Amtech Systems Inc (ASYS) 2025 Q1 法說會逐字稿

Good day, and welcome to the Amtech Systems fiscal first quarter 2025 earnings conference call. Please note that this event is being recorded.

大家好，歡迎參加 Amtech Systems 2025 財年第一季財報電話會議。請注意，該事件正在被記錄。

I would now like to turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead.

現在，我想將電話轉給 Sapphire 投資者關係部門的 Erica Mannion。請繼續。

Good afternoon, and thank you for joining us for Amtech Systems fiscal first quarter 2025 conference call. With me on the call today are Bob Daigle, Chairman and Chief Executive Officer; and Wade Jenke, Chief Financial Officer.

下午好，感謝您參加 Amtech Systems 2025 財年第一季電話會議。今天與我一起參加電話會議的還有董事長兼執行長 Bob Daigle；以及財務長韋德·詹克（Wade Jenke）。

After close of market today, Amtech released its financial results for the fiscal first quarter of 2025. The earnings release is posted on the company's website at www.amtechsystems.com in the Investors section.

今天收盤後，Amtech 公佈了 2025 財年第一季的財務表現。收益報告已發佈在公司網站 www.amtechsystems.com 的投資者部分。

Before we begin, I'd like to remind everyone that the Safe Harbor disclaimer in our public filings covers this call and our webcast. Some of the comments to be made during this call today will contain forward-looking statements and assumptions that are subject to risks and uncertainties, including, but not limited to, those contained in our SEC filings, all of which are posted within the Investors section of our corporate website.

在我們開始之前，我想提醒大家，我們公開文件中的安全港免責聲明涵蓋本次電話會議和網路廣播。今天電話會議中的一些評論將包含前瞻性陳述和假設，這些陳述和假設受風險和不確定性的影響，包括但不限於我們向美國證券交易委員會 (SEC) 提交的文件中所述的內容，所有這些文件均發佈在我們公司網站的「投資者」部分內。

The company assumes no obligation to update any such forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements which speak only as of today. These statements are not a guarantee of future performance and actual results could differ materially from current expectations.

本公司不承擔更新任何此類前瞻性陳述的義務。請注意不要過度依賴僅代表今天觀點的前瞻性陳述。這些聲明並不能保證未來的表現，實際結果可能與目前預期有重大差異。

Among the important factors, which could cause actual results to differ materially from those in the forward-looking statements are changes in the technologies used by customers and competitors, change in volatility and demand for products, the effect of changing worldwide political and economic conditions including trade sanctions, the effect of overall market conditions, including the equity and credit markets and market acceptance risks, ongoing logistics supply chain and labor challenges; and capital allocation plans.

可能導致實際結果與前瞻性陳述中的結果有重大差異的重要因素包括客戶和競爭對手所使用的技術的變化、產品波動性和需求的變化、包括貿易制裁在內的全球政治和經濟條件變化的影響、整體市場條件的影響，包括股票和信貸市場和市場接受風險、持續的物流供應鏈和勞動力挑戰；以及資本配置計畫。

Other risk factors are detailed in our SEC filings including our Form 10-K and Form 10-Q. Additionally, in today's conference call, we will be referring to non-GAAP financial measures as we discuss the fiscal first quarter results. You'll find a reconciliation of these non-GAAP measures to our actual GAAP results included in the press release issued today.

其他風險因素在我們提交給美國證券交易委員會的文件中詳細說明，包括我們的 10-K 表和 10-Q 表。此外，在今天的電話會議中，我們將參考非 GAAP 財務指標來討論第一財季的表現。您會發現，這些非 GAAP 指標與我們今天發布的實際 GAAP 結果的對帳表包含在今天發布的新聞稿中。

Now I will turn the call over to Amtech's Chief Executive Officer, Bob Daigle.

現在我將電話轉給 Amtech 的執行長 Bob Daigle。

Good afternoon, and thank you for joining us today. I'm pleased to report that our first-quarter results exceeded our guidance with revenue of $24.4 million and $1.9 million in adjusted EBITDA. While revenue remained muted on a year over year basis due to continued softness in the markets we serve, our profitability continued to improve with year over year adjusted EBITDA increasing by $1.8 million.

下午好，感謝您今天加入我們。我很高興地報告，我們的第一季業績超出了我們的預期，收入為 2440 萬美元，調整後 EBITDA 為 190 萬美元。儘管由於我們所服務市場的持續疲軟，營收與去年同期相比保持低迷，但我們的盈利能力繼續提高，調整後的 EBITDA 同比增長 180 萬美元。

This performance underscores our ongoing focus on operational excellence and cost optimization. Over the past year, we have made significant progress, restructuring our business to enhance our cost efficiency and improve our ability to adapt to market demand. These efforts are delivering tangible results.

這項業績凸顯了我們對卓越營運和成本優化的持續關注。過去的一年，我們取得了重大進展，透過重組業務提高了成本效率，增強了適應市場需求的能力。這些努力正在取得實際成果。

Our restructuring initiatives have yielded over $8 million in annualized cost savings to date excluding one time costs and are expected to generate approximately $9 million in annualized savings by the end of the second fiscal quarter. The adoption of a semi fabulous model for our capital equipment segment has further strengthened our operating leverage by enabling us to right size the organization and reduce fixed costs. This transition has positioned us well to efficiently support production with varying levels of market demand.

迄今為止，我們的重組舉措已產生超過 800 萬美元的年度成本節約（不包括一次性成本），預計到第二財季末將產生約 900 萬美元的年度節約。我們的資本設備部門採用半精簡模型，使我們能夠合理調整組織規模並降低固定成本，這進一步增強了我們的營運槓桿。這種轉變使我們能夠有效地支持不同層次的市場需求的生產。

Additionally, over the past several quarters, we implemented pricing actions to offset inflationary pressures and enhance our product margin profile. By the end of the second quarter, we will have shipped the majority of the low price, lower margin business in our backlog. Going forward, we will remain vigilant and adjust pricing as necessary to preserve profitability.

此外，在過去幾個季度中，我們實施了定價行動以抵消通膨壓力並提高我們的產品利潤率。到第二季末，我們將完成積壓訂單中大部分低價、低利潤的業務。展望未來，我們將保持警惕，並根據需要調整價格以保持獲利能力。

Turning to our end markets. Demand remains muted for equipment and consumable supporting mature node semiconductor production for markets such as industrial equipment and automotive. However, demand for our reflow equipment in leading edge applications such as AI infrastructure has continued to strengthen. While optimizing our cost structure remains a priority, given the macro backdrop, we are investing in growth initiatives in 2025 and have aligned our organization to better serve our customers.

轉向我們的終端市場。工業設備和汽車等市場對支持成熟節點半導體生產的設備和消耗品的需求仍然低迷。然而，人工智慧基礎設施等前沿應用對我們的回流焊接設備的需求持續增強。雖然優化成本結構仍然是我們的首要任務，但考慮到宏觀背景，我們正在投資 2025 年的成長計劃，並調整我們的組織以更好地服務我們的客戶。

To that end, as we discussed last quarter, we have refined our business segments to provide greater clarity and focus. The semiconductor fabrication solutions business previously known as the Materials and Substrates segment includes PR Hoffman and IDI consumables, Entrepix parts and services as well as some front end capital equipment used for semiconductor wafer and device fabrication.

為此，正如我們上個季度所討論的那樣，我們已經改進了業務部門，以提供更大的清晰度和重點。半導體製造解決方案業務（以前稱為材料和基板部門）包括 PR Hoffman 和 IDI 耗材、Entrepix 零件和服務以及半導體晶圓和裝置製造的一些前端資本設備。

Meanwhile, the Thermal Process Solutions business, formally the Semiconductor segment focuses on reflow equipment for advanced chip packaging and surface mount assembly applications as well as furnaces for power electronic device production and packaging.

同時，熱處理解決方案業務（以前的半導體部門）專注於用於先進晶片封裝和表面貼裝組裝應用的回流設備以及用於電力電子設備生產和封裝的熔爐。

Within the Semiconductor Fabrication Solutions business, our goal is to drive long-term sustainable growth by expanding the reoccurring revenue streams such as consumables parts and services. These revenue streams not only provide higher margins but also deliver more predictable, less cyclical revenue growth.

在半導體製造解決方案業務中，我們的目標是透過擴大消耗品零件和服務等經常性收入來源來推動長期永續成長。這些收入流不僅提供更高的利潤，而且帶來更可預測、更少週期性的收入成長。

To achieve this, we are working to broaden our footprint with existing customers, unlock new opportunities at additional sites, and are actively pursuing opportunities to introduce more of our products to new customers. Additionally, we are leveraging our proven solutions to address similar challenges for other applications.

為了實現這一目標，我們正在努力擴大與現有客戶的業務範圍，在其他站點釋放新的機會，並積極尋找機會向新客戶推出更多產品。此外，我們正在利用經過驗證的解決方案來解決其他應用程式的類似挑戰。

To support these initiatives, we have expanded our team by adding a new business leader for our Semiconductor Fabrication Solutions business as well as dedicated marketing and application development resources with deep industry knowledge.

為了支持這些舉措，我們擴大了團隊，為半導體製造解決方案業務增加了一位新的業務負責人，並增加了具有深厚行業知識的專門行銷和應用開發資源。

Although the near-term macro environment remains soft, we are confident about our future. Our restructuring efforts have strengthened our ability to navigate industry cycles, enabling us to generate profits during downturns while unlocking significant operating leverage as business scales.

儘管短期宏觀環境依然疲軟，但我們對未來充滿信心。我們的重組努力增強了我們應對行業週期的能力，使我們能夠在經濟低迷時期創造利潤，同時隨著業務規模的擴大釋放出巨大的經營槓桿。

Looking forward, our long-term growth drivers remain robust. Investments in AI related infrastructure and supply chain diversification are expected to drive for recovering the capital equipment demand. While expectations for EV growth have moderated, we still anticipate double digit expansion in this segment, which will continue to fuel demand for our silicon carbide related consumables.

展望未來，我們的長期成長動力依然強勁。預計對人工智慧相關基礎設施和供應鏈多樣化的投資將推動資本設備需求的恢復。儘管對電動車成長的預期已經放緩，但我們仍預計該領域將實現兩位數的擴張，這將繼續推動對碳化矽相關消耗品的需求。

In the medium term, we expect our focus on growing our consumable parts and services offerings will provide higher margins and improve stability. Meanwhile, growing momentum in advanced packaging is providing a tailwind to capital equipment demand. Together, we believe these strategic initiatives and industry dynamics position us well for sustained growth and long-term value creation in the years ahead.

從中期來看，我們預計，我們將專注於增加消耗品零件和服務供應，這將帶來更高的利潤率並提高穩定性。同時，先進封裝領域的成長動能為資本設備需求提供了助力。我們相信，這些策略舉措和產業動態將為我們在未來幾年的持續成長和長期價值創造奠定良好基礎。

With that, I'll turn it over to Wade for further details on our financial results.

說完這些，我將把話題轉交給韋德，以了解有關我們財務業績的更多詳細資訊。

Thank you, Bob. For fiscal Q1 net revenues increased 1% sequentially from last quarter and decreased 2% from a year ago. The sequential increase from last quarter is primarily due to increased sales of our diffusion and high temperature furnaces, partially offset by lower sales of our wafer cleaning equipment. The decrease from the prior year is primarily attributable to lower sales of the way for cleaning equipment.

謝謝你，鮑伯。第一財季淨收入較上季成長 1%，較去年同期下降 2%。與上一季相比，環比增長主要由於擴散爐和高溫爐銷量增加，但晶圓清潔設備銷量下降部分抵消了這一增長。與去年相比，銷售額的下降主要歸因於清潔設備的銷售下降。

In the first quarter of fiscal 2025, our GAAP gross margin decreased by $0.4 million sequentially compared to last quarter due to a less favorable product mix. GAAP gross margin increased by $1.1 million compared to a year ago. This is driven by better margin profiles and cost save despite lower revenue and due to intangible asset impairment last year by $0.8 million.

2025 財年第一季度，由於產品組合不佳，我們的 GAAP 毛利率與上一季相比季減 40 萬美元。與去年同期相比，GAAP 毛利增加了 110 萬美元。這是由於利潤率狀況改善、成本節省（儘管收入較低）以及去年無形資產減值 80 萬美元。

Selling, general and administrative expenses decreased by $0.7 million sequentially from last quarter and decreased $0.5 million from a year ago. The decrease across both periods are primarily due to fixed cost reductions by our efforts.

銷售、一般及行政開支較上一季減少 70 萬美元，較去年同期減少 50 萬美元。兩個期間的下降主要歸因於我們努力減少固定成本。

Research, development, and engineering expenses decreased by $0.1 million sequentially from last year and decreased by $0.7 million from a year ago. The sequential decrease is primarily due to the timing of purchases related to specific R&D projects. The decrease from a year ago is attributable to development efforts in our Semiconductor Fabrication Solution segment that did not reoccur.

研究、開發和工程費用比去年同期減少了 10 萬美元，比去年同期減少了 70 萬美元。連續下降主要是由於與特定研發項目相關的採購時間所致。與去年同期相比的下降歸因於我們半導體製造解決方案部門的開發努力沒有再次發生。

GAAP net income for the first quarter of fiscal 2025 was $0.3 million or $0.02 per share. This compares to GAAP net loss of $0.5 million or $0.04 per share for the preceding quarter and GAAP net loss of $9.4 million or $0.60 per share for the first quarter of fiscal 2024.

2025 財年第一季的 GAAP 淨收入為 30 萬美元，即每股 0.02 美元。相比之下，上一季的 GAAP 淨虧損為 50 萬美元或每股 0.04 美元，2024 財年第一季的 GAAP 淨虧損為 940 萬美元或每股 0.60 美元。

Non-GAAP net income for the first quarter of fiscal 2025 was $0.8 million or $0.06 per share. This compares to non-GAAP net loss of 7,000 or zero cents per share for the preceding quarter. A non-GAAP net loss of $0.6 million or $0.04 per share for the first quarter of fiscal 2024.

2025 財年第一季的非 GAAP 淨收入為 80 萬美元，即每股 0.06 美元。相比之下，上一季的非 GAAP 淨虧損為 7,000 元，即每股零美分。2024 財年第一季非 GAAP 淨虧損為 60 萬美元，即每股 0.04 美元。

Unrestricted cash and cash equivalents at December 31, 2024, was $13.2 million compared to $11.1 million at September 30, 2024, due to stronger accounts receivable collection and inventory management effort during the quarter.

2024 年 12 月 31 日的非限制現金和現金等價物為 1,320 萬美元，而 2024 年 9 月 30 日為 1,110 萬美元，原因是本季度應收帳款收款和庫存管理力度加大。

Now turning to our outlook. For the second fiscal quarter ending March 31, 2025, we expect revenues in the range of $21 million to $23 million with adjusted EBITDA nominally positive. Although the near-term outlook for revenue and earnings remains challenging, we remain confident that our long-term future prospects are strong for both our consumables and equipment serving advanced mobility and advanced packaging applications.

現在來談談我們的展望。截至 2025 年 3 月 31 日的第二財政季度，我們預計營收在 2,100 萬美元至 2,300 萬美元之間，調整後的 EBITDA 名義上為正值。儘管短期收入和獲利前景依然充滿挑戰，但我們仍然相信，無論是用於先進行動應用還是先進封裝應用的消耗品和設備，我們的長期前景都是強勁的。

We continue to optimize and reduce Amtech's structural costs. These steps should significantly improve results and enhance profitability through market cycles. Operating results can be significantly impacted positively or negatively by timing of orders, system shipments, logistical challenges, and the financial results of semiconductor manufacturers.

我們不斷優化並降低Amtech的結構成本。這些措施將顯著改善業績，並在市場週期中提高獲利能力。訂單時間、系統出貨量、物流挑戰以及半導體製造商的財務業績可能會對經營業績產生顯著的正面或負面影響。

Additionally, semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand. Actual results may differ materially in the weeks and months ahead. A portion of Amtech's results is denominated in RMBs, a Chinese currency.

此外，半導體設備產業具有週期性，並且容易受到市場需求變化的影響。未來幾週和幾個月的實際結果可能會有重大差異。Amtech 的部分業績以中國貨幣人民幣計價。

The outlet provided is based on an assumed exchange rate between the United States dollar and the RMB. Changes in the value of the RMB related to the US dollar could cause actual results to differ from expectations.

所提供的出口是根據美元和人民幣之間的假定匯率計算的。人民幣兌美元匯率的變動可能導致實際結果與預期不同。

I will now turn the call over to the operator for questions. Operator?

我現在將把電話轉給接線員來回答問題。操作員？

(Operator Instructions) Kevin Garrigan, Rosenblatt Securities.

（操作員指示） Kevin Garrigan，羅森布拉特證券。

Yeah. Hey guys, great speaking with you again and congrats on the results. So just the first one, you guys have done a great job with the restructuring plan. Are there still additional costs that you can kind of take out of the business? And if so, what areas would those kind of be in?

是的。嘿夥計們，很高興再次與你們交談，並祝賀你們取得的成績。首先，你們的重組計畫做得很好。您還可以從業務中扣除哪些額外成本？如果是的話，這些區域會是哪些？

Yeah. Hi, Kevin. Thanks for joining the call. Yeah, we're continuing to work on things. There's a lot in supply chain management and that we've basically have in the pipeline right now, where we've found and it takes a lot of work through because we do have some inventory in place. But that -- we can through better sourcing practices, better supply chain management able to significantly reduce the input costs for some of the some of the equipment in our business.

是的。你好，凱文。感謝您加入通話。是的，我們正在繼續努力。供應鏈管理中有很多工作要做，我們基本上已經在著手處理這些工作，我們發現這需要做大量的工作，因為我們確實有一些庫存。但是，我們可以透過更好的採購實務、更好的供應鏈管理來大幅降低我們業務中部分設備的投入成本。

I'd say the other area we're looking at in terms of footprint utilization is where there's opportunities to really free up some space. We're trying to do that reduce some of the fixed cost there as well. So there are always things, our teams -- it's been very good in terms of identifying these opportunities and converting them into real savings for us and we'll continue to make that a focus in 2025.

我想說，在佔地面積利用率方面，我們正在關注的另一個領域是真正釋放一些空間的機會。我們也在嘗試減少那裡的一些固定成本。所以，我們的團隊總是能夠很好地發現這些機會並將其轉化為真正的節省，我們將在 2025 年繼續將此作為重點。

Got it. Okay. That makes sense. And then second question, we've throughout this kind of earning season, we've heard mixed outlook so far, especially with regards to the automotive market. So can you just kind of talk a little bit more about what you're seeing in the market? I mean, has it gotten better or worse versus kind of three months ago?

知道了。好的。這很有道理。第二個問題，在整個獲利季節，到目前為止，我們聽到的前景褒貶不一，尤其是關於汽車市場。那麼您能否再進一步談談您在市場上看到的情況？我的意思是，與三個月前相比，情況變好還是變壞了？

Yeah. I mean, our guidance as we pointed out that the $21 million to $23 million reflects the fact that I think, we're continuing to see softness in that segment. And I'd say it's particularly -- it's been particularly weak in the equipment side of things that are automotive related.

是的。我的意思是，正如我們所指出的，2100 萬美元到 2300 萬美元的指引反映了這樣一個事實，即我們認為該領域的業務將繼續疲軟。我想說的是，在與汽車相關的設備方面，它尤其薄弱。

So I don't -- again, I don't -- I haven't heard anything suggesting that there's a sharp recovery.

所以我—再說一遍，我沒有聽到任何跡象表明經濟正在急劇復甦。

A couple of the OEMs are reported that they think we've passed bottom. A couple are still saying things are very weak. So we're assuming things will stay soft and I did maybe a little bit of color on our growth initiatives, kind of the philosophy we've operated on the focus of the past year frankly, has been on improving our cost structure, operating leverage.

據報道，一些原始設備製造商認為我們已經觸底。一對夫婦仍說事情進展得很不順利。因此，我們假設情況將保持疲軟，我可能對我們的成長計畫做了一些闡述，坦白說，我們過去一年的經營理念重點是改善我們的成本結構和經營槓桿。

And now the pivot is really -- I'm accustomed to you control your own destiny on growth as well as costs. And we're starting to resource efforts t really broaden what we do in the marketplace, in these markets so that the hope and the approach we're taking is really eventually you get market recovery, but we really want to drive organic growth that's beyond just market recovery.

現在的關鍵點是──我已經習慣你自己掌控成長和成本的命運。我們開始投入資源，真正拓寬我們在這些市場上的業務範圍，我們希望並採取的方法是最終實現市場復甦，但我們真正希望推動的不僅僅是市場復甦的有機成長。

And I think that's really our focus right now is get a little bit more control over our own destiny and then the markets are cyclical, they'll come back. But in the meantime, there's work we can do to improve revenue.

我認為我們現在真正關注的是更多地掌控我們自己的命運，然後市場就會週期性地回歸。但同時，我們可以做一些工作來提高收入。

Yeah, that makes you understand?

是啊，這樣你就明白了嗎？

Yes, it does. Thank you. And then just as my final question. Bob, you had mentioned that you're seeing more activity in the advanced packaging space. Can you just kind of give us a little more color on what you're seeing in that area? And as AI kind of moves from training to inference and more towards the edge where companies are looking for more efficient chips. Do you guys expect to see stronger growth from this trend?

是的。謝謝。這就是我的最後一個問題。鮑勃，您曾提到，您看到先進封裝領域出現了更多的活動。您能否向我們詳細介紹一下您在該地區看到的情況？隨著人工智慧從訓練轉向推理並走向邊緣，企業正在尋找更有效率的晶片。你們期望看到這一趨勢帶來更強勁的成長嗎？

Yeah. And let me give you a little bit of the-- we talked about the past couple of quarters that we've been seeing strengthening in the advanced packaging area. And our customer base generally, it's the OSATs in a lot of cases. So it's the guys who are packaging the chipsets for the AI data centers.

是的。讓我給你介紹一下——我們談論了過去幾個季度我們看到的先進封裝領域的加強。我們的客戶群一般都是 OSAT。正是這些人為 AI 資料中心封裝晶片組。

But I do believe we're going to start to see proliferation of more hardware out there to support AI on the edge. And I think they'll drive more volume which should bode well for the advanced packaging equipment side of things.

但我確實相信，我們將開始看到更多的硬體湧現出來，以支援邊緣人工智慧。我認為他們將推動更大的銷量，這對於先進封裝設備方面來說是個好兆頭。

So it's been a couple of quarters where we've seen some meaningful strengthening versus where we were sitting in 2024 for our equipment. And it is -- the players we're dealing with are the ones who are -- have been successful in the industry.

因此，與 2024 年相比，我們已經看到了設備性能的顯著增強。我們所打交道的參與者都是業界成功人士。

Okay, perfect. I appreciate the color. Thanks guys.

好的，完美。我很欣賞這個顏色。謝謝大家。

All right. Thanks, Kevin.

好的。謝謝，凱文。

(Operator Instructions) There are no further questions at this time. I will now turn the call back to Bob Daigle. Please continue.

（操作員指示）現在沒有其他問題。現在我將把電話轉回給鮑勃·戴格爾。請繼續。

Well, thank you for joining our conference call today, and we look forward to updating you on the progress we're making in the months to come. Have a good afternoon, good evening.

好吧，感謝您今天參加我們的電話會議，我們期待在未來幾個月向您通報我們取得的進展。祝大家下午愉快，晚上愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。