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Key financial data for third quarter 2018
Premstaetten - (PR title cont'd) ... further sequential and year-on-year growth
expected in fourth quarter with revenues of USD 570-610 million and sequentially
higher adjusted operating margin; more focused growth strategy around optical,
image and audio sensing to drive optical growth opportunities
Premstaetten, Austria (22 October 2018) -- ams (SIX: AMS), a leading worldwide
supplier of high performance sensor solutions, reports third quarter results
with revenues in the upper third of the guidance range and operating
profitability in line with guidance. ams is successfully implementing the
expected production ramps in consumer optical sensing while its other businesses
continued to develop positively in line with expectations. Ongoing high volume
ramps in ams' consumer business drive further expected sequential and year-on-
year growth in the fourth quarter with expected revenues of USD 570-610 million
and sequentially higher adjusted operating margin.
Third quarter group revenues were USD 479.6 million, up 92% sequentially
compared to the second quarter and up 57% from USD 305.5 million in the same
quarter 2017. Adjusted gross margin for the third quarter was 33% (excluding
acquisition-related and share-based compensation costs) with IFRS reported gross
margin at 31% (including acquisition-related and share-based compensation
costs), compared to 41% and 37% respectively in the same quarter 2017.
The adjusted result from operations (EBIT) for the third quarter was USD 60.2
million or 13% of revenues (excluding acquisition-related and share-based
compensation costs), in line with previous guidance, while increasing strongly
from USD 40.5 million in the same period 2017 (USD 37.3 million or 8% of
revenues including acquisition-related and share-based compensation costs, up
from USD 12.3 million in the same period 2017). This expected positive result
reflects the ramp-up nature of the quarter given increasing production volumes
for a recently launched global smartphone platform.
Adjusted net income for the third quarter was USD 18.6 million (excluding
valuation effect of option element of foreign currency convertible bond),
compared to USD 23.5 million for the same period 2017 (third quarter 2018: USD
68.8 million including valuation effect). Adjusted basic/diluted earnings per
share for the third quarter were CHF 0.22/0.21 or USD 0.23/0.22 based on
82,518,624/84,893,054 shares (weighted average; third quarter 2018: CHF 0.82/
0.79 or USD 0.83/0.81 including valuation effect; third quarter 2017: CHF 0.28/
0.27 or USD 0.28/0.27 based on 83,390,747/86,716,951 shares, weighted average).
Operating cash flow for the third quarter was USD 85.9 million compared to USD -
37.6 million in the same quarter last year. Total backlog on 30 September 2018
(excluding consignment stock agreements) was USD 601.7 million compared to USD
544.4 million at the end of the second quarter and USD 512.3 million on 30
ams' business showed a strong performance in the third quarter of 2018 which was
driven by the previously expected significant product ramps in its consumer
business. Supported by the anticipated positive demand across end markets, ams
recorded third quarter results well in line with previous expectations.
ams' consumer and communications business was again the biggest contributor to
its overall results. As the leader in optical sensing ams offers an unmatched
portfolio covering high performance solutions for 3D sensing including VCSEL
(Vertical Cavity Surface-Emitting Laser)-based illumination, TrueColor and other
high quality display management, spectral sensing, advanced proximity sensing
and other optical applications. Leveraging its extensive technology base, ams is
a key innovator in optical technologies and continues to advance high
performance optical sensing. ams is a leading provider of 3D sensing technology
as shown by the large scale 3D sensing ramp ams is realizing this second half
for a major global smartphone platform. For this program, ams is ramping very
high volumes of differentiated optical systems encompassing complex optical
manufacturing and high performance wafer level optics.
ams is strongly positioned to support current and upcoming 3D sensing
implementations across different technologies in 2018, 2019 and beyond as 3D
sensing momentum continues to increase. As expected, the smartphone market is
experiencing multi-year development and implementation cycles for 3D sensing
which are due to the complexity of the technology. This has, however, not
impacted the clear 3D sensing focus ams observes at smartphone OEMs and
ecosystem players targeting broad usage of the technology through the coming
ams sees ongoing coexistence of the 3D sensing approaches structured light, ToF
(time-of-flight) and active stereo vision and is successful in all three areas.
Based on its leading portfolio of 3D sensing technologies, solutions and system
know-how, ams addresses face-related and world-facing applications and is
engaged in numerous OEM projects and discussions at various stages. This
includes current design activities for a world-facing 3D sensing application for
a major smartphone OEM.
The announced 3D sensing design-wins for Chinese smartphone vendor Xiaomi and a
further major Android smartphone OEM have both moved to production. ams has also
won two designs in Android ToF (time-of-flight) 3D systems for two Asian
smartphone OEMs leveraging its illumination and VCSEL expertise. ams' active
stereo vision 3D developments with major Android ecosystem players for reference
solutions are progressing rapidly at a high level of partner engagement. ams
enables a high quality implementation bringing 3D sensing to a wider range of
Android devices and expects to provide further details before year end. Based on
advanced OEM discussions, ams expects active stereo vision 3D sensing built
around ams technology in first smartphones next year.
ams' differentiated high power VCSEL portfolio is showing significant design
momentum in different 3D systems based on the competitive advantages of its
VCSEL technology and its 3D system expertise. ams therefore expects to build a
strong market position in high performance VCSELs for consumer 3D sensing. ams
confirms broad market traction with multiple 3D programs won or in advanced
discussion which underlines the strength of its 3D illumination portfolio
including dot projection, different types of flood illumination, proximity
sensing, and pattern projection.
All in all, ams' extensive OEM and ecosystem player engagements and design
activities across 3D technologies underscore the ongoing momentum in consumer 3D
sensing adoption despite the emergence of different timelines in this market.
ams is also ramping TrueColor optical sensing solutions for display management
in very high volume through the second half of this year. ams has likewise
secured first design wins for advanced behind-OLED-display proximity and light
sensing at a major Asian smartphone OEM which enables bezel-less phone designs.
ams continues focused development efforts for new optical sensing applications
while first spectral sensing shipments are expected to start as previously
indicated with attractive expected revenues in 2019. ams' audio sensing business
continued to show a robust performance in the third quarter while its other
consumer product lines provided attractive contributions from high shipment
ams' industrial, medical and automotive businesses contributed positively to its
overall business development. ams' industrial business showed a good performance
in the third quarter based on ongoing solid demand in automation, HABA,
industrial sensing, and industrial imaging. As a key provider of industrial
sensing solutions to leading OEMs ams benefits from increasing sensor deployment
in manufacturing, HABA, industrial IoT and other markets. In industrial imaging,
ams' industry-leading global shutter portfolio is gaining further high value
wins and offers attractive growth perspectives for the coming years. ams also
won an industrial VCSEL design with an online shopping leader for warehousing
and distribution robotics. ams' medical business recorded another attractive
quarter with good volumes for computed tomography (CT), digital X-ray,
mammography, and miniature camera endoscopy where ams sees very good market
traction. Leveraging imaging and optical technologies ams enables high quality
diagnostics and innovation in existing and emerging medical and personal health
ams' automotive business continues to perform well and recorded healthy results
in the third quarter. Focusing on safety, driver assistance, position sensing,
and chassis control ams sees ongoing attractive demand for its automotive
solutions. While ams pursues significant development efforts for the reported
major program win in VCSEL illumination for solid-state LIDAR, industry interest
in its automotive sensing technologies continues to broaden particularly in Asia
and Japan. This is driven by ams' differentiated portfolio and strong know-how
in new and upcoming applications such as 3D sensing and LIDAR. ams is receiving
very positive feedback from the LIDAR space on its VCSEL/driver IC solutions and
optical path capabilities and can offer outstanding optical performance in
different LIDAR implementations. ams sees additional industry players starting
to engage with them in LIDAR and 3D sensing while design activities for a first
in-cabin 3D sensing project are progressing for a leading OEM.
To support its range of production needs ams implemented additional
manufacturing investments into its Singapore facilities in the quarter which
included equipment for the internal VCSEL production line. The construction of
its internal high power VCSEL capacity for consumer applications is progressing
to plan with production ramp scheduled to start around the middle of next year.
In operations, ams is successfully realizing the current high volume production
ramps in 3D, optical and other sensing as shown by the strong revenue growth in
the quarter. Production yields for certain consumer products are ahead of
expectations due to stronger efficiency improvements while significant advances
in the filter deposition process for optical sensing products have substantially
reduced process times, which is driving a lower utilization of ams' expanded
optical manufacturing and filter deposition capacity despite the ongoing ramp
activities. Following further analysis ams has decided to retain these existing
production capacities to support its future growth plans.
Updating on its strategic assessment, ams has on the one hand evaluated a
meaningful acquisition opportunity over the last months but has decided not to
pursue this opportunity. On the other hand and looking further ahead, ams sees
optical sensing technologies supporting an even broader spectrum of applications
with significant growth potential for ams, including areas such as audio
sensing. At the same time, ams recognizes that upcoming optical sensing
opportunities offer a larger size revenue opportunity and higher growth
prospects when compared to certain envisaged environmental sensing applications.
ams has therefore decided to de-emphasize current efforts in environmental
sensing and focus strongly on very attractive mid- and long-term growth
opportunities in optical technologies. This includes new areas of innovation
such as photonic elements and photoacoustic structures. ams is preparing steps
to implement this change and expect further details to be available with the
next quarterly results.
As a result of these decisions, ams is even more focused in its strategic
approach as it pursues its growth strategy around the three pillars optical,
image and audio sensing.
ams is also in early preparation stages for the planned secondary listing on the
Hong Kong Stock Exchange, which is currently anticipated for the second quarter
2019. Besides enabling full access to a broad regional investor base the
envisaged listing also underscores the growing relevance of the Asia Pacific
region for its business. To enhance the benefits of the transaction ams
currently anticipates a share placement of up to 10% of outstanding shares in
connection with the listing transaction, subject to required approvals.
For the fourth quarter 2018, ams sees further sequential growth as it continues
to ramp very high volume smartphone sensing products while its other end markets
continue their positive contribution. Based on available information, ams
expects fourth quarter revenues of USD 570-610 million, growing around 19-27%
sequentially. Consequently, ams expects 2018 to be another year of strong growth
and record revenues for ams. The adjusted operating margin for the fourth
quarter (excluding acquisition-based and share-based compensation costs) is
expected to increase further sequentially to 16-20%, taking into account product
mix effects as overall demand is skewed to a mix including certain higher
maturity products. At the same time, ams expects total capital expenditures for
2018 of around USD 500 million. ams anticipates strong cash generation in the
fourth quarter and expects a meaningful positive free cash flow (FCF) result for
the second half of 2018.
ams reiterates its revenue growth target of 60% CAGR for the 2016-2019 period
based on its business outlook and pipeline for the coming year which translates
into further substantial expected growth for 2019. ams remains committed to
driving profitable growth and endorses its target of 30% adjusted EBIT margin in
2020 as ams is convinced of the long-term strength of its business and its
strategic positioning in multiple growth markets. Following extensive
investments in 2017 and 2018 and supporting its cash flow profile, ams currently
expects capital expenditures for 2019 to decrease significantly from this year's
level and reach its longer-term target range of 10-15% of revenues.
The quarterly report for the third quarter 2018 including additional financial
information is available on the company website at https://ams.com/financial-
ams is a global leader in the design and manufacture of advanced sensor
solutions. Our mission is to shape the world with sensor solutions by providing
a seamless interface between humans and technology.
ams' high-performance sensor solutions drive applications requiring small form
factor, low power, highest sensitivity and multi-sensor integration. Products
include sensor solutions, sensor ICs, interfaces and related software for
consumer, communications, industrial, medical, and automotive markets.
With headquarters in Austria, ams employs about 10,000 people globally and
serves more than 8,000 customers worldwide. ams is listed on the SIX Swiss stock
exchange (ticker symbol: AMS). More information about ams can be found at
Join ams social media channels:
company/ams-ag] >Facebook https://www.facebook.com/amsAnalog
end of announcement euro adhoc
issuer: ams AG
Tobelbader Strasse 30
phone: +43 3136 500-0
FAX: +43 3136 500-931211
stockmarkets: SIX Swiss Exchange
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