Preliminary Q2 2022 VIA Optronics AG Earnings Call
Welcome to the Via Optronics Plenary 2nd Quarter 2022 Earnings Conference call.
I'd like to remind everyone that statements made during this conference call relating to the company's expected future performance, future business prospects, or future events or plans may include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.
Participants are directed to via Optronics Form 20F for description of certain business risks, some of which may be outside of the control of the company that may cause actual results to materially differ from those expressed in the forward-looking statements.
We expressly disclaim any duty to provide updates to our forward-looking statements, whether as a result of new information, future events, or otherwise.
Our earnings release for the preliminary second quarter 2022 results is posted on the company's website at vaya-optronics.com. With that let me now turn the call over to Jurgen for his opening remarks.
Thank you, Lisa. Good morning and afternoon. Thank you all for joining us today.
So, once more we are proud of how our team has performed during the quarter amidst ongoing component shortages and shipping challenges.
We grew the top-line revenue by 10% with 15.5% growth in our display solutions segment, driven by stronger demand across all end markets and the ongoing production ramp-up at the facility in Nuremberg.
Further, we continue to see a greater need for connectivity in cars, more autonomous systems and shared mobility. The accelerated transition to a carbon neutral economy is creating a strong tailwind for EV and hydrogen markets.
We implement our previously announced actions to improve profitability and cash flow with various cost savings and performance improvement projects expected to take effect during the second half of the year. These actions include both internal activities such as improving production efficiencies and streamlining resources as well as measures related to customer pricing and supply agreements to improve the company's profitability and cash flow.
Most of our sales prices have already been adjusted.
and fake costs continue to be offloaded.
We remain on track to become net profit neutral at the end of the year on run rate basis. Furthermore, as indicated before, based on our very low use of energy in our production, we are not as impacted by energy costs compared to most others in the industry.
This quarter we announced plans for a new production location in the Philippines to support our growth strategy as we diversify our production base and improve cost efficiency.
We can leverage VR products in the Philippines, which we incorporated in September of last year, to build a new, more cost-effective site that can produce current VR products in conjunction with the Chinese production site in Suzhou.
This site helps via electronics to expand our production capabilities and capacity in Asia and exemplifies the significant growth in demand for our solutions.
Furthermore, we announced a new production line in Thailand due to the increase in camera demand that we see in the future. Similar to this place, cars will be equipped with up to 10 cameras per car.
We continue to expect that camera revenues will become a very visible revenue stream in the future. In summary, we are pleased by the process we have made.
during the second quarter of 2022, with effects becoming visible during the remainder of this year and beyond, supporting continued momentum and growth.
With that said, I'd like to turn now the call over to Markus for review of our second quarter 2022 performance in full year outlook.
Thanks Jurgen and good morning and afternoon to everybody.
I'll start by reviewing our financial and operating performance for the second quarter of 2022. Then I will outline the outlook for the third quarter in full year 2022.
For the second quarter, total revenue of 48.1 million increased 10% from 43.7 million euros in the second quarter of 2021, driven by further growth in the display solution segment.
Displays solutions revenue of 43.2 million euros increased by 15.5% from 37.4 million euros in the second quarter of 2021.
driven primarily by stronger demand in end-markets and ongoing production ramp-up in Nuremberg.
Sensor technology revenue of €4.9 million decreased by 21.8% from €6.3 million in the second quarter of 2021 due to lower demand, partially as a consequence of market saturation. Revenue from the automotive end market increased 54% in the second quarter 2022 and accounted for 46% of displayed solutions revenue.
especially due to higher volumes within the EV market segment.
Revenue related to the industrial and specialized applications and market decreased 22% in the second quarter 2022, yet still accounted for 30% of display solutions revenue.
Revenue related to the consumer end market increased 37% in the second quarter 2022 and accounted for 24% of display solutions revenue due to stronger demand partially caused by determination of lockdown restrictions in China.
Gross profit margin decreased to 8.5% from 14% in the second quarter of 2021.
This lay solutions cross-profit margin of 6.5% decreased from 10.7% in the second quarter of 2021 due to high logistic costs throughout the value chain and margin pressure.
Sensor technology's gross profit margin of 31.8% decreased slightly from 34.4% in the second quarter of 2021, driven by a decline in demand and consequently lower utilization of the production facility in Japan. We continue to work on stabilizing the current situation with our team in Japan.
Research and development expenses decreased to 1.7 million from 2 million in the second quarter of 2021 as we shifted towards utilizing more internal R&D services.
Selling expenses remain stable at 1.2 million euros.
General and administrative expenses of 6.5 million euros increased from 4.9 million euros in the second quarter of 2021.
Operating loss was 1.2 million in the second quarter 2022 compared to operating loss of 3.1 million in the second quarter 2021. Net loss was 1.4 million euros or 31 eurocents per basic and diluted share compared to net loss of 4 million euros or 88 eurocents per basic and diluted share in the second quarter of 2021.
EBITDA ALOS was €0.1 million in the second quarter 2022 compared to a EBITDA ALOS of €1.9 million in the second quarter of 2021.
Display Solutions' EBITDA-R loss was 0.3 million euros compared to EBITDA-R of 0.9 million euros in the second quarter of 2021.
Sensor technologies, EBT-R, was €0.3 million compared to €1.6 million in the second quarter of 2021.
Other segments' EBITDA loss was €0.1 million compared to an EBITDA loss of €4.4 million in the second quarter of 2021.
The second quarter of 2021 results were positively impacted by experience.
We finished the second quarter with cash-in-cash equivalent of 53.3 million euros up from 47.1 million at the end of the first quarter.
of 2022, which was driven by improvements in virtual capital management, which enhances our runway to fund our growth initiatives.
For the third quarter of 2022, we expect total revenue in the range of 44 to 49 million euros.
For the full year 2022, we continue to expect revenue growth for approximately 5-10% compared to 2021, taking into account our economic uncertainties.
In closing, we are on track to achieve long-term, consistent growth. We remain focused on our growth perspectives, especially in the automotive and industrial markets and are committed to implement further initiatives to improve the company's profitability.
With that financial overview, I like now to turn the call back over to Jurgen for a few closing comments. Jurgen.
Thank you, Marcus. As you can hear, we are very happy with what we achieved during the second quarter toward improving our pricing and discrete...
decreasing our costs to get back to profitability. As indicated, we feel positive that we will be net profit neutral on a run-rate basis by the end of the year, with the expectation of further progress over the next two quarters. The expansion grants in the Philippines will further improve our cost base and make us more competitive in Asia and more independent of geopolitical impacts. Our technology and products are green and fit to the expanding applications in the target markets.
We remain highly confident that display, touch and camera quantities will continue to grow at a current pace for the foreseeable future.
In conclusion, we are proud of the year's recent accomplishments, cost reductions and are excited about the prospects for the remainder of the year and beyond. Looking at all the insecurities and sentiments in the world, we are happy to see not only stable market conditions for our products.
On top of that, we see growing demands giving us a solid base for our business, resulting in our belief that we are well positioned to drive strong growth and shareholder value over the next several years and we are looking forward to sharing the journey with all of you.
Thank you for your continued support. That concludes our prepared remarks and I will now turn the call over to the operator for Q&A.
Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two.
When preparing to ask your question, please ensure your device is unmuted locally.
Our first question today comes from Andrew Briscalia from Berenberg. Your line is open, please go ahead.
Good morning.
Hello. Hello. Aaron Andrews. Good morning.
Just hoping you can provide a little more color around your guidance of 5 to 10%. The Q3 guide implies.
You have your dip in revenues at the midpoint and then some improvement probably in Q4. But I guess what gives you that confidence to maintain the guy? What are you seeing in the backlog? Can you just talk about visibility at this point?
We have some visibility for Q3, so we hope we can achieve these numbers. And of course all comments are subject to the uncertainties of the market, but we think that it's more probable than not probable that we achieve the turnover in the given guidance for the total year.
Maybe.
in that same topic just
the impact of supply chain. If you could talk about...
what you're seeing in terms of supply chain challenges affecting the top line, how the quarter progressed, and kind of what you're seeing to date.
chain challenges affecting the top line, how the quarter progressed and kind of what you're seeing today.
You want to take this or everyone gets a comment?
Well, I can say something to it. We have some challenges in the supply chain, but we could actually manage that well. So I don't expect...
any impact there in the remainder of the year. What we see is that some of the demands in the consumer market actually going down, talking about revenues, so that will be a change. But it's at the end of the day, the low margin products that we also wanted to basically reduce in our portfolio so that is basically a development.
but it fits into our strategy. The bigger challenges we have with the logistics chains rather than with the supply chain in getting material because if you have a strike in the Hamburg Harbor and the ships can't unload that's of course a problem and it's all about logistics and if Shanghai port closes again then you have to switch to planes if you get a plane.
So that's a bigger challenge for us than the availability of raw materials.
Yeah, okay. Okay, and then... Okay.
One of the biggest cobra increases we had in the last quarter is for gysicos.
So even in light of all this.
You know, obviously everyone's being affected by this but you're almost broke even this quarter Marcus do you think going forward? It sounds like you're confident with some of the actions you've been taking that you'll hit break even I mean, I know you had said by
I think exiting the year, but.
Is there any more color you can provide into Q3, Q4?
Q3, Q2 was strongly impacted by some FX gains. As you know from the IPO, we collected a couple of dollars, which we still keep in our accounts. And since our balance sheet is in Euros, with the current situation of strength of the US dollar, we have of course currency gains.
which we have to recognize in the P&L. So I'm certainly confident that some of the measures we are planning will take the first effect in 2.3 and 2.4 and they'll continue to accelerate in the next year.
Maybe we should mention as well, Andrew, so we have today.
next five, seven days, basically a number together with our management team. So we are planning for the upcoming year and whatever we have seen so far looks okay. So it seems that we are in a good way.
Okay. All right. Thank you, guys.
Thank you.
Our next question comes from Anthony Stoss from Craig Hallam. Your line is open, please go ahead.
Hi guys, a couple questions for Marcus and a follow-up for Jurgen. Marcus, can you give us more detail on the other operating income, $7.6 million? What is that? Why was it so big? And then just your view on just operating expenses going forward. And again, I have a follow-up for Jurgen after.
Yes, the operating income and expenses need to be seen as gross values and they are in the overwhelming amount driven by ethics effects.
If you take both you probably have an approximation of the ethics effect.
Because as I explained before we have huge amounts of US dollars and with the strength of US dollar and preparing a balance sheet in euros I rather don't need to continue because it's easier math than a graphics sketch.
And of course we recognize this in the books. We don't hide it.
Do you expect your operating expenses to remain relatively flat or grow sequentially each quarter going forward?
And the operating expenses I would expect to be rather flat and grow with inflation.
And of course, if you increase, if you double your production, you also will have some increase in operating expenses, but it will accelerate at a lower rate.
That's our expectation.
Got it. Then to follow up for Jurgen, part of the reason for the IPO was your expectation on growing gross margins towards 20%. You're sitting around 8% still. What can you do to really help improve gross margins going forward and really keep it solidly double digits and work towards 20%?
Yeah, hello Tony. So, again, since the IPO a few things have changed, especially the price pressure in the automotive market, which basically was accelerated by the automotive OEMs during the last, during the COVID years, let's put it that way. What we are doing to get back on track in terms of margins is relatively simple. At the end of the day, we are removing, as indicated before, the low margin projects. So, you will see, the low margin projects
Well, maybe not this year, but in next year you will see a reduction in the consumer low margin projects.
We focus on the higher margin project and on top of that we...
coming up with added value projects where we have a higher margin. But this will come over time.
Now, what you also see is that we are moving to lower, it sounds strange, but at the end of the day, we are moving to lower cost countries, so we're moving.
partly products from China into the Philippines. So we have a different cost base. We want to escape the whatever 10 to 20% cost increase, salary increase or whatever you call it in China. Last year it was 20%. So this would give us another competitive edge compared to others which are still bound to mainland China and don't have other alternatives. So it's a combination of selecting the right projects.
It's adding value in areas where we can probably talk more about during the next call. And it's also reducing cost of production, not only by changing locations or using other locations, but also...
putting a lot of effort right now in production efficiency and automation.
Perfect, thanks for the call, and best of luck guys.
Thanks Tony
Thanks.
At this time there are no other questions in the queue.
So, you should close, right?
Sorry.
Today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.
Thank you very much.
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Also production fic and ation twent question clo expation.
Second quar 20, 20 con one state con the company expected UT four UT plan four the priv cur four nine nine 5, four twent CRI thir the company four statement exp statement ation UT the second quarter 20 twent the company MAR four the 1, four thequarter going twent reven percent 15, five solions. sixment marke production ility for continue tiv C six ability C twent marke pro. Improve ability C co four improve project six expected the second year includ: improve production fic 3, nine ions ated improve the company AB cour. Continue to 4, TR of the year ES for the four production clo three courarter plan production location fifiliions fourar twent production bas. Improve cour deficions twent ilions of year six product J twent production two twent six exexp production ability and 6, six ific clo solions for the production nineion the Fut place C continueed expected C revenue reven three the Fut pro have the second quar twent 20, two year four continueed clos for the second quarter twent 4, four year four for the second quarter of two thousand and twent two for the thir quarter two thousand 20, two second quarter revenue fourty point four illion increase from incre percent from fourty zero point seven illion. The second quarter of two thousand and 20: one ions reven four point million euro increas 15 point 5%. Second point four million EU's the second quarter of two thousand and 20, one IM market production reven of four point nine illion E 20, one point illion 20 one 4%, six twent mill e in the second quarter of two thousand and 20, one of market ation reven from AR marke incre fifty, 4%. The second quarter two thousand and 20 2, four fourty percent of ions revenue peci ion market thesecondment reven ated CI ation MAR 20%. The second quter two thousand and 20, two thir percent of revenue reven the market incre thir 7%. The second quarter two thousand and 20 2, twent 4% of revenue. C ation of struction ch MAR crease 5%, 14%. The second quter of two thousand and 20, one ions cross MAR six point five cent Y from 1%. The second quarter of two thousand and 20, one MAR TR C MAR thirtyy one point percent from thiry four point 4%. The second quarter of two thousand and Y one twent ation of the production thir continue twent ation exp creas 1, one million from two million. Second quarter two thousand and 20 1, four servic exp one million EU's expens of six 4, five million increase from four million. The second quarter of two thousand and 20, one per one point million. The second quarter two thousand and 20, two ared per three point four million. The second quarter two thousand and 20 1, one point four illion E tyy one cent ared of four illion E's cent. The second quarter of two thousand and 20, one point four illion E. the second quarter two thousand and twent, two compared of one point nine illion E ROS. The second quarter of two thousand 20, one missions point three million E ared of point nine million EU. The second quarter of two thousand and 20, one point three million E four compared one point six illion E's. The second quarter of two thousand and 20, one point one ion E ROS. Compared of four point four EU in the second quarter two thousand and 20, one the second quarter of two thousand and 20, one the secondquarter C C of fif three point three million E's fourty seven point four million of the first quarter two thousand and 20, two prove ment agement thir quarter of two thousand and twent two expect revenue fourty fourty illion E 4, two thousand and 20, two continue expect 4, five twent percent compared ared two thousand 20 1, four thirtwent clo TR 6, four pect expect ter MAR improve company pro thir the second quarter. Improve cre co ability indicated it of the year expectation thir the pro of the two quar expion fifili improve end AB no fif the exexp plcationations the marke con C twent continue to for the four Fut ion production the expect for the year only MAR ions four product bas for cation the next seven years four twent for continue four UD MAR the cour the four question 1, twent question question five reven point four point twent ability 4, three C of the MAR pro pro four twent 9, twent six have expect the the year the two marke reven that change the law product to in four fif two twent have change C 6, four clo twent. Ability of E one the last arter AC is quar four the year four from llars E ROS ation of ll have C have the thir of the plan first three 4, contin ation 2, the 5, seven plan four coming year and have two question marke year per point 6, ill four exp six fect four pro of 6, four have of llars the twent of EU's expect twent four per exp pect ation increas production in expcent seven ation year ation 20% percent MAR four per twent six change expect the MAR the last get of MO four pro year in year ction in the MAR project four project pro have time also MO law MO CT from Chin the fifil for have 20% cour increase cre in in last 20% Chin twent ation the project in also cour co produ only change cation locations also production fic and twent question clo pectation.