Revenue less expenses is a non-GAAP measure period in FY20. While some of this growth is due to which we call “net income”. This is not the net a very dififcult April-June in FY20, it also relfects an proift before tax which you may see reported increase in clients’ need for services in areas such by a corporation, because in some situations as deals and restructuring. As economies around the partnership agreements specify that certain world began to open up, we worked across the PwC expenses are for the account of the individual network to bring together teams of diverse experts partners and not for the member ifrm. An example enabled by the right technologies to provide clients is unfunded payments to retired partners. Such with innovative and imaginative solutions, and amounts are not included in expenses and are designed new products and services to meet and therefore excluded from net income. However, anticipate their changing needs. we believe this non-GAAP measure is useful in assessing the performance of the network Across our network, PwC is focused on delivering consistently over time. high quality services and products to our clients to help them build trust and deliver sustained Our performance outcomes, as they deal with the challenges and opportunities of a rapidly changing world. The “Our ifnancial performance in FY21 was Revenue regional growth numbers for the full year FY21 relfect solid, with growth in revenues across For the 12 months ending 30 June 2021, PwC the continuing effects of the COVID-19 pandemic the world of 2%. This performance ifrms around the world had gross revenues of and the consequent economic slowdowns. However, was driven by clients’ ongoing need US$45 billion (FY20 $43 billion) – up 2.0% in local as the year progressed, growth returned across all for assurance services and increasing currency and 4.9% in US dollars. This was a solid major regions and countries. demand for deals and restructuring work. result given the challenges faced by the global We invested $2.6bn in our people and our economy during the year. operations throughout the year, and as a result believe all of our businesses As a result of the pandemic and the largely remote are well positioned to take account of nature of the work undertaken during FY21, the economic resurgence in the year disbursements and expenses recharged to clients ahead - powered by our strategy, were down 34.0% on the prior year. US$45 billion The New Equation.” For the ifrst nine months of FY21 revenues Dana McIlwain, were lfat. But as we neared the end of the year For the 12 months ending 30 June 2021, PwC Chief Administrative Ofifcer demand picked up, with revenues in the April to ifrms around the world had gross revenues of June period up by 18.1% compared to the same US$45 billion.