Slide 1: Earnings Summary Fourth Quarter 2022
Earnings Summary February 14, 2023 Fourth Quarter 2022 Exhibit 99.2
Slide 2: Forward Looking Statements
This presentation contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “may,” “will,” “would” or the negative thereof and similar expressions are intended to identify such forward looking statements. These forward lo
Slide 3: Summary – Consolidated Statement of Operations (GAAP)
3 $ in millions, except per share data 4Q22 3Q22 4Q21 4Q22 over 4Q21 4Q22 over 3Q22 Net Revenue $946.1 $993.8 $635.2 48.9% (4.8%) Gross Margin 42.8% 37.4% 46.5% Operating Expenses $260.7 $356.8 $135.5 92.4% (26.9%) Operating Income $143.8 $14.9 $159.5 (9.9%) 865.7% Operating Margin 15.2% 1.5% 25.1%
Slide 4: Summary – Consolidated Statement of Operations (Non-GAAP)
4 $ in millions, except per share data 4Q22 3Q22 4Q21 4Q22 over 4Q21 4Q22 over 3Q22 Net Revenue $946.1 $993.8 $635.2 48.9% (4.8%) Adjusted Gross Margin – as a % of Net Sales2 42.8% 43.6% 46.5% Non-GAAP Operating Expenses3 $185.2 $180.4 $118.7 55.9% 2.6% Adjusted Operating Income $219.4 $253.2 $176.8
Slide 5: Summary – Consolidated Statement of Operations (GAAP), Full Year
5 $ in millions, except per share data Year ended December 31, 2022 Year ended December 31, 2021 Year-over-Year Net Revenue $3,282.0 $2,298.9 42.8% Gross Margin 42.5% 46.1% Operating Expenses $916.4 $507.9 80.4% Operating Income $480.0 $551.8 (13.0%) Operating Margin 14.6% 24.0% Tax Rate 15.4% 14.6%
Slide 6: Summary – Consolidated Statement of Operations (Non-GAAP), Full Year
6 $ in millions, except per share data Year ended December 31, 2022 Year ended December 31, 2021 Year-over-Year Net Revenue $3,282.0 $2,298.9 42.8% Adjusted Gross Margin – as a % of Net Sales2 44.4% 46.1% Non-GAAP Operating Expenses3 $620.5 $451.0 37.6% Adjusted Operating Income $837.9 $609.1 37.6%
Slide 7: Summary Consolidated Statement of Operations (GAAP) - Proforma
7 $ in millions, except per share data 1Q22 2Q22 3Q22 4Q22 FY2022 Net Revenue $969.1 $1,011.9 $993.8 $946.1 $3,920.9 Gross Margin 45.2% 42.4% 37.4% 42.8% 41.9% Operating Expenses $218.2 $226.9 $356.8 $260.7 $1,062.6 Operating Income $219.9 $201.9 $14.9 $143.8 $580.5 Operating Margin 22.7% 19.9% 1.5%
Slide 8: Summary – Consolidated Statement of Operations (Non-GAAP) - Proforma
8 $ in millions, except per share data 1Q22 2Q22 3Q22 4Q22 FY2022 Net Revenue $958.2 $1,011.7 $993.8 $946.1 $3,909.8 Adjusted Gross Margin – as a % of Net Sales2 44.5% 42.0% 43.6% 42.8% 43.2% Non-GAAP Operating Expenses3 $177.4 $178.8 $180.4 $185.1 $721.7 Adjusted Operating Income $248.8 $245.8 $253
Slide 9: Microcontamination Control (MC) 4Q22 Highlights
9 1. See GAAP to non-GAAP reconciliation tables in the appendix of this presentation. Microcontamination Control (MC) $ in millions 4Q22 3Q22 4Q21 4Q22 over 4Q21 4Q22 over 3Q22 Net Revenue $284.7 $280.6 $258.9 10.0% 1.5% Segment Profit $107.4 $105.3 $94.2 14.0% 2.0% Segment Profit Margin 37.7% 37.5%
Slide 10: Advanced Materials Handling (AMH) 4Q22 Highlights
10 1. See GAAP to non-GAAP reconciliation tables in the appendix of this presentation. Advanced Materials Handling (AMH) $ in millions 4Q22 3Q22 4Q21 4Q22 over 4Q21 4Q22 over 3Q22 Net Revenue $213.9 $210.4 $197.7 8.2% 1.7% Segment Profit $48.0 $42.1 $45.3 6.0% 14.0% Segment Profit Margin 22.5% 20.0%
Slide 11: Specialty Chemicals and Engineered Materials (SCEM) 4Q22 Highlights
11 1. See GAAP to non-GAAP reconciliation tables in the appendix of this presentation. 2. 4Q21 is reported on a proforma basis, see proforma GAAP to proforma non-GAAP reconciliation tables in the appendix of this presentation. Sales decline was seen across most product lines and was primarily driven
Slide 12: Advanced Planarization Solutions (APS) 4Q22 Highlights
12 Advanced Planarization Solutions (APS)2 $ in millions 4Q22 3Q22 4Q21 4Q22 over 4Q21 4Q22 over 3Q22 Net Revenue $253.8 $293.9 $284.4 (10.8%) (13.6%) Segment Profit1 $56.7 $18.9 $80.2 (29.3%) 200.0% Segment Profit Margin 22.3% 6.4% 28.2% Adj. Segment Profit1 $56.4 $75.7 $73.7 (23.5%) (25.5%) Adj. S
Slide 13: Summary – Balance Sheet Items
13 $ in millions 4Q22 3Q22 4Q21 $ Amount % Total $ Amount % Total $ Amount % Total Cash, Cash Equivalents & Restricted Cash $563.4 5.6% $754.7 7.4% $402.6 12.6% Accounts Receivable, net $535.5 5.3% $519.8 5.1% $347.4 10.9% Inventories $812.8 8.0% $823.6 8.1% $475.2 14.9% Net PP&E $1,393.3 13.7% $1,3
Slide 14: Cash Flows
14 $ in millions 4Q22 3Q22 4Q21 Beginning Cash Balance $754.7 $2,743.2 $475.8 Cash provided by operating activities 32.1 145.5 116.0 Capital expenditures (147.4) (126.7) (76.6) Proceeds from revolving credit facilities and debt — 2,810.4 50.0 Payments on revolving credit facilities and debt (70.0) (
Slide 15: Outlook
15 GAAP $ in millions, except per share data 1Q23 Guidance 4Q22 Actual 3Q22 Actual Net Revenue $880 - $910 $946.1 $993.8 Operating Expenses $285 - $290 $260.7 $356.8 Net Income (Loss) $8 - $16 $57.4 -$73.7 Diluted Earnings (Loss) per Common Share $0.05 - $0.10 $0.38 -$0.50 Operating Margin 10% - 12%
Slide 16: Trademarks
Entegris®, the Entegris Rings Design®, and other product names are trademarks of Entegris, Inc. as listed on entegris.com/trademarks. All product names, logos, and company names are trademarks or registered trademarks of their respective owners. Use of them does not imply any affiliation, sponsorshi
Slide 17: Appendix
Appendix Entegris
Slide 18: Reconciliation of GAAP Gross Profit to Adjusted Gross Profit
18 Reconciliation of GAAP Gross Profit to Adjusted Gross Profit Three months ended Twelve months ended $ in thousands December 31, 2022 December 31, 2021 October 1, 2022 December 31, 2022 December 31, 2021 Net sales $946,070 $635,204 $993,828 $3,282,033 $2,298,893 Gross profit-GAAP $404,525 $295,090
Slide 19: Reconciliation of GAAP Operating Expenses and Tax Rate to Non-GAAP
19 Reconciliation of GAAP Operating Expenses and Tax Rate to Non-GAAP Operating Expenses and Tax Rate Three months ended $ in millions December 31, 2022 December 31, 2021 October 1, 2022 GAAP operating expenses $260.7 $135.5 $356.8 Adjustments to operating expenses: Deal and transaction costs 0.3 4.
Slide 20: Reconciliation of Net Income to Adjusted Operating Income and Adjusted EBITDA
20 $ in thousands Three Months Ended Twelve months ended December 31, 2022 December 31, 2021 October 1, 2022 December 31, 2022 December 31, 2021 Net sales $946,070 $635,204 $993,828 $3,282,033 $2,298,893 Net (loss) income $57,427 $118,219 $(73,703) $208,920 $409,126 Net (loss) income – as a % of net
Slide 21: Reconciliation of GAAP Net Income to Non-GAAP Net Income
21 $ in thousands, except per share data Three months ended Twelve months ended December 31, 2022 December 31, 2021 October 1, 2022 December 31, 2022 December 31, 2021 GAAP net (loss) income $57,427 $118,219 $(73,703) $208,920 $409,126 Adjustments to net (loss) income: Charge for fair value write-up
Slide 22: First-Quarter 2023 Outlook Reconciliation
22 $ in millions First-Quarter 2023 Outlook Reconciliation GAAP net income to non-GAAP net income GAAP net income $8 - $16 Adjustments to net income: Deal, transaction and integration costs 20 Amortization of intangible assets 65 Income tax effect (18) Non-GAAP net income $75 - $83 First-Quarter 202
Slide 23: Reconciliation of GAAP Outlook to Non-GAAP Outlook Continued
23 Reconciliation of GAAP Outlook to Non-GAAP Outlook Continued First -Quarter Outlook Reconciliation GAAP Operating Margin to non-GAAP Operating Margin and Adjusted EBITDA Margin April 1, 2023 Net sales $880 - $910 GAAP - Operating income $89 - $106 Operating margin - as a % of net sales 10% - 12%
Slide 24: Segment Sales and Profit by Quarter
ENTEGRIS PROPRIETARY AND CONFIDENTIAL – INTERNAL 24 $ in millions Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 FY 2020 FY 2021 FY 2022 Sales SCEM $ 190.9 $ 181.1 $ 181.6 $ 198.5 $ 193.8 $ 224.3 $ 218.5 $ 220.7 $ 221.4 $ 225.4 $ 224.2 $ 204.2 $ 752.1 $ 857.3 $ 875.2 MC 159.3 183.8 193.
Slide 25: Total Segment Profit to Operating Income
ENTEGRIS PROPRIETARY AND CONFIDENTIAL – INTERNAL 25 $ in millions Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 FY 2020 FY 2021 FY 2022 Total Segment Profit (Loss) $ 177.7 $ 196.8 $ 201.6 $ 206.5 $ (58.8) $ 242.3 $ 217.3 $ 254.1 $ 279.4 $ 263.0 $ 262.4 $ 226.9 $ 782.6 $ 654.9 $ 1,031.7
Slide 26: Sales - GAAP and Adjusted Segment Sales
ENTEGRIS PROPRIETARY AND CONFIDENTIAL – INTERNAL 26 $ in millions Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 FY 2020 FY 2021 FY 2022 Sales - GAAP SCEM $ 190.9 $ 181.1 $ 181.6 $ 198.5 $ 193.8 $ 224.3 $ 218.5 $ 220.7 $ 221.4 $ 225.4 $ 224.2 $ 204.2 $ 752.1 $ 857.3 $ 875.2 MC 159.3 183
Slide 27: Segment Profit - GAAP
ENTEGRIS PROPRIETARY AND CONFIDENTIAL – INTERNAL 27 $ in millions Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 FY 2020 FY 2021 FY 2022 Segment Profit - GAAP SCEM $ 53.3 $ 49.7 $ 43.3 $ 34.9 $ (170.5) $ 57.2 $ 36.9 $ 41.4 $ 52.2 $ 38.1 $ 39.3 $ 14.8 $ 181.2 $ (35.0) $ 144.4 MC 50.2 62.
Slide 28: Adjusted Segment Profit
ENTEGRIS PROPRIETARY AND CONFIDENTIAL – INTERNAL 28 $ in millions Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 FY 2020 FY 2021 FY 2022 Adjusted Segment Profit AMH segment Profit $ 20.6 $ 22.8 $ 33.3 $ 34.3 $ 32.1 $ 42.1 $ 40.5 $ 45.3 $ 46.7 $ 46.9 $ 42.1 $ 48.0 $ 111.0 $ 160.0 $ 183.7
Slide 29: Reconciliation of Proforma GAAP Net Sales to Proforma Non-GAAP Net Sales
29 Reconciliation of Proforma GAAP Net Sales to Proforma Non-GAAP Net Sales $ in millions 1Q22 2Q22 3Q22 4Q22 FY2022 Proforma GAAP net sales $969.1 $1,011.9 $993.8 $946.1 $3,920.9 Removal of Wood treatment 10.9 0.2 — — 11.1 Proforma Non-GAAP net sales $958.2 $1,011.7 $993.8 $946.1 $3,909.8 Reconcili
Slide 30: Reconciliation of Proforma GAAP Operating Expenses and Tax Rate
30 Reconciliation of Proforma GAAP Operating Expenses and GAAP Tax Rate to Proforma Non-GAAP Operating Expenses and Non- GAAP Tax Rate $ in millions 1Q22 2Q22 3Q22 4Q22 FY2022 Proforma GAAP Operating Expense $218.2 $226.9 $356.8 $260.7 $1,062.6 Deal costs 17.3 12.1 31.9 0.3 61.6 Integration costs 0.
Slide 31: Reconciliation of Proforma GAAP Net Income to Adjusted EBITDA
31 $ in millions 1Q22 2Q22 3Q22 4Q22 FY2022 Net sales $969.1 $1,011.9 $993.8 $946.1 $3,920.9 Net income (loss) 160.3 140.1 (73.8) 57.5 284.1 Net income (loss) – as a % of proforma GAAP net sales 16.5 % 13.8 % (7.4) % 6.1 % 7.2 % Adjustments to net income (loss): Income tax expense (benefit) 30.9 46.
Slide 32: Reconciliation of Proforma GAAP Net Income to Proforma Adjusted Operating Income
32 $ in millions 1Q22 2Q22 3Q22 4Q22 FY2022 Net sales $969.1 $1,011.9 $993.8 $946.1 $3,920.9 Net income (loss) 160.3 140.1 (73.8) 57.5 284.1 Net income (loss) – as a % of proforma GAAP net sales 16.5 % 13.8 % (7.4) % 6.1 % 7.2 % Adjustments to net income (loss): Income tax expense (benefit) 30.9 46.
Slide 33: Reconciliation of Proforma GAAP Net Income to Non-GAAP Net Income
33 $ in millions, except per share data 1Q22 2Q22 3Q22 4Q22 FY2022 Proforma GAAP Net Income (Loss) $160.3 $140.1 $(73.8) $57.5 $284.1 Adjustments to Proforma GAAP Net Income (Loss): Charge for fair value write-up of acquired inventory sold — — 61.9 — 61.9 Deal costs 17.3 12.1 31.9 0.3 61.6 Integrati