BE Semiconductor Industries N.V. Announces Q4-21 and Full Year 2021 Results
Q4-21 Revenue of
Respectively, vs. Q4-20. Orders of
FY-21 Revenue, Orders and Net Income Rise
Proposed Dividend of
DUIVEN, The Netherlands, Feb. 18, 2022 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2021.
Key Highlights Q4-21
- Revenue of
€ 171.7 million down17.6% vs. Q3-21 primarily due to deferral of shipments caused by flood at one of Besi’s Malaysian production facilities and lower revenue from mobile applications as per typical Q4 seasonal patterns. Up56.5% vs. Q4-20 primarily related to significantly increased demand for automotive and computing applications - Orders of
€ 202.6 million down3.2% vs. Q3-21 but above December guidance. Up28.8% vs. Q4-20 due to broad based demand by IDM customers, particularly for mobile and automotive applications - Gross margin of
56.7% declined 3.7 points vs. Q3-21 due to one-time,€ 7.4 million inventory impairment charge related to the flood. Excluding such charge, gross margin rose to61.0% , up 0.6 points vs. Q3-21 and up 2.7 points vs. Q4-20 - Net income of
€ 67.1 million declined20.3% vs. Q3-21 principally due to adverse impact of flood. Net margins remained elevated at39.1% vs.40.4% in Q3-21. Net income up50.4% vs. Q4-20 - Net cash continued to expand, rising +
28.7% vs. Q3-21 and86.4% vs. Q4-20 to reach€ 370.4 million
Key Highlights FY 2021
- Revenue of
€ 749.3 million increased by€ 315.7 million , or72.8% , primarily due to increased demand for mobile applications from new 5G smartphone cycle, recovering automotive and computing end-user markets and increased investment by Chinese customers - Orders of
€ 939.1 million grew€ 467.0 million (+98.9% ) as a result of broad-based demand across Besi’s principal end-user markets, customers and geographies - Gross margin reached
59.6% , equal to 2020. Upward growth limited by inventory impairment charge and adverse forex movements of USD and Chinese yuan vs. euro - Net income of
€ 282.4 million grew€ 150.1 million (+113.5% ). Net margin also rose to37.7% vs.30.5% - Proposed dividend of
€ 3.33 per share, up95.9% vs. 2020. Represents pay-out ratio of92%
Outlook
- Q1-22 revenue estimated to rise
15% (+/-5% ) vs. Q4-21 and38% vs. Q1-21 (at midpoint of guidance). Timing of Q1-22 quarterly shipments influenced by supply chain issues affecting production at Besi and customer manufacturing sites. Gross margin anticipated to range between59% -61%
(€ millions, except EPS) | Q4- 2021 | Q3- 2021 | Δ | Q4- 2020 | Δ | FY 2021 | FY 2020 | Δ |
Revenue | 171.7 | 208.3 | - | 109.7 | + | 749.3 | 433.6 | + |
Orders | 202.6 | 209.2 | - | 157.3 | + | 939.1 | 472.1 | + |
Operating Income | 67.2 | 95.4 | - | 40.7 | + | 317.6 | 149.9 | + |
EBITDA | 72.0 | 99.7 | - | 45.5 | + | 335.1 | 169.0 | + |
Net Income | 67.1 | 84.2 | - | 44.6 | + | 282.4 | 132.3 | + |
EPS (basic) | 0.86 | 1.08 | - | 0.62 | + | 3.70 | 1.82 | + |
EPS (diluted) | 0.80 | 1.00 | - | 0.55 | + | 3.39 | 1.67 | + |
Net Cash and Deposits | 370.4 | 287.8 | + | 198.7 | + | 370.4 | 198.7 | + |
Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
"Besi reported strong results in 2021 which exceeded many of our key strategic planning targets three years ahead of schedule. Revenue, orders and net income rose to
Strong revenue and order growth this year benefited from increased demand across Besi’s principal end-user markets, geographies and customers. It was also supported by favorable market conditions driven by an underinvestment in assembly capacity over the past decade, a new 5G smartphone product cycle, continued investment in advanced packaging applications to support digital infrastructure growth and increased investment from Chinese customers for mobile and mainstream electronics applications. In addition, Besi received initial orders for hybrid bonding systems from two leading semiconductor producers with initial shipments made in Q4-21. Quarterly revenue patterns during the year varied by end-user market with a substantial build by mobile customers in the first half year followed by strength in the second half from automotive, high-performance computing and data center applications.
During the year, Besi continued to execute strategic initiatives to drive profitability and shareholder returns. Substantial growth in profit levels and efficiency were aided by operating leverage in Besi’s business model as we limited expense development to
Besi ended 2021 with a solid liquidity base consisting of cash, cash equivalents and deposits aggregating
Besi performed solidly in Q4-21 despite the adverse impact of the flood on our financial performance. For the quarter, revenue and net income rose by
Many industry analysts expect the current market upturn to continue in 2022. We also have a favorable outlook as evidenced by Besi’s strong order intake and backlog at year end of
We can also report significant progress in the development and build-out of Besi’s wafer level assembly portfolio. We began shipping hybrid bonding systems to a customer in Q4-21 with additional orders and shipments expected in the upcoming quarters to support their H2-22 production objectives. The introduction of hybrid bonding cluster tools is also on track for introduction in H1-2022. In addition, significant interest has been expressed by the industry’s largest customers for Besi’s hybrid bonding systems for the 2023/2024 period as well as our TCB chip to wafer and embedded bridge die attach systems as investment increases in 3D, chiplet-based architectures.
For Q1-22, we forecast that revenue will increase by
Fourth Quarter Results of Operations
€ millions | Q4-2021 | Q3-2021 | Δ | Q4-2020 | Δ |
Revenue | 171.7 | 208.3 | - | 109.7 | + |
Orders | 202.6 | 209.2 | - | 157.3 | + |
Book to Bill Ratio | 1.2x | 1.0x | +0.2 | 1.4x | -0.2 |
Revenue in Q4-21 decreased by
Orders of
€ millions | Q4-2021 | Q3-2021 | Δ | Q4-2020 | Δ |
Gross Margin | 56.7% | -3.7 | -1.6 | ||
Gross Margin - adjusted* | 61.0% | +0.6 | +2.7 | ||
Operating Expenses | 30.3 | 30.4 | - | 23.3 | + |
Financial Expense, net | 3.0 | 3.4 | - | 3.8 | - |
EBITDA | 72.0 | 99.7 | - | 45.5 | + |
* Adjusted gross margin excludes one-time,
Besi’s gross margin of
Q4-21 operating expenses of
Financial expense, net, decreased by
€ millions | Q4-2021 | Q3-2021 | Δ | Q4-2020 | Δ |
Net Income | 67.1 | 84.2 | - | 44.6 | + |
Net Margin | -1.3 | -1.6 | |||
Tax Rate | - | -13.0 | - | +16.6 | |
Net Income – adjusted* | 64.7 | 80.5 | - | 33.4 | + |
Net Margin – adjusted* | -1.0 | +7.2 | |||
Tax Rate – adjusted* | -3.0 | +0.3 |
* Adjusted to exclude
Net income of
Full Year Results of Operations
€ millions | FY 2021 | FY 2020 | Δ |
Revenue | 749.3 | 433.6 | + |
Orders | 939.1 | 472.1 | + |
Gross Margin | - | ||
Operating Income | 317.6 | 149.9 | + |
Net Income* | 282.4 | 132.3 | + |
Net Margin* | +7.2 | ||
Tax Rate * | +3.3 |
* Excluding inventory impairment charge in Q4-21 and tax benefits, Besi’s net income, net margin and effective tax rate would have been
Besi’s revenue of
Operating income rose to
Besi’s net income was
Financial Condition
€ millions | Q4 2021 | Q3 2021 | Δ | Q4 2020 | Δ | FY 2021 | FY 2020 | Δ |
Total Cash and Deposits | 672.2 | 590.5 | + | 598.7 | + | 672.2 | 598.7 | + |
Net Cash and Deposits | 370.4 | 287.8 | + | 198.7 | + | 370.4 | 198.7 | + |
Cash flow from Ops. | 101.8 | 98.6 | + | 51.7 | + | 277.9 | 162.0 | + |
At the end of Q4-21, Besi had a strong liquidity position with total cash and deposits aggregating
Similarly, net cash and deposits grew to
Share Repurchase Activity
During Q4-21, Besi repurchased 209,944 of its ordinary shares at an average price of
Dividend for 2021
Given its earnings, cash flow generation and prospects, Besi’s Board of Management has proposed a cash dividend for 2021 equal to
Outlook
Based on its December 31, 2021 backlog and feedback from customers, Besi forecasts for Q1-22 that:
- Revenue will increase by
15% (+/-5% ) versus the€ 171.7 million reported in Q4-21. - Gross margin will range between 59
-61% versus the56.7% realized in Q4-21. - Baseline operating expenses are expected to increase by 0
-5% from€ 30.3 million in Q4-21 - Total operating expenses are expected to increase by approximately 35
-40% versus Q4-21 primarily due to approximately€ 9 million of non-cash, share based compensation expense.
Investor and media conference call A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). 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. |
Important Dates 2022 | |
• Publication Annual Report 2021 | February 23, 2022 |
• Publication Q1 results | April 29, 2022 |
• Annual General Meeting of Shareholders | April 29, 2022, (10:30 am CET) |
• Publication Q2/Semi-annual results | July 21, 2022 |
• Publication Q3/Nine-month results | October 20, 2022 |
• Publication Q4/Full year results | February 2023 |
Dividend Information* | |
• Proposed ex-dividend date | May 3, 2022 |
• Proposed record date | May 4, 2022 |
• Proposed payment of 2021 dividend *Subject to approval at Besi’s AGM on April 29, 2022 | Starting May 6, 2022 |
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) 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
Hetwig van Kerkhof, SVP Finance
Leon Verweijen, VP Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500
investor.relations@besi.com
Statement of Compliance
The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2021 and were authorized for issuance by the Board of Management and Supervisory Board on February 17, 2022. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, Ernst & Young Accountants LLP has issued an unqualified auditor’s opinion on the Annual Report 2021. The Annual Report 2021 will be published on our website on February 23, 2022 and proposed for adoption by the Annual General Meeting on April 29, 2022.
The condensed financial statements included in this press release have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union but do not include all of the information required for a complete set of IFRS financial statements.
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, global supply chains 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; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, 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, conflict minerals 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 where we have a substantial portion of our production facilities; our ability to mitigate the dislocations caused by the flood at one of our Malaysian production facilities, 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
(€ thousands, except share and per share data) | Three Months Ended December 31, (unaudited) | Year Ended December 31, (audited) | ||||
2021 | 2020 | 2021 | 2020 | |||
Revenue | 171,732 | 109,674 | 749,297 | 433,623 | ||
Cost of sales | 74,287 | 45,717 | 302,475 | 175,056 | ||
Gross profit | 97,445 | 63,957 | 446,822 | 258,567 | ||
Selling, general and administrative expenses | 20,387 | 15,832 | 92,859 | 75,802 | ||
Research and development expenses | 9,906 | 7,448 | 36,380 | 32,905 | ||
Total operating expenses | 30,293 | 23,280 | 129,239 | 108,707 | ||
Operating income | 67,152 | 40,677 | 317,583 | 149,860 | ||
Financial expense, net | 3,023 | 3,843 | 13,743 | 12,343 | ||
Income before taxes | 64,129 | 36,834 | 303,840 | 137,517 | ||
Income tax expense (benefit) | (2,980 | ) | (7,812 | ) | 21,421 | 5,242 |
Net income | 67,109 | 44,646 | 282,419 | 132,275 | ||
Net income per share – basic | 0.86 | 0.62 | 3.70 | 1.82 | ||
Net income per share – diluted | 0.80 | 0.55 | 3.39 | 1.67 |
Number of shares used in computing per share amounts: - basic - diluted 1 | 77,978,090 85,148,148 | 72,591,533 85,440,188 | 76,309,749 85,358,296 | 72,501,386 83,773,385 |
Consolidated Balance Sheets
(€ thousands) | December 31, 2021 (audited) | September 30, 2021 (unaudited) | June 30, 2021 (unaudited) | March 31, 2021 (unaudited) | December 31, 2020 (audited) | ||
ASSETS | |||||||
Cash and cash equivalents | 451,395 | 455,267 | 298,802 | 347,979 | 375,406 | ||
Deposits | 195,789 | 135,204 | 212,575 | 257,847 | 223,299 | ||
Trade receivables | 174,942 | 213,641 | 217,725 | 147,737 | 93,218 | ||
Inventories | 94,399 | 85,172 | 78,100 | 61,709 | 51,645 | ||
Other current assets | 19,623 | 14,630 | 17,165 | 17,655 | 11,964 | ||
Total current assets | 936,148 | 903,914 | 824,367 | 832,927 | 755,532 | ||
Property, plant and equipment | 29,884 | 27,838 | 27,344 | 27,739 | 27,840 | ||
Right of use assets | 10,606 | 10,560 | 10,280 | 8,958 | 9,873 | ||
Goodwill | 45,170 | 44,966 | 44,732 | 44,851 | 44,484 | ||
Other intangible assets | 68,746 | 61,747 | 57,450 | 54,078 | 50,660 | ||
Deferred tax assets | 27,436 | 19,947 | 20,086 | 21,177 | 21,924 | ||
Deposits | 25,000 | - | - | - | - | ||
Other non-current assets | 1,051 | 1,034 | 1,084 | 1,078 | 1,043 | ||
Total non-current assets | 207,893 | 166,092 | 160,976 | 157,881 | 155,824 | ||
Total assets | 1,144,041 | 1,070,006 | 985,343 | 990,808 | 911,356 | ||
Trade payables | 74,711 | 84,342 | 91,472 | 65,351 | 44,017 | ||
Other current liabilities | 112,867 | 102,349 | 87,337 | 83,155 | 57,469 | ||
Total current liabilities | 187,578 | 186,691 | 178,809 | 148,506 | 101,486 | ||
Long-term debt | 301,802 | 302,637 | 304,647 | 389,614 | 399,956 | ||
Lease liabilities | 7,198 | 7,307 | 6,963 | 6,348 | 6,952 | ||
Deferred tax liabilities | 10,970 | 11,312 | 11,448 | 12,905 | 12,840 | ||
Other non-current liabilities | 17,219 | 16,251 | 15,947 | 18,887 | 18,895 | ||
Total non-current liabilities | 337,189 | 337,507 | 339,005 | 427,754 | 438,643 | ||
Total equity | 619,274 | 545,808 | 467,529 | 414,548 | 371,227 | ||
Total liabilities and equity | 1,144,041 | 1,070,006 | 985,343 | 990,808 | 911,356 |
Consolidated Cash Flow Statements
(€ thousands) | Three Months Ended December 31, (unaudited) | Year Ended December 31, (audited) | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Cash flows from operating activities: | ||||||||
Income before income tax | 64,129 | 36,834 | 303,840 | 137,517 | ||||
Depreciation and amortization | 4,847 | 4,833 | 17,564 | 19,176 | ||||
Share based payment expense | 1,617 | 1,456 | 16,409 | 10,470 | ||||
Financial expense, net | 3,023 | 3,843 | 13,743 | 12,343 | ||||
Changes in working capital | 26,938 | 8,856 | (59,733 | ) | (1,341 | ) | ||
Income tax (paid) received | 2,429 | (2,106 | ) | (9,651 | ) | (11,080 | ) | |
Interest paid | (1,148 | ) | (2,019 | ) | (4,318 | ) | (5,064 | ) |
Net cash provided by operating activities | 101,835 | 51,697 | 277,854 | 162,021 | ||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (1,266 | ) | (1,642 | ) | (5,337 | ) | (4,242 | ) |
Proceeds from sale of property | - | 345 | 54 | 345 | ||||
Capitalized development expenses | (6,738 | ) | (5,353 | ) | (23,015 | ) | (17,621 | ) |
Repayments of (investments in) deposits | (85,791 | ) | 1,207 | 3,453 | (93,920 | ) | ||
Net cash used in investing activities | (93,795 | ) | (5,443 | ) | (24,845 | ) | (115,438 | ) |
Cash flows from financing activities: | ||||||||
Payments of bank lines of credit | - | - | - | (434 | ) | |||
Proceeds from (payments of) debt | - | (92 | ) | 1,021 | (507 | ) | ||
Proceeds from convertible notes | - | - | - | 147,756 | ||||
Payments of lease liabilities | (899 | ) | (1,078 | ) | (3,638 | ) | (3,700 | ) |
Dividends paid to shareholders | - | - | (129,357 | ) | (73,486 | ) | ||
Purchase of treasury shares | (15,724 | ) | (8,324 | ) | (50,096 | ) | (17,781 | ) |
Net cash provided by (used in) financing activities | (16,623 | ) | (9,494 | ) | (182,070 | ) | 51,848 | |
Net increase (decrease) in cash and cash equivalents | (8,583 | ) | 36,760 | 70,939 | 98,431 | |||
Effect of changes in exchange rates on cash and cash equivalents | 4,711 | (813 | ) | 5,050 | (1,423 | ) | ||
Cash and cash equivalents at beginning of the period | 455,267 | 339,459 | 375,406 | 278,398 | ||||
Cash and cash equivalents at end of the period | 451,395 | 375,406 | 451,395 | 375,406 |
Supplemental Information (unaudited)
(€ millions, unless stated otherwise)
REVENUE | Q1-2020 | Q2-2020 | Q3-2020 | Q4-2020 | Q1-2021 | Q2-2021 | Q3-2021 | Q4-2021 | ||||||||||||||||||||||||||
Per geography: | ||||||||||||||||||||||||||||||||||
Asia Pacific | 77.6 | 85 | % | 105.7 | 85 | % | 86.6 | 80 | % | 91.1 | 83 | % | 113.4 | 79 | % | 175.7 | 78 | % | 164.3 | 79 | % | 129.1 | 75 | % | ||||||||||
EU / USA | 13.7 | 15 | % | 18.6 | 15 | % | 21.7 | 20 | % | 18.6 | 17 | % | 29.8 | 21 | % | 50.4 | 22 | % | 44.0 | 21 | % | 42.6 | 25 | % | ||||||||||
Total | 91.3 | 100 | % | 124.3 | 100 | % | 108.3 | 100 | % | 109.7 | 100 | % | 143.2 | 100 | % | 226.1 | 100 | % | 208.3 | 100 | % | 171.7 | 100 | % | ||||||||||
ORDERS | Q1-2020 | Q2-2020 | Q3-2020 | Q4-2020 | Q1-2021 | Q2-2021 | Q3-2021 | Q4-2021 | ||||||||||||||||||||||||||
Per geography: | ||||||||||||||||||||||||||||||||||
Asia Pacific | 102.0 | 86 | % | 88.1 | 87 | % | 75.9 | 80 | % | 122.7 | 78 | % | 253.2 | 77 | % | 155.0 | 77 | % | 170.5 | 82 | % | 147.3 | 73 | % | ||||||||||
EU / USA | 16.6 | 14 | % | 13.2 | 13 | % | 19.0 | 20 | % | 34.6 | 22 | % | 73.9 | 23 | % | 45.2 | 23 | % | 38.7 | 18 | % | 55.3 | 27 | % | ||||||||||
Total | 118.6 | 100 | % | 101.3 | 100 | % | 94.9 | 100 | % | 157.3 | 100 | % | 327.1 | 100 | % | 200.2 | 100 | % | 209.2 | 100 | % | 202.6 | 100 | % | ||||||||||
Per customer type: | ||||||||||||||||||||||||||||||||||
IDM | 47.4 | 40 | % | 44.6 | 44 | % | 43.7 | 46 | % | 77.6 | 49 | % | 130.8 | 40 | % | 111.3 | 56 | % | 133.7 | 64 | % | 138.4 | 68 | % | ||||||||||
Subcontractors | 71.2 | 60 | % | 56.7 | 56 | % | 51.2 | 54 | % | 79.7 | 51 | % | 196.3 | 60 | % | 88.9 | 44 | % | 75.5 | 36 | % | 64.2 | 32 | % | ||||||||||
Total | 118.6 | 100 | % | 101.3 | 100 | % | 94.9 | 100 | % | 157.3 | 100 | % | 327.1 | 100 | % | 200.2 | 100 | % | 209.2 | 100 | % | 202.6 | 100 | % | ||||||||||
HEADCOUNT | Mar 31, 2020 | Jun 30, 2020 | Sep 30, 2020 | Dec 31, 2020 | Mar 31, 2021 | Jun 30, 2021 | Sep 30, 2021 | Dec 31, 2021 | ||||||||||||||||||||||||||
Fixed staff (FTE) | ||||||||||||||||||||||||||||||||||
Asia Pacific | 1,071 | 70 | % | 1,067 | 70 | % | 1,054 | 70 | % | 1,060 | 70 | % | 1,070 | 70 | % | 1,096 | 70 | % | 1,132 | 70 | % | 1,154 | 70 | % | ||||||||||
EU / USA | 458 | 30 | % | 455 | 30 | % | 459 | 30 | % | 463 | 30 | % | 468 | 30 | % | 473 | 30 | % | 483 | 30 | % | 491 | 30 | % | ||||||||||
Total | 1,529 | 100 | % | 1,522 | 100 | % | 1,513 | 100 | % | 1,523 | 100 | % | 1,538 | 100 | % | 1,569 | 100 | % | 1,615 | 100 | % | 1,645 | 100 | % | ||||||||||
Temporary staff (FTE) | ||||||||||||||||||||||||||||||||||
Asia Pacific | 42 | 46 | % | 121 | 72 | % | 95 | 63 | % | 35 | 37 | % | 299 | 82 | % | 581 | 90 | % | 559 | 87 | % | 412 | 83 | % | ||||||||||
EU / USA | 50 | 54 | % | 48 | 28 | % | 57 | 37 | % | 60 | 63 | % | 64 | 18 | % | 68 | 10 | % | 80 | 13 | % | 84 | 17 | % | ||||||||||
Total | 92 | 100 | % | 169 | 100 | % | 152 | 100 | % | 95 | 100 | % | 363 | 100 | % | 649 | 100 | % | 639 | 100 | % | 496 | 100 | % | ||||||||||
Total fixed and temporary staff (FTE) | 1,621 | 1,691 | 1,665 | 1,618 | 1,901 | 2,218 | 2,254 | 2,141 | ||||||||||||||||||||||||||
OTHER FINANCIAL DATA | Q1-2020 | Q2-2020 | Q3-2020 | Q4-2020 | Q1-2021 | Q2-2021 | Q3-2021 | Q4-2021 | ||||||||||||||||||||||||||
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 | % | 125.8 | 60.4 | % | 97.4 | 56.7 | % | ||||||||||
Inventory impairment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.4 | 4.3 | % | |||||||||||||||||
Gross profit as adjusted | 51.7 | 56.7 | % | 77.0 | 62.0 | % | 65.9 | 60.8 | % | 64.0 | 58.3 | % | 83.3 | 58.2 | % | 140.3 | 62.1 | % | 125.8 | 60.4 | % | 104.8 | 61.0 | % | ||||||||||
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 | % | 21.6 | 10.4 | % | 20.4 | 11.9 | % | ||||||||||
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 | % | (1.4 | ) | -0.7 | % | (1.6 | ) | -1.0 | % | ||
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 | % | 20.2 | 9.7 | % | 18.8 | 10.9 | % | ||||||||||
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 | % | 8.8 | 4.2 | % | 9.9 | 5.8 | % | ||||||||||
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 | % | 5.5 | 2.6 | % | 6.7 | 3.9 | % | ||||||||||
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 | % | (1.8 | ) | -0.8 | % | (2.1 | ) | -1.2 | % | ||
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 | % | 12.5 | 6.0 | % | 14.5 | 8.5 | % | ||||||||||
Financial expense (income), net: | ||||||||||||||||||||||||||||||||||
Interest expense (income), net | 2.6 | 2.5 | 3.1 | 3.6 | 3.4 | 2.3 | 2.4 | 2.4 | ||||||||||||||||||||||||||
Hedging results | 0.7 | 0.5 | 0.3 | 0.3 | 0.7 | 0.7 | 0.7 | 0.8 | ||||||||||||||||||||||||||
Foreign exchange effects, net | (0.7 | ) | (0.3 | ) | (0.2 | ) | (0.1 | ) | 0.4 | (0.2 | ) | 0.3 | (0.2 | ) | ||||||||||||||||||||
Total | 2.6 | 2.7 | 3.2 | 3.8 | 4.5 | 2.8 | 3.4 | 3.0 | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||||||||||
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 | % | 95.4 | 45.8 | % | 67.2 | 39.1 | % | ||||||||||
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 | % | 99.7 | 47.9 | % | 72.0 | 41.9 | % | ||||||||||
Net income | ||||||||||||||||||||||||||||||||||
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 | % | 84.2 | 40.4 | % | 67.1 | 39.1 | % | ||||||||||
Income per share | ||||||||||||||||||||||||||||||||||
Basic | 0.19 | 0.55 | 0.47 | 0.62 | 0.51 | 1.23 | 1.08 | 0.86 | ||||||||||||||||||||||||||
Diluted | 0.19 | 0.50 | 0.43 | 0.55 | 0.47 | 1.12 | 1.00 | 0.80 | ||||||||||||||||||||||||||
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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