Rogers Corporation · NYSE:ROG
Rogers — Investor Presentation (April 2021)
24 slides from Rogers's investor presentation, April 2021
Slide 1: Investor Presentation
Investor Presentation April 2021
Slide 2: Forward-looking statements
Forward-looking statements Safe Harbor Statement This presentation contains forward-looking statements, which concern our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansi
Slide 3: Non-GAAP Information
Non-GAAP Information This presentation includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): (1) Adjusted earnings per diluted share, which the Company defines as net income excluding amo
Slide 4: Rogers at a Glance
Rogers at a Glance Rogers (NYSE: ROG) is a global leader in materials technology focused on delivering innovative high-performance solutions in Advanced Mobility, Advanced Connectivity and more Employees 2020 Sales Non-U.S. Sales 2020 Adjusted EPS* 3,350 z $803M ~70% $5.08 *See appendix for reconcil
Slide 5: What We Do
What We Do Products Markets Advanced Connectivity Advanced Electronics Solutions Systems(AES) (ACS) Advanced Mobility • High frequency circuit materials • ADAS • EV/HEV • Ceramic substrates used in power modules • Laminated busbars Advanced Connectivity • Portable Electronics • Wireless infrastructu
Slide 6: The Rogers Opportunity
The Rogers Opportunity Strong Secular Tailwinds Growth Drivers: EV/HEV, ADAS, 5G Smartphones, Defense Market & Technology Focused strategy driving market leadership in high growth areas Leadership Proven Track Record Consistent long-term sales growth Adjusted operating margins increased 570 bps* Str
Slide 7: Advanced Mobility Outlook
Advanced Mobility Outlook EV/HEV ADAS • Long-term outlook of >30% CAGR1. Recent forecast showing accelerated EV/HEV adoption2. • Long-term outlook of 15-20% CAGR4 • OEMs ramping EV/HEV production, with incentives and regulations adding to momentum • ADAS features becoming standard on • Rogers invest
Slide 8: Advanced Mobility: Rogers' Product Portfolio
Advanced Mobility: Rogers’ Product Portfolio ACS EMS Ceramic Substrates for Power Battery Compression Pads Semiconductor Packaging Anti-Vibration Pads PES Battery Pack Sealing Solutions 24/77GHz Corner Radar Specific to Short/Medium Range EV/HEV Inverter Converter Battery 77GHz Radar Long/Medium Ran
Slide 9: Focused Strategy Driving Market Leadership
Focused Strategy Driving Market Leadership Market-Driven Innovation Leadership • Global growth driver focus • 4 global innovation centers developing leading technology • Strong, collaborative, solution-oriented customer • Highly-engineered materials & solutions for markets that relationships demand
Slide 10: Commitment to Corporate Social Responsibility
Commitment to Corporate Social Responsibility • Rogers’ commitment to sustainability is deeply rooted throughout our history • Our advanced materials are found in leading-edge technologies that improve lives, protect our environment and fuel our future • Rogers is committed to being responsible memb
Slide 11: Rogers Business Overview
Rogers Business Overview Key Business Metrics Sales by Market* Portfolio Highlights Q1 2021 Advanced Wireless • High-performance materials Mobility ADAS Infrastructure • Mission-critical applications $229M 28% 10% 10% Portable Electronics • Technology innovation and Net Sales e-Mobility 10% leadersh
Slide 12: Business Unit Overview
Business Unit Overview AES EMS Other e-mobility 14% ADAS 11% Other 18% 23% Wireless Infrastructure Q1 2021 Q1 2021 17% e-mobility Markets* Markets* 16% Portable General Electronics Industrial Aerospace 44% 22% & Defense Clean Energy 19% 16% Adjusted Adjusted Net Sales Operating Margin** Net Sales Op
Slide 13: Financial Track Record
Financial Track Record Revenue Growth Increasing Profitability Improving Cash Generation Net Sales ($M) Adjusted Operating Margin* Operating Cash Flow ($M) $803 15.7% $165 $499 10.0% $40 2012 2020 2012 2020 2012 2020 Strong Financial Performance Driven by Focused Multi-Year Strategy *See reconciliat
Slide 14: Financial Overview
Financial Overview
Slide 15: Q1 2021 Financial Highlights
Q1 2021 Financial Highlights ($ in millions, except EPS) Q1-2021 Q4-2020 Q1-2020 Net sales $229.3 $210.7 $198.8 Gross margin $89.5 $80.7 $65.6 Gross margin % 39.0% 38.3% 33.0% Operating income $37.2 $20.0 $17.5 Operating margin % 16.2% 9.5% 8.8% Adjusted operating income* $43.5 $38.8 $22.6 Adjusted
Slide 16: Full Year 2020 Financial Highlights
Full Year 2020 Financial Highlights ($ in millions, except EPS) FY-2020 FY-2019 Net sales $802.6 $898.3 Gross margin $291.8 $314.3 Gross margin % 36.4% 35.0% Operating income $67.3 $110.5 Operating margin % 8.4% 12.3% Adjusted operating income* $125.8 $141.4 Adjusted operating margin %* 15.7% 15.7%
Slide 17: Appendix
Appendix
Slide 18: Q1-2021: Adjusted operating margin reconciliation
Q1-2021: Adjusted operating margin reconciliation ($ in millions) Q1-20($) Q1-20(%) Q4-20($) Q4-20(%) Q1-21($) Q1-21(%) GAAP operating margin $17.5 8.8% $20.0 9.5% $37.2 16.2% Restructuring, severance, impairment and other related costs $1.1 0.5% $4.0 1.9% $1.9 0.8% Acquisition and related integrati
Slide 19: Q1-2021: Adjusted EBITDA and adjusted EBITDA margin reconciliation
Q1-2021: Adjusted EBITDA and adjusted EBITDA margin reconciliation ($ in millions) Q1-20($) Q4-20($) Q1-21($) GAAP net income $13.3 $15.2 $31.2 Interest expense, net $1.2 $0.6 $0.6 Income tax expense $3.4 $8.1 $10.5 Depreciation $7.3 $7.4 $7.2 Amortization $3.7 $15.5 $3.1 Stock-based compensation ex
Slide 20: Q1-2021: Adjusted EPS reconciliation
Q1-2021: Adjusted EPS reconciliation Q1-20($) Q4-20($) Q1-21($) GAAP earnings per diluted share $0.71 $0.81 $1.66 Restructuring, severance, impairment and other related costs $0.04 $0.16 $0.08 Acquisition and related integration costs $0.02 - - Asbestos-related charges - ($0.03) - Gain on sale or di
Slide 21: Q1 2021: Segment adjusted operating income and operating margin reconciliation
Q1 2021: Segment adjusted operating income and operating margin reconciliation EMS AES ($ in millions) Q1-21 ($) Q1-21 (%) Q1-21 ($) Q1-21 (%) Operating income and operating margin $ 20.1 21.9% $ 14.8 11.3% Restructuring, severance, impairment & other related costs $ 0.1 0.1% $ 1.9 1.4% Acquisition
Slide 22: 2020: Adjusted operating margin reconciliation
2020: Adjusted operating margin reconciliation ($ in millions) FY-19($) FY-19(%) FY-20($) FY-20(%) GAAP operating margin $110.5 12.3% $67.3 8.4% Restructuring, severance, impairment and other related costs $7.7 0.9% $16.4 2.0% Acquisition and related integration costs $1.9 0.2% $1.0 0.1% Transition
Slide 23: 2020: Adjusted EBITDA and adjusted EBITDA margin reconciliation
2020: Adjusted EBITDA and adjusted EBITDA margin reconciliation ($ in millions) FY-19($) FY-20($) GAAP net income $47.3 $50.0 Interest expense, net $6.9 $7.1 Income tax expense $7.8 $18.5 Depreciation $31.4 $29.3 Amortization $17.8 $42.1 Stock-based compensation expense $12.3 $13.5 Restructuring, se
Slide 24: 2020: Adjusted EPS reconciliation
2020: Adjusted EPS reconciliation FY-19 ($) FY-20 ($) GAAP earnings per diluted share $2.53 $2.67 Restructuring, severance, impairment and other related costs $0.31 $0.67 Acquisition and related integration costs $0.08 $0.04 Transition services, net $0.04 - Pension settlement charges $2.35 - Asbesto