Takeda Pharmaceutical Co. Ltd. · TSE:4502
Takeda Pharmaceutical — Q1 FY2021 Earnings Presentation
55 slides from Takeda Pharmaceutical's earnings presentation, Jul 30, 2021
Slide 1: FY2021 Q1 Earnings Announcement
Better health for people, Brighter future for the world. FY2021 Q1 EARNINGS ANNOUNCEMENT July 30, 2021
Slide 2: Important Notice
IMPORTANT NOTICE For the purposes of this notice, “presentation” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this presentation. This presentation (i
Slide 3: Agenda
01. Introduction Christophe Weber President & CEO 02. R&D Engine Andy Plump AGENDA President, R&D 03. Financial Strength Costa Saroukos Chief Financial Officer 04. Q&A Session
Slide 4: Pivoting from Integration to Accelerating Topline & Pipeline
PIVOTING FROM INTEGRATION TO ACCELERATING TOPLINE & PIPELINE FY2021 A Year of Inflection With Momentum on Topline & Pipeline • Acceleration of topline growth • Topline momentum with Q1 reported revenue +18.4% and underlying revenue growth +3.8%1 driven by 14 Global Brands • Distribution underway in
Slide 5: Agenda
01. Introduction Christophe Weber President & CEO 02. R&D Engine Andy Plump AGENDA President, R&D 03. Financial Strength Costa Saroukos Chief Financial Officer 04. Q&A Session
Slide 6: Major Near-Term Milestones for Our NME Pipeline Including Five Potential Approvals
MAJOR NEAR-TERM MILESTONES FOR OUR NME PIPELINE INCLUDING FIVE POTENTIAL APPROVALS Approvals/Filings/Pivotal Data Maribavir Maribavir Pevonedist Ph3 Readout Potential NDA Filing US 2L CMV Approval US HR MDS Eohilia1 TAK-003 Mobocertinib Maribavir Pevonedistat Mobocertinib TAK-003 TAK-609 Eohilia1 TA
Slide 7: FY2021 Is an Inflection Year: Wave 1 and Wave 2
FY2021 IS AN INFLECTION YEAR MOA TAU /BU EXPECTED EVENT1 FY21 COMMENTS Eohilia Muco‐adherent topical In active discussions with the FDA. Potential Gastroenterology US NDA approval for Eosinophilic Esophagitis TBD TAK-721 corticosteroid approval subject to outcome of discussions TAK-007 CD19 CAR-NK O
Slide 8: Updates to Our Pipeline in FY2021 to Date
UPDATES TO OUR PIPELINE IN FY2021 TO DATE GLOBAL AND REGIONAL BRANDS MODERNA COVID-19VACCINE1 Approved in JP for adults and adolescents 12+ years OTHER APPROVALS Japan: Ninlaro MM maintenance therapy after 1L; Gattex/Revestive SBS China: Adcetris CTCL; Firazyr HAE ENTYVIO Validation of filing
Slide 9: Entyvio Demonstrated Superior Remission vs Placebo in Antibiotic-Refractory Pouchitis
ENTYVIO DEMONSTRATED SUPERIOR CLINCIALLY RELEVANT REMISSION VS PLACEBO IN PATIENTS WITH ANTIBIOTIC-REFRACTORY POUCHITIS ENTYVIO (vedolizumab): Potential 1st Approved Treatment for Patients with Antibiotic-Refractory Pouchitis Disease • 10-15% of ulcerative colitis patients will undergo EARNEST STUDY
Slide 10: Our Pipeline Is Starting to Deliver Value
OUR PIPELINE IS STARTING TO DELIVER VALUE WAVE 11 CLINICAL-STAGE NMEs WAVE 22 POTENTIAL APPROVAL FY21 FY22 FY23 FY24 FY25 and Beyond •• mobocertinib • pevonedistat mobocertinib pevonedistat TAK-981 TAK-676 TAK-252 TAK-102 2L NSCLC with EGFR HR-MDS 1L NSCLC with EGFR Unfit AML Multiple cancers Solid
Slide 11: Agenda
01. Introduction Christophe Weber President & CEO 02. R&D Engine Andy Plump AGENDA President, R&D 03. Financial Strength Costa Saroukos Chief Financial Officer 04. Q&A Session
Slide 12: Acceleration of Topline Growth: On Track to Full-Year Guidance
ACCELERATION OF TOPLINE GROWTH: ON TRACK TO FULL-YEAR “MID-SINGLE DIGIT” UNDERLYING GROWTH GUIDANCE1 FY2021 Q1 (APR-JUN) • Reported Revenue JPY 949.6B (USD 8.6B)2 with growth of +18.4% versus prior year as sale of diabetes portfolio in Japan, business momentum and favorable FX more than offset dives
Slide 13: Q1 Delivered Topline Growth & Low-30s Core Margins
Q1 DELIVERED TOPLINE GROWTH & LOW-30s CORE MARGINS FY2021 Q1 (APR-JUN) FINANCIAL RESULTS (SUMMARY) (BN YEN) REPORTED CORE1 UNDERLYING2 FY2021 Q1 VS. PRIOR YEAR FY2021 Q1 VS. PRIOR YEAR REVENUE 949.6 +18.4% 816.6 +1.8% +3.8% OPERATING PROFIT 248.6 +48.6% 248.9 -11.4% -2.1% Margin 26.2% +5.3pp 30.5% -
Slide 14: Underlying Revenue Momentum Driven by 14 Global Brands
UNDERLYING REVENUE MOMENTUM DRIVEN BY 14 GLOBAL BRANDS; REPORTED REVENUE BENEFITTING FROM SALE OF DIABETES PORTFOLIO FY2021 Q1 REVENUE VS PRIOR YEAR +18.4% (BN JPY) 949.6 +1.8% 133.0 816.6 801.9 +3.8pp -5.8pp +3.9pp FY2020 Q1 Business momentum Divestitures2 FX FY2021 Q1 Sale of Japan FY2021 Q1 Repor
Slide 15: 5 Key Business Areas Represent ~87% of Q1 Core Revenue
5 KEY BUSINESS AREAS REPRESENT ~87% OF FY2021 Q1 CORE REVENUE1 RARE DISEASES PLASMA-DERIVED % of Sales: 19% THERAPIES (PDT) OTHER Growth: -3% % of Sales: 13% GI ONCOLOGY NEUROSCIENCE Growth: +9% % of Sales: 26% RARE METABOLIC RARE HEMATOLOGY HEREDITARY ANGIOEDEMA PDT IMMUNOLOGY % of Sales: 15% % of
Slide 16: Global Brands Underlying Revenue Growth of +6.8%
14 GLOBAL BRANDS UNDERLYING REVENUE GROWTH OF +6.8% DESPITE QUARTERLY PHASING HEADWINDS FOR TAKHZYRO AND IG FY2021 Q1 REVENUE FY2021 Q1 REVENUE versus PY GLOBAL versus PY GLOBAL (BN JPY) (MM USD) (underlying) BRAND (BN JPY) (MM USD) (underlying) BRAND 125.4 1,129 +18.2% IMMUNOGLOBULIN 81.6 735 -6.9%
Slide 17: Reported Operating Profit Reflects Gain on Sale of Diabetes Portfolio
REPORTED OPERATING PROFIT REFLECTS GAIN ON SALE OF DIABETES PORTFOLIO AND DECLINING PPA & INTEGRATION COSTS, WHICH ARE ADJUSTED OUT OF CORE BRIDGE FROM FY2021 Q1 REPORTED TO CORE OPERATING PROFIT 1 (BN JPY) 17.8 102.8 -131.4 248.6 11.2 248.9 FY2021 Q1 Unwinding of Amortization & Other Gain on sale o
Slide 18: Core Operating Profit Reflects R&D Increase & Divestiture Impact
CORE OPERATING PROFIT REFLECTS INCREASE IN R&D INVESTMENT & DIVESTITURE IMPACT; ON TRACK TO FULL YEAR FORECAST OF JPY 930B FY2021 Q1 CORE OPERATING PROFIT 1 (BN JPY) 930.0 -11.4% 280.9 248.9 FY2020 Q1 Underlying business Increased R&D Divestitures2 FX FY2021 Q1 FY2021 Full Year Core Operating (excl.
Slide 19: On Track to Underlying Core Operating Profit Margin of ~30%
ON TRACK TO FULL-YEAR TARGET OF UNDERLYING CORE OPERATING PROFIT MARGIN OF APPROXIMATELY 30%, DESPITE INCREASE IN R&D INVESTMENT UNDERLYING CORE OPERATING PROFIT 1 MARGIN 30.2% 30.5% ~30% margin FY21-23 MARGIN TARGET Low-to-mid 30%s KEY OPPORTUNITIES TO FY2023 • Revenue growth driven by high-margin
Slide 20: FY2021 Q1 Cashflow Reflects Significant Debt Pre-Payment
FY2021 Q1 CASHFLOW REFLECTS SIGNIFICANT DEBT PRE-PAYMENT Total liquidity of JPY 1.2T (USD 10.7B)2 (BN JPY) including JPY 700B from undrawn committed line of credit Free Cash Flow1 129.9 and excluding pass-through deposit 42.3 5.9 5.9 32. 166.9 966.2 242.9 Includes cash received for sale of diabetes
Slide 21: Net Debt/Adjusted EBITDA at 3.3x
NET DEBT/ADJUSTED EBITDA AT 3.3x REFLECTING HALF-YEAR DIVIDEND PAID, AND CASH-OUT FOR MAVERICK ACQUISITION CHANGE IN NET DEBT (BN JPY) Excludes restricted pass-through deposit of JPY 169.6B Free Cash Flow 1 129.9 3,537.6 83.2 3,429.4 22.9 132.0 166.9 42.3 5.9 2021 Operating Divestments Capex Pass-th
Slide 22: Continued Progress with Debt Pre-Payment
CONTINUED PROGRESS WITH DEBT PRE-PAYMENT; APPROX USD 4.1B PAID OFF OR CALLED IN FY2021 INCLUDING ALL REMAINING FY2021 MATURITIES MATURITY LADDER AS OF 30 JUNE 2021 (AS ADJUSTED)1 1,000 EUR 1.5B Bond 800 Called for Pre-payment (August 2021) BILLION JPY 600 PAID OFF 400 CALLED HYBRID 200 PAID OFF - ‖
Slide 23: On Track Towards Full-Year FY2021 Guidance
ON TRACK TOWARDS FULL-YEAR FY2021 GUIDANCE (UNCHANGED FROM MAY 2021) FY2021 UNDERLYING2 (BN YEN) FORECAST (MANAGEMENT GUIDANCE) REPORTED REVENUE 3,370.0 Mid-single-digit growth R&D EXPENSES -522.0 REPORTED OPERATING PROFIT 488.0 Mid-single-digit growth CORE OPERATING PROFIT1 930.0 ~30% margin REPORT
Slide 24: Acceleration of Topline Growth: Full-Year Guidance
ACCELERATION OF TOPLINE GROWTH: ON TRACK TO FULL-YEAR “MID-SINGLE DIGIT” UNDERLYING GROWTH GUIDANCE1 FY2021 Q1 (APR-JUN) FY2021 AND BEYOND • Confident in “mid-single digit” full-year FY2021 underlying revenue growth guidance with acceleration due to quarterly phasing of 14 TOPLINE Underlying Revenue
Slide 25: Q&A Session
Q&A SESSION Christophe Weber Andy Plump Costa Saroukos Masato Iwasaki Ramona Sequeira Julie Kim President & Chief President, Research & Chief Financial Officer Japan General Affairs President, U.S. Business President, Plasma-Derived Executive Officer Development Unit & Global Portfolio Therapies Bus
Slide 26: Appendix
APPENDIX n
Slide 27: Takeda's Disclosure Metrics
TAKEDA’S DISCLOSURE METRICS “REPORTED” “CORE” “UNDERLYING” Financial results recorded and From Reported Results, adjust for: From Core Results, further adjust for: prepared in accordance with 1. Amortization and impairment 1. Impact of foreign exchange International Financial Reporting expenses for
Slide 28: Definition of Core and Underlying Growth
DEFINITION OF CORE AND UNDERLYING GROWTH Takeda uses the concept of Underlying Growth for internal planning and performance Core Revenue represents revenue adjusted to exclude significant items unrelated to evaluation purposes. Takeda’s core operations. Underlying Growth compares two periods (fiscal
Slide 29: Definition of Free Cash Flow
DEFINITION OF FREE CASH FLOW We present Free Cash Flow because we believe that this measure is useful to investors as similar measures of liquidity are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Free Cash Flow is als
Slide 30: Definition of EBITDA/Adjusted EBITDA and Net Debt
DEFINITION OF EBITDA/ADJUSTED EBITDA AND NET DEBT EBITDA and Adjusted EBITDA We present EBITDA and Adjusted EBITDA because we believe that these measures are useful to investors as they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies
Slide 31: Growth of GI Franchise Spearheaded by Entyvio
G A ST R OENT ER OL OG Y ( G I) GROWTH OF GI FRANCHISE SPEARHEADED BY ENTYVIO GI P O RTFOL IO Approved in Japan in June 2021 FY2021 Q1 REVENUE Entyvio has a gut-selective mechanism of action, and is capturing patient share supported (BN JPY) by its unique data package demonstrating efficacy and
Slide 32: Rare Diseases Revenue in Line with Plan; HAE Expected to Recover
R A R E D ISEA SES RARE DISEASES REVENUE IN LINE WITH PLAN; HAE EXPECTED TO RECOVER RARE METABOLIC HEREDITARY ANGIOEDEMA RARE HEMATOLOGY FY 2021 Q 1 R E V E NUE FY 2021 Q 1 R E V E NUE FY 2021 Q 1 R E V E NUE (BN JPY) (BN JPY) (BN JPY) -2% -9% 60 40 +1% KALBITOR 80 50 +7% -18% FIRAZYR -6% Other +39%
Slide 33: PDT Growth Impacted by Quarterly Phasing of IGs
P L A SM A - D ER IVED T H ER A P IES PDT GROWTH IMPACTED BY QUARTERLY PHASING OF IGs; FULL-YEAR OUTLOOK UNCHANGED PDT IMMUNOLOGY PORTFOLIO FY 2021 Q 1 R E V E NUE (BN JPY) Immunoglobulin products underlying growth -7% due to quarter-on- -2% quarter fluctuations and high Q1 FY2020; we remain confi
Slide 34: Strong Oncology Portfolio Continues to Expand Indications
O NC OL OG Y STRONG ONCOLOGY PORTFOLIO CONTINUES TO EXPAND INDICATIONS ONCOLOGY PORTFOLIO FY2021 Q1 REVENUE Launched ALUNBRIG in Japan in April 2021 for first and second-line treatment of patients with unresectable, (BN JPY) advanced or recurrent ALK fusion gene-positive non-small cell lung cancer
Slide 35: Vyvanse Rebounding from COVID-19 Impact in Prior Year
N EU R OSC IENC E VYVANSE REBOUNDING FROM COVID-19 IMPACT IN PRIOR YEAR Strong growth in Q1 reflects investments made in the NEUROSCIENCE PORTFOLIO adult consumer space in late 2020, capitalizing on the FY2021 Q1 REVENUE timing and promotional sensitivity with the new adult campaign (BN JPY) The
Slide 36: FY2021 Q1 Reported Results
FY2021 Q1 (Apr-Jun) REPORTED RESULTS FY2020 FY2021 (BN JPY) Q1 Q1 vs. PY (Apr-Jun) (Apr-Jun) Revenue 801.9 949.6 +147.8 +18.4% Cost of sales -238.1 -241.3 -3.2 -1.3% Gross Profit 563.8 708.3 +144.6 +25.6% Margin 70.3% 74.6% +4.3pp SG&A expenses -202.4 -219.8 -17.5 -8.6% R&D expenses -106.8 -122.5 -1
Slide 37: FY2021 Q1 Core Results
FY2021 Q1 (Apr-Jun) CORE RESULTS1 FY2020 FY2021 (BN JPY) Q1 Q1 vs. PY (Apr-Jun) (Apr-Jun) Revenue 801.9 816.6 +1.8% Gross Margin 73.6% 72.1% -1.5pp Operating expenses -309.4 -339.8 -9.8% % of Revenue -38.6% -41.6% -3.0pp Core Operating profit 280.9 248.9 -11.4% Margin 35.0% 30.5% -4.5pp Core tax rat
Slide 38: Reconciliation from Reported Revenue to Core/Underlying Revenue
RECONCILIATION FROM REPORTED REVENUE TO CORE/UNDERLYING REVENUE FY2021 Q1 (Apr-Jun) VERSUS PRIOR YEAR FY2020 FY2021 (BN JPY) Q1 Q1 vs. PY (Apr-Jun) (Apr-Jun) Reported Revenue 801.9 949.6 +147.8 + 18.4% Sale of Japan diabetes portfolio*2 — -133.0 -133.0 -16.6pp Core Revenue 801.9 816.6 +14.7 + 1.8% F
Slide 39: Reconciliation from Reported to Core/Underlying Core FY2021 Q1
RECONCILIATION FROM REPORTED TO CORE/UNDERLYING CORE FY2021 Q1 (Apr-Jun) REPORTED TO CORE ADJUSTMENTS CORE TO UNDERLYING CORE ADJ. (Billion JPY) REPORTED Other CORE UNDERLYING Amortization of Impairment of Sale of Japan GROWTH intangible intangible operating diabetes Others FX Divestitures assets as
Slide 40: Reconciliation from Reported to Core/Underlying Core FY2020 Q1
RECONCILIATION FROM REPORTED TO CORE/UNDERLYING CORE FY2020 Q1 (Apr-Jun) REPORTED TO CORE ADJUSTMENTS CORE TO UNDERLYING CORE ADJ. (Billion JPY) REPORTED Other CORE UNDERLYING Amortization of Impairment of TEVA JV related GROWTH intangible intangible operating accounting Others FX Divestitures asset
Slide 41: Reconciliation from Reported to Core/Underlying Core FY2020
RECONCILIATION FROM REPORTED TO CORE/UNDERLYING CORE FY2020 (Apr-Mar) REPORTED TO CORE ADJUSTMENTS CORE TO UNDERLYING CORE ADJ. Amortization Other Shire Teva JV UNDERLYING (BN JPY) REPORTED & Shire CORE GROWTH operating integration purchase related TCHC Swiss Tax Others FX Divestitures impairment of
Slide 42: Free Cash Flow
FREE CASH FLOW FY2020 FY2021 (BN JPY) Q1 Q1 vs. PY (Apr-Jun) (Apr-Jun) Net profit 82.5 200.4 +117.9 +142.9 % Depreciation, amortization and impairment loss 149.0 143.0 -6.0 Decrease (increase) in trade working capital -53.4 -87.7 -34.3 Income taxes paid -51.5 -35.9 +15.6 Other 19.1 -53.0 -72.1 Net c
Slide 43: Net Debt/Adjusted EBITDA
NET DEBT/ADJUSTED EBITDA NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH FY2021 FY2020 FY2021 (BN JPY) Q1 (BN JPY) Q1 Q1 vs. PY (Jun End) (Apr-Jun) (Apr-Jun) Cash and cash equivalents*1 485.4 Net cash from operating activities 145.9 166.9 +21.0 +14.4% Acquisition of PP&E -23.1 -29.8 B
Slide 44: Net Profit to Adjusted EBITDA Bridge
NET PROFIT TO ADJUSTED EBITDA BRIDGE FY2021 Q1 (Apr-Jun) VERSUS PRIOR YEAR FY2020 FY2021 (BN JPY) Q1 Q1 vs. PY (Apr-Jun) (Apr-Jun) Net profit 82.5 200.4 +117.9 +142.9% Income tax expenses 47.8 22.6 Depreciation and amortization 141.6 142.9 Interest expense, net 30.7 29.9 EBITDA 302.6 395.9 +93.3 +30
Slide 45: Net Profit to Adjusted EBITDA LTM Bridge
NET PROFIT TO ADJUSTED EBITDA LTM BRIDGE FY2020 FY2020 FY2021 FY2021 (BN JPY) Full Year Q1 Q1 Q1 LTM*1 (Apr-Mar) (Apr-Jun) (Apr-Jun) (Jul-Jun) Net profit 376.2 82.5 200.4 494.1 Income tax expenses -9.9 47.8 22.6 -35.1 Depreciation and amortization 559.7 141.6 142.9 561.0 Interest expense, net 129.0
Slide 46: FY2021 Detailed Forecast (Unchanged from May 11)
FY2021 DETAILED FORECAST (UNCHANGED FROM MAY 11) (BN JPY) FY2020 FY2021 vs. PY Variances Actual Forecast Revenue 3,197.8 3,370.0 +172.2 +5.4% Underlying business momentum growth with additional benefit of FX and selling price of Japan diabetes portfolio (+133.0 vs. PY), partially offset by divestitu
Slide 47: FY2021 Core Operating Profit Adjustment Items & Cash Flow Forecast
FY2021 CORE OPERATING PROFIT ADJUSTMENT ITEMS & CASH FLOW FORECAST VERSUS ACTUALS CORE OPERATING PROFIT ADJUSTMENT ITEMS FY2021 FY2021 (BN JPY) Q1 Forecast (Apr-Jun) (May 11, 2021) Amortization of intangible assets 102.8 406.0 Of which Shire-acquisition related 83.1 328.0 Impairment of intangible as
Slide 48: Reconciliation from Reported to Core Operating Profit – FY2021 Forecast
RECONCILIATION FROM REPORTED OPERATING PROFIT TO CORE OPERATING PROFIT – FY2021 FORECAST (UNCHANGED FROM MAY 11) REPORTED TO CORE ADJUSTMENTS (BN JPY) REPORTED Amortization of Impairment of Other Sale of CORE intangible intangible operating Japan Others assets assets income/ diabetes expenses portfo
Slide 49: FX Rates and FY2021 Currency Sensitivity
FX RATES AND FY2021 CURRENCY SENSITIVITY Impact of 1% depreciation of yen from April 2021 to March 2022 Average Exchange Rates vs. JPY (100 million JPY) Core FY2020 FY2021 FY2021 Operating Operating Actual Actual Assumption Revenue Profit Net Profit (IFRS) (IFRS) Profit (Apr-Jun) (Apr-Jun) (Apr-Mar)
Slide 50: Continued Global and Regional Brand Expansion in FY2021
CONTINUED GLOBAL AND REGIONAL BRAND EXPANSION IN FY2021 COMPOUND EXPECTED EVENT1 FY21 Comments ADCETRIS Approval decision for CTCL in China H1 Approval decision in JP for maintenance therapy in patients with newly diagnosed Multiple NINLARO H1 ONCOLOGY Myeloma not treated with stem cell transplant S
Slide 51: Maximizing the Value of Our Global and Regional Brands
MAXIMIZING THE VALUE OF OUR GLOBAL AND REGIONAL BRANDS PHASE 1 & 2 PHASE 3 FILED NINLARO® ICLUSIG® Cabozantinib Proteasome inhibitor BCR-ABL inhibitor Exelixis ALUNBRIG® ADCETRIS® FL Ph+ ALL (US) VEGFR/RTK inhibitor ALK inhibitor Seattle Genetics Maint. ND MM post- 1L & 2L ALK+NSCLC (CN) CD30 ADC CT
Slide 52: R&D Engine Driving Wave 1 Approvals and Expansion of Brands
R&D ENGINE DRIVING WAVE 1 APPROVALS AND EXPANSION OF GLOBAL AND REGIONAL BRANDS Milestone: Potential approval Potential approval of New Molecular Entities Potential extensions to global brands Potential extensions to regional brands 1. In active discussions with the FDA. Projected approval subject t
Slide 53: FY2021 Management KPIs
FY2021 MANAGEMENT KPIs FY2021 Short-Term Incentive Metric Rationale Weight Measurement Threshold Target Maximum Underlying Revenue • Key indicator of growth, including pipeline delivery 45% Performance Goal as a % of Target 97% 100% 105% • Important measure of success within the industry STI Payout
Slide 54: Glossary of Abbreviations
GLOSSARY OF ABBREVIATIONS CTCL cutaneous T-cell lymphoma IND investigational new drug PARP poly (ADP-ribose) polymerase Regional Abbreviations: CN: China; EU: Europe; JP: Japan; US: United States of America cTTP congenital thrombotic thrombocytopenic purpura iNHL Indolent non-Hodgkin’s lymphoma PAS
Slide 55: Takeda Investor Relations
Takeda Investor Relations: takeda.ir.contact@takeda.com © 2021 Takeda Pharmaceutical Company Limited. All rights reserved
Takeda Pharmaceutical Company — Q1 FY2021 Earnings Presentation on 6ix