Lasertec : First 9 Months of Fiscal Year ending June 2024 - 1on1 FAQ

April 30, 2024

Lasertec Corporation（6920）

First 9 Months of the Fiscal Year Ending June 2024- 1on1 FAQ

1. Results (July 2023 to March 2024)

1. Sales
2. • Sales totaled 157.2B (up 77.7B YoY)
   • • 80.6% progress vs. 195.0B forecast for FY2024
   • "Semiconductor-relatedproducts" accounted for 135.6B (up 71.4B YoY)
   • "Other products" accounted for 2.2B (up 0.41B YoY)
   • "Services" accounted for 19.2B (up 5.8B YoY)
   • Gross profit amounted to 76.8B (up 33.7B YoY), and GP margin was 48.9% (-5.4ppts YoY)
   • • JPY/USD exchange rate stayed lower than we had assumed (assumption: 1 USD = 135 JPY), pushing sales and profits higher
   • Operating profit amounted to 58.1B (up 30.6B YoY), and OP margin was 37.0% (+2.4ppts YoY)
   • Net profit amounted to 41.5B (up 20.8B YoY), and NP margin was 26.4% (+0.3ppts YoY)
3. Orders
4. • Orders totaled 148.8B (up 20.7B YoY), and the backlog at the end of the period was 394.5B (down 23.3B YoY)
   • "Semiconductor-relatedproducts" accounted for 120.1B (up 13.7B YoY)
   • "Other products" accounted for 2.1B (down 3.2B YoY)
   • "Services" accounted for 26.4B (up 10.2B YoY)
5. Income Statement
6. • R&D expenses amounted to 7.9B (down 0.17B YoY)
   • • 65.9% progress vs. 12.0B forecast for FY2024
   • Capital expenditure amounted to 1.4B (down 19.2B YoY)
   • • 62.3% progress vs. 2.3B forecast for FY2024
   • Depreciation and amortization amounted to 3.4B (up 0.94B YoY)
   • • 75.5% progress vs. 4.6B forecast for FY2024
7. Balance Sheet & Cash Flows
8. • 【Cash flows】 From the end of FY2023: Operating CF (+24.3B), Investing CF (-2.2B), Financing CF (-23.1B)
   • 【Balance sheet】 Cash and deposits at the end of the period was 29.7B (down 0.02B from the end of FY2023)
   • 【Balance sheet】 Inventories amounted to 161.6B (up 9.5B from the end of FY2023)
   • • Increased from the end of FY2023 due to expedited production of yet-to-be-ordered products. Inventories thus remain at a high level

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1. • 【Balance sheet】 78.5B advances received (down 16.5B from the end of FY2023)
   • • Advances received upon shipping to overseas customers or receiving orders for long lead-time products
2. FY2024 (July 2023 to June 2024) Forecast
3. 1. Assumptions
   2. • Assumption of foreign exchange rate: 1 USD = 135 JPY (revised from the initial assumption of 1 USD = 125 JPY)
      • Foreign exchange sensitivity for Q4 of FY2024: Sales increase by about 0.2B and operating profit by about 0.1B with each 1 JPY depreciation against USD
   3. Sales Forecast
   4. • Sales forecast 195.0B (up 42.1B YoY)
      • "Semiconductor-relatedproducts" account for 162.0B (up 31.2B YoY)
      • • Breakdown: Mask inspection 90%, Blank inspection 5%, Wafer inspection 5%
      • "Other products" account for 3.0B (down 0.17B YoY)
      • • Breakdown: FPD 60%, Microscopes and others 40%
      • "Services" account for 30.0B (up 11.0B YoY)
      • • Expected to increase by 58.5% YoY due to an increased number of systems in operation at customer sites
      • Operating profit 67.0B, Ordinary profit 67.0B
      • • Operating margin is expected to be 34.4%
      • Net profit 49.0B (up 2.8B YoY)
   5. Income Statement
   6. • R&D expenses: 12.0B, 6.2% of sales (up 1.0B YoY)
      • Capital expenditure: 2.3B (down 20.8B YoY)
      • • Expected to be at a minimum level during FY2024 with planned investment in the new site, InnoPa, and intangible assets mostly finished
      • Depreciation and amortization: 4.6B (up 1.1B YoY)
4. Comments regarding this FAQ
5. 1. Why did orders increase QoQ in Q3? Is demand recovering?
   2. • Capital investments have recovered to a certain level among device makers.
   3. What is the outlook of orders in FY2024?
   4. • We expect the SPE market to grow in CY2025.
      • Robust interest in ACTIS, including the high-NA model.
      • Strong demand for products related to HBM for generative AI (BGM/VIANCA) and compound semiconductor-related products (SICA).

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(Note) Product categorization
	Semiconductor-related products
	Mask inspection:	For EUV masks (ACTIS, MATRICS X8/9ULTRA, BASIC, MZ, etc.)
		For DUV masks (MATRICS Series other than X8/9ULTRA, MPM)
	Blanks inspection:	For EUV blanks (ABICS)
		For various types of blanks and substrates (MAGICS Series)
	Wafer inspection：	For various types of wafers (SICA, CIRIUS, LX, CIEL, EZ, VIANCA, BGM,
		BIM, etc.)

		Other products
		FPD:	FPD mask or mask blank inspection (CLIOS, LBIS, etc.)
		Microscopes and others:	Microscopes, battery-related products (OPTELICS, ECCS, etc.)
				END

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