Slide 1: Q1 2024 Earnings Call
Q1 2024 Earnings Call APRIL 25, 2024 1
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
Slide 3: Non-GAAP and Additional Information
Non-GAAP and Additional Information Non-GAAP Information This presentation includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): (1) Adjusted operating income, which the Company defines a
Slide 4: Introductions
Introductions Colin Gouveia Ram Mayampurath Griffin Gappert President & Senior Vice President & Vice President and Chief Executive Officer Chief Financial Officer Chief Technology Officer 4
Slide 5: Today's Key Messages
Today’s Key Messages 1 Q1 results met guidance expectations, led by higher A&D and industrial sales. Seeing improved demand in general industrial and other markets. Continuing to expect a gradual 2 recovery into the second half of 2024. Implemented cost and expense reduction actions, balanced with m
Slide 6: Innovation At Rogers
Innovation At Rogers A History of Innovation Accelerating The Innovation Process Technology Leadership Strengthen Innovation Operating Model • Scale innovation processes and execution capabilities Market Driven Targeted Multi-Horizon Innovation Strategy Highly Engineered Materials • Extend core busi
Slide 7: Results Overview
Results Overview Q1 2024 SUMMARY REVENUE BY MARKET SEGMENT HIGHLIGHTS Significant • Stronger A&D demand in AES business from improved program activity Growth Other • Industrial market demand appears to have hit bottom and seeing 14% EV/HEV improvement Wireless 20% • Record quarterly EV/HEV sales in
Slide 8: Q1 2024 Financial Highlights
Q1 2024 Financial Highlights (in millions, except for EPS) Q1 2024 Q4 2023 Net Sales $213.4 $204.6 Gross Margin $68.2 $67.4 Gross Margin % 32.0% 32.9% Operating Income $11.7 $30.5 Operating Margin % 5.5% 14.9% Adjusted Operating Income* $15.9 $12.9 Adjusted Operating Margin %* 7.5% 6.3% Net Income $
Slide 9: Q1 2024 Revenue Results
Q1 2024 Revenue Results Consolidated Revenue QoQ Revenue By Operating Segment QoQ** ($ in millions) ($ in millions) +3.5% +0.8% +4.3% +4.1% $7.2 $1.6 $213.4 $204.6 $122.1 +2.8% $117.3 $83.4 $85.7 Q4'23 Volume Currency Q1'24 AES Q4'23 AES Q1'24 EMS Q4'23 EMS Q1'24 & Other* • Revenues of $213.4 millio
Slide 10: Q1 2024 Gross Margin and Adjusted Net Income
Q1 2024 Gross Margin and Adjusted Net Income* Gross Margin Adjusted Net Income* ($ in millions) ($ in millions) +1.5% (0.3%) +1.2% +15.0% (45.1%) +26.5% $0.2 $68.2 $67.4 $1.0 $1.7 (3.5%) $3.0 $5.1 $11.3 $10.9 32.9% 32.0% 5.5% 5.1% Q4'23 Volume* Performance Q1'24 Q4'23 Adj Op Other Income Q1'24 & Oth
Slide 11: Cash Utilization
Cash Utilization Net Cash Provided By Operating Activities $ 28.1 ($ in millions) Net Cash Used In Investing Activities $ (9.4) Net Cash Used In Financing Activities $ (31.5) Effect Of Exchange Rate Fluctuations $ (2.0) Net Increase (Decrease) In Cash $ (14.8) $28.3 $10.5 $30.0 $3.1 $9.4 $11.1 $131.
Slide 12: Q2 2024 Guidance
Q2 2024 Guidance Net Sales $210M - $220M Gross Margin 32.5% - 33.5% Earnings Per Diluted Share $0.34 - $0.54 Adjusted Earnings Per Diluted Share* $0.50 - $0.70 *See reconciliation of adjusted earnings per diluted share to GAAP earnings per diluted share in the appendix. 12
Slide 13: Appendix
\ Appendix ROGERS CORPORATION, 13
Slide 14: Q1 2024: Adjusted Operating Expenses Reconciliation
Q1 2024: Adjusted Operating Expenses Reconciliation* ($ in millions) Q1 2024 Q1 2024 Q4 2023 Q4 2023 GAAP Operating Expenses and Margin $56.5 26.5% $36.8 18.0% Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs - - - - Dispositions - - ($1.1) (0.5%) Intangible Amor
Slide 15: Q1 2024: Adjusted Operating Income and Margin Reconciliation
Q1 2024: Adjusted Operating Income and Margin Reconciliation ($ in millions) Q1 2024 Q1 2024 Q4 2023 Q4 2023 GAAP Operating Income and Margin $11.7 5.5% $30.5 14.9% Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs - - - - Dispositions - - $1.1 0.5% Intangible Amo
Slide 16: Q1 2024: Segment Adjusted Operating Income and Margin Reconciliation
Q1 2024: Segment Adjusted Operating Income and Margin Reconciliation AES AES EMS EMS ($ in millions) Q1 2024 Q1 2024 Q1 2024 Q1 2024 GAAP Operating Income and Margin $4.4 3.6% $5.3 6.2% Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs - - - - Dispositions - - - -
Slide 17: Q1 2024: Adjusted Net Income and Margin Reconciliation
Q1 2024: Adjusted Net Income and Margin Reconciliation ($ in millions) Q1 2024 Q1 2024 Q4 2023 Q4 2023 GAAP Net Income and Margin $7.8 3.7% $23.2 11.3% Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs - - - - Dispositions - - $1.1 0.5% Intangible Amortization $3.
Slide 18: Q1 2024: Adjusted Earnings Per Diluted Share Reconciliation
Q1 2024: Adjusted Earnings Per Diluted Share Reconciliation Q1 2024 Q4 2023 GAAP Earnings Per Diluted Share $0.42 $1.24 Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs - - Dispositions - $0.06 Intangible Amortization $0.17 $0.18 (Gain) Loss on Sale or Disposal o
Slide 19: Q1 2024: Adjusted EBITDA and Margin Reconciliation
Q1 2024: Adjusted EBITDA and Margin Reconciliation ($ in millions) Q1 2024 Q4 2023 GAAP Net Income $7.8 $23.2 Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs - - Dispositions - $1.1 Intangible Amortization $3.1 $3.3 (Gain) Loss on Sale or Disposal of PPE - ($1.9
Slide 20: Q1 2024: Free Cash Flow Reconciliation
Q1 2024: Free Cash Flow Reconciliation ($ in millions) Q1 2024 Q4 2023 Net Cash Provided By Operating Activities $28.1 $71.9 Non-Acquisition Capital Expenditures ($9.4) ($22.5) Free Cash Flow $18.7 $49.4 Note: dollars may not add due to rounding. 20 *Free cash flow defined as net cash provided by op
Slide 21: Q2 2024: Guidance Reconciliation
Q2 2024: Guidance Reconciliation ($ in millions) Q2 2024 GAAP Earnings Per Diluted Share $0.34 – $0.54 Intangible Amortization $0.13 Other Adjustments $0.03 Adjusted Earnings Per Diluted Share $0.50 - $0.70 Note: dollars may not add due to rounding. 21