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CHROMA Call Transcript 2022

Feb 23, 2022

52029_rns_2022-02-23_6691d541-a64e-49db-99d1-6b1033f1cc79.pdf

Call Transcript

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CHROMA ATE INC. 2021.4Q Earnings Conference Call

Paul Ying, CFO Leo Huang, Chairman & CEO

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23[rd] February, 2022

1

Disclaimer

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This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “plan”, “forecast”, “project”, “predict”, “potential”, “continue”, “may”, “should”, “will”, and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forward-looking statements are no guarantee of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.

This presentation and the information contained herein are the property of Chroma Ate Inc.

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2

Agenda

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• Corporate Profile • Financial Review • Operation Highlights • Q&A

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3

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CORPORATE

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PROFILE

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4

Corporate Profile

  • Chroma Group founded in 1984, a world leading own

brand turnkey test & automation solution provider, specialized in electronics test and measurement instruments and ATS (auto test system). Businesses cover test and measurement instruments and ATS for various industries, and a turnkey solution as an integration of Test and Measurement , Automation and MES (manufacturing execution system).

  • Key success: Precision, Reliability, Innovation

• Chroma group encompass business unit of Chroma Ate Inc., Modular Assembly System (MAS) and * Chroma New Material Corp. (CNMC).

  • 2021 Consolidated Sales : NT$ 17.6 billion

  • 2021 Net Income: NT$ 4.2 billion

  • Chroma Group total of 3,170 employees (as of

December, 2021)

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Consolidated Chroma Ate Sales Others Consolidated CNMC Sales

Consolidated MAS Sales

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17,584
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16,931
15,532 4%
14,901
16%
4%
13,910
17% 29% 7% 16%
15%
14%
12%
66% 57% 76% 78% 77%
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2017

2018

2019

2020

2021

* Chroma New Material Corp. to terminate at end of March, 2022.

5

Financial Performance

Consolidated Sales Consolidated Sales

Gross Margin

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17,584
16,931
15,532
14,901
13,910
49%
47% 47% 48%
44%
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2017 2018 2019 2020 2021
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Sales Revenues Gross Margin
R&D Expenses
Parent Only
R&D Expenses in % of Sales Revenues
10,308
9,180
8,111
8,018
7,547
53% 53%
52%
51% 51%
Chroma Employees ： 1,858  (R&D 38%)
15% 14%
13% 13% 13%
1,085 1,143 1,172 1,216 1,351
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2017
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6

2018

2019

2020 2021

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Financial Performance

ROE

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24%
22%
18%
15%
13%
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2017 2018 2019 2020 2021
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Dividend

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Basic EPS Cash dividend
Payout ratio
9.96
7.00
6.41
6.22
5.56
4.48
4.50 4.50
4.20
3.01
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2018
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2019
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2017

2020

2021

7

Global Operation Sites

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50 93 Operation Distributors Sites

EST. 1999 EST. 2017 EST. 2008 EST. 2018 EST. 1993 EST. 2001 Netherlands: Germany: Japan: Korea: United States: United States: Augsburg Shin-Yokohama/ Pangyo Irvine, CA Foothill Ranch, CA Nagoya/ Osaka Santa Clara, CA Marlborough, MA Chandler, AZ Detroit, MI Allentown, PA Mexico： Albany, NY Ciudad Juarez

Netherlands: Germany: Ede Augsburg

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EST. 1998 EST. 1999 EST. 2000 EST. 2001
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EST. 2003 EST. 2009
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China/ Shenzhen China/ Beijing China/ Shanghai China/ Dongguan

Taiwan: Taoyuan (Headquarters)

Taiwan: Hsinchu

Taiwan: Kaohsiung

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EST. 2006 EST. 2011 EST. 2011
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EST. 2016 Others: India: New Delhi/ Mumbai/ Bangalore Thailand: Bangkok Vietnam: Hanoi/ Ho Chi Minh Malaysia: Kuala Lumpur/ Penang Quantel：Singapore：SingaporeSingapore Philippines: Manila/ Cebu Indonesia: Jakartar

China/ Suzhou China/ Xiamen China/ Chongqing

Quantel：Singapore：SingaporeSingapore

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Others: Qingdao/ Zhengzhou/ Xian/Hefei/ Chengdu/ Wuhan/ Hangzhou/ Changsha/ Guangzhou/ Hong Kong

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8

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FINANCIAL REVIEW

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9

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Year 2021 Condensed Consolidated Income Statement

Condensed Consolidated P&L
(In Million NTD, except for EPS in NTD)		 2021
%		 2020
%
YoY %
Net Sales 17,584
100%		 15,532
100%
13%
Consolidated Sales of Testing Equipment Business 13,555
77%		 12,045
78%
13%
Consolidated Sales of MAS 780
4%		 618
4%
26%
Consolidated Sales of New Material 2,804
16%		 2,551
16%
10%
Others 445
3%		 318
2%
40%
Cost of Goods Sold (9,134)
(52%)		 (7,988)
(51%)
14%
Gross Profit 8,450
48%		 7,544
49%
12%
Operating Expenses:
General & Administration
Research & Development		 (3,864)
(22%)
(1,511)
(9%)		 (3,405)
(22%)
13%
(1,342)
(9%)
13%
Operating Income 3,075
17%		 2,797
18%
10%
Non-Operating Income (Expenses), net 2,209
13%		 232
2%
852%
Income (Loss) Before Tax
Income Tax		 5,284
30%
(979)
(6%)		 3,029
20%
74%
(648)
(5%)
51%
Net Income 4,305
24%		 2,381
15%
81%
Other Comprehensive Income (Losses) 106
1%		 78
1%
36%
Comprehensive Income $ 4,411
25%		 $ 2,459
16%
79%
Net Income (Losses) Attributable To:
Shareholders of the Parent
Noncontrolling Interests		 4,179
24%
126
1%		 2,324
15%
80%
57
-
121%
$ 4,305
25%		 $ 2,381
15%
81%
EPS (Basic) $ 9.96 $ 5.56
79%
EPS (Diluted) $ 9.89 $ 5.51
79%

10

Year 2021.4Q Condensed Consolidated Income Statement

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Condensed Consolidated P&L 2021.4Q % 2021.3Q % QoQ % 2020.4Q % YoY %
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Condensed Consolidated P&L 2021.4Q
%		 2021.3Q
%
QoQ %
2020.4Q
%
YoY %
(In Million NTD, except for EPS in NTD)
Net Sales 4,589
100%		 4,276
100%
7%
4,178
100%
10%
Consolidated Sales of Testing Equipment Business 3,535
77%		 3,315
78%
7%
3,210
77%
10%
Consolidated Sales of MAS 271
6%		 145
3%
87%
109
3%
149%
Consolidated Sales of New Material 665
14%		 682
16%
(2%)
766
18%
(13%)
Others 118
3%		 134
3%
(12%)
93
2%
27%
Cost of Goods Sold (2,456)
(54%)		 (2,132)
(50%)
15%
(2,246)
(54%)
(9%)
Gross Profit 2,133
46%		 2,144
50%
(1%)
1,932
46%
10%
Operating Expenses:
General & Administration
Research & Development		 (994)
(21%)
(408)
(9%)		 (922)
(22%)
8%
(810)
(19%)
23%
(357)
(8%)
14%
(352)
(8%)
16%
Operating Income 731
16%		 865
20%
(15%)
770
19%
(5%)
Non-Operating Income (Expenses), net 163
3%		 148
4%
10%
129
3%
26%
Income (Loss) Before Tax
Income Tax		 894
19%
(179)
(3%)		 1,013
24%
(12%)
899
22%
(1%)
(191)
(4%)
(6%)
(188)
(4%)
(5%)
Net Income 715
16%		 822
20%
(13%)
711
17%
1%
Other Comprehensive Income (Losses) 69
1%		 (168)
(5%)
n/a
102
2%
(32%)
Comprehensive Income $ 784
17%		 $ 654
15%
20%
$ 813
19%
(4%)
Net Income (Losses) Attributable To:
Shareholders of the Parent
Noncontrolling Interests		 658
15%
57
1%		 793
19%
(17%)
687
16%
(4%)
29
1%
97%
24
1%
138%
$ 715
16%		 $ 822
20%
(13%)
$ 711
17%
1%
EPS (Basic) $ 1.57 $ 1.89
(17%)
$ 1.64
(4%)
EPS (Diluted) $ 1.55 $ 1.87
(17%)
$ 1.62
(4%)

11

Balance Sheet Highlights & Financial Ratio

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Consolidated
(In Million NTD)
Balance Sheet Highlights
Cash & Short Term Investments
Inventory
Short Term Debt
Long Term Debt
Shareholders Equity		 2021. Dec
2020. Dec
+ / - %
4,947
4,442
11%
3,916
3,028
29%
2,114
3,187
- 34%
1,447
2,405
- 40%
18,947
16,389
16%
Total Assets 29,546
28,129
5%
Inventory Turnover (Day)
AR Turnover (Day)
AP Turnover (Day)
Net Debt to Equity (%)		 139
130
98
120
114
122
Net Cash
7%
ROE (%) 24%
15%
ROA (%) 15%
7%
Cash Position
EBITDA
Cash Flow from Operation		 2021
2020
YoY
5,923
3,527
68%
2,592
2,715
(5%)
Free Cash Flow 4,329
1,169
270%

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All ROE + ROA has been annualized.

Free Cash Flow = Net Cash Provided by Operating Activities + (Net Cash used by Investing Activities)

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12

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Quarterly Highlights

2021.4Q Key Points

  • Sales Revenue: $ 2,419 million,

down 13% QoQ, flat YoY

  • Gross Margin: 52%

  • Operating Margin: 18%

  • Net Income: NT$ 658 million, down 17% QoQ, down 4% YoY

  • 2021.4Q Highlights:

  • The major growth sector in fourth quarter

is contributed from Semiconductor / Photonics sector, which presented a growth of 20% YoY.

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Sales Revenues Gross Margin Operating Margin

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2,774
2,666
2,449
2,421 2,419
2,313 2,394
2,053
55% 55% 53% 54%
52% 51% 52%
51%
27% 26%
25% 25% 25% 25%
22%
18%
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13

2020.1Q 2020.2Q 2020.3Q 2020.4Q 2021.1Q 2021.2Q 2021.3Q 2021.4Q

Year 2021.4Q Condensed Income Statement

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Condensed P&L – Parent Only 2021.4Q % 2021.3Q % QoQ 2020.4Q % YoY
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2021.4Q
%		 2021.4Q
%
(In Million NTD, except for EPS in NTD) %
%
Net Sales 2,418
100%		 2,774
100%
(13%)
2,421
100%
-
Cost of Goods Sold (1,148)
(48%)		 (1,355)
(49%)
(15%)
(1,184)
(49%)
(3%)
Gross Profit 1,270
52%		 1,419
51%
(11%)
1,237
51%
3%
Operating Expenses:
General & Administration
Research & Development		 (489)
(20%)
(340)
(14%)		 (386)
(14%)
27%
(365)
(15%)
34%
(334)
(12%)
2%
(329)
(14%)
3%
Operating Income 441
18%		 699
25%
(37%)
543
22%
(19%)
Non-Operating Income (Expenses), net 326
14%		 243
9%
34%
275
11%
19%
Income (Loss) Before Tax 767
32%		 942
34%
(19%)
818
33%
(6%)
Income Tax (109)
(5%)		 (149)
(5%)
(27%)
(132)
(5%)
(17%)
Net Income $ 658
27%		 $ 793
29%
(17%)
$ 686
28%
(4%)
Other Comprehensive Income 69
3%		 (167)
(6%)
n/a
105
4%
(34%)
Comprehensive Income $ 727
30%		 $ 626
23%
16%
$ 791
32%
(8%)
EPS (Basic) $ 1.57 $ 1.89
(17%)
$ 1.64
(4%)
EPS (Diluted) $ 1.55 $ 1.87
(17%)
$ 1.62
(4%)

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100% owned subsidiaries’ income - New Material: 10m (QoQ ↓ 23%); MAS: 39m (QoQ ↑ 550%, YoY ↑ 44%).

14

Year 2021 Condensed Income Statement

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2021 % 2020 % YoY
Condensed P&L – Parent Only
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come Statement come Statement
2021
%
(In Million NTD, except for EPS in NTD) %
Net Sales 10,308
100%		 9,180
100%
12%
Cost of Goods Sold (4,890)
(47%)		 (4,313)
(47%)
13%
Gross Profit 5,418
53%		 4,867
53%
11%
Operating Expenses:
Selling and General & Administration
Research & Development		 (1,621)
(16%)
(1,351)
(13%)		 (1,390)
(15%)
17%
(1,217)
(13%)
11%
Operating Income 2,446
24%		 2,260
25%
8%
Non-Operating Income (Expenses), net 2,499
24%		 535
5%
367%
Income (Loss) Before Tax 4,945
48%		 2,795
30%
77%
Income Tax (766)
(7%)		 (471)
(5%)
63%
Net Income $ 4,179
41%		 $ 2,324
25%
80%
Other Comprehensive Income 115
1%		 89
1%
29%
Comprehensive Income $ 4,294
42%		 $ 2,413
26%
78%
EPS (Basic) $ 9.96 $ 5.56
79%
EPS (Diluted) $ 9.89 $ 5.51
79%

Non-operating Income included 100% owned subsidiaries’ income - New Material: 43m (YoY ↑ 115%), MAS: (146m). Also included the capital gain from disposal of property and plant of NTD 1,730 million.

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15

Balance Sheet Highlights & Financial Ratio

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Parent Only
(In Million NTD)
Balance Sheet Highlights
Cash & Short Term Investment
Inventory
Short Term Debt
Long Term Debt
Shareholders Equity		 2021. Dec
2020. Dec
+ / - %
1,274
902
41%
2,989
2,331
28%
1,400
2,420
- 42%
1,250
2,230
- 44%
18,514
16,063
15%		 2021. Dec
2020. Dec
+ / - %
1,274
902
41%
2,989
2,331
28%
1,400
2,420
- 42%
1,250
2,230
- 44%
18,514
16,063
15%
Total Assets 25,359
24,406
4%
Inventory Turnover (Day)
AR Turnover (Day)
AP Turnover (Day)
Net Debt to Equity (%)		 199
184
89
106
95
96
8%
23%
ROE (%) 24%
15%
ROA (%) 17%
10%
Cash Position
EBITDA
Cash Flow from Operation		 2021
5,342
2,030		 2020
YoY
3,053
75%
2,049
(1%)
Free Cash Flow 4,357 606
619%

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All ROE + ROA has been annualized.

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Free Cash Flow = Net Cash Provided by Operating Activities + (Net Cash used by Investing Activities)

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16

OPERATION HIGHLIGHT

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17

2021.4Q & Annual Product Mix and Consolidated Sales Breakdown

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(Unit: Million NTD)
Test Instruments & Automatic Testing
System (ATS)
Semiconductor / Photonics Test Solutions
Turnkey Solutions
Service & Others
Total of Parent Company Sales
+ Sales from Overseas Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business
MAS
New Material
Other Subsidiaries
Consolidated Sales		 (Unit: Million NTD)
Test Instruments & Automatic Testing
System (ATS)
Semiconductor / Photonics Test Solutions
Turnkey Solutions
Service & Others
Total of Parent Company Sales
+ Sales from Overseas Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business
MAS
New Material
Other Subsidiaries
Consolidated Sales		 (Unit: Million NTD)
Test Instruments & Automatic Testing
System (ATS)
Semiconductor / Photonics Test Solutions
Turnkey Solutions
Service & Others
Total of Parent Company Sales
+ Sales from Overseas Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business
MAS
New Material
Other Subsidiaries
Consolidated Sales		 2021.4Q
%
QoQ
YoY
2021
%
YoY		 2020
%
Test Instruments & Automatic Testing
System (ATS)
Semiconductor / Photonics Test Solutions
Turnkey Solutions
Service & Others
Total of Parent Company Sales
+ Sales from Overseas Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business		 Test Instruments & Automatic Testing
System (ATS)		 1,493
62%
(3%)
27%
5,531
54%
14%		 4,849
53%
Semiconductor / Photonics Test Solutions 814
34%
(12%)
20%
3,589
35%
19%		 3,025
33%
Turnkey Solutions 75
3%
178%
(76%)
347
3%
(24%)		 456
5%
Service & Others 37
1%
(86%)
(85%)
841
8%
(1%)		 850
9%
Total of Parent Company Sales 2,419
100%
(13%)
-
10,308
100%
12%		 9,180
100%
+ Sales from Overseas Operations &
Related Subsidiaries		 1,116
106%
41%
3,247
13%		 2,865
3,535
77%
7%
10%
13,555
77%
13%		 12,045
78%
271
6%
87%
149%
780
4%
26%
665
14%
(2%)
(13%)
2,804
16%
10%
118
3%
(12%)
28%
445
3%
40%		 618
4%
2,551
16%
318
2%
4,589
100%
7%
10%
17,584
100%
13%		 15,532
100%

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18

Year 2022 Guidance

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In Year 2021, Chroma total consolidated sales revenues reached NTD 17.6 billion, hit historical record high, presented a growth of 13% YoY. The Parent Company sales revenues also hit record high reached NTD 10.4 billion, presented a growth of 12% YoY, mainly contributed from Semiconductor / Photonics testing solutions which increased by 19% compared to year 2021.

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2022 Business Outlook:

  • ✓ The strong growth of Semiconductors / Photonics testing solutions, which is driven by strong demand for development of 5G-related and high performance chip (HPC) applications as well as new VCSEL and auto Lidar capacity ramp. Key product drivers are:

  • High Performance / Reliability Testing Solutions : Burn-in Test, SLT Test with thermal control

  • CIS / VCSEL / ToF testing solutions

  • Wireless RF testing solutions

  • ✓ The Turnkey Solutions back to peak sales revenues level contributed by megatrend of EV industry.

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  • ✓ The Test Instruments & ATS for power testing solutions continues benefit from green energy, included EV / Energy Storage related components, battery cell / module / pack and smart-grid and 5G / Server related power testing.

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TECHNOLOGY

Semiconductor / Photonics Test Solutions

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Fast & Flexible Operation
• Multi-sites: 6~24 Sites (SLT/FT Combo Module)
IC Test Handler
• IC Device: Normal IC and Bare Die
High Speed Wafer AOI
• Dual Lots and Multiple Binning
• Double side inspection
• Temp.: -70˚C ~150˚C; Cooling Capacity 1,200W
• Patterned wafer inspection before/after dicing
Automated Optical
Inspection System • Max. 4 computers in parallel processing
• Shared auto loader
2H, ‘21 2022
MARKET
HPC (CPU/MCU/GPU), IC, MEMS, PMIC, FPGA, Sensors 3D Sensing, LiDAR, Optical Fiber
FT & SLT Hybrid Test System Thermal Platform In-process Wafer Inspection System
3200 Sea Cobra 7945
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SOLUTION

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TECHNOLOGY

Semiconductor / Photonics Test Solutions

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  • 2D / 3D / 2D+3D Metrology

  • • 2D Dimension: > 0.6um • 3D XY / Z Resolution: 30nm / 0.05nm • Sensor: 2D - Optical / 3D - WLI / Dual modules

  • Advanced • Light Source: Multiple Light Sources Particle Inspection Chemical Overflow Inspection

  • • Particles: >50um • Overflow: > 500um • Sensor: AOI modules • Residue: > 1mm*1mm • Light Source: Customized Light Source • Light Source: Customized Light Source

  • 2H, ‘21 2022

  • MARKET Advanced Packaging: InFO, CoWoS, 3D IC Process Particle In-situ Inspection 2D/3D Wafer Metrology System Chemical Overflow In-situ Inspection 7961-SP 7980 7961-UG

Advanced Packaging Testing

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SOLUTION

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TECHNOLOGY

Test Instruments & ATS

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Customized PEU (Power Electronic Unit) ATS

Power Electronics/ EV Testing

  • Testing Items: Efficiency, boundary, protection functions, AC charging signals, and CAN communication

Power HIL Testbed

  • Applications: On-board Charger and DC-DC Converter

  • Integration of high power and real-time system

High Precision & Energy Regenerative

Battery Testing

  • Multi-current range: 6V, 100A/50A/25A

  • • Max parallel current up to 1200A

MARKET

2H’21

EV (Charger Station, OBC, DC-DC), Green Energy (ESS, PCS, Battery/Fuel Cell), Server Power, Telecom Power, HV UPS

2022

PEU ATS 8000

OBC and DC-DC Converter Power HIL Testbed

Battery Charge & Discharge Tester 17212M-6-100S

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8620

SOLUTION

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TECHNOLOGY

Test Instruments & ATS

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AR Display Image Quality Test Independent 8K/16K Graphics Core
•
Automated loading and unloading HDMI 2.1: FRL / DSC / VRR / FVA / ALLM
Video Testing • High-precision mechanism DisplayPort 2.0: 20 Gbps / MST / HDR
•
Measurement: Luminance, Chromaticity,
Uniformity, Contrast, Artifacts, Distortion, & MTF
8K x 4K@60Hz /16K x 8K@60Hz
2H, ‘21 2022
MARKET AR Glasses 8K/16K Display
Video Pattern Generator
2238
AR Image Quality Test System DisplayPort 2.0 A223813
76XX Series & HDMI 2.1 A223814
SOLUTION
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Driving Innovation to Success

Thank You!

Get more information by downloading Chroma ATE Solutions APP

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Copyright © 2021 Chroma ATE Inc. All rights reserved.

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