Veeco Instruments Inc. · NASDAQ:VECO

Veeco Instruments — Q1 2020 Earnings Presentation

19 slides from Veeco Instruments's earnings presentation, May 7, 2020

  1. Slide 1: Q1 2020 Financial Results Conference Call

    Veeco (Nasdaq: VECO) May 7, 2020 Q1 2020 Financial Results Conference Call

  2. Slide 2: Safe Harbor

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Safe Harbor 2 To the extent that this presentation discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause

  3. Slide 3: CEO Overview

    CEO Overview William J. Miller, Ph.D.

  4. Slide 4: COVID-19 Priorities

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 4 COVID-19 Priorities Health & Safety ▪ Robust communication protocols in place to monitor situation ▪ Employee temperature screening ▪ Veeco COVID-19 Pledge o Social distancing o Personal Protective Equipment o Working from home

  5. Slide 5: Q1 2020 Highlights

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 • Top Line driven by strength in Data Storage • 3rd consecutive quarter of Non-GAAP profitability driven by strong gross margin and improved OpEx • $242M in cash and short term investments •“Essential” status allowed for only min

  6. Slide 6: Markets and Technologies

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Veeco applies unique know-how to solve unmet needs with the right technology for commercial scaling 6 Markets and Technologies High Performance Computing • Laser Annealing • Ion Beam AI / High Performance Computing • AP Lithograp

  7. Slide 7: Transformation - Update

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Phase 1: Returning to Profitability • Shift MOCVD market focus from commodity LED to higher value Compound Semiconductor • Execute general infrastructure reductions • Rationalize product line investments Phase 1: executed 7 Trans

  8. Slide 8: Strategy is Still Intact: 2020 Priorities

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Focus product lines Extend core technologies Strengthen leverage & profitability Resilient essential business • Optimize R&D spending • Strengthen foundational businesses • Employees • Service • Supply Chain • Manufacturing • Fro

  9. Slide 9: CFO Financial Review

    CFO Financial Review John P. Kiernan

  10. Slide 10: Q1 2020 Revenue by Market & Region

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 10 Q1 2020 Revenue by Market & Region 30% 15% 8% 47% Revenue by Market Revenue by Region Scientific & Industrial Front-End Semiconductor LED Lighting, Display & Compound Semiconductor Advanced Packaging, MEMS & RF Filters 37% 38%

  11. Slide 11: Operating Results

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Operating Results 11 $ millions (except per share amounts) GAAP Non-GAAP Q4 19 Q1 20 Q4 19 Q1 20 Revenue $113.2 $104.5 $113.2 $104.5 Gross Profit 45.0 46.4 45.5 47.0 Gross Margin 39.7% 44.4% 40.2% 44.9% Operating Expenses 51.8 41

  12. Slide 12: Balance Sheet and Cash Flow Highlights

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Balance Sheet and Cash Flow Highlights 12 $ millions Q4 19 Q1 20 Cash & Short-Term Investments 245 242 Accounts Receivable 46 84 Inventories 133 130 Accounts Payable 21 36 Long-Term Debt 300 303 Cash Flow from Operations 16 (2) D

  13. Slide 13: Outlook

    CCC Outlook

  14. Slide 14: CCC

    CCC <x Q

  15. Slide 15: Reconciliation Tables

    CCC Reconciliation Tables

  16. Slide 16: Non-GAAP Financial Measures

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Note on Reconciliation Tables 16 These tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting princi

  17. Slide 17: Supplemental Information—GAAP to Non-GAAP Reconciliation

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 17 Supplemental Information—GAAP to Non-GAAP Reconciliation Amounts may not calculate precisely due to rounding. US$ millions Q4 19 Q1 20 Net Sales $113.2 $104.5 GAAP Gross Profit 45.0 46.4 GAAP Gross Margin 39.7% 44.4% Add: Shar

  18. Slide 18: Q1 2020 Actual: GAAP to Non-GAAP Reconciliation

    Q1 2020 Financial Results Conference Call | All Rights Reserved. ©2020 18 Q1 2020 Actual: GAAP to Non-GAAP Reconciliation Non-GAAP Adjustments In millions, except per share amounts GAAP Share-Based Compensation Amortization Other Non-GAAP Net Sales $104.5 $104.5 Gross Profit 46.4 0.5 47.0 Gross Marg

  19. Slide 19: Thank You

    Thank You

Veeco Instruments — Q1 2020 Earnings Presentation on 6ix