Veeco Instruments Inc (VECO) 2024 Q1 法說會逐字稿

Greetings and welcome to the Veeco Q1 2024 earnings call.

您好，歡迎參加 Veeco 2024 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Anthony Pappone, Head of Investor Relations.

現在我很高興向大家介紹投資者關係主管 Anthony Pappone。

Thank you.

謝謝。

You may begin.

你可以開始了。

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 the risks and uncertainties that could cause actual results to differ materially from the statements made.

如果本次電話會議討論了對未來收入、未來收益、市場狀況的預期或以其他方式對未來做出的陳述，則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。

Unless otherwise noted, management will address non-GAAP financial results 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.

除非另有說明，否則管理層將討論非公認會計準則財務業績，我們鼓勵您參考我們的公認會計準則和非公認會計準則業績之間的對賬，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.

謝謝你，安東尼。

Because started the year with top and bottom line results toward the high end of our guidance, revenue totaled $174 million, non-GAAP operating income, $29 million, and non-GAAP EPS $0.45. Semiconductor revenue totaled a record for the second consecutive quarter, primarily driven by strong demand for our laser annealing systems.

由於年初的頂線和底線業績接近我們指導的上限，因此收入總計 1.74 億美元，非 GAAP 營業收入為 2,900 萬美元，非 GAAP 每股收益 0.45 美元。半導體收入連續第二季創下歷史新高，這主要是由對我們的雷射退火系統的強勁需求所推動的。

As announced in our press release earlier today, a customer placed a multi-tool laser annealing order, including a nanosecond annealing system for their two nanometer gate all around process.

正如我們今天早些時候在新聞稿中宣布的那樣，一位客戶下了一份多工具雷射退火訂單，其中包括用於其兩奈米閘極全環繞製程的奈秒退火系統。

We're looking forward to supporting their future ramp plans.

我們期待支持他們未來的斜坡計劃。

I'd now like to provide an overview of the technology's driving business.

現在我想概述一下該技術驅動的業務。

Today, our served available market expansion opportunities and our investment strategy.

今天，我們提供了可用的市場擴張機會和我們的投資策略。

Our portfolio of technologies highlighted by our new products is gaining traction, and we continue to expand our footprint to new applications, new device architectures and shrinking geometries require the precision of advanced annealing solutions to increase performance.

我們的新產品所突出的技術組合正在獲得關注，我們繼續將我們的足跡擴展到新的應用、新的裝置架構和縮小的幾何形狀，這些都需要先進的退火解決方案的精度來提高性能。

Our LSA systems continue to gain share customers' most advanced nodes, as evidenced by several recent wins in Ion Beam Deposition.

我們的 LSA 系統繼續獲得客戶最先進節點的份額，最近在離子束沉積領域的幾項勝利就證明了這一點。

Our systems are the technology of choice to deposit defect-free films for EUV mask blank production, and we're working closely with industry leaders to enable their roadmaps.

我們的系統是為 EUV 掩模基板生產沉積無缺陷薄膜的首選技術，我們正在與行業領導者密切合作，以實現他們的路線圖。

Looking ahead, we're well positioned to serve growing demand for EUV lithography as well as next-generation high NA lithography.

展望未來，我們有能力滿足 EUV 微影以及下一代高 NA 微影不斷增長的需求。

Our wet processing solutions are used for advanced packaging applications, and we continue to see strong demand for high-bandwidth memory.

我們的濕式處理解決方案用於先進的封裝應用，我們繼續看到對高頻寬記憶體的強勁需求。

During the quarter, we shipped several flex cleaning systems and received follow-on orders from leading foundry and memory customers.

在本季度，我們發貨了多個柔性清潔系統，並收到了來自領先代工廠和內存客戶的後續訂單。

Veeco's strategy of investing in advanced logic and memory has enabled our semiconductor business to outperform WFE growth for three consecutive years.

Veeco 投資先進邏輯和記憶體的策略使我們的半導體業務連續三年跑贏 WFE 成長。

Moving forward, we're investing in new technologies to expand our served available market to a broad range of new applications beginning with laser annealing, we expect our served available market to grow from $600 million to over $1 billion, inclusive of both our Laser Spike annealing and nanosecond annealing products we continue to receive follow-on LSA business for high-bandwidth memory and are making progress towards winning additional memory customers.

展望未來，我們正在投資新技術，將我們服務的可用市場擴展到從雷射退火開始的廣泛新應用，我們預計我們服務的可用市場將從 6 億美元增長到超過 10 億美元，包括我們的雷射尖峰在退火和奈秒退火產品方面，我們繼續獲得高頻寬記憶體的後續LSA 業務，並在贏得更多記憶體客戶方面取得進展。

We're equally excited to expand our nanosecond annealing SAM to a broad range of advanced logic and memory applications in Ion Beam Deposition, we see opportunities for our SAM to grow to $350 million for front end semiconductor applications where low resistance metals are critical.

我們同樣很高興將我們的納秒退火SAM 擴展到離子束沉積中廣泛的高級邏輯和記憶體應用，我們看到我們的SAM 在低電阻金屬至關重要的前端半導體應用中有機會增長到3.5 億美元。

And in the compound semi market, we're focused on long term opportunities within Power Electronics & Photonics.

在複合半導體市場，我們專注於電力電子和光子學領域的長期機會。

Investment in our evaluation program has been essential to our growth strategy and will remain a top priority.

對我們評估計劃的投資對於我們的成長策略至關重要，並且仍將是重中之重。

We have two nanosecond annealing and two Ion Beam Deposition evaluation systems outstanding with leading logic and memory customers.

我們擁有兩個奈秒退火和兩個離子束沉積評估系統，在領先的邏輯和記憶體客戶中表現出色。

Each are progressing well and our team is highly focused on executing.

每個人都進展順利，我們的團隊高度專注於執行。

We're also targeting an LSA evaluation system to a second leading memory customer later this year.

我們還計劃在今年稍後向第二大記憶體客戶提供 LSA 評估系統。

In addition to evaluation shipments in the compound semiconductor market I'd now like to take a deeper dive into two of our largest opportunities in the semiconductor market device.

除了評估化合物半導體市場的出貨量之外，我現在還想更深入地了解我們在半導體市場裝置中的兩個最大機會。

Scaling challenges at our customers' most advanced nodes are driving the need for new annealing capabilities.

客戶最先進節點的擴展挑戰正在推動新退火功能的需求。

Our nanosecond annealing technology offers a substantial opportunity to broaden adoption of laser annealing to new logic and memory applications due to our unique laser and architecture.

由於我們獨特的雷射和架構，我們的奈秒退火技術為將雷射退火擴展到新的邏輯和記憶體應用提供了巨大的機會。

Our system can achieve a lower thermal budget and shorter dwell time versus today's most advanced annealing solutions.

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 Neil that can impact only tens to hundreds of nanometers into the wafer enabling industry inflections such as backside power delivery and 3D devices.

這導致淺尼爾只能影響晶圓數十至數百奈米，從而實現背面電力傳輸和 3D 設備等行業的轉變。

RNSA. system can also improve performance by changing the structure and properties of the device opening the door to several material modification steps.

國家核子安全局。系統還可以透過改變設備的結構和性能來提高性能，從而為幾個材料改性步驟打開了大門。

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

展望未來，我們看到邏輯客戶在 2025 年獲得初始大批量製造訂單的潛力。

We're also pleased to see strong pull from memory customers excited to evaluate our systems, new capabilities.

我們也很高興看到記憶體客戶對評估我們的系統和新功能的強烈興趣。

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 deposition technology, which is a key enabler in driving aerial density growth in the hard disk drive industry over decades.

Veeco 是離子束沉積技術的產業領導者，該技術是數十年來推動硬碟產業空氣密度成長的關鍵推動因素。

This core technology has direct applicability for advanced semiconductor wafer level manufacturing by solving our customers' high-value challenges as device geometries continue to shrink low resistance metals are essential to maintaining device performance and traditional deposition technologies are struggling to address scaling challenges our ion beam deposition technology differentiates itself from incumbent technologies through its ability to achieve superior thin film properties, making it ideal for advanced applications were low resistance films are critical based on Tier one customer data, our Ion Beam deposited, tungsten and ruthenium films are demonstrating lower resistance compared to traditional deposition technology in D-Ram.

隨著裝置幾何形狀不斷縮小，低電阻金屬對於維持裝置性能至關重要，而傳統沉積技術正在努力解決規模化挑戰，因此此核心技術可直接適用於先進半導體晶圓級製造，解決客戶面臨的高價值挑戰，我們的離子束沉積該技術通過其實現卓越薄膜特性的能力而區別於現有技術，使其成為先進應用的理想選擇，根據一級客戶數據，低電阻薄膜至關重要，我們的離子束沉積、鎢和釕薄膜表現出比傳統技術更低的電阻D-Ram 中的傳統沉積技術。

This enables tungsten bit line scaling while maintaining electrical performance of the device for logic for Affinium metallization can enable new integration schemes at future nodes.

這樣可以實現鎢位元線縮放，同時保持 Affinium 金屬化邏輯元件的電氣性能，從而可以在未來節點實現新的整合方案。

Looking ahead, we see potential for a volume manufacturing orders from memory customers in 2025.

展望未來，我們預計 2025 年記憶體客戶將有大量生產訂單的潛力。

I'd now like to touch upon artificial intelligence and the role Veeco plays in the AI chip manufacturing process.

我現在想談談人工智慧以及 Veeco 在 AI 晶片製造過程中所扮演的角色。

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。

As we look ahead, we expect several Veeco technologies to benefit from growing demand for AI chips.

展望未來，我們預計多項 Veeco 技術將從對 AI 晶片不斷增長的需求中受益。

Our LSA systems for transistor formation and IBD. systems for EUV mask blanks, our production tool of record for GPUs and HBMDM.

我們的 LSA 系統用於電晶體形成和 IBD。 EUV 掩模基板系統，我們的 GPU 和 HBMDM 記錄生產工具。

Equally as important, we see future opportunities for our nanosecond annealing and Ion Beam Deposition solutions for each of these applications.

同樣重要的是，我們看到了奈秒退火和離子束沉積解決方案在這些應用中的未來機會。

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 quarter.

首先談談我們本季的營收。

Revenue came in at $174 million, above the midpoint of our guidance range, up 14% from the prior year and flat sequentially, semiconductor revenue increased 29% year over year and 5% sequentially to a record $120 million, comprising 69% of total revenue sales to the semiconductor market continue to be driven by strong demand for our laser annealing systems in the compound semiconductor market revenue increase from the prior quarter to $21 million, totaling 12% of revenue.

營收為1.74 億美元，高於我們指引範圍的中點，較上年成長14%，較上季持平；半導體營收年增29%，季增5%，達到創紀錄的1.2 億美元，佔總營收的69 %化合物半導體市場對我們的雷射退火系統的強勁需求繼續推動半導體市場的銷售，收入從上一季度增加到 2,100 萬美元，總計佔收入的 12%。

Revenue from our data storage customers contributed 10%, and lastly, scientific and other made up 9%.

來自資料儲存客戶的收入貢獻了10%，最後，科學和其他客戶的收入佔9%。

Now turning to quarterly revenue by region, revenue from the Asia Pacific region, excluding China, totaled 42%, an increase from 34% in the prior quarter, driven by semiconductor customers.

現在轉向按地區劃分的季度收入，在半導體客戶的推動下，來自亞太地區（不包括中國）的收入總計佔 42%，較上一季的 34% 有所增長。

The percentage of revenue from China totaled 37% during the quarter, in line with the prior quarter, led by sales to mature node semiconductor customers.

本季來自中國的營收佔總營收的 37%，與上一季持平，其中主要是對成熟節點半導體客戶的銷售。

Revenue from the United States totaled 16%, followed by and we are at 5% of revenue.

來自美國的收入總計為 16%，其次是我們，佔收入的 5%。

Switching gears to our non-GAAP quarterly results, gross margin total of approximately 44% above the high end of our guidance.

轉向我們的非 GAAP 季度業績，毛利率總計比我們指導的上限高出約 44%。

Operating expenses totaled $48 million in Q1 in line with guidance.

第一季營運支出總計 4,800 萬美元，符合指引。

Tax expense for the quarter was approximately $4 million, resulting in an effective tax rate of 13%.

該季度的稅費約為 400 萬美元，有效稅率為 13%。

Lastly, net income came in at approximately $26 million and diluted EPS was $0.45 on 60 million shares.

最後，淨利潤約為 2,600 萬美元，稀釋後每股收益為 6,000 萬股 0.45 美元。

And moving to the balance sheet and cash flow highlights, we ended the quarter with cash and short-term investments of $297 million, a sequential decline of $9 million.

轉向資產負債表和現金流亮點，本季末我們的現金和短期投資為 2.97 億美元，季減 900 萬美元。

From a working capital perspective, our accounts receivable increased by $4 million to $107 million inventory increased by $5 million to $243 million, while days of inventory declined to 218 days and accounts payable increased by 12 billion to 54 million.

從營運資金的角度來看，我們的應收帳款增加了400 萬美元，達到1.07 億美元，庫存增加了500 萬美元，達到2.43 億美元，庫存天數下降到218 天，應付帳款增加了120億美元，達到5,400 萬美元。

Customer deposits included within Contract liabilities on the balance sheet declined by $25 million to $72 million.

資產負債表上合約負債中包含的客戶存款減少了 2,500 萬美元，降至 7,200 萬美元。

Cash flow from operations came in at $9 million and CapEx was $6 million.

營運現金流為 900 萬美元，資本支出為 600 萬美元。

Now turning to Q2 non-GAAP guidance, Q2 revenue is expected to be between 165 and $185 million with gross margin between 43% and 44%.

現在轉向第二季非公認會計原則指導，第二季營收預計在 1.65 至 1.85 億美元之間，毛利率在 43% 至 44% 之間。

We expect OpEx between 46 and $48 million, net income between $22 million and $29 million and diluted EPS between 38 and $0.48 on 61 million shares.

我們預計營運支出將在 4,600 至 4,800 萬美元之間，淨利潤將在 2,200 萬至 2,900 萬美元之間，攤薄後每股收益將在 38 至 0.48 美元之間（6,100 萬股）。

And now for some additional color beyond Q2, based on our current visibility, we are reiterating our 2024 revenue outlook between $680 million and $740 million.

現在，對於第二季之後的一些額外內容，根據我們目前的可見性，我們重申 2024 年收入前景在 6.8 億美元至 7.4 億美元之間。

We also continue to target diluted non-GAAP EPS for the full year between $1.60 and $1.90 per share.

我們也繼續將全年稀釋後非 GAAP 每股盈餘目標定在 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 for Q&A.

現在，我將把電話轉給接線員以進行問答。

(Operator Instructions) Charles Shi, Needham.

（操作員說明）Charles Shi，Needham。

Thanks.

謝謝。

Good afternoon and congrats on the good results.

下午好，恭喜取得好成績。

Steady execution for another quarter or maybe the first question I wanted to dig a little bit into the laser anneal product.

另一個季度的穩定執行也許是我想深入研究雷射退火產品的第一個問題。

You guys put out the press release this morning.

你們今天早上發布了新聞稿。

You may have addressed this before, but I think top of mind for a good amount of folks is the nanosecond, Neal, does it is that the incremental opportunity on top of what you already have with the laser anneal under the advanced nodes or maybe one replaces another.

您可能已經解決過這個問題，但我認為對於很多人來說，最重要的是納秒，尼爾，這是否是在先進節點下的激光退火或可能一個節點下已經擁有的增量機會？替換另一個。

Yes.

是的。

And then maybe a little bit of cannibalization going on there.

然後可能會發生一點點蠶食。

Yes, Charles, let me give a little background.

是的，查爾斯，讓我介紹一下背景。

So we've been working, as you know, on future nodes for many years with our most advanced customers in logic and our laser spike anneal is qualified at all leading logic customers for their gate-all-around architectures.

因此，如您所知，我們多年來一直與邏輯領域最先進的客戶一起研究未來節點，並且我們的雷射尖峰退火技術滿足所有領先邏輯客戶的環柵架構的要求。

Separately, we have NSAR. nanosecond evaluations at two of the three leading logic players and have pull from the third for an evaluation system.

另外，我們還有 NSAR。對三個領先邏輯廠商中的兩個進行了納秒級評估，並從第三個評估系統中汲取了經驗。

So and assays being evaluated for gate all around but also backside power distribution and 3D structures.

因此，正在評估閘極周圍以及背面功率分佈和 3D 結構的分析。

So as we mentioned in our press release, during the quarter, we received both LSA and NSA. orders for a new customer for their two nanometer gate all around project.

正如我們在新聞稿中提到的，在本季度，我們同時收到了 LSA 和 NSA。為新客戶的兩納米門周圍項目訂購訂單。

But to get to the crux of your question regarding NSA. potentially cannibalizing LSA.

但為了解決你關於國家安全局的問題的癥結。潛在地蠶食LSA。

So historically, the contact annealing step for a transistor consisted of multiple in Neal's, followed by an LSA steps as the customers are moving towards gate.

因此，從歷史上看，電晶體的接觸退火步驟由 Neal 中的多個步驟組成，然後隨著客戶轉向閘極，隨後進行 LSA 步驟。

All around customers are considering replacing one of the multiple anneal steps with LSA and they're evaluating nanosecond anneal NSA. for our follow-on steps.

所有周圍的客戶都在考慮用 LSA 取代多個退火步驟之一，並且他們正在評估奈秒退火 NSA。用於我們的後續步驟。

Although no decisions have not been finalized with our customers, it does appear in Gate All Around that MSA does not cannibalize, let's say, for gate all around.

儘管尚未與我們的客戶最終敲定任何決定，但在《Gate All around》中，MSA 確實不會蠶食，比如說，《Gate All around》。

And that being said, NSA opens up unique opportunities for the Company in applications like backside power distributions in three D structure.

話雖如此，NSA 為公司在 3D 結構的背面配電等應用中開闢了獨特的機會。

So I would say largely it does not cannibalize Elestat.

所以我想說它很大程度上不會蠶食 Elestat。

Got it.

知道了。

Understood.

明白了。

That may be up well.

這可能會很好。

We'll keep asking you this question, but hopefully we get a firm confirmation on this being incremental to our assay opportunities.

我們將繼續問您這個問題，但希望我們能得到明確的確認，這將增加我們的檢測機會。

Secondly, I wanted to ask about the HCM opportunity.

其次，我想問HCM的機會。

Our sales are specifically.

我們的銷售是專門的。

I'm asking about the LSA for HVM going back a couple of quarters.

我問的是幾季前 HVM 的 LSA。

You guys were not so certain where the LSA. was was qualified as a standard D-RAM or versus HB. bet.

你們不太確定 LSA 在哪裡。被認定為標準 D-RAM 或與 HB 相比。賭注。

Based on your prepared remarks you did you did say handle slightly more assertive that that business going into a high-bandwidth memory.

根據您準備好的言論，您確實說過，處理進入高頻寬記憶體的業務稍微更有自信。

Just wanted to confirm, am I over thinking this or this is indeed the case?

只是想確認一下，是我想太多了還是事實確實如此？

So So Charles, I would say originally, we were qualified in the logic chip in the first level of the high-bandwidth memory.

所以查爾斯，我最初想說的是，我們在高頻寬記憶體第一級的邏輯晶片方面是合格的。

And now we've been qualified with one customer with one customer for the peripheral peripheral logic on the D ram stack D-Ram devices.

現在，我們已經獲得一位客戶的認可，以獲得 D ram 堆疊 D-Ram 裝置上的周邊設備邏輯。

So we went from having the annealing step on the logic device to having adding the peripheral steps on all of the HBM memory stack.

因此，我們從在邏輯裝置上進行退火步驟轉變為在所有 HBM 記憶體堆疊上添加外圍步驟。

Does that clarify for you, Charles?

查爾斯，這對你來說清楚了嗎？

Yes, definitely.

當然是。

Definitely.

確實。

It sounds like that's the best, I think, HP, and that's the first one.

我認為這聽起來是最好的，惠普，這是第一個。

But the second one, I want to clarify even more you said there's a periphery peripheral, so kit on the on each of the direct stack, but even that part of the standard DRAM manufacturing also that what I'm trying to just trying to think how much of the opportunity is that there is really only limit.

但第二個，我想進一步澄清，你說有一個外圍設備，所以在每個直接堆疊上都配備了套件，但即使是標準 DRAM 製造的那部分也是我正在嘗試思考的有多少機會確實是有限的。

The second application I talked about is really only limited to HBMO. that applies to all the standard D-Ram RPGR file or more advanced than that even there.

我談到的第二個應用實際上僅限於 HBMO。適用於所有標準 D-Ram RPGR 檔案或更高級的檔案。

So that's the area.

這就是該區域。

I don't have crystal clear understanding, I think to the first order the peripheral logic in the HBM stack and in standard D-Ram are very similar.

我沒有很清楚的理解，我認為 HBM 堆疊和標準 D-Ram 中的外圍邏輯首先非常相似。

But I'm not sure of the exact details of that to answer that affirmatively.

但我不確定具體的細節來肯定地回答這個問題。

Yes.

是的。

Thanks, Bill.

謝謝，比爾。

This has been very helpful.

這非常有幫助。

I'll hop back to the queue.

我會跳回隊列。

Thanks.

謝謝。

Thank you, Charles.

謝謝你，查爾斯。

Rick Schafer, Oppenheimer.

里克·謝弗，奧本海默。

Hi, this is Wayne mark on the line for Rick.

大家好，我是韋恩，正在接聽里克的電話。

Congrats on the results and the LSA. and SA. order announcements.

祝賀結果和 LSA。和SA。訂單公告。

So my question is considering you guys didn't update your 2024 outlook, is it fair to say that is incremental orders start to ship in 2025?

所以我的問題是，考慮到你們沒有更新 2024 年展望，可以說增量訂單在 2025 年開始出貨嗎？

So I was curious, how do you guys think about that outlook looking into 2025?

所以我很好奇，你們如何看待 2025 年的前景？

Yes.

是的。

So way, when we gave our guidance for the full year and this business, if we ship one system at the end of this year, beginning of next year is timing really doesn't have a significant impact know, on our full year view for 2024.

因此，當我們給予全年和這項業務的指導時，如果我們在今年年底交付一個系統，明年年初的時間安排確實不會對我們的全年展望產生重大影響。

Okay, great.

好的，太好了。

Thank you.

謝謝。

On my next question is on backlog.

我的下一個問題是積壓的問題。

I think you guys have around 500 million in backlog entering the year led by semi.

我認為你們今年有大約 5 億的積壓訂單，其中半是領先的。

So considering this backlog, what is the mix of your LSA between trailing and leading edge today?

那麼，考慮到這一積壓，您今天的 LSA 後緣和前緣的組合是怎樣的呢？

And how does this in the mix at the end of the year?

年底的情況如何？

Yes.

是的。

I would say what we saw in our business in 2023 and into the beginning of 2024 was more laser annealing for the trailing node and particularly China so that we saw strength there.

我想說的是，我們在 2023 年和 2024 年初的業務中看到的是尾隨節點（尤其是中國）的更多雷射退火，因此我們看到了那裡的實力。

And that was sort of a change from if you go back in prior to 2020 23, where we saw typically, you know, two thirds of the business would come from the leading edge.

與 2020 年 23 年前相比，這有點變化，我們通常看到，三分之二的業務將來自領先優勢。

I think as we progress throughout 2024.

我認為隨著 2024 年我們的進展。

The expectation is when we start to see engagements with customers that we would see a pickup in the leading edge in the second half of this of this year and probably sort of exit the year with a more balanced backlog.

我們預計，當我們開始看到與客戶的互動時，我們會看到今年下半年的領先優勢有所回升，並且可能會以更平衡的積壓結束今年。

Got it.

知道了。

Thank you.

謝謝。

And maybe one last question, if I may on it's on NSA.

也許還有最後一個問題，如果可以的話，這是關於國家安全局的。

Considering this is next-generation and a more advanced technology compared to other, say, how much of an uptick a pricing uplift you expect from?

考慮到這是下一代且比其他技術更先進的技術，例如，您預計價格會上漲多少？

And I say compared to other sales?

我說與其他銷售相比？

Yes, we do expect a higher price for our ENSA. for the additional capabilities and in value there.

是的，我們確實預計 ENSA 的價格會更高。以獲得額外的功能和價值。

And, you know, I would estimate that 10% to 15% higher ASP.s would be our expectation.

而且，您知道，我估計我們的預期 ASP.s 會提高 10% 到 15%。

Gus Richard, Northland Capital.

格斯·理查德，北國資本。

Yes, thanks for taking the questions.

是的，感謝您提出問題。

And on your compound semi business.

還有你的複合半成品業務。

Can you give us a little bit of update on again power and any sort of placements of evaluation tools in that market?

您能否向我們介紹一下該市場中的電源和評估工具的任何類型的最新情況？

Yes, Gus, we obviously as you know, have been working very hard in focusing our business in power electronics, namely GaN, on silicon and silicon carbide.

是的，Gus，正如您所知，我們顯然一直在努力將我們的業務重點放在電力電子領域，即 GaN、矽和碳化矽領域。

What we've been seeing is a transition from six inch to eight inch.

我們看到的是從六英寸到八英寸的轉變。

So what we've seen over the last year and a half or so, but what we're seeing is some customers are looking to leapfrog to 12 inch, particularly some of the Tier one silicon power electronics manufacturers are interested in introducing Wide Bandgap Materials to their standard products.

所以我們在過去一年半左右的時間裡看到了一些客戶正在尋求躍升至 12 英寸，特別是一些一級矽電力電子製造商有興趣引入寬帶隙材料到他們的標準產品。

So we actually are planning to ship a 300 millimeter evaluation systems to this customer in the coming quarters.

因此，我們實際上計劃在未來幾季向該客戶提供 300 毫米評估系統。

So we're excited about that.

所以我們對此感到興奮。

Our form factor transition to 300 millimeter.

我們的外形規格過渡到 300 毫米。

Got it.

知道了。

And then on your hard disk drive business, then kind of lagging some of the drive business looks like it's bottoming and starting in turn, are you starting to see more activity there where your spares and service can kind of start to pick up and that market was it just still looking flattish?

然後在您的硬碟業務上，一些滯後的驅動器業務看起來正在觸底並依次開始，您是否開始看到更多的活動，您的備件和服務可以開始回升，並且該市場它仍然看起來平淡嗎？

I wouldn't characterize it, Gus, as clearly our customers have been running at very low utilizations.

格斯，我不會描述它，因為顯然我們的客戶一直在以非常低的利用率運行。

And clearly that's been reading out in our service number in terms of spares and whatnot, I would say when we look at our data storage kind of run rate business kind of weekly and monthly it's been running at very low levels here and maybe we've seen a number of weeks, maybe a month or two of a bit of an uptick, but clearly nowhere near kind of the historical run rate, but maybe going in the right direction.

顯然，這已經在我們的服務數量中讀出了備件等方面的信息，我想說，當我們每周和每月查看我們的數據存儲類型的運行率業務時，它一直以非常低的水平運行，也許我們已經幾週來，也許一兩個月，有一點上升，但顯然遠不及歷史運行率，但也許正在朝著正確的方向發展。

Got it.

知道了。

That's helpful.

這很有幫助。

Thanks.

謝謝。

And then the last one for me is on in Ion Beam Deposition, a couple quarters ago, you had a customer that was going to utilize it for EUV mask pellicles.

然後對我來說最後一個是離子束沉積，幾個季度前，您有一位客戶打算將其用於 EUV 掩模薄膜。

And I was wondering if anything ever became of that.

我想知道這是否會發生什麼。

It does any interest in an additional system know any color there?

它對附加系統有興趣嗎？

Yes, we're from there actually, I would say pressuring us pretty hard just to accelerate the shipment of that tool is going to ship here in the coming months and we're prepared to install a new and fully supported at the customer.

是的，我們實際上就是從那裡開始的，我想說的是，為了加速該工具的發貨，我們施加了很大的壓力，該工具將在未來幾個月內發貨，我們準備安裝一個新的、完全由客戶支援的工具。

And assuming we have success, I wouldn't be surprised that we have another follow-on order in a year or so.

假設我們取得了成功，如果我們在一年左右的時間內收到另一個後續訂單，我不會感到驚訝。

Got it.

知道了。

Okay.

好的。

That's it for me.

對我來說就是這樣。

Thanks so much.

非常感謝。

Thanks, Gus.

謝謝，格斯。

David Duley, Steelhead Securities.

大衛杜利 (David Duley)，Steelhead 證券公司。

Yes, good afternoon.

是的，下午好。

I was looking at one of the slides in your slide deck with the architecture of high-bandwidth memory next to the GPU dots you talked about earlier to someone else's question and that you're working on, I think both the logic based logic die and the high-bandwidth memory stack itself.

我正在看你的幻燈片中的一張幻燈片，其中包含高頻寬記憶體架構，旁邊是你之前在別人的問題中談到的以及你正在研究的 GPU 點，我認為基於邏輯的邏輯晶片和高頻寬記憶體堆疊本身。

So I was kind of wondering, is that to you're working on.

所以我有點想知道，這就是你正在做的事情嗎？

So kind of two steps, both the individual high-bandwidth memory and then the base logic die, if that's the case.

就這樣兩個步驟，先是單獨的高頻寬記憶體，然後是基本邏輯晶片（如果是這樣的話）。

And then also help us understand what sort of performance improvement, the customer gets from using an LSA tool versus a flash annealing tool?

然後也幫助我們了解客戶使用 LSA 工具與閃速退火工具相比可以獲得什麼樣的效能改進？

I would say just to be clear on that cartoon, I don't have it right in front of me at the moment, but I would say the comment was that not the GPU kind of left hand side of the picture, but it was really about the logic die underneath the sack kraft.

我想說的是，為了清楚地說明那幅卡通片，我現在還沒有看到它，但我想說的是，評論不是 GPU 類型的圖片左側，但它確實是關於麻袋牛皮紙下面的邏輯芯片。

So we were qualified for that.

所以我們有資格這樣做。

And now in the cartoon, you see for Blue HBMDRAM. die, there's actually peripheral logic on each of those four die.

現在在漫畫中，您會看到藍色 HBMDRAM。晶片，這四個晶片上其實都有外圍邏輯。

So you can imagine the opportunity and this is just a cartoon would be multiplied by the amount of area of time for for the HBMD.

所以你可以想像這個機會，這只是一部卡通片，乘以 HBMD 的時間面積。

Randox, that answer your question.

蘭道斯，這回答了你的問題。

Yes, partially and then a follow up similar to in the foundry logic space, you know where you're you've gone from one annealing step plums on two or three at a couple of these leading customers.

是的，部分然後是類似於代工邏輯領域的後續行動，您知道您已經從幾個主要客戶的一個退火步驟到兩個或三個退火步驟走到了哪裡。

I think there's multiple annealing steps in this process as well.

我認為這個過程中也有多個退火步驟。

Do you think there's opportunity for you to repeat that performance you've seen in high in foundry and logic picked up more than one annealing step in the stack.

您是否認為您有機會重複您在高代工廠中看到的性能，並且邏輯在堆疊中採用了多個退火步驟。

It is possible today we are qualified.

今天我們有可能獲得資格。

My understanding is for just one one application step.

我的理解只是一步一步的應用。

But there are there is potential opportunities, and we actually are working with our customers R&D group to address that.

但確實存在潛在的機會，我們實際上正在與客戶研發團隊合作來解決這個問題。

And yes, and I would also say that going back to your previous question on the performance, it's very hard to say to attach the speed of the speed of the PPM device.

是的，我還要說，回到您之前關於效能的問題，很難說要附加 PPM 設備的速度。

But I can tell you that the customer does have very high performance HBM, and I'm not sure it's directly attributable to LSI if I did.

但我可以告訴你，客戶確實擁有非常高效能的 HBM，而且我不確定是否直接歸因於 LSI。

I would love to tell you, but yes.

我很想告訴你，但是的。

Okay.

好的。

Okay.

好的。

And then as far as I'm assuming that you're going to grow your HPM business with current customer, would you expect to start to recognize revenue from the other customers?

然後，就我假設您將與現有客戶一起發展 HPM 業務，您是否期望開始確認來自其他客戶的收入？

In other words, helping other customers started to know the interest level started to increase where you know things are progressing with these other guys?

換句話說，幫助其他客戶開始了解興趣程度開始增加，而您知道其他人的事情正在取得進展？

Yes, Dave, we've been doing demos with the other two customers for some time.

是的，戴夫，我們已經和其他兩個客戶一起進行演示了一段時間了。

And we are really pushing to target an evaluation system to that to a second customer by year end or early 25 at the latest.

我們確實正在努力推動在年底或最晚 25 年初為第二個客戶建立評估系統。

So that's that's an internal goal that we have is to trying to place a second memory e-mail system and just like we did in logic kind of win one customer win one application and then expand more applications and more customers.

因此，這就是我們的內部目標，即嘗試放置第二個記憶體電子郵件系統，就像我們在邏輯上所做的那樣，贏得一個客戶贏得一個應用程序，然後擴展更多應用程式和更多客戶。

That's definitely part of the plan.

這絕對是計劃的一部分。

Thank you.

謝謝。

Mark Miller, The Benchmark Company.

馬克·米勒，基準公司。

Congratulations on your orders.

恭喜您獲得訂單。

Just wondering what is your outlook for data storage this year?

只是想知道今年資料儲存的前景如何？

When do you feel that the data storage will start feeling a bit of growth for Bay I type applications?

您認為 Bay I 類型應用程式的資料儲存什麼時候會開始有所成長？

Are we're still a year away there?

我們距離那裡還有一年嗎？

Yes.

是的。

So thanks.

那謝謝啦。

Thanks for the question.

謝謝你的提問。

Maybe this is a combination of Bill and myself.

也許這是比爾和我自己的結合。

I'll start with our outlook for data storage for the year.

我將從我們對今年資料儲存的展望開始。

So for the overall business, including our spare parts and service, we expect our base storage business compared to last year to be flat to up we are [101%] and we have good visibility into our systems and our systems backlog and confirmed ship dates from the customer, et cetera.

因此，對於整體業務，包括我們的備件和服務，我們預計我們的基礎儲存業務將與去年相比持平到上升，我們是[101%]，並且我們對我們的系統以及我們的系統積壓和確認的發貨日期有很好的了解來自客戶等。

So pretty I think that's within a pretty tight range there.

非常漂亮，我認為這在一個非常狹窄的範圍內。

And I would say the upside to the range is if as discussed on one of the earlier questions on the call here today, the service business unit picks up a bit quicker than when we're when we're forecasting.

我想說的是，這一範圍的好處是，正如今天電話會議中早些時候討論的問題之一，服務業務部門的增長速度比我們預測時要快一些。

And to answer your second question on the impact of AI on the data storage industry, I mean, we've been speaking with our customers and two of our largest customers really do expect the rise of generative AI. to drive healthy long-term exabyte growth, which is really critical for our business and they are projecting growth growth rates on the 20% kind of see a bigger number in the kind of mid to long term, which would definitely be the bit growth rate that would come drive a healthy industry and a healthy equipment INDUSTRY to support it.

為了回答關於人工智慧對資料儲存產業影響的第二個問題，我的意思是，我們一直在與我們的客戶交談，我們最大的兩個客戶確實期望生成式人工智慧的崛起。推動健康的長期艾字節成長，這對我們的業務確實至關重要，他們預計增長率為 20%，從中長期來看，數字會更大，這肯定是比特增長率這將推動一個健康的行業和一個健康的設備產業來支持它。

Thank you.

謝謝。

Thank you, Mark.

謝謝你，馬克。

There are no further questions in the queue.

隊列中沒有其他問題。

I'd like to hand the call back to management for closing remarks.

我想將電話轉交給管理階層以供結束語。

Thank you, operator.

謝謝你，接線生。

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

我要感謝我們的客戶和股東以及 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。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation and you may disconnect your lines at this time and have a wonderful day.

感謝您的參與，此時您可以斷開線路並祝您度過美好的一天。