, Adjusted EBITDA at constant currency, Adjusted EBITDA margin, Adjusted diluted EPS, Free Cash Flow and growth at constant currency are not measures calculated in accordance with U.S. GAAP.
²Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the 2020 average exchange rates for the relevant period to 2021 figures.
³Same-client revenue or Revenue ex-TAC is the revenue or Revenue ex-TAC generated by clients that were live with us in a given quarter and still live with us the same quarter in the following year.
⁴Our client metric, which is a lagging indicator counting all clients that have been live over the preceding 12 months, in Q1 2021 reflected the annualized impact of client churn that peaked in Q2 2020 when COVID started to impact the global economy.

Financial Summary

Revenue for Q1 2021 was $541 million and Revenue ex-TAC was $213 million. Adjusted EBITDA for the quarter was $76 million, resulting in an adjusted diluted EPS of $0.67. At constant currency, Q1 2021 Revenue increased by 4% and Revenue ex-TAC increased by 0.5%. Excluding the estimated $18 million incremental impact of the pandemic, we estimate that Revenue ex-TAC increased about 9% in Q1 2021. Free Cash Flow was $64 million in Q1 2021, up 41% year-over-year. Free Cash Flow conversion was 84% of Adjusted EBITDA in Q1 2021, representing the highest quarterly level for the past 21 quarters. We had $566 million in cash and marketable securities on our balance sheet at the end of Q1 2021.

Sarah Glickman, Chief Financial Officer, said, “We are on track to achieve about 50% growth from our new solutions in 2021, and excited to deliver value to newly signed customers in Retail Media and for our newly launched Contextual advertising product.”

Revenue
 and Revenue ex-TAC

Revenue increased by 7% year-over-year in Q1 2021, or 4% at constant currency, to $541 million (Q1 2020: $503 million). Revenue ex-TAC in the quarter increased 4% year-over-year, or 0.5% at constant currency, to $213 million (Q1 2020: $206 million), after an approximately $18 million net negative impact from the COVID-19 disruption incremental to 2020, or approximately 9 points of year-over-over growth at constant currency. Good performance of retargeting, driven by our retail clients, stellar performance of Retail Media and continued growth of our Audience Targeting and Omnichannel solutions offset Q1 2021 COVID-19 pandemic impact, in particular on our travel clients. Revenue ex-TAC as a percentage of revenue, or Revenue ex-TAC margin, was 39% (Q1 2020: 41%).

• In the Americas, Revenue increased 6% year-over-year, or 8% at constant currency, to $204 million and represented 38% of total Revenue. Revenue ex-TAC increased 6% year-over-year, or 8% at constant currency, to $76 million and represented 36% of total Revenue ex-TAC.
• In EMEA, Revenue increased 12% year-over-year, or 4% at constant currency, to $212 million and represented 39% of total Revenue. Revenue ex-TAC increased 5% year-over-year, or decreased 2% at constant currency, to $85 million and represented 40% of total Revenue ex-TAC.
• In Asia-Pacific, Revenue increased 3% year-over-year, or declined 1% at constant currency, to $125 million and represented 23% of total Revenue. Revenue ex-TAC declined 2% year-over-year, or 5% at constant currency, to $52 million and represented 24% of total Revenue ex-TAC.

Net Income and Adjusted Net Income

Net income increased 43% year-over-year in Q1 2021 to $23 million (Q1 2020: $16 million). Net income margin as a percentage of revenue was 4% (Q1 2020: 3%). In the quarter, we incurred $12 million in restructuring related and transformation costs. Net income available to shareholders of Criteo S.A. increased 45% year-over-year to $22 million, or $0.35 per share on a diluted basis (Q1 2020: $15 million, or $0.25 per share on a diluted basis).

Adjusted Net Income, or net income adjusted to eliminate the impact of equity awards compensation expense, amortization of acquisition-related intangible assets, restructuring related and transformation costs and the tax impact of these adjustments, increased 35% year-over-year to $43 million, or $0.67 per share on a diluted basis (Q1 2020: $32 million, or $0.52 per share on a diluted basis).

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA increased 28% year-over-year, or 21% at constant currency, to $76 million (Q1 2020: $59 million), driven by the Revenue ex-TAC performance over the period and effective cost discipline balanced with investments in our growth areas. Adjusted EBITDA as a percentage of Revenue ex-TAC, or Adjusted EBITDA margin, was 36% (Q1 2020: 29%).

Operating expenses decreased by 3% or $4 million, to $144 million (Q1 2020: $148 million), mostly driven by lower headcount-related expense and disciplined expense management across the Company. Operating expenses, excluding the impact of equity awards compensation expense, pension costs, restructuring related and transformation costs, and depreciation and amortization, which we refer to as Non-GAAP Operating Expenses, decreased 6% or $8 million, to $118 million (Q1 2020: $126 million), largely driven by lower headcount and effective cost discipline, after investing in the growth areas of the Company.

Cash Flow, Cash and Financial Liquidity Position

Cash flow from operating activities increased 36% year-over-year to $77 million (Q1 2020: $57 million).

Free Cash Flow, defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property, plant and equipment, increased 41% to $64 million (Q1 2020: $45 million), or 84% of Adjusted EBITDA (Q1 2020: 76%), driven by our Adjusted EBITDA performance over the period and positive working capital.

Cash and cash equivalents increased $32 million compared to December 31, 2020 to $520 million, after spending $5 million on share repurchases in the first quarter 2021.

As of March 31, 2021, the Company had total financial liquidity of approximately $1 billion, including its cash position, marketable securities, Revolving Credit Facility and treasury shares reserved for M&A.

Business Outlook

The following forward-looking statements reflect Criteo’s expectations as of May 5, 2021.

Second quarter 2021 guidance:

• We expect Revenue ex-TAC to be approximately $208 million, translating into constant-currency growth of about 14% year-over-year.
• We expect Adjusted EBITDA to be approximately $60 million.

Fiscal year 2021 guidance:

• We maintain our target of low to mid-single digit growth in Revenue ex-TAC at constant-currency.
• We maintain our expectation of an Adjusted EBITDA margin above 30% of Revenue ex-TAC.

The above guidance for the second quarter and the fiscal year ending December 31, 2021 assumes the following exchange rates for the main currencies impacting our business: a U.S. dollar-euro rate of 0.847, a U.S. dollar-Japanese Yen rate of 108, a U.S. dollar-British pound rate of 0.746, a U.S. dollar-Korean Won rate of 1,150 and a U.S. dollar-Brazilian real rate of 5.70.

The above guidance assumes no acquisitions are completed during the second quarter ending June 30, 2021 and fiscal year ended December 31, 2021.

Reconciliation of Revenue ex-TAC and Adjusted EBITDA guidance to the closest corresponding U.S. GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of equity awards compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our share price. The variability of the above charges could potentially have a significant impact on our future U.S. GAAP financial results.

Investor Day 2021

Criteo will hold a virtual investor day on Thursday, June 3^rd, 2021. More details will be provided ahead of the event, which will be webcast live, on the Company’s Investor Relations website http://ir.criteo.com.

Non-GAAP Financial Measures

This press release and its attachments include the following financial measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission (“SEC”): Revenue ex-TAC, Revenue ex-TAC by Region, Revenue ex-TAC by Solution, Revenue ex-TAC margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted diluted EPS, Free Cash Flow and Non-GAAP Operating Expenses. These measures are not calculated in accordance with U.S. GAAP.

Revenue ex-TAC is our revenue excluding Traffic Acquisition Costs (“TAC”) generated over the applicable measurement period and Revenue ex-TAC by Region reflects our Revenue ex-TAC by our geographies. Revenue ex-TAC, Revenue ex-TAC by Region, Revenue ex-TAC by Solution, and Revenue ex-TAC margin are key measures used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of TAC from revenue can provide a useful measure for period-to-period comparisons of our business and across our geographies.

Accordingly, we believe that Revenue ex-TAC, Revenue ex-TAC by Region, Revenue ex-TAC by Solution and Revenue ex-TAC margin provide useful information to investors and the market generally in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted EBITDA is our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service costs and restructuring related and transformation costs.

Adjusted EBITDA and Adjusted EBITDA margin are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, we believe that by eliminating equity awards compensation expense, pension service costs and restructuring related and transformation costs, Adjusted EBITDA and Adjusted EBITDA margin can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Adjusted Net Income is our net income adjusted to eliminate the impact of equity awards compensation expense, amortization of acquisition-related intangible assets, restructuring related and transformation costs and the tax impact of these adjustments. Adjusted Net Income and Adjusted diluted EPS are key measures used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital.

In particular, we believe that by eliminating equity awards compensation expense, amortization of acquisition-related intangible assets, restructuring related and transformation costs and the tax impact of these adjustments, Adjusted Net Income and Adjusted diluted EPS can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted Net Income and Adjusted diluted EPS provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Free Cash Flow is defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property, plant and equipment. Free Cash Flow Conversion is defined as free cash flow divided by Adjusted EBITDA. Free Cash Flow and Free Cash Flow Conversion are key measures used by our management and board of directors to evaluate the Company’s ability to generate cash. Accordingly, we believe that Free Cash Flow and Free Cash Flow Conversion permit a more complete and comprehensive analysis of our available cash flows.

Non-GAAP Operating Expenses are our consolidated operating expenses adjusted to eliminate the impact of depreciation and amortization, equity awards compensation expense, pension service costs, and restructuring related and transformation costs. The Company uses Non-GAAP Operating Expenses to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short-term and long-term operational plans, and to assess and measure our financial performance and the ability of our operations to generate cash. We believe Non-GAAP Operating Expenses reflects our ongoing operating expenses in a manner that allows for meaningful period-to-period comparisons and analysis of trends in our business. As a result, we believe that Non-GAAP Operating Expenses provides useful information to investors in understanding and evaluating our core operating performance and trends in the same manner as our management and in comparing financial results across periods. In addition, Non-GAAP Operating Expenses is a key component in calculating Adjusted EBITDA, which is one of the key measures the Company uses to provide its quarterly and annual business outlook to the investment community.

Please refer to the supplemental financial tables provided in the appendix of this press release for a reconciliation of Revenue ex-TAC to revenue, Revenue ex-TAC by Region to revenue by region, Revenue ex-TAC by Solution to revenue by solution, Adjusted EBITDA to net income, Adjusted Net Income to net income, Free Cash Flow to cash flow from operating activities, and Non-GAAP Operating Expenses to operating expenses, in each case, the most comparable U.S. GAAP measure. Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider such non-GAAP measures in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are: 1) other companies, including companies in our industry which have similar business arrangements, may address the impact of TAC differently; and 2) other companies may report Revenue ex-TAC, Revenue ex-TAC by Region, Revenue ex-TAC by Solution, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Non-GAAP Operating Expenses or similarly titled measures but calculate them differently or over different regions, which reduces their usefulness as comparative measures. Because of these and other limitations, you should consider these measures alongside our U.S. GAAP financial results, including revenue and net income.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including projected financial results for the quarter ending June 30, 2021 and the year ended December 31, 2021, our expectations regarding our market opportunity and future growth prospects and other statements that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure related to our technology and our ability to innovate and respond to changes in technology, uncertainty regarding the scope and impact of the COVID-19 pandemic on our employees, operations, revenue and cash flows, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand access to such inventory, including without limitation uncertainty regarding the timing and scope of proposed changes to and enhancements of the Chrome browser announced by Google, investments in new business opportunities and the timing of these investments, whether the projected benefits of acquisitions materialize as expected, uncertainty regarding international growth and expansion, the impact of competition, uncertainty regarding legislative, regulatory or self-regulatory developments regarding data privacy matters and the impact of efforts by other participants in our industry to comply therewith, the impact of consumer resistance to the collection and sharing of data, our ability to access data through third parties, failure to enhance our brand cost-effectively, recent growth rates not being indicative of future growth, our ability to manage growth, potential fluctuations in operating results, our ability to grow our base of clients, and the financial impact of maximizing Revenue ex-TAC, as well as risks related to future opportunities and plans, including the uncertainty of expected future financial performance and results and those risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in the Company’s SEC filings and reports, including the Company’s Annual Report on Form 10-K filed with the SEC on February 26, 2021, and in subsequent Quarterly Reports on Form 10-Q as well as future filings and reports by the Company. Importantly, at this time, the COVID-19 pandemic continues to have a significant impact on Criteo’s business, financial condition, cash flow and results of operations. There are significant uncertainties about the duration and the extent of the impact of the virus.

Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

Conference Call Information

Criteo’s senior management team will discuss the Company’s earnings on a call that will take place today, May 5, 2021, at 8:00 AM ET, 2:00 PM CET. The conference call will be webcast live on the Company’s website http://ir.criteo.com  and will be available for replay.

• U.S. callers:               +1 855 209 8212
• International callers:   +1 412 317 0788 or +33 1 76 74 05 02

Please ask to be joined into the “Criteo S.A.” call.

About Criteo

Criteo (NASDAQ: CRTO) is the global technology company powering the world’s marketers with trusted and impactful advertising. 2,500 Criteo team members partner with over 20,000 customers and thousands of publishers around the globe to deliver effective advertising across all channels, by applying advanced machine learning to unparalleled data sets. Criteo empowers companies of all sizes with the technology they need to better know and serve their customers. For more information, please visit www.criteo.com.

Contacts

Criteo Investor Relations

Edouard Lassalle, SVP, Market Relations & Capital Markets, [email protected]
Clemence Vermersch, Director, Investor Relations, [email protected]

Criteo Public Relations
Jessica Meyers, Director, Public Relations, Americas, [email protected]

Financial information to follow

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE Criteo S.A.