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D-LINK Interim / Quarterly Report 2021

Nov 23, 2021

52012_rns_2021-11-23_92fb2e91-7fe0-4486-8738-bef3c62e3adc.pdf

Interim / Quarterly Report

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3Q21 Investor Conference

2021/11/24

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Safe Harbor Statement

• D-Link’s statements of its current expectations are forward-looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward-looking statements, including the cyclical nature of our industry, our ability to compete effectively general economic and political conditions, demand in end market, impact of competitive products and pricing, exchange rate fluctuations, and other risks beyond the control of the Company.

  • Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Agenda

  • Financial Results

  • Awards & Global Recognition

  • Business Outlook

  • Q&A

Financial Results

3Q21 Income Statement – QoQ/YoY Comparison

Quaterly Results
YTD Results		 Quaterly Results
YTD Results
NT$M
3Q20
2Q21
3Q21
QoQ %
YoY %
YT 3Q20
YT 3Q21
YoY %
Net Sales
4,161
3,369
3,958
17.5
-4.9
11,025
11,224
1.8
Gross Profit
1,361
945
1,015
7.4
-25.4
3,473
3,193
-8.1
OperatingExpenses
1,160
1,045
922
-11.8
-20.5
3,424
3,068
-10.4
Operating Inco
Total Non-Op. In
Income Before T		 me
201
-100
93
193.0
-53.7
49
125
155.1
c. (Loss)
144
-72
-84
-16.7
-158.3
338
-175
-151.8
ax
345
-172
9
105.2
-97.4
387
-50
-112.9
Net Income
Non-controlling I
Net Income Attri		 321
-206
-2
99.0
-100.6
305
-124
-140.7
nterests
18
13
25
92.3
38.9
55
61
10.9
butable to Parent
303
-219
-27
87.7
-108.9
250
-185
-174.0
EPS (NT$) 0.46
-0.34
-0.04
0.38
-0.29

Outstandingshares(mn)
652
652
635
652
646
Gross Profit % (GP %)
32.7%
28.1%
25.6%
31.5%
28.4%
Operating Expenses % (OPEX %)
27.9%
31.0%
23.3%
31.1%
27.3%
Operating Margin % (OPM %)
4.8%
-3.0%
2.3%
0.4%
1.1%
Net Income % (NI %)
7.3%
-6.5%
-0.7%
2.3%
-1.7%
Return on Equity (ROE)
2.8%
-2.0%
Gross Profit % (
Operating Expe
Operating Margi
Net Income % (
Return on Equit

3Q21 Balance Sheet – QoQ/YoY Comparison

Quaterly Results

Quaterly Results Quaterly Results
NT$M
3Q20
2Q21
3Q21
QoQ %
YoY %
Cash & cash equivalents
3,603
4,325
3,214
(25.7)
(10.8)
Account Receivable
3,241
2,946
3,267
10.9
0.8
Inventory
2,238
3,180
3,485
9.6
55.7
Other Current Assets
818
882
1,073
21.7
31.2
Non-current Assets
4,947
4,153
3,980
(4.2)
(19.5)
To tal Assets
14,847
15,486
15,019
(3.0)
1.2
Ac
Ot
N		 counts Payable
2,684
2,795
2,720
(2.7)
1.3
her Current Liabilities
2,551
2,361
2,793
18.3
9.5
on-current Liabilities
870
895
870
(2.8)
0.0
T tl Libiliti
6105
6051
6383
55
46
oa aes
,
,
,
.
.
Total Shareholders' Equity
8,742
9,435
8,636
(8.5)
(1.2)
Book Value Per Share
12.7
13.7
13.5
Current Ratio
189.1%
219.8%
200.2%
Debt/Asset Ratio
41.1%
39.1%
42.5%
Cash Conversion Cycle
105
97
106
B
C
D
C

Product Mix

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11,224
Switch & Security Wireless & IoT Mobile & Broadband Others Total 11,025
4,121 4,241
(NT$M)
4,161 4,155 3,898 3,958 QoQ +17.5% 3,683 2,933
3,369
1,619 1,578 1,454 1,386 1,724
1,401
1,532
1,391 1,332 1,090 821 1,022
532 542 593 538 593 1,689 2,326
619 703 761 609 957
3Q20 4Q20 1Q21 2Q21 3Q21 YT 3Q20 YT 3Q21
39% 38% 37% 42% 35% 37% 38%
33% 32% 28% 24% 26% 33% 26%
13% 13% 15% 16% 15% 14% 15%
15% 17% 20% 18% 24% 16% 21%
3Q20 4Q20 1Q21 2Q21 3Q21 YT 3Q20 YT 3Q21
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YoY +1.8%

Sales by Region

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11,025 11,224
America Europe APAC & Others Total 1,680 1,204
3,648
3,341
(NT$M) YoY +1.8%
4,161 4,155
3,898 3,958
640 534 390 3,369 401 QoQ +17.5%
1,320 1,406 1,315 413 1,183 6,004 6,372
1,150
2,201 2,215 2,193 1,806 2,374
3Q20 4Q20 1Q21 2Q21 3Q21 YT 3Q20 YT 3Q21
15% 13% 10% 12% 10% 15% 11%
32% 34% 34% 34% 30% 30% 33%
53% 53% 56% 54% 60% 55% 56%
3Q20 4Q20 1Q21 2Q21 3Q21 YT 3Q20 YT 3Q21
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Awards & Global Recognition

Global Recognition

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CES Red Dot INNOVATION DESIGN AWARDS AWARD 2021 2021

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iF DESIGN AWARD 2021

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Global Recognition

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TAIWAN EXCELLENCE 2021

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GOOD DESIGN AWARD 2021

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TAIWAN EXCELLENCE 2020

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Business Outlook

Business Strategy

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Optimize Organization Structure

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Re-branding MIT Features & Performance Price & Specification

Consumer Solution

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Subscription Revenue (NT$M)
37.9
28.0
17.0
3.0
2018 2019 2020 YT 3Q21
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  • Internet Quality Monitor and its weekly report

  • Interactive Wi-Fi Channel Optimizer

  • Statistic Interactive Internet Schedule Control

  • Security Check

Business Solution

Subscription Revenue (NT$M)

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70.3
54.7
48.0
44.9
32.7
12.9
2016 2017 2018 2019 2020 YT3Q21
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Edge Switch
AP
Router/Gateway
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Transformed
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Eagle Pro AI – Professional
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Eagle Pro AI - Premium
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Eagle Pro AI - Lite
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AIoT Industrial Service Solution

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4G/5G
Small Cell
M2M
5GNR
CPE/MiFi
ODU
Hybrid CPE Cat 4/6
MiFi/Dongle
Cat 4/6/12/20 Host
VoLTE CPE
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Q & A

Website : http://ir.dlink.com.tw Email: [email protected]

Appendix

Consolidated Income Statement

Yearly Results
Quaterly Results
YTD Results		 Yearly Results
Quaterly Results
YTD Results
NT$M
2019
2020
YoY %
3Q20
4Q20
1Q21
2Q21
3Q21
QoQ %
YoY %
YT 3Q20
YT 3Q21
YoY %
Net Sales
16,996
15,179
(11)
4,161
4,155
3,898
3,369
3,958
17
(5)
11,025
11,224
2
Gross Profit
4,740
4,775
1
1,361
1,302
1,232
945
1,015
7
(25)
3,473
3,193
(8)
OperatingExpenses
5,125
4,695
(8)
1,160
1,271
1,100
1,045
922
(12)
(21)
3,424
3,068
(10)
Operating Income
Total Non-Op. Inc. (Loss)
Income Before Tax		 (385)
80
121
201
31
132
(100)
93
193
(54)
49
125
155
95
1,417
1,392
144
1,079
(19)
(72)
(84)
(17)
(158)
338
(175)
(152)
(290)
1,497
616
345
1,110
113
(172)
9
105
(97)
387
(50)
(113)
Net Income
Non-controlling Interests
Net Income Attributable to		 (442)
1,311
397
321
1,006
84
(206)
(2)
99
(101)
305
(124)
(141)
66
71
8
18
16
23
13
25
92
39
55
61
11
Parent
(508)
1,240
344
303
990
61
(219)
(27)
88
(109)
250
(185)
(174)
EPS (NT$)
Outstandingshares(mn)		 (1)
2
0
0
2
0
(0)
(0)
0
(0)
652
652
652
652
652
652
635
652
646
Gross Profit % (GP %)
27.9%
31.5%
32.7%
31.3%
31.6%
28.1%
25.6%
31.5%
28.4%
Operating Expenses % (OPEX %)
30.1%
30.9%
27.9%
30.6%
28.2%
31.0%
23.3%
31.1%
27.3%
Operating Margin % (OPM %)
-2.3%
0.5%
4.8%
0.7%
3.4%
-3.0%
2.3%
0.4%
1.1%
Net Income % (NI %)
-3.0%
8.2%
7.3%
23.8%
1.6%
-6.5%
-0.7%
2.3%
-1.7%
Return on Equity (ROE)
-5.5%
13.3%
2.8%
-2.0%

Net Income % (NI %)
Return on Equity (ROE)

Consolidated Balance Sheet

Yearly Results
Quaterly Results
YTD Results		 Yearly Results
Quaterly Results
YTD Results
NT$M
2019
2020
YoY %
3Q20
4Q20
1Q21
2Q21
3Q21
QoQ %
YoY %
YT 3Q20
YT 3Q21
YoY %
Cash & cash equivalents
3,141
6,216
97.9
3,603
6,216
4,873
4,325
3,214
(25.7)
(10.8)
3,603
3,214
(10.8)
Account Receivable
3,585
3,064
(14.5)
3,241
3,064
3,117
2,946
3,267
10.9
0.8
3,241
3,267
0.8
Inventory
2,837
2,443
(13.9)
2,238
2,443
2,526
3,180
3,485
9.6
55.7
2,238
3,485
55.7
Other Current Assets
598
829
38.7
818
829
858
882
1,073
21.7
31.2
818
1,073
31.2
Non-current Assets
5,550
3,398
(38.8)
4,947
3,398
4,197
4,153
3,980
(4.2)
(19.5)
4,947
3,980
(19.5)
Total Assets 15,711
15,950
1.5
14,847
15,950
15,571
15,486
15,019
(3.0)
1.2
14,847
15,019
1.2
Accounts Payable
Other Current Liabilities
Non-current Liabilities		 2,913
2,744
(5.8)
2,684
2,744
2,586
2,795
2,720
(2.7)
1.3
2,684
2,720
1.3
3,025
2,602
(14.0)
2,551
2,602
2,350
2,361
2,793
18.3
9.5
2,551
2,794
9.5
847
864
2.0
870
864
841
895
870
(2.8)
0.0
870
870
0.0
Total Liabilities 6,785
6,210
(8.5)
6,105
6,210
5,777
6,051
6,383
5.5
4.6
6,105
6,384
4.6
Total Shareholders' Equi ty
8,926
9,740
9.1
8,742
9,740
9,794
9,435
8,636
(8.5)
(1.2)
8,742
8,636
(1.2)
Book Value Per Share
13.0
14.2
12.7
14.2
14.2
13.7
13.5
12.7
13.5
Current Ratio
171.1%
234.8%
189.1%
234.8%
230.4%
219.8%
200.2%
189.1%
200.2%
Debt/Asset Ratio
43.2%
38.9%
41.1%
38.9%
37.1%
39.1%
42.5%
41.1%
42.5%
Cash Conversion Cycle
110
101
105
101
85
97
106
105
106
Debt/Asset Ratio
Cash Conversion Cycle

Sales Breakdown

Sales Breakdown by

Sales Breakdown by
Products **Yearly ** Results Quarterly Results YTD Results
NT$M 2019 2020 YoY % 3Q20 4Q20 1Q21 2Q21 3Q21 QoQ % YoY % YT 3Q20 YT 3Q21 YoY %
Switch & Security 6,627 5,699 -14.0% 1,619 1,578 1,454 1,401 1,386 -1.1% -14.4% 4,121 4,241 2.9%
Wireless & IoT 5,172 5,015 -3.0% 1,391 1,332 1,090 821 1,022 24.5% -26.5% 3,683 2,933 -20.4%
Mobile & Broadband 1,818 2,074 14.1% 532 542 593 538 593 10.2% 11.5% 1,532 1,724 12.5%
Others 3,379 2,391 -29.2% 619 703 761 609 957 57.1% 54.6% 1,689 2,326 37.7%
Total 16,996 15,179 -10.7% 4,161 4,155 3,898 3,369 3,958 17.5% -4.9% 11,025 11,224 1.8%

Sales Breakdown by

Sales Breakdown by
Regions **Yearly ** Results Quarterly Results YTD Results
NT$M 2019 2020 YoY % 3Q20 4Q20 1Q21 2Q21 3Q21 QoQ % YoY % YT 3Q20 YT 3Q21 YoY %
America 2,222 2,214 -0.4% 640 534 390 413 401 -2.9% -37.3% 1,680 1,204 -28.3%
Europe 5,226 4,747 -9.2% 1,320 1,406 1,315 1,150 1,183 2.9% -10.4% 3,341 3,648 9.2%
APAC & Others 9,548 8,219 -13.9% 2,201 2,215 2,193 1,806 2,374 31.5% 7.9% 6,004 6,372 6.1%
Total 16,996 15,179 -10.7% 4,161 4,155 3,898 3,369 3,958 17.5% -4.9% 11,025 11,224 1.8%

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