Rogers Corporation · NYSE:ROG

Rogers — Investor Day (March 2023)

77 slides from Rogers's investor day presentation, Mar 30, 2023

  1. Slide 1: 2023 Analyst & Investor Day

    2023 Analyst & Investor Day MARCH 30, 2023

  2. Slide 2: Forward Looking Statements

    Forward Looking Statements Safe Harbor Statement Statements included in this presentation that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect

  3. Slide 3: Non-GAAP Information

    Non-GAAP Information Non-GAAP Information This presentation includes the following historical financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): (1) Adjusted operating margin, which the Company defines as op

  4. Slide 4: Today's Agenda

    Today’s Agenda Time Agenda Speaker (EDT) 9:00 Welcome - Review agenda and logistics Steve Haymore 9:05 Rogers’ Path Forward Colin Gouveia 9:30 Advanced Electronics Solutions Jeff Tsao and Roger Tushingham 9:55 Elastomeric Material Solutions Brian Larabee 10:15 Break 10:25 Global Operations Strategy

  5. Slide 5: Today's Speakers

    Today’s Speakers Colin Gouveia Ram Mayampurath Brian Larabee President and Chief SVP & Chief VP and GM Elastomeric Executive Officer Financial Officer Material Solutions​​ Larry Schmid Jeff Tsao Roger Tushingham SVP of Global Operations VP and GM Advanced VP and GM Advanced and Supply Chain Electron

  6. Slide 6: Rogers' Path Forward

    Rogers’ Path Forward COLIN GOUVEIA PRESIDENT AND CHIEF EXECUTIVE OFFICER 6

  7. Slide 7: Why Invest In Rogers?

    Why Invest In Rogers? Strong, diversified growth opportunities driven by GROWTH FOCUS key secular trends and core markets Proven track record of developing and commercializing INNOVATION LEADER unique material solutions for leading-edge applications A repeatable customer engagement process that has

  8. Slide 8: A Rich History of Innovation

    A Rich History of Innovation Company founded as Circuit materials Enabling automotive U.S. Innovation Center a paper manufacturer enable space missions radar established 1832 1950s 1960s 2000 2000s 2010s 2014 2022 Materials used in Lists on New York Leader in materials EV Market Sales mainframe comp

  9. Slide 9: Rogers At A Glance

    Rogers At A Glance 3,600+ EMPLOYEES 190+ YEARS OF HISTORY $971 MILLION OF REVENUE IN 2022 Germany U.K. Illinois Belgium Hungary Multiple Sites: 15 MANUFACTURING FACILITIES S. Korea CT, RI, DE 3 GLOBAL INNOVATION CENTERS Arizona China >5,000 CUSTOMERS IN 70 COUNTRIES 99

  10. Slide 10: Commitment to ESG

    Commitment to ESG ENVIRONMENTAL SUSTAINABILITY • Enabling a sustainable future • Sustainability in design • Sustainability in operations SOCIAL RESPONSIBILITY • A culture of safety • Diversity and inclusion • Investing in our employees ROBUST GOVERNANCE • Diversified board of directors • Board ESG o

  11. Slide 11: Who We Are

    Who We Are Rogers Technologies Solve Complex Challenges Advanced Safety & Extend EV Range Autonomous Driving ADVANCED MATERIAL High Efficiency Critical Defense Communications SOLUTIONS Energy Conversion Improved Reliability in Smartphone Durability Industrial Technologies 11

  12. Slide 12: Rogers Technology

    Rogers Technology Solving the most complex challenges HIGHLY ENGINEERED | DIFFERENTIATED OFFERINGS | MARKET LEADERSHIP BRANDS KEY MARKETS Advanced Electronics Metalized ceramic substrates used in power electronics Electric Solutions (AES) Power interconnects for high Vehicles ADAS current and high v

  13. Slide 13: Driving Innovation In Our Markets

    Driving Innovation In Our Markets General Industrial Automotive Radar Portable Electronics (ADAS) Electric Vehicles Wireless Infrastructure Aerospace & Defense Renewable Energy 13

  14. Slide 14: Growth Opportunities Across Our End Markets

    Growth Opportunities Across Our End Markets GDP PLUS 8% - 10% 20% - 25% GROWTH RATE GROWTH RATE GROWTH RATE CORE HIGH SIGNIFICANT GROWTH GROWTH GROWTH Strong cash generation Strong growth applications Fastest growing opportunity ~50% of 2022 revenue >25% of 2022 revenue >20% of 2022 revenue Industri

  15. Slide 15: Electric Vehicles

    Electric Vehicles Capitalizing On Fast Growing Market Opportunity BEV LIGHT VEHICLE PRODUCTION FORECAST 3 (millions of vehicles) TRENDS 30 Transition to EVs accelerating 2021 Forecast 25 2023 Forecast 21 >50% of Car Buyers 18 Expect next car will be an EV1 16 15 13 12 6 10 >$1 trillion of investment

  16. Slide 16: High Growth Markets

    High Growth Markets TRENDS Automotive Radar (ADAS) Increasing penetration rate of ADAS Transition to higher levels of autonomy Aerospace and Defense Integrated tactical communication systems Advanced detection and targeting systems Portable Electronics Increasingly compact designs New form factors (

  17. Slide 17: Core Growth Markets

    Core Growth Markets TRENDS General Industrial GDP plus growth Reshoring of manufacturing Supportive policies (CHIPS Act, Infrastructure Bill) Wireless Infrastructure Stable outlook Consumer adoption of 5G progressing 5G base station deployments growing outside of China 17

  18. Slide 18: Our Path Forward

    Our Path Forward Achieving Breakthrough Growth and Profitability • Financial Performance ELEVATE • Opportunity Funnel Leads To Increased Design Wins 2025+ • Commercialization Of Innovation Pipeline ACCELERATE • Secular Market Trends 2024 - 2025 • Commercial Excellence • Scale The Organization RESTOR

  19. Slide 19: Strategic Priorities 2023: Restore

    Strategic Priorities 2023: Restore COST IMPROVEMENT MARGIN FOCUS BOLSTER ORGANIZATION • Streamline organization • Targeted Improvements • Focus on operational and supply chain excellence • Portfolio and operations • 34% gross margin in Q2’23 improvements • Hiring for critical skillsets • 35% gross m

  20. Slide 20: Strategic Priorities 2024-2025: Accelerate

    Strategic Priorities 2024-2025: Accelerate MARKET TRENDS COMMERCIAL SCALE THE EXCELLENCE ORGANIZATION • Secular trends drive strong growth outlook • Accelerate design • Capabilities to support growth wins with deeper • 2025 BEV market 1.75x application expertise • Deliver new capacity larger vs 2023

  21. Slide 21: Strategic Priorities 2025+: Elevate

    Strategic Priorities 2025+: Elevate FINANCIAL OPPORTUNITY FUNNEL INNOVATION PIPELINE PERFORMANCE • Robust EV opportunity • Commercialization of • Sustain double-digit funnel1 provides visibility to innovation pipeline adds revenue growth rate future growth to growth • Drive gross margins to 40% and

  22. Slide 22: A Proven, Repeatable Process to Drive Growth

    A Proven, Repeatable Process to Drive Growth 2 Collaborative Customer Target Relationships 1 Secular Trends GROWTH Identify Unmet 3 ENGINE Needs Leverage Application Expertise Develop Innovative 5 Solutions 4 22

  23. Slide 23: Rogers 2025 Targets

    Rogers 2025 Targets SALES: $1.2 - 1.3B Adjusted EBITDA Margin: 24% - 26% SALES: $971M Adjusted EBITDA Margin: 16.5%1 ORGANIC SALES 7% - 10% CAGR SIGNIFICANT >30% >20% SIGNIFICANT ADJUSTED EBITDA HIGH >25% >25% HIGH MARGIN Gross Margin +500 - 700 bps OpEx Scaling ~50% CORE CORE ~40% 2022 2025 Target

  24. Slide 24: Why Invest In Rogers?

    Why Invest In Rogers? Strong, diversified growth opportunities driven by GROWTH FOCUS key secular trends and core markets Proven track record of developing and commercializing INNOVATION LEADER unique material solutions for leading-edge applications A repeatable customer engagement process that has

  25. Slide 25: Advanced Electronics Solutions

    Advanced Electronics Solutions JEFF TSAO VICE PRESIDENT AND GENERAL MANAGER curamik® and ROLINX® ROGER TUSHINGHAM VICE PRESIDENT AND GENERAL MANAGER RF Solutions 25

  26. Slide 26: Key Messages

    Key Messages GROWTH ENGINE Achieving Breakthrough Growth Powerful secular tailwinds in the EV, Automotive Radar (ADAS), Aerospace and Defense and Renewable Energy markets Collaborative customer relationships that make AES a trusted partner Deep materials, systems and applications expertise in high-p

  27. Slide 27: AES Business Overview

    AES Business Overview Other AES 12% PRODUCT PORTFOLIO AES HIGHLIGHTS Electric Wireless Vehicles Infrastructure 2022 30% Engineered Materials Solutions Strong leadership in the areas of: positions across markets 11% $530M Net Sales • Power Electronics • Radio Frequency (RF) Engineer-to-engineer relat

  28. Slide 28: What We Enable - Power Electronics

    What We Enable - Power Electronics A market leader in Power Conversion and Power Interconnect Solutions Enabling maximum power efficiency and reliability EV Battery EV Motor Power Conversion Power Interconnect Wind / Solar Power Electrical Grid 28

  29. Slide 29: What We Solve \ EV Power Conversion

    What We Solve \ EV Power Conversion Address major challenges – EV Range, Cost, Safety – by extracting heat more efficiently TYPICAL APPROACH ROGERS APPROACH ROGERS ADVANTAGE Substrate SiC SiC Speed of heat removal 25% ↗ Advanced Substrate SiC SiC SiC SiC SiC SiC Inverter volume 20% ↘ Interlayer Copp

  30. Slide 30: What We Solve \ EV Power Interconnect

    What We Solve \ EV Power Interconnect By efficiently distributing power we lower EV system costs and improve EV range and safety CUSTOMER CHALLENGE ROGERS APPROACH ROGERS ADVANTAGE Connect battery components Custom-design, low-profile, integrated Reduce battery size by 3-5kWh safely and in a compact

  31. Slide 31: Why We Win

    Why We Win GROWTH ENGINE A trusted, proven development partner for power conversion and interconnect CUSTOMER CHALLENGES Carbon Footprint Compressed EV Limited EV Power Reduction by 2030 Development Cycle Train History ROGERS ADVANTAGES Proven Trusted by Broad Design for Design for Reliability Custo

  32. Slide 32: Growing Markets and Strong Opportunity Funnel

    Accelerate 2024-2025 Growing Markets and Strong Opportunity Funnel Rogers targeting higher-power applications with growth rate of ~30% CAGR by 2027 MARKET MOMENTUM AND REQUIRED INDUSTRY GROWTH TO MEET THE DEMAND OPPORTUNITY FUNNEL 2.8x ~7x Electric Vehicles Renewable Ceramic substrate 25-30% >50% ma

  33. Slide 33: Driving Innovation - Power Electronics

    Elevate 2025+ Driving Innovation - Power Electronics THREE AVENUES FOR MARKET CHALLENGES CUSTOMER INNOVATION ROADMAP ADDRESSED BENEFITS Product Innovation Power conversion e.g., integrated thermal solution, efficiency battery interconnect Embedded safety in Material innovation smaller form factor EF

  34. Slide 34: Advanced Electronics Solutions

    Advanced Electronics Solutions JEFF TSAO VICE PRESIDENT AND GENERAL MANAGER curamik® and ROLINX® ROGER TUSHINGHAM VICE PRESIDENT AND GENERAL MANAGER RF SOLUTIONS 34

  35. Slide 35: What We Enable - Radio Frequency Solutions

    What We Enable - Radio Frequency Solutions Enhance the capability of mission-critical radio frequency systems Automotive Radar Defense Systems Critical Communications More informed, proactive, Enhanced threat detection, Decades of high-performance collision avoidance classification, and elimination

  36. Slide 36: What We Solve - Radio Frequency Solutions

    What We Solve - Radio Frequency Solutions Optimize system range, resolution, reliability and cost by reducing system losses ROGERS ADVANTAGE Receive Differentiated low loss dielectric materials – maximize signal strength Transmit Improved range and resolution Maximize power efficiency – reduce cost

  37. Slide 37: Why We Win - Radio Frequency Solutions

    Why We Win - Radio Frequency Solutions GROWTH ENGINE An Industry Leader trusted to solve challenges of today and tomorrow Trusted by High Mission- Trusted OEM Customers for Performance Critical Partnerships 60+ Years Minimize signal loss Reliability Decades of Consistent Deep application innovation,

  38. Slide 38: Automotive Radar (ADAS) Market Opportunity

    Automotive Radar (ADAS) Market Opportunity Design Win and Opportunity Funnel Supports Growth In Line With Market CAGR AUTOMOTIVE RADAR FORECAST 1 Increased Penetration rate of ADAS systems More cars with radar - 46% to 63%1 More radars per car - SAE Level 2+ increasing from 29% to 48%1 Higher Levels

  39. Slide 39: Automotive Radar (ADAS) Market Solutions

    Automotive Radar (ADAS) Market Solutions TODAY CUSTOMER Reliability and Consistency – need to work for >10 CHALLENGES years under all environmental and road conditions Scale – controlling system cost and complexity as number of sensors increase Performance – need for viable high resolution radar Tru

  40. Slide 40: Aerospace and Defense Market Opportunity

    Aerospace and Defense Market Opportunity Design Win and Opportunity Funnel Supports Growth Above Market CAGR DEFENSE ELECTRONICS FORECAST 1 Radar and communication systems for advanced threat detection: enhanced anti-aircraft and missile defense systems Improved accuracy and range of munitions: incr

  41. Slide 41: Aerospace and Defense Market Solutions

    Accelerate 2024-2025 Aerospace and Defense Market Solutions Long Life Cycles – Design, production, and CUSTOMER operation over multi-decade platform life – CHALLENGES requires reliable supply base Sophisticated Adversaries – Incoming threats becoming faster and smaller making them harder to detect a

  42. Slide 42: Innovation Pipeline Highlights

    Elevate 2025+ Innovation Pipeline Highlights Antenna Miniaturization enabling robust AEROSPACE & communication links to be deployed “on asset” – DEFENSE operational testing has demonstrated 75% reduction in antenna footprint and improved performance Next Generation Antennas for Automotive Radar ADAS

  43. Slide 43: Key Messages

    Key Messages GROWTH ENGINE Achieving Breakthrough Growth Powerful secular tailwinds in the EV, Automotive Radar (ADAS), Aerospace and Defense and Renewable Energy markets Collaborative customer relationships that make AES a trusted partner Deep materials, systems and applications expertise in high-p

  44. Slide 44: Elastomeric Material Solutions

    Elastomeric Material Solutions BRIAN LARABEE VICE PRESIDENT AND GENERAL MANAGER 44

  45. Slide 45: Key Messages

    Key Messages GROWTH ENGINE Achieving Breakthrough Growth Powerful secular tailwinds in the EV and next-gen portable and consumer electronics markets Collaborative customer relationships focused on understanding needs and delivering solutions Deep materials, systems and applications expertise in grow

  46. Slide 46: EMS Business Overview

    EMS Business Overview Electric Other EMS Vehicles 11% 20% EMS HIGHLIGHTS PRODUCT PORTFOLIO 2022 Differentiated high-performance Portable Diversified portfolio with strong leadership positions solutions based on product & $420M Electronics 18% Net Sales in multiple end markets application know how St

  47. Slide 47: What We Enable

    What We Enable Our advanced elastomeric materials solve complex challenges for our customers Impact Constant Environmental Acoustics Flame and CUSTOMER Protection Pressure Sealing Chemical Resistance CHALLENGES Light & Dust Moisture ingress ingress OUR PROCESS 1 2 3 4 OEM OEM Customer Engagement Cus

  48. Slide 48: Why We Win

    Why We Win GROWTH ENGINE Customized, differentiated materials engineered for critical applications where performance is required, and failure is not an option ROGERS ADVANTAGES Deep Trusted by Deep Formulation Trusted Customers for Mission-Critical Applications Expertise Channel 40+ Years Reliabilit

  49. Slide 49: Electric Vehicle Battery Growth Outlook

    Electric Vehicle Battery Growth Outlook ELECTRIC VEHICLE BATTERY FORECAST 1 ROGERS OPPORTUNITY FUNNEL (units in millions) Cylinder Investments in battery Pouch technology expected to Prismatic grow 6-7X to end of decade2 2.7x 17 Safety regulations for EVs expected to become more stringent​ 2020 2022

  50. Slide 50: EV Battery Solutions

    Accelerate 2024-2025 EV Battery Solutions ​Safety of passengers is paramount to designers with CUSTOMER evolving global regulations and high-profile EV fires CHALLENGES ELECTRIC VEHICLE BATTERY Battery Performance, including lifetime, range and mileage targets, charging cycles Ensure Efficiency and

  51. Slide 51: Portable Electronics Growth Outlook

    Portable Electronics Growth Outlook 5G SMARTPHONE FORECAST 1 (units in millions) Increasingly compact designs New form factors (foldable, etc) Protection of increasingly sophisticated devices 2022 2023 2027 51 1 – IDC 5G Smartphone Shipments, January 2023. Company estimates.

  52. Slide 52: Portable Electronics Solutions

    Accelerate 2024-2025 Portable Electronics Solutions Protection of increasingly CUSTOMER 5G SMARTPHONE sophisticated ​displays against damage​ CHALLENGES Moisture ingress into the device​ Impact Protection Impact Protection (Display back pad) (Battery pad) Dust ingress into display, camera and microp

  53. Slide 53: General Industrial Market and Solutions

    General Industrial Market and Solutions Wide Ranging Application of solutions across MARKET numerous general industrial markets OPPORTUNITY Fastest Growing Markets include medical, electronics (display gasketing), semiconductor, industrial automation Catalysts Include reshoring of manufacturing, Inf

  54. Slide 54: Driving Innovation

    Elevate 2025+ Driving Innovation THREE AVENUES FOR MARKET CHALLENGES CUSTOMER INNOVATION ROADMAP ADDRESSED BENEFITS Material innovation Battery Power Meeting increased design Management complexities Smaller form factor Technology Portfolio Expansion EFFICIENCY New polymers and composites RELIABILITY

  55. Slide 55: Key Messages

    Key Messages GROWTH ENGINE Achieving Breakthrough Growth Powerful secular tailwinds in the EV and next-gen portable and consumer electronics markets Collaborative customer relationships focused on understanding needs and delivering solutions Deep materials, systems and applications expertise in grow

  56. Slide 56: Global Operations Strategy

    Global Operations Strategy LARRY SCHMID SVP GLOBAL OPERATIONS AND SUPPLY CHAIN

  57. Slide 57: Rogers Global Operational Strategy

    Rogers Global Operational Strategy Global Footprint Proven global manufacturing and supply chain capabilities. Access Markets Competitively Proximity to customers and capabilities to support regional growth. Flexible Operations Multi-site product and supply-chain qualifications. Driving Value Levera

  58. Slide 58: Historical Challenges We Faced

    Historical Challenges We Faced GLOBAL CHALLENGES COMPANY SPECIFIC CHALLENGES • COVID-19 dislocations • Demand disruptions drove lower asset • China lockdowns utilization • Disruptions to customer • Shifting product mix demand • Limitations of certain • Labor market constraints people dependent • Str

  59. Slide 59: Operational Excellence Journey

    Operational Excellence Journey Restore 2023 IMPROVE PROCESSES & TOOLS HUMAN CAPITAL • Integrated DEVELOPMENT ACTIONS TAKEN Business Planning • Investing in talent (IBP) process • Optimized • Management systems • Robust work manufacturing processes footprint • Operational discipline focus • Strategic

  60. Slide 60: Operational Excellence Journey

    Operational Excellence Journey Accelerate 2024-2025 SUPPORT BUSINESS GROWTH IMPROVE • Unlock ‘free capacity’ PROCESSES & TOOLS by increasing HUMAN CAPITAL throughput • Integrated DEVELOPMENT ACTIONS TAKEN Business Planning • Measured • Investing in talent (IBP) process investments in new • Optimized

  61. Slide 61: Rogers Operational Goals – Going Forward

    Rogers Operational Goals – Going Forward Help Achieve Breakthrough Growth and Profitability By Driving… MANUFACTURING EXCELLENCE AND OPERATIONAL DISCIPLINE INTEGRATED BUSINESS PLANNING IMPROVED SOURCING STRATEGIES SUPPORT GROWTH (THROUGHPUT IMPROVEMENTS, NEW CAPACITY) 61

  62. Slide 62: Financial Review

    v Financial Review RAM MAYAMPURATH SVP AND CHIEF FINANCIAL OFFICER 62

  63. Slide 63: Rogers Financial Framework

    Rogers Financial Framework • Market leader in diversified key growth markets High Revenue GM & EBITDA • Strong secular tailwinds that will feed accelerated growth CAGR Growth Drive Margin Growth Expansion • Volume growth and portfolio management • Driving operational excellence M AXIM IZE SHAREHOLD

  64. Slide 64: Strong Secular Trends Driving Net Sales Growth

    Strong Secular Trends Driving Net Sales Growth HIGHLIGHTS ORGANIC SALES SALES: 7% - 10% CAGR $1.2 - 1.3B • Diversity of end markets – SALES: Breadth of product offering $971M >30% and application >20% SIGNIFICANT GROWTH • Growth drivers – Maintaining 20% -25% market position and differentiation Recy

  65. Slide 65: Path to Margin Enhancement

    Path to Margin Enhancement SECULAR Accelerating Growth TAILWINDS STRONG PRODUCT Global Manufacturing Efficiency OFFERING MANUFACTURING EXCELLENCE Sourcing and Supply Chain Savings SOURCING STRATEGIES Cost Reductions from Design Improvements MACRO Cost Increase and Inflationary Challenges ENVIRONMENT

  66. Slide 66: Growth and Gross Margin

    Growth and Gross Margin SALES GROSS MARGIN GROWTH HIGHLIGHTS GROWTH CAGR CAGR • Fixed cost reduction in 2023 7% - 10% 14% - 18% to improve the cost structure $1.2B to 38% • Revenue growth driving $1.3B to higher margin $971M 40% 33.1% • Continued operational excellence programs including sourcing an

  67. Slide 67: Growth and Adjusted EBITDA Margin

    Growth and Adjusted EBITDA Margin SALES ADJUSTED EBITDA GROWTH HIGHLIGHTS GROWTH CAGR CAGR • Gross Margin improvements 7% - 10% 23% - 29% $1.2B • Process improvements and to 24% enhancing system capabilities $971M $1.3B to will enable scaling OPEX 26% • Model is working – Adjusted EBITDA Margin is g

  68. Slide 68: Building Financial Momentum: 2022 to 2025

    Building Financial Momentum: 2022 to 2025 PROJECTED 2022 2025 TARGET ASSUMPTION GROWTH 7% - 10% REVENUE $971 million $1.2 - $1.3 billion Organic growth CAGR ADJUSTED Gross margin improvements 11.7% 600 - 800 bps 18% - 20% OPERATING MARGIN 1 OpEx Scaling ADJUSTED EBITDA Gross margin improvements 16.5

  69. Slide 69: Capital Allocation Priorities

    Capital Allocation Priorities • Capital expenditures for capacity to support EV market Drive Organic Growth • Investments in R&D, sales and other capabilities to support growth • Maintain efficient capital structure Debt Management • Flexibility to support growth • Disciplined approach to acquisitio

  70. Slide 70: Key Takeaways

    Key Takeaways • WELL POSITIONED FOR GROWTH • Core growth, High Growth and Significant Growth • Sustained investments to build capacity and capabilities • CLEAR PATH TO IMPROVING PROFITABILITY • Gross Margin and Adjusted EBITDA Margin growing faster than revenue • Operational Excellence - Restore and

  71. Slide 71: Appendix

    \ Appendix ROGERS CORPORATION 71

  72. Slide 72: Non-GAAP Information

    Non-GAAP Information Non-GAAP Information This presentation includes the following historical financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): (1) Adjusted operating margin, which the Company defines as op

  73. Slide 73: FY2022: Adjusted Operating Margin

    FY2022: Adjusted Operating Margin 2022(%) GAAP operating margin 14.9% Restructuring, severance, impairment and other related costs 7.4% Acquisition and related integration costs 0.1% Gain on sale or disposal of property, plant and equipment 0.0% Utis fire charges (0.2%) (Income) costs associated wit

  74. Slide 74: FY2022: Adjusted EBITDA Margin

    FY2022: Adjusted EBITDA Margin ($ in millions) 2022($) GAAP net income $ 116.6 Interest expense, net $ 9.5 Income tax expense $ 23.8 Depreciation $ 29.5 Amortization $ 16.4 Stock-based compensation expense $ 11.8 Restructuring, severance, impairment and other related costs $ 70.9 Acquisition and rel

  75. Slide 75: FY2022: Adjusted Earnings per Share

    FY2022: Adjusted Earnings per Share 2022($) GAAP earnings per diluted share $ 6.15 Restructuring, severance, impairment and other related costs $ 2.90 Acquisition and related integration costs $ 0.03 Gain on sale or disposal of property, plant and equipment $ 0.02 Utis fire charges $ (0.10) (Income)

  76. Slide 76: FY2022: Free Cash Flow

    FY2022: Free Cash Flow ($ in millions) 2022($) Net cash provided by operating activities $ 129.5 Non-acquisition capital expenditures $ (116.8) Free cash flow $ 12.7 *Net cash provided by operating activities includes regulatory termination fee, net of fees and taxes, received in Q4 2022 76

  77. Slide 77: FY2022: Segment adjusted operating income and operating margin reconciliation

    FY2022: Segment adjusted operating income and operating margin reconciliation EMS AES ($ in millions) 2022 ($) 2022 (%) 2022 ($) 2022 (%) Operating income and operating margin $61.7 14.7% $80.9 15.3% Restructuring, severance, impairment & other related costs $26.3 6.3% $45.1 8.5% Acquisition and rel

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