Q2 2024 Tobii AB Earnings Call Transcript
Key Points
- Tobii AB (TBIIF) completed a significant acquisition of FotoNation, establishing itself as the number three player in the automotive interior sensing software market.
- The company initiated a comprehensive cost reduction program aimed at meeting free cash flow and profitability goals.
- Tobii AB (TBIIF) released three new software products to strengthen its product portfolio, including two cloud-based SaaS solutions and Tobii Nexus.
- Net sales increased by 8% in the quarter, largely due to the acquisition.
- The integration segment saw a total growth of 52%, with a positive EBIT of SEK21 million for the quarter.
- Organic growth declined by 16% in the quarter, with continued weakness in the products and solutions segment.
- EBIT for the quarter was negative SEK66 million, including SEK10 million in one-off costs related to redundancies.
- The products and solutions segment experienced an organic growth decline of 15% and a gross margin drop from 71% to 66%.
- Free cash flow was negative SEK125 million for the quarter, indicating high cash consumption.
- The AutoSense segment, still in its investment phase, had a negative EBIT of SEK60 million for the quarter.
Good morning and a warm welcome to the presentation of Tobii's Q2 2024 results. My name is Carolina Strömlid, and I'm Head of Investor Relations at Tobii. Our CEO, Anand Srivatsa; and CFO, Magdalena Rodell Andersson will, as usual, take you through the highlights and the financial development of the quarter. (Event Instructions)
With that, I hand over the word to you, Anand.
Thank you very much, Carolina, and thank you, everyone, for joining us today. We entered the second quarter of 2024 as quite a different company after the completion of our significant and transformative acquisition of FotoNation. That acquisition firmly establishes Tobii as the number three player in the automotive interior sensing software market. That acquisition also, of course, means that as a company, we have a much larger set of resources than we have ever had before. And we also face a situation where demand for our other businesses are weaker. With these two
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