Alphabet Inc. Class A

Alphabet Inc.
Class A GOOGL-USA
16 Apr 22 Public Information Book

Contents
Overview
05 Overview
Sales & Earnings
10 Sales & Earnings
Valuation
17 Valuation
Profitability
21 Profitability
Statement Analysis
27 Statement Analysis
M&A
31 M&A
Company Overview
33 Supply Chain
74 Event Calendar
StreetAccount
76 Japan seeks registration of global headquarters by foreign tech companies - Nikkei
77 FDA clears Fitbit's PPG algorithm to identify AFib
78 StreetAccount Summary: The Economist print edition
80 StreetAccount Summary: The Economist print edition
81 Justice Department endorses antitrust legislation targeting dominant platforms - WSJ
Transcripts
83 Alphabet, Inc.(GOOGL-US), Morgan Stanley Technology, Media and Telecom Conference, 8-March-2022 1:20 PM ET
Management & Board
97 Management and Board
Broker Research
99 Comprehensive Technical and Fundamental Analysis for GOOGL. This reports includes The Investment Rate, a
macroeconomic leading indicator, and Market Analysis. (Stock Traders Daily) 10 pages
109 Comprehensive Technical and Fundamental Analysis for GOOG. This reports includes The Investment Rate, a
macroeconomic leading indicator, and Market Analysis. (Stock Traders Daily) 10 pages
Overview
Alphabet Inc. Class A (GOOGL) $2,534.60 Next Rpt Date: 26 Apr '22 Report as of 16 Apr '22
Profile
Sector Industry Mkt Cap (B) EV (B) Sales (B)

Technology Services Internet Software/Services $1,721 $1,595 $257.5
Alphabet, Inc. is a holding company, which engages in the business of acquisition and operation of different companies. It operates
through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android,
Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube. The Other Bets segment consists of
businesses such as Access, Calico, CapitalG, GV, Verily, Waymo, and X. The company was founded by Lawrence E. Page and
Sergey Mikhaylovich Brin on October 2, 2015 and is headquartered in Mountain View, CA.
$2,534.60
YTD -12.5%
3M -9.1%
1Y 13.1%
Beta 1.31
FY1 PE 21.9x
Key Items
Trading Information Valuation 5Y Trend Current vs. Ind vs. Bmrk
Current Price $2,534.60 P/E (LTM) 22.6 0.8 1.4
52 Wk Range $2,193.62 - 3,030.93 P/E (NTM) 20.8 0.7 1.3
Avg Daily Vol (3m) 1.91 (M)
P/Sales 6.7 1.1 3.9
Short Int (% of Float) 0.7%
P/Bk 6.7 0.9 2.8
P/CF 18.6 0.9 1.8
Key Statistics EV/EBITDA 17.2 0.8 1.4
Mkt Value (B) $1,721
EV/Sales 6.1 1.0 2.9
Ent Value (B) $1,595
Basic Shares (M) 661.1 Profitability (%) 10Y Trend LTM Ind Bmrk
Dividend (Ann) $0.00 Gross Margin 56.9 54.6 26.7
Div Yld 0.0% EBITDA Margin 35.3 27.1 17.6
EBIT Margin 30.5 19.0 11.6
Estimates Net Margin 29.5 15.4 8.8

EPS (FY0) $112.20 ROE 32.1 18.0 12.1
EPS (FY1) $116.00
EPS (FY2) $136.05 Growth (%) 10Y Trend LTM Ind Bmrk
Coverage 47 Analysts Sales 41.2 19.8 11.0
Target Price $3,461.31 EBITDA 66.2 26.8 25.9
LT Growth Rate 15.9%
EBIT 91.4 37.6 44.4
Avg Rating Buy (1.10)
EPS (Dil) 91.2 40.9 68.4
© 2022 FactSet Research Systems, Inc.

Event Calendar
Upcoming Events EPS Sales

Date Time (EST) Description Actual Mean Actual Mean
26 Apr '22 - Q1 2022 Earnings Release - 25.7 - 68,123
26 Apr '22 05:00 PM Q1 2022 Earnings Call - 25.7 - 68,123
25 Jul '22 - Q2 2022 Earnings Release (Projected)

… - 27.4 - 71,932
27 Oct '22 - Q3 2022 Earnings Release (Projected)

… - 29.7 - 75,783
Past Events EPS Sales

Date Time (EST) Description Actual Mean Actual Mean
08 Mar '22 01:20 PM Morgan Stanley Technology, Media
…and Telecom Conference
01 Feb '22 05:00 PM Q4 2021 Earnings Call 30.7 27.7 75,325 72,271
26 Oct '21 04:30 PM Q3 2021 Earnings Call 28.0 23.7 65,118 63,529
14 Sep '21 05:10 PM Citi Global Technology Conference
09 Sep '21 07:50 AM Deutsche Bank Technology Conference

…
27 Jul '21 04:30 PM Q2 2021 Earnings Call 27.3 19.2 61,880 56,190
02 Jun '21 12:00 PM Annual General Meeting
01 Jun '21 11:55 AM Deutsche Bank Global Financial Services

… Conference
Enterprise Value
Fiscal Date Dec '21 Sep '21 Jun '21 Mar '21 Dec '20
Basic Market Capitalization 1,917,098.3 1,774,424.8 1,649,655.5 1,386,127.6 1,183,171.3
Diluted Market Capitalization 48,886.4 52,621.2 53,489.8 50,683.2 33,806.3
ITM Convertible Debt - - - - -
ITM Convertible Preferred - - - - -
Stock Compensation 48,886.4 52,621.2 53,489.8 50,683.2 33,806.3
Fully Diluted Market Capitalization 1,965,984.7 1,827,046.0 1,703,145.3 1,436,810.8 1,216,977.6
ST Debt Total 113.0 249.0 117.0 1,090.0 1,100.0
Net LT Debt Total 14,817.0 14,288.0 14,328.0 13,887.0 13,932.0
Total Debt 14,930.0 14,537.0 14,445.0 14,977.0 15,032.0
Market Capitalization 1,965,984.7 1,827,046.0 1,703,145.3 1,436,810.8 1,216,977.6
+ Total Debt 14,930.0 14,537.0 14,445.0 14,977.0 15,032.0
- ITM Convertible Debt - - - - -
- Cash Equivalents 139,649.0 142,003.0 135,863.0 135,104.0 136,694.0
+ Total Preferred - - - - -
- ITM Convertible Preferred - - - - -
- Invest. in Unconsold. Subs. 1,500.0 1,500.0 1,600.0 1,600.0 1,400.0
+ Non-Controlling Interest 0.0 0.0 0.0 0.0 0.0
+ Pension Liabilities - - - - -
Enterprise Value 1,839,765.7 1,698,080.0 1,580,127.3 1,315,083.8 1,093,915.6
All figures in millions of USD. Source: FactSet Equity Capital Structure, FactSet DCS, FactSet Fundamentals

Key Estimates
Earnings Dec '21 Dec '22E Dec '23E Dec '21 Mar '22E Jun '22E Sep '22E
EPS - GAAP 112.20 116.00 136.05 30.69 25.66 27.39 29.65
Growth (%) 91.4 3.4 17.3 37.6 -2.4 0.5 5.9
EPS - Non GAAP 112.20 117.23 136.75 30.69 25.84 28.25 30.32
Growth (%) 91.4 4.5 16.7 37.6 -1.7 3.6 8.3
Income Statement (B) Dec '21 Dec '22E Dec '23E Dec '21 Mar '22E Jun '22E Sep '22E
Sales 257.6 302.8 349.3 75.3 68.1 71.9 75.8
Growth (%) 41.2 17.5 15.4 32.4 23.2 16.2 16.4
EBITDA 106.5 121.9 140.9 29.3 27.5 29.6 31.4
Growth (%) 56.9 14.5 15.6 29.6 20.1 13.3 11.5
Operating Income 78.7 88.5 103.4 21.9 19.6 20.7 22.5
Growth (%) 90.9 12.5 16.9 39.8 19.4 6.9 6.8
Net Income 76.0 77.1 89.7 20.6 17.4 18.4 19.9
Growth (%) 88.8 1.3 16.4 35.6 -3.0 -0.5 5.3
Per Share Dec '21 Dec '22E Dec '23E Dec '21 Mar '22E Jun '22E Sep '22E
Dividends per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Flow per Share 135.25 157.08 182.30 36.41 38.75 36.65 39.47
Free Cash Flow per Share 98.89 122.95 147.99 27.59 30.70 26.93 33.52
Book Value per Share 374.18 444.01 533.37 379.20 389.66 402.96 417.76
Corporate Information
Management (6 of 14) Board (6 of 11)

Chief Executive Officer & Director Chairman
Sundar Pichai, 49 John LeRoy Hennessy, 69
Chief Financial Officer & Senior Vice President Chief Executive Officer & Director
Ruth M. Porat, 64 Sundar Pichai, 49
Chief Accounting Officer & Vice President Independent Director
Amie Thuener, 47 John L Doerr, 70
Vice President Independent Director
Cory R. Ondrejka Alan R. Mulally, 76
Treasurer & Vice President Director
Juan Rajlin, 46 Sergey Mikhaylovich Brin, 48
Vice President-Global Client Partnerships Director
Torrence N. Boone, 52 Lawrence E. Page, 49
1600 Amphitheatre Parkway Ellen West Fiscal Year December

Mountain View, California Investor Relations Contact Exchange NASDAQ
94043 abc.xyz ISIN US02079K3059
United States Employees (2021) 156,500 CUSIP 02079K305
SEDOL BYVY8G0

Ownership Summary
FLOAT 99.6%
Shares Out 300,755,000
Short Interest 2,011,650
INSIDER 0.4%
Inst. Ownership 79.3%
North American 64.0%
Non-North American 15.2%
Inst Ownership as % of Float 79.6%
Top 10 Inst. Holders 28.2%
NET POSITION CHANGE 1,158,485

Total (4767) 238,393,264
New (485) 1,877,790
Increase (1764) 6,784,540
Decrease (1599) -6,804,980
Soldout (141) -698,862
Top Holders - Institutions and Insiders
Institutions Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD)
The Vanguard Group, Inc. 21,731 7.2 1.2 40 55,078,900,000
BlackRock Fund Advisors 13,143 4.4 1.1 157 33,312,900,000
Fidelity Management & Research Co. LLC 12,400 4.1 2.5 -84 31,429,700,000
SSgA Funds Management, Inc. 11,253 3.7 1.4 157 28,521,300,000
T. Rowe Price Associates, Inc. (Inves... 6,964 2.3 1.7 -365 17,651,100,000
Geode Capital Management LLC 5,323 1.8 1.5 116 13,490,700,000
Wellington Management Co. LLP 4,383 1.5 1.7 -286 11,109,100,000
Northern Trust Investments, Inc.(Inve... 3,673 1.2 1.6 -10 9,309,030,000
Capital Research & Management Co. (Gl... 3,255 1.1 1.6 -515 8,249,950,000
Massachusetts Financial Services Co. 2,826 0.9 1.8 20 7,162,680,000
BlackRock Investment Management (UK) ... 2,276 0.8 1.0 -66 5,769,600,000
Morgan Stanley Smith Barney LLC (Inve... 2,142 0.7 1.3 31 5,430,310,000
Insiders Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD)
SCHMIDT ERIC E 396 0.1 11.3 380 1,004,550,000
Wellcome Trust Ltd. (Direct Investments) 150 0.0 3.7 0 380,190,000
DOERR JOHN L 146 0.0 6.9 0 369,023,000
SHRIRAM RAM KAVITARK 134 0.0 47.6 -10 339,730,000
Investmentaktiengesellschaft fur lang... 124 0.0 14.8 -0 314,815,000

Sales & Earnings
Segments Snapshot - Quarterly (B)
Dec '21 YoY % % of Sales Mar '22E YoY % 3Y Trend

Sales 75.3 32.4 100.0 68.1 23.2
Google Services 69.4 31.3 92.1 63.2 23.5
Google Advertising 61.2 71.4 81.3 54.9 37.9
> Google Properties 51.9 33.9 68.9 46.6 23.1
>> Google Search & Other Advertising 43.3 35.7 57.5 39.3 23.2
> Google Network Members' Properties 9.3 25.6 12.4 8.0 17.5
>> YouTube Advertising 8.6 25.4 11.5 7.6 25.9
Google Other 8.2 22.3 10.8 7.4 13.3
Google Cloud 5.5 44.6 7.4 5.7 42.0
Corporate Costs, Unallocated 0.2 - 0.3 0.0 -
Hedging Gains/(Losses) 0.2 - 0.3 -0.0 82.2
* Only 10 out of 14 segments shown. See all...
Estimate Growth - Quarterly
Mar '21 Mar '22E Growth (YoY%)

26.29 25.66 -2.40%
Mar '21 Mar '22E Growth (YoY%)

55.3 68.1 23.2%

EPS - Consensus Outlook - Annual & Quarterly
FY Ending Guidance # of Ests Mean Low High Std Dev 3 Mo. Rev
Dec '21 - - 112.20 - - -
Dec '22E - 47 116.00 83.95 136.53 9.31
Dec '23E - 46 136.05 94.04 166.40 11.94
Dec '24E - 20 155.83 131.47 184.79 12.77
Latest 12 Mo. - - 25.66 19.67 29.57 -
Next 12 Mo. - - 121.71 86.83 145.04 -
FQ Ending Guidance # of Ests Mean Low High Std Dev 3 Mo. Rev
Dec '21 - - 30.69 - - -
Mar '22E - 40 25.66 19.67 29.57 2.13
Jun '22E - 38 27.39 16.01 32.63 2.90
Sep '22E - 38 29.65 20.95 35.29 2.39
Dec '22E - 37 33.19 23.06 37.34 2.56
Mar '23E - 12 29.77 21.90 34.15 3.22
Jun '23E - 12 31.19 23.30 34.69 3.28
Sep '23E - 12 33.71 23.53 37.92 3.63
Dec '23E - 11 37.50 25.31 42.62 4.46
Segments LT Estimates - Annual (B)
Actuals 10Y Trend Dec '21 Dec '22E Dec '23E Dec '24E Dec '25E
Sales 257.6 302.8 349.3 401.7 466.0
Google Services 237.5 279.9 318.5 359.7 410.3
Google Other 28.0 31.5 35.5 39.9 50.8
Google Cloud 19.2 26.6 35.5 44.5 50.3
Growth (%) 10Y Trend Dec '21 Dec '22E Dec '23E Dec '24E Dec '25E
Sales 41.2 17.5 15.4 15.0 16.0
Google Services 40.9 17.8 13.8 12.9 14.1
Google Other 29.1 12.5 12.6 12.5 27.1
Google Cloud 47.1 38.3 33.7 25.1 13.2

Estimate Table
Sales (B)
FY Ending Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22E Dec '23E Dec '24E
Q1 (Mar) 16.5 20.1 31.1 36.3 41.2 55.3 68.1 78.8 90.9
Q2 (Jun) 17.5 20.9 32.7 38.9 38.3 61.9 71.9 82.9 95.2
Q3 (Sep) 18.3 22.3 33.7 40.5 46.2 65.1 75.8 86.3 98.0
Q4 (Dec) 21.2 25.9 39.3 46.1 56.9 75.3 86.7 98.3 113.9
Fiscal Year 73.5 89.2 136.8 161.9 182.5 257.6 302.8 349.3 401.7
EV/Sales (x) 6.4 7.2 4.6 5.1 6.0 7.2 5.3 4.6 4.0
CY Ending Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22E Dec '23E Dec '24E
Cal. Year 73.5 89.2 136.8 161.9 182.5 257.6 302.8 349.3 401.7
EV/Sales (x) 6.4 7.2 4.6 5.1 6.0 7.2 5.3 4.6 4.0
Growth (YoY%)
Q1 (Mar) 18.4 22.2 54.8 16.7 13.3 34.4 23.2 15.7 15.4
Q2 (Jun) 22.1 19.4 56.1 19.3 -1.7 61.6 16.2 15.3 14.9
Q3 (Sep) 20.9 21.9 51.5 20.0 14.0 41.0 16.4 13.9 13.6
Q4 (Dec) 22.8 22.0 51.8 17.3 23.5 32.4 15.1 13.4 15.8
Fiscal Year 21.2 21.4 53.4 18.3 12.8 41.2 17.5 15.4 15.0
Cal. Year 21.2 21.4 53.4 18.3 12.8 41.2 17.5 15.4 15.0
Sales - Consensus Trend - Annual (B)

Sales - Broker Detail - Mar '22E (B)
Consensus Guidance # of Brokers

68.1 - 34
Top 16 Brokers Research Estimate Bottom 16 Brokers Research Estimate

Monness, Crespi, Hardt 04/06/2022 72.3 Restricted 03/17/2022 67.8
MoffettNathanson Research
… 02/02/2022 70.7 Restricted 02/02/2022 67.1
Guggenheim Securities 02/11/2022 69.9 Canaccord Genuity 02/02/2022 67.1
Cowen & Company 04/13/2022 69.9 Wolfe Research 04/07/2022 66.9
Wedbush Securities 03/07/2022 69.8 Elazar Advisors 02/11/2022 66.7
Restricted 02/02/2022 69.6 Global Equities Research 04/11/2022 66.4
Piper Sandler Companies 04/12/2022 69.5 China Renaissance Securities
… 02/02/2022
(US) 66.4
Atlantic Equities 02/02/2022 69.4 KeyBanc Capital Markets 02/02/2022 66.3
William Blair 03/07/2022 69.2 Restricted 04/13/2022 66.2
RBC Capital Markets 03/01/2022 69.2 Loop Capital Markets 01/28/2022 66.0
JMP Securities 02/02/2022 69.1 Jefferies 02/02/2022 65.9
Daiwa Securities Co. Ltd. 02/03/2022 69.0 BMO Capital Markets 02/02/2022 65.9
Stifel Nicolaus 02/02/2022 69.0 Needham 02/02/2022 65.6
Evercore ISI 04/12/2022 68.6 Truist Securities 03/07/2022 65.4
Raymond James 02/02/2022 68.6 Restricted - -
Mizuho Securities USA 02/02/2022 68.5 Bernstein Research - -
* Only 32 of the 34 brokers are shown in this report. See all...
Sales - Broker Revisions - Mar '22E (B)
Consensus Guidance 1M Revision 1W Revision

68.1 - -0.1% -0.1%

Estimate Table
EPS
Q1 (Mar) 7.50 7.73 13.33 9.50 9.87 26.29 25.66 29.77 34.38
Q2 (Jun) 8.42 5.01 11.75 14.21 10.13 27.26 27.39 31.19 36.84
Q3 (Sep) 9.06 9.57 13.06 10.12 16.40 27.99 29.65 33.71 41.47
Q4 (Dec) 7.56 9.70 12.77 15.35 22.30 30.69 33.19 37.50 46.51
Fiscal Year 34.73 35.90 43.70 49.16 58.61 112.20 116.00 136.05 155.83
P/E (x) 22.8 29.3 23.9 27.2 29.9 25.8 21.9 18.6 16.3
Cal. Year 34.73 35.90 43.70 49.16 58.61 112.20 116.00 136.05 155.83
P/E (x) 22.8 29.3 23.9 27.2 29.9 25.8 21.9 18.6 16.3
Growth (YoY%)
Q1 (Mar) 14.2 3.1 72.4 -28.7 3.9 166.4 -2.4 16.0 15.5
Q2 (Jun) 20.5 -40.5 134.5 20.9 -28.7 169.1 0.5 13.9 18.1
Q3 (Sep) 23.3 5.6 36.5 -22.5 62.1 70.7 5.9 13.7 23.0
Q4 (Dec) -12.8 28.3 31.6 20.2 45.3 37.6 8.1 13.0 24.0
Fiscal Year 17.4 3.4 21.7 12.5 19.2 91.4 3.4 17.3 14.5
Cal. Year 17.4 3.4 21.7 12.5 19.2 91.4 3.4 17.3 14.5
EPS - Consensus Trend - Annual

EPS - Broker Detail - Mar '22E
Consensus Guidance # of Brokers

25.66 - 40
Top 16 Brokers Research Estimate Bottom 16 Brokers Research Estimate

Restricted 02/02/2022 29.57 Loop Capital Markets 01/28/2022 24.60
Evercore ISI 04/12/2022 29.52 China Renaissance Securities
… 02/02/2022
(US) 24.44
Mizuho Securities USA 02/02/2022 29.32 Wolfe Research 04/07/2022 24.26
Monness, Crespi, Hardt 04/08/2022 29.11 Canaccord Genuity 02/02/2022 24.10
MoffettNathanson Research
… 02/02/2022 28.98 Needham 02/02/2022 24.10
Cowen & Company 04/13/2022 28.25 Truist Securities 02/02/2022 23.48
Susquehanna Financial Group
… 02/02/2022 28.00 BMO Capital Markets 02/02/2022 23.46
Restricted 04/13/2022 27.55 Restricted 02/02/2022 23.34
Stifel Nicolaus 02/02/2022 27.49 Restricted 04/07/2022 22.95
Daiwa Securities Co. Ltd. 02/03/2022 27.07 KeyBanc Capital Markets 03/22/2022 22.90
William Blair 03/07/2022 26.64 Global Equities Research 04/11/2022 19.67
Piper Sandler Companies 02/02/2022 26.54 Restricted - -
Elazar Advisors 02/11/2022 26.34 Restricted - -
Wedbush Securities 03/07/2022 26.25 Restricted - -
Cleveland Research Company
… 03/09/2022 26.17 Restricted - -
Restricted 02/02/2022 26.03 Bernstein Research - -
* Only 32 of the 40 brokers are shown in this report. See all...
EPS - Broker Revisions - Mar '22E
Consensus Guidance 1M Revision 1W Revision

25.66 - -1.7% -0.7%

Valuation
Valuation Summary
Valuation 5Y Trend Current 5Y High 5Y Low 5Y Avg vs. Ind vs. Bmrk
P/E LTM 22.6 65.5 20.5 35.1 0.8 1.1
P/E NTM 20.8 32.9 18.4 25.7 0.7 1.1
P/Sales 6.7 10.1 4.4 6.9 1.1 2.7
P/Sales NTM 5.3 7.8 3.5 5.7 1.0 2.3
P/Bk 6.7 8.5 3.4 5.4 0.9 1.7
P/Bk NTM 5.4 6.7 2.8 4.4 0.9 1.5
P/CF 18.6 27.3 12.9 19.7 0.9 1.3
P/CF NTM 15.4 22.2 13.1 18.4 0.8 1.1
EV/EBITDA 17.2 29.2 12.5 19.7 0.8 1.1
EV/EBITDA NTM 12.0 16.9 8.5 12.7 0.7 0.9
EV/Sales 6.1 9.4 3.7 6.1 1.0 2.0
EV/Sales NTM 4.9 6.9 3.0 5.1 0.9 1.8
Valuation Peers Analysis
Alphabet A Microsoft Apple Yandex A Baidu A Zoom Video Communications

(GOOGL) (MSFT) (AAPL) (YNDX) (9888-HK) A (ZM)
P/E LTM 22.6 29.8 27.4 - 30.4 24.5
P/E NTM 20.8 26.7 26.0 - 15.9 29.8
PEG NTM 1.3 1.9 2.1 - - 2.0
P/Sales 6.7 11.4 7.2 208.6 2.5 8.2
P/Bk 6.7 13.1 37.5 289.9 1.4 5.7
P/CF 18.6 25.2 24.3 7,909.7 15.1 20.8
EV/EBITDA 17.2 22.4 21.4 2,585.1 13.4 23.1
EV/Sales 6.1 11.1 7.3 206.4 1.8 6.7
Div Yld 0.0 0.9 0.5 0.0 0.0 0.0

Price to Earnings
Price to Earnings - NTM

Valuation Multiples
Financial Valuation Ratios Dec '20A Dec '21A Dec '22E Dec '23E Dec '24E Dec '25E
EV/Sales 8.75 6.20 5.27 4.57 3.97 3.42
EV/EBITDA 29.14 17.53 13.08 11.32 9.77 8.42
EV/EBIT 38.86 20.30 18.02 15.42 13.10 11.19
EBITDA/Interest Expense 405.51 263.02 60.96 70.44 77.71 -
EBIT/Interest Expense 304.05 227.07 44.26 51.72 57.98 -
EBITDA-CapEx/Interest Expense 240.47 191.81 45.69 54.23 60.74 -
Total Debt/EBITDA 0.51 0.31 - - - -
Total Debt/EV 0.02 0.02 0.01 0.01 0.01 -
Price to Earnings 43.24 22.59 21.85 18.63 16.27 13.62
Financial Summary Dec '20A Dec '21A Dec '22E Dec '23E Dec '24E Dec '25E
Revenue 182.35 257.49 302.83 349.34 401.74 465.95
Gross Income 97.62 146.55 169.61 195.73 223.52 256.73
EBITDA 54,744.0 91,006.0 121,925.0 140,887.2 163,200.7 189,476.6
EBIT 41.05 78.57 88.52 103.44 121.76 142.50
Net Income 40,269.0 76,033.0 77,054.4 89,668.1 103,239.7 125,911.9

Profitability
Profitability Ratios
Profitability (%) 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21
Gross Margin 60.8 58.9 56.5 55.5 53.5 56.9
Operating Margin 25.8 26.2 23.0 22.0 22.5 30.5
Pretax Margin 26.9 24.5 25.5 24.6 26.4 35.2
Net Margin 21.7 11.4 22.4 21.3 22.1 29.5
ROA 12.4 6.9 14.3 13.5 13.5 22.4
ROE 15.0 8.7 18.6 18.1 19.0 32.1
ROTC 17.3 19.4 18.7 17.8 17.5 29.6
ROIC 14.7 8.5 18.2 17.3 17.4 28.9
Efficiency 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21
Revenue/Employee (000) 1,245 1,386 1,387 1,357 1,348 1,645
Net Income/Employee (000) 270.3 158.1 311.2 288.8 297.6 485.8
Receivables Turnover (x) 6.4 6.7 6.9 6.6 6.2 7.2
Days of Sales Outstanding 57.2 54.1 53.2 55.0 58.9 50.8
Inventory Turnover (x) 262.2 89.6 64.2 68.3 98.1 116.9
Days of Inventory on Hand 1.4 4.1 5.7 5.3 3.7 3.1
Payables Turnover (x) 17.8 17.8 15.9 14.4 15.2 19.2
Days of Payables Outstanding 20.5 20.5 22.9 25.3 24.1 19.0
Total Asset Turnover (x) 0.5 0.6 0.6 0.6 0.6 0.7
Working Capital Turnover (x) 1.0 1.1 1.4 1.5 1.6 2.1
Profitability Peer Analysis - Annual
Alphabet A Microsoft Apple Yandex A Baidu A Zoom Video

(GOOGL) (MSFT) (AAPL) (YNDX) (9888-HK) Communications A (ZM)
Gross Margin (%) 56.9 68.9 41.8 52.6 48.3 74.3
Operating Margin (%) 30.5 41.6 29.8 7.4 8.4 27.6
Net Margin (%) 29.5 36.5 25.9 11.7 7.9 33.5
ROA (%) 22.4 19.3 28.1 6.0 2.8 21.4
ROE (%) 32.1 47.1 147.4 9.3 5.0 28.5
Revenue/Employee (000) 1,645 928.7 2,375 254.4 3,298 604.1
Receivables Turnover (x) 7.2 4.8 8.2 6.5 9.4 11.5
Inventory Turnover (x) 116.9 23.1 40.0 36.6 54.6 -
Payables Turnover (x) 19.2 3.8 4.4 3.9 19.8 127.8

Credit Ratios
Liquidity Analysis 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21
Current Ratio 6.29 5.14 3.92 3.37 3.07 2.93
Quick Ratio 6.27 5.11 3.89 3.35 3.05 2.91
Cash Ratio 5.15 4.21 3.15 2.65 2.41 2.17
Credit Analysis 10Y Trend Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21
Interest Coverage (EBITDA) 236.5 330.0 355.8 472.5 405.5 263.0
Interest Coverage (EBIT) 186.9 185.0 153.1 132.9 116.3 154.4
Fixed Chg Coverage 186.9 185.0 153.1 132.9 116.3 154.4
CFO/Int Exp 290.6 340.3 420.8 545.2 482.4 264.9
Total Debt/EBITDA 0.1 0.1 0.1 0.1 0.3 0.2
Net Debt/EBITDA -2.8 -2.7 -2.6 -2.2 -2.0 -1.2
Net Debt/(EBITDA-CapEx) -4.3 -4.3 -6.8 -4.4 -3.4 -1.7
LT Debt/EBITDA 0.1 0.1 0.1 0.3 0.5 0.3
Total Debt/Total Equity 2.8 2.6 2.3 7.9 12.5 11.3
Total Debt/Total Capital 2.8 2.5 2.2 7.3 11.1 10.2
Total Debt/Total Assets 2.3 2.0 1.7 5.8 8.7 7.9
Net Debt/FFO -2.5 -3.5 -2.4 -1.9 -1.7 -1.2
LT Debt/FFO 0.1 0.1 0.1 0.3 0.4 0.3
FCF/Total Debt 6.6 6.0 5.7 1.9 1.5 2.4
CFO/Total Debt 9.2 9.3 12.0 3.4 2.3 3.2
Altman Z-Score (Original) - Annual (M)

Dec '17 Dec '18 Dec '19 Dec '20 Dec '21
(Working Capital 100,125.0 101,056.0 107,357.0 117,462.0 123,889.0
/ Total Assets) 197,295.0 232,792.0 275,909.0 319,616.0 359,268.0
= 1.2 * X1 0.6090 0.5209 0.4669 0.4410 0.4138
+ (Retained Earnings 113,247.0 134,885.0 152,122.0 163,401.0 191,484.0
/ Total Assets) 197,295.0 232,792.0 275,909.0 319,616.0 359,268.0
= 1.4 * X2 0.8036 0.8112 0.7719 0.7157 0.7462
+ (EBIT 29,051.0 31,531.0 35,473.0 41,047.0 78,565.0
/ Total Assets) 197,295.0 232,792.0 275,909.0 319,616.0 359,268.0
= 3.3 * X3 0.4859 0.4470 0.4243 0.4238 0.7216
+ (Market Value of Equity 729,583.0 723,210.0 921,138.0 1,185,150.0 1,920,260.0
/ Total Liabilities) 44,793.0 55,164.0 74,467.0 97,072.0 107,633.0
= 0.6 * X4 9.7727 7.8661 7.4219 7.3254 10.7045
+ (Revenue 111,024.0 136,958.0 161,402.0 182,350.0 257,488.0
/ Total Assets) 197,295.0 232,792.0 275,909.0 319,616.0 359,268.0
= 0.999 * X5 0.5622 0.5877 0.5844 0.5700 0.7160
Z-Score 12.23 10.23 9.67 9.48 13.30

Debt Capital Structure Summary
EBITDA (31 Dec '21) EBITDA (30 Sep '21)

91,006.00LTM 85,262.00LTM
31 Dec '21 /EBITDA 30 Sep '21 /EBITDA

ST Debt Total 113.00 0.00 249.00 0.00
Current Portion of LTD 113.00 - 249.00 -
Revolving Credit 0.00 0.00 0.00 0.00
Term Loans 0.00 0.00 0.00 0.00
Notes/Bonds 13,000.00 0.14 13,000.00 0.15
Senior Unsec. 13,000.00 - 13,000.00 -
Other 1,930.00 0.02 1,537.00 0.02
Adjustments -156.00 - -159.00 -
Capital Leases 2,086.00 - 1,696.00 -
LT Debt Total 14,930.00 0.16 14,537.00 0.17
Current Portion of LTD -113.00 - -249.00 -
Net LT Debt Total 14,817.00 0.16 14,288.00 0.17
Total Debt 14,930.00 0.16 14,537.00 0.17
Debt Seniority Breakdown - Annual (M)

Credit Peer Analysis - Annual

Interest Coverage (EBIT) 154.4 29.8 41.2 6.8 3.1 -
Fixed Chg Coverage 154.4 29.8 41.2 6.8 3.1 -
CFO/Int Exp 264.9 32.7 39.3 13.7 5.9 -
Total Debt/EBITDA 0.2 0.9 1.0 1.9 5.2 0.0
Net Debt/EBITDA -1.2 -0.6 0.6 -3.0 -5.9 -4.4
LT Debt/EBITDA 0.3 0.9 1.0 2.2 4.7 0.1
Total Debt/Total Equity 11.3 57.9 216.4 32.2 44.8 1.8
Total Debt/Total Capital 10.2 36.7 68.4 24.4 30.9 1.8
Total Debt/Total Assets 7.9 24.7 38.9 20.4 24.9 1.4
DuPont Analysis - Annual
Dec '14 Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 LTM
Asset Turnover 0.54 0.53 0.57 0.61 0.64 0.63 0.61 0.76 0.76
x Operating Margin 25.4 24.4 25.8 26.2 23.0 22.0 22.5 30.5 30.5
x Interest Burden 1.03 1.09 1.04 0.94 1.11 1.12 1.17 1.15 1.15
x Tax Burden 0.81 0.81 0.81 0.47 0.88 0.87 0.84 0.84 0.84
= ROA 11.5 11.4 12.4 6.9 14.3 13.5 13.5 22.4 22.4
x Equity Leverage 1.26 1.24 1.21 1.25 1.30 1.34 1.40 1.43 1.43
= ROE 14.5 14.1 15.0 8.7 18.6 18.1 19.0 32.1 32.1
x Earnings Retention 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
= Reinvestment Rate 14.5 14.1 15.0 8.7 18.6 18.1 19.0 32.1 32.1

DuPont Peer Analysis - Annual

Asset Turnover 0.8 0.5 1.1 0.5 0.3 0.6
x Operating Margin 30.5 41.6 29.8 7.4 8.4 27.6
x Interest Burden 1.2 1.0 1.0 2.4 1.1 1.0
x Tax Burden 0.8 0.9 0.9 0.6 0.8 1.2
= ROA 22.4 19.3 28.1 6.0 2.8 21.4
x Equity Leverage 1.4 2.4 5.3 1.5 1.8 1.3
= ROE 32.1 47.1 147.4 9.3 5.0 28.5
x Earnings Retention 100.0 72.2 84.9 100.0 100.0 100.0
= Reinvestment Rate 32.1 34.4 124.9 9.3 5.0 28.5

Statement Analysis
Financial Statement
Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 10Y Trend 5Y CAGR 10Y CAGR
Sales/Revenues 111.0 137.0 161.4 182.4 257.5 23.5% 21.1%
COGS incl. D&A 45.6 59.5 71.9 84.7 110.9 25.9% 23.7%
Gross Inc 65.4 77.4 89.5 97.6 146.5 21.8% 19.5%
SG&A 36.4 45.9 54.0 56.6 68.0 16.7% 18.5%
Other Oper Expense 0.0 0.0 0.0 0.0 0.0 - -
EBIT(Operating Income) 29.1 31.5 35.5 41.0 78.6 27.7% 20.5%
Nonop Inc (Exp) - Net 1.1 4.4 3.1 2.0 2.1 7.5% 6.6%
Interest Expense 0.1 0.1 0.1 0.1 0.3 22.8% 19.6%
Unusual Exp (Inc) - Net 2.9 0.9 -1.2 -5.2 -10.4 - -
Pretax Income 27.2 34.9 39.6 48.1 90.7 30.3% 22.1%
Income Taxes 14.5 4.2 5.3 7.8 14.7 25.8% 19.0%
Minority Interest 0.0 0.0 0.0 0.0 0.0 - -
Net Income 12.7 30.7 34.3 40.3 76.0 31.3% 22.8%
EPS (recurring) 20.842 44.599 47.964 53.357 101.456 29.1% 20.4%
EPS (diluted) 17.996 43.704 49.163 58.613 112.197 32.1% 22.4%
EBITDA 36.0 40.6 47.3 54.7 91.0 25.4% 20.5%
Income Statement Growth - Annual

GOOGL Ind

Financial Statement
Curr Assets 124.3 135.7 152.6 174.3 188.1 12.3% 13.6%
Cash & ST Inv 101.9 109.1 119.7 136.7 139.6 10.1% 12.1%
Accounts Receivable 18.7 21.2 27.5 31.4 40.3 23.1% 20.6%
Inventories 0.7 1.1 1.0 0.7 1.2 34.3% -
Other Current Assets 3.0 4.2 4.4 5.5 7.1 9.0% 13.7%
Curr Liabilities 24.2 34.6 45.2 56.8 64.3 30.8% 21.8%
STD & Curr Port LT Debt 0.0 0.0 1.2 2.8 2.3 - 6.6%
Accounts Payable 3.1 4.4 5.6 5.6 6.0 24.2% 26.2%
Income Tax Payable 0.9 0.1 0.3 1.5 0.8 7.8% 15.2%
Other Current Liabilities 20.2 30.2 38.2 47.0 55.1 31.2% 23.1%
Total Debt 4.0 4.0 16.0 27.9 28.5 48.6% 21.1%
Total Assets 197.3 232.8 275.9 319.6 359.3 16.5% 17.3%
Total Liabilities 44.8 55.2 74.5 97.1 107.6 30.5% 22.3%
Shrhldrs Equity 152.5 177.6 201.4 222.5 251.6 12.6% 15.8%
BVPS 219.496 255.376 292.651 329.586 380.044 13.6% 15.5%
Use of Cash
Cash and Liabilities Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21
Cash and Short Term Investments 86.3 101.9 109.1 119.7 136.7 139.6
Share Repurchase -3.7 -4.8 -9.1 -18.4 -31.1 -50.3
Dividends 0.0 0.0 0.0 0.0 0.0 0.0
Debt Servicing -10.2 -4.5 -6.9 -0.7 -2.2 -21.8
Net Change in Reporting Period Cash (FX adjusted) -3.6 -2.2 6.0 1.8 8.0 -5.5
Cash Flow Increases/Decreases 1.7 2.4 15.5 20.6 29.6 46.6
Cash Received (Paid) from Debt Activity -1.5 -0.2 -0.2 -0.4 9.5 -1.6
Dividends Paid 0.0 0.0 0.0 0.0 0.0 0.0
Cash Received (Paid) from Change in Equity -3.7 -4.8 -9.1 -18.4 -31.1 -50.3

Financial Statement
Net Income 12,662 30,736 34,343 40,269 76,033 31.3% 22.8%
Deprec & Amort 6,915 9,035 11,781 13,697 12,441 15.2% 21.0%
Other Funds 8,010 2,514 7,404 7,941 2,893 -16.6% 3.7%
Changes in Wk Cap 9,246 4,908 819 1,827 -1,523 - -
Operating Cash Flow 37,091 47,971 54,520 65,124 91,652 20.5% 20.2%
Cap Ex -13,184 -25,139 -23,548 -22,281 -24,640 - -
Other Investing, Total -18,217 -3,365 -5,943 -10,492 -10,883 - -
Investing Cash Flow -31,401 -28,504 -29,491 -32,773 -35,523 - -
Free Cash Flow 23,907 22,832 30,972 42,843 67,012 21.0% 19.7%
FCF/Share 33.979 32.465 44.337 62.360 98.885 21.8% 19.2%
FCF Yield (%) 3.2 3.1 3.3 3.6 3.4 -6.1% -4.2%
% of Net Income 188.8 74.3 90.2 106.4 88.1 -7.8% -2.6%
Cash Divs Pd 0 0 0 0 0 - -
Change in Capital Stock -4,846 -9,075 -18,396 -31,149 -50,274 - -
Iss/Red Debt -86 -61 -268 9,661 -1,236 - -
Financing Cash Flow -8,298 -13,179 -23,209 -24,408 -61,362 - -
Net Change in Cash -2,203 5,986 1,797 7,967 -5,520 - -

M&A
Takeover Defense
Bullet Proof Rating
1.75
0 10
Strengths Weaknesses
The ability of shareholders to call special meetings is limited to 20% Annually elected directors
shareholders
Directors may be removed with or without cause
No action can be taken without a meeting by written consent No poison pill in force
All vacancies on board are filled by remaining directors, including
vacancies as a result of removal or an enlargement of the board
Board is authorized to adopt, amend or repeal bylaws without
shareholder approval
Locked-in charter (66.67%) provisions
Cumulative voting is prohibited
More
State Takeover Laws
Statute Source Covered

Assumption of Labor Contracts Section 706 of Title 19 of the Delaware Code Yes
Freezeout Provision (3 Year) Section 203 of the Delaware General Corporation Law Yes
Yes
Takeover Defense Peer Analysis
Baidu A Zoom Video

Alphabet A Microsoft Apple Yandex A (9888- Communications A
(GOOGL) (MSFT) (AAPL) (YNDX) HK) (ZM)
Bullet Proof Rating 1.8 1.2 0.0 - 1.8 5.5
Classified Board No No No - No Yes
S'holders Can't Call Meetings No No No - No Yes
No Action By Written Consent Yes Yes No - Yes Yes
Fair Price Provision No No No - No No
Supermajority for Mergers No No No - Yes No
Directors Removed w/ Cause No No No - No Yes
Supermajority to Remove No No No - No Yes
Poison Pill In Force No No No - No No

Company Overview
Alphabet Inc. Class A (GOOGL) Data as of: 16 Apr '22
$2534.60 Next Report Date: 26 Apr '22
Relationship Overview
Top 10 Relationships (out of 1471)
Relationship Disclosures/ 3M Price

Rel Type Rel Rank Company Ctry Industry Value ($) Mkt Cap ($) Source Correlation Key Risks Key Events
Supplier,Custo 1 Activision USA Games 1,497 61,638 Multiple -0.14 - -
mer,Partner Blizzard Software
Supplier,Custo 2 Zynga A USA Games 1,288 10,167 Reverse 0.64 1 -
mer,Partner Software
Supplier,Custo 3 IAC/Interactive USA Consumer Data 740 8,613 Reverse 0.28 - 1
mer,Partner and Services
Supplier,Custo 4 Roblox A USA Games 365 25,076 Reverse 0.35 - -
Supplier,Partner 5 NVIDIA USA Specialized - 533,576 Reverse 0.85 - -
Semiconductors
Supplier,Custo 6 Atlassian A AUS Design and - 67,263 Multiple 0.64 - -
mer,Partner Engineering
Software
Customer 7 Equifax USA Administrative - 26,595 Mutual 0.70 - 1
Services
Supplier,Custo 8 JFrog USA Design and - 2,494 Reverse 0.67 - -
Software
Supplier,Custo 9 Warner Bros. USA Entertainment - 60,374 Multiple 0.30 - -
mer Discovery A and
Programming
Providers
Customer 10 Unity Software USA Marketing and - 26,213 Mutual 0.51 - -
Advertising
Services
Millions, Sources: FactSet Revere, FactSet Fundamentals, FactSet Prices, FactSet Mergerstat, FactSet Estimates, and the World Bank
All Relationships (1471)
Relationship Disclosures/ 3M Price

Rel Type Rel Rank Company Ctry Industry Value ($) Mkt Cap ($) Source Correlation Key Risks Key Events
Supplier,Custo 1 Activision USA Games 1,497 61,638 Multiple -0.14 - -
mer,Partner Blizzard Software
Supplier,Custo 2 Zynga A USA Games 1,288 10,167 Reverse 0.64 1 -
Supplier,Custo 3 IAC/Interactive USA Consumer Data 740 8,613 Reverse 0.28 - 1
Supplier,Custo 4 Roblox A USA Games 365 25,076 Reverse 0.35 - -
Supplier,Partner 5 NVIDIA USA Specialized - 533,576 Reverse 0.85 - -
Semiconductors
Supplier,Custo 6 Atlassian A AUS Design and - 67,263 Multiple 0.64 - -
Software
Customer 7 Equifax USA Administrative - 26,595 Mutual 0.70 - 1
Services
Supplier,Custo 8 JFrog USA Design and - 2,494 Reverse 0.67 - -
Software
Supplier,Custo 9 Warner Bros. USA Entertainment - 60,374 Multiple 0.30 - -
mer Discovery A and
Programming
Providers
Customer 10 Unity Software USA Marketing and - 26,213 Mutual 0.51 - -
Advertising
Services
Supplier,Custo 11 ZoomInfo USA Enterprise - 22,187 Reverse 0.51 - -
mer,Partner Technologies Management
Software
Supplier,Custo 12 Warner Music USA Entertainment 583 18,353 Reverse 0.54 - -
mer,Partner Grp A and
Programming
Providers
Supplier,Custo 13 Inuvo USA Enterprise 20 54 Reverse 0.34 - -
mer,Partner Management
Software
Customer,Partn 14 Salesforce USA Enterprise - 187,516 Multiple 0.65 - -
er Management
Software
Supplier,Partner 15 Intel USA Processor - 185,968 Direct 0.47 - -
Semiconductors
Customer,Partn 16 Snap A USA Home and - 53,910 Reverse 0.42 - 1
er Office Software
Supplier,Custo 17 AppLovin A USA Games - 18,400 Reverse 0.37 - -
Customer,Partn 18 RingCentral A USA IT Infrastructure - 10,069 Reverse 0.30 - -
er Software
Supplier,Custo 19 Workiva A USA Enterprise - 5,634 Reverse 0.66 - -
mer Management
Software
Customer,Partn 20 BlackLine USA Enterprise - 4,126 Reverse 0.44 - -
er Management
Software
Supplier,Custo 21 LiveRamp USA Enterprise - 2,453 Reverse 0.32 - -
mer Holdings Management
Software
Customer,Partn 22 8x8 USA Home and - 1,300 Reverse 0.38 - -
er Office Software
Customer,Partn 23 Avaya Hldgs USA Home and - 998 Reverse 0.27 - -
er Office Software
Supply Chain Report © 2022 FactSet Research Systems Inc. | 1 of 41

Supplier,Custo 24 Glu Mobile Inc. USA Games 178 - Reverse - - -
Supplier,Custo 25 Opera ADR NOR Home and 115 620 Reverse 0.45 - -
mer,Partner Office Software
Supplier,Custo 26 gumi JPN Games 35 150 Reverse 0.60 - -
Supplier,Custo 27 CyberStep JPN Games 27 24 Reverse 0.55 - 1
Supplier,Custo 28 GMO Media JPN Web-Based 11 25 Reverse 0.26 - -
mer,Partner Data and
Services
Supplier,Custo 29 CAVE JPN Games 5 35 Reverse 0.31 - 1
mer,Partner Interactive Software
Supplier,Custo 30 Zedge Inc B USA Home and 5 89 Reverse 0.36 - -
Customer 31 Broadcom USA Analog and - 234,292 Mutual 0.70 - -
Mixed Signal
Semiconductors
Customer,Partn 32 Accenture A IRL Information - 202,353 Multiple 0.64 - 1
er Technology
Consulting
Customer,Partn 33 United Parcel USA Express - 163,785 Multiple 0.66 - -
er Service B Couriers
Supplier,Partner 34 Equinix USA Equity REITs - 66,702 Reverse 0.27 - -
Customer 35 Spotify LUX Web-Based - 26,254 Mutual 0.34 - -
Technology Data and
Services
Customer 36 Etsy USA Department - 14,709 Mutual 0.29 - -
Stores
Supplier,Partner 37 F5 USA IT Infrastructure - 12,119 Reverse 0.34 - -
Software
Supplier,Custo 38 Asana A USA Enterprise - 6,356 Reverse 0.16 - -
mer,Partner Management
Software
Supplier,Partner 39 Synaptics USA Analog and - 6,041 Reverse 0.40 - -
Mixed Signal
Semiconductors
Customer,Partn 40 Jamf Holding USA Enterprise - 4,048 Reverse 0.68 - -
er Management
Software
Supplier,Partner 41 CommVault USA IT Infrastructure - 2,854 Reverse 0.58 - -
Systems Software
Supplier,Partner 42 Integral Ad USA Entertainment - 2,153 Reverse 0.22 - -
Science and
Holding Programming
Providers
Customer 43 Schrodinger USA Healthcare - 2,118 Mutual 0.34 - -
Administrative
Support
Services
Supplier,Partner 44 PubMatic A USA Entertainment - 1,267 Reverse 0.53 - -
and
Programming
Providers
Customer,Partn 45 ChannelAdvisor USA Internet Hosting - 457 Reverse 0.27 - -
er Services
Supplier,Custo 46 Meet Group Inc USA Web-Based - - Reverse - - -
mer Data and
Services
Supplier,Custo 47 Mynet JPN Games 13 37 Reverse 0.47 - -
Supplier,Partner 48 C4 USA Outsourced 11 436 Reverse 0.57 - -
Therapeutics Drug Services
Supplier,Custo 49 enish JPN Games 6 36 Reverse 0.34 - -
Supplier,Custo 50 L'Oreal FRA General - 208,552 Multiple 0.42 - 1
mer Personal Care
and Cleaning
Products
Makers
Customer 51 AT&T USA Other United - 141,932 Mutual -0.08 - 1
States
Telecommunica
tions Services
Customer,Partn 52 Ford Motor USA Consumer - 62,211 Multiple 0.23 - -
er Vehicle
Manufacturing
Customer 53 Twitter USA Web-Based - 36,093 Direct 0.22 - 2
Data and
Services
Customer,Partn 54 DocuSign USA Packaged - 19,793 Reverse 0.40 - -
er Software
Customer,Partn 55 JB Hunt USA Road and Rail - 18,035 Multiple 0.24 - 1
er Transport Svcs Transportation
Operators
Partner 56 NetApp USA Data Storage - 16,802 Reverse 0.48 - 2
Hardware
Supplier,Custo 57 Globant LUX Infrastructure - 9,754 Reverse 0.61 - -
mer and Network
Consulting
Services
Customer,Partn 58 Elastic USA Enterprise - 8,412 Reverse 0.64 - -
er Management
Software
Supplier,Custo 59 Qualys USA IT Infrastructure - 5,738 Reverse 0.33 - -
Customer 60 Vonage USA Wireline - 5,122 Mutual 0.33 - -
Services
Customer,Partn 61 Fastly A USA Internet Hosting - 2,271 Reverse 0.29 - -
er Services
Supplier 62 TechTarget USA Professional - 2,201 Reverse 0.74 - -
Data and
Services
Customer,Partn 63 ForgeRock A USA IT Infrastructure - 1,885 Reverse 0.17 - -
er Software

Customer 64 TrueCar USA Consumer Data - 373 Mutual 0.39 - -
and Services
Supplier,Custo 65 Eros STX USA Entertainment - 48 Reverse 0.01 - -
mer,Partner Global A and
Programming
Providers
Customer,Partn 66 SADA Systems, USA Information - - Direct - - -
er Inc. Technology
Services
Supplier,Custo 67 Wow Unlimited CAN Entertainment - - Reverse - - -
mer,Partner Media Inc. and
Programming
Providers
Supplier 68 Hudson Pacific USA Equity REITs 113 3,732 Reverse 0.15 - -
Properties
Supplier,Custo 69 Ten Square POL Games 95 296 Reverse 0.25 - -
mer,Partner Games Software
Supplier,Custo 70 KLab JPN Games 86 144 Reverse 0.42 - -
Supplier,Custo 71 Colopl JPN Games 58 683 Reverse 0.43 - -
Supplier,Custo 72 Aeria JPN Games 38 74 Reverse 0.35 - -
Supplier,Custo 73 ATEAM JPN Consumer Data 32 121 Reverse 0.51 - -
Supplier,Custo 74 Thumbage KOR Games 20 229 Reverse 0.29 - -
Supplier 75 Paramount USA Equity REITs 17 2,485 Reverse 0.06 - -
Group
Supplier,Custo 76 coly JPN Games 16 111 Reverse 0.16 - -
Supplier,Custo 77 GEOCODE JPN Marketing and 15 15 Reverse 0.31 - 1
mer Advertising
Services
Supplier,Custo 78 Amazia JPN Home and 9 36 Reverse 0.40 - -
Supplier,Custo 79 Imagineer JPN Home and 9 80 Reverse 0.16 - -
Supplier,Custo 80 MOBCAST JPN Games 5 17 Reverse 0.40 - -
mer,Partner HOLDINGS Software
Supplier,Custo 81 MEDIASEEK JPN Information 3 26 Reverse 0.25 - -
mer,Partner Technology
Consulting
Customer 82 Apple USA Wireless Mobile - 2,697,440 Direct 0.81 - -
Equipment
Customer,Partn 83 Comcast A USA Other United - 215,691 Multiple 0.39 - -
er States
Telecommunica
tions Services
Customer 84 T-Mobile US USA Wireless - 166,106 Mutual 0.08 - -
Services
Supplier 85 AMD USA Specialized - 150,772 Reverse 0.62 - -
Semiconductors
Customer 86 Goldman Sachs USA Diversified - 109,955 Direct 0.46 - 2
Group Investment
Customer 87 Airbnb A USA Travel - 109,738 Mutual 0.43 - -
Arrangement
and
Reservation
Services
Customer 88 BlackRock USA Asset - 104,631 Reverse 0.53 - 1
Management
and Financial
Advisory
Services
Partner 89 ServiceNow USA Enterprise - 101,466 Reverse 0.69 - -
Management
Software
Customer 90 Shopify A CAN Consumer - 72,990 Mutual 0.42 - -
Finance
Services
Customer 91 Snowflake A USA Enterprise - 62,489 Reverse 0.37 - -
Management
Software
Customer,Partn 92 CrowdStrike USA IT Infrastructure - 54,281 Reverse 0.28 - -
er Holdings A Software
Customer,Partn 93 Global USA Consumer - 39,422 Reverse 0.48 - -
er Payments Finance
Services
Customer,Partn 94 Expedia Group USA Travel - 29,835 Multiple 0.32 - -
er Arrangement
and
Reservation
Services
Partner 95 Keysight Tech USA Test and - 26,192 Reverse 0.46 - -
Measurement
Equipment
Customer,Partn 96 Bill com USA Enterprise - 20,303 Reverse 0.46 - -
er Holdings Management
Software
Customer,Partn 97 GoDaddy A USA Internet Hosting - 14,478 Reverse 0.18 - -
er Services
Customer 98 Rentokil Initial GBR Facilities and - 12,858 Mutual 0.40 - 1
Other Support
Services
Supplier,Custo 99 Netmarble KOR Games - 7,264 Reverse 0.15 - -
Supplier 100 Lattice USA Programmable - 6,793 Reverse 0.58 - -
Semiconductor Logic and ASIC
Semiconductors
Supplier 101 Semtech Corp USA General - 3,964 Reverse 0.53 - -
Semiconductors
Supplier,Custo 102 Verint Systems USA Enterprise - 3,432 Reverse 0.31 - -
mer Management
Software

Supplier 103 Diodes USA General - 3,156 Reverse 0.57 - -
Semiconductors
Supplier,Partner 104 Bestechnic A CHN Module and - 2,741 Reverse 0.06 - 1
Subassembly
Components
Supplier,Custo 105 Skyworth Digital CHN Consumer - 1,943 Reverse 0.49 - 1
mer A Video
Electronics
Equipment
Supplier,Partner 106 Plantronics USA Business - 1,724 Reverse 0.16 - -
Communication
s Equipment
Customer,Partn 107 GoPro A USA Photography - 1,391 Multiple 0.38 - -
er Equipment
Customer 108 A10 Networks USA Wide Area - 992 Reverse 0.41 - -
Networking
Equipment
Customer 109 BuzzFeed A USA Web-Based - 661 Direct 0.35 - -
Data and
Services
Customer 110 DHI Group USA Consumer Data - 293 Mutual 0.33 - -
and Services
Supplier,Custo 111 Readytech AUS Administrative - 251 Reverse 0.52 - -
mer Holdings Services
Customer,Partn 112 Super Lg USA Web-Based - 68 Reverse 0.23 - -
er Gaming Data and
Services
Supplier,Custo 113 Socket Mobile USA Commerce - 29 Reverse 0.29 - -
mer Equipment
Supplier,Custo 114 Edia JPN Games - 18 Reverse 0.37 - 1
Supplier,Custo 115 Blackhawk USA Consumer - - Reverse - - -
mer Network Finance
Holdings, Inc. Services
Customer,Partn 116 Cloudera, Inc. USA Enterprise - - Reverse - - -
er Management
Software
Customer,Partn 117 Cvent, Inc. USA Enterprise - - Reverse - - -
er Management
Software
Supplier,Custo 118 Leaf Group Ltd. USA Furniture and - - Reverse - - -
mer,Partner Home
Furnishings
Stores
Supplier,Partner 119 Monotype USA Design and - - Reverse - - -
Imaging Engineering
Holdings Inc. Software
Supplier,Partner 120 Pivotal USA Design and - - Reverse - - -
Software, Inc. Engineering
Software
Supplier,Custo 121 Synacor, Inc. USA Internet Support - - Reverse - - -
mer,Partner Services
Supplier,Custo 122 TiVo Corp. USA Entertainment - - Reverse - - -
mer,Partner and
Programming
Providers
Supplier,Custo 123 BANDAI JPN Games 710 16,264 Reverse 0.23 - -
mer,Partner NAMCO Software
Holdings
Supplier,Custo 124 GungHo Online JPN Games 280 1,900 Reverse -0.01 - -
mer,Partner Entmt Software
Supplier,Custo 125 GREE JPN Games 153 1,779 Reverse -0.07 - -
Supplier,Custo 126 Wemade Play KOR Games 42 271 Reverse 0.22 - -
Supplier 127 Boston USA Equity REITs 39 21,584 Reverse 0.17 - -
Properties
Supplier 128 American USA Equity REITs 36 2,184 Reverse 0.26 - -
Assets Trust
Supplier,Custo 129 Voltage JPN Games 29 20 Reverse 0.15 - -
Supplier,Custo 130 Aiming JPN Games 26 113 Reverse 0.02 - -
Supplier,Custo 131 AltPlus JPN Games 17 49 Reverse 0.31 - -
Supplier,Custo 132 KineMaster KOR Home and 12 174 Reverse 0.38 - -
Supplier,Custo 133 Boyaa CHN Games 10 42 Reverse 0.26 - -
mer,Partner Interactive Intl Software
Partner 134 Cisco Systems USA Wide Area - 212,569 Mutual 0.29 - -
Networking
Equipment
Customer,Partn 135 Adobe USA Design and - 198,658 Reverse 0.43 - -
er Engineering
Software
Customer,Partn 136 Intuit USA Enterprise - 131,539 Reverse 0.46 - -
er Management
Software
Customer 137 PayPal USA Consumer - 119,192 Direct 0.19 - -
Holdings Finance
Services
Partner 138 IBM USA Information - 113,817 Direct 0.58 - 1
Technology
Consulting
Customer,Partn 139 Block A USA Consumer - 70,367 Reverse 0.50 - -
er Finance
Services
Customer 140 Uber Tech USA Other - 63,888 Reverse 0.59 - -
Passenger
Transportation
Partner 141 Workday A USA Enterprise - 56,392 Reverse 0.60 - -
Management
Software

Customer,Partn 142 DexCom USA Clinical - 47,926 Reverse 0.39 - -
er Diagnostics
Devices
Customer,Partn 143 Stellantis NLD Consumer - 47,515 Multiple 0.22 - 1
er Vehicle
Manufacturing
Customer,Partn 144 Motorola USA Wireless Core - 39,084 Reverse 0.49 - -
er Solutions Infrastructure
Equipment
Partner 145 Zoom Video USA Home and - 32,996 Reverse 0.35 - -
Communication Office Software
sA
Customer,Partn 146 Nokia FIN Other - 29,772 Reverse 0.51 - -
er Communication
s Equipment
Customer,Partn 147 MongoDB A USA IT Infrastructure - 28,141 Reverse 0.58 - -
er Software
Customer,Partn 148 Match Group USA Consumer Data - 26,262 Reverse 0.58 - -
er and Services
Customer 149 CoStar Group USA Diversified - 24,418 Reverse 0.61 - -
Electronic
Media Services
Customer 150 CDW USA IT Hardware - 23,341 Reverse 0.56 - -
Distributors
Customer 151 HubSpot USA Enterprise - 21,191 Reverse 0.46 - -
Management
Software
Customer 152 Zebra USA Commerce - 20,896 Reverse 0.45 - -
Technologies A Equipment
Supplier 153 Skyworks USA Analog and - 19,034 Reverse 0.47 - -
Solutions Mixed Signal
Semiconductors
Customer,Partn 154 Carrefour FRA Warehouse - 16,882 Multiple -0.09 - 1
er Clubs and
Superstores
Partner 155 Roku-A Rg USA Entertainment - 15,067 Reverse 0.43 - -
and
Programming
Providers
Customer 156 Domino's Pizza USA Restaurants - 13,955 Reverse 0.27 1 -
and Bars
Customer,Partn 157 News A USA Print Media and - 12,538 Reverse 0.72 - -
er Publishing
Services
Partner 158 Dynatrace USA IT Infrastructure - 11,970 Reverse 0.48 - -
Software
Customer,Partn 159 Manhattan USA Enterprise - 8,621 Reverse 0.46 - -
er Associates Management
Software
Supplier 160 Jabil Inc USA Contract - 8,042 Reverse 0.56 - -
Electronic
Manufacturing
Supplier,Custo 161 Avast GBR Home and - 7,437 Reverse -0.19 - -
mer Office Software
Customer 162 New York USA Print Media and - 7,318 Direct 0.23 - -
Times A Publishing
Services
Customer 163 Scotts USA Agrochemical - 6,325 Direct 0.18 - -
Miracle-Gro A Products
Customer,Partn 164 Globe Telecom PHL Wireless - 6,287 Reverse 0.16 1 -
er Services
Partner 165 Altair USA Design and - 4,604 Reverse 0.50 - -
Engineering A Engineering
Software
Partner 166 Sprout Social A USA Enterprise - 3,912 Reverse 0.60 - -
Management
Software
Supplier 167 Progyny USA Healthcare - 3,827 Reverse 0.42 - -
Administrative
Support
Services
Customer 168 Vacasa A USA Other Real - 3,214 Direct 0.35 - -
Estate
Investment and
Services
Partner 169 Alarm com USA Enterprise - 2,976 Reverse 0.35 - -
Holdings Management
Software
Partner 170 Shutterstock USA Professional - 2,963 Reverse 0.60 - -
Data and
Services
Supplier 171 E2open Parent USA Enterprise - 2,732 Reverse 0.56 - -
Holdings A Management
Software
Customer 172 Yelp A USA Web-Based - 2,445 Reverse 0.54 - -
Data and
Services
Supplier,Custo 173 Zhejiang Jinke CHN Games - 2,241 Reverse 0.10 - 1
mer,Partner Tom A Software
Customer 174 Rackspace USA Infrastructure - 2,166 Reverse 0.40 - -
Technology and Network
Consulting
Services
Customer 175 C3.ai A USA Design and - 2,094 Reverse 0.58 - -
Engineering
Software
Customer,Partn 176 Matterport A USA Design and - 1,949 Reverse 0.32 - -
er Engineering
Software
Partner 177 Olo A USA Accommodatio - 1,874 Reverse 0.39 - -
n Providers
Supplier,Partner 178 InterDigital USA IT Infrastructure - 1,869 Reverse 0.44 - -
Software
Supplier,Partner 179 Himax TWN Analog and - 1,597 Reverse 0.45 - -
Technologies Mixed Signal
ADR Semiconductors

Partner 180 Magnite USA Entertainment - 1,481 Reverse 0.74 - -
and
Programming
Providers
Supplier 181 Stem USA Commercial - 1,452 Reverse 0.51 - -
and Industrial
Electric
Products
Partner 182 BigCommerce USA Internet Hosting - 1,450 Reverse 0.34 - -
Holdings Services
Supplier 183 Desktop Metal USA Factory - 1,331 Reverse 0.52 - -
A Automation
Equipment
Customer,Partn 184 MarketWise A USA Professional - 1,288 Reverse 0.29 - -
er Data and
Services
Supplier,Partner 185 Genimous CHN Enterprise - 1,224 Reverse 0.05 - -
Technology A Management
Software
Customer 186 Sumo Logic USA Enterprise - 1,216 Reverse 0.57 - -
Management
Software
Partner 187 Vivint Smart USA Electronic - 1,127 Reverse 0.40 - -
Home A Security
Equipment
Supplier,Custo 188 DEAR U Co KOR Home and - 942 Reverse 0.26 - -
Customer,Partn 189 Econocom BEL Infrastructure - 886 Reverse 0.39 - 1
er Group and Network
Consulting
Services
Partner 190 Harmonic USA Cable - 886 Reverse 0.17 - -
Equipment
Partner 191 Pitney Bowes USA Express - 831 Reverse 0.12 - -
Couriers
Customer 192 Yext USA Enterprise - 808 Reverse 0.45 - -
Management
Software
Customer 193 IDT B USA Wireline - 802 Reverse 0.47 - -
Services
Customer,Partn 194 Despegar com ARG Travel - 796 Multiple 0.37 - -
er Arrangement
and
Reservation
Services
Supplier,Custo 195 Wondershare CHN Home and - 700 Reverse 0.32 - -
mer,Partner Technology Office Software
Group
Customer,Partn 196 Trifork Holding CHE Infrastructure - 603 Reverse 0.39 - -
er and Network
Consulting
Services
Customer 197 Veritone USA Marketing and - 531 Reverse 0.63 - -
Advertising
Services
Customer,Partn 198 Vuzix USA Wearable - 351 Reverse 0.62 - -
er Technology
Customer,Partn 199 Ooma USA Home and - 339 Reverse 0.17 - -
er Office Software
Customer 200 Koenig & Bauer DEU Printing/Publish - 331 Mutual 0.26 - -
ing Industry
Electronics
Makers
Customer 201 Casa Systems USA Telecommunica - 330 Reverse 0.62 - -
Rg tions Industry
Software
Customer 202 Spire Global A USA Aerospace - 285 Reverse 0.38 - -
Equipment
Supplier,Partner 203 SNP DEU Information - 242 Reverse 0.57 - -
Schneid-Neu Technology
Consulting
Customer 204 Kaleyra USA Home and - 237 Reverse 0.16 - -
Office Software
Customer 205 comScore USA Consulting/Busi - 227 Reverse 0.54 - -
ness Process
Outsourcing
Services
Customer,Partn 206 Phunware USA Home and - 213 Reverse 0.32 1 -
er Office Software
Supplier 207 Kopin Corp USA Module and - 179 Reverse 0.36 - -
Subassembly
Components
Supplier 208 Synchronoss USA IT Infrastructure - 135 Reverse 0.42 - -
Technologies Software
Supplier 209 CuriosityStream USA Web-Based - 125 Reverse 0.29 - -
A Data and
Services
Supplier,Custo 210 Automated HKG Information - 111 Reverse 0.19 - -
mer Systems Hldgs Technology
Consulting
Customer,Partn 211 Gaia A USA Web-Based - 100 Reverse 0.12 - -
er Data and
Services
Supplier 212 PCTEL USA Wireless Core - 80 Reverse 0.18 - -
Infrastructure
Equipment
Customer,Partn 213 Ipsidy USA Enterprise - 77 Reverse 0.28 1 -
er Management
Software
Customer,Partn 214 LiveOne USA Web-Based - 69 Reverse 0.11 1 -
er Data and
Services
Customer,Partn 215 Prime TWN Other - 53 Reverse 0.34 - -
er Electronics Communication
s Equipment

Supplier,Custo 216 Tokyo Tsushin JPN Games - 30 Reverse 0.36 - -
Customer,Partn 217 Laird Superfood USA Food - 26 Reverse 0.08 - -
er Production
Customer,Partn 218 RealNetworks USA Home and - 25 Reverse 0.32 - -
er Office Software
Customer 219 Professional USA Administrative - 15 Reverse 0.55 1 -
Diversity Services
Customer,Partn 220 Blonder Tongue USA Cable - 7 Reverse 0.16 1 -
er Labs Equipment
Supplier 221 UUUM JPN Web-Based 136 194 Reverse 0.09 - 1
Data and
Services
Supplier 222 Gamewith JPN Web-Based 6 74 Reverse 0.26 - -
Data and
Services
Customer 223 Visa A USA Consumer - 446,182 Reverse 0.70 - -
Finance
Services
Customer 224 Procter & USA General - 380,103 Direct 0.14 - 1
Gamble Personal Care
and Cleaning
Products
Makers
Supplier,Custo 225 Samsung KOR General - 369,813 Reverse 0.16 - -
mer,Partner Electronics Computer
Hardware
Partner 226 Qualcomm USA Specialized - 154,298 Reverse 0.43 - -
Semiconductors
Customer 227 Unilever GBR General - 114,504 Mutual 0.11 - -
Personal Care
and Cleaning
Products
Makers
Customer 228 Fortinet Inc USA Wide Area - 53,352 Reverse 0.49 - -
Networking
Equipment
Customer 229 McKesson USA Healthcare - 48,422 Direct 0.07 - 1
Distributors
Partner 230 Cognizant Tech USA Information - 44,449 Reverse 0.60 - -
A Technology
Consulting
Customer,Partn 231 Arista Networks USA Wide Area - 38,957 Reverse 0.64 - -
er Networking
Equipment
Customer 232 DoorDash A USA Other Food and - 38,085 Reverse 0.45 - -
Beverage
Services
Partner 233 Cloudflare A USA Internet Support - 37,100 Reverse 0.55 - -
Services
Customer,Partn 234 Electronic Arts USA Games - 34,478 Reverse 0.41 - -
er Software
Customer 235 Zscaler USA IT Infrastructure - 32,568 Reverse 0.47 - -
Software
Customer 236 Trade Desk USA Entertainment - 30,826 Reverse 0.37 - -
and
Programming
Providers
Partner 237 Okta A USA IT Infrastructure - 22,497 Reverse 0.25 - -
Software
Customer 238 Ulta Beauty USA Other Health - 21,750 Direct 0.23 - -
and Personal
Care Retail
Partner 239 Hewlett USA Computer - 19,996 Reverse 0.57 - -
Packard Enterp Systems
Supplier 240 Take-Two USA Games - 15,928 Reverse 0.36 - -
Interactive Software
Customer 241 Albertsons USA Grocery Stores - 15,658 Reverse -0.02 - 1
Companies A
Customer 242 Interpublic USA Marketing and - 13,588 Direct 0.57 - -
Group Advertising
Services
Customer 243 Robert Half USA Administrative - 12,016 Reverse 0.51 - -
Services
Customer,Partn 244 Hasbro USA Other Leisure - 11,842 Reverse 0.04 - 2
er Goods
Supplier,Partner 245 Morningstar USA Professional - 11,746 Reverse 0.62 - -
Data and
Services
Customer 246 Wayfair A USA Furniture and - 11,374 Direct 0.25 - -
Home
Furnishings
Stores
Supplier,Custo 247 Open Text CAN Enterprise - 11,281 Reverse 0.27 - -
mer Management
Software
Customer,Partn 248 Shenzhen CHN Wireless Mobile - 11,200 Reverse 0.00 - -
er Transsion Equipment
Holding A
Customer 249 Confluent A USA IT Infrastructure - 10,631 Reverse 0.40 - -
Software
Customer,Partn 250 Pure Storage A USA Data Storage - 9,173 Reverse 0.31 - -
er Hardware
Customer 251 Magazine Luiza BRA Electronics - 8,600 Mutual 0.43 - -
Retail
Supplier 252 Vornado Realty USA Equity REITs - 8,522 Reverse 0.19 - -
Trust
Customer,Partn 253 Peloton USA Sporting and - 7,915 Reverse 0.45 - -
er Interactive A Athletic Goods
Customer 254 Macy's USA Department - 7,544 Direct 0.32 - -
Stores
Supplier 255 Switch A USA Internet Hosting - 7,524 Reverse 0.22 - -
Services
Customer,Partn 256 GoodRx USA Consumer Data - 7,456 Reverse 0.31 - -
er Holdings A and Services

Partner 257 Gitlab A USA Design and - 7,412 Reverse 0.50 - -
Engineering
Software
Customer 258 ADT USA Security - 6,302 Reverse 0.57 - -
Services
Supplier 259 Lumentum USA Optoelectronics - 6,184 Reverse 0.36 - -
Holdings Electronic
Components
Customer 260 Altice USA A USA Wireline - 5,347 Reverse 0.43 - -
Services
Customer,Partn 261 Bumble A USA Home and - 4,877 Reverse 0.56 - -
er Office Software
Customer 262 Teradata USA Enterprise - 4,779 Reverse 0.27 - -
Management
Software
Customer 263 Clearwater USA Finance - 4,680 Reverse 0.40 - -
Analytics A Software and
Services
Customer 264 Wendy's USA Restaurants - 4,500 Reverse 0.47 - -
and Bars
Customer,Partn 265 Chegg USA Educational - 4,364 Reverse 0.29 - -
er Services
Supplier 266 Kakaku com JPN Web-Based - 4,246 Reverse 0.49 - -
Data and
Services
Supplier 267 Bloom Energy USA Power - 3,988 Reverse 0.05 - -
A Generation and
Support
Products
Partner 268 DoubleVerify USA Entertainment - 3,944 Reverse 0.53 - -
Holdings and
Programming
Providers
Customer 269 Appian A USA Design and - 3,936 Reverse 0.59 - -
Engineering
Software
Customer 270 Perficient USA Information - 3,736 Reverse 0.53 - -
Technology
Consulting
Supplier 271 Digital Turbine USA Telecommunica - 3,586 Reverse 0.54 - -
tions Industry
Software
Customer,Partn 272 Sonos USA Audio - 3,328 Reverse 0.52 - 1
er Electronics
Manufacturing
Supplier,Partner 273 Lions Gate USA Entertainment - 3,222 Reverse 0.13 - -
Entertainment A and
Programming
Providers
Customer,Partn 274 Blackbaud USA Administrative - 3,016 Reverse 0.27 - -
er Services
Partner 275 Instructure USA Administrative - 2,659 Reverse 0.21 - 1
Holding Services
Supplier,Custo 276 S4 Capital GBR Marketing and - 2,261 Multiple 0.28 - -
mer Advertising
Services
Supplier,Custo 277 XL Axiata IDN Wireless - 2,026 Reverse 0.27 - -
mer Services
Supplier 278 1Life USA Other - 1,992 Reverse 0.61 - -
Healthcare Ambulatory and
Outpatient
Patient Care
Customer,Partn 279 Vimeo USA Internet Hosting - 1,861 Reverse 0.41 - -
er Services
Supplier 280 ESCO USA Other - 1,678 Reverse 0.25 - -
Technologies Machinery
Manufacturing
Partner 281 Pacific USA Scientific - 1,668 Reverse 0.33 - -
Biosciences Products
Customer 282 Overstock.com USA Off-Price - 1,659 Reverse 0.38 - -
Retailers
Supplier,Partner 283 AMC Networks USA Entertainment - 1,612 Reverse 0.54 - -
A and
Programming
Providers
Supplier 284 SEMrush USA Enterprise - 1,579 Reverse 0.25 - -
Holdings Management
Software
Partner 285 VIZIO Holding A USA Consumer - 1,542 Reverse 0.17 - -
Video
Electronics
Equipment
Customer 286 Extreme USA Wide Area - 1,494 Reverse 0.53 - -
Networks Networking
Equipment
Supplier,Partner 287 Cengage USA Web-Based - 1,463 Reverse - - -
Learning Data and
Services
Supplier 288 Stratasys USA Factory - 1,413 Reverse 0.56 - -
Automation
Equipment
Customer,Partn 289 ContextLogic A USA Department - 1,331 Reverse 0.63 - -
er Stores
Customer,Partn 290 Eventbrite USA Arts, - 1,304 Reverse 0.52 - -
er Entertainment
and Recreation
Providers
Partner 291 Impinj USA Specialized - 1,260 Reverse 0.40 - -
Semiconductors
Supplier,Partner 292 Perion Network ISR Enterprise - 1,071 Reverse 0.25 - -
Rg Management
Software
Customer,Partn 293 Blink Charging USA Commercial - 1,025 Reverse 0.29 - -
er and Industrial
Electric
Products

Supplier 294 Grid Dynamics USA Information - 1,002 Reverse 0.20 - -
Holdings A Technology
Consulting
Customer,Partn 295 American Well USA Healthcare - 991 Reverse 0.50 - -
er A Administrative
Support
Services
Customer,Partn 296 Poshmark A USA Department - 942 Reverse 0.45 - -
er Stores
Customer,Partn 297 WM Technology USA Internet Hosting - 917 Reverse 0.39 - -
er A Services
Customer 298 Accolade USA Enterprise - 885 Reverse 0.61 - -
Management
Software
Supplier,Custo 299 Fujian Foxit CHN Enterprise - 770 Reverse -0.06 - -
mer,Partner Software Management
Development Software
Joint Stock A
Customer,Partn 300 Boozt SWE Apparel Retail - 759 Reverse 0.11 - -
er
Customer,Partn 301 Lovesac USA Household - 713 Reverse 0.55 - -
er Appliances and
Furnishings
Production
Customer 302 Nerdy A USA Home and - 687 Reverse 0.59 - -
Office Software
Customer 303 NerdWallet A USA Consumer Data - 660 Reverse 0.58 - -
and Services
Supplier,Custo 304 Rovio Entmt FIN Games - 650 Reverse 0.14 - -
Customer 305 Sema4 USA Ambulatory and - 639 Reverse 0.37 - -
Holdings A Outpatient
Diagnostic
Patient Care
Supplier,Custo 306 Appen AUS Information - 616 Reverse 0.18 - -
mer Technology
Consulting
Customer,Partn 307 Groupon USA Web-Based - 592 Reverse 0.14 - -
er Data and
Services
Customer 308 Outbrain Inc USA Information - 577 Reverse 0.23 - -
Technology
Consulting
Partner 309 Latch USA Electronic - 563 Reverse 0.32 - -
Security
Equipment
Customer 310 Mullen USA Consumer - 517 Reverse 0.34 - -
Automotive Finance
Services
Customer,Partn 311 Focus Universal USA Industrial - 515 Reverse 0.33 - -
er Machine Parts
and Support
Equipment
Customer,Partn 312 Promotora de ESP Print Media and - 485 Reverse 0.20 1 -
er Informaciones Publishing
A Services
Customer,Partn 313 Golden Nugget USA Arts, - 471 Reverse 0.49 - -
er Online Gaming Entertainment
A and Recreation
Providers
Customer 314 Cantaloupe USA Consumer - 386 Reverse 0.31 - -
Finance
Services
Supplier,Custo 315 WildBrain CAN Entertainment - 350 Reverse 0.27 - -
mer and
Programming
Providers
Customer,Partn 316 Brightcove USA Design and - 309 Reverse 0.38 - -
er Engineering
Software
Supplier,Partner 317 Genius Brands USA Entertainment - 257 Reverse 0.61 - -
Intl and
Programming
Providers
Supplier,Custo 318 BrainPad JPN Information - 230 Reverse 0.33 - -
mer Technology
Consulting
Supplier,Custo 319 KINX KOR Internet Hosting - 219 Reverse 0.02 - -
mer Services
Customer,Partn 320 Liberty USA Travel - 173 Reverse 0.48 - -
er TripAdvisor Arrangement
Hldgs A and
Reservation
Services
Supplier,Partner 321 Immersion USA Design and - 161 Reverse 0.53 - -
Engineering
Software
Customer 322 Hamilton Beach USA Small - 152 Direct -0.04 - -
Brands A Appliances and
Accessories
Manufacturing
Customer,Partn 323 Sezzle CDI USA Internet Hosting - 150 Reverse 0.22 - -
er Services
Supplier,Custo 324 Cheetah Mobile CHN Home and - 138 Reverse 0.23 - -
mer,Partner ADR Office Software
Customer,Partn 325 LifeMD USA Hair Care - 101 Reverse 0.46 - -
er Products
Customer 326 Regis Corp USA Personal - 81 Reverse 0.23 - -
Services
Customer 327 USIO USA Consumer - 80 Reverse 0.64 - -
Finance
Services
Supplier,Custo 328 Vincit FIN Infrastructure - 80 Reverse 0.28 - -
mer and Network
Consulting
Services

Customer,Partn 329 Boxlight A USA Office - 68 Reverse 0.45 - -
er Equipment
Products
Partner 330 AudioEye USA Enterprise - 61 Reverse 0.62 - -
Management
Software
Customer,Partn 331 Society Pass USA Retail Industry - 54 Reverse 0.28 - -
er Software
Customer,Partn 332 Intellicheck USA Enterprise - 41 Reverse 0.20 - -
er Management
Software
Partner 333 Marin Software USA Enterprise - 39 Reverse 0.18 1 -
Management
Software
Customer 334 CSP USA IT Hardware - 32 Reverse 0.31 - -
Distributors
Customer,Partn 335 Color Star USA Educational - 32 Reverse 0.21 - -
er Technology Services
Customer 336 Oblong USA Wireline - 16 Reverse 0.12 1 -
Services
Customer 337 Sonim USA Wireless Mobile - 15 Reverse 0.25 1 -
Technologies Equipment
Customer,Partn 338 Devoteam FRA Information - - Multiple - - -
er Technology
Consulting
Customer 339 McClatchy USA Print Media and - - Direct - 1 -
Company Publishing
Services
Customer 340 Pandora Media, USA Web-Based - - Reverse - - -
Inc. Data and
Services
Customer 341 Town Sports USA Web-Based - - Reverse - - -
International, Data and
Inc. Services
Supplier 342 Magmag JPN Web-Based 1 15 Reverse 0.01 - -
Data and
Services
Customer 343 Taiwan TWN Semiconductor - 512,473 Reverse 0.24 - 2
Semicon Mfg Manufacturing
Services
Customer 344 Home Depot USA Building - 317,992 Direct 0.20 - -
Materials and
Garden Supply
Stores
Customer 345 Verizon USA Wireless - 226,086 Reverse -0.34 - 1
Communication Services
s
Customer 346 Target USA Warehouse - 109,686 Direct 0.04 - -
Clubs and
Superstores
Customer,Partn 347 Booking Hldg USA Travel - 91,069 Reverse 0.36 - -
er Arrangement
and
Reservation
Services
Customer 348 Mondelez Intl A USA Food - 88,132 Direct 0.13 - -
Production
Customer 349 Colgate-Palmoli USA General - 68,038 Direct -0.04 - -
ve Personal Care
and Cleaning
Products
Makers
Customer,Partn 350 Nintendo JPN Electronic - 67,005 Multiple 0.18 - -
er Gaming/Enterta
inment
Electronics
Makers
Customer 351 Mercadolibre URY Department - 53,461 Direct 0.65 - -
Stores
Customer 352 Keurig Dr USA Beverages - 52,812 Direct 0.38 - -
Pepper Production
Supplier 353 Roper USA Industry-Specifi - 48,700 Reverse 0.43 - -
Technologies c Software
Partner 354 VMware A USA IT Infrastructure - 47,887 Reverse 0.41 - -
Software
Partner 355 Johnson Ctr Int IRL Air, Liquid and - 43,233 Reverse 0.36 - -
Gas Control
Equipment
Customer 356 adidas AG DEU Apparel and - 41,501 Direct 0.33 - -
Footwear
Production
Customer 357 Wipro IND Information - 40,246 Reverse 0.39 - 1
Technology
Consulting
Partner 358 Dell Technolges USA General - 35,693 Reverse 0.34 - -
C Computer
Hardware
Customer,Partn 359 Kuaishou CHN Web-Based - 34,652 Reverse 0.31 - -
er Technology B Data and
Services
Customer,Partn 360 Orange FRA Pan-Europe - 32,272 Reverse -0.07 - -
er Mixed
Telecommunica
tions Services
Customer,Partn 361 Z Holdings JPN Department - 31,240 Reverse 0.49 - -
er Stores
Customer 362 BT Group GBR Pan-Europe - 24,229 Mutual 0.20 - -
Mixed
Telecommunica
tions Services
Supplier,Custo 363 LG Electronics KOR General - 17,702 Reverse -0.03 - -
mer,Partner Computer
Hardware
Customer 364 Cardinal Health USA Healthcare - 17,444 Direct -0.03 - -
Distributors

Customer 365 EPAM Systems USA Infrastructure - 16,498 Reverse 0.22 - -
and Network
Consulting
Services
Partner 366 AES USA Multinational - 16,291 Reverse 0.33 - -
Wholesale
Power
Customer,Partn 367 NortonLifeLock USA Home and - 15,501 Reverse 0.11 - -
er Office Software
Customer,Partn 368 Zillow Group C USA Consumer Data - 12,027 Reverse 0.13 - -
er and Services
Customer 369 Dentsu Group JPN Marketing and - 11,327 Mutual 0.15 - -
Advertising
Services
Customer,Partn 370 Teladoc Health USA Multi-Delivery-Ty - 10,503 Reverse 0.61 - -
er pe Patient Care
Customer 371 Whirlpool USA Household - 9,971 Direct 0.06 - -
Appliances and
Furnishings
Production
Customer 372 Nielsen Hld USA Consulting/Busi - 9,856 Direct 0.14 - -
ness Process
Outsourcing
Services
Customer 373 Mindtree IND Information - 8,865 Reverse 0.40 - 1
Technology
Consulting
Customer 374 Arrow Electron USA Other IT - 7,311 Reverse 0.50 - -
Distributors
Partner 375 Smartsheet-A USA Enterprise - 6,723 Reverse 0.54 - -
Rg Management
Software
Customer 376 Endava ADR A GBR Infrastructure - 6,700 Reverse 0.58 - -
and Network
Consulting
Services
Customer 377 CDK Global USA Automotive - 6,358 Reverse -0.16 - 1
Services
Customer 378 Penn National USA Arts, - 6,273 Reverse 0.28 - -
Gaming Entertainment
and Recreation
Providers
Supplier,Partner 379 Lendlease AUS Infrastructure - 5,792 Reverse -0.03 - -
Group Construction/C
ontracting
Services
Customer 380 Reply ITA Information - 5,701 Reverse 0.42 - -
Technology
Consulting
Customer 381 Datto Holding USA IT Infrastructure - 5,696 Reverse -0.11 - 1
Software
Customer 382 Shift4 Payments USA Consumer - 5,024 Reverse 0.46 - -
A Finance
Services
Supplier 383 World Wrestling USA Entertainment - 4,493 Reverse 0.07 - -
Entmt A and
Programming
Providers
Customer,Partn 384 Kakao Games KOR Games - 4,266 Reverse 0.38 - -
er Software
Customer 385 Revolve Group USA Apparel Retail - 3,950 Reverse 0.46 - -
A
Partner 386 Nordic NOR Analog and - 3,764 Reverse 0.43 - -
Semiconductor Mixed Signal
Semiconductors
Customer,Partn 387 Sopra Steria FRA Information - 3,762 Reverse 0.44 - -
er Group Technology
Consulting
Customer 388 Sabre USA General - 3,556 Direct 0.14 - -
Transportation
and Related
Services
Customer,Partn 389 Duolingo A USA Consumer Data - 3,469 Reverse 0.53 - -
er and Services
Customer,Partn 390 Squarespace A USA Internet Support - 3,275 Reverse 0.31 - -
er Services
Customer 391 Coursera USA Educational - 3,205 Reverse 0.56 - -
Services
Customer,Partn 392 ZipRecruiter A USA Consumer Data - 2,850 Reverse 0.46 - -
er and Services
Customer 393 Kyndryl USA Information - 2,816 Reverse 0.26 - -
Holdings Technology
Consulting
Customer,Partn 394 EverCommerce USA Enterprise - 2,609 Reverse 0.16 - -
er Management
Software
Customer 395 Sanmina USA Contract - 2,491 Direct 0.47 - -
Electronic
Manufacturing
Customer 396 MillerKnoll USA Home and - 2,467 Direct -0.03 - -
Office
Furnishings
Manufacturing
Customer,Partn 397 Wemade KOR Games - 2,443 Reverse 0.28 - -
er Software
Partner 398 Amplitude A USA Enterprise - 2,252 Reverse 0.26 - -
Management
Software
Supplier 399 Stagwell A USA Miscellaneous - 2,135 Reverse 0.17 - -
Commercial
Services
Partner 400 CANCOM SE DEU Infrastructure - 2,014 Reverse 0.63 - -
and Network
Consulting
Services

Customer 401 Nagarro DEU Infrastructure - 2,013 Reverse 0.52 - -
and Network
Consulting
Services
Customer,Partn 402 Indosat B IDN Wireless - 1,979 Reverse 0.00 - -
er Services
Supplier 403 Gray Television USA Broadcast - 1,927 Reverse 0.20 - -
Media Services
Customer,Partn 404 Qurate Retail A USA Entertainment - 1,685 Reverse 0.15 - -
er and
Programming
Providers
Supplier 405 Payoneer USA Consumer - 1,579 Reverse 0.39 - -
Global Finance
Services
Customer 406 Converge CAN Infrastructure - 1,550 Reverse 0.64 - -
Solutions Consulting
Services
Customer 407 ePlus USA Infrastructure - 1,490 Reverse 0.13 - 1
and Network
Consulting
Services
Customer 408 CommScope USA Other - 1,336 Reverse 0.21 - -
Holding Communication
s Equipment
Customer 409 Unisys USA Infrastructure - 1,253 Reverse 0.12 - -
and Network
Consulting
Services
Supplier 410 Shenzhen CHN Passive - 1,150 Reverse 0.12 - 1
Microgate Tech Electronic
A Components
Customer,Partn 411 Sleep Number USA Home and - 1,100 Reverse 0.05 - 1
er Office
Furnishings
Manufacturing
Customer 412 German USA United States - 1,079 Reverse 0.25 - -
American Commercial
Bancorp Banks
Customer,Partn 413 SmartRent A USA Electronic - 986 Reverse 0.24 - -
er Security
Equipment
Customer,Partn 414 Sharecare A USA Healthcare - 907 Reverse 0.44 - -
er Administrative
Support
Services
Customer 415 Cars USA Consumer Data - 887 Reverse 0.44 - -
and Services
Partner 416 Skillsoft A USA Enterprise - 785 Reverse 0.29 - -
Management
Software
Partner 417 Comture JPN Information - 749 Reverse 0.48 - -
Technology
Consulting
Supplier 418 Bandwidth A USA IT Infrastructure - 741 Reverse 0.22 - -
Software
Customer,Partn 419 Arlo USA Electronic - 716 Reverse 0.00 - -
er Technologies Security
Equipment
Supplier 420 CRA USA Consulting/Busi - 629 Reverse 0.24 - -
ness Process
Outsourcing
Services
Customer 421 Gannett USA Print Media and - 607 Reverse 0.29 - -
Publishing
Services
Customer,Partn 422 MoneyLion A USA Enterprise - 473 Reverse 0.53 - -
er Management
Software
Supplier,Custo 423 JoyCity KOR Games - 473 Reverse -0.03 - -
Customer 424 Ribbon USA Wide Area - 463 Reverse 0.27 - -
Communication Networking
s Equipment
Customer 425 EverQuote A USA Consumer Data - 453 Reverse 0.49 - -
and Services
Supplier,Custo 426 Marvelous JPN Games - 381 Reverse 0.17 - -
Customer,Partn 427 CarParts.com USA Motor Vehicles - 375 Reverse 0.18 - -
er and Parts Sales
and Rental
Supplier 428 Symbio AUS Wireline - 323 Reverse 0.41 - -
Holdings Services
Supplier 429 IronNet A USA Infrastructure - 299 Reverse 0.01 - -
and Network
Consulting
Services
Customer 430 Red Robin USA Restaurants - 233 Reverse 0.22 - -
and Bars
Customer 431 Unitech TWN IT Hardware - 201 Reverse 0.47 - -
Computer Distributors
Customer,Partn 432 Hemisphere USA Entertainment - 171 Reverse 0.12 - -
er Media Group A and
Programming
Providers
Customer 433 Blue Apron USA Beverage and - 135 Direct 0.18 - -
Holdings A Specialty Foods
Stores
Supplier 434 Cinedigm USA Entertainment - 129 Reverse 0.24 - -
and
Programming
Providers
Customer 435 Focus Systems JPN General - 118 Reverse 0.72 - -
Enterprise and
Technology
Consulting

Supplier,Partner 436 Chicken Soup USA Entertainment - 111 Reverse 0.40 - -
for the Soul and
Entertainment A Programming
Providers
Supplier 437 IZEA Worldwide USA Marketing and - 85 Reverse 0.48 - -
Advertising
Services
Customer,Partn 438 Salem Media USA Broadcast - 68 Reverse 0.32 - -
er Group A Media Services
Supplier,Custo 439 1Spatial GBR Design and - 58 Reverse -0.01 - -
mer Engineering
Software
Partner 440 Healthcare USA Healthcare - 41 Reverse 0.46 - -
Triangle Administrative
Support
Services
Customer,Partn 441 DatChat USA Home and - 34 Reverse 0.39 - -
er Office Software
Customer 442 IID JPN Web-Based - 30 Reverse 0.44 - -
Data and
Services
Customer,Partn 443 Media Kobo JPN Web-Based - 29 Reverse 0.37 - 1
er Data and
Services
Customer,Partn 444 Mtrsport Games USA Games - 22 Reverse 0.09 - -
er Software
Customer,Partn 445 Kaspien USA General - 17 Reverse 0.39 - -
er Holdings Merchandise
Retailers
Customer 446 AppBank JPN Web-Based - 9 Reverse 0.46 - -
Data and
Services
Customer,Partn 447 Touchpoint USA Home and - 2 Reverse 0.03 1 -
er Group Holdings Office Software
Customer,Partn 448 Helios & USA Arts, - 1 Reverse 0.15 1 -
er Matheson Entertainment
and Recreation
Providers
Supplier 449 iPic USA Restaurants - 0 Reverse - 1 -
Entertainment and Bars
Supplier,Custo 450 AVG NLD Home and - - Reverse - - -
mer,Partner Technologies Office Software
NV
Customer 451 Adler USA Other - - Direct - - -
Planetarium & Consumer
Astronomy Services
Museum
Customer 452 African Wildlife USA Investment - - Direct - - -
Holdings LLC Managers
Customer 453 American USA Miscellaneous - - Direct - - -
Cancer Society, Commercial
Inc. Services
Customer 454 Andela, Inc. USA Miscellaneous - - Direct - - -
Commercial
Services
Customer 455 Apmex, Inc. USA Wholesale - - Direct - - -
Distributors
Customer,Partn 456 Barracuda USA IT Infrastructure - - Reverse - - 1
er Networks, Inc. Software
Customer,Partn 457 Blue Prism GBR Enterprise - - Reverse -0.14 - -
er Group Plc Management
Software
Customer 458 BookIt USA Internet - - Direct - - -
Operating LLC Software/Servic
es
Customer 459 Brad Haslem, USA Engineering & - - Direct - - -
Inc. Construction
Customer 460 Brown USA Other - - Direct - - -
University Consumer
Services
Customer 461 CustomInk LLC USA Internet Retail - - Direct - - -
Customer 462 F.C. Tucker Co., USA Real Estate - - Direct - - -
Inc. Development
Supplier,Custo 463 Gameloft SE FRA Games - - Reverse - - -
Customer 464 Genesys USA Packaged - - Direct - - -
Telecommunica Software
tions
Laboratories,
Inc.
Customer 465 Georgetown USA Other - - Direct - - -
University Consumer
Services
Customer 466 Homer Central USA Local Agencies - - Direct - - -
School District
(New York)
Customer 467 Hunterdon USA Hospital/Nursin - - Direct - - -
Healthcare g Management
System
Customer 468 Hurley Medical USA General - - Direct - - -
Center, Inc. Government
Supplier,Custo 469 IGNIS Ltd. JPN Home and - - Reverse - - -
Customer 470 IT USA Information - - Direct - - -
Convergence, Technology
Inc. Services
Supplier,Partner 471 Ingenico Group FRA Commerce - - Reverse - - -
SA Equipment
Customer,Partn 472 Inventure Foods USA Food - - Reverse - 1 -
er Incorporated Production
Customer 473 Ivanti Software, USA Packaged - - Direct - - -
Inc. Software
Customer 474 J.B. Goodwin USA Real Estate - - Direct - - -
Realtors, Inc. Development

Customer 475 Jeni's Splendid USA Food: - - Direct - - -
Ice Creams LLC Meat/Fish/Dairy
Customer 476 Jobs2Careers USA Personnel - - Direct - - -
Services
Customer 477 Kisan Network, USA Information - - Direct - - -
Inc. Technology
Services
Customer 478 LVMH Moet USA Apparel/Footwe - - Direct - - -
Hennessy Louis ar Retail
Vuitton, Inc.
Customer 479 Lucky Brand USA Apparel/Footwe - - Direct - - -
Dungarees LLC ar
Customer 480 MLB Advanced USA Internet - - Direct - - -
Media LP Software/Servic
es
Customer 481 MediaNews USA Miscellaneous - - Direct - - -
Group, Inc. Commercial
Services
Supplier,Custo 482 Mitula Group ESP Consumer Data - - Reverse - - -
mer,Partner Ltd. and Services
Customer 483 Motley Fool USA Investment - - Direct - - -
Holdings, Inc. Managers
Customer 484 NII Holdings Inc USA Wireless - - Direct - - -
Services
Supplier,Custo 485 Paysafe Group GBR Consumer - - Reverse - - -
mer Ltd. Finance
Services
Customer 486 Phoenix Tower USA Specialty - - Direct - - -
International, Telecommunica
LLC tions
Customer 487 Safetec of USA Medical - - Direct - - -
America, Inc. Distributors
Customer 488 Schnuck USA Food Retail - - Direct - - -
Markets, Inc.
Customer 489 Sedgwick USA Insurance - - Direct - - -
Claims Brokers/Service
Management s
Services, Inc.
Customer 490 Thirdware USA Information - - Direct - - -
Solution, Inc. Technology
Services
Customer 491 Windstream USA Wireline - - Reverse - 1 -
Holdings, Inc. Services
Customer,Partn 492 YogaWorks, USA Arts, - - Reverse - 1 -
er Inc. Entertainment
and Recreation
Providers
Supplier 493 NexTone JPN Consulting/Busi 10 252 Reverse 0.26 - -
ness Process
Outsourcing
Services
Supplier 494 CA Immobilien AUT Property 8 3,219 Reverse 0.40 - -
Anlagen Owners
Supplier 495 HEROZ JPN Information 3 123 Reverse 0.25 - -
Technology
Consulting
Partner 496 AbbVie USA Diversified - 286,686 Mutual 0.07 - -
Biopharmaceuti
cals
Customer 497 Coca-Cola USA Beverages - 281,861 Reverse 0.05 - -
Production
Customer 498 Lowe's USA Building - 133,159 Reverse 0.15 - -
Materials and
Garden Supply
Stores
Partner 499 SAP DEU Enterprise - 128,630 Mutual 0.20 - 1
Management
Software
Customer 500 Charter USA Wireline - 106,340 Reverse 0.37 - -
sA
Partner 501 Duke Energy USA Electric Utilities - 88,423 Reverse 0.08 - -
Customer,Partn 502 Palo Alto USA Wide Area - 61,728 Reverse 0.22 - -
er Networks Networking
Equipment
Customer,Partn 503 Sea /Singapore SGP Department - 60,559 Reverse 0.45 - -
er ADR Stores
Customer 504 Marriot A USA Accommodatio - 59,073 Reverse 0.29 - -
n Providers
Customer 505 FedEx USA Express - 53,323 Reverse 0.46 - -
Couriers
Partner 506 NXP NLD Analog and - 44,634 Reverse 0.49 - -
Semiconductors Mixed Signal
Semiconductors
Customer 507 HCL IND Information - 40,076 Reverse 0.35 - 1
Technologies Technology
Consulting
Customer 508 HP USA Computer - 39,470 Reverse 0.54 - -
Systems
Supplier 509 Infineon DEU Analog and - 37,794 Reverse 0.38 - -
Semiconductors
Customer 510 Public Service USA Electric Utilities - 36,551 Reverse 0.09 - -
Enterprise
Partner 511 Capgemini FRA Information - 35,511 Reverse 0.60 - -
Technology
Consulting
Partner 512 Legrand FRA Commercial - 23,588 Reverse 0.47 - -
and Industrial
Electric
Products
Partner 513 Splunk USA Enterprise - 22,140 Reverse 0.37 - -
Management
Software

Customer 514 Panasonic JPN General - 21,985 Direct 0.38 - -
Holdings Computer
Hardware
Customer 515 Tech Mahindra IND Information - 17,992 Reverse 0.29 - -
Ltd Technology
Consulting
Customer 516 Ubiquiti USA Local Area - 17,824 Reverse 0.26 - -
Networking
Equipment
Customer 517 Zendesk USA Enterprise - 15,254 Reverse -0.02 - -
Management
Software
Partner 518 Larsen & IND Information - 13,866 Reverse 0.32 - 1
Toubro Infotech Technology
Consulting
Customer,Partn 519 Citrix Systems USA IT Infrastructure - 12,873 Reverse -0.12 - -
er Software
Customer 520 Lenovo Group HKG Computer - 11,900 Direct 0.47 - -
Systems
Customer 521 Lumen USA Other United - 11,738 Reverse 0.35 - -
Technologies States
Telecommunica
tions Services
Customer 522 DENTSPLY USA Specialized - 10,572 Reverse 0.01 - -
SIRONA Medical
Devices
Customer 523 Amdocs Ltd USA Infrastructure - 10,309 Reverse 0.16 - -
and Network
Consulting
Services
Partner 524 HashiCorp A USA Information - 10,283 Reverse 0.47 - -
Technology
Consulting
Customer 525 TD SYNNEX USA IT Hardware - 9,685 Reverse 0.31 - -
Distributors
Partner 526 Dropbox-A Rg USA Internet Hosting - 8,558 Reverse 0.61 - -
Services
Supplier,Partner 527 Dolby USA Design and - 7,925 Reverse 0.25 - -
Laboratories A Engineering
Software
Customer,Partn 528 WEX USA Consumer - 7,776 Reverse 0.39 - -
er Finance
Services
Customer 529 DXC USA Infrastructure - 7,640 Reverse 0.39 - -
Consulting
Services
Supplier 530 Western Union USA Consumer - 7,366 Reverse 0.23 - -
Finance
Services
Customer 531 Renault FRA Consumer - 7,084 Direct 0.16 - 1
Vehicle
Manufacturing
Customer 532 Frontier USA Wireline - 7,056 Reverse 0.31 - -
s Parent
Customer 533 Informatica A USA Enterprise - 6,875 Reverse 0.30 - -
Management
Software
Supplier 534 Euronet USA Consumer - 6,800 Reverse 0.44 - -
Worldwide Finance
Services
Supplier,Partner 535 MGM A USA Entertainment - 6,705 Reverse - - -
and
Programming
Providers
Partner 536 Tenable USA IT Infrastructure - 6,695 Reverse 0.20 - -
Holdings Software
Supplier 537 Marqeta A USA Consumer - 6,090 Reverse 0.42 - -
Finance
Services
Customer 538 Scientific USA Arts, - 5,761 Reverse 0.38 - -
Games Entertainment
and Recreation
Providers
Customer,Partn 539 Weibo A CHN Web-Based - 5,680 Reverse 0.22 - -
er Data and
Services
Customer,Partn 540 Freshworks A USA Enterprise - 5,629 Reverse 0.47 - -
er Management
Software
Supplier 541 PagSeguro BRA Consumer - 5,596 Reverse 0.50 - -
Digital A Finance
Services
Partner 542 NCR USA Finance/Bankin - 5,507 Reverse 0.35 - -
g Industry
Electronics
Production
Customer,Partn 543 Opendoor USA Other Real - 5,476 Reverse 0.40 - -
er Technologies Estate
Investment and
Services
Partner 544 Varonis USA IT Infrastructure - 5,334 Reverse 0.22 - -
Systems Software
Customer,Partn 545 Square Enix JPN Games - 5,119 Reverse 0.53 - -
er Holdings Software
Customer 546 SCSK JPN Information - 5,114 Reverse 0.41 - -
Technology
Consulting
Supplier 547 TEGNA USA Broadcast - 4,971 Reverse -0.05 - -
Media Services
Partner 548 Alteryx A USA Enterprise - 4,871 Reverse 0.16 - -
Management
Software
Customer 549 New Relic USA IT Infrastructure - 4,757 Reverse 0.21 - -
Software

Partner 550 Box Inc A USA Enterprise - 4,420 Reverse 0.20 - -
Management
Software
Customer 551 Persistent IND Infrastructure - 4,345 Reverse 0.47 - -
Systems and Network
Consulting
Services
Customer 552 OVH Groupe FRA Internet Hosting - 4,273 Reverse 0.38 - 1
Services
Customer 553 Softcat GBR Infrastructure - 3,900 Reverse 0.65 - -
and Network
Consulting
Services
Customer,Partn 554 TripAdvisor USA Travel - 3,721 Reverse 0.45 - -
er Arrangement
and
Reservation
Services
Customer 555 Mercari JPN Off-Price - 3,649 Reverse 0.21 - -
Retailers
Customer,Partn 556 Cvent Holding USA Enterprise - 3,445 Reverse -0.09 - -
er Management
Software
Partner 557 ManTech A USA Defense - 3,422 Reverse -0.02 - -
Manufacturing
Customer 558 Coforge IND Industry-Specifi - 3,326 Reverse 0.22 - -
c IT Services
Customer,Partn 559 Resideo USA IT Hardware - 3,311 Reverse 0.19 - -
er Technologies Distributors
Supplier 560 Graham USA Educational - 3,038 Reverse 0.28 - -
Holdings B Services
Customer,Partn 561 John Wiley & USA Print Media and - 2,988 Reverse 0.33 - -
er Sons A Publishing
Services
Supplier 562 Razer USA Computer - 2,949 Reverse 0.03 - -
Peripherals
Customer,Partn 563 Weber A USA Small - 2,861 Reverse 0.16 - -
er Appliances and
Accessories
Manufacturing
Supplier 564 Maxar USA Design and - 2,851 Reverse 0.09 - -
Technologies Engineering
Software
Customer 565 Zeta Global USA Enterprise - 2,550 Reverse 0.07 - -
Holdings A Management
Software
Partner 566 Ping Identity USA IT Infrastructure - 2,480 Reverse 0.15 - -
Holding Software
Supplier 567 Fiverr Intl ISR Consumer Data - 2,346 Reverse 0.65 - -
and Services
Supplier 568 Jiangsu CHN Industry-Specifi - 2,092 Reverse 0.12 - 1
Hoperun c IT Services
Software A
Customer,Partn 569 Everbridge USA Enterprise - 1,964 Reverse 0.35 - -
er Management
Software
Customer,Partn 570 Cheesecake USA Restaurants - 1,940 Reverse 0.21 - -
er Factory and Bars
Partner 571 LivePerson USA Enterprise - 1,830 Reverse 0.25 - -
Management
Software
Customer,Partn 572 Udemy USA Enterprise - 1,746 Reverse 0.38 - -
er Management
Software
Customer,Partn 573 SciPlay Corp A USA Games - 1,722 Reverse 0.35 - -
er Software
Customer,Partn 574 Brinker USA Restaurants - 1,636 Reverse 0.26 - -
er and Bars
Customer,Partn 575 Shop Apotheke NLD Pharmacies - 1,552 Reverse 0.33 - 1
er Europe and Drug
Retailers
Customer 576 Criteo ADR FRA Marketing and - 1,549 Reverse 0.27 - -
Advertising
Services
Customer 577 Megaport AUS Internet Hosting - 1,473 Reverse 0.19 - 1
Services
Supplier 578 AREIT PHL Equity REITs - 1,285 Reverse -0.03 1 -
Customer 579 Mastek IND Infrastructure - 1,214 Reverse 0.22 - 1
and Network
Consulting
Services
Customer 580 ArcherMind CHN Infrastructure - 1,170 Reverse 0.13 - -
Tech Nanjing A and Network
Consulting
Services
Customer,Partn 581 TomTom NLD Design and - 1,048 Reverse 0.39 - 1
er Engineering
Software
Customer 582 Thryv Holdings USA Diversified - 1,006 Reverse 0.40 - -
Electronic
Media Services
Supplier 583 Cue Health USA Clinical - 912 Reverse 0.05 - -
Diagnostics
Devices
Partner 584 Vulcan Energy AUS Base Metal - 882 Reverse 0.63 - -
Resources Mining
Customer 585 Magic Software ISR Infrastructure - 850 Reverse 0.47 - -
Enterpr and Network
Consulting
Services
Partner 586 Innovid USA Entertainment - 753 Reverse -0.05 - -
and
Programming
Providers
Customer,Partn 587 PLAYSTUDIOS USA Games - 704 Reverse 0.07 - -
er A Software

Customer 588 Boxed USA Department - 690 Reverse -0.28 - -
Stores
Customer 589 Beachbody USA Personal - 609 Reverse 0.38 - -
Company A Services
Supplier 590 Jones Tech A CHN Semiconductor - 603 Reverse 0.10 - 1
Manufacturing
Capital
Equipment
Customer 591 Erajaya IDN IT Hardware - 600 Reverse 0.50 - -
Swasembada Distributors
Customer,Partn 592 Fossil Group USA Accessories - 563 Reverse -0.08 - -
er Production
Supplier 593 BOKU USA Consumer - 536 Reverse 0.04 - -
Finance
Services
Supplier 594 Kin and Carta GBR Marketing and - 519 Reverse 0.22 - -
Advertising
Services
Customer 595 Audioboom GBR Web-Based - 478 Reverse -0.15 - 1
Group Data and
Services
Customer,Partn 596 Sichuan Xun CHN IT Infrastructure - 462 Reverse 0.06 - 1
er You Network A Software
Supplier 597 Fingerprint SWE Specialized - 436 Reverse 0.30 - 1
Cards B Semiconductors
Supplier 598 accesso GBR Accommodatio - 420 Reverse 0.52 - -
Technology n Providers
Group
Customer 599 Viant Tech Rg-A USA Enterprise - 416 Reverse 0.17 - -
Management
Software
Customer,Partn 600 ShotSpotter USA Administrative - 365 Reverse 0.09 - -
er Services
Customer 601 Acast SWE Web-Based - 361 Reverse 0.32 - -
Data and
Services
Partner 602 WingArc1st JPN Enterprise - 355 Reverse 0.50 - 1
Management
Software
Customer,Partn 603 Huuuge USA Games - 343 Reverse 0.09 - -
er Software
Customer,Partn 604 Bang & Olufsen DNK Audio - 322 Reverse 0.29 - -
er Electronics
Manufacturing
Customer,Partn 605 MiX Telematics USA Enterprise - 294 Reverse 0.12 - -
er Management
Software
Customer,Partn 606 Enthusiast CAN Web-Based - 286 Reverse 0.23 - -
er Gaming Data and
Services
Customer,Partn 607 Thunderful SWE IT Hardware - 285 Reverse 0.16 - -
er Distributors
Customer 608 Esquire USA United States - 276 Reverse 0.40 - -
Financial Hldgs Commercial
Banks
Supplier 609 Talkspace USA Multi-Delivery-Ty - 268 Reverse 0.41 - -
pe Patient Care
Supplier 610 Beam Global USA Commercial - 251 Reverse -0.02 - -
and Industrial
Electric
Products
Customer 611 AgileThought A USA Infrastructure - 242 Reverse 0.06 - -
and Network
Consulting
Services
Customer 612 Nasmedia KOR Marketing and - 239 Reverse 0.33 - -
Advertising
Services
Customer 613 Multipolar A IDN Warehouse - 232 Reverse 0.69 - -
Clubs and
Superstores
Customer 614 Mogo CAN Consumer - 178 Reverse 0.64 - -
Finance
Services
Customer 615 Spok Holdings USA Wireless - 161 Reverse 0.12 - -
Services
Customer,Partn 616 J.Jill USA Apparel Retail - 156 Reverse 0.37 - -
er
Partner 617 Mach7 USA Healthcare - 125 Reverse 0.42 - -
Technologies Administrative
Support
Services
Customer,Partn 618 VirnetX Holding USA IT Infrastructure - 120 Reverse 0.26 - -
er Software
Customer,Partn 619 ATON KOR IT Infrastructure - 118 Reverse 0.42 - -
er Software
Customer 620 Sphere 3D CAN IT Infrastructure - 112 Reverse 0.56 1 -
Software
Customer,Partn 621 Marchex B USA Marketing and - 96 Reverse 0.40 - -
er Advertising
Services
Customer 622 System Support JPN Infrastructure - 87 Reverse 0.26 - -
and Network
Consulting
Services
Customer,Partn 623 E&M KOR Web-Based - 85 Reverse 0.07 - -
er Data and
Services
Supplier 624 All About JPN Web-Based - 60 Reverse 0.17 - -
Data and
Services
Customer,Partn 625 BlueCity CHN Web-Based - 51 Reverse 0.03 - 1
er Holdings ADR Data and
Services

Customer,Partn 626 BBTV Holdings CAN Entertainment - 38 Reverse 0.74 - -
er and
Programming
Providers
Partner 627 Qumu USA Enterprise - 31 Reverse 0.45 - -
Management
Software
Customer,Partn 628 Gala JPN Games - 29 Reverse 0.58 - -
er Software
Customer,Partn 629 Esports MLT Arts, - 26 Reverse 0.16 1 -
er Entertainment Entertainment
Group and Recreation
Providers
Supplier 630 IDW Media USA Print Media and - 22 Reverse 0.09 - -
Holdings B Publishing
Services
Customer,Partn 631 GigaMedia TWN Games - 19 Reverse 0.37 - -
er Software
Customer 632 6D Global USA Internet Support - 12 Reverse - - -
Technologies Services
Customer,Partn 633 DATATRAK USA Healthcare - 7 Reverse 0.08 - -
er Administrative
Support
Services
Customer,Partn 634 Boomer USA Other Health - 1 Reverse 0.07 - -
er Holdings and Personal
Care Retail
Customer 635 ARRIS USA Cable - - Reverse - - -
International Plc Equipment
Customer 636 Astea USA Enterprise - - Reverse - - -
International Management
Inc. Software
Customer,Partn 637 Bankrate, Inc. USA Consumer Data - - Reverse - - -
er and Services
Customer 638 Bazaarvoice, USA Marketing and - - Reverse - - -
Inc. Advertising
Services
Customer,Partn 639 Better Being USA Nutritional - - Reverse - - -
er Co. Health
Pharmaceutical
s
Customer 640 Boingo USA Wireless - - Reverse - - -
Wireless, Inc. Services
Customer 641 Cafepress Inc. USA Entertainment - - Reverse - - -
Retail
Customer 642 Carbonite, Inc. USA IT Infrastructure - - Reverse - - -
Software
Customer 643 Cincinnati Bell USA Wireline - - Reverse - - -
Incorporated Services
Supplier 644 Cision Ltd. USA Enterprise - - Reverse - - -
Management
Software
Supplier 645 CommerceHub, USA Retail Industry - - Reverse - - -
Inc. Software
Customer 646 CoreLogic USA Administrative - - Reverse - - -
Customer 647 Cubic USA Commercial - - Reverse - - -
Corporation Transportation
Equipment
Manufacturing
Supplier 648 DSP Group USA Specialized - - Reverse - - -
Semiconductors
Supplier 649 Demandware, USA Internet Hosting - - Reverse - - -
Inc. Services
Supplier 650 DigitalGlobe USA Defense - - Reverse - - -
Incorporated Manufacturing
Customer,Partn 651 Endurance USA Internet Support - - Reverse - - -
er International Services
Group
Holdings, Inc.
Partner 652 Envivio, Inc. USA Entertainment - - Reverse - - -
and
Programming
Providers
Supplier 653 Finisar USA Optoelectronics - - Reverse - - -
Corporation Electronic
Components
Customer,Partn 654 Finjan Holdings, USA IT Infrastructure - - Reverse - - -
er Inc. Software
Customer 655 First Data A USA Consumer - - Reverse - - -
Finance
Services
Customer,Partn 656 Fitbit, Inc. USA Wearable - - Reverse - - -
er Technology
Supplier 657 FormFactor USA Semiconductor - - Reverse - - -
Beaverton, Inc. Manufacturing
Capital
Equipment
Customer,Partn 658 GlobalSCAPE, USA IT Infrastructure - - Reverse - - -
er Inc. Software
Partner 659 Harman USA Automotive and - - Reverse - - -
International Marine
Industries, Electronics
Incorporated Manufacturing
Supplier 660 Hortonworks, USA Enterprise - - Reverse - - -
Inc. Management
Software
Customer 661 Houghton USA Educational - - Reverse - - -
Mifflin Harcourt Services
Customer 662 Inovalon USA Healthcare - - Reverse - - -
Holdings, Inc. Administrative
Support
Services
Supplier 663 Inphi USA Specialized - - Reverse - - -
Corporation Semiconductors

Partner 664 Instructure, Inc. USA Administrative - - Reverse - - -
Services
Supplier 665 Inteliquent USA Telecommunica - - Reverse - - -
Incorporated tions Carrier
Services
Supplier 666 InvenSense, USA Analog and - - Reverse - - -
Inc. Mixed Signal
Semiconductors
Supplier 667 KEMET USA Passive - - Reverse - - -
Corporation Electronic
Components
Customer 668 Ku6 Media Co. CHN Web-Based - - Reverse - 1 -
Ltd. Data and
Services
Supplier 669 Lionbridge USA Administrative - - Reverse - - -
Technologies, Services
Inc.
Customer,Partn 670 McAfee Corp. USA Home and - - Reverse - - -
er Office Software
Customer,Partn 671 MobileIron USA IT Infrastructure - - Reverse - - -
er Incorporated Software
Partner 672 NBCUniversal USA Entertainment - - Reverse - - -
Media LLC and
Programming
Providers
Partner 673 NeuStar, Inc. USA Telecommunica - - Reverse - - -
tions Carrier
Services
Partner 674 Nuance USA Healthcare - - Reverse - - -
Communication Administrative
s Incorporated Support
Services
Supplier 675 Oclaro, Inc. USA Optoelectronics - - Reverse - - -
Electronic
Components
Customer 676 PCM, Inc. USA IT Hardware - - Reverse - - -
Distributors
Supplier 677 Pericom USA General - - Reverse - - -
Semiconductor Semiconductors
Corporation
Customer 678 Perry Ellis USA Apparel and - - Reverse - - -
International, Footwear
Inc. Production
Supplier 679 Pluralsight, Inc. USA Educational - - Reverse - - -
Services
Supplier 680 Raven USA Other - - Reverse - - -
Industries, Inc. Machinery
Manufacturing
Customer 681 ReachLocal, USA Marketing and - - Reverse - - -
Inc. Advertising
Services
Partner 682 Red Hat, Inc. USA IT Infrastructure - - Reverse - - -
Software
Customer,Partn 683 Rosetta Stone USA Home and - - Reverse - - -
er Inc. Office Software
Partner 684 Ruckus USA Local Area - - Reverse - - -
Wireless, Inc. Networking
Equipment
Customer 685 SharpSpring, USA Enterprise - - Reverse - - -
Inc. Management
Software
Customer 686 ShoreTel, Inc. USA Business - - Reverse - - -
Communication
s Equipment
Customer 687 Shutterfly, Inc. USA Personal - - Reverse - - -
Services
Supplier 688 Sizmek, Inc. USA Marketing and - - Reverse - - -
Advertising
Services
Customer,Partn 689 Slack USA Home and - - Reverse - - -
er Technologies, Office Software
Inc.
Customer 690 Smart & Final USA Warehouse - - Reverse - - -
Stores, Inc. Clubs and
Superstores
Supplier 691 Stamps.com USA Office Supplies - - Reverse - - -
Inc. and Stationery
Retail
Customer 692 Sterling USA United States - - Reverse - - -
Bancorp Commercial
Banks
Customer 693 Syntel, Inc USA Finance - - Reverse - - -
Software and
Services
Customer 694 TRC USA Infrastructure - - Reverse - - -
Companies, Inc. Construction/C
ontracting
Services
Customer 695 Tableau USA Enterprise - - Reverse - - -
Software, Inc. Management
Software
Customer 696 Tech Data USA IT Hardware - - Reverse - - -
Corporation Distributors
Supplier 697 Telaria Inc USA Marketing and - - Reverse - - -
Advertising
Services
Supplier 698 Tribune Media USA Broadcast - - Reverse - - -
Co. Media Services
Customer 699 UKG, Inc. USA Enterprise - - Reverse - - -
Management
Software
Customer 700 United Online USA Wireline - - Reverse - - -
Customer 701 Valassis Digital USA Marketing and - - Reverse - - -
Corp. Advertising
Services

Partner 702 VeriFone USA Commerce - - Reverse - - -
Systems Equipment
Incorporated
Customer,Partn 703 Viggle Media, USA Packaged - - Reverse - - -
er Inc. Software
Customer 704 Virtusa USA Information - - Reverse - - -
Corporation Technology
Consulting
Partner 705 Zix Corporation USA IT Infrastructure - - Reverse - - -
Software
Supplier 706 Mapletree SGP Equity REITs 36 4,626 Reverse 0.15 - -
Commercial Tr
Supplier 707 Agora SA POL Print Media and 34 72 Reverse 0.44 - -
Publishing
Services
Supplier 708 PSP Swiss CHE Property 19 5,974 Reverse -0.09 - -
Property Owners
Customer 709 Roche Holding CHE Diversified - 339,470 Direct 0.11 - -
Biopharmaceuti
cals
Customer 710 Toyota Motor JPN Consumer - 276,203 Direct 0.51 - -
Vehicle
Manufacturing
Partner 711 Reliance IND Petroleum - 226,651 Reverse 0.33 - -
Industries Refineries
Customer 712 Airbus NLD Aerospace - 89,897 Direct 0.36 - 1
Equipment
Customer 713 Bank of Nova CAN Multinational - 81,303 Direct 0.40 - -
Scotia Banks
Customer 714 Bharti Airtel IND Wireless - 57,211 Reverse 0.33 - -
Services
Customer,Partn 715 Honda Motor JPN Consumer - 47,061 Reverse 0.39 - -
er Vehicle
Manufacturing
Customer 716 Naspers N ZAF Discount Stores - 45,227 Direct 0.22 - -
Partner 717 Xiaomi B CHN Wireless Mobile - 39,798 Reverse 0.22 - -
Equipment
Partner 718 Nissan Motor JPN Consumer - 16,996 Reverse 0.33 - -
Vehicle
Manufacturing
Customer 719 Trip.com Group CHN Travel - 15,078 Direct 0.20 - -
Arrangement
and
Reservation
Services
Customer 720 Moncler ITA Apparel and - 14,912 Direct 0.35 - -
Footwear
Production
Customer 721 Sompo JPN Property and - 14,192 Direct 0.58 - -
Holdings Casualty
Insurance
Customer 722 WPP Plc GBR Marketing and - 14,150 Direct 0.26 - -
Advertising
Services
Customer 723 NICE ISR Enterprise - 13,725 Reverse 0.30 - -
Management
Software
Customer 724 Nexi ITA Consumer - 12,877 Reverse 0.28 - -
Finance
Services
Customer 725 Xero NZL Enterprise - 11,395 Direct 0.37 - -
Management
Software
Customer,Partn 726 Krafton KOR Games - 10,678 Reverse 0.20 - -
er Software
Customer,Partn 727 Bilibili Z CHN Games - 10,096 Reverse 0.28 - -
er Software
Customer,Partn 728 HYBE KOR Entertainment - 10,029 Reverse 0.03 - -
er and
Programming
Providers
Customer 729 Randstad NLD Administrative - 10,007 Direct 0.29 - -
Services
Customer 730 ANA Holdings JPN Air Passenger - 9,643 Direct 0.46 - -
Transportation
Supplier 731 DLocal A URY Consumer - 8,370 Reverse 0.59 - -
Finance
Services
Customer,Partn 732 NCsoft KOR Games - 8,013 Reverse 0.25 - -
er Software
Customer 733 Axiata Group MYS Wireless - 7,894 Reverse 0.24 - -
Services
Customer 734 Natura & Co BRA General - 7,314 Direct 0.23 - -
Holding Personal Care
and Cleaning
Products
Makers
Partner 735 Just Eat NLD Other Food and - 6,302 Reverse 0.31 - 1
Takeaway.com Beverage
Services
Customer,Partn 736 Allfunds Group GBR Finance - 6,288 Reverse 0.30 - -
er Software and
Services
Partner 737 Grupo MEX Pan-Americas - 6,179 Reverse 0.64 - -
Televisa-Cpo Mixed
Telecommunica
tions Services
Customer 738 Husqvarna B SWE Tools and - 5,471 Reverse 0.14 - 1
Outdoor Care
Equipment
Customer,Partn 739 Sharp JPN General - 5,327 Reverse 0.38 - -
er Consumer
Electronics
Manufacturing
Customer,Partn 740 Wix com ISR Internet Support - 5,137 Reverse 0.40 - -
er Services

Customer,Partn 741 Ubisoft FRA Games - 5,023 Reverse 0.20 - -
er Entertainment Software
Supplier 742 Zhuhai CosMX CHN Small - 4,765 Reverse 0.10 - 1
Battery A Appliances and
Accessories
Manufacturing
Customer 743 Converge Inf PHL Wireline - 4,332 Reverse 0.21 1 -
Services
Customer 744 Computacenter GBR Infrastructure - 4,220 Reverse 0.48 - -
and Network
Consulting
Services
Customer,Partn 745 G-Bits Network CHN Games - 3,937 Reverse 0.32 - 1
er Technology A Software
Partner 746 BlackBerry CAN IT Infrastructure - 3,861 Reverse 0.37 - -
Software
Customer 747 NextDC AUS Internet Hosting - 3,789 Reverse 0.32 - -
Services
Customer 748 Travis Perkins GBR Building - 3,477 Direct 0.14 - 1
Materials
Distribution
Customer 749 Internet Initiative JPN General - 3,246 Reverse 0.34 - -
Japan Enterprise and
Technology
Consulting
Customer,Partn 750 Kunlun Tech A CHN Home and - 2,955 Reverse 0.15 - -
er Office Software
Customer 751 Europcar FRA Motor Vehicles - 2,690 Reverse -0.06 1 -
Mobility Group and Parts Sales
and Rental
Customer 752 Atos FRA Internet Hosting - 2,648 Direct 0.23 - -
Services
Partner 753 Gigabyte TWN General - 2,510 Reverse 0.12 - -
Technology Computer
Hardware
Customer,Partn 754 Money Forward JPN Enterprise - 2,472 Reverse 0.35 - 1
er Management
Software
Supplier 755 Gav-Yam Lands ISR Property - 2,421 Reverse 0.01 - -
Owners
Partner 756 Beijing E-hualu CHN Infrastructure - 1,892 Reverse -0.06 - 1
Info Tech A and Network
Consulting
Services
Customer 757 Piesat Info Tec CHN Infrastructure - 1,827 Reverse 0.13 - -
A and Network
Consulting
Services
Partner 758 ELAN TWN Analog and - 1,693 Reverse 0.27 - -
Microelectronic Mixed Signal
s Semiconductors
Customer 759 Enghouse CAN Enterprise - 1,642 Reverse 0.34 - -
Systems Management
Software
Supplier 760 Next Fifteen GBR Marketing and - 1,641 Reverse 0.34 - -
Comm Advertising
Services
Customer 761 HTC TWN Wireless Mobile - 1,595 Reverse 0.27 - -
Equipment
Customer,Partn 762 Kingnet CHN Games - 1,561 Reverse 0.38 - -
er Network A Software
Supplier 763 Brightcom IND Web-Based - 1,501 Reverse 0.35 - -
Group Data and
Services
Customer 764 Asseco Poland POL Enterprise - 1,480 Reverse 0.41 - -
Management
Software
Customer 765 Sansan JPN Enterprise - 1,463 Reverse 0.26 - 1
Management
Software
Customer,Partn 766 XD CHN Games - 1,354 Reverse 0.28 - -
er Software
Customer,Partn 767 Beijing CHN Games - 1,336 Reverse 0.05 - -
er Ultrapower A Software
Customer 768 Shenzhen CHN Finance - 1,317 Reverse 0.10 - 1
Fortune Trend Software and
Technology A Services
Customer 769 Guangdong CHN Marketing and - 1,300 Reverse 0.04 - -
Advertising Grp Advertising
A Services
Partner 770 Hangzhou CHN Games - 1,260 Reverse 0.02 - -
Shunwang Tech Software
A
Customer 771 Daiwabo JPN Other IT - 1,221 Reverse 0.24 - -
Distributors
Customer 772 adesso DEU Information - 1,208 Reverse 0.34 - -
Technology
Consulting
Supplier 773 Triumph CHN Other - 1,149 Reverse 0.01 - -
Science & Tech Specialty/Perfor
A mance
Chemical
Manufacturing
Customer,Partn 774 Wuxi Boton CHN Games - 1,112 Reverse 0.34 - -
Customer 775 GFT DEU Finance - 1,108 Reverse 0.46 - -
Technologies Software and
Services
Customer,Partn 776 iReader CHN Home and - 1,097 Reverse 0.19 - -
er Technology A Office Software
Customer,Partn 777 Com2uS KOR Games - 1,076 Reverse 0.30 - -
er Software
Partner 778 Zensar IND Information - 1,061 Reverse 0.35 - -
Technology
Consulting

Supplier 779 Tremor ISR Marketing and - 1,017 Reverse 0.59 - -
International Advertising
Services
Supplier 780 Shenzhen FRD CHN Other - 1,013 Reverse 0.12 - 1
Sci & Tech A Specialty/Perfor
mance
Chemical
Manufacturing
Partner 781 Locaweb BRA Internet Hosting - 1,007 Reverse 0.45 - -
Servicos de Services
Internet
Supplier 782 MITIE Group GBR Facilities and - 967 Reverse 0.49 - -
Other Support
Services
Customer,Partn 783 Shenzhen CHN Games - 945 Reverse 0.29 - -
er Zqgame Software
Network
Supplier 784 Digital Arts JPN IT Infrastructure - 858 Reverse 0.31 - -
Software
Customer 785 Pegasus Hava TUR Air Passenger - 852 Direct 0.04 1 -
Tasimaciligi Transportation
Partner 786 Technicolor FRA Consumer - 848 Reverse 0.26 1 -
Video
Electronics
Equipment
Customer 787 Cebu Air PHL Air Passenger - 846 Direct 0.04 1 -
Transportation
Supplier 788 INNOCEAN KOR Marketing and - 809 Reverse 0.36 - -
Worldwide Advertising
Services
Customer 789 Jumia DEU Department - 807 Reverse 0.71 - -
Technologies Stores
ADR
Customer 790 trivago ADR DEU Travel - 796 Reverse 0.40 - -
Arrangement
and
Reservation
Services
Supplier 791 Feitian CHN Electronic - 780 Reverse 0.22 - 1
Technologies A Security
Equipment
Customer,Partn 792 VKCO GDR CYP Web-Based - 718 Reverse 0.08 - -
er Data and
Services
Supplier 793 Shenzhen SDG CHN Wide Area - 717 Reverse 0.06 - -
Information A Networking
Equipment
Customer,Partn 794 CEWE Stiftung DEU Personal - 696 Reverse 0.33 - -
er & Co Services
Customer,Partn 795 Webzen KOR Games - 672 Reverse 0.24 - -
er Software
Customer 796 Cineplex CAN Arts, - 647 Reverse 0.55 - -
Entertainment
and Recreation
Providers
Customer,Partn 797 Hubei Century CHN Games - 644 Reverse 0.48 - -
er Network A Software
Customer 798 Systems PAK Information - 627 Reverse 0.01 1 -
Technology
Consulting
Customer 799 Zip AUS Consumer - 625 Reverse 0.16 - -
Finance
Services
Customer,Partn 800 Wemade Max KOR Games - 548 Reverse 0.12 - -
er Software
Customer,Partn 801 IGG HKG Games - 526 Reverse 0.14 - -
er Software
Customer,Partn 802 Media and MLT Games - 524 Reverse 0.44 - -
er Games Invest Software
Partner 803 Link Mobility NOR Infrastructure - 484 Reverse 0.37 - -
Group Holding and Network
Consulting
Services
Customer,Partn 804 Newborn Town CHN Home and - 472 Reverse -0.02 - -
er Office Software
Supplier 805 RS Public THA General - 465 Reverse 0.27 - -
Personal Care
and Cleaning
Products
Makers
Supplier 806 Meltwater NLD Enterprise - 464 Reverse 0.30 - -
Management
Software
Partner 807 Shenzhen CHN Computer - 459 Reverse 0.08 - -
Rapoo Peripherals
Technology A
Customer 808 Garofalo Health ITA Acute Care and - 455 Direct 0.44 - -
Care Institutional
Patient Care
Customer 809 CentralNic GBR Internet Support - 448 Reverse 0.10 - -
Group Services
Customer,Partn 810 OPTiM JPN Enterprise - 441 Reverse 0.37 - -
er Management
Software
Customer,Partn 811 PlayWay POL Games - 440 Reverse 0.29 - -
er Software
Customer,Partn 812 Gamania Digital TWN Games - 433 Reverse 0.39 - -
er Entmt Software
Customer 813 PLAID JPN Internet Hosting - 426 Reverse 0.30 - -
Services
Customer 814 Vast Platform A BRA Administrative - 424 Reverse 0.08 - -
Services
Customer 815 Tracsis GBR General - 407 Reverse 0.39 - 1
Transportation
and Related
Services

Customer 816 Global Fashion LUX Apparel Retail - 385 Direct 0.14 - -
Group
Customer 817 Atento SA LUX Consulting/Busi - 377 Reverse 0.33 - -
ness Process
Outsourcing
Services
Customer 818 Cafe24 KOR Internet Support - 367 Reverse 0.39 - -
Services
Supplier 819 Sunonwealth TWN Module and - 336 Reverse 0.16 - -
Electric Subassembly
Components
Customer 820 Umanis TEMP FRA Information - 334 Reverse 0.27 - 1
Technology
Consulting
Customer,Partn 821 Bigtincan Hold AUS Enterprise - 320 Reverse 0.55 - -
er Management
Software
Customer 822 Uzabase JPN Consumer Data - 306 Reverse 0.32 - -
and Services
Supplier 823 Social Chain DEU Marketing and - 305 Reverse 0.16 - -
Advertising
Services
Customer 824 UNITED JPN Investment - 304 Reverse 0.62 - -
Holding
Companies
Customer 825 Firich TWN Commerce - 280 Reverse 0.11 - -
Enterprises Equipment
Supplier 826 I'LL JPN Information - 279 Reverse 0.39 - -
Technology
Consulting
Partner 827 Pexip Holding NOR Home and - 267 Reverse 0.41 - -
Office Software
Customer,Partn 828 Gaming MLT Web-Based - 252 Reverse 0.53 - -
er Innovation Data and
Group Services
Customer,Partn 829 FURYU JPN General and - 233 Reverse 0.48 - -
er Mixed-Type
Software
Customer,Partn 830 Orchestra JPN Marketing and - 222 Reverse 0.59 - -
er Holdings Advertising
Services
Customer,Partn 831 Quartix GBR Satellite - 218 Reverse 0.34 - -
er Technologies Equipment
Customer,Partn 832 Softstar TWN Home and - 207 Reverse 0.21 - -
er Entertainment Office Software
Customer,Partn 833 G5 SWE Games - 204 Reverse 0.21 - -
Partner 834 Kaon Media KOR Consumer - 181 Reverse 0.27 - -
Video
Electronics
Equipment
Supplier 835 Bango GBR Internet Hosting - 180 Reverse 0.46 - -
Services
Customer,Partn 836 Yellow Balloon KOR Travel - 178 Reverse -0.07 - -
er Tour Arrangement
and
Reservation
Services
Supplier 837 Tongda Group HKG Contract - 176 Reverse 0.25 - -
Holdings Electronic
Manufacturing
Partner 838 Zepp Health CHN Wearable - 167 Reverse 0.13 - -
ADR A Technology
Customer 839 Janison AUS Home and - 149 Reverse 0.31 - -
Education Office Software
Group
Customer 840 Britam Holdings KEN Life and Health - 145 Direct -0.01 1 -
Insurance
Customer 841 X5 Retail Group RUS Grocery Stores - 144 Reverse 0.10 1 1
GDR
Partner 842 Haivision CAN Cable - 141 Reverse 0.09 - -
Systems Equipment
Customer,Partn 843 GOLF & CO ISR Apparel Retail - 124 Reverse 0.41 - -
er
Customer 844 ID Holdings JPN Infrastructure - 119 Reverse 0.55 - -
and Network
Consulting
Services
Supplier 845 PAPYLESS JPN Entertainment - 110 Reverse 0.14 - -
Retail
Customer,Partn 846 geechs JPN Games - 108 Reverse 0.49 - -
er Software
Customer 847 Awanbiru MYS Software - 103 Reverse 0.22 - -
Technology Distributors
Partner 848 Applied JPN Design and - 98 Reverse 0.22 - -
Technology Engineering
Software
Supplier 849 eMnet Japan JPN Marketing and - 89 Reverse 0.01 - -
Advertising
Services
Customer 850 Link-U JPN Print Media and - 81 Reverse 0.34 - -
Publishing
Services
Customer 851 Allied Architects JPN Marketing and - 79 Reverse 0.55 - -
Advertising
Services
Supplier 852 Beaglee JPN Home and - 72 Reverse 0.25 - -
Office Software
Customer 853 EOH ZAF Infrastructure - 70 Reverse -0.16 - 2
and Network
Consulting
Services
Customer,Partn 854 CI Games POL Games - 65 Reverse 0.40 - -
er Software

Customer 855 Bonjour HKG Other Health - 60 Reverse 0.29 - -
and Personal
Care Retail
Customer 856 Spark Net Sp DEU Consumer Data - 60 Reverse 0.43 - -
ADR and Services
Supplier 857 PT Solusi IDN Marketing and - 57 Reverse 0.30 - -
Sinergi Digital Advertising
Services
Customer,Partn 858 Artmarket com FRA Auction Houses - 56 Reverse 0.46 - -
er and
Authentication
Services
Customer,Partn 859 rakumo JPN Enterprise - 52 Reverse 0.54 - -
er Management
Software
Customer,Partn 860 Phoenix New CHN Web-Based - 42 Reverse 0.09 - -
er Media ADR Data and
Services
Supplier 861 Leone Film ITA Entertainment - 40 Reverse 0.24 - -
Group and
Programming
Providers
Customer,Partn 862 Yeah1 Group VNM Diversified - 32 Reverse 0.04 - -
er Electronic
Media Services
Customer,Partn 863 Molecular Data CHN Materials - 26 Reverse 0.59 - -
er ADR A Distributors
Customer,Partn 864 Ourgame CHN Games - 25 Reverse 0.04 - 1
er International Software
Customer,Partn 865 Brave Bison GBR Web-Based - 24 Reverse 0.23 - -
er Group Data and
Services
Customer,Partn 866 Digital CHN Games - 22 Reverse 0.39 - -
er Hollywood Software
Customer 867 Digitalist Group FIN Infrastructure - 19 Reverse 0.19 - -
and Network
Consulting
Services
Customer,Partn 868 Alchimie FRA Web-Based - 18 Reverse -0.05 - -
er Data and
Services
Customer,Partn 869 Soribada KOR Web-Based - 16 Reverse - - -
er Data and
Services
Customer 870 hmvod HKG Entertainment - 15 Reverse 0.38 - -
and
Programming
Providers
Customer,Partn 871 Cabasse Group FRA Electronic - 10 Reverse 0.36 - 1
er Security
Equipment
Customer 872 Aun Consulting JPN Marketing and - 9 Reverse 0.31 - 1
Advertising
Services
Customer,Partn 873 LAIX ADR A CHN Home and - 6 Reverse 0.24 - -
er Office Software
Customer 874 Delic Holdings CAN Web-Based - 4 Reverse 0.16 - -
Data and
Services
Customer 875 Newmark GBR Electronic - 3 Reverse 0.11 - -
Security Security
Equipment
Customer 876 Net Pix Shorts IND Web-Based - 1 Reverse -0.16 - -
Digital Media Data and
Services
Customer,Partn 877 Luokung CHN Home and - 1 Reverse 0.18 1 -
er Technology Office Software
Customer,Partn 878 A.C.N. 059 457 AUS Web-Based - - Reverse - - -
er 279 Limited Data and
Services
Customer 879 Axel Springer DEU Web-Based - - Reverse - - -
SE Data and
Services
Customer 880 DP World ARE Air and Water - - Direct - - 1
Limited Transportation
Operators
Customer 881 Imperial ZAF Logistics and - - Direct -0.04 - -
Logistics Supply Chain
Limited Service
Providers
Supplier 882 Italiaonline SpA ITA Web-Based - - Reverse - - -
Data and
Services
Customer 883 Sina CHN Web-Based - - Reverse - - -
Corporation Data and
Services
Customer 884 Novartis CHE Diversified - 225,600 Direct 0.02 - -
Biopharmaceuti
cals
Customer 885 Shell Plc GBR Integrated Oil - 215,270 Direct 0.15 - -
and Gas
Exploration and
Production
Partner 886 Siemens DEU Other - 107,172 Reverse 0.30 - -
Machinery
Manufacturing
Partner 887 JD com A CHN Electronics - 89,682 Reverse 0.20 - -
Retail
Partner 888 Canadian CAN Road and Rail - 88,989 Reverse 0.37 - -
National Transportation
Railway Operators
Partner 889 Hitachi JPN Other - 45,887 Reverse 0.43 - -
Machinery
Manufacturing
Customer 890 Banco Bilbao ESP Americas - 36,173 Direct 0.36 - -
Vizcaya Banks
Argentaria

Customer 891 Deutsche DEU Securities Sales - 34,470 Direct 0.25 - -
Boerse N and Trading
Services
Supplier 892 Foxconn Indl CHN Local Area - 31,495 Reverse 0.01 - -
Internet A Networking
Equipment
Customer 893 GoTo Gojek IDN Packaged - 31,046 Direct - - -
Tokopedia Software
Supplier 894 ENGIE FRA Other Electric - 30,585 Reverse 0.22 - -
and Natural
Gas Utilities
Supplier 895 LM Ericsson B SWE Other - 29,429 Reverse 0.28 - 1
Communication
s Equipment
Customer 896 NTT DATA JPN Information - 27,124 Reverse 0.41 - -
Technology
Consulting
Customer 897 Deutsche Bank DEU Investment - 24,446 Direct 0.42 - -
Banking and
Corporate
Finance
Partner 898 Volvo Car B SWE Consumer - 21,482 Reverse 0.19 - -
Vehicle
Manufacturing
Partner 899 Tata Motors IND Consumer - 20,268 Reverse 0.26 - 1
Vehicle
Manufacturing
Customer 900 Kyocera JPN General - 20,239 Reverse 0.57 - -
Computer
Hardware
Customer 901 Telia SWE Pan-Europe - 16,979 Direct 0.16 - -
Mixed
Telecommunica
tions Services
Partner 902 Publicis Groupe FRA Marketing and - 15,192 Reverse 0.33 - 1
Advertising
Services
Customer 903 Erste Group AUT Europe, Middle - 14,812 Direct 0.30 - -
Bank East and Africa
Banks
Customer 904 Swatch Group CHE Accessories - 13,783 Reverse 0.15 - -
Production
Customer 905 Ocado Group GBR Grocery Stores - 11,165 Direct 0.04 - -
Supplier 906 Samsung KOR Diversified - 9,913 Reverse 0.26 - -
Electro-Mechani Electronic
cs Components
Customer 907 LG Corp KOR Other - 9,758 Direct 0.28 - -
Professional
Services
Customer 908 Deutsche DEU Air Passenger - 9,275 Direct 0.36 - -
Lufthansa Transportation
Partner 909 Covestro DEU Specialty/Perfor - 9,067 Reverse 0.30 - -
mance Fibers
and Polymer
Products
Customer 910 Korean Air KOR Air Passenger - 8,996 Direct 0.23 - -
Lines Transportation
Partner 911 Apollo IND Acute Care and - 8,953 Reverse -0.07 - -
Hospitals Institutional
Patient Care
Customer 912 Qantas Airways AUS Air Passenger - 7,620 Direct 0.33 - -
Transportation
Customer 913 PLDT PHL Wireless - 7,607 Reverse 0.22 1 -
Services
Customer,Partn 914 Temenos CHE Finance - 7,033 Reverse 0.38 - -
er Software and
Services
Supplier 915 Amlogic CHN Specialized - 7,021 Reverse -0.03 - 1
Shanghai A Semiconductors
Partner 916 CyberArk ISR IT Infrastructure - 6,918 Reverse 0.14 - -
Software Software
Customer 917 DCI Indonesia IDN Internet Hosting - 6,897 Reverse 0.13 - -
Services
Supplier 918 TELUS CAN Consulting/Busi - 6,379 Reverse 0.43 - -
International SV ness Process
Outsourcing
Services
Customer 919 Hero MotoCorp IND Consumer - 5,966 Direct 0.09 - -
Vehicle
Manufacturing
Customer,Partn 920 PearlAbyss KOR Games - 5,678 Reverse 0.07 - -
er Software
Customer 921 Banco de CHL Americas - 5,482 Direct 0.13 - -
Credito Banks
Customer 922 LPP POL Apparel Retail - 4,778 Reverse 0.23 - 1
Supplier 923 Shenzhen CHN Specialized - 4,772 Reverse -0.01 - -
Goodix Tech A Semiconductors
Customer 924 FPT VNM Information - 4,621 Reverse 0.00 - -
Technology
Consulting
Customer 925 Bco Davivienda COL Americas - 4,155 Direct 0.05 - -
Pfd Banks
Customer 926 Eurobank GRC Europe, Middle - 4,083 Direct 0.31 - -
Ergasias East and Africa
Services & Banks
Holdings
Customer 927 Cogeco CAN Wireline - 4,073 Reverse -0.03 - 1
s
Partner 928 Nine AUS Entertainment - 3,654 Reverse 0.41 - -
Entertainment and
Programming
Providers
Partner 929 VeriSilicon CHN Contract - 3,335 Reverse 0.06 - -
Microelectronic Electronic
s (Shanghai) A Manufacturing

Customer,Partn 930 Giant Network CHN Games - 3,051 Reverse 0.20 - -
er Group A Software
Customer 931 Turk TUR Wireline - 2,936 Reverse -0.16 1 -
Telekomunikasy Services
on
Customer 932 Air France-KLM FRA Air Passenger - 2,846 Direct 0.47 - -
Transportation
Customer 933 Singapore SGP Equity REITs - 2,799 Direct 0.17 - -
Press Holdings
Customer,Partn 934 ProSiebenSat 1 DEU Entertainment - 2,781 Reverse 0.26 - -
er Media and
Programming
Providers
Customer,Partn 935 MakeMyTrip IND Travel - 2,764 Reverse 0.62 - -
er Arrangement
and
Reservation
Services
Partner 936 Hays GBR Administrative - 2,629 Reverse 0.20 - 1
Services
Customer,Partn 937 Corporate AUS Travel - 2,610 Reverse 0.18 - -
er Travel Mgmt Arrangement
and
Reservation
Services
Partner 938 Shenzhen MTC CHN Consumer - 2,537 Reverse 0.01 - -
A Video
Electronics
Equipment
Customer 939 BPER Banca ITA Europe, Middle - 2,387 Direct 0.22 - -
East and Africa
Banks
Customer 940 Domino's Pizza GBR Restaurants - 2,203 Direct 0.29 - -
Group and Bars
Supplier 941 OPT Machine CHN Industrial - 2,184 Reverse 0.04 - -
Vision Tech A Machine Parts
and Support
Equipment
Customer 942 TGS NOR Oil and Gas - 2,129 Reverse -0.19 - 1
Operations
Support
Activities
Customer 943 Happiest Minds IND Infrastructure - 2,100 Reverse 0.25 - -
Technologies and Network
Consulting
Services
Supplier 944 Shinsegae KOR General - 2,042 Reverse 0.01 - -
Merchandise
Retailers
Customer 945 PageGroup GBR Administrative - 2,023 Reverse 0.23 - 1
Services
Customer,Partn 946 Konica Minolta JPN Computer - 2,004 Reverse 0.37 - -
er Peripherals
Customer,Partn 947 Casino, FRA General - 1,824 Reverse 0.11 - -
er Guichard Merchandise
Retailers
Customer 948 Birlasoft IND Information - 1,660 Reverse 0.32 - -
Technology
Consulting
Customer,Partn 949 Docebo CAN Enterprise - 1,606 Reverse 0.47 - -
er Management
Software
Customer 950 Formula ISR Infrastructure - 1,534 Reverse 0.32 - -
Systems 1985 and Network
Consulting
Services
Customer,Partn 951 Ourpalm A CHN Games - 1,502 Reverse 0.06 - -
er Software
Customer 952 Partner ISR Wireless - 1,495 Reverse 0.50 - -
s
Customer 953 Mediaset ESP Entertainment - 1,467 Reverse -0.01 - -
Espana and
Programming
Providers
Customer,Partn 954 mixi JPN Games - 1,385 Reverse 0.36 - -
er Software
Customer 955 Crayon Group NOR Software - 1,372 Reverse 0.15 - -
Holding Distributors
Customer 956 Fnac Darty FRA Electronics - 1,365 Reverse 0.21 - 1
Retail
Customer 957 WalkMe ISR Enterprise - 1,284 Reverse 0.54 - -
Management
Software
Customer,Partn 958 Tianyu Digital CHN Games - 1,276 Reverse 0.10 - -
Customer 959 Moneysupermar GBR Consumer Data - 1,268 Reverse 0.22 - 1
ket com Grp and Services
Supplier,Partner 960 Saregama India IND Entertainment - 1,267 Reverse -0.12 - -
and
Programming
Providers
Customer,Partn 961 Stillfront Grp SWE Games - 1,239 Reverse 0.27 - -
er Software
Customer 962 MiTAC TWN Computer - 1,188 Reverse 0.10 - -
Systems
Customer,Partn 963 VTEX A GBR Internet Hosting - 1,150 Reverse 0.14 - -
er Services
Customer 964 Capitalonline CHN Internet Hosting - 1,121 Reverse -0.20 - -
Data Service A Services
Customer 965 Sonata IND Infrastructure - 1,104 Reverse 0.20 - -
Software and Network
Consulting
Services

Customer 966 GMA Network PHL Entertainment - 1,030 Reverse 0.14 1 -
and
Programming
Providers
Customer 967 Cogeco CAN Wireline - 1,027 Reverse 0.10 - 1
Services
Partner 968 Beijing CHN Enterprise - 1,023 Reverse 0.09 - -
Philisense Tech Management
A Software
Customer 969 Aussie Broad AUS Wireline - 1,013 Reverse -0.04 - -
Services
Customer,Partn 970 Hello Group CHN Home and - 964 Reverse 0.17 - -
er ADR Office Software
Customer,Partn 971 Team17 Group GBR Games - 951 Reverse 0.25 - -
er Software
Customer 972 Dustin Group SWE IT Hardware - 935 Reverse 0.42 - -
Distributors
Customer,Partn 973 Hangzhou CHN Local Area - 903 Reverse 0.21 - -
er Anysoft Info A Networking
Equipment
Supplier 974 Sichuan Furong CHN Contract - 860 Reverse 0.06 - 1
Technology A Electronic
Manufacturing
Supplier 975 Appier Group JPN Enterprise - 854 Reverse 0.27 - -
Management
Software
Supplier 976 Js Gian Tech-A CHN Metal Parts and - 822 Reverse 0.05 - -
Rg Component
Manufacturing
Customer,Partn 977 DoubleU KOR Games - 770 Reverse 0.39 - -
er Games Software
Customer 978 Capital A MYS Air Passenger - 693 Reverse 0.03 - -
Transportation
Supplier 979 Dogan Sirketler TUR Gasoline - 689 Reverse -0.04 1 -
Grubu Stations
Partner 980 Vestel TUR Household - 677 Reverse -0.04 1 -
Elektronik Appliances and
Sanayi Furnishings
Production
Customer,Partn 981 Devsisters KOR Games - 665 Reverse 0.21 - -
er Software
Partner 982 91APP CYM Internet Hosting - 651 Reverse 0.15 - -
Services
Customer,Partn 983 Yalla Group Sp ARE Home and - 613 Reverse 0.19 - -
er ADR A Office Software
Customer 984 Datalogic ITA Commerce - 590 Reverse 0.06 - -
Equipment
Customer,Partn 985 Com2uS KOR Games - 550 Reverse 0.02 - -
Customer 986 Sify IND Telecommunica - 538 Reverse 0.60 - 1
Technologies tions Carrier
ADR Services
Partner 987 Join-Cheer A CHN Enterprise - 509 Reverse 0.10 - -
Management
Software
Customer 988 Hathway Cable IND Wireline - 453 Reverse 0.12 - 1
& Datacom Services
Customer 989 SOPHiA CHE Healthcare - 447 Reverse -0.06 - -
GENETICS Administrative
Support
Services
Customer,Partn 990 Hancom KOR Home and - 437 Reverse 0.55 - -
er Office Software
Customer 991 Samudera IDN Air and Water - 435 Direct -0.10 - -
Indonesia Transportation
Operators
Customer,Partn 992 BASE JPN Internet Hosting - 398 Reverse 0.35 - -
er Services
Customer,Partn 993 Somany IND Architectural - 396 Reverse 0.09 - -
er Ceramics and
Infrastructure
Component
Makers
Customer 994 PChome Online TWN Department - 389 Reverse 0.10 - -
Stores
Supplier 995 Somany Home IND Small - 365 Reverse -0.11 - -
Innovation Appliances and
Accessories
Manufacturing
Customer,Partn 996 Modern Avenue CHN Apparel and - 360 Reverse -0.19 - 1
er Group A Footwear
Production
Customer,Partn 997 IVU Traffic DEU General - 352 Reverse 0.42 - -
er Technologies Transportation
and Related
Services
Partner 998 D-Link TWN Local Area - 343 Reverse 0.47 - -
Networking
Equipment
Supplier 999 Prime Focus IND Entertainment - 342 Reverse 0.45 - -
and
Programming
Providers
Customer 1000 CMC Vietnam VNM Information - 314 Reverse -0.08 - -
Technology
Consulting
Supplier 1001 Dialogue Health CAN Multi-Delivery-Ty - 309 Reverse - - 1
Technologies pe Patient Care
Customer,Partn 1002 NR Instant THA Food - 283 Reverse 0.11 - -
er Produce Production
Partner 1003 Dubber AUS Telecommunica - 265 Reverse 0.19 - -
tions Industry
Software
Customer 1004 Positivo BRA Computer - 255 Reverse 0.49 - -
Tecnologia Systems

Supplier 1005 Severfield GBR Infrastructure - 254 Reverse 0.29 - -
Construction/C
ontracting
Services
Customer 1006 Blackline Safety CAN Electronic - 253 Reverse -0.14 - -
Security
Equipment
Supplier 1007 CYREN ISR IT Infrastructure - 250 Reverse - 1 -
Software
Customer 1008 Shinsegae I&C KOR Information - 248 Reverse 0.16 - -
Technology
Consulting
Customer 1009 Origo ISL Information - 243 Reverse -0.01 - -
Technology
Consulting
Supplier 1010 Beijing Shuzhi CHN Enterprise - 241 Reverse 0.12 - -
Technology A Management
Software
Customer 1011 WANdisco GBR IT Infrastructure - 239 Reverse 0.39 - 1
Software
Customer 1012 Footway Gr Pref SWE Footwear Retail - 234 Direct 0.16 - -
Customer 1013 TPXimpact GBR Administrative - 233 Reverse 0.31 - -
Holdings Services
Customer,Partn 1014 Me2zen KDR KOR Games - 230 Reverse 0.14 - -
er Software
Customer 1015 Zero One TWN IT Hardware - 226 Reverse -0.20 - -
Customer 1016 DB IND Print Media and - 213 Direct 0.08 - -
Publishing
Services
Customer 1017 National Foods PAK Food - 199 Reverse 0.16 1 -
Production
Customer 1018 SRP Groupe FRA Apparel Retail - 199 Reverse 0.08 - 1
Partner 1019 Chatwork JPN Home and - 171 Reverse 0.29 - -
Office Software
Supplier 1020 Pico Far East HKG Marketing and - 166 Reverse 0.05 - -
Advertising
Services
Customer,Partn 1021 East Side CAN Games - 162 Reverse 0.20 - -
er Games Software
Customer,Partn 1022 Media Prima MYS Entertainment - 161 Reverse 0.03 - -
er and
Programming
Providers
Customer,Partn 1023 Solocal Group FRA Marketing and - 160 Reverse 0.20 1 -
er Advertising
Services
Partner 1024 Huddly NOR Photography - 159 Reverse 0.17 - -
Equipment
Partner 1025 Taiwan Line Tek TWN Interconnect - 154 Reverse 0.07 - -
Electr Electronic
Components
Supplier 1026 E&M ISR Infrastructure - 148 Reverse 0.11 - -
Computing and Network
Consulting
Services
Customer,Partn 1027 Aferian GBR Consumer - 148 Reverse 0.07 - -
er Video
Electronics
Equipment
Customer 1028 RM GBR Other Leisure - 142 Reverse 0.13 - -
Goods
Customer 1029 Exasol DEU Information - 141 Reverse 0.34 - -
Technology
Consulting
Supplier 1030 AddTech Hub THA Marketing and - 136 Reverse 0.17 - -
Advertising
Services
Partner 1031 Agile Content ESP Internet - 135 Reverse 0.05 - -
Software/Servic
es
Customer 1032 MCOT THA Broadcast - 118 Reverse 0.02 - -
Media Services
Customer,Partn 1033 Cash AUS Discount Stores - 114 Reverse 0.09 - -
er Converters
International
Partner 1034 TECHNO JPN Electronic - 114 Reverse 0.61 - -
HORIZON Security
Equipment
Customer,Partn 1035 Nihon Falcom JPN Games - 110 Reverse 0.35 - -
er Software
Customer 1036 iClick HKG Marketing and - 101 Reverse 0.05 - -
Interactive Asia Advertising
ADR Services
Customer 1037 ISB JPN Infrastructure - 100 Reverse 0.22 - -
and Network
Consulting
Services
Customer,Partn 1038 Aurora World KOR Other Leisure - 90 Reverse 0.08 - -
er Goods
Customer 1039 KOCOM KOR Electronic - 90 Reverse 0.30 - -
Security
Equipment
Partner 1040 PROFILE Sys & GRC Finance - 88 Reverse 0.12 - 1
Software Software and
Services
Customer,Partn 1041 Play Magnus NOR Games - 87 Reverse 0.31 - -
er Software
Customer,Partn 1042 StreamWIDE FRA Telecommunica - 77 Reverse 0.11 - -
er tions Industry
Software
Customer 1043 PT Anabatic IDN Infrastructure - 77 Reverse 0.22 - -
Consulting
Services

Customer,Partn 1044 Ai-Media Tech AUS Entertainment - 76 Reverse -0.03 - -
er and
Programming
Providers
Customer,Partn 1045 FFRI Security JPN IT Infrastructure - 74 Reverse 0.04 - -
er Software
Customer,Partn 1046 ResApp Health AUS Home and - 73 Reverse 0.01 - 1
er Office Software
Customer 1047 Webcentral AUS Internet Support - 68 Reverse 0.23 - -
Services
Customer,Partn 1048 Polaris Office KOR General and - 68 Reverse 0.35 - -
er Mixed-Type
Software
Customer 1049 Full Speed JPN Marketing and - 68 Reverse -0.18 - 1
Advertising
Services
Customer,Partn 1050 Kinjiro JPN Enterprise - 67 Reverse 0.50 - -
er Management
Software
Supplier 1051 Ricksoft Co JPN Infrastructure - 63 Reverse 0.14 - 1
and Network
Consulting
Services
Customer,Partn 1052 KH ELECTRON KOR Audio - 63 Reverse 0.10 - -
er Electronics
Manufacturing
Customer,Partn 1053 MAG Interactive SWE Games - 61 Reverse 0.31 - -
er Software
Customer,Partn 1054 IOUpay AUS Enterprise - 59 Reverse 0.09 - -
er Management
Software
Customer,Partn 1055 Angler Gaming MLT Arts, - 59 Reverse 0.54 - -
er Entertainment
and Recreation
Providers
Partner 1056 Mars TWN Specialized - 56 Reverse -0.05 - -
Semiconductor Semiconductors
Customer 1057 AdEPT GBR Pan-Europe - 54 Reverse 0.20 - 1
Technology Mixed
Group Telecommunica
tions Services
Customer 1058 Broadmedia JPN Entertainment - 52 Reverse 0.32 - -
and
Programming
Providers
Supplier 1059 Splitit Payments AUS Consumer - 49 Reverse 0.07 - -
Finance
Services
Customer,Partn 1060 Koninklijke Brill NLD Print Media and - 47 Reverse 0.06 - 1
er Publishing
Services
Customer 1061 Grupo Famsa A MEX Department - 46 Reverse 0.40 - -
Stores
Customer 1062 Medical Net JPN Marketing and - 44 Reverse 0.19 - 1
Advertising
Services
Supplier 1063 infas Holding DEU Consulting/Busi - 43 Reverse 0.39 - -
ness Process
Outsourcing
Services
Partner 1064 Gigaset DEU Business - 42 Reverse 0.34 - 1
Communication
s Equipment
Customer 1065 Micropole FRA Information - 41 Reverse 0.35 - 1
Technology
Consulting
Customer,Partn 1066 and factory JPN Home and - 35 Reverse 0.12 - 1
er Office Software
Supplier 1067 Imint Image SWE Design and - 31 Reverse 0.22 - -
Intelligence Engineering
Software
Partner 1068 Tintra GBR Arts, - 31 Reverse 0.11 - -
Entertainment
and Recreation
Providers
Customer 1069 Borqs CHN Contract - 29 Reverse 0.13 - -
Technologies Electronic
Manufacturing
Customer 1070 Headwaters JPN Information - 28 Reverse 0.19 - -
Technology
Consulting
Customer,Partn 1071 Jorudan JPN General - 28 Reverse 0.70 - -
er Transportation
and Related
Services
Customer,Partn 1072 Silicon Studio JPN Design and - 25 Reverse 0.16 - 1
er Engineering
Software
Customer,Partn 1073 TDSE JPN Information - 24 Reverse 0.32 - -
er Technology
Consulting
Supplier 1074 Adslot AUS Entertainment - 24 Reverse 0.31 - -
and
Programming
Providers
Customer,Partn 1075 Ekitan & Co JPN Home and - 23 Reverse 0.39 - -
er Office Software
Partner 1076 Arima TWN Contract - 18 Reverse -0.04 - -
Communication Electronic
s Manufacturing
Customer 1077 SYSTEMS JPN Infrastructure - 17 Reverse 0.37 - -
DESIGN and Network
Consulting
Services
Supplier 1078 Softlab ITA General and - 15 Reverse 0.45 - -
Mixed-Type
Software

Supplier 1079 Enablence CAN Optoelectronics - 15 Reverse 0.17 1 -
Technologies Electronic
Components
Customer,Partn 1080 CooTek CHN Home and - 14 Reverse 0.38 - -
er (Cayman) ADR Office Software
A
Customer 1081 SIS Mobile HKG IT Hardware - 12 Reverse 0.27 - -
Holdings Distributors
Customer,Partn 1082 Neptis POL Home and - 11 Reverse 0.08 - -
er Office Software
Customer,Partn 1083 My Size Inc ISR Home and - 8 Reverse 0.15 - -
er Office Software
Supplier 1084 Wirecard DEU Consumer - 6 Reverse -0.05 1 -
Finance
Services
Customer,Partn 1085 Archos FRA Wireless Mobile - 3 Reverse 0.34 - -
er Equipment
Customer 1086 Vapiano SE DEU Restaurants - 3 Reverse 0.19 - -
and Bars
Customer 1087 Reebonz SGP Accessories - 0 Direct - - -
Holding A Retail
Customer 1088 AC DC ZAF Industrial - - Direct - - -
Dynamics CC Conglomerates
Customer 1089 ATB Financial CAN Regional Banks - - Direct - - -
Customer 1090 AUDI DEU Consumer - - Direct - - -
Vehicle
Manufacturing
Customer 1091 Air Baltic Corp. LVA Airlines - - Direct - - -
AS
Customer 1092 Amstelring NLD Services to the - - Direct - - -
Foundation Health Industry
Customer 1093 AnyMind Group SGP Packaged - - Direct - - -
Pte. Ltd. Software
Customer 1094 Arvesta BV BEL Financial - - Direct - - -
Conglomerates
Customer 1095 Ascend Group THA Internet - - Direct - - -
Co. Ltd. Software/Servic
es
Customer 1096 Australian AUS Express - - Direct - - -
Postal Corp. Couriers
Customer 1097 Canada Games CAN Miscellaneous - - Direct - - -
Council Commercial
Services
Customer 1098 Canam Group CAN Architectural - - Direct - - -
Incorporated and
Infrastructure
Component
Makers
Customer 1099 Cargills Bank LKA Regional Banks - - Direct - - -
Ltd.
Customer 1100 Cello NLD Medical/Nursin - - Direct - - -
Foundation g Services
Customer 1101 Century 21 CAN Real Estate - - Direct - - -
Canada LP Development
Customer 1102 Chantelle SA FRA Apparel/Footwe - - Direct - - -
ar
Customer 1103 Commeasure SGP Commercial - - Direct - - -
Pte Ltd. Printing/Forms
Customer 1104 Conrad Holding DEU Electronics - - Direct - - -
SE Distributors
Customer,Partn 1105 CounterPath CAN IT Infrastructure - - Reverse - 1 -
er Corporation Software
Customer 1106 DKH Holding CHE Advertising/Mar - - Direct - - -
AG keting Services
Customer 1107 DSHE Holdings AUS Electronics - - Reverse - 1 -
Ltd. Retail
Customer 1108 Dune Holdings GBR Apparel/Footwe - - Direct - - -
Ltd. ar Retail
Customer 1109 Electronica IND Finance/Rental/ - - Direct - - -
Finance Ltd. Leasing
Customer 1110 Entelgy ESP Packaged - - Direct - - -
Consulting SA Software
Customer 1111 FM Logistic FRA Air - - Direct - - -
Corporate SAS Freight/Courier
s
Customer 1112 Feralpi Holding ITA Steel - - Direct - - -
SpA
Customer 1113 Fitnessa Group FRA - - Direct - - -
SAS
Customer 1114 Flaconi GmbH DEU Catalog/Special - - Direct - - -
ty Distribution
Customer 1115 France FRA Sovereign - - Direct - - -
Customer 1116 Golden SGP - - Direct - - -
Sunflower
International
Ltd.
Customer 1117 Grupo Vichy ESP Beverages: - - Direct - - -
Catalan SL Non-Alcoholic
Customer 1118 HK01 Co. Ltd. HKG - - Direct - - -
Customer 1119 Hackney GBR - - Direct - - -
Council (United
Kingdom)
Customer 1120 Healthfirst Clinic PHL - - Direct - - -
Customer 1121 Hotel Lotte Co., KOR Accommodatio - - Direct - - -
Ltd. n Providers
Customer 1122 Ingka Holding NLD Specialty Stores - - Direct - - -
BV
Customer 1123 Jellyfish Group GBR Advertising/Mar - - Direct - - -
Ltd. keting Services
Customer 1124 KAESER DEU Industrial - - Direct - - -
KOMPRESSOR Machinery
EN SE

Customer 1125 Kingston & GBR Other - - Direct - - -
Sutton Consumer
Educational Services
Partnership Ltd.
Customer 1126 L&T Financial IND Finance/Rental/ - - Direct - - -
Services Leasing
Customer 1127 Leon Grosse FRA Engineering & - - Direct - - -
Aquitaine SASU Construction
Customer 1128 Les Grands FRA Beverages: - - Direct - - -
Chais de Alcoholic
France SA
Customer 1129 Mass Rapid MYS Other - - Direct - - -
Transit Corp. Transportation
Sdn. Bhd.
Customer 1130 Matalan Ltd. GBR Apparel/Footwe - - Direct - - -
ar Retail
Customer 1131 Maus Freres SA CHE Department - - Direct - - -
Stores
Customer 1132 MegaFon RUS Wireless - - Reverse - 1 -
Services
Customer 1133 Mumzworld FZ ARE Internet Retail - - Direct - - -
LLC
Customer 1134 MyRepublic Ltd. SGP Packaged - - Direct - - -
Software
Customer 1135 National GBR Miscellaneous - - Direct - - -
Institute for Commercial
Health Services
Research
Customer,Partn 1136 Netshoes BRA Entertainment - - Reverse - 1 -
er (Cayman) Retail
Limited
Customer 1137 Noberasco SpA ITA Food: - - Direct - - -
Specialty/Cand
y
Customer 1138 Nubian Skin GBR Internet Retail - - Direct - - -
Ltd.
Customer 1139 ORANGETEE.C SGP Real Estate - - Direct - - -
OM PTE LTD Development
Customer 1140 PT Perum IDN Finance/Rental/ - - Direct - - -
Pegadaian Leasing
Customer 1141 PT Tokopedia IDN Internet - - Direct - - -
Software/Servic
es
Customer 1142 Piramis SRL ITA Electronics - - Direct - - -
Distributors
Customer 1143 Printers IND Publishing: - - Direct - - -
(Mysore) Pvt Newspapers
Ltd.
Customer 1144 Quimmco SA MEX Auto Parts: - - Direct - - -
de CV OEM
Customer 1145 RLE DEU Engineering & - - Direct - - -
INTERNATIONA Construction
L
Produktentwickl
ungsgesellschaf
t mbH
Customer 1146 Roofoods Ltd. GBR Packaged - - Direct - - -
Software
Customer 1147 Seeff Holdings ZAF - - Direct - - -
Ltd.
Customer 1148 Shueisha, Inc. JPN Publishing: - - Direct - - -
Books/Magazin
es
Customer 1149 Societa e ITA Medical/Nursin - - Direct - - -
Salute SpA g Services
Customer 1150 Solotron Sro CZE Miscellaneous - - Direct - - -
Commercial
Services
Customer 1151 Stichting NLD Services to the - - Direct - - -
Buurtzorg Health Industry
Nederland
Customer 1152 Team Olivia AB SWE Services to the - - Direct - - -
Health Industry
Customer 1153 Tradebridge ZAF Miscellaneous - - Direct - - -
(Pty) Ltd. Commercial
Services
Customer 1154 Transcontainer JPN Other - - Direct - - -
Ltd. Transportation
Customer 1155 Twinkl UK GBR Financial - - Direct - - -
Holdings Ltd. Conglomerates
Customer 1156 Viessmann DEU Industrial - - Direct - - -
Climate Machinery
Solutions SE
Customer 1157 Virgin Active GBR Other - - Direct - - -
Ltd. Consumer
Services
Customer 1158 Weiss + CHE Engineering & - - Direct - - -
Appetito AG Construction
Customer 1159 Wm Morrison GBR Grocery Stores - - Direct - - -
Supermarkets
plc
Customer 1160 ZPG Limited GBR Consumer Data - - Direct - - -
and Services
Customer 1161 Deutsche DEU Wireless - 92,964 Reverse 0.39 - -
Telekom Services
Supplier 1162 Enel ITA Other - 67,950 Reverse 0.11 - -
International
Wholesale
Power
Customer,Partn 1163 NetEase CHN Games - 66,306 Reverse 0.38 - -
er Software
Partner 1164 SoftBank JPN Wireless - 56,044 Reverse 0.10 - -
Services
Customer 1165 BCE CAN Wireline - 53,005 Reverse -0.17 - -
Services

Supplier 1166 Orsted DNK Other - 49,115 Reverse -0.11 - -
International
Wholesale
Power
Customer 1167 Vodafone GBR Wireless - 48,780 Reverse 0.15 - -
Group Services
Supplier 1168 Compass GBR Other Food and - 39,035 Reverse 0.28 - -
Group Beverage
Services
Customer 1169 TELUS CAN Wireless - 36,761 Reverse -0.18 - -
Services
Customer 1170 Chunghwa TWN Pan-Asia/Pacifi - 34,781 Reverse -0.07 - -
Telecom c Mixed
Telecommunica
tions Services
Partner 1171 Telkom IDN Wireless - 32,321 Reverse -0.22 - -
Indonesia Services
Persero B
Customer,Partn 1172 Swisscom CHE Pan-Europe - 31,659 Reverse -0.16 - -
er Mixed
Telecommunica
tions Services
Customer,Partn 1173 Fujitsu JPN Information - 31,263 Reverse 0.09 - -
er Technology
Consulting
Partner 1174 Telefonica ESP Wireless - 31,114 Reverse -0.03 - -
Services
Customer 1175 Thales FRA Diversified - 29,553 Reverse -0.12 - -
Aerospace and
Defense
Manufacturing
Supplier 1176 Michelin FRA General - 22,933 Reverse 0.28 - -
Transportation
Equipment
Manufacturing
Customer 1177 Telefonica BRA Wireless - 19,105 Reverse 0.23 - -
Brasil Services
Customer,Partn 1178 Check Point ISR IT Infrastructure - 18,961 Reverse -0.03 - -
er Software Tech Software
Customer,Partn 1179 Vivendi FRA Entertainment - 14,246 Reverse 0.47 - -
er and
Programming
Providers
Customer,Partn 1180 Beijing Kingsoft CHN Home and - 13,322 Reverse 0.07 - -
er Office A Office Software
Partner 1181 Taiwan Mobile TWN Wireless - 12,866 Reverse -0.23 - -
Services
Supplier 1182 Quanta TWN Contract - 11,404 Reverse 0.09 - -
Computer Electronic
Manufacturing
Customer,Partn 1183 KONAMI JPN Games - 9,517 Reverse 0.07 - -
er HOLDINGS Software
Customer 1184 Mobile KWT Wireless - 8,932 Reverse -0.21 - -
Telecommunica Services
tions
Customer 1185 Embracer SWE Games - 8,867 Reverse 0.38 - -
Group B Software
Supplier 1186 RTL Group LUX Entertainment - 8,671 Reverse 0.27 - -
and
Programming
Providers
Customer,Partn 1187 Playtika Hldg ISR Games - 8,069 Reverse 0.23 - -
er Software
Customer 1188 DCC IRL LPG, Propane - 7,536 Reverse 0.31 - -
and Other
Distributors
Partner 1189 Telecom Italia ITA Pan-Europe - 6,995 Reverse 0.27 - -
Mixed
Telecommunica
tions Services
Customer 1190 Ooredoo QAT Wireless - 6,403 Reverse -0.32 - -
Services
Supplier 1191 DS Smith GBR Paper - 5,660 Reverse 0.24 - -
Packaging
Products
Customer 1192 Sixt DEU Motor Vehicles - 5,405 Reverse 0.23 - -
and Parts Sales
and Rental
Customer 1193 LG Uplus KOR Wireless - 5,062 Reverse 0.08 - -
Services
Customer,Partn 1194 Sega Sammy JPN Games - 4,838 Reverse 0.07 - -
Supplier 1195 Georg Fischer CHE Architectural - 4,728 Reverse 0.22 - -
and
Infrastructure
Component
Makers
Supplier 1196 Neoen FRA Multinational - 4,481 Reverse -0.01 - -
Wholesale
Power
Customer 1197 Synnex TWN IT Hardware - 4,441 Reverse -0.04 - -
Technology Intl Distributors
Customer 1198 PCCW HKG Wireline - 4,416 Reverse 0.02 - -
Services
Partner 1199 LivaNova GBR System-Specific - 4,347 Reverse 0.23 - -
General
Medical
Devices
Supplier 1200 Frasers SGP Equity REITs - 3,969 Reverse 0.05 - -
Logistics &
Com
Customer 1201 Vodafone Idea IND Wireless - 3,923 Reverse 0.07 - -
Services
Customer 1202 MultiChoice ZAF Wireline - 3,867 Reverse 0.15 - -
Group Services

Customer 1203 Telenet Group BEL Wireline - 3,722 Reverse 0.15 - -
Holding Services
Supplier 1204 Spin Master CAN Other Leisure - 3,653 Reverse 0.49 - -
Corp Goods
Customer 1205 METRO DEU Warehouse - 3,065 Reverse 0.13 - -
Clubs and
Superstores
Supplier 1206 Keywords IRL Infrastructure - 2,590 Reverse 0.26 - -
Studios and Network
Consulting
Services
Customer,Partn 1207 SIGNA Sports DEU Entertainment - 2,589 Reverse -0.15 - -
er Retail
Customer 1208 Megacable MEX Wireline - 2,573 Reverse 0.23 - -
CPO Services
Customer 1209 Batelco BHR Middle East - 2,426 Reverse 0.27 - -
Telecommunica and Africa
tns Mixed Telecom
Services
Supplier 1210 Metropole FRA Entertainment - 2,424 Reverse 0.19 - -
Television and
Programming
Providers
Partner 1211 NOS SGPS PRT Pan-Europe - 2,280 Reverse 0.07 - -
Mixed
Telecommunica
tions Services
Customer,Partn 1212 PEXA AUS Other Real - 2,274 Reverse 0.24 - -
er Estate
Investment and
Services
Customer 1213 SoftwareONE CHE Infrastructure - 2,267 Reverse 0.20 - -
Holding and Network
Consulting
Services
Customer,Partn 1214 DeNA JPN Games - 2,028 Reverse 0.07 - -
er Software
Customer,Partn 1215 Paradox SWE Games - 2,027 Reverse 0.29 - -
er Interactive Software
Supplier 1216 Nolato B SWE Contract - 2,026 Reverse 0.08 - -
Electronic
Manufacturing
Supplier 1217 LX Semicon KOR Analog and - 1,899 Reverse 0.31 - -
Mixed Signal
Semiconductors
Customer,Partn 1218 International TWN Games - 1,822 Reverse 0.43 - -
er Games Sys Software
Partner 1219 PostNL NLD Express - 1,819 Reverse 0.48 - -
Couriers
Partner 1220 Micro Focus GBR IT Infrastructure - 1,770 Reverse 0.44 - -
International Software
Customer 1221 Redington India IND Other IT - 1,711 Reverse 0.03 - -
Distributors
Partner 1222 Landis+Gyr CHE Power - 1,682 Reverse 0.41 - -
Group Generation and
Support
Products
Customer 1223 Matrix IT ISR Information - 1,636 Reverse 0.06 - -
Technology
Consulting
Customer,Partn 1224 Modern Times SWE Games - 1,621 Reverse 0.19 - -
er Group MTG B Software
Customer 1225 Digital China CHN IT Hardware - 1,596 Reverse -0.28 - -
Group A Distributors
Supplier 1226 Technogym ITA Sporting and - 1,555 Reverse 0.36 - -
Athletic Goods
Customer,Partn 1227 YOOZOO CHN Games - 1,543 Reverse 0.05 - -
er Interactive A Software
Supplier 1228 Corticeira PRT Other - 1,430 Reverse 0.29 - -
Amorim Containers and
Packaging
Products
Supplier 1229 Suzhou Anjie CHN Other - 1,410 Reverse 0.07 - -
Technology A Specialty/Perfor
mance
Chemical
Manufacturing
Supplier 1230 Glbwrt Est EUR GBR Equity REITs - 1,390 Reverse 0.19 - -
Supplier 1231 Route Mobile IND International - 1,294 Reverse 0.36 - -
Satellite
Services
Customer,Partn 1232 WACOM JPN Computer - 1,265 Reverse 0.53 - -
er Systems
Customer 1233 Afya A BRA Educational - 1,260 Reverse 0.67 - -
Services
Customer,Partn 1234 Nexters CYP Games - 1,254 Reverse - - -
er Software
Customer 1235 Prosegur Cia ESP Security - 1,197 Reverse 0.18 - -
de Segurida Services
Customer 1236 Mannai QAT Information - 1,171 Reverse 0.04 - -
Technology
Consulting
Customer,Partn 1237 NHN Corp KOR Home and - 1,133 Reverse 0.22 - -
er Office Software
Customer,Partn 1238 TCL Electronics CHN Consumer - 1,091 Reverse 0.14 - -
er Holdings Video
Electronics
Equipment
Customer,Partn 1239 Vaibhav Global IND Accessories - 1,063 Reverse -0.16 - -
er Production
Customer,Partn 1240 Matahari IDN Department - 1,053 Reverse -0.03 - -
er Department Stores
Store A

Supplier 1241 iEnergizer GBR Consulting/Busi - 1,049 Reverse 0.07 - -
ness Process
Outsourcing
Services
Customer,Partn 1242 Kaiser China CHN Games - 1,014 Reverse 0.19 - -
er Culture A Software
Customer 1243 PAX Global HKG Commerce - 975 Reverse 0.23 - -
Technology Equipment
Customer 1244 TOKAI JPN Natural Gas - 960 Reverse 0.25 - -
Utilities
Customer 1245 Grupo Bafar B MEX Food - 943 Reverse 0.11 - -
Production
Customer,Partn 1246 Shenzhen CHN Games - 888 Reverse 0.15 - -
er Shengxunda Software
Tech A
Partner 1247 Archosaur CHN Games - 885 Reverse 0.23 - -
Games Software
Customer,Partn 1248 Scandic Hotels SWE Accommodatio - 860 Reverse 0.32 - -
er Group n Providers
Customer 1249 FD GBR General and - 857 Reverse 0.05 - -
Technologies Mixed-Type
Software
Customer,Partn 1250 CMGE CHN Games - 805 Reverse 0.08 - -
er Technology Software
Group
Supplier 1251 Seven West AUS Entertainment - 802 Reverse 0.54 - -
Media and
Programming
Providers
Customer 1252 MEDION DEU General - 777 Reverse -0.14 - -
Consumer
Electronics
Manufacturing
Customer 1253 mobilezone CHE Electronics - 763 Reverse 0.29 - -
holding Retail
Supplier 1254 NCC Group GBR Infrastructure - 761 Reverse -0.01 - -
and Network
Consulting
Services
Customer 1255 Global Top CHN Department - 748 Reverse 0.24 - -
E-Commerce A Stores
Customer,Partn 1256 Nazara IND Games - 702 Reverse 0.04 - -
er Technologies Software
Customer 1257 Getnet Adq Uts BRA Consumer - 685 Reverse 0.34 - -
Finance
Services
Customer 1258 Shoppers Stop IND Department - 679 Reverse 0.20 - -
Stores
Customer,Partn 1259 Recipe CAN Restaurants - 668 Reverse 0.15 - -
er Unlimited and Bars
Customer 1260 Chief Telecom TWN Infrastructure - 661 Reverse -0.07 - -
and Network
Consulting
Services
Customer,Partn 1261 SNK KDR JPN Games - 638 Reverse -0.21 - -
er Software
Customer 1262 Allgeier DEU Information - 577 Reverse 0.53 - -
Technology
Consulting
Supplier 1263 Rockley GBR Optoelectronics - 574 Reverse 0.01 - -
Photonics Electronic
Components
Partner 1264 NRJ Group FRA Broadcast - 556 Reverse 0.24 - -
Media Services
Customer,Partn 1265 Shenzhen CHN Games - 532 Reverse -0.24 - -
er Bingchuan Software
Ntwk A
Customer 1266 D2L CAN Home and - 529 Reverse 0.35 - -
Office Software
Partner 1267 Sword Group LUX Information - 525 Reverse 0.11 - -
Technology
Consulting
Customer,Partn 1268 Profoto Holding SWE Photography - 519 Reverse -0.05 - -
er Equipment
Partner 1269 Tufin Software ISR IT Infrastructure - 489 Reverse -0.23 - -
Technologies Software
Customer,Partn 1270 NEOWIZ KOR Games - 450 Reverse 0.13 - -
er Software
Customer 1271 7-Eleven MYS Grocery Stores - 444 Reverse 0.04 - -
Malaysia Hldgs
Customer 1272 PT Multipolar IDN Infrastructure - 439 Reverse -0.18 - -
Consulting
Services
Customer 1273 Dish TV India IND International - 425 Reverse 0.21 - -
Satellite
Services
Customer,Partn 1274 LeoVegas SWE Arts, - 421 Reverse 0.23 - -
er Entertainment
and Recreation
Providers
Customer 1275 AAEON Tech TWN General - 417 Reverse 0.04 - -
Computer
Hardware
Customer,Partn 1276 Soft-World TWN Games - 402 Reverse -0.03 - -
er International Software
Customer 1277 MyState AUS Asia/Pacific - 388 Reverse 0.17 - -
Banks
Customer,Partn 1278 Digital Bros ITA Games - 383 Reverse 0.42 - -
er Software
Customer,Partn 1279 Gravity ADR KOR Games - 372 Reverse 0.30 - -
er Software
Customer,Partn 1280 FriendTimes CHN Games - 362 Reverse 0.17 - -
er Software

Customer,Partn 1281 Akatsuki JPN Games - 359 Reverse 0.22 - -
er Software
Supplier 1282 QIWI ADR CYP Consumer - 354 Reverse - - -
Finance
Services
Customer 1283 Members JPN Marketing and - 348 Reverse 0.10 - -
Advertising
Services
Customer,Partn 1284 Southern Cross AUS Broadcast - 338 Reverse 0.22 - -
er Media Grp Media Services
Customer,Partn 1285 HENNGE JPN IT Infrastructure - 338 Reverse 0.12 - -
er Software
Customer 1286 Posiflex TWN Commerce - 319 Reverse 0.04 - -
Customer,Partn 1287 3P Learning AUS Home and - 318 Reverse 0.19 - -
er Office Software
Supplier 1288 Eolus Vind B SWE Infrastructure - 313 Reverse 0.11 - -
Construction/C
ontracting
Services
Supplier 1289 11 Bit Studios POL Games - 308 Reverse 0.54 - -
Software
Customer,Partn 1290 Kuwait National KWT Arts, - 308 Reverse -0.15 - -
er Cinema Entertainment
and Recreation
Providers
Customer 1291 Global IDN Entertainment - 308 Reverse 0.18 - -
Mediacom and
Programming
Providers
Supplier 1292 M&C Saatchi GBR Marketing and - 297 Reverse 0.08 - -
Advertising
Services
Partner 1293 Yellow Pages CAN Consumer Data - 296 Reverse 0.11 - -
and Services
Customer,Partn 1294 Aprogen KOR Diversified - 294 Reverse 0.02 - -
er Medicines Materials
Customer 1295 Television HKG Entertainment - 284 Reverse -0.24 - -
Broadcasts and
Programming
Providers
Customer 1296 Allied BRA IT Hardware - 283 Reverse 0.38 - -
Tecnologia Distributors
Customer,Partn 1297 GMM Grammy THA Entertainment - 275 Reverse 0.10 - -
er Public Co and
Programming
Providers
Customer,Partn 1298 Fire Rock CHN Games - 274 Reverse -0.02 - -
Customer 1299 iomart Group GBR Internet Hosting - 258 Reverse -0.10 - -
Services
Supplier 1300 Highlight CHE Entertainment - 258 Reverse -0.26 - -
Communication and
s Programming
Providers
Customer 1301 Sysage TWN IT Hardware - 255 Reverse 0.14 - -
Customer 1302 Family Zone AUS Educational - 246 Reverse 0.34 - -
Cyber Services
Supplier 1303 SENTRAL MYS Equity REITs - 244 Reverse 0.05 - -
Supplier 1304 Next KOR Entertainment - 240 Reverse 0.13 - -
Entertainment and
World Programming
Providers
Customer 1305 Unifiedpost BEL Enterprise - 238 Reverse -0.08 - -
Group Management
Software
Supplier 1306 Ultrafabrics JPN Textile Products - 236 Reverse 0.07 - -
Holdings
Customer 1307 Korea KOR Internet Support - 235 Reverse 0.12 - -
Information Services
Customer 1308 Stadio Holdings ZAF Educational - 232 Reverse 0.29 - -
Services
Customer 1309 Ten GBR Arts, - 229 Reverse 0.30 - -
Entertainment Entertainment
Group and Recreation
Providers
Customer 1310 Redcentric GBR Infrastructure - 227 Reverse 0.23 - -
and Network
Consulting
Services
Customer 1311 i-mobile JPN Enterprise - 216 Reverse 0.19 - -
Management
Software
Customer,Partn 1312 LifeSpeak CAN Enterprise - 212 Reverse 0.26 - -
er Management
Software
Customer,Partn 1313 X-Legend TWN Games - 201 Reverse -0.13 - -
Customer 1314 AcuityAds Hldg CAN Enterprise - 198 Reverse 0.40 - -
Management
Software
Supplier,Partner 1315 Kudelski CHE General and - 194 Reverse -0.03 - -
Mixed-Type
Software
Customer 1316 Point Mobile KOR Computer - 187 Reverse -0.09 - -
Systems
Supplier 1317 Calnex GBR Test and - 187 Reverse -0.02 - -
Solutions Measurement
Equipment
Customer,Partn 1318 STV Group GBR Entertainment - 187 Reverse 0.06 - -
er and
Programming
Providers

Partner 1319 Gresham GBR Finance - 179 Reverse 0.05 - -
Technologies Software and
Services
Customer,Partn 1320 Mr. Blue KOR Games - 175 Reverse 0.38 - -
er Software
Customer 1321 Cigniti IND Infrastructure - 173 Reverse -0.20 - -
Consulting
Services
Customer,Partn 1322 EGLS A CHN Games - 162 Reverse -0.02 - -
er Software
Customer,Partn 1323 FOODNAMOO KOR Food - 161 Reverse 0.13 - -
er Production
Customer,Partn 1324 HIM Music TWN Entertainment - 160 Reverse -0.12 - -
er and
Programming
Providers
Partner 1325 Glassbox ISR Enterprise - 158 Reverse 0.08 - -
Management
Software
Customer,Partn 1326 ME2ON KOR Games - 158 Reverse 0.28 - -
er Software
Customer 1327 Nippon JPN Infrastructure - 156 Reverse -0.24 - -
Information Dev and Network
Consulting
Services
Customer 1328 Geniee JPN Enterprise - 154 Reverse 0.13 - -
Management
Software
Customer,Partn 1329 YJM Games KOR Commercial - 153 Reverse 0.23 - -
er and Industrial
Electric
Products
Customer 1330 Eagle Eye GBR Marketing and - 153 Reverse 0.21 - -
Solutions Advertising
Services
Partner 1331 Beeks Financial GBR IT Infrastructure - 153 Reverse 0.01 - -
Cloud Grp Software
Customer,Partn 1332 Chinese Gamer TWN Games - 151 Reverse 0.13 - -
er Intl Software
Customer,Partn 1333 NBT KOR Marketing and - 148 Reverse 0.10 - -
er Advertising
Services
Customer,Partn 1334 iHuman ADR A CHN Home and - 145 Reverse 0.25 - -
er Office Software
Supplier 1335 CMMB Vision HKG Broadcast - 143 Reverse 0.16 - -
Holdings Media Services
Customer,Partn 1336 LightInTheBox CHN Department - 128 Reverse 0.09 - -
er Holding ADR Stores
Customer,Partn 1337 OliveX Holdings AUS Home and - 127 Reverse -0.14 - -
er Office Software
Supplier 1338 Jasuindo Tiga IDN Printing - 127 Reverse -0.17 - -
Perkasa Services
Customer 1339 smartphoto BEL Personal - 125 Reverse 0.18 - -
group Services
Customer,Partn 1340 Actoz Soft KOR Games - 125 Reverse 0.27 - -
er Software
Customer 1341 Hostelworld IRL Travel - 124 Reverse 0.07 - -
Group Arrangement
and
Reservation
Services
Customer,Partn 1342 KAYAC JPN Games - 119 Reverse -0.12 - -
er Software
Partner 1343 IQGeo Group GBR Design and - 113 Reverse 0.15 - -
Engineering
Software
Customer 1344 B3 Consulting SWE Infrastructure - 106 Reverse -0.04 - -
Group and Network
Consulting
Services
Customer 1345 Allied Digital IND Infrastructure - 106 Reverse -0.06 - -
Services and Network
Consulting
Services
Customer,Partn 1346 Bixolon KOR Commerce - 104 Reverse 0.40 - -
er Equipment
Customer 1347 Optiva CAN Telecommunica - 103 Reverse -0.07 - -
tions Industry
Software
Customer,Partn 1348 Playwith KOR Games - 102 Reverse 0.10 - -
er Software
Customer 1349 Webstep NOR Information - 100 Reverse 0.25 - -
Technology
Consulting
Customer,Partn 1350 Sleep Cycle SWE Home and - 100 Reverse 0.09 - -
er Office Software
Customer 1351 Balaji Telefilms IND Entertainment - 97 Reverse 0.00 - -
and
Programming
Providers
Partner 1352 Upsales SWE Enterprise - 94 Reverse 0.12 - -
Technology Management
Software
Customer 1353 Astra Graphia IDN IT Hardware - 92 Reverse -0.13 - -
Distributors
Customer 1354 Ad Pepper DEU Marketing and - 89 Reverse 0.17 - -
Media Intl Advertising
Services
Partner 1355 GeoVision TWN Electronic - 89 Reverse 0.10 - -
Security
Equipment
Supplier 1356 NEORIGIN KOR Infrastructure - 84 Reverse 0.04 - -
and Network
Consulting
Services

Supplier 1357 Padtec Holding BRA Wide Area - 84 Reverse 0.15 - -
Networking
Equipment
Supplier 1358 LuxNet TWN Optoelectronics - 83 Reverse 0.23 - -
Electronic
Components
Customer,Partn 1359 Starbreeze SWE Games - 83 Reverse 0.39 - -
er Software
Supplier 1360 Iervolino & Lady ITA Entertainment - 79 Reverse 0.22 - -
Bacardi and
Entertainment Programming
Providers
Supplier 1361 Blackbird GBR Design and - 78 Reverse 0.04 - -
Engineering
Software
Customer 1362 Kaizen Platform JPN Enterprise - 77 Reverse 0.18 - -
Management
Software
Customer,Partn 1363 Atari FRA Games - 75 Reverse 0.19 - -
er Software
Partner 1364 Oneview Health IRL Healthcare - 74 Reverse 0.11 - -
CDIs Administrative
Support
Services
Customer,Partn 1365 Feiyu CHN Games - 71 Reverse 0.05 - -
er Technology Intl Software
Customer 1366 NexTech AR CAN Design and - 70 Reverse 0.17 - -
Solutions Engineering
Software
Customer,Partn 1367 Westwing BRA Furniture and - 70 Reverse 0.26 - -
er Comercio Home
Varejista Furnishings
Stores
Customer 1368 Doro SWE Wireless Mobile - 68 Reverse 0.30 - -
Equipment
Customer,Partn 1369 Next Games FIN Games - 68 Reverse -0.05 - -
er Software
Customer,Partn 1370 Vega JPN Internet Support - 67 Reverse 0.05 - -
er Corporation Services
Customer,Partn 1371 AV TECH TWN Electronic - 67 Reverse 0.03 - -
er Security
Equipment
Customer 1372 SpyroSoft POL Infrastructure - 63 Reverse 0.38 - -
and Network
Consulting
Services
Partner 1373 NEXT NOR Specialized - 62 Reverse 0.13 - -
Biometrics Semiconductors
Customer 1374 Sino-I HKG Internet Support - 55 Reverse 0.02 - -
Technology Services
Customer,Partn 1375 cyan DEU IT Infrastructure - 52 Reverse 0.08 - -
er Software
Supplier 1376 Shemaroo IND Entertainment - 49 Reverse 0.20 - -
Entertainment and
Programming
Providers
Customer,Partn 1377 Vectron DEU Commerce - 47 Reverse -0.16 - -
er Systems Equipment
Customer 1378 AXIS JPN Infrastructure - 43 Reverse 0.44 - -
and Network
Consulting
Services
Partner 1379 AboCom TWN Local Area - 43 Reverse 0.02 - -
Systems Networking
Equipment
Customer 1380 Eros Media IND Entertainment - 43 Reverse 0.05 - -
and
Programming
Providers
Customer 1381 SecureKloud IND Internet Hosting - 40 Reverse 0.03 - -
Technologies Services
Partner 1382 GetBusy GBR Enterprise - 39 Reverse 0.05 - -
Management
Software
Supplier 1383 ASJ JPN Internet Support - 39 Reverse 0.06 - -
Services
Customer 1384 Takung Art HKG Entertainment - 39 Reverse 0.32 - -
Retail
Customer 1385 Netyear Group JPN Internet Support - 34 Reverse 0.28 - -
Services
Customer 1386 Openpay Group AUS Enterprise - 33 Reverse 0.08 - -
Management
Software
Customer,Partn 1387 BExcellent HKG Educational - 31 Reverse 0.19 - -
er Group Holdings Services
Supplier 1388 PANTAFLIX DEU Entertainment - 30 Reverse 0.22 - -
and
Programming
Providers
Customer 1389 Websolute ITA Marketing and - 28 Reverse 0.41 - -
Advertising
Services
Customer 1390 Vital CHN Wireless Mobile - 27 Reverse -0.40 - -
Innovations Hol Equipment
Customer,Partn 1391 Ortivus B SWE Healthcare - 26 Reverse 0.10 - -
er Administrative
Support
Services
Partner 1392 Smartspace GBR Home and - 26 Reverse -0.22 - -
Software Office Software
Customer 1393 Control Bionics AUS Wearable - 26 Reverse 0.23 - -
Technology
Supplier 1394 I-FREEK JPN Information - 23 Reverse 0.27 - -
MOBILE Technology
Consulting

Customer,Partn 1395 SPORTTOTAL DEU Arts, - 22 Reverse -0.34 - -
er Entertainment
and Recreation
Providers
Supplier 1396 HF Co FRA General - 20 Reverse 0.26 - -
Consumer
Electronics
Manufacturing
Customer,Partn 1397 Crimson Tide GBR Home and - 20 Reverse -0.12 - -
er Office Software
Partner 1398 UTime CHN Contract - 19 Reverse 0.50 - -
Electronic
Manufacturing
Customer,Partn 1399 Trek 2000 SGP Data Storage - 19 Reverse 0.12 - -
er Hardware
Supplier 1400 Crucialtec KOR Module and - 19 Reverse 0.10 - -
Subassembly
Components
Customer,Partn 1401 B&S DEU Finance - 19 Reverse 0.15 - -
er Banksysteme Software and
Services
Customer,Partn 1402 One Media iP GBR Entertainment - 18 Reverse 0.19 - -
er Group and
Programming
Providers
Customer,Partn 1403 InterServ TWN Home and - 18 Reverse -0.02 - -
er International Office Software
Customer,Partn 1404 AmidA JPN Other Leisure - 17 Reverse 0.21 - -
er Goods
Customer,Partn 1405 Mobix TWN Department - 16 Reverse - - -
er Stores
Customer,Partn 1406 Monrif ITA Print Media and - 15 Reverse 0.36 - -
er Publishing
Services
Customer 1407 CloudCoCo GBR Infrastructure - 14 Reverse -0.13 - -
Group and Network
Consulting
Services
Customer,Partn 1408 Linekong CHN Games - 14 Reverse 0.09 - -
er Interactive Grp Software
Customer 1409 Journeo GBR IT Hardware - 14 Reverse -0.02 - -
Distributors
Customer 1410 Jaywing GBR Marketing and - 11 Reverse -0.07 - -
Advertising
Services
Customer,Partn 1411 sMedio JPN Design and - 11 Reverse 0.32 - -
er Engineering
Software
Customer,Partn 1412 Gameone HKG Games - 9 Reverse -0.01 - -
Customer 1413 P3 JPN Consumer - 9 Reverse 0.46 - -
Video
Electronics
Equipment
Supplier 1414 Aeorema GBR Marketing and - 8 Reverse 0.18 - -
Communication Advertising
s Services
Customer 1415 Touchstar GBR General - 8 Reverse 0.33 - -
Transportation
and Related
Services
Supplier 1416 Soprano Oyj FIN Educational - 8 Reverse 0.22 - -
Services
Customer 1417 Eniro Group A SWE Consumer Data - 6 Reverse 0.19 - -
and Services
Supplier 1418 Aukett Swanke GBR Infrastructure - 3 Reverse -0.04 - -
Group Construction/C
ontracting
Services
Customer,Partn 1419 Catenae GBR Enterprise - 1 Reverse -0.10 - -
er Innovation Management
Software
Partner 1420 Abertis ESP Road and Rail - - Reverse - - -
Infraestructuras Transportation
SA Operators
Customer 1421 Artefact SA FRA Marketing and - - Reverse - - -
Advertising
Services
Customer 1422 Artefact SA CHE Marketing and - - Reverse - - -
(Switzerland) Advertising
Services
Customer,Partn 1423 Aztech Group SGP Contract - - Reverse - - -
er Limited Electronic
Manufacturing
Customer 1424 Beijing Papaya CHN Marketing and - - Reverse - - -
Mobile Advertising
Technology Inc. Services
Customer 1425 China Distance CHN Educational - - Reverse - - -
Education Services
Holdings Ltd.
Supplier 1426 Codemasters GBR Games - - Reverse - - -
Group Holdings Software
Plc
Customer,Partn 1427 Comptel Oyj FIN Telecommunica - - Reverse - - -
er tions Industry
Software
Customer 1428 Densan System JPN Information - - Reverse - - -
Co., Ltd. Technology
Consulting
Customer 1429 Digital Globe GBR Consulting/Busi - - Reverse - - -
Services, Ltd. ness Process
Outsourcing
Services
Supplier 1430 Dream Global CAN Equity REITs - - Reverse - - -
Real Estate
Investment
Trust

Customer 1431 Edgeware AB SWE Entertainment - - Reverse - - -
and
Programming
Providers
Supplier 1432 Entertainment CAN Entertainment - - Reverse - - -
One Ltd. and
Programming
Providers
Customer 1433 Fairfax Media AUS Print Media and - - Reverse - - -
Limited Publishing
Services
Customer,Partn 1434 Fleetmatics IRL Enterprise - - Reverse - - -
er Group PLC Management
Software
Partner 1435 Frontier Smart GBR Analog and - - Reverse - - -
Group Limited Semiconductors
Customer 1436 GFI FRA Information - - Reverse - - -
Informatique SA Technology
Consulting
Supplier 1437 Globalworth NLD Property - - Reverse - - -
Poland Real Owners
Estate
Customer,Partn 1438 Housi SA BRA Other Real - - Reverse - - -
er Estate
Investment and
Services
Customer 1439 IREP Co.,Ltd JPN Marketing and - - Reverse - - -
Advertising
Services
Customer 1440 Iliad FRA Pan-Europe - - Reverse - - -
Mixed
Telecommunica
tions Services
Partner 1441 Imagination GBR Specialized - - Reverse - - -
Technologies Semiconductors
Group plc
Customer 1442 Interxion NLD Internet Hosting - - Reverse - - -
Holding N.V. Services
Supplier 1443 Intrinsyc CAN Module and - - Reverse - - -
Technologies Subassembly
Corporation Components
Customer,Partn 1444 LINE Corp. JPN Home and - - Reverse - - -
er Office Software
Customer,Partn 1445 Mediawan SA FRA Entertainment - - Reverse - - -
er and
Programming
Providers
Partner 1446 Mitel Networks CAN Home and - - Reverse - - -
Corporation Office Software
Customer 1447 Mosaico BRA Consumer Data - - Reverse 0.01 - -
Tecnologia ao and Services
Consumidor SA
Customer 1448 Netia SA POL Telecommunica - - Reverse - - -
tions Carrier
Services
Customer,Partn 1449 Nexon GT KOR Games - - Reverse 0.05 - -
er Software
Customer 1450 PGS Software POL Infrastructure - - Reverse - - -
and Network
Consulting
Services
Customer 1451 Paltek JPN Other IT - - Reverse - - -
Corporation Distributors
Customer,Partn 1452 Pioneer JPN Automotive and - - Reverse - - -
er Corporation Marine
Electronics
Manufacturing
Customer 1453 Pironet AG DEU Internet Hosting - - Reverse - - -
Services
Partner 1454 Qlik Analytics ISR IT Infrastructure - - Reverse - - -
(ISR) Ltd. Software
Customer 1455 Qunar Cayman CHN Travel - - Reverse - - -
Islands Limited Arrangement
and
Reservation
Services
Customer 1456 RhythmOne plc GBR Marketing and - - Reverse - - -
Advertising
Services
Supplier 1457 SAI Global AUS Consulting/Busi - - Reverse - - -
Limited ness Process
Outsourcing
Services
Supplier 1458 SEC Newgate ITA Miscellaneous - - Reverse -0.06 - -
Commercial
Services
Partner 1459 SMART CAN Office - - Reverse - - -
Inc. Products
Customer 1460 Sophos Group GBR IT Infrastructure - - Reverse - - -
Plc Software
Customer,Partn 1461 Stars Group CAN Arts, - - Reverse - - -
er Inc. Entertainment
and Recreation
Providers
Supplier 1462 Sumo Group GBR Games - - Reverse - - -
Plc Software
Customer 1463 Taldor ISR Infrastructure - - Reverse - - -
Computer and Network
Systems (1986) Consulting
Ltd. Services
Partner 1464 Talend SA FRA Enterprise - - Reverse - - -
Management
Software

Customer 1465 Techedge S.p.A ITA Information - - Reverse - - -
Technology
Consulting
Partner 1466 Vocus Group AUS Wireline - - Reverse - - -
Limited Services
Customer,Partn 1467 W2W BRA Beverage and - - Reverse - - -
er E-Commerce Specialty Foods
de Vinhos SA Stores
Customer 1468 mporium Group GBR Enterprise - - Reverse - - -
Plc Management
Software
Partner 1469 Discovery, Inc. USA Cable/Satellite - - Reverse - - -
TV
Partner 1470 Vimeo.com, Inc. USA Internet - - Reverse - - -
Software/Servic
es
Partner 1471 17Live, Inc. TWN Internet - - Reverse - - -
Software/Servic
es
Rel Type Rel Rank Company Ctry Industry 1D Return 1W Return 2W Return 1M Return 3M Return 6M Return 1Y Return 5Y Return
Supplier,Cus 1 Activision USA Games - -0.86 -1.76 -0.14 21.42 3.93 -18.80 68.05
tomer,Partne Blizzard Software
r
Supplier,Cus 2 Zynga A USA Games - -0.89 -2.93 1.02 -0.22 21.47 -16.68 222.74
tomer,Partne Software
r
Supplier,Cus 3 IAC/Interacti USA Consumer - -5.92 -5.22 -1.90 -26.97 -36.69 -42.55 -
tomer,Partne ve Data and
r Services
Supplier,Cus 4 Roblox A USA Games - -1.72 -7.95 11.86 -46.41 -44.69 -46.82 -
tomer,Partne Software
r
Supplier,Part 5 NVIDIA USA Specialized - -8.05 -20.42 -7.47 -21.08 -2.73 31.82 801.21
ner Semiconduct
ors
Supplier,Cus 6 Atlassian A AUS Design and - -2.45 -13.21 8.23 -10.77 -35.24 10.96 749.66
tomer,Partne Engineering
r Software
Customer 7 Equifax USA Administrativ - -3.03 -7.58 -6.24 -13.12 -17.76 15.60 69.19
e Services
Supplier,Cus 8 JFrog USA Design and - 5.23 -7.21 16.44 -3.21 -25.42 -51.74 -
tomer,Partne Engineering
r Software
Supplier,Cus 9 Warner Bros. USA Entertainmen - 1.84 -0.56 -0.56 -20.21 0.20 -34.21 -12.05
tomer Discovery A t and
Programmin
g Providers
Customer 10 Unity USA Marketing - -1.72 -9.90 15.33 -24.41 -36.79 -12.55 -
Software and
Advertising
Services
2W TR 1M TR 3M TR 6M TR 1Y TR
Rel Type Rel Rank Company Ctry Industry 2W Corr. 1M Corr. 3M Corr. 6M Corr. 1Y Corr. Corr. Corr. Corr. Corr. Corr.
Supplier,C 1 Activision USA Games 0.94 0.60 -0.14 -0.64 -0.83 0.97 0.49 -0.15 -0.64 -0.83
ustomer,P Blizzard Software
artner
Supplier,C 2 Zynga A USA Games 0.97 0.91 0.64 -0.66 -0.81 0.97 0.91 0.64 -0.66 -0.81
ustomer,P Software
artner
Supplier,C 3 IAC/Intera USA Consumer 0.86 0.70 0.28 0.59 -0.44 0.86 0.70 0.28 0.59 -0.44
ustomer,P ctive Data and
artner Services
Supplier,C 4 Roblox A USA Games 0.89 0.81 0.35 0.75 0.27 0.89 0.81 0.35 0.75 0.27
ustomer,P Software
artner
Supplier,P 5 NVIDIA USA Specialize 0.99 0.95 0.85 0.80 0.85 0.99 0.95 0.85 0.80 0.85
artner d
Semicond
uctors
Supplier,C 6 Atlassian AUS Design 0.96 0.88 0.64 0.81 0.87 0.96 0.88 0.64 0.81 0.87
ustomer,P A and
artner Engineerin
g Software
Customer 7 Equifax USA Administra 0.96 0.79 0.70 0.85 0.74 0.96 0.79 0.70 0.85 0.75
tive
Services
Supplier,C 8 JFrog USA Design 0.70 0.54 0.67 0.79 -0.48 0.70 0.54 0.67 0.79 -0.48
ustomer,P and
artner Engineerin
g Software
Supplier,C 9 Warner USA Entertainm -0.06 0.41 0.30 -0.24 -0.77 -0.06 0.41 0.30 -0.24 -0.77
ustomer Bros. ent and
Discovery Programm
A ing
Providers
Customer 10 Unity USA Marketing 0.89 0.81 0.51 0.80 0.73 0.89 0.81 0.51 0.80 0.73
Software and
Advertisin
g Services
LT Debt Interest Liquidity

Rel Type Rel Rank Company Ctry Industry /Equity Coverage 1Y CDS 5Y CDS Moody's S&P Outlook
Supplier,Cust 1 Activision USA Games 0.22 30.30 120.03 119.98 WR A- Stable
omer,Partner Blizzard Software

Supplier,Cust 2 Zynga A USA Games 0.47 0.86 - - - - Negative
omer,Partner Software
Supplier,Cust 3 IAC/Interactiv USA Consumer 0.37 22.30 - - WR BB Stable
omer,Partner e Data and
Services
Supplier,Cust 4 Roblox A USA Games 2.02 -70.99 - - Ba2 - Stable
omer,Partner Software
Supplier,Partn 5 NVIDIA USA Specialized 0.44 43.12 - - A2 A Stable
er Semiconducto
rs
Supplier,Cust 6 Atlassian A AUS Design and 10.39 -13.68 - - - - Stable
omer,Partner Engineering
Software
Customer 7 Equifax USA Administrative 1.25 7.52 5.47 23.12 Baa2 BBB Positive
Services
Supplier,Cust 8 JFrog USA Design and 0.03 - - - - -
omer,Partner Engineering
Software
Supplier,Cust 9 Warner Bros. USA Entertainment 1.31 3.13 - - - -
omer Discovery A and
Programming
Providers
Customer 10 Unity Software USA Marketing and 0.75 -468.70 - - - - Stable
Advertising
Services
Comps - Overlapping Relationships (Top 10)
Rel Type Rel Rank Company Rel Value ($) Relationship

Supplier,Customer,Partner 1 Activision Blizzard - 0
Supplier,Customer,Partner 2 Zynga A - 0
Supplier,Customer,Partner 3 IAC/Interactive - 0
Supplier,Customer,Partner 4 Roblox A - 0
Supplier,Partner 5 NVIDIA - 0
Supplier,Customer,Partner 6 Atlassian A - 0
Customer 7 Equifax - 0
Supplier,Customer,Partner 8 JFrog - 0
Supplier,Customer 9 Warner Bros. Discovery A - 0
Customer 10 Unity Software - 0
News Stories for Related Companies (Top 10 Relationships, 1 month)
08 Apr '22
6:46a TEAM Supplier,Customer,Partner Atlassian Corp. provides financial targets at
Investor Day (7-Apr, post-close) ($292.97, 0.00)
04 Apr '22
9:53p ATVI Supplier,Customer,Partner Regulators looking beyond effect of
Microsoft-Activision deal on competitors - The
Information ($80.73, 0.00)
31 Mar '22
4:26p ATVI Supplier,Customer,Partner Activision Blizzard CEO Kotick denies that any
improprieties occurred at meeting with trader --
CNBC ($80.11, 0.00)
4:21p ATVI Supplier,Customer,Partner US authorities investigating trading in Activision
Blizzard are looking at least one meeting involving
CEO Bobby Kotick and a trader -- WSJ, CNBC
($80.11, 0.00)
11:46a ATVI Supplier,Customer,Partner FTC being pressured by four senators to review
Activision Blizzard-Microsoft merger 0 WSJ
($80.54, +0.18)
29 Mar '22
3:05p ATVI Supplier,Customer,Partner Activision Blizzard announces federal court to
approve its settlement with the EEOC ($80.52,
+0.51)
23 Mar '22
1:56p NVDA Supplier,Partner Follow-up: NVIDIA CEO says company will
consider Intel for manufacturing -- Bloomberg
($258.18, -7.06)
11:46a NVDA Supplier,Partner Nvidia reportedly interested in exploring Intel as a
foundry -- Reuters, citing CEO comments ($49.30,
+0.91)

Upcoming Events
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Date Time Type Description Actual Mean Surprise(%) Actual Mean Surprise(%)
26 Apr '22 - Q1 2022 Earnings Release - 25.7 - - 68,123 -
26 Apr '22 05:00 PM Q1 2022 Earnings Call - 25.7 - - 68,123 -
25 Jul '22 - Q2 2022 Earnings Release (Projected) - 27.4 - - 71,932 -
27 Oct '22 - Q3 2022 Earnings Release (Projected) - 29.7 - - 75,783 -
31 Jan '23 - Q4 2022 Earnings Release (Projected) - 33.2 - - 86,724 -
25 Apr '23 - Q1 2023 Earnings Release (Projected) - 29.8 - - 78,791 -
Past Events
EPS Sales
Date Time Type Description Actual Mean Surprise(%) Actual Mean Surprise(%)
08 Mar '22 01:20 PM Morgan Stanley Technology, Media and Telecom Conference
01 Feb '22 05:00 PM Q4 2021 Earnings Call 30.7 27.7 10.9 75,325 72,271 4.23
26 Oct '21 04:30 PM Q3 2021 Earnings Call 28.0 23.7 17.9 65,118 63,529 2.50
14 Sep '21 05:10 PM Citi Global Technology Conference
09 Sep '21 07:50 AM Deutsche Bank Technology Conference
27 Jul '21 04:30 PM Q2 2021 Earnings Call 27.3 19.2 41.7 61,880 56,190 10.1
02 Jun '21 12:00 PM Annual General Meeting
01 Jun '21 11:55 AM Deutsche Bank Global Financial Services Conference
27 Apr '21 05:00 PM Q1 2021 Earnings Call 26.3 15.8 66.8 55,314 51,509 7.39
© 2022 Factset Research Systems Inc. 1

StreetAccount
Japan seeks registration of global headquarters by foreign tech companies - Nikkei
Friday, April 15, 2022 09:24:06 AM (GMT)
People familiar with the matter tell the Nikkei that Japan has asked companies including Google, Meta, and
Twitter to register their global headquarters as well as their local units by the end of March or explain why they
can't by the middle of April. (The implication is that the date references are for this year.)
The article says that the registrations are already required by law, but most tech firms have only been registering
their Japanese operations, which the government thinks makes it hard to determine appropriate taxes, since
these companies can use the internet to provide their services from anywhere.
A Meta spokesman tells the Nikkei that the company isn't "in continuous business in Japan," implying that Meta
believes it hasn't been violating the law; a lawyer familiar with the issue tells the Nikkei that such an
interpretation is "unreasonable" on Meta's part.
Reference Links:
Nikkei
Industries: Unspecified, Computer & Internet Services

Primary Identifiers: FB-US, GOOGL-US, TWTR-US
Related Identifiers: FB-US, GOOGL-US, TWTR-US
Subjects: Articles, Reports, Conjecture, Media Summaries, Other Regulatory, Published Reports, Regulatory
FDA clears Fitbit's PPG algorithm to identify AFib
Monday, April 11, 2022 01:01:11 PM (GMT)
Today, Fitbit received clearance from the FDA for our new PPG (photoplethysmography) algorithm to identify
atrial fibrillation (AFib). The algorithm will power our new Irregular Heart Rhythm Notifications feature on Fitbit.
Editor's note: This comment was posted at 21:17 ET for the record.
Reference Links:
Google blog
Industries: Computer & Internet Services

Primary Identifiers: GOOGL-US
Related Identifiers: GOOGL-US
Subjects: Drugs (FDA, CHMP, etc.), Regulatory
StreetAccount Summary: The Economist print edition
Thursday, April 07, 2022 06:38:07 PM (GMT)
Some notable articles in this week's print edition of The Economist:
Cover Story
A look at Macron's presidency
As change enveloped the political landscape in the US and Europe, French President Macron was
elected with a centrist outlook
Leaders:
Various factors are creating potential for recession
High energy prices, Fed tightening, and Omicron in China are raising concerns they could create a
recessionary environment
What could replace the smartphone
Apple's smartphone is now fifteen years old and has taken over much of daily computing
activities, as it ages, what will replace it (AAPL)
It's possible war crimes in Ukraine will go without charges
Some believe gathering evidence of war crimes in Ukraine is necessary even if those responsible
might never be held accountable
Business:
Developments in virtual and augmented reality hardware
Large tech firms are increasing their focus on developing augmented reality and virtual reality
products anticipating potential market growth (AAPL, GOOG)
Could Musk's investment in Twitter be a stretch for him
Recent announcement that Elon Musk has become the largest shareholder in Twitter has brought
about a lot of speculation around his plans (TWTR)
Chinese oversight body relaxes restrictions on accounting review
In a change from the past, regulators in China are allowing American regulators to review
accounting papers for Chinese companies listed in the US
A look at returns from managers with MBA's
Economists studied the returns generated by CEO's with an MBA five years after taking on the
role
Potential impact of Bain Capital purchasing Toshiba
If Bain Capital were to buy out Toshiba it would be the latest change for a Japanese company that
has declined over the recent past
Finance and Economics:
Labor shortage in high income nations
As the Fed struggles with what they view as an excessively tight labor market in the US, a
shortage of labor appears to be occurring in other high income nations
US home prices rise again
A review of the current housing price surge and how it may be different from the previous
The HDFC Bank acquisition
As a result of a recent merger announcement, India will have one of the world's largest private
sector banks
Volatility in the British pound
Recently the British pound has been more sensitive to economic events
The start of Fed balance sheet runoff
The Fed looks to begin reducing the size of it's holdings
Stocks remain resilient while bonds imply a slowing economy
Why stocks might be holding up even as bonds have seen losses
Seeking more current economic indicators in China
Recent economic data in China was good, however, a lot has changed for the economy since
those measurements were taken
Industries: Unspecified, Computer Hardware, Computer & Internet Services

Primary Identifiers: AAPL-US, GOOGL-US, TWTR-US
Related Identifiers: AAPL-US, GOOGL-US, TWTR-US
Subjects: Media Summaries, Economist Summary
StreetAccount Summary: The Economist print edition
Thursday, March 31, 2022 06:24:26 PM (GMT)
Some notable articles in this week's print edition of The Economist:
Cover Story
How Ukraine is fighting the war
An interview with President Zelensky about Ukraine's approach to fighting and the potential
implications for European security should they emerge with a victory.
Leaders:
A look at Florida's expansion
Report highlighting Florida's population growth and economic development over the recent past.
Expectations of UK dissolution may be over done
Without a plan and Boris Johnson's approval, movements for member countries away from the
United Kingdom seem less likely to succeed than many anticipate.
Product promotion with social media influencers
Some social influencers earn substantial income as they are changing the way products are
promoted. (CL, NKE)
Business:
Social media influencers wield marketing power
Influencers are impacting how board rooms think about marketing as they have become a channel
to young consumers who trust their opinions, now they are also coming under regulatory scrutiny
in China. (FB, SNAP)
Impact of recent lockdowns in Shanghai on business
A lockdown in Shanghai over the past several days will likely not be good for businesses.
Apps regulation
A variety of groups globally are pushing Google and Apple to change the way they conduct
business in their app stores. (AAPL, GOOG)
Resurgence of IT consulting in India
Recent changes in demand for technology generated by remote work, cloud computing, and
digitization have renewed growth for India's IT consultants. (INFY, WIT)
Vietnam's largest conglomerate
As Vietnam's economy has become more open, one conglomerate, Vingroup, now accounts for
almost 2% of GDP.
Finance and Economics:
US natural gas producers try to help Europe
As Europe seeks to reduce it's reliance on natural gas from Russia, US fracking companies may
not be able to help in the near term.
Impact of sanctions on the Russian economy
Economic sanctions on Russia don't appear to be having as harsh an impact as many may
believe.
Taxing unrealized capital gains
President Biden's recent proposal to levy a minimum income tax on individuals worth more than
$100M includes taxing appreciation of investments.
Industries: Unspecified, Footwear, Personal & Household Products, Business Services, Computer Hardware,
Computer & Internet Services, Software & Programming
Primary Identifiers: 500209-IN, 507685-IN, AAPL-US, CL-US, FB-US, GOOGL-US, NKE-US, SNAP-US
Related Identifiers: 500209-IN, 507685-IN, AAPL-US, CL-US, FB-US, GOOGL-US, NKE-US, SNAP-US
Subjects: Media Summaries, Economist Summary
Justice Department endorses antitrust legislation targeting dominant platforms - WSJ
Tuesday, March 29, 2022 02:21:11 AM (GMT)
The WSJ reports that the DoJ has sent a letter to leaders of the Senate Judiciary Committee saying, "The
Department views the rise of dominant platforms as presenting a threat to open markets and competition, with
risks for consumers, businesses, innovation, resiliency, global competitiveness, and our democracy."
The WSJ reports that this is the first time that the Biden administration has spoken so strongly in favor of the
idea of preventing companies like Amazon, Google, and Apple from favoring their own products and services
over those of competitors.
Reference Links:
Wall Street Journal
Industries: Unspecified, Retail (Internet & Catalog), Computer Hardware, Computer & Internet Services
Primary Identifiers: AAPL-US, AMZN-US, GOOGL-US
Related Identifiers: AAPL-US, AMZN-US, GOOGL-US
Subjects: Antitrust (DOJ, FTC, EC, etc.), Articles, Reports, Conjecture, ESG, Leadership & Governance, Media
Summaries, Published Reports, Regulatory
Transcripts
Corrected Transcript
08-Mar-2022
Alphabet, Inc. (GOOG)

Morgan Stanley Technology, Media and Telecom Conference
Total Pages: 13
1-877-FACTSET www.callstreet.com Copyright © 2001-2022 FactSet CallStreet, LLC
Alphabet, Inc. (GOOG) Corrected Transcript
Morgan Stanley Technology, Media and Telecom Conference 08-Mar-2022
CORPORATE PARTICIPANTS
Ruth M. Porat
Chief Financial Officer & Senior Vice President, Alphabet, Inc.
.....................................................................................................................................................................................................................................................................
MANAGEMENT DISCUSSION SECTION
Unverified Participant
All right. Good morning, everyone. It's great to see everyone live. Welcome to day two of our 2022 Morgan
Stanley TMT Conference. We are thrilled today to have Ruth Porat with us, the CFO of Alphabet and Google. It is
great to see you live.
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
It's great to be back here.
.....................................................................................................................................................................................................................................................................
We have a lot to talk about. Let me do all the disclaimers first. Please know that all important disclosures,
including personal holdings disclosures and Morgan Stanley disclosures, appear on the Morgan Stanley public
website at www.morganstanley.com/researchdisclosures, and they're also available at the registration desk.
Some of the statements made today by Alphabet may be considered forward-looking. These statements involve a
number of risks and uncertainties that could cause actual results to differ materially. Any forward-looking
statements that Ms. Porat makes are based on assumptions as of today, and Alphabet undertakes no obligation
to update them. Please refer to Alphabet's Form 10-K for discussions of the risk factors that may impact actual
results.
2
QUESTION AND ANSWER SECTION
Q
We have a lot to talk about. There are always a lot of things going on in the world, things going on with Alphabet,
and it's always good to connect with you. You're approaching your seven-year anniversary at Alphabet in a couple
of months from now. I wanted to sort of – I always like to start with this question with you and talk about
investment in innovation. When you sort of step back at the key priorities at Alphabet for where you're most
focused on innovating for users, advertisers, and the ecosystem, where are you most excited for what happens
next?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Chief Financial Officer & Senior Vice President, Alphabet, Inc. A
So, there is a lot to talk about. Look, at the highest level, when we talk about investments, when we approach our
investments, it's unchanged from what you and I have talked about over the years. We start with investing for
long-term growth, and within that, every product area looks at how they can optimize within their portfolio. And we
focus on investing for operational excellence, everything around trust, privacy, cybersecurity, content moderation.
To the heart of your question, I think there are a couple of areas to call out. First and foremost is AI. About five
years ago, Sundar said that we were moving from mobile first to AI first. And that AI we would be able to apply
across our products to really enhance experiences for everyone in the ecosystem, users, advertisers, merchants,
governments, you name it.
And you can see that in everything from Search and Ads to YouTube and hardware. But if you focus, for example,
on Search, as hopefully many of you remember about a year or two ago, Sundar at I/O said that Search remains
our biggest moonshot. And what we're really excited about with AI is the ability to make Search more humanlike,
more conversational. We've talked about MUM and how that enables you to actually have a more humanlike
interaction. You'll be seeing us, for example, with Lens, where you can take a photo of a bike and then just literally
query, how do I fix this? And so, we still think there's a lot to run as a result of the enhancements with AI.
The other obvious area is cloud and everything that's going on there. The number of times I said we still think
we're in early innings with cloud, super excited about the opportunity and, again, the progress, the momentum
that we've seen. And that's not just GCP, it's also with Workspace. And when you think about the importance of
productivity tools in particular is we're moving to this hybrid work environment, super excited about what's going
on there.
.....................................................................................................................................................................................................................................................................
Q
Okay. AI, machine learning, cloud, a lot of focus. Let me go back to Search. You talked about Search. You talked
a lot over the years about just the runway there and the innovation there. I think over the last year or so, the retail
category of Search has been particularly strong. You've called it out in conference calls, our AlphaWise data
show, there's a rising number of people starting on Google within e-commerce. Advertisers and merchants seem
more pleased than ever. Maybe just – can you bring it down, maybe double down for me a little bit? Can you give
us a couple of examples of specific improvements you've made within the retail search category that have driven
this user growth, the merchant spending and the overall more transactions for customers?
3
Ruth M. Porat
Absolutely. So, we did talk about it quite a bit on the Q4 call. It was an important contributor to results. And when
we talk about retail, we obviously talk about ads as well as the broader set of experiences, all that Bill Ready is
doing with commerce. And really excited about the effort that he's been leading. And I'd say that a couple of the
things that are really important from our perspective is, one, really connecting users to merchants, and all that
we're doing to create the best place for users and merchants. It is about building this open ecosystem. So, the
way we work as an example with Shopify and Square. And again, it's the open ecosystem that's important, and
then using technology in ways to enable [ph] user (05:02) search. So, Lens again is a great example. It's bringing
all of those to bear, whether it's in the commerce discussion that we just went through or all that we can do across
the platform.
.....................................................................................................................................................................................................................................................................
Q
The open ecosystem or Lens or all the partnerships, are there examples of learnings you've had within retail
search that you think could be applicable to other categories as you think about health care, travel, any of the
other categories just because as we're thinking about what happens next in Search, which categories are you
most focused on?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Yeah, I love that question. When I think about what – the way we describe what we're doing in retail and
commerce, it is about creating the best experience for users and providers, merchants in the instance of all that
Bill is doing. And so if you take that very simple framework and you say, what are we doing, for example, in
travel? It's the same concept. It's about creating the best experience for users and everyone in the ecosystem. So
for example, with users, the question is where do I go for inspiration for best pricing price comparison for
booking? And that's what we're looking to do, which is create access to updated, relevant, timely information so
that you can go on that entire user journey in the most effective way. Similarly, for travel providers, the notion is
how can you have this seamless connection to users? How can we create this open, highly competitive, vibrant
ecosystem so that you can connect to users? So, it's a very similar concept as we described in commerce.
.....................................................................................................................................................................................................................................................................
Q
Okay. Well, anxious to see that innovation to come then. Let's talk about YouTube a little bit. Again, strong year
for YouTube in 2021. Contributions we think from both branded advertisers and direct response advertisers, $29
billion of revenue growing over 40%. Two-part question on YouTube, sort of similar to Search. Can you give us
some examples of innovation that sort of spurred that strength in YouTube throughout 2021? And as now you sit
here and look ahead to 2022 and 2023, what are the areas of potential improvements you see on YouTube to
come to sort of keep that growth going?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
So, I think there are sort of two parts to your question as I hear it. One is given you cited the year-on-year growth,
obviously, as we talked about throughout last year in many respects, that growth reflects how challenging 2020
was as much as anything. So, we had the benefit of lapping. We called it out throughout last year, and that was
an important driver of what those numbers look like. That being said, the team does continue to focus on
4
innovation and different new opportunities, whether it's Shorts or Shopping. And so, we do continue to iterate and
look at opportunities within YouTube, building on this strong base that we have.
.....................................................................................................................................................................................................................................................................
Q
Okay. Let's talk about Shorts, then. There's a lot of discussion about the creator economy and all big platform sort
of trying to address the creator economy in short-form video. For YouTube Shorts, you have Shorts receiving 15
billion daily views, 5 trillion all-time views, probably higher now since that blog came out. Susan has spoken quite
a bit about the importance of the creator economy. Maybe just help us understand how you look to differentiate
YouTube and the creator economy for both creators versus other platforms as well as how do you ensure that
you're getting users engagement and monetizing those Shorts?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
So, it's still early in Shorts to state the obvious, but I think when we look at it, we're starting with a strong base.
The YouTube Partner Program was started about 15 years ago and it was a way to provide support to creators so
they could build thriving businesses, basically, on YouTube. We have 2 million creators who are building
businesses through the Partner Program. And as we look at extending this to Shorts, we're still experimenting
with what's the best approach to monetization. So, as many of you are aware, we did create $100 million fund for
creators. That's one of the early iterations, but it is early and we're continuing to look at what monetization is. I
would say one of the other important elements of YouTube generally and as it relates to Shorts is the investments
that we continue to make in content moderation and really protecting what is a healthy, appropriate, vibrant
ecosystem.
.....................................................................................................................................................................................................................................................................
Q
YouTube, it's fascinating. And when I – we're putting together these questions, I look at all the questions over the
years on YouTube and there's been a lot of different strategies. YouTube, when you have billions of users, trillions
of hours of content, there's a lot of opportunities. And we've gone from a subscriptions, premium video, music
content, YouTube TV, Shorts, creator economy, Shopping. There's a lot. As you look back at the last five years on
YouTube, can you give us an example of one or two of the strategies that maybe didn't quite scale as well as you
hoped? Why did that happen and what did that teach you about sort of what works well and what does not work
well on YouTube?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Yeah, it's important because we talk a lot about successes as much what you do is what you don't do and the
whole notion of prioritizing within each of our product areas, I would say one of the areas that we iterated quite a
bit was what we were doing with YouTube Originals.
.....................................................................................................................................................................................................................................................................
Q
Right.
.....................................................................................................................................................................................................................................................................
5
Ruth M. Porat
And so, originally we thought, let's take YouTube Originals and create this as a really interesting offering as part
of our subscription offering. We then said, let's open it up for the ad-supported part of YouTube and sort of iterate
it there as well. And I think you went through a great list of different areas that the team is working on. And our
view was if we're thinking about highest and best use where to focus, that wasn't going to end up being the kind of
the long run. And so, you've seen us pivot some of our efforts to other areas. And these types of calls are hard. I
think we learn how we build on the strength of what the content community is, the creator community is. And so
again, trying to be responsive to what we're seeing from users and creators and where they really want to be. And
so that'd be one example.
.....................................................................................................................................................................................................................................................................
Q
Okay. It's a good example. There's a lot of macro uncertainty through these difficult times right now. Can you just
– to level set the best you can, can you talk to us about your exposure to Russia and Ukraine and how that's sort
of impacting the business?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Well, most important, it is obviously, it's just devastating to see and it's such a human tragedy. So, we're focused
intensely on everything we can do to be in support of people in Ukraine. And that's everything from how do we get
the right information to them, how do we shut down attempts at disinformation campaigns? It's intense work 24/7
on cybersecurity and attempts to disrupt. It is the humanitarian relief work through Google.org and Googlers
broadly is looking at how to protects Googlers and their families, extended families both in Ukraine and in Russia.
So, that is a big part of it. We have stopped advertising within Russia, and so there is no doubt an economic cost
to this. It's both in revenues. And I would say also as you see the strengthening dollar, the foreign exchange
headwind that that implies, but for us the most important focus area is making sure we're doing what we can in
support of people in Ukraine.
.....................................................................................................................................................................................................................................................................
Q
Okay. I want to talk about privacy and regulation a little bit. Another recurring topic we have covered pretty much
every year. Maybe just with all the changes that are going on, both – changes that Alphabet is making and
changes other platforms are making, regulatory headwind changes, et cetera. Just maybe talk to us
philosophically about what Alphabet is most focused on in the changes that you've sort of written about in some of
the blog posts. And what steps are you taking to minimize the friction for advertisers throughout any of these
privacy changes you may implement?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Yeah. That's the key part of the questions. I think I've said in this room that one of the important approaches we
have is to continue to raise the bar on ourselves on privacy. It is very clear that this is core to all of our users and
then it's a responsibility we have to make sure that we continue to use technology as we can to up the bar on
privacy. And at the same time, we want to make sure that we continue to support and open ad supported
ecosystem. And so, getting that right is where our teams have been intensely focused.
.....................................................................................................................................................................................................................................................................
6
Q
Okay. On the cloud, [ph] so maybe the (13:59) cloud and the other area that you talked about as an area of
investment in innovation. 2021, we had about high-40s growth in the Cloud segment, about $19 billion of revenue.
And we think GCP is growing even faster than that within the mix, I think you've said that a couple of the quarters
in the past. So, very impressive growth in a competitive cloud space. As you sort of look back at the last two or
three years, the changes you've made in the Cloud segment, what have sort of been some of the key executional
areas that have driven that growth? And how do you think about further low hanging fruit to come?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Well, one of the most important is bringing in Thomas Kurian to run it and have him lay out the vision and bring in
the team that he did. And I'm really excited about the announcement we made this morning that we signed a
definitive agreement to acquire Mandiant, extraordinary player in cybersecurity, really adding to all that we do in
cybersecurity and is going to enable us to provide this end-to-end solution in this very important area. And again,
it goes to our commitment around cybersecurity, but also all that we're doing in cloud.
So, I would say, if he breaks down his approach and what the team is doing, the investments and the focus, it
starts with, let's make sure we've got the depth and breadth within industry verticals so that we can address the
idiosyncratic needs within each industry, whether it's finance versus retail versus healthcare. And so they build
those out. Very consistent with that, building out the product engineering team, we said I think on the last call that
we've introduced more than 2,000 new products in 2021 alone, again enriching the overall offering of cloud.
We continue to build out our go-to-market organization. We've continued to build out partnerships for distribution.
We've continued to build out what we're doing with our cloud region so that we really have this fantastic global
infrastructure to support our customers. So, it's really that full breadth and then when we step back and say, okay,
how do we continue to differentiate? What we do keep hearing is so much public sector, private sector, it's our
data analytics and AI. It is all that we're able to offer in cybersecurity and look forward to extending that even
further. It is the strength of what we do around cybersecurity. And it's again what we're doing with Workspace and
the ability to actually help companies and the public sector as they transform that work experience.
.....................................................................................................................................................................................................................................................................
Q
The future looks very good for cloud, too. We look at the backlog, $51 billion backlog is the latest figures, there's a
lot of hopeful growth to come. And when I look at the segment, it still looks like there's about $3 billion of losses in
2021. Now, if I compare the size of Google Cloud to some of your peers at that point, the losses are larger.
Question is, is that a fair comparison? Are there factors that are different from a go-to-market, a revenue mix
perspective and investment philosophy as to why we should not make that analogy? Or how do you think about
the profitability of cloud versus your peers at this point?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Yeah. So I think the way we look at it is, we're obviously not competing against our peers at the scale they were
then, we're competing against them at the scale they are now in a market that is accelerating. And our view is,
we've said repeatedly, as we continue to think it's early innings and we want to make sure that we continue to
invest aggressively in the business, so that we have the capability to deliver on this accelerating opportunity. So,
7
we don't view it as a guidepost. We want to make sure we're investing commensurate with the opportunity and as
I've said repeatedly, we are going to continue to invest aggressively given the opportunity that we see. We, of
course, remain focused on what is that longer term path to profitability. But to be really clear, in the near-term,
we're continuing to invest across the board to support cloud.
.....................................................................................................................................................................................................................................................................
Q
Okay. Let's talk about expenses then for the total company, and 2020 and 2021 were years – yeah, it's a good
segue. Yeah, 2020, 2021 were years really unlike any other when we think about remote work, teams operating
really efficiently at home from around the globe. I know as of April the teams in the Bay Area are going to be
coming back a few days a week. So there is a return to work action in motion. But I guess as you sort of you look
at learnings over the last two years with all the OpEx reductions and sort of what happened, are there any areas
where you see structural potential for productivity to be higher, efficiency to be higher, OpEx levels to be lower
going forward? Just learnings from working remotely?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
So, there definitely are advantages to working remotely and I think we've all experienced it. Our view is that there
are advantages to working remotely but there are also tremendous advantages to being together which is why we
were early to say, we think hybrid is the way to go and we continue to believe that. At the highest level in your
question, yes, we are focused on efficiencies. We always will be and you see it in some of the comments we
make – technical infrastructure or other areas that continues to be a key focus.
But we're also looking to invest consistent with what we believe is important given the opportunities that we see.
And you saw that in the fourth quarter, in particular headcounts, we added 6,500 people in the fourth quarter and I
tried to be very clear that we intend to continue to hire aggressively and it's because we see opportunity across
the board. I've mentioned cloud already, the opportunity we see there but it's true in Google Services as well. It's
– everything that we're seeing with the investments to support better experiences in search, the application of AI
in ads, it's about what we're doing in YouTube and hardware. So across the board, we're seeing opportunities and
we want to make sure we're setting ourselves up to continue to really extend that really by investing where we see
it makes sense.
So you're going to see it really in OpEx and in CapEx. In CapEx on the call I indicated, we're continuing to build
out our technical infrastructure globally. That's primarily servers but also data centers. And then as it relates to
office facilities, we've continued to add – so even though we're hybrid when you add for example, 6,500 in one
quarter, people have often said to me, so why did you buy new space as well. Our view is that it's more efficient. It
gives us control over the space to do what we want. And so we added in the first quarter in New York we made an
acquisition, in London and hopefully you saw in Poland as well earlier this week. So in Q1, about $4 billion in
CapEx around office facilities. And we think again, that sets us up really well for the kind of growth that we hope to
execute against.
.....................................................................................................................................................................................................................................................................
Q
That's helpful. 6,500 employees in the fourth quarter and I think 21,000 for the year in a highly competitive labor
market. I'm sometimes asked by investors, how do they even hire that many people in a year? So let me maybe
pop up in the hood a little bit, help us out, as you're thinking about hiring, as you're thinking about bringing all
these people on to the platform, is it project based? Is it segment based, like what – how does the actual hiring
8
process work and what safeguards and checks do you have in place to ensure that as you're hiring all these
people, you're still getting a good return from them to deliver return for shareholders?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
So, on hiring and overall planning, we start first with what we call OKRs, objectives and key results. We've talked
a lot about how committed Google is to really setting out what are your OKRs each year and then really marking
to market your progress throughout the year and frankly discussing it with the entire company. That starts the
capital allocation discussion and then within every product area and function we look at, so what are the
resources that you need, head count being an important part of it to deliver against those OKRs.
And then throughout the year, we have the quarterly financial review, the check in out of which flows, are you
executing against the metrics that were preordained by the business leaders and the functional leaders as you go
throughout the year. And so, yes, there's rigor around it. And yes, it's an important question because we want to
make sure we're onboarding great talent, giving people an extraordinary experience and having them deliver
effectively and it's really all parts of it.
Part of the hiring and part of your question goes to, we're really pleased and proud to continue to be an incredible
magnet for talent. We had more than 5 million applications last year. And so a large part of this is the rigor
around, okay, 5 million applications. How do we then leverage the global team? And everybody has a role in
hiring because people and compute are two of the most important ingredients to then deliver these magical
experiences. So that's a big part of it. I think that a large part is the work people get to do. But I would also say
that some of the return to office decisions that we've made. So for example, we're really proud of the fact that
we've opened up the number of locations. In particular, across the US so that we can attract more diverse talent.
We're really increasing in Atlanta, in Chicago, in New York, in DC. And so, thinking through what is your footprint
and we have the luxury of that given the skills that we have to hire in so many different places and still have large,
cohesive teams. But that's important giving people agency like four weeks work from anywhere, thinking about
how do you do hybrid, I think those are additive to continuing to be a great magnet for talent.
.....................................................................................................................................................................................................................................................................
Q
Okay. And I remember in the early days when you came to Alphabet, you talked about really making sure the
managers are more accountable to the projects, the targets, everything else. So I'm sure that's part of it as well
where the project leaders who are being given these heads, there's firm mandates on ROI and ensuring that
you're clearing ROI goals, right.
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Well, there, everybody is looking at what are the metrics and milestones along the way and it really varies from,
the earliest stage research to sort of earlier stage to all the way through to more sort of consistent established.
But we're trying to make sure that we're running it in the most responsible way.
.....................................................................................................................................................................................................................................................................
Q
Safeguards are in place.
.....................................................................................................................................................................................................................................................................
9
Ruth M. Porat
Safeguards.
.....................................................................................................................................................................................................................................................................
Q
And the capital return point, we saw Alphabet buy back $50 billion of stock in 2021. That's about $110 billion since
2018 total. The share count has declined by about 5%, even through dilution over that period, yet still have quite a
bit of cash, $140 billion of cash and marketable securities. We think you're going to generate about $85 billion to
$100 billion a year going forward. It's a good preamble to this. Remind us again how you think philosophically
about capital allocation strategy, dividends versus share repurchases and how do you arrive at the size of the
buybacks?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Yeah, carefully, I would think. So capital allocation starts with – the primary use of capital is organic growth,
everything we've just talked about investing in the business. The second part is M&A and strategic equity
investments, and then we turn to the question of capital allocation.
On the strategic equity investments, you've seen the benefit of those in other income and expense over the last
couple of years, OI&E, and we've called out that most of those are unrealized. So, with market volatility, obviously
those can go up, and those can go down. So that's an OI&E.
More broadly, to your question on sizing of program, we do look at this consistently with our board, and we look at
size, as well as form of capital return. I'm really pleased that we're able to have taken it up as much as we have. I
think if you had gone back to that 2018 when we were having this conversation and I had said we would be here,
you may have questioned it.
.....................................................................................................................................................................................................................................................................
Q
Yeah.
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
But we've kind of made this steady march forward. And at this point, we think that share repurchase continues to
be the right answer for us. So we do consistently look at, as I said, both size and form.
.....................................................................................................................................................................................................................................................................
Q
Okay. Let's talk about sort of the more – the emerging pieces. I guess hardware is not really emerging, but it is
sort of a question I get asked by investors. What's the hardware strategy? So maybe let me sort of ask a three-
parter on hardware. Biggest learnings from hardware for you, the overall hardware strategy, and how does
ambient compute fit into the hardware strategy for where you would like the Android ecosystem to go the next
three to five years?
.....................................................................................................................................................................................................................................................................
10
Ruth M. Porat
So, overall, what we've seen is that when we bring together the best of AI and software and hardware, we can
create a really important sort of benchmark and work with the ecosystem more broadly and showing kind of what
is the art of the possible, whether it's – how it's used or photography or other elements of it.
And so that was the initial goal and remains the goal is that we continue to support the broader ecosystem and we
have the opportunity to – with our product, to demonstrate some of the capabilities. It was, I think, really exciting
for us to finally have the system on a chip, that's past the Pixel 6 and the implications of that and sort of the
functionality of the phone, that was an important learning and continuing to invest there as a result.
And then to your question about ambient computing, the whole notion is to be as useful and helpful to you
wherever you may happen to be. And so adding Fitbit as an example to the family is like whether you're with your
phone or with a watch or in the car, it's this notion of constantly being able to be as responsive as needed. And so
that's the way we're continuing, the team's continuing to work against the program.
.....................................................................................................................................................................................................................................................................
Q
Okay. Let's talk about Waymo, autonomous driving. There's a – this has sort of been a I would say, sort of a
snail's pace relative to what we thought from an autonomous perspective. It's a very difficult engineering
challenge, a lot of regulatory challenges, et cetera. You now had Waymo One, rider-only product out for a little
over a year now.
So I guess the question is, as you sort of look at progress you made with Waymo and Waymo One, where have
you come the farthest? And what are sort of the biggest areas of incremental investment you need to make on
Waymo to sort of get autonomous driving to where you want it to be?
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
So it is a tough engineering challenge. And when you look at the more than 1 million lives lost on the road, that's
what motivated this. We've talked about that here before and continues to do so, and we're making sure that
we're doing this in a really safe way. So we – at this point, we've had tens of thousands of rides, we are starting to
charge here in San Francisco which is a step in the right direction.
We're testing in New York. We're testing in other cities, so that we can see what happens in different climates and
different topography and so continuing to make progress with safety, continuing to be kind of the number one,
two, three priority. We are also building out Waymo Via which is with around logistics and we have some
partnerships there, for example with UPS and so it's − we're continuing to iterate on this one.
.....................................................................................................................................................................................................................................................................
Q
Okay. Emerging markets have been a pretty consistent focus over the years. I want to ask you about India and
Africa, you have a lot of initiatives in those markets, YouTube, Android, hardware, payments, cloud, investments
with Reliance, the entrepreneur fund. I guess as you and the executive teams sort of envision where you would
like India and Africa to go. How should we think about investments there and how do you think about those
markets developing maybe differently than some of the more developed markets like the US and Europe?
11
Ruth M. Porat
Yeah. All important. It goes back to my first comment which is we invest for long term growth and we shorthand
call this the NBU markets, the next billion users and so have been very focused on ensuring that we're investing
for the next billion users. And your point, like how is this different? Yes, it's different. Many – in many markets
younger mobile-first and so it's voice before tax. So there are a lot of elements of it that are different. And so what
we did in India is we created a $10 billion India digitization fund and the notion was really to invest in that
ecosystem to build it out and it's about confidence in where India actually can go. And as you said, with Reliance,
with Airtel, with Jio – Reliance we've made some investments and are looking to develop products that is specific
to the market and potentially more broadly in NBU.
In Africa, we announced, I think it was late last year, $1 billion commitment to invest across Africa. And very
similarly, it's very exciting when you look at a lot of the innovation that's coming out of there. We have some AI
engineers there as well, payments, that's some of the innovation that really points to the rest of the world. So our
view is we need to be where the next billion users are and as part of our mission, organize the world's information,
make it accessible and useful for everyone. It is the core part of it. And as you're thinking long-term, of course, it's
a key initiative. I have sized it for you to give a little dimension.
.....................................................................................................................................................................................................................................................................
Q
Okay. I want to close, look at – look over the years at the questions. A year ago, I don't think we externally had
any idea that the retail search category would have this type of really acceleration even through lots of large
numbers. YouTube surprised us for a good part of the year. As you sit here now, what sort of excites you most
about 2022, that one year from now, we're going to be sitting here and I'm saying, wow, this aspect of Alphabet
really surprised everyone, and we're just not paying enough attention to it at this point.
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Well, I think I've hit on sort of the key areas that we're focused on. AI is one of those opportunities where it just
continues to build on itself. And as we have an extraordinary team, just as they continue to explore, it continues to
go deeper, whether we're talking about MUMs and it's – what does that mean for search or whether you look at
some of things like Performance Max and Ads or Smart Bidding. Across the board, the opportunity in cloud to
work with enterprise, every enterprise needs to think about how do they interact with their customers, how do they
think about efficiency, how do they think about risk analytics? And so this will continue to, I think, surprise or guide
the way. So, excited about that.
.....................................................................................................................................................................................................................................................................
All right. Can't wait to watch that and we'll be talking about it over the course of the year.
.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Great.
.....................................................................................................................................................................................................................................................................
12
Thank you very much.

.....................................................................................................................................................................................................................................................................
Ruth M. Porat
Thank you so much.
.....................................................................................................................................................................................................................................................................
Thanks.
Disclaimer
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13
Management & Board
Alphabet Inc. Class A (GOOGL)$2,534.60 Next Rpt Date: 26 Apr '22Report as of 16 Apr '22
TOTAL INDEPENDENT AVERAGE AVERAGE INSIDER

Mgmt 14 Mgmt 51 Mgmt 4 Mgmt 0.004%
MEMBERS DIRECTORS AGE TENURE OWNED
24 Board 11 55% 57 YRS Board 61 6 YRS Board 7 0.117% Board 0.116%
Management
Company Insider Total

Name Position Age Tenure (Yrs) Holdings (%) Salary Comp.
Sundar Pichai, MBA Chief Executive Officer & Director 49 5 0.004 $2,015,385 $7,425,547
Ruth M. Porat, MBA Chief Financial Officer & Senior Vice President 64 7 0.000 $655,000 $50,890,683
Juan Rajlin Treasurer & Vice President 46 4 - - -
Cory R. Ondrejka Vice President - 4 - - -
Amie Thuener Chief Accounting Officer & Vice President 47 4 0.000 - -
Asmau Ahmed, MBA Managing Director 43 <1 - - -
Thomas Lee Executive Customer Council Board Member - 2 - - -
Torrence N. Boone, MBA Vice President-Global Client Partnerships 52 12 - - -
Jewel M. Burks Head-Google for Startups 31 - - - -
Robert M. Califf, MD Head-Strategy & Policy 70 - - - -
Yolande G. Piazza Vice President-Financial Services 52 - - - -
Ellen West Vice President-Investor Relations - - - - -
Cynthia M. Patton General Counsel & Secretary 60 2 - - -
John Kent Walker, Jr. President-Global Affairs & Chief Legal Officer - - - - -
Source: FactSet People, Ownership
Board Members
Board Insider Total

Name Position Age Tenure (Yrs) Holdings (%) Salary Comp.
John LeRoy Hennessy, PhD Chairman 69 18 0.019 - -
Sundar Pichai, MBA Chief Executive Officer & Director 49 5 0.004 $2,015,385 $7,425,547
Frances Hamilton Arnold, PhD Director 65 3 - - -
Robin L. Washington, MBA, CPA Independent Director 58 3 - - -
Roger Walton Ferguson, Jr., PhD Independent Director 69 6 - - -
Sergey Mikhaylovich Brin Director 48 7 - - -
Lawrence E. Page Director 49 7 - - -
Ann Mather Independent Director 61 7 0.000 - -
Ram Kavitarak Shriram, MBA Independent Director 65 7 0.045 - -
Alan R. Mulally Independent Director 76 8 - - -
John L Doerr, MBA Independent Director 70 23 0.048 - -
Source: FactSet People, Ownership

Broker Research
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www.stocktradersdaily.com
GOOGL
Apr 15
2022
Suggestion
Start with the longer term
trading plans

GOOGL ()
Recently trading at: 2534.6 April 15, 2022, 2:27 pm ET
Technical Summary
Term → Near Mid Long
Bias Weak Neutral Strong
P1 0 0 2658.16
P2 2530.90 2551.33 2913.25
P3 2581.18 2656.39 3160.91
Suggestion: Start with the longer term trading plans.
The technical summary data above is used to determine trading plans;

it has been derived using our proprietary algorithms. To obtain an Market Analysis Technical
updated report, please click here: UPDATE THIS REPORT
DOW S&P
NASDAQ RUSSELL
Long Term Trading Plans for GOOGL

April 15, 2022, 2:27 pm ET
Buy near support, sell or short near resistance, and take advantage of the opportunities this stock
provides. The BLUE dot is the current price, the RED dots are resistance levels, and the GREEN are
support levels. Review the trading plans below. We like tight stops.
Technical Summary: 2534.6 , 2658.16, 2913.25, 3160.91, Where 2534.6 = the recent price
Legend
Stock Finder
Current stock price
Support level Find a Stock to Buy or Short
Resistance level
Buy This Stock - Long Term Trades Short This Stock - Long Term Trades
GOOGL - (Long) Support Plan GOOGL - (Short) Resistance Plan

NONE. Short under 2658.16, target n/a, stop loss @ 2665.84
There is no current Support Plan to trigger a buy of The technical summary data is suggesting a short of
this stock at this time. This usually means that there GOOGL as it gets near 2658.16, but the downside
are no clear support levels at this time, so buying target is not available from the current data. This
the stock as it falls could be considered catching a tells us to hold that position if it is triggered until a
falling knife. Buy signals only exist if resistance new downside target has been established (updates
breaks higher. occur at the beginning of every trading session) or
This often is a signal that the stock you are watching until the position has been stopped. The summary
is weak. Waiting for a turn higher may be more data tells us to have a stop loss in place at 2665.84.
intelligent than trying to catch a falling knife. In any 2658.16 is the first level of resistance above 2534.6,
case, new support levels are usually revised to the and by rule, any test of resistance is a short signal.
database at the beginning of the next trading In this case, if resistance 2658.16 is being tested, so
session. a short signal would exist.
GOOGL - (Long) Resistance Plan GOOGL - (Short) Support Plan
Buy over 2658.16, target 2913.25, stop loss @ 2650.48 NONE.
If 2658.16 begins to break higher, the technical There is no current Support Plan to trigger a short
summary data will suggest a buy of GOOGL over at this time. Shorts should be based n tests of
2658.16, with an upside target of 2913.25. The data resistance levels. In this case, the door is wide open
also tells us to set a stop loss @ 2650.48 in case the for additional declines unless resistance breaks
stock turns against us. 2658.16 is the first level of higher...
resistance above 2534.6, and by rule, any break Please use the resistance plan as a short-indicator
above resistance is a buy signal. In this case, until new support levels have been added to the
resistance 2658.16 would be breaking higher, so a database. Usually revised trading indicators will
buy signal would exist. update at the beginning of the next trading session.
Swing Trading Plans for GOOGL

April 15, 2022, 2:27 pm ET
Technical Summary: 2534.6 , 2551.33, 2656.39, 2658.16, 2913.25, 3160.91, Where 2534.6 = the recent
price
Legend
Stock Finder
Current stock price
Resistance level
Buy This Stock - Swing Trades Short This Stock - Swing Trades
GOOGL - (Long) Resistance Plan GOOGL - (Short) Resistance Plan

Buy over 2551.33, target 2656.39, Stop Loss @ 2543.96 Short near 2551.33, target n/a, Stop Loss @ 2558.7.
If 2551.33 begins to break higher, the technical The technical summary data is suggesting a short of
summary data tells us to buy GOOGL just over GOOGL if it tests 2551.33 with a downside target of
2551.33, with an upside target of 2656.39. The data n/a. We should have a stop loss in place at 2558.7
also tells us to set a stop loss @ 2543.96 in case the though in case the stock begins to move against the
stock turns against the trade. 2551.33 is the first trade. By rule, any test of resistance is a short signal.
level of resistance above 2534.6, and by rule, any In this case, if resistance, 2551.33, is being tested a
break above resistance is a buy signal. In this case, short signal would exist. Because this plan is a short
2551.33, initial resistance, would be breaking plan based on a test of resistance it is referred to as
higher, so a buy signal would exist. Because this a Short Resistance Plan.
plan is based on a break of resistance, it is referred
to as a Long Resistance Plan.
Day Trading Plans for GOOGL
April 15, 2022, 2:27 pm ET
Technical Summary: 2530.90, 2534.6 , 2551.33, 2581.18, 2656.39, 2658.16, 2913.25, 3160.91, Where
2534.6 = the recent price
Legend
Stock Finder
Current stock price
Resistance level
Buy This Stock - Day Trades Short This Stock - Day Trades
GOOGL - (Long) Resistance Plan

Buy over 2551.33, target 2581.18, Stop Loss @ 2545.38
GOOGL - (Short) Resistance Plan
GOOGL - (Short) Resistance Plan
Short near 2551.33, target 2530.90, Stop Loss @ 2557.28.
summary data tells us to buy GOOGL just over GOOGL if it tests 2551.33 with a downside target of
2551.33, with an upside target of 2581.18. The data 2530.90. We should have a stop loss in place at
also tells us to set a stop loss @ 2545.38 in case the 2557.28 though in case the stock begins to move
stock turns against the trade. 2551.33 is the first against the trade. By rule, any test of resistance is a
level of resistance above 2534.6, and by rule, any short signal. In this case, if resistance, 2551.33, is
break above resistance is a buy signal. In this case, being tested a short signal would exist. Because this
2551.33, initial resistance, would be breaking plan is a short plan based on a test of resistance it is
higher, so a buy signal would exist. Because this referred to as a Short Resistance Plan.
GOOGL - (Short) Support Plan

Short under 2530.90, target n/a, Stop Loss @ 2536.8
GOOGL - (Long) Support Plan
Buy near 2530.90, target 2551.33, Stop Loss @ 2525
Buy near 2530.90, target 2551.33, Stop Loss @

Buy near 2530.90, target 2551.33, Stop Loss @ 2525The technical summary data tells us to buy
2525The technical summary data tells us to buy GOOGL near 2530.90 with an upside target of
GOOGL near 2530.90 with an upside target of 2551.33. This data also tells us to set a stop loss @
2551.33. This data also tells us to set a stop loss @ 2525 to protect against excessive loss in case the
2525 to protect against excessive loss in case the stock begins to move against the trade. 2530.90 is
stock begins to move against the trade. 2530.90 is the first level of support below 2534.6, and by rule,
the first level of support below 2534.6, and by rule, any test of support is a buy signal. In this case,
any test of support is a buy signal. In this case, 2530.90, initial support, would be tested, so a buy
2530.90, initial support, would be tested, so a buy signal would exist. Because this plan is based on a
signal would exist. Because this plan is based on a test of support it is referred to as a Long Support
test of support it is referred to as a Long Support Plan.
Plan.
Fundamental Charts
Find the Fundamental Charts for GOOGL below. With a focus on earnings growth valuation, these charts
help define the underlying company.
GOOGL EPS Analysis
GOOGL Revenue
GOOGL Growth Rate - Quartely

GOOGL P/E Chart
GOOGL PEG
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GOOG
Apr 15
2022
Suggestion
Start with the longer term
trading plans

GOOG (GOOGLE)
Recently trading at: 2545.06 April 15, 2022, 2:27 pm ET
Technical Summary
Term → Near Mid Long
Bias Weak Neutral Strong
P1 0 0 2654.65
P2 2546.95 2567.70 2909.32
P3 2595.44 2672.96 3152.75
Suggestion: Start with the longer term trading plans.
The technical summary data above is used to determine trading plans;

it has been derived using our proprietary algorithms. To obtain an Market Analysis Technical
updated report, please click here: UPDATE THIS REPORT
DOW S&P
NASDAQ RUSSELL
Long Term Trading Plans for GOOG

April 15, 2022, 2:27 pm ET
Technical Summary: 2545.06 , 2654.65, 2909.32, 3152.75, Where 2545.06 = the recent price
Legend
Stock Finder
Current stock price
Resistance level
Buy This Stock - Long Term Trades Short This Stock - Long Term Trades
GOOG - (Long) Support Plan GOOG - (Short) Resistance Plan

NONE. Short under 2654.65, target n/a, stop loss @ 2662.32
There is no current Support Plan to trigger a buy of The technical summary data is suggesting a short of
this stock at this time. This usually means that there GOOG as it gets near 2654.65, but the downside
are no clear support levels at this time, so buying target is not available from the current data. This
the stock as it falls could be considered catching a tells us to hold that position if it is triggered until a
falling knife. Buy signals only exist if resistance new downside target has been established (updates
breaks higher. occur at the beginning of every trading session) or
This often is a signal that the stock you are watching until the position has been stopped. The summary
is weak. Waiting for a turn higher may be more data tells us to have a stop loss in place at 2662.32.
intelligent than trying to catch a falling knife. In any 2654.65 is the first level of resistance above
case, new support levels are usually revised to the 2545.06, and by rule, any test of resistance is a
database at the beginning of the next trading short signal. In this case, if resistance 2654.65 is
session. being tested, so a short signal would exist.
GOOG - (Long) Resistance Plan GOOG - (Short) Support Plan
Buy over 2654.65, target 2909.32, stop loss @ 2646.98 NONE.
If 2654.65 begins to break higher, the technical There is no current Support Plan to trigger a short
summary data will suggest a buy of GOOG over at this time. Shorts should be based n tests of
2654.65, with an upside target of 2909.32. The data resistance levels. In this case, the door is wide open
also tells us to set a stop loss @ 2646.98 in case the for additional declines unless resistance breaks
stock turns against us. 2654.65 is the first level of higher...
resistance above 2545.06, and by rule, any break Please use the resistance plan as a short-indicator
above resistance is a buy signal. In this case, until new support levels have been added to the
resistance 2654.65 would be breaking higher, so a database. Usually revised trading indicators will
buy signal would exist. update at the beginning of the next trading session.
Swing Trading Plans for GOOG

April 15, 2022, 2:27 pm ET
Technical Summary: 2545.06 , 2567.70, 2654.65, 2672.96, 2909.32, 3152.75, Where 2545.06 = the
recent price
Legend
Stock Finder
Current stock price
Resistance level
Buy This Stock - Swing Trades Short This Stock - Swing Trades
GOOG - (Long) Resistance Plan GOOG - (Short) Resistance Plan

Buy over 2567.70, target 2654.65, Stop Loss @ 2560.28 Short near 2567.70, target n/a, Stop Loss @ 2575.12.
summary data tells us to buy GOOG just over GOOG if it tests 2567.70 with a downside target of
Day Trading Plans for GOOG
April 15, 2022, 2:27 pm ET
Technical Summary: 2545.06 , 2546.95, 2567.70, 2595.44, 2654.65, 2672.96, 2909.32, 3152.75, Where
2545.06 = the recent price
Legend
Stock Finder
Current stock price
Resistance level
Buy This Stock - Day Trades Short This Stock - Day Trades
GOOG - (Long) Resistance Plan

GOOG - (Short) Resistance Plan
GOOG - (Short) Resistance Plan
Short near 2546.95, target n/a, Stop Loss @ 2552.89.
summary data tells us to buy GOOG just over GOOG if it tests 2546.95 with a downside target of
Fundamental Charts
Find the Fundamental Charts for GOOG below. With a focus on earnings growth valuation, these charts
help define the underlying company.
GOOG EPS Analysis

GOOG Revenue
GOOG Growth Rate - Quartely
GOOG P/E Chart
GOOG PEG
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Alphabet Inc. Class A

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Alphabet Inc.

16 Apr 22 Public Information Book

Sales & Earnings

10 Sales & Earnings

76 Japan seeks registration of global headquarters by foreign tech companies - Nikkei

77 FDA clears Fitbit's PPG algorithm to identify AFib

78 StreetAccount Summary: The Economist print edition

80 StreetAccount Summary: The Economist print edition

81 Justice Department endorses antitrust legislation targeting dominant platforms - WSJ

Management & Board

97 Management and Board

Sector Industry Mkt Cap (B) EV (B) Sales (B)

Estimates Net Margin 29.5 15.4 8.8

© 2022 FactSet Research Systems, Inc.

Upcoming Events EPS Sales

26 Apr '22 05:00 PM Q1 2022 Earnings Call - 25.7 - 68,123

25 Jul '22 - Q2 2022 Earnings Release (Projected)

27 Oct '22 - Q3 2022 Earnings Release (Projected)

Past Events EPS Sales

14 Sep '21 05:10 PM Citi Global Technology Conference

09 Sep '21 07:50 AM Deutsche Bank Technology Conference

02 Jun '21 12:00 PM Annual General Meeting

01 Jun '21 11:55 AM Deutsche Bank Global Financial Services

© 2022 FactSet Research Systems, Inc.

Management (6 of 14) Board (6 of 11)

1600 Amphitheatre Parkway Ellen West Fiscal Year December

© 2022 FactSet Research Systems, Inc.

NET POSITION CHANGE 1,158,485

Top Holders - Institutions and Insiders

© 2022 FactSet Research Systems, Inc.

Segments Snapshot - Quarterly (B)

Dec '21 YoY % % of Sales Mar '22E YoY % 3Y Trend

Estimate Growth - Quarterly

Mar '21 Mar '22E Growth (YoY%)

Mar '21 Mar '22E Growth (YoY%)

© 2022 FactSet Research Systems, Inc.

EPS - Consensus Outlook - Annual & Quarterly

Segments LT Estimates - Annual (B)

© 2022 FactSet Research Systems, Inc.

Sales - Consensus Trend - Annual (B)

© 2022 FactSet Research Systems, Inc.

Sales - Broker Detail - Mar '22E (B)

Consensus Guidance # of Brokers

Top 16 Brokers Research Estimate Bottom 16 Brokers Research Estimate

* Only 32 of the 34 brokers are shown in this report. See all...

Sales - Broker Revisions - Mar '22E (B)

Consensus Guidance 1M Revision 1W Revision

© 2022 FactSet Research Systems, Inc.

EPS - Consensus Trend - Annual

© 2022 FactSet Research Systems, Inc.

EPS - Broker Detail - Mar '22E

Consensus Guidance # of Brokers

Top 16 Brokers Research Estimate Bottom 16 Brokers Research Estimate

* Only 32 of the 40 brokers are shown in this report. See all...

EPS - Broker Revisions - Mar '22E

Consensus Guidance 1M Revision 1W Revision

© 2022 FactSet Research Systems, Inc.

Valuation Peers Analysis

Alphabet A Microsoft Apple Yandex A Baidu A Zoom Video Communications

© 2022 FactSet Research Systems, Inc.

Price to Earnings - NTM

© 2022 FactSet Research Systems, Inc.

© 2022 FactSet Research Systems, Inc.

Profitability Peer Analysis - Annual