Q3-20 Revenue of € 108.3 Million and Net Income of € 34.0 Million, Respectively
Nine Months 2020 Revenue and Net Income Up 22.8% and 84.0%, Respectively, vs. Prior Year
DUIVEN,
Key Highlights Q3-20
- Revenue of € 108.3 million, down 12.9% vs. Q2-20, consistent with seasonal trends. At favorable end of guidance range. Up 20.7% vs. Q3-19 primarily due to higher shipments for mobile applications to US and Asian customers
- Orders of € 94.9 million, down 6.3% vs. Q2-20. Up 15.5% vs. Q3-19 due to increased demand for high end mobile applications related to new product introductions and 5G capabilities
- Gross margin reached 60.8% and exceeded guidance. Down 1.2 points vs. Q2-20 but up 5.7 points vs. Q3-19 primarily due to a more favorable product mix and increased labor efficiencies
- Net income of € 34.0 million decreased € 5.8 million (-14.6%) vs. Q2-20 due to lower revenue levels. Up strongly (+€ 14.8 million or +77.1%) vs. Q3-19 primarily due to significantly higher revenue and gross margins combined with reduced overhead levels related to cost control efforts
- Net margin again exceeded 30%, reaching 31.3% vs. 32.0% in Q2-20. Substantial increase vs. 21.4% realized in Q3-19
- Net cash rose strongly to € 158.7 million, up € 65.1 million (+69.6%) vs.
June 30, 2020 - Agreement signed with Applied Materials, Inc. to jointly develop industry’s first complete and proven die based hybrid bonding equipment solution for customers
Key Highlights YTD-20
- Revenue of € 323.9 million, up 22.8 % vs. YTD-19 primarily reflecting improved market conditions and higher demand for mobile applications from US and Chinese customers
- Similarly, orders of € 314.8 million grew € 66.6 million (+26.8%) vs. YTD-19
- Gross margin reached 60.1%, up 4.4 points vs. YTD-19 primarily due to Besi’s strong advanced packaging market position, a more favorable product mix and increased labor efficiencies
- Net income of € 87.6 million increased € 40.0 million (+84.0%) vs. YTD-19. Net margin rose to 27.1% vs. 18.0% in YTD-19
Outlook
- Q4-20 revenue estimated to be flat to down 15% vs. Q3-20 primarily due to seasonal influences and concerns as to the development of the COVID-19 pandemic. Gross margin anticipated between 58%-60%
(€ millions, except EPS) | Q3- 2020 | Q2- 2020 | Δ | Q3- 2019 | Δ | YTD- 2020 | YTD- 2019 | Δ | |||
Revenue | 108.3 | 124.3 | -12.9% | 89.7 | +20.7% | 323.9 | 263.8 | +22.8% | |||
Orders | 94.9 | 101.3 | -6.3% | 82.2 | +15.5% | 314.8 | 248.2 | +26.8% | |||
Operating Income | 42.0 | 48.4 | -13.2% | 25.3 | +66.0% | 109.2 | 65.1 | +67.7% | |||
EBITDA | 46.5 | 53.1 | -12.4% | 30.2 | +54.0% | 123.5 | 79.8 | +54.8% | |||
Net Income | 34.0 | 39.8 | -14.6% | 19.2 | +77.1% | 87.6 | 47.6 | +84.0% | |||
EPS (basic) | 0.47 | 0.55 | -14.5% | 0.26 | +80.8% | 1.21 | 0.65 | +86.2% | |||
EPS (diluted) | 0.43 | 0.50 | -14.0% | 0.25 | +72.0% | 1.12 | 0.63 | +77.8% | |||
158.7 | 93.6* | +69.6% | 106.9 | +48.5% | 158.7 | 106.9 | +48.5% |
*Reflects cash dividend payments of € 73.5 million in Q2-20
“Besi reported solid results for Q3-20 and the first nine months of the year. For the quarter, revenue and net income reached € 108.3 million and € 34.0 million, respectively, increases of 20.7% and 77.1% versus Q3-19. Q3-20 orders of € 94.9 million grew by 15.5% versus Q3-19. Besi’s operating profit of € 42.0 million was at the high end of prior guidance as we had better than anticipated shipments for mobile applications, maintained gross margins in excess of 60% and exceeded our operating expense reduction target. As a result, Besi recorded a net margin of 31.3% in Q3-20, the second consecutive quarter in which profit margins exceeded the annual level achieved during our last 2017 cyclical peak.
Results for the first nine months of 2020 were also strong, with revenue of € 323.9 million up 22.8% and net income of € 87.6 million, up 84.0% year over year. Similarly, orders of € 314.8 million grew 26.8% versus the comparative period of 2019. Besi’s business prospects have improved this year as demand for mobile applications by US and Asian customers grew significantly in light of new product introductions and expanded 5G capabilities. Growth in mobile end user markets has more than compensated for relatively stable demand for computing applications and continued weak demand experienced for automotive applications reflecting the current economic environment.
The execution of strategic initiatives has also benefited our 2020 performance. A 2.1% reduction in fixed headcount increased labor efficiencies at both the gross and operating margin levels and pro-active supply chain management has limited inventory development and improved cash flow generation. This year, we have also enhanced our CSR strategy with new short and medium-term targets and KPIs set. Long term ambitions include a 60% reduction in Besi’s Scope 1 and 2 carbon foot-print by 2030 and for renewable sources to represent 65% of our global energy needs by such date.
Besi’s liquidity position continued to expand with growth in cash and deposits reaching € 564.5 million at the end of Q3-20, an increase of 54.0% versus
Looking ahead, we estimate that Q4-20 revenue will be flat to down 15% due to typical seasonal influences, lower demand for mobile applications post the capacity build this year and concerns as to the development of the COVID-19 pandemic. Besi’s gross margin is estimated to range between 58-60% in Q4-20 based on the forecasted product mix. Operating expenses are expected to increase by 0-5% versus Q3-20.
Longer-term, we are encouraged about Besi’s prospects in the next investment cycle given our strong performance during the last industry downturn and the current pandemic and by strong secular growth drivers. As chip functionality, complexity and density increase and geometries shrink, Besi’s advanced packaging solutions are ever more important to customers.
As such, we are increasing our engagement with leading mobile, memory and logic players to expand our addressable market. In particular, we see significant market opportunities from the current 5G roll-out and initial orders from global memory producers for high volume, high accuracy flip chip systems versus traditional wire bonding solutions. In addition,
Third Quarter Results of Operations
Q3-2020 | Q2-2020 | Δ | Q3-2019 | Δ | |||
Revenue | 108.3 | 124.3 | -12.9% | 89.7 | +20.7% | ||
Orders | 94.9 | 101.3 | -6.3% | 82.2 | +15.5% | ||
Book to | 0.9 | 0.8 | +0.1 | 0.9 | - |
Q3-20 revenue of € 108.3 million declined 12.9% versus Q2-20 and was at the favorable end of prior guidance (-10% to -25%). Versus Q3-19, revenue increased by 20.7% primarily due to higher shipments for mobile applications to US and Asian customers.
Orders of € 94.9 million declined 6.3% versus Q2-20 consistent with seasonal trends. However, compared to Q3-19, orders grew by 15.5% primarily due to improved market conditions and increased demand for high end mobile applications. Per customer type, IDM orders decreased € 0.9 million, or 2.0%, versus Q2-20 and represented 46% of total orders. Subcontractor orders decreased by € 5.5 million, or 9.7%, versus Q2-20 and represented 54% of total orders.
Q3-2020 | Q2-2020 | Δ | Q3-2019 | Δ | ||||
Gross Margin | 60.8% | 62.0% | -1.2 | 55.1% | +5.7 | |||
Operating Expenses | 23.9 | 28.6 | -16.4% | 24.2 | -1.2% | |||
Financial Expense/(Income), net | 3.2 | 2.7 | +18.5% | 3.3 | -3.0% | |||
EBITDA | 46.5 | 53.1 | -12.4% | 30.2 | +54.0% |
Besi’s gross margin reached 60.8% in Q3-20 which exceeded guidance (58-60%) and represented a decrease of 1.2 points versus Q2-20. Versus Q3-19, gross margin increased by 5.7 points primarily due to Besi’s strong advanced packaging position, more favorable product mix and increased labor efficiencies associated with lower fixed Asian production headcount.
Q3-20 operating expenses declined by € 4.7 million (-16.4%) versus Q2-20 and were better than prior guidance (-10% to -15%). The decrease was primarily due to (i) a € 1.9 million reduction in variable compensation expense, (ii) € 1.3 million lower sales related warranty and commission expenses and (iii) favorable forex influences. Operating expenses declined € 0.3 million (-1.2%) versus Q3-19 despite Besi’s 20.7% revenue increase as a result of strategic cost control initiatives including a 2.1% fixed headcount reduction between Q3-19 and Q3-20 and lower travel expenses.
Financial expense, net, increased by € 0.5 million (+18.5%) versus Q2-20 primarily due to Besi’s issuance in August of € 150 million of 0.75% Convertible Notes due 2027.
Q3-2020 | Q2-2020 | Δ | Q3-2019 | Δ | |
Net Income | 34.0 | 39.8 | -14.6% | 19.2 | +77.1% |
31.3% | 32.0% | -0.7 | 21.4% | +9.9 | |
Tax Rate | 12.4% | 12.9% | -0.5 | 12.7% | -0.3 |
Net income of € 34.0 million declined by € 5.8 million (-14.6%) versus Q2-20 due primarily to a 12.9% revenue decrease and lower gross margins partially offset by a € 4.7 million reduction in operating expenses. Versus Q3-19, net income increased € 14.8 million (+77.1%) primarily due to significantly higher revenue and gross margin levels realized combined with cost control efforts which limited operating expense development. Similarly, Besi’s net margin grew to 31.3% in Q3-20, a significant increase versus the 21.4% realized in Q3-19.
Nine Months Results of Operations
YTD-2020 | YTD-2019 | Δ | |
Revenue | 323.9 | 263.8 | +22.8% |
Orders | 314.8 | 248.2 | +26.8% |
Gross Margin | 60.1% | 55.7% | +4.4 |
Operating Income | 109.2 | 65.1 | +67.7% |
Net Income | 87.6 | 47.6 | +84.0% |
27.1% | 18.0% | +9.1 | |
Tax Rate | 13.0% | 13.0% | - |
For the nine months ended
Besi’s operating income of € 109.2 million grew by 67.7% year over year primarily due to (i) revenue growth which significantly outpaced a 4.5% increase in operating expenses and (ii) a gross margin expansion of 4.4 points associated with Besi’s strong advanced packaging market position, more favorable product mix and increased labor efficiencies. Similarly, Besi’s net income of € 87.6 million increased € 40.0 million, or 84.0% and net margins grew by 9.1 points to reach 27.1%.
Financial Condition
Q3 2020 | Q2 2020 | Δ | Q3 2019 | Δ | YTD- 2020 | YTD- 2019 | Δ | |
Total Cash and Deposits | 564.5 | 366.6 | +54.0% | 383.7 | +47.1% | 564.5 | 383.7 | +47.1% |
158.7 | 93.6 | +69.6% | 106.9 | +48.5% | 158.7 | 106.9 | +48.5% | |
Cash flow from Ops. | 60.9 | 22.9 | +165.9% | 38.8 | +57.0% | 110.3 | 83.8 | +31.6% |
At the end of Q3-20, cash and deposits aggregated € 564.5 million, an increase of € 197.9 million compared to Q2-20 principally as a result of the net proceeds received from Besi’s Convertible Note offering in
On
The Convertible Notes may be redeemed at the option of the holder (i) on
Share Repurchase Activity/Cancellation of shares
During the quarter, Besi repurchased 84,219 of its ordinary shares at an average price of € 38.61 per share for a total of € 3.3 million. Cumulatively, as of
Besi will cancel 1.5 million of its 7.4 million ordinary shares held in treasury in Q4-20. Upon such cancellation, total shares outstanding, excluding treasury shares, will decline to 78.6 million and shares held in treasury will reduce to 5.9 million. As a result of the additional capacity created by the share cancellation, Besi intends to increase its share repurchases to approximately € 10 million per quarter.
Outlook
Based on its
- Revenue will be flat to down 15% vs. the € 108.3 million reported in Q3-20.
- Gross margin will range between 58-60% vs. the 60.8% realized in Q3-20.
- Operating expenses will increase by 0-5% vs. the € 23.9 million reported in Q3-20.
Investor and media conference call
A conference call and webcast for investors and media will be held today at
Basis of Presentation
The accompanying condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the
About Besi
Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY Nasdaq International Designation) and its headquarters are located in Duiven,
Contacts: | |
Hetwig van Kerkhof, SVP Finance | |
Tel. (31) 26 319 4500 | Tel. (31) 20 575 4024 |
investor.relations@besi.com | besi@cffcommunications.nl |
Caution Concerning Forward Looking Statements
This press release contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the associated adverse impacts on the global economy, financial markets, and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the
Consolidated Statements of Operations
(euro in thousands, except share and per share data) | Three Months Ended (unaudited) | Nine Months Ended (unaudited) | ||
2020 | 2019 | 2020 | 2019 | |
Revenue | 108,343 | 89,694 | 323,949 | 263,801 |
Cost of sales | 42,466 | 40,249 | 129,339 | 116,982 |
Gross profit | 65,877 | 49,445 | 194,610 | 146,819 |
Selling, general and administrative expenses | 16,312 | 15,617 | 59,970 | 54,801 |
Research and development expenses | 7,598 | 8,551 | 25,457 | 26,872 |
Total operating expenses | 23,910 | 24,168 | 85,427 | 81,673 |
Operating income | 41,967 | 25,277 | 109,183 | 65,146 |
Financial expense, net | 3,197 | 3,312 | 8,500 | 10,451 |
Income before taxes | 38,770 | 21,965 | 100,683 | 54,695 |
Income tax expense | 4,814 | 2,800 | 13,054 | 7,119 |
Net income | 33,956 | 19,165 | 87,629 | 47,576 |
Net income per share – basic | 0.47 | 0.26 | 1.21 | 0.65 |
Net income per share – diluted | 0.43 | 0.25 | 1.12 | 0.63 |
Number of shares used in computing per share amounts: - basic - diluted 1 | 72,705,062 84,386,221 | 72,643,210 82,971,344 | 72,471,117 83,217,565 | 72,794,337 83,367,934 |
Consolidated Balance Sheets
(euro in thousands) | September 30, 2020 (unaudited) | 2020 (unaudited) | 2020 (unaudited) | 2019 (audited) | |
ASSETS | |||||
Cash and cash equivalents | 339,459 | 251,621 | 347,639 | 278,398 | |
Deposits | 225,071 | 115,000 | 80,000 | 130,000 | |
Trade receivables | 95,925 | 117,158 | 91,797 | 81,420 | |
Inventories | 52,051 | 52,122 | 46,872 | 46,578 | |
Other current assets | 11,029 | 12,768 | 14,598 | 13,854 | |
Total current assets | 723,535 | 548,669 | 580,906 | 550,250 | |
Property, plant and equipment | 26,675 | 27,142 | 29,067 | 30,383 | |
Right of use assets | 8,769 | 9,678 | 10,264 | 11,132 | |
44,880 | 45,262 | 45,423 | 45,289 | ||
Other intangible assets | 47,802 | 46,101 | 44,380 | 42,593 | |
Deferred tax assets | 12,117 | 13,225 | 14,607 | 14,978 | |
Other non-current assets | 1,058 | 1,094 | 1,097 | 2,255 | |
Total non-current assets | 141,301 | 142,502 | 144,838 | 146,630 | |
Total assets | 864,836 | 691,171 | 725,744 | 696,880 | |
Notes payable to banks | - | - | 487 | 476 | |
Current portion of long-term debt | 91 | 91 | 513 | 515 | |
Accounts payable | 38,715 | 45,939 | 34,310 | 30,278 | |
Accrued liabilities | 55,225 | 51,382 | 61,769 | 55,359 | |
Total current liabilities | 94,031 | 97,412 | 97,079 | 86,628 | |
Long-term debt | 405,736 | 272,932 | 278,299 | 277,067 | |
Lease liabilities | 5,831 | 6,438 | 7,104 | 7,859 | |
Deferred tax liabilities | 12,437 | 8,480 | 8,376 | 8,858 | |
Other non-current liabilities | 18,122 | 18,228 | 18,197 | 17,960 | |
Total non-current liabilities | 442,126 | 306,078 | 311,976 | 311,744 | |
Total equity | 328,679 | 287,681 | 316,689 | 298,508 | |
Total liabilities and equity | 864,836 | 691,171 | 725,744 | 696,880 |
Consolidated Cash Flow Statements
(euro in thousands) | Three Months Ended (unaudited) | Nine Months Ended (unaudited) | ||
2020 | 2019 | 2020 | 2019 | |
Cash flows from operating activities: | ||||
Income before income tax | 38,770 | 21,965 | 100,683 | 54,695 |
Depreciation and amortization | 4,495 | 4,909 | 14,343 | 14,682 |
Share based payment expense | 981 | 865 | 9,014 | 6,206 |
Financial expense, net | 3,197 | 3,312 | 8,500 | 10,451 |
Changes in working capital | 14,546 | 8,346 | (10,197) | 15,962 |
Income tax paid | (221) | (316) | (8,974) | (15,423) |
Interest paid | (865) | (295) | (3,045) | (2,729) |
Net cash provided by operating activities | 60,903 | 38,786 | 110,324 | 83,844 |
Cash flows from investing activities: | ||||
Capital expenditures | (1,250) | (956) | (2,600) | (1,819) |
Capitalized development expenses | (4,286) | (3,169) | (12,268) | (9,082) |
Repayments of (investments in) deposits | (110,127) | - | (95,127) | 50,000 |
Net cash provided by (used in) investing activities | (115,663) | (4,125) | (109,995) | 39,099 |
Cash flows from financing activities: | ||||
Proceeds from (payments of) bank lines of credit | - | - | (434) | (2,812) |
Proceeds from (payments of) debt | - | (45) | (416) | (34) |
Proceeds from convertible notes | 147,757 | - | 147,757 | - |
Payments of lease liabilities | (853) | (860) | (2,622) | (2,641) |
Dividends paid to shareholders | - | - | (73,486) | (122,419) |
Purchase of treasury shares | (3,259) | (13,333) | (9,457) | (38,853) |
Net cash provided by (used in) financing activities | 143,645 | (14,238) | 61,342 | (166,759) |
Net increase (decrease) in cash and cash equivalents | 88,885 | 20,423 | 61,671 | (43,816) |
Effect of changes in exchange rates on cash and cash equivalents | (1,047) | 1,575 | (610) | 2,004 |
Cash and cash equivalents at beginning of the period | 251,621 | 231,729 | 278,398 | 295,539 |
Cash and cash equivalents at end of the period | 339,459 | 253,727 | 339,459 | 253,727 |
Supplemental Information (unaudited)
(euro in millions, unless stated otherwise)
REVENUE | Q1-2019 | Q2-2019 | Q3-2019 | Q4-2019 | Q1-2020 | Q2-2020 | Q3-2020 | ||||||||||||||||||||||
Per geography: | |||||||||||||||||||||||||||||
58.6 | 72 | % | 68.6 | 74 | % | 67.3 | 75 | % | 63.8 | 69 | % | 77.6 | 85 | % | 105.7 | 85 | % | 86.6 | 80 | % | |||||||||
EU / | 22.8 | 28 | % | 24.1 | 26 | % | 22.4 | 25 | % | 28.6 | 31 | % | 13.7 | 15 | % | 18.6 | 15 | % | 21.7 | 20 | % | ||||||||
Total | 81.4 | 100 | % | 92.7 | 100 | % | 89.7 | 100 | % | 92.4 | 100 | % | 91.3 | 100 | % | 124.3 | 100 | % | 108.3 | 100 | % | ||||||||
ORDERS | Q1-2019 | Q2-2019 | Q3-2019 | Q4-2019 | Q1-2020 | Q2-2020 | Q3-2020 | ||||||||||||||||||||||
Per geography: | |||||||||||||||||||||||||||||
55.9 | 67 | % | 61.2 | 74 | % | 59.2 | 72 | % | 80.4 | 80 | % | 102.0 | 86 | % | 88.1 | 87 | % | 75.9 | 80 | % | |||||||||
EU / | 27.5 | 33 | % | 21.5 | 26 | % | 23.0 | 28 | % | 20.1 | 20 | % | 16.6 | 14 | % | 13.2 | 13 | % | 19.0 | 20 | % | ||||||||
Total | 83.4 | 100 | % | 82.7 | 100 | % | 82.2 | 100 | % | 100.5 | 100 | % | 118.6 | 100 | % | 101.3 | 100 | % | 94.9 | 100 | % | ||||||||
Per customer type: | |||||||||||||||||||||||||||||
IDM | 57.5 | 69 | % | 55.4 | 67 | % | 43.6 | 53 | % | 58.3 | 58 | % | 47.4 | 40 | % | 44.6 | 44 | % | 43.7 | 46 | % | ||||||||
Subcontractors | 25.9 | 31 | % | 27.3 | 33 | % | 38.6 | 47 | % | 42.2 | 42 | % | 71.2 | 60 | % | 56.7 | 56 | % | 51.2 | 54 | % | ||||||||
Total | 83.4 | 100 | % | 82.7 | 100 | % | 82.2 | 100 | % | 100.5 | 100 | % | 118.6 | 100 | % | 101.3 | 100 | % | 94.9 | 100 | % | ||||||||
HEADCOUNT | |||||||||||||||||||||||||||||
Fixed staff (FTE) | |||||||||||||||||||||||||||||
1,174 | 72 | % | 1,155 | 72 | % | 1,093 | 71 | % | 1,081 | 70 | % | 1,071 | 70 | % | 1,067 | 70 | % | 1,054 | 70 | % | |||||||||
EU / | 452 | 28 | % | 450 | 28 | % | 453 | 29 | % | 453 | 30 | % | 458 | 30 | % | 455 | 30 | % | 459 | 30 | % | ||||||||
Total | 1,626 | 100 | % | 1,605 | 100 | % | 1,546 | 100 | % | 1,534 | 100 | % | 1,529 | 100 | % | 1,522 | 100 | % | 1,513 | 100 | % | ||||||||
Temporary staff (FTE) | |||||||||||||||||||||||||||||
11 | 16 | % | 54 | 49 | % | 34 | 39 | % | 8 | 13 | % | 42 | 46 | % | 121 | 72 | % | 95 | 63 | % | |||||||||
EU / | 58 | 84 | % | 57 | 51 | % | 54 | 61 | % | 54 | 87 | % | 50 | 54 | % | 48 | 28 | % | 57 | 37 | % | ||||||||
Total | 69 | 100 | % | 111 | 100 | % | 88 | 100 | % | 62 | 100 | % | 92 | 100 | % | 169 | 100 | % | 152 | 100 | % | ||||||||
Total fixed and temporary staff (FTE) | 1,695 | 1,716 | 1,634 | 1,596 | 1,621 | 1,691 | 1,665 | ||||||||||||||||||||||
OTHER FINANCIAL DATA | Q1-2019 | Q2-2019 | Q3-2019 | Q4-2019 | Q1-2020 | Q2-2020 | Q3-2020 | ||||||||||||||||||||||
Gross profit | 45.5 | 55.9 | % | 51.9 | 56.0 | % | 49.4 | 55.1 | % | 52.0 | 56.3 | % | 51.7 | 56.7 | % | 77.0 | 62.0 | % | 65.9 | 60.8 | % | ||||||||
Selling, general and admin expenses | 21.7 | 26.7 | % | 17.5 | 18.9 | % | 15.6 | 17.4 | % | 16.7 | 18.1 | % | 23.5 | 25.7 | % | 20.1 | 16.2 | % | 16.3 | 15.1 | % | ||||||||
Research and development expenses: | |||||||||||||||||||||||||||||
As reported | 9.0 | 11.1 | % | 9.3 | 10.0 | % | 8.6 | 9.6 | % | 8.5 | 9.2 | % | 9.4 | 10.3 | % | 8.4 | 6.8 | % | 7.6 | 7.0 | % | ||||||||
Capitalization of R&D charges | 2.9 | 3.6 | % | 3.0 | 3.2 | % | 3.2 | 3.6 | % | 4.1 | 4.4 | % | 3.7 | 4.1 | % | 4.3 | 3.5 | % | 4.3 | 4.0 | % | ||||||||
Amortization of intangibles | (2.5 | ) | -3.1 | % | (2.5 | ) | -2.7 | % | (2.6 | ) | -2.9 | % | (2.6 | ) | -2.8 | % | (2.6 | ) | -2.8 | % | (2.1 | ) | -1.7 | % | (2.1 | ) | -2.0 | % | |
R&D expenses as adjusted | 9.4 | 11.5 | % | 9.8 | 10.6 | % | 9.2 | 10.3 | % | 10.0 | 10.8 | % | 10.5 | 11.5 | % | 10.6 | 8.5 | % | 9.8 | 9.0 | % | ||||||||
Financial expense (income), net: | |||||||||||||||||||||||||||||
Interest expense (income), net | 2.4 | 2.4 | 2.7 | 2.5 | 2.6 | 2.5 | 3.1 | ||||||||||||||||||||||
Hedging results | 1.3 | 0.7 | 0.8 | 0.7 | 0.7 | 0.5 | 0.3 | ||||||||||||||||||||||
Foreign exchange effects, net | 0.2 | 0.1 | (0.2 | ) | 0.1 | (0.7 | ) | (0.3 | ) | (0.2 | ) | ||||||||||||||||||
Total | 3.9 | 3.2 | 3.3 | 3.3 | 2.6 | 2.7 | 3.2 | ||||||||||||||||||||||
Operating income (loss) | |||||||||||||||||||||||||||||
as % of net sales | 14.7 | 18.1 | % | 25.1 | 27.1 | % | 25.3 | 28.2 | % | 26.8 | 29.0 | % | 18.8 | 20.6 | % | 48.4 | 39.0 | % | 42.0 | 38.8 | % | ||||||||
EBITDA | |||||||||||||||||||||||||||||
as % of net sales | 19.7 | 24.2 | % | 30.0 | 32.4 | % | 30.2 | 33.7 | % | 31.9 | 34.5 | % | 24.0 | 26.3 | % | 53.1 | 42.7 | % | 46.5 | 42.9 | % | ||||||||
Net income (loss) | |||||||||||||||||||||||||||||
as % of net sales | 9.5 | 11.6 | % | 18.9 | 20.4 | % | 19.2 | 21.4 | % | 33.7 | 36.5 | % | 13.9 | 15.2 | % | 39.8 | 32.0 | % | 34.0 | 31.3 | % | ||||||||
Income per share | |||||||||||||||||||||||||||||
Basic | 0.13 | 0.26 | 0.26 | 0.47 | 0.19 | 0.55 | 0.47 | ||||||||||||||||||||||
Diluted | 0.13 | 0.25 | 0.25 | 0.43 | 0.19 | 0.50 | 0.43 |
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1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding
Source:
2020 GlobeNewswire, Inc., source