Artificial Intelligence
BE Semiconductor Industries N.V. Announces Q4-20 and Full Year 2020 Results
Q4-20 Revenue and Net Income up 18.7% and 32.3% vs. Q4-19
Results Exceeds Expectations. Orders up 65.8% vs. Q3-20
FY-20 Revenue and Net Income up 21.7% and 62.7% vs. FY-19
Proposed Dividend of € 1.70 per Share, up 68.3%
DUIVEN, The Netherlands, Feb. 19, 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 fourth quarter and year ended December 31, 2020.
Key Highlights Q4-20
- Revenue of € 109.7 million, up 1.3% versus Q3-20 and above guidance. Up 18.7% versus Q4-19 primarily due to higher shipments for mobile applications to Asian subcontractors
- Orders up 65.8% versus Q3-20 and 56.5% versus Q4-19 due to broad based demand increase across Besi’s end-user markets, particularly mobile and automotive applications
- Gross margin of 58.3% declined 2.5 points versus Q3-20 due primarily to adverse forex influences. Up 2.0 points versus Q4-19 primarily due to a more favorable product mix and increased labor efficiencies
- Net income grew to € 44.6 million, an increase of € 10.6 million versus Q3-20 and € 10.9 million versus Q4-19. Similarly, Besi’s net margin rose to 40.7% versus 31.3% in Q3-20 and 36.5% in Q4-19
- Excluding tax benefits recognized in each of Q4-20 and Q4-19, net income declined by € 0.6 million, or 1.8%, versus Q3-20 but increased by € 11.3 million, or 51.1%, versus Q4-19. Net margin decreased slightly to 30.4% in Q4-20 versus 31.3% in Q3-20 but increased by 6.5 points versus Q4-19
- Net cash increased to € 198.7 million, up € 40.0 million (+25.2%) versus September 30, 2020
Key Highlights FY 2020
- Revenue of € 433.6 million increased by € 77.4 million, or 21.7%, primarily as a result of improved industry conditions, higher shipments for mobile applications due to new 5G product cycle and increased investment by Chinese customers
- Orders of € 472.1 million grew € 123.4 million (+35.4%)
- Gross margin reached 59.6%, up 3.8 points versus 2019 primarily due to Besi’s strong advanced packaging market position, a more favorable product mix and increased labor efficiencies
- Net income of € 132.3 million grew € 51.0 million (+62.7%). Net margin rose to 30.5% versus 22.8% in 2019. Net margin ex tax benefits rose to 27.9% versus 19.6% in 2019
- Proposed 2020 dividend of € 1.70 per share. Represents pay-out ratio of 94%
Outlook
- Q1-21 revenue estimated to increase 30%-40% versus Q4-20. Strong demand continues with current Q1-21 orders exceeding total for Q4-20. Gross margin anticipated to range between 58% and 60%
(€ millions, except EPS) | Q4- 2020 |
Q3- 2020 |
Δ | Q4- 2019 |
Δ | FY 2020 |
FY 2019 |
Δ | |||
Revenue | 109.7 | 108.3 | +1.3 | % | 92.4 | +18.7 | % | 433.6 | 356.2 | +21.7 | % |
Orders | 157.3 | 94.9 | +65.8 | % | 100.5 | +56.5 | % | 472.1 | 348.7 | +35.4 | % |
Operating Income | 40.7 | 42.0 | -3.1 | % | 26.8 | +51.9 | % | 149.9 | 91.9 | +63.1 | % |
EBITDA | 45.5 | 46.5 | -2.2 | % | 31.9 | +42.6 | % | 169.0 | 111.7 | +51.3 | % |
Net Income | 44.6* | 34.0 | +31.2 | % | 33.7* | +32.3 | % | 132.3 | 81.3 | +62.7 | % |
EPS (basic) | 0.62 | 0.47 | +31.9 | % | 0.47 | +31.9 | % | 1.82 | 1.12 | +62.5 | % |
EPS (diluted) | 0.55 | 0.43 | +27.9 | % | 0.43 | +27.9 | % | 1.67 | 1.06 | +57.5 | % |
Net Cash & Deposits | 198.7 | 158.7 | +25.2 | % | 130.3 | +52.5 | % | 198.7 | 130.3 | +52.5 | % |
* Includes tax benefits of € 11.2 million and € 11.6 million in Q4-20 and Q4-19, respectively. Excluding such benefits, net income was € 33.4 million and € 22.1 million in Q4-20 and Q4-19, respectively.
Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
“In 2020, Besi’s results rebounded strongly with revenue increasing by 21.7% to reach € 433.6 million and net income rising by 62.7% to reach € 132.3 million. In addition, orders of € 472.1 million increased by 35.4% versus last year as an industry recovery took hold in the fourth quarter of 2019 and accelerated in the second half of 2020. Besi’s results were even more impressive considering the multiple headwinds faced and organizational challenges posed by the global COVID-19 pandemic, increased trade tensions between the US and China, decreased shipments to automotive end-user markets and an approximate 8% decrease in the value of the US dollar versus the euro in the second half of the year.
Besi’s revenue and order growth this year benefited from improved industry conditions, increased shipments for mobile applications due to a new 5G smart phone product cycle and increased investment by Chinese customers. Profit growth was aided by higher revenue levels and a gross margin expansion of 3.8 points associated with Besi’s strong advanced packaging market position and more favorable product mix. It was also aided by relatively stable fixed production headcount levels which helped drive labor efficiencies. Year over year operating expenses grew by only 1.7% versus 2019 despite strong top line growth due to continued structural cost reduction initiatives and reduced corporate travel and overhead associated with the pandemic and the shift to the work at home economy. As a result, net margins rose from 22.8% in 2019 to 30.5% in 2020.
Q4-20 results exceeded expectations with revenue and net income reaching € 109.7 million and € 44.6 million, respectively, increases of 18.7% and 32.3% versus Q4-19. Revenue exceeded guidance as the industry upturn gained momentum and demand growth broadened across Besi’s end-user markets. Of note, Q4-20 orders grew by 65.8% sequentially to reach € 157.3 million, a record level for a quarter which is typically our weakest of the year. Bookings growth was fueled primarily by strong demand for high-end and mid-range smart phones by Asian subcontractors, a resurgence of demand from European automotive IDMs and incremental capacity purchases for cloud infrastructure applications. Net income growth of € 10.9 million versus Q4-19 primarily reflected higher gross margins as a result of increased labor efficiencies as well as a 7.5% reduction in operating expenses, both of which more than offset unfavorable headwinds from a weaker dollar versus the euro. As a result, net margins grew to 30.4% versus 23.9% in Q4-19 excluding favorable deferred tax benefits recognized in each respective period.
We ended the year with a solid liquidity base consisting of cash, cash equivalents and deposits aggregating € 598.7 million, or € 8.22 per basic share. Further, Besi’s net cash of € 198.7 million increased by € 68.4 million, or 52.5%, versus year end 2019. Given profits earned in 2020, continued strong cash flow generation and our solid financial position, we propose to pay a cash dividend of € 1.70 per share for approval at Besi’s 2021 AGM. The proposed distribution is the eleventh consecutive annual dividend paid and reflects a pay-out ratio relative to net income of 94%.
Looking ahead, we estimate that Q1-21 revenue will increase by 30-40% versus Q4-20 with gross margin ranging between 58% and 60%. Baseline operating expenses are anticipated to increase by 15-20% versus the € 23.3 million realized in Q4-20 primarily due to higher variable sales-related expenses and product development activity. Total operating expenses are expected to increase by approximately 50-55% versus Q4-20 primarily due to approximately € 10 million of non-cash, share based compensation expense.
We maintain a favorable outlook as we enter 2021. Our positive stance is reinforced by our Q4-20 results and by the expanded capex budgets of our principal customers. In addition, orders received to date in Q1-21 exceed total bookings for all of Q4-20. This represents another sign of the current strength in customer demand. The principal question is the slope of the industry trajectory this year given the spread of new COVID-19 variants and the emergence of component shortages and transportation constraints within global supply chains.
Longer term, we are optimistic about Besi’s prospects given our strong performance during the last industry downturn and the current pandemic and favorable secular growth drivers. Anticipated growth will be driven primarily by 5G network expansion and feature/functionality upgrades, continued investment in cloud computing infrastructure and artificial intelligence applications, advances in electric vehicle production and autonomous driving and significant investment by the Chinese government to build out its semiconductor production capacity. In addition, we see IDMs more actively engaged in the deployment of next generation processes than the last investment cycle. In this regard, we have seen increased focus by memory manufacturers on high-speed, high-accuracy flip chip production versus traditional wire bonding solutions and more engagement on the topic of hybrid bonding for the development of next generation applications. Our hybrid bonding joint development agreement with Applied Materials holds significant promise to expand our addressable market and increase our share of wallet at Besi’s leading IDM customers.”
Fourth Quarter Results of Operations
€ millions | Q4-2020 | Q3-2020 | Δ | Q4-2019 | Δ |
Revenue | 109.7 | 108.3 | +1.3% | 92.4 | +18.7% |
Orders | 157.3 | 94.9 | +65.8% | 100.5 | +56.5% |
Book to Bill Ratio | 1.4 | 0.9 | +0.5 | 1.1 | +0.3 |
Besi’s Q4-20 revenue increased by 1.3% versus Q3-20 and was higher than prior guidance (flat to down 15%) as the industry upturn accelerated during the quarter with particular growth in customer demand for mobile and cloud infrastructure applications. Versus Q4-19, revenue increased by 18.7% primarily due to higher shipments for mobile applications to Asian subcontractors.
Orders of € 157.3 million rose 65.8% versus Q3-20 and 56.5% versus Q4-19 due to broad based bookings increase across Besi’s primary end-user markets, particularly mobile and automotive applications. Per customer type, IDM orders increased € 33.9 million, or 77.6%, versus Q3-20 and represented 49% of total orders. Subcontractor orders increased by € 28.5 million, or 55.7%, versus Q3-20 and represented 51% of total orders.
€ millions | Q4-2020 | Q3-2020 | Δ | Q4-2019 | Δ |
Gross Margin | 58.3% | 60.8% | -2.5 | 56.3% | +2.0 |
Operating Expenses | 23.3 | 23.9 | -2.5% | 25.2 | -7.5% |
Financial Expense, net | 3.8 | 3.2 | +18.8% | 3.3 | +15.2% |
EBITDA | 45.5 | 46.5 | -2.2% | 31.9 | +42.6% |
Besi’s gross margin of 58.3% in Q4-20 decreased by 2.5 points versus Q3-20 primarily due to adverse forex influences resulting from a sharp decline of the USD versus EUR and, to a lesser extent, to a less favorable product mix. Versus Q4-19, gross margin increased by 2.0 points primarily due to Besi’s strong advanced packaging position, more favorable product mix and increased labor efficiencies associated with lower fixed Asian production headcount.
Q4-20 operating expenses declined by € 0.6 million (-2.5%) versus Q3-20 and € 1.9 million (-7.5%) versus Q4-19. The year over year decrease was primarily due to a (i) € 1.7 million reduction of travel and overhead costs related to the COVID-19 pandemic and (ii) € 1.1 million decrease in R&D expenses, primarily related to increased R&D capitalization associated with new product development activity.
Financial expense, net, increased by € 0.6 million (+18.8%) versus Q3-20 primarily due to Besi’s issuance in August of € 150 million of 0.75% Convertible Notes due 2027.
€ millions | Q4-2020* | Q3-2020 | Δ | Q4-2019* | Δ |
Net Income | 44.6 | 34.0 | +31.2% | 33.7 | +32.3% |
Net Margin | 40.7% | 31.3% | +9.4 | 36.5% | +4.2 |
Tax Rate | -21.2% | 12.4% | -33.6 | -43.9% | +22.7 |
* Includes deferred tax benefits of € 11.2 million and € 11.6 million in Q4-20 and Q4-19, respectively. Excluding such benefits, Besi’s effective tax rate would have been 9.2% and 5.5%, respectively, and its net income and net margin would have been € 33.4 million and 30.4% in Q4-20 and € 22.1 million and 23.9% in Q4-19.
Net income of € 44.6 million in Q4-20 increased by € 10.6 million (+31.2%) versus Q3-20 as a result of an € 11.2 million upward revaluation of deferred tax assets associated with Besi’s improved financial performance and outlook. Excluding deferred tax benefits in Q4-20 and Q4-19, net income declined by € 0.6 million, or 1.8%, versus Q3-20 but increased by € 11.3 million, or 51.1%, versus Q4-19. Versus Q4-19, the increase was primarily due to significantly higher revenue and gross margin levels realized and lower operating expenses principally as a result of strategic cost control initiatives.
Full Year Results of Operations
€ millions | FY 2020 | FY 2019 | Δ |
Revenue | 433.6 | 356.2 | +21.7% |
Orders | 472.1 | 348.7 | +35.4% |
Gross Margin | 59.6% | 55.8% | +3.8 |
Operating Income | 149.9 | 91.9 | +63.1% |
Net Income | 132.3 | 81.3 | +62.7% |
Net Margin | 30.5% | 22.8% | +7.7 |
Tax Rate * | 3.8% | -4.1% | +7.9 |
* Effective tax rates in 2020 and 2019 were 12.0% and 10.8%, respectively, excluding € 11.2 million and € 11.6 million of deferred tax benefits in each of Q4-20 and Q4-19. Excluding such benefits, Besi’s net income and net margin would have been € 121.1 million and 27.9% in 2020 and € 69.7 million and 19.6% in 2019.
Besi’s revenue increased by € 77.4 million, or 21.7%, in 2020 versus 2019. The increase reflects improved industry conditions post the pandemic outbreak, increased shipments for mobile applications due to a new 5G smart phone product cycle and increased investment by Chinese customers. Similarly, orders increased by 35.4% versus 2019. In 2020, bookings by IDMs and subcontractors represented approximately 45% and 55%, respectively, of Besi’s total orders versus 61% and 39%, respectively, in 2019.
Besi’s operating income of € 149.9 million grew by 63.1% year over year primarily due to (i) significant revenue growth and (ii) a gross margin expansion of 3.8 points associated with Besi’s strong advanced packaging market position, more favorable product mix and increased productivity as lower Asian fixed headcount levels helped drive labor efficiencies. In addition, operating expenses increased by only 1.7% versus 2019 due to ongoing cost reduction efforts and lower travel and overhead expenses as a result of the pandemic. As a consequence, Besi’s net income of € 132.3 million increased € 51.0 million, or 62.7% while net margins grew by 7.7 points to reach 30.5%.
Financial Condition
€ millions | Q4 2020 |
Q3 2020 |
Δ | Q4 2019 |
Δ | FY 2020 | FY 2019 |
Δ | |||
Total Cash and Deposits | 598.7 | 564.5 | +6.1 | % | 408.4 | +46.6 | % | 598.7 | 408.4 | +46.6 | % |
Net Cash and Deposits | 198.7 | 158.7 | +25.2 | % | 130.3 | +52.5 | % | 198.7 | 130.3 | +52.5 | % |
Cash flow from Ops. | 51.7 | 60.9 | -15.1 | % | 36.3 | +42.4 | % | 162.0 | 120.1 | +34.9 | % |
At the end of Q4-20, cash and deposits aggregated € 598.7 million, an increase of 46.6% versus year end 2019 primarily as a result of the issuance of € 150 million of Convertible Notes due 2027 and significantly increased profitability versus 2019. Net cash and deposits grew to € 198.7 million, an increase of € 40.0 million (+25.2%) compared to Q3-20 and € 68.4 million (+52.5%) versus year end 2019. During the quarter, Besi generated cash flow from operations of € 51.7 million which was used to fund (i) € 8.3 million of share repurchases, (ii) € 5.4 million of capitalized development spending and (iii) € 1.6 million of capital expenditures.
During Q4-20, € 8.0 million principal amount of the 2016 Convertible Notes were converted into 401,354 ordinary shares. As a result, the principal amount outstanding of the 2016 Convertible Notes decreased to € 110.0 million.
Share Repurchase Activity
During the quarter, Besi repurchased 197,923 of its ordinary shares at an average price of € 41.98 per share for a total of € 8.3 million. In 2020, a total of 0.5 million shares were purchased at an average price of € 38.05 per share for a total of € 17.8 million. Cumulatively, as of December 31, 2020, 3.5 million shares have been purchased under the current € 125 million share repurchase program at an average price of € 24.05 per share for a total of € 84.8 million. At year end 2020, Besi held approximately 5.7 million shares in treasury at an average cost of € 16.43, equal to 7.3% of its shares outstanding.
Dividend for 2020
Given its earnings, cash flow generation and prospects, Besi’s Board of Management has proposed a cash dividend of € 1.70 per share for the 2020 year for approval at its AGM on April 30, 2021. The proposed dividend reflects a pay-out ratio of 94%, will be payable from May 7, 2021 and represents an increase of 68.3% versus 2019.
Outlook
Based on its December 31, 2020 backlog and feedback from customers, Besi forecasts for Q1-21 that:
- Revenue will increase by 30-40% versus the € 109.7 million reported in Q4-20.
- Gross margin will range between 58-60% versus the 58.3% realized in Q4-20.
- Baseline operating expenses are expected to increase by 15-20% from € 23.3 million in Q4-20 primarily due to higher variable sales-related expenses and product development activity.
- Total operating expenses are expected to increase by approximately 50-55% versus Q4-20 primarily due to approximately € 10 million of non-cash, share based compensation expense.
Composition Supervisory Board
Besi proposes two changes to the composition of its Supervisory Board at its upcoming Annual General Meeting of Shareholders to be held on April 30, 2021 (“2021 AGM”) due to the retirement of two of its current members.
The Supervisory Board proposes to nominate Dr Laura Oliphant to be appointed as a Supervisory Board member for a four-year term at the 2021 AGM. Ms Oliphant has served in an advisory capacity to Besi’s Supervisory Board since August 2020. In addition, the Supervisory Board proposes to nominate Ms Elke Eckstein to be appointed as a Supervisory Board member for a four-year term with effect as of September 1, 2021. Ms Eckstein (56) currently serves as CEO and President of ENICS Group Electronics, an electronic manufacturing services company based in Zürich, Switzerland, a position she has held since 2019. Prior thereto, she served in senior management positions at a variety of global semiconductor, photonics and electronics firms in Germany, USA, France and Taiwan, including Weidmüller Group, Osram AG, Global Foundries, AMD, Altis Semiconductor, Infineon AG and Siemens AG. Ms Eckstein is considered independent for the purposes of the Dutch Corporate Governance Code.
Ms Mona ElNaggar intends to resign her position as a member of the Supervisory Board prior to the end of her current term to pursue other interests after 9 years of service. Her resignation will become effective at such time that Ms Eckstein’s appointment as a Supervisory Board member becomes effective. In addition, Mr Douglas Dunn, Vice Chairman of the Supervisory Board, will not seek re-appointment for another term upon the expiration of his current two-year term after twelve years of service.
If the proposed appointments are approved at the 2021 AGM, the diversity of the Supervisory Board will increase, with female representation increasing from 20% to 40%.
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). 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. |
Important Dates 2020
• Publication Annual Report 2020 | March 19, 2021 |
• Publication Q1 results | April 30, 2021 |
• Annual General Meeting of Shareholders | April 30, 2021, (10:00 am CET) |
• Publication Q2/Semi-annual results | July 27, 2021 |
• Publication Q3/Nine-month results | October 26, 2021 |
• Publication Q4/Full year results | February 2022 |
Dividend Information*
• Proposed ex-dividend date | May 4, 2021 |
• Proposed record date | May 5, 2021 |
• Proposed payment of 2020 dividend | Starting May 7, 2021 |
*Subject to approval at Besi’s AGM on April 30, 2021 |
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.
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 2020 which will be published on March 19, 2021 and were authorized for issuance by the Board of Management and Supervisory Board on February 18, 2021. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, Ernst & Young Accountants LLP has issued an unqualified auditor’s opinion on the Annual Report 2020. The Annual Report 2020 will be published on March 19, 2021 and still has to be adopted by the Annual General Meeting on April 30, 2021.
The condensed financial statements included in this press release have been prepared in accordance with International Financial Reporting Standards (IFRS), 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 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, 2019 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 December 31, (unaudited) |
Year Ended December 31, (audited) |
|||||
2020 | 2019 | 2020 | 2019 | ||||
Revenue | 109,674 | 92,394 | 433,623 | 356,195 | |||
Cost of sales | 45,717 | 40,407 | 175,056 | 157,389 | |||
Gross profit | 63,957 | 51,987 | 258,567 | 198,806 | |||
Selling, general and administrative expenses | 15,832 | 16,718 | 75,802 | 71,519 | |||
Research and development expenses | 7,448 | 8,494 | 32,905 | 35,366 | |||
Total operating expenses | 23,280 | 25,212 | 108,707 | 106,885 | |||
Operating income | 40,677 | 26,775 | 149,860 | 91,921 | |||
Financial expense, net | 3,843 | 3,333 | 12,343 | 13,784 | |||
Income before taxes | 36,834 | 23,442 | 137,517 | 78,137 | |||
Income tax expense (benefit) | (7,812 | ) | (10,302 | ) | 5,242 | (3,183 | ) |
Net income | 44,646 | 33,744 | 132,275 | 81,320 | |||
Net income per share – basic | 0.62 | 0.47 | 1.82 | 1.12 | |||
Net income per share – diluted | 0.55 | 0.43 | 1.67 | 1.06 | |||
Number of shares used in computing per share amounts: | |||||||
– basic | 72,591,533 | 72,269,497 | 72,501,386 | 72,796,679 | |||
– diluted 1 | 85,440,188 | 82,621,349 | 83,773,385 | 83,149,840 |
Consolidated Balance Sheets
(euro in thousands) | December 31, 2020 (audited) |
September 30, 2020 (unaudited) |
June 30, 2020 (unaudited) |
March 31, 2020 (unaudited) |
December 31, 2019 (audited) |
||
ASSETS | |||||||
Cash and cash equivalents | 375,406 | 339,459 | 251,621 | 347,639 | 278,398 | ||
Deposits | 223,299 | 225,071 | 115,000 | 80,000 | 130,000 | ||
Trade receivables | 93,218 | 95,925 | 117,158 | 91,797 | 81,420 | ||
Inventories | 51,645 | 52,051 | 52,122 | 46,872 | 46,578 | ||
Other current assets | 11,964 | 11,029 | 12,768 | 14,598 | 13,854 | ||
Total current assets | 755,532 | 723,535 | 548,669 | 580,906 | 550,250 | ||
Property, plant and equipment | 27,840 | 26,675 | 27,142 | 29,067 | 30,383 | ||
Right of use assets | 9,873 | 8,769 | 9,678 | 10,264 | 11,132 | ||
Goodwill | 44,484 | 44,880 | 45,262 | 45,423 | 45,289 | ||
Other intangible assets | 50,660 | 47,802 | 46,101 | 44,380 | 42,593 | ||
Deferred tax assets | 21,924 | 12,117 | 13,225 | 14,607 | 14,978 | ||
Other non-current assets | 1,043 | 1,058 | 1,094 | 1,097 | 2,255 | ||
Total non-current assets | 155,824 | 141,301 | 142,502 | 144,838 | 146,630 | ||
Total assets | 911,356 | 864,836 | 691,171 | 725,744 | 696,880 | ||
Notes payable to banks | – | – | – | 487 | 476 | ||
Current portion of long-term debt | – | 91 | 91 | 513 | 515 | ||
Accounts payable | 44,017 | 38,715 | 45,939 | 34,310 | 30,278 | ||
Accrued liabilities | 57,469 | 55,225 | 51,382 | 61,769 | 55,359 | ||
Total current liabilities | 101,486 | 94,031 | 97,412 | 97,079 | 86,628 | ||
Long-term debt | 399,956 | 405,736 | 272,932 | 278,299 | 277,067 | ||
Lease liabilities | 6,952 | 5,831 | 6,438 | 7,104 | 7,859 | ||
Deferred tax liabilities | 12,840 | 12,437 | 8,480 | 8,376 | 8,858 | ||
Other non-current liabilities | 18,895 | 18,122 | 18,228 | 18,197 | 17,960 | ||
Total non-current liabilities | 438,643 | 442,126 | 306,078 | 311,976 | 311,744 | ||
Total equity | 371,227 | 328,679 | 287,681 | 316,689 | 298,508 | ||
Total liabilities and equity | 911,356 | 864,836 | 691,171 | 725,744 | 696,880 |
Consolidated Cash Flow Statements
(euro in thousands) | Three Months Ended December 31, (unaudited) |
Year Ended December 31, (audited) |
||||||
2020 | 2019 | 2020 | 2019 | |||||
Cash flows from operating activities: | ||||||||
Income before income tax | 36,834 | 23,442 | 137,517 | 78,137 | ||||
Depreciation and amortization | 4,833 | 5,143 | 19,176 | 19,825 | ||||
Share based payment expense | 1,456 | 1,083 | 10,470 | 7,289 | ||||
Financial expense, net | 3,843 | 3,333 | 12,343 | 13,784 | ||||
Changes in working capital | 8,856 | 6,232 | (1,341 | ) | 22,194 | |||
Income tax paid | (2,106 | ) | (936 | ) | (11,080 | ) | (16,359 | ) |
Interest paid | (2,019 | ) | (2,033 | ) | (5,064 | ) | (4,762 | ) |
Net cash provided by operating activities | 51,697 | 36,264 | 162,021 | 120,108 | ||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (1,642 | ) | (692 | ) | (4,242 | ) | (2,511 | ) |
Proceeds from sale of property | 345 | 159 | 345 | 159 | ||||
Capitalized development expenses | (5,353 | ) | (4,144 | ) | (17,621 | ) | (13,226 | ) |
Repayments of (investments in) deposits | 1,207 | – | (93,920 | ) | 50,000 | |||
Net cash provided by (used in) investing activities | (5,443 | ) | (4,677 | ) | (115,438 | ) | 34,422 | |
Cash flows from financing activities: | ||||||||
Proceeds from (payments of) bank lines of credit | – | 476 | (434 | ) | (2,336 | ) | ||
Proceeds from (payments of) debt | (92 | ) | (385 | ) | (507 | ) | (419 | ) |
Proceeds from convertible notes | – | – | 147,756 | – | ||||
Payments of lease liabilities | (1,078 | ) | (884 | ) | (3,700 | ) | (3,525 | ) |
Dividends paid to shareholders | – | – | (73,486 | ) | (122,419 | ) | ||
Purchase of treasury shares | (8,324 | ) | (5,825 | ) | (17,781 | ) | (44,678 | ) |
Net cash provided by (used in) financing activities | (9,494 | ) | (6,618 | ) | 51,848 | (173,377 | ) | |
Net increase (decrease) in cash and cash equivalents |
36,760 | 24,969 | 98,431 | (18,847 | ) | |||
Effect of changes in exchange rates on cash and cash equivalents |
(813 | ) | (298 | ) | (1,423 | ) | 1,706 | |
Cash and cash equivalents at beginning of the period |
339,459 | 253,727 | 278,398 | 295,539 | ||||
Cash and cash equivalents at end of the period | 375,406 | 278,398 | 375,406 | 278,398 |
Supplemental Information (unaudited)
(euro in millions, unless stated otherwise)
REVENUE | Q1-2019 | Q2-2019 | Q3-2019 | Q4-2019 | Q1-2020 | Q2-2020 | Q3-2020 | Q4-2020 | ||||||||||||||||||||||||
Per geography: | ||||||||||||||||||||||||||||||||
Asia Pacific | 58.6 | 72 | % | 68.6 | 74 | % | 67.3 | 75 | % | 63.8 | 69 | % | 77.6 | 85 | % | 105.7 | 85 | % | 86.6 | 80 | % | 91.1 | 83 | % | ||||||||
EU / USA | 22.8 | 28 | % | 24.1 | 26 | % | 22.4 | 25 | % | 28.6 | 31 | % | 13.7 | 15 | % | 18.6 | 15 | % | 21.7 | 20 | % | 18.6 | 17 | % | ||||||||
Total | 81.4 | 100 | % | 92.7 | 100 | % | 89.7 | 100 | % | 92.4 | 100 | % | 91.3 | 100 | % | 124.3 | 100 | % | 108.3 | 100 | % | 109.7 | 100 | % | ||||||||
ORDERS | Q1-2019 | Q2-2019 | Q3-2019 | Q4-2019 | Q1-2020 | Q2-2020 | Q3-2020 | Q4-2020 | ||||||||||||||||||||||||
Per geography: | ||||||||||||||||||||||||||||||||
Asia Pacific | 55.9 | 67 | % | 61.2 | 74 | % | 59.2 | 72 | % | 80.4 | 80 | % | 102.0 | 86 | % | 88.1 | 87 | % | 75.9 | 80 | % | 122.7 | 78 | % | ||||||||
EU / USA | 27.5 | 33 | % | 21.5 | 26 | % | 23.0 | 28 | % | 20.1 | 20 | % | 16.6 | 14 | % | 13.2 | 13 | % | 19.0 | 20 | % | 34.6 | 22 | % | ||||||||
Total | 83.4 | 100 | % | 82.7 | 100 | % | 82.2 | 100 | % | 100.5 | 100 | % | 118.6 | 100 | % | 101.3 | 100 | % | 94.9 | 100 | % | 157.3 | 100 | % | ||||||||
Per customer type: | ||||||||||||||||||||||||||||||||
IDM | 57.5 | 69 | % | 55.4 | 67 | % | 43.6 | 53 | % | 58.3 | 58 | % | 47.4 | 40 | % | 44.6 | 44 | % | 43.7 | 46 | % | 77.6 | 49 | % | ||||||||
Subcontractors | 25.9 | 31 | % | 27.3 | 33 | % | 38.6 | 47 | % | 42.2 | 42 | % | 71.2 | 60 | % | 56.7 | 56 | % | 51.2 | 54 | % | 79.7 | 51 | % | ||||||||
Total | 83.4 | 100 | % | 82.7 | 100 | % | 82.2 | 100 | % | 100.5 | 100 | % | 118.6 | 100 | % | 101.3 | 100 | % | 94.9 | 100 | % | 157.3 | 100 | % | ||||||||
HEADCOUNT | Mar 31, 2019 | Jun 30, 2019 | Sep 30, 2019 | Dec 31, 2019 | Mar 31, 2020 | Jun 30, 2020 | Sep 30, 2020 | Dec 31, 2020 | ||||||||||||||||||||||||
Fixed staff (FTE) | ||||||||||||||||||||||||||||||||
Asia Pacific | 1,174 | 72 | % | 1,155 | 72 | % | 1,093 | 71 | % | 1,081 | 70 | % | 1,071 | 70 | % | 1,067 | 70 | % | 1,054 | 70 | % | 1,060 | 70 | % | ||||||||
EU / USA | 452 | 28 | % | 450 | 28 | % | 453 | 29 | % | 453 | 30 | % | 458 | 30 | % | 455 | 30 | % | 459 | 30 | % | 463 | 30 | % | ||||||||
Total | 1,626 | 100 | % | 1,605 | 100 | % | 1,546 | 100 | % | 1,534 | 100 | % | 1,529 | 100 | % | 1,522 | 100 | % | 1,513 | 100 | % | 1,523 | 100 | % | ||||||||
Temporary staff (FTE) | ||||||||||||||||||||||||||||||||
Asia Pacific | 11 | 16 | % | 54 | 49 | % | 34 | 39 | % | 8 | 13 | % | 42 | 46 | % | 121 | 72 | % | 95 | 63 | % | 35 | 37 | % | ||||||||
EU / USA | 58 | 84 | % | 57 | 51 | % | 54 | 61 | % | 54 | 87 | % | 50 | 54 | % | 48 | 28 | % | 57 | 37 | % | 60 | 63 | % | ||||||||
Total | 69 | 100 | % | 111 | 100 | % | 88 | 100 | % | 62 | 100 | % | 92 | 100 | % | 169 | 100 | % | 152 | 100 | % | 95 | 100 | % | ||||||||
Total fixed and temporary staff (FTE) | 1,695 | 1,716 | 1,634 | 1,596 | 1,621 | 1,691 | 1,665 | 1,618 | ||||||||||||||||||||||||
OTHER FINANCIAL DATA | Q1-2019 | Q2-2019 | Q3-2019 | Q4-2019 | Q1-2020 | Q2-2020 | Q3-2020 | Q4-2020 | ||||||||||||||||||||||||
Gross profit | 45.5 | 55.9 | % | 51.9 | 56.0 | % | 49.4 | 55.1 | % | 52.0 | 56.3 | % | 51.7 | 56.7 | % | 77.0 | 62.0 | % | 65.9 | 60.8 | % | 64.0 | 58.3 | % | ||||||||
Selling, general and admin expenses | 21.7 | 26.7 | % | 17.5 | 18.9 | % | 15.6 | 17.4 | % | 16.7 | 18.1 | % | 23.5 | 25.7 | % | 20.1 | 16.2 | % | 16.3 | 15.1 | % | 15.8 | 14.4 | % | ||||||||
Research and development expenses: | ||||||||||||||||||||||||||||||||
As reported | 9.0 | 11.1 | % | 9.3 | 10.0 | % | 8.6 | 9.6 | % | 8.5 | 9.2 | % | 9.4 | 10.3 | % | 8.4 | 6.8 | % | 7.6 | 7.0 | % | 7.4 | 6.8 | % | ||||||||
Capitalization of R&D charges | 2.9 | 3.6 | % | 3.0 | 3.2 | % | 3.2 | 3.6 | % | 4.1 | 4.4 | % | 3.7 | 4.1 | % | 4.3 | 3.5 | % | 4.3 | 4.0 | % | 5.4 | 4.9 | % | ||||||||
Amortization of intangibles | (2.5 | ) | -3.1 | % | (2.5 | ) | -2.7 | % | (2.6 | ) | -2.9 | % | (2.6 | ) | -2.8 | % | (2.6 | ) | -2.8 | % | (2.1 | ) | -1.7 | % | (2.1 | ) | -2.0 | % | (2.2 | ) | -2.0 | % |
R&D expenses as adjusted | 9.4 | 11.5 | % | 9.8 | 10.6 | % | 9.2 | 10.3 | % | 10.0 | 10.8 | % | 10.5 | 11.5 | % | 10.6 | 8.5 | % | 9.8 | 9.0 | % | 10.6 | 9.7 | % | ||||||||
Financial expense (income), net: | ||||||||||||||||||||||||||||||||
Interest expense (income), net | 2.4 | 2.4 | 2.7 | 2.5 | 2.6 | 2.5 | 3.1 | 3.6 | ||||||||||||||||||||||||
Hedging results | 1.3 | 0.7 | 0.8 | 0.7 | 0.7 | 0.5 | 0.3 | 0.3 | ||||||||||||||||||||||||
Foreign exchange effects, net | 0.2 | 0.1 | (0.2 | ) | 0.1 | (0.7 | ) | (0.3 | ) | (0.2 | ) | (0.1 | ) | |||||||||||||||||||
Total | 3.9 | 3.2 | 3.3 | 3.3 | 2.6 | 2.7 | 3.2 | 3.8 | ||||||||||||||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||||||||
as % of net sales | 14.7 | 18.1 | % | 25.1 | 27.1 | % | 25.3 | 28.2 | % | 26.8 | 29.0 | % | 18.8 | 20.6 | % | 48.4 | 39.0 | % | 42.0 | 38.8 | % | 40.7 | 37.1 | % | ||||||||
EBITDA | ||||||||||||||||||||||||||||||||
as % of net sales | 19.7 | 24.2 | % | 30.0 | 32.4 | % | 30.2 | 33.7 | % | 31.9 | 34.5 | % | 24.0 | 26.3 | % | 53.1 | 42.7 | % | 46.5 | 42.9 | % | 45.5 | 41.5 | % | ||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||
as % of net sales | 9.5 | 11.6 | % | 18.9 | 20.4 | % | 19.2 | 21.4 | % | 33.7 | 36.5 | % | 13.9 | 15.2 | % | 39.8 | 32.0 | % | 34.0 | 31.3 | % | 44.6 | 40.7 | % | ||||||||
Income per share | ||||||||||||||||||||||||||||||||
Basic | 0.13 | 0.26 | 0.26 | 0.47 | 0.19 | 0.55 | 0.47 | 0.62 | ||||||||||||||||||||||||
Diluted | 0.13 | 0.25 | 0.25 | 0.43 | 0.19 | 0.50 | 0.43 | 0.55 | ||||||||||||||||||||||||
_________________________
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
Artificial Intelligence
Actuators Market worth $94.8 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, March 29, 2024 /PRNewswire/ — The Actuators market is estimated at USD 67.7 billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth can be attributed to growing industrial automation and use of robots in various sectors like manufacturing and transportation, Developments in areas like sensor technology, connectivity, and control systems, The increasing demand for actuators is fueled by the expansion of sectors like healthcare (medical devices), oil & gas, and aerospace & defense, and the need for improved process control, energy efficiency, and safety regulations in various industries.
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Browse in-depth TOC on “Actuators Market” 300 – Tables175 – Figures350 – Pages
Actuators Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 67.7 billion
Estimated Value by 2029
$ 94.8 billion
Growth Rate
Poised to grow at a CAGR of 7.0%
Market Size Available for
2019–2028
Forecast Period
2023–2028
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Actuation, Application, Type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Issues of leakage in pneumatic and hydraulic actuators
Key Market Opportunities
Increased spending on renewable sources of energy for power generation
Key Market Drivers
Rapid industrialization and utilization of robotics
The Electric segment held the largest growth rate in the Actuators market by actuation.
By actuation, the Actuators market has been segmented into electric, hydraulic, pneumatic, and others. electric Segment to hold the highest growth rate during the forecast period. Electrical actuators use electricity to produce motion. These actuators can be further classified into solenoid actuators and motor-driven actuators. A solenoid used in an electric actuator works on the principle of electromagnetism. Electrical actuators provide control and acceleration at higher speeds. The force for applying thrust can be managed without the requirement for compressed air and the related infrastructure, and hence the total energy consumption in these actuators is lower. Electrical actuators can be used for various applications where linear as well as rotary actuation is required. They can be used for low torque as well as high torque requirements.
The vehicle equipment segment is expected to account for the largest share of Actuators by application in 2024.
By application, the Actuators industry is segmented into industrial automation, robotics, and vehicle equipment. The vehicles and equipment segment includes actuators used in automotive, aircraft, ships, and defense vehicles. These can be either hydraulic, pneumatic, electrical, or mechanical actuators. Actuators are widely used in various systems and sub-systems of an automobile, aircraft, ships as well as defense vehicles.
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Asia Pacific accounts for the largest market share in 2024.
The Actuators market has been studied in North America, Europe, Asia Pacific, Middle East, and Rest of the World. The Asia Pacific region accounts for the largest market share in 2024 as well as throughout the forecast period due to the increasing demand for actuators in the region to enhance the growth of the market. India is expected to show the highest growth rate in Asia Pacific Region for Actuators market.
Major players operating in the Actuators companies are SMC Corporation (Japan), Rockwell Automation (US), Curtiss-wright Corporation (US), ABB Ltd (Switzerland), and Parker Hennifin Corporation (US).
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Artificial Intelligence
Roborock Unveils Global No.1 Robotic Vacuum Cleaner Sales Ranking at International Launch Event
Certified by Euromonitor, Roborock attributes its rise to the top to embracing a long-term mindset while upholding customer-centric innovation above all else
BEIJING, March 29, 2024 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced it has taken the number one spot for robotic vacuum sales worldwide, according to new data by Euromonitor. Celebrating its achievements at a global launch event on the eve of its 10-year anniversary, the brand also revealed a glimpse of what is to come in the form of new product lines while sharing its vision for the future.
Founded in 2014, Roborock owes its success to its long-standing commitment to customer-centric innovation. By delivering meaningful solutions which improve everyday lives, Roborock has built a truly global fanbase, with Euromonitor data confirming that the brand has achieved the number 1 sales position worldwide for robotic vacuum cleaners[1].
“We are so honored to be celebrating this achievement with you all, which was made possible thanks to the ongoing trust and support received over the last 10 years.” Mr. Quan, Roborock President, announced, “Our path to success has been a marathon, not a sprint, as we have always kept in view our brand spirit of “taking the long view in order to do the right thing”. Our unwavering commitment to focusing on delivering true value to our customers is how we have built the brand affinity that has gotten us where we are today – firmly on our way to becoming a global leader in the smart home space.”
Steppingstones on the Path to Success: Roborock Achieves Steady Market Growth on Journey to Become a Global Leading Home Appliance Brand
Further cementing its global success story, the brand also revealed impressive results in many of its key markets. Roborock is now present in over 170 countries, serving over 15 million homes worldwide. According to data from IDC, Roborock ranks number one in Turkey and number two in the US in terms of sales, while also taking the top spot in Germany, Korea, and the Nordics in terms of shipments in 2023[2]. As revealed by Roborock’s latest Financial Earnings Report, the brand recorded a total revenue of 8.65 billion Yuan last year (US$1.22 billion), with total robot vacuum shipments surpassing 2.6 million units. Roborock’s overseas operation recorded revenue growth of 21.42% compared to the prior year and Roborock’s net profit was listed at 2.05 billion Yuan (US$288 million), achieving an overall annual growth rate of 73.32%. This consistent growth across all key markets demonstrates Roborock’s strategic choice to directly address consumer demands and striving for excellence across user experience is resonating with millions worldwide.
Despite these successes, Mr. Quan acknowledged these results were not in themselves the ultimate end goal. Globalization is a vital pillar of Roborock’s mission to become a leader in its field. As such, Roborock plans to expand its global footprint by introducing more innovative products that cater to the unique needs of global users, taking into account the different requirements of various markets, and extending more partnerships worldwide, ensuring that Roborock makes strides overseas on a larger scale and at a faster pace.
Meaningful Innovation: Roborock’s User-Centric R&D Principles and Latest Revolutionary Developments
Roborock’s passion to create value for its consumers propels them to continuously seek out new technological advancements that can serve real consumer pain points. From 2019 to 2023 Roborock invested 1.9 billion Yuan (260 million USD) in Research and Development. Roborock’s approach to take the long term view, ensures R&D teams are encouraged not to seek quick fixes, but to focus on innovation that will truly serve the needs of the end consumer, such as addressing key areas like cleaning capabilities, mapping and navigation, convenience and smart home interconnectivity.
Enhancing the cleaning capabilities of its latest range, Roborock has introduced the FlexiArm Design™ Side Brush, a stretching side brush delivering 100% corner cleaning coverage – elevating the user experience. When it comes to user satisfaction, delivering a low-maintenance, hands-free experience is also paramount. Roborock recently introduced an auto water refill and drainage system, which automatically emptying and replacing dirty water with clean water through pipes during mop washing and tank refilling.
Aside from advanced hardware solutions, Roborock has always invested heavily in the discovery and implementation of emerging technologies that can enhance the functionality and accessibility of its devices. Roborock’s Reactive AI 2.0 Obstacle Recognition technology can recognize and differentiate between floor and room types, accurately identifying 73 different obstacles to navigate, including floor mirrors and pet supplies. Roborock SmartPlanTM function uses an advanced AI algorithm to intelligently plan and optimize cleaning paths and settings based on user habits and specific home layout, making the cleaning process even more intelligent and efficient. The S8 MaxV Ultra is now certified by CSA for Matter, and other Roborock products will follow in the near future suit to enhance connectivity.
Enriching Roborock’s Product Portfolio to Enhance the Quality of Life for Consumers
Concluding the exciting launch, Roborock unveiled three exciting new product lines to its portfolio of intelligent automated devices. Roborock’s product managers took to the stage to introduce three new robotic vacuums – the G20S (S8 MaxV Ultra), V20 and P10S Pro.
The G20S (S8 MaxV Ultra) launched to great acclaim at CES 2024 and is Roborock’s most technologically advanced one-stop cleaning solution to date. A highly intuitive device, the G20S is equipped with FlexiArm Design™ Side Brush, a unique robotic arm that enables complete corner cleaning capabilities, and an extra side mop for edge cleaning, alongside Reactive AI 2.0 obstacle recognition, built-in intelligent voice assistant, and RockDock® Ultra which automatically maintains the robot cleaner using hot water and heated air with intelligent mop re-washing and re-mopping capabilities. The G20S (S8 MaxV Ultra) will be available to purchase globally from April, retailing for USD 1799.99 / EURO 1499.
Initially debuting in China, the V20 will be the world’s first robotic vacuum cleaner equipped with dual-vision 3DToF solid-state LiDAR navigation and obstacle avoidance system, which observes the reflection of modulated light to offer better depth accuracy for even more intuitive floor mapping. With an ultra-thin 8.2cm body and equipped with FlexiArm DesignTM corner and edge cleaning, DuoRoller Riser Brush, and maintenance-free cleaning dock, the V20 is set to redefine automated, low maintenance cleaning.
Finally, the P10S Pro is positioned as the perfect partner for those hard-to-reach spots. Combining FlexiArm DesignTM with an extendable side brush and mop, the device provides 100% corner coverage and the ultimate in edge-cleaning, taking even the trickiest surfaces in its stride.
These solutions further solidify Roborock’s commitment to satisfying the needs of its customers in its fearless pursuit of innovation. Stay tuned for further market specific launch announcements of these innovations and more.
About Roborock
Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://global.roborock.com/.
[1] The data comes from Euromonitor International (Shanghai) Co., Ltd. The sales figures of robotic vacuum cleaners worldwide in the first three quarters of 2023 (in RMB hundred million) were used for calculation. Roborock ranks first in the industry. Robotic vacuum cleaner refers to vacuum cleaners that automatically move around rooms using sensors to clean floors. The research was completed in February 2024.
[2] Data based on IDC Quarterly Smart Home Device Tracker, 2023 Q4. Rankings for the US and Turkey are based on sales value, while rankings for Germany, the Nordic countries (Denmark, Finland, Norway, Sweden), and Korea are based on shipment volume
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Artificial Intelligence
Cato Shatters SASE Speed Record
Cato doubles throughput without any hardware upgrades, underscoring the value of a fully cloud-native platform.
TOKYO, March 29, 2024 /PRNewswire/ — Cato Networks, the SASE leader, announced a new SASE throughput record here at the Porsche Studio Ginza ahead of the 2024 Tokyo E-Prix, achieving 10 Gbps without hardware upgrades. At 10 Gbps, Cato became the first SASE platform to compete not only in the ABB FIA Formula E World Championship but also to deliver SASE performance so powerful that the TAG Heuer Porsche Formula E Team could transfer all the data of an entire Formula E season in under 2.5 hours instead of 3.5 days.
“We’re very excited to be partnering with the TAG Heuer Porsche Formula E Team at the 2024 Tokyo E-Prix,” says Shlomo Kramer, CEO and co-founder of Cato Networks. “The incredible speeds of the Gen3 racecars are only matched by the unprecedented throughput of Cato SASE Cloud. With 10 Gbps, we enable enterprises to replace their data center firewalls and enjoy all the benefits of a true, cloud-native SASE platform.”
Cato SASE Speed Record Up to 3x Other SASE Solutions on the Grid
As SASE continues its upmarket movement, higher capacity connections become essential for meeting various business needs such as bandwidth-intensive applications (cloud storage and backup, disaster recovery), hybrid clouds connecting two parts of the data center for inter-application processing, and large campuses.
To meet those challenges, Cato is introducing 10 Gbps throughput on a single, encrypted tunnel. The doubling of Cato Cloud Interconnect and Cato Socket performance comes without costly hardware upgrades, typical of appliance-based architectures. Compute-intensive operations that usually degrade edge appliance performance — packet encryption/decryption, security inspection, and the like — are handled by multiple Cato Single Pass Processing Engine (SPACE) cores, concurrently processing real-time traffic within Cato PoPs (Points of Presence). Parallel network flow processing is also enabled within the Cato Socket to maximize throughput end-to-end.
By contrast, SASE solutions implemented as virtual machines (VMs) in the cloud or modified web proxies remain limited to under 2 Gbps of throughput for a single tunnel. Appliance-based SASE
solutions top out at just under 3 Gbps. The lower throughputs force enterprises to artificially split traffic within locations across multiple tunnels from the edge appliance to the SASE PoP, a layer of complexity and risk that does not exist in Cato SASE Cloud.
Tokyo: A Place for Fast Cars and Fast Networks
The 2024 Tokyo E-Prix is the perfect venue to highlight Cato’s breakthrough performance. In the fast-paced world of Formula E, every second counts. The sport is intensively data-driven, where teams rely on their IT networks to analyze data and make critical, split-second strategy decisions to achieve a winning edge. Multiple computers in the car produce 100 to 500 billion data points per event, with more than 400 gigabytes of data generated and sent back to the cloud for analysis.
With 16 E-Prix this season, many in regions lacking Tokyo’s developed infrastructure, the ABB FIA Formula E Word Championship presents an incredible networking and security stress test. Cato SASE Cloud provides fast, secure, and reliable access to the TAG Heuer Porsche Formula E Team, regardless of location.
Tokyo, Osaka, and soon Sapporo form the three PoP locations within Japan. Within Tokyo, three Cato PoPs service the region; another two PoPs service Osaka. A sixth PoP is opening in Sapporo. Should users or locations lose access to any one PoP, they would immediately fail over to one of the other PoPs in Japan, providing the TAG Heuer Porsche Formula E Team and all Cato customers with incredibly reliable access in Tokyo – and across the globe.
To learn more about Cato SASE Cloud, visit us at https://www.catonetworks.com/platform/
To learn more about Cato’s partnership with the TAG Heuer Porsche Formula E Team, visit us at https://www.catonetworks.com/porsche-formula-e-team/.
About Cato Networks
Cato Networks is the leader in SASE, delivering enterprise security and networking in a single cloud platform. With Cato, organizations replace costly and rigid legacy infrastructure with an open and modular SASE architecture based on SD-WAN, a purpose-built global cloud network, and an embedded cloud-native security stack.
Want to learn why thousands of organizations secure their future with Cato? Visit us at www.catonetworks.com.
View original content:https://www.prnewswire.co.uk/news-releases/cato-shatters-sase-speed-record-302101273.html
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