Infineon Technologies Ag · XETR:IFX
Infineon Technologies — Q1 FY2024 Earnings Presentation
16 slides from Infineon Technologies's earnings presentation, Feb 6, 2024
Slide 1: First Quarter FY 2024 Analyst Call
First Quarter FY 2024 Analyst Call Infineon Technologies AG Investor Relations 1
Slide 2: Group financial performance
Group financial performance Revenues and Segment Result USD exchange rate [EUR m] Average revenue exchange rate Q1 Q4 Q1 FY23 FY23 FY24 ø USD/EUR 1.02 1.09 1.08 Order backlog1 [EUR bn] 28.0% 28.6% 26.1% 25.2% 22.4% 1,107 1,180 1,067 1,044 831 1 See notes for definition 2024-02-06 Copyright © Infineo
Slide 3: Automotive (ATV)
Automotive (ATV) Revenues Segment Result [EUR m] [EUR m] 28.4% 31.1% 27.4% 28.5% 27.1% ‒ Calendar year-end inventory management by customers resulted in expected revenue decline ‒ Our leading product portfolio and content expansion driven by e-mobility, ADAS and innovative electrical-electronic arch
Slide 4: Green Industrial Power (GIP)
Green Industrial Power (GIP) Revenues Segment Result [EUR m] [EUR m] 28.8% 32.4% 30.3% 28.5% 26.7% ‒ Revenue decline partly from seasonality as well as from inventory adjustments by industrial customers ‒ Demand for industrial drives is expected to further weaken, while markets for home appliances c
Slide 5: Power & Sensor Systems (PSS)
Power & Sensor Systems (PSS) Revenues Segment Result [EUR m] [EUR m] 28.9% 21.3% 20.8% 18.9% 12.9% ‒ Revenue decline mainly driven by MOSFETs for consumer-facing applications, whereas smartphone components saw a small uptick ‒ Most end markets of PSS are facing weak demand and are experiencing a pro
Slide 6: Connected Secure Systems (CSS)
Connected Secure Systems (CSS) Revenues Segment Result [EUR m] [EUR m] 28.2% 25.1% 23.5% 18.4% 10.2% ‒ Revenue and segment result decrease driven by end market weakness and on-going inventory correction ‒ Consumer, compute, communication and IoT as well as security markets characterized by high inve
Slide 7: Gross margin and Opex
Gross margin and Opex Gross profit R&D SG&A [EUR m] [EUR m] [EUR m] 47.2 % 46.6 % 44.5 % 43.6 % 43.2 % 12.3% 11.8% 12.1% 12.5% 13.8% 10.4% 10.7% 9.6% 9.7% 9.6% Gross margin as reported Gross profit as reported R&D expenses as % of revenue R&D expenses SG&A expenses as % of revenue SG&A expenses Ther
Slide 8: Investments, Depreciation & Amortization and Free Cash Flow
Investments, Depreciation & Amortization and Free Cash Flow Investments Depreciation & Amortization Free Cash Flow [EUR m] [EUR m] [EUR m] 2024-02-06 Copyright © Infineon Technologies AG 2024. All rights reserved. 8
Slide 9: Working capital, in particular trade working capital components
Working capital, in particular trade working capital components Working capital1 Inventories [EUR m] [EUR m] [days] 185 140 143 149 153 Trade receivables Trade payables [EUR m] [days] [EUR m] [days] 32 70 69 66 75 72 29 31 31 30 1 See notes for definition 2024-02-06 Copyright © Infineon Technologies
Slide 10: Development of liquidity and debt
Development of liquidity and debt Capital structure [EUR m] Gross Cash Gross Debt Net Cash/Debt 2024-02-06 Copyright © Infineon Technologies AG 2024. All rights reserved. 10
Slide 11: Outlook for Q2 FY24 and FY24
Outlook for Q2 FY24 and FY24 Outlook Outlook Q2 FY241 FY241 Revenue ~€3.6bn €16.0bn +/-500m Adj. Gross Margin low to mid-forties Segment Result Margin ~18% low to mid-twenties FCF/adj. FCF ~€200m/~€1.8bn Investments ~€2.9bn D&A ~€1.9bn2 1 Based on an assumed average exchange rate of $1.10 for €1.00
Slide 12: Key points
Key points A robust start into the new fiscal year Q1 FY24 – €3.7bn revenue, 22.4% Segment Result Margin Market environment outside automotive remains weak − Challenging macro-economic and geopolitical environment − Auto: MCU share gains and broad e-mobility exposure supporting the business − Cyclic
Slide 13: Questions & Answers
Questions & Answers 2024-02-06 Copyright © Infineon Technologies AG 2024. All rights reserved. 13
Slide 14: Cinfineon
Cinfineon
Slide 15: Disclaimer
Disclaimer Disclaimer This presentation contains forward-looking statements and/or assessments about the business, financial condition performance and strategy of the Infineon Group. These statements and/or assessments are based on assumptions and management expectation resting upon currently availa
Slide 16: Notes
Notes Order backlog = The total amount of orders received regardless of their current status Working Capital = ('Total current assets' – 'Cash and cash equivalents' – 'Financial investment' – 'Assets classified as held for sale') – ('Total current liabilities' – 'Short term debt and current maturiti
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