Ichor Holdings · NASDAQ:ICHR
Ichor — Q2 2022 Earnings Presentation
21 slides from Ichor's earnings presentation, 2022
Slide 1: Investor Presentation Q2 2022 Update
Investor Presentation Q2 2022 Update Proprietary
Slide 2: Forward-Looking Statements, Non-GAAP Financials and COVID-19
Forward-Looking Statements, Non-GAAP Financials and COVID-19 This Presentation and the accompanying oral presentation include “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 1934, as amended,
Slide 3: Ichor Overview
Ichor Overview World’s Leading Provider of Critical Fluid Delivery Subsystems for Semiconductor Capital Equipment Gas and chemical delivery subsystems are key Gas Delivery Chemical Delivery elements of process tools used in the manufacturing of Subsystems Subsystems semiconductor devices Over 20
Slide 4: Investment Highlights
Investment Highlights Combining Revenue Growth and Increasing Profitability to Drive Earnings Leverage and Free Cash Flow Revenue growth outperforming the industry... 6-year revenue CAGR of 25% through 2021, outpacing industry, peers and customers… 7-year CAGR through 2022 expected to be 24%+ vs.
Slide 5: Recent IMG Acquisition On Track for $70-$80M Revenues in 2022
Recent IMG Acquisition On Track for $70-$80M Revenues in 2022 Key M&A Strategies Expand Portfolio of Proprietary Product Offerings Expand Served Markets and Geographic Footprint Expand and Diversify Customer Base Gain Market Share with Key OEM Customers Accretive to Gross and Operating Mar
Slide 6: Revenue Growth Outperforming WFE and Primary Process Tool SAM
Revenue Growth Outperforming WFE and Primary Process Tool SAM WFE(1) Dry Etch & CVD(2) Ichor Revenue(3) $100 WFE in $B $100 Primary SAM in $B Ichor Revenues ($M) $90 $37 $1,293 $85 $80 $32 $1,097 $70 $914 $60 $61 $824 $50 $54 $22 $50 $20 $48 $19 $656 $40 $17 $621 $36 $30 $32 $12 $406 $11 $20 $291 $1
Slide 7: Key Technology Transitions Driving Growth in Ichor SAM
Key Technology Transitions Driving Growth in Ichor SAM WFE Intensity Increasing(1) Etch and Deposition Intensity Increasing(2) EUV Ramping(3) WFE as % of Semi. Rev. 2.50 EUV Est. Sales ($B) 3D NAND SAM DRAM SAM Foundry/Logic SAM $12 17% 16% 2.00 $10 15% 1.50 $8 14% 13% $6 1.00 12% $4 11% 0.50 10% $2
Slide 8: $5B SAM Expands to $7B+ with IMG Acquisition
$5B SAM Expands to $7B+ with IMG Acquisition Established Position Opportunity Served Markets and Market Opportunity (Semi) Chemical Delivery Sub-Assembly Customer Gas Delivery Precision Machining Other Components (including LDM) (Weldments) ($1.8B) ($0.8B) ($1.3B pre-IMG) ($0.8B pre-IMG) ($0.2B) IMG
Slide 9: Track Record of Successful M&A – Deals Prior to IMG
Track Record of Successful M&A – Deals Prior to IMG Key M&A Strategies Expand Portfolio of Proprietary Product Offerings Expand Served Markets and Geographic Footprint Expand and Diversify Customer Base Gain Market Share with Key OEM Customers Accretive to Gross and Operating Margins; Targ
Slide 10: Growing Share of Semiconductor System Sales & WFE
Growing Share of Semiconductor System Sales & WFE ~65% of WFE Requires Fluid Delivery Subsystems & Components Ichor's Expanding Share (1) 3.5% 3.3% Multiple Drivers for Increasing Share of Industry Revenues 3.0% 2.7% Industry Trends 2.5% Increasing trend toward outsourcing 2.2% Increasing impo
Slide 11: Key Financial Strategies
Key Financial Strategies Outgrow the Industry Drive Gross Margin Improvement Focus on semi: next-generation device nodes Grow share in higher-margin require more fluid delivery components businesses e.g., Weldments and Precision Machining Levered to etch, deposition and EUV Increase content of propr
Slide 12: Momentum at Top and Bottom Lines – Another Record Year Ahead
Momentum at Top and Bottom Lines – Another Record Year Ahead Quarterly Revenue and EPS TTM Revenue and GM Trend Strong Revenue Growth Trajectory $1.20 $1,200 18% 47% growth in 2020 $300 20% growth in 2021 $1.10 Another record year forecast for 2022(1) $1.00 $1,000 17% 17% 17% 17% Demonstra
Slide 13: Target Model with Significant Operating Leverage
Target Model with Significant Operating Leverage Investing in Future Growth in 2022 (1) See appendix at the end of this document for reconciliations of Non-GAAP metrics. Proprietary 13
Slide 14: Conclusion
Conclusion Industry-Leading Execution of Strategic Objectives Business Objectives Financial Objectives Expanding Share at Top Semi Cap Customers Revenue Growth Outpacing Industry Expanding Product Offerings and Strong Profitability Through Industry IP Content Cycles Financial Model with Oper
Slide 15: Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
Appendix Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit Proprietary 15
Slide 16: Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
Appendix Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses Proprietary 16
Slide 17: Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
Appendix Reconciliation of GAAP Operating Income to Non-GAAP Operating Income Proprietary 17
Slide 18: Reconciliation of GAAP Income Tax Expense to Non-GAAP Income Tax Expense
Appendix Reconciliation of GAAP Income Tax Expense to Non-GAAP Income Tax Expense Proprietary 18
Slide 19: Reconciliation of GAAP Net Income to Non-GAAP Net Income
Appendix Reconciliation of GAAP Net Income to Non-GAAP Net Income Proprietary 19
Slide 20: Reconciliation of Non-GAAP Net Income to EBITDA
Appendix Reconciliation of Non-GAAP Net Income to EBITDA Proprietary 20
Slide 21: NASDAQ: ICHR
NASDAQ: ICHR Proprietary 21