Slide 1: Q4 2024 Earnings Presentation
Q4 2024 EARNINGS PRESENTATION FEBRUARY 11, 2025
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation and discussion contain forward-looking statements, including our expectations for the future market for our products, revenues, profits, and other results that are forward-looking statements under the SEC’s safe harbor provision. These forward-looking statemen
Slide 3: Q4 Highlights
Q4 HIGHLIGHTS REVENUE DILUTED EPS $252M $1.54 Strong demand for aftermarket CS&I sales Sequential decline in Power and Image Sensor, offset by an improvement in General Mature and Memory CS&I sales the primary driver behind better-than-expected margins and EPS Bookings stabilized, and flat on a sequ
Slide 4: Shipped Systems Revenue by Segment: Q4 & Full Year 2024
SHIPPED SYSTEMS REVENUE BY SEGMENT: Q4 & FULL YEAR 2024 Q4 2024 Q4’24 SEGMENT 2024* 2024* SILICON matu 36% 41% ma re n CARBIDE (SiC) tur od en es er w od po SILICON es 14% IGBT 15% er pow GENERAL 34% MATURE 31% IMAGE 8% SENSOR 10% 7% MEMORY 2% ADVANCED 1% LOGIC 1% * Includes a reclassification of 1
Slide 5: Mature Process Technology Nodes
MATURE PROCESS TECHNOLOGY NODES SHIPPPED SYSTEM REVENUE IN Q4 2024 POWER GENERAL MATURE IMAGE SENSOR 51% OF TOTAL SHIPPED SYSTEM REVENUE 34% OF TOTAL SHIPPED SYSTEM REVENUE 8% OF TOTAL SHIPPED SYSTEM REVENUE • Revenue from Silicon Carbide (SiC) • Revenue improved in the fourth quarter, • Revenue mod
Slide 6: Advanced Logic & Memory Technology
ADVANCED LOGIC & MEMORY TECHNOLOGY ADVANCED LOGIC MEMORY 1% OF SHIPPED SYSTEM REVENUE IN Q4 2024 7% OF SHIPPED SYSTEM REVENUE IN Q4 2024 • Shipped system to a new customer, • Sequential improvement in sales – following previously announced order specifically for DRAM received in the second quarter •
Slide 7: 2024 Highlights
2024 HIGHLIGHTS REVENUE DILUTED EPS $1,018M $6.15 Growth in Silicon Carbide offset by cyclical decline in Si IGBT Prolonged Industry Softness in Memory market Y/Y Gross Margin Expansion of more than 100 basis points, despite revenue decline 7
Slide 8: Initial Perspectives on 2025
INITIAL PERSPECTIVES ON 2025 > Anticipate overall revenue in 2025 to decline > Digestion of Power and General Mature capacity – primarily in China > Year-over-year growth in memory – led by DRAM > Modest revenue from initiatives in Advanced Logic – multi-year effort LONG TERM GROWTH OPPORTUNITIES RE
Slide 9: Proud of Our Customer Recognition in 2024
PROUD OF OUR CUSTOMER RECOGNITION IN 2024 9
Slide 10: Q4 Revenue Detail
Q4 REVENUE DETAIL (in millions) Q4 2023 Q3 2024 Q4 2024 2023 2024 Systems Revenue $241.8 $201.1 $187.4 $883.6 $782.6 CS&I Revenue $68.5 $55.5 $65.0 $247.0 $235.3 Total Revenue $310.3 $256.6 $252.4 1,130.6 $1,017.9 Systems Bookings $235.5 $84.5 $84.5 $924.6 $381.1 Systems Backlog $1,061.2 $758.2 $645
Slide 11: Q4 & Full Year Additional Financial Detail
Q4 & FULL YEAR ADDITIONAL FINANCIAL DETAIL Select Income Statement information (in millions) Q4 2023 Q3 2024 Q4 2024 2023 2024 Revenue $310.3 $256.6 $252.4 $1,130.6 $1,017.9 Gross Margin 44.4% 42.9% 46.0% 43.5% 44.7% Operating Expenses $58.8 $63.1 $61.7 $225.5 $243.9 Operating Income $79.1 $46.9 $54
Slide 12: Cash Flow and Balance Sheet
CASH FLOW AND BALANCE SHEET Select Balance Sheet & Cash Flow Information (in millions) Q4 2023 Q3 2024 Q4 2024 2023 2024 Cash, Cash Equivalents & Short-Term Investments $506.1 $579.4 $571.3 $506.1 $571.3 Cash From Operations $65.6 $45.7 $12.8 $156.9 $140.8 Capital Expenditures $10.1 $3.9 $4.7 $20.7
Slide 13: Reporting Changes Beginning Q1 2025
REPORTING CHANGES BEGINNING Q1 2025 Image Sensor Shipped Introducing Non-GAAP System Revenue to be Measures – to better Included in General align with peers Mature 13
Slide 14: Outlook
OUTLOOK Q1 2025 FULL YEAR COMMENTARY Revenue ~$185M • Q2 2025 revenue to be relatively consistent with Q1 2025 • 2H 2025 revenue to be slightly higher than 1H 2025 Gross Margin ~40% • Q1 2025 gross margin to be low point of year Operating Expenses ~$63M • 2025 full year operating expenses to be rela
Slide 15: Q&A
Q&A 15