Xcerra Analyst Day Presentation October 7, 2014

Transcription

1 Xcerra Analyst Day Presentation October 7, 2014

2 Formation of Xcerra Corporation LTX-Credence is a leading supplier of SOC semiconductor test systems LTX-Credence acquired Multitest and ECT from Dover Corporation in December, 2013 and renamed the new company Xcerra Corporation Xcerra is now the parent of four leading brands supplying innovative products and services to the semiconductor and electronics manufacturing industries Leveraging technology and expertise across the Company, Xcerra is capable of supplying complete test cell solutions to the semiconductor test industry Committed to, and delivered, $15M in synergy savings Financial performance at target business model two quarters ahead of plan FY14 revenue of $331M and EBITDA of $21M (1) FQ4 14 revenue of $124M and EBITDA of $18M Bare Board PCB Test Solutions Semiconductor Test Electronic Interconnects Test Handlers / Interface Products 2014 TAM of ~$5.1B* 1 Includes 8 months of contribution from acquired businesses. * Management estimates 8 October

3 Xcerra Serves a Broad Portion of the Electronics Supply Chain Interface Products Semiconductor ATE Handlers PCB ATE & PCBA Fixtures Contactors Load Boards Load Boards Handler Semiconductor ATE Semiconductor ATE Wafer Fab Wafer Test Die Cut & Sort Package Assembly Package Test PCB ATE PCBA Fixtures PCB Fab Bare Board Test PCB Assembly In-circuit & functional test Final Product Complete Acquisitions more than doubled the total available market from $2.3B 1 to $5.1B 2 CY2014E 1 SOC market size source: Prime Research 2 Management estimates Image of semiconductor wafer courtesy of Taiwan Semiconductor Manufacturing Co., Ltd 8 October

4 2014: Strong Semiconductor Test Market Drives Growth $3,500 $3, E: Total Market Opportunity: $5.1B* (13% Growth) Semiconductor Test Solutions $ (A): Total Market Opportunity: $4.5B* $350 $589 Electronics Manufacturing Solutions ($ in millions) ($ in millions) Total Change 16% Total Change 2% $4,500 $1,400 $4,000 $3,815 $1,250 $1,280 $2,500 $2,000 $3,291 $552 $509 $576 $1,200 $1,000 $800 $600 $200 $220 0% $400 $400 $1,500 $1,000 $1,900 $2,300 $400 $650 $660 $500 $200 $ E Testers Handlers Contactors Interface Boards $ E Pogo Pins PCBA Fixtures PCB Testers Sources: Prime Research, VLSI Research, Xcerra Management estimates * Management estimates 8 October

5 Analyst Day Agenda Tester Group Market Overview and Strategy Interface Products Group Overview and Strategy Handler Group Overview and Strategy Test Cell Innovation Overview and Strategy Translating Product Strategies Into Market Share Gains Bottom Line: Financial Performance 8 October

6 Market and Product Strategy LTX-Credence Test Systems Steve Wigley, Vice President, Tester Group

7 Changing Test Industry Focus Years Market Driver Corporate IT Wired Infrastructure Consumer PC Initially Smart Phone Laterally Low cost Smart Phones & Tablets Personalized Connectivity Context Aware and smart world IoT ATE Market Drivers Performance Driven Cost Focused BIST Productivity Efficiency Flexibility in the Factory Smart Test Cell ATE Focus Improved EPA Higher Performance Instruments Consolidation Cost Down Lower cost of ownership Multi-site Capability Overall Test Cell Efficiency Data driven yield management Ubiquitous RF Integrated development Rapid customization Distributed Test 8 October

8 End Applications Driving Growth IoT Market Segmentation Source: ST, IHS Sources: Business Insider [Gartner, IDC, Strategy Analytics, Machina Research, company filings, BII estimates] 8 October

9 Impact On Our Device Markets Integration with sensing technologies will grow Industry will continue to integrate multiple functions into a device but how much and when will be driven by the packaging technology Continued growth RF content 8 October

10 Impact On LTXC Device Markets Growth Markets Personal Connectivity Transportation Smart World Personal Communication Healthcare Entertainment Driver Augmentation Efficiency Safety Connectivity IoT Networks Context Aware Smart Phones Tablets Sensors RF PA & FEM RF PA & FEM Sensors RF PA MCU MCU MCU MCU Power & Analog Low Power ASSP Power & Analog RF PA Test solutions also require to address new Power & Analog manufacturing challenges driven by packaging technology ASSP e.g. SiP, WLCSP, 2.5D & 3D Packaging MCU RF PA & FEM Sensor Power & Analog Embedded Processor Logic RF Analog Power Sensor 8 October

11 LTXC Products and Roadmap Strategy

12 LTXC Products Focus On Five Key Market Segments Diamond Series The standard for production test of wireless, mobility, consumer ASSPs and microcontrollers ASL Series Optimized for low pin count, cost-sensitive power management and linear X-Series Designed for optimal testing of power, automotive, mixed-signal and RF 8 October

13 Innovation Drives LTXC Roadmap Strategy Best in Class ATE -Expand the reach of Diamondx to include new capability for A-ASSP and integrated sensing technologies - Extend leadership in RF technology through development of - 4G/5G RF PA/FEM solutions - Connectivity solutions - Automotive Radar solutions - Focused Development on ASL and X-Series Develop Test Cell solutions - Phased integration of ATE, Handler/Prober, Interface contactor technology and software Standards Technology roadmap - Focus on 3 key technologies and/or innovations FPGA Roadmap New, innovative Instrument architectures 8 October

14 LTXC Roadmap Strategy: Innovation Leads to Share Gains LTXC Technology Roadmap Technology development Best in Class ATE Current ATE Platforms ATE Product development Enhanced ATE Platforms Test Cells Integrated Test Cell ATE Test Cell development Connected Test Cell 8 October

15 Positive Impact of Roadmap Strategy On Our Business Will continue to strengthen our position in our standard device markets Deliver new Diamond x options to expand into A-ASSP Improve position of unique PAx ATE with PAx-ac developments Leverage our production test expertise in Automotive Radar Integrated test cell as our 2 nd generation solution Address new markets driven by packaging technology Expand reach of Diamond x Use 3D Instrumentation to address integration of sensing technologies Extend leadership in RF technology Low cost RF solutions Tighter test cell integration Merging of testing, handling, interfacing and contacting technologies 8 October

16 Interface Products Group Timothy McNulty, Vice President, Interface Products Group

17 IPG Semiconductor Products Probe Test Contactors Broad market acceptance in High Fidelity, Wafer Level, High Pin Count and Low-cost Segments Gemini Mercury Cantilever Test Contactors The standard in Hi-Power Long -Life Automotive Applications ecoamp DURA Kelvin nanokelvin Load Board World Class PCB Fabrication coupled with Global Design Engineering and Complete Assembly Integration 8 October

18 IPG- Semiconductor Test Consumable Market Trends Gains driven by increased test complexity at wafer test, and mobility packaging Gains driven by increased IC volumes and IO counts, not hurt by increases in test parallelism Flat: price deflation (commoditization), and demand driven by increased parallelism 2013 VLSI Test consumables Forecasts 8 October

19 Interface Products Target Growth Markets Mobility Market Packing Shrink and Signal Integrity Demands Power Applications for the Automotive Market High-Fidelity Contacts for Wireless Mobility and Automotive Radar Applications WLCSP Continue to develop smaller geometries HED Life and yield performance for lowest COT Micro-pitch PBC for wafer probing and WLSCP markets Extending leading marketshare position with improved spring life and product delivery for the cantilever product line High-density Kelvin Contacting solution for automotive radar Low inductance probe architecture Market-leading contactresistance performance for the analog / mixed signal 8 October

20 Contact Products Within IPG Expand Beyond Test Contact products serve a wide variety of electronic markets Probe manufacturing and assembly automation are core competencies Global distribution channels We participate in four primary markets: Semiconductor Test Probes Integrated OEM Products Industrial PCBA Test Probes Providing semi probes internally for IPG contactors and directly to customers that integrate internally Most-significant growth opportunity Leverage IPG contactor design and manufacturing Serve high-reliability applications with a focus on wireharness test and battery applications Providing probes for all PCBA testing markets 8 October

21 Summary IPG products serve most Semiconductor Test market segments leveraging a broad product portfolio, global design, manufacturing, applications and sales. Product design and delivery are as equally important as technical capability A local supplier Globally. Vertical integration within IPG and within Xcerra provides significant advantages, developing and delivering time-critical solutions for standalone and fully integrated test-cell applications 8 October

22 Xcerra Test Handling Business Michael Goldbach, Vice President, Handler Group

23 Xcerra Test Handling Business Michael Goldbach, Vice President, Handler Group

24 Focus Markets Handler Segment Mobility - Connectivity CONNECTING anything anywhere anytime Typical Applications: > mobile phones > tablets > ultrabooks Smart Power USING power more efficiently > power management > power semi modules > power discretes Typical Applications: > consumer > automotive > Industrial Automotive GETTING everywhere safely and efficiently Typical Applications: > driving safety > engine control > driving comfort > car multimedia Sensors SENSORIZATION of things > sensing > actuating Typical Applications: > mobility > automotive > healthcare 08 October October

25 Overview Handler Models System Type Key Markets Typical Packages Gravity Pick & Place Automotive Power Sensors Mobility / Connectivity Automotive Power Sensors SO QFN TO QFP BGA QFN Turret Power SOT n.a. Mobility / Connectivity SO, QFN InStrip Mobility / Connectivity Power Sensors ALL InCarrier Mobility / Connectivity Automotive Power Sensors QFN BGA SO WLCSP 8 October

26 Focus on Growth Markets Pick & Place Strip & Carrier Handling MEMS / Sensor Market 8 October

27 P&P Historical Market Segmentation Performance Performance is key A/H/C Conditions Performance over cost Automotive Consumer Mobility Cost driven A/C Conditions Reuse of Equipment Cost of Test 8 October

28 P&P New Market Dynamics Performance Strong Overlap in Market Requirements Automotive Mobility Consumer Cost of Test 8 October

29 Xcerra P&P Products Matching the Market Sweet Spot Performance New MT2168 A/C/H MT95 MT2168 A/H Cost of Test 8 October

30 MT2168 Unique Features Driving Growth MT2168 Market Unique performance Modular Design Flexible side pitch Flexible plunger Mobility, Consumer, Automotive Mobility, Consumer, Automotive Mobility, Consumer, Automotive Buy only what is needed Easy field upgrade, easy test floor management Reuse of existing hardware Cost down Higher contact reliability Higher yield Soft touch Mobility, Consumer Safe handling of bare die, WLCSP and thin devices Tri Temp up to 175C Automotive Must requirement for Automotive Strong installed base on MT95 Well know temperature performance PoP Handling Mobility, Consumer Top and bottom contacting Supporting newest packaging trends Roadmap for TSV Reliability Mobility, Consumer, Automotive Proven lowest jam rate (OSAT) Reduce cost of operations 8 October

31 Focus on Growth Markets Pick & Place Strip & Carrier Handling MEMS / Sensor Market 8 October

32 Market Dynamics for Strip and Carrier Handling Market drivers for strip handling Massive parallel test to reduce cost (e.g. MEMS) Gravity handling limitations in multisite, die sizes and uptime Packaging requirements (e.g. WLP, fine pitch) Challenges for strip handling driving carrier handling Singulation after test (e.g. Automotive) Complete process change in manufacturing setup Increasing dependencies on assembly and packaging services 8 October

33 Today s Common WLCSP Test Process Shows Quality Leakage Test on Wafer Prober Final Dicing on Dicing? Machine Test Sort-Un-Load & 5S (?) Vision inspect into Tape & Reel Issues: 1. No final test after dicing Risk of quality escapes Cost of bad quality 2. 5S visual inspection for µ-size defects Support Cost UPH 3. No seamless RMA test solution available New setup just for RMA 8 October

34 Xcerra WLCSP Test Process Solves Customer Quality Issues WLP test process with Multitest Final InCarrier TM Test Test on Wafer Prober e.g. x8//? Dicing on Dicing Machine Wafer ring load to InCarrierTM Optional: RMA load Reel to InCarrier Final Test w/ InCarrier TM x8// x16// Increase of multisite Sort-Un-Load & Vision inspect into Tape & Reel The only process in the market covering WLP requirements: 1. Test is Final test no compromised on quality 2. Full RMA test support easy handling of customer requests 3. Increasing multisite capability reduce cost of test 4. Reduces vision inspection - reduces cost for final packing step 8 October

35 InCarrier Addressing the Strip Handling Challenges Combining advantages of Singulated Test and InStrip Test Singulated IC Test InStrip IC Test Update Q3/2014: o > units tested o 80% thereof were 2x2 packages o 1 st WLP carrier <2x2 shipped InCarrier TM IC Test Patented Key Market Application: WLCSP 8 October

36 Xcerra s Unique Position in Strip and Carrier Handling One Handling Platform for all > InStrip = Standard Strip Test Market Leader > InStrip 3D = for 3D TSV partial stack in process test > InCarrier Market Leader = InStrip for singulated device test > InMEMS Market Leader = InStrip for MEMS test 8 October

37 Focus on Growth Markets Pick & Place Strip & Carrier Handling MEMS / Sensor Market 8 October

38 Strong MEMS Market Unit Growth Forecast Served by Multitest Test Modules Majority for Consumer Applications Source: Yole Developpement 8 October

39 Internet of Things Leads to MEMS/Sensor Device Ramp IOT will drive a large variety of end applications IOT will demand a strong increase in variety of sensor technology 8 October

40 Xcerra Best Choice for IoT Sensor Requirements BU InStrip MEMS Module > Standard handler platform > Temperature conditioning (-40 C to +125 C) > MEMS stimulus for complete strip > High parallel test 1200 signal lines > Configurable for multiple MEMS applications > Vision aligned contacting > Process control (Datamatrix, SECS/GEM, G84) Available - InFlip : Accel. 3 axis - ÍnFlipM: Accel. and magnet 3 axis - InGyro: Accel. + Gyro 3 axis - 9DOF: Accel. + Gyro + magnet > Fast package conversion 3 axis - InPressure: Pressure up to20 bar - InPhone: Microphone test Planned - InBaro: barometric pressure test - InOptic: optical and UV The only modular handling solution in the market Fast reaction time to rapid changing market demand Reuse of capital, reduce cost of operation The only high volume, high throughput solition 8 October

41 Develop Test Cells

42 What is a Test Cell? Taking ownership of delivering a complete test solution to the customer ATE Handler/ Prober Mechanical Interface Electrical IF Test Floor Integration Test Solution Customer 8 October

43 Current Back End Cost Down Model Reaches the Limit CoT = Capital Costs Lifetime Yield + Variable Costs + Utilization (OEE) * * Throughput (UPH) Overhead Focus on cheaper and faster Multisite for higher throughput Yield and utilization limited by multi-vendor strategy 8 October

44 Test Cells The Next Generation Cost Down Driver CoT = Capital Costs Lifetime Yield + Variable Costs + Utilization (OEE) * * Throughput (UPH) Overhead Holistic approach for all test cell elements Focus on improved yield, utilization and overhead New Xcerra Test Cell Coverage 8 October

45 Our Vision Continuous Value Add for our Customers Phase 1 Phase 2 Phase 3 One Stop Shop Share Gains from Cross Selling Adding Value Through Complete Test Cell Solutions Leverage Technology Into New Products Streamline Vendors Economies of scale Seamless support Operations assistance Project Management Integration Deliver complete solutions Operations assistance Optimized performance for selected test cell configurations Enhanced SW integration Enhanced process and operations assistance Now Next 12 Months Months 8 October

46 Test Cells Opportunities in Many Market Segments Automotive Radar 77GHz WLCSP Singulated Test Cell Solution MEMS / Sensor Test Cells Automotive ASSP Mobility ASSP Microcontroller Strip Test Solution Analog / Linear ICs 8 October

47 First Test Cell Solution Shipping This Month High volume production at speed testing solution for ADAS Radar enabled devices Automated Automotive compliant Tri-temp testing and handling Commercial ATE 77GHz Radar transmit and receive unit Fully matched at speed contactor and interfacing assembly Lowest number of signal transitions provides better signal integrity Packaged and WLCSP compliant Mechanical interfacing and integrated test cell communication Optimized transmission paths General Purpose ATE Tri-Temp Handler Integrated 77GHz test and contactor assembly 8 October

48 Key Xcerra Technology Enables Test Cell Solutions 77GHZ Integrated contactor, adaptor & interface board Designed to ensure shorthest possible path from Kestrel instrument to DUT and validated over automotive test temperature ranges Standard docking with MT9510 and standard probers MT9510 Tri-temp, Automotive compliant PnP handling solution -55 C to +175 C temperature range Optimized mechanical docking and ATE communication Kestrel 77GHz Automotive Radar test option Available with an LTXC X-Series ATE today Calibration of RF to device pin or ball 8 October

49 Test Cell Innovation Enhancing the Back End Process Reduce Cost Improve OEE and yield Maximize use of capital Improve Flexibility and Agility Improve Time to Volume Meet fluctuating demand with high productivity Gain Competitive Advantage Benefit from complete test solutions Adapt to new test and packaging challenges Focus resources on core business 8 October

50 Xcerra Share Gains & Opportunities Pascal Rondé Senior Vice President, Global Customer Team

51 PAx-ac: The Industry Standard for PA / FEM / Antenna Switch PAx-ac Introduced March 2014 to address PA/FEM test requirements for 4G cell and 5G connectivity Shipped >90 PAx-ac by end of September Major US PA makers serving high end smartphones China/Taiwan PA providers to local low cost smartphones Total PAx tester units shipped to reach 250 by end of calendar year 8 October

52 Diamondx : Broad Market Adoption Diamondx Shipped 100 th system in August 2014 OEM customer base includes: US and Europe IDMs Major Taiwan/China Fabless Wide range of applications on Diamondx OSAT install base has reached critical mass Large number of new applications under development ramping in volume in CY October

53 LTXC Growing Faster Than ATE Market In 20 months gained 2.7 points ytd -6% +43% Market share 5.3% Market share 7.1% Market share 8.0% LTX-Credence market share % -30% 2014 ytd +27% SoC & Logic Test Equipment Market Size Source: SEMI SoC Billings ytd (Jan Aug), Xcerra 8 October

54 Top Semiconductor Companies Adopting First P&P Platform and Leading Edge Contactors MT2168 P&P Handler Strong and broad customer interest driven by very innovative modular approach and roadmap to Tri Temp Multiple accounts placing repeat orders Strong pipeline of evaluations ongoing at major US, Europe and Asia customers Interface Products WLCSP Ceramics in qualification at leading US fabless company in mobility space Sharp Tip Quad Tech evaluation at large graphics and chipset company High Fidelity Kelvin developed for several global Automotive IDMs 8 October

55 Beyond great products, what do Customers need?

56 European Executive Seminar Munich Sept 22 nd Theme: How do test operations address overall cost reduction challenges and ever faster time to volume requirements in a consumer driven semiconductor market? Full day workshop session 12 Senior Managers/ Executives from major European companies 10 Executives from Xcerra 8 October

57 The Voice of Customers Cost of test reduction demand continues Even stronger intensity for Internet of Things (IoT) Coupled with greater quality demands ATE (as a testing tool) is not the bottleneck anymore Shift has moved to optimizing the whole back end process Big Data Management Automation Overall Equipment Efficiency (OEE) of the Test Cell Handler Units Per Hour (UPH) Space on Load Board General acceptance that a change of the existing process maybe required 8 October

58 Xcerra Optimizing the Whole Back End Process Big Data Management Diamondx high bandwidth backbone based on PCI-e Automation Will InCarrier become the FOUP of the back end? Overall Equipment Efficiency (OEE) of the Test Cell Addressed by our TCI strategy Handler Units Per Hour (UPH) MT2168, InStrip/InCarrier strength Space on Load Board InStrip/InCarrier increases test interface dimension, large load board is our sweet spot 8 October

59 Growth from Cross Selling - Leveraging a Strong Channel Enhanced geographic coverage for Multitest in Taiwan and China Spirox now represents all semiconductor test product lines Leverage strong ATE presence at some key accounts to drive Handler and Interface Product sales Power and Analog IDM has signed exclusivity agreement for 5 years for all Xcerra products Large European IDM opening Handler and Load Board evaluation to Xcerra Several other opportunities in the works Leverage strong Handler presence at some other key accounts to drive ATE sales Large Automotive manufacturer opening two different ATE evaluations to Xcerra Major Mixed Signal and Sensor company opening ATE evaluation to Xcerra Several other opportunities in the works 8 October

60 Initial Test Cell Success & Opportunities First Sensor Test Cell success at US based IDM Four active opportunities being worked on First 77 GHz Radar Test Cell success at ST Joint paper being presented at Semicon Europe Oct 8 th Three active opportunities being worked on WLCSP providers must move to final test of singulated parts Due to dppb requirements of high end smartphone brands Five active opportunities being worked on for InCarrier Test Cell 8 October

61 Xcerra Financial Performance Martin Senger Vice President, Finance

62 Recent Industry Trends and Corporate Highlights Industry Mobility and automotive leading recovery across all technology segments Calendar year 2014 SOC tester sales forecast for 21% growth 1 Handler sales forecast for 13% growth 2 Semiconductor companies remained positive in the third calendar quarter PCB board test market remains strong Corporate Acquired businesses have been accretive to overall company Achieved $15M annualized integration savings Semiconductor test product lines driving company growth Cyclical recovery Cross selling opportunities and new product adoption Equity raise 1 Source: Prime Research 2 Source: VLSI Research 8 October

63 Strong Recurring Revenue Stream LTXC Standalone Xcerra 18% 47% 53% 82% Recurring Capital Recurring Capital Q4 14 Revenues: $48.3 M Q4 14 Revenues: $124.3 M 8 October

64 Balance Sheet Overview ($ in millions) Track record of strong working capital management due to: Outsourcing model Quality collections Tight management of payables Efficient capital investment strategy enables cap-ex to run below depreciation run rate Assets 7/31/2014 4/30/2014 Cash & Equivalents $99 $97 Accounts Receivable Inventory Other Current Assets 5 5 Property & Equipment Intangibles Goodwill Other Assets 4 4 Total Assets $364 $341 Debt $52M term loans $18M promissory note to Dover Net Cash position $29M as of 07/31/2014 Approximately $80M pro forma post offering Liabilities Accounts Payable $33 $31 Accrued Expenses Deferred Revenue and Customer Advances 7 4 Debt Other Liabilities Total Liabilities $159 $151 Shareholders Equity Equity $205 $190 Total Liabilities & Equity $364 $341 8 October

65 Target Business Model Per Quarter Sales $93M $125M $150M Gross Margin 37% 43% 47% EBITDA $3M $20M $33M Operating Income $0M $17M $30M Op. Inc. per Share $0.00 $0.30 $0.57 Annualized $0.00 $1.20 $2.16 Notes: 1. Assumes $15 million in annual cost synergy 2. Excludes SBC expense, amortization of purchased intangible assets, effects from purchase accounting, and one-time charges 3. Assumes 55 million fully diluted shares outstanding 4. Does not include quarterly net income improvement of $0.013/share in interest expense savings 8 October

66 Q4FY14 Company Guidance and Actual Results Company Guidance LTXC ECT/MT Xcerra Revenue $48-50M $65-67M $ M Gross Margin 57% 31% 42% Non-GAAP Net Income $ $0.10 $ $0.06 $ $0.16 Actual Results LTXC ECT/MT Xcerra Revenue $48.3M $76.0M $124.3M Gross Margin 57.7% 35.0% 43.8% Non-GAAP Net Income $0.10 $0.15 $0.25 Notes: Excludes effects of purchase accounting Excludes amortization, restructuring, and other one-time charges Assumes 49.3 million fully diluted shares outstanding 8 October

67 Delivered Target Model Results Q4 FY14 Reconciliation of GAAP to Non-GAAP Results $M Per share GAAP net income $ 13.5 $ 0.27 Add: Amortization of purchased intangible assets $ 0.8 $ 0.02 Amortization of inventory step up for PPA $ 1.3 $ 0.03 Bargain purchase gain ($ 4.0) ($ 0.08) Restructuring and acq. / integration related $ 0.8 $ 0.01 Non-GAAP net income $12.4 $ 0.25 Add: Taxes $ 1.0 $ 0.02 Net interest expense / other $ 1.3 $ 0.03 Stock-based compensation $ 1.7 $ 0.03 Non-GAAP operating income at $124.3M in sales $ 16.4 $ 0.33 Business model: Operating income at $125M in sales $ 17 $ 0.34 Note: Per share calculations in this table are based on 49.3 million shares outstanding (share count prior to recent offering) 8 October

68 Xcerra Business Outlook Q1FY15 Guidance Revenue $ M Gross Margin 42% Non-GAAP Net Income $ $0.26 Notes: 1. Excludes effects of purchase accounting 2. Excludes amortization, restructuring, and other one-time charges 3. Assumes 52.2 million fully diluted shares outstanding 4. Guidance updated only to reflect post offering share count 5. Guidance provided on September 8, The Company assumes no obligation to update. 8 October

69 Thank You