Ai-Media Unveils AI-driven LEXI 3.0: The Future of Live Automatic Captioning

LEXI 3.0

Introducing the latest release LEXI, the world’s most advanced automatic captioning solution. With cutting edge features and unmatched accuracy, LEXI revolutionizes automatic captioning to deliver results that rival human captions at a fraction of the cost.

SYDNEY, Australia, May 03, 2023 (GLOBE NEWSWIRE) — Ai-Media, the global leader in professional captioning solutions, is proud to announce the launch of LEXI 3.0, the new and improved version of its flagship live automatic captioning solution. With cutting-edge enhancements and new features, LEXI 3.0 is the world’s most accurate and advanced automatic captioning solution, delivering results that rival human captions at a fraction of the cost.

Independent audits confirm that LEXI 3.0 consistently delivers results with 35% fewer recognition, formatting, and punctuation errors than the previous version.

Critically, LEXI 3.0 introduces new automated features, including speaker identification and AI-powered caption placement to avoid on-screen interference. Average quality results have increased significantly from 98.2% to 98.7% NER with this release.

LEXI 3.0 is an affordable on-demand solution perfect for live captioning a wide range of content types – from linear TV broadcast, OTT, Live Sports, and live streams, to meetings, events, lectures, and more.

Ai-Media’s Co-Founder and CEO, Tony Abrahams, said:

“20 years in the making, we’ve finally cracked the holy grail of making live automatic captioning a reality. LEXI 3.0 is a game-changer. We’re seeing accelerating adoption of automatic captioning driven by a significant increase in quality, reduction in latency, and release of new AI features that previously required manual intervention, such as speaker changes and placement of captions to not obscure important visuals.

“LEXI 3.0 is available immediately for existing Ai-Media customers at no additional cost and is delivered with any iCap Encoder (hardware, Alta, and Falcon) connected to Ai-Media’s iCap Cloud Network.”

To learn more about LEXI 3.0, click here.

About Ai-Media

Founded in Australia in 2003, technology company Ai-Media is a global leader in the provision of high-quality live and recorded captioning, transcription, and translation solutions. The company helps the world’s leading broadcasters, enterprises, and government agencies ensure high accuracy, secure and cost-effective captioning via its AI-powered LEXI automatic captioning solution and end-to-end range of captioning hardware. Globally, Ai-Media technology delivers 7 million minutes of live and recorded media content, online events, and web streams every month. Ai-Media (ASX: AIM) commenced trading on the ASX on 15 September 2020. For more information on Ai-Media please visit Ai-Media.tv.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0907bea0-b62d-4701-9a16-a712c101c4fe

Media Contact:
Fiona Habben
Senior Marketing Manager – Global
+61 411 727 592
fiona.habben@ai-media.tv

GlobeNewswire Distribution ID 8831119

nCino Announces Partnership with Grasshopper to Streamline Bank’s Internal Processes and Enhance Client Experience

Partnership strengthens Grasshopper’s Commercial and SBA lending businesses as it continues to expand the use of the platform for even greater efficiency

WILMINGTON, N.C., May 03, 2023 (GLOBE NEWSWIRE) — nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announces its partnership with Grasshopper, the client-first digital bank built for the business and innovation economy. Grasshopper will leverage multiple nCino solutions, including Portfolio Analytics, Commercial Banking and Customer Engagement, to enhance portfolio management and reporting, speed to market for loan closing, and line of sight into the loan process across its lending divisions – which support venture and private equity funds, commercial real estate and SBA borrowers.

“Grasshopper has placed a significant focus on partnering with industry-leading fintech companies to improve our banking experience, and we are very pleased with our decision to partner with nCino,” said Stephanie Dunn, Head of SBA Lending at Grasshopper. “nCino’s solutions have helped us improve internal efficiencies, save time and continue to deliver a superior client experience. Grasshopper carefully selects like-minded partners who prioritize the needs of the client, and we look forward to working with nCino to serve small businesses with best-in-class digital banking products.”

Grasshopper’s partnership with nCino reinforces its commitment to fostering strong bank-fintech relationships to enhance the client experience across all lines of business. nCino serves as a valuable partner in ensuring the bank’s lending clients can benefit from innovative digital solutions tailored to meet their individual needs.

“We’re proud to partner with Grasshopper as it expands its technology offering to help its clients reach their goals,” said Will Cameron, SVP of U.S. Financial Institutions at nCino. “Like nCino, Grasshopper carries an innovation mindset and aims to deliver high-quality digital banking tools and resources to create a superior experience. We look forward to this partnership driving more efficiency at Grasshopper through automation and process improvements for maximum time savings.”

Grasshopper will be a featured financial institution on stage at nSight 2023, nCino’s annual user conference. To register for a live stream of the panel titled ‘A Modern Mindset: Industry Leaders Share Their Stories and Strategies for Success’, and other general sessions, please register here.

About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. Through its single software-as-a-service (SaaS) platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,850 financial services providers globally. For more information, visit www.ncino.com. 

About Grasshopper Bank
With total assets of over $700 million, Grasshopper is a client-first digital bank serving the business and innovation economy. Grasshopper replaces the traditional one-size-fits-all approach to banking with a suite of products and services tailored to specific industries, and a passionate team of experts with deep expertise in their fields. Grasshopper’s banking solutions cover small business, venture-backed companies, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, SBA lending, commercial real estate lending, and yacht financing. Headquartered in New York City, the bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For more information, visit the bank’s website at www.grasshopper.bank or follow on LinkedIn and Twitter.

Media Contacts
Natalia Moose
+44 0 7825211135
natalia.moose@ncino.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 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.

GlobeNewswire Distribution ID 8830669

WillScot Mobile Mini to Participate in Oppenheimer Industrial Growth Virtual Conference

PHOENIX, May 03, 2023 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” or the “Company”) (Nasdaq: WSC), the North American leader in innovative flexible space and storage solutions, today announced that Brad Soultz, Chief Executive Officer, and Matt Jacobsen, Senior Vice President of Finance, will participate in a presentation and host private investor meetings at the Oppenheimer Industrial Growth Virtual Conference on May 8, 2023. The presentation will take place at 1:30 pm ET.

About WillScot Mobile Mini

WillScot Mobile Mini trades on the Nasdaq stock exchange under the ticker symbol “WSC.” Headquartered in Phoenix, Arizona, the Company is a leading business services provider specializing in innovative flexible space and storage solutions. WillScot Mobile Mini services diverse end markets across all sectors of the economy from a network of approximately 240 branch locations and additional drop lots throughout the United States, Canada, and Mexico.

Additional Information and Where to Find It

Additional information can be found on the company’s website at www.willscotmobilemini.com.

Contact Information
Investor Inquiries: Media Inquiries:
Nick Girardi Jake Saylor
investors@willscotmobilemini.com

GlobeNewswire Distribution ID 8830586

Ingredion Incorporated Reports Record First Quarter Results and Raises Full-Year Outlook

  • First quarter 2023 reported and adjusted EPS* were $2.85 and $2.80, respectively, compared to first quarter 2022 reported and adjusted EPS of $1.92 and $1.95
  • First quarter gross margins increased by 280 basis points to 22.8% compared to the same quarter last year
  • The Company raises full-year 2023 adjusted EPS outlook to be in the range of $8.70-$9.40, up from $7.70-$8.40

WESTCHESTER, Ill., May 03, 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 first quarter of 2023. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for the first quarter of 2023 and 2022, include items that are excluded from the non-GAAP financial measures that the Company presents.

“We started 2023 with exceptional performance delivering record quarterly profit and EPS,” said Jim Zallie, Ingredion’s president and chief executive officer. “Entering this year, we anticipated a second consecutive year of corn and manufacturing cost inflation. Our sales teams effectively executed product and customer mix management, including price adjustments against expiring multi-year customer contracts, to successfully rebuild margins for the third consecutive quarter. In addition, as economic growth slowed, supply chain costs moderated contributing to higher gross margins and operating income.

“During the quarter, specialty ingredients continued their positive momentum, achieving double-digit net sales growth across all four regions compared to last year. Our supply chain teams continued to improve service delivery and our plants ran well to increase specialty ingredient availability. Additionally, we further invested in our texture and nutrition network capabilities to enable future growth opportunities with customers.

“Our updated full-year outlook reflects better price and customer mix management as well as our continued vigilance in managing costs. We anticipate customer demand will steadily strengthen throughout the second half following some sales volume softness in the first quarter, primarily due to slower consumer demand and customers’ rebalancing of inventories. We remain confident in our strategy for future growth to create long-term 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)

1Q22 1Q23
Reported EPS $1.92 $2.85
Restructuring/Impairment costs 0.03
Acquisition/Integration costs 0.01
Tax items and other matters (0.01) (0.05)
Adjusted EPS** $1.95 $2.80

Estimated factors affecting changes in Reported and Adjusted EPS

1Q23
Total items affecting EPS** 0.85
Total operating items 0.88
Margin 1.42
Volume (0.36)
Foreign exchange (0.12)
Other income (0.06)
Total non-operating items (0.03)
Other non-operating income (0.01)
Financing costs (0.09)
Shares outstanding 0.02
Non-controlling interests
Tax rate 0.05

**Totals may not foot due to rounding;

Financial Highlights

  • At March 31, 2023, total debt and cash including short-term investments were $2.6 billion and $221 million, respectively, versus $2.5 billion and $239 million, respectively, at December 31, 2022.
  • Reported net financing costs for the first quarter were $32 million versus $24 million for the year-ago period.
  • Reported and adjusted effective tax rates for the first quarter were 25.1 percent and 27.7 percent, respectively, compared to 28.9 percent and 28.9 percent, respectively, for the year-ago period. The decrease in the reported effective tax rate was primarily driven by a change in the value of the Mexican peso against the U.S. dollar.
  • Capital expenditures were $76 million, down $9 million from the year-ago period.

Business Review

Total Ingredion
Net Sales

$ in millions 2022 FX Impact Volume Price mix 2023 Change Change
excl. FX
First quarter 1,892 (63) (116) 424 2,137 13% 16%

Reported Operating Income

$ in millions 2022 FX Impact Business Drivers Acquisition /
Integration
Restructuring / Impairment Other 2023 Change Change
excl. FX
First quarter 210 (12) 95 1 2 (5) 291 39% 44%

Adjusted Operating Income

$ in millions 2022 FX Impact Business Drivers 2023 Change Change
excl. FX
First quarter 213 (12) 95 296 39% 45%

Net Sales

  • First quarter was up 13% from the year-ago period. The increase was driven by strong price mix through both customer and product mix management, partially offset by lower volumes and foreign currency impacts.

Operating Income

  • First quarter reported operating income increased 39% to $291 million and adjusted operating income increased 39% to $296 million over the same period in the prior year. The increases were driven by favorable price mix, partially offset by higher input costs and lower volume. Excluding foreign exchange impacts, reported and adjusted operating income were up 44% and 45%, respectively, from the same period last year.

North America
Net Sales

$ in millions 2022 FX Impact Volume Price
mix
2023 Change Change
excl. FX
First quarter 1,174 (8) (82) 272 1,356 16% 16%

Segment Operating Income

$ in millions 2022 FX Impact Business Drivers 2023 Change Change
excl. FX
First quarter 156 (2) 53 207 33% 34%
  • First quarter operating income for North America was $207 million, an increase of $51 million from the year-ago period. The increase was driven by favorable price mix, partially offset by higher input costs and lower volume. Excluding foreign exchange impacts, segment operating income was up 34%.

South America
Net Sales

$ in millions 2022 FX Impact Volume Price
mix
2023 Change Change
excl. FX
First quarter 252 (13) (7) 37 269 7% 12%

Segment Operating Income

$ in millions 2022 FX Impact Business Drivers 2023 Change Change
excl. FX
First quarter 38 (4) 7 41 8% 18%
  • First quarter operating income for South America was $41 million, an increase of $3 million from the year-ago period. The increase was driven by favorable price mix, partially offset by higher input costs, foreign exchange impacts, and lower volume. Excluding foreign exchange impacts, segment operating income was up 18%.

Asia-Pacific
Net Sales

$ in millions 2022 FX Impact Volume Price
mix
2023 Change Change
excl. FX
First quarter 272 (13) (25) 43 277 2% 7%

Segment Operating Income

$ in millions 2022 FX Impact Business Drivers 2023 Change Change
excl. FX
First quarter 22 (1) 7 28 27% 32%
  • First quarter operating income for Asia-Pacific was $28 million, up $6 million from the year-ago period. The change was driven by favorable price mix, partially offset by higher input costs and lower volume. Excluding foreign exchange impacts, segment operating income was up 32%.

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

$ in millions 2022 FX Impact Volume Price
mix
2023 Change Change
excl. FX
First quarter 194 (29) (2) 72 235 21% 36%

Segment Operating Income

$ in millions 2022 FX Impact Business Drivers 2023 Change Change
excl. FX
First quarter 31 (5) 31 57 84% 100%
  • First quarter operating income for EMEA was $57 million, up $26 million from the year-ago period. The change was driven by favorable price mix, partially offset by higher input costs and foreign exchange impacts. Excluding foreign exchange impacts, segment operating income was up 100%.

Dividends and Share Repurchases
In the first quarter, we paid $47 million in dividends to shareholders and announced our quarterly dividend of $0.71 per share to be paid in the second quarter. 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.

Second Quarter and Updated 2023 Full-Year Outlook
For the second quarter 2023, the Company expects net sales growth to be up mid-single digits and operating income to be up low double digits to mid-double digits, compared to second quarter 2022.

The Company now expects its outlook for full-year 2023 reported and adjusted EPS to be in the range of $8.85 to $9.35 and $8.70 to $9.40, respectively. This expectation excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs.

The Company now expects full-year 2023 net sales to be up high single-digits to low double-digits reflecting softer sales volumes and the anticipated layout of corn costs. Reported and adjusted operating income are both expected to be up high double-digits.

Compared to last year, the 2023 full-year outlook now assumes the following: North America operating income is expected to be up 20% to 25%, with price mix continuing to outpace lower volumes and increasing costs; South America operating income is expected to be flat to down mid-single digits, with higher input costs partially offsetting favorable price mix; Asia-Pacific operating income is expected to be up high 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 40% to 50% driven by favorable price mix. Corporate costs are expected to be up high single-digits.

For full-year 2023, the Company expects a reported and adjusted effective tax rate of 25.0 percent to 28.0 percent and 27.0 percent to 28.5 percent, respectively.

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, May 3, 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 second quarter 2023 net sales and operating income, full-year 2023 reported and adjusted EPS, net sales, reported and adjusted operating income, segment operating income, corporate costs, reported and adjusted effective tax rate, cash from operations, capital expenditures, and any other statements regarding the Company’s prospects and its future operations, financial condition, volumes, 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 therein 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 reflected 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 effects of the conflict between Russia and Ukraine, including the impacts on the availability and prices of raw materials and energy supplies and volatility in foreign exchange and interest rates; 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, 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 impact of COVID-19 on our business, the demand for our products and our financial results; 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; price fluctuations, supply chain disruptions, and shortages affecting inputs to our production processes and delivery channels, including raw materials, energy costs and availability and freight and logistics; 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; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; 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; economic, political and other risks inherent in conducting operations in foreign countries and in foreign currencies; 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; the failure to maintain satisfactory labor relations; 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, 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
March 31,
Change
%
2023 2022
Net sales $ 2,137 $ 1,892 13%
Cost of sales 1,650 1,513
Gross profit 487 379 28%
Operating expenses 187 169 11%
Other operating expense (income) 9 (2 )
Restructuring/impairment charges 2
Operating income 291 210 39%
Financing costs 32 24
Other non-operating (income) (1 )
Income before income taxes 259 187 39%
Provision for income taxes 65 54
Net income 194 133 46%
Less: Net income attributable to non-controlling interests 3 3
Net income attributable to Ingredion $ 191 $ 130 47%
Earnings per common share attributable to Ingredion common shareholders:
Weighted average common shares outstanding:
Basic 66.1 66.9
Diluted 67.1 67.6
Earnings per common share of Ingredion:
Basic $ 2.89 $ 1.94 49%
Diluted $ 2.85 $ 1.92 48%
Ingredion Incorporated
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts) March 31,
2023
December 31,
2022
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 216 $ 236
Short-term investments 5 3
Accounts receivable – net 1,455 1,411
Inventories 1,663 1,597
Prepaid expenses 63 62
Total current assets 3,402 3,309
Property, plant and equipment – net 2,397 2,407
Intangible assets – net 1,297 1,301
Other assets 549 544
Total assets $ 7,645 $ 7,561
Liabilities and equity
Current liabilities
Short-term borrowings $ 701 $ 543
Accounts payable and accrued liabilities 1,191 1,339
Total current liabilities 1,892 1,882
Long-term debt 1,938 1,940
Other non-current liabilities 450 477
Total liabilities 4,280 4,299
Share-based payments subject to redemption 38 48
Redeemable non-controlling interests 51 51
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 March 31, 2023 and December 31, 2022 1 1
Additional paid-in capital 1,133 1,132
Less: Treasury stock (common stock: 11,839,634 and 12,116,920 shares at March 31, 2023 and December 31, 2022, respectively) at cost (1,127 ) (1,148 )
Accumulated other comprehensive loss (1,098 ) (1,048 )
Retained earnings 4,354 4,210
Total Ingredion stockholders’ equity 3,263 3,147
Non-redeemable non-controlling interests 13 16
Total equity 3,276 3,163
Total liabilities and equity $ 7,645 $ 7,561

Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in millions) Three Months Ended March 31,
2023 2022
Cash (used for) operating activities:
Net income $ 194 $ 133
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 54 53
Mechanical stores expense 18 13
Margin accounts (19 ) 28
Changes in other trade working capital (302 ) (290 )
Other 4 11
Cash (used for) operating activities (51 ) (52 )
Cash used for investing activities:
Capital expenditures and mechanical stores purchases (76 ) (85 )
Proceeds from disposal of manufacturing facilities and properties 1 5
Other (6 ) 4
Cash used for investing activities (81 ) (76 )
Cash provided by financing activities:
Proceeds from borrowings, net 51 24
Commercial paper borrowings, net 107 178
Repurchases of common stock, net (39 )
Issuances (settlements) of common stock for share-based compensation, net 2 (1 )
Dividends paid, including to non-controlling interests (47 ) (43 )
Cash provided by financing activities 113 119
Effect of foreign exchange rate changes on cash (1 ) 5
(Decrease) in cash and cash equivalents (20 ) (4 )
Cash and cash equivalents, beginning of period 236 328
Cash and cash equivalents, end of period $ 216 $ 324
Ingredion Incorporated
Supplemental Financial Information
(Unaudited)
I. Geographic Information of Net Sales and Operating Income
(in millions, except for percentages) Three Months Ended
March 31,
Change Change
Excl. FX
2023 2022
Net Sales
North America $ 1,356 $ 1,174 16 % 16 %
South America 269 252 7 % 12 %
Asia-Pacific 277 272 2 % 7 %
EMEA 235 194 21 % 36 %
Total Net Sales $ 2,137 $ 1,892 13 % 16 %
Operating Income
North America $ 207 $ 156 33 % 34 %
South America 41 38 8 % 18 %
Asia-Pacific 28 22 27 % 32 %
EMEA 57 31 84 % 100 %
Corporate (37 ) (34 ) (9)% (9)%
Sub-total 296 213 39 % 45 %
Acquisition/integration costs (1 )
Restructuring/impairment charges (2 )
Other matters (5 )
Total Operating Income $ 291 $ 210 39 % 44 %

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
March 31, 2023
Three Months Ended
March 31, 2022
(in millions) Diluted EPS (in millions) Diluted EPS
Net income attributable to Ingredion $ 191 $ 2.85 $ 130 $ 1.92
Add back:
Acquisition/integration costs (i) 1 0.01
Restructuring/impairment charges (ii) 2 0.03
Other matters (iii) 4 0.06
Tax item – Mexico (iv) (7 ) (0.11 ) (1 ) (0.01 )
Non-GAAP adjusted net income attributable to Ingredion $ 188 $ 2.80 $ 132 $ 1.95

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

Notes
(i) During the first quarter of 2022, we recorded pre-tax acquisition and integration charges of $1 million for our acquisition and integration of KaTech, as well as our investment in the Argentina joint venture.

(ii) During the first quarter of 2022, we recorded $2 million of remaining pre-tax restructuring-related charges for the Cost Smart programs.

(iii) During the first quarter of 2023, we recorded pre-tax charges of $5 million primarily related to the impacts of a U.S.-based work stoppage.

(iv) We recorded tax benefits of $7 million and $1 million for the first quarter of 2023 and 2022, 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.

Ingredion Incorporated
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
(Unaudited)
(in millions, pre-tax) Three Months Ended March 31,
2023 2022
Operating income $ 291 $ 210
Add back:
Acquisition/integration costs (i) 1
Restructuring/impairment charges (ii) 2
Other matters (iii) 5
Non-GAAP adjusted operating income $ 296 $ 213

For notes (i) through (iii), see notes (i) through (iii) 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 March 31, 2023
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
As Reported $ 259 $ 65 25.1 %
Add back:
Other matters (iii) 5 1
Tax item – Mexico (iv) 7
Adjusted Non-GAAP $ 264 $ 73 27.7 %
(in millions) Three Months Ended March 31, 2022
Income before
Income Taxes (a)
Provision for
Income Taxes (b)
Effective Income
Tax Rate (b/a)
As Reported $ 187 $ 54 28.9 %
Add back:
Acquisition/integration costs (i) 1
Restructuring/impairment charges (ii) 2
Tax item – Mexico (iv) 1
Adjusted Non-GAAP $ 190 $ 55 28.9 %

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 Expected GAAP Diluted Earnings per Share (“GAAP EPS”)
to Expected Adjusted Diluted Earnings per Share (“Adjusted EPS”)
(Unaudited)
Expected EPS Range
for Full-Year 2023
Low End of
Guidance
High End of
Guidance
GAAP EPS $ 8.85 $ 9.35
Add:
Other matters (i) 0.06 0.06
Tax item – Mexico (ii) (0.21 ) (0.01 )
Adjusted EPS $ 8.70 $ 9.40

Above is a reconciliation of our expected full-year 2023 diluted EPS to our expected full-year 2023 adjusted diluted EPS. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, adjustments to GAAP EPS for acquisition and integration costs, impairment and restructuring costs, and certain other items. We generally exclude these adjustments from our adjusted EPS guidance. For these reasons, we are more confident in our ability to forecast adjusted EPS than we are in our ability to forecast GAAP EPS.

These adjustments to GAAP EPS for 2023 include the following:

  1. Charges primarily related to the impacts of a U.S.-based work stoppage.
  2. Tax (benefit) as a result of the movement of the Mexican peso against the U.S. dollar and its impact on the remeasurement of the Company’s Mexico financial statements during the period.
Ingredion Incorporated
Reconciliation of Expected GAAP Effective Tax Rate (“GAAP ETR”)
to Expected Adjusted Effective Tax Rate (“Adjusted ETR”)
(Unaudited)
Expected Effective Tax Rate Range
for Full-Year 2023
Low End of
Guidance
High End of
Guidance
GAAP ETR 25.0 % 28.0 %
Add:
Other matters (i) 0.3 % 0.3 %
Tax item – Mexico (ii) 1.7 % 0.2 %
Adjusted ETR 27.0 % 28.5 %

Above is a reconciliation of our expected full-year 2023 GAAP ETR to our expected full-year 2023 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, adjustments to GAAP ETR for other matters and certain other tax items. We generally exclude these adjustments from our adjusted ETR guidance. For these reasons, we are more confident in our ability to forecast adjusted ETR than we are in our ability to forecast GAAP ETR.

These adjustments to GAAP ETR for 2023 include the following:

  1. Tax impact primarily on charges related to the impacts of a U.S.-based work stoppage.
  2. Tax benefit as a result of the movement of the Mexican peso against the U.S. dollar and its impact to the remeasurement of our Mexico financial statements during the period.

GlobeNewswire Distribution ID 8830642

The Metals Company Announces First Quarter 2023 Corporate Update Conference Call for Thursday, May 11, 2023

NEW YORK, May 02, 2023 (GLOBE NEWSWIRE) — The Metals Company (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today announced that it will host a conference call on Thursday, May 11, 2023, to provide an update on first quarter financial results and recent corporate developments.

First Quarter 2023 Conference Call Details

Date: Thursday, May 11, 2023
Time: 4:30 p.m. ET
Audio-only Dial-in: Register Here
Virtual webcast with slides: Register Here

The virtual webcast will be available for replay in the ‘Investors’ tab of the Company’s website under ‘Investors’ > ‘Media’ > ‘Events and Presentations’, approximately two hours after the event.

About The Metals Company

The Metals Company is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion-Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga.

More information is available at www.metals.co.

Contacts
Media | media@metals.co
Investors | investors@metals.co

GlobeNewswire Distribution ID 8830450

ResMed Appoints Michael Rider its Next Global General Counsel, Dawn Haake its First Chief Quality Officer

  • Rider and Haake, both internal promotions, joined ResMed’s executive team on May 1
  • Rider, currently Senior Vice President, Deputy Global General Counsel will succeed retiring Chief Administrative Officer, Global General Counsel, and Secretary David Pendarvis on July 1

SAN DIEGO, May 02, 2023 (GLOBE NEWSWIRE) — ResMed (NYSE: RMD, ASX: RMD) today announced the appointment of two new executive team members: Michael Rider, Global General Counsel & Secretary, effective July 1, 2023, and Dawn Haake as ResMed’s first Chief Quality Officer, effective May 1, 2023. Both joined ResMed’s executive team on May 1 and report to the Office of the CEO.

Michael Rider was selected following a previously announced internal search process; he remains in his current role as Senior Vice President, Deputy Global General Counsel until July 1, when he succeeds current Chief Administrative Officer & Global General Counsel David Pendarvis who retires June 30, 2023. Rider has served as one of ResMed’s top attorneys for over 10 years, joining as vice president, general counsel-Americas in 2012 and appointed deputy global general counsel in 2019. He’s provided legal advice to the company’s Sleep & Respiratory Care business, guided the company through litigation and other challenges, and played a key legal role in ResMed’s transformation from a medical device pioneer to a global digital health leader. His legal career spans nearly 40 years, including as senior vice president, general counsel for Callaway Golf, senior attorney for American Airlines, and associate attorney at Gibson Dunn & Crutcher.

Dawn Haake is promoted from Vice President, Quality Assurance and Regulatory affairs. She joined ResMed as vice president, quality assurance in 2015; added vice president, regulatory affairs to her role in 2017, and officially combined them in 2018. She’s been instrumental in ResMed’s submissions for new and increasingly digitally enabled medical devices in over 140 countries, its navigation of pandemic-related use authorizations for ResMed’s bilevels and ventilators worldwide, and its sustained quality and transparency with patients and healthcare providers amid various competitor product recalls. She has over 30 years’ experience in the medtech industry. Previously she was senior director of global quality assurance at NuVasive, senior specialist of quality assurance/CAPA at Nellcor Puritan Bennett (now owned by Medtronic), and tech support administrator at Infrasonics.

“Mike and Dawn are both longtime industry experts, celebrated team leaders, and relentless drivers of ResMed’s culture of excellence, always putting the health, safety, and wellbeing of patients, providers, and our employees first,” said Mick Farrell, ResMed’s CEO. “I’m excited to have them both join ResMed’s executive team. Their internal promotions into these critical roles demonstrate ResMed’s deep bench strength across the organization, enabling us to reach our goal of helping 250 million people sleep, breathe, and live healthier lives in 2025.”

These appointments come one month after the announced appointment of Amy Wakeham as ResMed’s first Chief Communications and Investor Relations Officer, succeeding Pendarvis in his role leading corporate public affairs, effective April 1, 2023.

About ResMed
At ResMed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies” and cloud-connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140 countries. To learn more, visit ResMed.com and follow @ResMed.

For media
news@resmed.com
+1 508.769.8440
For investors
investorrelations@resmed.com
+1 858.836.5000

GlobeNewswire Distribution ID 8830159

“Pae Thong Than” told “Thaksin” that he wanted to go home and raise his grandchildren. I don’t want to be Prime Minister

Rama 9 Hospital, May 3 – “Paethongtarn” announced after giving birth to a son, “Prujthasin”, is in good health, pointing out that “Thaksin” wants to come back to raise grandchildren. I don’t want to come back as prime minister. Preparing to go to work on the stage of the big speech readiness to become prime minister

Ms. Pae Thongtarn Shinawatra, candidate for the Prime Minister of the Pheu Thai Party and the head of the Pheu Thai family. along with Mr. Pidok Suksawat, her husband, announced the birth of a son, Master Prutthasin Sooksawas, nicknamed Thasin (Thasin), along with Khunying Potjaman Damapong and Ms. Pinthongta Chin. Wat, who appeared in front of many media and the son in the incubator

by Ms. Pae Thongtarn Shinawatra, saying hello and revealing that the birth was performed because of abdominal pain since April 29, but waiting until the middle of the night on May 1, the doctor recommended surgery for safety. Because the baby’s heart beats slower, doesn’t look auspicious, and has a caesarean section at 6:00 a.m. who wants to give birth naturally because he’s afraid of surgery because the first child was born naturally But when he heard the crying She was in tears and glad that she was strong and safe. which is the most important Thank you for the encouragement from everyone.

Ms. Pae Thongtarn said that the name Nong Prujthasin was chosen by herself because she had to give the abbreviation PS. and the name came from Grandma Pojaman and Taksin’s grandfather. feel warm

“I think it’s an exciting family story. He was the 7th grandchild that everyone was waiting for and was as excited as or more than Ing. like father wanting to see grandchildren Previously, I had planned to want to give birth in the country where my father lived. But afraid of document problems because we are Thai people, ”said Ms. Pae Thongtarn.

As for Mr. Thaksin specified that he would come back to raise grandchildren Ms. Praethongtarn said that Mr. Thaksin spoke at every opportunity. Accept that speaking will have political implications. And it’s not wrong to hope As for when the story will come back, we haven’t talked about it, but Thaksin probably has his own life plans.

“However, the father’s return has nothing to do with the Pheu Thai Party. But those who still believe in Thaksin and even himself still have faith. that the father wants to come back to raise the grandchildren I don’t want to come back as prime minister. It’s a human feeling. In particular, fathers have hopes that they will come back to raise their grandchildren. And those who support our father and support our family also have hope, ”said Ms. Pae Tongtan.

Ms. Phae Thong Than said that Mr. Thaksin or Grandfather saw his grandson and hoped for it from the beginning. before the face that your face will look like your grandfather and see how you can take your grandchildren to see grandpa Ready when you go immediately Preliminary tomorrow (May 3) can be discharged from the hospital. But please consult with the doctor first, it is expected that 1-2 days, as for the campaign, is ready. Especially on May 12, told the team that Ready for the big party stage will continue to repeat the policy And reiterated what policies will do and when to emphasize to the people

As for the poll results that the Kao Klai Party led the Pheu Thai Party, Ms. Pae Thongtarn said, had to see which polls whether it is a reliable poll or not ask the public to consider Election for instant change No need to wait to win Must choose Pheu Thai to change ready to go to the area to campaign for all 3 candidates of the Pheu Thai Party ready to be prime minister and himself ready to be prime minister but asked the public to choose As for polarizing with other parties Confirmed as spinning ready to deny the matter of holding shares in the media Preliminary, the legal department has checked. And confident that Pheu Thai still land slide.-Thai News Agency

Source: Thai News Agency

Inflation in April was 2.67%, the lowest in 16 months.

Nonthaburi, May 3 – The director of the NGO reveals that the inflation rate in April 2023 was 2.67 percent, decelerating continuously. At the lowest level in 16 months due to falling oil and food prices. expected inflation in 2013 is between 1.7 – 2.7 percent

Mr. Poonpong Naiyanapakorn, director of the Trade Policy and Strategy Office or SorNorNor, revealed that Thailand’s consumer price index in April 2023 was 107.96 compared to the same month last year, which was 105.15, resulting in headline inflation. Increased by 2.67 percent, slowing down for the fourth consecutive month and the lowest in 16 months, mainly due to the decline in fuel prices. and products in the food category with slowing prices together with the price base in April 2022 used to calculate inflation at a high level

In this regard, Thailand’s inflation rate compared to other countries (Latest data in March 2023) found that Thai inflation is the 14th lowest out of 133 economic zones that have announced figures. which is considered to be at a level better than many economic zones Such as the United States, Italy, the United Kingdom, Mexico, India, Japan and South Korea, and is the lowest in ASEAN out of the seven countries that announced the figures, including Lao PDR, the Philippines, Singapore, Indonesia, Malaysia and Vietnam.

However, the inflation rate in April 2023 increased by 2.67 percent, with movements in prices of goods and services as follows: Food and non-alcoholic beverages category increased by 4.53 percent in line with the increase in prices of important products such as vegetables and fruits (yard long bean, lemon, garlic, watermelon, rambutan, mango) due to unfavorable weather conditions. and higher costs, rice, glutinous rice as the amount of rice decreased due to more exports And the end of the promotion, the price of chicken eggs increases according to the cost of production. and the quantity in the market is not much non-alcoholic beverages (Instant coffee powder, soft drinks, coffee/tea (hot/cold)), household food (finished side dishes) Curry rice/rice box, noodles) according to production costs that are higher than the same month last year. while the price of ingredients (soy sauce, curry paste, oyster sauce) increased.

However, there were still many items with lower prices such as pork, celery, Chinese cabbage, morning glory, banana, vegetable oil, coconut (dried/grated) and tamarind. rose 1.39 percent in line with an increase in the price of important products such as the cost of electricity, cooking gas Public fares (taxi, boat, small bus, songthaew, plane), certain types of fuel (diesel fuel, vehicle gas (LPG), gasohol E85), educational expenses, personal expenses, and cleaning related items (body soap, toothpaste, body powder, fabric softener, etc.). laundry products) due to the end of the promotion. personal service fee (Men’s/women’s hair styling, manicure and pedicure expenses)

In addition, many important items have been reduced in price. As a result, the overall prices of non-food and beverage products are not high, such as fuel in the gasohol and benzene groups. television set air conditioner washing machine menswear Deodorant, face powder, eyebrow pencil, cable TV subscription fee and a mobile phone receiver In May 2023, the inflation trend is expected to slow down considerably. The main reason is the price base for the same month of the previous year used to calculate inflation, which is quite high. And the price of fuel is lower than last year. While the price of some goods and services slowed down. and some items have begun to stabilize.

Although inflation tends to slow down and is expected to be within the specified target frame But there are still factors that may cause inflation to expand more than expected, such as the price of cooking gas that is still at a high level compared to the previous year. which is an important cost of production. Drought problems will affect the quantity and price of agricultural products. Continuously increasing demand from the tourism sector and measures to stimulate the economy of the government which must monitor the situation closely Because these factors will significantly affect inflation.

However, the Ministry of Commerce expects headline inflation in 2023 to be between 1.7 – 2.7 percent and if the situation changes significantly, it will be reviewed again. Overall Consumer Confidence Index April 2023 adjusted up to level 53.5 from level 52. 3 in the previous month It is in the confidence period for the fifth consecutive month (since December 2022) and the highest in 52 months (since January 2019), which is an increase in both current and future consumer confidence index (3 next month), due to (1) the recovery of the domestic economy. that received support from the Songkran festival Which has both Thai and foreign tourists traveling to various places where the event is held in large numbers (2) As the election day approaches (May 14, 2023), people expect that they will participate in determining the political direction of the country. country and (3) the price of diesel fuel decreased. The cost of electricity that people pay increases with the number of units used during the summer. Causing people to worry about the burden of higher cost of living contributed to the overall consumer confidence index gradually improving, etc.-Thai News Agency

Source: Thai News Agency