Upload
others
View
9
Download
0
Embed Size (px)
Citation preview
Interim Report Q1 2021April 29, 2021
1
• Organic growth of 1% despite continued pandemic related headwinds and a 5 pp headwind from supply chain issues
• Sharp increase in customer activity for all business areas
• Important design wins and product launches
• Operating result SEK -9 million (-23) showing a good pace towards our goal of achieving profitability for the full year 2021
• Announced our plans to spin off Tobii Dynavox
Q1 2021 SummaryIncreased business activity across the board and significant profitability improvement
Tobii Dynavox• World's leading supplier of assistive technology
for communication
• Market share close to 40%
• Provides products that enable users with disabilities to speak and communicate effectively
Tobii Dynavox’s mission is to empower people with disabilities to do what they once did,
or never thought possible
3
Share of Tobii’sgross sales (LTM)
59%
Tobii Dynavox Q1 2021Strong demand increase notable in the sales pipeline
• Revenue pressured by pandemic and supply chain disruptions
• Underlying activity improved and the sales pipeline developed favorably
• Favorable trends in reimbursements - President Biden signed a new law securing improved reimbursement opportunities for ALS patients
• Continued strong traction for new I-series
4
During the quarter, engagement in social media increased by 202% to a total of 5 million interactions.
This is partly driven by unboxing videos, such as Unboxing the New Speech Case
5
Tobii Dynavox Q1 2021Financials
• Revenue declined 6% organically• Around 7 pp impact from supply chain disruptions• Covid-19 had strong negative impact on sales• New I-Series continued to be a growth driver• Strong trends in sales pipeline
• Gross margin was 68% (68%)
• EBIT margin of 13% (15%)• Negatively affected by the organic revenue decline caused by
supply chain disruptions, while currency effects, and lower amortization and higher capitalization of R&D contributed positively to the margin.
• Adjusted for these effects (in both this quarter and the comparison quarter) the underlying profitability was improved by slightly more than 1pp y/y
Revenue (SEK million) and Gross Margin
EBIT (SEK million) and EBIT Margin
175199 207 217 215 221 219
251 241217 204
233203
68% 67% 68% 66% 63%67% 68% 64%
68%63%
67% 67% 68%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
14
2218 17 17,2
2530
28
36
28 27
34
27
8%11%
9% 8% 8%11%
14%11%
15%13% 13%
15%13%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Tobii Pro• World’s leading supplier of eye-tracking solutions for
understanding human behavior
• Market share of 60%
• Provides eye tracking solutions consisting of hardware devices, analysis software and research consulting
Tobii Pro’s mission is to empower scientific researchers and business professionals with revolutionary insights
into human behavior through the use of world-class eye tracking technology
6
25%Share of Tobii’sgross sales (LTM)
Tobii Pro Q1 2021Strong performance in “post-pandemic” markets
• Revenue up 13% organically
• Tobii Pro’s business remains heavily impacted by the pandemic
• China closed universities for 1.5 month in the quarter
• Large regional differences with strong growth in Asia while sales is still trailing significantly in the US and also in Europe
• Optimistic indications around post-pandemic performance
• Launched new reading analytics solution in Tobii Pro Lab
7
Tobii Pro, has introduced a module for reading research in the analytical software solution Pro Lab. This creates new possibilities for researchers working in text comprehension, educational psychology, and applied reading.
8
Tobii Pro Q1 2021Financials
• Revenue grew 13% organically
• Still a clear negative covid-19 impact across many markets
• Gross margin at 75% (72%)
• Driven by leverage on fixed COGS
• EBIT margin at 2% (1%)
• Pressured by substantially higher amortizations related to Glasses 3, and lower capitalizations.
Revenue (SEK million) and Gross Margin
EBIT (SEK million) and EBIT Margin
98 92 88
120 115
93103
131
96
6382
124
98
74% 73% 76% 76% 76% 72% 76% 76% 72% 70%75% 73% 75%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
15
1 4
24 23
-3
1320
1
-24
1
12
216%
2% 5%
20% 20%
-3%
13% 15%
1%
-39%
2%
9%
2%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Share of Tobii’s gross sales (LTM)
Tobii Tech• World’s leading supplier of eye-tracking
technology for integration into consumer electronics and other volume products
Tobii Tech’s mission is to enable devices to visually sense the user - to transform your
everyday experiences to be more intelligent, intuitive and insightful
9
15%
Tobii Tech Q1 2021Business activity continue to increase in a good pace
• Customer activity continue to steadily rise
• Received 6 design wins, of which two in PC and the remaining four in medical applications
• VR market continues to develop favorably
• Tobii, Valve and OpenBCI in research collaboration
• Gaming peripheral sales continue to show high growth
• Launch of Tobii Horizon in Lenovo gaming laptop (after the quarter close)
10
Tobii has launched Tobii Horizon, which is a brand-new PC application that leverages sensor data from the laptop’s in-built web camera to deliver highly accurate head tracking for enhanced game immersion and simulation experiences.
11
Tobii Tech Q1 2021Financials
• Revenue declined 1% organically
• External revenues grew 4% organically. Internal revenues declined by 14%, primarily as a result of Tobii Dynavox supply chain disruptions
• Revenue impacted by difficulties to pursue business development and project delays throughout the pandemic
• Gross margin was 59% (64%)• Negatively affected by sales mix
• Operating loss improved to SEK -40 million (-61)• Attributable to stable a revenue and lower costs
Revenue (SEK million) and Gross Margin
EBIT (SEK million)
37 32 3448 49 49 49
7459
67
4460
50
54% 52%59% 56% 53%
57%50%
60%64%
72%
56% 58% 59%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
-66
-82 -82-74
-80-72 -73 -70
-61-50
-57 -55
-40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
12
Tobii Group Q1 2021Financials
• Revenue was SEK 339 million (380), corresponding to 1% organic growth
• Material impact from covid-19 effects but also good growth in several product lines and customer segments
• Tobii Dynavox supply chain issues held back growth by ~5 pp
• Gross margin was 71% (71%)
• Group EBIT was SEK -9 million (-23)• Strong progress towards profitability• Operating costs down 9% organically
Revenue and Gross Margin for the Group (SEK million)
EBIT for the Group (SEK million)
294 307 313365 363 346 360
433380
333 318
397339
72% 70% 72% 72% 69% 71% 69% 70% 71% 69% 70% 71% 71%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
-37
-59 -60
-33-38
-48
-32
-21 -23
-45
-27
-8 -9,3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Tobii GroupPositive profitability trend
EBITDA less capitalized R&D (SEK million) EBITDA less capitalized R&D (R12m) (SEK million)
-30
-73-65
-60-52
-65
-35
-19-14
-33
-13
11
1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
-250 -242
-212
-172
-133
-102-79
-49-34
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
14
Tobii Group Q1 2021Balance sheet and cash flow• SEK 58 million improvement in cash flow after continuous investments, from SEK -62 million to SEK -4 million, driven by improved
operating result, and supported by lower capex and less tie up of working capital
• Solid cash position of SEK 422 million
• Net debt was SEK 187 million (SEK 42 million excl. IFRS 16 Leasing) per 31 mar
• New lease agreement for the head office raise IFRS 16 debt
• Tobii has a well-prepared plan for refinancing of the bond
Group balance sheet and cash flow summary
Tobii Group (MSEK) Q1 2021 Q1 2020
Total Assets 1723 1734
Equity 567 651
Equity Ratio 33 38
Cash Position (excl Smartbox) 422 278
Cash flow after continuous investments -4 -62
Group cash flow after continuous investments
-65 -62-71
-37
-93
-75
-57-40
-62
1911
25
-4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Tobii Q1 2021Summary of the quarter and outlook
Organic growth and improved operating result, despite the pandemic and supply chain disruptions• Continued pressure from covid-19
• Strong underlying momentum in most parts of the business
• 1% organic growth, negatively affected by 5 pp from supply chain disruptions
• Important design wins and product launches
• EBIT improved to SEK -9 million (-23)
• Solid financial position with SEK 422 million cash on balance and a net debt of SEK 42 million (excl IFRS 16)
Outlook• Improving sales activity across all segments and strong performance in “post-pandemic” markets make
us optimistic regarding the outlook
• However, the supply chain disruptions will defer significant revenue from Q2 to Q3
• On track to deliver positive operating result for full-year 2021
15
The natural next big step in Tobii´s evolution
16
On-going review of the group’s structure, with the intent to:
• Spin off Tobii Dynavox• Publicly list Tobii Dynavox on Nasdaq Stockholm
• Create two fully independent, world-leading companies
Clear and strong rationale
17
• Very few synergies today between Tobii Dynavox and the other parts of Tobii
• Maximize long-term potential and shareholder value• More empowered teams• More agile organizations• Increased focus• Closer to customers• Simplified structure
• Form two clean-cut differentiated investment opportunities
• Based on good performance and a strong outlook, both parts are now ready to take this step
Tobii Dynavox• Snygg fräsig framsides bild
18
The World Leader in Assistive Technology for Communication
Tobii Dynavox has a large and important mission and opportunity
19
Our mission is to empower people with disabilities to do what they once did,
or never thought possible.
Power to be You!
A large market that is still largely un-served
20
<2%
Tobii Dynavox is the clear global market leader, with unparalleled distribution and access to reimbursement
21
Leading provider of touch and eye tracking assistive technology solutions and tools for adapted special education
Integrated solution and ecosystem of resources
Leading clinical expertise with medically certified solutions 10,000+
120+
Prescribing Therapists
SalesEmployees
95+Resellers &
Partners
50+Reimbursement,
Appeals and Contracting Specialists
400+Local Insurance
Companies
50,000+AAC Professionals
Trained p.a.
… Resulting in Leading Global Market Shares
25%Special
Education Market Share
36%Overall Market
Share
Assistive Technology For Communication
Special Education
70+ countries covered globally through either direct presence in core markets or via reseller partners
Stockholm, Sweden
Pittsburgh, USA
Sheffield, UK
Suzhou, China
OfficeRemote presence
Oslo, Norway~500Employees
Only Player with Global Reach… Unparalleled Distribution and Funding AccessComprehensive portfolio of leading solutions
Tobii Dynavox as an investment
22
178 174 206 234
442
740 762708
797906 894
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
(30) (47) 321
42
119 125
74 71100
125(17%)(27%)
1%9% 9%
16% 16% 10% 9% 11% 14%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
• Established products with life changing and revolutionary benefits to the users and the world around them
• Significantly underpenetrated non-cyclical market with a healthy and long-term sustainable growth outlook
• Only global player and market leader with the most comprehensive solution offering
• Unmatched access to reimbursement, an offering compliant with medical standards and with the leading clinical expertise
• After a period of product investment-focus, now shifting gears to sales expansion and margin development
Revenue (SEK million)
EBIT (SEK million)
23
24
Tobii - the global leader in eye tracking technology and solutions
Industry and human performance
Personal computing & gaming
Scientific research
Medical applicationsEducation
Virtual and augmented realityMarketing and user research
Mission
To improve the world with technology that understands human attention and intent
…and more
The (new) Tobii
25
• Deeper integration of Tobii Pro and Tobii Tech
• Significant synergies across sales, marketing, core technology and product portfolios
• Optimize resource allocation, enhance core competencies and enable more forceful expansion
• Anand Srivatsa intended as new CEO• Long experience in senior roles on Intel• Proven as a great leader also in Tobii
0
100
200
300
400
500
600
700
2014 2015 2016 2017 2018 2019 2020
Tobii is a unique strong growth investment opportunity
26
1. Eye Tracking provides strong value across wide portfolio of applications
2. Long-term volume potential exceeds one billion units, making it an highly attractive and valuable industry, with key markets on the verge of large volume scaling
3. Established global market leader
4. Technology leader in eye tracking with leading know-how, products / solutions and patent portfolio
5. Strong revenue growth outlook with attractive profitability profile as a result of high gross margins and low incremental opex needs
Revenue (SEK million)
Gross profit (SEK million) and Gross margin
Revenue for Tobii Pro and Tobii Tech including sales to Tobii Dynavox
The (new) Tobii will be presented in detail at a capital markets day in the fall
Gross profit for Tobii Pro and Tobii Tech including gross profit from sales to Tobii Dynavox
0%10%20%30%40%50%60%70%80%
0
100
200
300
400
500
2014 2015 2016 2017 2018 2019 2020
27
Timeline
• Now – Q4: Further preparations
• Fall 2021: Capital markets days in both (new) Tobii and Tobii Dynavox
• End of 2021: Planned spin-off and public listing of Tobii Dynavox
Thank You
28