May 4, 2016
Henrik Eskilsson, CEO
2
Esben Olesen, CFO
Tobii is the global leader in eye tracking
• World leader in eye tracking
• Founded in 2001
• Headquartered in Sweden, with 14
Sales per region (Q1 2016)
Rest of world
13%
offices across Europe, North America
and Asia
• 650+ employees
• Three strong business units:
3
Europe
25%
North
America
62%
Tobii Dynavox
• Global leader in assistive
technology for communication
• Market share close to 50%
• Provides products that enable tens
of thousands of users with special
needs to speak and communicate
effectively
• Reimbursed through public and
private insurance systems
3/4 of Tobii
Group’s sales
4
Tobii Dynavox
Tobii Pro
Tobii Tech
Awareness and knowledge are key drivers
for long-term growth
• Clip with Ian in Argentina:
https://www.facebook.com/ajplusenglish/
videos/673299416144902/
• Clip with James and the fund raising for
his eyegaze device:
https://www.youtube.com/watch?v=MI4G
u8k0vt8&feature=youtu.be
• Follow-up clip with James’ teacher:
https://www.youtube.com/watch?v=SHw
3EnN5wKs
5
Tobii Dynavox
Tobii Pro
Product development
• Launched PCEye Mini, based on the new IS4 eye-tracker platform
• Launched a touch device specifically for the Chinese market
• Increasing R&D investments during 2016
PC Eye Mini
6
Tobii Tech
Tobii Dynavox
Tobii Pro
Tobii Tech
Q1 financials for Tobii Dynavox
75%
70%
70%
74%
73%
71%
70%
67%
63%
219
167
135
143
Q3
Q4
188
182
173
71
Q2
Q1
2014
Q2
Q3
Q4
2015
Q1
2016
Revenue (SEK million)
Gross margin
14%
16%
13%
14%
14%
45
5%
1%
26
27
26
22
20
14
1
7
Q2
Q3
Q4
2014
7
• Gross margin decreased to 71% (73%)
• Negatively impacted by 2 pp from
reallocation of some costs from sales and
admin to COGS
20%
20%
Q1
and by 12% adjusted for currency effects
• Synergies from Dynavox acquisition
• +4 MSEK one-time effect from Steve
Gleason Act
93
Q1
• Revenue increased 13% over Q1 2015,
EBIT (SEK million)
Q1
Q2
Q3
Q4
2015
Q1
2016
EBIT margin
• EBIT margin was 14% (16%)
• -5 MSEK one-time currency effect on
working capital
• +3 MSEK one-time effect from Steve
Gleason Act
• 20% increase in R&D spend
Tobii Pro
• World leader in eye tracking
solutions for understanding
human behavior
• Market share close to 50%
• Provides eye tracker hardware
and analytics software, plus
market research consulting
• 1,500 academic and 2,000
commercial customers
1/5 of Tobii
Group’s sales
8
Tobii Dynavox
Glasses 2 opens up more segments
9
Simulators
Industrial processes
Sports
Etnographic studies
Tobii Pro
Tobii Tech
Tobii Dynavox
Unilever on eye tracking
http://tobii.23video.com/eye-tracking-in-consumer-research-with-unilever
10
Tobii Pro
Tobii Tech
Tobii Dynavox
Tobii Pro
Tobii Tech
Q1 financials for Tobii Pro
78%
75%
74%
74%
72%
73%
72%
69%
70%
65
61
59
54
40
46
35
• For Tobii Pro, the 4th quarter tends to
show significantly higher sales than other
quarters
44
• Revenue increased 9% over Q1 2015,
31
and by 8% adjusted for currency effects
Q1
Q2
Q3
Q4
Q1
2014
Q2
Q3
Q4
2015
Q1
2016
Revenue (SEK million)
• Gross margin was 73% (75%)
Gross margin
• Negatively impacted by reallocation of
some costs from sales and admin to
COGS
22%
17%
13%
14
8%
10%
2%
0%
5%
11
7
-13%
3
0
Q1
Q2
6
1
2
Q2
Q3
-4
Q3
Q4
Q1
2014
EBIT (SEK million)
11
2015
• Strong sales of Glasses 2 and X3-120
• Strong sales of Insight research services
Q4
Q1
2016
EBIT margin
• EBIT margin was 10% (13%)
• 42% higher net R&D spend – both higher
absolute R&D as well as higher
amortizations of capitalized R&D
Tobii Tech
• Provides components and
platforms for eyetracking to
integration customers
• Targets new volume markets
such as computer gaming,
computers, virtual reality,
automotive and medical
devices
~5% of Tobii
Group’s sales
12
Tobii Dynavox
Tobii Pro
Tobii Tech
Tobii Tech, Q1 Highlights
Tobii IS4 ready for volume
production and first products
to integrate the platform
announced by Tobii Dynavox
MSI launched the world’s
first gaming notebook with
eyetracking – MSI GT72
Tobii
For a list of games supporting Tobii eye trackers, go to
www.tobii.com/xperience/apps/
13
Ubisoft launched two
blockbuster PC games with
support for Tobii eye tracking
– Tom Clancy’s The Division
and Assassin’s Creed
Syndicate
Tobii Dynavox
Tobii Pro
Tobii Tech
Q1 financials for Tobii Tech
72%
46%
37%
29%
9
Q1
8
Q2
42%
45%
48%
11
Q3
Q4
Q1
13
13
Q2
Q3
2014
16
Q4
Q1
2016
Gross margin
2014
Q2
15
2015
Revenue (SEK million)
Q1
41%
18
9
49%
2015
Q3
Q4
Q1
Q2
2016
Q3
Q4
Q1
• Revenue is still very modest, and a
majority comes from sales of eye
tracker platforms to Tobii Dynavox
and Tobii Pro
• Revenue decreased by 9% from Q1
2015, and by 10% adjusted for
currency effects
• Gross margin was 41% (42%)
• EBIT loss amounted to -49 MSEK
(-41)
-21
-24
-32
-44
-41
-39
-37
-49
-59
EBIT (SEK million)
14
• Increased net R&D spend due to
lower capitalization of R&D
• Increased investments in marketing
and business development
Tobii Group, Q1 2016
Revenue and Gross Margin
76%
76%
74%
• Revenue increased 10% over
72%
72%
73%
71%
70%
2015, and by 9% adjusted for
currency effects
287
68%
207
229
222
228
Q1
Q2
Q3
252
• Organic revenue growth in Tobii
Dynavox and Tobii Pro
• Decline in Tobii Tech, due to
reduction of paid development
cost in Q1 2016
168
115
Q1
131
Q2
Q3
Q4
2014
Q4
Q1
2015
Revenue (SEK million)
2016
• Gross margin 73% compared to
Gross margin
74% last year.
Revenue (SEK million)
252
229
167
188
280
240
200
160
120
54
59
80
18
40
16
0
Tobii Dynavox
Tobii Pro
Q1 2015
15
Tobii Tech
Q1 2016
Group
• Negatively impacted from
reallocation of some costs from
sales and admin to COGS
Tobii Group, Q1 2016
EBIT (SEK million)
• Group EBIT -17 MSEK (-8)
-3
-4
-8
-8
-13
-17
• EBIT in Tobii Dynavox and Tobii
-17
-21
Pro in line with last year.
• EBIT 8 MSEK lower than last
-31
Q1
Q2
Q3
Q4
Q1
2014
Q2
Q3
Q4
2015
year
• Increased net R&D spend due
to lower capitalization of R&D
• Increased investments in
marketing and business
development
Q1
2016
EBIT (SEK million)
26
27
20
7
6
-8
-20
-17
-41
-49
-60
Tobii Dynavox
Tobii Pro
Q1 2015
16
Tobii Tech
Q1 2016
Group
Balance Sheet & Cash Flow
Tobii Group (MSEK)
Q1 2016
Q1 2015
1 007
770
Equity
774
382
Equity Ratio
77%
50%
Net Cash (+)/Net Debt(-)
+371
-63
+2
-39
Total Assets
Cash flow after continuous
investments
7
7
3
7
• Total Assets impacted by the IPO,
where the company received 434
MSEK net cash
• Strong balance sheet with high
Equity ratio of 77%
• Strong cash position +371 in Cash
– no loans
• Current unutilized bank facilities 170
MSEK
• Cash flow improved due to positive
-16
development in Trade Working
Capital
-39
Q1
Q2
Q3
Q4
2015
Cash flow after Investments
17
Q1
2016