Photronics, Inc. · NASDAQ:PLAB
Photronics — Q2 2021 Earnings Presentation
13 slides from Photronics's earnings presentation, May 26, 2021
Slide 1: Q2 2021 Financial Results Conference Call
Q2 2021 Financial Results Conference CallMay 26, 2021 Photronics, Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation and some of our comments may contain projections or other forward-looking statements regarding future events, our future financial performance and/or the future performance of the industry. These statements are predictions, and contain risks and uncertainties.
Slide 3: Q2 2021 Summary
Q2 2021 Summary Revenue was a record $159.8M, up 5% Q/Q and 12% Y/YGrowth achieved in both IC and FPD on strong design-driven demandRevenue to China was up 16% Q/Q and 23% Y/YNet income attributable to Photronics, Inc. shareholders of $10.5M ($0.17/share)Cash balance $256M$32M generated from operati
Slide 4: Income Statement Summary
Income Statement Summary $M (except EPS) Q221 Q121 Q/Q Q220 Y/Y Revenue $ 159.8 $ 152.1 5% $ 142.8 12% Gross Profit $ 39.2 $ 30.5 29% $ 30.4 29% Gross Margin 24.6% 20.1% 450 bps 21.3% 330 bps Operating Income $ 20.8 $ 11.8 77% $ 12.7 64% Operating Margin 13.0% 7.7% 530 bps 8.9% 410 bps Other income
Slide 5: IC Photomask Revenue
$M Q221 Q121 Q/Q Q220 Y/Y High-End* $ 41.3 $ 36.8 12% $ 38.3 8% Mainstream $ 70.7 $ 68.2 4% $ 58.6 21% Total $ 112.0 $ 105.0 7% $ 96.8 16% IC Photomask Revenue 5/26/2021 5 High-end growth driven by logic recovery, especially in Taiwan & ChinaMainstream grew on positive demand trends and higher ASPCh
Slide 6: FPD Photomask Revenue
FPD Photomask Revenue 5/26/2021 6 High-end improved on strong LTPS & AMOLED demand for mobile displaysMainstream down as capacity was sold out to meet high-end demandChina revenue +8% Q/Q and -1% Y/Y; represents 53% of FPD revenueOutlookDynamic market environmentMobile demand strength expected to co
Slide 7: Select Financial Data
Select Financial Data $M Q121 Q121 Q220 Cash $ 256 $ 279 $ 238 Debt $ 114 $ 98 $ 53 Net Cash* $ 142 $ 180 $ 184 Operating Cash Flow $ 32 $ 26 $ 31 Capital Expenditures $ 56 $ 18 $ 16 Government Incentives for Capital Equipment $ 5 $ 0.4 $ 3 Share repurchase $ 10 $ 13 $ 6 Debt is US equipment lease a
Slide 8: Q321 Guidance
Q321 Guidance Revenue ($M) $162 - $172 Operating Margin 13% - 16% Taxes ($M) $4 - $6 EPS $0.19 - $0.25 Diluted Shares (M) ~62 Positive industry demand trendsRemote work and learningMade in China 2025Advanced display technologiesOutlook clouded by geopolitical uncertaintyShelter-in-place mandatesUS/C
Slide 9: For Additional Information
For Additional Information:R. Troy Dewar, CFAVice President, Investor Relations203.740.5610tdewar@photronics.com Thank you for your interest!
Slide 10: Appendix
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Slide 11: Total Revenue
Total Revenue 5/26/2021 11 IC FPD Total may differ due to rounding
Slide 12: IC Photomask Revenue
IC Photomask Revenue 5/26/2021 12 Mainstream High-End High-End: 28nm and smaller; total may differ due to rounding
Slide 13: FPD Photomask Revenue
FPD Photomask Revenue 5/26/2021 13 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS; total may differ due to rounding