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Dialog Semiconductor Q4 and Full Year 2019 Results

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Dialog Semiconductor Q4 and Full Year 2019 Results Dialog Semiconductor Q4 and Full Year 2019 Results 4 MARCH 2020 © 2020 Dialog Semiconductor Forward Looking Statement This document contains “forward-looking statements” that reflect management’s current views with respect to future events. The words “anticipate,” “believe,” “estimate”, “expect,” “intend,” “may,” “plan,” “project” and “should” and similar expressions identify forward-looking statements. Examples include statements regarding financial metrics, operational matters, and closing conditions and regulatory approvals required in relation to the announced acquisition of Adesto Technologies Corporation (“Adesto” or “Adesto Technologies”). Forward-looking statements are subject to risks and uncertainties, including, but not limited to: an economic downturn in the semiconductor and telecommunications markets; changes in currency exchange rates and interest rates, the timing of customer orders and manufacturing lead times, insufficient, excess or obsolete inventory, the impact of competing products and their pricing, political risks in the countries in which we operate or sale and supply constraints. If any of these or other risks and uncertainties occur (some of which are described under the heading “Risks and their management” in Dialog Semiconductor’s most recent Annual Report) or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. We do not intend or assume any obligation to update any forward-looking statement which speaks only as of the date on which it is made, however, any subsequent statement will supersede any previous statement. 2 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 Agenda ▪ Business Review ▪ Financial Review ▪ Appendix 3 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 Growth Vectors by End Market Consumer Mobile Automotive Computing Industrial IoT ▪ Increasing ▪ New design ▪ Over 80 customer ▪ Custom power ▪ Over 40 ASICs number of awards on a range engagements management for and ASSPs connected gaming currently being of mixed-signal ▪ Technologies devices: BLE, low- applications and sold or in products ramping supporting in-cabin power Wi-Fi SSDs development in H1 2021 such as functionalities and ▪ Consumers in-device ▪ Extensive IP demand for better ADAS ▪ Increasing library for charging adoption of audio experience: ▪ Increased adoption of industrial and ▪ CMICs Wireless and USB Increasing technologies such as automotive applications Audio adoption of Power Management, ▪ Complementary CMICs BLE, CMICs ▪ Launched new offering with range of IO-Link CMICs standard products 4 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 Acquisition of Adesto Technologies Accelerates our Diversification Strategy Transition of Dialog’s Long-Term Revenue Profile ($M)1 Strategic Growth Initiatives 1,420 Broadens presence in growing Strategic Growth industrial market, adding large Initiatives customer base Apple Main 2020 626 PMICs Apple new custom mixed- 2 signal products Adds IIoT custom and standard CAGR 30-35% products 315 Other Dialog Business Units 2019 CAGR 10-15% 448 Including new custom mixed-signal products Extends product portfolio adding IoT Wi-Fi 2019 2022E 2019 ¹ Chart not drawn to scale 2 Includes in-device charging, audio signal chain, new display and power management. 5 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 The Power of the Combination MARKET EXPANSION Increases addressable share of the IIoT market COMPREHENSIVE IIoT OFFERING Complete gateway for industrial connectivity, complementing our Creative Chips acquisition term value + ENHANCED TECHNOLOGY - A Expands high performance mixed-signal capabilities and deep system expertise in Industrial markets DISTRIBUTION, SCALE AND CUSTOMERS Established industrial channel with 5,000 customers, the Creating long majority of which are new for Dialog SYNERGIES Expects annual cost synergies of approximately $20 million, in addition to considerable revenue synergies 6 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 On Track to Meet Our Long Term Targets Underlying FY 2019 Long Term Targets Revenue growth (excluding licensed business)1 38% Mid-teens % Gross Margin2 49.8% 50% to 53% R&D%2 19.5% 18% to 20% SG&A%2 9.1% 8% to 10% Operating Margin2 22.8% 20% to 25% Effective Tax Rate2 19.8% 19% to 20% 1 Excluding revenue from licensed main PMIC products. Revenue from these products will gradually decline to an insignificant amount by 2022. 2 Total group underlying. 7 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 Well-Positioned to Create Shareholder Value Over the Long-Term Building on a strong foundation of mixed-signal and power-efficient IC expertise Sharpening focus on fast-growing segments of IoT, mobile, computing, automotive and industrial Healthy pipeline of customer design ins across all products, including over $1bn of lifetime revenue for new custom mixed signal devices Significant financial flexibility to pursue growth strategy and commitment to disciplined capital allocation 8 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 Agenda ▪ Business Review ▪ Financial Review ▪ Q&A 9 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 At a Glance – Q4 2019 Revenue Underlying OPEX%1 Underlying diluted EPS $246m +47% YoY 26.4% $1.02 $381m +170bps YoY -4% YoY (12)% Excluding licensed main PMIC Underlying gross margin Underlying operating margin Free cash flow and margin 50.2% 24.0% $44m 11.7% +150bps YoY 0bps YoY -46% YoY Q4’18: 19.1% 1 SG&A and R&D expenses as a percentage of revenue, excluding other operating income. 10 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 Q4 2019 Revenue Above the Mid-Point of The Guidance Range Custom Mixed Signal (CMS) $M YoY Movement Revenue Profile $M 328 256 → Expected lower main PMIC for 431 phones -12%YoY 264 134 → Increased content and higher 381 1 113 volumes across multiple Other 58 platforms Q4 2018 Q4 2019 Apple Main 264 -49%YoY 134 PMICs Advanced Mixed Signal (AMS) $M Apple new custom Increasing demand for rapid → mixed-signal 68 charge products and solid 113 products 2 61 +94% YoY performance of lighting 58 products AMS, C&A (exc. Q4 2018 Q4 2019 → Higher volumes of FCI), and GreenPAK™ CMICs 107 +12% YoY 120 automotive Connectivity & Audio (C&A) $M products reported 50 under CMS → Higher BLE demand and Q4 2018 Q4 2019 increased adoption of more 41 46 75% 3 65% 3 complex audio solutions 1 License revenue and revenue from the acquisitions of FCI and Creative Chips 2 Includes PMICs for Mac and accessories and sub-PMICs. Q4 2018 Q4 2019 3 Revenue from our largest customer recognised in Custom Mixed Signal as a percentage of total Group revenue. 11 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 Revenue Trends Tracking our Long Term Financial Plan Custom Mixed Signal (CMS) $M YoY Movement Revenue1 Profile $M 1,060 1,042 965 → Expected lower main PMIC for phones 1,442 -2% YoY 1,420 1,353 626 → Increasing content and Strategic Growth 867 Initiatives2 947 extended range of 315 Apple Main 85 149 technologies at largest PMICs customer -28% YoY 626 2017 2018 2019 867 Apple new Advanced Mixed Signal (AMS) $M 947 custom mixed- signal products3 → Higher rate of adoption of CAGR4 30%-35% CMICs and LED backlighting 315 AMS, C&A, 245 253 +112% YoY products 149 automotive 148 85 products reported → Higher volumes of in CMS and new 2017 2018 2019 GreenPAK™ CMICs 426 +5% YoY 448 custom mixed- 321 signal Connectivity & Audio (C&A) $M CAGR4 10%-15% 184 2017 2018 2019 2022E → Increasing adoption of 5 5 5 173 ® 77% 5 70% 66% 35-40% of Revenue 138 154 Bluetooth low energy and more complex audio solutions ¹ Chart not drawn to scale 4 Revenue CAGR from 2018E through 2022E based on ² Includes inorganic growth and ongoing license revenue company projections 2017 2018 2019 3 Includes in-device charging, audio signal chain, new 5 Revenue from Apple recognised in Custom Mixed display and power management. Signal as a percentage of total Group revenue. 12 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 Increased Underlying Gross Margin Year-on-Year ▪ Q4 2019 underlying gross margin at 50.2% 150 bps higher than Q4 2018 Underlying gross margin ▪ Including positive contribution from 50.2% license revenue (Q4 2019: $6 million) 48.7% 49.5% ▪ Year-on-year increase due to lower +150 bps manufacturing costs YoY ▪ FY 2019 underlying gross margin at 49.8%, 150 bps higher than FY 2018 ▪ Year-on-year increase mainly due to Q4 2018 Q3 2019 Q4 2019 product mix and lower manufacturing costs 49.8% ▪ Positive contribution from license 48.3% revenue (FY 2019: $18 million) +150 bps YoY FY 2018 FY 2019 13 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020. All Rights Reserved. © Copyright 2020 Lower Year-on-Year OPEX ▪ Q4 2019 underlying OPEX decreased by Underlying OPEX $M and OPEX % of Underlying Revenue 106.4 6% year-on-year 24.7% 100.5 26.4% ▪ Q4 2019 underlying R&D expenses 14% below Q4 2018 31.2 7.2% 36.0 9.5% ▪ Transfer of over 300 employees SG&A ▪ Q4 2019 underlying SG&A expenses 75.2 17.5% 64.5 16.9% R&D 15% above Q4 2018 ▪ First time consolidation of FCI and Q4 2018 Q4 2019 Creative Chips into the group 1 ▪ FY 2019 underlying OPEX decreased by 416.7 28.9% 405.9 28.6% 3% year-on-year 129.5 122.5 8.5% 9.1% ▪ Excluding acquisitions the decrease was 5% SG&A 294.2 20.4% 276.4 19.5% R&D FY 2018 FY 2019 14 Dialog Semiconductor Plc Q4 and FY 2019 Results, 4 March 2020.
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