Slide 1: Q3 2021 Financial Results Conference Call
Q3 2021 Financial Results Conference CallAugust 25, 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: Q3 2021 Summary
Q3 2021 Summary Revenue was a record $170.6M, up 7% Q/Q and 8% Y/YIC and FPD both achieved record revenueRecord revenue to China, up 9% Q/Q and 22% Y/YNet income attributable to Photronics, Inc. shareholders of $17.1M ($0.28/share)Cash balance $283M$55M generated from operating activity$19M invested
Slide 4: Income Statement Summary
Income Statement Summary $M (except EPS) Q321 Q221 Q/Q Q320 Y/Y Revenue $ 170.6 $ 159.8 7% $ 157.9 8% Gross Profit $ 45.3 $ 39.2 15% $ 37.7 20% Gross Margin 26.6% 24.6% 200 bps 23.9% 270 bps Operating Income $ 28.5 $ 20.8 37% $ 19.9 43% Operating Margin 16.7% 13.0% 370 bps 12.6% 410 bps Other non-op
Slide 5: IC Photomask Revenue
$M Q321 Q221 Q/Q Q320 Y/Y High-End* $ 42.4 $ 41.3 3% $ 38.7 10% Mainstream $ 75.4 $ 70.7 7% $ 70.0 8% Total $ 117.8 $ 112.0 5% $ 108.7 8% IC Photomask Revenue 8/25/2021 5 High-end growth driven by strong logic, especially in Taiwan & ChinaMainstream up on positive demand trends and higher ASPChina r
Slide 6: FPD Photomask Revenue
FPD Photomask Revenue 8/25/2021 6 High-end improved on AMOLED mobile demand; G10.5+ up Q/QMainstream recovered Q/QChina revenue +9% Q/Q and +2% Y/Y; represents 53% of FPD revenueOutlookDynamic market environmentMobile demand strength expected to continueFurther benefit from new capacityTechnology de
Slide 7: Select Financial Data
Select Financial Data $M Q321 Q221 Q320 Cash $ 283 $ 256 $ 261 Debt $ 118 $ 114 $ 53 Net Cash* $ 165 $ 142 $ 208 Operating Cash Flow $ 55 $ 32 $ 17 Capital Expenditures $ 19 $ 56 $ 7 Government Incentives for Capital Equipment - $ 5 - Share repurchase $ 13 $ 10 - Debt is US equipment lease and local
Slide 8: Q421 Guidance
Q421 Guidance Revenue ($M) $171 - $179 Operating Margin 16% - 18% Taxes ($M) $6 - $8 EPS $0.21 - $0.29 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 8/25/2021 11 IC FPD Total may differ due to rounding
Slide 12: IC Photomask Revenue
IC Photomask Revenue 8/25/2021 12 Mainstream High-End High-End: 28nm and smaller; total may differ due to rounding
Slide 13: FPD Photomask Revenue
FPD Photomask Revenue 8/25/2021 13 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS; total may differ due to rounding