Kioxia Holdings Corporation · TSE:285A
Kioxia — Kioxia Hldgs — Q4 2024 Earnings Presentation
27 slides from Kioxia's earnings presentation, May 15, 2025
Slide 1: FY2024 Financial Results
FY2024 Financial Results Kioxia Holdings Corporation May 15, 2025 © 2025 KIOXIA Holdings Corporation. All Rights Reserved.
Slide 2: Disclaimer
Disclaimer Forward-looking statements included in this presentation are prepared based on our expectations and projections in light of the information currently available to us, which involve various risks and uncertainties (including, but not limited to, economic trends, market demand and the highl
Slide 3: Hideki Hanazawa, Chief Financial Officer
花澤 秀樹 Hideki Hanazawa 専務執行役員（財務統括責任者） Senior Managing Executive Officer (Chief Financial Officer) © 2025 KIOXIA Holdings Corporation. All Rights Reserved. 3
Slide 4: Three Months Ended March 31, 2025 Results
Quarterly Three Months Ended March 31, 2025 Results Revenue above the upper end of guidance; operating income and net income at the upper end of guidance FY2024 Q4 (Bn Yen) Guidance disclosed on 2/14 Results Revenue 315.0 ~ 345.0 347.1 ASP4 (QoQ (22.9)%) (QoQ) Around 20％ Non-GAAP decline 17.0 ~ 39.0
Slide 5: Sales Results by Application
Quarterly Sales Results by Application Strong Q4 demand for Data Center/Enterprise; however, continued softness in the PC and smartphone markets 23 % Smart Devices1 79.6 Bn Yen ⚫ QoQ sales decreased due to lower demand and reduced selling prices as QoQ: (32.0%), YoY: (29.2%) Smart a result of custom
Slide 6: Cash Flow (Three Months Ended March 31, 2025)
Quarterly Cash Flow (Three Months Ended March 31, 2025 Results) Continued disciplined capital investment; positive free cash flow for five consecutive quarters (Bn Yen) Capital Expenditures ⚫ FY2024 Q4 capex results 3 : 80.3 Billion Yen FCF: 46.6 Bn Yen ⚫ Focused capex on Fab2 at the Kitakami Plant
Slide 7: FY2024 Full Fiscal Year Results
Full Fiscal Year FY2024 Full Fiscal Year Results Achieved record high revenue and net income, driven by demand recovery and increased Data Center sales FY2023 FY2024 (Bn Yen) Results Results YoY Revenue 1,076.6 1,706.5 +58.5% Non-GAAP Operating Profit (254.0) 453.0 － (Loss)1 Non-GAAP Net Income (244
Slide 8: Cash Flow (FY2024 Full Fiscal Year)
Full Fiscal Year Cash Flow (FY2024 Full Fiscal Year) Disciplined capital expenditures led to record annual free cash flow, allowing us to repay more debt, strengthen our balance sheet, and invest in R&D for AI server products (Bn Yen） Capital Expenditures FCF: 303.4 Bn Yen ⚫ FY2024 Capex results 3 :
Slide 9: Balance Sheet
Full Fiscal Year Balance Sheet Strengthened balance sheet to optimize for growth Net D/E ratio1 ： 277% (FY2023) → 126% (FY2024) Net Debt/Non-GAAP EBITDA2 ： 14.1× (FY2023) → 1.2x (FY2024) Assets Liabilities and Equity 2,919.7 (Bn Yen) 2,919.7 (Bn Yen) 2,864.9 2,864.9 Cash and cash equivalents 187.6 1
Slide 10: Market Outlook and FY2025 Q1 Guidance
Market Outlook and FY2025 Q1 Guidance © 2025 KIOXIA Holdings Corporation. All Rights Reserved. 10
Slide 11: Market Outlook
Market Outlook ✓ Expect minimal impact due to tariffs in the April – June quarter • Closely monitoring demand in end markets, especially smartphones and PCs • Proactively engaging with customers to mitigate tariff effects ✓ Inventory levels for smartphone and PC customers are beginning to stabilize;
Slide 12: FY2025 Q1 Guidance
FY2025 Q1 Guidance FY2024 FY2025 (Bn Yen) Q4 Results Q1 Guidance Revenue 347.1 295.0 ~ 325.0 Non-GAAP Operating Profit 37.5 13.0 ~ 35.0 (Loss) Non-GAAP Net Income 13.3 0.0 ~ 14.0 (Loss)1 Exchange Rate (Yen) USD / JPY 154 143 1. Non-GAAP profit attributable to owners of parent © 2025 KIOXIA Holdings
Slide 13: Summary
Summary ◼ Achieved record high revenue and profit for FY2024 ◼ Data Center / Enterprise SSD sales increased by around 300% YoY ◼ Strong cash flow enabled significant deleveraging and strengthening of the balance sheet, and supported investments in technologies and production capacity ◼ Despite near-
Slide 14: KIOXIA
KIOXIA
Slide 15: Appendix
Appendix
Slide 16: Highlights of Recent Achievements
Highlights of Recent Achievements Announcement of • Achieved 4.8Gb/s NAND interface speed ™ BiCS FLASH Generation • Low power consumption leading to improved 9 and 10 Technology power efficiency in data centers • 59% improvement in bit density (Gen.10 vs Gen. 8) • Improved investment efficiency thro
Slide 17: Sales by Application
Sales by Application Sales Results Sales for SSD and storage has increased by (Bn Yen) approximately 2.0x 1,706.5 480.9 450.0 214.2 Others1 428.5 54.1 54.2 53.6 Smart 347.1 501.1 322.1 152.6 1,076.6 Devices2 117.1 52.3 47.3 151.9 185.9 251.1 262.0 241.4 79.6 46.6 45.2 46.9 112.4 374.3 76.3 95.3 SSD
Slide 18: Supplemental Financial Data
Supplemental Financial Data
Slide 19: Summary of Key Financials – Quarterly (Non-GAAP)
Summary of Key Financials – Quarterly (Non-GAAP) 1 1 FY2023 FY2024 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 Revenue 251.1 241.4 262.0 322.1 1,076.6 428.5 480.9 450.0 347.1 1,706.5 YoY Growth Rate (32)% (38)% (6)% 31% (16)% 71% 99% 72% 8% 59% Non-GAAP COGS (excl. R&D) 2 321.3 290.9 277.6 226.8 1,
Slide 20: Summary of Key Financials – Quarterly (Non-GAAP)
Summary of Key Financials – Quarterly (Non-GAAP) FY20231 FY20241 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 Non-GAAP D&A2 91.3 86.7 82.9 81.3 342.1 78.2 78.9 76.8 77.2 311.0 % of Revenue 36% 36% 32% 25% 32% 18% 16% 17% 22% 18% 2, 3 Non-GAAP EBITDA (35.5) (12.5) 10.7 125.5 88.1 204.4 245.2 199.8 11
Slide 21: Summary of Key Financials – Quarterly (IFRS Base)
Summary of Key Financials – Quarterly (IFRS Base) 1 1 FY2023 FY2024 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 Revenue 251.1 241.4 262.0 322.1 1,076.6 428.5 480.9 450.0 347.1 1,706.5 YoY Growth Rate (32)% (38)% (6)% 31% (16)% 71% 99% 72% 8% 59% IFRS COGS 347.2 308.8 302.6 247.3 1,205.9 271.9 284.5
Slide 22: Summary of Key Financials – B/S Data
Summary of Key Financials – B/S Data 1 1 (JPY Bn) FY2023 FY2024 Total Assets 2,864.9 2,919.7 Cash and Cash Equivalents 187.6 167.9 Trade and Other Receivables 149.8 238.6 Inventories 271.8 352.9 Property, Plant and Equipment 1,168.8 1,100.2 Right-of-use Assets 159.7 197.1 Goodwill 395.4 395.3 Intang
Slide 23: Summary of Key Financials – CF Data
Summary of Key Financials – CF Data 1 1 (JPY Bn) FY2023 FY2024 Net Cash provided by (used in) 195.1 476.4 Operating Activities Profit (Loss) before Tax (343.3) 370.7 Depreciation and Amortization 346.1 312.3 Change in Working Capital 146.0 (183.8) Others 46.4 (22.7) Net Cash provided by (used in) (2
Slide 24: Non-GAAP Measure Reconciliation - Quarterly (1/4)
Non-GAAP Measure Reconciliation - Quarterly (1/4) 1 1 FY2023 FY2024 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 IFRS Gross Profit (Loss) (96.1) (67.4) (40.6) 74.8 (129.3) 156.6 196.5 152.4 64.0 569.4 2 PPA Impact on COGS 3.4 1.5 0.3 0.3 5.5 0.3 0.3 0.3 0.3 1.1 Non-GAAP Gross Profit (Loss) (92.7) (6
Slide 25: Non-GAAP Measure Reconciliation - Quarterly (2/4)
Non-GAAP Measure Reconciliation - Quarterly (2/4) 1 1 FY2023 FY2024 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 IFRS Net Income (Loss) (103.1) (86.0) (64.9) 10.2 (243.7) 69.8 106.2 76.1 20.3 272.3 Total Adjustment before Tax 4.0 1.6 (7.3) 0.3 (1.3) 0.3 0.3 0.3 0.3 1.3 Tax effect (1.2) (0.5) 2.3 (0.
Slide 26: Non-GAAP Measure Reconciliation - Quarterly (3/4)
Non-GAAP Measure Reconciliation - Quarterly (3/4) 1 1 FY2023 FY2024 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 IFRS COGS 347.2 308.8 302.6 247.3 1,205.9 271.9 284.5 297.6 283.1 1,137.0 PPA Impact on COGS2 3.4 1.5 0.3 0.3 5.5 0.3 0.3 0.3 0.3 1.1 Non-GAAP COGS 343.8 307.3 302.3 247.0 1,200.5 271.6 2
Slide 27: Non-GAAP Measure Reconciliation - Quarterly (4/4)
Non-GAAP Measure Reconciliation - Quarterly (4/4) FY20231 FY20241 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 Total R&D 37.5 31.3 38.5 33.7 141.0 32.2 33.4 32.9 34.3 132.8 R&D (within COGS) 22.5 16.4 24.7 20.2 83.8 19.7 19.7 19.7 21.4 80.5 R&D (within SG&A) 15.0 14.9 13.8 13.5 57.2 12.5 13.7 13.3 1