KULICKE & SOFFA INDUSTRIES NASDAQ: KLIC JUNE QUARTER 2018 INVESTOR PRESENTATION
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1 KULICKE & SOFFA INDUSTRIES JUNE QUARTER 2018 INVESTOR PRESENTATION
2 SAFE HARBOR STATEMENT In addition to historical statements, this presentation contains statements relating to future events and our future results. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include, but are not limited to, statements that relate to our future expected dividend payouts and growth opportunities. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: the risk that the Company fails to meet its operational and financial targets in order to adhere to its dividend policy; the risk that customer orders already received may be postponed or canceled; the risk that anticipated customer orders may not materialize; the risk that our suppliers may not be able to meet our demands on a timely basis; the volatility in the demand for semiconductors and our products and services; the risk that identified market opportunities may not grow or developed as we anticipated; volatile global economic conditions, which could result in, among other things, sharply lower demand for products containing semiconductors and for the Company s products, and disruption of capital and credit markets; the risk of failure to successfully manage our operations; the possibility that we may need to impair the carrying value of goodwill and/or intangibles established in connection with one or more of our prior acquisitions; acts of terrorism and violence; risks, such as changes in trade regulations, currency fluctuations, political instability and war, which may be associated with a substantial non-u.s. customer and supplier base and substantial non-u.s. manufacturing operations; the impact of changes in tax law; the risk that the Company will not identify suitable acquisition opportunities or that any acquisitions will not be successful; the risk that the Company fails to timely remediate the material weaknesses identified in the Company s internal controls over financial reporting or that new material weaknesses or significant deficiencies emerge; and the factors listed or discussed in Kulicke and Soffa Industries, Inc Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. 2
3 PRESENTATION AGENDA CATALYSTS FOR OUTPERFORMANCE Leadership Corporate Strategy MARKET TRENDS & OPPORTUNITIES Overview of Opportunities Growth Drivers Revenue Potential FINANCIAL PERFORMANCE & CAPITAL ALLOCATION March Quarter Financial Results Operating Leverage & Cash Generation Consistent & Meaningful Shareholder Returns 3
4 CATALYSTS FOR OUTPERFORMANCE EXCELLENT VALUE ~7X Ex-cash PE* Leadership Positions Healthy Industry Conditions POSITIONED FOR GROWTH 10% Organic Revenue CAGR Organizational Change Consistently meet or exceed consensus GOOD STEWARDS OF CAPITAL Track Record of M&A R&D Pipeline Increased Share Repurchases *June 8, 2018 valuation, excludes cash and cash equivalents of $628.7M & related interest income 4
5 REVENUE POTENTIAL K&S DRIVES SHAREHOLDER VALUE Served Available Market $1.9B K&S Market Opportunity & Revenue Potential $2.2B $2.7B Value Enhancement Historic Positioning & Leadership $627M 2016 $809M F 2017 Revenue Growth (+29%) Exceeded SAM (+16%) Growth by ~1.8x Expanding Portfolio & Competencies Prudent Capital Deployment R&D Investments Business Optimization K&S IS WELL POSITIONED TO CONTINUE OUTPERFORMING 5
6 LEADERSHIP & CORPORATE STRATEGY
7 REVENUE LEADERSHIP & STRATEGY OVERVIEW FUSEN E. CHEN, PRESIDENT & CHIEF EXECUTIVE OFFICER Appointed President & CEO on October 31, 2016, prior to joining K&S: Proven Industry veteran with history in large front-end peers Delivered strong financial results through focused leadership Consistent track record of business execution and shareholder value creation OUR STRATEGY FOR SHAREHOLDER VALUE CREATION $627 $809 $1.75 (1) Business Optimization Generate greater cash flow from existing business (2) Strategic Positioning $0.67 EPS 1 Build durable, long-term competitive positions FY16 FY17 (3) Capital Allocation Deploy capital to amplify shareholder returns 1 PRO-FORMA, EXCLUDING NON-RECURRING GOODWILL IMPAIRMENT OF $35.2M, AND FAVORABLE TAX CREDIT OF $20.9M 7
8 BUSINESS OPTIMIZATION ORGANIZATIONAL Capital Equipment and Aftermarket Products & Services (APS) segmentation introduced Further enhances ownership and accountability of projects and results R&D decentralized and largely reports through business unit general management TACTICAL Targeting 30% recurring revenue over the next 3 years Reprioritizing recurring income stream of sizeable install base Sales Organization is P&L responsible for APS segment performance Pursuing Adjacent Market Opportunities Sizeable adjacent opportunities in back-end packaging Fully leveraging potential of R&D team LED sales increased 3X in 2017 DRIVING LEVERAGE BY MAXIMIZING CURRENT OPPORTUNITIES & ENHANCING NEW MARKET EXECUTION 8
9 STRATEGIC POSITIONING: VALUE DRIVERS RESEARCH & DEVELOPMENT FY2017 R&D Investments surpassed $100M Global R&D headcount exceeds 450 More than 300 Patents issued worldwide SUPPLY CHAIN & OPERATIONS >30,000 Cumulative Wire Bonders Sold Since FY13 High Volume, Low Mix Platform Drives Operational Leverage Large scale operations in Singapore and Suzhou, CN SALES & DISTRIBUTION >80% of Sales through Direct Channels since FY13 Global team of more than 350 Sales & Customer Support personnel strategically located 9
10 STRATEGIC POSITIONING: INDUSTRY LANDSCAPE $47B $9B $1B SEMICONDUCTOR FABRICATION SEMICONDUCTOR ASSEMBLY & TEST ELECTRONICS ASSEMBLY ( EA ) Chip design & wafer fab Chip assembly & test Electronic device assembly Back-End Assembly $5B $4B Lithography Metrology & Inspection Dicing Bonding Packaging EA Back-End Lithography 2017 TAM 2017 TAM Wafer Inspection Die Inspection Package Inspection Back-End Metrology Blade Dicing Laser Dicing Plasma Dicing Backside Grinding Mounting Die Attach Wire Bond Flip Chip / Mass Reflow Advanced Packaging Molding & Sealing Finishing & Marking Package Inspection Screen Printing Component Placement Reflow & Inspection K&S Solutions Adjacencies LEVERAGING SIZEABLE MARKET POSITIONS TO CAPTURE SECULAR GROWTH OPPORTUNITIES & INCREMENTAL SHARE GAINS SOURCE(S): VLSI RESEARCH, JAN. 2018; INTERNAL K&S FORECAST 10
11 MARKET TRENDS & OPPORTUNITIES
12 General Semiconductor MARKET OVERVIEW: EXPOSED TO MEGA-TRENDS FY 2017 REVENUE MIX (APPROXIMATION) TECHNOLOGY MEGA-TRENDS DRIVING OUR BUSINESS Advanced Packaging AP INTERNET OF THINGS SENSORS DUAL CAMERA / 3D SENSING LED CRYPTO HIGH PERFORMANCE COMPUTING ARTIFICIAL INTELLIGENCE AR / VR SOLID-STATE DRIVES HYBRID / ELECTRIC VEHICLES AUTONOMOUS VEHICLES POWER STORAGE & DELIVERY INFOTAINMENT SYSTEMS ENABLING CAPACITY AND CAPABILITY FOR THE GLOBAL SEMICONDUCTOR VALUE CHAIN LEADERSHIP POSITIONS PARALLEL DEVELOPMENT INITIATIVES INSTALLED BASE >90,000 TOOLS >2,500 DISTINCT CUSTOMER FACILITIES 12
13 GENERAL SEMI: BROAD-BASED DEMAND 1, Years of Insatiable Semiconductor Demand (Billions of Semiconductor Units) Apple Watch Released 1,200 1, IBM Releases Acorn PC, Commodore 64 Released MS Windows Introduced HTML Developed Google Purchases Android First IPhone Released Smartphones Surpass PC Sales Google Home Released Amazon Echo Released 200 Google Incorporated CONNECTED 0 Amazon Formed PERSONAL COMPUTING & INTERNET SMARTPHONE SOURCE(S): VLSI RESEARCH, DECEMBER 2017 Forecast SEMICONDUCTORS FORECAST TO GROW AT A 7% UNIT CAGR FROM 2017 THROUGH
14 AP: VALUE CHAIN SHIFTING TO BACK-END Physical challenges of Node Shrink are driving new industry solutions $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 $USD per 100M Gates 90nm 65nm 45/40nm 28nm 20nm 16/14nm 10/7nm WHILE NODE SHRINK IS STILL BEING DRIVEN INDUSTRY IS PURSUING WAYS TO DENSITY THROUGH ADVANCED PACKAGING MORE THAN MOORE Cost benefits have largely disappeared Leading Node adoption limited to performance applications Lithography Higher resolutions permitting higher interconnect bandwidth Dicing Ultra-thin wafers and higher specifications Bonding Higher accuracy & density, new bonding technologies and multi-die packages Electronics Assembly Smaller components with closer placement requirements SOURCE(S): INTERNATIONAL BUSINESS STRATEGIES, INC. 14
15 AP: GROWING MEMORY DEMAND Cost & Performance Driving Solid State Memory Adoption 2016 NAND Flash Unit Demand 2021 NAND Flash Unit Demand > 128 GB 128 GB x 2016 Solid State Drives displacing Hard Disk Drives NAND cost/bit reducing at 20-30% per year Recent K&S NAND demand ~2X historic average DOMINANT SHARE LEADER IN NAND WIRE BONDING EQUIPMENT SOURCE(S): EETIMES, SEP 2016; GARTNER, MAY
16 AUTOMOTIVE: EVOLVING OPPORTUNITIES Electric Vehicles (EVs) In Use (Millions of Units) 22% CAGR Annual Automotive Sensor/Camera Demand (Millions of Units) 21% CAGR Estimate 2021 Forecast EV to outpace traditional Auto Driving new power management applications EV growth to trigger infrastructure build-outs Increasing High Reliability Increasing Infotainment Higher-bandwidth processing required MEANINGFUL POSITIONS WITH AUTOMOTIVE MANUFACTURES AND OEMS SOURCE(S): GARTNER, MAY 2017; YOLE DÉVELOPPEMENT,
17 POTENTIAL SUMMARY OF MARKET OPPORTUNITIES WELL POSITIONED TO CAPTURE GROWTH K&S Illustrative Organic Revenue Potential (Values in Millions of USD) Advanced Packaging $809 General Semiconductor & LED Automotive & Industrial Sizeable net cash position also provides inorganic growth opportunities FY 2017 FY 2021 REVENUE GROWTH EXPECTED TO DELIVER MEANINGFUL NET INCOME & EPS FALL-THROUGH & FCF GENERATION 17
18 FINANCIALS & CAPITAL ALLOCATION
19 JUNE QUARTER FISCAL YEAR 2018 RESULTS Quarterly Results U.S. GAAP Fiscal Q Change vs. Fiscal Q Change vs. Fiscal Q Net Revenue $268.8 million up 10.2% up 21.2% Gross Profit $127.0 million up 11.4% up 27.8% Gross Margin 47.2% up 50 bps up 240 bps Income from Operations $64.5 million up 310.8% up 68.0% Operating Margin 24.0% up 1760 bps up 670 bps Net Income $60.3 million up 73.3% up 66.1% Net Margin 22.4% up 810 bps up 600 bps EPS Diluted $0.86 up 79.2% up 68.6% Quarterly Results Non-GAAP 1 Fiscal Q Change vs. Fiscal Q Change vs. Fiscal Q Income from Operations $66.4 million up 21.6% up 64.0% Operating Margin 24.7% up 230 bps up 650 bps Net Income $62.3 million down 15.2% up 63.1% Net Margin 23.2% down 690 bps up 600 bps EPS - Diluted $0.89 down 11.9% up 64.8% SEPT QUARTER REVENUE GUIDANCE BETWEEN $180M $190M THIS GUIDANCE REPRESENTS A 10% REVENUE INCREASE OVER THE PRIOR FISCAL YEAR 1 SEE APPENDIX FOR A RECONCILIATION OF THE GAAP AND NON-GAAP ADJUSTED RESULTS 19
20 CONTINUED THROUGH-CYCLE PERFORMANCE $268.8M of Revenue and Gross Margin of 47.2% drove Non-GAAP Net Income of $62.3M and Non-GAAP EPS of $0.89 in the March Quarter Consistent performance supported by near-term tactical and operational objectives Consistent R&D investments continue to support multiple new growth initiatives 20
21 HIGHLY SCALABLE OPERATING MODEL Non-GAAP Results & Target Fiscal 2017 Results Fiscal 2021 Target Model Revenue $ % TOP-LINE GROWTH $1,150M - $1,225M Gross Margin 47% BASIS POINT IMPROVEMENT 49% - 51% Operating Income $159M $280M - $330M Operating Margin 20% BASIS POINT IMPROVEMENT 24% - 27% Operating Income Per Share $ % 115% IMPROVEMENT $ $4.75 Assumptions: GDP Growth: 3% Semi Unit growth of 6-8% MEANINGFUL GROWTH OPPORTUNITIES GENERATE STRONG FALL-THROUGH & SHAREHOLDER VALUE 1 EPS assumes 69 million shares outstanding in Non-GAAP adjustments exclude goodwill impairment of $35.2M, restructuring of $3.8M and amortization of intangibles of $6.6M 2021 Non-GAAP target model excludes $8M of amortization of intangibles 21
22 STRONG CASH FLOW & BALANCE SHEET Net Cash Position & TTM Free-Cash-Flow 1 Generation (Values in Millions of USD) JUNE QTR NET CASH & INVESTMENTS OF $621M, $8.81 PER SHARE JUNE QTR REPURCHASES TOTALED $42.6M 1 FREE CASH FLOW DEFINED AS: OPERATING CASH FLOW LESS CAPITAL EXPENDITURES 22
23 CAPITAL ALLOCATION STRATEGY #1 REINVEST IN THE #2 ACQUISITIONS & #3 RETURN CASH TO BUSINESS PARTNERSHIPS SHAREHOLDERS DRIVE R&D INNOVATIONS ENHANCE OPERATIONAL EFFICIENCY SUPPORT EXTENDIBILITY WITH EXISTING PLATFORMS STRONG PIPELINE OF OPPORTUNITIES PARTNERSHIPS & JOINT VENTURES M&A ROUGHLY $175M OF SHARES REPURCHASED THROUGH JUNE 2018 REPURCHASING SHARES BELOW INTRINSIC VALUE JULY 18 $0.12 QUARTERLY DIVIDEND INITIATION REPURCHASED OVER 15% OF SHARES OUTSTANDING IN TOTAL $42.5M REPURCHASED DURING THE JUNE QTR FISCAL 18 23
24 SUMMARY: FOCUSED ON LONG-TERM VALUE CREATION MARKET LEADERS HIGH GROWTH TRENDS SUSTAINABLE LONG-TERM VALUE STRONG OPERATIONAL LEVERAGE GOOD STEWARDS OF CAPITAL 24
25 SUPPLEMENTAL INFORMATION
26 APPENDIX: GAAP TO NON-GAAP RECONCILIATION In addition to U.S. GAAP results, this presentation also contains non-gaap financial results. The Company's non-gaap results exclude amortization related to intangible assets acquired through business combinations, goodwill impairment, costs associated with restructuring, income tax expense related to the Tax Cuts and Jobs Act of 2017 as well as tax benefits or expense associated with the foregoing non-gaap items. These non-gaap measures are consistent with the way management analyzes and assesses the Company s operating results. The Company believes these non-gaap measures enhance investors understanding of the Company s underlying operational performance, as well as their ability to compare the Company s period-to-period financial results and the Company s overall performance to that of its competitors. Management uses both U.S. GAAP metrics as well as non-gaap operating income, operating margin, net income, net margin and net income per diluted share to evaluate the Company's operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company s industry, as other companies in the industry may calculate non-gaap financial results differently. In addition, there are limitations in using non-gaap financial measures because the non-gaap financial measures are not prepared in accordance with GAAP, may be different from non-gaap financial measures used by other companies and exclude expenses that may have a material impact on the Company s reported financial results. The presentation of non-gaap items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-gaap results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors' ability to view the Company's results from management's perspective. 26
27 APPENDIX: GAAP TO NON-GAAP RECONCILIATION 27
28 APPENDIX: GAAP TO NON-GAAP RECONCILIATION 28
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