Ichor Holdings · NASDAQ:ICHR

Ichor — 25th Annual Needham Growth Conference (January 2023)

21 slides from Ichor's conference presentation, Jan 11, 2023

  1. Slide 1: Investor Presentation

    Investor Presentation 25th Annual Needham Growth Conference January 11, 2023 Proprietary

  2. 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,

  3. 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

  4. 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. a

  5. Slide 5: 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) WFE in $B Primary SAM in $B Ichor Revenues ($M) $94 $33 $32 $1,279 $87 $1,097 $914 $22 $60 $824 $20 $55 $19 $51 $17 $48 $656 $621 $36 $12 $32 $11 $406 $291 2015 2016 2017 2018 2019 2020 2021 2022E

  6. Slide 6: 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 16% 3D NAND SAM DRAM SAM Foundry/Logic SAM EUV Est. Sales ($B) $8 15% 2.00 14% $6 1.50 13% 12% 1.00 $4 11% 0.50 $2 10% 9% - $- 201

  7. Slide 7: Served Available Market Estimated at Over $7B

    Served Available Market Estimated at Over $7B 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) IM

  8. Slide 8: IMG Acquisition Tracking Well Towards $75-$80M Rev. in 2022

    IMG Acquisition Tracking Well Towards $75-$80M Rev. 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 Margi

  9. 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

  10. 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

  11. 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

  12. Slide 12: After a Record 2022, Demand Environment Slowing Into 2023

    After a Record 2022, Demand Environment Slowing Into 2023 Quarterly Revenue and EPS TTM Revenue and GM Trend  Demonstrating Strong Revenue Growth $356 $1,279  47% growth in 2020 $1.30 $1,266 $350 $330 18%  20% growth in 2021 $1.20 $1,200 $1,173 $1.22 $1,125 $301 $1,097  Approx. 17% growth in 202

  13. Slide 13: Target Model with Significant Operating Leverage

    Target Model with Significant Operating Leverage (1) See appendix at the end of this document for reconciliations of Non-GAAP metrics. Proprietary 13

  14. 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

  15. 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

  16. 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

  17. 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

  18. Slide 18: Reconciliation of GAAP Income Tax Expense to Non-GAAP

    Appendix Reconciliation of GAAP Income Tax Expense to Non-GAAP Income Tax Expense     Proprietary 18

  19. 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

  20. Slide 20: Reconciliation of Non-GAAP Net Income to EBITDA

    Appendix Reconciliation of Non-GAAP Net Income to EBITDA     Proprietary 20

  21. Slide 21: NASDAQ: ICHR

    NASDAQ: ICHR Proprietary 21

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