Nordic Semiconductor

Quarterly Report • Apr 20, 2021

Financial results and key figures
Profit and loss - quarterly figures
Balance sheet - quarterly figures
Cash flow - quarterly figures

Revenue by technology Short range revenue by end-product markets ( revenue excluding ASIC/Consulting and cellular IoT)

Other

Markets

Remarks Note that quarterly figures are unaudited. Please refer to the Annual Reports for audited figures. Note also that rounding, etc. may cause minor discrepancies in the figures

Amounts in USD thousand														Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Total Revenue Total Revenue	40,017	52,631	53,912	46,508	40,062	52,712	52,290	52,634	47,336	58,651	65,650	64,366	60,125	71,158	78,725	61,126	52,568	70,526	82,167	83,133	70,163		88,529 119,398 127,127 143,231
Cost of materials														(19,042) (27,404) (27,738) (23,207) (20,346) (27,712) (28,102) (27,887) (25,195) (31,023) (33,723) (33,703) (30,739) (36,264) (39,170) (29,939) (25,463) (34,334) (41,261) (40,232) (33,693) (42,624) (54,295) (60,078) (71,338)
Direct project costs	(16)	(0)	(4)	(2)	(28)	(101)	(24)	(454)	(21)	(244)	(558)	(49)	-	(1)	-	(0)	(294)	(57)	(0)	0	(76)	-	(492)	(16)	(0)
Gross profit	20,960	25,227	26,170	23,299	19,688	24,899	24,163	24,293	22,120	27,384	31,369	30,614	29,387	34,893	39,555	31,187	26,812	36,136	40,905	42,901	36,394	45,905	64,611	67,033	71,893
Payroll expenses	(10,492)	(8,901)	(9,176)											(4,271) (12,545) (11,410) (12,159) (13,072) (13,416) (13,005) (15,502) (18,593) (17,703) (16,173) (16,340) (19,830) (20,009) (18,360) (20,534) (21,378) (22,781) (22,056) (26,724) (29,649) (35,951)
Other operating expenses	(4,184)	(4,498)	(4,671)	(6,050)	(5,099)	(6,042)	(5,068)	(6,467)	(5,695)	(6,401)	(7,508)	(8,053)	(7,271)	(8,733)	(8,924)	(9,271)	(7,541)	(7,973)	(8,825)	(9,326)	(8,364)	(7,830)		(9,241) (10,519) (11,045)
EBITDA	6,284	11,828	12,323	12,977	2,044	7,447	6,936	4,754	3,009	7,977	8,359	3,968	4,412	9,987	14,290	2,086	(738)	9,802	11,545	12,198	5,248	16,019	28,645	26,865	24,898
Depreciation	(1,867)	(2,003)	(2,356)	(2,209)	(2,371)	(2,795)	(3,048)	(3,259)	(3,081)	(3,211)	(3,437)	(3,135)	(3,586)	(4,296)	(4,383)	(4,462)	(5,369)	(5,474)	(5,846)	(6,846)	(7,380)	(7,575)	(7,869)	(8,240)	(9,232)
Operating Profit (EBIT)	4,416	9,824	9,966	10,768	(327)	4,651	3,888	1,496	(72)	4,766	4,922	833	826	5,690	9,907	(2,376)	(6,108)	4,328	5,699	5,352	(2,132)	8,444	20,777	18,625	15,666
Net interest	16	27	(28)	(30)	(26)	(10)	42	(45)	(127)	(8)	(40)	(173)	(40)	(15)	32	1,377	(165)	(197)	231	941	(146)	(390)	(484)	246	(255)
Net foreign exchange gains (losses)	1,120	(535)	1,845	(403)	(618)	137	(284)	(146)	(40)	(8)	(630)	357	(689)	434	(41)	(24)	(303)	(269)	1,156	(958)	4,189	(2,086)	(1,954)	(2,165)	137
Profit before tax	5,552	9,317	11,784	10,335	(971)	4,779	3,646	1,304	(239)	4,749	4,253	1,017	97	6,109	9,898	(1,023)	(6,576)	3,862	7,086	5,335	1,912	5,968	18,339	16,706	15,548
Income tax expense	(2,370)	(2,575)	(3,853)	(3,999)	(61)	(751)	(1,015)	(508)	(90)	(890)	(667)	(1,371)	(117)	(1,785)	(2,713)	(1,607)	(52)	(52)	(1,324)	(952)	(3,262)	(263)	(3,626)	2,617	(2,048)
Net profit after tax			3,183 6,741 7,930 6,336 (1,032) 4,029 2,632						796 (329) 3,859 3,586 (353)					(19) 4,323 7,186 (2,630) (6,628) 3,810 5,762 4,383 (1,350) 5,705 14,713 19,323 13,500

Amounts in USD thousand																								Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Goodwill																								2,393	2,393
Capitalized development expenses	8,303	10,260	11,949	12,542	13,038	13,740	14,197	14,395	15,593	16,559	17,406	18,925	21,187	23,671	25,707	27,686	29,172	31,931	32,719	33,990	34,884	34,909	34,985	34,563	33,994
Software and other intangible assets	7,125	8,780	9,031	9,082	9,198	11,785	12,086	12,054	14,251	14,590	14,728	15,509	15,394	15,097	15,330	15,063	14,200	13,270	12,137	11,408	10,686	9,493	8,921	19,905	18,439
Deferred tax assets	5,363	5,363	5,363	1,250	1,331	1,314	1,367	1,973	1,983	2,029	2,134	1,516	1,596	1,519	1,515	1,335	1,344	1,357	1,275	2,813	2,404	2,571	2,649	3,668	3,674
Property assets	754	814	952	1,306	1,422	1,357	1,229	1,317	1,235	1,230	1,194	1,129	1,093	1,317	1,226	1,234	1,689	1,824	1,848	2,752	3,066	2,935	2,854	2,786	2,861
Equipment	10,475	11,163	12,175	11,748	10,888	10,723	12,604	12,050	11,878	12,198	11,569	11,129	10,725	12,492	14,090	16,348	17,540	19,014	22,713	23,873	23,503	25,469	23,946	25,498	26,544
Right-of-use asset	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,915	20,936	24,334	23,934	23,259	24,446	24,203	25,092	23,696
Other non-current assets	6	6	13	12	12	3	3	2	2	1	1	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-current assets	32,026	36,386	39,484	35,939	35,890	38,923	41,484	41,792	44,942	46,606	47,032	48,209	49,995	54,097	57,869	61,667	84,860	88,332	95,027	98,770	97,802	99,824		97,559 113,906 111,600
Inventory	37,656	40,484	45,018	41,100	40,403	37,427	36,593	52,044	47,972	47,749	47,411	43,789	46,043	46,333	44,211	42,679	42,810	44,148	46,755	53,067	57,446	62,718	63,933	61,955	60,809
Accounts receivable	40,258	54,424	52,537	48,938	35,762	54,435	52,923	54,772	42,004	48,320	56,578	48,582	53,940	55,523	76,651	51,784	48,415	58,378	64,962	64,519	59,125	62,646	96,250		88,034 135,217
Current financial assets																									341
Other short term receivables	5,199	5,116	3,292	3,177	4,440	5,160	4,430	4,941	5,397	5,989	5,392	7,844	7,106	7,377	6,640	7,155	7,856	8,917	8,520	11,359	9,280	9,535	7,290	9,372	10,693
Cash and cash equivalents	25,279	25,360	29,215	29,293	38,955	23,626	29,272	21,135	27,878	23,324	26,073	36,695		32,193 107,009		95,002 103,876	97,787	87,916	86,725					90,645 124,291 124,354 214,826 242,547 196,795
Current assets	108,392	125,384																						130,063 122,508 119,560 120,648 123,218 132,892 123,251 125,381 135,454 136,910 139,282 216,242 222,504 205,494 196,868 199,359 206,962 219,589 250,142 259,253 382,298 401,909 403,855
TOTAL ASSETS																								140,418 161,771 169,547 158,447 155,450 159,571 164,702 174,684 168,194 171,988 182,486 185,119 189,278 270,339 280,372 267,161 281,728 287,691 301,989 318,359 347,944 359,076 479,857 515,814 515,455
Shareholders' equity	94,881	101,064																						106,520 112,405 111,355 115,749 117,902 116,270 116,131 120,255 124,222 124,953 125,446 228,352 235,843 221,549 214,931 219,094 225,217 232,205 234,469 241,961 386,356 402,492 406,357
Pension liability	10,181	10,851	10,061	707	838	681	764	293	267	273	280	293	323	308	274	279	262	264	219	310	243	262	338	448	431
Non-current liabilities	-	-	-	-	-	-	10,000	20,000	20,000	20,000	20,000	20,000	20,000	-	-	-	-	-	-	-	-	-	-
Non-current lease liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18,012	17,870	19,375	19,886	16,367	18,623	18,866	21,004	19,129
Non-current liabilities	10,181	10,851	10,061	707	838	681	10,764	20,293	20,267	20,273	20,280	20,293	20,323	308	274	279	18,274	18,134	19,594	20,196	16,610	18,884	19,205	21,451	19,560
Accounts payable	13,406	15,388	15,425	6,389	9,631	12,076	13,178	15,295	10,183	10,401	14,514	13,075	17,017	16,744	15,275	10,424	10,975	15,540	17,821	19,738	14,789	15,009	19,202	22,812	26,400
Income taxes payable	6,758	7,727	11,144	9,931	7,601	5,236	6,484	2,786	1,771	1,318	2,000	3,069	2,284	2,309	4,784	5,043	3,837	2,693	3,319	3,136	4,484	3,539	5,987	4,976	5,409
Public duties	2,704	2,547	1,414	2,295	2,088	2,130	1,623	2,260	1,875	2,114	1,805	2,774	3,384	2,748	1,975	2,901	3,319	2,772	2,354	3,761	3,304	4,073	4,767	8,789	5,029
Dividend payable	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Current loan facility	-	10,000	10,000	10,000	10,000	10,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40,000	40,000	-	-	-
Current lease liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,208	3,732	4,716	4,044	3,647	4,157	4,394	5,520	5,972
Current financial liabilities																								302	-
Other current liabilities	12,488	14,192	14,983	16,720	13,936	13,697	14,750	17,780	17,966	17,626	19,665	20,955	20,824	19,878	22,222	26,966	27,184	25,725	28,967	35,279	30,642	31,453	39,946	49,472	46,729
Current liabilities	35,355	49,855	52,966	45,335	43,257	43,140	36,036	38,121	31,796	31,459	37,984	39,873	43,509	41,679	44,255	45,333	48,524	50,463	57,178	65,958	96,865	98,231	74,297	91,871	89,538
TOTAL EQUITY AND LIABILITIES																								140,418 161,771 169,547 158,447 155,450 159,571 164,702 174,684 168,194 171,988 182,486 185,119 189,278 270,339 280,372 267,161 281,728 287,691 301,989 318,359 347,944 359,076 479,857 515,814 515,455

Amounts in USD thousand										Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Profit before tax										5,552 9,317 11,784 10,335 (971) 4,779 3,646 1,304 (239) 4,749 4,253 1,017					97 6,109 9,898 (1,023) (6,576) 3,862 7,086 5,335 1,912 5,968 18,339 16,706 15,548
Taxes paid for the period		(1,891) (1,740)	-			(2,515) (2,901) (2,994)	-			(4,303) (1,121) (1,095)	-		616 (956) (1,036)		-							(767) (1,302) (1,156) (287) (2,101) (1,359) (1,730)	(107)		241 (1,748)
Depreciation										1,867 2,003 2,356 2,209 2,371 2,795 3,048 3,259 3,081 3,211 3,437 3,135 3,586 4,296 4,384 4,462 5,369 5,474 5,846 6,846 7,380 7,575 7,869 8,240 9,232
Change in inventories, trade receivables and payables										(13,639) (15,012) (2,610) (1,519) 17,115 (13,251) 3,448 (15,183) 11,728 (5,860) (3,852) 10,136 (3,697) (2,120) (20,447) 21,555 3,801 (6,741) (6,892) (3,965) (3,906) (8,569) (30,671) 13,586 (42,410)
Share-based compensation expense	597		121 (832)	(62)		237 (275)	103	534	225	309	307	288	469	150	242	370	374	411	350	(36)	555		535 1,017 1,043		885
Movement in pensions	(1,274)		670 (790) (3,550)			130 (156)		83 (471)	(25)	6	6	(6)	30	(15)	(34)	(11)	-	-	(60)	91	-	-	28	109	-
Other operations related adjustments						176 1,509 1,447 (146) (4,288) (858)				848 2,259 (642) (927) 1,874					438 1,233 (2,488) 1,971 4,257							(42) (2,823) 2,623 4,192 (3,085) 1,501 10,995 11,120 (8,215)
Net cash flows from operating activities						(8,611) (3,132) 11,355 4,754 11,691 (9,960) 11,178 (12,602) 13,005						393 6,026 15,625			762 4,897 (3,985) 28,842 1,624 (973) 8,667 10,361 1,496 5,279 7,470 51,046 (26,708)
Capital expenditures (including software)										(4,191) (3,582) (2,624) (1,420) (614) (4,031) (3,524) (1,655) (4,025) (2,918) (1,396) (2,493) (1,867) (5,099) (5,118) (5,447) (4,242) (4,066) (6,537) (5,338) (3,788) (5,013) (2,315) (5,363) (5,433)
Capitalized development expenses										(2,025) (2,645) (2,401) (1,257) (1,084) (1,556) (1,461) (1,203) (2,203) (1,970) (1,864) (2,535) (3,278) (3,635) (3,054) (3,027) (2,533) (3,813) (1,829) (3,097) (2,708) (1,972) (2,036) (1,682) (1,611)
Business combination, net of cash acquired																								(13,158)
Net cash flows from investing activities										(6,215) (6,228) (5,025) (2,677) (1,697) (5,588) (4,985) (2,858) (6,228) (4,888) (3,259) (5,028) (5,145) (8,734) (8,172) (8,473) (6,774) (7,879) (8,366) (8,434) (6,496) (6,985) (4,352) (20,203) (7,044)
Changes in Treasury stock			6,015 (723) (2,461) (2,159)		(0)	195		0 (2,709)	(0)	0	-	-	(32)	-		(0) (12,075)	-	-				0 2,412 3,099 1,253 5,226		877	-
Cash settlement of options contract																									(4,557) (10,141)
Capital Increase														98,939									121,277	-	-
Repayment of lease liabilities															-	-			(784) (872) (1,421) (829)		(983)		(956) (1,012) (601) (1,644)
Interest bearing debt	-	10,000	(0)	0	-	-	-	10,000	-	-	-	-	-	(20,000)	-	-	-	-	-	-	40,000	-	(40,000)	-	-
Net cash flows from financing activities			6,015 9,277 (2,461) (2,158)		(0)	195		0 7,291	(0)	0	-	-		(32) 78,939							(0) (12,075) (784) (872) (1,421) 1,583 42,117		297 85,489 (4,281) (11,785)
Effect of changes in currency rates	9	164	(13)		159 (333)		(27) (494)	31	(34)	(60)	(16)	24		(87) (286)	149		581 (155) (146)		(71)			410 (3,470) 1,472 1,864 1,159 (216)
Net change in cash and cash equivalents	(8,802)		82 3,855							77 9,661 (15,380) 5,698 (8,138) 6,744 (4,556) 2,750 10,621 (4,502) 74,816 (12,008) 8,875 (6,090) (9,871) (1,191) 3,920 33,647													63 90,471 27,722 (45,752)
Cash and cash equivalents at start of period										34,080 25,279 25,360 29,215 29,293 38,953 23,573 29,272 21,135 27,879 23,323 26,074 36,695 32,193 107,009 95,001 103,876 97,787 87,916 86,725 90,645 124,291 124,354 214,826 242,547
Cash and cash equivalents at end of period										25,279 25,360 29,215 29,293 38,953 23,573 29,272 21,135 27,879 23,323 26,074 36,695 32,193 107,009 95,001 103,876 97,787 87,916 86,725 90,645 124,291 124,354 214,826 242,547 196,795

Amounts in USD thousand																					Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Proprietary wireless																					21,324 21,172 18,514 15,534 19,336 23,695 19,806 19,521 21,619 20,714 16,838 18,257 19,949 16,960 22,814 17,531 12,480 12,624 18,496 16,344 15,395 16,391 19,043 25,315 20,887
Bluetooth																					17,903 30,075 34,154 28,711 18,194 27,235 31,107 30,629 24,345 36,035 45,672 44,074 38,366 52,324 54,335 40,123 37,341 56,042 62,245 65,524 51,189 70,124 97,104 97,603 119,817
ASIC components												788 1,384 1,244 2,151 2,354 1,782 1,343 1,511 1,323 1,653 2,985 1,955 1,789 1,852 1,564 2,789 2,431 1,627						876 1,105 2,475			816 1,459 1,547 1,058
Cellular IoT														232	139	196	551				160 1,104 1,178 1,582 2,663 1,219
Consulting services	2 -	112	178	-	34	973	49	249	155	80	21	22	11	451	177	39	-	-	20	210	-	250
Total																					40,017 52,631 53,912 46,508 40,062 52,712 52,290 52,634 47,336 58,651 65,650 64,366 60,125 71,158 78,725 61,126 52,568 70,526 82,167 83,133 70,163 88,529 119,398 127,127 143,231

Amounts in USD thousand																								Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Consumer Electronics	20,262	28,954	25,654	21,633	20,078	26,255	25,269	25,374	22,885	23,612	26,058	26,136	23,628	28,249	34,908	24,938	21,123	27,282	37,207	33,797	24,507	29,500	55,389	53,736	51,243
Wearables	15,360	16,296	17,642	13,981	7,301	12,110	11,104	10,223	8,362	8,691	10,639	9,663	10,203	11,870	12,404	9,360	7,641	12,739	13,899	16,107	11,350	14,136	19,387	18,094	19,915
Building/Retail	2,747	3,784	4,110	3,474	4,890	6,128	7,537	8,366	8,580	16,735	15,709	15,888	12,219	13,754	12,707	9,966	8,041	12,926	14,017	16,611	13,163	18,842	22,898	26,967	35,398
Healthcare	616	1,623	2,357	2,575	2,571	2,806	3,486	2,757	2,162	2,487	4,619	4,963	4,693	5,349	7,061	5,475	4,263	5,428	5,065	4,969	5,470	13,975	7,792	10,593	16,263
Others	242	590	2,905	2,582	2,690	3,631	3,517	3,430	3,975	5,224	5,485	5,681	7,572	10,062	10,069	7,916	8,753	10,291	10,552	10,384	12,094	10,062	10,681	13,527	17,885
Short range revenue	39,227	51,247	52,668	44,245	37,530	50,930	50,913	50,150	45,964	56,749	62,510	62,331	58,315	69,284	77,150	57,655	49,821	68,665	80,740	81,868	66,584			86,515 116,147 122,917 140,704