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©2017 AstroNova, Inc. All Rights Reserved.
Sidoti Spring 2017
Emerging Growth Convention March 29, 2017
Gregory A. Woods, President and CEO
John P. Jordan, VP, CFO & Treasurer
Forward-looking Statements
2
Information included in this presentation may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather
reflect our current expectations concerning future events and results. These statements may include the use of the
words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions
to identify forward-looking statements. Such forward-looking statements, as well as statements relating to future
operating targets, involve risks, uncertainties, and other factors, some of which are beyond the Company’s control,
which may cause its actual results, performance, or achievements to be materially different from those expressed or
implied by such forward-looking statements. These risks, uncertainties, and factors include, but are not limited to,
those factors set forth in the Company’s Annual Report on Form 10-K and subsequent filings AstroNova makes with
the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events, or otherwise. The reader is
cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this
presentation.
Innovative, Differentiated Products Connected by Core Technology
3
Data Visualization Technology
AstroNova NASDAQ: ALOT
• Products convert analog and digital data into human-usable formats
• High recurring revenue stream
• Proprietary consumables
• Diverse global markets
Aerospace Product Identification Test & Measurement
4AstroNova NASDAQ: ALOT
AstroNova Operating System
InnovationStage-Gate methodology
accelerates and streamlines
product development process
Building Value
Our customer-centric philosophy
ensures we deliver superior
quality, delivery, cost and growth
Continuous Improvement
Through operational excellence and lean
initiatives, we consistently strive to
increase efficiency and enhance margins
One Global Team
We work as a unified organization
in a data-driven environment that
fosters mutual trust and respect
5
Integrated Business Model
AstroNova NASDAQ: ALOT
Increased Shareholder Value
AOS – Best Quality, Cost, Delivery
Common Core: R&D, FIN, IT, OPS, M&A
Data Visualization Technology
Strategic Planning & Deployment Process
AerospaceProduct
Identification Test &
Measurement
Unique Go-To-Market Teams
Stage-Gate Product Management
Voice of the
Customer
Pro
fita
ble
reve
nu
e
gro
wth
Strategic M&A
Global Reach, Worldwide Customer Base
6AstroNova NASDAQ: ALOT
Business Units
Reporting Segments
Business Overview
7AstroNova NASDAQ: ALOT
Recent Highlights
8AstroNova NASDAQ: ALOT
• Achieved record fourth quarter and FY17 revenue
• Unveiled new Product ID and T&M products
• Opened new offices in Spain and India
• Acquired TrojanLabel ApS; completed strategic financing agreement
• Announced selection of ToughWriter 640 for Boeing 737 catalog
• Returned dividends totaling $2.1 million to shareholders in FY17
• Exited FY17 with $24.8 million in cash and marketable securities
FY 2017 Revenue by Type/Channel
FY 2017 Revenue by Type
9
Consumables
$56.2
Hardware
$33.8
Service/Other
$8.4
FY 2017 Revenue by Channel
Domestic
$68.7International
$29.7
Total revenue of $98.4 million, +4% YoY
($ in millions)($ in millions)
AstroNova NASDAQ: ALOT
Product Identification
10
Tabletop and Light Production Label Printers, Specialty Printers,
Software, Consumables, and Service
AstroNova NASDAQ: ALOT
Product Identification: Capitalizing on Demand for Customization
11
$43.6$49.1
$59.8
$67.1$69.9
10.0% 10.5% 12.1% 13.9% 14.1%
$0
$20
$40
$60
$80
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
($ in millions)
Annual Revenue and
Segment Operating Profit
AstroNova NASDAQ: ALOT
Revenue CAGR: 12.5%
Growth Drivers:
• Customization megatrend
• Efficiency and waste reduction
• Faster time to market
• Favorable economics
TrojanLabel Acquisition
12
• European manufacturer of digital color label and specialty printers
• Strong presence in EMEA and Asia
• 50 dealer partners worldwide
• Three major product lines focused on a broad range of end markets
• Profitable and growing
• Robust R&D pipeline
AstroNova NASDAQ: ALOT
Closed February 1, 2017
Strategic Rationale
13AstroNova NASDAQ: ALOT
Expands Product Line
Opens
New End Markets
Broadens
Technical Capabilities
Enhances
Global Dealer Network
Creates Significant Cross-Selling Opportunities
Expands Addressable Product ID Market
14AstroNova NASDAQ: ALOT
Expands Addressable Product ID Market
15AstroNova NASDAQ: ALOT
Trojan 2: The Leader in Light Production Color Label Presses under $100K
16AstroNova NASDAQ: ALOT
• High performance color label press
• Characteristics of a larger expensive system
in affordable package
• Attainable for all label converters and
high volume brand owners
• Maintains high, consistent print quality
at high volumes
• User friendly system with touch screen interface
and automatic maintenance
Trojan 3: A Disruptive Opportunity in Packaging and Converting
17AstroNova NASDAQ: ALOT
• Print color images directly onto a wide variety of materials
• Easily customized
• Can be integrated with third party OEM devices
• Reduces inventory and waste
• Enables faster time to market
Test & Measurement
AstroNova NASDAQ: ALOT 18
Ruggedized Airborne Printers, Networking Hardware and
Data Acquisition Systems
Annual Revenue and
Segment Operating Profit
$17.6$19.5
$28.6$27.5
$28.6
17.6%13.6%
19.7%
13.3% 15.4%
$0
$5
$10
$15
$20
$25
$30
$35
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
Revenue CAGR: 12.9%
($ in millions)
Aerospace Products:Significant Worldwide Opportunity
AstroNova NASDAQ: ALOT 19
• Graphical flight deck and cabin printers
• Rugged networking products
• PMA certified products, parts, supplies
• Certified FAA repair facility
ToughWriter® 4 ToughWriter® 5 Miltope Printers
Networking Electronics
NEW
ToughWriter® 640
Growth Catalysts: Global Aircraft Demand
(Upgrades, Service, Supplies)
Aerospace Products
Select Contracts
AstroNova NASDAQ: ALOT 20
Military Business/Regional Jet Commercial In-Flight Entertainment
C-130J – TW4
A400M – TW4
C-130T – TW4
KC-390 – TW5
Airbus A380 – TW4
Boeing 787 – TW4
Boeing 737NG – TW5
Confidential – TW5
Global 5000/6000 – TW5
Confidential – TW5
Confidential – TW5
Confidential – TW5
Panasonic Avionics – TW5
Zodiac Inflight Innov. – TW4
Thales Avionics – TW4
Deep Aerospace Relationships
Addressing the Top 3 Tiers of the Aerospace Value Chain
AstroNova NASDAQ: ALOT 21
AirlineDirect
Aircraft OEMs
Tier 1 Systems Integrators
Data Acquisition Systems Real-Time Data Analysis
22
Applications
• Aircraft equipment qualification and certification
• Monitoring rail and automotive performance
• Validating fixed plant control instrumentation
• Wireless remote monitoring and data acquisition
AstroNova NASDAQ: ALOT
Signal capture and analysis
• Main markets: aerospace, transportation, industrial
Growth Catalysts: Regulatory,
Safety Complianceand Quality Assurance
DDX100
SmartCorder®
New Products
EVX® Chart
Recording System
Daxus®
Data Acquisition Technology A380 Qualification and Testing
23AstroNova NASDAQ: ALOT
Near-term Priorities
24AstroNova NASDAQ: ALOT
• Complete TrojanLabel integration
• Integrate AstroNova Operating System into TrojanLabel’s operations
• Expand addressable markets through strategic investment in sales, marketing,
engineering and technical support
• Continue ramp of new Product ID and Test & Measurement products
• Further expand international revenue opportunities
• Build Management and Technical Bench Strength
25
Near-Term:
1-2 Years
(FY18=Y2)
Longer-Term:
3-5 Years
• Accelerate product launches and channel build out
• Innovate game-changing products
• Automate key processes
• Build management team depth
• Pursue smaller bolt-on acquisitions
• Broaden product lines and recurring revenue opportunities
• Focus AOS on growing market share and operating margins
• Increase global presence
• Pursue larger bolt-on acquisitions
Five-Year Growth Strategy
AstroNova NASDAQ: ALOT
Operating Model
26AstroNova NASDAQ: ALOT
FY 2017 FY 2021 (targets)
Revenue $98.4M $250M
3-year CAGR 12.8% 17%
Operating Margin 6.4% 15%
Strategic Driving Force Data Visualization Technology
End Market Focus Aerospace, Data Acquisition, Industrial
Fast-Moving Consumer Goods
Growth Strategy (Organic growth of current platforms) + (bolt-on M&A)
Management Approach AstroNova Operating System
27
Track record of successful M&A
Recurring revenue >50%
Robust product development pipeline
Expanding global footprint
Continuous improvement culture
AstroNova NASDAQ: ALOT
Leading market positions and brands
High Barriers to Entry
Investment Rationale
28AstroNova NASDAQ: ALOT
Thank You!
NASDAQ: ALOT
29AstroNova NASDAQ: ALOT
Financial Overview
Strong Financials
30
$76.4
$88.3
$102.3$97.8
$0
$20
$40
$60
$80
$100
$120
FY 2014 FY 2015 FY 2016 FY 2017
Bookings ($M)
AstroNova NASDAQ: ALOT
Revenue and Net Income ($M)
$68.6
$88.3$94.7
$98.4
$0
$10
$20
$30
$40
$0
$20
$40
$60
$80
$100
$120
FY 2014 FY 2015 FY 2016 FY 2017
Improved Cash Generation
31AstroNova NASDAQ: ALOT
*Free cash flow is a Non-GAAP metric which AstroNova defines as net cash from operating activities less capital expenditures. Please see
Appendix for reconciliation of Non-GAAP results to their most directly comparable GAAP results.
($ in thousands)Free Cash Flow* and CapEx($M)
FY 2017FY 2016FY 2015FY 2014
32
($ in thousands)
Operations Excellence is Yielding Improved Productivity
Revenue/Employee
CAGR: 11%
AstroNova NASDAQ: ALOT
Annual Revenue by Type FY 2017 vs. FY 2016
33
Hardware34%
FY17: $33.8
FY16: $34.8 41% Consumables
FY17: $56.2
FY16: $51.8
53%
Service and other
FY17: $8.4
FY16: $8.19%
6%
FY17: $98.4
FY16: $94.7
Revenue
$ in millions (% of total sales)
37%55%
8%
AstroNova NASDAQ: ALOT
57%
Annual Revenue by ChannelFY 2017 vs. FY 2016
34
72%
70%30% 28%
$ in millions (% of total sales)
FY17: $68.7
FY16: $68.3
International
FY17: $29.7
FY16: $26.3
FY17: $98.4
FY16: $94.7
Domestic
Revenue
AstroNova NASDAQ: ALOT
Annual Revenue by Segment FY 2017 vs. FY 2016
35
71%
Test & Measurement
$28.5
FY 2017
$98.471% $67.1
Test & Measurement
$27.5
FY 2016
$94.7
29%
Product ID
$69.9
Product ID
29%
$ in millions (% of total)
AstroNova NASDAQ: ALOT
Annual Operating Profit by SegmentFY 2017 vs. FY 2016
36
69%
Product ID
$9.3 - ProfitMargin 13.9%
Test & Measurement
$3.7 - ProfitMargin 13.3%
FY 2016
$ in millions (% of total)
$13.0
28%
Product ID
$9.8 - ProfitMargin 14.1%
$4.4 - Profit
Margin 15.4%
FY 2017
$14.231%
Test & Measurement
AstroNova NASDAQ: ALOT
72%
Q4/FY17 Financial Highlights
37AstroNova NASDAQ: ALOT
(In thousands, except per share data) Three Months Ended Twelve Months Ended
January 31, 2017 January 31, 2016 January 31, 2017 January 31, 2016
Revenue $25,657 $23,761 $98,448 $94,658
Gross Profit 10,071 9,130 39,489 38,158
Gross Profit Margin (%) 39.3% 38.4% 40.1% 40.3%
Operating Income 1,152 793 6,281 5,934
Net Income 766 828 4,228 4,525
Net Income Per Share – Diluted $0.10 $0.11 $0.56 $0.61
Weighted Avg Number of Common
Shares Outstanding – Diluted 7,586 7,494 7,573 7,471
Cash Dividends Per Share $0.07 $0.07 $0.28 $0.28
Book Value Per Common Share(1) $9.30 $8.99 $9.30 $8.99
Selected Balance Sheet Data
38
($ in thousands of dollars)
As of
January 31, 2017
(Unaudited)
As of
January 31, 2016
(Audited)
Cash & Marketable Securities 24,821 20,419
Current Assets 60,566 54,514
Total Assets 82,843 77,963
Current Liabilities 11,700 9,548
Shareholders’ Equity 70,002 67,373
AstroNova NASDAQ: ALOT
39AstroNova NASDAQ: ALOT
Appendix
Global Aircraft FleetNew and Existing Aircraft – 2015-2035
AstroNova NASDAQ: ALOT 40
Existing Fleet
(End of Year 2015)
New Aircraft Deliveries:
2016-2035
Single-aisle 14,280 28,140
Wide body 3,910 8,170
Regional jets 2,550 2,380
Business jets 16,185 8,300*
Total 36,925 46,990
Sources: Boeing Long-Term Outlook, Bombardier Market Forecast
*10 year forecast (2016-2025)
Large and Growing Markets
Reconciliation: Net Cash Provided by Operating Activities to Free Cash Flow
41AstroNova NASDAQ: ALOT
($ in thousands) Twelve Months Ended
January 31, 2017 January 31, 2016
Net Cash Provided by Operating Activities $6,900 $7,728
Capital Expenditures ($1,200) ($3,062)
Free Cash Flow $5,700 $4,666
42AstroNova NASDAQ: ALOT
Thank You!
NASDAQ: ALOT
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