Q4-24 Revenue of € 153.4 Million and Net Income of € 59.3 Million. Operating Results Within Prior Guidance
FY-24 Revenue of € 607.5 Million and Net Income of € 182.0 Million Up 4.9% and 2.8%, Respectively, vs. FY-23. Orders of € 586.7 Million Up 7.0% vs. FY-23
Proposed Dividend of € 2.18 per Share for Fiscal 2024. 95% Pay-Out Ratio
DUIVEN, the Netherlands, Feb. 20, 2025 (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, 2024.
Key Highlights Q4-24
- Revenue of € 153.4 million down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments
- Orders of € 121.9 million down 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due primarily to decreased bookings for high performance computing and mainstream assembly applications
- Gross margin of 64.0% decreased by 0.7 points vs. Q3-24 and 1.1 points vs. Q4-23 primarily due to adverse net forex influences
- Net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to € 18.2 million of net tax benefits realized. As a result, net margin rose to 38.6% vs. 29.9% in Q3-24 and 34.4% in Q4-23
- Cash and deposits of € 672.3 million at year-end increased 62.6% versus year-end 2023. Net cash of € 143.8 million increased € 33.1 million (29.9%) vs. Q3-24 and € 30.8 million (27.3%) vs. Q4-23
Key Highlights FY 2024
- Revenue of € 607.5 million increased 4.9% vs. 2023 principally due to higher demand by computing end-user markets, particularly for hybrid bonding and photonics applications, partially offset by weakness in mobile, automotive and Chinese end-user markets
- Orders of € 586.7 million rose 7.0% due to strength in 2.5D and 3D AI-related applications
- Gross margin of 65.2% rose by 0.3 points due to more favorable advanced packaging product mix
- Net income of € 182.0 million grew 2.8% as higher revenue, gross margin and net tax benefits were partially offset by higher R&D spending and share-based compensation expense. Besi's net margin decreased slightly to 30.0% vs. 30.6% in 2023
- Proposed dividend of € 2.18 per share. Represents pay-out ratio of 95%
Q1-25 Outlook
- Revenue expected to decrease 0-10% vs. the € 153.4 million reported in Q4-24
- Gross margin expected to range between 63-65% vs. the 64.0% realized in Q4-24
- Operating expenses expected to grow 10-20% vs. the € 47.6 million reported in Q4-24
| (€ millions, except EPS) | Q4-2024 | Q3-2024 | ? | Q4-2023 | ? | FY-2024 | FY-2023 | ? | ||||||||
| Revenue | 153.4 | 156.6 | -2.0 | % | 159.6 | -3.9 | % | 607.5 | 578.9 | +4.9 | % | |||||
| Orders | 121.9 | 151.8 | -19.7 | % | 166.4 | -26.7 | % | 586.7 | 548.3 | +7.0 | % | |||||
| Gross Margin | 64.0% | 64.7% | -0.7 | 65.1% | -1.1 | 65.2% | 64.9% | +0.3 | ||||||||
| Operating Income | 50.6 | 55.1 | -8.2 | % | 66.1 | -23.4 | % | 195.6 | 213.4 | -8.3 | % | |||||
| EBITDA | 58.0 | 62.4 | -7.1 | % | 72.7 | -20.2 | % | 224.2 | 239.1 | -6.2 | % | |||||
| Net Income* | 59.3 | 46.8 | +26.7 | % | 54.9 | +8.0 | % | 182.0 | 177.1 | +2.8 | % | |||||
| Net Margin* | 38.6% | 29.9% | +8.7 | 34.4% | +4.2 | 30.0% | 30.6% | -0.6 | ||||||||
| EPS (basic) | 0.75 | 0.59 | +27.1 | % | 0.71 | +5.6 | % | 2.31 | 2.28 | +1.3 | % | |||||
| EPS (diluted) | 0.74 | 0.59 | +25.4 | % | 0.68 | +8.8 | % | 2.30 | 2.23 | +3.1 | % | |||||
| Net Cash and Deposits | 143.8 | 110.7 | +29.9 | % | 113.0 | +27.3 | % | 143.8 | 113.0 | +27.3 | % | |||||
* Includes net tax benefit of € 18.2 million in Q4-24 versus a tax charge of € 2.3 million in Q4-23.
Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
"Besi's business development in 2024 reflected contrasting growth trends for AI and mainstream assembly equipment markets. For the year, revenue grew by approximately 5% to reach € 607.5 million due to significantly higher demand by computing end-user markets, particularly for AI-related hybrid bonding and photonics applications. Similarly, orders of € 586.7 million increased by 7.0%. As a result, orders for AI applications grew to represent approximately 50% of our total orders in 2024. Strong order growth from computing end-user markets this year was partly offset by unfavorable market conditions for mainstream applications related to an industry downturn more than two years in duration.
"We continue to navigate an extended downturn at industry leading levels of profitability. Besi achieved gross, operating and net margins of 65.2%, 32.2% and 30.0%, respectively, in 2024. Gross margins increased slightly versus 2023 due to a more favorable advanced packaging product mix which were partially offset by unfavorable net forex effects, particularly in the second half of the year. Net income rose 2.8% versus 2023 primarily due to higher revenue and gross margins realized and a net tax benefit of € 18.2 million. Such favorable influences were partially offset by a significant increase in development spending and higher share-based compensation expense. Given profits earned in 2024 and our solid liquidity position, we will propose a cash dividend of € 2.18 per share for approval at Besi's 2025 AGM which represents a pay-out ratio relative to net income of 95%.
"Investments in Besi's future growth continued in 2024 as reflected in higher development spending and a planned expansion of our advanced packaging production capacity in 2025. We increased R&D spending by 31.7% this year to offer customers leading edge assembly solutions for next generation 2.5D and 3D architectures. In addition, progress continued on our hybrid bonding agenda as revenue approximately tripled versus 2023 and orders more than doubled. In addition, adoption increased from nine to fifteen customers. During Q4-24, some notable hybrid bonding bookings included a first order from a Japanese semiconductor producer focused on 2nm advanced logic semiconductors and from a Korean IDM for advanced logic applications.
"Besi's fourth quarter results were adversely affected by ongoing weakness in mainstream assembly markets, seasonal influences and lower demand for hybrid bonding and photonics applications as customers digested capacity added in 2024. Revenue of € 153.4 million was down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments. Orders of € 121.9 million decreased by 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due to lower bookings for hybrid bonding, photonics and mainstream assembly applications. Hybrid bonding and photonics orders have fluctuated on a quarterly basis due to the timing by customers of new device introductions and related capacity additions for these emerging applications. Our operating income in Q4-24 decreased by 8.2% versus Q3-24 primarily due to lower revenue and a 0.7 point gross margin decrease from adverse forex movements. Q4-24 net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to net tax benefits realized from an upward revaluation of deferred tax assets.
"We enter the year 2025 with cautious optimism based on strong momentum in our advanced die placement solutions for AI applications partially offset by ongoing weakness in mainstream automotive, smart phone, industrial and Chinese end-user markets. We believe that the pace of innovation is increasing as the pandemic and generative AI have accelerated society's move to a digital world with AI technology adoption increasing significantly in our daily lives. We believe that the commercial viability of hybrid bonding process technology has now been confirmed by some of the industry's leading players and research institutes. Significant incremental adoption is anticipated to occur over the next three years as the technology is increasingly used in HBM 4/5 memory stacks, ASIC logic devices, silicon photonics, co-packaged optics and consumer mobile/computing applications. As such, we estimate that hybrid bonding adoption and deployment is still in its very early stages.
"The timing and trajectory of a new mainstream assembly upturn is difficult to predict at present. The assembly market still suffers from post-pandemic excess capacity which has taken more than two years to approach equilibrium levels. Semiconductor unit growth and capacity utilization rates have improved since 2022 but at a less rapid rate than previously anticipated by analysts. That being said, we believe it likely that a mainstream assembly recovery will begin in the second half of 2025. Its trajectory will depend on demand trends in each of our end markets and the ultimate course of global trade restrictions. For Q1-25, we forecast that revenue will decrease by 0-10% versus Q4-24 and for gross margins to remain in a range of 63-65% based on our projected product mix. Aggregate operating expenses are forecast to rise 10-20% versus Q4-24 primarily due to higher strategic consulting costs."
Share Repurchase Activity
During the quarter, Besi repurchased approximately 0.2 million of its ordinary shares at an average price of € 112.84 per share or a total of € 22.4 million. For the year, Besi repurchased approximately 0.6 million shares at an average price of € 125.53 per share for a total of € 79.8 million. At year end, Besi held approximately 1.8 million shares in treasury equal to 2.3% of its shares outstanding.
| 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). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com. |
Important Dates
| February 28, 2025 April 23, 2025 April 23, 2025 July 24, 2025 October 23, 2025 February 2026 |
Dividend Information*
| April 25, 2025 April 28, 2025 Starting May 2, 2025 |
| * Subject to approval at Besi's AGM on April 23, 2025 | |
Basis of Presentation
The accompanying 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 2024 Annual Report, which will be available on www.besi.com as of February 28, 2025.
Contacts
Richard W. Blickman, President & CEO
Andrea Kopp-Battaglia, Senior Vice President Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500
investor.relations@besi.com
About Besi
Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, 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.
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 2024 and were authorized for issuance by the Board of Management and Supervisory Board on February 19, 2025. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, EY Accountants BV has issued an unqualified auditor's opinion on the Annual Report 2024. The Annual Report 2024 will be published on our website on February 28, 2025 and proposed for adoption by the Annual General Meeting on April 23, 2025. The condensed financial statements included in this press release have been prepared in accordance with IFRS Accounting Standards, 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 and other global pandemics 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; 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; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2024 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) | |||
| 2024 | 2023 | 2024 | 2023 | ||
| Revenue | 153,413 | 159,635 | 607,473 | 578,862 | |
| Cost of sales | 55,253 | 55,700 | 211,529 | 203,074 | |
| Gross profit | 98,160 | 103,935 | 395,944 | 375,788 | |
| Selling, general and administrative expenses | 28,575 | 24,277 | 126,048 | 105,956 | |
| Research and development expenses | 19,009 | 13,533 | 74,305 | 56,440 | |
| Total operating expenses | 47,584 | 37,810 | 200,353 | 162,396 | |
| Operating income | 50,576 | 66,125 | 195,591 | 213,392 | |
| Financial expense, net | 3,877 | 729 | 7,071 | 5,703 | |
| Income before taxes | 46,699 | 65,396 | 188,520 | 207,689 | |
| Income tax expense (benefit) | (12,595 | ) | 10,501 | 6,528 | 30,605 |
| Net income | 59,294 | 54,895 | 181,992 | 177,084 | |
| Net income per share - basic | 0.75 | 0.71 | 2.31 | 2.28 | |
| Net income per share - diluted | 0.74 | 0.68 | 2.30 | 2.23 | |
| Number of shares used in computing per share amounts: - basic - diluted 1 | 79,402,192 81,628,947 | 77,070,082 82,091,299 | 78,877,471 81,889,907 | 77,508,722 82,800,279 | |
| 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 | |||||
| Consolidated Balance Sheets | |||||
| (€ thousands) | December 31, 2024 (audited) | September 30, 2024 (unaudited) | June 30, 2024 (unaudited) | March 31, 2024 (unaudited) | December 31, 2023 (audited) |
| ASSETS | |||||
| Cash and cash equivalents | 342,319 | 307,448 | 127,234 | 232,053 | 188,477 |
| Deposits | 330,000 | 330,000 | 130,000 | 215,000 | 225,000 |
| Trade receivables | 181,862 | 169,266 | 174,601 | 150,192 | 143,218 |
| Inventories | 103,285 | 104,103 | 99,291 | 99,384 | 92,505 |
| Other current assets | 40,927 | 44,731 | 36,346 | 34,756 | 39,092 |
| Total current assets | 998,393 | 955,548 | 567,472 | 731,385 | 688,292 |
| Property, plant and equipment | 44,773 | 44,220 | 43,571 | 41,328 | 37,516 |
| Right of use assets | 15,726 | 16,419 | 16,821 | 16,901 | 18,242 |
| Goodwill | 46,010 | 45,278 | 45,710 | 45,613 | 45,402 |
| Other intangible assets | 96,677 | 94,855 | 92,627 | 90,241 | 93,668 |
| Deferred tax assets | 31,567 | 8,610 | 9,517 | 11,444 | 12,217 |
| Other non-current assets | 1,330 | 1,316 | 1,239 | 1,252 | 1,216 |
| Total non-current assets | 236,083 | 210,698 | 209,485 | 206,779 | 208,261 |
| Total assets | 1,234,476 | 1,166,246 | 776,957 | 938,164 | 896,553 |
| Bank overdraft | 776 | - | - | - | - |
| Current portion of long-term debt | 2,042 | 2,241 | 3,033 | 984 | 3,144 |
| Trade payables | 52,630 | 49,211 | 51,620 | 52,382 | 46,889 |
| Other current liabilities | 111,531 | 87,739 | 73,023 | 100,606 | 87,200 |
| Total current liabilities | 166,979 | 139,191 | 127,676 | 153,972 | 137,233 |
| Long-term debt | 525,653 | 524,527 | 179,801 | 265,142 | 297,353 |
| Lease liabilities | 12,350 | 13,033 | 13,448 | 13,625 | 14,924 |
| Deferred tax liabilities | 10,320 | 11,619 | 10,396 | 12,136 | 12,959 |
| Other non-current liabilities | 17,910 | 12,449 | 11,352 | 12,914 | 12,671 |
| Total non-current liabilities | 566,233 | 561,628 | 214,997 | 303,817 | 337,907 |
| Total equity | 501,264 | 465,427 | 434,284 | 480,375 | 421,413 |
| Total liabilities and equity | 1,234,476 | 1,166,246 | 776,957 | 938,164 | 896,553 |
| Consolidated Cash Flow Statements | ||||||||
| (€ thousands) | Three Months Ended December 31, (unaudited) | Year Ended December 31, (audited) | ||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Cash flows from operating activities: | ||||||||
| Income before income tax | 46,699 | 65,396 | 188,520 | 207,689 | ||||
| Depreciation and amortization | 7,420 | 6,577 | 28,601 | 25,732 | ||||
| Share based payment expense | 2,851 | 2,807 | 30,067 | 19,107 | ||||
| Financial expense, net | 3,877 | 729 | 7,071 | 5,703 | ||||
| Changes in working capital | 4,819 | (24,238 | ) | (39,095 | ) | (26,819 | ) | |
| Interest (paid) received | 1,965 | 1,647 | 9,183 | 4,722 | ||||
| Income tax (paid) received | (3,751 | ) | 386 | (23,264 | ) | (27,562 | ) | |
| Net cash provided by operating activities | 63,880 | 53,304 | 201,083 | 208,572 | ||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | (1,074 | ) | (1,451 | ) | (12,039 | ) | (6,899 | ) |
| Capitalized development expenses | (5,447 | ) | (5,780 | ) | (19,437 | ) | (21,121 | ) |
| Repayments of (investments in) deposits | - | (39,659 | ) | (105,000 | ) | (44,927 | ) | |
| Net cash provided by (used in) investing activities | (6,521 | ) | (46,890 | ) | (136,476 | ) | (72,947 | ) |
| Cash flows from financing activities: | ||||||||
| Proceeds from bank lines of credit | 776 | - | 776 | - | ||||
| Proceeds from notes | - | - | 350,000 | - | ||||
| Transaction costs related to notes | (29 | ) | - | (6,424 | ) | - | ||
| Payments of lease liabilities | (1,128 | ) | (1,100 | ) | (4,314 | ) | (4,307 | ) |
| Purchase of treasury shares | (22,415 | ) | (23,123 | ) | (79,833 | ) | (213,387 | ) |
| Dividends paid to shareholders | - | - | (171,534 | ) | (222,109 | ) | ||
| Net cash used in financing activities | (22,796 | ) | (24,223 | ) | 88,671 | (439,803 | ) | |
| Net increase (decrease) in cash and cash equivalents | 34,563 | (17,809 | ) | 153,278 | (304,178 | ) | ||
| Effect of changes in exchange rates on cash and cash equivalents | 308 | 1,261 | 564 | 969 | ||||
| Cash and cash equivalents at beginning of the period | 307,448 | 205,025 | 188,477 | 491,686 | ||||
| Cash and cash equivalents at end of the period | 342,319 | 188,477 | 342,319 | 188,477 | ||||
| Supplemental Information (unaudited) (€ millions, unless stated otherwise) | ||||||||||||||||||||||||||||||||
| REVENUE | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | Q1-2023 | ||||||||||||||||||||||||
| Per geography: | ||||||||||||||||||||||||||||||||
| China | 42.8 | 28 | % | 45.5 | 29 | % | 57.5 | 38 | % | 58.5 | 40 | % | 62.0 | 39 | % | 40.8 | 33 | % | 64.9 | 40 | % | 37.6 | 28 | % | ||||||||
| Asia Pacific (excl. China) | 53.5 | 35 | % | 51.6 | 33 | % | 54.1 | 36 | % | 43.6 | 30 | % | 57.9 | 36 | % | 42.3 | 34 | % | 59.2 | 36 | % | 58.2 | 44 | % | ||||||||
| EU / USA / Other | 57.1 | 37 | % | 59.5 | 38 | % | 39.6 | 26 | % | 44.2 | 30 | % | 39.7 | 25 | % | 40.2 | 33 | % | 38.4 | 24 | % | 37.6 | 28 | % | ||||||||
| Total | 153.4 | 100 | % | 156.6 | 100 | % | 151.2 | 100 | % | 146.3 | 100 | % | 159.6 | 100 | % | 123.3 | 100 | % | 162.5 | 100 | % | 133.4 | 100 | % | ||||||||
| ORDERS | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | Q1-2023 | ||||||||||||||||||||||||
| Per geography: | ||||||||||||||||||||||||||||||||
| China | 40.4 | 33 | % | 45.4 | 30 | % | 43.3 | 23 | % | 51.1 | 40 | % | 71.1 | 43 | % | 46.0 | 36 | % | 51.4 | 46 | % | 35.5 | 25 | % | ||||||||
| Asia Pacific (excl. China) | 38.8 | 32 | % | 69.3 | 46 | % | 72.0 | 39 | % | 45.0 | 35 | % | 36.6 | 22 | % | 40.9 | 32 | % | 33.2 | 29 | % | 71.3 | 50 | % | ||||||||
| EU / USA / Other | 42.7 | 35 | % | 37.1 | 24 | % | 69.9 | 38 | % | 31.6 | 25 | % | 58.7 | 35 | % | 40.4 | 32 | % | 28.0 | 25 | % | 35.2 | 25 | % | ||||||||
| Total | 121.9 | 100 | % | 151.8 | 100 | % | 185.2 | 100 | % | 127.7 | 100 | % | 166.4 | 100 | % | 127.3 | 100 | % | 112.6 | 100 | % | 142.0 | 100 | % | ||||||||
| Per customer type: | ||||||||||||||||||||||||||||||||
| IDM | 61.2 | 50 | % | 84.5 | 56 | % | 122.4 | 66 | % | 53.5 | 42 | % | 82.7 | 50 | % | 70.5 | 55 | % | 60.5 | 54 | % | 74.0 | 52 | % | ||||||||
| Foundries/Subcontractors* | 60.7 | 50 | % | 67.3 | 44 | % | 62.8 | 34 | % | 74.2 | 58 | % | 83.7 | 50 | % | 56.8 | 45 | % | 52.1 | 46 | % | 68.0 | 48 | % | ||||||||
| Total | 121.9 | 100 | % | 151.8 | 100 | % | 185.2 | 100 | % | 127.7 | 100 | % | 166.4 | 100 | % | 127.3 | 100 | % | 112.6 | 100 | % | 142.0 | 100 | % | ||||||||
| * Includes foundries as of financial year 2024 | ||||||||||||||||||||||||||||||||
| HEADCOUNT | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||||||||||||||
| Fixed staff (FTE) | 1,812 | 93 | % | 1,807 | 87 | % | 1,783 | 86 | % | 1,760 | 88 | % | 1,736 | 93 | % | 1,725 | 87 | % | 1,689 | 86 | % | 1,682 | 84 | % | ||||||||
| Temporary staff (FTE) | 134 | 7 | % | 271 | 13 | % | 279 | 14 | % | 236 | 12 | % | 134 | 7 | % | 248 | 13 | % | 279 | 14 | % | 312 | 16 | % | ||||||||
| Total | 1,946 | 100 | % | 2,078 | 100 | % | 2,062 | 100 | % | 1,996 | 100 | % | 1,870 | 100 | % | 1,973 | 100 | % | 1,968 | 100 | % | 1,994 | 100 | % | ||||||||
| OTHER FINANCIAL DATA | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | Q1-2023 | ||||||||||||||||||||||||
| Gross profit | 98.2 | 64.0 | % | 101.2 | 64.7 | % | 98.3 | 65.0 | % | 98.3 | 67.2 | % | 103.9 | 65.1 | % | 79.6 | 64.6 | % | 106.6 | 65.6 | % | 85.7 | 64.2 | % | ||||||||
| Selling, general and admin expenses: | ||||||||||||||||||||||||||||||||
| As reported | 28.6 | 18.6 | % | 27.3 | 17.4 | % | 30.5 | 20.2 | % | 39.6 | 27.1 | % | 24.3 | 15.2 | % | 23.3 | 18.9 | % | 29.4 | 18.1 | % | 29.0 | 21.7 | % | ||||||||
| Share-based compensation expense | -2.9 | -1.8 | % | (3.4 | ) | -2.1 | % | (6.9 | ) | -4.6 | % | (16.9 | ) | -11.6 | % | (2.8 | ) | -1.7 | % | (1.6 | ) | -1.3 | % | (5.5 | ) | -3.4 | % | (9.3 | ) | -7.0 | % | |
| SG&A expenses as adjusted | 25.7 | 16.8 | % | 23.9 | 15.3 | % | 23.6 | 15.6 | % | 22.7 | 15.5 | % | 21.5 | 13.5 | % | 21.7 | 17.6 | % | 23.9 | 14.7 | % | 19.7 | 14.8 | % | ||||||||
| Research and development expenses: | ||||||||||||||||||||||||||||||||
| As reported | 19.0 | 12.4 | % | 18.9 | 12.1 | % | 18.5 | 12.2 | % | 17.9 | 12.2 | % | 13.5 | 8.5 | % | 13.6 | 11.0 | % | 14.3 | 8.8 | % | 15.0 | 11.2 | % | ||||||||
| Capitalization of R&D charges | 5.4 | 3.5 | % | 4.4 | 2.8 | % | 4.9 | 3.2 | % | 4.7 | 3.2 | % | 5.7 | 3.6 | % | 4.7 | 3.8 | % | 5.3 | 3.3 | % | 5.4 | 4.0 | % | ||||||||
| Amortization of intangibles | -3.9 | -2.5 | % | (3.9 | ) | -2.5 | % | (3.6 | ) | -2.3 | % | (3.6 | ) | -2.4 | % | (3.3 | ) | -2.1 | % | (3.3 | ) | -2.6 | % | (3.5 | ) | -2.2 | % | (3.5 | ) | -2.6 | % | |
| R&D expenses as adjusted | 20.5 | 13.4 | % | 19.4 | 12.4 | % | 19.8 | 13.1 | % | 19.0 | 13.0 | % | 15.9 | 10.0 | % | 15.0 | 12.2 | % | 16.1 | 9.9 | % | 16.9 | 12.7 | % | ||||||||
| Financial expense (income), net: | ||||||||||||||||||||||||||||||||
| Interest income | -5.1 | (5.2 | ) | (3.0 | ) | (4.0 | ) | (3.6 | ) | (2.9 | ) | (3.1 | ) | (2.6 | ) | |||||||||||||||||
| Interest expense | 6.1 | 5.7 | 2.1 | 2.8 | 3.0 | 2.8 | 2.9 | 2.9 | ||||||||||||||||||||||||
| Net cost of hedging | 2.0 | 1.9 | 1.4 | 1.6 | 1.7 | 1.7 | 2.0 | 1.6 | ||||||||||||||||||||||||
| Foreign exchange effects, net | 0.9 | (0.8 | ) | 0.5 | 0.2 | (0.4 | ) | 0.2 | (0.1 | ) | (0.4 | ) | ||||||||||||||||||||
| Total | 3.9 | 1.6 | 1.0 | 0.6 | 0.7 | 1.8 | 1.7 | 1.5 | ||||||||||||||||||||||||
| Gross cash | 672.3 | 637.4 | 257.2 | 447.1 | 413.5 | 391.2 | 378.3 | 644.9 | ||||||||||||||||||||||||
| Operating income (as % of net sales) | 50.6 | 33.0 | % | 55.1 | 35.2 | % | 49.3 | 32.6 | % | 40.7 | 27.8 | % | 66.1 | 41.4 | % | 42.7 | 34.6 | % | 62.9 | 38.7 | % | 41.7 | 31.3 | % | ||||||||
| EBITDA (as % of net sales) | 58.0 | 37.8 | % | 62.4 | 39.8 | % | 56.2 | 37.2 | % | 47.5 | 32.5 | % | 72.7 | 45.6 | % | 48.9 | 39.7 | % | 69.3 | 42.6 | % | 48.2 | 36.1 | % | ||||||||
| Net income (as % of net sales) | 59.3 | 38.6 | % | 46.8 | 29.9 | % | 41.9 | 27.7 | % | 34.0 | 23.2 | % | 54.9 | 34.4 | % | 35.0 | 28.4 | % | 52.6 | 32.4 | % | 34.5 | 25.9 | % | ||||||||
| Effective tax rate | -27.0 | % | 12.6 | % | 13.0 | % | 15.3 | % | 16.1 | % | 14.4 | % | 14.0 | % | 14.0 | % | ||||||||||||||||
| Income per share | ||||||||||||||||||||||||||||||||
| Basic | 0.75 | 0.59 | 0.53 | 0.44 | 0.71 | 0.45 | 0.68 | 0.44 | ||||||||||||||||||||||||
| Diluted | 0.74 | 0.59 | 0.53 | 0.44 | 0.68 | 0.45 | 0.66 | 0.44 | ||||||||||||||||||||||||
| Average shares outstanding (basic) | 79,402,192 | 79,630,787 | 79,281,533 | 77,181,326 | 77,070,082 | 77,374,933 | 77,634,197 | 77,946,873 | ||||||||||||||||||||||||
| Shares repurchased | ||||||||||||||||||||||||||||||||
| Amount | 22.4 | 27.8 | 14.8 | 14.8 | 23.1 | 45.5 | 66.9 | 77.7 | ||||||||||||||||||||||||
| Number of shares | 198,450 | 230,807 | 105,042 | 101,049 | 226,572 | 447,829 | 761,937 | 1,120,327 | ||||||||||||||||||||||||
