Top of die moves down; component is clamped between pressure pad and anvil.
Top die continues to move down, and Stepper Motor drives anvil down with component in it until component bottom contacts Sensing Pin. At this point anvil and pressure pad stop moving, but top former and cutter keep moving down.
With pressure pad and anvil locked in place, top die continues to move down, and component leads are formed by top former. Top cutter keeps moving down, trimming leads.
Top die goes back up, and anvil returns to its load position; a formed and trimmed component can be removed from die.