A global leader powered by engineered material solutions that fully satisfy our customers INVESTOR PRESENTATION AUGUST 2016
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1 A global leader powered by engineered material solutions that fully satisfy our customers INVESTOR PRESENTATION AUGUST 2016 OUR TECHNOLOGIES FOR TOMORROW S INNOVATIONS
2 Safe Harbor Statement Matters discussed in this presentation may contain forward-looking statements that are subject to risks and uncertainties. These risks and uncertainties could cause the forward-looking statements and II-VI Incorporated s (the Company s ) actual results to differ materially. In evaluating these forward-looking statements, you should specifically consider the Risk Factors in the Company s most recent Form 10-K and Form 10-Q. Forward-looking statements are only estimates and actual events or results may differ materially. II-VI Incorporated disclaims any obligation to update information contained in any forward-looking statement. This presentation contains certain non-gaap financial measures. Reconciliations of non-gaap financial measures to their most comparable GAAP financial measures are presented at the end of this presentation. 2
3 II VI at a Glance II-VI Overview Worldwide leader in engineered materials and optoelectronic components Founded in 1971, IPO in 1987 (NASDAQ: IIVI) Headquartered in Saxonburg, Pennsylvania Four (4) consecutive decades of profitability Facilities in 12 countries ~ 9,300 employees worldwide Organic and Acquisition Growth 10 acquisitions since FY2010, including EpiWorks, Inc. and ANADIGICS, Inc. (now OED) in FY2016 $827 Million of FY2016 Revenue Bookings Operating Income Revenue Steady Long-Term Growth ($ in millions) Note: selected financial data is not adjusted to reflect the Company s II-VI Performance Metals tellurium product line as a discontinued operation 3
4 Business Strategy Grow businesses with core world-class engineered materials capabilities to advance current customer strategies, penetrate new markets through innovative technologies and platforms, and enable new applications in large and growing markets Identify New Products and Markets Identify new technologies, products and markets to meet evolving customer requirements for high performance engineered materials through II-VI's dedicated corporate R&D program to increase new product revenue and maximize return on investment Balanced Approach to Research and Development Internally and externally funded R&D expenditures (targeting overall investment of ~7-9% of revenues) Committed to accepting the right mix of internally and externally funded research that ties closely to long-term strategic objectives Vertical Integration Combine R&D and manufacturing expertise, operating with a bias to both components and production machines, reducing cost and lead time to enhance competitiveness, time to market, and profitability Investment in Low Cost Manufacturing Strategically invest in manufacturing operations worldwide to increase production capacity, capabilities and cost effectiveness Quality and Customer Service Established as a consistent, high-quality supplier of components into customers' products Implementing global quality transformation process, eliminating costs of non-conforming materials and processes Strategic Acquisitions and Alliances Identify acquisition opportunities that accelerate II-VI's access to emerging high-growth segments of markets served and further leverage II-VI's competencies and economies of scale 4
5 Significant Competitive Strengths II-VI competes on its material science knowledge and the ability to produce highly engineered materials repeatably Competitive advantages include: vertical integration, global footprint, experienced talent, and customer collaboration Segment Areas of Competition Competitors II-VI Laser Solutions Infrared laser optics High-power one-micron laser systems Semiconductor laser diodes II-VI Photonics Optical component and optics products Optical amplifier modules II-VI Performance Products Infrared optics for military applications Thermal management Metal matrix composites, reaction bonded ceramics Single crystal Sic substrates 5
6 Laser Solutions Segment Laser Solutions Overview Market Size $1.9 billion 20% market share Recent Acquisitions FY2016: EpiWorks FY2016: ANADIGICS FY2014: Oclaro Semiconductor Laser business Locations U.S., Singapore, China, Germany, Switzerland, Japan, Belgium, the U.K., Italy, South Korea and the Philippines End Markets Industrial: 80% Other: 11% Military: 6% Life Sciences: 3% Segment Financial Highlights ($ in millions) FY2014 FY2015 FY2016 Bookings $ $ $ Revenues $ $ $ Non GAAP Revenues $ $ $ GAAP Op Income $ 24.5 $ 55.0 $ 36.2 Non GAAP Op Income $ 24.5 $ 55.0 $ 56.8 Non GAAP Op Margin 9.6% 19.1% 19.6% In Constant % Growth Currency Bookings 7.4% 9.7% Revenues 5.2% 7.5% Non GAAP Revenues 0.4% 2.7% Non GAAP numbers excludes the effects of Operations and one time costs Segment Update & Growth Strategy Focused on making industrial and large volume production smarter and faster Dramatically increased capacity to serve the growing VCSEL market ($2B by 2020) 6
7 Growth via Organic and Acquisitions II VI is rapidly ramping its capacity and capability to serve the growing OptoElectronics market Major Driver: VCSEL TAM growth from $0.8B in 2015 to $2B by 2020 II-VI acquired EpiWorks, Inc. (Champaign, IL) and ANADIGICS, Inc. (Warren, NJ) for $127MM (including $6MM earn out) Acquired 6 scalable semiconductor fab laser capacity and ability to advance an optoelectronics platform Completed sale of certain ANADIGICS RF assets - $50MM cash (including $5MM earn out) plus multi-year supply agreement Significant additional volume expected in 2H Calendar 2017 Expected dilution for investments about four to five quarters due to required qualifications Source: Markets and Markets 7
8 Photonics Segment Photonics Overview Market Size $3.3 billion 10% market share Recent Acquisitions FY2013: Oclaro TFF business FY2014: Oclaro Fiber Amplifier, Micro-Optics business Locations U.S., China, Vietnam, Germany, Japan, the U.K., Italy, and Hong Kong End Markets Segment Financial Highlights ($ in millions) Photonics FY2014 FY2015 FY2016 % Growth Bookings % Revenue % Op Income >200% Op Inc Margin NM 2.8% 11.6% Major drivers of FY16 growth: North America Metro build out CATV and Data Center Infrastructure China Broadband Undersea Network deployments Optical Comm.: 82% Industrial: 9% Life Sciences: 5% Semiconductor: 3% We expect continued strength during first half of FY17 Segment Update & Growth Strategy Worldwide supplier into 100G, Undersea, and Broadband deployments Leverage vertical integration synergies to enable a cost structure for market penetration and growth 8
9 Performance Products Segment Performance Products Overview Market Size $2.0 billion 10% market share Recent Acquisitions FY2013: M Cubed FY2013: LightWorks Optics Locations U.S., China, Vietnam, Germany, Japan, and the Philippines Segment Financial Highlights ($ in millions) Performance Products FY2014 FY2015 FY2016 % Growth Bookings $ $ $ % Revenues $ $ $ % Op Income $ 22.1 $ 14.6 $ % Op Income Margin 10.4% 7.6% 9.0% This segment has the widest variety of end markets due to the focus on emerging markets in need of materials expertise End Markets Military: 47% Semiconductor: 16% Industrial: 13% Optical Comm.: 10% Life Sciences: 9% Consumer: 4% Segment Update & Growth Strategy Investments in synergistic technologies for strategic and growing markets where materials expertise matters Target military platforms and apps with growth potential Identify the underpinning materials technology for emerging markets 9
10 Research, Development & Engineering High Power Laser Diodes and High Volume Components CVD Diamond Technology Focusing on increasing fiber coupled optical output power of multi-emitter modules Developing high power VCSELs for consumer devices and next generation high speed VCSELs for 3D sensing and datacom applications Developing CVD synthetic diamond for EUV applications Focusing on broadening portfolio beyond infrared windows applications Silicon Carbide Technology Photonics Design Continuing SiC substrate technology efforts to advance 4G and 5G wireless Producing as a leading supplier of 150mm SiC material and first supplier of 200mm SiC material Continuing to improve photonic crystal materials, precision optical parts, and laser device components Pump Lasers Optical Amplifiers Optical Monitoring Micro-Optics Manufacturing Thermoelectrics Materials and Devices Metal Matrix Composites and Reaction Bonded Ceramics Investing in next generation GaAs pump chip and module for terrestrial and undersea performance Developing indium phosphide growth and processing capability Investing and broadening the range of semi-custom and custom amplifiers for Tier 1 customers Continuing optical channel monitor investment Developing OTDR monitors to measure the health of outside fiber plant connections and connections within the central office Shifting toward smaller, more compact platforms and packages Investing in equipment manufacture substrates using computerized manufacturing processes Continuing to develop leading Bi2Te3 for thermoelectric cooling/heating Focusing on thermoelectric power generation capability in order to introduce new products to the market Supporting OEMs in new product development for measurement tools used in semiconductor fabrication 10
11 Leading Market Positions in Diverse End Markets II-VI s array of subsidiaries and operating segments provide diversified exposure to a variety of end markets II-VI Operating Segment End Markets Operating Segment Laser Solutions Photonics Performance Products Consumer Industrial End Market Life Sciences Military Optical Communication Semi-Conductor 11
12 Profitability and Expectations 39.0% 23.9% Consolidated Margin Performance 15.8% 36.9% 21.7% Margin Performance 13.0% 33.2% 15.1% 6.8% 36.6% 37.8% 38.4% 17.3% 18.1% 10.4% 11.1% FY12 FY13 FY14 FY15 FY16 FY16 Non GAAP Gross Margin EBITDA Operating Margin 20.6% 13.8% Gross Margin EBITDA Operating Margin Expectations FY16 FY17 36% 40% 35% 39% 17% 21% 16% 20% 9% 12% 7% 10% Q1FY17 Guidance Rev: $210 $225M Annual growth across the cycle: 2 3x GDP EPS w/ investment $ Incremental Q1 R&D investment: $
13 Key Investment Considerations Leading Market Positions in Diverse End Markets Global Manufacturing Footprint Growth via Organic and Acquisitions Significant Competitive Strengths Experienced and Dedicated Management Team Strong Free Cash Flow Generation Strong Credit Profile 13
14 Reconciliation Tables II-VI Incorporated $ in Millions Three Months Ended Year Ended June 30, March 31, June 30, June 30, June 30, Bookings: Non-GAAP II-VI Laser Solutions $ 76.6 $ 79.6 $ 74.5 $ $ Acquired businesses Consolidated II-VI Laser Solutions $ 88.7 $ 81.8 $ 74.5 $ $ II-VI Photonics II-VI Performance Products Total Bookings $ $ $ $ $ Revenues: Non-GAAP II-VI Laser Solutions $ 77.7 $ 69.6 $ 74.1 $ $ Acquired Businesses Consolidated II-VI Laser Solutions $ 87.4 $ 73.8 $ 74.1 $ $ II-VI Photonics II-VI Performance Products Total Revenues $ $ $ $ $ Operating Income (Loss): Non-GAAP II-VI Laser Solutions $ 20.8 $ 12.3 $ 15.8 $ 56.8 $ 55.0 Acquired Businesses (13.4) (6.9) - (20.6) - Consolidated II-VI Laser Solutions $ 7.4 $ 5.4 $ 15.8 $ 36.2 $ 55.0 II-VI Photonics II-VI Performance Products Total Operating Income $ 28.9 $ 19.4 $ 23.2 $ 91.8 $ 76.8 Non-GAAP Operating Income $ 42.3 $ 26.3 $ 23.2 $ $ 76.8 Operating Margin: Non-GAAP II-VI Laser Solutions 26.8% 17.7% 21.3% 19.6% 19.1% Consolidated II-VI Laser Solutions 8.5% 7.3% 21.3% 11.9% 19.1% II-VI Photonics 14.6% 11.9% 5.7% 11.6% 2.8% II-VI Performance Products 12.8% 8.7% 6.5% 9.0% 7.6% Total Operating Margin 12.0% 9.5% 11.8% 11.1% 10.4% Total Non-GAAP Operating Margin 18.3% 13.1% 11.8% 13.8% 10.4% 14
15 Reconciliation Tables II-VI Consolidated Year Ended June 30, ($ in millions) Consolidated Non-GAAP operating income $ $ 76.8 $ 46.5 Acquired businesses and one-time expenses (20.6) - - Consolidated operating income $ 91.8 $ 76.8 $ 46.5 Interest expense Other expense (income), net (1.3) (6.2) (3.6) Income taxes Income from discontinued operation - - (0.1) Consolidated Net Earnings $ 65.5 $ 66.0 $ 38.4 Consolidated revenues $ $ $ Acquired businesses (13.9) - - Consolidated Non-GAAP revenues $ $ $ Consolidated operating margin 11.1% 10.4% 6.8% Consolidated Non-GAAP operating margin 13.8% 10.4% 6.8% 15
16 Reconciliation Tables Reconciliation of Operating Income to Net Earnings II-VI Consolidated Year Ended June 30, ($ in millions) Consolidated Non-GAAP EBITDA $ $ $ Acquired businesses and one-time expenses, pre-tax (20.3) - - Acquired depreciation and amortization Settlement agreement Consolidated EBITDA $ $ $ Interest expense Depreciation and amortization Income taxes Income from discontinued operation - - (0.1) Consolidated Net earnings $ 65.5 $ 66.0 $ 38.4 Consolidated revenues $ $ $ Acquired businesses (13.9) - - Consolidated Non-GAAP revenues $ $ $ Consolidated EBITDA margin 18.1% 18.3% 15.1% Consolidated Non-GAAP EBITDA margin 20.6% 17.3% 15.1% 16
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