Slide 1: Q3 2024 Financial Results Conference Call
Q3 2024 Financial Results Conference Call August 29, 2024 PHOTRONICS, INC.
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation and some of our comments during this presentation 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
Slide 3: Q3 2024 Summary
Q3 2024 Summary $606.4M $211.0M 24.7% $0.55 $0.51 $75.1M Cash2 and Short- Revenue Operating Margin EPS Non-GAAP EPS1 OCF term investments (6%) Y/Y (440) bps Y/Y 25% Y/Y Flat Y/Y (13%) Y/Y 27% Y/Y (3%) Q/Q (110) bps Q/Q (5%) Q/Q 11% Q/Q (2%) Q/Q 8% Q/Q Revenue lower due to market demand softness in s
Slide 4: Long-Term Trends Driving Photomask Demand
Long-Term Trends Driving Photomask Demand Semiconductor: growing capacity and design activity 1. More extensive use of semiconductors across multiple applications, driven by megatrends such as AI and IoT. 2. Supply chain regionalization driving investments in semiconductor fabs that creates redundan
Slide 5: Revenue by Product Line
Revenue by Product Line IC FPD $M Q324 Q/Q Y/Y $M Q324 Q/Q Y/Y High-End* 49.5 (15%) 9% High-End* 48.4 1% (3%) Mainstream 106.4 3% (10%) Mainstream 6.7 (17%) (40%) High-End* 32% High-End* 88% Total 155.9 (3%) (4%) Mainstream 68% Total 55.1 (2%) (10%) Mainstream 12% High-end down Q/Q on lower demand f
Slide 6: Balance Sheet and Cash Flow Metrics
Balance Sheet and Cash Flow Metrics $M Q324 Y/Y Q/Q Continued strong operating cash flow from income generation and working capital management. Cash, cash equivalents, and 606.4 27% 8% Actively controlling cash, cash equivalents, and Short-term investments short-term investments to maintain liquidit
Slide 7: Q4 2024 Guidance
Q4 2024 Guidance Revenue ($M) 213 – 221 Incorporation of chips in AI, IoT, 5G, and Operating Margin 25% - 27% consumer products. • New designs to capture market share. Taxes ($M) 15 – 17 • Advanced display technologies. Outlook clouded by geopolitical uncertainty and macro-economic headwinds. PHOTRO
Slide 8: Appendix
PHOTRONICS, INC. Appendix
Slide 9: Revenue by Product Group ($M)
Revenue by Product Group ($M) Total Revenue IC Revenue FPD Revenue 892.1 651.3 871.8 638.9 824.5 593.0 27% 27% 30% 240.8 240.8 232.9 35% 231.5 232.9 28% 194.9 231.5 33% 226.1 195.3 81% 83% 86% 187.0 200.8 200.3 73% 73% 72% 70% 651.3 638.9 67% 65% PHOTRONICS, INC. 593.0 456.3 397.7 412.8 19% 17% 14%
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP earnings per share are "non- GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial m
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures PHOTRONICS, INC. Reconciliation of GAAP Net income attributable to Photronics, Inc. shareholders to Non-GAAP Net income (in thousands) (Unaudited) Three Months ended July 28, April 28, July 30, 2024 2024 2023 GAAP Net income attributable to Photronics, Inc. shareholders $