Veeco Instruments Inc. · NASDAQ:VECO
Veeco Instruments — Q4 2019 Earnings Presentation
22 slides from Veeco Instruments's earnings presentation, Feb 13, 2020
Slide 1: Veeco Instruments Inc. Q4 2019 Conference Call
Veeco Instruments Inc. February 13, 2020 Q4 2019 Conference Call
Slide 2: Safe Harbor
Safe Harbor 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 actual results to differ materially from the statements made. These item
Slide 3: CEO Overview
3 CEO Overview William J. Miller, Ph.D. Q4 2019 Conference Call | © 2020 Veeco Instruments Inc.
Slide 4: 2019 Review
2019 Review 4 Innovate technology leadership ▪ Solve tough materials problems ▪ Execute product roadmaps Penetrate market growth ▪ EUV Mask Blanks – Ion Beam Deposition ▪ Leading-Edge Front-End Semiconductor – Laser Anneal ▪ Advanced Packaging – Lithography ▪ 3D Sensing / VCSEL – MOCVD Improve profi
Slide 5: Q4 2019 Highlights
Q4 2019 Highlights 5 ▪ Top and bottom line exceeded midpoint of guided range ▪ Strong revenue in the Front-End Semi and Data Storage markets Q4 Results $113M Revenue $7.4M Non-GAAP Operating Income 11¢ Non-GAAP EPS A reconciliation of GAAP to Non-GAAP financial measures can be found in the backup se
Slide 6: FY 2019 Highlights
FY 2019 Highlights 6 ▪ 13% revenue growth H2 over H1 ▪ Exited year at 40% gross margin ▪ Return to profitability with positive Non- GAAP EPS in Q3 and Q4 FY19 Results $419M Revenue $5.1M Non-GAAP Operating Income (3¢) Non-GAAP EPS A reconciliation of GAAP to Non-GAAP financial measures can be found
Slide 7: CFO Financial Review
7 CFO Financial Review John P. Kiernan Q4 2019 Conference Call | © 2020 Veeco Instruments Inc.
Slide 8: Q4 2019 Revenue by Market & Region
Q4 2019 Revenue by Market & Region 8 ROW United States EMEA China 23% 48% 7% 22% LED Lighting, Display & Compound Semi Front-End Semiconductor Scientific & Industrial Advanced Packaging, MEMS & RF Filters $113M 35% 23% 28% 14% Revenue by Market Revenue by Region Q4 2019 Conference Call | © 2020 Veec
Slide 9: Operating Results
Operating Results 9 Amounts may not calculate precisely due to rounding. A reconciliation of GAAP to Non-GAAP financial measures can be found in the backup section of this presentation. GAAP Non-GAAP $ millions (except per share amounts) Q3 19 Q4 19 2019 Q3 19 Q4 19 2019 Revenue $109.0 $113.2 $419.3
Slide 10: Balance Sheet and Cash Flow Highlights
Balance Sheet and Cash Flow Highlights 10 Amounts may not calculate precisely due to rounding. A reconciliation of GAAP to Non-GAAP financial measures can be found in the backup section of this presentation. $ millions Q3 19 Q4 19 Cash & Short-Term Investments 232 245 Accounts Receivable 73 46 Inven
Slide 11: Q1 2020 Guidance
Q1 2020 Guidance 11 .. A reconciliation of GAAP to Non-GAAP financial measures can be found in the backup section of this presentation. GAAP Non-GAAP Revenue $95M - $120M $95M - $120M Gross Margin 39% - 41% 39% - 41% Operating Expenses ~$44M ~$37M Net Income (Loss) $(12M) - $(1M) $0 - $11M Earnings
Slide 12: Business Update
12 Business Update Q4 2019 Conference Call | © 2020 Veeco Instruments Inc.
Slide 13: Markets and Technologies
Markets and Technologies High Performance Computing • Laser Annealing • Ion Beam Deposition & Etch AI / High Performance Computing • AP Lithography Photonics / 5G • MOCVD Cloud / Data Storage • Ion Beam Deposition & Etch Veeco applies unique know-how to solve unmet needs with the right technology fo
Slide 14: 2020 Priorities
2020 Priorities 14 Focus product lines ▪ Optimize R&D spending across Veeco portfolio ▪ Strengthen foundational businesses Extend core technologies ▪ Front End Semi ▪ Ion Beam ▪ Laser Anneal ▪ Photonics & RF (5G) ▪ MOCVD ▪ Wet Etch & Clean Strengthen leverage & profitability ▪ Reduce operating expen
Slide 15: Q&A
15 Q&A Q4 2019 Conference Call | © 2020 Veeco Instruments Inc.
Slide 16: Reconciliation Tables
16 Reconciliation Tables Q4 2019 Conference Call | © 2020 Veeco Instruments Inc.
Slide 17: Note on Reconciliation Tables
Note on Reconciliation Tables These tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: sh
Slide 18: Supplemental Information—GAAP to Non-GAAP Reconciliation
Supplemental Information—GAAP to Non-GAAP Reconciliation 18 Amounts may not calculate precisely due to rounding. 18 Q4 2019 Conference Call | © 2020 Veeco Instruments Inc. US$ millions Q3 19 Q4 19 2019 Net Sales $109.0 $113.2 $419.3 GAAP Gross Profit 42.2 45.0 158.2 GAAP Gross Margin 38.8% 39.7% 37.
Slide 19: Q4 2019 Actual: GAAP to Non-GAAP Reconciliation
Q4 2019 Actual: GAAP to Non-GAAP Reconciliation 19 Amounts may not calculate precisely due to rounding Q4 2019 Conference Call | © 2020 Veeco Instruments Inc. Non-GAAP Adjustments In millions, except per share amounts GAAP Share-Based Compensation Amortization Other Non-GAAP Net Sales $113.2 $113.2
Slide 20: 2019 Actual: GAAP to Non-GAAP Reconciliation
2019 Actual: GAAP to Non-GAAP Reconciliation 20 Amounts may not calculate precisely due to rounding Q4 2019 Conference Call | © 2020 Veeco Instruments Inc. Non-GAAP Adjustments In millions, except per share amounts GAAP Share-Based Compensation Amortization Other Non-GAAP Net Sales $419.3 $419.3 Gro
Slide 21: Q1 2020 Guidance: GAAP to Non-GAAP Reconciliation
Q1 2020 Guidance: GAAP to Non-GAAP Reconciliation 21 Amounts may not calculate precisely due to rounding Non-GAAP Adjustments In millions, except per share amounts GAAP Share-Based Compensation Amortization Other Non-GAAP Net Sales $95–$120 $95–$120 Gross Profit 37–48 1 —— 38–49 Gross Margin 39%–41%
Slide 22: Thank You
Ver:11072018 Thank You Veeco Instruments www.veeco.com