H1.2019 Results u-blox Holding AG - August 23, 2019 Thomas Seiler, CEO Roland Jud, CFO
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H1.2019 Results u-blox Holding AG August 23, 2019 Thomas Seiler, CEO Roland Jud, CFO
Disclaimer This presentation contains certain forward-looking statements. Such forward-looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, performance or achievements of the Group to differ materially from those expressed or implied herein. Should such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. u-blox is providing the information in this presentation as of this date and does not undertake any obligation to update any forward-looking statements contained in it as a result of new information, future events or otherwise. 2 u-blox Holding AG
Agenda Highlights H1.2019 Financial results H1.2019 Business review Outlook Q&A 3 u-blox Holding AG
Highlights H1.2019
• Financial performance reflects a sluggish market environment in
H1.2019 resulting in revenue decline of -4%
• Resurgence in APAC with growth of +8% (China +14%, decline in Taiwan due
to elimination of one large customer)
• Reduction in revenues in EMEA of -12%
• Americas declined slightly by -7% as industrial customers’ LTE connectivity
migration just started in H1.2019
• Strong growth in number of customers
• Important product launches – new chip platform and modules
• R&D pipeline expanded – significant product launches ahead
4 u-blox Holding AG
Financial highlights H1.2019
Continued investment into new products
• Adjusted gross profit down by 8.4% (Million CHF)
200
• Adjusted EBITDA and EBIT
150
CHF 32.7m resp. CHF 19.7m 104.5
• Increased amortization of capitalized R&D 100 190.6
projects and lower capitalization rate 17.8
50 39.8
• Increased cash flow from operating
86.1
10.3
1.4 3.4 2.6
activities CHF 33.1m (+141%)
19.7 13.6
0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Revenue
COGS
Adjusted Gross Margin
Distribution and marketing
Research and development
General and administrative
Other income
Adjusted EBIT
Finance income
Income tax (expense) / benefit
Adjusted Net Profit
• Free cash flow CHF 3.9m (before
acquisitions)
expenses
expenses
expenses
5 u-blox Holding AG
Results u-blox group H1.2019: Overview
Key figures Amount CHF In relation to Change H1.2019
revenue to H1.2018
Revenue 190.6m - -4.2%
Gross profit adjusted1) 86.1m 45.2% -8.4%
IFRS reported 85.8m 45.0% -8.3%
EBITDA adjusted1) 32.7m 17.2% -27.5%
IFRS reported 29.1m 15.3% -27.4%
Operating profit (EBIT ) adjusted1) 19.7m 10.3% -43.7%
IFRS reported 14.9m 7.8% -47.8%
Net profit, attributable to owners of adjusted1) 13.6m 7.2% -54.8%
the parent IFRS reported 9.7m 5.1% -61.5%
Free Cashflow (before acquisitions) 3.9m 2.0% 122.6%
in relation to
total assets
Cash 121.0m 21.0%
Equity 348.4m 60.5%
1) Excl. Share-based payments, impacts based on IAS-19, amortization of intangible assets acquired and non-recurring expenses
6 u-blox Holding AG
Revenue and EBITDA
Comments Revenue and EBITDA (adjusted)
• Revenue slightly below previous year (million CHF)
(- 4.2% compared to H1.2018) 450
403.7
393.3
400
• Currency impact on revenues 360.2
350
• at H1.2018 rates: 2.0%
300
• at guidance rates: 1.1% 250
• EBITDA (adjusted) of 17.2% 200
193.9 199.0
190.6
150
97.8
100 90.0
81.2
45.8 45.1
50 32.7
0
2016 2017 2018 H1.17 H1.18 H1.19
Revenue EBITDA (adjusted)
7 u-blox Holding AG
Market trends
Comments Revenue split per market for H1.2019
In absolute terms: 4.8%
• Industrial markets stable
• Infrastructure 30.0%
• Telematics
• Automotive market stable 57.5%
• In-car navigation
• In-car connectivity 7.7%
• Consumer markets in decline
Industrial Consumer Automotive Not assigned
Note: Estimate
8 u-blox Holding AG
Revenues by geography
Comments Revenues by geographic region
Growth in geographic regions compared (million CHF)
to H1.2018: 400
403.7
393.3
• Asia Pacific: +8%.
360.2
350
40% 36%
• Strong rebound in China: +14% 300 39%
• EMEA: -12%: Base effect after a very 250
199.0
strong H1.2018; growth over 200 32% 193.9 190.6
27%
26%
H2.2018: 10% 150 43% 33% 37%
100
• Americas: -7%: Impacted by ongoing 26% 33%
35% 33% 36%
32%
50
network readiness delays 31% 31% 30%
0
2016 2017 2018 H1.17 H1.18 H1.19
Americas EMEA APAC
Note: based on reporting area
9 u-blox Holding AG
Shipments and ASP development
Comments Modules GNSS chips Revenue
• ASP for modules and (million units) (CHF) (million units) (CHF) (million CHF)
chips increased 40
10.00
80 2.50 450
400
403.7 393.3
70
360.2
• Module business flat 30 60
2.00 350
26%
25% 24%
9.00 300
50
• Continued strong
1.50
250
-3.5% -9.7%
20 40
193.9 199.0 190.6
growth with u-blox 8/M8
8.00 200
1.00
30 27% 24% 25%
150
72% 72% 74%
chipset 10
7.00
20
10
0.50 100
71% 73% 75%
50
• Decline in chipset 0
2016 2017 2018 H1.17 H1.18 H1.19
6.00 0
2016 2017 2018 H1.17 H1.18 H1.19
0.00 0
2016 2017 2018 H1.17 H1.18 H1.19
volume due to declines u-blox 5
u-blox 7
u-blox 6
u-blox 8/M8 Modules Chips Other
Shipments modules ASP
in consumer markets u-blox 9 ASP
10 u-blox Holding AGGross profit
Comments Gross profit (adjusted)
• Gross profit (adjusted) of CHF 86.1m Gross profit margin (adjusted)
• Gross profit margin (adjusted) stable at (million CHF) (in % of revenue)
2018 level 200 46.6% 45.8% 45.2% 45.3%
47.2%
45.2%
50%
180
• H1.2018 margin was improved by extra- 160 40%
ordinary effects from IPR cost 140
improvements 120 30%
100
184.8 177.9
80 167.8 20%
60
87.8 94.0 86.1
40 10%
20
0 0%
2016 2017 2018 H1.17 H1.18 H1.19
Gross Profit (adjusted) % of revenue
11 u-blox Holding AGGlobal customer base
Comments Number of customers totaling
• Continued wide spread across different 80% of revenue
applications and geographical regions (# Customers)
• Strong and stable customer base, now 120
serving 6’700 customers worldwide in
100
H1.2019 (H1.2018: 5’900 customers)
• Low customer dependency 80
• 94 customers total 80% of revenue 60
104 104
• Largest customer accounts for less than 84
94
40
4.6% of total revenue in H1.2019 71 74
• 10 biggest customers account for 27.1% 20
of total revenue in H1.2019
0
2016 2017 2018 H1.17 H1.18 H1.19
12 u-blox Holding AGDistribution & Marketing / Research & Development
Comments D&M expenses (adjusted) R&D expenses (adjusted)
• D&M expenses (adjusted)
were stable compared to (million CHF) (in % of revenue) (million CHF) (in % of revenue)
H1.2018 40
8.8% 8.9%
9.3% 10.0% 80
20.9%
25%
8.3% 8.4% 8.4% 70
35
• R&D expenses (adjusted) 30 7.5% 60 17.2%
16.6%
20%
increased
15.9%
50 14.5% 14.5%
25 15%
• R&D pipeline fully maintained 20 5.0% 40
34.0 34.8 67.8
with several important new 15 29.9 30 57.4 58.3
10%
platforms 10
16.4 17.7 17.8
2.5% 20
33.1
39.8
5%
28.1
• Increased amortization of 5 10
capitalized development costs 0
2016 2017 2018 H1.17 H1.18 H1.19
0.0% 0
2016 2017 2018 H1.17 H1.18 H1.19
0%
• Lower capitalization rate in
D&M (adjusted) % of revenues R&D expense (adjusted) % of revenues
H1.2019: 42% (H1.2018: 46%)
13 u-blox Holding AGEmployment
Staff level stabilized
Employee breakdown Average number of employees (FTE based)
(end of June 2019, FTE based)
(Average FTE)
1200
Logistics,
admin
1000
15%
(2018: 157)
157 800
Research & 600
Sales,
Total = 1'021 FTE development 1'017
marketing, 175 993
(2018: 1020 FTE) 67% 893 926
support 689 400 839
(2018: 692) 786
17%
(2018: 171)
200
0
2016 2017 2018 H1.17 H1.18 H1.19
Note: 75% of employees based outside Switzerland (spread across 18 countries) Note: Average number of employees (FTE = full time equivalent)
14 u-blox Holding AGIncome statement
Adjusted and IFRS numbers
Comments Jan-Jun 2019 Jan-Jun 2019 Jan-Jun 2018
Adjustments2)
• Adjustments are share-based payments of CHF 2.9m, (in CHF 000s) (IFRS) % revenue (adjusted) % revenue (adjusted) % revenue
pension impact of IAS-19 of CHF 0.8m, and Revenue 190'554 100.0% 190'554 100.0% 198'983 100.0%
amortization of intangible assets acquired of CHF 1.1m Cost of sales
Gross Profit
-104'772
85'782
-55.0%
45.0%
306
306
-104'466
86'088
-54.8%
45.2%
-105'013
93'970
-52.8%
47.2%
• OPEX (adjusted) 34.9% of revenue (H1.2018: 29.7%) Distribution and marketing expenses
Research and development expenses
-18'556
-42'368
-9.7%
-22.2%
798
2'591
-17'758
-39'777
-9.3%
-20.9%
-17'671
-33'072
-8.9%
-16.6%
• EBITDA margin (adjusted) of 17.2% (H1.2018: 22.7%) General and administrative expenses
Other income
-11'320
1'368
-5.9%
0.7%
1'065 -10'255
1'368
-5.4%
0.7%
-9'387
1'063
-4.7%
0.5%
• EBIT margin (adjusted) of 10.3% (H1.2018: 17.5%) Operating Profit (EBIT) 14'906 7.8% 4'760 19'666 10.3% 34'903 17.5%
Finance income 1'762 0.9% 1'762 0.9% 5'364 2.7%
• Financial costs consists mainly of foreign exchange Finance costs -3'157 -1.7% -3'157 -1.7% -1'042 -0.5%
losses, the interest for the two bonds, and the result of Share of profit of equity-accounted investees,
net of taxes -1'989 -1.0% -1'989 -1.0% -1'443 -0.7%
Sapcorda GmbH. Profit before income tax (EBT) 11'522 6.0% 4'760 16'282 8.5% 37'782 19.0%
• Tax rate (adjusted) of 17.1% (H1.2018: 20.2%) Income tax expense -1'872 -1.0% -773 -2'645 -1.4% -7'622 -3.8%
Net profit, attributable to
• Net profit margin (adjusted) of 7.4% (H1.2018: 15.2%) owners of the parent 9'650 5.1% 3'987 13'637 7.2% 30'160 15.2%
Earnings per share in CHF 1.39 1.96 4.32
Diluted earnings per share in CHF 1.39 1.96 4.31
Impact of adaption of new IFRS 16 (Leasing) standard Operating Profit (EBIT) 14'906 7.8% 4'760 19'666 10.3% 34'903 17.5%
Depreciation and amortization 14'164 7.4% -1'092 13'072 6.9% 10'229 5.1%
• On EBITDA CHF 2.6m, on EBIT CHF 0.4m for H1.2019 EBITDA 1) 29'070 15.3% 3'668 32'738 17.2% 45'132 22.7%
financial costs contain CHF 0.4m, no impact on net 1)
Management calculates EBITDA (earnings before interest, taxes, depreciation and amortization) by adding back depreciation and
amortization to operating profit (EBIT),
2)
Adjustments are impacts of share basedinpayments,
each case Pension
determined in accordance
calculation withto
according IFRS.
IAS-19, Non-recurring expenses and
profit amortization of intangible assets acquired
15 u-blox Holding AGSegment information
IFRS numbers
Positioning and Wireless services Total segments Non-allocated/ Group
wireless products eliminations
January - June January - June January - June January - June January - June
(in CHF 000s) 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
Revenue third parties 190'433 198'877 121 106 190'554 198'983 190'554 198'983
Revenue intragroup 15'871 16'043 15'871 16'043 -15'871 -16'043 0 0
Total revenue 190'433 198'877 15'992 16'149 206'425 215'026 -15'871 -16'043 190'554 198'983
EBITDA*) 25'933 39'623 3'137 430 29'070 40'053 29'070 40'053
Depreciation -4'945 -3'392 -1'570 -1'252 -6'515 -4'644 -6'515 -4'644
Amortization -7'638 -6'851 -11 -15 -7'649 -6'866 -7'649 -6'866
Operating profit (EBIT) 13'350 29'380 1'556 -837 14'906 28'543 0 0 14'906 28'543
Finance income 1'762 5'668 1'762 5'668
Finance costs -3'157 -5'652 -3'157 -5'652
Share of profit of equity-accounted investees, net of taxes -1'989 -400 -1'989 -400
EBT -1'395 16 11'522 28'159
16 u-blox Holding AGStatement of financial position
Comments
700
600 Fixed Assets
• Strong financial position with a liquidity (incl. marketable 500 Inventory
(million CHF)
securities) of CHF 122.4m (Dec. 2018: CHF 137.7m) 400
Accounts Receivable
• Inventory CHF 58.2m (Dec. 2018: CHF 57.5m) still 300
affected by supply chain constraints in 2018 200
Other current assets
• Trade receivables CHF 52.6m (Dec. 2018: CHF 60.8m) 100
Cash (incl. marketable
securities)
• Increased intangible assets due to capitalization of R&D 0
expenses. Capitalized R&D is at CHF 195.1m (2018: CHF 0
2015 2016 2017 2018 H1.2019
174.6m). Amortizations of capitalized R&D: CHF 5.9m 100
• Trade payables of CHF 23.4m (Dec. 2018: CHF 21.6m) 200
(million CHF)
• Non-current liabilities contain bonds of CHF 119.3m, 300
Short Term Debt
deferred tax liabilities (CHF 8.3 m), employee benefits 400
Long Term Debt
Shareholders' Equity
(IAS-19, CHF 18.3m), provisions (CHF 8.0m) 500
• IFRS 16 impact: 600
• Right-of-use assets CHF 19.5m, leasing liability CHF 19.5m 700
• Increase of Total assets by CHF 19.5m
17 u-blox Holding AGStatement of financial position
Comments Total equity and equity ratio
• Strong equity base maintained (million CHF) (% of total assets)
• Equity ratio of 60.5% (2018: 63.1%) 400 100%
• Treasury shares for option program
90%
350
67.0% 80%
CHF 32.0m (Dec. 2018: CHF 32.0m) 300
60.7%
63.1%
70%
62.0% 60.5%
58.1%
• Equity ratio without treasury shares: 250
60%
62.6% (2018: 65.1%) 200
349 346 348
50%
319 40%
150
• Equity ratio without IFRS 16: 285 275
30%
62.5% (2018: 63.1%)
100
20%
50
10%
0 0%
2016 2017 2018 H1.17 H1.18 H1.19
Equity Equity ratio
18 u-blox Holding AGConsolidated statement of cash flows
Comments (in CHF 000s)
For the period ended
June 30, 2019
For the period ended
June 30, 2018
Net Profit 9'650 25'083
• Cash flow from operating activities strongly Depreciation&Amortization
Other non-cash transactions
14'164
2'547
11'510
6'093
increased: Financial income & Financial expense
Income tax expense
3'384
1'872
-2'879
6'339
• Decrease of trade and other receivables Change in Networking Capital and provision
Income tax paid
7'900
-6'406
-21'457
-10'953
CHF 5.7m (H1.2018: CHF -9.8m) Net cash generated from operating activities 33'111 13'736
• Increase of inventory CHF -0.7m Net investment into property, plant and equipment -3'409 -4'345
Net investment into intangibles -26'408 -27'623
(H1.2018 CHF -12.4m) Net investments into financial assets 612 918
• Decrease of provisions CHF 1.1m Participation in capital increase
Net cash used in investing activities
-3'386
-32'591
-4'108
-35'158
(H1.2018 CHF -2.4m) Free Cash Flow (before Participation in capital increase) 3'906 -17'314
Free Cash Flow 520 -21'422
• Reduced investment activities
Proceeeds from issuance of ordinary shares 91 13'599
• Further investment into JV Sapcorda of Dividends paid to owners of the parent
Repayment of financial liabilities
-11'077
-2'192
-15'440
0
CHF 3.4m Purchase of treasury shares
Interest paid
0
-2'182
0
-1'813
Net cash provided by / used in financing activities -15'360 -3'654
Net decrease in cash and cash equivalents -14'840 -25'076
• IFRS 16 effect: Cash and cash equivalents at beginning of year 136'296 169'624
Operating Cash flow H1.2019 +CHF 2.6m Exchange gains/(losses) on cash and cash equivalents
Cash and cash equivalents at end of the period
-481
120'975
3'291
147'839
• Cash used in financing activities H1.2019
CHF -2.6m
19 u-blox Holding AGBusiness update 20 u-blox Holding AG
Product highlights
Meeting our customers' needs for secure and simple cloud
connectivity
Cellular
Short Range Radio
Communication Positioning
Communication
SARA-R5 u-connectScript ZED-F9K High precision
The most advanced, secure and Enables easy and interactive ZED-F9K’s accuracy and low
highly integrated cellular modem development of embedded latency makes it ideal for
offers unmatched end-to-end applications, simplifying automotive OEMs and Tier
security and long product wireless Bluetooth and Wi-Fi 1s developing V2X
availability, making it ideal for IoT device development, enabling (Vehicle-to-everything)
applications with long-term embedded script applications communication systems.
device deployments. in the module while reducing
complexity and cutting time to
market.
21 u-blox Holding AGSARA-R5 The most advanced, secure and highly integrated cellular modem for the industrial IoT 22 u-blox Holding AG
Focus on attractive markets
Market penetration
Smart home & buildings Automotive Industry
Wearables Smart city Unmanned vehicles
23 u-blox Holding AGCustomer relationships: Schindler
We deliver core technology for smart buildings
myPORT, a unique
• Schindler’s myPORT app uses smartphone-based
Bluetooth® and our u-blox NINA-B1 service for personal
mobility. Once inside
Bluetooth module to enable user the building, myPORT
identification, authentication, and allows users to move
throughout the
authorization. building just by keeping
• “Our solution needed a Bluetooth their smartphones on
their person
module providing reliable performance
regardless of the orientation of its
antenna. We found our fit in the u-blox
NINA-B1 module.”
Nicolas Gremaud, Vice President and Head of the Transit
Management Group at Schindler Elevator Ltd
24 u-blox Holding AGCustomer relationships: Treon
A wireless sensor network to connect buildings to the cloud
The Treon Node
• Treon’s platform uses our u-blox NINA features sensors
Bluetooth module series to connect measuring
temperature, pressure,
nodes distributed across a building in a light, humidity, motion,
wireless mesh network. magnetic field
strength, and a gas
• An IoT edge gateway featuring our sensor for
SARA-R4 cellular module and NINA-B1 indoor air quality
monitoring.
Bluetooth low energy module links the
network to the cloud. Both the Treon
Node and Gateway run Wirepas Mesh
and are prepared for Bluetooth mesh as
well.
25 u-blox Holding AGCustomer relationships: Arvento
Delivering high levels of positioning sensitivity and accuracy
Vehicle tracking allows to:
• Arvento, a global pioneer in vehicle
• track your vehicles 7/24
telematics and fleet management in real time and
technology, launched a new vehicle retroactively
• identify speed limit,
tracking system imt.x1. route, and region
• receive instant warning
• u-blox was a key factor in the imt.x1 messages on pre-
product development process. The defined topics
system’s high position sensitivity and • get current and
retroactive reports on
accuracy are based on our 2G, 4G, and your vehicles and drivers
5G-ready cellular modules as well as
GNSS modules.
• “u-blox is our trusted solutions partner,
working closely with us to address
customer demands and issues.”
Özer Hıncal, Arvento’s General Manager
26 u-blox Holding AGStrategy 27 u-blox Holding AG
Successful strategy execution
Product range for all markets , ,
Market position High quality and reliability
Technology and Significant long-term product road map
innovation Product and service portfolio expanded, while
taking greater control.
Fabless with leading long-term partners
Operational
excellence 98.6% of orders reached customers on the
confirmed delivery date
Acquisition of Rigado short-range module
Strategic
business for accelerating growth
partnerships
Continued expansion of our partnerships
28 u-blox Holding AGStrategic priorities 2019 (1) Market position Technology & innovation • Further develop our position in the • Push ahead with the development of our automotive market, including for own silicon to give us even more control autonomous vehicles over the core technology in our products • Expand high-precision positioning into a • Launch products based on our own broader range of markets to support silicon across all three technology areas general automation • Continually strive to make our products • Capitalize on strong move towards LTE- more secure based cellular connectivity for the IoT • Expand our offering of solutions • Expand short range radio solutions combining u-blox products from based on latest standards and market different lines needs 29 u-blox Holding AG
Strategic priorities 2019 (2)
Operational excellence Strategic partnership & acquisition
• Strongly focus on emerging applications opportunities
in the industrial IoT space • Develop new relationships with key
• Further explore unique partnerships with players in our markets and expand
suppliers of key components existing ones
• Improve the resilience of our supply chain • Continue to review potential acquisitions
by reducing dependency on any single that will strengthen our product portfolio
supplier and technology base and accelerate our
strategy
30 u-blox Holding AGAccelerating growth by acquisition
Expansion of SHO business with assets of Rigado
• Increase market share in the short range radio segment:
• 1’000 additional customers in the US
• Strong relationship with large distributors
• Exciting synergy opportunities: Extend our offering for short
range radio modules
• Modules with low cost BLE chips from Nordic Semiconductor
• Modules with different antenna connectors
• All Rigado products are open CPU, i.e. no software delivered
• Expand team with 7 experts
• Strong cross selling opportunity
31 u-blox Holding AGAcquisition of Rigado Transaction highlights • Acquisition of Rigado’s Bluetooth modules business in an asset purchase agreement • Acquisition closed on July 31, 2019 • Team and business already fully integrated • Cash purchase of CHF 7.4m (after balance sheet date) 32 u-blox Holding AG
The future will be connected Exciting technologies form our intellectual property 33 u-blox Holding AG
Driving growth
Extracting more from the value chain
• Continuous technology innovation
• More technological capabilities open new application
possibilities. Market position
• Innovations at IP core assure continued margin expansion.
• New standards expand application possibilities Technology and
• 5G more applications enabled. innovation
• Bluetooth and Wi-Fi standards expansion capillary IIoT.
• New satellite signals higher availability and precision. Operational
excellence
• Cloud enables adding services with recurring revenue on
top of our product sales
Strategic
• Sold to OEM (u-blox customer). partnerships
• Sold to end customer (via partners).
34 u-blox Holding AGLooking forward Strong market traction with expanding product offer • Very good market traction with our product offer • Modules based on our own chipset deliver outstanding customer value • Competitive position unaffected by trade war and tariff issues • Customer base continually expanding. Rigado acquisition added another 1’000 accounts • Strong product pipeline further materializing in 2019 • Service offer will add recurring revenue stream • Positive free cash flow maintained with stabilized OPEX and strict cash management 35 u-blox Holding AG
Outlook 36 u-blox Holding AG
Guidance 2019
• Outlook 2019 adjusted reflecting the macro- Actual Previous Updated
FY 2018 guidance 2019 guidance 2019
economic uncertainties (IFRS) (IFRS) (IFRS)
• APAC robust growth thanks to solid demand in Revenue 393.3m 460m…490m 380m…400m
China in the industrial field EBITDA 71.6m 70m…90m 50m…60m
EBIT 48.3m 30m… 45m 15m… 27m
• EMEA flat outlook due to overall negative
CHF CHF CHF
sentiment in the industry and the decline in
automotive production
Exchange rate assumptions for 2019:
• Americas turning to positive growth in H2.2019 • EUR/CHF: 1.12 USD/CHF: 0.99 GBP/CHF: 1.27
with Cat M demand strongly ramping up
FX-sensitivity against CHF:
• R&D amortizations increasing and lower R&D
capitalization rate compared to 2018 +10% of USD EUR GBP
Revenue + 9% + 1% 0%
EBITDA + 16% 0% -1%
EBIT + 22% - 1% - 2%
37 u-blox Holding AGUpcoming events • Investor and analyst day November 20, 2019 • 2019 full year results March 12, 2020 • Annual general meeting April 23, 2020 38 u-blox Holding AG
Thank you for your attention 39 u-blox Holding AG
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