VECO - Earnings call transcript Q3 2019

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Operator

Good day, everyone, and welcome to the Veeco Instruments Inc. Corporate Hosted Q3 2019 Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Anthony Bencivenga, Investor Relations. Please go ahead, sir.

Anthony Bencivenga

afternoon, good and you everyone. Thank

Today's the Joining presentation follow Please Veeco's Officer note slides are available to Officer. Miller, the that to we a today's today Executive me and the Officer; slide website. Financial Operating accompany on you Chief Chief and Bill our webcast. along is encourage prepared call with Sam Veeco release veeco.com. earnings have on Chief on Maheshwari, We

copyrighted recorded This cannot Veeco by material. call is without permission. It recorded and expressed being rebroadcast or is be Instruments Veeco's

consent implies participation to Your our recording.

discusses To cause are about made. future the extent from forward actual subject to looking makes could statements of that this sales materially the otherwise statements Company's or conditions, call future acceptance and and products, are of about expectations the uncertainties number that expectations and results a the statements market such risks differ earnings future to disclosures, market future,

discussion the report These sections to in annual reports quarterly factors in Company's are shareholders and and of reports discussed and and business X-K XX-Q, releases. our press and on XX-K on current Form the subsequent analysis report Form on management's Form description

to on Veeco date future any forward-looking undertake obligation those statements. made such any of does or including circumstances this not statements, reflect to the call update events after

our including financial this GAAP call, website. During management measures available may measures. Information reconciliation to measures, on performance address such non-GAAP financial regarding non-GAAP of is

turn the will over I his that, with remarks. Bill And call to for opening

Bill Miller

provide to transformation product updates. some joining call. Good you, give I’ll everyone for update and first afternoon highlight our then our results Anthony. of the finally market and you thank and QX Thank an

revenue EUV $XXX achieved was Semi Blanks our guidance. production system was shipments revenue second of of strong midpoint above Mask LSA revenue multiple systems. the our which with market Front-End and from We our million in QX

our guidance beam on and was of product improved which range data than mix products managed storage margin resulting gross higher to XX.X% remained expenses. was solid. sales Non-GAAP higher from the ion volume Additionally customers well

operating per $X non-GAAP report profitability. $X.XX to earnings income happy marking resulting in million of was We're a return to share

$XXX driven are both EUV bookings by Our strength data which storage markets. blank were in mask and million

provide will MOCVD in company's returning and on the by driving will be is company R&D I Phase our the lines shift led rationalizing expenditures. from an completed and emerging commodity to transformation product to the two Making company profitability The photonics markets underway and general transformation. re-prioritizing Now, infrastructure well growth. phases, the X applications. returning to and reductions includes update our profitability

alluded On earnings inventory. our we last call, to slow moving

We also provide reducing details Sam in mentioned will We areas. more profitability. expenses improve few minutes. both a progress in made to

is driving packaging Front-End our Phase data markets. growth advanced the to early storage X of Semi in our steps existing grow taking We're stages. transformation and

growing in complete real we a production addition applications in EUV to markets, semi we as transformation be In our When the current with focused mass growth. blank leaner path are and on MOCVD products. to investing our will company such and new we our applications compound

strong. remains market storage data The update. business a for now And

drive Our compete to ion per improve deposition, solid hard ion enable products aerial storage. with their diamond-like mechanical etch, state as cost bit pursue disk manufacturers beam beam lower they and carbon density to

the is to read improvements which MAMR, in also heads. The required expected steps produce of or coming assisted is next news revolution Veeco. good aerial known number recording, HAMR This density write is increase as energy magnetic manufacturing for from to

accelerated conducted where pace which relies density a total roadmap an will A decade. bit's. storing contributor. on aerial XX% an grow remain through they report data XXXX Hard greater hyperscale provided disk hard XX% at an center Seagate next of than increasing Mizuho market should forecasted technology based with that currently important recent recently disk to their as CAGR Day cloud drives Analyst over the drives XX%

increase increase heads we drive will per will average storage to heads remain flex. the is by Semiconductor forecasted XXXX. heads of and ion the storage The drive In Front-End strong EUV per number five by depositions through enabled evolution day that market create from beam market XXXX. to Consequently, data providing the to XX lithography mass

tool EUV EUV lithography for target adoption TSMC, availability layers. chip made for tools high volume goals designs maturity with proof production. sophisticated recently to allows to fewer more reached points According their The continue market be occur. production to EUV with reaching

they XX% EUV seven market This in plus nanometer XX% lithography to versus EUV. node, delivering products density recently improved their power fact, announced without higher the In consumption provides to enabled customer volume. same high EUV technology and is node

with for order EUV QX in shipped lithography blank XX announcing new third we quarter. recently production is an system. EUV ASML second the for strong systems mask in our and a for systems orders Demand received additional system Accordingly,

Industry lines. driving and to as nodes shrink improvements over ready production Front-End contributor Samsung five performance results and Another are our notes. significant they announced device leaders laser at nanometers. is Advanced prior our area TSMC overall reduce annealing for size such product feature Semiconductor

higher and precise As devices for extremely shrink durations. and short temperatures kneeling requires

product system node. we well market into customers share. increase continued ramp our LSA are suited In is ideally we to a to nodes, and meet on Our our requirements. their our edge at progress advanced recognize move another positioned and these revenue When QX, next leading

market, advanced Now Gallium with Nitride history leadership includes I has to photonics, long technology systems. RF, Veeco will the MOCVD a move display power applications. our of and XG devices compound which semiconductor

and wafer a Our product power for for includes blue/green applications. portfolio multi-wafer single micro system a system and mini XXX-millimeter LEDs

GaN and that and top to fab. single has system customer this we automated system This tool. XXX-millimeter fully a cluster upstanding to exceptional acceptance a development from on that, wafer I'm quality. obtained uniformity completed semiconductor we excited leading-edge shipped our recently On film of share

stacks RF, for semiconductor blue/green emerging enablers GaN micro including electronics. quality film power High and are applications LED key XG

system, we applications we photonics to edge-emitting shipment are on in and red/orange/yellow including beta few is quarter LEDs the arsenide next our announced products, customer of the optimized a last phosphide for of version VCSELs, and our GaN target micro quarters. lasers, going and acceptance In addition This well beta to mini receive LEDs. MOCVD improved

been have to as this to grow, well tool closely We VCSELs. well other share. positioned hope evaluation working another When we gain be to market place for begins customers with and market

XG solutions in and We display best-in-class are technology we products are confident power advanced our needs MOCVD of address performance and the RF ready markets. the with to photonics

end the XXXX, toward made significant progress. come we we As of

wafer We continue semiconductor leading-edge mask completed We system MOCVD ship blank XXX-millimeter EUV the a development to a shipped market. single GaN to into and fab.

laser VCSELs. designed product. next-generation our applications system nanometers penetrating our improvements including made with packaging to And are anneal progress system the We We non-GAAP we made achieved for making photonics with progress beta advanced lithography lastly, of profitability. we MOCVD subset our and

of gross operating forward. margins to and expect company Our continue improve leverage the improve further going we the to

Sam that, the over to for details it turn further financials. With I'll on

Sam Maheshwari

and will Thanks afternoon be financial I Bill good non-GAAP everyone. discussing our performance.

a find results reconciliation release bookings can press website. and GAAP the and $XXX QX grew and our detailed in non-GAAP were to million. on between ending million You backlog $XXX

discontinue we in backlog beginning providing results. XXXX and reminder, bookings will a As

Scientific Sputtering was quarter Systems Ion customers. and mid revenue well coating Ion the which customers as for Beam Revenue range. high-end of $XXX shipments above guidance driven total our point our the as of up sales Beam was to data system by of XX% to industrial optical slightly market made storage billion,

overall MOCVD market of of revenue, Semi production as Compound service was as blank Front-end laser systems. shipment revenue second our & sales upgrades XXX our and driven EUV single our system Display semi customers. and of system wafer XX% was multiple LED for included of XX% by Lighting, annealing well mm mask of shipment LED and

Filter continued of in mask data Japan, market. the made driven XX% our product Taiwan, World, which region, and Asia sales. revenue Rest as XX% up as By Advanced overall of Packaging, MEMS revenue storage & products blank by our sale, system RF reflecting EUV well Korea Southeast this LSA market overall was softness of includes

and U.S. sales driven data to was market of revenue the and was overall included industrial XX% sales customers. by and scientific EMEA XX% storage to

shipments driven to was foundries. LSA XX% Lastly, revenue of China overall product by

operating lower be. non-GAAP and OpEx the two we where expected point product with quarter margin turning in improved roughly million Now was $XX was Gross XX.X% improvement sequential of driven expenses. to it to by line mix, for results. and volume from QX percentage a higher

We product lines. to certain investments take reduce actions as rationalize to infrastructure in continue ongoing costs as well

we a reduce As expect result, in quarters. OpEx the coming to

run $X Our is or current target to quarter. eliminate $XX from rate million the basis on annualized million per approximately an about

for by million of $X.X reductions QX fully expense Net Tax million. shares. quarter EPS XXXX. in a We of diluted at income expect share was on the of count $X.XX came million, $X.X realized with to XX the be

of investments of offshore. ended and cash sheet $XX Now quarter moving and included to flow million, the with cash the cash short-term we highlights, million which held balance $XXX

other we which was and $XX increase negative Cash the due flow recorded is inventory reducing overall of the The was $XXX payment made an SEC on assets increase million, uninvoiced the balance in recognition million a certain contract have Inventory sheet. tools rules. moving, however, declined business an per interest portion driven products. slow progress as on to to inventory, shipment, our assets in from contract LED revenue by which is biannual debt is operations and related

the the during was at million Long-term no are We recorded we CapEx our sheet convertible million. value of the carrying $X.X believe was inventory. representing lastly, pursuing $XXX this inventory is steps the quarter slow more and $XXX notes. $XX sell than in on million million, moving to debt balance And

QX million gross Now is $XXX turning XX%. million and to and non-GAAP with QX guidance, expected between $XXX margin XX% between revenue

$X.XX be Non-GAAP the share. of $X.XX EPS to the GAAP OpEx share. $X.XX between is expected EPS and around of and per $XX loss diluted million. between loss $X.XX is the non-GAAP expect We of expected loss per diluted

And beyond similar see on XXXX. QX, this visibility based now time, current color to at for additional QX we our QX some trending

to earlier, our OpEx million mentioned I as QX XXXX we expect by of target current at per levels. $XX Additionally, of quarter towards revenue decline

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

Operator

comes Instructions] Please ahead. [Operator first go you. question Ho from of Patrick Stifel. Thank Our

Patrick Ho

why Bill, seeing that and you have out you're Is increased the it to first it seeing that's nice you capacity my business, LSA broadened and very the some much applications for there. had buys? Or the you saw won terms you additional getting non-GAAP to the quarter, same mentioned strength maybe in strength? Thank application question you just you're of and previously work that on back profitability.

Bill Miller

activity as it's that next or opportunity we application applications. we also three their we're think will beyond broaden saw activity both, actually node customer on that with out business an two And Patrick. working to ramps. to some It's I have order node and the one where

Patrick Ho

my that's And follow-up. Right.

quarter, OpEx characterize what will I million can or Additional a of those target of be? are type how these facility consolidation $X additional cuts

Sam Maheshwari

is Sam. this your question Patrick, there. Sure. take I'll

been working products and a have we So what is on number is efforts. happening there product development of

So line. late come the getting larger towards contractors optimization there is facilities little are administrative spending going a of number signing and of And portion by to be optimizing reducing development oriented and working and that consultants, from reduction is in But going bit really to of of is and are we that R&D the as a project a cycles. related products material our their driven the stages terms through.

Patrick Ho

much. you very Great. Thank

Bill Miller

Thanks, Patrick.

Operator

our Lee question take We'll Goldman of Instructions] Please [Operator ahead. Sachs. Brian go from next

Brian Lee

the Hey guys, always color. maybe first on a questions. full appreciative taking bit out give more when thanks you Sam, quarter for guidance, the just

part when OpEx clarify, then that first some gross as in, reduction of margin. you'd to to And be start QX the QX see of million coming well QX, want – you toward $X reduction. guess suppose that would portion similar some line that's as in and I to get question. the quarterly Just I top the similar you say

Sam Maheshwari

understanding And terms in in line, $XX – trending you said, good I a just Yes, of as of QX targeting said. terms by QX you QX fact think around margin Brian. color like to and I XXXX. targeting OpEx, Thanks there. is million we Yes. are gross have to in My up similar top then of

the all spending million of lower be some the in QX. QX. expected is to in won't by than a or linear in staircase be sort expected down, to a So to way We QX it's $XX QX. But than lower hit fashion

Brian Lee

the anything same perspective. capital in And kind then fair cash you inventory tell what drivers I of in That's thinking was didn't were should of cash the know meaningfully there one what off from going Can just And working Okay, one. enough. Can the from outline I I more and we what quarter see XQ? the you modeling the operations about staying mid-teens might a is for helpful. in range. be number. have this, negative but on was maybe flow flow kind us there? then missed

Sam Maheshwari

Sure.

Brian. in covered remarks, that I bit So a prepared little my

customer is, but line is per accounts is the there receivable And only revenue million then So received look you recognition so, line. invoice or it practice been following the another customer, tool that the business contract see when And that, went the at to the is a rules, But and then the then we shipped assets line we $XX you about is by installed Japanese are Japanese the quarter-over-quarter. essentially the customer is what the tool as by shipped. we and where happened following which has what tool accepted up as customer. by the

ship we here, At the GAAP recorded that the invoice the contract we when we rules we as customer asset. time, following and revenue but it, recognize

essentially of So is it receivable. uninvoiced accounts kind an

it line, true call proxy the asset. that contract is would accounts the our to It's that gone growth overall, and that AR in with receivable, see add here. you when up. the And line accounts receivable including So you

where So cash significant from a in terms cash that went is of amount flow operations. of

depending piece of the the some to cash machine and second moves is quarter-to-quarter. kind and like that The ship factors. of our proportion lumpy versus timing month It upon from the month those some in highlight the machines in would first of is of quarter color the of business, that shipments third I provide and

of in that cash. essentially QX, cash. in QX, consume all put QX, In we generated But cash. you we if this we So quarter together, consumed

loss. And generating in income QX, and also we QX are operating

to trying cash lumpy QX. is is background. So in from of positive business. be I QX, to a I'm cash that type compared what expecting in I'm our neutral say expect on, And to Essentially, QX with here to

Brian Lee

one Do like about more the a It one beta take that VCSEL occurs And to isn't six probably for appreciate had a beta up impact on there customer the XXXX I last customer heard in talked I have just If guess great. product beta to sounds until Okay, the is the sounds it the is side, like quarter cycle the then right. past, you, in And opportunity, maybe or color. that the then tool. you you lined tool. conversion from XXXX? guys. assume, fair anticipate P&L given VCSEL you a tools XXXX XX it Thank month I really you've event? you

Bill Miller

as actually shipped one question, phosphide that paces turned putting expect say of a through have over that's second just we did I very or that say We've Sure, quarter a did the agreement follow-up going quarter tool sure. your second the and it through going I – Brian, to on its actually arsenide customer beta qualification we process. to excuse a revenue we early tool customer and XXXX, beta eval well. the they're first XXXX. to early not me, the would customer. maybe actually

the a impact was, P&L? with focus not. such. point a not And for will and the will an company was and a it I working trying high Obviously, customers that's close have as We're answer think a have number sale commercial final to been material no. on of with – It agreement The XXXX to-date. is that successful very or remains

Brian Lee

Fair enough. Thanks All guys. right.

Operator

Our Duley next comes Please go Securities. question Steelhead of from ahead. David

David Duley

it's breakout I more there any of Thanks for give question. you relative might us taking the guess, question couple accelerate some you. delivery quarters – than the I this and about guess, is of Thank now. backlog? backlog idea it's backlog, the that be you could of Is the a first my way on

Sam Maheshwari

David, is here. Sam Sure. this

side been that nine really months bookings way and times a EUV a in reason months say what back of nine in business. backlog growth significant the six pace the So months tools. backlog, run for storage moderated. although is lead we've months. And the of has of the happened lot by tools driven of of has or business, we've was data all In part to been The XX backlog, up our the from shipping growing growth anywhere

servicing shipping able just that we And supply QX at now demand we demand a in another shipped this How to this these digest and and tool are we started QX. how keep one position beginning in our on are measured EUV tool able So orders. to customers are we in a tools pace. we

So is that reason been growing. has backlog the

remains hope one. our good greater it, QX forward, in with X.X Going we Again, are that terms book-to-bill in I pretty than greater doing than of book-to-bill.

one. same it's increasing than So a situation time is setup greater that good or always us and at book-to-bill for the good are revenue the we our

the are, be we that's setup are where seems us. for and how a So entering we setup good XXXX to

David Duley

sort relative that us report for you the the just any of the reference give And you breakout the pieces of rough idea segments within or four of point? size can

Bill Miller

Sure. backlog report. do breakout provide not Yes, by the quantitatively the we the generally, we of it segments four and

I of Industrial strong. say contribution results and backlog In and Semi However, is the Storage two the Data that and the quarter segments Scientific, Front-End would for very those case. segments, similarly recent our revenue are

that backlog, look would terms Compound sector Display our And at Lighting, Semi on weak. the the packaging would somewhat advanced then our weak the is segment of you QX ending say, makeup say also & is As I side. in I backlog

photonics And the including and of to VCSEL a arsenide trying certain about phosphide power other opportunities commentary on know, side are We in related semi. also, number our applications. edge-emitting you lasers penetrate and applications

it characterize to the related So with and all of advanced in the continues an is smartphone, overall the as business QX, remain bit driven but weak driven little in by improvement weak, that, smartphone softness. the the backlog is our we there smartphone still unit I soft. packaging, are similarly in largely providing a of There would progress backlog but

Sam Maheshwari

just more of book a advanced market does turns. on would packaging David, guess, the that in work I I add,

backlog large be So we wouldn't to expect but. there carrying

David Duley

color. helpful Very Okay.

opportunity we what of EUV incremental next years, what the this like understand you sort opportunity driver business? you'd be understand the could to year, overall growth next the perhaps couple of it, that help Now characterize might – can however, so for is us

Sam Maheshwari

the Yes, model on It mass applications it number out. of cause our blank, outs to we've using model. obviously of around are of yield that can really EUV been bit It pretty to blanks is kind number the a a number significantly this lot. and move EUV customer working to understand that the of lifetime a of or challenge based varies with tape of steps mask a obviously the

of kind of booking $XX in been year. just this be around million by range that expecting that mentioned you. or million, to we've about What year business range four $XX that, caveated that the those I kind five variables We're to next size

number the a could think amount. move I So fair around

continuing, next have this demand – industry are we're keep $XX the year. XX to demand see real, here. million systems think to to in $XX million I I is that ASML going year. that is year, there. they sizing XX range is how monitoring next ship We’ll this to But matures The

David Duley

orders And just year expect since clear. you would revenue next had of you kind the to for year, this that's what be relative

Sam Maheshwari

Yes, yes.

David Duley

me, of bit least customer now I Final you little at node. a XX question at advanced you that Patrick's one mention however follow nanometers guess to or you'd advanced on nodes and the business. a from characterize node? on like you've advanced thing two nanometers below, Did XX and or know I from at it's guess I LSA penetrated an the customers have

Bill Miller

mentioning on actually actually that's that. question myself for great Yes, a David, kicking I question. not Patrick's clarifying was

bringing for or well. a second And node I an up. are thank would as meter better. customer working a that with do We second we seven customer advanced nano have So you is say and

customers the that few have each I qualify years of expect significant of at each or are of though. for to and at we a customers. wouldn't today application application to next So node third be a those node second we're we and those out volume working one another

David Duley

you And what understand a keep of a annealing opportunity sorry an overall on is? have we final Okay. just TAM annual there I market, me, the just number potential question from can the But the so basis do I'm overall rambling.

Sam Maheshwari

would opportunity. million a I say about that's $XXX

David Duley

you. Thank

Sam Maheshwari

Thank you.

Operator

of Gus from ahead. next Richard go question comes Please Northland. Our

Gus Richard

Yes, thanks for my taking question.

of on bit color market. MOCVD Just the a little

in could if more that had little and step-up You the was power. nice was wondering a just quarter was that a RF I give or us whether sense you of

Bill Miller

say way might. Yes, have Thanks it for my step-up nitride millimeter mention for confidential. cluster does I capable tool did seeing that that of that customer gallium XG we remarks end well is applications shipped But pretty application as most That in you're make GaN would a accepted prepared as question. Gus. up The as well MOCVD. and blue/green the micro-led has power. tool. as a RF Good that the In it the probably I is XXX single

Gus Richard

moving a production development Okay. environment in it into a or And environment? in is is this our

Bill Miller

Today environment. a we customer it’s how And it application to matures. in, this with working I are maybe pilot would the call see development production,

Gus Richard

beam it. then you you And the for running depth. is strongly. It's quite on for or that's Is ion Got it etch better and if business, if it's drive MAMR it's HAMR? still it better

Bill Miller

We're pretty either agnostic actually pretty, way.

Gus Richard

ramp And energy multiple customers seeing Got are it. enhanced recording? heads you

Bill Miller

Yes. seeing been coming various programs programs and customers number on maybe decade. customers. HAMR up a I've to years, even of going Yes. had these with for have a of We're many in involved MAMR a

all think historically density the the it's last less has integration And each five but of than working important they schemes, been CAGR I own So because their really XX%. actively growth six years, they're it. have aerial years,

driving the aerial other cost types. performance to can that HAMR to growth they or how With stay And and competitive memory density start can increase MAMR with down per they over really that's bit XX%. storage

Gus Richard

say? and And the innings, in say what inning, inning would energy where, of enhanced terms you to upgrade enhanced First what recording? okay. late inning, you would then XXth Right we’re

Bill Miller

very baseball innings. early a in would much time, very is but it we're we've I this for been long say long in say a would I the

number shipped, they're that said drives but that so Seagate think drives, very not I many can't they've of the remember just ship. starting has to

Gus Richard

it. Got

Bill Miller

Fairly early.

Gus Richard

me. last Yes, for the one

offering, litho competitive in China what's your of and terms elsewhere? the In environment

Bill Miller

and of maintain, think market our packaging business today. advanced a Most very we China really China. is still in competitors some predominantly Taiwan not see the larger lithography share. for of a lot at our IDMs do It's in in we OSATs our business, where We strong

Gus Richard

for – And Can little Is - the you it high-bandwidth fan-out flip what there as driving of just it? it color is it are well? give applications Is a Okay. memory? chip? bit

Bill Miller

had year memory from Sure. a some having with AI key seen activity for this success also bandwidth we've applications. winning this memory high there. GP I type and OSATs would say customer order We've Gus year use some

seen We have follow-on a activity packaging. in of fan-out wafer lot level not a

Sam mentioned As in be worked that to the smartphone need fair there's amount market a the down. lithography lot AP excess capacity of

Gus Richard

it. much. you Got me. That's Thank for it so

Bill Miller

Thanks Gus.

Operator

[Operator next Instructions] Company. from ahead. of go our question take Miller We'll Mark Benchmark Please

Mark Miller

to Thank that the what question. trying you the talking backlog When AP we if last backlog somewhat about had your the same would about than you distribution. are that of tools margins was terms Does look or they'd you mean at quarter. backlog, the you said the fairly and that and in lower be my for down, weak taking break of

Sam Maheshwari

months. ship the say order times, advanced lead we say from would tool the to I and for profile, industry saying Mark, when the is margin, is the that the versus that I the quite they're sense meaning business, In typically maximum margin our products that way four, three, side you're packaging I there times. advanced low the five packaging And at least backlog time think gross we situation the maybe I for works, for get assume time we lead different. the margin profile get

XX compared industry, there contrasting get just upwards to EUV was we I even or storage that that and eight months. or of the months nine And data

Mark Miller

by does break expenses, expenses? a you're lower quarter and So year. projecting third next between $X How out COGS of in million OpEx that of operating the terms non-GAAP

Sam Maheshwari

to largely related that OpEx. Mark is

Mark Miller

Okay, SG&A? so of between it. And that R&D and split equally most is

Sam Maheshwari

Correct. And a more skewed little than bit towards SG&A. more towards, R&D

Mark Miller

next model? XX% rate, a we can tax Alright. tax Tax rate. X% What year,

Sam Maheshwari

So in NOLs. perspective for modeling from $XXX U.S. have we taxes, about a million

So doesn't NOL tax for the position. P&L, very of percentage of our pay taxes really small we because amount really work

of to $X a anywhere million model, purposes non-GAAP from million You taxes could $X.X quarter. for

be $X of So million per taxes it $X could to year. million

Mark Miller

you. Thank

Sam Maheshwari

in upon U.S. taxes pay That's taxes whatever is position. depending the jurisdiction why which pay are, specific really varies, paying and due tax driven we we U.S. sale are. And, rates the countries to And in do the by really aren't the really it these is NOL not in taxes jurisdictions. that taxes what the but those we in foreign the

Mark Miller

you. Thank

I'd It questions Miller to are this turn sir. time. appears conference no go to for like Bill remarks. the at there further closing Please back ahead,

Bill Miller

Yes.

So excited again discuss we you. to Thank look profitability meeting with we're to got we non-GAAP that our back quarter and forward progress. next you to

Operator

your This calls. for you participation. concludes Thank today's

may now You disconnect.

Veeco Instruments (VECO) 4 Nov 192019 Q3 Earnings call transcript