Accruent Releases MC Kinetic Mobile CMMS Application

The application empowers maintenance teams to execute preventive maintenance, optimize operations, and utilize data effectively from anywhere, at any time

AUSTIN, Texas, Feb. 08, 2023 (GLOBE NEWSWIRE) — Accruent, the leading provider of solutions to unify the built environment, today announced the release of MC Kinetic. The new offline mobile CMMS application strengthens the remote capabilities of the Maintenance Connection CMMS and empowers maintenance teams to execute work orders offline, avoid connectivity loss, eliminate silos, and maximize their mobile maintenance agility.

MC Kinetic helps users accomplish these goals with forward-thinking features like:

  • Offline capabilities
  • Geo-location mapping
  • Comprehensive work order management,
  • Cached workbenches and lists
  • Simplified inventory and parts management

“MC Kinetic is a particularly crucial tool in the maintenance landscape that we live in today,” explains Israel Ortiz, Director of Product Management, Accruent. “Things like Industry 4.0 technologies, IoT, sensors, smartphones, the pandemic, and an increasingly digital-first workforce have fundamentally changed the way that teams operate on the plant floor. A truly mobile app is the best way to maintain efficiency and modernize operations in this data-driven world.”

Additionally, since it is backed by Accruent’s Maintenance Connection CMMS/EAM, MC Kinetic has robust functionalities needed to help teams plan, monitor, report, and optimize all maintenance activities. It’s preventive maintenance in the palm of your hand.

ABOUT ACCRUENT

Accruent (www.accruent.com) is the world’s leading provider of intelligent solutions for the built environment – spanning real estate, physical and digital assets, and the integrated technology systems that connect and control them. Accruent continues to set new expectations for how organizations can use data to transform the way they manage their facilities and assets. With major office locations in Austin, New Orleans, London, and Amsterdam, Accruent serves more than 10,000 customers in a wide range of industries in more than 150 countries around the world.

Contact: Barbara.ellis@accruent.com

GlobeNewswire Distribution ID 8745506

IIBA Launches Enhanced Career Center and Job Board Targeting Business Analysis Opportunities

New resources supporting career development, skills assessment, certification, and job opportunities for business analysis professionals now available from IIBA

TORONTO, Feb. 08, 2023 (GLOBE NEWSWIRE) — The International Institute of Business Analysis™ (IIBA®) is leading the global business analysis community to achieve better outcomes through better analysis. IIBA is excited to announce the launch of the enhanced career center and job board to support members’ professional journeys around the world.

“Providing members with opportunities for professional development and career growth is at the core of our mission to serve the business analysis profession,” said Jared Gorai, Director of Chapter & Member Engagement at IIBA. “IIBA members have demonstrated a commitment to both high standards and to the profession of business analysis, so they are naturally sought after by employers. The career center will allow professionals to highlight their business analysis skills, expertise, and certifications in an offering that targets relevant industries.”

Serving as a robust source of over 10,000 business analysis job opportunities with plans to grow international job opportunities for our global community, the IIBA Career Center will be set apart by several benefits it offers to business analysis professionals and employers, including:

  • The ability for business analysis professionals to post anonymous resumes, allowing them to be recruited while remaining in complete control over which employers view their complete information
  • Complimentary resume review by qualified career coaches
  • Integration of career resources, skill assessments, and other benefits offered to IIBA Members
  • The ability to be alerted every time a new job becomes available that matches the professionals’ personal goals and interests
  • A mobile-responsive environment ensures job seekers have an optimal experience, regardless of the device being used
  • A variety of options for employers to expose jobs to a targeted but passive job-seeking audience that are a part of IIBA’s global network, including Job Flash emails and other supporting communications
  • Integration of job content into social media channels to engage business analysis professionals and provide valuable job exposure through relevant social media audiences
  • Extensive employment advertising opportunities for employers

“’Jobs’ is one of the top search terms on IIBA’s website. Our members want to find opportunities with world-class organizations at the forefront of advancing the profession of business analysis,” said Keith Ellis, Chief Engagement and Growth Officer at IIBA. “IIBA’s Career Center is an innovative gateway that enables employers to find the right business analysis talent and supports business analysis professionals’ careers moving along a professional path that meets their goals.”

For more information, please visit IIBA Career Center and get started with a complimentary resume review at careercenter.iiba.org.

About IIBA

International Institute of Business Analysis™ (IIBA®) is a professional association leading the global business analysis community to achieve better outcomes through better analysis. With over 30,000 Members and certified professionals, and more than 120 Chapters, 1,200 volunteers, and 500 partners worldwide, IIBA supports the recognition of the profession within organizations, enables networking and community engagement, provides foundational standards and resources, and offers internationally recognized certification programs for career advancement. For more information, visit iiba.org.

Media Contact

Shyra Wells, Communications & Media Specialist
IIBA
Shyra.Wells@iiba.org
+1 (289) 212-3657

GlobeNewswire Distribution ID 8745276

Cority Bolsters Leadership With Appointment of Ted Kail as the New Chief Product Officer

Seasoned Product Leader to Drive Innovative Solutions, Enhance User Experience and Boost Engagement

Cority logo

Cority logo

TORONTO, Feb. 08, 2023 (GLOBE NEWSWIRE) — Leading global enterprise EHS (Environment, Health, and Safety) software provider Cority is proud to announce the appointment of Ted Kail, a proven product management leader, as its new chief product officer (CPO). This key hire represents Cority’s continued commitment to investing in innovative, scalable solutions that enable better, more responsible decisions throughout an organization in critical areas such as sustainability, employee health and safety, and environmental compliance.

For the past 15 years, Kail has led product management organizations at both startup and Fortune 500 companies. Most recently, he was the chief product officer at Gordian, a Fortive operating company with a global customer base and distributed workforce. In his role, Kail was responsible for determining the strategic direction of all products across Gordian’s product portfolio, including software, data, and service offerings.

“Ted’s background as CPO of a company twice the size of Cority, combined with his time building a startup that exited to private equity, showcases the rare balance of discipline and process as well as an understanding of the importance of creativity and action,” said Mark Wallace, chief executive officer of Cority. “His unique experience will be crucial to leading our product team in developing people-first solutions that reinforce our mission to drive better, more responsible decision making and bring valuable insights to a wider audience.”

“Central to Cority’s advantage is not only the integrated nature of our CorityOne platform, but also our ability to unify all customers on a single platform, allowing for seamless upgrades of new features and releases. Cority is committed to continuously improving and expanding our offerings to meet the evolving needs of our customers. We believe Ted will bring the needed rigor and vision necessary to deliver on this commitment going forward,” added Wallace.

The recently released 2023 Green Quadrant for EHS Software report, published by Verdantix, described Cority’s SaaS platform CorityOne as “arguably the most impactful development over the last two years” for the EHS software provider. The premier technology consists of a comprehensive suite of connected solutions for managing environmental, health, safety, sustainability, and quality programs while providing a scalable and seamless path for future growth.

Indeed, Kail said Cority’s reputation and impact were primary factors in his decision join its product team. “I’m thrilled to join Cority because of the incredible people, amazing culture, and their ability to have a meaningful impact by empowering organizations to be healthier, safer and more sustainable.”

Contact Information:
Meredith Schweitzer
mschweitzer@66and.co
3476989196

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Pier59 Studios Debuts Virtual Production LED MegaWall at NYFW Opening Party

Pier59 Studios LED MegaWall – Image 3

Pier59 Studios LED MegaWall – Image 3

NEW YORK, Feb. 08, 2023 (GLOBE NEWSWIRE) — Opening in February 2023, Pier59 Studios’ Virtual Production will usher in a new era of groundbreaking video production capability while offering unsurpassed creative flexibility. Leveraging recent advances in LED displays, Pier59 Studios has constructed the world’s largest and most advanced Virtual Production stage for fashion and advertising.

This disruptive technology utilizes real-time computer-generated imagery (CGI) to create digital environments and special effects that are captured simultaneously with live-action props and actors. The platform enables creatives to see the final visual effects as they are filming, allowing for greater control and flexibility in the filmmaking process while substantially reducing budgets.

Pier59 Studio’s Virtual Production features the following:

  • The LED Volume consists of a main 65’ curved LED screen and 40’ articulating ceiling, housing more than 25 million pixels capable of generating over 25 billion colors.
  • The 4K system is controlled by one of the most powerful virtual production systems in the world generating more than 200 teraflops (200 trillion calculations per second) of computational power.
  • The interactive, image-based lighting is delivered at 1500 nits (over 5,000 lumens) producing photo-realistic lighting, shadows and reflections.

With virtual production techniques, producers, directors, and creatives of all types can easily control the time of day, the season, the weather and the location (either real or imagined) all while realizing:

  • Cost savings: By using virtual sets, props, and characters, filmmakers can reduce the need for expensive physical sets and props while saving on location fees and travel.
  • Increased control: Filmmakers are able to see the final result in real-time as they are shooting with adjustments and changes able to be made on the fly, without having to wait for post-production.
  • Creative flexibility: Filmmakers can create digital environments that would be impossible or too expensive to create in real life providing greater creative freedom and the ability to generate new and innovative visual effects.

“As a disruptive technology, Virtual Production is comparable to the digital photography revolution of the late 90s. By delivering significant cost savings, while providing incomparable creative flexibility and quality control, Virtual Production is going to radically change the way Fashion and Advertising content will be produced.
In simple terms, instead of going to a location to shoot, we bring the location of choice into our Studios in a realistic and fully immersive context. In comparison Virtual Production can even bring deeper market changing conditions then the recent digital revolution as a natural advancement of it.
I am very confident that the Fashion and Advertising Industries will rapidly evaluate and adopt this considerable technological advancement and fully embrace it.” – Federico Pignatelli, Founder and President

Pier59 Studios LED MegaWall – Image 2

Pier59 Studios LED MegaWall – Image 1

Pier59 Studios will celebrate this launch on Wednesday, February 8th starting at 7pm. Previews of the Virtual Production capabilities can be scheduled by appointment only.

ABOUT PIER59 STUDIOS
Founded in 1995 by Federico Pignatelli and his Art and Fashion Group Corporation, Pier59 Studios is an 110,000 square-foot premier photography and multimedia studio located at Chelsea Piers in New York City. As the largest photography facility and multimedia complex in the world, the space is equipped with state of the art technology and accommodates the needs of photographers, designers, advertising agencies and television production companies. Pier59 Studios features eleven column-free studio spaces, including a 5,400 square-foot sound stage constructed for live performances, special events, video and commercial projects. Nine studios are conceived for both natural and artificial lighting and are equipped with movable retractable walls to allow for full flexibility and modularity of their unique column-less spaces, to allow for all production needs.

PRESS INQUIRIES
Jocelyn.Cash@purplepr.com
Shiana.Madray@purplepr.com

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GlobeNewswire Distribution ID 8743505

Ingredion Incorporated Reports 13% Net Sales Growth in the Fourth Quarter and Strong Full-Year 2022 Results

  • Fourth quarter 2022 reported and adjusted EPS* were $1.71 and $1.65, respectively, compared to fourth quarter 2021 reported and adjusted EPS of $0.99 and $1.09
  • Full year 2022 reported and adjusted EPS* were $7.34 and $7.45, respectively, compared to full year 2021 reported and adjusted EPS of $1.73 and $6.67
  • In 2022, the Company returned $288 million to shareholders and increased the dividend rate by 9%
  • The Company expects full-year 2023 reported and adjusted EPS to be in the range of $7.70-$8.40

WESTCHESTER, Ill., Feb. 08, 2023 (GLOBE NEWSWIRE) — Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported results for the fourth quarter and full year of 2022. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2022 and 2021, include items that are excluded from the non-GAAP financial measures that the Company presents.

“For 2022, Ingredion delivered outstanding performance, with top line and profit both growing double digits,” said Jim Zallie, Ingredion’s president and chief executive officer. “Throughout the year, our teams demonstrated resilience and agility as they overcame macroeconomic headwinds while executing against our Driving Growth Roadmap while also expanding and transforming our solutions and opportunity set with customers.

“For the fourth quarter, Ingredion’s net sales were up 13% driven by strong performance for both core and specialty ingredients. We effectively managed strong demand for texturizing, sugar reduction and higher-value industrial applications through both customer and product mix management and pricing. These actions combined with expanded raw material risk management and improved supply chain conditions drove increased year-over-year gross margins.

“Specialty ingredients once again delivered strong double-digit growth, with net sales higher across all four regions versus last year. Notably, we completed one-third of our planned $160 million multi-year global capacity expansion for specialty starches to strengthen our leadership position in texturizing of foods,” Zallie continued. “I am especially proud of the work our team did ramping up production at our new Shandong, China facility, despite widespread Covid related challenges. With the expanded capacity, our business in China is well-positioned for accelerated growth as the economy reopens. Additionally, we acquired a specialty ingredient pharma business in India that broadens our capabilities to serve this growing and attractive high value market.

“Following our contracting season, having worked with customers to balance their demand requirements amidst rising input costs, we anticipate another year of double-digit sales growth. Given the resiliency of our business model, the diversification of our products and customer base, and track record of disciplined capital allocation, we are confident in Ingredion’s ability to deliver sustainable growth and create value for our shareholders,” Zallie concluded.

*Adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income, adjusted effective income tax rate and adjusted diluted weighted average common shares outstanding are non-GAAP financial measures. See section II of the Supplemental Financial Information entitled “Non-GAAP Information” following the Condensed Consolidated Financial Statements included in this news release for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

Diluted Earnings Per Share (EPS)

4Q21 4Q22 FY2021 FY2022
Reported EPS $0.99 $1.71 $1.73 $7.34
Restructuring/Impairment costs 0.28 0.53 0.05
Acquisition/Integration costs 0.01 0.06 0.10 0.08
Impairment*** 5.01
Tax items and other matters (0.19) (0.12) (0.70) (0.02)
Adjusted EPS** $1.09 $1.65 $6.67 $7.45

Estimated factors affecting changes in Reported and Adjusted EPS

4Q22 FY2022
Total items affecting EPS** 0.56 0.78
Total operating items 0.62 1.12
Margin 0.82 1.70
Volume (0.09) (0.23)
Foreign exchange (0.10) (0.33)
Other income (0.01) (0.02)
Total non-operating items (0.06) (0.34)
Other non-operating income (0.01) (0.01)
Financing costs (0.15) (0.23)
Shares outstanding 0.02 0.09
Non-controlling interests 0.01 (0.02)
Tax rate 0.07 (0.17)

**Totals may not foot due to rounding; ***Related to the Argentina joint venture, 2021 reported results reflect a $340 million assets held for sale impairment charge, net of a $20 million favorable adjustment made in the third quarter of 2021, including $311 million of cumulative translation losses.

Financial Highlights

  • At December 31, 2022, total debt and cash including short-term investments were $2.5 billion and $239 million, respectively, versus $2.0 billion and $332 million, respectively, at December 31, 2021.
  • Reported net financing costs for the fourth quarter were $34 million versus $16 million for the year-ago period.
  • Reported and adjusted effective tax rates for the fourth quarter were 7.3 percent and 20.1 percent, respectively, compared to 12.8 percent and 24.2 percent, respectively, for the year-ago period. The decrease in reported tax rate resulted primarily from South American non-taxable incentives, partially offset by favorable judgments related to the treatment of interest and credits on Brazil indirect taxes in the fourth quarter of 2021.
  • Full-year net capital expenditures were $293 million, up $11 million from the year-ago period.

Business Review

Total Ingredion
Net Sales

$ in millions 2021 FX
Impact
Volume Argentina JV
Volume
*
Price mix 2022 Change Change
excl. FX
Fourth quarter 1,755 (65) (39) 0 336 1,987 13% 17%
Full year 6,894 (201) 117 (146) 1,282 7,946 15% 18%

* Related to the Argentina joint venture closing in third quarter 2021; 2021 reported results were part of the transferred business

Reported Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
Acquisition /
Integration
Restructuring / Impairment Other 2022 Change Change
excl. FX
Fourth quarter 86 (9) 64 2 25 (11) 157 83% 93%
Full year 310 (30) 132 2 43 305 762 146% 155%

Adjusted Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 113 (9) 64 168 49% 57%
Full year 685 (30) 132 787 15% 19%

Net Sales

  • Fourth quarter and full-year net sales were up from the year-ago period. The increase for the fourth quarter was driven by strong price mix, partially offset by foreign currency impacts and lower volumes. For the full year, price mix was partially offset by foreign currency impacts. Excluding foreign exchange impacts, net sales were up 17% for the quarter and 18% for the full year.

Operating Income

  • Fourth quarter reported operating income increased 83% to $157 million and adjusted operating income increased 49% to $168 million over the same period in the prior year. The increases were driven by favorable price mix and expanded raw material risk management. Excluding foreign exchange impacts, reported and adjusted operating income were up 93% and 57%, respectively, from the same period last year.
  • Full-year reported and adjusted operating income were $762 million and $787 million, respectively, an increase of 146% and 15%, from the prior year. The increase in reported operating income was attributable to the prior year’s held for sale impairment charge related to the Argentina joint venture. The increase in adjusted operating income was driven by strong price mix that more than offset higher corn and input costs. Excluding foreign exchange impacts, reported and adjusted operating income were up 155% and 19%, respectively, from the prior year.

North America
Net Sales

$ in millions 2021 FX
Impact
Volume Price
mix
2022 Change Change
excl. FX
Fourth quarter 1,041 (7) (15) 195 1,214 17% 17%
Full year 4,137 (17) 33 781 4,934 19% 20%

Segment Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 84 (2) 40 122 45% 48%
Full year 487 (3) 81 565 16% 17%
  • Fourth quarter operating income for North America was $122 million, an increase of $38 million from the year-ago period, and full-year operating income was $565 million, an increase of $78 million from the prior year. For both the quarter and full year, the increase was driven by favorable price mix and expanded raw material risk management.

South America
Net Sales

$ in millions 2021 FX
Impact
Volume Argentina
JV Volume
*
Price
mix
2022 Change Change
excl. FX
Fourth quarter 256 (5) (10) 0 48 289 13% 15%
Full year 1,057 (7) 20 (146) 200 1,124 6% 7%

* Related to the Argentina joint venture closing in third quarter 2021; 2021 reported results were part of the transferred business

Segment Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 30 (2) 16 44 47% 53%
Full year 138 (2) 33 169 22% 24%
  • Fourth quarter operating income for South America was $44 million, an increase of $14 million from the year-ago period, and full-year operating income was $169 million, an increase of $31 million from the prior year. For both the quarter and full year, the increases were driven by favorable price mix, partially offset by higher corn and input costs. Excluding foreign exchange impacts, segment operating income was up 53% and 24%, respectively, for the fourth quarter and full year.

Asia-Pacific
Net Sales

$ in millions 2021 FX
Impact
Volume Price
mix
2022 Change Change
excl. FX
Fourth quarter 269 (25) (8) 46 282 5% 14%
Full year 997 (79) 48 141 1,107 11% 19%

Segment Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 17 (2) 8 23 35% 47%
Full year 87 (9) 15 93 7% 17%
  • Fourth quarter operating income for Asia-Pacific was $23 million, up $6 million from the year-ago period, and full-year operating income was $93 million, up $6 million compared to the prior year. For both the quarter and full year, the change was driven by favorable price mix that was partially offset by foreign exchange impacts. Excluding foreign exchange impacts, segment operating income was up 47% and 17%, respectively, for the fourth quarter and full year.

Europe, Middle East, and Africa (EMEA)
Net Sales

$ in millions 2021 FX
Impact
Volume Price
mix
2022 Change Change
excl. FX
Fourth quarter 189 (28) (6) 47 202 7% 22%
Full year 703 (98) 16 160 781 11% 25%

Segment Operating Income

$ in millions 2021 FX
Impact
Business
Drivers
2022 Change Change
excl. FX
Fourth quarter 20 (3) 3 20 0% 15%
Full year 106 (16) 20 110 4% 19%
  • Fourth quarter operating income for EMEA was $20 million, flat with the year-ago period, and full-year operating income was $110 million, up $4 million from the prior year. For both the quarter and full year, favorability in Europe was partially offset by conditions in Pakistan and foreign exchange impacts across the region. Excluding foreign exchange impacts, fourth quarter and full-year segment operating income were up 15% and 19%, respectively.

Dividends and Share Repurchases
For the full year of 2022, the Company paid total dividends of $181 million, and in the fourth quarter declared a quarterly dividend of $0.71 per share payable in the first quarter of 2023. During 2022, the Company repurchased $112 million of outstanding shares of common stock, for a total of 1.3 million shares. Ingredion considers return of value to shareholders through cash dividends and share repurchases as part of its capital allocation strategy to support total shareholder return.

2023 Full-Year Outlook
The Company expects its outlook for full-year 2023 reported and adjusted EPS to be in the range of $7.70 to $8.40. This expectation excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs.

The Company expects full-year 2023 net sales to be up mid-double-digits and adjusted operating income to be up high single-digits to low double-digits.

Compared to last year, the 2023 full-year outlook assumes the following: North America operating income is expected to be up low double-digits, driven by favorable price mix partially offset by higher input costs; South America operating income is expected to be up low single-digits, with favorable price mix mostly offsetting higher input costs; Asia-Pacific operating income is expected to be up mid-double-digits, driven by favorable price mix and PureCircle growth, partially offset by higher input costs; and EMEA operating income is expected to be up mid-single-digits as we navigate foreign exchange impacts. Corporate costs are expected to be up low single-digits.

For full-year 2023, the Company expects a reported and adjusted effective tax rate of 26.5 percent to 28.5 percent.

Cash from operations for full-year 2023 is expected to be in the range of $550 million to $650 million, which reflects an anticipated increase in our working capital balances. Capital expenditures for the full year are expected to be approximately $300 million.

Conference Call and Webcast Details
Ingredion will host a conference call on Wednesday, February 8, 2023, at 8 a.m. Central Time / 9 a.m. Eastern Time, hosted by Jim Zallie, president and chief executive officer, and Jim Gray, executive vice president and chief financial officer. The call will be webcast in real time and can be accessed at https://ir.ingredionincorporated.com/events-and-presentations. A presentation containing additional financial and operating information will be accessible through the Company’s website, and available to download a few hours prior to the start of the call. A replay will be available for a limited time at https://ir.ingredionincorporated.com/financial-information/quarterly-results.

About the Company
Ingredion Incorporated (NYSE: INGR) headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2022 annual net sales of $7.9 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion’s Idea Labs® innovation centers around the world and approximately 12,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Company news.

Forward-Looking Statements

This news release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends these forward-looking statements to be covered by the safe harbor provisions for such statements.

Forward-looking statements include, among others, any statements regarding the Company’s expectations for full-year 2023 net sales, adjusted operating income, reported and adjusted EPS, segment operating income, reported and adjusted effective tax rates, cash flow from operations, and capital expenditures, and any other statements regarding the Company’s prospects and its future operations, financial condition, net sales, operating income, volumes, corporate costs, tax rates, capital expenditures, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing, and any assumptions, expectations or beliefs underlying any of the foregoing.

These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “propels,” “opportunities,” “potential,” “provisional,” or other similar expressions or the negative thereof. All statements other than statements of historical facts in this news release or referred to in this news release are “forward-looking statements.”

These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations expressed or implied in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.

Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including the impact of COVID-19 on the demand for our products and our financial results; changing consumption preferences relating to high fructose corn syrup and other products we make; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, including, particularly, economic, currency, and political conditions in South America and economic and political conditions in Europe, and the impact these factors may have on our sales volumes, the pricing of our products and our ability to collect our receivables from customers; future purchases of our products by major industries which we serve and from which we derive a significant portion of our sales, including, without limitation, the food, beverage, animal nutrition, and brewing industries; the uncertainty of acceptance of products developed through genetic modification and biotechnology; our ability to develop or acquire new products and services at rates or of qualities sufficient to gain market acceptance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil; the availability of raw materials, including potato starch, tapioca, gum Arabic, and the specific varieties of corn upon which some of our products are based, and our ability to pass along potential increases in the cost of corn or other raw materials to customers; energy costs and availability, including energy issues in Pakistan; our ability to contain costs, achieve budgets, and realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget as well as with respect to freight and shipping costs; the effects of climate change and legal, regulatory, and market measures to address climate change; our ability to successfully identify and complete acquisitions or strategic alliances on favorable terms as well as our ability to successfully integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to all of the foregoing; operating difficulties at our manufacturing facilities; the behavior of financial and capital markets, including with respect to foreign currency fluctuations, fluctuations in interest and exchange rates and market volatility and the associated risks of hedging against such fluctuations; effects of the conflict between Russia and Ukraine, including impacts on the availability and prices of raw materials and energy supplies and volatility in exchange and interest rates; our ability to attract, develop, motivate, and maintain good relationships with our workforce; the impact on our business of natural disasters, war, threats or acts of terrorism, the outbreak or continuation of pandemics such as COVID-19, or the occurrence of other significant events beyond our control; the impact of impairment charges on our goodwill or long-lived assets; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation; changes in our tax rates or exposure to additional income tax liability; increases in our borrowing costs that could result from increased interest rates; our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; security breaches with respect to information technology systems, processes, and sites; volatility in the stock market and other factors that could adversely affect our stock price; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting.

Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2021, our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, and our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.

Ingredion Incorporated
Condensed Consolidated Statements of Income
(Unaudited)

(in millions, except per share amounts) Three Months Ended
December 31,
Change
%
Twelve Months Ended
December 31,
Change
%
2022 2021 2022 2021
Net sales $ 1,987 $ 1,755 13 % $ 7,946 $ 6,894 15 %
Cost of sales 1,636 1,465 6,452 5,563
Gross profit 351 290 21 % 1,494 1,331 12 %
Operating expenses 187 184 2 % 715 668 7 %
Other operating expense (income) 9 (5 ) 13 (34 )
Restructuring/impairment charges and related adjustments (2 ) 25 4 387
Operating income 157 86 83 % 762 310 146 %
Financing costs 34 16 99 74
Other non-operating (income) (1 ) (8 ) (5 ) (12 )
Income before income taxes 124 78 59 % 668 248 169 %
Provision for income taxes 9 10 166 123
Net income 115 68 69 % 502 125 302 %
Less: Net income attributable to non-controlling interests 1 1 10 8
Net income attributable to Ingredion $ 114 $ 67 70 % $ 492 $ 117 321 %
Earnings per common share attributable to Ingredion common shareholders:
Weighted average common shares outstanding:
Basic 65.8 66.8 66.2 67.1
Diluted 66.7 67.6 67.0 67.8
Earnings per common share of Ingredion:
Basic $ 1.73 $ 1.00 73 % $ 7.43 $ 1.74 327 %
Diluted $ 1.71 $ 0.99 73 % $ 7.34 $ 1.73 324 %

Ingredion Incorporated
Condensed Consolidated Balance Sheets

(in millions, except share and per share amounts) December 31,
2022
December 31,
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 236 $ 328
Short-term investments 3 4
Accounts receivable – net 1,411 1,130
Inventories 1,597 1,172
Prepaid expenses 62 63
Total current assets 3,309 2,697
Property, plant and equipment – net 2,407 2,423
Intangible assets – net 1,301 1,348
Other assets 544 531
Total assets $ 7,561 $ 6,999
Liabilities and equity
Current liabilities
Short-term borrowings $ 543 $ 308
Accounts payable and accrued liabilities 1,339 1,204
Total current liabilities 1,882 1,512
Long-term debt 1,940 1,738
Other non-current liabilities 477 524
Total liabilities 4,299 3,774
Share-based payments subject to redemption 48 36
Redeemable non-controlling interests 51 71
Equity
Ingredion stockholders’ equity:
Preferred stock — authorized 25,000,000 shares — $0.01 par value, none issued
Common stock — authorized 200,000,000 shares — $0.01 par value, 77,810,875 issued at December 31, 2022 and December 31, 2021 1 1
Additional paid-in capital 1,132 1,158
Less: Treasury stock (common stock: 12,116,920 and 11,154,203 shares at December 31, 2022 and December 31, 2021, respectively) at cost (1,148 ) (1,061 )
Accumulated other comprehensive loss (1,048 ) (897 )
Retained earnings 4,210 3,899
Total Ingredion stockholders’ equity 3,147 3,100
Non-redeemable non-controlling interests 16 18
Total equity 3,163 3,118
Total liabilities and equity $ 7,561 $ 6,999

Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)

(in millions) Twelve Months Ended December 31,
2022 2021
Cash provided by operating activities:
Net income $ 502 $ 125
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 215 220
Mechanical stores expense 55 55
Impairment on disposition of assets 340
Deferred income taxes (3 ) (61 )
Margin accounts (44 ) (32 )
Changes in other trade working capital (620 ) (248 )
Other 47 (7 )
Cash provided by operating activities 152 392
Cash used for investing activities:
Capital expenditures and mechanical stores purchases (300 ) (300 )
Proceeds from disposal of manufacturing facilities and properties 7 18
Payments for acquisitions, net of cash acquired (29 ) (40 )
Other 2 (13 )
Cash used for investing activities (320 ) (335 )
Cash provided by (used for) financing activities:
Proceeds from borrowings, net 293 (390 )
Commercial paper borrowings, net 140 250
(Repurchases) of common stock, net (103 ) (49 )
Purchases of non-controlling interests (46 )
Dividends paid, including to non-controlling interests (181 ) (184 )
Cash provided by (used for) financing activities 103 (373 )
Effect of foreign exchange rate changes on cash (27 ) (21 )
Decrease in cash and cash equivalents (92 ) (337 )
Cash and cash equivalents, beginning of period 328 665
Cash and cash equivalents, end of period $ 236 $ 328

Ingredion Incorporated
Supplemental Financial Information
(Unaudited)

I. Geographic Information of Net Sales and Operating Income

(in millions, except for percentages) Three Months Ended
December 31,
Change Change
Excl. FX
Twelve Months Ended
December 31,
Change Change
Excl. FX
2022 2021 2022 2021
Net Sales
North America $ 1,214 $ 1,041 17 % 17 % $ 4,934 $ 4,137 19 % 20 %
South America 289 256 13 % 15 % 1,124 1,057 6 % 7 %
Asia-Pacific 282 269 5 % 14 % 1,107 997 11 % 19 %
EMEA 202 189 7 % 22 % 781 703 11 % 25 %
Total Net Sales $ 1,987 $ 1,755 13 % 17 % $ 7,946 $ 6,894 15 % 18 %
Operating Income
North America $ 122 $ 84 45 % 48 % $ 565 $ 487 16 % 17 %
South America 44 30 47 % 53 % 169 138 22 % 24 %
Asia-Pacific 23 17 35 % 47 % 93 87 7 % 17 %
EMEA 20 20 % 15 % 110 106 4 % 19 %
Corporate (41 ) (38 ) (8 )% (8 )% (150 ) (133 ) (13 )% (13 )%
Sub-total 168 113 49 % 57 % 787 685 15 % 19 %
Acquisition/integration costs (2 ) (1 ) (3 )
Restructuring/impairment charges (25 ) (4 ) (47 )
Impairment on disposition of assets (340 )
Other matters (11 ) (20 ) 15
Total Operating Income $ 157 $ 86 83 % 93 % $ 762 $ 310 146 % 155 %

II. Non-GAAP Information

To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration costs, restructuring and impairment costs, Mexico tax (benefit) provision, and other specified items. We generally use the term “adjusted” when referring to these non-GAAP amounts.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Non-GAAP financial measures are not prepared in accordance with GAAP; so our non-GAAP information is not necessarily comparable to similarly titled measures presented by other companies. A reconciliation of each non-GAAP financial measure to the most comparable GAAP measure is provided in the tables below.

Ingredion Incorporated
Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to
Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS
(Unaudited)

Three Months Ended
December 31, 2022
Three Months Ended
December 31, 2021
Twelve Months Ended
December 31, 2022
Twelve Months Ended
December 31, 2021
(in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS
Net income attributable to Ingredion $ 114 $ 1.71 $ 67 $ 0.99 $ 492 $ 7.34 $ 117 $ 1.73
Add back:
Acquisition/integration costs (i) 4 0.06 1 0.01 5 0.08 7 0.10
Restructuring/impairment charges (ii) 19 0.28 3 0.05 36 0.53
Impairment on disposition of assets (iii) 340 5.01
Other matters (iv) 8 0.12 (12 ) (0.18 ) 15 0.22 (22 ) (0.32 )
Fair value adjustments to equity investments (v) (5 ) (0.07 ) (5 ) (0.07 )
Tax item – Mexico (vi) (2 ) (0.03 ) 2 0.03 (4 ) (0.06 ) 6 0.09
Other tax matters (vii) (14 ) (0.21 ) 2 0.03 (12 ) (0.18 ) (27 ) (0.40 )
Non-GAAP adjusted net income attributable to Ingredion $ 110 $ 1.65 $ 74 $ 1.09 $ 499 $ 7.45 $ 452 $ 6.67

Net income, EPS and tax rates may not foot or recalculate due to rounding.

Notes

(i) During the three and twelve months ended December 31, 2022, we recorded $4 million and $5 million, respectively, of pre-tax acquisition and integration charges primarily related to our investment in the Argentina joint venture. During the three and twelve months ended December 31, 2021, we recorded pre-tax acquisition and integration charges of $2 million and $3 million, respectively, for our acquisitions of the PureCircle, KaTech and Verdient Foods businesses, as well as our investments with the Amyris and Argentina joint ventures.

(ii) During the twelve months ended December 31, 2022, we recorded $4 million of remaining pre-tax restructuring-related charges for the Cost Smart programs. During the three and twelve months ended December 31, 2021, we recorded pre-tax restructuring-related charges of $25 million and $47 million, respectively, primarily related to our Cost Smart programs.

(iii) During the twelve months ended December 31, 2021, we recorded a $340 million net asset impairment charge related to the contribution of Ingredion’s Argentina operations to the Argentina joint venture.

(iv) During the three and twelve months ended December 31, 2022, we recorded pre-tax charges of $11 million and $20 million, respectively, primarily related to the impacts of a U.S.-based work stoppage. During the twelve months ended December 31, 2021, we recorded a pre-tax benefit of $15 million for certain indirect tax credits that the Brazilian Supreme Court affirmed in May 2021 that we are entitled to receive.

(v) During the three and twelve months ended December 31, 2021, we recorded a net pre-tax fair value adjustment of $6 million to our equity investments.

(vi) We recorded tax benefits of $2 million and $4 million for the three and twelve months ended December 31, 2022, respectively, and tax provisions of $2 million and $6 million for the three and twelve months ended December 31, 2021, respectively, as a result of the movement of the Mexican peso against the U.S. dollar and its impact on the remeasurement of our Mexico financial statements during the periods.

(vii) In the fourth quarter of 2022, we recognized an income tax benefit of $20 million for certain Brazilian state grants we received between 2018 and 2021, which were previously taxable. Other adjustments relate to the impacts of prior year tax liabilities and contingencies, as well as the tax results of the above non-GAAP addbacks.

Ingredion Incorporated
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
(Unaudited)

(in millions, pre-tax) Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022 2021 2022 2021
Operating income $ 157 $ 86 $ 762 $ 310
Add back:
Acquisition/integration costs (i) 2 1 3
Restructuring/impairment charges (ii) 25 4 47
Impairment on disposition of assets (iii) 340
Other matters (iv) 11 20 (15 )
Non-GAAP adjusted operating income $ 168 $ 113 $ 787 $ 685

For notes (i) through (iv), see notes (i) through (iv) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

Ingredion Incorporated
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)

(in millions) Three Months Ended December 31, 2022 Twelve Months Ended December 31, 2022
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
As Reported $ 124 $ 9 7.3 % $ 668 $ 166 24.9 %
Add back:
Acquisition/integration costs (i) 4 5
Restructuring/impairment charges (ii) 4 1
Other matters (iv) 11 3 20 5
Tax item – Mexico (vi) 2 4
Other tax matters (vii) 14 12
Adjusted Non-GAAP $ 139 $ 28 20.1 % $ 697 $ 188 27.0 %
(in millions) Three Months Ended December 31, 2021 Twelve months ended December 31, 2021
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
As Reported $ 78 $ 10 12.8 % $ 248 $ 123 49.6 %
Add back:
Acquisition/integration costs (i) 2 1 3 (3 )
Restructuring/impairment charges (ii) 25 6 47 11
Impairment on disposition of assets (iii) 340
Other matters (iv) 12 (15 ) 7
Fair value adjustments to equity investments (v) (6 ) (1 ) (6 ) (1 )
Tax item – Mexico (vi) (2 ) (6 )
Other tax matters (vii) (2 ) 27
Adjusted Non-GAAP $ 99 $ 24 24.2 % $ 617 $ 158 25.6 %

For notes (i) through (vii), see notes (i) through (vii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

CONTACTS:
Investors: Noah Weiss, 773-896-5242
Media: Becca Hary, 708-551-2602


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Gourmet cuisine meets superyachts at the Yacht Club de Monaco

Superyacht Chef Competition 2023

This year again, for the second time running, the nine superyacht chefs have to comply with anti-waste criteria requiring contestants to use every single ingredient in the mystery basket or receive a penalty, applied in accordance with an external scoring grid.

MONACO, Feb. 08, 2023 (GLOBE NEWSWIRE) — The Superyacht Chef Competition returns for the fourth year with new criterias to spice up the contest. Organised by Yacht Club de Monaco partnered with Bluewater and held under the aegis of YCM’s La Belle Classe Academy training centre, the culinary par excellence competition aims to put the spotlight on gourmet cuisine at sea as being another facet of yachting professions. The participants will have to deal with a mystery basket and ‘last-minute’ ingredients showing at the same time their ability in complying with anti-waste criterias.

“This event is very much in line with our ambition to position Monaco as a centre of excellence in the Luxury Yacht sector, especially the professions involved, while respecting values of the Monaco, Capital of Advanced Yachting approach,” says Yacht Club de Monaco General Secretary Bernard d’Alessandri.

Chairing the 2023 edition is the two time three Michelin star chef Yannick Alléno, considered by many to be one of the world’s greatest chefs, with a strong focus on French cuisine and its heritage. He is also globally recognised for master-minding Modern Cuisine, a movement he initiated in 2013. The 4th Superyacht Chef Competition vintage looks set to surprise eyes and tastebuds again.

Supervised by Joël Garault, President of Goûts et Saveurs, the professionals coming to judge the dishes include Chef Nicolas Petit (M/Y Latitude), winner in 2022, Chef Benoît Nicolas, ‘Meilleur Ouvrier de France’ 2015 in the gastronomic cuisine category, and Chef Cristina Bowerman, traditional Italian cuisine specialist influenced by her many experiences abroad.

This year again, for the second time running, the nine superyacht chefs have to comply with anti-waste criteria requiring contestants to use every single ingredient in the mystery basket or receive a penalty, applied in accordance with an external scoring grid. British Chef Duncan Biggs who officiates on superyachts will be in charge of this aspect of the competition.

Flexibility will be key for the nine chefs who find out what’s in the mystery basket just before they get behind their stoves. This time, they will be given five minutes of reflection before getting down to the business of creating a dish. During this period, the public can decide to add a missing ingredient to the basket and then vote for the one with the best presentation. The contest comprises three 45-minute heats from which three finalists will emerge who then have to create a main dish and dessert to determine the overall winner. Reserved exclusively for YCM owner member yachts, the contest is an opportunity for owners and all those passionate about gastronomy to watch chefs at their workstations which mimic the reduced galley space on some yachts.

All eyes will be riveted on this ingenuity battle, showcasing their expertise in the kitchen, as these chefs always manage to keep the public spellbound. All the ingredients are there for an event that more than lives up to the expectations and image of the Monaco, Capital of Advanced Yachting approach. Registrations are now open.

For more information:
LaPresse SpA Communication and Press Office Director
Barbara Sanicola barbara.sanicola@lapresse.it

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a18e21e-b095-4e74-868e-adde079b4cd8

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

GlobeNewswire Distribution ID 8745057

Amlan® International’s Phylox® Honored With 2023 IPPE New Product Showcase “Best of the Best” in Live Production Award

Phylox Best of the Best

Phylox is awarded Best of the Best at the 2023 International Production & Processing Expo

  • “Best of the Best” in Live Production Award was given at the recent International Production & Processing Expo (IPPE) and recognizes outstanding exhibitors that have developed innovative technologies in products, services, or operating techniques that advance the industry.
  • Phylox® is a research-backed, natural, non-pharmaceutical coccidiosis solution that optimizes gut health and is a viable NAE alternative for animal protein producers seeking to meet growing consumer demands.
  • Phylox (available in select international markets) is a bioactive blend of antiprotozoal phytochemicals that uses multiple methods to target Eimeria species and decreases the negative production and health effects of coccidiosis.

CHICAGO, Feb. 07, 2023 (GLOBE NEWSWIRE) — Amlan® International, the animal health business of Oil-Dri® Corporation of America and a global leader in mineral-based feed additives that optimize the intestinal health of poultry and livestock, is pleased to announce that its innovative product Phylox® (available in select international markets) has received the 2023 New Product Showcase “Best of the Best” in Live Production award. The accolade, awarded at the recent International Production & Processing Expo (IPPE), recognized Amlan for its launch of Phylox, a natural, non-pharmaceutical coccidiosis solution for live production programs including those producers that need to meet the demand for no-antibiotic-ever (NAE) production.

“We were honored to have been chosen as one of three outstanding exhibitors that developed an innovative product last year that is already helping producers in our expanding markets,” said Dr. Wade Robey, Vice President of Agriculture, Oil-Dri, and President, Amlan International. “Phylox is a research-backed, natural alternative to anticoccidial drugs that improves feed conversion and weight gain and reduces mortality and morbidity to drive profits naturally. Amlan is thankful for the opportunity to share our new product mode-of-action video with the global IPPE audience and we’re honored to stand alongside other industry innovators. We were happy to have been a part of a successful IPPE and we thank the show organizers for recognizing the value our innovative natural feed additive offers to the poultry industry.”

Phylox has multiple modes of action and can help prevent disease breakthroughs when fed alone, or in combination with anticoccidial vaccines. Coccidiosis is one of the most significant diseases affecting poultry production, costing the global industry billions of dollars each year. Traditionally, ionophores or synthetic chemicals were used to control coccidiosis; however, government regulations and consumer concerns over synthetic chemicals often dictate a more natural approach. Phylox is a bioactive blend of natural antiprotozoal phytochemicals that uses multiple methods to target Eimeria species and decreases the negative production and health effects of coccidiosis.

“In multiple studies, including broilers raised in floor pens, Eimeria-challenged broilers fed Phylox had equivalent or better performance compared to broilers administered industry-standard anticoccidials, including vaccines and standard ionophores or chemical solutions,” said Dr. Aldo Rossi, Vice President, Innovation and Technical Service. “Research also showed that Phylox can be fed concurrently with anticoccidial vaccines, minimizing the impact of vaccine reaction while allowing immunity to develop. This award recognizes that Phylox offers a natural alternative to this complex challenge that should impact poultry production and increase producers’ return on investment for years to come.”

Amlan was one of 36 outstanding exhibitors accepted to the new product showcase that distinguished themselves by developing an innovative technology in products, services or operating techniques that will advance the industry. The “Best of the Best” awards were chosen as the top entries for each category by a panel of peers including researchers, media and other industry stakeholders.

“We are really excited to announce IPPE’s New Product Showcase ‘Best of the Best’ recipients. Congratulations to these three exhibitors for their innovative technologies,” said IPPE show organizers.

To learn more about Phylox, please visit https://amlan.com/product/phylox/.

To view Amlan’s video submission for the “Best of the Best” in Live Production Award on Phylox, please visit https://www.youtube.com/watch?v=c3JwnAuDdSg.

Please visit https://amlan.com/find-your-rep/ to find your local Phylox representative.

For more information on Amlan International, please visit www.amlan.com.

Company Information

Amlan is the animal health business of Oil-Dri Corporation of America, a leading global manufacturer and marketer of sorbent minerals. Oil-Dri leverages over 80 years of expertise in mineral science to selectively mine and process its unique mineral for consumer and business-to-business markets. Oil-Dri Corporation of America doing business as “Amlan International” is a publicly traded stock on the New York Stock Exchange (NYSE: ODC). Amlan International sells feed additives across the world. Product availability may vary by country; associated claims do not constitute medical claims and may differ based on government requirements.

Reagan Culbertson
Media Contact
press@amlan.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/284e4bb6-7f1b-4b13-ae2e-49a12fc83458

GlobeNewswire Distribution ID

nCino Expands nCino IQ Offerings Through Partnership with Rich Data Co

Partnership with AI decisioning platform to provide deeper insight and more confident lending through a single platform

WILMINGTON, N.C., Feb. 07, 2023 (GLOBE NEWSWIRE) — nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced a value added reseller agreement with Rich Data Co (RDC), an industry leading artificial intelligence (AI) decisioning platform, to enhance the lending process for its customers. The combined value delivered by this partnership will equip financial institutions with deeper insights into their clients’ business and improve, streamline and further automate workflow and monitoring, creating significant value and efficiencies in small business and commercial lending.

nCino will integrate RDC’s decisioning capabilities into the nCino Bank Operating System® to enhance nCino’s Commercial Banking and Small Business Banking solutions with ground-breaking AI and machine learning techniques. This will simplify the traditional credit technology landscape and empower transparent and explainable decision-making driving revenue and efficiency for nCino’s customers. The partnership with RDC will expand the use cases for nCino IQ (nIQ®), which leverages intelligence and machine learning to transform data into information and actionable insights, empowering financial institutions to focus on key-value add activities and make better business decisions.

“The combination of AI, data and digital customer experience enables banks to more efficiently, accurately and holistically assess the health of a customer’s business, enabling lenders to have better visibility and control of their existing and new credit for the entire business lending portfolio,” said Gordon Campbell, Chief Product Officer at RDC. “We are proud that nCino has chosen our AI platform and expertise to enhance nCino’s best-in-class Bank Operating System and further modernize the lending profess for its customers.”

Through this partnership, RDC and nCino will provide cloud capabilities to support the use of AI across the entire origination and monitoring of the credit lifecycle. RDC’s unique AI decisioning platform brings together advanced analytical techniques with latent and alternate data sets. Embedding intelligence into the banker experience is critical for financial institutions to action opportunities and manage risk within existing portfolios.

“Financial institutions often lack the infrastructure and skills needed to effectively aggregate, analyze, and form actions around numerous, siloed data sources. RDC has a proven ability to innovate, augment and expand small business and commercial lending amidst a broader migration to AI and machine learning within the industry,” said Christopher Gufford, General Manager of Commercial Product for nCino. “We are confident this partnership will drive significant business value for our customers and enable us to drive further adoption of AI and machine learning in the broader financial services industry.”

About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino’s single cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,750 financial institutions of all types and sizes on a global basis. For more information, visit www.ncino.com.

About Rich Data Co

Rich Data Co (RDC) was founded in 2016 in Sydney Australia. RDC is driven to increase global access to inclusive, fair and sustainable credit. The RDC AI Decisioning platform provides lenders with deeper insight into borrower behaviour, enabling faster and more accurate decisions that empower confident lending to Business and SME lending segments. This next-generation platform enables lenders to more accurately access credit risk and predict future business performance to enable access to sustainable credit. www.richdataco.com

This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, among others, risks and uncertainties relating to the market adoption of our solution, competition, international expansion, and privacy and data security matters. Additional risks and uncertainties that could affect nCino’s business and financial results are included in reports filed by nCino with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC’s web site at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time.

Media Contacts
Ryan Kelly
+1 732.770.5942
ryan.kelly@ncino.com

GlobeNewswire Distribution ID 8743654

Fortinet Reports Fourth Quarter and Full Year 2022 Financial Results

Fourth Quarter 2022 Highlights

  • Product revenue of $540.1 million, up 43% year over year
  • Service revenue of $742.9 million, up 27% year over year
  • Total revenue of $1.28 billion, up 33% year over year
  • Billings of $1.72 billion, up 32% year over year1
  • GAAP operating income of $357.8 million, up 66% year over year
  • Non-GAAP operating income of $417.6 million, up 52% year over year1
  • GAAP operating margin of 27.9%
  • Non-GAAP operating margin of 32.5%1
  • GAAP diluted net income per share attributable to Fortinet, Inc. of $0.40, up 67% year over year2
  • Non-GAAP diluted net income per share attributable to Fortinet, Inc. of $0.44, up 76% year over year1 2
  • Cash flow from operations of $528.1 million
  • Free cash flow of $497.2 million1

Full Year 2022 Highlights

  • Product revenue of $1.78 billion, up 42% year over year
  • Service revenue of $2.64 billion, up 26% year over year
  • Total revenue of $4.42 billion, up 32% year over year
  • Billings of $5.59 billion, up 34% year over year1
  • Deferred revenue of $4.64 billion, up 34% year over year
  • GAAP operating income of $969.6 million, up 49% year over year
  • Non-GAAP operating income of $1.21 billion, up 38% year over year1
  • GAAP operating margin of 21.9%
  • Non-GAAP operating margin of 27.3%1
  • GAAP diluted net income per share attributable to Fortinet, Inc. of $1.06, up 45% year over year2
  • Non-GAAP diluted net income per share attributable to Fortinet, Inc. of $1.19, up 49% year over year1 2
  • Cash flow from operations of $1.73 billion
  • Free cash flow of $1.45 billion1
  • Cash paid for share repurchases of $1.99 billion

SUNNYVALE, Calif., Feb. 07, 2023 (GLOBE NEWSWIRE) — Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the fourth quarter and full year ended December 31, 2022.

“Total revenue grew 32% in 2022 and year-over-year to $4.42 billion, and we generated GAAP net income of $857.3 million. This marks the 14th consecutive year that we have been GAAP profitable, including every year since our 2009 IPO. Cash flow from operations was $1.73 billion and free cash flow was a Fortinet record of $1.45 billion for the year,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “Our market share gains are being driven by Fortinet’s integrated and single platform approach to cybersecurity combined with FortiASIC technology, which lowers the management costs and the total cost of ownership for organizations. Given our cost-for-performance advantage, the convergence of security and networking, and the consolidation of products and vendors, we expect to continue our solid growth trajectory.”

Financial Highlights for the Fourth Quarter of 2022

  • Product Revenue: Product revenue was $540.1 million for the fourth quarter of 2022, an increase of 42.5% compared to $378.9 million for the same quarter of 2021.
  • Service Revenue: Service revenue was $742.9 million for the fourth quarter of 2022, an increase of 27.1% compared to $584.7 million for the same quarter of 2021.
  • Revenue: Total revenue was $1.28 billion for the fourth quarter of 2022, an increase of 33.1% compared to $963.6 million for the same quarter of 2021.
  • Billings1: Total billings were $1.72 billion for the fourth quarter of 2022, an increase of 31.6% compared to $1.31 billion for the same quarter of 2021.
  • GAAP Operating Income and Margin: GAAP operating income was $357.8 million for the fourth quarter of 2022, representing a GAAP operating margin of 27.9%. GAAP operating income was $214.9 million for the same quarter of 2021, representing a GAAP operating margin of 22.3%.
  • Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $417.6 million for the fourth quarter of 2022, representing a non-GAAP operating margin of 32.5%. Non-GAAP operating income was $274.7 million for the same quarter of 2021, representing a non-GAAP operating margin of 28.5%.
  • GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.2: GAAP net income was $313.8 million for the fourth quarter of 2022, compared to GAAP net income of $199.0 million for the same quarter of 2021. GAAP diluted net income per share was $0.40 for the fourth quarter of 2022, based on 791.8 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.24 for the same quarter of 2021, based on 835.0 million diluted weighted-average shares outstanding.
  • Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.1 2: Non-GAAP net income was $349.7 million for the fourth quarter of 2022, compared to non-GAAP net income of $205.8 million for the same quarter of 2021. Non-GAAP diluted net income per share was $0.44 for the fourth quarter of 2022, based on 791.8 million diluted weighted-average shares outstanding, compared to $0.25 for the same quarter of 2021, based on 835.0 million diluted weighted-average shares outstanding.
  • Cash Flow: Cash flow from operations was $528.1 million for the fourth quarter of 2022, compared to $366.8 million for the same quarter of 2021.
  • Free Cash Flow1: Free cash flow was $497.2 million for the fourth quarter of 2022, compared to $215.5 million for the same quarter of 2021.

Financial Highlights for the Full Year 2022

  • Product Revenue: Product revenue was $1.78 billion for 2022, an increase of 41.9% compared to $1.26 billion in 2021.
  • Service Revenue: Service revenue was $2.64 billion for 2022, an increase of 26.3% compared to $2.09 billion in 2021.
  • Revenue: Total revenue was $4.42 billion for 2022, an increase of 32.2% compared to $3.34 billion in 2021.
  • Billings1: Total billings were $5.59 billion for 2022, an increase of 33.8% compared to $4.18 billion in 2021.
  • Deferred Revenue: Total deferred revenue was $4.64 billion as of December 31, 2022, an increase of 34.4% compared to $3.45 billion as of December 31, 2021.
  • GAAP Operating Income and Margin: GAAP operating income was $969.6 million for 2022, representing a GAAP operating margin of 21.9%. GAAP operating income was $650.4 million for 2021, representing a GAAP operating margin of 19.5%.
  • Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $1.21 billion for 2022, representing a non-GAAP operating margin of 27.3%. Non-GAAP operating income was $875.5 million for 2021, representing a non-GAAP operating margin of 26.2%.
  • GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.2: GAAP net income was $857.3 million for 2022, compared to GAAP net income of $606.8 million for 2021. GAAP diluted net income per share was $1.06 for 2022, based on 805.3 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.73 for 2021, based on 835.3 million diluted weighted-average shares outstanding.
  • Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.1 2: Non-GAAP net income was $961.6 million for 2022, compared to non-GAAP net income of $666.0 million for 2021. Non-GAAP diluted net income per share was $1.19 for 2022, based on 805.3 million diluted weighted-average shares outstanding, compared to $0.80 for 2021, based on 835.3 million diluted weighted-average shares outstanding.
  • Cash Flow: Cash flow from operations was $1.73 billion in 2022 compared to $1.50 billion in 2021.
  • Free Cash Flow1: Free cash flow was $1.45 billion in 2022, compared to $1.20 billion in 2021.
  • Share Repurchase Program2: During the year ended December 31, 2022 and 2021, Fortinet repurchased 36.0 million and 12.9 million shares of its common stock at an average price of $55.37 and $57.45 per share, respectively, and for an aggregate purchase price of $1.99 billion and $741.8 million, respectively.

Guidance

For the first quarter of 2023, Fortinet currently expects:

  • Revenue in the range of $1.180 billion to $1.220 billion
  • Billings in the range of $1.415 billion to $1.465 billion
  • Non-GAAP gross margin in the range of 75.0% to 76.0%
  • Non-GAAP operating margin in the range of 23.0% to 24.0%
  • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.27 to $0.29, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 795 million to 805 million.

For the fiscal year 2023, Fortinet currently expects:

  • Revenue in the range of $5.370 billion to $5.430 billion
  • Service revenue in the range of $3.335 billion to $3.365 billion
  • Billings in the range of $6.710 billion to $6.790 billion
  • Non-GAAP gross margin in the range of 75.0% to 76.0%
  • Non-GAAP operating margin in the range of 25.0% to 26.0%
  • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.39 to $1.41, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 805 million to 815 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets and gain on intellectual property matters. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

1 A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
2 All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

First Quarter 2023 Conference Participation Schedule:

  • Baird’s Silicon Slopes Event
    March 2, 2023
  • Morgan Stanley Technology, Media & Telecom Conference
    March 7, 2023

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s web site. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

About Fortinet (www.fortinet.com)

Fortinet (NASDAQ: FTNT) makes possible a digital world that we can trust through its mission to protect people, devices and data everywhere. This is why many of the world’s largest enterprises, service providers and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Core Platform and Platform Extension products deliver broad, integrated and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. The Fortinet NSE Training Institute, an initiative of Fortinet’s Training Advancement Agenda, provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

Copyright © 2022 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

FTNT-F

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to future market share gains, guidance and expectations around future financial results, including guidance and expectations for the first quarter and full year 2023, statements regarding the momentum in our business and future growth expectations, and any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by economic challenges, expectations of a recession or any actual recession, and the effects of increased inflation and interest rates in certain geographies or as a result of the COVID-19 pandemic and the war in Ukraine; supply chain challenges due to the current global environment; negative impacts from the COVID-19 pandemic on sales, billings, revenue, demand and buying patterns, component supply and ability to manufacture products to meet demand in a timely fashion, and costs such as possible increased costs for shipping and components; global economic conditions, country-specific economic conditions, and foreign currency risks; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; uncertainties around continued success in sales growth and market share gains; uncertainties in market opportunities and the market size; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by the COVID-19 pandemic; competition and pricing pressure; product inventory shortages for any reason, including those caused by the effects of increased inflation and interest rates in certain geographies, the COVID-19 pandemic and the war in Ukraine; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses such as the COVID-19 pandemic, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts such as the war in Ukraine, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies; any political and government disruption around the world, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (“SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period, less any deferred revenue balances acquired from business combination(s) and adjustment due to adoption of new accounting standard during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment and excluding any significant non-recurring items. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures and net of proceeds from intellectual property matter, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes cash flows from significant non-recurring items, investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, impairment and amortization of acquired intangible assets, less gain on intellectual property matter and, when applicable, other significant non-recurring items in a given quarter. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

Non-GAAP net income and diluted net income per share attributable to Fortinet, Inc. We define non-GAAP net income as net income plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for a non-cash charge on equity method investment comprised of impairment and other intervening events, a tax adjustment required for an effective tax rate on a non-GAAP basis and adjustments attributable to non-controlling interests, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income and diluted net income per share calculated in accordance with GAAP.

FORTINET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions)

December 31,
2022
December 31,
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,682.9 $ 1,319.1
Short-term investments 502.6 1,194.0
Marketable equity securities 25.5 38.6
Accounts receivable—net 1,261.7 807.7
Inventory 264.6 175.8
Prepaid expenses and other current assets 73.1 65.4
Total current assets 3,810.4 3,600.6
LONG-TERM INVESTMENTS 45.5 440.8
PROPERTY AND EQUIPMENT—NET 898.5 687.6
DEFERRED CONTRACT COSTS 518.2 423.3
DEFERRED TAX ASSETS 569.4 342.3
GOODWILL AND OTHER INTANGIBLE ASSETS—NET 184.0 188.7
OTHER ASSETS 202.0 235.8
TOTAL ASSETS $ 6,228.0 $ 5,919.1
LIABILITIES AND EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 243.4 $ 148.4
Accrued liabilities 266.3 197.3
Accrued payroll and compensation 219.4 195.0
Deferred revenue 2,349.3 1,777.4
Total current liabilities 3,078.4 2,318.1
DEFERRED REVENUE 2,291.0 1,675.5
INCOME TAX LIABILITIES 67.8 79.5
LONG-TERM DEBT 990.4 988.4
OTHER LIABILITIES 82.0 59.2
Total liabilities 6,509.6 5,120.7
COMMITMENTS AND CONTINGENCIES
EQUITY (DEFICIT):
Common stock 0.8 0.8
Additional paid-in capital 1,284.2 1,253.6
Accumulated other comprehensive loss (20.2 ) (4.8 )
Accumulated deficit (1,546.4 ) (467.9 )
Total Fortinet, Inc. stockholders’ equity (deficit) (281.6 ) 781.7
Non-controlling interests 16.7
Total equity (deficit) (281.6 ) 798.4
TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 6,228.0 $ 5,919.1

FORTINET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in millions, except per share amounts)

Three Months Ended Year Ended
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
REVENUE:
Product $ 540.1 $ 378.9 $ 1,780.5 $ 1,255.0
Service 742.9 584.7 2,636.9 2,087.2
Total revenue 1,283.0 963.6 4,417.4 3,342.2
COST OF REVENUE:
Product 189.9 146.5 691.3 487.7
Service 107.4 81.8 393.6 295.3
Total cost of revenue 297.3 228.3 1,084.9 783.0
GROSS PROFIT:
Product 350.2 232.4 1,089.2 767.3
Service 635.5 502.9 2,243.3 1,791.9
Total gross profit 985.7 735.3 3,332.5 2,559.2
OPERATING EXPENSES:
Research and development 128.9 112.6 512.4 424.2
Sales and marketing 455.9 367.7 1,686.1 1,345.7
General and administrative 44.3 41.3 169.0 143.5
Gain on intellectual property matter (1.2 ) (1.2 ) (4.6 ) (4.6 )
Total operating expenses 627.9 520.4 2,362.9 1,908.8
OPERATING INCOME 357.8 214.9 969.6 650.4
INTEREST INCOME 9.1 1.0 17.4 4.5
INTEREST EXPENSE (4.5 ) (4.5 ) (18.0 ) (14.9 )
OTHER INCOME (EXPENSE)—NET 5.8 (4.1 ) (13.5 ) (11.6 )
INCOME BEFORE INCOME TAXES AND LOSS FROM EQUITY METHOD INVESTMENT 368.2 207.3 955.5 628.4
PROVISION FOR INCOME TAXES 9.2 3.7 30.8 14.1
LOSS FROM EQUITY METHOD INVESTMENT (45.2 ) (4.8 ) (68.1 ) (7.6 )
NET INCOME INCLUDING NON-CONTROLLING INTERESTS 313.8 198.8 856.6 606.7
Less: NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS, NET OF TAX (0.2 ) (0.7 ) (0.1 )
NET INCOME ATTRIBUTABLE TO FORTINET, INC. $ 313.8 $ 199.0 $ 857.3 $ 606.8
Net income per share attributable to Fortinet, Inc.(a):
Basic $ 0.40 $ 0.24 $ 1.08 $ 0.74
Diluted $ 0.40 $ 0.24 $ 1.06 $ 0.73
Weighted-average shares used to compute net income per share attributable to Fortinet, Inc.(a):
Basic 780.9 814.9 791.4 816.1
Diluted 791.8 835.0 805.3 835.3

(a) All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

FORTINET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)

Year Ended
December 31,
2022
December 31,
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including non-controlling interests $ 856.6 $ 606.7
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation 217.3 207.9
Amortization of deferred contract costs 223.3 175.9
Depreciation and amortization 104.3 84.4
Amortization of investment premiums 4.4 6.9
Loss from equity method investment 68.1 7.6
Other 23.6 7.9
Changes in operating assets and liabilities, net of impact of business combinations:
Accounts receivable—net (456.7 ) (72.5 )
Inventory (109.1 ) (19.4 )
Prepaid expenses and other current assets (7.7 ) (17.7 )
Deferred contract costs (318.2 ) (294.5 )
Deferred tax assets (226.4 ) (94.0 )
Other assets (35.3 ) (19.0 )
Accounts payable 105.2 (13.1 )
Accrued liabilities 55.2 49.9
Accrued payroll and compensation 25.0 44.0
Other liabilities 23.5 (0.7 )
Deferred revenue 1,177.5 839.4
     Net cash provided by operating activities 1,730.6 1,499.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments (389.1 ) (2,308.0 )
Sales of investments 3.0 85.5
Maturities of investments 1,462.0 1,470.3
Purchases of property and equipment (281.2 ) (295.9 )
Purchases of investment in privately held company (160.0 )
Payments made in connection with business combinations, net of cash acquired (30.8 ) (74.9 )
Purchases of marketable equity securities (42.5 )
Other 0.4
     Net cash provided by (used in) investing activities 763.9 (1,325.1 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings, net of discount and underwriting fees 989.4
Payments for debt issuance costs (2.4 )
Repurchase and retirement of common stock (1,991.2 ) (741.8 )
Proceeds from issuance of common stock 26.1 26.0
Taxes paid related to net share settlement of equity awards (160.4 ) (167.9 )
Payments of debt assumed in connection with business combinations (19.5 )
Other (4.8 ) (1.0 )
     Net cash provided by (used in) financing activities (2,130.3 ) 82.8
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (0.4 ) (0.1 )
NET INCREASE IN CASH AND CASH EQUIVALENTS 363.8 257.3
CASH AND CASH EQUIVALENTS—Beginning of year 1,319.1 1,061.8
CASH AND CASH EQUIVALENTS—End of year $ 1,682.9 $ 1,319.1

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Unaudited, in millions, except per share amounts)

Reconciliation of net cash provided by operating activities to free cash flow

Three Months Ended Year Ended
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Net cash provided by operating activities $ 528.1 $ 366.8 $ 1,730.6 $ 1,499.7
Less: Purchases of property and equipment (30.9 ) (151.3 ) (281.2 ) (295.9 )
Free cash flow $ 497.2 $ 215.5 $ 1,449.4 $ 1,203.8
Net cash provided by (used in) investing activities $ 217.4 $ (265.9 ) $ 763.9 $ (1,325.1 )
Net cash provided by (used in) financing activities $ (27.4 ) $ (633.6 ) $ (2,130.3 ) $ 82.8

Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income attributable to Fortinet, Inc. and diluted net income per share attributable to Fortinet, Inc.

Three Months Ended December 31, 2022 Three Months Ended December 31, 2021
GAAP Results Adjustments Non-GAAP Results GAAP Results Adjustments Non-GAAP Results
Operating income $ 357.8 $ 59.8 (a) $ 417.6 $ 214.9 $ 59.8 (b) $ 274.7
Operating margin 27.9 % 32.5 % 22.3 % 28.5 %
Adjustments:
Stock-based compensation 55.3 54.2
Amortization of acquired intangible assets 5.7 6.8
Gain on intellectual property matter (1.2 ) (1.2 )
Tax adjustment (63.6 ) (c) (52.4 ) (c)
Non-cash charge on equity method investment 39.7 (d)
Adjustments attributable non-controlling interests (0.6 ) (e)
Net income attributable to Fortinet, Inc. $ 313.8 $ 35.9 $ 349.7 $ 199.0 $ 6.8 $ 205.8
Diluted net income per share attributable to Fortinet, Inc.(f) $ 0.40 $ 0.44 $ 0.24 $ 0.25
Shares used in diluted net income per share attributable to Fortinet, Inc. calculations(f) 791.8 791.8 835.0 835.0

(a) To exclude $55.3 million of stock-based compensation and $5.7 million of amortization of acquired intangible assets, offset by a $1.2 million gain on intellectual property matter in the three months ended December 31, 2022.
(b) To exclude $54.2 million of stock-based compensation and $6.8 million of amortization of acquired intangible assets, offset by a $1.2 million gain on intellectual property matter in the three months ended December 31, 2021.
(c) Non-GAAP financial information is adjusted to an overall effective tax rate of 17% and 21% in the three months ended December 31, 2022 and 2021, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
(d) To exclude a $39.7 million non-cash charge, primarily comprised of the impairment charge on our equity method investment in Linksys Holdings Inc. (“Linksys”) and other intervening events related to the establishment of a valuation allowance against Linksys deferred tax assets.
(e) Adjustments related to the non-GAAP results attributable to non-controlling interests, which were adjusted to an effective tax rate of 31% for the subsidiary of Alaxala Networks Corporation (“Alaxala”) in the three months ended December 31, 2021.
(f) All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

Year Ended December 31, 2022 Year Ended December 31, 2021
GAAP Results Adjustments Non-GAAP Results GAAP Results Adjustments Non-GAAP Results
Operating income $ 969.6 $ 238.5 (a) $ 1,208.1 $ 650.4 $ 225.1 (b) $ 875.5
Operating margin 21.9 % 27.3 % 19.5 % 26.2 %
Adjustments:
Stock-based compensation 219.8 211.2
Amortization of acquired intangible assets 23.3 18.5
Gain on intellectual property matter (4.6 ) (4.6 )
Tax adjustment (172.2 ) (c) (165.1 ) (c)
Non-cash charge on equity method investment 39.7 (d)
Adjustments attributable non-controlling interests (1.7 ) (e) (0.8 ) (e)
Net income attributable to Fortinet, Inc. $ 857.3 $ 104.3 $ 961.6 $ 606.8 $ 59.2 $ 666.0
Diluted net income per share attributable to Fortinet, Inc.(f) $ 1.06 $ 1.19 $ 0.73 $ 0.80
Shares used in diluted net income per share calculations(f) 805.3 805.3 835.3 835.3

(a) To exclude $219.8 million of stock-based compensation and $23.3 million of amortization of acquired intangible assets, offset by a $4.6 million gain on intellectual property matter in 2022.
(b) To exclude $211.2 million of stock-based compensation and $18.5 million of amortization of acquired intangible assets, offset by a $4.6 million gain on intellectual property matter in 2021.
(c) Non-GAAP financial information is adjusted to an overall effective tax rate of 17% and 21% in 2022 and 2021, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
(d) To exclude a $39.7 million non-cash charge, primarily comprised of the impairment charge on our equity method investment in Linksys and other intervening events related to the establishment of a valuation allowance against Linksys deferred tax assets.
(e) Adjustments related to the non-GAAP results attributable to non-controlling interests, which were adjusted to an effective tax rate of 31% for the subsidiary of Alaxala in 2022 and 2021.
(f) All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

Reconciliation of total revenue to total billings

Three Months Ended Year Ended
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Total revenue $ 1,283.0 $ 963.6 $ 4,417.4 $ 3,342.2
Add: Change in deferred revenue 446.8 346.5 1,187.4 847.6
Less: Deferred revenue balance acquired in business acquisitions (10.8 ) (10.8 ) (4.1 )
Less: Adjustment due to adoption of ASU 2021-083 (4.3 ) (4.3 )
Total billings $ 1,719.0 $ 1,305.8 $ 5,594.0 $ 4,181.4

3 We early adopted ASU 2021-08 on a retrospective basis and effective for us beginning on January 1, 2021. The adoption of ASU 2021-08 resulted in a $4.3 million adjustment attributable to the acquisition of Alaxala in 2021, as a result of the revised measurement of deferred revenue for acquisition.

Investor Contact: Media Contact:
Peter Salkowski John Welton
Fortinet, Inc. Fortinet, Inc.
408-331-4595 408-235-7700
psalkowski@fortinet.com pr@fortinet.com


GlobeNewswire Distribution ID 8744713

Chair’s Statement, COVID-19 Global Action Plan Ministerial

One year ago, a diverse group of governments and organizations gathered to launch the COVID-19 Pandemic Prioritized Global Action Plan for Enhanced Engagement (“GAP”) with the objective of focusing political will and enhancing coordination to end the acute phase of the COVID-19 pandemic and strengthen readiness for future pandemic threats. The GAP built on global COVID-19 response activities and commitments with a focus on six immediate Lines of Effort (LOEs): (1) Turning Vaccines into Vaccinations; (2) Bolstering Supply Chain Resilience; (3) Addressing Information Gaps; (4) Supporting Health Care Workers; (5) Promoting Acute Non-Vaccine Interventions; and (6) Strengthening the Global Health Security Architecture by advancing immediate and long-term reforms and governance that will impact both pandemic response today and future global health security.

Today, the GAP partners re-convened to assess the work of the GAP, identify remaining barriers to managing COVID-19, and reflect upon lessons learned to promote future collaboration to address global health security threats. GAP Ministers and partners hailed the complementary domestic, bilateral, and multilateral efforts to combat the COVID-19 pandemic, and welcomed in particular the actions that have accelerated medical countermeasure access and distribution through increased response coordination across GAP countries. They also acknowledged the challenges that remain and reaffirmed their shared enduring commitment to working together to address these challenges.

U.S. Secretary of State Blinken noted that by enhancing coordination among partners – and elevating the level of political commitment and strategic communication – the GAP provided a forum to advance global health security efforts, to help save lives and livelihoods, and to operationalize the axiom that “health security is national security.”

Enhanced Engagement in Combatting COVID-19

GAP partners affirmed the importance of collective, coordinated political action in addressing the pandemic. COVID-19 highlighted that diseases pose a direct threat to core elements of foreign policy, including economic growth and development; peace and security; and equity and human dignity, renewing awareness of the need to view global health from a broad perspective. It also demonstrated that no one country acting alone can stop a pandemic; the greatest successes in combatting COVID-19 have occurred when countries, regions, and global and multilateral institutions have acted together. Building on the two leader-level COVID-19 Summits hosted by the White House, the GAP established a political mechanism for pandemic crisis management to exchange information and coordinate responses.

Reflection on the Global Action Plan

Participants took the opportunity to review the accomplishments of the GAP. They asserted that the GAP played a significant role, together with other multilateral and bilateral efforts, in generating political will and attention to drive new and existing efforts to advance common priorities and coordinated efforts to end the acute phase of the COVID-19 pandemic. Together, GAP partners have coordinated resources and capacities, and driven toward global COVID-19 vaccination targets.

Cooperating with initiatives like the Access to COVID-19 Tools Accelerator (ACT-A) including COVAX, Global VAX, and the COVID-19 Vaccine Delivery Partnership (CoVDP), the average vaccination rate in GAP-targeted lower-income countries increased to over 50 percent, and in many of the targeted countries reached nearly full coverage for all at-risk health workers and older people. Partners noted that around 13 billion vaccine doses have been delivered globally. GAP members helped facilitate last-mile support for almost 80 countries; large-scale assistance to vaccinate, test, and treat; new policies to help achieve vaccine targets for high-risk populations including the elderly and health workers; supported youth vaccination and booster campaigns; and worked toward integrating COVID-19 services into routine health systems. Country partners also worked to create cold storage solutions appropriate for challenging environments, and to expand access to non-vaccine interventions, including testing, oral antivirals, and medical oxygen. GAP partners supported regional diversification of manufacturing and regional hubs for mRNA vaccine development and agreed to establish an implementation group to improve global access to medical supplies and services through a global clearinghouse mechanism for COVID-19 related products. They shared information on harmful mis- and disinformation, condemned active disinformation campaigns, and supported community-level interventions to combat information gaps.

Further Work on the COVID-19 Response

At the Ministerial today, participants identified areas needing further work, noting that global suffering caused by COVID-19 has not ended despite heroic efforts by our healthcare workers, private citizens, institutions, and organizations.

Even with the current wide availability of vaccines, there is a persistent need to focus efforts on protecting the world’s most vulnerable from COVID-19, including through flexible and targeted strategies to address barriers to vaccinating the most vulnerable and at-risk populations, especially in disaster and conflict zones. Partners called for continued work to integrate COVID-19 vaccines, including boosters, into each country’s national vaccine strategy, while minimizing future disruptions to routine immunizations and health services.

They acknowledged the great strides made in testing and treatment, but also noted that more needs to be done to address equitable access, including to diagnostic testing, oral antivirals, and medical oxygen. Partners noted the importance of identifying appropriate opportunities for coordination and investment by the global community for improved access and demand in low- and low-middle income countries for safe, effective, and affordable medical countermeasures, including therapeutics. GAP partners affirmed the need for genetic sequencing and rapid reporting for the timely detection of emerging variants of concern.

Need for Future Cooperation

Participants welcomed the heightened interest in health security as a foreign policy concern. They affirmed their commitment to promote international cooperation and coordination through political dialogue, exchange of experiences, and strategic discussions – including building genuine partnerships with a wide range of relevant stakeholders. They vowed to fight any attempt to weaponize health issues through information manipulation and interference, including disinformation.

Ministers stated that lessons learned from the COVID-19 pandemic must be used to inform the future response to be better prepared when new infectious disease threats emerge. They called for strengthening the global health architecture and national, regional, and global capacities related to biosurveillance, epidemiological intelligence, labs, genomic sequencing, and primary care systems. Participants noted the need for pandemic surge capacities and platforms to promote more rapid and equitable responses and access to affordable medical countermeasures, and discussed the desire for rapid, consistent, and transparent outbreak-related information, data, and sample sharing. GAP participants noted the need for strong, resilient health care systems with effective infection prevention and control measures, including pursuing universal health coverage. They also called for ensuring timely access to critical medical countermeasures, including in humanitarian settings during future health crises. In order to sustain evolving demand for production of vaccines, tests, and treatments for COVID-19 and future threats, GAP partners recognized the need to stay focused on diversifying production and supporting new producers and platforms including through consideration of competitive pricing, demand generation schemes, voluntary transfer of technology on mutually agreed terms, capacity-building, and skills and regulatory strengthening.

GAP partners affirmed the principle that no one is truly safe until everyone is safe, and the global community remains at risk so long as COVID-19 continues to spread and evolve. Participants hailed the importance of the GAP as a model for resolving gaps in future pandemic response. They committed to remain engaged on the critical and timely work ahead and reconvene as needed to enhance action and coordination needed to better prepare for future health security threats, in a rapid, transparent, safe, secure, accountable, and equitable manner. GAP partners welcomed international initiatives for better legal, financial, and coordination frameworks for pandemic prevention, preparedness, and response, and confirmed their commitment to building global consensus toward a safer world.

The United States, as Chair of the meeting, offered its appreciation to those countries and partners who participated in the COVID-19 Global Action Plan throughout the past year, including Argentina, Australia, Bangladesh, Belize, Botswana, Canada, Colombia, Costa Rica, France, Germany, India, Indonesia, Israel, Italy, Jamaica, Japan, Kenya, Maldives, Morocco, Namibia, New Zealand, Nigeria, Norway, Oman, Republic of Korea, Saudi Arabia, Senegal, South Africa, Spain, Thailand, the African Union (Africa Centers for Disease Control and Prevention), the European Union, United Arab Emirates, United Kingdom, and the World Health Organization.

Source: US Department of State