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Oracle Talent Management Cloud 2017 Implementation Essentials
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Killexams : Oracle Implementation information hunger - BingNews https://killexams.com/pass4sure/exam-detail/1Z0-966 Search results Killexams : Oracle Implementation information hunger - BingNews https://killexams.com/pass4sure/exam-detail/1Z0-966 https://killexams.com/exam_list/Oracle Killexams : Cyber Risks Can Be Mitigated with These Governance, Risk, and Compliance Software Tools, According to Data from SoftwareReviews

TORONTO, July 26, 2022 /PRNewswire/ - SoftwareReviews, a leading source for insights on the software provider landscape, has published its 2022 Governance, Risk, and Compliance Software Data Quadrant, naming five providers as Gold Medalists.

Governance, Risk, and Compliance (CNW Group/SoftwareReviews)

In the wake of the global pandemic, the urgency to transition to remote work has created new cybersecurity challenges for organizations. Emerging technologies and evolving methodologies have also created additional pressures to keep up with new business processes, further impacting core governance and regulatory compliance.

Governance, risk, and compliance (GRC) software solutions provide an integrated and comprehensive view of an organization's GRC activities to minimize financial, legal, and other liabilities. This holistic view provides for a coordinated approach to ensure the organization is managing its risk factors and is compliant with all laws and regulations under which it operates.

To support businesses in the digital market, SoftwareReviews has identified the top GRC software providers for the year based on Tested survey data collected from 372 end-user reviews. These providers have received high scores on SoftwareReviews' Data Quadrant.

Providers are ranked by a composite satisfaction score called a Composite Score (CS), which averages four different areas of evaluation: Net Emotional Footprint, Vendor Capabilities, Product Features, and Likeliness to Recommend.

The 2022 Governance, Risk, and Compliance Software Gold Medalists are as follows:

SoftwareReviews' comprehensive software reviews provide the most accurate and detailed view of a complicated and ever-changing market. The data comes from real end users who use the software day in and day out and IT professionals who have worked with it intimately through procurement, implementation, and maintenance.

To compare and evaluate governance, risk, and compliance software providers using the most in-depth and unbiased analyst reports available, visit SoftwareReviews' dedicated GRC category page. 

For more information about SoftwareReviews, the Data Quadrant, or the Emotional Footprint, or to access resources to support the software selection process, visit softwarereviews.com and connect via LinkedInTwitter, and Facebook.

About SoftwareReviews

SoftwareReviews is the most in-depth source of buyer data and insights for the enterprise software market. By collecting customer experience data from business and IT professionals, the SoftwareReviews methodology produces detailed and authentic insights into the experience of evaluating and purchasing enterprise software.

Logo (CNW Group/SoftwareReviews)

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SOURCE SoftwareReviews

Tue, 26 Jul 2022 06:36:00 -0500 en-US text/html https://www.abc27.com/business/press-releases/cision/20220726TO27431/cyber-risks-can-be-mitigated-with-these-governance-risk-and-compliance-software-tools-according-to-data-from-softwarereviews/
Killexams : FIDO2: The Dream Of Password-Free Authentication On The WWW

Of all the things which are annoying about the modern World Wide Web, the need to create and remember countless passwords is on the top of most people’s lists. From dozens of passwords for everything from social media sites to shopping, company, and productivity-related platforms like Github, a large part of our day is spent dealing with passwords.

While one can totally use a password manager to streamline the process, this does not absolve you from having to maintain this list and ensure you never lose access to it, while simultaneously making sure credentials for the password manager are never compromised. The promise of password-less methods of authentication is that of a world where one’s identity is proven without hassle, and cannot ever be stolen, because it relies on biometrics and hardware tokens instead of an easily copied password.

The FIDO2 project promises Web Authentication that means never entering a password into a website again. But like everything, it comes with some strings attached. In this article, we’ll take a look at how FIDO2 plans to work and how that contrasts with the state of security in general.

Web of Trust

The scope of online security goes far beyond the connection between a server and client. It starts with one’s own system(s), and from there spirals outward to systems and individuals who are ever less known to you and as a direct result less trustworthy. The assumption is made that one’s own systems are safe and secure, with every part of it known and audited. This implies that storing secrets on these systems is acceptable.

In the immediate circles near these systems one can find entities which are deemed relatively trustworthy, such as a major shopping site or your financial institution’s online banking features. The general assumption there is that they do their utmost to secure their systems, if only because of the (financial) repercussions when something does go wrong, so we trust that they got their servers in a state comparable to our own. That’s why you don’t mind trusting them with sensitive information, like control over your bank account, or your credit card information.

The web of trust doesn’t necessarily focus on how easy it is to establish a secure connection between you and another entity. Eminently more important are the questions of whether you can trust this entity with your information, and how secure this ‘secure’ connection actually is.

How We Determine Identity

An essential part in establishing a secure communication link is in determining the other side’s identity. This is where security certificates come into play: based on a root certificate that is provided by some trusted authority, one can determine with relative certainty that the remote side is what it says it is. Here one implicitly trusts the root authority.

In multi-factor authentication terms, the remote service’s security certificate counts as ‘something one has’, as in a secret object. What one provides with a password-based login is ‘something one knows’. Two-factor authentication schemes involving ‘something one knows’ and ‘something one has’ are usually based around a physical object (key) and an access code that allows this key to be used.

Examples of this include an ATM card and the PIN code linked to it, or a hardware device that generates a code after entering the PIN, such as commonly used with online banking. Combining a phone number (to send a text message with a code) or email address with password-based login is also very common for two-factor log-in schemes.

The Premise of FIDO2

The FIDO2 project is a joint effort between the FIDO (Fast IDentity Online) Alliance and the World Wide Web Consortium (W3C). It’s a continuation of previous projects, notably FIDO Universal 2nd Factor (U2F) protocol, which involves a USB-based hardware token (‘Something you have’) that acts as a hardware-based authenticator. FIDO2 is similar, but adds multi-factor authentication.

At the core of FIDO2 lies the WebAuthn (Web Authentication) standard, which defines a number of requirements for a conforming website, browser and compatible authenticator. In essence it’s a public key-based security scheme, whereby one has to register a device that will function as the authenticator. This can be a laptop with a fingerprint scanner, Windows Hello, Apple FaceID, or a smartphone with such biometrics options. Alternatively a PIN code can be used instead of biometrics.

In addition to this, CTAP (Client To Authenticator Protocol) allows one to link a device like a smartphone with a laptop to act as an authenticator for the browser on the laptop using NFC, USB or BLE (if supported). Regardless of the setup, there’s always the remote service with which one registers or already has registered the authenticator device. This is similar to how one would register their public SSH key at a site like Github, yet this also means that you would want to register two or more authenticators for a service, in case one is lost, stolen or otherwise becomes unavailable.

Here the device is ‘What you have’, while biometrics would be ‘What you are’, or alternatively a PIN code or similar could provide ‘What you know’.

Welcome to the 90s

The OpenSSH logo.

Outside of the world of browsers, password-free logins have been common-place for a long time courtesy of little known technologies such as SSH (Secure Shell), which since its creation in 1995 has allowed users to log into remote systems without ever entering a password. This is an essential part of crucial infrastructure, allowing automated tasks to communicate with remote systems over secure links without requiring a human being (AKA a sysadmin or intern) to enter a password every time a new connection is made.

These days this distinction is very noticeable for example on sites like GitHub, where the interaction with the Git repositories on the GitHub servers can be performed either via secure HTTP (requiring a username and password) or SSH (password unneeded after unlocking the private key). Here having a password manager that is unlocked the moment one logs into one’s PC allows for essentially password-free interaction with such secure remote services.

Biometrics: A Public Secret

One big premise behind eradicating the use of passwords is that they are supposedly insecure, with biometrics being far superior. This is why systems such as facial recognition, fingerprint recognition, as well as iris and palm vein scanning have become hugely popular, especially smartphones providing at least a fingerprint sensor (though Apple ditched it in favor of facial recognition because of aesthetics).

Graphic courtesy of the Electronic Frontier Foundation.

Unfortunately, fingerprint scanners are hopelessly inaccurate, as we have covered recently as well. The main reason behind fingerprint sensors being added to smartphones has been to make unlocking it less of a bother for phone junkies who will reach for their phone on average 52 times a day, according to a 2018 study by Deloitte. A simple thumb or finger pressed on a sensor or quick glance at the front camera to unlock the device would seem like a godsend at that point.

Facial recognition doesn’t score much better when it comes to security than fingerprints, either. Apple’s high-profile Face ID has big problems distinguishing between twins, family members and children, according to a security paper Apple released a few years ago. This paper notes that in the case of twins, siblings who look alike and children under the age of 13 one should not use Face ID for security reasons.

Another two strikes against biometrics are that they are non-revocable (you’re stuck with them for life), and that they are not a secret as such. While they are a part of you, you also carry around your face in public, leave your fingerprints on everything you touch, leave your irises wide open to scanning, not to mention the number of times you rest your palms on a surface that could contain a scanner.

By making the copying of biometrics and defeating their scanners ever more profitable, we might risk unleashing a rush to develop ever more sophisticated technology to get around biometrics, rapidly degrading it as a security option.

What You Don’t Have Any More

Clearly the security benefits of moving everyone from passwords to what will essentially be a biometrics wet dream should be questioned as being doubtful at best. At the horizon looms a future in which one’s smartphone could be stolen and unlocked using the same fingerprints which you have left all over the device, after which all of your online accounts will be open to whoever now has the device. It’s like writing your PIN code on the ATM card, just with more biological proteins and sophisticated technology involved.

Losing the authenticator device also means that you instantly lose access to every single online account that requires 2FA. It’s possible you planned for this and you also set up your laptop as an authenticator, or you have a second (smartphone) device around that you also registered. If you’re lucky enough to be in this group, you’d next be rushing around, logging into every serviced you registered with to unlink the device that was stolen.

Costs and Benefits

When it comes down to it, passwords have a number of distinct advantages:

  • They’re easy to change.
  • One can have a unique password for each service.
  • Password managers make remembering passwords unnecessary.
  • They’re unknown to everyone but you.

With a system like what FIDO2 proposes with Web Authentication, one would have the same device for all services, no ability to change this identifier (device) and a ‘secret’ to unlock it which is both not a secret and increasingly easier to copy.

Adding a password in KeePass.

Realistically speaking, what Web Authentication offers is a single sign-on service using biometrics, PIN code or some gesture-based login, with questionable benefits over practicing proper password management. Frankly, by the time one is entering a PIN code or equivalent and still considers this to be ‘password-free’, some serious questioning of one’s definitions should take place.

Personally, I have been using the fully open-source KeePass as my password manager on Windows for years now, which allows me to securely manage my passwords. The encrypted password database file is available on all of my devices and backed up in multiple locations. Any device that KeePass works on and with internet access also provides me with access to these passwords, while thieves have two strong passwords to brute-force before the device is remotely wiped. For me the benefit of Web Authentication is essentially zero, especially as I only have a single device that performs biometrics (my smartphone).

If the future of Web Authentication is anything like U2F, it will likely end up making a little bit of a splash for a number of years before being quietly retired. Yet who knows? This might become the one log-in method to rule them all. What are your thoughts on this technology? Would you retire your cool passwords for futuristic, biometrics-based access?

Sat, 23 Jul 2022 12:00:00 -0500 Maya Posch en-US text/html https://hackaday.com/2019/09/23/fido2-the-dream-of-password-free-authentication-on-the-www/
Killexams : Chatmeter Again Recognized as an Industry Leader in G2 Summer Reports

G2, the world's largest, most trusted tech marketplace and review platform, honors Chatmeter as a leader in online reputation management across the small-to-enterprise market business categories

SAN DIEGO, Cali., July 6, 2022 /PRNewswire/ -- Chatmeter, the leader in local search marketing and online reputation management, today announced the company has again earned high recognition from G2 this quarter.

By tracking, analyzing, and comparing brands and services, the quarterly G2 Reports are built based on extensive customer feedback and satisfaction surveys, consumer trends, peer-to-peer product comparisons, and market research. Winners are determined through a rigorous scoring process with final results designed to help businesses find their perfect tech and software solutions.

Chatmeter was recognized as a leader in the following categories:

  • Enterprise Local Marketing Implementation

  • Small Business Online Reputation Management

  • Mid-Market Online Reputation Management

  • Enterprise Online Reputation Management

"These awards are truly a testament to Chatmeter's ability to deliver a compelling solution for a wide variety of customers," said Collin Holmes, CEO & Founder of Chatmeter. "That's always been our goal — to help businesses Boost their reputation and create breakthrough customer experiences that build brand loyalty and increase revenue."

Chatmeter also earned the following Summer 2022 badges in the categories of Local Marketing, Social Media Analytics, Online Reputation Management, Local Listing Management, and Local SEO:

  • High Performer (Small Business)

  • High Performer (Mid-Market)

  • High Performer (Enterprise)

  • Highest User Adoption (Enterprise)

  • Best ROI (Mid-Market)

  • Best Meets Requirements (Enterprise)

  • Best Support (Enterprise)

Check out Chatmeter's reviews on G2 for a deeper dive into why Chatmeter is the industry's most trusted local search and reputation management platform.

About G2
As the world's leading business solution review platform, G2 relies on more than 680,000 user reviews to drive better purchasing decisions. Business professionals, buyers, investors, and analysts use the site to compare and select the best software and services based on peer reviews and synthesized social data. Every month, more than one million people visit G2's site to gain unique insights. 

About Chatmeter
Chatmeter provides multi-location brands with data-driven solutions that deliver breakthrough customer experiences. Our SaaS platform delivers all-in-one reputation and local SEO management tools designed to help brands optimize online visibility, and reputation. Established in 2009, Chatmeter supports multi-location businesses from over 40 industries in creating meaningful customer experiences at scale.

(PRNewsfoto/Chatmeter Inc)


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SOURCE Chatmeter Inc

Sun, 10 Jul 2022 22:32:00 -0500 en-US text/html https://finance.yahoo.com/news/chatmeter-again-recognized-industry-leader-103000439.html
Killexams : Teen Social Entrepreneur Michael Platt's Book Michaels Desserts to Launch "Our Tomorrow" Series in Fall 2022

Our Tomorrow: Inspiring, Uplifting, and Empowering the Next Generation of Leaders

NEW YORK, Aug. 5, 2022 /PRNewswire/ -- Sixteen-year-old Michael C. Platt's highly anticipated cookbook Michaels Desserts (Mixed Media Resources; Paperback/eBook; On Sale: Nov. 1, 2022; $19.95; ISBN: 978-1684620470) will be the first title in the Our Tomorrow series published by Mixed Media Resources LLC, The Oracle Group International announced today. The food justice advocate will debut as the first of four authors in a groundbreaking series created to amplify the voices of teen activists using their gifts to make the world a better place.

Within his cookbook, Michael C. Platt tells the incredible story of how baking helped him manage epileptic seizures after his disability diagnosis at nine years old. Michael remains one of the premier teen bakers in the country and turned his passion for dishing out delectable sweets into a business and charity.

In Michaels Desserts, he shares the inspiration behind his advocacy to end food insecurity and gives tips for ensuring people have access to food in their communities. Featuring over 44 easy-to-do recipes named after notable historical figures, including Michael's signature Freedom Fighter Cupcakes, this fun, accessible cookbook is perfect for kids learning how to bake or anyone who wants to discover delicious dessert recipes.

Michael has been featured in the Kids Baking Championship on Food Network, Capital Gazette, WUSA9 news, CBS News, PGCTV News, TEDx Talks, Good Morning America, CNN, Washington Post, People.com, Guideposts, and more.

The Our Tomorrow book series is geared toward middle school readers, assembling a diverse lineup of bright young social entrepreneurs, global community leaders, and activists who share their inspirational stories and provide ideas for solving today's challenges for the promise of a better tomorrow.

Distributed by Union Square Books. Publicity is in partnership with The Oracle Group International. "Consciously founded, The Oracle Group International creates opportunities to celebrate diverse voices and empower future writers and literary activists to use 'the power of the pen," says CEO Mocha Ochoa. "I am honored to partner with the Our Tomorrow series to assist in the building and implementation of this new initiative." Upcoming releases include Books N Bros by Sidney Keys III and Kindness Is My Hobby by Ruby Kate Chitsey.

Mixed Media Resources LLC is an industry leader in the world of craft and DIY books, publishing widely distributed book and booklet titles in knitting, crochet, drawing, adult coloring, and cartooning. In 2022, MMR created Our Tomorrow, an inspirational book series geared toward middle schoolers and written by teen activists who are actively engaged in bringing positive change to the world.

The Oracle Group International is a globally recognized literary public relations and marketing agency that specializes in producing events that promote literacy. Our primary focus is to connect authors with events that engage and uplift the local, national, and global communities. https://theoraclegroupinc.co/

Information (under construction):

PHOTO: https://www.Send2Press.com/300dpi/22-0803-s2p-Michaels-Desserts-300dpi.jpg 

This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com

Cision View original content:https://www.prnewswire.com/news-releases/teen-social-entrepreneur-michael-platts-book-michaels-desserts-to-launch-our-tomorrow-series-in-fall-2022-301600578.html

SOURCE The Oracle Group International

Thu, 04 Aug 2022 23:34:00 -0500 en-US text/html https://www.abc27.com/business/press-releases/cision/20220805LA37305/teen-social-entrepreneur-michael-platts-book-michaels-desserts-to-launch-our-tomorrow-series-in-fall-2022/
Killexams : Stroud Watson Helping Out At RiverCity Company

Stroud Watson, who retired recently from the Urban Design Studio, is now helping out at the RiverCity Company,

President Paul Brock said.

Mr. Brock said Mr. Watson spends much time at his second home in Maine and is doing some traveling, but he is helping RiverCity when he is in town.

Mr. Brock said RiverCity is carrying out a re-evaluation of its role after helping with the 21st Century Waterfront Plan.

He said one focus may be to revitalize the Central City District.

According to an article in Family-Centered Communities, Stroud Watson was born in New York City, and he earned a Bachelor of Architecture Degree from the University of Illinois at Champaign in 1960. In 1964, he received a Master of Architecture at the University of Pennsylvania. While teaching all levels of architecture at the University of Arizona (1966-1969), he and 10 artist friends purchased a "dude ranch" and formed a self-sufficient community known as Rancho Linda Vista in Oracle, which still exists and thrives today as both an artist colony and an integral part of the Oracle community.

In 1969, he was awarded the Plym Fellowship in Architecture from the University of Illinois, based on a portfolio of his work, teaching and writings since graduation. In 1974, he accepted a position as a principle architect at Milton Keynes, Buckinghamshire, England. His experience in Milton Keynes was architecturally extensive but, according to Mr. Watson, most salient to today's work was the fact that he formed an Urban Design directorate. It became fundamental to bridging the gap between planning as policy and architecture as implementation - through the making of "civic places" for people. This clarified his personal goals and formed the basis of his architectural/urbanistic position that the city can be designed and, when excellence in planning, design and implementation at all levels prevails, the "living room" of the city will be cared for and enhanced by the community.

In 1980, Mr. Watson and his family moved to Chattanooga, where the University of Tennessee and The Lyndhurst Foundation provided him with an opportunity to return to teaching and simultaneously work directly with the city. The initial time in Chattanooga was critical to defining "downtown" philosophically and physically - through a visual perspective of the past, the present and the future of Chattanooga.

A shift was made from looking at the city as built objects to embracing the view from the urban public realm - the streets, squares, parks and public buildings that collectively form the "living room" for all citizens to participate in the life of the city.

UTK student and studio work focused on forming a center - Miller Park District - "the heart of the city," and return to the river's edge - Ross's Landing - "the origin of the city." In 1984, a joint funding effort with the Office of the Mayor, Lyndhurst Foundation, and the University was implemented, Mr. Watson became the Urban Design Advisor to the city, and the Design Center (now housing 8 professionals) was established.

The student work now became the catalyst for real projects and professional involvement producing: 1985 Tennessee Riverpark Master Plan (in conjunction with Carr Lynch & Associates) - 1998 APA/AICP Outstanding Planning Implementation Award; 1982-1985 Miller Park District Guidelines (in conjunction with Koetter, Kim & Associates) - 1987 Urban Design Award presented by Progressive Architecture; 1989 Excellence in Architecture National Honor Award, AIA; 1987 Presidential award of Merit for Distinguished Service by the Tennessee AIA; 1988 ACSA Faculty Design Award; 1990 AIA Award for Miller Park/Plaza; 1990 Fellow Urban Design Institute Award; 1997 ACSA Distinguished Professor of Architecture Award; 2001 Thomas Jefferson Award for Public Architecture, AIA.

Mon, 25 Jul 2022 12:00:00 -0500 en text/html https://www.chattanoogan.com/2005/7/23/69880/Stroud-Watson-Helping-Out-At-RiverCity.aspx
Killexams : Wells Fargo reinstates diverse slate hiring policy following June pause

(Reuters) - Wells Fargo reinstated a hiring policy that requires recruiters to interview a diverse pool of candidates nearly two months after its suspension in June, the bank said on Monday.

The U.S. bank had paused the hiring policy in June after the New York Times reported such interviews were often fake and conducted even though the job had already been promised to someone else.

Over the past few weeks, Wells Fargo completed a review of diverse candidate hiring approaches and interviewed recruiters and hiring managers to Boost implementation of guidelines, according to a statement.

"Our review helped us to identify opportunities where we can further Boost how the guidelines are implemented," said Bei Ling, chief human resources officer at Wells Fargo.

The bank is resuming application of the guidelines effective August 19 and expects a 50% diversity in both the candidates interviewed and the panel of interviewers.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri)

Thu, 04 Aug 2022 05:06:00 -0500 en-US text/html https://finance.yahoo.com/news/wells-fargo-reinstates-diverse-slate-193841190.html
Killexams : Infosys Ltd.


Dear members,

The Board of Directors hereby submits the report of the business and operations of your Company (‘the Company’ or ‘Infosys’), along with the audited financial statements, for the financial year ended March 31, 2016. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

Notes : The above figures are extracted from the standalone and consolidated financial statements as per Indian Generally Accepted Accounting Principles (GAAP).

1 crore = 10 million

(1) On April 24, 2015, the Board of Directors of Infosys authorized the Company to execute a Business Transfer Agreement and related documents with EdgeVerve Systems Limited (EdgeVerve), to transfer the business of Finacle and Edge Services. Based on an enterprise valuation done by an independent valuer, the business was transferred for a consideration of Rs. 3,222 crore and Rs. 177 crore for Finacle and Edge Services, respectively. Net assets amounting to Rs. 363 crore (including working capital amounting to Rs. 337 crore) have been transferred and accordingly a gain of Rs. 3,036 crore has been recorded as an exceptional item.

During the year ended March 31, 2015, based on an enterprise valuation done by an independent valuer, the business was transferred for a consideration of Rs. 421 crore with effect from July 1, 2014. Net assets amounting to Rs. 9 crore have also been transferred and accordingly a gain of Rs. 412 crore has been recorded as an exceptional item.

The transfer of assets and liabilities has been accounted for at carrying values and does not have any impact on the consolidated financial statements.

(2) The Special Economic Zone (SEZ) Re–investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Section 10AA(1)(ii) of the Income–tax Act,1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in the terms of the Section 10AA(2) of the Income–tax Act, 1961.

(3) Effective January 1, 2015, the Infosys Limited Employees’ Welfare Trust (‘the Trust’) has been deconsolidated consequent to SEBI (Share Based Employee Benefits) Regulations, 2014 issued on October 28, 2014.

(4) Under the Swiss Code of Obligation, a few Infosys Consulting Holding AG (formerly Lodestone Holding AG) subsidiaries are required to appropriate 5% of the annual profit to legal reserve until this equals 20% of the paid–up share capital. To the extent it does not exceed one half of the share capital, the general reserve may be used only to cover losses or for measures designed to sustain the Company through difficult times, to prevent unemployment or to mitigate its consequences.

(5) Equity shares are at par value of Rs. 5 per share.

(6) The Company has allotted 1,14,84,72,332 fully–paid–up equity shares of face value of Rs. 5 each in June 2015, and 57,42,36,136 fully–paid–up equity shares were allotted on December 2014, pursuant to a bonus issue approved by the shareholders. For the bonus issue, a bonus share of one equity share for every equity share held, and a stock dividend of one American Depositary Share (ADS) for every ADS held, respectively, has been allotted. Consequently, the ratio of equity shares underlying the ADSs held by an American Depositary Receipt holder remains unchanged. Earnings per share (EPS) of the previous year has been adjusted for the bonus issue, in accordance with Accounting Standard (AS) 20 – Earnings Per Share.

Revenues – standalone

Our total income on a standalone basis increased to Rs. 53,983 crore from Rs. 47,300 crore in the previous year, at a growth rate of 14.1%. Our software export revenues aggregated to Rs. 52,709 crore, up by 14.6% from Rs. 45,993 crore in the previous year. Out of the total revenue, 66.0% came from North America, 21.8% from Europe, 2.4% from India and 9.8% from the Rest of the World. On a standalone basis, our share of revenues from all parts of the world outside North America has decreased to 34.0% in the current year from 36.0% in the previous year.

Revenues – consolidated

Our total income on a consolidated basis increased to Rs. 62,441 crore from Rs. 53,319 crore in the previous year, at a growth rate of 17.1%. Our software export revenues aggregated to Rs. 60,818 crore, up by 16.9% from Rs. 52,035 crore in the previous year. Out of the total revenue, 62.7% came from North America, 23.0% from Europe, 2.6% from India, and 11.7% from the Rest of the World. On a consolidated basis, our share of revenues from all parts of the world outside North America decreased to 37.3% in the current year from 38.5% in the previous year.

Profits – standalone

Our gross profit on a standalone basis amounted to Rs. 21,728 crore (40.2% of revenue), as against Rs. 19,472 crore (41.2% of revenue) in the previous year. Sales and marketing costs were 5.0% of our revenue for the year ended March 31, 2016 as compared to 5.4% for the year ended March 31, 2015. General and administration expenses were 6.1% and 6.3% of our revenues during the current year and previous year, respectively. The operating profit before depreciation amounted to Rs. 15,763 crore (29.2% of revenue), as against Rs. 13,962 crore (29.5% of revenue) in the previous year. The profit before exceptional item and tax was Rs. 17,657 crore (32.7% of revenue), as against Rs. 16,386 crore (34.7% of revenue) in the previous year. Net profit was Rs. 15,786 crore (29.2% of revenue), as against Rs. 12,164 crore (25.8% of revenue) in the previous year.

Profits – consolidated

Our gross profit on a consolidated basis amounted to Rs. 24,832 crore (39.8% of revenue), as against Rs. 21,485 crore (40.3% of revenue) in the previous year. Sales and marketing costs were 5.5% of our revenue for the years ended March 31, 2016 and March 31, 2015. General and administration expenses were 6.9% of our revenues each during the current year and previous year. The operating profit before depreciation amounted to Rs. 17,120 crore (27.4% of revenue), as against Rs. 14,871 crore (27.9% of revenue) in the previous year.

The profit before tax was Rs. 18,982 crore (30.4% of revenue), as against Rs. 17,284 crore (32.4% of revenue) in the previous year. Net profit was Rs. 13,678 crore (21.9% of revenue), as against Rs. 12,372 crore (23.2% of revenue) in the previous year.

Capital expenditure on tangible assets – standalone

This year, on a standalone basis, we capitalized Rs. 2,163 crore. This comprises Rs. 945 crore for investment in computer equipment, Rs. 5 crore on vehicles and the balance of Rs. 1,213 crore on infrastructure. In the previous year, we capitalized Rs. 2,540 crore. This comprised Rs. 694 crore for investment in computer equipment, Rs. 3 crore on vehicles and the balance of Rs. 1,843 crore on infrastructure.

Capital expenditure on tangible assets – consolidated

On a consolidated basis, we capitalized Rs. 2,379 crore including certain assets having gross book value of Rs. 4 crore taken over on acquisitions during the year. During the current year, Rs. 1,105 crore has been invested in computer equipment, Rs. 6 crore on vehicles, and the balance of Rs. 1,268 crore on infrastructure.

In the previous year, we capitalized Rs. 2,673 crore including assets having gross book value of Rs. 22 crore taken over on an acquisition. During the year, Rs. 778 crore has been invested in computer equipment, Rs. 6 crore on vehicles, and the balance of Rs. 1,889 crore in infrastructure.


We continue to be debt–free and maintain sufficient cash to meet our strategic objectives. We understand that liquidity in the Balance Sheet has to balance between earning adequate returns and the need to cover financial and business risks. Liquidity enables us to make a rapid shift in direction, if there is a market demand. We believe that our working capital is sufficient to meet our current requirements. As on March 31, 2016, on a standalone basis, we had liquid assets of Rs. 30,711 crore, as against Rs. 29,705 crore at the previous year–end. On a consolidated basis, we had liquid assets of Rs. 34,371 crore at the current year–end, as against Rs. 32,543 crore at the previous year–end. These funds comprise deposits with banks and highly rated financial institutions, liquid mutual funds, fixed maturity plans, tax–free bonds and government bonds. The details of the tax–free bonds and government bonds are disclosed under the ‘non–current and current investments’ section in the financial statements in this Annual Report.



The Board, in its meeting held on October 12, 2015, declared an interim dividend of Rs. 10 per equity share. Further, the Board, in its meeting held on April 15, 2016, has recommended a final dividend of Rs. 14.25 per equity share for the financial year ended March 31, 2016. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting to be held on June 18, 2016. The total dividend appropriation (excluding dividend tax) for the current year is Rs. 5,570 crore, as against Rs. 5,111 crore in the previous year. Dividend (including dividend tax) as a percentage of consolidated net profit after tax is 49.7%, as compared to 49.8% in the previous year.

The Register of Members and Share Transfer Books will remain closed on June 11, 2016 for the purpose of payment of the final dividend for the financial year ended March 31, 2016, and the Annual General Meeting. The Annual General Meeting is scheduled to be held on June 18, 2016.

Bonus shares

The Company has allotted 1,14,84,72,332 fully–paid–up equity shares of face value Rs. 5 each in June 2015 to the shareholders of the Company in proportion of 1:1 and consequently, the number of shares increased from 1,14,84,72,332 to 2,29,69,44,664.

The Company allotted 57,42,36,166 fully–paid–up equity shares of face value Rs. 5 each in December 2014 to the shareholders of the Company in proportion of 1:1 and consequently, the number of shares increased from 57,42,36,166 to 1,14,84,72,332.

Particulars of loans, guarantees or investments

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the financial statements provided in this Annual Report.

Transfer to reserves

We propose to transfer Rs. 1,579 crore to the general reserve on account of declaration of dividend. An amount of Rs. 42,655 crore is proposed to be retained in the surplus at the standalone level.

Fixed deposits

We have not accepted any fixed deposits and, as such, no amount of principal or interest was outstanding as of the Balance Sheet date. Particulars of contracts or arrangements made with  related parties

Particulars of contracts or arrangements with related parties

referred to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC–2, is appended as Annexure 2 to the Board’s report. Material changes and commitments affecting financial position between the end of the financial year and date of the report

The shareholders have approved the following resolutions through a  postal ballot concluded on March 31, 2016 :

• 2015 Stock Incentive Compensation Plan and grant of stock  incentives to eligible employees of the Company under the Plan

• 2015 Stock Incentive Compensation Plan and grant of stock  incentives to eligible employees of the Company’s subsidiaries under  the Plan

• Re–appointment of Prof. Jeffrey S. Lehman, as an Independent  Director

• Appointment of Dr. Punita Kumar–Sinha, as an Independent  Director

• Re–appointment of Dr. Vishal Sikka, Chief Executive Officer and Managing Director, on the following terms and conditions :

–– Base pay : An annual base salary of US $1,000,000 to be paid in  accordance with the Company’s normal practices and subject to  withholding taxes;

–– Variable pay : Annual performance–based variable pay at a target  level of US $3,000,000 less applicable tax and subject to the  Company’s achievement of fiscal year performance targets set  by the Board as described in the postal ballot;

–– Stock compensation : Eligible to receive an annual grant  of 1) US $2,000,000 of fair value in RSUs which vest over  time (‘time–based RSUs’), subject to continued service, and

2) US $5,000,000 in performance–based equity and stock  options upon achievement of certain performance targets as  described in the postal ballot;

–– Employee benefits and paid vacation as applicable to other  whole–time directors of the Company;

–– Minimum and maximum remuneration : Should Dr. Sikka fail  to achieve minimum performance targets, his remuneration  as proposed will fall to US $3,000,000 annually, consisting of  US $1,000,000 of base salary and US $2,000,000 of time–based  RSUs. If Dr. Sikka’s performance targets are exceeded, the  performance–based payments for variable components of his compensation (variable pay and performance equity)  will be capped at 150% of the target compensation for such  variable components.

Management’s discussion and analysis

In terms of the provisions of Regulation 34 of the Securities and  Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management’s discussion and analysis is set out in this Annual Report.

2. Business


Our strategic objective is to build a sustainable organization that remains relevant to the agenda of our clients, while generating profitable growth for our investors. In order to do this, we will apply the priorities of ‘renew’ and ‘new’ to our own business and cascade it to everything we do.

These translate to the following strategic focus areas :

Build expansive, lasting relationships with our clients by delivering differentiated market offerings : Our strategy is to engage with clients on their large transformative programs, both in traditional IT areas as well as for their new digital business initiatives. We expand existing client relationships by providing them with a broad set of end–to–end service offerings and increase the size, nature and number of projects we do with them. Our specific industry, domain, process, and technology expertise allows us to enable clients to transform their businesses with innovative strategies and solutions. Through our transformation service offering, which we call ‘Aikido’, we help our clients address key aspects of their business. Our ‘Ai’ offering, a result of our investments in building intellectual property, helps clients leverage software–based platforms to dramatically boost productivity and to deliver next–generation experiences to their customers.

Our ‘Ki’ offering captures the know–how of existing client technology landscapes, which we then leverage for process improvements and transformation. With our ‘Do’ offering, which incorporates Design Thinking concepts, we help clients identify and prioritize their most significant problems and solve them in rapid, iterative and innovative ways. We offer an end–to–end suite of high–quality, highly–responsive and innovation–led services spanning business consulting,

IT services, software platform–based services and business process management. This enables us to partner with our clients on large, multi–year engagements.

Through our Zero Distance program, we help our clients innovate and derive more value from their projects. Zero Distance is the process of everyday innovation at Infosys whereby all employees are expected to innovate in their individual capacities and through their individual jobs. Zero Distance has a three–fold emphasis : to reduce the gap between us and the code we write, the gap between us and our clients, and the gap between us and the ultimate end–user.

We also plan to acquire new clients and increase our presence in new geographies and market segments by investing in targeted business development and marketing. We will position our brand as differentiated, global and respected.

Deliver solutions and services leveraging highly cost–effective models : Our strategy is to leverage software–based automation and our Global Delivery Model to deliver solutions and services to our clients in the most cost–effective manner, while at the same time optimizing our cost structure to remain competitive. We are embracing artificial intelligence–based automation techniques and software automation platforms to boost productivity of our projects. We are leveraging software process engineering and collaboration technologies to improve process productivity.

Our Global Delivery Model provides scale, quality, expertise, cost and time–to–market advantages to our client projects. The model enables us to work at the location where the best talent is available and where it makes the best economic sense with the least amount of acceptable risk. Over the last 30 years, we have developed our distributed execution capabilities to deliver high–quality and scalable services.

This scalable infrastructure complements our ability to deliver project components that are executed round the clock and across time zones, enabling us to reduce project delivery times.

Enhance our operational processes for agility and optimal cost : We periodically assess the effectiveness of our organization structure and processes to optimize it for alignment with our strategic objectives and agility. We continually evaluate critical cross–functional processes and benchmark them with best–in–class practices to optimize costs and enable swift and effective response to our clients. We constantly monitor and optimize various operational parameters such as the cost and utilization of resources, distribution of employees around the world, cost of operating our campuses and whether we are optimally realizing the efficiencies of scale.

Last year, we launched our Zero Bench program. This program allows us to effectively deploy our un–utilized resources into internal projects. Zero Bench enables employees to fulfill their professional aspirations while at the same time helping us to Boost our employee engagement and our operational efficiency.

Attract and retain a global, diverse, motivated and high–performing employee base : Our employees are our biggest assets. To meet the evolving needs of our clients, our priority is to attract and engage the best talent in the right locations with the right skills. We offer our employees challenging work assignments, benchmarked compensation and a collaborative, productive work environment. Our performance management system is objective and rewards performance. We invest substantially in employee engagement to motivate employees and encourage social communication and collaboration. Teaching and learning are central to the Infosys culture. Our investments in our Global Education Center and in creating various learning opportunities for our employees help them stay abreast of new developments in software technologies, spur innovation and build a lifelong career at Infosys.

We are guided by our value system which motivates our attitudes and actions. Our core values are Client value, Leadership by example, Integrity and transparency, Fairness and Excellence (C–LIFE).

Pursue strategic alliances and acquisitions : We leverage alliances that complement our core competencies. We partner with leading technology software and hardware providers in creating, deploying, integrating and operating business solutions for our clients. We have also expanded the scope of our collaborations to encompass universities and research organizations.

We will deploy our capital in making selective business acquisitions that augment our expertise, complement our presence in certain market segments and accelerate the execution of our strategies. We have an innovation fund with an outlay of US $500 million to tap into innovation networks of early–stage companies and universities to gain access to new thinking and business models.


Our go–to–market business units are organized as follows :

• Financial Services

• Manufacturing

• Retail, CPG and Logistics

• Energy, Utilities, Communications and Services

• Hi–tech

• Life Sciences, Healthcare and Insurance

• China

• Japan

• India

• Infosys Public Services

Our service delivery is organized as horizontal centers of excellence :

• Infosys Global Consulting

• Global Delivery

–– Enterprise Solutions

–– Infosys Digital

–– Enterprise Mobility

–– Application Development Services

–– Application Management Services

–– Application Modernization Services

–– Independent Validation Solutions

–– Data and Analytics

–– Engineering Services

–– Cloud and Infrastructure Services

–– Infosys Center for Emerging Technology Solutions

• Products

–– Finacle®

–– EdgeVerve

• Platforms

–– Panaya

• Skava

• Infosys BPO

Client base

Our client–centric approach continues to bring us high levels of client satisfaction. We derived 97.1% of our consolidated revenues from repeat business this fiscal. We, along with our subsidiaries, added 325 new clients, including a substantial number of large global corporations. Our total client base at the end of the year stood 1,092. The client segmentation for the current and previous years on a consolidated basis is as follows :


We added 19.67 lakh sq. ft. of physical infrastructure space during the year. The total available space as on March 31, 2016 stands at 423.35 lakh sq. ft. The number of marketing offices as on March 31, 2016 was 85, the same as the previous year.

Infosys Innovation Fund

We have an innovation fund with an outlay of US $500 million to tap into innovation networks of early–stage companies and universities to gain access to new thinking and business models.

Through the Infosys Innovation Fund, we have invested in six start–ups this year.

Subsidiaries and associates

We, along with our subsidiaries, provide consulting, technology, outsourcing and next–generation services. At the beginning of the year, we had 13 direct subsidiaries, 29 step–down subsidiaries and one associate. As on March 31, 2016, we have 16 direct subsidiaries, 30 step–down subsidiaries and one associate.

During the year, the Board of Directors (‘the Board’) reviewed the affairs of the subsidiaries. In accordance with Section 129(3) of the Companies Act, 2013, we have prepared consolidated financial statements of the Company, which forms part of this Annual Report. Further, a statement containing the salient features of the financial statement of our subsidiaries in the prescribed format AOC–1 is appended as Annexure 1 to the Board’s report. The statement also provides the details of performance and financial positions of each of the subsidiaries.

In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including the consolidated financial statements and related information of the Company and audited accounts of each of its subsidiaries, are available on our website, www.infosys.com. These documents will also be available for inspection during business hours at our registered office in Bangalore, India During the year, investments were made in the following subsidiary and new acquisitions :

• EdgeVerve Systems Limited (EdgeVerve) : On April 24, 2015, the Board of Directors of Infosys authorized the Company to execute a Business Transfer Agreement and related documents with EdgeVerve, to transfer the business of Finacle and Edge Services. Post the requisite approval from shareholders through postal ballot on June 4, 2015, a Business Transfer Agreement and other related documents were executed with EdgeVerve to transfer the business with effect from August 1, 2015. The Company has undertaken an enterprise valuation by an independent valuer and accordingly the businesses were transferred for a consideration of Rs. 3,222 crore and Rs. 177 crore for Finacle and Edge Services, respectively. The consideration was settled through the issue of 85,00,00,000 equity shares amounting to Rs. 850 crore and 25,49,00,000 non–convertible redeemable debentures amounting to Rs. 2,549 crore in EdgeVerve, post the requisite approval from shareholders on December 11, 2015. The transfer of assets and liabilities was accounted for at carrying values and did not have any impact on the consolidated financial statements.

Kallidus Inc. and Skava Systems Pvt. Ltd. (Kallidus) : On June 2, 2015, Infosys acquired 100% of the voting interests in Kallidus Inc., (d.b.a Skava) (Kallidus), a leading provider of digital experience solutions, including mobile commerce and in–store shopping experiences to large retail clients, and 100% of the voting interests of Skava Systems Private Limited, India, an affiliate of Kallidus.

The business acquisition was conducted by entering into a share purchase agreement for a cash consideration of US $91 million (approximately Rs. 578 crore) and a contingent consideration of up to US $20 million (approximately Rs. 128 crore on acquisition date), the payment of which is dependent upon the achievement of certain financial targets by Kallidus over a period of three years ending on December 31, 2017.

• Noah Consulting LLC (Noah) : On November 16, 2015, Infosys acquired 100% membership interest in Noah Consulting LLC, a leading provider of advanced information management consulting services for the oil and gas industry. The business acquisition was conducted by entering into a share purchase agreement for a cash consideration of US $33 million (approximately Rs. 216 crore) and a contingent consideration of up to US $5 million (approximately Rs. 33 crore on acquisition date) and retention bonus of up to US $32 million (approximately Rs. 212 crore on acquisition date), referred to as retention bonus, payable to the employees of Noah at each anniversary following the acquisition date over the next three years, subject to their continuous employment with the Group at each anniversary. The payment of contingent consideration to the sellers of Noah was dependant upon the achievement of certain financial targets by Noah for the years ended December 31, 2015 and December 31, 2016. During the year ended March 31, 2016, based on the assessment of Noah achieving the targets for the respective periods, the entire contingent consideration was reversed.


EdgeVerve Systems Limited, a wholly–owned subsidiary of Infosys, develops innovative software products and offers them on premise and on the cloud. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly–evolving areas like banking, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying. Today, EdgeVerve products and platforms are used by global corporations across industries such as financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Our solutions are available in two broad categories – Edge suite and Finacle®. Finacle®, our universal banking solution suite, is the choice of financial institutions across 92 countries and serves over 839 million bank customers. Finacle® solutions address the core banking, e–banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions. Finacle® solutions are consistently rated as a leader in the market by top industry analysts and is proven to be the most scalable banking platform globally.


An important part of our strategy is the creation of the ‘Infosys Platform’ which consists of the Infosys Information Platform (IIP) and the Infosys Automation Platform (IAP). Our platforms leverage open source software components, and / or our proprietary software products, all of which can be deployed in the public or private cloud or on the customer’s premise.

• IIP : Our IIP helps enterprises embark on their Big Data journey by providing a compelling price–performance ratio in data processing while also enabling them to take advantage of innovations happening in the open source community. IIP is based on an assembly of tested open source components and offers rapid deployment as a base for a broad variety of industry–specific scenarios.

• IAP : Our IAP, which was built on top of IIP, enables improved efficiencies in IT operations. IAP helps ensure business outcomes by monitoring and analyzing in near real–time, the health of all layers of IT systems including business processes, applications and infrastructure leveraging stream processing and Big Data technologies. IAP aims to predict issues using knowledge models, machine learning algorithms and predictive analytics and prevent business disruptions through proactive interventions. IAP automates repetitive tasks in IT operations and leverages advanced capabilities like natural language processing and artificial intelligence.

• Panaya : Panaya, an Infosys company, is a leader in ERP change analytics and cloud–based enterprise software testing. The Panaya Cloud Quality™ Suite disrupts the risk, time and costs required to deliver all types of SAP® and Oracle® EBS changes. Powered by Big Data analytics and aggregating since 2008, Panaya Cloud Quality™ Suite delivers insights that tell organizations what will break, how to fix it and what to test. It is constantly improving and finding smarter ways to perform everything from day–to–day maintenance to major projects.


Skava, an Infosys company, powers the next generation of digital transformation for leading retailers worldwide by delivering the most versatile technology platform in the industry. Skava enables digital shopping experiences for global brands across mobile, tablet, desktop, in–store, and all emerging channels.

Open Source

OSSmosis, the Infosys Open Source program, was set up with an objective of ‘nurturing innovation through Open Source adoption and contribution’. Through this program, over 25,000 employees have been trained on key Open source technologies; 12 key communities of practices, including BigData and DevOps, have been setup; new and existing partners are engaged for enablement, joint solutions and go–to–market. Over 100 key contributors have been contributing to forums like Spark, Selenium, Jenkins etc. Infosys’ POV on Open Source (https://www.infosys.com/information–platform/Documents/ OSSmosis–open–source–journey.pdf) was acknowledged by several clients, and executives.


We continue our journey of delivering value to our clients through significant investments in quality programs. While sustaining existing external benchmarks and certifications, we have added new certifications and further enhanced our programs and initiatives to renew our commitment to the culture of quality, client value, innovation and productivity improvement.

We continue to adhere to international quality standard certifications such as ISO 9001, ISO 22301, ISO 20000, ISO 27001, AS EN 9100, ISO 13485, TL 9000 SV, OHSAS 18001 and ISO 14001. We have received an independent auditors’ assurance report on compliance to ISAE 3402 / SSAE16 and a certification of compliance on PCIDSS V 3.0 for Infosys BPO Limited. We also get assessed at CMMi Level 5. According to the Process Maturity Profile published by the CMMi Institute of Carnegie Mellon University in December 2015, only 7% of 12,691 organizations globally are operating at Level 5, which is the highest level of process maturity.

Our Quality department handles large change management initiatives to drive quality and productivity improvements across the Company, using various techniques such as Six Sigma, Lean methodology, and engineering levers like Reuse, Automation and Tools. Our Quality department partners with business units to help implement and sustain the Zero Distance program, an initiative to infuse grassroots innovation across all our projects, and effectively measure benefits to the client, and ensure substantial client impact. We continue to fine–tune our Client Value Survey to capture the voice of our customers, and to assess client expectations as an ongoing process. The data that is collected is analyzed around satisfaction, advocacy, loyalty, fulfillment and value for money, and helps us draw action plans to Boost client experience.


The Infosys brand is a key intangible asset of the Company. It positions Infosys as the next–generation services company that would help enterprises renew themselves while also creating new avenues to generate value. Brand Infosys is being built around the premise that software, in a very fundamental way, is reshaping the world around us. And because of this, there is a duality that every business faces – on the one hand, the need to renew existing systems, to Boost their effectiveness with new technologies and innovation, and on the other hand, the need to deliver completely new kinds of services and new solutions in new ways using next–generation technologies. Infosys helps its clients achieve this dual agenda in a culture of learning and innovation at the grassroots level. The way Infosys connects with its clients, builds out great ideas and creates value from innovations is called Zero Distance – describing its approach to operating at the intersection of desirability, feasibility and viability.  

Our marketing reach extends globally through advertisements, public relations and digital marketing initiatives. We participate in premier business and industry events around the world. We also organize signature events and roundtables across geographies. ‘Confluence’, our flagship client event, is consistently well–attended and rated highly by our clients and industry partners.

Awards and recognition

In fiscal 2016, we were conferred multiple awards and recognition, both international and national. The major ones among them are listed as follows :

Business and management

• We won the ‘Corporate Citizen of the Year Award’ at the Economic Times Award 2015.

• The Institute of Company Secretaries of India honored us with the certificate of recognition for adopting exemplary corporate governance practices at the National Awards for Excellence in Corporate Governance.

• Our Annual Report 2014–15 received the Gold award in the IT category at the League of American Communications Professionals Vision Awards 2014. In the Asia–Pacific region category, we were featured among the top 50 reports, while the letter to the shareholder was adjudged the ‘Best Shareholder Letter’.

• We were ranked among Asia’s Most Admired Brands of 2014 by World Consulting & Research Corporation, a leading brand rating and ranking company.


• Infosys Finacle® has been named a leader by Forrester Research, Inc. in The Forrester Wave™ : Mobile Banking Solutions, Q4 2015 report, and in The Forrester Wave™ : Omnichannel Banking Solutions, Q3 2015 report.

• We were positioned as a Leader and Star Performer in 2015 Banking Application Outsourcing PEAK Matrix™ by Everest.  

• We received the Highest Product Score in ‘Gartner Critical Capabilities for International Retail Core Banking’ Report. Finacle® emerged as the leading solution with the highest scores across all the use–cases presented.

ERP services

• We won the 2015 Oracle Excellence Award for the strategic focus areas of SaaS and PaaS, and Specialized Partner of the Year, North America, for CX Cloud as well as PaaS.

• We were positioned as a Leader in Gartner’s Magic Quadrant for Oracle Application Management Services as well as for SAP Implementation Services Worldwide, 2015.

Technology innovation

• We were recognized as one of the ‘most relevant’ service providers for digital strategy in North America by the Everest Group in a report titled ‘North America Digital Adoption Survey – How Pervasive is Your Digital Strategy?’

• IDC Energy Insights, a leading market intelligence and advisory services firm, positioned Infosys as a ‘major player’ for providing professional services to the oil and gas industry.

• We were positioned as a Leader in Gartner’s Magic Quadrant for Application Testing Services, Worldwide, 2015.

• We were rated as ‘Leaders’ in the Forrester Global Wave for Workplace Transformation.

• We were positioned as a ‘Major Player’ in the IDC MarketScape on Microsoft implementation services.

• The IDC MarketScape report, ‘Worldwide Manufacturing PLM Strategic Consulting 2015 Vendor Assessment’ positioned Infosys as a ‘Leader’ in providing manufacturing product lifecycle management (PLM) strategic consulting.

Sustainability awards

• We were awarded the Leadership in Energy and Environment Design (LEED) India Platinum rating for two of our buildings in Pune and Bangalore.

• At The Energy Award, London, we won the Innovative Technology of the Year award.

• Infosys was placed third in the Industrial Water Use Efficiency category at the Federation of Indian Chambers of Commerce and Industry Water Awards.

• We received the NDTV Property Award under the Most Environment–Friendly Commercial / Office Space category.

• We also won the Golden Peacock Award under the Corporate Award for Sustainability – India category.

• The Solar Energy Global Conference and Awards recognized Infosys under four categories : Best Company for Commercial Rooftop Installations, Best Company for Sustainability in Solar Energy, Company of the Year, and Best Company for Green Initiatives. For the complete list of awards and recognition won by Infosys, refer to https://www.infosys.com/about/awards

3. Human resources management

We have set up a scalable recruitment and human resources management process. Over the last year, on a standalone basis, we received 11,15,745 applications from prospective employees.

The Infosys Group added 17,857 (net) and 52,545 (gross) employees this year, taking the total strength to 1,94,044 from 1,76,187 at the end of the previous year.

On a standalone basis, the attrition rate for fiscal 2016 stands at 13.6%, compared to 18.9% for the previous year.

Human resources management at Infosys goes beyond the set boundaries of compensation, performance reviews and development. We look at the employee’s entire lifecycle, to ensure timely interventions that help build a long–lasting and fruitful career. With this in mind, we initiated several positive changes in our HR practice this year. A large part of our focus in fiscal 2015 was on listening to employee feedback to make the right changes. Zero Distance, a movement to bring innovation to every project at Infosys, facilitated by a five–point framework of innovation was an example of employee engagement built through ground–up involvement in organizational growth and strategy. Through the year, we gathered feedback from employees across all our communication channels and platforms, including our annual employee engagement survey (LITMUS 2016). From LITMUS, we identified a number of tracks to be actionized, and invited employees to be a part of these. We also worked on an exercise to identify influencer groups within the organization, whose networks could be leveraged to spread ideas of innovation and collaboration. To ensure that employees are able to be their productive best, we worked on simplifying internal processes through a collaborative effort with various teams. Rewards and recognition in terms of the annual awards for excellence, quarterly promotions, and unit awards continued.

As part of the focus on human resources development during fiscal 2016, we introduced iCount, the renewed performance management system. We moved away from the bell curve, to focus on individual employee contribution and continuous feedback, and built a self–serviced platform to empower employees to design their own journey within the organization.

To foster a positive workplace environment, free from harassment of any nature, we have institutionalized the Anti–Sexual Harassment Initiative (ASHI) framework, through which we address complaints of sexual harassment at the workplace. Our global policy assures discretion and guarantees non–retaliation to complainants. We follow a gender–neutral approach in handling complaints of sexual harassment and we are compliant with the law of the land wherever we operate.

We have also constituted an Internal Complaints Committee (ICC) in all locations across India to consider and address sexual harassment complaints in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The details of issues raised and resolved regarding sexual harassment of women at the workplace are available in the Enhancing employee value section in the Business Responsibility Report which forms part of this Annual Report.

Talent fulfillment

We continue to Boost our talent supply chain processes to maintain a consistent high utilization throughout the year and effectively support our higher growth.

In fiscal 2016, we launched an innovative program named ‘Zero Bench’ to productively engage employees who are on bench (between client engagements) to create valuable outcomes for the organization. Our employees can now leverage our training infrastructure to upgrade their skills during their bench period and also work on short, internal projects of their choice, to gain exposure, hone their skills, extend networks, while delivering value.

To foster a culture of innovation and rapid problem–solving using technology, we launched the second season of the Infosys Global Hackathon. During this fiscal, we also launched Compass, a digital platform to mobilize opportunities in careers, learning and networks within the organization.

Education, training and assessment

Learning and education are at the foundation of Infosys. Competency development continues to be a key area of strategic focus for us. During fiscal 2016, the total training provided for Infoscions was over 2.12 million person days. Many of our employees also took external certifications, creating a large pool of certified people. To enhance the innovation quotient among the workforce, we conducted the Design Thinking program, which trains individuals in an empathetic, customer–centric mode of problem–finding and problem–solving. The total number of participants benefiting from the Design Thinking training crossed 80,000 as of March 31, 2016.

The Design Thinking training has been imparted to client teams, leadership teams, Infoscions and fresh recruits.

Our industry–academia partnership program, Campus Connect, made progress through the launch of electives to help engineering colleges run new programs within their curricula. During fiscal 2016, we engaged with 1,225 faculty members who in turn trained 40,996 students. With this, the total number of beneficiaries covered has reached 13,111 faculty members and 3,71,639 students from 317 engineering institutions.

Our knowledge management system set a new record by winning the Global Most Admired Knowledge Enterprise (MAKE) award for the 11th time, Asian MAKE award for the 13th time and Indian MAKE award for the 11th time.

Infosys Leadership Institute

The vision of the Infosys Leadership Institute (ILI) is to be recognized as a globally respected institution that is committed to developing leaders within Infosys. The primary purpose of the institute is to develop and prepare senior leaders of the organization for current and future executive leadership roles. ILI employs a wide range of developmental approaches including classroom training, coaching, ‘leaders teach’ and experience–sharing sessions. Senior leaders from across Infosys and its subsidiaries are the beneficiaries of ILI’s programs.

Particulars of employees

The ratio of remuneration of each director to the median of employees’ remuneration as per Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of the Board’s report (Annexure 3a).

A statement containing the names of every employee posted in India throughout the financial year and in receipt of a remuneration of Rs. 60 lakh or more, or posted for part of the year and in receipt of Rs. 5 lakh or more a month, under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of the Board’s report (Annexure 3b). The details of employees posted outside India can be made available on request.

Employees’ stock options / Restricted stock units 2015 Stock Incentive Compensation Plan

The shareholders approved the issuance of stock incentives to the employees of the Company and its subsidiaries under the 2015 Stock Incentive Compensation Plan (‘the 2015 Plan’) in the recently concluded postal ballot on March 31, 2016. The 2015 plan is in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014 and the details are also available on our website (https://www.infosys.com/investors/corporate–governance). The purpose of the 2015 Plan is to :

• Attract, retain and motivate talented and critical employees;

• Encourage employees to align individual performance with Company objectives; and

• Reward employee performance with ownership.

The 2015 Plan provides for stock incentives to eligible employees such as Restricted Stock Units (RSU) and stock options (together ‘Stock Incentives’). Subject to applicable law and conditions for exercise, eligible employees are entitled to receive equity shares, American Depositary Receipts (ADRs) or cash on exercise of the Stock Incentives.

The Stock Incentives vest over a period of four years from the date of the grant, or such other period as decided in the sole discretion by the Administrator. The 2015 Plan shall be administered by the nomination and remuneration committee of the Board constituted by the Company pursuant to the provisions of Section 178 of the Companies Act, 2013 (‘the Administrator’). The Administrator’s decisions, determinations, and interpretations will be final and binding on all eligible employees and participants under the 2015 Plan. Each Stock Incentive shall be evidenced by an award agreement that will specify such terms and conditions as the Administrator will determine, including whether the eligible employees will get equity shares of the Company, ADRs of the Company or cash on exercise of the Stock Incentives.

The Board had, in October 2015, recommended that the Company create a pool of up to 2% of the shares outstanding towards the 2015 Plan for employees of the Company. The Management has recommended to the Board that a budget of 1% of the shares outstanding be allocated at this time to the needs of the Plan, amounting to approximately 2,40,38,883 equity shares. This 1% pool includes 1,12,23,576 treasury shares of the Company that are currently held in trust towards the 2011 RSU Plan. Consequently, an additional 1,28,15,307 equity shares, amounting to 0.56% of the shares outstanding, will be required to be set aside for the 2015 Plan. We expect the pool of 2,40,38,883 shares to be granted over a period of four to seven years.

To calculate the employee compensation cost, the Company uses the Fair Value Method for the valuation of the Stock Incentives granted. The exercise price for the restricted stock units will be equal to the par value of the shares and the exercise price of stock options would be market price as on the date of the grant.

The total number of equity shares and ADRs to be allotted pursuant to the exercise of the Stock Incentives under the 2015 Plan to the employees of the Company and its subsidiaries shall not cumulatively exceed 2,40,38,883 equity shares (approximately 1% of the issued capital) of which 1,70,38,883 shares will be issued as RSUs at par value (including shares currently held under the RSU 2011 Plan amounting to 1,12,23,576 equity shares) and 70,00,000 will be issued as stock options at market price. The mix of RSUs, options or other equity rights under the Plan may be adjusted in the sole determination of the Administrator from time to time.

In June 2015, the Company, based on the recommendation of the nomination and remuneration committee, made a grant of 1,24,061 RSUs to Dr. Vishal Sikka. The grant price was Rs. 5 per RSU and the RSUs would vest subject to the achievement of certain key performance indicators as set forth in the award agreement for each applicable year of the vesting tranche and continued employment through each vesting date. Further, the award granted to Dr. Vishal Sikka on June 22, 2015 was modified by the nomination and remuneration committee on April 14, 2016. There is no modification or change in the total number of RSUs granted or the vesting period (which is four years).

The modifications relate to the criteria of vesting for each of the years. Based on the modification, the first tranche of the RSUs will vest subject to achievement of certain key performance indicators for the year ended March 31, 2016.

During fiscal 2016, Dr. Vishal Sikka exercised 10,824 options and held 2,21,505 options outstanding as on March 31, 2016. The details of the employee stock options / RSU plan form part of the Notes to accounts of the financial statements in this Annual Report.

4. Corporate governance

Our corporate governance philosophy

Corporate governance is about maximizing shareholder value legally, ethically and sustainably. At Infosys, the goal of corporate governance is to ensure fairness for every stakeholder. We believe sound corporate governance is critical to enhance and retain investor trust. We always seek to ensure that our performance is driven by integrity. Our Board exercises its fiduciary responsibilities in the widest sense of the term. Our disclosures seek to attain the best practices in international corporate governance. We also endeavor to enhance long–term shareholder value and respect minority rights in all our business decisions.

Our Corporate governance report for fiscal 2016 forms part of this  Annual Report.

Board diversity

The Company recognizes and embraces the importance of a diverse board in its success. We believe that a truly diverse board will leverage differences in thought, perspective, knowledge, skill, regional and industry experience, cultural and geographical background, age, ethnicity, race and gender, which will help us retain our competitive advantage. The Board has adopted the Board Diversity Policy which sets out the approach to diversity of the Board of Directors.

The Board Diversity Policy is available on our website (https://www. infosys.com/investors/corporate–governance/Documents/board–diversitypolicy. pdf). More detail on diversity is available in the Corporate governance report that forms part of this Annual Report.

Number of meetings of the Board

The Board met eight times during the financial year, the details of which are given in the Corporate governance report. The maximum interval between any two meetings did not exceed 120 days, as prescribed in the Companies Act, 2013.

Policy on directors’ appointment and remuneration

The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the Board, and separate its functions of governance and management. On March 31, 2016, the Board consists of nine members, two of whom are executive or whole–time directors, and seven are independent directors.

The policy of the Company on directors’ appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under sub–section (3) of Section 178 of the Companies Act, 2013, is available on our website (https://www.infosys.com/investors/corporategovernance/ Documents/nomination–remuneration–policy.pdf). There has been no change in the policy since the last fiscal year. We affirm that the remuneration paid to the directors is as per the terms laid out in the nomination and remuneration policy of the Company.

Declaration by independent directors

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.  

Board evaluation

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates that the Board shall monitor and review the Board evaluation framework. The framework includes the evaluation of directors on various parameters such as :

• Board dynamics and relationships

• Information flows

• Decision–making

• Relationship with stakeholders

• Company performance and strategy

• Tracking Board and committees’ effectiveness

• Peer evaluation

The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated.

The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The evaluation process has been explained in the Corporate governance report. The Board approved the evaluation results as collated by the nomination and remuneration committee.

Familiarization program for independent directors

All new independent directors inducted into the Board attend an orientation program. The details of training and familiarization program are provided in the Corporate governance report and is also available on our website (https://www.infosys.com/investors/corporategovernance). Further, at the time of the appointment of an independent director, the Company issues a formal letter of appointment outlining his / her role, function, duties and responsibilities. The format of the letter of appointment is available on our website (https://www. infosys.com/investors/corporate–governance/Documents/appointmentindependent– director.pdf).

Infosys’ code of conduct for the prevention of insider trading

The Board of Directors has adopted the Insider Trading Policy in accordance with the requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015 and the applicable US Securities laws. The Insider Trading Policy of the Company lays down guidelines and procedures to be followed, and disclosures to be made while dealing with shares of the Company, as well as the consequences of violation. The policy has been formulated to regulate, monitor and ensure reporting of deals by employees and to maintain the highest ethical standards of dealing in Company securities.

The Insider Trading Policy of the Company covering code of practices and procedures for fair disclosure of unpublished price sensitive information and code of conduct for the prevention of insider trading, is available on our website (https://www.infosys.com/investors/corporategovernance/ Documents/insider–trading–policy.pdf)

Listing Agreement

The Securities and Exchange Board of India (SEBI), on September 2, 2015, issued SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the aim to consolidate and streamline the provisions of the Listing Agreement for different segments of capital markets to ensure better enforceability. The said regulations were effective December 1, 2015. Accordingly, all listed entities were required to enter into the Listing Agreement within six months from the effective date. The Company entered into Listing Agreement with BSE Limited and the National Stock Exchange of India Limited during December 2015.


We seek to promote and follow the highest level of ethical standards in all our business transactions guided by our value system. The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated the formulation of certain policies for all listed companies. All our corporate governance policies are available on our website (https://www.infosys.com/investors/corporate–governance/Pages/policies.aspx). The policies are reviewed periodically by the Board and updated based on need and new compliance requirement.

Directors and Key Managerial Personnel

Chairman of the Board

K. V. Kamath stepped down as Chairman and Independent Director of the Company effective June 5, 2015 consequent to his appointment as the President of the New Development Bank promoted by BRICS nations. R. Seshasayee, an independent director, took over as the Chairman of the Board effective June 5, 2015.


The Board made the following appointments / re–appointments based on the recommendations of the nomination and remuneration committee :

• Re–appointment of Prof. Jeffrey S. Lehman as an Independent Director of the Board effective April 14, 2016.

• Appointment of Dr. Punita Kumar–Sinha as an Independent Director of the Board effective January 14, 2016.

• Re–appointment of Dr. Vishal Sikka as Chief Executive Officer and Managing Director of the Company with effect from April 1, 2016.

We thank the shareholders for their support in confirming the above–mentioned appointments in the recently–concluded postal ballot on March 31, 2016.

The Board, on the recommendations of the nomination and remuneration committee, also appointed :

• M. D. Ranganath as the Chief Financial Officer effective October 12, 2015.

• A. G. S. Manikantha as Company Secretary effective June 22, 2015. Further, the Board appointed A. G. S. Manikantha as the Compliance Officer for SEBI Listing regulations with effect from December 1, 2015.


As per the provisions of the Companies Act 2013, Dr. Vishal Sikka, retires by rotation at the ensuing Annual General Meeting and being eligible, seeks re–appointment. The Board recommends his re–appointment.

Retirements and resignations

K. V. Kamath resigned as Independent Director with effect from June 5, 2015, consequent to his nomination as president of the BRICS New Development Bank. The Board places on record its appreciation for the services rendered by K. V. Kamath during his tenure with the Company. Carol M. Browner resigned as Independent Director with effect from November 23, 2015 due to personal reasons. The Board places on record its appreciation for the services rendered by Carol M. Browner during her tenure with the Company.

Rajiv Bansal resigned as CFO with effect from October 12, 2015. The Board places on record its appreciation for the services rendered by him during his tenure with the Company.

Committees of the Board

Currently, the Board has six committees : the audit committee, the nomination and remuneration committee, the corporate social responsibility committee, the stakeholders relationship committee, the risk and strategy committee, and the finance and investment committee. All committees, except the corporate social responsibility committee, consist entirely of independent directors. A detailed note on the composition of the Board and its committees is provided in the Corporate governance report section of this Annual Report.  

Internal financial control and its adequacy

The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.

Significant and material orders

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company’s operations in future.

Extract of annual return

In accordance with Section 134(3)(a) of the Companies Act, 2013, an extract of the annual return in the prescribed format is appended as Annexure 6 to the Board’s report.

Directors’ responsibility statement

The financial statements are prepared in accordance with the Generally Accepted Accounting Principles (GAAP) under the historical cost convention on accrual basis except for certain financial instruments, which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI). There are no material departures from the prescribed accounting standards in the adoption of these standards.

The directors confirm that :

• In preparation of the annual accounts for the financial year ended March 31, 2016, the applicable accounting standards have been followed.

• They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to deliver a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period.

They have taken proper and sufficient care towards the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

• They have prepared the annual accounts on a going concern basis.

• They have laid down internal financial controls, which are adequate and are operating effectively.

• They have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

5. Auditors

Statutory auditors

At the Annual General Meeting held on June 14, 2014, B S R & Co. LLP, Chartered Accountants, were appointed as statutory auditors of the Company to hold office till the conclusion of the Annual General Meeting to be held in the calendar year 2017. In terms of the first proviso to Section 139 of the Companies Act, 2013, the appointment of the auditors shall be placed for ratification at every Annual General Meeting. Accordingly, the appointment of B S R & Co. LLP, Chartered Accountants, as statutory auditors of the Company, is placed for ratification by the shareholders.

The Auditors’ Report for fiscal 2016 does not contain any qualification, reservation or adverse remark. The Auditors’ Report is enclosed with the financial statements in this Annual Report.

Secretarial auditor

Parameshwar G. Hegde of Hegde & Hegde, Practicing Company Secretaries, was appointed to conduct the secretarial audit of the Company for the fiscal 2016, as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The secretarial audit report for fiscal 2016 forms part of the Annual Report as Annexure 5 to the Board’s report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

The Board has appointed Parameshwar G. Hegde, Hegde & Hegde, Practicing Company Secretaries, as secretarial auditor of the Company for fiscal 2017.

Auditors’ certificate on corporate governance

As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the auditors’ certificate on corporate governance is enclosed as Annexure 4 to the Board’s report. The auditors’ certificate for fiscal 2016 does not contain any qualification, reservation or adverse remark.

6. Corporate social responsibility

Infosys has been an early adopter of corporate social responsibility (CSR) initiatives. The Company works primarily through its CSR trust, the Infosys Foundation, towards supporting projects in eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environmental sustainability, disaster relief and rural development projects.

As per the Companies Act, 2013, all companies having a net worth of Rs. 500 crore or more, or a turnover of Rs. 1,000 crore or more or a net profit of Rs. 5 crore or more during any financial year are required to constitute a CSR committee of the Board of Directors comprising three or more directors, at least one of whom should be an independent director. All such companies are required to spend at least 2% of the average net profits of their three immediately preceding financial years on CSR–related activities. Accordingly, the Company was required to spend Rs. 256 crore towards CSR activities, out of which Rs. 202 crore was utilized on activities specified in Schedule VII of the Companies Act, 2013. A few of the projects undertaken are multi–year projects.

In addition, as part of its ongoing CSR programs, the Company has spent Rs. 10 crore on Chennai flood relief and rehabilitation activities and Rs. 76 crore on multiple CSR initiatives – including environmental sustainability and conservation of natural resources aimed at long–term sustainability of the ecosystem – which were not covered under Schedule VII of the Companies Act, 2013. At the consolidated level, the total expenditure on CSR activities, as specified in Schedule VII of the Companies Act, 2013, was Rs. 216 crore.

Details of the CSR policy and initiatives adopted by the Company on CSR during the year is available on our website (https://www. infosys.com/investors/corporate–governance/Documents/corporate–socialresponsibility– policy.pdf). The annual report on our CSR activities is appended as Annexure 7 to the Board’s report.

Infosys Foundation

Established in 1996 as a not–for–profit trust for social welfare activities, the Infosys Foundation has grown as a pioneer and guide in implementing programs in the areas of healthcare, education, hunger eradication, rural development, disaster relief, arts and culture, and destitute care across India.

The highlights of the Foundation’s work in fiscal 2016 included setting up of a center for artificial intelligence at the Indraprastha Institute of Information Technology, Delhi, help in rebuilding communities in calamity–hit Visakhapatnam and flood–affected Chennai, aid in building toilets in schools in Odisha, conservation of the endangered Olive Ridley turtles and partnership with Bharatiya Vidya Bhavan in 11 states to promote underprivileged artists. The Foundation also supported the construction of water facility and enclosures for animals at the Bannerghatta National Park in Bangalore, and efforts to conserve India’s vast medical heritage.

The Foundation has also been relentlessly continuing its pursuits to Boost healthcare and education in rural India. For more details on the Foundation’s activities, refer to the website, https://www.infosys.com/infosys–foundation.

It is with deep gratitude that we acknowledge the efforts of our employee volunteers. We also thank the trustees of the Foundation, who continue to devote their time and effort in planning, guiding and monitoring its activities.

Infosys Foundation USA

Infosys Foundation USA took on a leadership role in supporting and expanding access to Computer Science (CS) and Maker education across the U.S., especially in under–represented and underserved communities. In fiscal 2016, as part of its mission to prepare students for an increasingly digital future, Infosys Foundation USA engaged and invested in CS and Maker–related programs in the following key areas :  

• CS professional development : A shortage of trained teachers continues to be the most critical bottleneck for expanding CS in schools. By providing foundational support for organizations like Code.org and initiatives like CS PD Week, Infosys Foundation USA supported CS professional development (teacher training) opportunities for several thousand teachers nationwide, especially in high–poverty regions.

• CS teacher support : Access to tools and infrastructure is another area where resources are required for teachers who seek to bring CS to their classrooms. Infosys Foundation USA supported teachers directly through organizations like DonorsChoose.org and Tynker by sponsoring CS classroom projects and education software.

• CS diversity : Infosys Foundation USA believes free bootcamps, hackathons and after–school programs provide a much–needed on–ramp and early exposure to coding.

• Making : With the Infy Maker awards and through partnerships with CREATE Lab at the Carnegie Mellon University, Infosys Foundation USA sought to deliver students the opportunity to develop the creative confidence to be Makers.

Research and curriculum development : Working with Stanford University and other leading research organizations, Infosys Foundation USA supported the larger CS education community in key areas.

We thank our employee volunteers for their interest and dedication.

We also thank our trustees, who continue to guide and inspire us.

Infosys Science Foundation

The Infosys Science Foundation (ISF) was set up by Infosys and some of its management in 2009 to encourage the pursuit and practice of the sciences. The Infosys Prize, governed by the ISF, recognizes some of the finest research connected to India. The prize winners are awarded a purse of Rs. 65 lakh (tax–free in India) and a citation by a jury of global renown across six fields. The winners of the Infosys Prize 2015 were Prof. Umesh Waghmare (Professor, Theoretical Sciences Unit, Jawaharlal Nehru Centre for Advanced Scientific Research, Bangalore) in Engineering and Computer Science, Prof. Jonardan Ganeri (Global Network Professor of Philosophy, New York University, New York, and Visiting Professor, Department of Philosophy, King’s College, London) in Humanities, Dr. Amit Sharma (Head, Structural and Computational Biology Group, International Centre for Genetic Engineering and Biotechnology, New Delhi) in Life Sciences, Prof. Mahan Mj (Professor, School of Mathematics, Tata Institute of Fundamental Research, Mumbai) in Mathematical Sciences, Prof. G. Ravindra Kumar (Senior Professor, Department of Nuclear and Atomic Physics, Tata Institute of Fundamental Research, Mumbai) in Physical Sciences, and Dr. Srinath Raghavan (Senior Fellow, Centre for Policy Research, New Delhi) in Social Sciences. The winners were felicitated by the President of India, Pranab Mukherjee, in a ceremony in New Delhi on February 13, 2016.  

The winners of the Infosys Prize serve as role models for young researchers and scholars. Jurors and winners of the prize deliver public talks around the country under the Infosys Science Foundation Lectures, to talk about their work and instill a love for science and research among young students. The ISF expanded Gnanadeepa, a program to train educators on how to impart science and math concepts so students will grasp them better. Apart from training teachers from government schools, the program now trains B.Ed and D.Ed teachers as well. The Foundation also hosts contests, school events and media debates to promote a healthy discussion around science and research in the country. For more details, visit www.infosys–science–foundation.com.

We would like to express our gratitude to the trustees who take an active part in driving ISF’s activities through the year.

The ACM – Infosys Foundation Award

The Association for Computing Machinery (ACM), and the Infosys Foundation award set up in 2007 recognizes the finest accurate innovations by young scientists and system developers in the computing field each year. An endowment from the Infosys Foundation provides financial support for the US $175,000 annual award. The winner of the 2015 award is Stefan Savage, Professor in the Computer Science and Engineering department’s Systems and Networking Group at UC San Diego’s Jacobs School of Engineering.

Sustainability initiatives

Our sustainability charter is driven by our core values and ethics. Our sustainability actions encompass economic, social and environmental dimensions.

Through our organization–led projects such as Campus Connect, Rural Reach and SPARK, we support students from underprivileged backgrounds to pursue higher education, provide infrastructure for government schools, and train faculty across schools and colleges. For more information about our industry–academia partnerships, visit our website, www.infosys.com.

We have been persistent in our efforts to ensure reuse, recycling and responsible disposal of waste to minimize the amount of waste going to landfills. In our efforts to achieve our goal of sourcing 100% of our electricity requirements from renewables, we have continued to invest in solar energy across our campuses. In fiscal 2016, we launched a solar farm at our Hyderabad campus. The energy generated in the farm has helped the campus get off the grid and run 100% on renewable energy. Details of our environmental sustainability actions are available in Annexure 8 to the Board’s report and in the Environment section of the Business Responsibility Report.

Conservation of energy, research and development, technology absorption, foreign exchange earnings and outgo

The particulars as prescribed under sub–section (3)(m) of Section 134 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, are enclosed as Annexure 8 to the Board’s report.

Business Responsibility Report

The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Regulations’) mandates inclusion of the Business Responsibility Report (BRR) as part of the Annual Report for top 100 listed entities based on market capitalization. In compliance with the regulation, we have provided the BRR as part of our Annual Report. We also publish the Sustainability Report annually. Our report follows the Global Reporting Initiative’s G4 framework. This is a comprehensive report that covers all aspects of our sustainability activities. The report is audited by an external auditor, DNV GL.

Green initiatives

As in the previous years, this year too, we are publishing only the statutory disclosures in the print version of the Annual Report. Electronic copies of the Annual Report 2015–16 and Notice of the 35th Annual General Meeting are sent to all members whose email addresses are registered with the Company / Depository Participant(s). For members who have not registered their email addresses, physical copies are sent in the permitted mode


We thank our customers, vendors, investors, bankers and the ministry of labor for their continued support during the year. We place on record our appreciation of the contribution made by our employees at all levels. Our consistent growth was made possible by their hard work, solidarity, cooperation and support.

We thank the governments of various countries where we have our operations. We also thank the Government of India, particularly the Ministry of Communication and Information Technology, the Ministry of Commerce, the Ministry of Finance, the Ministry of Corporate Affairs, the Customs and Excise Departments, the Income Tax Department, the Reserve Bank of India, the State Governments, the Software Technology Parks (STPs) / Special Economic Zones (SEZs) – Bangalore, Bhubaneswar, Chandigarh, Chennai, Gurgaon, Hyderabad, Indore, Jaipur, Mangalore, Mysore, Nagpur, Noida, Pune, Mumbai, Kochi and Thiruvananthapuram and other government agencies for their support, and look forward to their continued support in the future.

for and on behalf of the Board of Directors

R. Seshasayee


Dr. Vishal Sikka

Chief Executive Officer and  Managing Director  

place : Bangalore

Date : April 15, 2016  

Thu, 04 Aug 2022 12:00:00 -0500 en text/html https://www.ndtv.com/business/stock/infosys-ltd_infy/reports-directors-report
Killexams : Bioinformatics Services Market Reports Comparison Only at Douglas Insights

Douglas Insights

The increasing application of bioinformatics in multiple industries due to the rising demand for integrated data and the advancements in drug discovery and development are identified as the key drivers of growth during the forecast period.

Isle of Man UK, July 20, 2022 (GLOBE NEWSWIRE) -- Douglas Insights has introduced a research reports comparison tool for Bioinformatics Services Market. The latest addition to the world’s first comparison engine by Douglas Insights, the tool provides access to all the digital market reports on bioinformatics services market trends, size, and growth patterns, allowing users to find the latest best-rated, most comprehensive, relevant, and low-priced publications. The tool allows for comparing up to three market reports at a time. The key metrics it uses for comparison include Publisher Rating, Table of Contents, Number of Pages, and Price.

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Available for use to everyone, from students and researchers to industry professionals, entrepreneurs, leaders, and decision-makers, Douglas Insights uses an advanced search engine that can access both publically available and confidential research reports on the bioinformatics services market.

The global bioinformatics services industry has displayed significant growth lately and is projected to display similar trends in the coming years. The global bioinformatics services market was valued at $16.99 billion in 2021 and is estimated to reach $57.94 billion by 2027, growing at a whopping CAGR of 22.68%.

The increasing application of bioinformatics in multiple industries due to the rising demand for integrated data and the advancements in drug discovery and development are identified as the key drivers of growth during the forecast period. However, the shortage of skilled personnel could be a potential obstacle that could hamper the market growth in certain areas. The increasing availability of free bioinformatics tools is another hurdle in the bioinformatics services market. While these tools support the growth of the bioinformatics industry and encourage the adoption of these advanced tools, it will hamper growth in the bioinformatics services market.


Bioinformatics services have always been vital to scientific research. But the COVID-19 outbreak put them to the real test and propelled the market growth.

Bioinformatics refers to the application of computational tools and methods to capture, organise, interpret, and analyse biological data. It’s an interdisciplinary approach that includes biology, computer science (information technology), mathematics, and physics. It is used in several industries, including biology research, biomedical imaging, drug development, genomics, forensics, healthcare, agriculture, and food and beverages, to Boost supply chain processes and the quality of products. The increasing implementation of bioinformatics services by businesses across multiple industries is projected to create new income streams for market players, which will further increase their adoption and lead to more market growth.

Related Comparisions:




CONTACT: Media Contact Isabella Hawke Call: +447624248772 isabella@douglasinsights.com https://douglasinsights.com/
Wed, 20 Jul 2022 04:03:00 -0500 en-US text/html https://finance.yahoo.com/news/bioinformatics-services-market-reports-comparison-160000487.html
Killexams : Gentherm Reports 2022 Second Quarter Results and Announces New ClimateSense™ Award

Gentherm Inc

Automotive Revenue Growth Outperformed Light Vehicle Production Despite Significant Supply Chain Headwinds
Receives Second Production Vehicle Award for the ClimateSense™ Technology
Secured $600 Million in New Automotive Awards (Pro Forma)
Strategic Acquisition Expands Gentherm Medical’s Access to Large and Rapidly Growing Markets
Updates 2022 Guidance

NORTHVILLE, Mich., Aug. 02, 2022 (GLOBE NEWSWIRE) --  Gentherm (NASDAQ:THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry, today announced its financial results for the second quarter ending June 30, 2022.

Second Quarter Highlights

  • Product revenues of $260.7 million decreased 2.0% from $266.0 million in the second quarter of 2021

  • GAAP diluted earnings per share was $0.21 as compared with $0.74 for the prior-year period

  • Adjusted diluted earnings per share (see table herein) was $0.25. Adjusted diluted earnings per share in the prior-year period was $0.85

  • Secured new automotive business awards totaling $600 million in the quarter including $190 million secured by Alfmeier Präzision SE prior to acquisition closing

Phil Eyler, the Company's President and CEO, said “Our results for the quarter reflect the extremely challenging operating environment our industry is facing. I am proud of the Gentherm team for the ongoing progress in stringent cost management and negotiating appropriate cost recoveries from customers in the face of unprecedented supply chain disruptions, semiconductor shortages, and inflationary pressure while maximizing performance towards customer needs. In Automotive, we outperformed actual light vehicle production in our key markets by approximately 600 basis points as customer demand for our products continues to grow. In addition, we secured $600 million of new awards from auto makers around the world as the largest global provider of thermal and pneumatic comfort following the accurate closing of the Alfmeier acquisition.

Eyler continued, “I am also pleased to announce that we recently received our second ClimateSenseTM award from a global OEM for our software-driven microclimate platform using an algorithm based on thermophysiology. ClimateSenseTM is a critical part of our long-term strategy and continues to gain interest from global OEMs for significantly reducing power consumption and increasing range all while providing best in class passenger comfort.

“While the difficult market conditions are expected to continue in the near-term, we remain focused on executing against our long-term strategic growth roadmap and returning to high-teens EBITDA margin rate. Gentherm is a pioneer in the application of thermophysiology and now, combined with Alfmeier’s pneumatic massage physiotherapy, the Company is well positioned to continue to lead the way in health, wellness, comfort and energy efficiency solutions to drive long-term shareholder value.”

Acquisition of Jiangmen Dacheng Medical Equipment Co. Ltd.

Dacheng, a privately held company headquartered in Jiangmen, Guangdong Province, China, is a developer and manufacturer of patient temperature management solutions for numerous Chinese and international customers. The acquisition provides Gentherm Medical with a leading commercial and manufacturing presence and well-established reputation in China’s emerging high-growth market for patient warming devices. The acquisition also allows Gentherm Medical to become a private label provider to existing Dacheng customers, enabled by the expanded product development and high-tech manufacturing capability of the company. Dacheng’s products have regulatory approvals in many countries including China, United States, and Brazil.

“Dacheng is an existing provider for Gentherm Medical with whom we have developed a strong relationship over many years. This acquisition provides enhanced access to high growth markets including private label opportunities through Dacheng’s innovative patient temperature management devices,” said Steve Fletcher, Senior Vice President and General Manager of Gentherm Medical. “This transaction significantly expands our manufacturing capabilities through added capacity and proprietary automated processes, giving us a manufacturing footprint in both the United States and China. We are excited to welcome Dacheng to the Gentherm team.”

2022 Second Quarter Financial Review

Product revenues for the second quarter of 2022 decreased by $5.3 million, or 2.0%, as compared with the prior-year period. Excluding the impact of foreign currency translation, product revenues increased 3.1% year over year.

Automotive revenues decreased 2.3% year over year. Excluding the impact of foreign currency translation, organic Automotive revenues increased 2.9% year over year primarily due to growth in Steering Wheel Heaters, Battery Performance Solutions, Climate Controlled Seat and Other Automotive. According to IHS Markit’s mid-July 2022 report, actual light vehicle production decreased by 2.6% in the current year’s second quarter when compared with the second quarter of 2021 in the Company’s key markets of North America, Europe, China, Japan and Korea.

Gentherm Medical revenue increased 6.1% year over year. Excluding the impact of foreign currency translation, Medical revenue increased 8.6% year over year primarily as a result of higher Warm Air and UV Treo product sales

See the “Revenues by Product Category” table included below for additional detail.

Gross margin rate decreased to 22.8% in the current-year period, as compared with 29.8% in the prior-year period. The decrease from the prior-year period resulted from higher costs incurred to mitigate the impact of the supply chain disruptions primarily in the form of premium freight and spot buys, inflation associated with wages, material and freight costs, as well as the negative impact of foreign currency translation. These were partially offset by cost recoveries and negotiated lower annual price reductions from customers.

Net research and development expenses of $19.3 million in the 2022 second quarter increased $1.1 million, or 6.0% over the prior-year period, primarily due to increased project-related spending as the Company continues to invest in ClimateSenseTM and Battery Performance Solution.

Selling, general and administrative expenses of $31.9 million in the 2022 second quarter increased $4.7 million, or 17.3%, versus the prior-year period. The year-over-year increase was primarily driven by acquisition related costs.

Acquisition expenses of $3.8 million in the current-year period were $3.0 million higher than the prior-year period as a result of expenses associated with the Alfmeier acquisition. Restructuring expenses of $0.4 million in the current-year period were $1.7 million lower than the prior-year period.

As described more fully in the “Reconciliation of Net Income to Adjusted EBITDA” table included below, the Company recorded Adjusted EBITDA of $21.4 million in the 2022 second quarter compared with $43.7 million in the prior-year period, a decrease of $22.3 million or 51.0%.

Income tax expense in the 2022 second quarter was $3.9 million, as compared with $5.7 million in the prior-year period. The effective tax rate was 35.7% in the 2022 second quarter. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, and the unfavorable impact of the global intangible low-tax income.

GAAP diluted earnings per share for the second quarter of 2022 was $0.21 compared with $0.74 for the prior-year period. Adjusted diluted earnings per share, excluding acquisition expenses, unrealized currency (gain) losses, non-cash purchase accounting impact and restructuring expenses (see table herein), was $0.25. Adjusted diluted earnings per share in the prior-year period was $0.85.


The Company updates its full-year 2022 guidance that was initially provided on its year-end 2021 earnings release on February 17, 2022, based on year-to-date performance and to include the completed acquisition of Alfmeier as of August 1, 2022 and the completed acquisition of Dacheng Medical as of July 13, 2022:

  • Product revenues between $1.15 billion and $1.25 billion, based on the current forecast of customer orders, supply chain constraints, estimated recovery of industry-wide semiconductor supply, light vehicle production in the Company’s key markets growing at a low single-digit rate in 2022 versus 2021 and current foreign exchange rates

  • Adjusted EBITDA between 10% and 12% of product revenues

  • Assumes approximately $100 million of product revenues and high single-digit EBITDA margin rate from the acquisitions

  • Full-year effective tax rate between 29% and 31%

  • Capital expenditures between $50 million and $60 million

Conference Call

As previously announced, Gentherm will conduct a conference call today at 8:00 am Eastern Time to review these results. The dial-in number for the call is 1-877-407-4018 (callers in the U.S.) or +1-201-689-8471 (callers outside this U.S.). The passcode for the live call is 13731484.

A live webcast and one-year archived replay of the call can be accessed on the Events page of the Investor section of Gentherm's website at www.gentherm.com.

A telephonic replay will be available at approximately two hours after the call until 11:59 pm Eastern Time on August 16, 2022. The replay can be accessed by dialing 1-844-512-2921 (callers in the U.S.), or +1-412-317-6671 (callers outside the U.S.). The passcode for the replay is 13731484.

Investor Relations Contact
Yijing Brentano
(248) 308-1702

Media Contact
Melissa Fischer
(248) 289-9702

About Gentherm

Gentherm (NASDAQ:THRM) is the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry. Automotive products include variable temperature Climate Control Seats, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), battery performance solutions, cable systems, lumbar and massage comfort solutions, valve system technologies, and other electronic devices. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. Gentherm has more than 13,000 employees in facilities in the United States, Germany, China, Czech Republic, Hungary, Japan, Malta, Mexico, North Macedonia, South Korea, United Kingdom, Ukraine, and Vietnam. For more information, go to www.gentherm.com.

Forward-Looking Statements

Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Gentherm Incorporated's goals, beliefs, plans and expectations about its prospects for the future and other future events. The forward-looking statements included in this release are made as of the date hereof or as of the date specified herein and are based on management's reasonable expectations and beliefs. Such statements are subject to a number of important assumptions, risks, uncertainties and other factors that may cause actual results or performance to differ materially from that described in or indicated by the forward-looking statements, including that:

  • the COVID-19 pandemic and its direct and indirect adverse impacts on the automobile and medical industries and global economy, which had, and are likely to continue to have, an adverse effect on, among other things, the Company’s results of operations, financial condition, cash flows, liquidity, business operations, and stock price;

  • the current supply-constrained environment the Company is facing involving component shortages, manufacturing disruptions, logistics challenges and inflationary pressures, and any future material delays or inflationary pressures in the supply chain of the Company or the automotive original equipment manufacturers or first tier suppliers supplied by the Company;

  • the period of sustained price increases for various material components and shipping costs currently experienced in the automotive industry, which may continue for longer than the Company expects;

  • risks relating to the Company’s accurate acquisitions of Alfmeier and Dacheng (the “Acquisitions”), including: the Company’s increased debt leverage following the closing of the Acquisitions; risks inherent in the achievement of expected financial results, growth prospects and cost synergies for each of the Acquisitions and the timing thereof; and integration risks;

  • the impact of industry or consumer behaviors on future automotive vehicle production and the Company’s strategy to develop and sell products tailored to evolving market demands, including the development and use of autonomous and electric vehicles and increasing use of car- and ride-sharing and on-demand transportation as a service, as well as related regulations;

  • borrowing availability under the Company’s revolving credit facility;

  • the Company’s failure to be in compliance with covenants under its debt agreements, which could result in the amounts outstanding thereunder being accelerated and becoming immediately due and payable;

  • the Company’s ability to obtain additional financing by accessing the capital markets, which may not be available on acceptable terms or at all;

  • the macroeconomic environment, including its impact on the automotive industry, which is cyclical;

  • any significant declines in automobile production;

  • market acceptance of the Company’s existing or new products, and new or improved competing products developed by competitors with greater resources;

  • shifting customer preferences, including due to the evolving use of automobiles and technology;

  • the Company’s ability to project future sales volumes, based on which the Company manages its business;

  • reductions in new business awards due to the macroeconomic environment, COVID-19 and related uncertainties;

  • the Company’s ability to convert new business awards into product revenues;

  • the loss, material reduction in sales from or the insolvency of any of the Company’s key customers, including due to M&A or other market consolidation of OEMs and Tier 1s;

  • the loss of any key suppliers;

  • the impact of price downs in the ordinary course, or additional increased pricing pressures from the Company’s customers;

  • the feasibility of Company’s development of new products on a timely, cost effective basis, or at all;

  • security breaches and other disruptions to the Company’s IT systems;

  • labor shortages, wage inflation and work stoppages impacting the Company, its suppliers or customers;

  • changes in free trade agreements or the implementation of additional tariffs, and the Company’s ability to pass-through tariff costs;

  • unfavorable changes to currency exchange rates and interest rates;

  • the Company’s ability to protect its intellectual property in certain jurisdictions;

  • the Company’s ability to effectively implement ongoing restructuring and other cost-savings measures or realize the full amount of estimated savings;

  • compliance with, and increased costs related to, domestic and international regulations, including potential climate change regulations;

  • the Ukraine-Russia conflict, which has led to and could lead to further challenges in our manufacturing operations in our Ukraine facility and further global economic sanctions and market disruptions, including significant volatility in commodity prices, credit and capital markets, supply constraints of natural gas, as well as supply chain interruptions;

  • changes in government leadership and laws, political instability and economic tensions between governments, including as a result of the ongoing Ukraine-Russian conflict; and

  • severe weather conditions and natural disasters and any resultant disruptions on the supply or production of goods or services or customer demands.

The foregoing risks should be read in conjunction with the Company's filings with the Securities and Exchange Commission (the “SEC”), including “Risk Factors”, in its most accurate Annual Report on Form 10-K and subsequent SEC filings, for a discussion of these and other risks and uncertainties. In addition, the business outlook discussed in this release does not include the impact of any business combinations, acquisitions, divestitures, strategic investments and other significant transactions that may be completed after the date hereof, each of which may present material risks to the Company’s future business and financial results.

Except as required by law, the Company expressly disclaims any obligation or undertaking to update any forward-looking statements to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

(In thousands, except per share data)

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June 30,

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June 30,





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Use of Non-GAAP Financial Measures

In addition to the results reported in accordance with GAAP throughout this release, the Company has provided here or elsewhere information regarding adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted EBITDA margin, adjusted earnings per share (“Adjusted earnings per share” or “Adjusted EPS”), free cash flow, Net Debt and Revenue excluding the impact of foreign currency translation, each a non-GAAP financial measure. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, deferred financing cost amortization, and other gains and losses not reflective of the Company’s ongoing operations and related tax effects including transaction expenses, debt retirement expenses, impairment of assets held for sale, gain or loss on sale of business, restructuring expense, unrealized currency gain or loss and unrealized revaluation of derivatives. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by product revenues. The Company defines Adjusted EPS as earnings adjusted by gains and losses not reflective of the Company’s ongoing operations and related tax effects including transaction expenses, debt retirement expenses, impairment of assets held for sale, gain or loss on sale of business, restructuring expense, unrealized currency gain or loss and unrealized revaluation of derivatives. The Company defines Free Cash Flow as Net cash (used in) provided by operating activities less Purchases of property and equipment. The Company defines Net Debt as the principal amount of all Consolidated Funded Indebtedness (as defined in the Credit Agreement) less cash and cash equivalents. The Company defines Revenue excluding the impact of foreign currency translation as revenue, less the estimated effects of foreign currency exchange on revenue by translating actual revenue using the prior period foreign currency exchange rates.

The Company’s reconciliations are included in this release or can be found in the supplemental materials furnished as Exhibit 99.2 to the Company’s Form 8-K dated August 2, 2022.

In evaluating its business, the Company considers and uses Free Cash Flow and Net Debt as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management provides such non-GAAP financial measures so that investors will have the same financial information that management uses with the belief that it will assist investors in properly assessing the Company's performance on a period-over-period basis by excluding matters not indicative of the Company’s ongoing operating or liquidity results. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur revenues, expenses, and cash and non-cash obligations that are the same as or similar to some of the adjustments in our presentation of non-GAAP financial measures. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There also can be no assurance that we will not modify the presentation of our non-GAAP financial measures in the future, and any such modification may be material. Other companies in our industry may define and calculate these non-GAAP financial measures differently than we do and those calculations may not be comparable to our metrics. These non-GAAP measures have limitations as analytical tools, and when assessing the Company's operating performance or liquidity, investors should not consider these non-GAAP measures in isolation, or as a substitute for net income, revenue or other consolidated income statement or cash flow statement data prepared in accordance with GAAP.

Non-GAAP measures referenced in this release and other public communications may include estimates of future Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EPS. Such forward-looking non-GAAP measures may differ significantly from the corresponding GAAP measures, due to depreciation and amortization, tax expense, and/or interest expense, some or all of which management has not quantified for the future periods.


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June 30, 2022

December 31, 2021


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Shareholders’ equity:

Common Stock:

No par value; 55,000,000 shares authorized 33,132,691 and 33,008,185 issued and outstanding at June 30, 2022 and December 31, 2021, respectively



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Supplemental disclosure of cash flow information:

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