Photronics, Inc. · NASDAQ:PLAB
Photronics — Q1 2021 Earnings Presentation
13 slides from Photronics's earnings presentation, Feb 24, 2021
Slide 1: Q1 2021 Financial Results Conference Call
Q1 2021 Financial Results Conference CallFebruary 24, 2021 Photronics, Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation and some of our comments may contain projections or other forward-looking statements regarding future events, our future financial performance and/or the future performance of the industry. These statements are predictions, and contain risks and uncertainties.
Slide 3: Q1 2021 Summary
Q1 2021 Summary Revenue was $152.1M, up 2% Q/Q and down 5% Y/YSequential FPD growth offsets lower IC demandRevenue to China was down 3% Q/Q primarily due to soft high-end logic demandNet income attributable to Photronics, Inc. shareholders of $8.0M ($0.13/share)Cash balance $279M$26M generated from
Slide 4: Income Statement Summary
Income Statement Summary $M (except EPS) Q121 Q420 Q/Q Q120 Y/Y Revenue $ 152.1 $ 149.3 2% $ 159.7 (5%) Gross Profit $ 30.5 $ 31.9 (4%) $ 34.6 (12%) Gross Margin 20.1% 21.4% (130 bps) 21.7% (160 bps) Operating Income $ 11.8 $ 15.0 (21%) $ 16.3 (28%) Operating Margin 7.7% 10.0% (230 bps) 10.2% (250 b
Slide 5: IC Photomask Revenue
$M Q121 Q420 Q/Q Q120 Y/Y High-End* $ 36.8 $ 38.2 (4%) $ 41.0 (10%) Mainstream $ 68.2 $ 67.8 1% $ 65.9 3% Total $ 105.0 $ 105.9 (1%) $ 107.0 (2%) IC Photomask Revenue 2/24/2021 5 Memory recovery and mainstream growth offset by soft high-end logic demandChina revenue down 5% Q/Q and 2% Y/Y; represent
Slide 6: FPD Photomask Revenue
FPD Photomask Revenue 2/24/2021 6 High-end improved Q/Q on strong AMOLEDStrong LCD market causes panel makers to run current products, limiting new design activityChina revenue down 1% Q/Q and 27% Y/Y; represents 51% of FPD revenueOutlookDynamic market environmentSmartphone recovery should continue
Slide 7: Select Financial Data
Select Financial Data $M Q121 Q420 Q120 Cash $ 279 $ 279 $ 218 Debt $ 98 $ 69 $ 54 Net Cash* $ 180 $ 210 $ 164 Operating Cash Flow $ 26 $ 65 $ 31 Capital Expenditures $ 18 $ 34 $ 14 Government Incentives for Capital Equipment $ 0.4 - $ 2 Share repurchase $ 13 $ 18 $ 11 Debt is US equipment lease and
Slide 8: Q2 2021 Guidance
Q221 Guidance Revenue ($M) $153 - $162 Operating Margin 8% - 12% Taxes ($M) $3 - $4 EPS $0.14 - $0.20 Diluted Shares (M) ~63 Positive industry demand trendsRemote work and learningMade in China 2025Advanced display technologiesOutlook clouded by geopolitical uncertaintyShelter-in-place mandatesUS/Ch
Slide 9: For Additional Information
For Additional Information:R. Troy Dewar, CFAVice President, Investor Relations203.740.5610tdewar@photronics.com Thank you for your interest!
Slide 10: Appendix
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Slide 11: Total Revenue
Total Revenue 2/24/2021 11 IC FPD Total may differ due to rounding
Slide 12: IC Photomask Revenue
IC Photomask Revenue 2/24/2021 12 Mainstream High-End High-End: 28nm and smaller; total may differ due to rounding
Slide 13: FPD Photomask Revenue
FPD Photomask Revenue 2/24/2021 13 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS; total may differ due to rounding