GlobeNewswire Inc | Oct 26, 2021 01:44AM EDT

October 26, 2021

Revenue of 208.3 Million and Net Income of 84.2 Million Up 92.3% and 147.6%, Respectively, vs. Q3-20.

Orders of 209.2 Million Up 4.5% vs. Q2-21 and 120.4% vs. Q3-20.

Strong YTD-21 Revenue, Orders and Net Income of 577.6 Million, 736.5 Million and 215.3 Million, Respectively

DUIVEN, The Netherlands, Oct. 26, 2021 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter and nine months ended September 30, 2021.

Key Highlights Q3-21

-- Revenue of 208.3 million declined 7.9% vs. Q2-21 and was in line with prior guidance. Decrease primarily due to lower shipments for mobile applications post H1-21 capacity build and supply chain constraints. Up 92.3% vs. Q3-20 due to increased demand for mobile and automotive applications and higher shipments to Asian subcontractors -- Orders of 209.2 million grew 4.5% vs. Q2-21 and 120.4% vs. Q3-20 primarily as a result of increased bookings for hybrid bonding, high performance computing and automotive applications -- Gross margin of 60.4% declined by 1.7 points vs. Q2-21 principally due to a less favorable product mix. Down 0.4 points vs. Q3-20 primarily due to adverse forex influences -- Net income of 84.2 million decreased 9.3 million (-9.9%) vs. Q2-21 principally as a result of lower revenue and gross margin levels realized. Up 50.2 million, or 147.6%, vs. Q3-20 -- Net margin of 40.4% declined slightly vs. the 41.3% achieved in Q2-21 but increased by 9.1 points vs. Q3-20 highlighting the significant operating leverage in Besis business model

Key Highlights YTD-21

-- Revenue of 577.6 million rose 78.3% vs. YTD-20 reflecting strong demand across Besis end-user markets, geographies and customers with particular strength in mobile applications -- Orders of 736.5 million grew 421.7 million, or 134.0%, primarily due to significant growth in each of Besis principal end-user markets -- Gross margin reached 60.5%, up 0.4 points vs. YTD-20 principally related to a more favorable product mix and increased labor efficiencies despite adverse forex influences and additional costs to scale Besis production capacity -- Net income of 215.3 million grew 127.7 million, or 145.8%, vs. YTD-20. Net margin expanded to 37.3% vs. 27.1% in YTD-20 -- Net cash of 287.8 million at end of Q3-21 increased by 129.1 million (+81.3%) vs. Q3-20

Outlook

-- Q4-21 revenue to decrease approximately 5-15% vs. Q3-21 as new products are introduced, capacity added in 2021 is deployed and typical H2 seasonal trends. Revenue expected to rise 60-80% vs. Q4-20 highlighting ongoing market strength. Gross margin of 59-61% at similar levels as reported in Q3-21.

(?millions, Q3-2021 Q2-2021 ? Q3-2020 YTD-2021 YTD-2020except EPS) ? ?Revenue 208.3 226.1 -7.9 % 108.3 +92.3 % 577.6 323.9 +78.3 %Orders 209.2 200.2 +4.5 % 94.9 +120.4 % 736.5 314.8 +134.0 %Operating 95.4 106.7 -10.6 % 42.0 +127.1 % 250.4 109.2 +129.3 %IncomeEBITDA 99.7 110.9 -10.1 % 46.5 +114.4 % 263.1 123.5 +113.0 %Net Income 84.2 93.5 -9.9 % 34.0 +147.6 % 215.3 87.6 +145.8 %EPS (basic) 1.08 1.23 -12.2 % 0.47 +129.8 % 2.84 1.21 +134.7 %EPS 1.00 1.12 -10.7 % 0.43 +132.6 % 2.58 1.12 +130.4 %(diluted)Net Cash & 287.8 206.7 +39.2 % 158.7 +81.3 % 287.8 158.7 +81.3 %Deposits

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:"Besi reported strong results for both the third quarter and first nine months of 2021 as we leveraged our leadership position in advanced packaging to expand revenue growth, executed strategic initiatives to drive profitability and refined our business model to take advantage of emerging opportunities in wafer level assembly.

For the quarter, revenue of 208.3 million and net income of 84.2 million increased by 92.3% and 147.6% versus Q3-20. Results were slightly ahead of the midpoint of guidance despite ongoing supply chain disruptions which constrained the potential number of customer shipments. In addition, we maintained gross margins above 60% and limited operating expense development that aided profitability and resulted in a net margin above 40% for the second consecutive quarter.

Q3-21 orders of 209.2 million trended favorably relative to typical seasonal patterns, increasing by 4.5% sequentially versus Q2-21 and by 120.4% versus Q3-20. In general, order growth reflected continued strong customer demand for advanced packaging applications as customers increased their investment in AI, 5G, data center, vehicle electrification and cloud infrastructure applications. Versus Q2-21, growth was primarily due to follow-on orders for hybrid bonding systems as well as increased demand for high performance computing and automotive applications, continuing trends we saw in Q2-21. Growth for such end-user markets helped offset reduced demand by Asian subcontractors for mobile applications as incremental capacity ordered in the first half year was installed for new product introductions in H2-21.

Results for the first nine months were also very strong with revenue and orders reaching 577.6 million and 736.5 million, respectively, increases of 253.7 million (78.3%) and 421.7 million (134.0%), versus the prior year period. Year to date revenue and order growth resulted from significantly increased demand across all Besis end-user markets, geographies and customers with a particular focus in the first quarter on high-end mobile applications followed by strength in the second and third quarters for automotive and high performance computing applications. Net income also rose strongly, increasing by 127.7 million, or 145.8%, versus YTD-20 to reach 215.3 million due to substantial revenue growth combined with tight controls of overhead and personnel costs. As a result, Besis net margins expanded to 37.3% in YTD-21 versus 27.1% in YTD-20 highlighting the significant operating leverage in our business model.

Our liquidity position continued to grow with cash and deposits and net cash increasing by 15.5% and 39.2%, respectively, versus Q2-21 due to strong cash flow generated from operations post the significant working capital investment required in H1-21. In addition, our capital allocation policy continues to reward investors with total distributions of 163.7 million in dividends and share repurchases year to date, highlighting our commitment to long-term value creation for shareholders.

At present, we are completing a strategic review 2021-2025 with refinements to our organization and management planned for the next phase of Besis development. As such, we hope to realize the potential of a new generation of <7 nanometer chip to wafer assembly applications while maintaining the exciting growth opportunities of our existing advanced packaging portfolio. Toward this end, we will have increased development and service personnel by approximately 20% and 40%, respectively, by year end and increased our presence in the US and Taiwan to help support new fabs planned by customers. In addition, we are in the process of significantly ramping Besis hybrid bonding production capacity in alignment with customer roadmaps for 2022-2025. Over the past year, the Besi and Applied Materials teams have made excellent progress working together to process customer materials and accelerate development of advanced heterogeneous integration technologies.

Looking forward, we believe that the market drivers supporting the growth of the assembly equipment market in this upcycle remain intact based on updated industry research forecasts and increased capex spending plans recently announced by our principal customers for mobile, automotive and computing end-user markets. We also see near-term incremental growth opportunities represented by hybrid bonding and other chip to wafer process technologies consistent with favorable order trends over the past two quarters.

For Q4-21, we estimate that revenue will decline by 5-15% versus Q3-21 as new products are introduced by customers, capacity added in 2021 is deployed and typical H2 seasonal trends. However, revenue is anticipated to increase by 60-80% versus Q4-20 highlighting ongoing assembly market strength. In addition, we forecast gross margins between 59-61%, roughly equivalent to Q3-21 and for operating expenses to be flat, plus or minus 5%, versus the 30.4 million realized in Q3-21."

Third Quarter Results of Operations

Q3-2021 Q2-2021 ? Q3-2020 ?Revenue 208.3 226.1 -7.9 % 108.3 +92.3 %Orders 209.2 200.2 +4.5 % 94.9 +120.4 %Book to Bill Ratio 1.0 0.9 +0.1 0.9 +0.1

Q3-21 revenue of 208.3 million decreased by 17.8 million versus Q2-21 as shipments for high-end mobile applications declined after a strong H1-21 capacity build, partially offset by increased shipments for automotive, high performance computing and mainstream electronics applications. The sequential quarterly revenue decrease (-7.9%) was at the favorable end of prior guidance (down 5-15% versus Q2-21). Besis 92.3% revenue growth versus Q3-20 primarily reflected increased demand for mobile and automotive end-user markets, significantly increased shipments to Asian subcontractors for mainstream mobile and electronics applications and more favorable market conditions generally.

Orders of 209.2 million increased 4.5% versus Q2-21 and 120.4% versus Q3-20 due primarily to increased bookings for hybrid bonding, high performance computing and automotive applications. On a sequential basis, Q3-21 order growth was partially offset by reduced demand by Asian subcontractors for high-end mobile applications. Per customer type, IDM orders increased 22.4 million, or 20.1%, versus Q2-21 and represented 64% of total orders for the period. Subcontractor orders decreased by 13.4 million, or 15.1%, versus Q2-21 and represented 36% of total orders.

Q3-2021 Q2-2021 ? Q3-2020 ?Gross Margin 60.4 % 62.1 % -1.7 60.8 % -0.4 Operating Expenses 30.4 33.6 -9.5 % 23.9 +27.2 %Financial Expense/(Income), net 3.4 2.8 +21.4 % 3.2 +6.3 %EBITDA 99.7 110.9 -10.1 % 46.5 +114.4 %

Besis gross margin in Q3-21 was 60.4%, a decrease of 1.7 points versus Q2-21 primarily due to a less favorable product mix of systems shipped during the quarter. Versus Q3-20, Besis gross margin decreased by 0.4 points due to adverse forex movements of the euro relative to the USD and Chinese Yuan which could not be offset by increased labor efficiencies realized from significantly higher revenue levels.

Q3-21 operating expenses declined by 3.2 million, or 9.5%, as compared to Q2-21 principally as a result of a 2.2 million reduction in share-based compensation expense. Operating expenses increased by 6.5 million, or 27.2%, versus Q3-20 primarily due to increased variable sales related expenses associated with higher revenue levels, increased R&D spending for the development of next generation wafer level assembly systems and higher consulting expenses. As a percentage of revenue, operating expenses declined to 14.6% in Q3-21 versus 14.9% in Q2-21 and 22.1% in Q3-20.

Q3-2021 Q2-2021 ? Q3-2020 ?Net Income 84.2 93.5 -9.9 % 34.0 +147.6 %Net Margin 40.4 % 41.3 % -0.9 31.3 % +9.1 Tax Rate* 8.4 % 10.0 % -1.6 12.4 % -4.0

* Effective tax rate reflects 3.7 million and 2.4 million of tax benefits recognized in Q3-21 and Q2-21, respectively.

Besis net income reached 84.2 million in Q3-21, a decrease of 9.3 million, or 9.9%, versus Q2-21 primarily due to a 7.9% revenue decrease and lower gross margin realized. Such decreases were partially offset by a 9.5% reduction in operating expenses and a lower effective tax rate due to a 3.7 million tax benefit recognized at Besi Switzerland. Versus Q3-20, net income increased by 50.2 million, or 147.6%, principally as a result of a 92.3% revenue increase combined with ongoing cost controls of fixed personnel and overhead which limited operating expense development. As a result, Besis net margin of 40.4% in Q3-21 rose by 9.1 points versus the 31.3% realized in Q3-20.

Nine Months Results of Operations

YTD-2021 YTD-2020 ?Revenue 577.6 323.9 +78.3 %Orders 736.5 314.8 +134.0 %Gross Margin 60.5 % 60.1 % +0.4 Operating Income 250.4 109.2 +129.3 %Net Income 215.3 87.6 +145.8 %Net Margin 37.3 % 27.1 % +10.2 Tax Rate* 10.2 % 13.0 % -2.8

* Effective tax rate reflects 6.1 million of tax benefits recognized in YTD-21.

YTD-21 revenue reached 577.6 million, up 78.3% versus YTD-20 reflecting strong demand across Besis end-user markets, geographies and customers. In particular, revenue growth reflected a large capacity build by customers in H1-21 for high-end smart phones in anticipation of new product introductions in the second half year. It also reflected increased demand by Asian subcontractors for mainstream mobile and electronics applications.

Similarly, orders of 736.5 million grew by 421.7 million, or +134.0%, versus YTD-20 primarily due to significant growth in each of Besis principal end-user markets and more favorable industry conditions generally. IDM and subcontractor orders represented 51% and 49%, respectively, of YTD-21 orders versus 43% and 57%, respectively, in YTD-20.

Besis net income rose strongly as well, increasing by 127.7 million, or 145.8%, versus YTD-20 to reach 215.3 million. Similarly, Besis net margin of 37.3% increased by 10.2 points versus YTD-20 as increased revenue and gross margin more than offset a 15.8% increase in operating expenses primarily associated with increased share-based compensation expense and variable, sales related expenses due to significantly higher revenue levels.

Financial Condition

Q3 Q2 Q3 YTD- 2021 2021 ? 2020 ? 2021 YTD-2020 ?Total Cash and 590.5 511.4 +15.5 % 564.5 +4.6 % 590.5 564.5 +4.6 %DepositsNet Cash and Deposits 287.8 206.7 +39.2 % 158.7 +81.3 % 287.8 158.7 +81.3 %Cash flow from Ops. 98.6 51.2 +92.6 % 60.9 +61.9 % 176.0 110.3 +59.6 %

At the end of Q3-21, Besi had a strong liquidity position with total cash and deposits aggregating 590.5 million. Total cash and deposits increased by 79.1 million versus Q2-21 primarily due to 98.6 million of cash flow generated from operations which was used to fund (i) 14.2 million of share repurchases and (ii) 5.5 million of capitalized development spending. Similarly, net cash of 287.8 million at quarter end increased by 81.1 million, or 39.2% versus Q2-21 and by 129.1 million, or 81.3%, versus Q3-20 primarily due to strong cash flow generated from operations and ongoing conversions of Besis Convertible Notes due to its upward share price appreciation.

Share Repurchase Activity / Convertible NotesDuring the quarter, Besi repurchased 189,838 of its ordinary shares at an average price of 74.52 per share for a total of 14.2 million. Cumulatively, as of September 30, 2021, 4.0 million shares have been purchased under the current 185 million share repurchase program at an average price of 29.54 per share for a total of 119.1 million. As of such date, Besi held approximately 0.5 million shares in treasury, equal to 0.6% of its shares outstanding.

During the quarter, 1.0 million and 2.6 million principal amount of the 2.5% Convertible Notes due 2023 and the 0.5% Convertible Notes due 2024, respectively, were converted into 105,452 ordinary shares. As a result, the principal amount outstanding of the 2.5% Convertible Notes due 2023 and the 0.5% Convertible Notes due 2024 declined to 4.7 million and 172.4 million, respectively.

Outlook

Based on its September 30, 2021 order backlog and feedback from customers, Besi forecasts for Q4-21 that:

-- Revenue will decrease by approximately 5-15% vs. the 208.3 million reported in Q3-21 -- Gross margin will range between 59-61% vs. the 60.4% realized in Q3-21 -- Operating expenses will be flat, plus or minus 5%, vs. the 30.3 million reported in Q3-21

Investor and media conference callA conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). The dial-in for the conference call is (31) 20 531 5851. To access the audio webcast and webinar slides, please visit www.besi.com.

Basis of Presentation

The accompanying condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2020 Annual Report, which is available on www.besi.com.

AboutBesi

Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besis ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY Nasdaq International Designation) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

Contacts:Richard W. Blickman, President & CEOHetwig van Kerkhof, SVP FinanceLeon Verweijen, VP FinanceClaudia Vissers, Executive Secretary/IR coordinatorEdmond Franco, VP Corporate Development/US IR coordinatorTel. (31) 26 319 4500investor.relations@besi.com

CautionConcerningForwardLookingStatements

This press release contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as anticipate, estimate, expect, can, intend, believes, may, plan, predict, project, forecast, will, would, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading Outlook contains such forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services;the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the associated adverse impacts on the global economy, financial markets, and our operations as well as those of our customers and suppliers; failure todevelop new and enhanced products and introduce them at competitive price levels;failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence;disruption or failure of our information technology systems;inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers as a result of the COVID-19 pandemic; those additional risk factors set forth in Besi's annual report for the year endedDecember 31, 2020and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Statements of Operations

(euro in thousands, except share and per share Three Months Nine Monthsdata) Ended Ended September 30, September 30, (unaudited) (unaudited) 2021 2020 2021 2020 Revenue 208,306 108,343 577,565 323,949Cost of sales 82,514 42,466 228,188 129,339 Gross profit 125,792 65,877 349,377 194,610 Selling, general and administrative expenses 21,581 16,312 72,472 59,970Research and development expenses 8,806 7,598 26,474 25,457 Total operating expenses 30,387 23,910 98,946 85,427 Operating income 95,405 41,967 250,431 109,183 Financial expense, net 3,401 3,197 10,720 8,500 Income before taxes 92,004 38,770 239,711 100,683 Income tax expense 7,761 4,814 24,401 13,054 Net income 84,243 33,956 215,310 87,629 Net income per share ? basic 1.08 0.47 2.84 1.21Net income per share ? diluted 1.00 0.43 2.58 1.12

Number of shares used in computingper share amounts:- basic- diluted ^1 78,121,836 72,705,062 75,747,525 72,471,117 85,347,997 84,386,221 85,422,234 83,217,565





Consolidated Balance Sheets

September 30, June 30, March 31, December 31,(euro in thousands) 2021 2021 2021 2020 (unaudited) (unaudited) (unaudited) (audited)ASSETS Cash and cash 455,267 298,802 347,979 375,406equivalentsDeposits 135,204 212,575 257,847 223,299Trade receivables 213,641 217,725 147,737 93,218Inventories 85,172 78,100 61,709 51,645Other current assets 14,630 17,165 17,655 11,964 Total current assets 903,914 824,367 832,927 755,532 Property, plant and 27,838 27,344 27,739 27,840equipmentRight of use assets 10,560 10,280 8,958 9,873Goodwill 44,966 44,732 44,851 44,484Other intangible assets 61,747 57,450 54,078 50,660Deferred tax assets 19,947 20,086 21,177 21,924Other non-current assets 1,034 1,084 1,078 1,043 Total non-current assets 166,092 160,976 157,881 155,824 Total assets 1,070,006 985,343 990,808 911,356 Trade payables 84,342 91,472 65,351 44,017Other current 102,349 87,337 83,155 57,469liabilities Total current 186,691 178,809 148,506 101,486liabilities Long-term debt 302,637 304,647 389,614 399,956Lease liabilities 7,307 6,963 6,348 6,952Deferred tax liabilities 11,312 11,448 12,905 12,840Other non-current 16,251 15,947 18,887 18,895liabilities Total non-current 337,507 339,005 427,754 438,643liabilities Total equity 545,808 467,529 414,548 371,227 Total liabilities and 1,070,006 985,343 990,808 911,356equity

Consolidated Cash Flow Statements

(euro in thousands) Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2021 2020 2021 2020 Cash flows from operating activities:Income before income tax 92,004 38,770 239,711 100,683 Depreciation and amortization 4,285 4,495 12,717 14,343 Share-based payment expense 1,395 981 14,792 9,014 Financial expense, net 3,401 3,197 10,720 8,500 Changes in working capital 226 14,546 (86,671 ) (10,197 )Income tax paid (1,659 ) (221 ) (12,080 ) (8,974 )Interest paid (1,064 ) (865 ) (3,170 ) (3,045 ) Net cash provided by operating 98,588 60,903 176,019 110,324 activities Cash flows from investing activities:Capital expenditures (1,206 ) (1,250 ) (4,071 ) (2,600 )Proceeds from sale of property - - 54 - Capitalized development expenses (5,497 ) (4,286 ) (16,277 ) (12,268 )Repayments of (investments in) 79,291 (110,127 ) 89,244 (95,127 )deposits Net cash provided by (used in) 72,588 (115,663 ) 68,950 (109,995 )investing activities Cash flows from financing activities:Payments of bank lines of credit - - - (434 )Proceeds from (payments of) debt - - 1,021 (416 )Proceeds from convertible notes - 147,757 - 147,757 Payments on lease liabilities (889 ) (853 ) (2,739 ) (2,622 )Dividends paid to shareholders - - (129,357 ) (73,486 )Purchase of treasury shares (14,175 ) (3,259 ) (34,372 ) (9,457 ) Net cash provided by (used in) (15,064 ) 143,645 (165,447 ) 61,342 financing activities Net increase in cash and cash 156,112 88,885 79,522 61,671 equivalentsEffect of changes in exchangerates on cash and cash equivalents 353 (1,047 ) 339 (610 )Cash and cash equivalents atbeginning of the period 298,802 251,621 375,406 278,398 Cash and cash equivalents at end 455,267 339,459 455,267 339,459 of the period

Supplemental Information (unaudited) (euro in millions, unless stated otherwise)

REVENUE Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Per geography: Asia Pacific 77.6 85 % 105.7 85 % 86.6 80 % 91.1 83 % 113.4 79 % 175.7 78 % 164.3 79 % EU / USA 13.7 15 % 18.6 15 % 21.7 20 % 18.6 17 % 29.8 21 % 50.4 22 % 44.0 21 % Total 91.3 100 % 124.3 100 % 108.3 100 % 109.7 100 % 143.2 100 % 226.1 100 % 208.3 100 % ORDERS Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Per geography: Asia Pacific 102.0 86 % 88.1 87 % 75.9 80 % 122.7 78 % 253.2 77 % 155.0 77 % 170.5 82 % EU / USA 16.6 14 % 13.2 13 % 19.0 20 % 34.6 22 % 73.9 23 % 45.2 23 % 38.7 18 % Total 118.6 100 % 101.3 100 % 94.9 100 % 157.3 100 % 327.1 100 % 200.2 100 % 209.2 100 % Per customer type: IDM 47.4 40 % 44.6 44 % 43.7 46 % 77.6 49 % 130.8 40 % 111.3 56 % 133.7 64 % Subcontractors 71.2 60 % 56.7 56 % 51.2 54 % 79.7 51 % 196.3 60 % 88.9 44 % 75.5 36 % Total 118.6 100 % 101.3 100 % 94.9 100 % 157.3 100 % 327.1 100 % 200.2 100 % 209.2 100 % HEADCOUNT Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Sep 30, 2021 Fixed staff (FTE) Asia Pacific 1,071 70 % 1,067 70 % 1,054 70 % 1,060 70 % 1,070 70 % 1,096 70 % 1,132 70 % EU / USA 458 30 % 455 30 % 459 30 % 463 30 % 468 30 % 473 30 % 483 30 % Total 1,529 100 % 1,522 100 % 1,513 100 % 1,523 100 % 1,538 100 % 1,569 100 % 1,615 100 % Temporary staff (FTE) Asia Pacific 42 46 % 121 72 % 95 63 % 35 37 % 299 82 % 581 90 % 559 87 % EU / USA 50 54 % 48 28 % 57 37 % 60 63 % 64 18 % 68 10 % 80 13 % Total 92 100 % 169 100 % 152 100 % 95 100 % 363 100 % 649 100 % 639 100 % Total fixed and temporary 1,621 1,691 1,665 1,618 1,901 2,218 2,254 staff (FTE) OTHER Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 FINANCIAL DATA Gross profit 51.7 56.7 % 77.0 62.0 % 65.9 60.8 % 64.0 58.3 % 83.3 58.2 % 140.3 62.1 % 125.8 60.4 % Selling, general and admin expenses: As reported 23.5 25.7 % 20.1 16.2 % 16.3 15.1 % 15.8 14.4 % 26.7 18.6 % 24.2 10.7 % 21.6 10.4 % Share-based compensation (5.8 ) -6.3 % (2.2 ) -1.8 % (1.0 ) -1.0 % (1.5 ) -1.4 % (9.8 ) -6.8 % (3.6 ) -1.6 % (1.4 ) -0.7 % expense SG&A expenses 17.7 19.4 % 17.9 14.4 % 15.3 14.1 % 14.3 13.0 % 16.9 11.8 % 20.6 9.1 % 20.2 9.7 % as adjusted Research and development expenses:: As reported 9.4 10.3 % 8.4 6.8 % 7.6 7.0 % 7.4 6.8 % 8.3 5.8 % 9.4 4.2 % 8.8 4.2 % Capitalization 3.7 4.1 % 4.3 3.5 % 4.3 4.0 % 5.4 4.9 % 5.9 4.1 % 4.9 2.2 % 5.5 2.6 % of R&D charges Amortization (2.6 ) -2.8 % (2.1 ) -1.7 % (2.1 ) -2.0 % (2.2 ) -2.0 % (1.7 ) -1.2 % (1.7 ) -0.8 % (1.8 ) -0.8 % of intangibles R&D expenses 10.5 11.5 % 10.6 8.5 % 9.8 9.0 % 10.6 9.7 % 12.5 8.7 % 12.6 5.6 % 12.5 6.00 % as adjusted Financial expense (income), net: Interest expense 2.6 2.5 3.1 3.6 3.4 2.3 2.4 (income), net Hedging 0.7 0.5 0.3 0.3 0.7 0.7 0.7 results Foreign exchange (0.7 ) (0.3 ) (0.2 ) (0.1 ) 0.4 (0.2 ) 0.3 effects, net Total 2.6 2.7 3.2 3.8 4.5 2.8 3.4 Operating income as % of 18.8 20.6 % 48.4 39.0 % 42.0 38.8 % 40.7 37.1 % 48.4 33.8 % 106.7 47.2 % 95.4 45.8 % net sales EBITDA as % of 24.0 26.3 % 53.1 42.7 % 46.5 42.9 % 45.5 41.5 % 52.6 36.7 % 110.9 49.0 % 99.7 47.9 % net sales Net income as % of 13.9 15.2 % 39.8 32.0 % 34.0 31.3 % 44.6 40.7 % 37.6 26.3 % 93.5 41.3 % 84.2 40.4 % net sales Income per share Basic 0.19 0.55 0.47 0.62 0.51 1.23 1.08 Diluted 0.19 0.50 0.43 0.55 0.47 1.12 1.00

__________________________________________________1) The calculation of diluted income per share assumes the exercise of equity-settled share-based payments and the conversion of all Convertible Notes outstanding