May 4, 2016
Henrik Eskilsson, CEO Esben Olesen, CFO 2
Tobii is the global leader in eye tracking • World leader in eye tracking Sales per region (Q1 2016) • Founded in 2001 Rest of world 13% • Headquartered in Sweden, with 14 offices across Europe, North America and Asia • 650+ employees North Europe America 25% • Three strong business units: 62% 3
Tobii Dynavox • Global leader in assistive technology for communication • Market share close to 50% • Provides products that enable tens of thousands of users with special needs to speak and communicate effectively • Reimbursed through public and private insurance systems 3/4 of Tobii Group’s sales 4
Tobii Dynavox Tobii Pro Tobii Tech Awareness and knowledge are key drivers for long-term growth • Clip with Ian in Argentina: • Clip with James and the fund raising for https://www.facebook.com/ajplusenglish/ his eyegaze device: videos/673299416144902/ https://www.youtube.com/watch?v=MI4G u8k0vt8&feature=youtu.be • Follow- up clip with James’ teacher: https://www.youtube.com/watch?v=SHw 3EnN5wKs 5
Tobii Dynavox Tobii Pro Tobii Tech Product development • Launched PCEye Mini, based on the new IS4 eye-tracker platform • Launched a touch device specifically for the Chinese market • Increasing R&D investments during 2016 PC Eye Mini 6
Tobii Dynavox Tobii Pro Tobii Tech Q1 financials for Tobii Dynavox 75% 74% 73% 71% 70% 70% 70% 67% 63% 219 • Revenue increased 13% over Q1 2015, 188 182 173 and by 12% adjusted for currency effects 167 143 135 • Synergies from Dynavox acquisition 93 • +4 MSEK one-time effect from Steve 71 Gleason Act Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • Gross margin decreased to 71% (73%) 2014 2015 2016 • Negatively impacted by 2 pp from Revenue (SEK million) Gross margin reallocation of some costs from sales and admin to COGS 20% 20% 16% 14% 14% 14% 13% • EBIT margin was 14% (16%) 5% 45 1% • -5 MSEK one-time currency effect on working capital 27 26 26 • 22 +3 MSEK one-time effect from Steve 20 14 Gleason Act 7 1 • 20% increase in R&D spend Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2014 2015 2016 EBIT (SEK million) EBIT margin 7
Tobii Pro • World leader in eye tracking solutions for understanding human behavior • Market share close to 50% • Provides eye tracker hardware and analytics software, plus market research consulting • 1,500 academic and 2,000 commercial customers 1/5 of Tobii Group’s sales 8
Tobii Dynavox Tobii Pro Tobii Tech Glasses 2 opens up more segments Industrial processes Simulators Sports Etnographic studies 9
Tobii Dynavox Tobii Pro Tobii Tech Unilever on eye tracking http://tobii.23video.com/eye-tracking-in-consumer-research-with-unilever 10
Tobii Dynavox Tobii Pro Tobii Tech Q1 financials for Tobii Pro 78% 75% 74% 74% 72% 73% • For Tobii Pro, the 4 th quarter tends to 72% 70% show significantly higher sales than other 69% 65 61 59 quarters 54 46 44 40 • Revenue increased 9% over Q1 2015, 35 31 and by 8% adjusted for currency effects • Strong sales of Glasses 2 and X3-120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • Strong sales of Insight research services 2014 2015 2016 • Gross margin was 73% (75%) Revenue (SEK million) Gross margin • Negatively impacted by reallocation of 22% some costs from sales and admin to 17% COGS 13% 14 10% 8% • EBIT margin was 10% (13%) 5% 11 2% 0% 7 • 42% higher net R&D spend – both higher 6 -13% 3 1 0 2 absolute R&D as well as higher amortizations of capitalized R&D -4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2014 2015 2016 EBIT (SEK million) EBIT margin 11
Tobii Tech • Provides components and platforms for eyetracking to integration customers • Targets new volume markets such as computer gaming, computers, virtual reality, automotive and medical devices ~5% of Tobii Group’s sales 12
Tobii Dynavox Tobii Pro Tobii Tech Tobii Tech, Q1 Highlights MSI launched the world’s Tobii IS4 ready for volume Ubisoft launched two production and first products first gaming notebook with blockbuster PC games with eyetracking – MSI GT72 to integrate the platform support for Tobii eye tracking – Tom Clancy’s The Division announced by Tobii Dynavox Tobii and Assassin’s Creed Syndicate For a list of games supporting Tobii eye trackers, go to www.tobii.com/xperience/apps/ 13
Tobii Dynavox Tobii Pro Tobii Tech Q1 financials for Tobii Tech 72% 49% 48% 46% 45% • Revenue is still very modest, and a 42% 41% 37% 29% majority comes from sales of eye 18 16 15 tracker platforms to Tobii Dynavox 13 13 11 9 9 8 and Tobii Pro Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • Revenue decreased by 9% from Q1 2014 2015 2016 2015, and by 10% adjusted for Revenue (SEK million) Gross margin currency effects • Gross margin was 41% (42%) 2014 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • EBIT loss amounted to -49 MSEK (-41) • Increased net R&D spend due to -21 -24 lower capitalization of R&D -32 -37 • Increased investments in marketing -39 -41 -44 and business development -49 -59 EBIT (SEK million) 14
Tobii Group, Q1 2016 Revenue and Gross Margin 76% 76% • Revenue increased 10% over 74% 72% 72% 73% 2015, and by 9% adjusted for 71% 70% 287 currency effects 68% 252 229 228 222 • Organic revenue growth in Tobii 207 168 Dynavox and Tobii Pro 131 115 • Decline in Tobii Tech, due to reduction of paid development Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 cost in Q1 2016 2014 2015 2016 • Gross margin 73% compared to Revenue (SEK million) Gross margin 74% last year. • Negatively impacted from Revenue (SEK million) 280 252 229 reallocation of some costs from 240 188 sales and admin to COGS 200 167 160 120 59 80 54 18 40 16 0 Tobii Dynavox Tobii Pro Tobii Tech Group Q1 2015 Q1 2016 15
Tobii Group, Q1 2016 EBIT (SEK million) • Group EBIT -17 MSEK (-8) -3 -4 -8 -8 -13 • EBIT in Tobii Dynavox and Tobii -17 -17 -21 Pro in line with last year. • EBIT 8 MSEK lower than last -31 year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • Increased net R&D spend due 2014 2015 2016 to lower capitalization of R&D • Increased investments in marketing and business EBIT (SEK million) 26 27 development 20 7 6 -8 -20 -17 -41 -49 -60 Tobii Dynavox Tobii Pro Tobii Tech Group Q1 2015 Q1 2016 16
Balance Sheet & Cash Flow • Total Assets impacted by the IPO, Tobii Group (MSEK) Q1 2016 Q1 2015 where the company received 434 Total Assets 1 007 770 MSEK net cash Equity 774 382 • Strong balance sheet with high Equity Ratio 77% 50% Equity ratio of 77% Net Cash (+)/Net Debt(-) +371 -63 • Strong cash position +371 in Cash Cash flow after continuous +2 -39 – no loans investments • Current unutilized bank facilities 170 3 MSEK 7 7 7 • Cash flow improved due to positive -16 development in Trade Working Capital -39 Q1 Q2 Q3 Q4 Q1 2015 2016 Cash flow after Investments 17
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