Slide 1: Q4 2024 Earnings Call
Q4 2024 Earnings Call FEBRUARY 19, 2025 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” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 193
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 Laura Russell President & Senior Vice President & Chief Executive Officer Chief Financial Officer 4
Slide 5: Today's Key Messages
Today’s Key Messages 1 Q4 results in line with guidance expectations 2 Market challenges persisting, particularly in the EV/HEV and industrial markets 3 Good progress on commercial, innovation and operational initiatives in 2024 4 Continued to generate solid cash flow and further strengthened the ba
Slide 6: Results Overview
Results Overview Q4 2024 SUMMARY REVENUE BY MARKET SEGMENT HIGHLIGHTS Significant • Sales, gross margin and earnings in line with expectations Growth Other • Strong aerospace and defense (A&D) sales in Q4 12% EV/HEV • ADAS and EV/HEV sales also improved versus the prior quarter 18% Wireless SIGNI In
Slide 7: Commercial and Innovation Progress
Commercial and Innovation Progress Commercial Innovation Secured significant design wins in 2024 New product introductions • ADAS: Designed into an automotive radar unit that • Launched new thermoset laminate in Q4 2024 for will be used by a leading Chinese EV OEM auto radar applications • EV/HEV: D
Slide 8: Positioned for Growth with 'Local for Local' Strategy
Positioned for Growth with ‘Local for Local’ Strategy Global Footprint Advancing ‘local for local’ manufacturing footprint strategy with new power substrate and silicone lines ramping in China in 2025. Well positioned for growth with market recovery. Access Markets Competitively Proximity to custome
Slide 9: Q4 and Full Year 2024 Financial Summary
Q4 and Full Year 2024 Financial Summary (in millions, except for EPS) Q4 2024 Q3 2024 2024 2023 Net sales $192.2 $210.3 $830.1 $908.4 Gross margin $61.7 $74.1 $277.1 $307.1 Gross margin % 32.1% 35.2% 33.4% 33.8% Operating income (loss) ($12.7) $14.6 $24.9 $85.3 Operating margin % (6.6%) 6.9% 3.0% 9.
Slide 10: Q4 2024 Revenue Results
Q4 2024 Revenue Results Consolidated Revenue QoQ Revenue By Operating Segment QoQ** ($ in millions) ($ in millions) -8.9% +0.3% -8.6% -8.7% -8.4% $210.3 $18.7 $0.6 $192.2 $112.2 $102.4 $94.2 $86.3 Q3'24 Volume Currency Q4'24 AES Q3'24 AES Q4'24 EMS Q3'24 EMS Q4'24 & Other* • Revenues of $192.2 milli
Slide 11: Q4 2024 Gross Margin and Adjusted Net Income
Q4 2024 Gross Margin and Adjusted Net Income* Gross Margin Adjusted Net Income* ($ in millions) ($ in millions) $74.1 $18.2 $2.6 $11.7 $0.6 $3.4 $61.7 $8.6 35.2% 32.1% 8.7% 4.5% $15.6 Q3'24 Volume* Performance & Q4'24 Q3'24 Adj Op Other Income Q4'24 & Other Other Income* Inc./Exp.** Tax • Margin dec
Slide 12: Cash Utilization
Cash Utilization Net Cash Provided By Operating Activities $ 127.1 Net Cash Used In Investing Activities $ (45.6) ($ in millions) Net Cash Used In Financing Activities $ (50.1) Effect Of Exchange Rate Fluctuations $ (3.3) $118.7 Net Increase (Decrease) In Cash $ 28.1 $49.9 $30.0 $19.5 $19.8 $56.1 $1
Slide 13: Q1 2025 Guidance
Q1 2025 Guidance Net Sales $180M to $195M Gross Margin 29.0% to 30.5% Earnings (Loss) Per Diluted Share ($0.26) to $0.04 Adjusted Earnings Per Diluted Share $0.10 to $0.40 • Earnings per diluted share includes expected restructuring charges associated with the wind- down of AES manufacturing operati
Slide 14: Appendix
\ Appendix ROGERS CORPORATION 14
Slide 15: Q4 2024: Adjusted Operating Expenses Reconciliation
Q4 2024: Adjusted Operating Expenses Reconciliation* ($ in millions) Q4 2024 Q4 2024 Q3 2024 Q3 2024 GAAP Operating Expenses and Margin $74.5 38.8% $59.5 28.3% Acquisitions and Divestiture Related Costs: Acquisitions and Related Integration Costs ($0.2) -0.1% Dispositions - - - - Intangible Amortiza
Slide 16: Q4 2024: Adjusted Operating Income and Margin Reconciliation
Q4 2024: Adjusted Operating Income and Margin Reconciliation ($ in millions) Q4 2024 Q4 2024 Q3 2024 Q3 2024 GAAP Operating Income (Loss) and Margin ($12.7) (6.6%) $14.6 6.9% Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs $0.2 0.1% - - Dispositions - - - - Inta
Slide 17: Q4 2024: Adjusted Net Income and Margin Reconciliation
Q4 2024: Adjusted Net Income and Margin Reconciliation ($ in millions) Q4 2024 Q4 2024 Q3 2024 Q3 2024 GAAP Net Income (Loss) and Margin ($0.5) (0.3%) $10.7 5.1% Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs ($7.5) (3.9%) - - Dispositions - - - - Intangible Am
Slide 18: Q4 2024: Adjusted Earnings Per Diluted Share Reconciliation
Q4 2024: Adjusted Earnings Per Diluted Share Reconciliation Q4 2024 Q3 2024 GAAP Earnings (Loss) Per Diluted Share ($0.03) $0.58 Acquisitions and Divestiture Related Costs: Acquisitions and Related Integration Costs ($0.40) - Dispositions - - Intangible Amortization $0.17 $0.17 (Gain) Loss on Sale o
Slide 19: Q4 2024: Adjusted EBITDA and Margin Reconciliation
Q4 2024: Adjusted EBITDA and Margin Reconciliation ($ in millions) Q4 2024 Q3 2024 GAAP Net Income (Loss) ($0.5) $10.7 Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs ($7.5) - Dispositions - - Intangible Amortization $3.1 $3.1 (Gain) Loss on Sale or Disposal of
Slide 20: 2024: Adjusted Operating Income and Margin Reconciliation
2024: Adjusted Operating Income and Margin Reconciliation ($ in millions) 2024 2024 2023 2023 GAAP Operating Income (Loss) and Margin $24.9 3.0% $85.3 9.4% Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs $0.2 - $0.1 0.0% Dispositions - - $1.6 0.2% Intangible Amo
Slide 21: 2024: Adjusted Net Income and Margin Reconciliation
2024: Adjusted Net Income and Margin Reconciliation ($ in millions) 2024 2024 2023 2023 GAAP Net Income (Loss) and Margin $26.1 3.1% $56.6 6.2% Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs ($7.5) (0.9%) $0.1 0.0% Dispositions - - $1.6 0.2% Intangible Amortiza
Slide 22: 2024: Adjusted Earnings Per Diluted Share Reconciliation
2024: Adjusted Earnings Per Diluted Share Reconciliation 2024 2023 GAAP Earnings Per Diluted Share $1.40 $3.03 Acquisitions and Divestiture Related Costs: Acquisitions and Related Integration Costs ($0.40) $0.01 Dispositions - $0.09 Intangible Amortization $0.67 $0.72 (Gain) Loss on Sale or Disposal
Slide 23: 2024: Adjusted EBITDA and Margin Reconciliation
2024: Adjusted EBITDA and Margin Reconciliation ($ in millions) 2024 2023 GAAP Net Income $26.1 $56.6 Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs ($7.5) $0.1 Dispositions - $1.6 Intangible Amortization $12.4 $13.4 (Gain) Loss on Sale or Disposal of PPE $0.1
Slide 24: 2024: Free Cash Flow Reconciliation
2024: Free Cash Flow Reconciliation ($ in millions) 2024 2023 Net Cash Provided By Operating Activities $127.1 $131.4 Non-Acquisition Capital Expenditures ($56.1) ($57.0) Free Cash Flow $71.0 $74.4 Note: dollars may not add due to rounding. 24 *Free cash flow defined as net cash provided by operatin
Slide 25: Q1 2025: Guidance Reconciliation
Q1 2025: Guidance Reconciliation ($ in millions) Q1 2025 GAAP Earnings (Loss) Per Diluted Share ($0.26) to $0.04 Intangible Amortization $0.11 Other Adjustments* $0.25 Adjusted Earnings Per Diluted Share $0.10 to $0.40 *Other Adjustments is mainly comprised of expected restructuring charges associat