Veeco Instruments Inc. · NASDAQ:VECO
Veeco Instruments — Q2 2020 Earnings Presentation
20 slides from Veeco Instruments's earnings presentation, Aug 3, 2020
Slide 1: Q2 2020 Financial Results Conference Call
Veeco (Nasdaq: VECO) August 3, 2020 Q2 2020 Financial Results Conference Call
Slide 2: Safe Harbor
Q2 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
Slide 3: CEO Overview
CEO Overview William J. Miller, Ph.D.
Slide 4: Q2 2020 Highlights
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 • Top Line driven by strength in Data Storage • Solid results driving profitability • $20M in cashflow from operations • Maintaining employee health measures and business resiliency during global pandemic Positive outlook given f
Slide 5: CFO Financial Review
CFO Financial Review John P. Kiernan
Slide 6: Q2 2020 Revenue by Market & Region
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 6 Q2 2020 Revenue by Market & Region 18% 16% 22% 44% Revenue by Market Revenue by Region Scientific & Industrial Front-End Semiconductor LED Lighting, Display & Compound Semiconductor Advanced Packaging, MEMS & RF Filters 26% 30%
Slide 7: Operating Results
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Operating Results 7 $ millions (except per share amounts) GAAP Non-GAAP Q1 20 Q2 20 Q1 20 Q2 20 Revenue $104.5 $98.6 $104.5 $98.6 Gross Profit 46.4 41.9 47.0 42.4 Gross Margin 44.4% 42.5% 44.9% 43.0% Operating Expenses 41.9 41.5
Slide 8: Balance Sheet and Cash Flow Highlights
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Balance Sheet and Cash Flow Highlights 8 $ millions Q1 20 Q2 20 Cash & Short-Term Investments 242 301 Accounts Receivable 84 67 Inventories 130 137 Accounts Payable 36 26 Long-Term Debt 303 317 Cash Flow from Operations (2) 20 DS
Slide 9: Convertible Debt
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Convertible Notes 9 Convertible Debt Principal Amount Carrying Value Coupon Annual Cash Interest Initial Conversion Price As of March 31, 2020 Convertible Notes Due 2023 $345M 2.7% $9.3M $40.03 Total Convertible Debt $345M $303M
Slide 10: Q3 2020 Guidance
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Q3 2020 Guidance 10 GAAP Non-GAAP Revenue $100M - $120M $100M - $120M Gross Margin 42% - 44% 42% - 44% Operating Expenses $41M - $43M $35M - $37M Net Income / (Loss) $(5M) - $2M $5M - $12M Earnings/(Loss) Per Share $(0.12) - $0.0
Slide 11: CEO Market Update
CEO Market Update William J. Miller, Ph.D.
Slide 12: Markets and Technologies for unmet needs
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Veeco applies unique know-how to solve unmet needs with the right technology for commercial scaling 12 Markets and Technologies High Performance Computing • Laser Annealing • Ion Beam AI / High Performance Computing / 5G • AP Lit
Slide 13: 2020 Priorities Update
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Focus product lines Extend core technologies Strengthen leverage & profitability Resilient essential business • Optimize R&D spending • Strengthen foundational businesses • Employees • Service • Supply Chain • Manufacturing • Fro
Slide 14: CCC
CCC <x Q
Slide 15: Reconciliation Tables
CCC Reconciliation Tables
Slide 16: Non-GAAP Financial Measures
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 Note on Reconciliation Tables 16 These tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting princi
Slide 17: Supplemental Information—Reconciliation
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 17 Supplemental Information—GAAP to Non-GAAP Reconciliation Amounts may not calculate precisely due to rounding. US$ millions Q1 20 Q2 20 Net Sales $104.5 $98.6 GAAP Gross Profit 46.4 41.9 GAAP Gross Margin 44.4% 42.5% Add: Share
Slide 18: Q2 2020 Actual: Reconciliation
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 18 Q2 2020 Actual: GAAP to Non-GAAP Reconciliation 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 Sale
Slide 19: Q3 2020 Guidance: Reconciliation
Q2 2020 Financial Results Conference Call | All Rights Reserved. ©2020 19 Q3 2020 Guidance: GAAP to Non-GAAP Reconciliation 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 Sa
Slide 20: Thank You
Thank You