Slide 1: Q1'21 Financial Results
April 29, 2021 Q1’21 Financial Results April 29, 2021 Page 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements Forward Looking Statements: Certain statements contained in this presentation may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the bus
Slide 3: Business Update
Business Update April 29, 2021 Page 3
Slide 4: Summary
Summary Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) $225.5M 45.6% 23.9% 45.0% 21.0% $202.4M $138.9M 41.7% 6.3% Q1'20 Q4'20 Q1'21 Q1'20 Q4'20 Q1'21 Q1'20 Q4'20 Q1'21 • Q1’21 revenue and orders set • Q1’21 gross margin increased • Est. test cell utilization 88% new record; exceeded guidance 390 bp
Slide 5: Diverse Revenue Profile
Diverse Revenue Profile Recurring Systems Key Business Drivers Mobility Key Business Drivers 24% • Semiconductor • Mobility wireless product designs Q1’21 connectivity Recurring • Growing systems 35% Revenue Automotive 12% • Automotive xEV installed base $225.5M and ADAS Industrial Non-GAAP 8% Non-G
Slide 6: 2020 Sustainability Highlights
2020 Sustainability Highlights Energy Consumption & Product Safety & Renewable Energy & Business Ethics Employee Diversity & Waste Management Materials Sourcing Life-Saving Products Inclusion (1) • Revenue was up +9% YoY • No product recalls Enabling solar and wind • Employee training and Gender pow
Slide 7: Q1'21 Financials and Q2'21 Guidance
Q1’21 Financials and Q2’21 Guidance April 29, 2021 Page 7
Slide 8: Q1'21 Non-GAAP Results
Q1’21 Non-GAAP Results Q4’20 Q1’21 Q1’21 Actual Guidance(2) Actual Revenue $202.4M $212 - $232M $225.5M Gross Margin(1) 45.0% 45% - 46% 45.6% Operating Expenses(1) $51.7M $53 - $54M $52.2M Non-GAAP EPS(1) $0.73 $0.89 Adjusted EBITDA(1) 21.0% ~23% 23.9% ❑ Mobility (RF testers and handlers), Automotiv
Slide 9: Target Model Delivers Strong Leverage
Target Model Delivers Strong Leverage Mid-Term Target Quarterly Model Revenue $190M $210M $235M $250M Gross Margin(1) 46% 47% 48% 49% Operating Expenses(1) 28% 27% 25% 24% Adjusted EBITDA(1) 20% 22% 24% 25% Non-GAAP EPS(1) $0.55 $0.70 $0.90 $1.00 Free Cash Flow(2) > 13% > 15% > 17% > 18% ❑ Maintaini
Slide 10: Balance Sheet
Balance Sheet [$Million] Q4’20 Q1’21 Cash and Investments $170 $291 Accounts Receivable $152 $197 Total Debt $326 $224 Capital Additions $5.1 $2.7 Cash Flow From Operations $22.3 $6.1 ❑ March 2021 common stock follow-on totaling ~5.7 million shares generated net proceeds of $223M ❑ Q1 cash balance i
Slide 11: Q2'21 Outlook
Q2’21 Outlook Q1’21 Q2’21 Actual Guidance Revenue $225.5M $234 - $250M Gross Margin(1) 45.6% 42% - 43% Operating Expenses(1) $52.2M $53 - 54M Adjusted EBITDA(1) 23.9% ~ 22% (mid-point of guidance) ❑ Low end of revenue guidance considers some supply chain uncertainty and risks associated with book-an
Slide 12: Appendix
Appendix Use of Non-GAAP Financial Information: This presentation includes non-GAAP financial measures, including non-GAAP Gross Margin/Profit, Income and Income (adjusted earnings) per share, Operating Income, Operating Expense and Adjusted EBITDA that supplement the Company’s Condensed Consolidate
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending Mar 28, Diluted Dec 26, Diluted Mar 27, Diluted Earnings Reconciliation 2020 EPS 2020 EPS 2021 EPS Income (Loss) From Continuing Operations - GAAP $ (17,318) $ (0.42) $ 14,861 $ 0.34 $ 27,607 $ 0.61 Share based compensat
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending Mar 28, % of Net Dec 26, % of Net Mar 27, % of Net Gross Profit Reconciliation 2020 Sales 2020 Sales 2021 Sales Net Sales $ 138,921 $ 202,355 $ 225,488 Gross Profit - GAAP 56,084 40.4% 91,241 45.1% 102,205 45.3% Share Ba
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Operating Income Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending Mar 28, % of Net Dec 26, % of Net Mar 27, % of Net 2020 Sales 2020 Sales 2021 Sales Income (Loss) From Operations - GAAP basis $ (13,626) -9.8% $ 18,774 9.3% $ 35,730 15.8% Share based com