BE Semiconductor Industries N.V. Announces Q2-21 and H1-21 Results

·26 min read

Q2-21 Revenue of € 226.1 Million and Net Income of € 93.5 Million Up 57.9% and 148.7%, Respectively, vs. Q1-21. Results Exceed Expectations

H1-21 Revenue and Net Income Reach € 369.3 Million and € 131.1 Million, Respectively

Share Buyback Program Increased € 60.0 Million

DUIVEN, The Netherlands, July 27, 2021 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2021.

Key Highlights Q2-21

  • Revenue of € 226.1 million, up 57.9% vs. Q1-21 and up 81.9% vs. Q2-20 due to broad based growth across end-user and geographic markets with particular strength in high-end mobile applications. Exceeded guidance due to higher than anticipated shipments from backlog

  • Orders of € 200.2 million, down 38.8% vs. record levels achieved in Q1-21 related to significant Q1-21 smartphone capacity build. Up 97.6% vs. Q2-20 due primarily to increased demand for high performance computing, mainstream electronics and automotive applications

  • Gross margin of 62.1%, up 3.9 points vs. Q1-21, exceeded guidance primarily due to more favorable product mix and labor efficiencies from significantly higher revenue. Slightly higher than Q2-20 despite adverse forex influences and additional costs to scale Besi’s production capacity

  • Net income of € 93.5 million grew € 55.9 million (148.7%) vs. Q1-21 and € 53.7 million (134.9%) vs. Q2-20 primarily due to significantly higher revenue, more favorable product mix and cost control efforts. Net margin increased to 41.3% vs. 26.3% in Q1-21 and 32.0% in Q2-20

Key Highlights H1-21

  • Revenue of € 369.3 million, up 71.3% vs. H1-20 reflecting strong demand across end-user markets, geographies and customers and favorable market conditions

  • Orders of € 527.3 million grew € 307.4 million, or 139.8%, primarily due to strong mobile build with particular strength in Q2-21 for mainstream electronics, automotive and computing applications

  • Gross margin reached 60.5%, up 0.8 points vs. H1-20 primarily due to Besi’s strong market position, more favorable product mix and increased labor efficiencies, partially offset by adverse forex movements

  • Net income of € 131.1 million increased € 77.4 million, or 144.1%, vs. H1-20. Net margin grew to 35.5% vs. 24.9% in H1-20

  • Net cash increased by 120.8% vs. Q2-20 to reach € 206.7 million

  • Share buyback program increased by € 60 million to € 185 million and extended to October 2022

Outlook

  • Q3-21 revenue estimated to decrease by approximately 5-15% vs. Q2-21 consistent with seasonal trends. Gross margin anticipated to range between 60-62%

(€ millions, except EPS)

Q2-
2021

Q1-
2021

Δ

Q2-
2020

Δ

H1-
2021

H1-
2020

Δ

Revenue

226.1

143.2

+57.9%

124.3

+81.9%

369.3

215.6

+71.3%

Orders

200.2

327.1

-38.8%

101.3

+97.6%

527.3

219.9

+139.8%

Operating Income

106.7

48.4

+120.5%

48.4

+120.5%

155.0

67.2

+130.7%

EBITDA

110.9

52.6

+110.8%

53.1

+108.9%

163.5

77.1

+112.1%

Net Income

93.5

37.6

+148.7%

39.8

+134.9%

131.1

53.7

+144.1%

EPS (basic)

1.23

0.51

+141.2%

0.55

+123.6%

1.76

0.74

+137.8%

EPS (diluted)

1.12

0.47

+138.3%

0.50

+124.0%

1.58

0.69

+129.0%

Net Cash & Deposits

206.7*

216.2

-4.4%

93.6*

+120.8%

206.7

93.6

+120.8%

* Reflects cash dividend payments of € 129.4 million and € 73.5 million in Q2-21 and Q2-20, respectively.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
“Besi reported strong results for the second quarter and the first half year as we successfully ramped production to meet increased customer demand in the current upturn while controlling expense development.

Revenue of € 226.1 million increased by 57.9% versus Q1-21 and 81.9% versus Q2-20 due to broad based growth across all key end-user markets and geographies. We experienced particular strength in shipments for high-end mobile applications associated with the capacity build in Q1-21. Revenue was significantly above guidance due to higher than anticipated shipments from backlog as Besi managed supply chain issues and pandemic restrictions in various countries. As such, we were able to achieve an annualized run rate of approximately € 900 million this quarter which brings us closer to our target revenue objective.

In addition, orders of € 200.2 million almost doubled versus Q2-20 (+97.6%) reflecting ongoing market strength as well as increased demand for high performance computing, cloud infrastructure, mainstream electronics and automotive applications from both IDMs and Asian subcontractors. Included in Q2-21 bookings were orders for hybrid bonding systems from two major customers with follow on orders anticipated in Q3-21.

Net income for the quarter reached € 93.5 million, an increase of € 55.9 million (+148.7%) and € 53.7 million (+134.9%) versus Q1-21 and Q2-20, respectively. Similarly, net margins grew to 41.3% this quarter, an increase of 15.0 points versus Q1-21 (26.3%) and 9.3 points versus Q2-20 (32.0%) reflecting the enhanced profit potential of Besi’s business model. Strong profit growth was due primarily to significantly higher revenue levels combined with gross margins that exceeded expectations and disciplined overhead management. The operating leverage in our model was evident in a reduction of operating expenses as a percentage of revenue from 24.4% and 23.0% in Q1-21 and Q2-20, respectively, to 14.9% in Q2-21. Upward gross margin development in Q2-21 versus Q2-20 was limited by adverse forex influences from a weaker dollar versus the euro and additional costs incurred to rapidly scale production capacity.

Besi’s first half results were also solid with revenue reaching € 369.3 million, an increase of € 153.7 million, or 71.3%, versus H1-20 and net income rising 144.1% to reach € 131.1 million which was approximately equal to net income for all of fiscal 2020.

Our liquidity position continued to expand with total cash and deposits at June 30, 2021 of € 511.4 million (+39.5% versus June 30, 2020) despite the significant working capital investment necessary to finance Besi’s rapid revenue growth and increased capital allocation in the form of dividends and share repurchases. Net cash of € 206.7 million at quarter end increased by 120.8% versus June 30, 2020 aided by the conversion in H1-21 of € 104.3 million of our 2.5% Convertible Notes due 2023. Given Besi’s strong cash flow generation, we intend to increase our share repurchase program by € 60.0 million to a total of € 185.0 million and to extend its duration until October 2022.

At present, our strategic priorities focus on maintaining the health and safety of our employees in the face of new COVID-19 variants, meeting customer delivery schedules in a challenging production environment, expanding development efforts for Besi’s wafer level activities and joint development program with Applied Materials, Inc. and allocating resources to support the development and growth of existing and next generation product portfolios.

Looking forward, we believe that the market drivers supporting the growth of the assembly equipment market in this upcycle remain intact. For Q3-21, we estimate that revenue will decline by 5-15% versus Q2-21, consistent with seasonal order trends inherent in our business. In addition, we forecast gross margins in Q3-21 to range between 60-62% and for operating expenses to decrease by 5-10% versus the € 33.6 million realized in Q2-21.”

Second Quarter Results of Operations

Q2-2021

Q1-2021

Δ

Q2-2020

Δ

Revenue

226.1

143.2

+57.9%

124.3

+81.9%

Orders

200.2

327.1

-38.8%

101.3

+97.6%

Book to Bill Ratio

0.9

2.3

-1.4

0.8

+0.1

Q2-21 revenue of € 226.1 million increased by 57.9% versus Q1-21 and 81.9% versus Q2-20 due to broad based growth across end-user and geographic markets with particular strength in high-end mobile applications. In addition, revenue growth also benefited from increased shipments for mainstream electronics applications to Asian subcontractors and high performance computing and automotive applications to leading IDMs. Revenue exceeded guidance (+30-40% versus Q1-21) due to higher than anticipated shipments from backlog.

Orders of € 200.2 million decreased 38.8% versus the record levels achieved in Q1-21 related to the significant Q1-21 capacity build by high-end smartphone producers. However, orders increased 97.6% versus Q2-20 reflecting ongoing market strength as well as strong demand for high performance computing, mainstream electronics and automotive applications. Per customer type, IDM orders decreased € 19.5 million, or 14.9%, versus Q1-21 and represented 56% of total orders for the period. Subcontractor orders decreased by € 107.4 million, or 54.7%, versus Q1-21 and represented 44% of total orders.

Q2-2021

Q1-2021

Δ

Q2-2020

Δ

Gross Margin

62.1%

58.2%

+3.9

62.0%

+0.1

Operating Expenses

33.6

34.9

-3.7%

28.6

17.5%

Financial Expense/(Income), net

2.8

4.5

-37.8%

2.7

+3.7%

EBITDA

110.9

52.6

+110.8%

53.1

+108.9%

Besi’s gross margin grew to 62.1% in Q2-21, an increase of 3.9 points versus Q1-21 and exceeded guidance (58-60%) primarily due to higher than anticipated shipments from backlog for mobile applications and increased labor efficiencies from significantly higher revenue levels. The Q2-21 gross margin was slightly higher than Q1-21 due to increased labor efficiencies partially offset by adverse forex influences from an increase in the euro versus the US dollar and additional costs to scale Besi’s production capacity.

Q2-21 operating expenses declined by € 1.3 million, or 3.7%, versus Q1-21 and were in-line with guidance. The decrease was primarily due to a € 6.2 million reduction in share-based compensation expense partially offset by increased variable sales related expenses due to Besi’s 57.9% revenue growth. Operating expenses increased by € 5.0 million, or 17.5%, versus Q2-20 primarily due to increased variable sales related expenses and increased R&D spending for next generation wafer level assembly systems. As a percentage of revenue, operating expenses declined to 14.9% in Q2-21 versus 24.4% in Q1-21 and 23.0% in Q2-20.

Q2-21 financial expense, net decreased by € 1.7 million versus Q1-21 as a result of a € 91.0 million reduction in Besi’s 2.5% Convertible Notes due 2023 due to substantial Noteholder conversions during the quarter.

Q2-2021

Q1-2021

Δ

Q2-2020

Δ

Net Income

93.5

37.6

+148.7%

39.8

134.9%

Net Margin

41.3%

26.3%

+15.0

32.0%

+9.3

Tax Rate

10.0%

14.3%

-4.3

12.9%

-2.9

Net income reached € 93.5 million in Q2-21, an increase of € 55.9 million, or 148.7%, versus Q1-21 primarily due to (i) a 57.9% revenue increase, (ii) a 3.9 point increase in gross margin, (iii) a reduction in operating expenses as a percentage of revenue of 9.5 points and (iv) a lower effective tax rate primarily due to a € 2.4 million upward revaluation of deferred tax assets. Similarly, net income increased by € 53.7 million, or 134.9%, versus Q2-20 primarily as a result of an 81.9% revenue increase combined with a significant reduction in operating expenses as a percentage of revenue from 23.0% to 14.9% due to ongoing cost control efforts of non-variable sales related expenses. As a result, Besi’s net margin increased to 41.3% in Q2-21, a significant increase versus the 26.3% and 32.0% realized in Q1-21 and Q2-20, respectively.

Half Year Results of Operations

H1-2021

H1-2020

Δ

Revenue

369.3

215.6

+71.3%

Orders

527.3

219.9

+139.8%

Gross Margin

60.5%

59.7%

+0.8

Operating Income

155.0

67.2

+130.7%

Net Income

131.1

53.7

+144.1%

Net Margin

35.5%

24.9%

+10.6

Tax Rate

11.3%

13.3%

-2.0

H1-21 revenue reached € 369.3 million, up 71.3% versus H1-20 reflecting strong demand across Besi’s end-user markets, geographies and customers and favorable underlying market conditions. In particular, it reflected a strong capacity build for high-end smart phones by customers in anticipation of new product introductions in H2-21.

Similarly, orders of € 527.3 million grew by € 307.4 million, or +139.8%, versus H1-20 due to higher bookings for mobile applications as well as strength in Q2-21 for mainstream electronics, automotive and computing applications. IDM and subcontractor orders represented 46% and 54%, respectively, of H1-21 orders versus 42% and 58%, respectively, in H1-20.

Besi’s H1-21 net income of € 131.1 million grew by € 77.4 million, or 144.1%, versus H1-20 and its net margin increased by 10.6 points to 35.5% as increased revenue and gross margin more than offset a € 7.1 million, or 11.5%, increase in operating expenses principally associated with increased share-based compensation expense (€ 5.4 million). As a percentage of revenue, operating expenses decreased to 18.6% in H1-21 versus 28.5% in H1-20.

Financial Condition

Q2
2021

Q1
2021

Δ

Q2
2020

Δ

H1
2021

H1
2020

Δ

Total Cash and Deposits

511.4

605.8

-15.6%

366.6

+39.5%

511.4

366.6

+39.5%

Net Cash and Deposits

206.7

216.2

-4.4%

93.6

+120.8%

206.7

93.6

+120.8%

Cash flow from Ops.

51.2

26.2

+95.4%

22.9

+123.6%

77.4

49.4

+56.7%

At the end of Q2-21, Besi had a strong liquidity position with total cash and deposits aggregating € 511.4 million. Total cash and deposits decreased by € 94.4 million versus Q1-21 due primarily to (i) the payment of € 129.4 million in cash dividends to shareholders, (ii) € 10.1 million of share repurchases and (iii) € 4.9 million of capitalized development spending which was partially offset by cash flow from operations of € 51.2 million.

Net cash of € 206.7 million at quarter end increased by € 113.1 million, or 120.8%, versus June 30, 2020 primarily due to the conversion by Noteholders over the past twelve months of € 112.3 million principal amount of the 2.5% Convertible Notes due 2023. As a result, the principal amount outstanding declined to € 5.7 million and Besi’s shares outstanding increased to 78.1 million at quarter end.

Share Repurchase Activity/Extension and Increase of Share Repurchase Program
During the quarter, Besi repurchased 146,521 of its ordinary shares at an average price of € 68.78 per share for a total of € 10.1 million. Cumulatively, as of June 30, 2021, 3.8 million shares have been purchased under the current € 125 million share repurchase program at an average price of € 27.32 per share for a total of € 105.0 million. As of such date, Besi held approximately 0.4 million shares in treasury, equal to 0.5% of its shares outstanding.

Besi will increase the amount of its current share buyback program by € 60.0 million for an aggregate amount of € 185.0 million and extend its end date until October 30, 2022. The share repurchase program was initiated for capital reduction purposes and to help offset dilution related to Besi’s Convertible Notes and shares issued under employee stock plans. It is funded using Besi’s available cash resources and effective since July 26, 2018. At present, Besi has authority until October 30, 2022 to purchase up to 10% of its shares outstanding (approximately 7.9 million shares).

The share repurchase program will be executed in accordance with industry best practices and in compliance with European buyback rules and regulations and may be suspended or discontinued at any time. Besi has engaged an independent broker for the program and all purchases will be executed through Euronext Amsterdam and Multilateral Trading Facilities as defined by the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and subject to the rules of the relevant Exchange.

Outlook
Based on its June 30, 2021 order backlog and feedback from customers, Besi forecasts for Q3-21 that:

  • Revenue will decrease by approximately 5-15% vs. the € 226.1 million reported in Q2-21 consistent with seasonal trends

  • Gross margin will range between 60-62% vs. the 62.1% realized in Q2-21

  • Operating expenses will decrease by 5-10% vs. the € 33.6 million reported in Q2-21

Investor and media conference call
A conference call and webcast for investors and media will be held today at 4:00 pm CEST (10:00 am EDT). The dial-in for the conference call is (31) 20 531 5851. To access the audio webcast and webinar slides, please visit www.besi.com.

Basis of Presentation
The accompanying condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2020 Annual Report, which is available on www.besi.com.

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, the Netherlands. For more information, please visit our website at www.besi.com.

Contacts:

Richard W. Blickman, President & CEO

CFF Communications

Hetwig van Kerkhof, SVP Finance

Frank Jansen

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 Asia Pacific region; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers as a result of the COVID-19 pandemic; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2020 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Statements of Operations

(euro in thousands, except share and per share data)

Three Months Ended
June 30,
(unaudited)

Six Months Ended
June 30,
(unaudited)

2021

2020

2021

2020

Revenue

226,056

124,267

369,259

215,606

Cost of sales

85,750

47,282

145,674

86,873

Gross profit

140,306

76,985

223,585

128,733

Selling, general and administrative expenses

24,225

20,136

50,891

43,658

Research and development expenses

9,410

8,428

17,668

17,859

Total operating expenses

33,635

28,564

68,559

61,517

Operating income

106,671

48,421

155,026

67,216

Financial expense, net

2,842

2,691

7,319

5,303

Income before taxes

103,829

45,730

147,707

61,913

Income tax expense

10,369

5,909

16,640

8,240

Net income

93,460

39,821

131,067

53,673

Net income per share – basic

1.23

0.55

1.76

0.74

Net income per share – diluted

1.12

0.50

1.58

0.69

Number of shares used in computing per share amounts:
- basic
- diluted 1


75,802,630
85,430,297


72,536,296
82,563,062


74,540,692
85,439,676


72,352,859
82,631,951

Consolidated Balance Sheets

(euro in thousands)

June 30,
2021

(unaudited)

March 31,
2021

(unaudited)

December 31,
2020

(audited)

ASSETS

Cash and cash equivalents

298,802

347,979

375,406

Deposits

212,575

257,847

223,299

Trade receivables

217,725

147,737

93,218

Inventories

78,100

61,709

51,645

Other current assets

17,165

17,655

11,964

Total current assets

824,367

832,927

755,532

Property, plant and equipment

27,344

27,739

27,840

Right of use assets

10,280

8,958

9,873

Goodwill

44,732

44,851

44,484

Other intangible assets

57,450

54,078

50,660

Deferred tax assets

20,086

21,177

21,924

Other non-current assets

1,084

1,078

1,043

Total non-current assets

160,976

157,881

155,824

Total assets

985,343

990,808

911,356

Trade payables

91,472

65,351

44,017

Other current liabilities

87,337

83,155

57,469

Total current liabilities

178,809

148,506

101,486

Long-term debt

304,647

389,614

399,956

Lease liabilities

6,963

6,348

6,952

Deferred tax liabilities

11,448

12,905

12,840

Other non-current liabilities

15,947

18,887

18,895

Total non-current liabilities

339,005

427,754

438,643

Total equity

467,529

414,548

371,227

Total liabilities and equity

985,343

990,808

911,356

Consolidated Cash Flow Statements

(euro in thousands)

Three Months Ended
June 30,

(unaudited)

Six Months Ended
June 30,

(unaudited)

2021

2020

2021

2020

Cash flows from operating activities:

Income before income tax

103,829

45,730

147,707

61,913

Depreciation and amortization

4,223

4,673

8,432

9,848

Share-based payment expense

3,603

2,189

13,397

8,033

Financial expense, net

2,842

2,691

7,319

5,303

Changes in working capital

(51,330)

(21,868)

(86,897)

(24,743)

Income tax paid

(10,120)

(8,479)

(10,421)

(8,753)

Interest paid

(1,844)

(2,074)

(2,106)

(2,180)

Net cash provided by operating activities

51,203

22,862

77,431

49,421

Cash flows from investing activities:

Capital expenditures

(1,477)

(478)

(2,865)

(1,350)

Proceeds from sale of property

-

-

54

-

Capitalized development expenses

(4,875)

(4,285)

(10,780)

(7,982)

Repayments of (investments in) deposits

45,723

(35,000)

9,953

15,000

Net cash provided by (used in) investing activities

39,371

(39,763)

(3,638)

5,668

Cash flows from financing activities:

Payments of bank lines of credit

-

(466)

-

(434)

Proceeds from (payments of) debt

494

(405)

1,021

(416)

Payments on lease liabilities

(960)

(896)

(1,850)

(1,769)

Dividends paid to shareholders

(129,357)

(73,486)

(129,357)

(73,486)

Purchase of treasury shares

(10,100)

(3,053)

(20,197)

(6,198)

Net cash used in financing activities

(139,923)

(78,306)

(150,383)

(82,303)

Net decrease in cash and cash equivalents

(49,349)

(95,207)

(76,590)

(27,214)

Effect of changes in exchange rates on cash and
cash equivalents


172


(811)


(14
)


437

Cash and cash equivalents at beginning of the
period


347,979


347,639


375,406


278,398

Cash and cash equivalents at end of the period

298,802

251,621

298,802

251,621

Supplemental Information (unaudited)
(euro in millions, unless stated otherwise)

REVENUE

Q1-2020

Q2-2020

Q3-2020

Q4-2020

Q1-2021

Q2-2021

Per geography:

Asia Pacific

77.6

85

%

105.7

85

%

86.6

80

%

91.1

83

%

113.4

79

%

175.7

78

%

EU / USA

13.7

15

%

18.6

15

%

21.7

20

%

18.6

17

%

29.8

21

%

50.4

22

%

Total

91.3

100

%

124.3

100

%

108.3

100

%

109.7

100

%

143.2

100

%

226.1

100

%

ORDERS

Q1-2020

Q2-2020

Q3-2020

Q4-2020

Q1-2021

Q2-2021

Per geography:

Asia Pacific

102.0

86

%

88.1

87

%

75.9

80

%

122.7

78

%

253.2

77

%

155.0

77

%

EU / USA

16.6

14

%

13.2

13

%

19.0

20

%

34.6

22

%

73.9

23

%

45.2

23

%

Total

118.6

100

%

101.3

100

%

94.9

100

%

157.3

100

%

327.1

100

%

200.2

100

%

Per customer type:

IDM

47.4

40

%

44.6

44

%

43.7

46

%

77.6

49

%

130.8

40

%

111.3

56

%

Subcontractors

71.2

60

%

56.7

56

%

51.2

54

%

79.7

51

%

196.3

60

%

88.9

44

%

Total

118.6

100

%

101.3

100

%

94.9

100

%

157.3

100

%

327.1

100

%

200.2

100

%

HEADCOUNT

Mar 31, 2020

Jun 30, 2020

Sep 30, 2020

Dec 31, 2020

Mar 31, 2021

Jun 30, 2021

Fixed staff (FTE)

Asia Pacific

1,071

70

%

1,067

70

%

1,054

70

%

1,060

70

%

1,070

70

%

1,096

70

%

EU / USA

458

30

%

455

30

%

459

30

%

463

30

%

468

30

%

473

30

%

Total

1,529

100

%

1,522

100

%

1,513

100

%

1,523

100

%

1,538

100

%

1,569

100

%

Temporary staff (FTE)

Asia Pacific

42

46

%

121

72

%

95

63

%

35

37

%

299

82

%

581

90

%

EU / USA

50

54

%

48

28

%

57

37

%

60

63

%

64

18

%

68

10

%

Total

92

100

%

169

100

%

152

100

%

95

100

%

363

100

%

649

100

%

Total fixed and temporary staff (FTE)

1,621

1,691

1,665

1,618

1,901

2,218

OTHER FINANCIAL DATA

Q1-2020

Q2-2020

Q3-2020

Q4-2020

Q1-2021

Q2-2021

Gross profit

51.7

56.7

%

77.0

62.0

%

65.9

60.8

%

64.0

58.3

%

83.3

58.2

%

140.3

62.1

%

Selling, general and admin expenses:

As reported

23.5

25.7

%

20.1

16.2

%

16.3

15.1

%

15.8

14.4

%

26.7

18.6

%

24.2

10.7

%

Share-based compensation expense

(5.8

)

-6.3

%

(2.2

)

-1.8

%

(1.0

)

-1.0

%

(1.5

)

-1.4

%

(9.8

)

-6.8

%

(3.6

)

-1.6

%

SG&A expenses as adjusted

17.7

19.4

%

17.9

14.4

%

15.3

14.1

%

14.3

13.0

%

16.9

11.8

%

20.6

9.1

%

Research and development expenses::

As reported

9.4

10.3

%

8.4

6.8

%

7.6

7.0

%

7.4

6.8

%

8.3

5.8

%

9.4

4.2

%

Capitalization of R&D charges

3.7

4.1

%

4.3

3.5

%

4.3

4.0

%

5.4

4.9

%

5.9

4.1

%

4.9

2.2

%

Amortization of intangibles

(2.6

)

-2.8

%

(2.1

)

-1.7

%

(2.1

)

-2.0

%

(2.2

)

-2.0

%

(1.7

)

-1.2

%

(1.7

)

-0.8

%

R&D expenses as adjusted

10.5

11.5

%

10.6

8.5

%

9.8

9.0

%

10.6

9.7

%

12.5

8.7

%

12.6

5.6

%

Financial expense (income), net:

Interest expense (income), net

2.6

2.5

3.1

3.6

3.4

2.3

Hedging results

0.7

0.5

0.3

0.3

0.7

0.7

Foreign exchange effects, net

(0.7

)

(0.3

)

(0.2

)

(0.1

)

0.4

(0.2

)

Total

2.6

2.7

3.2

3.8

4.5

2.8

Operating income (loss)

as % of net sales

18.8

20.6

%

48.4

39.0

%

42.0

38.8

%

40.7

37.1

%

48.4

33.8

%

106.7

47.2

%

EBITDA

as % of net sales

24.0

26.3

%

53.1

42.7

%

46.5

42.9

%

45.5

41.5

%

52.6

36.7

%

110.9

49.0

%

Net income (loss)

as % of net sales

13.9

15.2

%

39.8

32.0

%

34.0

31.3

%

44.6

40.7

%

37.6

26.3

%

93.5

41.3

%

Income per share

Basic

0.19

0.55

0.47

0.62

0.51

1.23

Diluted

0.19

0.50

0.43

0.55

0.47

1.12

_____________________

1) The calculation of diluted income per share assumes the exercise of equity-settled share-based payments and the conversion of all Convertible Notes


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