Capital Deployment and M&A Highlights
Investment Highlights
Combining Revenue Outperformance and Increasing Profitability to Drive Earnings
Leverage and Free Cash Flow
Revenue growth outperforming the industry... 6-year revenue CAGR of 25% through
2021, outpacing industry, peers and customers... 7-year CAGR through 2022 expected to be
24%+ vs. annual WFE growth of 17% (¹)...
Multiple drivers for continued revenue outperformance... Leveraged to largest growth
segments within WFE... expanding product offerings and customer base; continued market
share gains
Expanding capabilities and SAM... Investments in R&D focused on driving increased IP
content in proprietary products... strategic acquisitions add complementary products, expand
regional presence, and contribute accretive margins to the operating model
■ Delivering strong earnings leverage... Increasing profitability through gross margin
improvement and close control of opex to drive leverage to bottom line... Net income grew at
over 2x the rate of YoY revenue growth in 2020, and over 3x in 2021(2)
(I) CAGR calculated on 2015-2022 period; see slide 6 for data.
(2) Non-GAAP net income excludes amortization of intangible assets, share-based compensation, non-recurring expenses and discrete tax items.
ichor
Proprietary
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