ASX Small & Mid-Cap Conference 9 September 2020 John Hoffman- Chairman & CEO (ASX: PVS)
DISCLAIMER This presentation dated 9 September 2020 has been prepared by and is being issued by Pivotal Systems Corporation, risks, uncertainties and other factors, many of which are outside the control of Pivotal Systems, that may cause Pivotal Inc (ASX: PVS) ( Company or Pivotal Systems ) for information purposes only. Each recipient of this presentation is System’s actual results, performance or achievements to differ from those referred to in this presentation. Such deemed to have agreed to accept the qualifications, limitations and disclaimers set out below. forward-looking statements speak only as of the date of this presentation. Forward looking statements should not be relied on as an indication or guarantee of future performance. Accordingly, the Parties do not give any assurance, The information in this presentation is an overview and does not contain all information necessary for investment representation or guarantee that the occurrence of the events or forward looking statements referred to in the presentation will actually occur or be achieved as contemplated, nor take any responsibility or duty to update or decisions. The information in this presentation should be read together with the Company’s full year financial results for the half year ended 30 June 2020 released on the ASX announcement platform on 28 August 2020 together with maintain these forward looking statements to reflect any change in expectations in relation to any forward looking other announcements and information about the Company released on its ASX announcement platform and on its statements or any change in events, conditions or circumstances on which any such statement is based. website at https://www.pivotalsys.com/. The information in this presentation does not constitute investment or financial product advice (nor taxation or legal advice) or a recommendation to acquire securities in Pivotal Systems Financial data - All dollar values are in US dollars (US$) unless as otherwise presented. and is not intended to be used as the basis for making any investment decision. This presentation does not take into account your individual investment objectives, financial situation or particular needs. In making investment decisions Non IFRS financial measures in connection with any acquisition of securities, investors or potential investors should rely on their own examination of the assets and financial position of the Company and should consult their own legal, business and/or financial Pivotal Systems uses certain measures to manage and report on its business that are not recognised under Australian advisers before making any investment decision. Accounting Standards or IFRS. These measures are collectively referred to in this document as ‘non -IFRS financial measures’ under Regulatory Guide 230 ‘Disclosing non - IFRS financial information’ published by the Australian The information contained in this presentation has been prepared in good faith by Pivotal Systems, however no Securities and Investments Commission (ASIC). Management uses these non-IFRS financial measures to evaluate the representation or warranty expressed or implied is made by Pivotal Systems, its directors, officers, employees , performance and profitability of the overall business. The principal non-IFRS financial measures that are referred to in advisers and agents ( Parties ) as to the accuracy, correctness, completeness or adequacy of any statements, estimates, this document is EBITDA. EBITDA is earnings before interest, tax, depreciation and amortisation and significant items. opinions or other information contained in this presentation including any forecasts or prospective financial Management uses EBITDA to evaluate the operating performance of the business prior to the impact of significant information. Nothing contained in this presentation nor any information made available to you is, or shall be relied items, the non-cash impact of depreciation and amortisation and interest and tax charges. upon as, a promise, representation, warranty or guarantee, whether as to the past, present or the future. The Parties have not carried out due diligence investigations in connection with the preparation of this presentation and have not Although Pivotal Systems believes that these measures provide useful information about the financial performance of verified the information in this presentation. To the extent permitted by law, none of the Parties takes any Pivotal Systems, they should be considered as supplements to the income statement measures that have been responsibility for any loss or damage suffered as a result of any inadequacy, incompleteness or inaccuracy in any such presented in accordance with the Australia Accounting Standards and IFRS and not as a replacement for them. statement or information including, without limitation, any financial information, any estimates or projections and any other financial information. To the maximum extent permitted by law, the Parties disclaim any liability to any person for any direct, indirect or consequential loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted in this presentation. Future performance – Past performance information provided in this presentation may not be a reliable indication of future performance. Certain information in this presentation refers to the intentions of Pivotal Systems, forecasts, forward looking statements and comments about future events. The occurrence of events in the future are subject to 2
PIVOTAL SYSTEMS SNAPSHOT Pivotal Systems ( Pivotal ) designs, develops, manufactures and sells high quality and performance gas-flow controllers for both device manufacturers and equipment companies participating in the semiconductor capital equipment market ASX Ticker PVS 4530 GICS 1 Code (Semiconductor Equipment) Share Price (as at 31 August 2020) $1.15 52 week low / high $0.79 / $1.71 Market Capitalisation 2 $130.6 million Cash on hand 3 US$9.1 million NTA per share 3 US$0.14 Top 20 CDI 4 Shareholders 83.6% 1 GICS – Global Industry Classification Standard 2 Based on Share price on 1 Sept 2020, issued capital of 113.6M million 3 As at 30 June 2020 4 CDI – Chess Depository Interests (1:1 ratio with common stock) 3
PIVOTAL SYSTEMS OVERVIEW • Leading provider of innovative gas flow control solutions which are integral in the production of semiconductor GLOBAL LEADER IN devices (semiconductors) GAS FLOW CONTROL • Pivotal’s portfolio of GFCs and Flow Ratio Controllers (FRCs) assist semiconductor manufacturers to stabilise and (GFC) SOLUTIONS control the delivery of gases used to deposit or remove materials during the semiconductor manufacturing process • Significant patent protection in place with 36 issued patents and 389 patent claims • Pivotal recorded 1H2020 revenues of $10.1M, an increase of 26% (1H2019: $8.0M) • Operating Loss of $5.0M represents an improvement of 2.5% over 1H2019. Operating margins during 1H2020 were negatively impacted by temporary increases in US Customs Duty and higher US labor costs while certain FINANCIAL POSITION manufacturing processes were being performed in Pivotal’s US facilities • Completed a $13M Revenue Based Preferred Stock Financing with Anzu Partners ($10M tranche 1 drawn) • Cash balance of $9.1M at 30 June 2020, sufficient to fund ongoing operations • The broader mass flow controller (MFC) market is forecast to grow to well above $1 billion by 2022 POSITIONED WITHIN • Pivotal’s customer base continues to grow and includes some of the largest integrated device manufacturers MULTIBILLION (IDMs) and original equipment manufacturers (OEMs) DOLLAR INDUSTRY • Opportunity for significant increase in customer penetration and expansion of overall market share All amounts are expressed in US$ unless otherwise indicated 4
PIVOTAL’S LEADERSHIP TEAM John Hoffman Joe Monkowski Ph.D Dennis Mahoney Adam Goler Ph.D Nori Kobayakawa Kevin Hill Kelly McDonough Chief ExecutiveOfficer Chief Technical Officer Chief Financial Officer Research & Development VP Sales and Marketing Chief Operating Officer VP Engineering • >30 years of global high • >25 years of global high • Founder of Pivotal • >30 years of • Former engineer at • >20 years experience in • Graduate research technology management technology Systems experience, across Applied Materials Asian markets driving emphasis on molecular experience • Extensive experience in management • B.S., Mechanical public/private co., increased market share dynamics simulation, • 18 years at Applied experience the semiconductor raising equity and debt, Engineering, Notre and revenue and super resolution • Apple New Product Materials, Corporate global M&A • Former Business industry focused on Dame and MSME, fluorescence Officer • Former VP Finance, CFO Operations with providing process Mechanical Development Executive microscopy • B.S., United States Foxconn equipment and and Corporate Engineering, U. Wash. at KLA-Tencor • Ph.D, Physics, • B.S., United States Military Academy at West Secretary of ADAC metrology solutions Washington State Point and an Executive • Former CTO of Lam Military Academy at Laboratories University, B.S., Physics MBA (AEA), Stanford • M.B.A from the Haas West Point, MSBA Research and Mathematics, University Boston University, and School of Business UC American University Certified Product at Berkeley and a B.S. Manager also from UC Berkeley Collectively decades of experience across the semiconductor value chain 5
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