Financial Data and Key Metrics Changes - The company reported Q4 sales of $223 million, exceeding the high end of guidance, representing a 5% sequential increase [7][17] - Full-year sales for 2024 totaled $867 million, slightly below the record set in 2023, marking the second-highest sales in company history [8] - Q4 net income was $34 million, contributing to a full-year recurring income of $131 million, which indicates strong cash flow [11][12] - Gross margin for Q4 remained flat year-over-year at 37%, while operating margins were strong at 25% [20][21] - The total cash and short-term investments increased by $128 million to $641 million, a 25% year-over-year growth [12][24] Business Line Data and Key Metrics Changes - IC revenue increased by 5% quarter-over-quarter, driven by a 21% surge in high-end sales, while mainstream demand saw a slight reduction [17][18] - FPD revenue improved by 7% sequentially, with strong mainstream growth, although high-end demand remained flat [19] - The strongest demand by node was for 22-28 nanometers and sub-14 nanometers, including specialty EUV business [18] Market Data and Key Metrics Changes - Demand for IC masks turned positive, particularly for high-end designs in Asia and the US, driven by VisionEdge AI chips [8][9] - The FPD mask demand is influenced by new designs and larger display sizes, particularly G10.5%+ panels [10] Company Strategy and Development Direction - The company plans to invest $200 million in CapEx for 2025, focusing on expanding IC capacity in the US and accommodating regionalization trends [13][23] - The company aims to leverage its competitive advantages and maintain its market-leading position in the photomask industry [15][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the photomask industry's growth trajectory, driven by regionalization, AI, and advanced semiconductor designs [41][43] - The company anticipates first-quarter revenue to be in the range of $208 million to $216 million, accounting for typical seasonality [27] Other Important Information - The company authorized an increase in share repurchase from $32 million to $100 million as part of its capital allocation strategy [25][26] - Total debt decreased by 27%, with $18 million remaining, expected to be paid off at maturity [24][25] Q&A Session Summary Question: Increase in operating expenses - Operating expenses increased due to higher SG&A and R&D costs, with approximately half of the increase being non-recurring [34] Question: Details on R&D spending - R&D spending was driven by a robust pipeline of new projects, including a 7nm node optical project and EUV high-NA program [35][36] Question: CapEx for 2025 - Most of the $200 million CapEx is earmarked for new capacity, focusing on the US market, with expansions within existing sites [38] Question: Industry growth outlook - Management is optimistic about the photomask industry's growth, driven by regionalization and AI applications [41][43]

| --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | Q4 2024 Financial Results Conference Call | | | | | | December 11, 2024 | | | | | PHOTRONICS, INC. Safe Harbor Statement 2 This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These ...

Core Viewpoint - Photronics, Inc. reported a decline in revenue for fiscal year 2024 but showed sequential growth in the fourth quarter, driven by strong demand in Integrated Circuits (IC) and Flat Panel Displays (FPD) [2][3][4]. Full Year Fiscal 2024 Results - Total revenue for fiscal year 2024 was $866.9 million, a decrease of 3% from the previous year [3]. - GAAP net income attributable to shareholders was $130.7 million, or $2.09 per diluted share, compared to $125.5 million, or $2.03 per diluted share in 2023 [3]. - Non-GAAP net income attributable to shareholders was $127.6 million, or $2.05 per diluted share, compared to $126.0 million, or $2.04 per diluted share in 2023 [3]. - IC revenue was $638.1 million, down 2%, while FPD revenue was $228.8 million, down 5% [3]. - Cash generated from operating activities was $261.4 million, with $130.9 million invested in organic growth through capital expenditures [3]. Fourth Quarter Fiscal 2024 Results - Revenue for the fourth quarter was $222.6 million, down 2% year-over-year but up 6% sequentially [4]. - GAAP net income attributable to shareholders was $33.9 million, or $0.54 per diluted share, compared to $44.6 million, or $0.72 per diluted share in the fourth quarter of 2023 [4]. - Non-GAAP net income attributable to shareholders was $37.1 million, or $0.59 per diluted share, compared to $37.2 million, or $0.60 per diluted share in the fourth quarter of 2023 [4]. - IC revenue was $163.7 million, down 1% year-over-year but up 5% sequentially, while FPD revenue was $58.9 million, down 7% year-over-year but up 7% sequentially [4]. - Cash generated from operating activities was $68.4 million, with $43.2 million invested in organic growth through capital expenditures [4]. First Quarter Fiscal 2025 Guidance - For the first quarter of fiscal 2025, Photronics expects revenue to be between $208 million and $216 million, and non-GAAP net income attributable to shareholders to be between $0.43 and $0.49 per diluted share [5]. Company Overview - Photronics is a leading manufacturer of photomasks for integrated circuits and flat panel displays, with over 50 years of experience in the industry [7][8]. - As of October 31, 2024, the company employed approximately 1,878 people and operated 11 manufacturing facilities across Asia, Europe, and North America [8].

BROOKFIELD, Conn., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in photomask technologies and solutions, announced today that Christopher J. Lutzo has joined the company as Vice President, General Counsel and Corporate Secretary and has become a member of the Company’s executive leadership team. Lutzo will lead all aspects of Photronics’ legal function, providing support for its global operations and growth initiatives, as well as overseeing the company’s corporate go ...

Photronics (NASDAQ: PLAB ) is a leading global producer of photomasks, which are high-precision quartz or glass plates housing microscopic images of electronic circuits. These photomasks play a pivotal role both in semiconductor and flat panel display production, serving to imprintStock Research Platform (SRP) is run by an experienced full-time CFO and equity investor with a passion for researching stocks to find asymmetric investment opportunities. SRP is screening the market for companies with a strong ba ...

BROOKFIELD, Conn., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its third quarter of fiscal year 2024 ended July 28, 2024. "Market softness in some segments during the quarter impacted photomask demand, reducing both IC and FPD revenue," said Frank Lee, chief executive officer. "The photomask demand recovery that started to take shape early in the third quarter slowed during the period due t ...

Core Viewpoint - Photronics, Inc. is positioned to benefit from the increasing demand for semiconductors driven by AI and IoT applications, with a projected fair price of approximately $54.85 based on DCF analysis [1][22][26] Business Growth and Headcount Growth - Photronics is the world's leading manufacturer of photomasks, with eleven manufacturing fabs across multiple regions including Taiwan, China, Korea, the United States, and Europe [2] - The company reported a diverse customer base of 696 clients in 2023, indicating geographic and client diversification [2] - Headcount increased from 1,500 in 2014 to 1,885 in 2023, suggesting a correlation with net sales growth [2] Financial Performance and Projections - EPS estimates for 2024 and 2025 are projected at $2.10 and $2.20 respectively, with year-over-year growth rates of 2.94% and 4.76% [4] - The company has seen significant growth in net property, plant, and equipment (PP&E), increasing from $550 million in 2014 to $729 million in 2023, indicating reinvestment in capacity [5][11] - Total assets have grown from $1 billion in 2003 to $1.6 billion in 2023, reflecting overall business expansion [5] Cash and Equity Position - Cash reserves increased from $192 million in 2014 to approximately $493.9 million in 2023, suggesting strong liquidity [5][11] - The tangible book value per share is reported at $16.75, indicating the company is undervalued at current market prices [5][12] Valuation Metrics - The company trades at approximately 4.4x forward EBITDA, significantly lower than the sector median of around 15x [15][16] - Comparatively, competitors trade at forward EBITDA multiples ranging from 9x to 23x, highlighting Photronics' undervaluation [14][15] Future Growth Expectations - Anticipated capital expenditures for FY24 are approximately $140 million, aimed at enhancing IC capacity and efficiency [19][26] - The AMOLED market is projected to grow from $16.59 billion to $78.83 billion by 2030, with a CAGR of 21.51%, which could further drive demand for Photronics' products [18] Analyst Sentiment - The average target price from analysts is around $32 per share, indicating a potential upside of 21.49% from current levels [24] - The overall analyst rating for the company is a strong buy, reflecting positive sentiment towards its future performance [24]

The stock market makes companies rapidly gain value every day. However, when it comes to companies which increase as much as 10X over half a decade, there are a few common factors such as an innovative product, positive quarterly and annual growth, and earnings which regularly beat estimates. A thorough analysis of these factors allows analysts to capture future trends – at a time which is advantageous for day-to-day investors. Riskified Ltd. (NYSE:RSKD) partakes in the development and offering of an e-comm ...

Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 28, 2024 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Securities registered pursuant to Section 12(b) of the Act: ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 000-15451 PHOTRONICS, INC. (Exact name of registrant as specif ...

Core Insights - Photronics, Inc. has appointed Eric Rivera as the new Chief Financial Officer, effective immediately, after serving as interim CFO since February 2024 [1][2] - The CEO, Frank Lee, expressed confidence in Rivera's experience and financial knowledge, emphasizing the importance of his role in driving profitable growth and shareholder value [2] - Photronics is a leading manufacturer of photomasks for integrated circuits and flat panel displays, with a history of over 50 years in the industry [3] Company Overview - Photronics specializes in high precision quartz plates that contain microscopic images of electronic circuits, essential for IC and FPD manufacturing [3] - The company was founded in 1969 and has approximately 1,885 employees as of October 31, 2023 [3] - Photronics operates 11 manufacturing facilities strategically located across Asia, Europe, and North America [3]