Veeco Instruments Inc. · NASDAQ:VECO
Veeco Instruments — Oppenheimer 26th Annual Technology, Internet & Communications Conference 2023
18 slides from Veeco Instruments's conference presentation, Aug 9, 2023
Slide 1: Oppenheimer 26th Annual Technology, Internet & Communications Conference
Oppenheimer 26th Annual Technology, Internet & Communications Conference August 9, 2023 1 Oppenheimer 26th Annual Technology, Internet & Communications Conference Copyright © 2023 Veeco Instruments Inc. All Rights Reserved.
Slide 2: Safe Harbor
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, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,
Slide 3: Contents
Contents Overview Background Transformed Company on Growth Trajectory Markets & Technologies Financials Historical Financials & 2023 Outlook Compelling Investment Opportunity Backup & Financial Tables 3 Oppenheimer 26th Annual Technology, Internet & Communications Conference Copyright © 2023 Veeco I
Slide 4: Overview
Overview Background Transformed Company on Growth Trajectory Markets & Technologies 4 Oppenheimer 26th Annual Technology, Internet & Communications Conference Copyright © 2023 Veeco Instruments Inc. All Rights Reserved.
Slide 5: Veeco at a Glance
Veeco at a Glance Patents ~400 Global provider of Solving customers high value semiconductor capital materials challenges equipment Employees ~1,200 Differentiated technology with 2022 Revenue opportunities to expand served Financial strength and flexibility available markets $646M 5 Oppenheimer 26t
Slide 6: Transformed Company on Growth Trajectory
Transformed Company on Growth Trajectory Strong History Solving materials challenges Transformed Semiconductor Returned to profitability and investing for growth Data Storage Compound Semiconductor Differentiated Laser Long history of leadership Demonstrated leadership in Annealing, Ion Beam in Ion
Slide 7: Markets & Technologies
Markets & Technologies Core Technologies Laser Wet Annealing Ion Beam Processing Lithography Semiconductor Market strength driven by broad based demand for LSA product line from both leading and trailing edge customers Wet Epitaxy Processing Compound Semiconductor Market opportunity driven by demand
Slide 8: Veeco Semiconductor Technologies for AI
Veeco Semiconductor Technologies for Al GPU High-Bandwidth Memory (HBM) DRAM Advanced Packaging Current PTOR Current PTOR Current PTOR • Laser-Spike Annealing (LSA) • Laser-Spike Annealing (LSA) • Wet Processing for micro-bump flux • IBD for EUV mask blanks clean Future Opportunities Future Opportun
Slide 9: Laser Annealing Semiconductor Opportunity
Laser Annealing Semiconductor Opportunity • Continued execution of LSA growth strategy • LSA platform production tool of record for Tier 1 IDM’s, foundries, and memory customers • Progress toward winning additional applications • In early stages of adoption in memory market • NSA provides expansion
Slide 10: Ion Beam Deposition– Advanced Node Semiconductor Opportunity
Ion Beam Deposition– Advanced Node Semiconductor Opportunity Illustration of grain size and distribution PVD IBD • Engaged with Tier 1 advanced memory and logic customers • Leveraging decades of experience and core IBD technology in Semiconductor market • Innovative technology addresses gaps with ex
Slide 11: Financials
Financials Historical Financials & 2023 Outlook 11 Oppenheimer 26th Annual Technology, Internet & Communications Conference Copyright © 2023 Veeco Instruments Inc. All Rights Reserved.
Slide 12: Revenue by End-Market
Revenue by End-Market $646M $630 - $670M $583M $454M $419M 2019 2020 2021 2022 2023 Semiconductor Compound Semiconductor Data Storage Scientific & Other Semiconductor revenue increases from 42% in 2019 to ~60% of total revenue in 2023 12 Oppenheimer 26th Annual Technology, Internet & Communications
Slide 13: Historical Financials & 2023 Outlook (Non-GAAP)
Historical Financials & 2023 Outlook (Non-GAAP) Revenue ($m) Gross Margin (%) ~800 ~45% 646 630-670 43% 583 42% 42% 42%-43% 419 454 39% 2019 2020 2021 2022 2023 Target 2019 2020 2021 2022 2023 Target Model Model Operating Income (%) Diluted EPS ($) ~20% 15% 15% 14%-16% 1.57 1.43 1.30-1.50 12% 0.86 1
Slide 14: Compelling Investment Opportunity
Compelling Investment Opportunity 14 Oppenheimer 26th Annual Technology, Internet & Communications Conference Copyright © 2023 Veeco Instruments Inc. All Rights Reserved.
Slide 15: Compelling Investment Opportunity Megatrends
Compelling Investment Opportunity High Performance Computing/AI The Cloud Differentiated technologies in growth markets Laser Annealing share growing and roadmap advancing Leveraging IBD leadership for semiconductor applications Long-term opportunities for epitaxy equipment Mobility and Immersive Tr
Slide 16: Q&A
Q&A 16 Oppenheimer 26th Annual Technology, Internet & Communications Conference Copyright © 2023 Veeco Instruments Inc. All Rights Reserved.
Slide 17: Note on Reconciliation Table
Note on Reconciliation Table This table includes financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: shar
Slide 18: Supplemental Information—GAAP to Non-GAAP Reconciliation
Supplemental Information—GAAP to Non-GAAP Reconciliation $ millions, except per share amounts 2022 2021 2020 2019 $ millions 2022 2021 2020 2019 GAAP Basic weighted average shares 49.9 49.1 48.4 47.5 Net sales $646.1 $583.3 $454.2 $419.3 GAAP Diluted weighted average shares 65.6 53.6 48.4 47.5 GAAP