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MANCHESTER, England & NEW YORK–(BUSINESS WIRE)–Wejo Group Limited (NASDAQ: WEJO) (“Wejo” or the “Company”), a global leader in Smart Mobility for Good ™ and cloud and software analytics for connected, electric and autonomous vehicle data, announced that Alan Masarek has recently accepted a CEO position at another public company and pursuant to this has resigned from the Company’s Board of Directors (the “Board”), effective November 19, 2022.

Wejo Founder and Chief Executive Officer Richard Barlow said, “I would like to thank Alan for his outstanding service to our company. He has been an invaluable asset during his time with us and brought great leadership in his capacity on the Company’s Audit and Nominating & Corporate Governance Committees. We wish him every success in his future endeavors.”

Alan Masarek stated, “I am grateful to have been able to support Wejo on its Board of Directors during such an exciting time for the business. As I step away to pursue a new opportunity, I remain a huge supporter of Wejo, and continue to be enthusiastic about the contributions Wejo is making to advance the smart mobility future.“

Investors and other stakeholders should note that Wejo currently announces material information using SEC filings, press releases, public conference calls, and webcasts. In the future, Wejo will continue to use these channels to distribute material information about the Company and may also utilize its website and/or various social media platforms to communicate important information about the Company, key personnel, updated brands and services, trends, novel marketing campaigns, corporate initiatives and other matters. Information that the Company posts on its website or on social media channels could be deemed material; therefore, the Company encourages investors, the media, our customers, business partners and other stakeholders interested in Wejo to review the information posted on its website, as well as the following social media platforms LinkedIn, Twitter, and Instagram.

About Wejo

Wejo Group Limited is a global leader in cloud and software analytics for connected, electric, and autonomous mobility, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. The Company enables smarter mobility by organizing trillions of data points from 20.1 million vehicles, of which 13.7 million were active on the platform transmitting data in near real-time, and over 89.1 billion journeys globally as of September 30, 2022, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information, and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo employs approximately 300 people and has offices in Manchester, UK and in regions where Wejo does business around the world. For more information, visit: www.wejo.com.

Contacts

Investors:
Tahmin Clarke
Investor.relations@wejo.com

Media:
Ben Hohmann
Ben.Hohmann@wejo.com

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BOULDER, Colo.–(BUSINESS WIRE)–$BDSX #patientsfirstBiodesix, Inc. (Nasdaq: BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, today announced the closing of its underwritten public offering of 35,075,000 shares of its common stock at a price to the public of $1.15 per share, including the exercise in full by the underwriter of its option to purchase up to an additional 4,575,000 shares of common stock in the offering. The gross proceeds to Biodesix from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Biodesix, were $40.3 million.

William Blair acted as sole bookrunning manager for the offering.

The shares were offered by Biodesix pursuant to a shelf registration statement on Form S-3 that was initially filed with the Securities and Exchange Commission (“SEC”) on November 15, 2021 and declared effective by the SEC on November 29, 2021. The offering was made by means of a prospectus supplement and accompanying prospectus that form part of the registration statement. A prospectus supplement and accompanying prospectus relating to, and describing the terms of, the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to this offering can be obtained by contacting: William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687, or by email at prospectus@williamblair.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Biodesix

Biodesix is a leading data-driven diagnostic solutions company with a focus in lung disease. The Company develops diagnostic tests addressing important clinical questions by combining multi-omics through the power of artificial intelligence.

Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Forward-looking statements may include information concerning the impact of the COVID-19 pandemic on Biodesix and its operations, its possible or assumed future results of operations, including descriptions of its revenues, profitability, outlook, and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. The Company’s ability to continue as a going concern could cause actual results to differ materially from those contemplated in this press release and additionally, other factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Biodesix’s most recent annual report on Form 10-K, filed March 14, 2022 or subsequent quarterly reports on Form 10-Q during 2022, if applicable. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.

Contacts

Media:
Robin Harper Cowie
robin.cowie@biodesix.com
(720) 509-8841

Investors:
Chris Brinzey
chris.brinzey@westwicke.com
(339) 970-2843

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Small Nonprofit Organizations Will Have Access to GIS Technology, Training, and Community Networking Resources

REDLANDS, Calif.–(BUSINESS WIRE)–Leaders at nonprofit organizations and nongovernmental organizations (NGOs) must constantly balance priorities to identify communities of need, allocate resources, communicate purpose, improve advocacy, and increase overall impact and efficiency. The organizations that plan, measure, and manage their programs and operations effectively, do so by taking a geographic approach. To help nonprofit organizations advance their missions, Esri, the global leader in location intelligence, provides software and resources—enabling them to achieve measurable impact, engage with communities, and advocate for their causes—through its Nonprofit Organization Program. As part of this program, small nonprofit organizations based in the US can apply for a grant that provides geographic information system (GIS) tools and training.

This year, Esri is proud to announce the first round of winners for the 2022 Small Nonprofit Organization Grant Initiative. Awarded to 150 US-based and international nonprofit organizations, the grant calls for applications from nonprofit organizations registered as a 501(c)(3) with 25 or fewer employees in fields such as civic and humanitarian efforts, arts and culture, civil rights, community development, conservation, food security, social justice, economic advancement, and support for humans in crisis.

The goal of Esri’s Small Nonprofit Organization Grant Initiative is to introduce GIS as a tool to help nonprofit organizations become more data driven, identify opportunities for connecting with donors and volunteers, and communicate their mission and success more effectively. Along with assisting small nonprofit organizations that would benefit from implementing GIS software, the initiative’s goal is also to introduce them to larger academic, commercial, and government communities.

While many of the grant winners support conservation, community development, social justice, and food security, the opportunity is open to small 501(c)(3) nonprofit organizations that support all industries.

The first-round winners will receive GIS software during the first quarter of 2023. Applicants not listed remain eligible to be included in the second round of winners in February 2023, and an additional application is not required.

Explore a list of the first-round winners of Esri’s Small Nonprofit Organization Grant Initiative.

About Esri

Esri, the global market leader in geographic information system (GIS) software, location intelligence, and mapping, helps customers unlock the full potential of data to improve operational and business results. Founded in 1969 in Redlands, California, USA, Esri software is deployed in more than 350,000 organizations globally and in over 200,000 institutions in the Americas, Asia and the Pacific, Europe, Africa, and the Middle East, including Fortune 500 companies, government agencies, nonprofit organizations, and universities. Esri has regional offices, international distributors, and partners providing local support in over 100 countries on six continents. With its pioneering commitment to geospatial information technology, Esri engineers the most innovative solutions for digital transformation, the Internet of Things (IoT), and advanced analytics. Visit us at esri.com.

Copyright © 2022 Esri. All rights reserved. Esri, the Esri globe logo, ArcGIS, The Science of Where, esri.com, and @esri.com are trademarks, service marks, or registered marks of Esri in the United States, the European Community, or certain other jurisdictions. Other companies and products or services mentioned herein may be trademarks, service marks, or registered marks of their respective mark owners.

Contacts

Jo Ann Pruchniewski
Public Relations, Esri
Mobile: 301-693-2643
Email: jpruchniewski@esri.com

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Colin Gouveia to be Appointed President and CEO; Bruce Hoechner to Retire at Year End

CHANDLER, Ariz.–(BUSINESS WIRE)–Rogers Corporation (NYSE:ROG) (“Rogers”) today announced that Bruce D. Hoechner, President and Chief Executive Officer, has decided to retire, effective December 31, 2022. The Rogers Board of Directors plans to appoint Colin Gouveia, Senior Vice President and General Manager of Rogers’ Elastomeric Material Solutions (EMS) business unit, to succeed him. To support a smooth transition process, Mr. Hoechner will remain as a member of the Board of Directors and act in an advisory capacity at the Company until March 31, 2023.

Peter C. Wallace, Rogers’ Board Chair, said, “Bruce has been instrumental in establishing Rogers as a global leader in innovative advanced materials-based solutions used in electric vehicles, ADAS and other fast-growing markets. His efforts have positioned Rogers to deliver long-term growth for our shareholders, employees and other stakeholders. We thank Bruce for his many contributions and steadfast leadership over the past 11 years and wish him all the best in his retirement.”

Mr. Wallace continued, “Colin’s appointment represents the culmination of the Board’s long-term CEO succession planning process. We are thankful to have a proven leader and clear choice for our next CEO in Colin, who brings more than 30 years of experience in the specialty chemical and materials manufacturing industries. Since joining Rogers in 2019, he has provided leadership across the organization and transformed EMS to take full advantage of fast-growing markets like electric vehicles. The Board has tremendous confidence in the Company’s future under Colin’s leadership.”

Mr. Hoechner said, “It has been a privilege to lead Rogers, and I am deeply proud of all that the Company and its employees have accomplished during my tenure. Having worked closely with Colin, I have seen first-hand his strategic leadership, in-depth knowledge of our best-in-class solutions and clear understanding of the market opportunities ahead, not only in EMS, but across all of our global operations. The future for Rogers is bright and I look forward to its continued success.”

Mr. Gouveia said, “Rogers is an incredibly special organization, and I am honored to be named its next CEO. I look forward to executing on our proven strategy and building on our track record of innovation and leadership in key markets to accelerate revenue growth and generate value for our shareholders and other stakeholders. With our talented employees across the globe, I am extremely confident in our ability to capitalize on dynamic and fast-moving opportunities. I appreciate the Board’s vote of confidence, as well as Bruce’s ongoing support through this transition. Together, we will work to execute flawlessly for our customers and deliver enhanced value for all our stakeholders.”

About Colin Gouveia

Mr. Gouveia has served as Senior Vice President and General Manager of EMS since June 2019. He leads the EMS business unit, with a focus on driving innovation and growth across the business, enabling Rogers to capitalize on the strength in key markets including EV/HEV, mass transit, portable electronics and general industrial. He brings more than three decades of cross-functional experience in the specialty chemical and materials manufacturing industries. Prior to joining Rogers, he served as Vice President and General Manager of Eastman Chemical’s global Chemical Intermediates business unit, where he created the organizational structure, mission, vision and strategy to drive revenue growth and profitability. He has also held global leadership positions with Dow Chemical Company, The Rohm and Haas Company and Imperial Chemical Industries (ICI). Mr. Gouveia received an M.B.A. from Villanova University, a B.S. in Biology from Norwich University and served as an officer in the U.S. Army for five years.

About Rogers Corporation

Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect and connect our world. Rogers delivers innovative solutions to help our customers solve their toughest material challenges. Rogers’ advanced electronic and elastomeric materials are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, industrial equipment and more. Headquartered in Chandler, Arizona, Rogers operates manufacturing facilities in the United States, Asia and Europe, with sales offices worldwide.

Safe Harbor Statement

Statements included in this release that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements, and are based on Rogers’ current beliefs and expectations. This release contains forward-looking statements regarding our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward-looking statements. Other risks and uncertainties that could cause such results to differ include: the duration and impacts of the novel coronavirus global pandemic and efforts to contain its transmission and distribute vaccines, including the effect of these factors on our business, suppliers, customers, end users and economic conditions generally; continuing disruptions to global supply chains and our ability, or the ability of our suppliers, to obtain necessary product components; failure to capitalize on, volatility within, or other adverse changes with respect to the Company’s growth drivers, including advanced mobility and advanced connectivity, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the United States (U.S.) and abroad, particularly in China, South Korea, Germany, the United Kingdom, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S. and China reflected in trade agreement negotiations and the imposition of tariffs and other trade restrictions, including trade restrictions on Huawei Technologies Co., Ltd. (Huawei); fluctuations in foreign currency exchange rates; our ability to develop innovative products and the extent to which our products are incorporated into end-user products and systems and the extent to which end-user products and systems incorporating our products achieve commercial success; the ability and willingness of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost-effective manner; intense global competition affecting both our existing products and products currently under development; business interruptions due to catastrophes or other similar events, such as natural disasters, war, including the ongoing conflict between Russia and Ukraine, terrorism or public health crises; the impact of sanctions, export controls and other foreign asset or investment restrictions; failure to realize, or delays in the realization of anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses; our ability to attract and retain management and skilled technical personnel; our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights; changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; failure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants; the outcome of ongoing and future litigation, including our asbestos-related product liability litigation or risks arising from the terminated DuPont Merger; changes in environmental laws and regulations applicable to our business; and disruptions in, or breaches of, our information technology systems. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the Company. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.

Contacts

Media Contacts:
Amy Kweder
Director, Corporate Communications
Phone: 480.203.0058
Email: amy.kweder@rogerscorporation.com

Jim Barron/Jared Levy/Leah Polito
FGS Global
Phone: 212.687.8080 / 310.201.2040
Email: rogerscorporation@fgsglobal.com

Rogers Investor Contact:
Steve Haymore
Director, Investor Relations
Phone: 480.917.6026
Email: stephen.haymore@rogerscorporation.com

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BLOOMINGTON, Minn.–(BUSINESS WIRE)–SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced today announced management’s participation in the 11th Annual NYC Summit, being held Tuesday, December 13th at Mastro’s New York.

The presentation material utilized during the NYC Summit will be made accessible on the events page of the company’s website at https://ir.skywatertechnology.com.

About the 11th Annual NYC Summit

The NYC Summit is collectively hosted and funded by participating companies and features a “round-robin” format consisting of small group meetings with company management teams. During the event, investors and analysts will have the opportunity to meet with the majority of the 12 management teams during the small group meeting sessions, as well as opportunities to meet with management during the breakfast and lunch networking sessions.

The 12 management teams collectively hosting the 11th Annual NYC Summit 2022 include: ACM Research (ACMR), Advanced Energy (AEIS), Aehr Test (AEHR), Alpha & Omega Semiconductor (AOSL), Axcelis (ACLS), FormFactor (FORM), Ichor Systems (ICHR), inTEST (INTT), Intevac (IVAC), Kulicke & Soffa (KLIC), Onto Innovation (ONTO), and SkyWater Technology (SKYT). Both Cowen and Stifel are sponsors of the conference.

Attendance at the NYC Summit is by invitation only and is available solely to accredited investors and publishing research analysts. As space is limited, please RSVP early. Hosts reserve the right to limit attendance as necessary. Last day for registration is December 1, 2022.

RSVP Contacts for 11th Annual NYC Summit 2022

To RSVP for the NYC Summit, please contact either of the Summit’s co-chairs:

Laura J. Guerrant-Oiye

Claire E. McAdams

Aspen Aerogels

Headgate Partners LLC

Phone: (508) 826-4573

Phone: (530) 265-9899

Email: loiye@aerogel.com

Email: claire@headgatepartners.com

About SkyWater Technology

SkyWater (NASDAQ: SKYT) is a U.S. investor-owned semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Foundry. SkyWater’s Technology as a ServiceSM model streamlines the path to production for customers with development services, volume production and heterogeneous integration solutions in its world-class U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology with diverse categories including mixed-signal CMOS, ROICs, rad-hard ICs, power management, MEMS, superconducting ICs, photonics, carbon nanotubes and interposers. SkyWater serves growing markets including aerospace & defense, automotive, biomedical, cloud & computing, consumer, industrial and IoT. For more information, visit: www.skywatertechnology.com.

Contacts

SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: Lauri Julian | media@skywatertechnology.com

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LOS ANGELES–(BUSINESS WIRE)–Herbalife Nutrition Ltd. (NYSE: HLF) today reported financial results for the third quarter ended September 30, 2022:


“Building momentum will be my top focus as I continue to work with this talented management team.” – Michael O. Johnson, Chairman and Interim CEO of Herbalife Nutrition

Highlights

  • Third quarter 2022 net sales of $1.3 billion, a 9.5% decrease compared to the third quarter 2021. On a constant currency basis1, net sales declined 3.5% compared to the prior year period.
  • Third quarter 2022 reported diluted EPS of $0.83 and adjusted2 diluted EPS of $0.91, compared to third quarter 2021 reported and adjusted2 diluted EPS of $1.09 and $1.21, respectively.
  • Third quarter 2022 reported net income of $82.2 million and adjusted2 EBITDA of $182.8 million.
  • During the third quarter, the Company reduced its debt levels by paying down $50 million of its revolving credit facility.
  • Given the rapidly shifting macroeconomic sentiment and backdrop, as well as increased volatility in the marketplace, the Company is withdrawing FY 2022 guidance. The Company will periodically reassess its ability to provide guidance when we believe future performance can be reasonably estimated.
  • Michael O. Johnson announced as Chairman and interim CEO. Please refer to separate press release for more information related to the CEO transition.

_______________________________

1 Growth/decline in net sales excluding the effects of foreign exchange is based on “net sales in local currency,” a non-GAAP financial measure. See Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a discussion of why we believe adjusting for the effects of foreign exchange is useful.

2 Adjusted diluted EPS and adjusted EBITDA are non-GAAP measures. See Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a detailed reconciliation of these measures to the most directly comparable GAAP measure, and a discussion of why we believe these non-GAAP measures are useful.

Management Commentary

Herbalife Nutrition reported net sales of $1.3 billion for the third quarter of 2022, a decrease of 9.5% compared to the prior year, which was below the Company’s expectations. The Company believes that macroeconomic inflationary pressures challenged Members’ operations and customer demand during the quarter. Net sales were also negatively impacted due to unfavorable geographic mix of revenue as well as the strengthening of the U.S. dollar, which drove a significant currency headwind compared to net sales the prior year.

Management took decisive actions to execute on expense management initiatives that benefited net income and also contributed to an adjusted1 EBITDA and adjusted1 EPS that were above or near the high-end of the Company’s Q3 guidance range. Additionally, during the third quarter, the Company strategically reduced $50 million of its outstanding debt.

From a global perspective, some of the Company’s underlying business trends and KPIs remained largely stabilized compared to Q2 levels. Worldwide active sales leaders, and new distributors and preferred customers, were slightly improved from Q2 levels. The global metrics were supported by significant strength in India and management is keenly focused on improving distributor metrics outside of India.

As such, the Company is rolling out a new campaign focused on driving new distributors to the Company. This collaboration with the Company’s independent distributors has resulted in market-specific initiatives designed to attract additional distributors to join the company in both the short and long-term. The Company is also supporting Members with the resumption of in-person events, product line expansions, and the deployment of enhanced technology tools to support their businesses.

The sales trends that softened through the third quarter are expected to continue into the fourth quarter were impacted by the challenging macroenomic landscape. Given the rapidly shifting macroeconomic sentiment and backdrop, as well as increased volatility in the marketplace, the Company is withdrawing FY 2022 guidance.

As the Company continues to navigate the macro backdrop, profit protection initiatives remain a focal point for management. At the same time, the Company continues to invest for future growth, including its digital transformation, the Herbalife ONE platform, in addition to the development and launch of new products around the world.

“Over our 42-year history we have overcome numerous macroeconomic challenges, and many of our distributors have developed new successful sales strategies and seen positive longer-term impacts on their organizations as a result of these times, as new individuals look to the Herbalife Nutrition business opportunity as a way to supplement their income,” said CEO, Michael O. Johnson. “We remain confident that the resilience of our business model, the entrepreneurial spirit of our independent distributors, the growth profile of our product categories, and the strategic actions we are taking will help us emerge from the current environment stronger than ever.”

Third Quarter 2022 Key Metrics

Regional Net Sales and Foreign Exchange (“FX”) Impact

Region

Reported Net
Sales
3Q’22 (mil)

Growth/Decline
including FX
vs. 3Q’21

Growth/Decline
excluding FX
vs. 3Q’21 (a) 3

Asia Pacific

$ 431.7

9.7%

17.3%

North America

$ 317.5

(10.5%)

(10.4%)

EMEA

$ 247.7

(23.1%)

(9.4%)

Latin America(b)

$ 187.6

(9.2%)

(6.7%)

China

$ 110.6

(28.2%)

(24.4%)

Worldwide Total

$ 1,295.1

(9.5%)

(3.5%)

(a) Growth/decline in net sales excluding the effects of foreign exchange is based on “net sales in local currency,” a non-GAAP financial measure. See Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a discussion of why we believe adjusting for the effects of foreign exchange is useful.

(b) During the third quarter of 2022, the Company combined its Mexico and South and Central America regions into one geographic region now named Latin America. Historical information has been reclassified to conform with the current period geographic presentation.

Regional Volume Point Metrics

Volume Points

Region

3Q’22 (mil)

Yr/Yr % Chg

Asia Pacific

561.9

14.8%

North America

335.3

(23.5%)

EMEA

307.5

(21.2%)

Latin America(b)

273.2

(17.9%)

China

77.8

(15.1%)

Worldwide Total

1,555.7

(10.7%)

Outlook

Given the rapidly shifting macroeconomic sentiment and backdrop, as well as increased volatility in the marketplace, the Company is withdrawing FY 2022 guidance. The Company will periodically reassess its ability to provide guidance when we believe future performance can be reasonably estimated.

Earnings Conference Call

Herbalife Nutrition senior management will host an investor conference call to discuss its recent financial results and provide an update on current business trends on Monday, October 31st, 2022, at 2:30 p.m. PT (5:30 p.m. ET).

Participants will need to register to receive dial-in information to the call, and may do so by visiting the investor relations section of the Company’s website at http://ir.herbalife.com. Additionally, live audio of the conference call will be simultaneously webcast at https://edge.media-server.com/mmc/p/bvzrmiar. Senior management also plans to reference slides during the call, which will also be available on the investor relation’s section of the Company’s website.

An audio replay will be available following the completion of the conference call, and the webcast of the teleconference will be archived and available on the Company’s investor relations site.

About Herbalife Nutrition Ltd.

Herbalife Nutrition (NYSE: HLF) is a global nutrition company that has been changing people’s lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in 95 markets by entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle. Through the Company’s commitment to nourish people, communities and our planet, Herbalife Nutrition pledges to achieve 50 million positive impacts – tangible acts of good – by 2030, its 50th anniversary.

For more information, please visit IAmHerbalifeNutrition.com and follow us @Herbalife.

Herbalife Nutrition also encourages investors to visit its investor relations website at ir.herbalife.com as financial and other information is posted.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Additionally, many of these risks and uncertainties are, and may continue to be, amplified by the COVID-19 pandemic. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in or implied by our forward-looking statements include the following:

  • the potential impacts of the COVID-19 pandemic and current global economic conditions, including inflation, on us; our Members, customers, and supply chain; and the world economy;
  • our ability to attract and retain Members;
  • our relationship with, and our ability to influence the actions of, our Members;
  • our noncompliance with, or improper action by our employees or Members in violation of, applicable U.S. and foreign laws, rules, and regulations;
  • adverse publicity associated with our Company or the direct-selling industry, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws;
  • changing consumer preferences and demands and evolving industry standards, including with respect to climate change, sustainability, and other environmental, social, and governance, or ESG, matters;
  • the competitive nature of our business and industry;
  • legal and regulatory matters, including regulatory actions concerning, or legal challenges to, our products or network marketing program and product liability claims;
  • the Consent Order entered into with the FTC, the effects thereof and any failure to comply therewith;
  • risks associated with operating internationally and in China;
  • our ability to execute our growth and other strategic initiatives, including implementation of our transformation program and increased penetration of our existing markets;
  • any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, including the war in Ukraine, cybersecurity incidents, pandemics, and/or other acts by third parties;
  • our ability to adequately source ingredients, packaging materials, and other raw materials and manufacture and distribute our products;
  • our reliance on our information technology infrastructure;
  • noncompliance by us or our Members with any privacy laws, rules, or regulations or any security breach involving the misappropriation, loss, or other unauthorized use or disclosure of confidential information;
  • contractual limitations on our ability to expand or change our direct-selling business model;
  • the sufficiency of our trademarks and other intellectual property;
  • product concentration;
  • our reliance upon, or the loss or departure of any member of, our senior management team;
  • restrictions imposed by covenants in the agreements governing our indebtedness;
  • risks related to our convertible notes;
  • changes in, and uncertainties relating to, the application of transfer pricing, income tax, customs duties, value added taxes, and other tax laws, treaties, and regulations, or their interpretation;
  • our incorporation under the laws of the Cayman Islands; and
  • share price volatility related to, among other things, speculative trading and certain traders shorting our common shares.

We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Results of Operations

Herbalife Nutrition Ltd. and Subsidiaries
Condensed Consolidated Statements of Income
(In millions, except per share amounts)

Three Months Ended

Nine Months Ended

9/30/2022

9/30/2021

9/30/2022

9/30/2021

(unaudited)
North America

$

317.5

$

354.8

$

987.2

$

1,126.6

EMEA

247.7

321.9

831.7

1,043.8

Asia Pacific

431.7

393.5

1,290.1

1,188.8

Latin America

187.6

206.7

594.7

626.5

China

110.6

154.0

319.9

499.1

Worldwide Net Sales

1,295.1

1,430.9

4,023.6

4,484.8

Cost of Sales

285.1

305.2

908.0

942.7

Gross Profit

1,010.0

1,125.7

3,115.6

3,542.1

Royalty Overrides

414.4

450.0

1,301.1

1,409.8

Selling, General, and Administrative Expenses

448.2

486.3

1,373.1

1,498.9

Other Operating Income (1)

(14.9

)

(16.4

)

Operating Income

147.4

189.4

456.3

649.8

Interest Expense, net

34.5

37.7

95.9

112.0

Other expense, net (2)

24.6

Income Before Income Taxes

112.9

151.7

360.4

513.2

Income Taxes

30.7

34.3

93.5

104.2

Net Income

$

82.2

$

117.4

$

266.9

$

409.0

Weighted-Average Shares Outstanding:
Basic

98.0

105.5

98.7

107.3

Diluted

98.8

107.8

99.7

109.8

Earnings Per Share:
Basic

$

0.84

$

1.11

$

2.70

$

3.81

Diluted

$

0.83

$

1.09

$

2.68

$

3.73

(1) Other Operating Income for the nine months ended September 30, 2022 and September 30, 2021 relates to certain China government grant income.
(2) Other Expense, net for the nine months ended September 30, 2021 relates to loss on the extinguishment of the 2026 Notes.

Herbalife Nutrition Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets
(In millions)

Sep 30,

Dec 31,

2022

2021

ASSETS
Current Assets:
Cash and cash equivalents

$

532.5

$

601.5

Receivables, net

85.0

66.9

Inventories

537.0

575.7

Prepaid expenses and other current assets

229.2

187.7

Total Current Assets

1,383.7

1,431.8

Property, plant and equipment, net

467.8

442.1

Operating lease right-of-use assets

200.7

220.0

Marketing-related intangibles and other intangible assets, net

316.1

317.3

Goodwill

87.6

95.4

Other assets

269.2

313.2

Total Assets

$

2,725.1

$

2,819.8

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable

$

84.5

$

92.0

Royalty overrides

329.0

363.2

Current portion of long-term debt

29.5

29.4

Other current liabilities

542.5

595.8

Total Current Liabilities

985.5

1,080.4

Non-current liabilities:
Long-term debt, net of current portion

2,725.0

2,733.2

Non-current operating lease liabilities

187.8

201.2

Other non-current liabilities

188.7

196.5

Total Liabilities

4,087.0

4,211.3

Commitments and Contingencies
Shareholders’ deficit:
Common shares

0.1

0.1

Paid-in capital in excess of par value

181.0

318.1

Accumulated other comprehensive loss

(284.3

)

(211.8

)

Accumulated deficit

(1,258.7

)

(1,169.0

)

Treasury stock

(328.9

)

Total Shareholders’ Deficit

(1,361.9

)

(1,391.5

)

Total Liabilities and Shareholders’ Deficit

$

2,725.1

$

2,819.8

Herbalife Nutrition Ltd. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)

Nine Months Ended

9/30/2022

9/30/2021

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

$

266.9

$

409.0

Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization

87.2

80.1

Share-based compensation expenses

37.5

42.3

Non-cash interest expense

5.0

22.4

Deferred income taxes

(11.5

)

2.9

Inventory write-downs

29.2

16.9

Foreign exchange transaction (gain) loss

10.0

10.5

Loss on extinguishment of debt

24.6

Other

(15.1

)

1.0

Changes in operating assets and liabilities:
Receivables

(23.9

)

(6.7

)

Inventories

(37.4

)

(92.2

)

Prepaid expenses and other current assets

(26.1

)

(68.1

)

Accounts payable

(3.7

)

11.8

Royalty overrides

(16.8

)

(1.7

)

Other current liabilities

(21.8

)

(86.2

)

Other

19.4

8.3

NET CASH PROVIDED BY OPERATING ACTIVITIES

298.9

374.9

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment

(113.6

)

(104.5

)

Other

0.2

(4.4

)

NET CASH USED IN INVESTING ACTIVITIES

(113.4

)

(108.9

)

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings from senior secured credit facility, net of discount

433.0

531.1

Principal payments on senior secured credit facility and other debt

(505.0

)

(416.0

)

Proceeds from senior notes

600.0

Repayment of senior notes

(420.7

)

Debt issuance costs

(8.4

)

Share repurchases

(146.6

)

(909.2

)

Other

3.4

3.2

NET CASH USED IN FINANCING ACTIVITIES

(215.2

)

(620.0

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

(40.0

)

(13.0

)

NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

(69.7

)

(367.0

)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD

610.4

1,054.0

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

$

540.7

$

687.0

Supplemental Information

SCHEDULE A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited and unreviewed), (All tables provide Dollars in millions, except per Share Data)

Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA

In addition to its reported results calculated in accordance with GAAP, the Company has included in this release adjusted net income, adjusted diluted EPS and adjusted EBITDA, performance measures that the Securities and Exchange Commission defines as “non-GAAP financial measures.” Adjusted net income, adjusted diluted EPS and adjusted EBITDA exclude the impact of certain unusual or non-recurring items such as non-cash interest expense and amortization associated with the Company’s convertible notes, expenses related to regulatory inquiries and legal accruals, debt issuance costs and losses on extinguishment of debt, expenses related to COVID-19 pandemic, non-income tax items, expenses related to transformation program, and expenses related to digital technology program, as further detailed in the reconciliations below.

Management believes that such non-GAAP financial measures, when read in conjunction with the Company’s reported results, calculated in accordance with GAAP, can provide useful supplemental information for investors because they facilitate a period to period comparative assessment of the Company’s operating performance relative to its performance based on reported results under GAAP, while isolating the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company’s operations and underlying operational performance. The Company’s definition and calculation as set forth in the tables below of adjusted net income, adjusted diluted EPS and adjusted EBITDA may not be comparable to similarly titled measures used by other companies because other companies may not calculate them in the same manner as the Company does and should not be viewed in isolation from nor as alternatives to net income or diluted EPS calculated in accordance with GAAP.

Currency Fluctuation

Our international operations have provided and will continue to provide a significant portion of our total net sales. As a result, total net sales will continue to be affected by fluctuations in the U.S. dollar against foreign currencies. In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, in addition to comparing the percent change in net sales from one period to another in U.S. dollars, we also compare the percent change in net sales from one period to another period using “net sales in local currency.” Net sales in local currency is not a measure presented in accordance with U.S. GAAP. Net sales in local currency removes from net sales in U.S. dollars the impact of changes in exchange rates between the U.S. dollar and the local currencies of our foreign subsidiaries, by translating the current period net sales into U.S. dollars using the same foreign currency exchange rates that were used to translate the net sales for the previous comparable period. We believe presenting net sales in local currency is useful to investors because it allows a meaningful comparison of net sales of our foreign operations from period to period. However, net sales in local currency should not be considered in isolation or as an alternative to net sales in U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.

The following is a reconciliation of net income, presented and reported in accordance with U.S. generally accepted accounting principles, to net income adjusted for certain items:

Three Months Ended

Nine Months Ended

9/30/2022

9/30/2021

9/30/2022

9/30/2021

(in millions)
Net income, as reported

$

82.2

$

117.4

$

266.9

$

409.0

Non-cash interest expense and amortization of non-cash issuance costs (1) (2) (3)

6.0

17.6

Debt issuance costs related to the senior secured credit facility amendment (1) (2)(4)

0.6

1.7

Net expenses related to COVID-19 pandemic (1) (2)

0.5

2.5

3.8

11.8

Expenses related to transformation program (1) (2)

2.9

3.9

7.7

7.6

Russia-Ukraine conflict charges (1) (2)

0.1

5.5

Loss on extinguishment of debt (1) (2) (5)

24.6

Non-income tax items, net (1) (2) (6)

(7.4

)

Digital technology program costs (1) (2)

3.3

3.3

Income tax adjustments for above items (1) (2)

1.0

(0.2

)

(1.4

)

(6.2

)

Net income, as adjusted (7)

$

90.0

$

130.2

$

285.8

$

458.7

The following is a reconciliation of diluted earnings per share, presented and reported in accordance with U.S. generally accepted accounting principles, to diluted earnings per share adjusted for certain items:

Three Months Ended Nine Months Ended
9/30/2022 9/30/2021 9/30/2022 9/30/2021
(per share)
Diluted earnings per share, as reported

$

0.83

$

1.09

$

2.68

$

3.73

Non-cash interest expense and amortization of non-cash issuance costs (1) (2) (3)

0.06

0.16

Debt issuance costs related to the senior secured credit facility amendment (1) (2)(4)

0.01

0.02

Net expenses related to COVID-19 pandemic (1) (2)

0.01

0.02

0.04

0.11

Expenses related to transformation program (1) (2)

0.03

0.04

0.08

0.07

Russia-Ukraine conflict charges (1) (2)

0.06

Loss on extinguishment of debt (1) (2) (5)

0.22

Non-income tax items, net (1) (2) (6)

(0.07

)

Digital technology program costs (1) (2)

0.03

0.03

Income tax adjustments for above items (1) (2)

0.01

(0.01

)

(0.06

)

Adjusted diluted earnings per share (7)

$

0.91

$

1.21

$

2.87

$

4.18

The following is a reconciliation of net income, presented and reported in accordance with U.S. generally accepted accounting principles, to EBITDA and adjusted EBITDA:

Three Months Ended Nine Months Ended
9/30/2022 9/30/2021 9/30/2022 9/30/2021
(in millions)
Net income, as reported

$

82.2

$

117.4

$

266.9

$

409.0

Interest Expense, net

34.5

37.7

95.9

112.0

Income Taxes

30.7

34.3

93.5

104.2

Depreciation and amortization

28.6

26.6

87.2

80.1

EBITDA

$

176.0

$

216.0

$

543.5

$

705.3

Net expenses related to COVID-19 pandemic (1) (2)

0.5

2.5

3.8

11.8

Expenses related to transformation program (1) (2)

2.9

3.9

7.7

7.6

Russia-Ukraine conflict charges (1) (2)

0.1

5.5

Loss on extinguishment of debt (1) (2) (5)

24.6

Non-income tax items, net (1) (2) (6)

(7.4

)

Digital technology program costs (1) (2)

3.3

3.3

Adjusted EBITDA

$

182.8

$

222.4

$

563.8

$

741.9

Contacts

Media Contact:
Gary Kishner
Senior Director, Media Relations
213.745.0456

Investor Contact:
Eric Monroe
Senior Director, Investor Relations
213.745.0449

Read full story here

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