fingerprint cards company presentation · samsung pc notebook 9 launched pc-offer presented at ces...
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CONFIDENTIALCONFIDENTIAL
FINGERPRINT CARDSCOMPANY PRESENTATION
FEBRUARY 2017
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CONFIDENTIAL 2
Growing and highly profitableFounded 1997 in Gothenburg, SwedenPublic company listed on NASDAQ OMX+400 employees
HQ in Gothenburg, R&D in Sweden and DenmarkSubsidiaries in China, South Korea, Taiwan, US
Financial highlights 2016 – 129% revenue growthRevenues : 6,638 MSEK (2,900)Gross Margin : 48% (43)Operating margin : 39% (31)
Fingerprint Cards – the company in brief
Our core business – advanced biometric system solutions, both HW and SWMarket position – global market leader Key focus areas – smartphones, tablets, PCs, smartcards, IoT, automotive
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CONFIDENTIAL
2013 2014 2015 2016
Revenues, SEK M Operating result, SEK M
2016 at a glance
Almost
140Devices launched
in 2016
>10Billion
touches per day
Nearly
200new talents
in Fingerprints
55-60%Market share
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CONFIDENTIAL
BUSINESS UPDATE
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CONFIDENTIAL
Solid Q4 2016 results
Revenues Margins & profitability Highlights
Revenues: MSEK 1 619 (1 352), an increase of 20% year over year
Gross profit: MSEK 715 (628)Gross margin: 44% (46%)Operating profit: MSEK 548 (518)Operating margin: 34% (38%)EPS: SEK 1,35 (1,28) before dilution
32 mobile devices with Fingerprints’ sensors launchedHuawei 9 with FPC1268 under glassLaunch of Samsung PC Notebook 9 with FPC1025
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CONFIDENTIAL
Market launches Q4 2016
32 mobile devices by 14 OEMsHuawei, Xiaomi, Lenovo and Oppo launched 20 smartphones with our sensors during the quarter Korean SK Telecom new customerHuawei 9 with FPC1268 under glassGoogle Pixel launched in the quarter
New segmentsSamsung PC Notebook 9 launchedPC-offer presented at CES (in Q1)Smartcards prototypes at Money 2020Ultra thin 1300-series launchedPartnership with Oberthur Technologies
Almost 140 devices launched during the year
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CONFIDENTIAL
Continued market leadership
* Source: Strategy Analytics, FPC estimates
Market share 2016 estimated to 55-60%
0%
5%
10%
15%
20%
25%
Appl
e
Sam
sung
Hua
wei
OPP
O
vivo
ZTE
Leno
vo-M
otor
ola
Xiao
mi
LG
TCL-
Alca
tel
Gio
nee
Mei
zu
Oth
ers
Global Smartphone Vendor Market Share %, Q4 2016Launched phones with competitor or inhouse Has not launched phone with fingerprint sensor Launched phone with FPC sensor
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CONFIDENTIAL
Unique System Knowledge
BIOMETRICALGORITHMS
SOFTWAREDEVELOPMENT
ASIC/SILICON CHIP DEVELOPMENT
PACKAGINGEXPERTISE
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CONFIDENTIAL
The big picture of biometrics
Technologies
Facial Iris Voice
Palm vein Finger vein Fingerprint
Capacitive
Ultrasonic
Optical
1 st generationSpray coated
2nd generationUnder glass
3rd generationUnder glass – single chip
Touch sensorsBiometric modalities
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CONFIDENTIAL
MOBILE SMARTCARDSPC &
IoT/EMBEDDED
PC solutions
UNDER GLASS
CERAMICS
SPRAY COATING
FPC1268
FPC1035 FPC1155
FPC1028
Smartcard solutions
IoT solutions (FPC-BM)
FPC1025 FPC1145
Expanding portfolio for all segmentsENTRY MID PREMIUM
FPC1235, FPC1245
Embedded solutions(FPC-BM)
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Features creates differentiation
FPC OneTouch®Wake up your device with a single touch. No buttons or pins. Simply place your finger over the sensor for the fastest unlock you ever made
FPC SafeTouch®State of the art anti-spoofing solution with liveness detection with FPC algorithm which includes advanced Pattern Feature Extraction (PFE)
FPC MoveTouch®Navigate a rotating camera, scroll through webpages/documents, click to answer a call, or adjust the volume with the fingerprint sensor
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Scalable and efficient business model for the mobile segment
Software customization and integration
HW design/customization support
Shipment of sensors
Industrial Design, integration, tuning and end-user experience
OEM/ODM
Packaging and module manufacturing
Module house
Warehouse and Logistics
Distributor
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CONFIDENTIAL
Local engagement to leverage megatrends
AlipayUnionPayFido Alliance
Standards
OEM opportunities
OEM opportunities
Platforms, standards and security
Standards
GoogleMicrosoftEMVCO
Fido AllianceGlobalPlatform
Other
OEM opportunities
Aadhaar
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CONFIDENTIAL
THE LONG TERM VIEW
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Megatrends that affect us
BiometricsSecurity and convenienceCloudificationOnline payment/bankingDigitalization (IoT)
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CONFIDENTIAL
Only in the beginning of the biometric era
Source: Fingerprint Cards estimates on device shipments based on various industry sources.
*Size indication of card donut only representing smartcards. 15 B units represent both smart and ”non‐smart” cards not including SIM, phone or Pay‐TV.
Home
Auto
Med
Industrial & Other
Smartcards -payment
Smartcards - other
Non-smart
Smart
Feature
1.9 Bunits
CE & Accessories
PC & Tablets
Wearables
2 Bunits
3 Bunits
15 Bunits*
Contactless ~50% of smart cards in 2015
Mobile phones IoTPC, CE andwearables
Smartcards
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0
500
1 000
1 500
2 000
2 500
3 000
2014 2015 2016 2017 2018 2019
Total Addressable Market (million units)
Mobile PC Smartcards IoT/Automotive
New segments expand fingerprint sensor market
Continued strong market growth in smartphonesThe market for biometric smart cards is expected to expand rapidly in 2018Attractive growth opportunity in PC – low penetration rate
Source: Strategy Analytics, IHS, Fingerprint Cards estimates.Total Addressable Market excludes Apple, includes all other OEMs and segments including swipe technology
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Fingerprint Cards growth strategy
Grow with the existing customer base
Add new customers
Other segmentsPC
Internet of ThingsAutomotive
Industrial and medical
New offeringsOther sensors
M&A opportunities
Segments
Existing
New
OfferingExisting New
SmartcardsSensor adaptation
Utilize scale advantagesStrong growth potential
Extended biometric scope
TrackpadHigher securityMore features
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CONFIDENTIAL
Strategy outline
Short term (2017)Defend and strengthen Fingerprint Cards position further in smartphones Enable the roll out and kick-starting the new segmentsContinue innovation and strong IP portfolio
Mid term (2017-2018)Fingerprint Cards as a biometric company with several modalitiesStrong SW and system capabilities Investment in new vertical – Smartcards, PC and embedded (IoT, Automotive)
Long term (2018+)Biometrics secure authentication and convenience everywhereCloud and device in symbiosisSecurity as core in biometric offering
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THE PERFECT MATCHFingerprint Cards acquires Delta ID
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CONFIDENTIAL
An acquisition in accordance withour strategy
Fingerprint Cards (”Fingerprints”) will remain the world leading biometric companyFingerprints will expand into new technologies and new offerings
Multi modal biometric solutions with iris and fingerprint recognition will increase security and convenience
Cloud based solutions will become increasingly importantWe consider M&A to accelerate growth
The acquisition is subject to regulatory approvals and expected to close during spring 2017
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Delta ID is a perfect match for Fingerprints
Delta ID is a leading iris technology providerFocused on one thing only – iris recognitionLeading technology and strong IPProven technology – products are shipping
Customer and market synergiesFocus on similar market segments such as smartphones, PC and automotiveWe both have a presence in Silicon Valley, CaliforniaDelta ID has Samsung Mobile as customerMany of Fingerprints’ customers have not yet chosen an iris recognition solutionDelta ID’s products are Aadhaar certified
Technical synergiesIris recognition and fingerprint recognition are complementary modalitiesComplementary skillsets that can be leveraged – e.g. Fingerprints in software and Delta ID in opticalDelta ID has a proven cloud based solutionWe have similar methodology and expertise when it comes to algorithms
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OUTLOOK
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CONFIDENTIAL
2017 Guidance
* Guidance as of 8 Dec, 2017.
2017 Guidance*
Revenues 2017 SEK 7,500-9,500 million
Operating margin 2017 Operating margin estimated to at least 35%
Average SEK/USD rate 8.85 (applied to Q1-Q4)
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CONFIDENTIAL
Long term financial targets – updated*
Growth: Fingerprints Cards’ objective is that its revenues will show an average annual growth rate of approximately 20% from 2017-2019Profitability: Fingerprints Cards’ objective is to achieve an operating margin of between 30-35% in average during the period from 2017-2019 Capital structure: Fingerprints Cards’ objective is to have a strong balance sheet, normally with net cash assets. Surplus capital is to be returned to the shareholders through the buyback of own shares and/or dividends.
Moving three-year financial targets, now covering 2017-2019, with 2016 as the base. These targets are not to be considered as guidance, it’s our long-term expectations for the company.
*Updated 8 Dec 201625
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CONFIDENTIAL
Maintaining leadership
Market leadershipAlmost 140 mobile devices launched in 2016 – nearly 200 in total55-60% market share in 2016
Technology leadershipIncreased investments in R&DContinued focus on innovation and long term technical developmentPartnerships with relevant industry leaders in prioritized segmentsComplementary biometrics company acquired
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We are in a growing marketWe are the market leaderWe are investing in innovationWe run a scalable and efficient operation
Summary
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Q&A
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CONFIDENTIAL
THANK YOU!Stay in touch & connect
E-mail: [email protected] more information, visit us at www.fingerprints.com
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CONFIDENTIALCONFIDENTIAL
APPENDIX SLIDES
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CONFIDENTIAL
2016 FINANCIAL RESULTS
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CONFIDENTIAL
2016 financial performance
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CONFIDENTIAL
Investing for future growth
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CONFIDENTIAL
Strong profitability in 2016
Oct‐Dec Oct‐Dec Jan‐Dec Jan‐Dec2016 2015 2016 2015
Operating profit, SEK M 547,6 517,6 2613,1 910,3Operating margin, % 34 38 39 31
EPS, SEK 1,35 1,28 6,50 2,52
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CONFIDENTIAL
Working capital development
*Average working capital excluding net cash over 5 quarters/rolling 12 months sales
**
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CONFIDENTIAL
Cash flow and net cash trend
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Q4 Cash flow bridge
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CONFIDENTIAL
OTHER
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Pre-sales/ Integration
Design WinProject start
First order/Samples
First Shipments
Phone Launch
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017
Quarterly Revenue(schematic)
Volume and revenue ramp up
Launch support High volume
Schematic illustration
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Revenue growth from launched devices
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
5783
125161
# of mobile devices launched (accumulated)
Schematic illustration
Revenue generated by launches in 2015
Revenue generated by launches in 2016
Q1 2017
190
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Superior 3D image quality and biometric performance
19 years of experience in touch fingerprint sensors results in leading image qualityThe combination of 3D image quality and world class algorithm enables state of the art performance
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False Acceptance Rate – security level
False Rejection Rate – convenience level
Market-leading biometric performance
Very high securityAgainst false accepts, spoofs
Very high convenienceFalse rejects, enroll user experience
Very low latencyVery small sensors
Cost advantage
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Industry’s fastest response time, from touch to identification (on average 0.2 sec)
Adaptive learning algorithm that improves response time on every touch
State-of-the-art security ratings (FRR ‹ 2% @ 1/100 000 FAR)
Fast and seamless enrollment (from 6 touches)
The FPC algorithm and SW runs in the application processor of the phone
Trusted Execution Environment (TEE) is used to safeguard the user’s private information
FPC supports all relevant platforms
A self-learning and irreversible algorithm– Delivering leading performance and convenience without compromising security
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CONFIDENTIALOUR HISTORY
Our touchdowns in history– 18 years of technological advancements