Slide 1: Earnings Summary First Quarter 2024
Earnings Summary First Quarter 2024 May 1, 2024
Slide 2: Safe Harbor
Safe Harbor This news release contains “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “may,” “will,” “would” or the negative thereof and similar expressions are intended to identify such forward-looking statements. Th
Slide 3: Summary – Consolidated Statement of Operations GAAP
Summary – Consolidated Statement of Operations GAAP $ in millions, except per share data 1Q24 1Q23 4Q23 1Q24 over 1Q23 1Q24 over 4Q23 Net Sales $771.0 $922.4 $812.3 (16.4%) (5.1%) Gross Margin 45.6% 43.5% 42.4% Operating Expenses $234.2 $388.2 $243.7 (39.7%) (3.9%) Operating Income $117.6 $13.5 $101
Slide 4: Summary – Consolidated Statement of Operations Non-GAAP
Summary – Consolidated Statement of Operations Non-GAAP1 $ in millions, except per share data 1Q24 1Q23 4Q23 1Q24 over 1Q23 1Q24 over 4Q23 Net Sales $771.0 $922.4 $812.3 (16.4%) (5.1%) Adjusted Gross Margin – as a % of 45.6% 44.3% 42.4% Net Sales Non-GAAP Operating Expenses2 $173.7 $204.3 $176.4 (15
Slide 5: Summary – Consolidated Statement of Operations (excluding divestitures) Non-GAAP
Summary – Consolidated Statement of Operations (excluding divestitures)1,2 Non-GAAP $ in millions 1Q24 1Q23 4Q23 1Q24 over 1Q23 1Q24 over 4Q23 Adjusted Net Sales $737.1 $778.4 $765.4 (5.3%) (3.7%) Adjusted Gross Margin % 46.1% 48.3% 43.4% Non-GAAP Operating Expenses $171.8 $198.0 $174.0 (13.2%) (1.3
Slide 6: Materials Solutions (MS)
Materials Solutions (MS) 1Q24 Highlights 1Q24 over 1Q24 over $ in millions 1Q24 1Q23 4Q23 1Q23 4Q23 Sales1 decreased (SEQ) 1%, as MS benefited Net Sales $350.0 $448.3 $365.0 (21.9%) (4.1%) from the early-stage recovery in the memory market, offset by continued weakness in Adjusted Net Sales1 $316.1
Slide 7: Microcontamination Control (MC)
Microcontamination Control (MC) 1Q24 Highlights 1Q24 over 1Q24 over $ in millions 1Q24 1Q23 4Q23 1Q23 4Q23 Sales decrease (SEQ) was by driven by lower Net Sales $267.9 $269.3 $288.4 (0.5%) (7.1%) revenue in all major product lines, consistent with our expectations. Segment Profit $86.6 $96.0 $97.6 (
Slide 8: Advanced Materials Handling (AMH)
Advanced Materials Handling (AMH) 1Q24 Highlights 1Q24 over 1Q24 over $ in millions 1Q24 1Q23 4Q23 1Q23 4Q23 Sales decline (SEQ) was driven primarily by Net Sales $162.9 $218.9 $169.2 (25.6%) (3.7%) lower sales of fluid handling products. Segment Profit $24.6 $48.2 $20.5 (49.0%) 20.0% Segment prof
Slide 9: Summary – Balance Sheet Items
Summary – Balance Sheet Items $ in millions 1Q24 1Q23 4Q23 $ Amount % Total $ Amount % Total $ Amount % Total Cash, Cash Equivalents & Restricted Cash $340.7 4.1% $709.0 7.0% $456.9 5.2% Accounts Receivable, net $424.5 5.1% $511.4 5.1% $457.1 5.2% Inventories $625.7 7.5% $830.9 8.3% $607.1 6.9% Net
Slide 10: Cash Flows
Cash Flows $ in millions 1Q24 1Q23 4Q23 Beginning Cash Balance $456.9 $563.4 $594.0 Cash provided by operating activities 147.2 151.9 150.7 Capital expenditures (66.6) (134.0) (128.7) Proceeds from long term debt 224.5 117.2 — Payments on long term debt (643.3) (117.2) (869.7) Proceeds from sale of
Slide 11: Outlook
Outlook GAAP $ in millions, except per share data 2Q24 Guidance 1Q24 Actual 4Q23 Actual Net Sales $790 - $810 $771.0 $812.3 Operating Expenses $242 - $245 $234.2 $243.7 Net Income $64 - $71 $45.3 $38.0 Diluted Earnings per Common Share $0.42 - $0.47 $0.30 $0.25 Operating Margin 15% - 16% 15.3% 12.4%
Slide 12: Trademark notice
Entegris®, the Entegris Rings Design®, and other product names are trademarks of Entegris, Inc. as listed on entegris.com/trademarks. All product names, logos, and company names are trademarks or registered trademarks of their respective owners. Use of them does not imply any affiliation, sponsorshi
Slide 13: Appendix
Appendix Entegris
Slide 14: Consolidated (as reported) Summary Financials Non-GAAP
Consolidated (as reported) Summary Financials Non-GAAP $ in millions 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 Net Sales $922.4 $901.0 $888.2 $812.3 $3,523.9 $771.0 Adjusted Gross Margin % 44.3% 42.6% 41.4% 42.4% 42.7% 45.6% Non-GAAP Operating Expenses $204.3 $183.2 $172.1 $176.4 $736.1 $173.7 Adjusted Operat
Slide 15: Consolidated (excluding divestitures) Summary Financials Non-GAAP
Consolidated (excluding divestitures)1 Summary Financials Non-GAAP $ in millions 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 Adjusted Net Sales $778.4 $765.8 $756.0 $765.4 $3,065.6 $737.1 Adjusted Gross Margin % 48.3% 45.6% 44.0% 43.4% 45.3% 46.1% Non-GAAP Operating Expenses $198.0 $177.1 $166.0 $174.0 $715.2 $
Slide 16: Segment (as reported) Financials Non-GAAP
Segment (as reported) Financials Non-GAAP $ in millions 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 Sales : MS $448.3 $440.6 $435.5 $365.0 $1,689.5 $350.0 MC 269.3 283.6 286.2 288.4 1,127.6 267.9 AMH 218.9 190.4 180.3 169.2 758.7 162.9 Inter-segment elimination (14.1) (13.6) (13.8) (10.3) (51.7) (9.7) Total Sal
Slide 17: Segment (excluding divestitures) Financials Non-GAAP
Segment (excluding divestitures)1 Financials Non-GAAP $ in millions 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 Adjusted Sales : MS $304.3 $305.4 $303.3 $318.1 $1,231.1 $316.1 MC 269.3 283.6 286.2 288.4 1,127.6 267.9 AMH 218.9 190.4 180.3 169.2 758.7 162.9 Inter-segment elimination (14.1) (13.6) (13.8) (10.3) (
Slide 18: Reconciliation of Net Sales to Adjusted Net Sales (excluding divestitures)
Reconciliation of Net Sales (as reported) to Adjusted Net Sales Non-GAAP (excluding divestitures)1 $ in millions 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 Net sales $922.4 $901.0 $888.2 $812.3 $3,523.9 $771.0 Divestitures 2 (144.0) (135.2) (132.2) (46.8) (458.4) (33.9) Adjusted net sales Non-GAAP $778.4 $765.
Slide 19: Reconciliation of GAAP Operating Expenses to Operating Expenses (excluding divestitures)
Reconciliation of GAAP Operating Expenses (as reported) to Operating Expenses (excluding divestitures)1 Non-GAAP $ in millions 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 GAAP Operating Expenses $388.2 $116.6 $250.0 $243.7 $998.4 $234.2 Adjustments to operating expenses: Goodwill impairment 1 88.9 — 15.9 10.4 1
Slide 20: Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA $ in millions 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 Net Sales $922.4 $901.0 $888.2 $812.3 $3,523.9 $771.0 Net (loss) Income ($88.2) $197.6 $33.2 $38.0 $180.7 $45.3 Net (loss) income - as a % of net sales (9.6%) 21.9% 3.7% 4
Slide 21: Reconciliation of Adjusted Operating Income to Adjusted Operating Income (excluding divestitures)
Reconciliation of Adjusted Operating Income (as reported) to Adjusted Operating Income (excluding divestitures)1 Non-GAAP $ in millions 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 Adjusted (excluding divestitures)1 Net Sales 2 $778.4 $765.8 $756.0 $765.4 $3,065.6 $737.1 Adjusted Operating Income 3 204.8 200.9 1
Slide 22: Reconciliation of Segment Sales to Segment Sales (excluding divestitures)
Reconciliation of Segment Sales (as reported) to Segment Sales (excluding divestitures)1 Non-GAAP $ in millions 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 Net Sales: MS Segment Net Sales $448.3 $440.6 $435.5 $365.0 $1,689.5 $350.0 Adjusted (excluding divestitures)1 Net Sales (144.0) (135.2) (132.2) (46.8) (458
Slide 23: Reconciliation of GAAP Net Income and EPS to Non-GAAP
Reconciliation of GAAP Net Income and Diluted Earnings per Common Share to Non-GAAP Net Income and Diluted Non-GAAP Earnings per Common Share $ in millions, except per share data 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 GAAP net income (loss) ($88.2) $197.6 $33.2 $38.0 $180.7 $45.3 Adjustments to net income
Slide 24: Reconciliation of GAAP Outlook to Non-GAAP Outlook
Reconciliation of GAAP Outlook to Non-GAAP Outlook* $ in millions Second-Quarter Outlook Reconciliation GAAP operating expenses to non-GAAP operating expenses: June 29, 2024 GAAP operating expenses $242 - $245 Adjustments to net income: Deal, transaction and integration costs 2 Amortization of intan
Slide 25: Reconciliation of GAAP Outlook to Non-GAAP Outlook (continued)
Reconciliation of GAAP Outlook to Non-GAAP Outlook* (continued) $ in millions Second-Quarter Outlook Reconciliation GAAP Operating Margin to non-GAAP Operating Margin and Adjusted EBITDA Margin June 29, 2024 Net sales $790 - $810 GAAP - Operating income $118 - $132 Operating margin - as a % of net s