RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) as we speak reported web earnings for the primary quarter of 2022 of $104 million, or $0.58 per diluted share out there to widespread stockholders, in comparison with web earnings within the first quarter of 2021 of $225 million, or $1.16 per diluted share out there to widespread stockholders. First quarter adjusted earnings from operations was $294 million, or $1.66 per diluted share out there to widespread stockholders, in comparison with adjusted earnings from operations of $350 million, or $1.82 per diluted share out there to widespread stockholders, within the first quarter of 2021.
“First quarter outcomes have been stable regardless of headwinds from the pandemic and a extra regular stage of other funding earnings. We continued to develop gross sales, return capital and preserve a powerful steadiness sheet,” stated Dennis R. Glass, president and CEO of Lincoln Financial Group. “The CEO transition course of goes very effectively, and I’m assured that Lincoln, below Ellen Cooper’s management, will proceed to construct on our sturdy basis with accomplishments that can drive momentum into 2022 and past.”
As of or For the
Quarter Ended
March 31,
(in tens of millions, besides per share knowledge)
2022
2021
Net Income (Loss)
$ 104
$ 225
Net Income (Loss) Available to Common Stockholders
103
225
Net Income (Loss) per Diluted Share Available to Common Stockholders
0.58
1.16
Revenues
4,687
4,534
Adjusted Income (Loss) from Operations
294
350
Adjusted Income (Loss) from Operations per Diluted Share Available to Common Stockholders
1.66
1.82
Average Diluted Shares
176.4
193.1
Return on Equity (ROE), Including Accumulated Other Comprehensive Income (AOCI) (Net Income)
2.4%
4.3%
Adjusted Operating ROE, Excluding AOCI (Adjusted Income from Operations)
8.6%
10.2%
Book Value per Share (BVPS), Including AOCI
$ 85.59
$ 102.50
Book Value per Share, Excluding AOCI
78.32
72.36
Operating Highlights – First Quarter 2022 vs. First Quarter 2021
Annuities common account values of $164 billion, up 2%
Retirement Plan Services generated optimistic web flows of $946 million
Life Insurance gross sales of $155 million, up 36%, with development throughout all main product traces
Group Protection insurance coverage premiums of $1.2 billion, up 4%
There have been no notable objects inside adjusted earnings from operations for the present quarter or the prior-year quarter. This quarter’s adjusted working EPS outcomes included an estimated unfavorable affect of $0.85 from elevated claims expertise associated to the pandemic and an unfavorable affect of $0.11 from uncommon claims changes in Group Protection.
First Quarter 2022 – Segment Results
Annuities
Annuities reported earnings from operations of $302 million, up 4% over the prior-year quarter. The enhance was pushed by increased account values from sturdy fairness market efficiency and expense effectivity.
Total annuity deposits of $2.7 billion have been down 4% from the prior-year quarter. Growth in fastened annuity gross sales to $374 million in comparison with $86 million was greater than offset by a lower in complete variable annuity gross sales to $2.3 billion in comparison with $2.7 billion.
Net outflows have been $553 million within the quarter. Average account values for the quarter of $164 billion have been up 2% over the prior-year quarter, pushed by development in account values with out assured dwelling advantages.
Retirement Plan Services
Retirement Plan Services reported earnings from operations of $55 million, in comparison with $57 million within the prior-year quarter, as a consequence of much less favorable returns throughout the firm’s various funding portfolio partly offset by increased account values from sturdy fairness market efficiency and optimistic web flows.
Total deposits for the quarter of $3.4 billion have been up 28% from the prior-year quarter pushed by a 73% enhance in first-year gross sales and an 11% enhance in recurring deposits.
Net flows totaled $946 million for the quarter. Average account values for the quarter of $96 billion have been up 7% over the prior-year quarter.
Life Insurance
Life Insurance reported earnings from operations of $58 million in comparison with $107 million within the prior-year quarter as improved pandemic-related mortality was greater than offset by much less favorable returns throughout the firm’s various funding portfolio and fewer favorable underlying mortality.
Total Life Insurance gross sales have been $155 million, up 36% from the prior-year quarter, with development reported throughout all main product traces.
Average Life Insurance in-force of $985 billion grew 9% over the prior-year quarter. Average account values for the quarter have been $51 billion in comparison with $58 billion within the prior-year quarter reflecting final yr’s block reinsurance deal.
Group Protection
Group Protection reported a loss from operations of $41 million within the quarter in comparison with a loss from operations of $26 million within the prior-year quarter. This change was pushed by non-pandemic-related morbidity, together with uncommon claims changes, and fewer favorable returns throughout the firm’s various funding portfolio.
The complete loss ratio was 88% within the present quarter in comparison with 87% within the prior-year quarter, with the rise pushed by unfavorable non-pandemic-related morbidity and strange claims changes.
Group Protection gross sales elevated 42% to $105 million within the quarter in comparison with the prior-year quarter. Employee-paid gross sales represented 57% of complete gross sales. Insurance premiums of $1.2 billion within the quarter have been up 4% in comparison with the prior-year quarter.
Other Operations
Other Operations reported a loss from operations of $80 million versus a lack of $78 million within the prior-year quarter.
Realized Gains and Losses / Impacts to Net Income
Realized positive aspects/losses and impacts to web earnings (after-tax) within the quarter have been pushed by:
A $186 million loss primarily from unfavorable hedge outcomes pushed by elevated market volatility
A $4 million loss associated to monetary property
Unrealized Gains and Losses
The firm reported a web unrealized achieve of $3.1 billion, pre-tax, on its available-for-sale securities at March 31, 2022. This compares to a web unrealized achieve of $11.5 billion, pre-tax, at March 31, 2021, with the year-over-year lower primarily pushed by increased rates of interest.
Share Count
The quarter’s common diluted share depend of 176.4 million was down 9% from the primary quarter of 2021, the results of repurchasing 20.2 million shares of inventory at a value of $1.4 billion since March 31, 2021.
Book Value
As of March 31, 2022, e book worth per share, together with AOCI, decreased 16% from the prior-year interval to $85.59. Book worth per share, excluding AOCI, elevated 8% from the prior-year interval to $78.32.
The tables hooked up to this launch outline and reconcile the non-GAAP measures adjusted earnings from operations, adjusted working ROE and BVPS, excluding AOCI, to web earnings, ROE and BVPS, together with AOCI, calculated in accordance with GAAP.
This press launch comprises statements which can be forward-looking, and precise outcomes could differ materially. Please see the Forward-looking Statements – Cautionary Language on the finish of this launch for components which will trigger precise outcomes to vary materially from the corporate’s present expectations.
For different monetary info, please consult with the corporate’s first quarter 2022 statistical complement out there on its web site, http://www.lincolnfinancial.com/investor.
Conference Call Information
Lincoln Financial Group will focus on the corporate’s first quarter outcomes with traders in a convention name starting at 10:00 a.m. Eastern Time on Thursday, May 5, 2022.
The convention name will likely be broadcast dwell by way of the corporate web site at www.lincolnfinancial.com/webcast. Please go surfing to the webcast not less than quarter-hour previous to the beginning of the convention name to obtain and set up any vital streaming media software program. A replay of the decision will likely be out there by 1:00 p.m. Eastern Time on May 5, 2022 at www.lincolnfinancial.com/webcast.
About Lincoln Financial Group
Lincoln Financial Group supplies recommendation and options that assist folks take cost of their monetary lives with confidence and optimism. Today, roughly 16 million clients belief our retirement, insurance coverage and wealth safety experience to assist tackle their life-style, financial savings and earnings targets, and guard towards long-term care bills. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the advertising identify for Lincoln National Corporation (NYSE:LNC) and its associates. The firm had $308 billion in end-of-period account values as of March 31, 2022. Lincoln Financial Group is a dedicated company citizen included on main sustainability indices together with the Dow Jones Sustainability Index North America and FTSE4Good and ranks amongst Newsweek’s Most Responsible Companies. Dedicated to variety, fairness and inclusion, we’re included on transparency benchmarking instruments such because the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to offering our staff with versatile work preparations, we have been named to FlexJobs’ listing of the Top 100 Companies to Watch for Remote Jobs in 2022. With an extended and wealthy legacy of appearing ethically, telling the reality and talking up for what is correct, Lincoln was acknowledged as one in every of Ethisphere’s 2022 World’s Most Ethical Companies®. Learn extra at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for e mail alerts at http://newsroom.lfg.com.
Explanatory Notes on Use of Non-GAAP Measures
Management believes that adjusted earnings from operations (adjusted working earnings), adjusted working return on fairness, adjusted working revenues, and adjusted working EPS higher clarify the outcomes of the corporate’s ongoing companies in a way that permits for a greater understanding of the underlying traits within the firm’s present enterprise as a result of the excluded objects are unpredictable and never essentially indicative of present working fundamentals or future efficiency of the enterprise segments, and, in most cases, selections concerning these things don’t essentially relate to the operations of the person segments. Management additionally believes that utilizing e book worth excluding collected different complete earnings (“AOCI”) allows traders to research the quantity of our web value that’s primarily attributable to our enterprise operations. Book worth per share excluding AOCI is helpful to traders as a result of it eliminates the impact of things that may fluctuate considerably from interval to interval, based on modifications in rates of interest.
For the historic durations, reconciliations of non-GAAP measures used on this press launch to probably the most straight comparable GAAP measure could also be included on this Appendix to the press launch and/or are included within the Statistical Reports for the corresponding durations contained within the Earnings part of the Investor Relations web page on our web site: www.lincolnfinancial.com/investor.
Definitions of Non-GAAP Measures Used on this Press Release
Adjusted earnings (loss) from operations, adjusted working revenues and adjusted working return on fairness (together with and excluding common goodwill inside common fairness), excluding AOCI, utilizing annualized adjusted earnings (loss) from operations are monetary measures we use to judge and assess our outcomes. Adjusted earnings (loss) from operations, adjusted working revenues and adjusted working return on fairness (“ROE”), as used within the press launch, are non-GAAP monetary measures and don’t substitute GAAP web earnings (loss), revenues and ROE, probably the most straight comparable GAAP measures.
Adjusted Income (Loss) from Operations
Adjusted earnings (loss) from operations is GAAP web earnings (loss) excluding the after-tax results of the next objects, as relevant:
Realized positive aspects and losses related to the next (“excluded realized achieve (loss)”):
Sales or disposals and impairments of economic property;
Changes within the truthful worth of fairness securities;
Changes within the truthful worth of derivatives, embedded derivatives inside sure reinsurance preparations and buying and selling securities (“achieve (loss) on the mark-to-market on sure devices”);
Changes within the truthful worth of the derivatives we personal to hedge our assured demise profit (“GDB”) riders inside our variable annuities;
Changes within the truthful worth of the embedded derivatives of our assured dwelling profit (“GLB”) riders mirrored inside variable annuity web by-product outcomes accounted for at truthful worth;
Changes within the truthful worth of the derivatives we personal to hedge our GLB riders mirrored inside variable annuity web by-product outcomes; and
Changes within the truthful worth of the embedded by-product liabilities associated to index choices we could buy or promote sooner or later to hedge contract holder index allocations relevant to future reset durations for our listed annuity merchandise accounted for at truthful worth (“listed annuity forward-starting choices”);
Changes in reserves ensuing from profit ratio unlocking on our GDB and GLB riders (“profit ratio unlocking”);
Income (loss) from reserve modifications, web of associated amortization, on enterprise offered by way of reinsurance;
Gains (losses) on modification or early extinguishment of debt;
Losses from the impairment of intangible property;
Income (loss) from discontinued operations;
Transaction and integration prices associated to mergers and acquisitions together with the acquisition or divestiture, by way of reinsurance or different means, of companies or blocks of enterprise; and
Income (loss) from the preliminary adoption of recent accounting requirements, laws and coverage modifications together with the online affect from the Tax Cuts and Jobs Act.
Adjusted Operating Revenues
Adjusted working revenues symbolize GAAP revenues excluding the pre-tax results of the next objects, as relevant:
Excluded realized achieve (loss);
Revenue changes from the preliminary adoption of recent accounting requirements;
Amortization of deferred front-end hundreds (“DFEL”) arising from modifications in GDB and GLB profit ratio unlocking; and
Amortization of deferred positive aspects arising from reserve modifications on enterprise offered by way of reinsurance.
Adjusted Operating Return on Equity
Adjusted working return on fairness measures how effectively we generate earnings from the sources offered by our web property.
It is calculated by dividing annualized adjusted earnings (loss) from operations by common fairness, excluding collected different complete earnings (loss) (“AOCI”).
Management evaluates return on fairness by each together with and excluding common goodwill inside common fairness.
Definition of Notable Items
Adjusted earnings (loss) from operations, excluding notable objects, is a non-GAAP measure that excludes objects which, in administration’s view, don’t mirror the corporate’s regular, ongoing operations.
We consider highlighting notable objects included in adjusted earnings (loss) from operations allows traders to raised perceive the elemental traits in its outcomes of operations and monetary situation.
Book Value Per Share, Excluding AOCI
Book worth per share, excluding AOCI is calculated based mostly upon a non-GAAP monetary measure.
It is calculated by dividing (a) stockholders’ fairness, excluding AOCI by (b) widespread shares excellent.
We present e book worth per share excluding AOCI to allow traders to research the quantity of our web value that’s primarily attributable to our enterprise operations.
Management believes e book worth per share, excluding AOCI is helpful to traders as a result of it eliminates the impact of things that may fluctuate considerably from interval to interval, based on modifications in rates of interest.
Book worth per share is probably the most straight comparable GAAP measure.
Special Note
Sales
Sales as reported encompass the next:
Annuities and Retirement Plan Services – deposits from new and present clients;
Universal life insurance coverage (“UL”), listed common life insurance coverage (“IUL”), variable common life insurance coverage (“VUL”) – first-year commissionable premiums plus 5% of extra premiums obtained;
MoneyGuard® linked-benefit merchandise – MoneyGuard® (UL), 15% of complete anticipated premium deposits, and MoneyGuard Market AdvantageSM (VUL), 150% of commissionable premiums;
Executive Benefits –insurance coverage and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of extra premium obtained, and single premium bank-owned UL and VUL, 15% of single premium deposits;
Term – 100% of annualized first-year premiums; and
Group Protection – annualized first-year premiums from new insurance policies.
Lincoln National Corporation
Reconciliation of Net Income to Adjusted Income from Operations
(in tens of millions, besides per share knowledge)
For the Quarter Ended
March 31,
2022
2021
Total Revenues
$
4,687
$
4,534
Less:
Excluded realized achieve (loss)
(26
)
(229
)
Amortization of DFEL related to profit ratio unlocking
(5
)
1
Total Adjusted Operating Revenues
$
4,718
$
4,762
Net Income (Loss) Available to Common
Stockholders – Diluted
$
103
$
225
Less:
Adjustment for deferred items of LNC inventory in our
deferred compensation plans(1)
(1
)
–
Net Income (Loss)
104
225
Less:
Excluded realized achieve (loss), after-tax
(20
)
(180
)
Benefit ratio unlocking, after-tax
(170
)
55
Net affect from the Tax Cuts and Jobs Act
–
–
Transaction and integration prices associated to mergers,
acquisitions and divestitures, after-tax
–
–
Gain (loss) on modification or early extinguishment
of debt, after-tax
–
–
Total changes
(190
)
(125
)
Adjusted Income (Loss) from Operations
$
294
$
350
Earnings (Loss) Per Common Share – Diluted
Net earnings (loss)
$
0.58
$
1.16
Adjusted earnings (loss) from operations
1.66
1.82
Average Stockholders’ Equity
Average fairness, together with common AOCI
$
17,492
$
21,146
Average AOCI
3,846
7,346
Average fairness, excluding AOCI
13,646
13,800
Average goodwill
1,778
1,778
Average fairness, excluding AOCI and goodwill
$
11,868
$
12,022
Return on Equity, Including AOCI
Net earnings (loss) with common fairness together with goodwill
2.4
%
4.3
%
Adjusted Operating Return on Equity, Excluding AOCI
Adjusted earnings (loss) from operations with common fairness
together with goodwill
8.6
%
10.2
%
Adjusted earnings (loss) from operations with common fairness
excluding goodwill
9.9
%
11.6
%
(1)
We exclude deferred items of LNC inventory which can be antidilutive from our diluted earnings per share calculation.
Lincoln National Corporation
Reconciliation of Book Value per Share
As of March 31,
2022
2021
Book worth per share, together with AOCI
$
85.59
$
102.50
Per share affect of AOCI
7.27
30.14
Book worth per share, excluding AOCI
78.32
72.36
Lincoln National Corporation
Digest of Earnings
(in tens of millions, besides per share knowledge)
For the Quarter Ended
March 31,
2022
2021
Revenues
$
4,687
$
4,534
Net Income (Loss)
$
104
$
225
Adjustment for deferred items of LNC inventory in our
deferred compensation plans(1)
(1
)
–
Net Income (Loss) Available to Common
Stockholders – Diluted
$
103
$
225
Earnings (Loss) per Common Share – Basic
$
0.60
$
1.17
Earnings (Loss) per Common Share – Diluted
0.58
1.16
Average Shares – Basic
174,153,475
191,780,135
Average Shares – Diluted
176,434,549
193,066,325
(1)
We exclude deferred items of LNC inventory which can be antidilutive from our diluted earnings per share calculation.
FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE
Certain statements made on this press launch and in different written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” throughout the that means of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking assertion is an announcement that’s not a historic truth and, with out limitation, consists of any assertion which will predict, forecast, point out or suggest future outcomes, efficiency or achievements. Forward-looking statements could comprise phrases like: “anticipate,” “consider,” “estimate,” “anticipate,” “mission,” “shall,” “will” and different phrases or phrases with comparable that means in reference to a dialogue of future working or monetary efficiency. In explicit, these embody statements referring to future actions, traits in Lincoln’s companies, potential companies or merchandise, future efficiency or monetary outcomes and the result of contingencies, corresponding to authorized proceedings. Lincoln claims the safety afforded by the protected harbor for forward-looking statements offered by the PSLRA.
Forward-looking statements are topic to dangers and uncertainties. Actual outcomes might differ materially from these expressed in or implied by such forward-looking statements as a consequence of a wide range of components, together with:
The continuation of the COVID-19 pandemic, or future outbreaks of COVID-19, and uncertainty surrounding the size and severity of future impacts on the worldwide financial system and on our enterprise, outcomes of operations and monetary situation;
Further deterioration normally financial and enterprise circumstances which will have an effect on account values, funding outcomes, assured profit liabilities, premium ranges and claims expertise;
Adverse world capital and credit score market circumstances which will have an effect on our potential to boost capital, if vital, and should trigger us to understand impairments on investments and sure intangible property, together with goodwill and the valuation allowance towards deferred tax property, which can scale back future earnings and/or have an effect on our monetary situation and talent to boost further capital or refinance present debt because it matures;
The incapacity of our subsidiaries to pay dividends to the holding firm in enough quantities, which might hurt the holding firm’s potential to satisfy its obligations;
Legislative, regulatory or tax modifications, each home and overseas, that have an effect on: the price of, or demand for, our subsidiaries’ merchandise; the required quantity of reserves and/or surplus; our potential to conduct enterprise and our captive reinsurance preparations in addition to restrictions on the fee of income sharing and 12b-1 distribution charges;
The affect of U.S. federal tax reform laws on our enterprise, earnings and capital;
The affect of Regulation Best Interest or different laws adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or different federal or state regulators or self-regulatory organizations referring to the usual of care owed by funding advisers and/or broker-dealers that might have an effect on our distribution mannequin;
Actions taken by reinsurers to boost charges on in-force enterprise;
Further declines in or sustained low rates of interest inflicting a discount in funding earnings, the curiosity margins of our companies, estimated gross earnings and demand for our merchandise;
Rapidly growing rates of interest inflicting contract holders to give up life insurance coverage and annuity insurance policies, thereby inflicting realized funding losses, and lowered hedge efficiency associated to variable annuities;
The affect of the implementation of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act referring to the regulation of derivatives transactions;
The initiation of authorized or regulatory proceedings towards us, and the result of any authorized or regulatory proceedings, corresponding to: opposed actions associated to current or previous enterprise practices widespread in companies through which we compete; opposed selections in important actions together with, however not restricted to, actions introduced by federal and state authorities and sophistication motion circumstances; new selections that lead to modifications in regulation; and sudden trial court docket rulings;
A decline or continued volatility within the fairness markets inflicting a discount within the gross sales of our subsidiaries’ merchandise; a discount of asset-based charges that our subsidiaries cost on numerous funding and insurance coverage merchandise; an acceleration of the online amortization of deferred acquisition prices (“DAC”), worth of enterprise acquired (“VOBA”), deferred gross sales inducements (“DSI”) and deferred front-end hundreds (“DFEL”); and a rise in liabilities associated to assured profit options of our subsidiaries’ variable annuity merchandise;
Ineffectiveness of our threat administration insurance policies and procedures, together with numerous hedging methods used to offset the impact of modifications within the worth of liabilities as a consequence of modifications within the stage and volatility of the fairness markets and rates of interest;
A deviation in precise expertise concerning future persistency, mortality, morbidity, rates of interest or fairness market returns from the assumptions utilized in pricing our subsidiaries’ merchandise, in establishing associated insurance coverage reserves and within the web amortization of DAC, VOBA, DSI and DFEL, which can scale back future earnings;
Changes in accounting ideas which will have an effect on our enterprise, outcomes of operations and monetary situation, together with the adoption efficient January 1, 2023, of FASB ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts;
Lowering of a number of of our debt rankings issued by nationally acknowledged statistical score organizations and the opposed impact such motion could have on our potential to boost capital and on our liquidity and monetary situation;
Lowering of a number of of the insurer monetary energy rankings of our insurance coverage subsidiaries and the opposed impact such motion could have on the premium writings, coverage retention, profitability of our insurance coverage subsidiaries and liquidity;
Significant credit score, accounting, fraud, company governance or different points which will adversely have an effect on the worth of sure monetary property, in addition to counterparties to which we’re uncovered to credit score threat, requiring that we understand losses on monetary property;
Interruption in telecommunication, info expertise or different operational techniques or failure to safeguard the confidentiality or privateness of delicate knowledge on such techniques, together with from cyberattacks or different breaches of our knowledge safety techniques;
The impact of acquisitions and divestitures, restructurings, product withdrawals and different uncommon objects;
The incapacity to understand or maintain the advantages we anticipate from, larger than anticipated investments in, and the potential affect of efforts associated to, our strategic initiatives, together with the Spark Initiative;
The adequacy and collectability of reinsurance that we have now obtained;
Future pandemics, acts of terrorism, conflict or different man-made and pure catastrophes which will adversely have an effect on our companies and the fee and availability of reinsurance;
Competitive circumstances, together with pricing pressures, new product choices and the emergence of recent opponents, which will have an effect on the extent of premiums and charges that our subsidiaries can cost for his or her merchandise;
The unknown impact on our subsidiaries’ companies ensuing from evolving market preferences and the altering demographics of our shopper base; and
The unanticipated lack of key administration, monetary planners or wholesalers.
The dangers and uncertainties included right here usually are not exhaustive. Our most up-to-date Form 10-Okay, in addition to different stories that we file with the SEC, embody further components that might have an effect on our companies and monetary efficiency. Moreover, we function in a quickly altering and aggressive surroundings. New threat components emerge sometimes, and it isn’t potential for administration to foretell all such threat components.
Further, it isn’t potential to evaluate the impact of all threat components on our companies or the extent to which any issue, or mixture of things, could trigger precise outcomes to vary materially from these contained in any forward-looking statements. Given these dangers and uncertainties, traders mustn’t place undue reliance on forward-looking statements as a prediction of precise outcomes. In addition, Lincoln disclaims any obligation to replace any forward-looking statements to mirror occasions or circumstances that happen after the date of this press launch.
The reporting of Risk Based Capital (“RBC”) measures is just not supposed for the aim of rating any insurance coverage firm or to be used in reference to any advertising, promoting or promotional actions.
https://www.businesswire.com/news/home/20220504006161/en/Lincoln-Financial-Group-Reports-First-Quarter-2022-Results
