Veeco Instruments Inc. · NASDAQ:VECO
Veeco Instruments — Q3 2023 Earnings Presentation
21 slides from Veeco Instruments's earnings presentation, Nov 6, 2023
Slide 1: Q3 2023 Financial Results Conference Call
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 1 Veeco Instruments Q3 2023 Financial Results Conference Call - November 6th, 2023
Slide 2: Safe Harbor
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 2 Safe Harbor This presentation contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, tha
Slide 3: CEO Overview and Business Update
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 3 Bill Miller, Ph.D. CEO Overview and Business Update
Slide 4: Q3 Financial & Business Highlights
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 4 Q3 Financial & Business Highlights $177M $33M 0.53¢ Revenue Non-GAAP Operating Income Diluted Non-GAAP EPS • Top and bottom-line results above high-end of guidance • Semiconductor revenue remains
Slide 5: Market Update
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 5 Market Update Core Technologies Laser Annealing Ion Beam Lithography Wet Epitaxy Processing Ion Beam Data Storage core technologies providing significant value for advanced node semiconductor app
Slide 6: Veeco Technologies for Artificial Intelligence Advanced Packaging
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 6 Veeco Technologies for Artificial Intelligence Advanced Packaging Current PTOR • Wet Processing for micro-bump flux clean • Lithography for Cu bumps Additional Future Opportunities • Wet Processi
Slide 7: Nanosecond Annealing Opportunity
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 7 Nanosecond Annealing Opportunity Enabling technology with strong customer pull • Shipped 1st NSA500TM eval system to Tier 1 logic customer • Solidifies Veeco’s leadership in advanced laser anneal
Slide 8: Ion Beam Deposition – Advanced Node Semi Opportunity
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 8 Ion Beam Deposition– Advanced Node Semi Opportunity Adapting IBD technology for advanced node wafer level semiconductor applications • Leveraging decades of experience and core IBD technology in
Slide 9: Financial Review
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 9 John Kiernan CFO Financial Review
Slide 10: Q3 23 Revenue by Market & Region
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 10 Q3 2023 Revenue by Market & Region 56% 14% 11% 19% Revenue by Market Revenue by Region Scientific & Other Semiconductor Compound Semiconductor Data Storage 29% 23% 15% 33% EMEA APAC China United
Slide 11: Q3 23 Operating Results
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 11 Q3 2023 Operating Results In millions (except per share amounts) GAAP Non-GAAP Q2 23 Q3 23 Q2 23 Q3 23 Revenue $161.6 $177.4 $161.6 $177.4 Gross Profit 67.5 76.9 69.1 78.4 Gross Margin 41.8% 43.
Slide 12: Balance Sheet and Cash Flow Highlights
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 12 Balance Sheet and Cash Flow Highlights $ millions Q2 23 Q3 23 Cash & Short-Term Investments 287 287 Accounts Receivable 130 122 Inventories 244 252 Accounts Payable 63 63 Long-Term Debt Includin
Slide 13: 2023 Guidance
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 13 2023 Guidance A reconciliation of GAAP to Non-GAAP financial measures can be found in the backup section of this presentation. Q4 2023 Updated 2023 Revenue Outlook • Revenue from $630 - $670 mil
Slide 14: CEO Closing Remarks
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 14 CEO Closing Remarks
Slide 15: Thank You Q&A
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 15 Thank You Q&A
Slide 16: Backup and Financial Tables
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 16 Backup and Financial Tables
Slide 17: Historical Revenue by End-Market
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 17 Historical Revenue by End-Market $M 2020 2021 2022 2023 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Semiconductor 37.4 37.5 33.6 57.4 165.9 51.6 53.7 76.3 65.4 247.1 77.6 97.5 100.4 93
Slide 18: Note on Reconciliation Tables
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 18 Note on Reconciliation Tables These tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. gene
Slide 19: Supplemental Information—GAAP to Non-GAAP Reconciliation
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 19 Supplemental Information—GAAP to Non-GAAP Reconciliation Amounts may not calculate precisely due to rounding. $ millions Q2 23 Q3 23 Net sales $161.6 $177.4 GAAP gross profit 67.5 76.9 GAAP gros
Slide 20: Q3 2023 Actual: GAAP to Non-GAAP Reconciliation
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 20 $ millions Non-GAAP Adjustments GAAP Share-Based Compensation Amortization Other Non-GAAP Net Sales $177.4 $177.4 Gross Profit 76.9 1.5 — — 78.4 Gross Margin 43.3% 44.2% Operating Expenses $54.6
Slide 21: Reconciliation of GAAP to non-GAAP Financial Data
Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 21 Reconciliation of GAAP to non-GAAP Financial Data Non-GAAP Adjustments GAAP Share-Based Compensation Amortization Other Non-GAAP Net Sales $155–$175 $155–$175 Gross Profit 66–76 1 — — 67–77 Gros