Veeco Instruments Inc (VECO) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Veeco's full-year 2023 earnings call.

您好，歡迎參加 Veeco 的 2023 年全年收益電話會議。

(Operator Instructions)

（操作員說明）

Reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

My pleasure to introduce your host, Anthony Pappone, Head of Investor Relations.

我很高興向您介紹主持人，投資者關係主管安東尼·帕彭 (Anthony Pappone)。

Thank you, sir.

謝謝你，先生。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

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

今天與我一起參加電話會議的還有 Veeco 執行長 Bill Miller；以及我們的財務長約翰·基爾南 (John Kiernan)。

Today's earnings release and slide presentation to accompany today's webcast is available on the Veeco website.

今天的收益發布和伴隨今天網絡廣播的幻燈片演示可在 Veeco 網站上獲取。

To the extent that this call discusses expectations for future revenues, future earnings, market conditions, or otherwise make statements about the future, these forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from the statements made.

在本次電話會議討論對未來收入、未來收益、市場狀況的預期或以其他方式對未來做出陳述的範圍內，這些前瞻性陳述基於管理層當前的預期，並受到可能導致實際結果發生變化的風險和不確定性的影響。與所做的陳述有重大差異。

These risks are discussed in detail in our Form 10-K annual report and other SEC filings.

我們的 10-K 表格年度報告和其他 SEC 文件中詳細討論了這些風險。

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.

Veeco 不承擔更新任何前瞻性陳述的義務，包括在本次電話會議中為反映此類陳述日期之後的未來事件或情況而做出的陳述。

Please note, unless otherwise noted, management will address non-GAAP financial results.

請注意，除非另有說明，否則管理層將討論非公認會計準則財務表現。

We 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 earnings presentation.

我們鼓勵您參考我們的 GAAP 和非 GAAP 業績之間的對賬，您可以在我們的新聞稿和收益報告末尾找到該對帳。

With that, I will turn the call over to our CEO, Bill Miller.

接下來，我會將電話轉給我們的執行長比爾米勒 (Bill Miller)。

Thank you, Anthony. 2023 was a successful year for Veeco.

謝謝你，安東尼。 2023 年對 Veeco 來說是成功的一年。

I'm proud to say we grew the business, improved profitability, and most importantly, laid the groundwork for future growth by advancing our product roadmaps.

我很自豪地說，我們發展了業務，提高了獲利能力，最重要的是，透過推進我們的產品路線圖，為未來的成長奠定了基礎。

Veeco reached two strategic milestones during the year.

Veeco 在這一年中實現了兩個戰略里程碑。

First, we launched our next-generation nanosecond annealing solution.

首先，我們推出了下一代奈秒退火解決方案。

And second, we launched our ion beam deposition system for low resistance metals.

其次，我們推出了低電阻金屬的離子束沉積系統。

Each of these technologies enables our customers to fabricate devices with higher performance and lower power consumption.

這些技術中的每一項都使我們的客戶能夠製造具有更高效能和更低功耗的設備。

Revenue from our semiconductor business reached a record in 2023, outperforming WFE growth for the third consecutive year.

我們的半導體業務收入在 2023 年創下歷史新高，連續第三年跑贏 WFE 成長。

Our strong results included multiple laser annealing systems for advanced DRAM devices despite industry-wide CapEx reductions, as well as our first HVM laser annealing systems to our third leading logic customer.

我們的強勁成果包括儘管全行業資本支出減少，但仍為先進 DRAM 設備提供了多個雷射退火系統，以及為第三大邏輯客戶提供的首個 HVM 雷射退火系統。

While investing for growth is essential to our strategy, we are equally focused on growing profitability.

雖然投資成長對我們的策略至關重要，但我們同樣注重提高獲利能力。

Our team's execution allowed us to grow non-GAAP gross margin, operating income, and EPS.

我們團隊的執行力使我們能夠提高非公認會計原則毛利率、營業收入和每股盈餘。

Lastly, we continued to allocate capital towards organic growth initiatives.

最後，我們繼續為有機成長計劃分配資金。

In the second half of 2023, we shipped multiple evaluation systems of key technologies and expect to further the evaluation program in 2024.

2023年下半年，我們交付了多個關鍵技術的評估系統，並預計在2024年進一步推進評估計畫。

We believe these investments will lead to significant served available market expansion.

我們相信這些投資將導致可用市場的顯著擴張。

Switching gears to our full-year financial highlights.

轉向我們的全年財務亮點。

Veeco reported another year of top- and bottom-line growth with results coming in near or above the high end of our updated 2023 guidance.

Veeco 公佈了另一年的營收和利潤成長，結果接近或高於我們更新的 2023 年指導的上限。

Revenue totaled $666 million, led by semiconductor revenue which increased 12% year over year.

營收總計 6.66 億美元，其中半導體營收年增 12%。

Gross margin improved to 43.5% in 2023 from approximately 42% in the prior year.

毛利率從前一年的約 42% 提高到 2023 年的 43.5%。

And as a result, non-GAAP operating income grew 10% to $110 million and diluted non-GAAP EPS increased to $1.69.

結果，非 GAAP 營業收入成長了 10%，達到 1.1 億美元，攤薄後非 GAAP 每股收益增至 1.69 美元。

Now for a look at our Q4 highlights, Veeco reported another quarter of strong top- and bottom-line results.

現在讓我們來看看我們第四季的亮點，Veeco 報告了另一個季度強勁的營收和利潤業績。

Revenue totaled $174 million.

收入總計 1.74 億美元。

Gross margin improved sequentially to 45%, driving non-GAAP operating income to $32 million; and non-GAAP EPS totaled $0.51. Our solid financial results were primarily driven by the semiconductor market, led by our laser annealing systems from semiconductor revenue, increasing 17% sequentially.

毛利率季增至 45%，推動非 GAAP 營業收入達到 3,200 萬美元；非 GAAP 每股盈餘總計 0.51 美元。我們穩健的財務表現主要受到半導體市場的推動，其中半導體收入的雷射退火系統帶動了該市場的成長，環比成長了 17%。

I'll now provide an update on our markets and review several exciting opportunities.

我現在將提供有關我們市場的最新資訊並回顧幾個令人興奮的機會。

Beginning with the semiconductor market, we're growing our served available market by investing in advanced node logic and memory applications and winning new customers.

從半導體市場開始，我們透過投資先進的節點邏輯和記憶體應用並贏得新客戶來擴大我們所服務的可用市場。

Veeco's LSA technology is gaining share on customers advanced nodes as new device architectures and shrinking geometries require precise annealing to increase performance.

由於新的設備架構和縮小的幾何形狀需要精確退火來提高效能，Veeco 的 LSA 技術在客戶先進節點上的份額正在增加。

Veeco's technology advantages include a lower thermal budget, high dopant activation, and pattern insensitivity to annealing.

Veeco 的技術優勢包括較低的熱預算、高摻雜劑活化以及圖案對退火不敏感。

In 2023, we've also experienced increased demand from mature node customers as they've achieved performance benefits from adopting laser annealing technology.

2023 年，我們還發現成熟節點客戶的需求不斷增加，因為他們透過採用雷射退火技術獲得了性能優勢。

As we look ahead, there are a number of growth opportunities for our laser annealing business, including winning new memory customers, driving additional applications in logic, and introducing our nanosecond annealing technology.

展望未來，我們的雷射退火業務有許多成長機會，包括贏得新的記憶體客戶、推動邏輯領域的更多應用以及推出我們的奈秒退火技術。

Moving to our position in the EUV ecosystem.

轉向我們在 EUV 生態系統中的地位。

Our ion beam technology is utilized to produce defect-free mask blanks.

我們的離子束技術用於生產無缺陷的掩模坯料。

We continue to work closely with industry leaders as we advance our technology to enable their roadmaps.

我們繼續與行業領導者密切合作，推進我們的技術以實現他們的路線圖。

Looking to 2024, we expect our semiconductor revenue to be up 5% to 10%.

展望 2024 年，我們預計我們的半導體收入將成長 5% 至 10%。

Moving to the compound semiconductor market.

轉向化合物半導體市場。

Veeco is focused on several long-term opportunities within power electronics and photonics.

Veeco 專注於電力電子和光子學領域的幾個長期機會。

We continue to advance our silicon carbide technology, remain highly engaged with Tier 1 customers, and expect to ship two evaluation systems this year.

我們繼續推進我們的碳化矽技術，與一級客戶保持高度互動，並預計今年推出兩個評估系統。

We believe our unique system design and extensive go-to-market infrastructure position us well to capture share in this high-growth market.

我們相信，我們獨特的系統設計和廣泛的市場基礎設施​​使我們能夠在這個高成長的市場中佔據份額。

For GaN power, we're working with Tier 1 power device customers and positioning ourselves at 200-millimeter and 300-millimeter wafer sizes for GaN on silicon solutions.

對於 GaN 功率，我們正在與一級功率元件客戶合作，並將自己定位於矽基 GaN 解決方案的 200 毫米和 300 毫米晶圓尺寸。

We expect to ship a 300-millimeter evaluation system to a power device customer in 2024.

我們預計在 2024 年向功率元件客戶交付 300 毫米評估系統。

Based on current visibility in the markets we serve, we expect our compound semiconductor business to be up 5% to 10% in 2024.

根據目前我們所服務市場的可見度，我們預計 2024 年我們的化合物半導體業務將成長 5% 至 10%。

Lastly, looking at the data storage market, Veeco provides ion beam equipment to manufacture thin film magnetic heads for hard disk drives.

最後，看看資料儲存市場，Veeco 提供離子束設備來製造硬碟的薄膜磁頭。

While we're well positioned to take advantage of long-term growth in the cloud, we're focused on porting ion beam technology from data storage to the front-end semiconductor market.

雖然我們處於有利地位，可以利用雲端的長期成長，但我們專注於將離子束技術從資料儲存轉移到前端半導體市場。

Based on the scheduled ship dates of our backlog, we expect our data storage business to be flat to up 10% in 2024.

根據我們積壓訂單的預定出貨日期，我們預計我們的資料儲存業務將在 2024 年持平，成長 10%。

Moving now to artificial intelligence and the role Veeco plays in the AI chip manufacturing process.

現在轉向人工智慧以及 Veeco 在 AI 晶片製造過程中發揮的作用。

Growth of AI is having a profound impact on leading-edge product roadmaps, requiring the most advanced technologies to manufacture higher performance AI chips.

人工智慧的發展正在對前沿產品路線圖產生深遠影響，需要最先進的技術來製造更高效能的人工智慧晶片。

Our laser annealing systems for transistor formation and IBD systems for EUV mask blanks are established as production tool of record for GPUs and HBM DRAM.

我們用於電晶體形成的雷射退火系統和用於 EUV 掩模基板的 IBD 系統已成為 GPU 和 HBM DRAM 的記錄生產工具。

Equally as important, we see future opportunities for a nanosecond annealing and ion beam deposition solutions for these same applications.

同樣重要的是，我們看到了針對這些相同應用的奈秒退火和離子束沉積解決方案的未來機會。

I'd now like to take a deeper dive into two of our largest opportunities in the semiconductor market.

我現在想更深入地探討我們在半導體市場上的兩個最大的機會。

Our nanosecond annealing technology offers a substantial opportunity to expand our served available market to a broad range of new advanced node applications.

我們的奈秒退火技術提供了一個巨大的機會，可以將我們所服務的可用市場擴展到廣泛的新型先進節點應用。

Due to our unique laser and architecture, our system can achieve a lower thermal budget and short dwell time versus today's most advanced annealing solutions.

由於我們獨特的雷射和架構，與當今最先進的退火解決方案相比，我們的系統可以實現更低的熱預算和更短的停留時間。

This results in a shallow and anneal that can impact only tens to hundreds of nanometers into the wafer, which may be ideal for next-generation steps, such as backside power delivery and contact anneal for advanced nodes and 3D devices.

這導致淺層退火只能影響晶圓數十至數百奈米，這可能是下一代步驟的理想選擇，例如先進節點和 3D 裝置的背面功率傳輸和接觸退火。

Our system has the capability to change the structure and properties of the device, enabling steps like board removal, recrystallization, and green growth.

我們的系統能夠改變裝置的結構和性能，從而實現板去除、再結晶和綠色生長等步驟。

In Q4, we shipped our first two NSA evaluation systems to two leading logic customers.

在第四季度，我們向兩家領先的邏輯客戶交付了前兩個 NSA 評估系統。

As we look ahead, we see potential for initial high-volume manufacturing orders in 2025.

展望未來，我們看到 2025 年初始大批量製造訂單的潛力。

Turning now to ion beam deposition for 300-millimeter front-end semiconductor applications.

現在轉向 300 毫米前端半導體應用的離子束沉積。

Veeco is the industry leader in ion beam technology, which has been honed over decades.

Veeco 是離子束技術的行業領導者，該技術經過數十年的磨練。

This core technology can also solve our customers' high-value challenges in advanced semiconductor wafer level manufacturing.

這項核心技術還可以解決我們客戶在先進半導體晶圓級製造方面的高價值挑戰。

As device geometries continue to shrink, lower resistance metals are important to maintaining device performance.

隨著裝置幾何尺寸不斷縮小，較低電阻的金屬對於維持裝置性能非常重要。

Traditional deposition technologies like PVD are struggling to meet performance criteria.

PVD 等傳統沉積技術正在努力滿足性能標準。

Based on Tier 1 customer data, our ion beam deposited tungsten and ruthenium films are demonstrating approximately 20% lower resistance compared to traditional PVD.

根據一級客戶數據，我們的離子束沉積鎢和釕薄膜的電阻比傳統 PVD ​​低約 20%。

For DRAM, this enables tungsten bit line scaling while maintaining electrical performance of the device.

對於 DRAM，這可以實現鎢位元線縮放，同時保持裝置的電氣性能。

For logic, ruthenium-based metallization can enable new integration schemes at future nodes.

對於邏輯，基於釕的金屬化可以在未來節點實現新的整合方案。

In Q4, we shipped our first two IBD 300 evaluation systems to two DRAM customers.

在第四季度，我們向兩個 DRAM 客戶交付了前兩個 IBD 300 評估系統。

As we look ahead, we see potential for initial high-volume manufacturing orders in 2025.

展望未來，我們看到 2025 年初始大批量製造訂單的潛力。

With that, I'll turn it over to John for a financial update.

這樣，我會將其轉交給約翰以獲取最新的財務資訊。

Thanks, Bill.

謝謝，比爾。

Turning first to our revenue for the year, revenue came in at $666 million, increasing 3% over the prior year.

首先來看我們今年的收入，收入為 6.66 億美元，比上年增長 3%。

Revenue from our semiconductor business reached $413 million, increasing 12% from the prior year and comprising 62% of total revenue.

半導體業務收入達4.13億美元，較上年成長12%，佔總營收的62%。

Growth in the semiconductor market was primarily led by our laser annealing systems.

半導體市場的成長主要是由我們的雷射退火系統所帶動的。

Compound semiconductor revenue came in at $87 million, a decline from the prior year, representing 13% of total revenue.

化合物半導體營收為 8,700 萬美元，較前一年下降，佔總營收的 13%。

The year-over-year decline primarily resulted from a decrease in wet processing systems for 5G RF devices due to softness in the handset market.

年比下降主要是由於手機市場疲軟導致 5G 射頻設備的濕處理系統減少。

Data storage revenue totaled $88 million, flat to the prior year, comprising 13% of total revenue; and scientific and other revenue was $78 million, an increase of 15%, making up 12% of revenue.

資料儲存收入總計8,800萬美元，與前一年持平，佔總收入的13%；科學及其他收入為 7,800 萬美元，成長 15%，佔營收的 12%。

Moving to revenue by region.

轉向按地區劃分的收入。

The China region made up 33% of revenue, an increase from 19% in the prior year driven by mature node semiconductor sales.

在成熟節點半導體銷售的推動下，中國地區佔營收的 33%，較前一年的 19% 有所成長。

Our Asia Pacific region, excluding China, made up 31% of revenue with the largest contribution coming from semiconductor customers.

我們的亞太地區（不包括中國）佔營收的 31%，其中最大的貢獻來自半導體客戶。

The United States made up 24% of total revenue led by data storage and semiconductor customers.

美國的資料儲存和半導體客戶佔總收入的 24%。

And lastly, EMEA was 12% of revenue for the year.

最後，歐洲、中東和非洲地區佔全年收入的 12%。

Now looking at our full-year 2023 non-GAAP operating results.

現在看看我們 2023 年全年非 GAAP 營運業績。

We achieved gross margin of 43.5%, an increase from 42% in the prior year.

我們的毛利率為 43.5%，高於前一年的 42%。

Gross margin improvement continues as a focus with actions targeted to achieving our 45% target model in the future.

毛利率的改善仍然是我們關注的焦點，我們將採取行動，以實現未來 45% 的目標模型。

Operating expenses increased 5% to $181 million as we increased R&D investments.

由於我們增加了研發投資，營運費用增加了 5%，達到 1.81 億美元。

Operating income increased 10% from the prior year to $110 million.

營業收入較上年增長 10%，達到 1.1 億美元。

And lastly, net income increased to $98 million with tax expense of $11 million, yielding an effective tax rate of 10%.

最後，淨利潤增加至 9,800 萬美元，稅費為 1,100 萬美元，有效稅率為 10%。

Diluted EPS increased to $1.69 for the year on 61 million shares.

本年度稀釋後每股收益增至 1.69 美元，發行股數為 6,100 萬股。

I'll now provide selected GAAP full-year data.

我現在將提供選定的 GAAP 全年數據。

Amortization expense was $8 million.

攤銷費用為800萬美元。

Our equity comp expense was $29 million; depreciation, $16 million; and net interest expense was approximately $1 million.

我們的股權補償費用為 2,900 萬美元；折舊1600萬美元；淨利息支出約 100 萬美元。

GAAP net loss of $30 million included a $97 million extinguishment loss from refinancing of substantial portion of our convertible notes.

GAAP 淨虧損 3,000 萬美元，其中包括因大部分可轉換票據再融資而產生的 9,700 萬美元清償損失。

Turning to Q4 revenue by market and geography.

轉向按市場和地理劃分的第四季度收入。

Revenue for the quarter was $174 million near the high end of our guidance range.

該季度的營收為 1.74 億美元，接近我們指引範圍的上限。

Semiconductor revenue increased sequentially by 17% to $115 million, comprising 66% of total revenue.

半導體營收季增 17%，達到 1.15 億美元，佔總營收的 66%。

The increase in revenue was led by laser annealing systems.

收入的成長主要由雷射退火系統帶動。

Compound semiconductor revenue came in at 10%.

化合物半導體收入佔 10%。

Data storage contributed 11%, and scientific and other made up 13%.

資料儲存佔 11%，科學和其他佔 13%。

Now turning to quarterly revenue by region.

現在轉向按地區劃分的季度收入。

The percentage of revenue from China increased to 38% in Q4 due to mature nodes semiconductor sales.

由於成熟節點的半導體銷售，第四季來自中國的收入比例上升至38%。

Revenue from our Asia Pacific region, excluding China, made up 34% of revenue, led by sales to semiconductor customers.

來自亞太地區（不包括中國）的收入佔收入的 34%，其中半導體客戶的銷售額占主導地位。

The United States totaled 22% of revenue, primarily driven by data storage and semiconductor customers.

美國佔總收入的 22%，主要由資料儲存和半導體客戶推動。

And lastly, EMEA was 6% of revenue.

最後，歐洲、中東和非洲地區佔收入的 6%。

Switching gears to our non-GAAP quarterly results.

轉向我們的非公認會計準則季度業績。

Gross margin came in at approximately 45%, a sequential increase from 44%.

毛利率約為 45%，較上一季的 44% 有所增長。

Operating expenses for the quarter totaled $47 million, up $1 million from Q3.

本季營運費用總計 4,700 萬美元，比第三季增加 100 萬美元。

Tax expense for the quarter was approximately $3 million, a slight increase from the prior quarter, resulting in an 8% effective tax rate.

本季的稅務費用約為 300 萬美元，較上一季略有增加，有效稅率為 8%。

Lastly, net income came in at $30 million and diluted EPS was $0.51 on 60 million shares.

最後，淨利潤為 3,000 萬美元，稀釋後每股收益為 6,000 萬股 0.51 美元。

Now moving to the balance sheet and cash flow highlights.

現在轉向資產負債表和現金流重點。

We ended the quarter with cash and short-term investments of $306 million, a sequential increase of $19 million.

截至本季末，我們的現金和短期投資為 3.06 億美元，比上一季增加 1,900 萬美元。

The increase was primarily driven by $29 million of cash flow from operations, partially offset by CapEx.

這一增長主要是由營運現金流 2900 萬美元推動的，但部分被資本支出所抵消。

From a working capital perspective, our accounts receivable declined by $19 million to $103 million, while days sales outstanding for the quarter decreasing to 53.

從營運資金的角度來看，我們的應收帳款減少了 1,900 萬美元，至 1.03 億美元，而本季的應收帳款天數減少至 53 天。

Inventory declined from the prior quarter by $14 million to $238 million while days of inventory came in at 231.

庫存較上一季下降 1,400 萬美元，降至 2.38 億美元，庫存天數為 231 天。

Accounts payable declined by $21 million to $42 million, while days payable declined to 41.

應付帳款減少 2,100 萬美元，至 4,200 萬美元，應付天數減少至 41 天。

Long-term debt on the balance sheet was recorded at $275 million, representing the carrying value of our $282 million of convertible notes.

資產負債表上的長期債務為 2.75 億美元，相當於我們 2.82 億美元可轉換票據的帳面價值。

And finally, our CapEx during Q4 totaled $11 million, bringing total CapEx for the year to $28 million.

最後，我們第四季的資本支出總額為 1,100 萬美元，使全年資本支出總額達到 2,800 萬美元。

Now turning to Q1 non-GAAP guidance.

現在轉向第一季非公認會計準則指引。

Q1 revenue is expected to be between $160 million and $180 million, with gross margin between 43% and 44%.

第一季營收預計在 1.6 億美元至 1.8 億美元之間，毛利率在 43% 至 44% 之間。

We expect OpEx between $46 million and $48 million.

我們預計營運支出在 4,600 萬美元至 4,800 萬美元之間。

Net income between $21 million and $27 million and diluted EPS between $0.36 and $0.46 on 60 million shares.

6,000 萬股淨利在 2,100 萬美元至 2,700 萬美元之間，攤薄後每股收益在 0.36 美元至 0.46 美元之間。

And now for some additional color beyond Q1.

現在是 Q1 之外的一些額外顏色。

Based on our current visibility, we are reiterating our 2024 revenue outlook between $680 million and $740 million.

根據我們目前的能見度，我們重申 2024 年的營收前景在 6.8 億至 7.4 億美元之間。

We expect revenue in the second half of the year to exceed revenue in the first half based upon timing of schedule shipments from our backlog as well as forecasted orders.

根據我們積壓訂單的計畫出貨時間以及預測訂單，我們預計下半年的收入將超過上半年的收入。

And we continue to forecast diluted non-GAAP EPS for the full year to be between $1.60 and $1.90 per share.

我們繼續預測全年稀釋後非 GAAP 每股盈餘將在 1.60 美元至 1.90 美元之間。

With that, I'll now turn the call over to the operator to open up Q&A.

現在，我將把電話轉給接線員以開始問答。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Rick Schafer, Oppenheimer & Co.

里克·謝弗，奧本海默公司

Thanks, guys, for letting me on and congratulations on another solid quarter.

謝謝你們讓我繼續，並祝賀又一個穩定的季度。

Two questions, if I may.

如果可以的話，有兩個問題。

The first one, Bill, you know, it's a new year.

第一個，比爾，你知道，這是新的一年。

You guys just highlighted a ton of growth drivers.

你們剛剛強調了很多成長動力。

I don't know if you could give a sense of how backlog compares this year.

我不知道您能否了解一下今年的積壓情況。

You're obviously guiding for growth.

顯然你正在指導成長。

But I know you talked a lot about $500 million, I think, around this time last year for '23.

但我知道你在去年這個時候談論了很多關於 5 億美元的事情，我想是在 23 年的這個時候。

I was just curious how that compares for '24.

我只是好奇與 24 年相比如何。

Yeah, Rick.

是的，瑞克。

This is John, and thanks for the question.

我是約翰，謝謝你的提問。

We haven't published our 10-K yet, so we haven't published a backlog number yet for the full-year 2023.

我們尚未發布 10-K，因此我們尚未發布 2023 年全年的積壓訂單數量。

We expect to publish that in a few days here in the normal course.

我們預計將在幾天內正常發布。

I would say that as we look into 2024 and in our guide, I would say that we continue to see strength in semiconductor.

我想說，當我們展望 2024 年並在我們的指南中時，我想說我們繼續看到半導體領域的優勢。

The largest portion of the backlog comes from the semiconductor business here.

積壓訂單的最大部分來自這裡的半導體業務。

We are expecting our semi business to be up about 5% to 10% in 2024 compared to 2023.

我們預計 2024 年我們的半成品業務將比 2023 年成長約 5% 至 10%。

And of course, when we gave our outlook for the full-year 2024, we considered the backlog in hand at that point in time as well as forecasted orders.

當然，當我們給出 2024 年全年展望時，我們考慮了當時的積壓訂單以及預測訂單。

Okay.

好的。

Thanks, John.

謝謝，約翰。

And if I could follow up, just a quick one on China.

如果我可以跟進的話，請簡單介紹一下中國。

The rate contribution there was up precisely, I think, year over year in '23.

我認為，23 年的利率貢獻確實逐年上升。

And so I know you give a little more color around what sort of order velocity.

所以我知道你對什麼樣的訂單速度給了更多的顏色。

Seemed like it kind of peaked in the fourth quarter.

似乎在第四季度達到了頂峰。

So just curious if you could comment on order velocity there, outlook for that region this year.

因此，我很好奇您是否可以評論該地區的訂單速度以及今年該地區的前景。

And maybe if you could, like a little nuanced, but a sense of how much demand do you think is sort of pull-ins, geopolitical stuff out there, versus what normal demand kind of trends would look like there.

也許如果可以的話，稍微細緻一點，但你認為有多少需求是某種拉動、地緣政治因素，而不是正常需求趨勢的感覺。

Thanks.

謝謝。

Okay, Rick.

好吧，瑞克。

Yes, thanks for the question.

是的，謝謝你的提問。

And if I miss any part of that, Bill could help me or please ask because you had a couple of pieces to that question there.

如果我錯過了其中的任何部分，比爾可以幫助我，或者請詢問，因為你有一些關於這個問題的內容。

So for 2023, our revenue was -- about 33% of the company's revenue came from China.

因此，到 2023 年，我們的收入約為公司收入的 33% 來自中國。

That's versus 19% in the in the prior year.

相比之下，去年這一比例為 19%。

And I would say the largest driver of the increase in business was from mature node semiconductor and really coming from the laser annealing business there.

我想說，業務成長的最大推動力來自成熟的節點半導體，實際上來自那裡的雷射退火業務。

So we see a number, you know, of customers advance of investing in mature node.

因此，我們看到許多客戶提前投資成熟節點。

I would say one of the things that we saw there as well, right?

我想說的是我們在那裡看到的一件事，對嗎？

Typically, LSA was adopted at 28 nanometer node.

通常，LSA在28奈米節點被採用。

We've also been seeing advantages or customers have been seeing advantages and even adopting at a 40 nanometer node.

我們也看到了優勢，或者客戶也看到了優勢，甚至採用了 40 奈米節點。

So that's been helpful to the business there.

這對那裡的業務很有幫助。

As we as we look forward, activity with customers is still very strong.

正如我們所期待的，與客戶的活動仍然非常活躍。

We're seeing customers continue to advance -- excuse me, to invest in new projects and activity with customers right now continues to be strong.

我們看到客戶不斷進步—對不起，投資新專案和與客戶的活動現在仍然強勁。

As I look at the whole year of 2024, I think our business in China will come in somewhere around 30% of revenue, give or take.

展望 2024 年全年，我認為我們在中國的業務將佔收入的 30% 左右。

We've got really good visibility for the first half of the year.

今年上半年我們的能見度非​​常好。

But there's no sort of indication as we sit right now any significant change in the customers' patterns at this point.

但目前還沒有任何跡象顯示客戶的模式有任何重大變化。

I guess I'll just add, Rick, that we are seeing in that several planning in the second half to have a little bit more volume from the leading edge.

我想我會補充一點，瑞克，我們看到有幾個計劃在下半年增加領先優勢的交易量。

So I would think maybe that mix might shift a little more towards the leading edge from the lagging edge in China.

因此，我認為也許這種組合可能會從中國的落後邊緣轉向領先邊緣。

But we'll have to kind of wait and see how that develops.

但我們必須等待，看看事情會如何發展。

Understood.

明白了。

Thank you, guys.

感謝你們。

Thanks, Rick.

謝謝，瑞克。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, guys, good afternoon.

嘿，夥計們，下午好。

Sorry for that.

對此感到抱歉。

I was on mute.

我當時處於靜音狀態。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Good afternoon.

午安.

Good afternoon.

午安.

Thanks for taking the questions.

感謝您提出問題。

Kudos on the nice execution.

感謝出色的執行力。

I guess, can you talk a little bit about -- I had one housekeeping question.

我想，你能談談──我有一個家政問題。

Just to begin with, I thought there were some reports out there.

首先，我以為有一些報道。

You guys had talked about maybe 10% growth in semiconductor for '24.

你們曾談論過 24 年半導體產業可能成長 10%。

You're officially saying 5% to 10%.

你正式說的是 5% 到 10%。

Was there a change or maybe we misinterpreted the initial comments you made in January?

是否有變化，或者我們可能誤解了您在一月份發表的最初評論？

No, there's no change there.

不，那裡沒有任何變化。

The outlook and the guide that we gave out at the conference in January was 5% to 10%.

我們在一月份的會議上給出的展望和指導是5%到10%。

Okay.

好的。

Just making sure we had the right notes.

只是確保我們有正確的筆記。

I appreciate that.

我很感激。

And then on the compound semis opportunity, I know you called out some GaN on silicon specifically.

然後，在化合物半導體機會方面，我知道您特別提到了一些矽基氮化鎵。

I mean, presumably there's some SIC embedded in that opportunity as well.

我的意思是，大概這個機會中也嵌入了一些 SIC。

Can you kind of talk about some where you sort of have eval tools out in '24, maybe the timeline for success?

您能否談談您在 24 年推出的評估工具，也許是成功的時間表？

And then when you might be thinking about high-volume manufacturing orders?

然後您什麼時候可能會考慮大批量製造訂單？

And does that differ from the different types of eval opportunities you have across GaN on silicon versus SIC versus anything else?

這與矽基 GaN 與 SIC 與其他任何材料的不同類型評估機會有何不同？

Thank you.

謝謝。

Brian, compound semi this year '24 is going to be a year of investment for evaluations.

Brian，今年的複合半導體'24 將是評估投資的一年。

And in power electronics, we're actively working with a number of Tier 1 customers in silicon carbide and are planning to place two evaluation systems in the field in 2024.

在電力電子領域，我們正在與許多碳化矽一級客戶積極合作，並計劃於 2024 年在該領域部署兩個評估系統。

And also on GaN on silicon, we have an opportunity to place a 300-millimeter system at a Tier 1 customer for GaN on silicon opportunities.

在矽基 GaN 方面，我們有機會向一級客戶部署 300 毫米系統，以獲得矽基 GaN 機會。

And then the fourth evaluation system we're planning is actually in micro-LED probably in the second half of '24.

然後我們計劃的第四個評估系統實際上是在 micro-LED 中，可能會在 24 年下半年推出。

So we have a fair amount of new products we're planning to put into the field in '24.

因此，我們計劃在 24 年將大量新產品投入該領域。

That's great.

那太棒了。

And I know it's going to depend on how the eval process works and that can be customer dependent and specific.

我知道這將取決於評估流程的工作方式，並且可能取決於客戶且特定。

But any kind of visibility around typical timeline you would expect?

但是您期望圍繞典型時間線有任何類型的可見性嗎？

And is there a view you didn't call out specifically for this category with high-volume manufacturing orders in '25?

您是否有一種觀點沒有專門針對 25 年擁有大批量製造訂單的類別提出？

Is that your expectation across any of those four opportunities you just called out?

這是您對您剛才提出的四個機會中的任何一個的期望嗎？

Yes, I would say, Brian, that -- the front-end semi market typically in evaluation can be 12 plus months.

是的，我想說的是，Brian，前端半市場的評估通常需要 12 個多月。

In compound semis, they are typically a bit shorter, maybe six months, 6 to 12 months.

在複合半決賽中，它們通常會更短一些，可能是六個月、6 到 12 個月。

And so I would expect, as you said, to have -- assuming success -- we're successful having HVM orders late '24 and into '25.

因此，正如您所說，我希望——假設成功——我們會在 24 年末和 25 年期間成功獲得 HVM 訂單。

Okay.

好的。

Fair enough.

很公平。

And last one for me and I'll pass it on.

最後一篇是給我的，我會把它傳承下去。

You talked a lot about the semiconductor opportunity and the good growth you've been seeing there.

您談到了很多關於半導體的機會以及您在那裡看到的良好增長。

Specifically, I guess, advanced packaging, can you talk to a little bit of what you're seeing in that market?

具體來說，我想，先進封裝，您能談談您在該市場看到的情況嗎？

What the outlook there is over the course of '24 and where you might be having some growth opportunities there as well?

24 年的前景如何？您可能在哪些方面有一些成長機會？

Thank you, guys.

感謝你們。

Yes.

是的。

We are seeing some exciting growth opportunities in '24 in advanced packaging, particularly in high-bandwidth memory applications.

我們在 24 年看到了先進封裝領域的一些令人興奮的成長機會，特別是在高頻寬記憶體應用領域。

We sell wet processing equipment on for the HVM memory stack.

我們銷售用於 HVM 記憶體堆疊的濕處理設備。

And so that is driving some growth for us over 2023 there.

因此，這將推動我們在 2023 年實現一些成長。

Brian?

布萊恩？

Charles Shi, Needham.

查爾斯·施，李約瑟。

Hey, guys, good afternoon.

嘿，夥計們，下午好。

Bill, John, I'm wondering if you can give us a little bit of a high-level breakdown of your compound semi business, which you expect to grow by, I think, 5% to 10% this year.

Bill、John，我想知道你們是否可以向我們介紹一下你們的複合半成品業務的高級細分情況，我認為今年你們預計該業務將增長 5% 到 10%。

You said it's a power electronics and photonics is driving the growth.

你說電力電子和光子學正在推動成長。

But I think your business more than these two end markets is communication.

但我認為你們的業務不只是這兩個終端市場，而是溝通。

I don't know how much of the commodity LED lighting is still there.

我不知道商品LED照明還有多少。

Can you kind of unpack a little bit there?

你能在那裡稍微解壓一下嗎？

And specifically, right, this is a two-part question.

具體來說，這是一個由兩部分組成的問題。

The photonics side, I think you didn't mention too much on the photonics side in your prepared remarks.

光子學方面，我認為您在準備好的演講中沒有提及太多光子學的內容。

Your focus was more on the GaN and the silicon carbide.

您更關注的是 GaN 和碳化矽。

But photonic side, what do you see right now?

但是光子方面，你現在看到了什麼？

Especially, let's say, data communication side, there seems to be some activities, some optimism about more of the big so, more of the (inaudible) type of devices.

特別是，比如說，在數據通訊方面，似乎有一些活動，對更多大型設備、更多（聽不清楚）類型的設備持樂觀態度。

Are you a beneficiary of that side of the end market growth?

您是終端市場成長這一方面的受益者嗎？

Thank you.

謝謝。

Sure, Charles.

當然，查爾斯。

I would say -- trying to unpack your question a little bit, Veeco has almost zero exposure to the commoditized LED portion of the market at this time.

我想說 - 試圖稍微解釋一下您的問題，Veeco 目前對市場商品化 LED 部分的接觸幾乎為零。

What we are seeing in that that growth is we are seeing opportunities in photonics as well as in silicon carbide and GaN power, in particular, with our wet processing equipment, driving a fair amount of business for us.

我們看到的成長是我們看到光子學以及碳化矽和氮化鎵功率領域的機會，特別是我們的濕式加工設備，為我們帶來了大量的業務。

The one area we haven't seen much of growth yet is really in kind of the 5GRF area, kind of for filters and power amplifiers that have driven our business in the past.

我們還沒有看到太多成長的領域實際上是 5GRF 領域，類似於過去推動我們業務發展的濾波器和功率放大器。

That business has been soft and remain soft.

業務一直疲軟，而且仍然疲軟。

Even though with some numbers are starting to improve, we haven't really seen an uptick there in our business as well.

儘管一些數字開始改善，但我們的業務並沒有真正看到成長。

Got it.

知道了。

Maybe let me ask you a little bit more about the gross margin guidance for the next quarter.

也許讓我再問你一些關於下一季毛利率指引的問題。

Obviously, Q4, you guys did deliver very strong gross margin performance, but the guidance did seem to indicate some level of margin compression into the Q1.

顯然，第四季度，你們確實提供了非常強勁的毛利率表現，但指引似乎確實顯示第一季的利潤率受到一定程度的壓縮。

Is that just out of conservatism?

這僅僅是出於保守主義嗎？

Or are you seeing anything that's leading to a lower margins, mix, or something else?

或是您發現任何導致利潤率下降、產品組合下降或其他原因的因素？

Yes, Charles, I'll take that.

是的，查爾斯，我會接受的。

Thank you for the question.

感謝你的提問。

I would say that typically we do see quarter-to-quarter variations in gross margin from one quarter to the other based upon a number of factors.

我想說的是，基於多種因素，我們通常確實會看到一個季度與另一個季度的毛利率有季度差異。

I would say that for 2023, obviously, as the year progressed, our margin profile improved and we ended the year -- for the full year at 43.5% gross margin.

我想說的是，對於 2023 年，顯然，隨著時間的推移，我們的利潤率狀況有所改善，我們在年底時全年毛利率為 43.5%。

At the midpoint of our guide, that's what we're guiding for in Q1.

在我們指南的中間，這就是我們在第一季的指導目標。

And granted, that's not 45% that we hit in Q4, which did benefit from higher volume and did benefit from a favorable mix there.

當然，這並不是我們在第四季度達到的 45%，這確實受益於銷量的增加，並且確實受益於有利的組合。

I think as I look out to 2024 full-year gross margin in a range similar, that's our call right now, similar to 2023, one of the things that is worth pointing out.

我認為，當我展望 2024 年全年毛利率在類似範圍內時，這就是我們現在的呼籲，與 2023 年類似，這是值得指出的事情之一。

We are making a significant investment with this evaluation program that we just talked about in the prepared remarks.

我們正在對我們剛剛在準備好的發言中談到的這個評估計劃進行重大投資。

And that investments, we're making ahead of revenue is about 50 to 75 basis points in 2024.

到 2024 年，我們的投資將比收入高出約 50 到 75 個基點。

So kind of guiding to a similar level in 2024, 2023, we are making margin improvements in other areas, but we are turning around and reinvesting that ahead of revenue in our evaluation program.

因此，在 2024 年、2023 年達到類似水平的指導下，我們正在其他領域提高利潤率，但我們正在扭轉局面，將其在收入之前重新投資到我們的評估計劃中。

Thanks, guys.

多謝你們。

Thank you, Charles.

謝謝你，查爾斯。

Mark Miller, Benchmark.

馬克·米勒，基準。

Congrats on a good execution.

祝賀執行良好。

Are you seeing any opportunities for your ion beam deposition equipment in multilayered-like mirrors or multi -- or optical components?

您是否看到離子束沉積設備在多層反射鏡或多光學元件中的應用機會？

Well, we don't see that directly.

嗯，我們沒有直接看到這一點。

Where we see opportunities in ion beam deposition is obviously in EUV mask blank business.

我們在離子束沉積領域看到的機會顯然是在 EUV 掩模基板業務中。

We provide the deposition equipment for those zero-defect mask blanks.

我們為那些零缺陷掩模坯料提供沉積設備。

And as you know, Mark, we're selling a lot of ion beam equipment into the hard disk drive area.

如你所知，馬克，我們正在向硬碟領域銷售大量離子束設備。

And we actually now are putting new valve systems in the front-end semiconductor space, 300-millimeter systems for low resistance of metallizations.

實際上，我們現在正在前端半導體領域中採用新的閥門系統，即用於低金屬化電阻的 300 毫米系統。

We do have a business that does provide of band pass filters, optical filters if we're using ion beam deposition.

如果我們使用離子束沉積，我們確實有一家提供帶通濾波器和光學濾波器的業務。

But it's probably about a steady $20 million business, that range.

但這可能是一個穩定的價值 2000 萬美元的業務，這個範圍。

I'd like to take a little deeper dive into your backlog.

我想更深入地了解你們的積壓工作。

If you can comment to the estimates in terms of your backlog, how it's composed relative to memory logic, advanced packaging, and also AI-type applications.

如果您可以根據積壓工作、其相對於記憶體邏輯、進階封裝以及人工智慧類型應用程式的組成方式對估算進行評論。

Yeah.

是的。

So, Mark, thanks for the question.

所以，馬克，謝謝你的提問。

We have not yet published our 10-K where we'll publish our backlog.

我們尚未發布 10-K，我們將在其中發布我們的積壓工作。

Typically, we don't give that level of detail in the backlog.

通常，我們不會在待辦事項中提供如此詳細的資訊。

But what I'll say is this: the semi business is over 60% of our business for the year.

但我要說的是：半成品業務占我們今年業務的 60% 以上。

That's sort of the driving behind our backlog as well.

這也是我們積壓的原因之一。

So the larger components of our backlog going into 2024 will come from the semiconductor market.

因此，到 2024 年，我們積壓的大部分訂單將來自半導體市場。

Thank you.

謝謝。

Thanks, Mark.

謝謝，馬克。

Thanks, Mark.

謝謝，馬克。

David Duley, Steelhead Securities.

大衛杜利 (David Duley)，Steelhead 證券公司。

Yes, good evening.

是的，晚上好。

I was wondering as far as your ion beam deposition tools from the DRAM guys, what sort of the performance improvement is significant to them as far as you talked about, a 20% performance improvement?

我想知道 DRAM 人員提供的離子束沉積工具，什麼樣的性能改進對他們來說是重要的，正如您所說的，20% 的性能改進？

What's significant to the customer as far as -- in high-volume manufacturing?

在大批量生產中，什麼對客戶來說最重要？

It's a very thoughtful question, Dave.

這是一個非常深思熟慮的問題，戴夫。

I would say that's a substantial improvement in performance.

我想說這是性能的顯著提高。

I think the traditional technology has been plateaued for a number of nodes and the industry is contemplating some major changes, if not, moving to ion beam deposition.

我認為傳統技術在許多節點上已經停滯不前，業界正在考慮進行一些重大改變，如果沒有的話，就會轉向離子束沉積。

And so what we're routinely demonstrating is that we can see a 20% or more improvement in the resistance of the film, which has a direct impact to the speed and the reduction of losses in these resistive lines, these bit lines.

因此，我們例行性示範的是，我們可以看到薄膜的電阻提高了 20% 或更多，這對這些電阻線、這些位線的速度和損耗的減少有直接影響。

So the customers are very excited about it.

所以顧客對此非常興奮。

And the evaluations are the tools are under installation and proceeding quite well.

評估結果顯示，這些工具正在安裝中，並且進展順利。

And so 20% is obviously significantly higher than the threshold it would take to get the customer to switch from one technology to the other?

那麼 20% 顯然明顯高於讓客戶從一種技術轉向另一種技術所需的門檻？

Yes.

是的。

Yes, I think it's a very big deal to the customers.

是的，我認為這對客戶來說非常重要。

When we first -- we've been working with them now for a few years of doing demos.

當我們第一次時，我們已經與他們合作了幾年的演示。

And at first, the customers almost didn't believe our numbers actually until we had to send them a lot of films for them to characterize and realize that it really is that significant of an improvement.

起初，客戶幾乎不相信我們的數字，直到我們不得不向他們發送大量膠片供他們描述並意識到這確實是一個重大的改進。

And what we can do is we can actually deposit preferential grain structures -- large green structures and deposit only the lowest resistance portions of that material.

我們能做的是，我們實際上可以沉積優先晶粒結構——大型綠色結構，並僅沉積該材料的最低電阻部分。

And so it really is substantially different now than the industry has ever seen.

因此，現在的情況確實與業界以往的情況有很大不同。

And did your recent wins in the high-bandwidth memory area with one of the major producers help pave the way for these evaluation systems?

您最近在高頻寬記憶體領域與主要生產商之一的合作是否有助於為這些評估系統鋪平道路？

They're really not related.

他們確實沒有血緣關係。

We've had success with laser annealing.

我們在雷射退火方面取得了成功。

And I guess you could say them that obviously having a performed in laser annealing doesn't hurt when we're trying to introduce a new technology.

我想你可能會說，當我們嘗試引入新技術時，進行雷射退火顯然不會有什麼壞處。

So that way, it's a positive.

這樣一來，這是正面的。

But the groups are really different groups of people within the same the same memory infrastructure.

但這些群體實際上是同一記憶體基礎設施中的不同群體。

But it's obviously good to have our name known more broadly in the DRAM space.

但讓我們的名字在 DRAM 領域得到更廣泛的了解顯然是件好事。

Okay.

好的。

Final one for me.

對我來說最後一張。

I think you've talked about having one customer and high-bandwidth memory that's using your LSA tool and falling production.

我想您已經談過，有一個客戶和高頻寬記憶體正在使用您的 LSA 工具，導致產量下降。

Are you starting to see activity from the other two guys who are, I guess, further behind?

你是否開始看到另外兩個人的活動，我猜他們落後得更遠？

But I think I just heard to hear their names mentioned on other conference calls regarding starting to purchase tools and wrap up production.

但我想我只是在其他有關開始購買工具和結束生產的電話會議上聽到他們的名字被提及。

Yes, we are actively demoing our laser annealing system with those two customers.

是的，我們正在積極向這兩家客戶演示我們的雷射退火系統。

And our plan is to have at least one evaluation system out in '24, probably in the second half or the end of '24 to support their plans.

我們的計劃是在 24 年（可能是 24 年下半年或年底）至少推出一個評估系統來支持他們的計劃。

Thank you.

謝謝。

Thank you, Dave.

謝謝你，戴夫。

Gus Richard, Northland Capital.

格斯·理查德，北國資本。

Yes, thanks for taking the question.

是的，感謝您提出問題。

Nice quarter.

不錯的季度。

I just want to make sure I count right.

我只是想確保我數得正確。

There are eight eval systems going out this year.

今年有八個評估系統推出。

Is that the right number?

這個數字正確嗎？

Let me look at this.

讓我看看這個。

We have four going out in compound semi, two in silicon carbide, one in GaN on silicon 300 millimeter, and one in micro-LED.

我們有 4 個化合物半導體產品、2 個碳化矽產品、1 個 300 毫米矽基 GaN 產品和 1 個 Micro LED 產品。

And we have a laser annealing tool I just spoke about for DRAM memory, going out to a second major memory player.

我們有一個我剛才談到的用於 DRAM 記憶體的雷射退火工具，將成為第二大記憶體廠商。

And in the fourth quarter, we shipped four evaluation systems, two ion beam deposition systems for memory, and two nanosecond annealing systems for logic, advanced logic.

在第四季度，我們發貨了四個評估系統，兩個用於記憶體的離子束沉積系統，以及兩個用於邏輯、高級邏輯的奈秒退火系統。

So that's up to five new tools plus four evaluation systems in semi.

因此，半中最多有五個新工具加上四個評估系統。

Got it.

知道了。

Got it.

知道了。

Can you handicap for us on which ones do you think are most likely to result in volume production orders?

您能否為我們介紹一下您認為哪些最有可能帶來大量生產訂單？

And if you could just kind of rank through them, that would be helpful.

如果你能對它們進行排序，那將會很有幫助。

I would say we've actually had some very good success turning our eval systems, a, into revenue; and, b, with follow on production.

我想說的是，我們實際上已經取得了一些非常好的成功，將我們的評估系統a轉化為收入； b、後續生產。

I would say in the annealing space, we already have a very strong presence in the leading-edge logic players and we're penetrating in memory.

我想說，在退火領域，我們已經在領先的邏輯廠商中擁有非常強大的影響力，並且我們正在滲透記憶體領域。

So our next-generation tool, the nanosecond annealing tool, is an extension of that product and opens up new opportunities.

因此，我們的下一代工具奈秒退火工具是該產品的延伸，並開啟了新的機會。

So I would say our customers are familiar generally with laser annealing.

所以我想說我們的客戶普遍熟悉雷射退火。

And so we feel pretty positive about turning that into business.

因此，我們對將其轉化為業務感到非常積極。

And then I would say the second one in semi is the ion beam deposition system where we just spoke about the 20% reduction in resistivity of metals, which is a really big deal in the DRAM bit line.

然後我想說半成品中的第二個是離子束沉積系統，我們剛剛談到金屬電阻率降低了 20%，這對 DRAM 位線來說是一個非常大的問題。

That being said, Gus, I would say this is potentially the fourth technology going into semiconductor.

話雖這麼說，格斯，我想說這可能是進入半導體的第四種技術。

And there's going to be -- it's probably going to take a little more time to become adopted.

而且可能需要更多的時間才能被採用。

So I would say that takes probably a little longer time than the nanosecond annealing process because that's what we're planning for.

所以我想說這可能比納秒退火過程需要更長的時間，因為這就是我們的計劃。

And in the compound semi space, the pull for the GaN on silicon tools is pretty strong with a Tier 1 customer who has some good ramp plans in '25 and '26.

在複合半導體領域，一級客戶對矽基氮化鎵工具的吸引力相當大，他們在 25 年和 26 年制定了一些良好的產能計畫。

And silicon carbide, we are engaging with the Tier 1 players and trying to gain market share in that spot.

至於碳化矽，我們正在與一級參與者合作，並試圖在該領域獲得市場份額。

And I would say the one that might be a little farther out is the micro-LED opportunity where we keep seeing that the market is potentially large and seems to be moving kind of rolling delays to the -- moving to the right, if you will.

我想說，可能有點遙遠的是 micro-LED 機會，我們不斷看到市場潛力巨大，並且似乎正在將滾動延遲轉移到 - 向右移動，如果你願意的話。

So that probably is a little more riskier really from a market timing standpoint.

因此，從市場時機的角度來看，這可能確實風險更大一些。

Got it.

知道了。

And then just moving on to some other opportunities you haven't touched on.

然後繼續討論其他一些你沒有提到的機會。

I believe it was last quarter, you guys shipped an IBD system for [pellicle] application.

我相信是在上個季度，你們運送了一個用於[薄膜]應用的 IBD 系統。

I was wondering, is there any follow-on interest in that application or any other customers?

我想知道該應用程式或任何其他客戶是否有後續興趣？

We did not ship it; we booked it.

我們沒有出貨；我們預訂了。

But we're planning to ship that this year.

但我們計劃今年出貨。

And yes, the customer may have demand for a follow-on tool, maybe for revenue in 2025.

是的，客戶可能需要後續工具，也許是為了 2025 年的收入。

Got it.

知道了。

Got it.

知道了。

Thanks for clarifying that.

感謝您澄清這一點。

And then I think you announced either an order for a shipment of a molecular beam epitaxy for quantum computing.

然後我認為您宣布了一份用於量子計算的分子束外延發貨訂單。

Can you just talk a little bit about that particular application and maybe the opportunity over the next couple of years?

您能否簡單談談該特定應用以及未來幾年的機會？

Yes.

是的。

We sold a tool in our scientific segment for a research application to make the best performing cubix for quantum computing.

我們在科學領域出售了一款用於研究應用的工具，以打造最佳表現的量子運算立方體。

And MBE is a great R&D tool that the customers can deposit many different materials on the periodic table and can be very high purity and very high-performing films.

MBE是一個很棒的研發工具，客戶可以在元素週期表上沉積許多不同的材料，並且可以是非常高純度和非常高性能的薄膜。

And so we just recently announced that we shipped one in the fourth quarter.

因此，我們最近剛剛宣布我們將在第四季度發貨。

And we actually have a pretty large system that will be -- two systems actually, one I think is scheduled to ship at the end of '24 and maybe one in early 2025 for a similar type research application.

我們實際上有一個相當大的系統，實際上是兩個系統，一個我認為計劃在 24 年底交付，另一個可能在 2025 年初交付，用於類似類型的研究應用。

Quantum computing is really very much in the research phase and it's probably not going to be any volume revenue for another five or so years, I would say.

我想說，量子計算實際上還處於研究階段，在接下來的五年左右的時間內可能不會產生任何批量收入。

It's really a kind of path finding activity.

這其實是一種尋路活動。

Well, according, the Heidelberg, quantum is always uncertain.

嗯，根據海德堡的說法，量子總是不確定的。

Yeah.

是的。

Exactly.

確切地。

Thanks so much.

非常感謝。

That's it for me.

對我來說就是這樣。

Thanks, Gus.

謝謝，格斯。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hi, this is Will Eddie on for Tom.

大家好，我是湯姆·威爾·艾迪。

My first question is about the sequentials by segment into March.

我的第一個問題是關於三月按細分市場劃分的序列。

What's driving the quarter-over-quarter decline?

是什麼推動了季度環比下降？

Is it the bottom to compound semi?

是複合半的底部嗎？

So I'll take that.

所以我會接受的。

So yes, we guided that the midpoint of our guide $170 million for Q1.

所以，是的，我們指導第一季指引的中點為 1.7 億美元。

We just finished the quarter with $174 million, so down about 2%.

本季結束時，我們的營收為 1.74 億美元，下降了約 2%。

If you go to the midpoint of our guide, the high end of our guidance at $180 million.

如果您查看我們指南的中點，即我們指南的上限為 1.8 億美元。

If I look at that segmentation by market, we're expecting semi conductor to be down slightly in the quarter.

如果我按市場細分來看，我們預計半導體在本季會略有下降。

I would remind that Q4 was $115 million and that was a record for us during the quarter.

我想提醒一下，第四季的銷售額為 1.15 億美元，這是我們該季度的記錄。

So still at a high level there.

所以仍然處於高水準。

Maybe around $105 million number.

也許大約是 1.05 億美元。

We are looking for a bit of a rebound in compound semi, $25 million plus or minus there for shipping a couple of more systems.

我們正在尋找複合半成品的小反彈，運送更多系統的費用將增加或減少 2,500 萬美元。

And we see some strength in photonics of applications there.

我們看到了那裡的光子學應用的一些優勢。

Data storage, it's about a one system difference, but about $25 million number, coming off a $19 million number, but it's only one system difference there.

資料儲存方面，這是一個系統差異，但大約是 2500 萬美元，而數字是 1900 萬美元，但這只是一個系統差異。

And then we see quite a sizable falloff in the scientific number in Q1, coming in at about $15 million or so.

然後我們看到第一季的科學數據大幅下降，約 1500 萬美元左右。

And I would say that, as Bill just mentioned, we had a very large research tool that went out for this quantum computing.

我想說的是，正如比爾剛才提到的，我們有一個非常大的研究工具用於量子計算。

So we had a quite a sizable revenue number in Q4.

因此，我們在第四季的營收相當可觀。

And that's the biggest driver and a difference not having one of those bigger tools in the Q1 number.

這是最大的驅動因素，也是第一季數據中沒有這些更大工具的差異。

Awesome.

驚人的。

Thanks so much.

非常感謝。

My next question is about your data storage business.

我的下一個問題是關於您的資料儲存業務。

With the commercial introduction of hammer this quarter and the ramp of such, how has this impacted your outlook in your view of this business?

隨著錘子本季的商業推出以及此類產品的推廣，這對您對該業務的看法有何影響？

We think the adoption of hammer has been, a, long time coming; and, b, a healthy transition for the data storage industry.

我們認為錘子的採用已經有很長一段時間了； b、資料儲存產業的健康轉型。

We think this long term will give us opportunities in that the hedge themselves will become more complex.

我們認為，從長遠來看，對沖本身將變得更加複雜，這將為我們帶來機會。

And there will be more deposition and etch steps, which would benefit Veeco.

而且將會有更多的沉積和蝕刻步驟，這將使 Veeco 受益。

The data storage business is a great business for us.

資料儲存業務對我們來說是一項偉大的業務。

We've been in it for decades, and we have a very strong position in long-term partnerships with our customers.

我們已經從事此行業數十年，並且在與客戶的長期合作夥伴關係中擁有非常強大的地位。

What we see, though, is really the exciting long-term growth is really driven by the ability to support this kind of core ion beam technology from data storage into semi.

不過，我們看到的是，令人興奮的長期成長實際上是由支持這種從數據儲存到半成品的核心離子束技術的能力所驅動的。

And so that's really where a lot of the R&D and a lot of focus of the eval programs that we just spoke about are really coming out of the ion beam technology originally started with data storage.

因此，這確實是我們剛才談到的評估程序的大量研發和重點真正來自於最初從資料儲存開始的離子束技術。

Awesome.

驚人的。

Thank you.

謝謝。

It looks like there are no further questions at this time.

目前看來沒有其他問題了。

So I would now like to turn the floor back over to Bill Miller.

現在我想把發言權交還給比爾·米勒。

Thank you.

謝謝。

I do want to thank our customers and shareholders, along with our Veeco team for their continued support as we execute our growth strategy.

我確實要感謝我們的客戶和股東以及我們的 Veeco 團隊在我們執行成長策略時給予的持續支持。

Have a great evening.

祝您有個美好的夜晚。

Bye.

再見。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。