Slide 1: Q1'23 Financial Results
May 4, 2023 Q1’23 Financial Results May 4, 2023 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 and accompanying materials may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including s
Slide 3: Business Update
Business Update May 4, 2023 Page 3
Slide 4: Summary
Summary Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) 48.8% 48.2% $197.8M $191.1M 22.7% 22.2% $179.4M 46.1% 21.1% Q1'22 Q4'22 Q1'23 Q1'22 Q4'22 Q1'23 Q1'22 Q4'22 Q1'23 • Landed multiple interface • GM expanded +210 bps YoY • Est. test cell utilization 77% products customer design-wins ✓ Differenti
Slide 5: Diverse Revenue Profile
Diverse Revenue Profile Recurring Systems Key Business Drivers Key Business Drivers • Growing interface Automotive • Robust demand in solutions business 22% Auto & industrial Recurring Q1’23 • DI-Core software 43% • Mobility % up QoQ Revenue • Service business $179.4M Mobility • Cautious demand 10%
Slide 6: Solution for High-Power SiC & GaN Devices
Solution for High-Power SiC & GaN Devices ❑ Post singulation testing up to 3,500 V and 1,000 A ❑ Low stray inductance test interface down to 25 nH ❑ Production-proven thin bare die handling down to 50 μm ❑ Single insertion with controlled probe imprint ❑ Inspection & device traceability from wafer t
Slide 7: Resilient Recurring Business Model
Resilient Recurring Business Model $334M $151M > 24,300 300+ LTM(1) Recurring LTM(1) Service Systems Installed Highly Skilled Field Revenue Revenue Base Service Engineers 6.4% > 87% > 100 ~ 12 year 3-year CAGR (2) Annual Renewal Rate Customers Average Tenure on service contracts Stable revenue at Cl
Slide 8: 2022 Sustainability Highlights
2022 Sustainability Highlights Energy Consumption & Product Safety & Renewable Energy & Business Ethics & Employee Diversity(1), Waste Management Materials Sourcing Life-Saving Products Employee Culture Inclusion and Safety • 26% of electrical usage was • No product recalls Enabling solar and wind •
Slide 9: Q1'23 Financials and Q2'23 Guidance
Q1’23 Financials and Q2’23 Guidance May 4, 2023 Page 9
Slide 10: Q1'23 Non-GAAP Results
Q1’23 Non-GAAP Results Q4’22 Q1’23 Q1’23 Actual Guidance(2) Actual Revenue $191.1M $173 - $187M $179.4M Gross Margin(1) 48.8% ~ 47.5% 48.2% Operating Expenses(1) $52.4M ~ $53M $52.3M Non-GAAP EPS(1) $0.70 $0.56 Adjusted EBITDA(1) 22.2% ~20% 21.1% ❑ Q1 revenue in-line with mid-point of guidance; prof
Slide 11: Revenue Distribution
Revenue Distribution Test Q1’23 TTM Actual Results Interface Recurring Semi Test Systems Automation Recurring Semi Test Test Interface Inspection & Metrology Systems Mid-Term Target Model (1) Automation Mid-Term Target Model revenue distribution ❑ Greater stability - increasing sales of consumable T
Slide 12: Target Revenue of $1B and $4.00 Non-GAAP EPS
Target Revenue of $1B and $4.00 Non-GAAP EPS Q1’23 FY2022 Mid-Term Actuals Actuals Target(1) Revenue $179.4M $812.8M $1B Gross Margin(1) 48.2% 47.2% 49% Operating Expenses(1) 29.2% 25.6% 24% Non-GAAP EPS(1) $0.56 $2.91 $4.00 Adjusted EBITDA(1) 21.1% 23.7% 26% Free Cash Flow(2) $11.4M $98.1M $180M ❑
Slide 13: Balance Sheet
Balance Sheet [$Million] Q4’22 Q1’23 Cash and Investments $386 $324 Accounts Receivable $176 $176 Total Debt $80 $45 Capital Additions $4.1 $5.1 Cash Flow From Operations $27.6 $16.5 ❑ Strong balance sheet to support debt reduction, M&A investments and share repurchase program ❑ Utilized $35M of cas
Slide 14: Q2'23 Outlook
Q2’23 Outlook Q1’23 Q2’23 Actual Guidance Revenue $179.4M $161 - $173M Gross Margin(1) 48.2% ~ 47% Operating Expenses(1) $52.3M ~$52M Adjusted EBITDA(1) 21.1% ~ 18% (mid-point of guidance) ❑ Q1 revenue led by automotive and industrial test demand ❑ Resilient gross margin from differentiated products
Slide 15: Appendix: Use of Non-GAAP Financial Information
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, effective tax rate, free cash flow and Adjusted EBITDA that supplement
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 12 Months Ending 3 Months Ending Dec 31, Diluted Dec 31, Diluted Apr 1, Diluted Earnings Reconciliation 2022 EPS 2022 EPS 2023 EPS Net Income - GAAP $ 21,628 $ 0.45 $ 96,847 $ 1.98 $ 15,685 $ 0.33 Share based compensation 3,823 0.08 14,918 0.31 3,914 0
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 12 Months Ending 3 Months Ending Mar 26, % of Net Dec 31, % of Net Dec 31, % of Net Apr 1, % of Net Gross Profit Reconciliation 2022 Sales 2022 Sales 2022 Sales 2023 Sales Net Sales $ 197,757 $ 191,105 $ 812,775 $ 179,371 Gross Profit -
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 12 Months Ending 3 Months Ending Dec 31, % of Net Dec 31, % of Net Apr 1, % of Net Operating Expense Reconciliation 2022 Sales 2022 Sales 2023 Sales Operating Expense - GAAP $ 65,908 34.5% $ 257,769 31.7% $ 66,341 37.0% Share based compensation (3,655)
Slide 19: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 12 Months Ending Free Cash Flow Apr 1, 2023 Dec 31, 2022 Cash flow from operations - GAAP $ 16,485 $ 112,861 Capital expenditures (5,075) (14,770) Free cash flow - Non-GAAP $ 11,410 $ 98,091 Cash flow from operations as a percentage of net sales - GAAP