Day: February 3, 2022

Fueled by a Successful Series D Funding Round and Hiring Campaign, FloQast Continues Building Momentum Throughout Q4 with Massive YoY Growth Rate

LOS ANGELES, Feb. 03, 2022 (GLOBE NEWSWIRE) — FloQast, a provider of accounting workflow automation software created by accountants for accountants, today announced its Q4 and 2021 metrics, concluding a milestone year highlighted by international expansion, new product and company initiatives, industry accolades, and the biggest growth the company has seen since its launch. The company reported 97% year-over-year growth in annual recurring revenue (ARR) for the quarter, as well as 153% year-over-year growth in net new ARR for 2021. Further, with more than 1,500 customers globally, FloQast added 171 new customers in Q4. These milestones stem from the recent $110 million Series D funding, led by Meritech Capital, and further the company’s leadership role in workflow automation technology.

“This past year, FloQast experienced exceptional growth across the board – including funding, product and platform launches, customer acquisition and more – making this one of the most important and successful years for the company since we were founded,” says Mike Whitmire, inactive CPA, co-founder and CEO at FloQast. “This growth is a testament to the critical advances taking root across the accounting industry and highlights FloQast’s ability to deliver next-generation technology to usher in a new era of modernization and change.”

Over the course of 2021, FloQast experienced milestones in several key areas:

• A successful $110 million Series D funding round, led by Meritech Capital, and a valuation of $1.2 billion, making the company a “unicorn workflow solution provider.”
• The receipt of 36 G2 badges in 2021, including:
  • #1 Leader in the G2 Momentum Grid, Fall 2021 and Winter 2022 Leader, Users Love Us, High Performer in Enterprise, Leader in Mid Market, and Winter 2022 Momentum Leader.
• Notable Q4 customer acquisition includes prominent names such as Atmosphere TV, Demandbase, Valo Health, BioLegend Inc., Black Rock Coffee, Shenandoah Valley Organic, and more.
• The launch of several new initiatives, tools and programs, including:
  • FloQast Ops, a new workflow manager solution that addresses upstream and downstream financial functions to deliver greater control and transparency across accounting operations.
  • FloQast ReMind, a new request management workflow add-on that automates manual tasks and delivers new levels of visibility across the close process.
  • FloQast Studios, a full-scale production arm of FloQast designed to create entertaining, engaging, and educational content by accountants for accountants.
  • Partnership with Donnelley Financial Solutions (NYSE: DFIN) to transform the financial close and reporting processes, especially for companies planning to go public.
• Notable growth in EMEA including:
  • The opening of FloQast’s London-based office.
  • 68 new customers – notable Q4 logos include Revolut, Babylon Health, Watches of Switzerland, and Ironsource.
• The appointment of several new executives to drive FloQast’s success in 2022 and beyond, including:
  • Chief Financial Officer, Razzak Jallow
  • Vice President of Customer Success, Justin Smith
  • Chief Marketing Officer, C. Edward Brice
    
• The hosting of TakeControl 2021 in September, FloQast’s third-annual user conference, drawing more than 2,000 industry professionals and recognizing world-class accounting professionals and FloQast customers excelling in their pursuit of operational excellence.
• The receipt of several high caliber awards and accolades, such as inclusion in Built In’s Best Place to Work list for the fourth year in a row, being named one of the Best Workplaces in the Country by Inc. Magazine, and one of the Best Places to Work by the Los Angeles Business Journal.
• Reaching 1,000 users in the FloVerse, an online community platform for FloQast customers to network and collaborate.

This growth and momentum is made possible by FloQast’s community of employees who are committed to making accountants and financial leaders’ lives easier and more productive. Despite the challenges faced over the past two years during the pandemic, the company continues to excel in its performance, a credit to the team’s commitment to customer service and excellence in pursuit of FloQast’s overarching vision.

About FloQast
FloQast delivers workflow automation software enabling organizations to operationalize accounting excellence. Trusted by more than 1,500 accounting teams – including Twilio, coinbase, Los Angeles Lakers, Zoom, and snowflake – FloQast was built by accountants, for accountants to enhance the way accounting teams work. FloQast enables customers to streamline processes such as automated reconciliations, documentation requests, and other workflows that impact the month-end close, financial reporting, and payroll, and is consistently rated #1 across all user review sites. Learn more at FloQast.com.

Contact:
Kyle Cabodi
FloQast Director of Corporate Communications
kyle.cabodi@floqast.com

Top prize includes highly coveted floor seats to every UFC Pay-Per-View event for an entire year, and behind-the-scenes access with UFC Broadcaster Jon Anik

UFC

UFC

CHICAGO, Feb. 03, 2022 (GLOBE NEWSWIRE) — Modelo, the Official Beer of UFC, knows that UFC fans are as passionate as they come. To reward their Fighting Spirit, Modelo is providing unprecedented access and experiences to the sport they love. With the help of DraftKings Inc. (Nasdaq: DKNG), UFC enthusiasts will have a shot to compete and win cash prizes and the “golden ticket” grand prize: floor seats, travel and accommodations, to the year’s biggest UFC Pay-Per-View events in Las Vegas and other cities across the United States for a full year*.

The unique prizes don’t end there. In addition to a pair of gold tickets to sit in floor seats for the biggest fights of the year, the grand prize winner will get to be a guest of UFC broadcaster, Jon Anik during fight week, where they can take part in Jon’s pre-fight announcer rituals, receive exclusive behind-the-scenes access to pre-fight weigh-ins, and participate in meet-and-greets with iconic UFC personalities. Anik will also lend his trademark high-energy voice to reward the grand prize winners with special walkout announcement videos, which are normally reserved for UFC fighters as they enter the Octagon on fight night, while the winner and their guest walk to their seats, along with much more!

“Modelo and UFC are offering the ultimate fighting experience for our passionate fans – giving an opportunity to win unparalleled and close-up access to all of the best action,” Anik said. “I just knew I wanted to be part of that fan experience, especially because of the sheer number of times I have delivered Modelo’s ‘Brewed for those with the Fighting Spirit,’ tagline over the years.”

The contest will run through DraftKings, and fans 21+ can enter for their shot to win by visiting draftkings.com/modelo. Fans will have the opportunity to compete for prizes for each PPV event- February 12, March 5 and April 9. The best lineups from the first two contests will win cash prizes and the top score from the final week will win the Modelo “golden ticket” grand prize. The contest opens February 1, 2022 and runs until April 9, 2022.

“As we continue our ongoing partnership with the UFC, Modelo is always thinking about how to bring one-of-a-kind experiences to our passionate, shared fanbase,” said Greg Gallagher, Vice President of Brand Marketing, Modelo. “We can’t wait to reward the Fighting Spirit of fans with what we’re calling the ‘gold standard’ of experiences and our biggest UFC prizing yet – an opportunity to immerse themselves into UFC in a big way that hasn’t been done before.”

*Pick winning fighters and you could win Grand Prize tickets to 10 UFC PPV fights in the U.S., June 2022 – May 2023. No purchase or payment necessary to enter. Must be 21 years or older to enter with verified age. 50 U.S./DC only. Void where prohibited. Contest series to begin 2/1/22 and end 4/15/22. Exact Contest dates are subject to change, pending UFC fight schedules. Eligibility restrictions apply. See draftkings.com for details and Official Rules. No alcohol is awarded with any prize.

ABOUT MODELO^® 
Born in 1925 in the small town of Tacuba, Mexico, Modelo has been bringing distinctive high-quality beer to people ever since, including Modelo Especial®, Modelo Negra®, and a flavorful lineup of Modelo Cheladas. Modelo Especial is a golden, full-flavored Pilsner-style Lager with a clean, crisp finish. As the #1 imported beer in the U.S., Modelo Especial recently surpassed 150MM cases sold in 2021. The Modelo family of beers are exclusively brewed, imported and marketed for the U.S. by Constellation Brands.

About UFC^® 
UFC^® is the world’s premier mixed martial arts organization (MMA), with more than 625 million fans and 187 million social media followers. The organization produces more than 40 live events annually in some of the most prestigious arenas around the world, while broadcasting to approximately 900M TV households across more than 175 countries. UFC’s athlete roster features the world’s best MMA athletes representing more than 75 countries. The organization’s digital offerings include UFC FIGHT PASS^®, one of the world’s leading streaming services for combat sports. UFC is owned by global entertainment, sports and content company Endeavor, and is headquartered in Las Vegas, Nevada. For more information, visit UFC.com and follow UFC at Facebook.com/UFC, Twitter, Snapchat, Instagram and TikTok: @UFC.

Press Contact:
Stephanie McGuane
Stephanie.McGuane@Cbrands.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/70d134d1-5e43-41e9-a490-5561763b1940

App gets kids moving with fun, immersive educational games covering topics in English and Science, Technology, Engineering and Math (STEM)

Featured Image for GOFA INTERNATIONAL

Featured Image for GOFA INTERNATIONAL

SAN FRANCISCO, Feb. 03, 2022 (GLOBE NEWSWIRE) — The World Health Organization recommends 60 minutes of exercise daily, yet 76% of American kids are falling short of that goal. To help families, schools and out-of-school time programs address this issue in today’s tech-driven world, the health and fitness company GOFA INTERNATIONAL has launched Luca & Friends, a new ground-breaking app that uses AI (artificial intelligence) technology to get kids moving through fun, immersive educational games.

Luca & Friends is the first app in the U.S. to combine learning and fitness via cutting-edge AI motion technology. Designed for kids ages 4-8, the app provides an interactive learning experience in which players play games by moving to select the right answers. Using basic movements and following simple directions, players might stretch or jump in order to “touch” or “catch” the right answers, helping them build strength, endurance, coordination and flexibility while practicing English and Science, Technology, Engineering and Math (STEM) skills.

“In an age where kids are spending more and more time in front of their screens, we have created a way to make that time more educational and active,” said Wayne Chung, CEO and Co-Founder of GOFA INTERNATIONAL, creators of Luca & Friends. “This app includes principles of English such as nouns and grammar, as well as STEM content such as knowledge of insects, vegetables and fruits and skip counting, and provides kids with fun, exciting and engaging games designed to help instill healthy habits. Through the use of AI technology, these games encourage movement and learning, giving kids the perfect platform on which to improve their knowledge and increase their daily exercise.”

The Luca & Friends story centers on a “galaxy far, far away” where Prince Luca and his alien friends Pumkey, Digby, and Mighty Coca, embark on a mission to save Earth from hate, fighting and hurt. The characters then appear in the app to connect kids to the exciting worlds of learning and movement.

Key features of Luca & Friends will include:

• Social interaction – All games are socially interactive with a leader board and other social elements.
• Educational Content – Luca & Friends offers over 100 lessons and activities covering English and STEM topics. All content has been created by accredited teachers and trainers and is linked to curriculum standards.
• Rewards – Luca & Friends offers loyalty and reward programs to motivate kids to stay active.
• Parent Dashboard (Coming Late Feb 2022) – The Parent Zone progress dashboard shows parents the play history for their child and allows them to track their child’s growth status.
• Playback Mode – The app collects a short video of the player so they can see themselves move during gameplay.
• A “quiet mode” (Coming Late Feb 2022) – Players can revert back to touch-screen play in situations where there isn’t the opportunity to move around.
• Multiple display options – While the app is recommended for iPad and tablet use, players can also connect their device to a large-format smart TV through AirPlay or Chromecast and play in front of the larger screen.

Luca & Friends is currently available for iPhone and Android devices via Google Play and the Apple App Store. For more information, visit https://www.lucafriends.com/.

About Luca & Friends

Luca & Friends’ mission is to connect primary school-aged children to education, fitness and healthier habits through the use of AI technology. Its vision is to transform lifestyles every day through its mantra “Move, Learn. Play.” Powered by the AI technology of its parent company GOFA INTERNATIONAL, Luca & Friends is the first mobile device app in the U.S to combine learning and fitness via cutting-edge AI motion technology. It provides an immersive and interactive learning experience that gets kids moving while also strengthening their English and STEM skills. For more information, visit https://www.lucafriends.com/. Follow Luca & Friends on Instagram.

#  #  #

Contacts:

Brittany Thomas-Garcia                                             Jessica Axt

Luca & Friends                                                             KEH Communications

415-689-5988                                                               410-975-9638

Brittany.g@gofa.co                                                     Jessica@kehcomm.com

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Amsterdam-based Private Equity Firm’s Second Fund is 3x Size of Previous Fund and Brings Total Assets to over €200 Million; New Fund Makes Connected Capital The Largest Pure-Play B2B SaaS Investor in Europe

Connected Capital team

Connected Capital team

AMSTERDAM, Feb. 03, 2022 (GLOBE NEWSWIRE) — Connected Capital, a leading investor exclusively targeting European B2B SaaS businesses, today announced the close of its oversubscribed €154 million Fund II, bringing the firm’s total committed capital to over €200 million. The fundraise welcomed new blue-chip institutional investors alongside returning LPs, as well as a substantial GP commit.

With this new fund, Connected Capital will continue its hands-on investment approach helping founders expand their operations. In addition to continuing its current strategy of investing in growth-stage B2B SaaS companies, the firm is now also evaluating businesses in the buy-out stage and considering investments up to €40 million.

“New, innovative, and scalable solutions are unlocking functionality at an incredible speed. It is inspiring to support cloud-based business models, and our second fund will help us have more impact on SaaS growth and innovation in the next few years,” said managing partner Mathijs Robbens. “Rather than considering a broad range of tech segments, we derive our success from being fully focused on B2B SaaS models. This focus is a key enabler for us to support our portfolio companies with practical and relevant growth expertise.”

To date, Connected Capital has successfully completed nine platform investments across Europe. Its investment in SurePay, a FinTech company providing Confirmation of Payee SaaS payment solutions to banks and corporates, was its first from Fund II. Fund I continues to support the international growth of its portfolio companies: Foleon, a MarTech platform to create adaptive digital content, has grown aggressively in both Europe and the U.S.; Speakap and Concentra Analytics — both HR tech — have shown accelerated global growth since Connected Capital invested.

Portfolio companies Omnia and ChannelSight provide critical digital tools that help retailers and brands execute their e-commerce operations more effectively. Recently, Connected Capital completed investments into high-performance cloud hosting specialist UpCloud and virtual event platform Brella. Additionally, the team has been the driving force behind the merger of Onegini and iWelcome to form OneWelcome, the leading European provider in Consumer Access and Identity Management.

Leading the Accelerating Growth of B2B SaaS in Europe

Despite the pandemic, 2021 was another record-breaking year for the European enterprise software ecosystem. As confirmed by a plethora of research, B2B SaaS is growing rapidly and thereby maturing as an industry and investment category. Specifically, Atomico – in its State of European Tech report – notes that European investments in B2B software grew by $5.9 billion (+89%) in 2021, thereby outperforming most other tech segments.

Moreover, BVP’s State of Cloud 2021 report states that over the past decade there has been a 10x increase in the dollar amount going into private cloud businesses. “Historically, the U.S. has led the way in B2B SaaS, but Europe has started to catch up very fast,” said Robbens. “Cloud-based businesses are quickly increasing in terms of sales and growth and that brings huge opportunities.”

But while news of newly-minted unicorns and high valuations steal the headlines, Connected Capital has stayed focused on fundamentals. Recurring revenue, healthy gross margins, strong customer retention, and a scalable customer acquisition model are among the firm’s most important investment metrics.

Above all, Connected Capital identifies founders with perseverance, self-awareness, and an open mind. “We look for founders with a thoughtful and pragmatic tolerance for risk, who can also recognize their strengths and weaknesses in order to build a larger pool of talent and delegate properly,” said Robbens. “Strong fundamentals are key for business growth, but a flexible, diverse and adaptive team is what makes success sustainable in an evolving, competitive industry like B2B SaaS.”

A Differentiated and Hands-On Team Leads to Unmatched Success

Connected Capital was founded in 2017 by managing partners Wim Haring, Geert van Engelen, Mathijs Robbens, and Olaf te Spenke. The investment team has executive experience at Waterland, Credit Suisse, Freshfields, Bain, and BCG, among others as well as operational experience at SaaS technology companies. As a result, the combined knowledge of private equity, consulting, and SaaS operations sets a high standard for Connected Capital’s deal sourcing and due diligence processes.

It also positions Connected Capital as a strategic investor in companies that want to scale outside of their home countries. The team has an extensive network to help their founders set up the right leadership as well as grow their revenue in new markets.

HR Tech company Speakap, for example, opened their first non-European office with the help of Connected Capital. “With their support, we opened an office in New York, but that also brought the challenge of building a team overseas,” said Speakap CEO Patrick Van der Mijl. “The Connected Capital team supported us on the ground in the U.S. and helped us structure the setup of the North America team. Their commitment to supporting founders is exceptional.” The company now has over 500 customers across the globe, serving industries such as hospitality, manufacturing, food service, and logistics.

In 2021, Connected Capital supported secure identity management platform OneWelcome (previously iWelcome) during their merger with Onegini. “With mixed backgrounds in private equity, strategy, and legal, the Connected Capital team truly offers a lot of value-add,” said OneWelcome CEO Danny de Vreeze. “We’re glad that our mission resonates with them, and they’ve been hands-on from the beginning.”

ChannelSight CEO John Beckett agrees. Since receiving investment and support from Connected Capital, the e-commerce solution has more than doubled their team and their revenues. “Connected Capital really gets involved to drive the success of the business, but doesn’t get in the way,” said Beckett. “Connected Capital’s approach is refreshing, and their perspective helps us think differently about how we grow ChannelSight.”

In order to ensure the strategic and operational support to their portfolio companies, Connected Capital plans to create a compact portfolio of companies in the new fund. “Our ambition is to become the most sought-after B2B SaaS investor in Europe. Obviously the most important ingredient of that is the value we bring and our portfolio companies and founders benefiting from that,” said Robbens. “When we invest in a company, we commit to the founders and we do everything we can to help their companies accelerate growth.”

About Connected Capital

Connected Capital is a leading investor in growth and buy-out stage European B2B SaaS companies. It provides capital and expertise in pure-play SaaS to entrepreneurs in order to accelerate the growth of their businesses. Based in Amsterdam and backed by institutional investors, Connected Capital operates across Europe with over €200 million of capital under management. For more information, please visit connectedcapital.nl.

Media Contact

Aaron Endré

Endré Communications

communication@connectedcapital.nl

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• Fourth quarter 2021 reported and adjusted EPS* were $0.99 and $1.09, respectively, compared to fourth quarter 2020 reported and adjusted EPS of $1.70 and $1.75, respectively.
• Full-year 2021 reported and adjusted EPS were $1.73 and $6.67, respectively, compared with $5.15 and $6.23 in the year-ago period, respectively. Reported results for full-year 2021 include a $340 million impairment charge related to the contribution of the Company’s Argentina operations to the Arcor joint venture.
• The Company expects full-year 2022 adjusted EPS to be in the range of $6.85 to $7.45.

WESTCHESTER, Ill., Feb. 03, 2022 (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 of 2021 and full-year 2021. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2021 and 2020, include items that are excluded from the non-GAAP financial measures that the Company presents.

“Our team executed well in 2021 in the face of persistent macroeconomic and global supply chain challenges. We advanced our Driving Growth Roadmap, while delivering solid net sales and profit growth. Partnering with our customers to co-create and meet their changing demand requirements, while implementing strategic pricing actions, and delivering cost savings through our Cost Smart program were major achievements that underpinned our success in 2021,” said Jim Zallie, Ingredion’s president and chief executive officer.

“In the fourth quarter, we delivered 10% net sales growth led by strong double-digit specialties growth. We continued to experience strong customer demand which heightened pressure on a constrained global supply chain. In the quarter, we encountered incremental supply chain costs as we made the decision to invest in service delivery to meet customer commitments.”

“For full-year 2021, net sales grew 15% to $6.9 billion reflecting over $600 million of price mix improvement. Our sales and pricing teams effectively managed price mix increases by demonstrating agility throughout the year as corn and input costs continued to fluctuate. Our specialties ingredients delivered high teens net sales growth led by gains in our texturants and sugar reduction platforms, and specialties now represent 33% of net sales,” stated Zallie.

“Looking to 2022, we expect strong net sales and operating profit growth. During contracting, our teams worked with customers to plan for their demand and implemented pricing to reflect input cost inflation. Within specialities, we are also anticipating another strong year of growth. Notably, PureCircle is entering 2022 with strong momentum, having finished 2021 with positive operating margins. While production ramp-up of plant-based-proteins has been slower than expected, 2021 sales doubled off of a modest base, and with a strong sales pipeline, we remain optimistic on our growth prospects,” continued Zallie.

“Through the many challenges we faced during an unpredictable year, our dedicated teams continued to execute on our strategic pillars with a particular focus on commercial excellence, doing their best to serve our customers. I am incredibly proud of our employees as they continue to engage each day to create lasting value for our stakeholders.”

^{*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)

London, February 3, 2022

“2021 was a momentous year for Shell. We launched our Powering Progress strategy and simplified our share structure and organisation. Progress made in 2021 will enable us to be bolder and move faster. We have a compelling strategy, with customers at its core. We have ambitious plans to generate shareholder value, to decarbonise our products and to provide energy to our customers while respecting nature.

We delivered very strong financial performance in 2021, and our financial strength and discipline underpin the transformation of our company. Today we are stepping up our distributions with the announcement of an $8.5 billion share buyback programme and we expect to increase our dividend per share by around 4% for Q1 2022.”

Shell plc Chief Executive Officer, Ben van Beurden

STRONG DELIVERY, ACCELERATED DISTRIBUTIONS

• Strong Q4 2021 Adjusted Earnings of $6.4 billion, supported by higher commodity prices. Continued strong CFFO excluding working capital of $11.1 billion in Q4 2021. Total CFFO excluding working capital amounted to $55 billion in 2021.
• Disciplined cash capex: $20 billion in 2021 and expected to be at the lower end of $23-27 billion range in 2022.
• Net debt reduced to $52.6 billion by end-2021, a $23 billion reduction compared with 2020.
• Share buybacks of $3.5 billion announced in 2021. Dividend expected to be increased by ~4% to $0.25 per share for Q1 2022.
• Stepping up pace of distributions by announcing a share buyback programme of $8.5 billion for the first half of 2022, including the remaining $5.5 billion of Permian divestment proceeds.

¹ Income/( loss) attributable to shareholders for Q4 2021 is $11.5 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

Q4 2021 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS, RENEWABLES AND ENERGY SOLUTIONS

Q1 2022 outlook reflects turnaround in Pearl and Prelude unplanned maintenance

• Adjusted Earnings benefited from higher realised prices and significantly higher trading and optimisation margins, overcoming supply issues and capturing unique optimisation opportunities generated through the large scale and scope of our LNG trading portfolio in a high LNG spot price environment.
• CFFO excluding working capital of $2.4 billion, mainly impacted by derivative outflows of $3.8 billion.

UPSTREAM

• Adjusted Earnings higher by $1.1 billion compared to Q3 2021, mainly driven by higher prices. Permian divestment completed in Q4, lowering DD&A.
• Continued strong cash conversion, with CFFO excluding working capital of $6.6 billion, $0.7 billion above Q3 2021.

OIL PRODUCTS

• Refinery utilisation and realised margins impacted by extended turnaround at Scotford, Hurricane Ida recovery efforts at Norco and a smaller portfolio due to ongoing divestments.
• Trading and optimisation contribution to earnings was lower compared with Q3 2021.
• Marketing Adjusted Earnings impacted due to seasonal trends and foreign exchange impacts in Turkey.
• CFFO excluding working capital of $2.0 billion includes the timing impact of payments for emission certificates relating to German BEHG and US Biofuel programmes, which was offset by derivatives inflows of $1.0 billion.

CHEMICALS

• Adjusted Earnings around break-even, reflect lower base chemicals spreads resulting in lower margins and JV earnings.
• Manufacturing plant utilisation impacted by Hurricane Ida recovery efforts in US Gulf Coast and an extended turnaround at Scotford.
• Cash conversion helped by timing of dividends from JVs.

CORPORATE

• Corporate segment Adjusted Earnings were a net expense of $889 million, including the impact of debt redemption.
• Net debt decreased by $4.9 billion to $52.6 billion in Q4 2021 mainly driven by strong CFFO and divestment proceeds.
• The Adjusted Earnings outlook for 2022 is a net expense of $2,200 – 2,600 million for the full year 2022. This excludes the impact of currency exchange rate effects.

UPCOMING INVESTOR EVENTS

USEFUL LINKS

Results materials Q4 2021

Quarterly Databook Q4 2021

Dividend announcement Q4 2021

Webcast registration Q4 2021

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement contains a forward-looking Non-GAAP measure for cash capital expenditure. We are unable to provide a reconciliation of this forward-looking Non-GAAP measure to the most comparable GAAP financial measure because certain information needed to reconcile the Non-GAAP measure to the most comparable GAAP financial measure is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition;                     (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2020 (available at www.shell.com/investors and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, February 3, 2022. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the SEC strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2020 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s fourth quarter 2021 and full year unaudited results available on www.shell.com/investors.

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