Veeco Instruments Inc (VECO) 2023 Q1 法說會逐字稿

Greetings and welcome to Veeco's First Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn the conference over to your host, Anthony Pappone, Head of Investor Relations. You may begin.

歡迎來到 Veeco 的 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在將會議轉交給你的主持人，投資者關係主管安東尼帕彭。你可以開始了。

Thank you and good afternoon, everyone. Joining me on the call today are Bill Miller, Veeco's Chief Executive Officer; and John Kiernan, our Chief Financial Officer.

謝謝大家，下午好。今天和我一起參加電話會議的是 Veeco 的首席執行官 Bill Miller；以及我們的首席財務官 John Kiernan。

Today's earnings release is available on the Veeco website. Please note that we have prepared a slide presentation to accompany today's webcast. We encourage you to follow along with the slides on veeco.com. This call is being recorded by Veeco Instruments, and is copyrighted material. It cannot be recorded or rebroadcast without Veeco's expressed permission. Your participation implies consent to our recording.

今天的收益發布可在 Veeco 網站上獲取。請注意，我們為今天的網絡廣播準備了幻燈片演示。我們鼓勵您跟隨 veeco.com 上的幻燈片進行操作。此通話由 Veeco Instruments 錄製，是受版權保護的材料。未經 Veeco 明確許可，不得錄製或轉播。您的參與意味著同意我們的錄音。

To the extent that this call discusses expectations about market conditions, market acceptance and future sale of the company's products, future disclosures, future earnings 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 factors are discussed in the Business Description, Management's Discussion and Analysis and Risk Factors sections of the company's report on Form 10-K, and Annual Report to shareholders, in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements, including those made on this call to reflect future events or circumstances after the date of such statements.

如果本次電話會議討論了對市場狀況的預期、市場接受度和公司產品的未來銷售、未來披露、未來收益預期或以其他方式對未來做出陳述，則此類陳述是前瞻性的，並存在許多風險以及可能導致實際結果與所作陳述存在重大差異的不確定性。這些因素在公司 10-K 表報告的業務描述、管理層的討論和分析以及風險因素部分以及致股東的年度報告、我們隨後的 10-Q 表季度報告和當前 8 表報告中進行了討論。 K 和新聞稿。 Veeco 不承擔任何更新任何前瞻性陳述的義務，包括在本次電話會議上作出的反映此類陳述日期之後的未來事件或情況的陳述。

During this call, management will address non-GAAP financial measures. Information regarding such non-GAAP financial measures, including reconciliation to GAAP measures of performance is available on our website. With that, I will turn the call over to our CEO, Bill Miller.

在此電話會議期間，管理層將解決非 GAAP 財務措施。有關此類非 GAAP 財務指標的信息，包括與 GAAP 績效指標的對賬信息，請訪問我們的網站。有了這個，我將把電話轉給我們的首席執行官比爾米勒。

Thank you, Anthony. Good afternoon, everyone, and thank you for joining our call today. Veeco executed well in Q1 with solid top and bottom line results. Our team continues to perform well and remains focused on executing our growth strategy to create value for our customers and shareholders. Today, I'll take you through our first quarter highlights and discuss our markets and technologies. John will provide a financial update and guidance, and then we'll be happy to take questions.

謝謝你，安東尼。大家下午好，感謝您今天加入我們的電話會議。 Veeco 在第一季度表現良好，頂線和底線結果穩健。我們的團隊繼續表現良好，並繼續專注於執行我們的增長戰略，為我們的客戶和股東創造價值。今天，我將帶您了解我們第一季度的亮點，並討論我們的市場和技術。約翰將提供財務更新和指導，然後我們很樂意回答問題。

Revenue in Q1 came in at $154 million. Non-GAAP operating income totaled $20 million, and non-GAAP diluted EPS came in at $0.30, all above the top end of our guided range. This quarter's results reflect solid execution. Revenue for our semiconductor products remained elevated, increasing by 20% year-over-year, led by laser annealing. Our team did an excellent job of managing supply chain during the quarter. While material lead times remained elevated, our suppliers' on-time deliveries have improved. We're starting to see some signs that material lead times could improve in the second half of the year. As we look ahead in 2023, we remain committed to investing in the semiconductor and compound semiconductor markets with differentiated solutions positioning Veeco for long-term growth.

第一季度的收入為 1.54 億美元。非 GAAP 營業收入總計 2000 萬美元，非 GAAP 稀釋每股收益為 0.30 美元，均高於我們指導範圍的上限。本季度的業績反映了穩健的執行力。在激光退火的帶動下，我們半導體產品的收入保持高位，同比增長 20%。本季度，我們的團隊在管理供應鏈方面做得非常出色。雖然材料交貨時間仍然很長，但我們供應商的準時交貨率有所提高。我們開始看到一些跡象表明，下半年材料交貨時間可能會有所改善。展望 2023 年，我們將繼續致力於通過差異化解決方案投資半導體和化合物半導體市場，讓 Veeco 實現長期增長。

Now switching gears to our markets and technologies. As we've discussed in the past, there are 4 key megatrends driving growth in our 3 primary markets of semiconductor, compound semiconductor, and data storage. These trends are high-performance computing and AI, mobility and the immersive user experience, the transformation of the automobile industry and the cloud.

現在轉向我們的市場和技術。正如我們過去所討論的那樣，有 4 個主要大趨勢推動我們的半導體、化合物半導體和數據存儲這 3 個主要市場的增長。這些趨勢是高性能計算和人工智能、移動性和身臨其境的用戶體驗、汽車行業和雲的轉型。

Turning first to the semiconductor market. Our strategy is to expand our served available market by delivering differentiated solutions at the leading edge. We accomplished this with 3 key technologies. First, our laser annealing product line, which reduces thermal budgets at advanced nodes is gaining momentum. This is demonstrated by recent orders for additional annealing steps at leading logic customers. We're also seeing traction within the memory market for advanced nodes, which represents a significant long-term growth opportunity for the company.

首先轉向半導體市場。我們的戰略是通過提供領先的差異化解決方案來擴大我們服務的可用市場。我們通過 3 項關鍵技術實現了這一點。首先，我們的激光退火產品線可降低先進節點的熱預算，其發展勢頭迅猛。領先的邏輯客戶最近的額外退火步驟訂單證明了這一點。我們還看到內存市場對高級節點的吸引力，這對公司來說是一個重要的長期增長機會。

Second, our ion beam deposition system for EUV is another differentiated technology that new and existing customers continue to adopt. These systems are used to manufacture nearly defect-free EUV mask blanks and have been the system of choice for many years. We expect continued demand for our ion beam deposition systems as customers add capacity to support increased adoption of EUV lithography. ASML recently reiterated their plans to ship around 60 EUV lithography systems in 2023, with approximately one of our systems required for every 10 to 15 EUV lithography systems, we sized the market at 3 to 5 systems per year.

其次，我們的 EUV 離子束沉積系統是新老客戶繼續採用的另一項差異化技術。這些系統用於製造幾乎無缺陷的 EUV 掩模坯料，多年來一直是首選系統。我們預計隨著客戶增加產能以支持 EUV 光刻技術的採用，對我們的離子束沉積系統的需求將持續增長。 ASML 最近重申他們計劃在 2023 年出貨約 60 個 EUV 光刻系統，每 10 到 15 個 EUV 光刻系統大約需要一個我們的系統，我們將市場規模定為每年 3 到 5 個系統。

And third, we provide advanced packaging lithography and wet processing solutions to IDMs, foundries and OSATs. Our lithography systems serve applications such as copper pillar bumping, redistribution layers and wafer-level packaging. Our wet processing systems are primarily used for photoresist strip and solvent cleans. As widely reported, the prevailing consensus for wafer fab equipment spend to decline this year by somewhere in the range of 15% to 25%. The forecasted decline is weighted more heavily towards memory than logic. As our semiconductor business is currently more exposed to logic, we remain confident that our semiconductor market sales will outperform WFE spend in 2023.

第三，我們為 IDM、代工廠和 OSAT 提供先進的封裝光刻和濕法處理解決方案。我們的光刻系統服務於銅柱凸塊、再分佈層和晶圓級封裝等應用。我們的濕法處理系統主要用於光刻膠剝離和溶劑清洗。正如廣泛報導的那樣，今年晶圓廠設備支出的普遍共識將下降 15% 至 25%。預測的下降對內存的影響比對邏輯的影響更大。由於我們的半導體業務目前更容易受到邏輯的影響，我們仍然相信我們的半導體市場銷售額將在 2023 年超過 WFE 支出。

A few key highlights from Q1 that further support our positive outlook include: multiple LSA orders for DRAM devices from a world-leading memory device manufacturer despite industry-wide CapEx reductions, additional production orders from our most recent advanced logic customer, shipment of an advanced node logic LSA evaluation system for a second application, further advancement toward an evaluation system over the next quarter for our next-generation annealing solution, and we're making progress towards shipping an ion beam deposition evaluation system for low-resistivity metals.

第一季度進一步支持我們積極前景的幾個關鍵亮點包括：儘管整個行業的資本支出都在減少，但來自一家世界領先的存儲設備製造商的 DRAM 設備的多個 LSA 訂單、來自我們最近的高級邏輯客戶的額外生產訂單、高級用於第二個應用的節點邏輯 LSA 評估系統，在下個季度進一步推進我們下一代退火解決方案的評估系統，並且我們正在為低電阻率金屬運送離子束沉積評估系統取得進展。

We expect growth in our LSA and EUV mask point product lines to more than offset softness in our advanced packaging lithography and wet processing business due to weak consumer electronic demand. As such, we expect our semiconductor revenue to be slightly up in 2023.

我們預計我們的 LSA 和 EUV 掩模點產品線的增長將超過抵消我們先進封裝光刻和濕法處理業務因消費電子需求疲軟而出現的疲軟。因此，我們預計 2023 年我們的半導體收入將略有增長。

Now on to the compound semiconductor market. We primarily serve this market with our wet processing equipment for RF filter and power amplifier devices, along with our epitaxy equipment for power electronics and photonics applications. Our wet processing business has been weak over the last 6 to 9 months due to softness in the smartphone market. Timing of the market recovery is not yet clear. However, the power electronics and photonics markets offer promising opportunities for growth. In Power Electronics, we're focused on GaN with our legacy MOCVD technology and with CVD silicon carbide, which we recently acquired. Integration of the acquired CVD technology is progressing well with our system expected to be demo ready in the second half of 2023. Our system represents a significant opportunity for a differentiated solution to address growing power electronics demand in the electric vehicle market.

現在進入化合物半導體市場。我們主要通過用於 RF 濾波器和功率放大器設備的濕法處理設備以及用於電力電子和光子學應用的外延設備服務於該市場。由於智能手機市場疲軟，我們的濕法加工業務在過去 6 至 9 個月一直疲軟。市場復甦的時機尚不明朗。然而，電力電子和光子市場提供了充滿希望的增長機會。在電力電子領域，我們通過傳統的 MOCVD 技術和我們最近收購的 CVD 碳化矽專注於 GaN。收購的 CVD 技術的集成進展順利，我們的系統預計將在 2023 年下半年進行演示。我們的系統為差異化解決方案提供了重要機會，可以滿足電動汽車市場不斷增長的電力電子需求。

Our epitaxy equipment to address micro LED applications continues to display promising long-term growth potential. We're making ongoing investments in this area, including R&D, supporting customer demos and evaluations to penetrate these market opportunities.

我們用於解決微型 LED 應用的外延設備繼續顯示出有前途的長期增長潛力。我們正在這一領域進行持續投資，包括研發、支持客戶演示和評估以滲透這些市場機會。

Now looking at our data storage market. Veeco's ion beam equipment is used to manufacture our customers' magnetic heads. Despite the industry's widely reported challenges such as excess capacity and inventory, we continue to expect revenue growth in 2023 based on ship dates of orders in our backlog. Taking a step back, the long-term trends in the HDD industry continue to remain promising. According to Gartner and our internal estimates, Nearline hard disk drive exabyte shipments are expected to grow at an approximate 25% CAGR over the next 5 years.

現在看看我們的數據存儲市場。 Veeco 的離子束設備用於製造我們客戶的磁頭。儘管業界廣泛報導了產能過剩和庫存等挑戰，但我們仍預計 2023 年的收入將根據積壓訂單中的訂單發貨日期增長。退一步說，硬盤行業的長期趨勢繼續看好。根據 Gartner 和我們的內部估計，近線硬盤驅動器 EB 出貨量預計在未來 5 年內以大約 25% 的複合年增長率增長。

In addition, Seagate recently stated they have not let up on executing their heat-assisted magnetic recording or HAMR-based product road map and are tracking well to their plan to recognize initial revenue in the second quarter of the year. Larger drives use more magnetic heads and newer recording technologies like HAMR use more complex heads. Adoption of this technology offers an opportunity for increased deposition and etch equipment. As such, we remain positive on the long-term opportunity as the industry recovers from its current challenges.

此外，希捷最近表示，他們並沒有停止執行他們的熱輔助磁記錄或基於 HAMR 的產品路線圖，並且正在很好地跟踪他們在今年第二季度確認初始收入的計劃。更大的驅動器使用更多的磁頭，而 HAMR 等較新的記錄技術使用更複雜的磁頭。採用這項技術為增加沉積和蝕刻設備提供了機會。因此，隨著該行業從當前的挑戰中復蘇，我們對長期機遇保持樂觀。

Moving on to our 2023 priorities. As always, our first objective is to keep our employees safe and healthy and to promote a culture that prioritizes teamwork and execution. During the quarter, we maintained our commitment to improving our corporate culture by launching our biannual employee survey to assess our progress on key initiatives. We also reiterated our commitment to further improve transparency, diversity, inclusion and our environmental responsibility by issuing our fourth sustainability report.

繼續我們 2023 年的優先事項。一如既往，我們的首要目標是確保員工的安全和健康，並提倡優先考慮團隊合作和執行力的文化。在本季度，我們通過啟動一年兩次的員工調查來評估我們在關鍵舉措方面的進展，從而繼續致力於改善我們的企業文化。我們還重申了我們通過發布第四份可持續發展報告進一步提高透明度、多樣性、包容性和我們的環境責任的承諾。

In regard to execution, focusing on our supply chain is one of our top priorities as on-time delivery and quality metrics are essential to maintaining and improving customer satisfaction. Our investments in future innovation and product development are critical to our future success and growth strategy. We'll continue to engage our customers through evaluation system shipments and remain focused on penetrating the rapidly growing silicon carbide market.

在執行方面，關注我們的供應鍊是我們的首要任務之一，因為準時交貨和質量指標對於維持和提高客戶滿意度至關重要。我們對未來創新和產品開發的投資對我們未來的成功和增長戰略至關重要。我們將繼續通過評估系統出貨量吸引客戶，並繼續專注於滲透快速增長的碳化矽市場。

Lastly, we're focused on outperforming WFE growth expectations with our semiconductor products, which should support us in maintaining profitability levels. With these priorities in mind, we're committed to making a material difference and building a stronger Veeco that serves all stakeholders. With that, I'll turn it over to John.

最後，我們專注於用我們的半導體產品超越 WFE 增長預期，這應該支持我們保持盈利水平。考慮到這些優先事項，我們致力於做出重大改變，並打造一個更強大的 Veeco，為所有利益相關者提供服務。有了這個，我會把它交給約翰。

Thanks, Bill, and good afternoon, everyone. Today, I'll be discussing non-GAAP financial data and would encourage you to refer to our reconciliation between GAAP and non-GAAP results, which you can find in our press release and at the end of the quarterly earnings presentation.

謝謝，比爾，大家下午好。今天，我將討論非 GAAP 財務數據，並鼓勵您參考我們的 GAAP 和非 GAAP 結果之間的對賬，您可以在我們的新聞稿和季度收益報告的末尾找到這些數據。

Turning to Q1 revenue by market and geography. Revenue totaled $154 million for the quarter, while flat to the prior quarter, coming in above the high end of our guidance. This was driven by sales to our semiconductor customers, which increased 20% year-over-year. Our semiconductor business comprised 60% of total revenue, in line with the prior quarter, with significant contribution coming from our laser annealing product line.

轉向按市場和地域劃分的第一季度收入。本季度收入總計 1.54 億美元，與上一季度持平，高於我們指引的上限。這是由我們的半導體客戶的銷售額推動的，該銷售額同比增長 20%。我們的半導體業務佔總收入的 60%，與上一季度持平，其中主要貢獻來自我們的激光退火產品線。

The compound semiconductor market contributed to 14% of our revenue versus 16% of revenue in the prior quarter. System shipments for photonics applications were the primary contributor of revenue for the quarter. Moving along, our data storage business totaled 14% of revenue versus 11% of revenue in the prior quarter. And scientific and other made up 12% of our revenue, similar to last quarter.

化合物半導體市場貢獻了我們收入的 14%，而上一季度為 16%。光電子應用的系統出貨量是本季度收入的主要貢獻者。繼續前進，我們的數據存儲業務總收入佔收入的 14%，而上一季度佔收入的 11%。科學和其他占我們收入的 12%，與上一季度相似。

Now looking at quarterly revenue by region. As expected, revenue from China was higher in Q1 as compared to prior quarters, totaling 40% of revenue. This increase was primarily driven by LSA systems to trailing edge customers. While China revenue in Q2 is forecasted to remain elevated, we expect a sequential decline from Q1 and a further decline in the second half of the year. Revenue from our Asia Pacific region, excluding China, totaled 25% of total revenue, led by semiconductor system sales. The United States came in at 20%. And finally, EMEA was 15% of total revenue for the quarter.

現在按地區查看季度收入。正如預期的那樣，第一季度來自中國的收入高於前幾個季度，佔收入的 40%。這一增長主要是由面向後緣客戶的 LSA 系統推動的。雖然預計第二季度中國收入將保持高位，但我們預計將比第一季度連續下降，並在下半年進一步下降。亞太地區（不包括中國）的收入佔總收入的 25%，其中半導體系統銷售額居首。美國占 20%。最後，EMEA 佔本季度總收入的 15%。

Looking forward to the second half of the year, we expect revenue growth to be led by Tier 1 advanced semiconductor and data storage customers.

展望下半年，我們預計收入增長將由一級先進半導體和數據存儲客戶帶動。

Switching gears to our non-GAAP quarterly results. Gross margin came in at 41.5%, a decline sequentially from 42.3%, but above the high end of our guidance range. Higher revenue, favorable product mix and operation spending were contributing factors to gross margin for the quarter, exceeding our guidance. Operating expenses for the quarter were $43 million, in line with guidance. We continue to be cautious in adding expenses in the current macroeconomic environment, while funding our growth initiatives to expand our served available market.

切換到我們的非 GAAP 季度業績。毛利率為 41.5%，較上一季度的 42.3% 有所下降，但高於我們指導範圍的上限。更高的收入、有利的產品組合和運營支出是本季度毛利率的貢獻因素，超出了我們的指導。本季度的運營費用為 4300 萬美元，符合指引。在當前的宏觀經濟環境下，我們繼續謹慎地增加開支，同時為我們的增長計劃提供資金以擴大我們服務的可用市場。

Tax expense for the quarter was approximately $3 million, an increase of approximately $2 million from Q4. Post reversal of the valuation allowance, our effective tax rate was 15% in Q1. Net income came in at $17 million, and EPS was $0.30 on a diluted share count of 63 million shares.

本季度的稅收支出約為 300 萬美元，比第四季度增加了約 200 萬美元。估值津貼逆轉後，我們第一季度的有效稅率為 15%。淨收入為 1700 萬美元，攤薄後每股收益為 0.30 美元，每股收益為 6300 萬股。

Now moving to the balance sheet and cash flow highlights. We ended the quarter with cash and short-term investments of $253 million, a sequential decline of $50 million. This reduction was the result of using $30 million of cash for the Epiluvac acquisition and paying $20 million for extinguishing the remaining 2023 notes. Cash flow from operations came in at $14 million and CapEx was $7 million.

現在轉向資產負債表和現金流亮點。本季度末，我們的現金和短期投資為 2.53 億美元，環比下降 5000 萬美元。這一減少是使用 3000 萬美元現金收購 Epiluvac 並支付 2000 萬美元用於清償剩餘的 2023 年票據的結果。運營現金流為 1400 萬美元，資本支出為 700 萬美元。

From a working capital perspective, our accounts receivable declined by $4 million to $120 million, with DSOs for the quarter declining to 70 days. Accounts payable increased sequentially by $10 million to $62 million, with the corresponding increase in days payable to 62 days. Inventory increased by $19 million from the prior quarter to $226 million, with days of inventory also increasing to 213 days. This was driven by an increase in inbound materials to support higher expected revenue in the second half of the year and to build the level of safety stock that was depleted as a result of the supply chain challenges. Debt was recorded at $255 million on the balance sheet and represents the carrying value of our $258 million in convertible notes.

從營運資金的角度來看，我們的應收賬款減少了 400 萬美元至 1.2 億美元，本季度的 DSO 減少至 70 天。應付賬款環比增加 1000 萬美元至 6200 萬美元，應付天數相應增加至 62 天。庫存比上一季度增加 1900 萬美元，達到 2.26 億美元，庫存天數也增加到 213 天。這是由於進口材料的增加推動了下半年更高的預期收入，並建立了因供應鏈挑戰而耗盡的安全庫存水平。資產負債表上的債務記錄為 2.55 億美元，代表我們 2.58 億美元可轉換票據的賬面價值。

Now turning to Q2 non-GAAP guidance. Q2 revenue is expected to be between $145 million and $165 million with gross margin of approximately 42%. We expect OpEx between $44 million and $46 million, net income between $14 million and $20 million, and EPS between $0.26 and $0.34 per diluted share.

現在轉向第二季度非 GAAP 指南。第二季度收入預計在 1.45 億美元至 1.65 億美元之間，毛利率約為 42%。我們預計運營支出在 4400 萬美元至 4600 萬美元之間，淨收入在 1400 萬美元至 2000 萬美元之間，攤薄後每股收益在 0.26 美元至 0.34 美元之間。

Now for some additional color beyond Q2. Based on our current backlog and visibility, we reiterate our 2023 revenue outlook of between $630 million and $670 million, with growth in the second half of the year. We also continue to target diluted non-GAAP EPS for the full year to be between $1.15 and $1.35 per diluted share.

現在除了 Q2 之外還有一些額外的顏色。根據我們目前的積壓和可見性，我們重申 2023 年的收入前景在 6.3 億美元至 6.7 億美元之間，下半年將有所增長。我們還繼續將全年的稀釋非 GAAP 每股收益目標定為每股稀釋後 1.15 美元至 1.35 美元。

And with that, Bill and I will be happy to take your questions. Operator, please open the line.

這樣，比爾和我將很樂意回答您的問題。接線員，請打開線路。

(Operator Instructions) Our first question comes from the line of Tom O'Malley with Barclays.

（操作員說明）我們的第一個問題來自 Tom O'Malley 與巴克萊銀行的合作。

I just wanted to walk through -- obviously, your products have longer lead times, but there are certain areas where you can take advantage of some quick turnarounds. Obviously, with the much better numbers, you've seen an improvement a little quicker than you originally expected. Could you just point to the specific areas where you are seeing that improvement? And do you think that's more of a cohort of demand where people are looking to capitalize in the short term? Or do you see a sustained recovery here where you've already kind of seen the bottom of this short-term downturn.

我只是想簡單介紹一下——顯然，你們的產品有更長的交貨時間，但在某些領域你可以利用一些快速周轉的優勢。顯然，有了更好的數字，您看到的改進比您最初預期的要快一些。您能否指出您看到改進的具體領域？你認為這更多的是人們希望在短期內利用的需求群體嗎？或者您是否看到了持續的複蘇，您已經看到了短期低迷的底部。

Thanks for the questions, Tom. I think as we look at Q1 as compared to our initial guide, there were really 2 things that drove the higher revenue, an additional semiconductor system, LSA system, and an additional data storage system. And I would say that those were on the fence of either happening at the end of Q1 or the beginning of Q2 and we included them in our guide more or less happening in Q2. So we don't see anything structurally changing there or particularly in some of the areas where we have less visibility.

謝謝你的問題，湯姆。我認為，當我們將第一季度與我們的初始指南進行比較時，確實有兩件事推動了更高的收入，一個額外的半導體系統、LSA 系統和一個額外的數據存儲系統。我想說的是，這些事件發生在第一季度末或第二季度初，我們將它們或多或少地包含在我們的指南中，或多或少發生在第二季度。因此，我們看不到那裡有任何結構性變化，特別是在我們知名度較低的一些領域。

I guess I'll just add, John. In the, you mentioned, kind of the shorter lead time products like lithography or wet processing, we aren't seeing any recovery there, particularly in lithography. I will say, though, that we are starting to have a little more discussions -- more encouraging discussions with our customers for projects either later in the year or in 2024. So that's about the first positive thing we've been able to say in litho for the last 6 to 9 months.

我想我只是補充一下，約翰。在您提到的諸如光刻或濕法處理等較短交貨期的產品中，我們沒有看到任何復蘇，特別是在光刻方面。不過，我要說的是，我們開始進行更多的討論——與我們的客戶就今年晚些時候或 2024 年的項目進行更令人鼓舞的討論。所以這是我們能夠在過去 6 到 9 個月的光刻。

Helpful. And then I just kind of wanted to square away the data storage guidance versus what we're seeing in the market. Western Digital is reporting tonight, Seagate already reported and are talking about sequential downtick in HDDs. Seagate mentioned that they wouldn't see a recovery until Q4. Could you talk about what that means in terms of capital spend? They've already kind of taken down guidance there, but are you seeing an additional wave of weakness from those customers? Or are they still spending on plan versus what you expected entering the year?

有幫助。然後我只是想將數據存儲指南與我們在市場上看到的相比較。 Western Digital 今晚發布報告，Seagate 已經發布報告並正在談論 HDD 的持續下滑。希捷提到他們要到第四季度才會看到復蘇。你能談談這在資本支出方面意味著什麼嗎？他們已經在那裡取消了指導，但是您是否看到這些客戶又出現了一波疲軟？或者他們是否仍在計劃支出，而不是您對進入這一年的預期？

Tom, I would say, clearly, we're seeing the softness, having excess capacity and burning down inventory. I would say that is negatively impacting our spare parts and our service revenue business here in the short term, modestly. We'll have to kind of wait and see how that inventory gets burned off and when that happens. Our outlook for the second half increase in data storage is really driven by the orders that we actually have in backlog and are building now for the second half of the year. And we've recently confirmed those ship dates. That's what gives us the ability to have a higher second half.

湯姆，我會說，很明顯，我們看到了疲軟、產能過剩和庫存下降。我想說的是，這在短期內對我們的備件和服務收入業務產生了負面影響，影響不大。我們必須拭目以待，看看庫存是如何被燒掉的，以及什麼時候會發生。我們對下半年數據存儲增長的展望實際上是由我們實際積壓的訂單驅動的，並且現在正在為今年下半年建造。我們最近確認了這些發貨日期。這就是讓我們有能力在下半場打得更好的原因。

Helpful. And let me just sneak 1 more in, if I may. You guys have been pretty helpful about giving some segment detail into the June quarter. Could you just talk about, sequentially, through your business segments, what you're expecting to get to the midpoint of guidance?

有幫助。如果可以的話，讓我再偷偷進去 1 個。你們對在 6 月季度提供一些細分細節非常有幫助。您能否按順序通過您的業務部門談談您期望達到指導的中點？

Yes, Tom. So we're expecting a fairly similar quarter overall, but some changes in the makeup by market. So we are expecting semi to be up in Q2, call it, closer to the $105 million range. We're looking at compound semi in the $25 million range. These are all at the midpoint of our guide. Data storage, as we talked about, the first half, we see exactly as we initially planned out. But as I just mentioned earlier, we had one more system shipment in Q1. So we now are expecting Q2 to be more in the $15 million range, but the first half being right on schedule. And scientific, we sort of see in the $10 million range or so in Q2.

是的，湯姆。因此，我們預計總體上會有一個相當相似的季度，但市場構成會發生一些變化。因此，我們預計 semi 將在第二季度上漲，接近 1.05 億美元的區間。我們正在尋找 2500 萬美元範圍內的複合半導體。這些都在我們指南的中點。數據存儲，正如我們所說，上半年，我們看到的與我們最初計劃的完全一樣。但正如我剛才提到的，我們在第一季度又多了一個系統出貨量。所以我們現在預計第二季度將在 1500 萬美元的範圍內，但上半年是按計劃進行的。科學上，我們在第二季度看到了 1000 萬美元左右的範圍。

Our next question comes from the line of Rick Schafer with Oppenheimer.

我們的下一個問題來自 Rick Schafer 和 Oppenheimer 的對話。

This is Wei Mok on the line for Rick. Congrats on the quarter and the recent LSA announcement. I believe this is your first entry into the DRAM memory space. I was wondering if you could help us size this market? And how does it compare to the logic market? And when do you expect to ship your first system?

我是 Wei Mok，為 Rick 接聽電話。祝賀本季度和最近的 LSA 公告。我相信這是您第一次進入 DRAM 內存空間。我想知道您是否可以幫助我們確定這個市場的規模？它與邏輯市場相比如何？您預計什麼時候發布您的第一個系統？

Thoughtful question, Wei. I would say, we're really excited about the opportunity in DRAM. It's been a fair amount of work to get these follow-on orders. We size each customer, each application, at each step kind of in the $25 million to $35 million range over a 12- to 24-month period of time. So we now have one customer and one application. We expect to start shipping tools, I think in this quarter, right now, the second quarter, and throughout the rest of this year. So hopefully that gives you a little bit of color on that.

深思熟慮的問題，魏。我會說，我們對 DRAM 的機會感到非常興奮。獲得這些後續訂單需要做大量工作。在 12 到 24 個月的時間段內，我們在 2500 萬到 3500 萬美元的範圍內對每個客戶、每個應用程序的每個步驟進行規模調整。所以我們現在有一個客戶和一個應用程序。我們希望開始交付工具，我認為在本季度、現在、第二季度以及今年餘下時間。所以希望這能讓你對此有所了解。

Great. Appreciate it. As for my follow-up, it looks like the equipment and the design win is going to be manufactured in your new San Jose facility that you expanded into last year. I was just wondering if you can kind of walk through how much capacity do you have at this facility? And do you have ample space to support this new order?

偉大的。欣賞它。至於我的後續行動，看起來設備和設計勝利將在您去年擴展到的新聖何塞工廠中製造。我只是想知道您是否可以了解一下您在這個設施中有多少容量？你有足夠的空間來支持這個新訂單嗎？

Yes and yes. So the new space in San Jose, as a reminder, gave us the opportunity in the same overall square foot building to double our manufacturing or more than double our manufacturing output. And we have not reached that capacity at this point. So yes, for this business that we're planning on for this year and going into next year, the San Jose facility has adequate capacity.

是的，是的。因此，作為提醒，聖何塞的新空間讓我們有機會在同一平方英尺的建築中將我們的製造量增加一倍或增加一倍以上。我們目前還沒有達到那個容量。所以是的，對於我們計劃在今年和明年開展的這項業務，聖何塞工廠有足夠的能力。

Our next question comes from the line of Gus Richard with Northland.

我們的下一個問題來自 Gus Richard 與 Northland 的對話。

Yes. Just in terms of MOCVD and GaN, I know you've had an evaluation system out there for a while in Asia. And I think you've been talking to customers about MOCVD for GaN. And I was just wondering if you could kind of give us an update on what you're seeing in that market? And what's the opportunity over the next 12 to 18?

是的。就 MOCVD 和 GaN 而言，我知道您在亞洲已經有一段時間的評估系統了。而且我認為您一直在與客戶討論用於 GaN 的 MOCVD。我只是想知道你是否可以向我們介紹一下你在那個市場上看到的情況？未來 12 到 18 年的機會是什麼？

Yes. We do have an evaluation system for GaN power electronics. It's for the transition from 6-inch to 8-inch. The product is running, and we're in a competitive situation there. Our customers asked us to extend that evaluation through this year, which we are going to do. And so it's a little slower taking off than we had originally planned, and we're still working on it. I would say we probably won't see any meaningful gain on silicon power activity beyond where we are today until the 2024 time frame. That being said, we also have GaN on silicon for micro LED, where we're working with a few customers on opportunities there, and that continues to develop as well for GaN on silicon.

是的。我們確實有一個針對 GaN 電力電子的評估系統。它用於從 6 英寸到 8 英寸的過渡。產品正在運行，我們在那里處於競爭狀態。我們的客戶要求我們將評估延長到今年，我們將這樣做。所以它的起飛比我們原先計劃的要慢一些，我們仍在努力。我想說的是，在 2024 年的時間框架之前，我們可能不會看到任何有意義的矽功率活動超出我們今天的水平。話雖這麼說，我們也有用於微型 LED 的矽基 GaN，我們正在與一些客戶合作尋找機會，並且繼續為矽基 GaN 開發。

Our next question comes from the line of Dave Duley with Steelhead Securities.

我們的下一個問題來自 Steelhead Securities 的 Dave Duley。

My first is about LSA. You mentioned you had customers, I guess, plural, that you won new applications from in the foundry and logic space. I was just wondering if you could elaborate a little bit more about that?

我的第一個是關於 LSA。你提到你有客戶，我猜，複數，你從鑄造和邏輯領域贏得了新的應用程序。我只是想知道你是否可以詳細說明一下？

Yes. In our press release, we used customers because we had follow-on volume orders for our third logic customer. So it's a first volume win there in foundry logic. And we also had a win in DRAM with multiple tool orders. So those are the 2 customers that we have specifically, one from foundry logic and one in memory.

是的。在我們的新聞稿中，我們使用客戶是因為我們有第三個邏輯客戶的後續批量訂單。因此，這是代工邏輯領域的第一部作品。我們還通過多個工具訂單贏得了 DRAM。所以這些是我們特別擁有的 2 個客戶，一個來自鑄造邏輯，一個來自內存。

Okay. So it wasn't 2 new wins in the foundry and logic space?

好的。所以這不是代工和邏輯領域的兩項新勝利？

No. It was one new win in foundry logic and one in memory.

不，這是代工邏輯和內存領域的一次新勝利。

Okay. Great. A little bit topic to silicon carbide. You've made this acquisition. And I thought you've talked about, if I'm not mistaken, having a demo later just late this calendar year. Could you help us understand the size of the market opportunity that you're chasing in the silicon carbide marketplace? And who the key competition is for this deposition tool, I guess, that you're talking about?

好的。偉大的。關於碳化矽的一點話題。你已經完成了這次收購。我想你已經說過，如果我沒記錯的話，將在本日曆年晚些時候進行演示。您能否幫助我們了解您在碳化矽市場上追逐的市場機會的規模？我猜你說的這個沉積工具的主要競爭對手是誰？

Yes. So according to Yole, they're sizing the silicon carbide device market at $2 billion, going to about $6 billion in 2027, and the corresponding epitaxy equipment market is about $250 million these days, going to about $0.5 billion by 2027. There are a few participants in that market today, namely ASMI, and then NuFlare, and AIXTRON are our competitors in that space.

是的。因此，根據 Yole 的說法，他們將碳化矽設備市場規模定為 20 億美元，到 2027 年將達到約 60 億美元，而相應的外延設備市場目前約為 2.5 億美元，到 2027 年將達到約 5 億美元。有今天該市場的少數參與者，即 ASMI，然後是 NuFlare 和 AIXTRON 是我們在該領域的競爭對手。

Okay. And was it accurate that you will have a demo later this year? And then when would you expect to have, I guess, meaningful revenue from this particular opportunity?

好的。你今年晚些時候會有一個演示是否準確？然後，我猜您希望什麼時候能從這個特殊機會中獲得可觀的收入？

Yes. Thanks for reminding me the first half of your question. I would say right now, we are shipping our demo tool from Sweden to our demo lab in Somerset, New Jersey. As we speak, we're going to be facilitizing it. And our plan is to be demo ready in the second half of the year. We've met with a number of Tier 1 and Tier 2 players in this market. They're all very excited about the acquired technology. With our worldwide service footprint, it is very intriguing to them. And so we're pretty much at the key milestone of having to have the demo tool put down films that can be measured and sent to our customers. And then we would expect to have eval systems for some Tier 1s in 2024, and then also start selling directly to some Tier 2 customers as well. So I think we're planning for some modest revenue in '24, but I think we would have a more meaningful revenue in 2025.

是的。謝謝你提醒我你問題的前半部分。我現在要說的是，我們正在將我們的演示工具從瑞典運送到我們位於新澤西州薩默塞特的演示實驗室。在我們發言時，我們將為其提供便利。我們的計劃是在今年下半年進行演示。我們在這個市場上遇到了很多 1 級和 2 級玩家。他們都對獲得的技術感到非常興奮。憑藉我們遍布全球的服務足跡，這對他們來說非常有吸引力。因此，我們幾乎處於必須讓演示工具放下可以測量並發送給我們的客戶的膠片的關鍵里程碑。然後我們希望在 2024 年為一些一級客戶提供評估系統，然後也開始直接向一些二級客戶銷售。所以我認為我們計劃在 24 年獲得一些適度的收入，但我認為我們將在 2025 年獲得更有意義的收入。

Okay. And thanks for giving the competitive layout. Who would you say is the leader in this space now? And I would imagine you're going to have to show a fairly significant cost of ownership advantage versus whoever that leader is. What would be the key reasons that you can show a superior cost of ownership?

好的。並感謝您提供有競爭力的佈局。您認為現在誰是這個領域的領導者？而且我想你將不得不展示出與領導者相比相當顯著的擁有成本優勢。您可以顯示出卓越的擁有成本的關鍵原因是什麼？

The market actually varies pretty significantly by region or what tier. So we do understand cost of ownership is critical as well as yield, and yield plays a big part in that. And so from our discussions with our customers, they do see an opportunity for us to have a cost of ownership advantage over what's available in the market today.

市場實際上因地區或層級而異。所以我們確實明白擁有成本和產量一樣重要，而產量在其中起著重要作用。因此，從我們與客戶的討論中，他們確實看到了我們有機會擁有比當今市場上可用的產品擁有成本優勢的機會。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to CEO, Bill Miller, for closing remarks.

我們已經結束了問答環節。我現在將把電話轉回給首席執行官比爾米勒，讓他發表結束語。

Thank you. I do want to thank our customers and shareholders along with the Veeco United team for their continued support as we execute our growth strategy. Have a great evening, everyone. Thank you.

謝謝。我確實要感謝我們的客戶和股東以及 Veeco United 團隊在我們執行增長戰略時給予的持續支持。祝大家晚上愉快。謝謝。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時你們可以掛斷電話。感謝您的參與。