AI Terminal
Polight ASA
Investor Presentation • Feb 28, 2023
3717_rns_2023-02-28_b725a64f-766a-400c-99ad-b22e57c76a73.pdf
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Fourth quarter 2022
1 Fourth quarter 2022 - Earnings presentation Earnings presentation 28 February 2023
Disclaimer
This presentation (the "Presentation") has been produced by poLight ASA (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain information which the Company has deemed relevant in accessible format. This Presentation is not intended to contain an exhaustive overview of the Company's present or future financial condition and there are several other facts and circumstances relevant to the Company and its present and future financial condition that not been included in this Presentation. This Presentation may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without prior written consent of the Company.
This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates or intends to operate. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward- looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors
nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to our actual results. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
By reviewing this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the recent financial reports of the Company and the disclosures therein. The distribution of this Presentation in certain jurisdictions may be restricted by law. Persons in possession of this Presentation are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Presentation in any country or jurisdiction where specific action for that purpose is required.
No shares or other securities are being offered pursuant to this Presentation. This Presentation does not constitute an offer to sell or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of an offer to buy or subscribe for, any shares or other securities in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.
By reviewing this Presentation you agree to be bound by the foregoing limitations.
This Presentation speaks as of 28 February 2023. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation shall be governed by Norwegian law, and any disputes relating to hereto is subject to the sole and exclusive jurisdiction of Norwegian courts, with Nordre Vestfold District Court as legal venue.
Today's agenda
Presenting
- Key events
- Introduction to poLight
- Operations and markets review
- Financial review
- Outlook
- Q&A
Dr. Øyvind Isaksen
Chief Executive Officer
Dr. Isaksen has been CEO of poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, after 7 years as CEO. Øyvind Isaksen holds a PhD in Applied Physics.
Alf Henning Bekkevik
Chief Financial Officer
Bekkevik is a senior executive with a background from Arthur Andersen (E&Y), Wallendahl, Fjord Line, Grenland Group and lately from Wood Group Mustang as VP Finance. He holds a Master in Business & Economics (Siviløkonom) degree from NHH and is a state certified public accountant.
Key events in the quarter
- Another busy quarter for poLight
- Teledyne e2v launched "2MP Multi-Focus MIPI Module"
- High level of smartphone-related activity led to a design-win and first mass production purchase order after the close of Q4
- AR cases continued to mature. Magic Leap 21, Vuzix, Xvisio and LLVision all use TLens® for their latest AR enterprise glasses
- Magic Leap 2 launch date was end of September 2022, and poLight have received purchase orders worth approximately NOK 2.1 million at the end of February 2023
- Vuzix AR glasses are available for developers, with the main release expected in mid-2023
- XVisio and LLVision AR glasses is expected to be launched around mid 2023
- Sharp demonstrated a new camera module using TLens®, as well as a use case in a VR headset, at CES in Las Vegas
1/ https://www.yolegroup.com/technology-insights/the-polight-tlens-piezoelectric-mems-autofocus-module-is-in-the-magic-leap-2/
4 Fourth quarter 2022 - Earnings presentation
poLight® at a glance
Background & description Geographical footprint
- Global player in tunable optics with applications in mobile, web cam, industrial, augmented reality, medical and others
- Founded in 2005 and has since developed state-ofthe-art expertise in tunable optics, polymers, MEMS technology and image applications and processing
- Holds 17 worldwide patent families, 9 pending applications and 3 registered trademarks
- 38 employees including long-term consultants
- Headquartered in Horten, Norway, with employees in Finland, France, UK, US, China, Taiwan and Philippines.
- Listed in Oslo Stock Exchange (PLT) in 2018
poLight enables unique use cases
poLight products & technology well-suited for several applications
Smartphones, wearables, accessories
- Smartphone represent a large addressable market for which billions of cameras are produced each year
- 1,5 billion phones per year with 1 front camera and an average of 3 back cameras
- Camera function key
- Potential addressable market for TLens®/poLight technology estimated at 3 billion units per year
6 Fourth quarter 2022 - Earnings presentation
Barcode/Industrial
- Evolving from 1D laser to 2D imaging barcode readers
- Lasers replaced by camera systems, where autofocus will improve efficiency in scanning and portfolio
- Barcode technology is spreading to new industries
- OEM scan engine vendors today are increasingly looking to enable machine vision capabilities on their current offerings
Augmented Reality (AR)
• AR is expected to to grow significantly as the technology is rapidly expanding beyond entertainment and gaming to an increasing number of industrial, commercial, educational applications and later become a consumer device
Other
- New opportunities are emerging that could represent significant potential
- Endoscopy and automobile are just two examples of new opportunities for poLight technology
TLens® customer-wins
Operations and market review
8 Fourth quarter 2022 - Earnings presentation
Consumer/smartphone: Add-in TLens® design opens opportunities
- Add-in TLens® design is attracting good interest
- Several reference designs have been developed to position TLens® for various use cases
- During the quarter, the focus has been on smartphone and augmented reality applications
- Other applications, such as webcams, drones, accessories etc. also being explored
- The company continued to use a lot of resources during the quarter to position itself for the smartphone market
4 design-win, 6 ongoing PoCs1 and 12 planning PoCs
6 PoC: 2 AR, 3 smartphone, 1 iris
1 Proof of Concept (PoC)
First smartphone design-win secured
- TLens® used in a Selfie Camera for flagship smartphone
- Flagship release implies low volume
- Achieve the most compact selfie camera, instant and smooth autofocus user experience
- TLens® Camera module (CM) specification
- 32MP
- Bare TLens® Silver Premium added inside fixed focus lens stack
- Smallest camera module & pupil size with AF on the market
- Status
- First mass production (MP) deliveries shipped, weekly shipment in the coming weeks/months
- Planned market launch Q2-23
- Discussing next projects
| 17 | |
|---|---|
| annon more and more and the manufacturers |
AR: continuing good activity
- Why TLens® Key selling points;
- Enables ultra-compact size camera modules
- Ultra-low power consumption
- Fast focusing speed
- Constant field of view (FOV) and high optical stability
- No gravity impact even when head is moving
- Athermalisation robust focusing over temperature range near high heat components (fixed focus camera goes out of focus)
- TLens® camera AR use cases
- Fast sharp focusing of object/text regardless of distance
- Fast QR / barcode scanning regardless of distance
- Hand gesture recognition
- All-in-Focus still images regardless of where the objects or texts are in the scene
- Continuous video focus when recording moving objects
1 design-win, 6 design-in´s (2 consumer), 4 ongoing PoCs (2 consumer) and 11 planning PoC
Magic Leap 2 use TLens®,
- confirmed by Yole report
12 Fourth quarter 2022 - Earnings presentation
Enterprise AR Customer Cases: Design Win & In´s
TLens® Add-On camera
Enterprise AR Customer Cases: Design Win & Ins
| Customer | ||
|---|---|---|
| Company profile | • Private, founded in 2015 • About 60 employees • HQ in Wuxi, China (formerly Milpitas, CA) |
• Private, founded in 2014 • About 100 employees • HQ in Beijing, China |
| Market positioning | Advanced AR smart glasses with SLAM tracking, focused on the enterprise. 1st target markets are China and N.A. |
Committed to providing AR + AI industry solutions for enterprise customers, focused on the enterprise. Serve a wide range of leading enterprises in smart manufacturing, aviation, healthcare, education, financial service, public security and entertainment, etc. |
| TLens® project status | • World-facing AF camera • Designed In (at PVT stage) • MP start expected in mid-2023 |
• World-facing AF camera • Designed In (Completed PVT, giving enterprise customers for trial use) • MP start expected in mid-2023 |
| Customer AR product with TLens® camera |
Xvisio SeerLens™ One Pro TLens® Add-On camera |
LLVISION LEION Pro G40A TLens® Add-On camera |
Barcode / Industrial
- Teledyne e2v launched "2MP Multi-Focus MIPI Module", - their 2nd generation camera powered by TLensÒ
- The opportunity pipeline for this market segment is promising
- It will, however, take time to develop this market and will require entry into some broader application areas
- Over and above barcode applications, the company is involved in various other industrial applications
5 design-wins, 15 PoCs (13 barcode/machine vision), and 11 planning (6 barcode)
Healthcare
- Xenocore has confirmed use of TLensÒ in their next generation disposable laparoscope (Saberscope), - undergoing qualification (https://xenocor.com)
- Related to the announcements made 20 August 2021 and 21 September 2021
- The development is now at an advanced stage
- Human trials are expected to be carried out in Q2 and market release mid 2023
- The Kavli activity has generated a lot of activity and the company are serving several new similar cases – representing several of the ongoing PoC
- The other ongoing PoC are more related to commercial companies having the potential to use TLens Ò in commercial products
- Over time this market sector can potentially become an important part of poLight
1 design-win (Kavli), 1 design-in (surgical device, Xenocore), 15 PoCs ongoing and 8 planning PoC
Good progress in most customer cases
| Design-win | Project | Completed PoC | Ongoing PoC | Planning PoC | |
|---|---|---|---|---|---|
| Consumer | 4 (3) | 1 (0) | 32 (30) | 4 (5) | 12 (6) |
| Augmented Reality | 1 (1) | 6 (5) | 12 (11) | 4 (4) | 11 (9) |
| Industrial | 5 (4) | 0 (1) | 18 (17) | 15 (12) | 11 (12) |
| Other (medical, automotive) |
1 (1) | 1 (1) | 3 (3) | 15 (12) | 13 (9) |
| Number in ( ) represents last quarter | 11 (9) | 8 (7) | 65 (61) | 38 (33) | 47 (36) |
Key financials
| (in NOK million) | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenue | 4.1 | 3.9 | 13.4 | 10.0 |
| Cost of sales | -1.3 | -1.3 | -4.8 | -3.9 |
| Research and development expenses | -6.1 | -6.6 | -32.9 | -25.4 |
| Sales and marketing expenses | -3.7 | -3.3 | -13.1 | -7.2 |
| Operational / supply chain expenses | -2.9 | -2.7 | -9.2 | -9.1 |
| Administrative expenses | -5.0 | 4.3 | -12.1 | -6.9 |
| EBITDA | -15.0 | -5.7 | -58.7 | -42.4 |
- Revenue reflects sales of TLens® and ASICs of NOK 3.5 million and NOK 0.6 million in revenue from NRE "non-recurring engineering" relating to customer development projects
- EBITDA loss of NOK 15.0 million vs. loss of NOK 5.7 million in Q4 2021
- Q4 last year, Accrued employer's national insurance contributions (NICs) relating to the share option plan of NOK 4.7 million was recognised, offset by NOK 12 million recognised as a cost reduction as a result of the positive outcome of the VAT appeal case
Income statement Balance sheet summary
| (in NOK million) | 2022 | 2021 |
|---|---|---|
| Intangible assets | 24.9 | 33.4 |
| Inventories | 45.6 | 16.8 |
| Cash and cash equivalents | 84.2 | 157.8 |
| Total equity | 150.7 | 213.4 |
| Total current liabilities | 24.6 | 21.3 |
| Total equity and liabilities | 178.2 | 238.7 |
- Cash position of NOK 84.2 million, compared with NOK 157.8 million at year end 2021
- Inventory of NOK 45.6 million compared with NOK 16.8 million at 31.12.2021.
- The inventory has increased by NOK 28.8 during the year
- The increase in inventories mainly relates to wafers from ST Microelectronics (long lead-time components)
- Improves the readiness for potential volume customers
Cash Flow
- Q4 cash used in operating activities was NOK 15.2 million, compared with NOK 16.6 million in Q4 2021
- Increased inventory by NOK 9.6 million in the quarter
- Q4 cash used in investing activities was NOK 4.4 million
- Final test equipment in the Philippines
- Q4 net decrease in cash was NOK 19.9 million
According to current plans, the Group's cash deposits will fund activities through the second quarter 2023. Thereafter, additional capital will be required to continue poLight's planned commercialisation of its TLensÒ technology.
Q4 2022 cash flow development
Outlook
- Growing pipeline in several market areas
- Recently announced a design-win and first mass production purchase order for smartphone case
- Important milestone for the company, and key reference for the company, for all market segments
- AR opportunities are developing positively, now confirmed through a tear down analysis published by Yole1 that poLight is used in the Magic Leap 2
- Further at CES 2023, two other product using TLensÒ was demonstrated, AR enterprise glasses from Vuzix and XVisio, as well as prototype VR display from Sharp
- These cases forms an excellent platform to further strengthen poLight position in this market segment
- Additional capital will be required to continue poLight's planned commercialisation of its TLensÒ technology, and hence the Company plan accordingly
1/ https://www.yolegroup.com/technology-insights/the-polight-tlens-piezoelectric-mems-autofocus-module-is-in-the-magic-leap-2/
22 Fourth quarter 2022 - Earnings presentation
Management Team
Dr. Øyvind Isaksen Chief Executive Officer
Dr. Isaksen has been CEO of poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, after 7 years as CEO. Øyvind Isaksen holds a PhD in Applied Physics.
Alf Henning Bekkevik
Chief Financial Officer
Bekkevik is a senior executive with a background from Arthur Andersen (E&Y), Wallendahl, Fjord Line, Grenland Group, and, most recently, as VP Finance for Wood Group Norway AS. He holds a master's degree in business & economics (Siviløkonom) from NHH, and is a certified public accountant.
Pierre Craen
Chief Technology Officer
Craen is a senior executive with more than 20 years' experience in opto-mechanical systems engineering. Prior to joining poLight, he managed product development teams at Varioptic, Barco and Motorola/Symbol. Mr Craen holds an MSc in Optical Engineering from Sup-Optic, as well as an MSc in Applied Physics.
Marianne Sandal
Chief Operating Officer
Sandal is a senior executive with background from Tele-communications (Nera) and Road User Charging (Q-Free). She holds a BSc in Mechanical Engineering in addition to courses from Norwegian School of Management (BI). She has been responsible for world wide operations for more than 15 years.
Board of Directors
Grethe Viksaas – Board Chair, independent
Grethe Viksaas has a long career from the Northern European managed service provider Basefarm AS. First as founder and CEO, and later as executive chair and member of the board of directors. Prior to Basefarm, Ms Viksaas served as CEO for SOL System AS and in several management positions in IT companies. She has experience from numerous board positions, including Telenor ASA. She is currently a non-executive director on the boards of Link Mobility Group Holding ASA and Crayon Group Holding ASA. She also serves as Chair of the Board in No Isolation AS and Farmforce AS. Ms Viksaas has a master's degree in computer science from the University of Oslo.
Ann-Tove Kongsnes - Board member
Ms. Kongsnes is an Investment Director at Investinor AS. Kongsnes has over her career gained extensive experience from investments, development, M&A, IPO's and exits of technology companies. Prior to this, she worked 7 years with international marketing, and was formerly a Director of Marketing and Operations. Kongsnes has extensive board experience, and currently serves on the boards of 6 of Investinor's portfolio companies in addition to 4 Chair/member seats in Nomination Committees. She holds an MSc in Economics and Business Administration from HIB and took the Advanced Program in Corporate Finance at NHH.
Dr. Juha Alakarhu - Board member, independent
Juha Alakarhu is the VP of Imaging at Axon in Tampere, Finland. He runs the Axon R&D office in Finland and is responsible forthe imaging system for Axon camera products. Dr Alakarhu's entire career has been devoted to developing cameras. Before joining Axon in 2018, he worked for Nokia and Microsoft, where he developed several pioneering camera solutions, such as oversampling (the 41-megapixel camera), optical image stabiliser, and virtual reality technology. Juha Alakarhu holds a PhD from Tampere University of Technology.
Svenn-Tore Larsen - Board member, independent
Mr. Larsen is an Electronic Engineer from the University of Strathclyde, UK. He was appointed Chief Executive Officer of Nordic Semiconductor in February 2002. Mr. Larsen has broad international experience in the semiconductor business, previously as Director for the Nordic region for Xilinx Inc. He has also been working at Philips Semiconductor.
Thomas Görling - Board member
Thomas Görling is a Senior Investment Director at Stiftelsen Industrifonden (Sweden) with a comprehensive involvement in building successful technology companies. Representing Industrifonden, he has been engaged in a number of portfolio company boards, at present Medtentia International Ltd Oy (Finland) and eBuilder AB (Sweden). Before joining Industrifonden in 1998, Mr. Görling held management positions within the European optical instrument and systems industry. Thomas holds a Master of Science from the Royal Institute of Technology in Stockholm, and studied business economics at Stockholm University.
Statement of income
| NOK 000 | Note | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Sale of goods | 3 536 | 3 906 | 10 034 | 8 683 | |
| Rendering of services | 557 | 0 | 3328 | 1 350 | |
| Revenue | 4 093 | 3 906 | 13 363 | 10 032 | |
| Cost of sales | -1 309 | -1311 | -4 826 | -3 851 | |
| Gross profit | 2 784 | 2 595 | 8 536 | 6 182 | |
| Research and development expenses net of governmental grants | 6,9 | -6 129 | -6 552 | -32 909 | -25 360 |
| Sales and marketing expenses | -3 750 | -3 291 | -13 122 | -7 224 | |
| Operational / supply chain expenses | -2 907 | -2 742 | -9 179 | -9 139 | |
| Administrative expenses | -5 046 | 4 311 | -12 068 | -6 868 | |
| Operating result before depreciation and amortisation | |||||
| (EBITDA) | -15 048 | -5 679 | -58 742 | -42 409 | |
| Depreciation and amortisation | 8 | -2 387 | -2 949 | -10 400 | -11 923 |
| Operating result (EBIT) | -17 435 | -8 629 | -69 141 | -54 332 | |
| Net financial items | 6 | 831 | 760 | 1 496 | 944 |
| Loss before tax | -16 604 | -7 869 | -67 646 | -53 388 | |
| Income tax expense | -189 | 13 | -242 | -03 | |
| Loss for the period | -16 791 | -7 856 | -67 887 | -53 481 |
Balance sheet
| NOK 000 | Note | FY 2022 | FY 2021 |
|---|---|---|---|
| ASSETS | |||
| Property, plant and equipment | 10 /48 | 2356 | |
| Intangible assets | 8 | 24 855 | 33 377 |
| Right-of-use assets | 3 871 | 4 778 | |
| Total non-current assets | 39 474 | 40 511 | |
| Inventories | 45 577 | 16 836 | |
| Trade and other receivables | 9 | 8 386 | 22 078 |
| Prepayments | 557 | 1 456 | |
| Cash and cash equivalents | 84 249 | 157 810 | |
| Total current assets | 138 769 | 198 180 | |
| Total assets | 178 242 | 238 691 | |
| EQUITY AND LIABILITIES | |||
| Share capital | 2 078 | 2077 | |
| Share premium | 145 785 | 209 320 | |
| Reserves | 1 130 | 1 035 | |
| Retained earnings | 1 699 | 977 | |
| Total equity | 150 692 | 213 409 | |
| Lease liabilities | 2 970 | 3 934 | |
| Total non-current liabilities | 2 970 | 3 934 | |
| Trade and other payables | 10 | 22 480 | 19 906 |
| Current lease liabilities | 1 100 | 942 | |
| Provisions | 1 000 | 500 | |
| Total current liabilities | 24 581 | 21 349 | |
| Total liabilities | 27 550 | 25 282 | |
| Total equity and liabilities | 178 242 | 238 691 | |
| 11 |
Cash flow
| NOK 000 | Note | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Operating activities | |||||
| Profit / loss (-) for the period | -16 604 | -7 869 | -67 646 | -53 388 | |
| Adjustments for: | |||||
| Depreciation of property, plant and equipment and right- | |||||
| of-use assets | 568 | 382 | 1 878 | 1654 | |
| Amortisation of intangible assets | 9 | 1 819 | 2 567 | 8 522 | 10 269 |
| Net finance income | -831 | -760 | -1 496 | -044 | |
| Equity-settled share-based payments | 1 267 | 1600 | 4 821 | 4 385 | |
| Other non-cash items | 1 | 588 | -430 | 937 | |
| Changes in unrealised net foreign exchange rate | |||||
| differences/fluctuations | 216 | 16 | 143 | 21 | |
| Changes in working capital: | |||||
| Decrease (+) in trade and other receivables and prepayments | 1 541 | -11 965 | 11 925 | -11 332 | |
| Increase (-) in inventories | -9551 | -4 587 | -28 741 | -7 669 | |
| Increase (+) in trade and other payables | 10 | 8 237 | 5 246 | 2 574 | 9 223 |
| Changes in provisions and government grants | -2 547 | -2 242 | 3 166 | -2 954 | |
| Interest received | б | 911 | 558 | 2 255 | 585 |
| nterest paid | б | -77 | -03 | -330 | -203 |
| Income tax paid | -189 | -23 | -242 | -129 | |
| Net cash flows used in operating activities | -15 239 | -16 582 | -63 601 | -49 546 | |
| Investing activities | |||||
| Purchase of property, plant and equipment | -4 438 | -1 242 | -9 202 | -2 142 | |
| Net cash flows used in investing activities | -4 438 | -1 242 | -9 202 | -2 142 | |
| Financing activities | |||||
| Proceeds from issuance of ordinary shares | 0 | 12 804 | 0 | 137 803 | |
| Proceeds from exercise of share options | 0 | 193 | 254 | 3 397 | |
| Transaction costs on issue of shares | 0 | -1 093 | 0 | -7 530 | |
| Payment of lease liabilities | -264 | -318 | -964 | -1 355 | |
| Net cash flows from//used in) financing activities | -264 | 11 586 | -710 | 132 315 | |
| Net increase in cash and cash equivalents | -19 942 | -6 238 | -73 513 | 80 627 | |
| Effect of exchange rate changes on cash and cash equivalents | -222 | -18 | -49 | -26 | |
| Cash and cash equivalents at the start of the period | 104 413 | 164 066 | 157 810 | 77 209 | |
| Cash and cash equivalents at the close of the period | 84 249 | 157 810 | 84 249 | 157 810 |
29 Fourth quarter 2022 - Earnings presentation