• Fourth Quarter Revenues Outperformed Outlook with Double-Digit Growth Across All Regions; Full Year Fiscal 2022 Revenues of $6.22 Billion Exceeded Fiscal 2020 Pre-Pandemic Levels
• North America Post-Reset Turnaround Strongly Underway with Full Year Revenues Increasing 49% and Significant Operating Margin Expansion Including Substantial Strategic Investments for Long-Term Growth
• Delivered Better Than Expected Fourth Quarter and Full Year Adjusted Operating Margin and Full Year Operating Profit Growth of More than 30% to Fiscal 2020
• Outlook for Fiscal 2023 Net Revenue Growth of High Single Digits on a 52-Week Comparable Basis in Constant Currency fueled by North America
• Continued to Return Value to Shareholders with the Repurchase of 3.7 Million Shares in Full Year Fiscal 2022; Board of Directors Approves 9% Dividend Increase

Ralph Lauren Corporation (NYSE:RL), a global leader in the design, marketing, and distribution of premium lifestyle products, today reported earnings per diluted share of $0.34 on a reported basis and $0.49 on an adjusted basis, excluding restructuring-related and other net charges, for the fourth quarter of Fiscal 2022. This compared to earnings per diluted share of ($1.01) on a reported basis and $0.38 on an adjusted basis, excluding restructuring-related and other net charges for the fourth quarter of Fiscal 2021.

"From our latest fashion show to the launch of our powerful Morehouse and Spelman colleges collection, we continue to inspire people all over the world to dream," said Ralph Lauren, Executive Chairman and Chief Creative Officer. "Whether it’s our clothes or how we think about our impact on the planet, we imprint all we do with a spirit of optimism and timelessness that give people a sense of possibility."

"Our teams around the world executed exceptionally well to deliver fourth quarter and full year results that exceeded our expectations as we continued to progress on our long-term strategic commitments," said Patrice Louvet, President and Chief Executive Officer. "We have laid the groundwork for healthy sustainable growth and value creation in Fiscal 2023. As we continue to navigate a highly dynamic global macroeconomic environment, our growth will be supported by the strength of our brand and multiple engines — from recruiting new high-value consumers to developing high-potential product categories and geographic and channel expansion."

Key Achievements in Fiscal 2022

We delivered the following highlights across our strategic priorities in the fourth quarter and full year Fiscal 2022:

• Win Over a New Generation of Consumers
  • Activated strong consumer engagement through diverse content and accelerated marketing investments, driving strong continued momentum in global brand consideration and purchase intent
  • Leveraged key brand moments to connect consumers to our powerful lifestyle brand, with fourth quarter investments focused on a range of bold activations including: our high-impact Fall '22 fashion show at New York's Museum of Modern Art, our sponsorships of Team USA at the Winter Olympics and the Australian Open and our 'Power of Women' RLX campaigns, along with our continued focus on new full-price consumer acquisition
• Energize Core Products and Accelerate Under-Developed Categories
  • Drove our iconic core and expanded high-potential categories to deliver compelling new assortments that resonate with post-pandemic consumer wardrobing. Special releases in the fourth quarter included our inspiring limited-edition capsule with Morehouse and Spelman Colleges, Polo Color Shop, Team USA Olympics and Lunar New Year gifting collections
  • Brand elevation continues with average unit retail ("AUR") up 13% across our direct-to-consumer network in the fourth quarter and up 15% for full year Fiscal 2022, on top of a 26% increase last year, driven by a strong product offering and promotional discipline
• Drive Targeted Expansion in Our Regions and Channels
  • Delivered robust double-digit growth across every region in the fourth quarter and for the full year, with North America up 49%, Europe up 54% and Asia up 27% to last year in constant currency despite continued pandemic-related disruptions
  • Continued to drive strong momentum in the Chinese mainland with fourth quarter sales increasing more than 25% to last year in constant currency, despite ongoing COVID-19 related lockdowns
  • All three regions also reported significant operating margin expansion to last year and pre-pandemic levels in Fiscal 2022 on a healthier base
• Lead With Digital
  • Fourth quarter Ralph Lauren digital ecosystem revenues grew low double-digits compared to Fiscal 2021 and more than 80% compared to Fiscal 2020, with balanced momentum across both owned and wholesale digital channels globally
  • Fourth quarter and full year operating margin in our owned digital business continued to significantly benefit the total company margin rate, consistent with the prior year and representing a more than 900 basis point increase to Fiscal 2020 pre-pandemic levels
• Operate With Discipline to Fuel Growth
  • Fiscal 2022 adjusted operating margin of 13.4% on a 53-week basis expanded 860 basis points to last year and 310 basis points to Fiscal 2020, all while accelerating investments in our key strategic initiatives. Fourth quarter operating margin of 3.6% expanded 20 basis points to last year on a reported basis and 140 basis points in constant currency, above our expectations driven by our continued focus on productivity
  • Inventories are healthy and well positioned to support Fiscal 2023 product elevation and growth plans by region and as we deliberately shift inventory receipts earlier to mitigate global supply chain disruptions
  • Demonstrated strong progress on our citizenship and sustainability journey including: our ambitious commitments to achieve net zero greenhouse gas emissions by 2040, 100% sustainably sourced key materials by 2025, and diversity and inclusion targets within our leadership and factory partners

Fourth Quarter Fiscal 2022 Income Statement Review

Net Revenue. In the fourth quarter of Fiscal 2022, revenue increased 18% to $1.5 billion on a reported basis and was up 22% in constant currency. Foreign currency negatively impacted revenue growth by approximately 360 basis points in the fourth quarter.

Revenue performance for the Company’s reportable segments in the fourth quarter compared to the prior year period was as follows:

• North America Revenue. North America revenue in the fourth quarter increased 19% to $674 million. In retail, comparable store sales in North America were up 21%, with a 27% increase in digital commerce and a 19% increase in brick and mortar stores. North America wholesale revenue was up 1% to last year. Wholesale results included a significantly higher level of negative impact from strategic distribution resets and the transition of Chaps to a licensed business in the fourth quarter relative to the first three quarters of the year, as planned. The Company will lap the majority of these impacts beginning in Fiscal 2023.
• Europe Revenue. Europe revenue in the fourth quarter increased 26% to $467 million on a reported basis and increased 34% in constant currency to last year. In retail, comparable store sales in Europe were up 77%, with a 145% increase in brick and mortar stores more than offsetting a 2% decrease in digital commerce over a challenging compare of 79% growth in the prior year period when a significant portion of our stores were closed due to COVID-19. Europe wholesale revenue increased 5% on a reported basis and 12% in constant currency.
• Asia Revenue. Asia revenue in the fourth quarter increased 20% to $346 million on a reported basis and 26% in constant currency, including adverse impacts related to COVID-19 business disruptions across key markets. Comparable store sales in Asia increased 12%, with a 10% increase in our brick and mortar stores and a 46% increase in digital commerce.

Gross Profit. Gross profit for the fourth quarter of Fiscal 2022 was $966 million and gross margin was 63.4%. On an adjusted basis, gross margin was 63.3% compared to 62.9% in the prior year period. Foreign currency negatively impacted gross margin by 80 basis points in the fourth quarter. Gross margin expansion was primarily driven by AUR growth across all regions as well as favorable channel and geographic mix shifts more than offsetting increased input costs from freight, raw materials and labor. Compared to fourth quarter Fiscal 2020, adjusted gross margins expanded 420 basis points on a reported basis on strong AUR growth.

Operating Expenses. Operating expenses in the fourth quarter of Fiscal 2022 were $929 million on a reported basis, including $19 million in restructuring-related and other net charges. On an adjusted basis, excluding such charges, operating expenses were $910 million, up 19% to prior year, primarily driven by higher marketing investments, compensation, rent and selling expenses to fuel both near- and long-term strategic growth. Adjusted operating expense rate was 59.8%, compared to 59.5% in the prior year period, excluding restructuring-related and other net charges.

Operating Income (Loss). Operating income for the fourth quarter of Fiscal 2022 was $37 million on a reported basis, including restructuring-related and other net charges of $17 million, and operating margin was 2.4%. Adjusted operating income was $54 million and operating margin was 3.6%, 20 basis points above the prior year. Foreign currency negatively impacted operating margin by 120 basis points in the fourth quarter.

• North America Operating Income. North America operating income in the fourth quarter was $90 million on both a reported basis and an adjusted basis. Adjusted North America operating margin was 13.4%, compared to adjusted operating margin of 15.6% for the fourth quarter of Fiscal 2021 as we shifted a significant portion of operating expenses including marketing to the second half of the year to support growth coming out of the pandemic.
• Europe Operating Income. Europe operating income in the fourth quarter was $91 million on a reported basis and $94 million on an adjusted basis. Adjusted Europe operating margin was 20.2%, compared to 18.9% for the fourth quarter of Fiscal 2021. Foreign currency negatively impacted adjusted operating margin rate by 170 basis points in the fourth quarter.
• Asia Operating Income. Asia operating income in the fourth quarter was $39 million on both a reported basis and an adjusted basis. Adjusted Asia operating margin was 11.4%, compared to 9.1% for the fourth quarter of Fiscal 2021. Foreign currency negatively impacted adjusted operating margin rate by 100 basis points in the fourth quarter.

Net Income (Loss) and EPS. On a reported basis, net income in the fourth quarter of Fiscal 2022 was $24 million or $0.34 per diluted share. On an adjusted basis, net income was $36 million, or $0.49 per diluted share. This compared to a net loss of $74 million, or ($1.01) per diluted share on a reported basis, and net income of $28 million, or $0.38 per diluted share on an adjusted basis, for the fourth quarter of Fiscal 2021.

In the fourth quarter of Fiscal 2022, the Company had an effective tax rate of approximately 17% on a reported basis and 23% on an adjusted basis. This compared to a reported and adjusted effective tax rate of approximately (110%) and 18%, respectively, in the prior year period. The increase in our adjusted effective tax rate was driven by an increase in liabilities for uncertain tax positions and unfavorable permanent adjustments, partly offset by favorable stock compensation adjustments.

Full Year Fiscal 2022 Income Statement Review

Net Revenues. For Fiscal 2022, revenue increased 41% to $6.2 billion on a reported basis and increased 42% in constant currency. Foreign currency negatively impacted revenue growth by approximately 60 basis points in the period.

• North America Revenue. For Fiscal 2022, North America revenue increased 49% to $3.0 billion.
• Europe Revenue. For Fiscal 2022, Europe revenue increased 53% to $1.8 billion on a reported basis. In constant currency, revenue increased 54%.
• Asia Revenue. For Fiscal 2022, Asia revenue increased 25% to $1.3 billion on a reported basis. In constant currency, revenue increased 27%.

Gross Profit. Gross profit for Fiscal 2022 was $4.1 billion on a reported basis and gross margin was 66.7%. On an adjusted basis, gross margin was 66.5%, 80 basis points higher than the prior year.

Operating Expenses. For Fiscal 2022, operating expenses were $3.3 billion on a reported basis, including $46 million in restructuring-related and other net charges. On an adjusted basis, operating expenses were also $3.3 billion, up 23% to prior year. Adjusted operating expense rate was 53.1%, 780 basis points below Fiscal 2021, excluding restructuring-related and other net charges from both periods.

Operating Income (Loss). Operating income for Fiscal 2022 was $798 million, including restructuring-related and other net charges of $33 million. On an adjusted basis, operating income was $831 million compared to operating income of $211 million for the prior year period, excluding restructuring-related and other net charges from both periods.

• North America Operating Income. North America operating income in Fiscal 2022 was $677 million and operating margin was 22.8% on a reported basis, including restructuring-related and other net charges. On an adjusted basis, North America operating income in Fiscal 2022 was $666 million and operating margin was 22.4%, compared to 17.4% in Fiscal 2021.
• Europe Operating Income. Europe operating income in Fiscal 2022 was $444 million and operating margin was 24.9% on a reported basis, including restructuring-related and other net charges. On an adjusted basis, Europe operating income in Fiscal 2022 was $446 million and operating margin was 25.1%, compared to 17.3% in Fiscal 2021.
• Asia Operating Income. Asia operating income in Fiscal 2022 was $229 million and operating margin was 17.8% on a reported basis, including restructuring-related and other net charges. On an adjusted basis, Asia operating income in Fiscal 2022 was $230 million and operating margin was 17.9%, compared to 14.6% in Fiscal 2021.

Net Income (Loss) and EPS. In Fiscal 2022, net income was $600 million or $8.07 per diluted share on a reported basis. On an adjusted basis, net income was $623 million, or $8.38 per diluted share. This compared to a net loss of $121 million, or ($1.65) per diluted share on a reported basis, and net income of $127 million, or $1.70 per diluted share on an adjusted basis for Fiscal 2021.

For Fiscal 2022, the Company had an effective tax rate of approximately 20% on a reported basis and 21% on an adjusted basis. This compared to a reported and adjusted effective tax rate of approximately (62%) and 29%, respectively, in the prior year. The decline in our adjusted effective tax rate was primarily driven by favorable stock compensation adjustments in Fiscal 2022, a one-time foreign-derived intangible income (FDII) deduction and other adjustments to liabilities for uncertain tax positions and deferred tax.

Balance Sheet and Cash Flow Review

The Company ended Fiscal 2022 with $2.6 billion in cash and short-term investments and $1.6 billion in total debt, compared to $2.8 billion and $1.6 billion, respectively, at the end of Fiscal 2021. Inventory at the end of Fiscal 2022 was $977 million, up 29% compared to the prior year period reflecting improved sales performance, higher goods-in-transit to mitigate ongoing global supply chain delays and continued elevation of our product mix.

The Company repurchased approximately $150 million of Class A Common Stock in the fourth quarter and approximately $450 million of Class A Common Stock during the full year Fiscal 2022. At the end of Fiscal 2022, the Company had approximately $1.6 billion remaining under its total share repurchase authorization, subject to overall business and market conditions.

The Company had $167 million in capital expenditures in Fiscal 2022, compared to $108 million in the prior year period. The increase was primarily due to more normalized levels of investment as we emerged from the pandemic, following unusually low capital expenditures in the prior year period.

Dividend Increase

The Company also announced that its Board of Directors declared a 9% increase in the regular quarterly cash dividend on the Company's Common Stock. The new quarterly cash dividend is $0.75 per share for a total annual dividend amount of $3.00 per share. The next quarterly dividend is payable on July 15, 2022 to shareholders of record at the close of business on July 1, 2022.

Full Year Fiscal 2023 and First Quarter Outlook

The Company's outlook is based on its best assessment of the current macroeconomic environment, including global supply chain, inflationary pressures, the war in Ukraine, COVID-19 variants and other COVID-related disruptions. The Company continues to note the ongoing uncertainty and evolving situation surrounding COVID-19 impacting the timing and path of recovery in each market, including the potential for further outbreaks or resurgences of the pandemic across various markets as well as potential global supply chain disruptions. The full year Fiscal 2023 and first quarter guidance excludes restructuring-related and other net charges, as described in the "Non-U.S. GAAP Financial Measures" section of this press release.

For Fiscal 2023, the Company expects constant currency revenues to increase approximately high single digits to last year on a 52-week comparable basis, with our current outlook at around 8%. Based on current exchange rates, foreign currency is expected to negatively impact revenue growth by approximately 400 basis points in Fiscal 2023. On a 53-week comparable basis, Fiscal 2023 revenue growth is also expected to be negatively impacted by approximately 100 basis points due to the absence of the 53rd week compared to the prior year.

The Company expects operating margin for Fiscal 2023 in a range of approximately 14.0% to 14.5% in constant currency. Foreign currency is expected to negatively impact operating margin by approximately 130 basis points in Fiscal 2023. This compares to operating margin of 13.1% on a 52-week comparable basis and 13.4% on a 53-week basis in the prior year, both on a reported basis. Gross margin is expected to increase 30 to 50 basis points in constant currency on a 52-week comparable basis, with stronger AUR and favorable product and channel mix more than offsetting higher freight and product cost inflation. Foreign currency is expected to negatively impact gross margins by approximately 110 basis points in Fiscal 2023.

For the first quarter, the Company expects revenue growth will be in a range centered around 8% in constant currency to last year. Foreign currency is expected to negatively impact revenue growth by approximately 480 to 500 basis points. The first quarter outlook reflects confirmed government-mandated lockdowns and other COVID-related restrictions, notably in China.

Operating margin for the first quarter is expected to be in a range centered around 13.5% in constant currency, reflecting increased headwinds from higher freight and marketing expense, which are expected to normalize in the second half of the year when the Company laps cost increases from the prior year. Foreign currency is expected to negatively impact first quarter operating margin by approximately 130 basis points in the first quarter. Gross margin is expected to be down slightly to last year in constant currency with continued AUR growth offset by industry-wide increases in freight and product costs. Foreign currency is expected to negatively impact gross margins by approximately 100 basis points in the first quarter.

The full year Fiscal 2023 tax rate is expected to be in the range of 25% to 26%, assuming a continuation of current tax laws. First quarter of Fiscal 2023 tax rate is expected to be about 24% to 25%.

The Company is planning capital expenditures for Fiscal 2023 of approximately $290 million to $310 million.

Conference Call

As previously announced, the Company will host a conference call and live online webcast today, Tuesday, May 24, 2022, at 9:00 A.M. Eastern. Listeners may access a live broadcast of the conference call on the Company's investor relations website at http://investor.ralphlauren.com or by dialing 517-623-4963 or 800-857-5209. To access the conference call, listeners should dial in by 8:45 a.m. Eastern and request to be connected to the Ralph Lauren Fourth Quarter 2022 conference call.

An online archive of the broadcast will be available by accessing the Company's investor relations website at http://investor.ralphlauren.com. A telephone replay of the call will be available from 12:00 P.M. Eastern, Tuesday, May 24, 2022 through 6:00 P.M. Eastern, Tuesday, May 31, 2022 by dialing 203-369-3634 or 800-839-1172 and entering passcode 7536.

ABOUT RALPH LAUREN

Ralph Lauren Corporation (NYSE:RL) is a global leader in the design, marketing and distribution of premium lifestyle products in five categories: apparel, footwear & accessories, home, fragrances, and hospitality. For more than 50 years, Ralph Lauren has sought to inspire the dream of a better life through authenticity and timeless style. Its reputation and distinctive image have been developed across a wide range of products, brands, distribution channels and international markets. The Company's brand names — which include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children and Chaps, among others — constitute one of the world's most widely recognized families of consumer brands. For more information, go to https://investor.ralphlauren.com.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results and financial condition, revenues, store openings and closings, employee reductions, margins, expenses, earnings, quarterly cash dividend and Class A common stock repurchase programs, and environmental, social, and governance goals and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results to materially differ include, among others: the loss of key personnel, including Mr. Ralph Lauren, or other changes in our executive and senior management team or to our operating structure, including those resulting from the recent reduction to our global workforce in connection with our long-term growth strategy, and our ability to effectively transfer knowledge and maintain adequate controls and procedures during periods of transition; the impact to our business resulting from the COVID-19 pandemic, including periods of reduced operating hours and capacity limits and/or temporary closure of our stores, distribution centers, and corporate facilities, as well as those of our customers, suppliers, and vendors, and potential changes to consumer behavior, spending levels, and/or shopping preferences, such as willingness to congregate in shopping centers or other populated locations; the impact of economic, political, and other conditions on us, our customers, suppliers, vendors, and lenders, including potential business disruptions related to the war between Russia and Ukraine, civil and political unrest, and diplomatic tensions between the U.S. and other countries; the potential impact to our business resulting from supply chain disruptions, including those caused by capacity constraints, closed factories and/or labor shortages (stemming from pandemic diseases, labor disputes, strikes, or otherwise), scarcity of raw materials, and port congestion, which could result in inventory shortages and lost sales; the potential impact to our business resulting from inflationary pressures, including increases in the costs of raw materials, transportation, wages, healthcare, and other benefit-related costs; our ability to recruit and retain employees to operate our retail stores, distribution centers, and various corporate functions; the impact to our business resulting from changes in consumers' ability, willingness, or preferences to purchase discretionary items and luxury retail products, which tends to decline during recessionary periods, and our ability to accurately forecast consumer demand, the failure of which could result in either a build-up or shortage of inventory; our ability to successfully implement our long-term growth strategy; our ability to continue to expand and grow our business internationally and the impact of related changes in our customer, channel, and geographic sales mix as a result, as well as our ability to accelerate growth in certain product categories; our ability to open new retail stores and concession shops, as well as enhance and expand our digital footprint and capabilities, all in an effort to expand our direct-to-consumer presence; our ability to respond to constantly changing fashion and retail trends and consumer demands in a timely manner, develop products that resonate with our existing customers and attract new customers, and execute marketing and advertising programs that appeal to consumers; our ability to effectively manage inventory levels and the increasing pressure on our margins in a highly promotional retail environment; our ability to competitively price our products and create an acceptable value proposition for consumers; our ability to continue to maintain our brand image and reputation and protect our trademarks; our ability to achieve our goals regarding environmental, social, and governance practices, including those related to our human capital and climate change; our ability and the ability of our third-party service providers to secure our respective facilities and systems from, among other things, cybersecurity breaches, acts of vandalism, computer viruses, ransomware, or similar Internet or email events; our efforts to successfully enhance, upgrade, and/or transition our global information technology systems and digital commerce platforms; the potential impact to our business if any of our distribution centers were to become inoperable or inaccessible; the potential impact on our operations and on our suppliers and customers resulting from man-made or natural disasters, including pandemic diseases such as COVID-19, severe weather, geological events, and other catastrophic events; our ability to achieve anticipated operating enhancements and cost reductions from our restructuring plans, as well as the impact to our business resulting from restructuring-related charges, which may be dilutive to our earnings in the short term; the impact to our business resulting from potential costs and obligations related to the early or temporary closure of our stores or termination of our long-term, non-cancellable leases; our ability to maintain adequate levels of liquidity to provide for our cash needs, including our debt obligations, tax obligations, capital expenditures, and potential payment of dividends and repurchases of our Class A common stock, as well as the ability of our customers, suppliers, vendors, and lenders to access sources of liquidity to provide for their own cash needs; the potential impact to our business resulting from the financial difficulties of certain of our large wholesale customers, which may result in consolidations, liquidations, restructurings, and other ownership changes in the retail industry, as well as other changes in the competitive marketplace, including the introduction of new products or pricing changes by our competitors; our ability to access capital markets and maintain compliance with covenants associated with our existing debt instruments; a variety of legal, regulatory, tax, political, and economic risks, including risks related to the importation and exportation of products which our operations are currently subject to, or may become subject to as a result of potential changes in legislation, and other risks associated with our international operations, such as compliance with the Foreign Corrupt Practices Act or violations of other anti-bribery and corruption laws prohibiting improper payments, and the burdens of complying with a variety of foreign laws and regulations, including tax laws, trade and labor restrictions, and related laws that may reduce the flexibility of our business; the potential impact to our business resulting from the imposition of additional duties, tariffs, taxes, and other charges or barriers to trade, including those resulting from trade developments between the U.S. and China, and any related impact to global stock markets, as well as our ability to implement mitigating sourcing strategies; changes in our tax obligations and effective tax rate due to a variety of factors, including potential changes in U.S. or foreign tax laws and regulations, accounting rules, or the mix and level of earnings by jurisdiction in future periods that are not currently known or anticipated; our exposure to currency exchange rate fluctuations from both a transactional and translational perspective; the impact to our business of events of unrest and instability that are currently taking place in certain parts of the world, as well as from any terrorist action, retaliation, and the threat of further action or retaliation; the potential impact to the trading prices of our securities if our operating results, Class A common stock share repurchase activity, and/or cash dividend payments differ from investors' expectations; our ability to maintain our credit profile and ratings within the financial community; our intention to introduce new products or brands, or enter into or renew alliances; changes in the business of, and our relationships with, major wholesale customers and licensing partners; our ability to make strategic acquisitions and successfully integrate the acquired businesses into our existing operations; and other risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.