BE Semiconductor Industries N.V. Announces Q3-21 Results

Rhea-AI Summary

BE Semiconductor Industries N.V. (Besi) reported Q3-21 revenue of €208.3 million, up 92.3% from Q3-20, but down 7.9% from Q2-21, consistent with prior guidance. Net income reached €84.2 million, a 147.6% increase year-over-year, yet a 9.9% decrease from Q2-21. Orders rose 4.5% quarter-on-quarter and 120.4% year-on-year to €209.2 million, driven by demand for hybrid bonding and automotive applications. Year-to-date figures showed strong growth with revenue of €577.6 million, net income of €215.3 million, and net cash of €287.8 million, reflecting solid cash flow and operational efficiency.

Positive

• Q3-21 net income grew 147.6% YoY to €84.2 million.
• YTD-21 revenue increased by 78.3% to €577.6 million.
• Orders for Q3-21 rose 120.4% YoY, reaching €209.2 million.
• Gross margin maintained above 60%, at 60.4%.

Negative

• Q3-21 revenue decreased by 7.9% compared to Q2-21.
• Net income fell by 9.9% from Q2-21.
• Gross margin declined by 1.7 points from Q2-21 due to a less favorable product mix.

Revenue of € 208.3 Million and Net Income of € 84.2 Million Up 92.3% and 147.6%, Respectively, vs. Q3-20.

Orders of € 209.2 Million Up 4.5% vs. Q2-21 and 120.4% vs. Q3-20.

Strong YTD-21 Revenue, Orders and Net Income of € 577.6 Million, € 736.5 Million and € 215.3 Million, Respectively

DUIVEN, The Netherlands, Oct. 26, 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 third quarter and nine months ended September 30, 2021.

Key Highlights Q3-21

• Revenue of € 208.3 million declined 7.9% vs. Q2-21 and was in line with prior guidance. Decrease primarily due to lower shipments for mobile applications post H1-21 capacity build and supply chain constraints. Up 92.3% vs. Q3-20 due to increased demand for mobile and automotive applications and higher shipments to Asian subcontractors
• Orders of € 209.2 million grew 4.5% vs. Q2-21 and 120.4% vs. Q3-20 primarily as a result of increased bookings for hybrid bonding, high performance computing and automotive applications
• Gross margin of 60.4% declined by 1.7 points vs. Q2-21 principally due to a less favorable product mix. Down 0.4 points vs. Q3-20 primarily due to adverse forex influences
• Net income of € 84.2 million decreased € 9.3 million (-9.9%) vs. Q2-21 principally as a result of lower revenue and gross margin levels realized. Up € 50.2 million, or 147.6%, vs. Q3-20
• Net margin of 40.4% declined slightly vs. the 41.3% achieved in Q2-21 but increased by 9.1 points vs. Q3-20 highlighting the significant operating leverage in Besi’s business model
  

Key Highlights YTD-21

• Revenue of € 577.6 million rose 78.3% vs. YTD-20 reflecting strong demand across Besi’s end-user markets, geographies and customers with particular strength in mobile applications
• Orders of € 736.5 million grew € 421.7 million, or 134.0%, primarily due to significant growth in each of Besi’s principal end-user markets
• Gross margin reached 60.5%, up 0.4 points vs. YTD-20 principally related to a more favorable product mix and increased labor efficiencies despite adverse forex influences and additional costs to scale Besi’s production capacity
• Net income of € 215.3 million grew € 127.7 million, or 145.8%, vs. YTD-20. Net margin expanded to 37.3% vs. 27.1% in YTD-20
• Net cash of € 287.8 million at end of Q3-21 increased by € 129.1 million (+81.3%) vs. Q3-20
  

Outlook   

• Q4-21 revenue to decrease approximately 5-15% vs. Q3-21 as new products are introduced, capacity added in 2021 is deployed and typical H2 seasonal trends. Revenue expected to rise 60-80% vs. Q4-20 highlighting ongoing market strength. Gross margin of 59-61% at similar levels as reported in Q3-21.
  
  

(€ millions, except EPS)	Q3-2021	Q2-2021	Δ		Q3-2020	Δ		YTD-2021	YTD-2020	Δ
Revenue	208.3	226.1	-7.9	%	108.3	+92.3	%	577.6	323.9	+78.3	%
Orders	209.2	200.2	+4.5	%	94.9	+120.4	%	736.5	314.8	+134.0	%
Operating Income	95.4	106.7	-10.6	%	42.0	+127.1	%	250.4	109.2	+129.3	%
EBITDA	99.7	110.9	-10.1	%	46.5	+114.4	%	263.1	123.5	+113.0	%
Net Income	84.2	93.5	-9.9	%	34.0	+147.6	%	215.3	87.6	+145.8	%
EPS (basic)	1.08	1.23	-12.2	%	0.47	+129.8	%	2.84	1.21	+134.7	%
EPS (diluted)	1.00	1.12	-10.7	%	0.43	+132.6	%	2.58	1.12	+130.4	%
Net Cash & Deposits	287.8	206.7	+39.2	%	158.7	+81.3	%	287.8	158.7	+81.3	%

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
"Besi reported strong results for both the third quarter and first nine months of 2021 as we leveraged our leadership position in advanced packaging to expand revenue growth, executed strategic initiatives to drive profitability and refined our business model to take advantage of emerging opportunities in wafer level assembly.

For the quarter, revenue of € 208.3 million and net income of € 84.2 million increased by 92.3% and 147.6% versus Q3-20. Results were slightly ahead of the midpoint of guidance despite ongoing supply chain disruptions which constrained the potential number of customer shipments. In addition, we maintained gross margins above 60% and limited operating expense development that aided profitability and resulted in a net margin above 40% for the second consecutive quarter.

Q3-21 orders of € 209.2 million trended favorably relative to typical seasonal patterns, increasing by 4.5% sequentially versus Q2-21 and by 120.4% versus Q3-20. In general, order growth reflected continued strong customer demand for advanced packaging applications as customers increased their investment in AI, 5G, data center, vehicle electrification and cloud infrastructure applications. Versus Q2-21, growth was primarily due to follow-on orders for hybrid bonding systems as well as increased demand for high performance computing and automotive applications, continuing trends we saw in Q2-21. Growth for such end-user markets helped offset reduced demand by Asian subcontractors for mobile applications as incremental capacity ordered in the first half year was installed for new product introductions in H2-21.

Results for the first nine months were also very strong with revenue and orders reaching € 577.6 million and € 736.5 million, respectively, increases of € 253.7 million (78.3%) and € 421.7 million (134.0%), versus the prior year period. Year to date revenue and order growth resulted from significantly increased demand across all Besi’s end-user markets, geographies and customers with a particular focus in the first quarter on high-end mobile applications followed by strength in the second and third quarters for automotive and high performance computing applications. Net income also rose strongly, increasing by € 127.7 million, or 145.8%, versus YTD-20 to reach € 215.3 million due to substantial revenue growth combined with tight controls of overhead and personnel costs. As a result, Besi’s net margins expanded to 37.3% in YTD-21 versus 27.1% in YTD-20 highlighting the significant operating leverage in our business model.

Our liquidity position continued to grow with cash and deposits and net cash increasing by 15.5% and 39.2%, respectively, versus Q2-21 due to strong cash flow generated from operations post the significant working capital investment required in H1-21. In addition, our capital allocation policy continues to reward investors with total distributions of € 163.7 million in dividends and share repurchases year to date, highlighting our commitment to long-term value creation for shareholders.

At present, we are completing a strategic review 2021-2025 with refinements to our organization and management planned for the next phase of Besi’s development. As such, we hope to realize the potential of a new generation of <7 nanometer chip to wafer assembly applications while maintaining the exciting growth opportunities of our existing advanced packaging portfolio. Toward this end, we will have increased development and service personnel by approximately 20% and 40%, respectively, by year end and increased our presence in the US and Taiwan to help support new fabs planned by customers. In addition, we are in the process of significantly ramping Besi’s hybrid bonding production capacity in alignment with customer roadmaps for 2022-2025. Over the past year, the Besi and Applied Materials’ teams have made excellent progress working together to process customer materials and accelerate development of advanced heterogeneous integration technologies.

Looking forward, we believe that the market drivers supporting the growth of the assembly equipment market in this upcycle remain intact based on updated industry research forecasts and increased capex spending plans recently announced by our principal customers for mobile, automotive and computing end-user markets. We also see near-term incremental growth opportunities represented by hybrid bonding and other chip to wafer process technologies consistent with favorable order trends over the past two quarters.

For Q4-21, we estimate that revenue will decline by 5-15% versus Q3-21 as new products are introduced by customers, capacity added in 2021 is deployed and typical H2 seasonal trends. However, revenue is anticipated to increase by 60-80% versus Q4-20 highlighting ongoing assembly market strength. In addition, we forecast gross margins between 59-61%, roughly equivalent to Q3-21 and for operating expenses to be flat, plus or minus 5%, versus the € 30.4 million realized in Q3-21."

Third Quarter Results of Operations

	Q3-2021	Q2-2021	Δ		Q3-2020	Δ
Revenue	208.3	226.1	-7.9	%	108.3	+92.3	%
Orders	209.2	200.2	+4.5	%	94.9	+120.4	%
Book to Bill Ratio	1.0	0.9	+0.1		0.9	+0.1

Q3-21 revenue of € 208.3 million decreased by € 17.8 million versus Q2-21 as shipments for high-end mobile applications declined after a strong H1-21 capacity build, partially offset by increased shipments for automotive, high performance computing and mainstream electronics applications. The sequential quarterly revenue decrease (-7.9%) was at the favorable end of prior guidance (down 5-15% versus Q2-21). Besi’s 92.3% revenue growth versus Q3-20 primarily reflected increased demand for mobile and automotive end-user markets, significantly increased shipments to Asian subcontractors for mainstream mobile and electronics applications and more favorable market conditions generally.

Orders of € 209.2 million increased 4.5% versus Q2-21 and 120.4% versus Q3-20 due primarily to increased bookings for hybrid bonding, high performance computing and automotive applications. On a sequential basis, Q3-21 order growth was partially offset by reduced demand by Asian subcontractors for high-end mobile applications. Per customer type, IDM orders increased € 22.4 million, or 20.1%, versus Q2-21 and represented 64% of total orders for the period. Subcontractor orders decreased by € 13.4 million, or 15.1%, versus Q2-21 and represented 36% of total orders.

	Q3-2021		Q2-2021		Δ		Q3-2020		Δ
Gross Margin	60.4	%	62.1	%	-1.7		60.8	%	-0.4
Operating Expenses	30.4		33.6		-9.5	%	23.9		+27.2	%
Financial Expense/(Income), net	3.4		2.8		+21.4	%	3.2		+6.3	%
EBITDA	99.7		110.9		-10.1	%	46.5		+114.4	%

Besi’s gross margin in Q3-21 was 60.4%, a decrease of 1.7 points versus Q2-21 primarily due to a less favorable product mix of systems shipped during the quarter. Versus Q3-20, Besi’s gross margin decreased by 0.4 points due to adverse forex movements of the euro relative to the USD and Chinese Yuan which could not be offset by increased labor efficiencies realized from significantly higher revenue levels.

Q3-21 operating expenses declined by € 3.2 million, or 9.5%, as compared to Q2-21 principally as a result of a € 2.2 million reduction in share-based compensation expense. Operating expenses increased by € 6.5 million, or 27.2%, versus Q3-20 primarily due to increased variable sales related expenses associated with higher revenue levels, increased R&D spending for the development of next generation wafer level assembly systems and higher consulting expenses. As a percentage of revenue, operating expenses declined to 14.6% in Q3-21 versus 14.9% in Q2-21 and 22.1% in Q3-20.

	Q3-2021		Q2-2021		Δ		Q3-2020		Δ
Net Income	84.2		93.5		-9.9	%	34.0		+147.6	%
Net Margin	40.4	%	41.3	%	-0.9		31.3	%	+9.1
Tax Rate*	8.4	%	10.0	%	-1.6		12.4	%	-4.0

* Effective tax rate reflects € 3.7 million and € 2.4 million of tax benefits recognized in Q3-21 and Q2-21, respectively.

Besi’s net income reached € 84.2 million in Q3-21, a decrease of € 9.3 million, or 9.9%, versus Q2-21 primarily due to a 7.9% revenue decrease and lower gross margin realized. Such decreases were partially offset by a 9.5% reduction in operating expenses and a lower effective tax rate due to a € 3.7 million tax benefit recognized at Besi Switzerland. Versus Q3-20, net income increased by € 50.2 million, or 147.6%, principally as a result of a 92.3% revenue increase combined with ongoing cost controls of fixed personnel and overhead which limited operating expense development. As a result, Besi’s net margin of 40.4% in Q3-21 rose by 9.1 points versus the 31.3% realized in Q3-20.

Nine Months Results of Operations

	YTD-2021		YTD-2020		Δ
Revenue	577.6		323.9		+78.3	%
Orders	736.5		314.8		+134.0	%
Gross Margin	60.5	%	60.1	%	+0.4
Operating Income	250.4		109.2		+129.3	%
Net Income	215.3		87.6		+145.8	%
Net Margin	37.3	%	27.1	%	+10.2
Tax Rate*	10.2	%	13.0	%	-2.8

* Effective tax rate reflects € 6.1 million of tax benefits recognized in YTD-21.

YTD-21 revenue reached € 577.6 million, up 78.3% versus YTD-20 reflecting strong demand across Besi’s end-user markets, geographies and customers. In particular, revenue growth reflected a large capacity build by customers in H1-21 for high-end smart phones in anticipation of new product introductions in the second half year. It also reflected increased demand by Asian subcontractors for mainstream mobile and electronics applications.

Similarly, orders of € 736.5 million grew by € 421.7 million, or +134.0%, versus YTD-20 primarily due to significant growth in each of Besi’s principal end-user markets and more favorable industry conditions generally. IDM and subcontractor orders represented 51% and 49%, respectively, of YTD-21 orders versus 43% and 57%, respectively, in YTD-20.

Besi’s net income rose strongly as well, increasing by € 127.7 million, or 145.8%, versus YTD-20 to reach € 215.3 million. Similarly, Besi’s net margin of 37.3% increased by 10.2 points versus YTD-20 as increased revenue and gross margin more than offset a 15.8% increase in operating expenses primarily associated with increased share-based compensation expense and variable, sales related expenses due to significantly higher revenue levels.

Financial Condition

	Q3 2021	Q2 2021	Δ		Q3 2020	Δ		YTD- 2021	YTD-2020	Δ
Total Cash and Deposits	590.5	511.4	+15.5	%	564.5	+4.6	%	590.5	564.5	+4.6	%
Net Cash and Deposits	287.8	206.7	+39.2	%	158.7	+81.3	%	287.8	158.7	+81.3	%
Cash flow from Ops.	98.6	51.2	+92.6	%	60.9	+61.9	%	176.0	110.3	+59.6	%

At the end of Q3-21, Besi had a strong liquidity position with total cash and deposits aggregating € 590.5 million. Total cash and deposits increased by € 79.1 million versus Q2-21 primarily due to € 98.6 million of cash flow generated from operations which was used to fund (i) € 14.2 million of share repurchases and (ii) € 5.5 million of capitalized development spending. Similarly, net cash of € 287.8 million at quarter end increased by € 81.1 million, or 39.2% versus Q2-21 and by € 129.1 million, or 81.3%, versus Q3-20 primarily due to strong cash flow generated from operations and ongoing conversions of Besi’s Convertible Notes due to its upward share price appreciation.

Share Repurchase Activity / Convertible Notes
During the quarter, Besi repurchased 189,838 of its ordinary shares at an average price of € 74.52 per share for a total of € 14.2 million. Cumulatively, as of September 30, 2021, 4.0 million shares have been purchased under the current € 185 million share repurchase program at an average price of € 29.54 per share for a total of € 119.1 million. As of such date, Besi held approximately 0.5 million shares in treasury, equal to 0.6% of its shares outstanding.

During the quarter, € 1.0 million and € 2.6 million principal amount of the 2.5% Convertible Notes due 2023 and the 0.5% Convertible Notes due 2024, respectively, were converted into 105,452 ordinary shares. As a result, the principal amount outstanding of the 2.5% Convertible Notes due 2023 and the 0.5% Convertible Notes due 2024 declined to € 4.7 million and € 172.4 million, respectively.

Outlook

Based on its September 30, 2021 order backlog and feedback from customers, Besi forecasts for Q4-21 that:

• Revenue will decrease by approximately 5-15% vs. the € 208.3 million reported in Q3-21
• Gross margin will range between 59-61% vs. the 60.4% realized in Q3-21
• Operating expenses will be flat, plus or minus 5%, vs. the € 30.3 million reported in Q3-21
  

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 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        
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            

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 September 30, (unaudited)		Nine Months Ended September 30, (unaudited)
	2021	2020	2021	2020
Revenue	208,306	108,343	577,565	323,949
Cost of sales	82,514	42,466	228,188	129,339
Gross profit	125,792	65,877	349,377	194,610
Selling, general and administrative expenses	21,581	16,312	72,472	59,970
Research and development expenses	8,806	7,598	26,474	25,457
Total operating expenses	30,387	23,910	98,946	85,427
Operating income	95,405	41,967	250,431	109,183
Financial expense, net	3,401	3,197	10,720	8,500
Income before taxes	92,004	38,770	239,711	100,683
Income tax expense	7,761	4,814	24,401	13,054
Net income	84,243	33,956	215,310	87,629
Net income per share – basic	1.08	0.47	2.84	1.21
Net income per share – diluted	1.00	0.43	2.58	1.12

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

78,121,836 85,347,997

72,705,062 84,386,221

75,747,525 85,422,234

72,471,117 83,217,565

        

        

Consolidated Balance Sheets

(euro in thousands)		September 30, 2021 (unaudited)	June 30, 2021 (unaudited)	March 31, 2021 (unaudited)	December 31, 2020 (audited)
ASSETS
Cash and cash equivalents		455,267	298,802	347,979	375,406
Deposits		135,204	212,575	257,847	223,299
Trade receivables		213,641	217,725	147,737	93,218
Inventories		85,172	78,100	61,709	51,645
Other current assets		14,630	17,165	17,655	11,964
Total current assets		903,914	824,367	832,927	755,532
Property, plant and equipment		27,838	27,344	27,739	27,840
Right of use assets		10,560	10,280	8,958	9,873
Goodwill		44,966	44,732	44,851	44,484
Other intangible assets		61,747	57,450	54,078	50,660
Deferred tax assets		19,947	20,086	21,177	21,924
Other non-current assets		1,034	1,084	1,078	1,043
Total non-current assets		166,092	160,976	157,881	155,824
Total assets		1,070,006	985,343	990,808	911,356
Trade payables		84,342	91,472	65,351	44,017
Other current liabilities		102,349	87,337	83,155	57,469
Total current liabilities		186,691	178,809	148,506	101,486
Long-term debt		302,637	304,647	389,614	399,956
Lease liabilities		7,307	6,963	6,348	6,952
Deferred tax liabilities		11,312	11,448	12,905	12,840
Other non-current liabilities		16,251	15,947	18,887	18,895
Total non-current liabilities		337,507	339,005	427,754	438,643
Total equity		545,808	467,529	414,548	371,227
Total liabilities and equity		1,070,006	985,343	990,808	911,356

Consolidated Cash Flow Statements

(euro in thousands)	Three Months Ended September 30, (unaudited)				Nine Months Ended September 30, (unaudited)
	2021		2020		2021		2020
Cash flows from operating activities:
Income before income tax	92,004		38,770		239,711		100,683
Depreciation and amortization	4,285		4,495		12,717		14,343
Share-based payment expense	1,395		981		14,792		9,014
Financial expense, net	3,401		3,197		10,720		8,500
Changes in working capital	226		14,546		(86,671	)	(10,197	)
Income tax paid	(1,659	)	(221	)	(12,080	)	(8,974	)
Interest paid	(1,064	)	(865	)	(3,170	)	(3,045	)
Net cash provided by operating activities	98,588		60,903		176,019		110,324
Cash flows from investing activities:
Capital expenditures	(1,206	)	(1,250	)	(4,071	)	(2,600	)
Proceeds from sale of property	-		-		54		-
Capitalized development expenses	(5,497	)	(4,286	)	(16,277	)	(12,268	)
Repayments of (investments in) deposits	79,291		(110,127	)	89,244		(95,127	)
Net cash provided by (used in) investing activities	72,588		(115,663	)	68,950		(109,995	)
Cash flows from financing activities:
Payments of bank lines of credit	-		-		-		(434	)
Proceeds from (payments of) debt	-		-		1,021		(416	)
Proceeds from convertible notes	-		147,757		-		147,757
Payments on lease liabilities	(889	)	(853	)	(2,739	)	(2,622	)
Dividends paid to shareholders	-		-		(129,357	)	(73,486	)
Purchase of treasury shares	(14,175	)	(3,259	)	(34,372	)	(9,457	)
Net cash provided by (used in) financing activities	(15,064	)	143,645		(165,447	)	61,342
Net increase in cash and cash equivalents	156,112		88,885		79,522		61,671
Effect of changes in exchange rates on cash and cash equivalents	353		(1,047	)	339		(610	)
Cash and cash equivalents at beginning of the period	298,802		251,621		375,406		278,398
Cash and cash equivalents at end of the period	455,267		339,459		455,267		339,459

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

	REVENUE	Q1-2020				Q2-2020				Q3-2020				Q4-2020				Q1-2021				Q2-2021				Q3-2021
	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	%
	EU / USA	13.7		15	%	18.6		15	%	21.7		20	%	18.6		17	%	29.8		21	%	50.4		22	%	44.0		21	%
	Total	91.3		100	%	124.3		100	%	108.3		100	%	109.7		100	%	143.2		100	%	226.1		100	%	208.3		100	%
	ORDERS	Q1-2020				Q2-2020				Q3-2020				Q4-2020				Q1-2021				Q2-2021				Q3-2021
	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	%
	EU / USA	16.6		14	%	13.2		13	%	19.0		20	%	34.6		22	%	73.9		23	%	45.2		23	%	38.7		18	%
	Total	118.6		100	%	101.3		100	%	94.9		100	%	157.3		100	%	327.1		100	%	200.2		100	%	209.2		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	%
	Subcontractors	71.2		60	%	56.7		56	%	51.2		54	%	79.7		51	%	196.3		60	%	88.9		44	%	75.5		36	%
	Total	118.6		100	%	101.3		100	%	94.9		100	%	157.3		100	%	327.1		100	%	200.2		100	%	209.2		100	%
	HEADCOUNT	Mar 31, 2020				Jun 30, 2020				Sep 30, 2020				Dec 31, 2020				Mar 31, 2021				Jun 30, 2021				Sep 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	%	1,132		70	%
	EU / USA	458		30	%	455		30	%	459		30	%	463		30	%	468		30	%	473		30	%	483		30	%
	Total	1,529		100	%	1,522		100	%	1,513		100	%	1,523		100	%	1,538		100	%	1,569		100	%	1,615		100	%
	Temporary staff (FTE)
	Asia Pacific	42		46	%	121		72	%	95		63	%	35		37	%	299		82	%	581		90	%	559		87	%
	EU / USA	50		54	%	48		28	%	57		37	%	60		63	%	64		18	%	68		10	%	80		13	%
	Total	92		100	%	169		100	%	152		100	%	95		100	%	363		100	%	649		100	%	639		100	%
	Total fixed and temporary staff (FTE)	1,621				1,691				1,665				1,618				1,901				2,218				2,254
	OTHER FINANCIAL DATA	Q1-2020				Q2-2020				Q3-2020				Q4-2020				Q1-2021				Q2-2021				Q3-2021
	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	%
	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	%
	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	%
	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	%
	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	%
	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	%
	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	%
	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		6.00	%
	Financial expense (income), net:
	Interest expense (income), net	2.6				2.5				3.1				3.6				3.4				2.3				2.4
	Hedging results	0.7				0.5				0.3				0.3				0.7				0.7				0.7
	Foreign exchange effects, net	(0.7	)			(0.3	)			(0.2	)			(0.1	)			0.4				(0.2	)			0.3
	Total	2.6				2.7				3.2				3.8				4.5				2.8				3.4
	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	%
	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	%
	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	%
	Income per share
	Basic	0.19				0.55				0.47				0.62				0.51				1.23				1.08
	Diluted	0.19				0.50				0.43				0.55				0.47				1.12				1.00

^{__________________________________________________
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

FAQ

What were the Q3-21 earnings results for BE Semiconductor Industries (BESIY)?

Q3-21 revenue was €208.3 million, and net income was €84.2 million, reflecting a 92.3% YoY increase but a 7.9% sequential decline.

How did BESI's orders perform in Q3-21 compared to previous quarters?

Orders in Q3-21 totaled €209.2 million, up 4.5% from Q2-21 and 120.4% from Q3-20.

What is BE Semiconductor Industries' (BESIY) financial outlook for Q4-21?

Besi anticipates Q4-21 revenue to decrease by 5-15% from Q3-21, with ongoing strong market conditions expected to drive a 60-80% increase year-over-year.

What were the year-to-date results for BE Semiconductor Industries (BESIY) in 2021?

Year-to-date revenue reached €577.6 million, net income was €215.3 million, and net cash totaled €287.8 million, indicating strong performance.