Cash flow Vtech Holdings Limited

Equities

303 BMG9400S1329

Communications & Networking

Market Closed - Hong Kong S.E. Other stock markets 04:08:03 2025-07-11 am EDT			5-day change	1st Jan Change
58.50 ^HKD	-0.34%		+0.17%	+10.80%

May. 16	Vtech Holdings Limited, 2025 Earnings Call, May 14, 2025
May. 14	Vtech Holdings Limited Provides Revenue Outlook for 2026	CI

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Published financial data: VTECH HOLDINGS LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	2.37B	2.37B	2.24B	2.15B	2.18B
Total Revenues	2.37B	2.37B	2.24B	2.15B	2.18B
Cost of Goods Sold, Total	1.65B	1.7B	1.61B	1.51B	1.49B
Gross Profit	727M	669M	634M	635M	687M
Selling General & Admin Expenses, Total	378M	380M	372M	356M	409M
R&D Expenses	86.4M	84.3M	83.3M	81.7M	91.9M
Other Operating Expenses	-	-	-	-	-1.6M
Other Operating Expenses, Total	465M	465M	455M	438M	499M
Operating Income	262M	204M	179M	197M	188M
Interest Expense, Total	-7.3M	-9.6M	-12M	-4.9M	-3.2M
Interest And Investment Income	-	3.6M	-	-	-
Net Interest Expenses	-7.3M	-6M	-12M	-4.9M	-3.2M
Income (Loss) On Equity Invest.	400K	400K	-	-	-100K
EBT, Excl. Unusual Items	255M	199M	167M	192M	184M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-1.5M	-4.6M	-300K	-700K	900K
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Other Unusual Items	5.7M	500K	2M	-	-
EBT, Incl. Unusual Items	259M	195M	168M	191M	185M
Income Tax Expense	28.4M	21.9M	19.3M	24.7M	28.6M
Earnings From Continuing Operations	231M	173M	149M	167M	157M
Net Income to Company	231M	173M	149M	167M	157M
Net Income - (IS)	231M	173M	149M	167M	157M
Net Income to Common Incl Extra Items	231M	173M	149M	167M	157M
Net Income to Common Excl. Extra Items	231M	173M	149M	167M	157M
Per Share Items
Net EPS - Basic	0.92	0.69	0.59	0.66	0.62
Basic EPS - Continuing Operations	0.92	0.69	0.59	0.66	0.62
Basic Weighted Average Shares Outstanding	252M	252M	252M	253M	253M
Net EPS - Diluted	0.92	0.68	0.59	0.66	0.62
Diluted EPS - Continuing Operations	0.92	0.68	0.59	0.66	0.62
Diluted Weighted Average Shares Outstanding	252M	252M	252M	253M	253M
Normalized Basic EPS	0.63	0.49	0.41	0.48	0.46
Normalized Diluted EPS	0.63	0.49	0.41	0.48	0.46
Dividend Per Share	0.91	0.68	0.59	0.65	0.61
Payout Ratio	57.86	133.01	115.15	89.56	104.91
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	300M	246M	214M	231M	220M
EBITA	263M	205M	180M	198M	188M
EBIT	262M	204M	179M	197M	188M
EBITDAR	306M	262M	229M	243M	232M
Effective Tax Rate - (Ratio)	10.95	11.25	11.45	12.91	15.43
Total Current Taxes	30.5M	22.6M	17.9M	24.1M	30.6M
Total Deferred Taxes	-2.1M	-700K	1.4M	600K	-2M
Normalized Net Income	159M	124M	104M	120M	115M
Interest on Long-Term Debt	7.3M	9.1M	7.9M	7.8M	7.1M
Non-Cash Pension Expense	0	0	-100K	0	-200K
Supplemental Operating Expense Items
Selling and Marketing Expenses	296M	305M	294M	278M	318M
General and Administrative Expenses	82.7M	75.6M	77.6M	77.9M	90.9M
Research And Development Expense From Footnotes	86.6M	84.5M	83.3M	81.7M	91.9M
Net Rental Expense, Total	6.9M	15.5M	14.8M	12.7M	11.6M
Imputed Operating Lease Interest Expense	2.17M	5.9M	7.54M	2.94M	1.97M
Imputed Operating Lease Depreciation	4.73M	9.6M	7.26M	9.76M	9.63M
Stock-Based Comp., Other (Total)	5M	4.3M	3.7M	3.2M	4.1M
Total Stock-Based Compensation	5M	4.3M	3.7M	3.2M	4.1M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	342M	194M	70.9M	119M	144M
Short Term Investments	2.1M	2.1M	128M	203M	192M
Total Cash And Short Term Investments	344M	196M	198M	322M	336M
Accounts Receivable, Total	271M	325M	277M	225M	268M
Other Receivables	50.7M	62.9M	54.3M	61.7M	67.6M
Total Receivables	321M	388M	332M	286M	335M
Inventory	414M	553M	476M	348M	361M
Other Current Assets, Total	1.1M	4.8M	3.3M	2.6M	200K
Total Current Assets	1.08B	1.14B	1.01B	959M	1.03B
Gross Property Plant And Equipment	887M	922M	921M	926M	972M
Accumulated Depreciation	-602M	-654M	-684M	-716M	-758M
Net Property Plant And Equipment	285M	268M	238M	210M	214M
Long-term Investments	10.2M	6M	5.7M	5M	5.8M
Goodwill	36.1M	36.1M	36.1M	36.1M	36.1M
Other Intangibles, Total	16.8M	16M	15.3M	14.7M	14M
Deferred Tax Assets Long-Term	10M	10.9M	9.2M	8.7M	11.2M
Other Long-Term Assets, Total	6.9M	7.4M	5.6M	29M	6.2M
Total Assets	1.45B	1.49B	1.32B	1.26B	1.32B
Liabilities
Accounts Payable, Total	237M	327M	252M	200M	252M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	17.5M	20.6M	16.6M	18.4M	15.6M
Current Income Taxes Payable	17.3M	11.9M	6.5M	12.6M	15.4M
Unearned Revenue Current, Total	13.4M	16.9M	6M	7.3M	5.7M
Other Current Liabilities	238M	251M	236M	235M	256M
Total Current Liabilities	523M	628M	517M	473M	544M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	189M	176M	163M	140M	126M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	2.9M	3.4M	3.2M	3.2M	3.5M
Other Non Current Liabilities	-	-	-	600K	600K
Total Liabilities	714M	808M	684M	617M	675M
Common Stock, Total	12.6M	12.6M	12.6M	12.6M	12.7M
Additional Paid In Capital	158M	161M	163M	164M	166M
Retained Earnings	570M	514M	489M	507M	499M
Comprehensive Income and Other	-10M	-8.3M	-30.3M	-39.2M	-33.5M
Total Common Equity	731M	679M	635M	645M	644M
Total Equity	731M	679M	635M	645M	644M
Total Liabilities And Equity	1.45B	1.49B	1.32B	1.26B	1.32B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	252M	252M	252M	253M	253M
ECS Total Common Shares Outstanding	252M	252M	252M	253M	253M
Book Value / Share	2.9	2.69	2.51	2.55	2.55
Tangible Book Value	678M	627M	583M	594M	594M
Tangible Book Value Per Share	2.69	2.49	2.31	2.35	2.35
Total Debt	206M	197M	180M	159M	142M
Net Debt	-138M	1.3M	-18.6M	-163M	-194M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-6.9M	-7.4M	-5.6M	-6.3M	-6.2M
Debt Equivalent Oper. Leases	55.2M	124M	118M	102M	92.8M
Equity Method Investments, Total	3.4M	3.8M	3.8M	3.8M	3.7M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	172M	233M	183M	134M	133M
Inventories - Work In Process, Total	48.8M	62.4M	47.1M	49.3M	50.7M
Inventories - Finished Goods, Total	194M	258M	245M	164M	177M
Land - (BS)	20.4M	20.3M	19.5M	18.7M	75.6M
Buildings, Total	41.1M	41.7M	40.6M	39.7M	-
Machinery, Total	553M	572M	576M	584M	599M
Full Time Employees	25K	25K	21.6K	20K	20K
Accumulated Allowance for Doubtful Accounts (Supple)	7.6M	7.4M	6.9M	6.5M	8.4M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	231M	173M	149M	167M	157M
Depreciation & Amortization - CF	58.4M	63.8M	55.8M	54.8M	54.5M
Amortization of Goodwill and Intangible Assets - (CF)	900K	800K	700K	600K	700K
Depreciation & Amortization, Total	59.3M	64.6M	56.5M	55.4M	55.2M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	100K	-100K	600K	-300K	-
(Gain) Loss on Sale of Investments - (CF)	1.5M	4.6M	300K	700K	-900K
Stock-Based Compensation (CF)	5M	4.3M	3.7M	3.2M	4.1M
Other Operating Activities, Total	4.7M	-14.7M	-6M	11.7M	1.7M
Change In Accounts Receivable	-49.7M	-63.6M	60M	40.3M	-49.9M
Change In Inventories	-41.4M	-139M	77.8M	128M	-12.8M
Change In Accounts Payable	67.5M	109M	-100M	-48.2M	67.5M
Change in Other Net Operating Assets	2.4M	1.9M	-3M	-1.7M	3.6M
Cash from Operations	280M	140M	239M	355M	225M
Capital Expenditure	-48M	-35.9M	-27.9M	-32.4M	-29.5M
Sale of Property, Plant, and Equipment	200K	300K	400K	700K	400K
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-	3.6M	-	-22.7M	-
Cash from Investing	-47.8M	-32M	-27.5M	-54.4M	-29.1M
Long-Term Debt Repaid, Total	-19.8M	-18.5M	-18.8M	-19.9M	-21.7M
Total Debt Repaid	-19.8M	-18.5M	-18.8M	-19.9M	-21.7M
Issuance of Common Stock	-	-	900K	-	1.6M
Repurchase of Common Stock	-2.3M	-1.6M	-1.5M	-2M	-3.7M
Common Dividends Paid	-134M	-230M	-172M	-149M	-164M
Common & Preferred Stock Dividends Paid	-134M	-230M	-172M	-149M	-164M
Cash from Financing	-156M	-250M	-191M	-171M	-188M
Foreign Exchange Rate Adjustments	24.5M	-5.8M	-17.4M	-6.1M	5.6M
Net Change in Cash	101M	-148M	2.7M	124M	13.5M
Supplemental Items
Cash Interest Paid	7.3M	9.6M	12M	7.8M	7.1M
Cash Income Tax Paid (Refund)	23.3M	32.6M	25.3M	13M	27M
Levered Free Cash Flow	168M	46.69M	166M	274M	159M
Unlevered Free Cash Flow	172M	52.69M	173M	277M	161M
Change In Net Working Capital	7.7M	108M	-29.3M	-128M	-14.3M
Net Debt Issued / Repaid	-19.8M	-18.5M	-18.8M	-19.9M	-21.7M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	12.4	8.71	7.97	9.54	9.09
Return on Total Capital	19.22	14.08	13.22	15.21	14.76
Return On Equity %	34.65	24.5	22.72	26.04	24.32
Return on Common Equity	34.65	24.5	22.72	26.04	24.32
Margin Analysis
Gross Profit Margin %	30.63	28.23	28.27	29.59	31.55
SG&A Margin	15.94	16.05	16.58	16.61	18.77
EBITDA Margin %	12.62	10.4	9.56	10.75	10.12
EBITA Margin %	11.08	8.65	8.01	9.2	8.66
EBIT Margin %	11.04	8.62	7.98	9.18	8.63
Income From Continuing Operations Margin %	9.73	7.29	6.66	7.76	7.2
Net Income Margin %	9.73	7.29	6.66	7.76	7.2
Net Avail. For Common Margin %	9.73	7.29	6.66	7.76	7.2
Normalized Net Income Margin	6.72	5.24	4.65	5.59	5.3
Levered Free Cash Flow Margin	7.07	1.97	7.4	12.76	7.32
Unlevered Free Cash Flow Margin	7.27	2.22	7.73	12.9	7.42
Asset Turnover
Asset Turnover	1.8	1.62	1.6	1.66	1.69
Fixed Assets Turnover	9.19	8.57	8.86	9.59	10.28
Receivables Turnover (Average Receivables)	9.64	7.95	7.44	8.55	8.84
Inventory Turnover (Average Inventory)	4.18	3.52	3.13	3.67	4.21
Short Term Liquidity
Current Ratio	2.07	1.82	1.95	2.03	1.9
Quick Ratio	1.27	0.93	1.02	1.29	1.23
Operating Cash Flow to Current Liabilities	0.54	0.22	0.46	0.75	0.41
Days Sales Outstanding (Average Receivables)	37.86	45.89	49.06	42.8	41.27
Days Outstanding Inventory (Average Inventory)	87.23	103.76	116.76	99.75	86.79
Average Days Payable Outstanding	46.74	55.91	69.11	59.81	54.83
Cash Conversion Cycle (Average Days)	78.35	93.74	96.71	82.74	73.24
Long Term Solvency
Total Debt/Equity	28.19	29.04	28.34	24.6	22.05
Total Debt / Total Capital	21.99	22.5	22.08	19.75	18.07
LT Debt/Equity	25.8	26	25.73	21.75	19.63
Long-Term Debt / Total Capital	20.12	20.15	20.05	17.46	16.08
Total Liabilities / Total Assets	49.43	54.34	51.86	48.9	51.15
EBIT / Interest Expense	35.89	21.28	14.9	40.18	58.69
EBITDA / Interest Expense	44.01	28.01	19.61	51.49	75.94
(EBITDA - Capex) / Interest Expense	37.44	24.27	17.28	44.88	66.72
Total Debt / EBITDA	0.64	0.73	0.76	0.63	0.58
Net Debt / EBITDA	-0.43	0	-0.08	-0.65	-0.8
Total Debt / (EBITDA - Capex)	0.75	0.85	0.87	0.72	0.67
Net Debt / (EBITDA - Capex)	-0.5	0.01	-0.09	-0.74	-0.91
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.55	-0.08	-5.43	-4.28	1.47
Gross Profit, 1 Yr. Growth %	9.49	-7.91	-5.29	0.19	8.17
EBITDA, 1 Yr. Growth %	18.61	-17.7	-13.1	7.7	-4.51
EBITA, 1 Yr. Growth %	22.45	-21.99	-12.48	10.03	-4.56
EBIT, 1 Yr. Growth %	22.54	-22.02	-12.48	10.12	-4.62
Earnings From Cont. Operations, 1 Yr. Growth %	21.08	-25.21	-13.61	11.66	-5.88
Net Income, 1 Yr. Growth %	21.08	-25.21	-13.61	11.66	-5.88
Normalized Net Income, 1 Yr. Growth %	23.59	-22.11	-16.05	15.11	-3.91
Diluted EPS Before Extra, 1 Yr. Growth %	21	-25.22	-13.72	11.51	-6.07
Accounts Receivable, 1 Yr. Growth %	22.21	20.21	-14.81	-18.98	19.23
Inventory, 1 Yr. Growth %	11.11	33.65	-14.06	-26.81	3.68
Net Property, Plant and Equip., 1 Yr. Growth %	23.61	-6.03	-11.34	-11.74	1.95
Total Assets, 1 Yr. Growth %	20.93	2.84	-11.32	-4.26	4.51
Tangible Book Value, 1 Yr. Growth %	23.83	-7.59	-6.93	1.87	0.02
Common Equity, 1 Yr. Growth %	21.55	-7.15	-6.5	1.62	-0.09
Cash From Operations, 1 Yr. Growth %	18.27	-50.2	71.06	48.74	-36.57
Capital Expenditures, 1 Yr. Growth %	38.73	-25.21	-22.28	16.13	-8.95
Levered Free Cash Flow, 1 Yr. Growth %	13.14	-72.17	255.23	65.09	-41.76
Unlevered Free Cash Flow, 1 Yr. Growth %	12.7	-69.43	229.02	59.71	-41.68
Dividend Per Share, 1 Yr. Growth %	71.7	-25.27	-13.24	10.17	-6.15
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	4.75	4.63	-2.79	-4.86	-1.45
Gross Profit, 2 Yr. CAGR %	6.85	0.41	-6.61	-2.59	4.11
EBITDA, 2 Yr. CAGR %	15.27	-1.2	-15.43	-3.26	1.41
EBITA, 2 Yr. CAGR %	18.1	-2.26	-17.37	-1.87	2.48
EBIT, 2 Yr. CAGR %	18.21	-2.25	-17.39	-1.83	2.49
Earnings From Cont. Operations, 2 Yr. CAGR %	16.1	-4.84	-19.62	-1.78	2.52
Net Income, 2 Yr. CAGR %	16.1	-4.84	-19.62	-1.78	2.52
Normalized Net Income, 2 Yr. CAGR %	16.92	-1.88	-19.14	-1.7	5.17
Diluted EPS Before Extra, 2 Yr. CAGR %	15.98	-4.87	-19.68	-1.92	2.34
Accounts Receivable, 2 Yr. CAGR %	1.45	21.21	1.19	-16.92	-1.71
Inventory, 2 Yr. CAGR %	5.79	21.86	7.17	-20.69	-12.89
Net Property, Plant and Equip., 2 Yr. CAGR %	83.97	7.78	-8.72	-11.54	-5.14
Total Assets, 2 Yr. CAGR %	15.33	11.52	-4.5	-7.86	0.03
Tangible Book Value, 2 Yr. CAGR %	10.81	6.97	-7.26	-2.63	0.94
Common Equity, 2 Yr. CAGR %	9.75	6.23	-6.83	-2.52	0.76
Cash From Operations, 2 Yr. CAGR %	6.04	-23.25	-7.7	59.51	-2.87
Capital Expenditures, 2 Yr. CAGR %	13.44	1.86	-23.76	-5	2.83
Levered Free Cash Flow, 2 Yr. CAGR %	4.07	-43.89	-0.58	142.17	-1.94
Unlevered Free Cash Flow, 2 Yr. CAGR %	5.28	-41.3	0.29	129.23	-3.49
Dividend Per Share, 2 Yr. CAGR %	16.54	13.27	-19.48	-2.23	1.68
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.65	3.12	1.16	-3.29	-2.8
Gross Profit, 3 Yr. CAGR %	1.15	1.68	-1.53	-4.4	0.87
EBITDA, 3 Yr. CAGR %	4.43	3.03	-5.34	-8.33	-3.68
EBITA, 3 Yr. CAGR %	4.86	2.85	-5.79	-9.09	-2.77
EBIT, 3 Yr. CAGR %	4.88	2.9	-5.78	-9.08	-2.77
Earnings From Cont. Operations, 3 Yr. CAGR %	3.83	0.27	-7.85	-10.31	-3.17
Net Income, 3 Yr. CAGR %	3.83	0.27	-7.85	-10.31	-3.17
Normalized Net Income, 3 Yr. CAGR %	4	2.12	-6.85	-9.04	-2.44
Diluted EPS Before Extra, 3 Yr. CAGR %	3.72	0.2	-7.92	-10.4	-3.32
Accounts Receivable, 3 Yr. CAGR %	0.72	7.35	7.76	-6.03	-6.29
Inventory, 3 Yr. CAGR %	5.77	14.36	8.47	-5.62	-13.28
Net Property, Plant and Equip., 3 Yr. CAGR %	55.28	47.06	0.99	-9.74	-7.25
Total Assets, 3 Yr. CAGR %	9.45	11.01	3.32	-4.42	-3.91
Tangible Book Value, 3 Yr. CAGR %	4.41	4.3	2.12	-4.31	-1.75
Common Equity, 3 Yr. CAGR %	4.18	3.8	1.81	-4.09	-1.72
Cash From Operations, 3 Yr. CAGR %	16.85	-17.58	0.25	8.21	17.3
Capital Expenditures, 3 Yr. CAGR %	8.48	-1.27	-6.92	-12.28	-6.34
Levered Free Cash Flow, 3 Yr. CAGR %	26.32	-32.96	3.8	17.73	50.6
Unlevered Free Cash Flow, 3 Yr. CAGR %	27.36	-30.28	4.27	17.12	45.26
Dividend Per Share, 3 Yr. CAGR %	4.39	0.5	3.64	-10.61	-3.56
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.03	2.66	1.03	-0.15	0.11
Gross Profit, 5 Yr. CAGR %	4.49	-0.6	-2.03	-0.05	0.69
EBITDA, 5 Yr. CAGR %	4.65	0.94	-4.02	0.47	-2.69
EBITA, 5 Yr. CAGR %	5.23	0.37	-4.67	0.94	-2.57
EBIT, 5 Yr. CAGR %	5.16	0.36	-4.67	0.98	-2.56
Earnings From Cont. Operations, 5 Yr. CAGR %	4.94	-0.71	-6.28	-0.55	-3.84
Net Income, 5 Yr. CAGR %	4.94	-0.71	-6.28	-0.55	-3.84
Normalized Net Income, 5 Yr. CAGR %	4.52	-0.21	-5.96	0.57	-2.22
Diluted EPS Before Extra, 5 Yr. CAGR %	4.87	-0.79	-6.36	-0.65	-3.95
Accounts Receivable, 5 Yr. CAGR %	3.29	3.39	0.91	-3.11	3.87
Inventory, 5 Yr. CAGR %	7.72	11.24	6.33	-1.21	-0.64
Net Property, Plant and Equip., 5 Yr. CAGR %	33.06	30.04	25.55	20	-1.51
Total Assets, 5 Yr. CAGR %	9.69	7	3.64	3.04	1.99
Tangible Book Value, 5 Yr. CAGR %	5.25	3.29	-0.43	1.47	1.65
Common Equity, 5 Yr. CAGR %	6.85	3.03	-0.37	1.22	1.39
Cash From Operations, 5 Yr. CAGR %	5.28	-5.51	6.33	7.34	-1.01
Capital Expenditures, 5 Yr. CAGR %	2.9	0.11	-5.79	-2.78	-3.14
Levered Free Cash Flow, 5 Yr. CAGR %	6.63	-17.02	14.78	12.06	1.46
Unlevered Free Cash Flow, 5 Yr. CAGR %	7.2	-14.98	15.75	12.23	1.09
Dividend Per Share, 5 Yr. CAGR %	16.72	-0.58	-5.91	-0.6	2.85