Veeco Instruments Inc (VECO) 2024 Q2 法說會逐字稿

Greetings and welcome to the Veeco Q2 2024 earnings call.

您好，歡迎參加 Veeco 2024 年第二季財報電話會議。

(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 your host, Anthony Pappone.

現在我很高興向大家介紹你們的主持人安東尼·帕彭。

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聲明（包括本次電話會議中所做的聲明）的義務，以反映此類聲明發布後的未來事件或情況。

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

除非另有說明，管理層將討論非公認會計準則財務表現。

We encourage you to refer to a 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 GAAP 和非 GAAP 業績之間的調整表，您可以在我們的新聞稿和收益報告末尾找到該調整表。

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。

Veeco delivered second quarter top and bottom line results in line with our guidance.

Veeco 公佈的第二季營收和淨利潤結果符合我們的指引。

Revenue totaled $176 million, non-GAAP operating income $28 million and non-GAAP EPS of $0.42. Our semiconductor business remains strong highlighted by record laser annealing revenue and new LSA orders in advanced logic and memory.

收入總計 1.76 億美元，非 GAAP 營業收入 2,800 萬美元，非 GAAP 每股收益 0.42 美元。我們的半導體業務依然強勁，得益於創紀錄的雷射退火收入以及先進邏輯和記憶體領域的新 LSA 訂單。

In logic, we received follow-on orders for a leading customers gate-all-around architecture.

從邏輯上講，我們收到了領先客戶全封閉架構的後續訂單。

And in DRAM, we continue to receive follow-on business to support our customer's planned expansion.

在 DRAM 領域，我們繼續收到後續業務，以支援客戶計畫的擴張。

I'll now provide an overview of the technologies driving business today, our served available market expansion opportunities and our investment strategy.

現在，我將概述當今推動業務發展的技術、我們提供的可用市場擴張機會以及我們的投資策略。

New device architectures and shrinking geometries are creating scaling challenges for our customers.

新的設備架構和不斷縮小的幾何尺寸為我們的客戶帶來了擴展挑戰。

As a result, new annealing capabilities are required to manufacture the highest-performing chips, and our LSA systems are qualified at all leading logic customers for their gate-all-around architecture.

因此，需要新的退火能力來製造最高性能的晶片，而我們的 LSA 系統已通過所有領先邏輯客戶的環柵架構認證。

In ion beam deposition for EUV mask blanks, Veeco is the market leader for defect-free films.

在 EUV 掩模基板的離子束沉積領域，Veeco 是無缺陷薄膜的市場領導者。

Our ion beam deposition technology is a key enabler of our customer's road maps, and we're in a strong position to support growing demand for EUV lithography.

我們的離子束沉積技術是客戶路線圖的關鍵推動者，我們有能力滿足對 EUV 微影不斷增長的需求。

Moving forward, we're focused on expanding our business to new mask blank applications.

展望未來，我們致力於將業務擴展到新的掩模板應用領域。

In advanced packaging, growth in high bandwidth memory is driving demand for our wet processing systems, and our customers are expanding capacity.

在先進封裝領域，高頻寬記憶體的成長正在推動對我們的濕處理系統的需求，並且我們的客戶正在擴大產能。

Our investments in advanced logic and memory have enabled our semiconductor business to outperform WFE growth over the past three years.

我們對先進邏輯和記憶體的投資使我們的半導體業務在過去三年中的成長超過了 WFE。

Looking ahead, we're investing in core technologies to expand our served available market.

展望未來，我們正在投資核心技術，以擴大我們所服務的可用市場。

Beginning with laser annealing, we have a substantial opportunity to grow our SAM from $600 million today to over $1 billion, driven by adoption of laser spike annealing in memory and the introduction of nanosecond annealing.

從雷射退火開始，在記憶體中採用雷射尖峰退火和引入奈秒退火的推動下，我們有很大機會將 SAM 從目前的 6 億美元增長到超過 10 億美元。

Our laser spike annealing system is qualified at one Tier 1 DRAM customer, and we're making progress with the other leaders.

我們的雷射尖峰退火系統已獲得一位 1 級 DRAM 客戶的認可，並且我們正在與其他領先者一起取得進展。

In nanosecond annealing, we're equally as excited to expand to new advanced applications.

在奈秒退火中，我們同樣興奮地擴展到新的高級應用。

We also have a significant opportunity in ion beam deposition to grow our SAM to $350 million for front-end semi applications where a deposition of low-resistance metals is most critical.

我們在離子束沉積方面也有很大的機會，可以將我們的 SAM 成長到 3.5 億美元，用於前端半導體應用，其中低電阻金屬的沉積是最關鍵的。

And in the compound semi market, we're focused on long-term opportunities within power electronics and 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。

We continue to increase investments in our evaluation program for core technologies focused on solving Tier 1 customers' high-value problems.

我們持續增加對核心技術評估專案的投資，重點在於解決一級客戶的高價值問題。

This is a key element in supporting our long-term growth strategy.

這是支持我們長期成長策略的關鍵要素。

In the semiconductor market, our nanosecond annealing and ion beam deposition evaluation systems at customer sites are progressing well, and we're targeting additional evaluation system shipments in early 2025.

在半導體市場，我們在客戶現場的奈秒退火和離子束沉積評估系統進展順利，我們的目標是在 2025 年初出貨更多的評估系統。

We're also making progress towards an LSA evaluation shipment to a second leading DRAM customer in early 2025.

我們也在 2025 年初向第二家領先 DRAM 客戶提供 LSA 評估出貨方面取得了進展。

And we recently shipped a 300-millimeter GaN on silicon evaluation system to a Tier 1 power device customer in the compound semi market.

我們最近向複合半導體市場的一級功率元件客戶交付了 300 毫米矽基氮化鎵評估系統。

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。

Scaling challenges are driving the need for new annealing capabilities, and our nanosecond annealing technology offers a substantial opportunity to broaden laser annealing adoption to new applications.

規模化挑戰正在推動新退火能力的需求，而我們的奈秒退火技術為擴大雷射退火在新應用中的應用提供了巨大的機會。

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

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

This enables a shallow anneal with the precision to modify only the surface level of the wafer, potentially ideal for new applications such as backside power delivery and 3D devices.

這使得淺退火的精度能夠僅修改晶圓的表面水平，這可能是背面電力傳輸和 3D 設備等新應用的理想選擇。

Our NSA system can also improve performance by changing the structure and properties of the device, opening the door to new material modification steps.

我們的 NSA 系統還可以透過改變設備的結構和性能來提高性能，為新的材料改質步驟打開大門。

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。

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 also enables EUV mask blank production and has direct applicability for advanced semiconductor wafer level manufacturing.

此核心技術還支援 EUV 掩模基板生產，並可直接適用於先進的半導體晶圓級製造。

Lower resistance metals are increasingly critical to maintaining device performance.

較低電阻的金屬對於維持裝置性能越來越重要。

And as device geometries continue to shrink, traditional deposition technologies are struggling to lower resistivity.

隨著裝置幾何尺寸不斷縮小，傳統沉積技術正努力降低電阻率。

Our ion beam deposition technology differentiates itself through its ability to achieve superior thin film properties, making it ideal for advanced applications where low-resistance films are critical.

我們的離子束沉積技術因其能夠實現卓越的薄膜特性而脫穎而出，使其成為低電阻薄膜至關重要的先進應用的理想選擇。

Based on Tier 1 customer data, our ion beam deposited tungsten and ruthenium films are demonstrating lower resistance compared to traditional deposition technology.

根據一級客戶數據，與傳統沉積技術相比，我們的離子束沉積鎢和釕薄膜的電阻較低。

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

在 DRAM 中，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 metallization can enable new integration schemes at future nodes.

對於邏輯，釕金屬化可以在未來節點實現新的整合方案。

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 requiring the most advanced technologies to manufacture higher-performance chips.

人工智慧的發展需要最先進的技術來製造更高性能的晶片。

As we look ahead, we expect several Veeco technologies to benefit from growth in AI.

展望未來，我們預計多項 Veeco 技術將從人工智慧的成長中受益。

Our LSA systems for transistor formation are used for GPU and CPU production at all leading logic customers most advanced nodes.

我們用於電晶體形成的 LSA 系統用於所有領先邏輯客戶最先進節點的 GPU 和 CPU 生產。

For HBM DRAM, our first customer has adopted our LSA system for both the logic die and the peripheral logic on each HBM DRAM die.

對於 HBM DRAM，我們的第一個客戶已針對每個 HBM DRAM 晶片上的邏輯晶片和周邊邏輯採用了我們的 LSA 系統。

In ion beam deposition, our IBD system enables mask blank production for both GPUs and HBM DRAM.

在離子束沉積中，我們的 IBD 系統支援 GPU 和 HBM DRAM 的掩模坯料生產。

Equally as important, we see future opportunities for our nanosecond annealing and ion beam deposition solutions for each.

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的未來機會。

In wet processing, our systems support advanced packaging for AI by enabling flux clean of micro bumps at leading foundry and memory customers, as well as OSATs with similar packaging processes.

在濕式加工中，我們的系統透過在領先的代工廠和記憶體客戶以及具有類似封裝製程的 OSAT 中實現微凸塊的助焊劑清潔，支援人工智慧的先進封裝。

Looking ahead, we're excited to continue supporting our customer's planned expansions.

展望未來，我們很高興能夠繼續支持客戶計畫的擴張。

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。

Thank you, Bill.

謝謝你，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 $176 million in line with our guidance, up 9% from the prior year and 1% sequentially.

營收為 1.76 億美元，與我們的指導一致，比上年增長 9%，比上一季增長 1%。

Our semiconductor business performed well during the quarter, comprising 63% of revenue, led by record laser annealing.

我們的半導體業務在本季度表現良好，佔收入的 63%，其中以創紀錄的雷射退火技術為主導。

Semiconductor revenue declined 9% from a record in Q1.

半導體收入較第一季創紀錄下降 9%。

However, in the first half increased 16% year over year.

但上半年年增16%。

In the compound semiconductor market, revenue declined from the prior quarter to $18 million, totaling 10% of revenue.

在化合物半導體市場，營收季減至1,800萬美元，佔營收的10%。

In line with expectations, data storage revenue increased to $34 million, comprising 19%.

與預期一致，資料儲存收入成長至 3,400 萬美元，佔 19%。

And lastly, scientific and other made up 8%.

最後，科學和其他佔 8%。

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 totaled 37% during the quarter, in line with the prior quarter, led by sales to semiconductor customers.

本季來自中國的營收佔總營收的 37%，與上一季持平，其中半導體客戶的銷售額占主導地位。

Revenue from Asia Pacific region, excluding China, was 25%, the United States 24% and EMEA at 14%.

來自亞太地區（不包括中國）的收入為 25%，美國為 24%，歐洲、中東和非洲地區為 14%。

Switching gears to our non-GAAP quarterly results.

轉向我們的非公認會計原則季度業績。

Gross margin totaled approximately 44% toward the high end of guidance.

毛利率總計約 44%，接近指導上限。

Operating expenses total $49 million in Q2, above our guidance, primarily due to the timing of R&D investments.

第二季營運費用總計 4,900 萬美元，高於我們的指導，這主要是由於研發投資的時機。

Tax expense for the quarter was approximately $4 million, resulting in an effective tax rate of 12%.

該季度的稅費約為 400 萬美元，有效稅率為 12%。

Lastly, net income came in at approximately $25 million, and diluted EPS was $0.42 on 62 million shares.

最後，淨利潤約為 2500 萬美元，稀釋後每股收益為 6,200 萬股 0.42 美元。

Our diluted share count increased by approximately 2 million shares in Q2 from Q1.

第二季我們的稀釋後股票數量比第一季增加了約 200 萬股。

This was primarily driven by a higher Veeco share price, which increased the diluted share count associated with our 2029 convertible notes.

這主要是由於 Veeco 股價上漲，增加了與我們的 2029 年可轉換票據相關的稀釋股票數量。

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 $305 million, a sequential increase of $8 million.

截至本季末，我們的現金和短期投資為 3.05 億美元，季增 800 萬美元。

From a working capital perspective, our accounts receivable declined by $14 million to $92 million.

從營運資金角度來看，我們的應收帳款減少了 1,400 萬美元，降至 9,200 萬美元。

Inventory increased slightly by $2 million to $245 million, and accounts payable declined by $7 million to $47 million.

庫存小幅增加 200 萬美元，達到 2.45 億美元，應付帳款減少 700 萬美元，達到 4,700 萬美元。

Customer deposits included within contract liabilities on the balance sheet declined by $13 million to $59 million.

資產負債表上合約負債中包含的客戶存款減少了 1,300 萬美元，降至 5,900 萬美元。

Cash flow from operations came in at $8 million and CapEx $3 million.

營運現金流為 800 萬美元，資本支出為 300 萬美元。

Now, turning to Q3 non-GAAP guidance.

現在，轉向第三季非公認會計原則指引。

Q3 revenue is expected between $170 million and $190 million.

第三季營收預計在 1.7 億美元至 1.9 億美元之間。

By market, we expect growth sequentially in semiconductor and similar levels of revenue for the remaining markets.

依市場劃分，我們預期半導體將持續成長，其餘市場的收入水準也將類似。

We expect gross margin between 43% and 44%.

我們預計毛利率在 43% 至 44% 之間。

OpEx between $48 million and $50 million.

營運支出在 4800 萬至 5000 萬美元之間。

Net income between $24 million and $31 million, and diluted EPS between $0.39 and $0.49 on 63 million shares.

淨利潤在 2,400 萬美元至 3,100 萬美元之間，攤薄後每股收益在 0.39 美元至 0.49 美元之間（6,300 萬股）。

And now for some additional color beyond Q3 as we're halfway through the year.

現在已經過半了，現在我們來看看第三季之後的一些額外的顏色。

We're tightening our 2024 revenue guidance to $690 million to $730 million from our prior range of $680 million to $740 million.

我們將 2024 年收入指引從先前的 6.8 億美元至 7.4 億美元收緊至 6.9 億美元至 7.3 億美元。

And correspondingly, we now expect diluted non-GAAP EPS for the full year between $1.65 and $1.85 per share from our prior range of $1.60 to $1.90 per share.

相應地，我們現在預計全年稀釋後非公認會計準則每股收益將在每股 1.65 美元至 1.85 美元之間，而之前的範圍為每股 1.60 美元至 1.90 美元。

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。

(Operator Instructions) Rick Schafer, Oppenheimer & Co.

（操作員說明）Rick Schafer，Oppenheimer & Co.

Thanks, guys.

謝謝，夥計們。

Nice quarter.

不錯的季度。

I had a couple of questions.

我有幾個問題。

But first, Bill, is a high level one.

但首先，比爾，是一個高水準的人。

I believe, correct me if I'm wrong, but I believe your eval rate is 100% in terms of converting to design win and ultimate new.

我相信，如果我錯了，請糾正我，但我相信你的評估率在轉化為設計獲勝和最終新方面是 100%。

And I know a few years ago you decided to support roughly 10 evals a year, up from, I think, 3 to 4 previously.

我知道幾年前您決定每年支援大約 10 次評估，我認為之前是 3 到 4 次。

And, I mean, I realize bandwidth is finite, but I'm just curious how you're thinking about that.

而且，我的意思是，我意識到頻寬是有限的，但我只是好奇你是如何看待這一點的。

How do you weigh the growth opportunities that you see out there against the costs, given the high success rate that you've had.

鑑於您的成功率很高，您如何權衡您看到的成長機會與成本。

And I'm basically asking if you've ever thought about (technical difficulty) that you're supporting annually.

我基本上是在問您是否考慮過您每年支援的（技術難度）。

Hi, Rick, thoughtful question, and I hate to say 100%, but I think you're right, actually, knock on wood.

嗨，瑞克，這是一個深思熟慮的問題，我不想說 100%，但我認為你是對的，實際上，敲木頭。

We had a lot of success with the last round of evaluations we put into the field.

我們在該領域進行的最後一輪評估取得了巨大的成功。

Clearly, that gives us confidence as we place evals in the field.

顯然，這給了我們在現場進行評估時的信心。

We did just place in the fourth quarter 2 ion beam deposition systems for memory and 2 nanosecond annealing systems in logic.

我們在第四季度剛剛放置了 2 個用於記憶體的離子束沉積系統和 2 個用於邏輯的奈秒退火系統。

We have a laser annealing system out in the field for a second memory customer.

我們為第二個記憶體客戶提供了現場雷射退火系統。

So we have a lot of irons in the fire.

所以我們有很多熨斗。

And we're planning more at the end of the year and widening our breadth of evaluations in 2025.

我們將在今年年底制定更多計劃，並在 2025 年擴大評估範圍。

I think for us, it does give us some confidence that we know how to support these in the field, how to support the tools in the factory and be responsive to our customers.

我認為對我們來說，這確實給了我們一些信心，讓我們知道如何在現場支援這些工具，如何支援工廠的工具以及如何回應我們的客戶。

As you said, gives us some confidence.

正如你所說，給了我們一些信心。

I think the one thing that John and I need to manage is, not get out too many at a time that if there is some type of a problem that we need to attack it aggressively, we're resource limited.

我認為約翰和我需要管理的一件事是，不要一次處理太多問題，如果出現某種類型的問題，我們需要積極解決它，我們的資源就會受到限制。

That's probably the governor on the evals, which is effectively a governor a bit on our growth.

這可能是評估的總督，這實際上是我們增長的總督。

I think we do a good job of managing, being aggressive, and working with the leaders in the industry and working closely with them, but not getting ourselves into a situation where we're overextended.

我認為我們在管理方面做得很好，積極進取，與行業領導者合作並與他們密切合作，但沒有讓自己陷入過度擴張的境地。

That's the catalyst.

這就是催化劑。

Got it.

知道了。

That makes sense on.

這是有道理的。

And then if I could just a quick follow-up.

然後我可否快速跟進。

And I appreciate, John, you tightened in the range again around the midpoint, which you've been tracking to all year.

我很欣賞約翰，您在中點附近再次收緊了範圍，您全年都在跟踪這一點。

I guess, I'm curious with now you've given the guide for 3Q, we don't really know about 4Q yet, but we can -- I guess, I'm really curious, what are the puts that you see in terms of hitting or exceeding, let's say, the high end versus the lower end of the new range.

我想，我很好奇，現在你已經給了 3Q 的指南，我們還不太了解 4Q，但我們可以 - 我想，我真的很好奇，你看到的看跌期權是什麼比方說，達到或超過新範圍的高端與低端。

Yes.

是的。

So, thanks for the additional question, Rick.

所以，感謝瑞克提出的附加問題。

So, our view, we've narrowed the range because we're halfway through the year.

因此，我們認為，我們已經縮小了範圍，因為今年已過半。

I would say, compared to our initial expectations here, the expectations haven't changed significantly by the various markets.

我想說，與我們最初的預期相比，各個市場的預期並沒有重大變化。

I would say that semi is slightly stronger.

我想說的是半強一點。

And so, we're now thinking for the full year in semi, when we compare it to last year, to be up high single digits, low double digits.

因此，當我們與去年相比時，我們現在正在考慮全年的半年成長率，高個位數，低兩位數。

And I'd say that on the flip side, we see slightly lower contribution from compound semi space where we're now saying flat to slightly down.

我想說的是，另一方面，我們看到複合半空間的貢獻略低，我們現在說的是平坦到略低。

We were flat to slightly up there.

我們在那裡持平到略高。

Great.

偉大的。

Thanks for the extra color.

謝謝你的額外顏色。

Thank you, Rick.

謝謝你，瑞克。

Charles Shi, Needham & Company.

查爾斯‧史（Charles Shi），李約瑟公司。

I wanted to -- my first question is about the follow-on business you received from the Tier 1 DRAM customer, I assume that's LSA.

我想——我的第一個問題是關於您從一級 DRAM 客戶那裡收到的後續業務，我認為那是 LSA。

But I do want to ask, it sounds like you received the order, but when will the order turn into revenue?

但我想問一下，聽起來好像你收到了訂單，但是訂單什麼時候才能轉化為收入呢？

What's the expectation?

期望是什麼？

How big is the order?

訂單有多大？

Is there any way you can characterize that for us?

您有什麼方法可以為我們描述這一點嗎？

Because the HBM ramp is something that people really are bullish about.

因為 HBM 的成長是人們真正看好的事情。

But since you only -- you probably have qualified only one customer.

但由於您可能只獲得了一位客戶的資格。

I want to have some color on the timing and the size of the ramp

我想在斜坡的時間和大小上有一些顏色

I think you're talking about the Q2 order we announced in our press release.

我認為您正在談論我們在新聞稿中宣布的第二季訂單。

That was for a 2-system order for a gate-all-around 2-nanometer pilot line.

這是針對全閘極 2 奈米試驗線的 2 系統訂單。

And I believe those tools are scheduled to either ship in Q4, Q1, John?

我相信這些工具計劃在第四季、第一季發布，約翰？

Yes.

是的。

So I think Charles may be asking about in our scripted remarks that we just presented that we receive follow-on business from our DRAM customer.

因此，我認為 Charles 可能會在我們剛剛提出的腳本發言中詢問我們從 DRAM 客戶那裡收到了後續業務。

And yes, in LSA, we have one leading DRAM customer for HBM where we've been shipping laser spike annealing tools for their HBM product.

是的，在 LSA，我們有一個領先的 HBM DRAM 客戶，我們一直在為他們的 HBM 產品提供雷射尖峰退火工具。

We've had ongoing orders from that customer.

我們已經收到該客戶的持續訂單。

They're bringing up their production there.

他們正在那裡進行生產。

And we continue to receive follow-on orders.

我們繼續收到後續訂單。

And we see that continuing into the future here.

我們在這裡看到這種情況將持續到未來。

What we've said is that, typically when we win an application at a customer for laser annealing and we win 1 application for a customer, that it's typically comes in a chunk of $25 million to $35 million of business, a handful of tools.

我們所說的是，通常當我們贏得客戶的雷射退火應用並為客戶贏得一份應用時，它通常包含在 2500 萬至 3500 萬美元的業務中，以及一些工具。

These tools are in the $6 million to $7 million range.

這些工具的價格在 600 萬至 700 萬美元之間。

So we're at the early stages of the laser annealing adoption.

因此，我們正處於雷射退火採用的早期階段。

But that level of intensity that we've seen typically in the adoption of logic, at least at this point in foundry logic is progressing at a similar intensity in DRAM.

但我們在邏輯採用中通常看到的強度等級（至少目前在代工廠邏輯中）正在以類似的強度在 DRAM 中取得進展。

I guess, I'll just add one comment, John.

我想，我只會添加一條評論，約翰。

We started with that customer originally winning just the base logic die, and now we've expanded to the peripheral logic on each of the multi-level stack of the HBM device, which obviously drives more wafer starts.

我們從最初只贏得基本邏輯晶片的客戶開始，現在我們已經擴展到 HBM 裝置的每個多層堆疊上的外圍邏輯，這顯然會推動更多晶圓的啟動。

So is the timing -- is there some revenue of the repeat orders in second half?

那麼時機呢－下半年重複訂單有收入嗎？

Or is this more like 2025 events?

或者這更像是 2025 年的事件？

No.

不。

We've been having revenue -- they started actually shipping tools towards the back half of last year.

我們一直有收入——他們從去年下半年開始實際運送工具。

We've been shipping tools this year, and we've been taking a new order as well.

今年我們一直在運送工具，也接受了新訂單。

So it's ongoing.

所以它正在持續進行。

So typically, Charles, when we're getting these $25 million to $35 million chunks of business, it's over a 12- to 18-month period of time.

Charles，當我們獲得這些 2500 萬至 3500 萬美元的業務時，通常需要 12 至 18 個月的時間。

And I think what we're highlighting here is that, we're seeing that type of level activity as they're ramping their production using laser annealing for that one particular customer.

我認為我們在這裡強調的是，我們看到了這種類型的活動，因為他們正在為某個特定客戶使用雷射退火來提高產量。

Okay.

好的。

Maybe the second question.

也許是第二個問題。

The data storage business does appear to have a very good Q2.

資料儲存業務第二季的表現確實非常好。

Is that just some quarterly lumpiness?

這只是季度性的波動嗎？

Or should we expect the revenue -- how should I think about the revenue of data storage going into second-half and for the full-year year-on-year growth, how to think about that?

或者我們應該預期收入——我應該如何看待下半年資料儲存的收入以及全年的同比增長，如何看待？

Yes.

是的。

Sure, Charles.

當然，查爾斯。

So I do think, we typically see with high ASPs for our data storage tools, lumpiness from quarter to quarter.

所以我確實認為，我們通常會看到資料儲存工具的平均售價較高，每季都會出現波動。

The revenue that we achieved in the second quarter was anticipated.

我們第二季實現的收入是預期的。

Revenue was lower in the first quarter.

第一季營收較低。

And I think as we look at the second half of the year, we're expecting an equal quarter in Q3 to Q2.

我認為，當我們展望今年下半年時，我們預計第三季和第二季的季度業績持平。

And then a falloff in Q4 there, just based upon the scheduled timing of the shipment.

然後，僅根據預定的發貨時間，第四季度就會出現下滑。

So our view for the full year this year is that, the systems revenue is coming in exactly scheduled releases of the backlog as planned there.

因此，我們對今年全年的看法是，系統收入將按照計劃按計劃發布積壓的訂單。

So what we're saying then is, for the full year this year, our expectation is data storage revenue to be up about 5% to 10% if you compare it to last year's volumes.

因此，我們的意思是，對於今年全年，如果與去年的銷量進行比較，我們的預期是資料儲存收入將成長約 5% 至 10%。

Thank you.

謝謝。

Thanks, Charles.

謝謝，查爾斯。

Thanks, Charles.

謝謝，查爾斯。

Dave Duley, Steelhead Securities.

戴夫杜利 (Dave Duley)，Steelhead 證券公司。

Hi.

你好。

Thanks for taking my questions.

感謝您回答我的問題。

I guess, I have a couple of questions.

我想，我有幾個問題。

Just to take a step back.

只是為了退一步。

We've seen really big increases in CapEx from a couple of DRAM guys.

我們已經看到一些 DRAM 廠商的資本支出大幅增加。

I'm sure the third guy is going to join the party.

我確信第三個人會加入這個隊伍。

Could you, in summary, touch upon how that will really help Veeco?

總而言之，您能否談談這將如何真正幫助 Veeco？

Or how are you exposed to increases in CapEx from the DRAM guys?

或者您如何面對 DRAM 廠商增加的資本支出？

Dave, as we've talked a few times, our exposure in DRAM has gone from practically 0 a few years ago, and we've now won one customer in LSA with -- for high bandwidth memory.

Dave，正如我們多次談到的那樣，幾年前我們在 DRAM 領域的曝光度幾乎為零，現在我們在 LSA 領域贏得了一個客戶——高頻寬記憶體。

And as John just said, they're now taking equipment from us.

正如約翰剛才所說，他們現在正在從我們這裡拿走設備。

We are planning -- we're doing demonstrations with the other two DRAM players and our goal is to have a second customer under an evaluation agreement and shipping early in '25 an evaluation system as our next step of landing on the first customer now expanding to a second customer with an evaluation system that would probably drive revenue in the 2026 time frame.

我們正在規劃 - 我們正在與其他兩家 DRAM 廠商進行演示，我們的目標是根據評估協議擁有第二個客戶，並在 25 年初交付評估系統，作為我們登陸第一個客戶的下一步，現在正在擴大第二個客戶的評估系統可能會在2026 年的時間範圍內增加收入。

The other area we have exposure in high bandwidth memory is in our wet processing business.

我們在高頻寬記憶體領域的另一個領域是我們的濕處理業務。

We are seeing a pretty significant uptick this year in that business, really driven from sales to foundry logic people, DRAM makers, as well as some OSATs type applications for HBM.

我們看到今年該業務出現了相當大的成長，這實際上是由代工邏輯人員、DRAM 製造商以及 HBM 的一些 OSAT 類型應用程式的銷售所推動的。

And that's a second leg that we have on the HBM stool.

這是 HBM 凳子上的第二條腿。

I would say, Bill, we'd also comment on -- we have two evaluation systems in the field right now for our ion beam deposition technology for low-resistance metal.

我想說，比爾，我們還要評論一下——我們現在在低電阻金屬離子束沉積技術領域有兩個評估系統。

So there hasn't been any previous revenue in that area.

因此該領域之前沒有任何收入。

But that's an area for future growth for us and an important area for us in DRAM in bringing out ion beam technology that has been traditionally used in our data storage and for the EUV mask blanks market, and bringing out ion beam deposition technology to advanced semiconductor manufacturing for low-resistance metal and the first application and the first evals are in the DRAM space.

但這是我們未來成長的一個領域，也是我們在DRAM 領域的一個重要領域，即推出傳統上用於我們的資料儲存和EUV 掩模空白市場的離子束技術，並將離子束沉積技術引入先進的半導體低電阻金屬的製造以及第一個應用和第一個評估是在 DRAM 領域。

As a follow-on, are those low-resistive films used in high bandwidth memory?

接下來，那些低電阻薄膜是否用於高頻寬記憶體？

They would be beneficial to all memory, but obviously high bandwidth, the lower the resistance, the higher the speed of the device overall.

它們對所有記憶體都有好處，但顯然頻寬高，電阻越低，設備整體速度越高。

So I would think a first entry wouldn't be unreasonable to think it would be in high bandwidth memory.

因此，我認為第一個條目位於高頻寬記憶體中並不是沒有道理的。

Okay.

好的。

So that's another area that's really driven by this new high

所以這是另一個真正受到這個新高推動的領域

--

--

Yes, and if we're successful -- yes, Dave, and if we're successful here, I would expect we'd have follow-on orders in '25 from those ion beam deposition evaluation systems.

是的，如果我們成功了——是的，戴夫，如果我們在這裡取得成功，我預計我們會在 25 年從這些離子束沉積評估系統中獲得後續訂單。

And we have two of the three leading memory customers.

我們擁有三大記憶體客戶中的兩家。

Those guys are in Korea?

這些人在韓國嗎？

Come on, Dave,

來吧，戴夫，

I had to try.

我必須嘗試一下。

Okay.

好的。

My final question is a follow-on from Charles earlier is, you talked about hard disk drive business being up on a year-over-year 5% or 10%.

我的最後一個問題是 Charles 早些時候的後續問題，您談到硬碟業務同比增長 5% 或 10%。

I would -- I guess, just thinking going forward, at some point or another, would you think that business would start to show some nice uptick from the AI data center consumption and storage?

我想，只是想想，在未來的某個時刻，您是否認為人工智慧資料中心的消費和儲存業務會開始出現一些良好的成長？

And when would you expect to see incremental orders from an improving business environment?

您預計什麼時候會看到商業環境改善帶來的訂單增量？

Yes.

是的。

So, I would say, Dave, on the data storage side, our customers are continuing to invest in new technologies, which is positive for the industry.

所以，我想說，戴夫，在數據存儲方面，我們的客戶正在繼續投資新技術，這對行業來說是積極的。

And they still expect long-term exabyte growth CAGR in the 20% to 25% range.

他們仍預計長期 EB 複合年增長率將在 20% 至 25% 範圍內。

But utilization at their fabs are still at historically levels.

但其晶圓廠的利用率仍處於歷史水準。

I mean, we are seeing signs of improvement.

我的意思是，我們看到了改善的跡象。

Our customers are talking about signs of improvement and bringing up additional capacity.

我們的客戶正在談論改進的跡象和增加產能的跡象。

But I think customers are also signaling right now that they are being cautious about adding additional capacity until utilization rates are higher.

但我認為客戶現在也發出訊號，他們對增加額外容量持謹慎態度，直到利用率更高。

So I think as we're sitting here today and we're halfway through this year, based upon the order activity, what we do have visibility into the first half of next year and it looks like our systems business will be lower in the first half of '25 compared to '24, despite the improved utilization for the customers.

因此，我認為，當我們今天坐在這裡，今年已過半時，根據訂單活動，我們對明年上半年的情況有了了解，看起來我們的系統業務將在上半年下降儘管客戶的利用率有所提高，但與24 年相比，25 年的成本卻下降了一半。

Okay.

好的。

Thank you.

謝謝。

Thanks, Dave.

謝謝，戴夫。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hey, guys.

嘿，夥計們。

I have a couple here.

我這裡有一對。

So the first one is just on China.

所以第一個是關於中國的。

I think across the semi cap equipment space, you're hearing China hanging in a little stronger for a little longer.

我認為在半上限設備領域，你會聽到中國的表現稍強一些，時間更長一些。

But when I look at your customer deposits, they've come way down.

但當我查看你們的客戶存款時，它們已經大幅下降。

Could you just talk to

你能談談嗎

--

--

Tom, I'm sorry to interrupt you there, we had some background noise?

湯姆，很抱歉打擾你，我們有一些背景噪音嗎？

So if you don't mind repeating what you were saying there?

那麼您不介意重複一下您剛才所說的話嗎？

It wasn't clear to us.

我們不清楚。

Sure thing.

當然可以。

Yes.

是的。

So I was saying across semi cap equipment prints, you've seen China hanging in stronger for longer.

所以我想說的是，在半帽設備印刷品中，你已經看到中國保持更強勁的狀態更久了。

But when I look at your customer deposits, they've come down a bit.

但當我查看你們的客戶存款時，它們有所下降。

Could you talk about what your expectations are in the back half of this year for China?

您能否談談您對今年下半年中國的期望？

And are you seeing any weakening into the back half of the year, is the first one.

第一個是今年下半年你是否看到任何疲軟。

So, I would say, Tom, China is playing out as we expected at this point and we've got good visibility into the second half of the year.

所以，我想說，湯姆，中國目前的情況正如我們預期的那樣，我們對下半年有很好的了解。

We said that China would be about one-third of our business this year.

我們說中國今年將占我們業務的三分之一左右。

That's still our expectation.

這仍然是我們的期望。

We said that first half would be a bit stronger than second half.

我們說過上半場會比下半場強。

We still see that currently.

目前我們仍然看到這一點。

We continue to see investments in new projects by our customer activity with the customer is still pretty strong at this point in time.

我們繼續看到我們的客戶活動對新項目的投資目前仍然相當強勁。

You also asked the question about customer deposits.

您也問了有關客戶存款的問題。

Customer deposits have come down.

客戶存款下降。

And I wouldn't necessarily say and directly correlate it to any one region.

我不一定會直接將其與任何一個地區聯繫起來。

But I would say that typically, for an example, data storage customers have given deposits.

但我想說的是，例如，資料儲存客戶通常會支付押金。

We've shipped the backlog in data storage.

我們已經發送了資料儲存中的積壓訂單。

As I just mentioned, we've had this year in backlog.

正如我剛才提到的，今年我們的訂單已經積壓了。

We're shipping against that backlog, and those deposits have not been replaced at the same pace at this point.

我們正在根據積壓的訂單發貨，而這些存款目前尚未以相同的速度被替換。

Helpful.

有幫助。

And then the follow-up is just you tighten the range on rev and EPS for the full year.

接下來就是收緊全年轉速和每股盈餘的範圍。

And when I look at, at least the last couple of years, obviously, there were some moving pieces in the broader market that shifted things around.

當我觀察時，至少在過去幾年，很明顯，更廣泛的市場中有一些移動的因素改變了情況。

But it seems like December is normally a seasonal downtick for you guys.

但對你們來說，十二月通常是個季節性的衰退期。

When I look at December this year, the midpoint of your guidance, it looks more flattish.

當我看到今年 12 月（你們指導的中點）時，它看起來更加平淡。

Could you just talk to your expectations around Q4?

您能談談您對第四季的期望嗎？

Any moving parts that get you there?

有什麼活動部件可以幫助您實現這一目標嗎？

Just because we now have the final quarter and you've narrowed the range.

只是因為我們現在有最後一個季度，而你已經縮小了範圍。

So you've been pretty specific there.

所以你已經非常具體了。

Anything that would help us narrow in on December?

有什麼可以幫助我們縮小 12 月的範圍嗎？

Thank you.

謝謝。

Sure.

當然。

Be happy to.

高興就好。

So, Tom.

那麼，湯姆。

So, yes, we're halfway through the year.

所以，是的，今年已經過了一半。

We've narrowed the range down.

我們已經縮小了範圍。

I don't think there's any change in expectation for the year in any material way there.

我認為今年的預期沒有任何實質變化。

We had initially called first half of the year in this revenue range of about $350 million at the midpoint of our guide, and revenue at the midpoint of our guide in the $360 million range for the second half of the year.

我們最初預計上半年的收入範圍約為 3.5 億美元，處於我們指南的中點，而下半年的收入則處於 3.6 億美元的範圍。

And as you point out, that's roughly two quarters of similar type numbers for Q3 and Q4.

正如您所指出的，這大約是第三季和第四季類似類型數字的四分之二。

Once you take into consideration our full year guide and our Q3 guide and year-to-date where we are.

一旦您考慮到我們的全年指南和第三季指南以及今年迄今為止的情況。

So, yes, I would say there's really -- not really much of a change there or anything to highlight.

所以，是的，我想說，確實沒有太多變化，也沒有什麼需要強調的。

Thanks for the questions.

感謝您的提問。

Gus Richard, Northland Capital.

格斯·理查德，北國資本。

Thanks for taking my questions.

感謝您回答我的問題。

I guess just on the 2-nanometer logic line that you've got some LSA, nanosecond LSA going into.

我猜想就在 2 奈米邏輯線路上，你已經有了一些 LSA，奈秒 LSA。

Can you talk about the number of steps that you're getting with all around gate and backside power and how that compared to 3-nanometer?

您能談談您在閘極和背面功率方面所獲得的步數以及與 3 奈米相比如何嗎？

I would say at both 2 and 3 nanometer, our understanding at the moment is that, we have 1 application step at all the customers.

我想說的是，無論是 2 奈米還是 3 奈米，我們目前的理解是，我們對所有客戶都有 1 個應用步驟。

And that we are -- we did place -- received some orders this quarter and plan to ship those later this year.

我們確實在本季度收到了一些訂單，並計劃在今年稍後發貨。

Okay.

好的。

And then you haven't really touched on compound semi, that was weak again in the quarter.

然後你還沒有真正觸及複合半成品，該季度再次表現疲軟。

And I'm just wondering how silicon carbide's coming along.

我只是想知道碳化矽的進展如何。

Have you gotten any other traction in power in GaN other than the one eval you've got going into an established small set type?

除了對已建立的小型設備類型進行評估之外，您是否還對 GaN 功率有任何其他關注？

Yes, we -- during the quarter, we've made a fair amount of progress in silicon carbide.

是的，我們——在本季度，我們在碳化矽方面取得了相當大的進展。

We are getting, I would say, hopefully very close to getting our way to meeting all of the end market requirements for silicon carbide.

我想說，我們希望非常接近滿足碳化矽終端市場的所有需求。

And our goal is to place 2 evaluation systems either end of this year or early in '25 there.

我們的目標是在今年年底或 25 年初建立 2 個評估系統。

That's remained about the same.

這幾乎保持不變。

I would say, in GaN on silicon, the update on the 300-millimeter evaluation that you just mentioned is the installation is progressing very well, and we're in the midst of turning the tool over to the customer for them to start running their qualification wafers.

我想說，在矽基氮化鎵方面，您剛才提到的 300 毫米評估的更新是安裝進展順利，我們正在將該工具移交給客戶，讓他們開始運行他們的資格晶圓。

I think that start-up is off to a good start.

我認為新創公司已經有了一個好的開始。

Got it.

知道了。

Thanks so much.

非常感謝。

Thanks, Gus.

謝謝，格斯。

Mark Miller, Benchmark.

馬克·米勒，基準。

I'd like to go back and talk about data storage.

我想回過頭來談談資料儲存。

What do you feel in terms of your customers with their current factory utilization, mid-80s to upper 80s?

對於 80 年代中期到 80 年代上層的客戶，您對他們目前的工廠利用率有何看法？

I'm not sure we should be commenting on their utilization rates.

我不確定我們是否應該評論它們的利用率。

But I will say if you look at what they've said, that their utilization rates were at historically low levels.

但我想說，如果你看看他們所說的，他們的利用率處於歷史低點。

And we definitely saw that in terms of a reduction in our historic service run rate business.

我們確實看到了我們歷史服務運行率業務的下降。

We've seen that pick up a bit.

我們已經看到這種情況有所好轉。

But I wouldn't say we're back to historical norms from what we see from a service standpoint.

但從服務的角度來看，我不會說我們回到了歷史規範。

I asked that question because most recently, Seagate Western Digital reported very strong nearline sales that had come up very significantly.

我問這個問題是因為最近希捷西部數據報告指出近線銷售非常強勁，而且成長非常顯著。

So that's why I was curious.

所以這就是我好奇的原因。

Are there any process changes, new materials in terms of the fabrication of thin film head that could lead to opportunities for upgrades or new equipment for you coming down the pipe?

薄膜頭製造方面是否有任何製程變更、新材料可能為您帶來升級機會或新設備？

The industry has been working on energy-assisted magnetic recording for some time.

一段時間以來，業界一直致力於能量輔助磁記錄。

As that gets adopted more broadly, it will be an opportunity for us on one hand because the heads are much more complex and there are a lot more deposition and edge steps in the fabrication of the head.

隨著這種技術得到更廣泛的採用，一方面這對我們來說將是一個機會，因為磁頭要複雜得多，並且在磁頭製造過程中有更多的沉積和邊緣步驟。

And it will also be healthy for the industry because as aerial density grows, it actually helps the industry be cost competitive against flash memory as well.

這對整個行業來說也將是健康的，因為隨著空氣密度的增長，它實際上也有助於該行業相對於快閃記憶體具有成本競爭力。

So, I think it's overall a good thing in the long run, just here in the short term, it seems a bit soft.

所以，我認為從長遠來看，這總體上是一件好事，只是短期來看，似乎有點疲軟。

So Seagate is a little ahead of Western Digital and ramping hammer or even more heads.

因此，希捷稍微領先於西部數據，並且領先甚至更多的人。

So you think this plays out in the second half of next year as an opportunity?

那麼您認為這在明年下半年會是個機會嗎？

It's hard for us to see the visibility of that yet.

我們還很難看到它的可見性。

I think we're going to have to wait a little longer to see how successful the industry is with the broader adoption of these energy-assisted recording devices.

我認為我們將不得不等待一段時間才能看到該行業在更廣泛地採用這些能量輔助記錄設備方面取得了多大的成功。

Thank you.

謝謝。

Thanks, Mark.

謝謝，馬克。

Ladies and gentlemen, we have reached the end of the question-and-answer session.

女士們、先生們，問答環節已經結束。

And I would like to turn the call back over to Bill Miller for any closing comments.

我想將電話轉回比爾·米勒以徵求結束意見。

I'd like to thank our customers and our shareholders along with the Veeco United team for their continued support in our journey.

我要感謝我們的客戶、股東以及 Veeco United 團隊對我們旅程的持續支持。

Have a great evening.

祝您有個美好的夜晚。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect your lines.

現在您可以斷開線路。