- Earnings call transcript Q3 2022

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Operator

Good day and welcome to today Veeco Quarter 3 2022 Earnings Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Anthony Bencivenga. Investor Relations. sir. ahead, go Please

Anthony Bencivenga

good and afternoon you everyone. Thank

Veeco on Chief without Executive me along recorded Officer. copyrighted a earnings is on slide the have that our call Veeco’s expressed to Miller, by Today’s the available being Veeco’s accompany is Bill follow presentation are; release Please Officer prepared Financial note we Veeco today’s or material. on today slides Instruments, Chief Joining website. and Kiernan, encourage We the webcast. is It recorded be cannot veeco.com. rebroadcast to and you with This permission. call John

implies and of date on call in the discussed Form report the Business are to this X-K not subsequent our and undertake Analysis events earnings statements about Discussion on and forward-looking COVID-XX To XX-Q, the market These expectations quarterly statements the made about results or XX-K shareholders, report participation in cause products, sale could company’s extent those and made, expectations including annual acceptance circumstances to result forward-looking to market uncertainties a any on statements. as Veeco after company’s sections Form from statements discusses, subject future actual press otherwise Factors on reports and Description, and does and Risk any make reports call risks number Your the pandemic. our and Form are conditions, a of the future. consent reflect releases. including obligation factors the future that Such of disclosures, that recording. to of to materially differ statements, the Management’s update such or to of this future future current

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

Bill Miller

our us team Veeco joining our of driven another quarter you continually Good The and across well, solid technologies, markets and revenue chain Anthony. performing John I’ll our technologies. everyone afternoon, and Today, commitments. our today. will Thank with through united Veeco our robust guidance, highlights is thank discuss happy third update portfolio for provide sales. you, growth Semiconductor and differentiated innovating to we’ll year-on-year meet delivered supply and by quarter take then take and to executing on customer be questions. you financial

our for as in Blank significant Our record $XXX of Advanced guide revenue Systems another the with of was well and driven Semiconductor, as Packaging, EUV million Annealing, Laser from quarter above by Mask midpoint and contributions production.

Our solid were EPS million range. And near $X.XX, short-term in increase and non-GAAP to led which million. non-GAAP we quarter $XX both operating of with and of end our of top an cash of execution investments, the the $XX $XXX guided income ended million,

look we environment. strength pockets we and book our in demand of As across see mixed order for the otherwise quarter,

For had example, applications. Laser systems multiple logic multisystem Annealing for our orders for we

time, our We XG Ion over Wet the impacting last Amplifiers and markets At filters, is Lithography weakness storage the Packaging quarters. for had RF activity same Power Advanced Applications. systems consumer for Beam order lines device two in the and increased also product mobile in and data Processing market our

our a well, I we’re the our been and situation environment would chain say, And strategy. carefully for and executing orders, improving. with mixed associated Consequently, corresponding that perspective, two has investments team the seen in push As impacting we’re reduction such, there’s a are and supply lines. shipments balancing demand which growth these we’ve outs risk product the or to one execute making sense from revenue of quarters is by near-term this

This markets and I’ll will equipment third-parties, We’re our that working partners decline There’s as arise. XX%. our with overcome fab Semiconductor is smartphone business logic weighted among to starting Packaging, in they Semiconductor switch with over focused decline with EUV and is spending technologies, issues Currently, weighted by our Blank Veeco’s markets. specific XXXX chain, Annealing, wafer weakness heavily the forecast PC more consensus and to supply on in Advanced consumer, heavily and flexibility a gears in products. stems to from towards market. Mask memory, our prevailing Laser to and

over Cloud growth include orders expect years to Performance with – majority optimistic our as High has over this Semiconductor market, by as positioned of node So, our Laser trailing do and in are the drivers Data transformation on mature Laser vision our Auto the largest This while growth we’re John including from megatrends a the have adoption. and quarter Automotive on applicability applications. XXXX. logic will revenue Commenting export-restricted. well exciting systems and ongoing came which Veeco XXXX, monitoring growth be regulations, more Annealing explain and to the approximately Center in in new executing China positioned Veeco’s and we this market. orders of applications. from well in and start third invest driving in both our in minutes, which of line, our of such for Computing, analysis market in secular with available To of these products our continue customers to and total the Semiconductor total headwinds we technologies stemming activity, as our is Based well market. product our served long-term, consumer half not Consumer in with AI strategy order from the export High grown execution Annealing the few the is logic reflects Performance driven and helping the the This the XX% few of I is last market. grow Despite just nodes, WFE revenue leading our we’re time, strategy Computing, trailing our Semiconductor Industry, mentioned, carefully, AI about than at expanding attractive current to markets

Laser dwell in help dwell advancements times shorter with our These difficult with at During the players important steps. Annealing to shipping quarter, leading-edge system roadmap. milestone our along Veeco’s an their of support customer we is times, in demonstrate by achieved this Laser annealing leading logic advancements to our significant technology challenges. Annealing optics with their for the platform record select of materials’ world’s commitment tool most logic the production customers other in

to we’ve to introduced logic, addition In Laser market. the memory Annealing

Annealing recent to we growing, a after XXXX sign-off, new purchase fact, win is our volume as process business orders customers. the steps In DRAM timeframe. we anticipate evaluation XXXX Laser Overall, and in

Now, looking at our Advanced product line. Packaging Lithography

and by potential continue in to to Packaging Fan-Out manufacturers Switching expect Semiconductor be to and We densities as a diverse Performance applications the continue in chips market our to and seek gears GPU copper EUV And contributor performance. Packaging, Blank improve Advanced integrating we packages IO product Mask to High products Computing. to such production Wafer-Level see Lithography pillar our good bumping to driven as line. increase

Our Ion Beam technology the identified to technology deposit Deposition EUV to as Mask has of Blanks. choice films been create defect-free

to every XXXX. ship With required capacity systems per they’re product Lithography remain capacity to we play to to EUV expansion EUV ASML as Ion started for Beam year. adoption this XX systems, this annually approximately in plans keep one to five systems lithography. in reiterated customers systems to plans on expect up our currently demand additions their in recently XXXX of at XX their XX XX We working line by and ship three the Lithography over systems market of with EUV

in Our today driving Semiconductor beyond. performance and well business is performing Veeco’s XXXX and

electronics targeting with Now, power MOCVD this Semiconductor penetrate applications, market, LED. and including Micro our market looking at solutions our Compound we’re by applications, to photonics working

Center evaluation a eight-inch We markets the of enable Our gallium nitride improved Data leading are with believe with the solution, power MOCVD Automotive under to cost an Consumer, ownership is system X-inch opportunities and for properties. customer best-in-class field while film in in delivering an GaN there Power application.

applications. shipped Alumina application. for During to we’re system deposition customer Arsenide MOCVD the was LED working for and we Micro evaluated photonics to quarter, their we process. a evaluation now And with optimize systems manufacturing red acceptance This And multiple this our system. received further Phosphide being support

Electronics Power attractive opportunity the LED and good and a Micro We are believe company. continue markets to for both long-term

As we’re these R&D in such, areas. focusing investments

market, growing Storage. data Data Center the been and drives for in and Data number disk markets, has per market the transitioning of capacity end Our increasing the Storage in been hard of year Enterprise third centers Cloud mix is drives growth response of magnetic for rate in heads data But hard to Overall cloud time. servers a in markets. major Data and some PCs, stored the shipments each applications. declining Consumer In shipping number the drive been have XX% has in

continue and to shipped number been has steadily In absolute forecast fact, the is heads increase. to increasing for years of

we Data out XXXX, slow capacity in we period to data And customers continue growth on of is Storage In manufacture is has the Ion of is heads will performance roadmaps. used based activity a additions. in drive growth, technology market increase believe as as the disk multiyear advance over equipment described, and based complexity industry of storage to their After makers just reduced been Veeco’s long-term. customers’ our on provide expected the as increasing magnetic I heads. dynamics Beam order ‘XX paying addition, to and these the expected, pace

we expect current grow activity, to As revenue over look we XXXX. based Storage on Data ‘XX however, forward, order

looked environment. a is is Now, The Employee facilities, Veeco let’s top performing a We protocols we’re challenging review team flexible. at most and staying safety macroeconomic our monitoring XXXX priorities. our in but in priority. health well

be program customer successful. to continues Our evaluation

received the one quarter, another our systems. we for During of customer acceptance

products to customer’s for evaluate systems Beam year. planning exciting in and customers in developing ship value Annealing solve that Ion coming problems the We’re we’re and high to

managing doing focus and to has global remain that, components been XXXX committed shortages commodities. chain with for and in to We’ve remain certain within us our of key year full been revenue supply XXXX Another guidance. I deal just our

drive it In I’ll well mega with earlier on these that, are markets, confident profitability. that highlighted to technologies over we’re John. and growth by to growth driven well positioned I And capitalize megatrends aligned Veeco’s and trends long-term turn with fact, I’m our global

John Kiernan

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

Semiconductor and sales which from by X% $XXX to for totaled our revenue customers, QX from a mentioned, by increased geography. Bill sequentially driven ago. was as XX% record year XXXX to quarter, Revenue Turning and QX million market and the

our Market total Scientific similar significant for by to XX% with Our this of XXXX. RF our Photonics of of from in revenue, made while finally, sequentially, contributed at came The contribution coming with market was made of and last Compound down Semiconductor increased Storage XX% quarter, total business revenue. market our revenue, XX% X% and QX up Laser Data in market Annealing up products. driven our revenue in from expectations. system And And This the line XX% and shipments applications. revenue Semiconductor our

region. Now looking by quarter third at revenue

And made results. system to Semiconductor Data customers. our expenses Our EMEA XX% as non-GAAP revenue, on million total well guidance. XX% Asia driven Gross than were up the revenue sold of driven Semiconductor total made by United as line Operating customers, Switching The quarter Pacific sales our margin total applications. third sales. States for of total with planned. by lower up guide revenue, Semiconductor excluding in system finally, our SG&A $XX originally sales to in shipments came quarter. Semiconductor XX% was expenses China below for at by up primarily XX% as of revenue as primarily XX% quarter Storage gears for to China made the region Compound driven well

million begun approximately hiring, for was on on we $XX to while the expense a positions, priority coming the have million, focusing the EPS was and in of $X.XX $XXX,XXX of pace share XX.X count We address slow macroeconomic with income the net environment. diluted quarter Tax highest at shares.

balance pertain to $XXX us million. of milestone $XX during the or debt quarter, an an scheduled was cash with highlights. and to and $XX to Cash million. cast ship been $XX products increase in benefit customer portion quarter. toward. ended of brings million from flow to operations working important short-term A We $XXX sheet flow close XX% an to cash Now deposits million, $XX from of in of performance million deposits This from the XXXX. investments cash the million last we’ve neutral, increasing being the increase This moving quarter from

payments, the some receivable accounts the of in $XX were increased by first delayed and customer of due fourth to million timing the week which quarter. Our and shipments collected of

the This $XX still quarter payable an for increased expansion. As $XX to at to million, glad a have prior with and XX $X.X the to increase in for million our with from XXX XX. quarters. income the million days quarter quarter result, facility Account prior make operations DSOs was we’re remaining inventory sequentially accounts from $X transitioned the for We Jose due to We in increasing of days in quarter. to material Inventory payments to million, during approximately million. we was by third the the expect expected, XX days coming increased of days up San and $XXX the which payments days. CapEx we included as our did. facility $X limited quarter, new fully million, payable

the million last current fair on value it’s enabled in convertible capacity million think portion over to say record sheet carrying $XXX debt, $XX and was revenue expanded the represents quarters. including us of million I our deliver $XXX Semiconductor recorded the the the notes. to balance at of few Long-term

export let details at broadened devices Semiconductor at XX export fabs on QX new persons at require nanometer, export some the have XX DRAM devices above to sold XXX the turning which with pitch manufacturing US be NAND require equipment with or in these also China Before to nanometer or required start be will will non-GAAP or logic licenses. which half layers presumption requirements China supporting or below licenses under devices will me denied. that Generally, operations below the will they regulations guidance, licenses.

have now been equipment, export licenses. the certain US for list. Department furthermore, companies new unverified government code which to a addition, China-based will Commerce certain In added created And classification deposition of require

increase recent an Our product backlog LSA in in led be in our which may has order China, to subject to activity regulations. particularly line, these

believe evolving, majority time, the While this be our by new the affected the will backlog export we substantial fluid and regulations. landscape negatively is at not of

guidance. QX Now turning non-GAAP to

we’re a supply between less expect be we demand export in gross revenue new China these less to this environment revenue With the and XX% XX%. current QX we due regulations and and impact to million guide, mind, With export incorporated expect to mix a in than between million $X million, margin QX, favorable and $XXX be in $XXX restrictions. assuming

section share schedule in million. to million section upon and million per it’s $XX our Please Net refer beyond between illustrates expect Advanced $XX provided. the a between we’re Packaging earnings which XXXX to additional $XX OpEx be to is EPS is based the slowdown QX $XX backup revenue million. be experiencing in down the $XX how and We and appears for QX QX diluted of color guide $X.XX release expected earnings $X.XX now and XG based income calculated And our and on flat markets. expected of EPS and between guidance presentation million is slightly from count. is QX. guidance press share, some the as a range to the RF

that growth optimistic call, our possibility our between allowance in alignment about the within a reversal be our no of the our place. GAAP benefit in P&L in next period a XX this significant deferred happens will technologies we’re market quarterly markets in Given there the despite operate, these as current valuation we prior tax months dynamics. megatrends finally, the from a the longer our differentiated which will highlighted tax of earnings is And needed. driving which takes and the realized be the If business portion asset perspective,

the be carryforwards line. tax I with a and the please And point rate a carryforwards limiting fully forward. such impact would Additionally, would perspective, questions. been to use take tax perspective, increase offset Operator, the company and happy credit to from US to both its Bill that, continue open cash the your have From that taxes, cash GAAP and until non-GAAP will effective from NOL utilized.

Operator

you, will [Operator Thank first Schafer, We sir. Instructions] the Oppenheimer. from Rick take question

line open. go is Please Your ahead.

Rick Schafer

I if Yeah. Thanks, guys. Couple questions of could.

The seeing you on, So you give three, velocities seeing is guys color of you curious, John, backlog it for more it are? or an some are a canceled? was you everyone. order you just any you that’s out? Bill being canceled more this first I hear you just are I’m talk about if know four out? quarters could one I’m You Or you know, are curious if stuff – know, obviously pushed is know Or much didn’t and if curious mean, I cancellation? orders long-term near-term slowing

Bill Miller

What out we’re seeing, kind is Rick push a in of to out kind this QX-QX timeframe of one quarters. two by

Packaging products. talked headwinds and application shorter Data both AI filters our of characterize that. GPU creating well drivers I from one the quarter are annealing, about hand, about from you been Advanced and smartphone Wet velocity. with Center, receiving We impacted doing – our lead orders Performance to and not being want has two weakness standpoint. any And the is amplifiers. kind mixed seen I’d a business macroeconomic cancellations, know capacity et good we’ve orders order RF order The secular and at advanced certain Storage our for And High you XG on challenging. Auto time, it a trailing technology We’ve clear significant environment have and time, particularly an same standpoint bit been as those of typically one as Processing for and in is processors is Industry, customers. positive Cloud, transformation from PC It’s Computing, cetera, logic. segments, node and Lithography been power for slowdown receiving such Laser be to growth Data But credit

You deposits into our orders know and XXXX. for scheduled have even customer we

like kind that’s it’s the you of part mixed now. in environment short market feel kind of of so such a the of longer-term And makes end market know that’s right really us the the

Rick Schafer

to like. I to segments that some Thanks were it you see in a Bill. assume growth XG you words color the we again sounds or safe follow-up in of segment color. some And Maybe down packaged others? fourth go into in maybe in XQ want probably by sounds to it Is and anyway just your the don’t it as other that and great XQ just lot, XQ? the mean, like do mouth that I for really know put quarter? a directions RF advanced a That’s down in

John Kiernan

me let a at so that, Rick. Yeah, take shot

guiding in know you QX. of we million revenue are So the about for at midpoint $XXX

roughly. our slightly you a million markets, from driven driven QX Advanced in the Data And QX Semi just know Compound Semi we a know our Semi down Storage which Scientific, Compound know see in to we the revenue reduction mainly smallest see cover you we in of by compared in $XXX down by see in And bit amplifiers that’s four you you So QX, the RF actuals that there. the side, see by in Packaging. took to And QX. down business power QX. up know market We QX, the bit piece is compared filter XG business, of a do down

Rick Schafer

best that. I up impact that this million pick you’re of for you China, that, $XX just of one that pulling about at mean, all I sort is of $X if stage? of you as from we And can last know of talked if should model of I’ll out the derisking we sort ‘XX we Thanks sort think could. China kind you annualize million know

John Kiernan

there, bit little know a Rick. complicated that’s think I so Yeah you

and a gain little detail through go will me of that an let understanding. bit hopefully So help

know so, or overall. you past it’s know about of XX% you China been year this So, in business our,

And, are you across really new Data course, advanced in Compound regulations Storage any of towards these China. export multiple Scientific, know You geared Semi, know Semi, not spread technology, semiconductor.

our based know a upon you to expect we in China. a for in that actually recent our be business you China products, to business of LSA know So bit activity piece near-term. our the know you up And applies the

nodes said export a the regulation backlog our we believe aren’t will know time, remarks, by majority really that is prepared this and you a quite in for this that you substantial you due fluid –landscape x And been require orders regulations. you export know that know we’ve is negatively products So is of licenses. But – new our evolving. class and trailing products our at not taking our of LSA impacted be we know as to the

I So do we you impact business look the know materialize. if that’s out as may as there could won in recognize in clear – not that that not further our, current by it’s but know currently will customers our future the you backlog we future, have be regulations patterns. know not you might And

customers, that just advanced You or at know either could from added looking new existing know nodes you they’re know we the follow-on been nodes Commerce restricted from they’re would to Department’s you list. be have potential operate penetrate, more ability this to at customers or recently the advanced business if to operating and

that’s forward, as hard know we look as said to marks, a view. now, potential So portion of of as able this in we the know know our you estimate substantial we be you be, but impact our little know longwinded, overall current our it’s you ship but to might what bit to backlog. prepared I expect

Rick Schafer

That it a Thanks color. was was great guys. lot, –

Bill Miller

Rick. Thanks,

Operator

will from Company. take question the Benchmark next The Miller, Mark We

Please line is Your go ahead. open.

Mark Miller

might you Thank tools there Are besides impacted the the that any be LSA for China? in other question.

Bill Miller

throw in. I’ll it

not I sys don’t that be our think impacted. a there’s But ALD John might think of – R&D systems it’s some number. I other very things big – small any

John Kiernan

well, that Bill. I Yeah think captures it

know one that got China. equipment of you most So, and sell Mark was a for regulations into don’t added deposition deposition equipments the the lot of to equipment, that export we the part,

Mark Miller

Okay. tools update status Can on the eval field? on an in give you the have me the you

Bill Miller

sure. Sure,

Semi We the volume year, – and Laser And me. of Semi majority pretty this space. that the You the course acceptances in we’ve of batch tools in plan a customers up successfully, big ship over this you secondarily And Annealing. the know concentration do expect high quarter. that couple an to aggressive of and eval space, had last systems, a continue a been evals have we’re have with XXXX we’ve half, primarily accepted follow-on first a And ramping successful Compound about those orders. concentration the know the talked and we’re we these we’ve Semi was know you excuse this XX eval eval of of year over into excited to program, our across to to working turn – it in in

I out So that laid previously. we’ve playbook – the think play same we’re continuing

Mark Miller

for specifically, tools, are what eval they with applications? The

Bill Miller

They’re for Laser Annealing.

I field think to technology next system n in logic. expect out the coming the memory period or the that next put have both field Laser into and the on into putting going for logic leading Deposition that XXXX. the we periods into And here. Ion have And for new roadmap we Semi and we plus also Beam a applications be are metals in X to low-resistance also for Annealing we the in the

Mark Miller

you. Thank

Bill Miller

Thank you, Mark.

Operator

[Operator Instructions] David we will the Duley from take question next Steelhead. And from

Please ahead. is open. line go Your

David Duley

Yes. the big a sudden you saying is a mentioned? Could on in elaborate it more deposits just that? increase You you’re you that bit little that of all why know,

John Kiernan

deposits, thinking know you we orders, question. quarter seen we’ve area not of many on technology all strong the where on lead know pieces the so collect during collect time deposits the customer all business. customers of and but And you good an David, some activity we And Sure, of types. our longer

items prepared mentioned the XXXX And shift and in have in orders Data Annealing scheduled increase as China. we well, actually customer we remarks that the Laser we deposits orders received where instances to deposits Storage well. you for strong as in our with reflect So know orders from

David Duley

number? I’m I lines, us these you – you very haven’t gone the was? see, didn’t through slides. but your curious along Did could I and just all sorry, what and give just you I mention strong, was did backlogs if and the backlog mentioned the You Okay,

John Kiernan

a end Yeah, we the year. only so backlog once of David the at annually report year

So a yeah didn’t quarterly miss that. don’t bookings or provide our you We number. backlog

haven’t that periods a now. for We done of number

David Duley

what even maybe backlog the haven’t is you in XXXX? actual the And number, given us shippable percentage of though Okay.

John Kiernan

backlog we XX-month shipments that know So in the occur wouldn’t to into any period. you we expect don’t record next

and ship our in expect it you’ll to coming in of we backlog, year, that when we to So that report see end months. the statement the the only get a do items would XX we to there relate

David Duley

I then, you of if Semi XX% down know be a XX%. WFE being let’s a guess Okay. you take And businesses think mentioned you was I that other say take as able if might revenue equipment companies have your expectation? to I or versus you might talked wondering know might your at wondering or Bill was kind at you be shot about what many overall

Bill Miller

mobile Semi said Yeah, our year XXXX. in for to consumer leg is we’re say side. And today per seems be see the that the that lot with memory five is OSATs. continuing much And and really remarks, forecasted our three – seeing board I XX% less think up we’ve that in the on All of would is you of right Advanced to applications. know concentrated signs and data holding number a systems more of we’re of kind kind IDMs the And Semi logic susceptible third to memory, well business applications. from we trailing because this in showing logic. focused stool really on And by of strength the is is it weakness in node And weakness particular across China our what driven foundries, as is of prepared mentioned EUV. in we along Packaging we historically, drop

So, you gives little color. a more I know that

David Duley

it Or in really drive the businesses the half back HDD me of as boarders are hard is drive the question Would disk for do you a the you your calendar that And you. XXXX? guess XXXX? in inflection for think What guess disk of up getting you’re revenue? you assuming the I business. final point for I’m that thank happens is, lot mentioned, Okay,

Bill Miller

our be given will know second in then orders next the the would it be we likely lead Data this the long the business concentrated quarter Storage half quarter more into given year believe I and in will – say having the year, our up times. Storage Data kind our times over you of year, just of Yeah, third lead second start here, and and

David Duley

thank Okay, you.

John Kiernan

David. Thanks,

Operator

Northland. the We Richard next from will question take from Gus

ahead. go Please open. is line Your

Gus Richard

taking Thanks for the Yes. questions.

Just on Litho you which primarily copper there? the know Or Fan-Out? there color is is pillar you Packaging it is can Advanced provide the any is

Bill Miller

to you for weak, what’s fan-out us of, we lot soft, say. It’s our know market – generally fan-out would tell it seeing of in I’d for But you packaging. pretty terms are actually mobile to exactly for which it’s a broad say, very versus know it’s copper continue hard pillar. is is I mobile be

Gus Richard

me traction? Okay, application, for Micro on is fair you is red mentioned gallium could enough. it it silicon And you a on you’re remind working which just then arsenide? And the you know most got one LED or has

Bill Miller

This particular traditional the getting approach approach Micro customer And XXX on XXX a the kind GaN and silicon with our approach. make gallium really we with luxury progress TV now still luxury inflection, Micro was phosphide, to millimeter millimeter on red TV well. tied arsenide And inflection one arsenide, it’s of innovative targeting market know LED to the the to great and continue you they’re LEDs. with and market as performance of they’re

Gus Richard

Okay, I understand.

for then much. I me. Okay, Thanks that’s so and think it

Bill Miller

Gus. lot, Thanks a

Gus Richard

I’m sorry. power. GaN

for you conclusion? just to for time eval, Sorry, been that Power you’ve I you’ve power. Yeah [inaudible] in one. a forgot wondering eight-inch are GaN, long sorry. getting I’m close GaN in the And been in eval

Bill Miller

making of on this progress transition. to eight-inch are a We lot six-inch there

from the results good getting We’re set. equipment

will. We on you modifications some are working if upgrades, and

electronics on in looking And XXXX. so if volume we – for into to, power I would continue XXXX. electronic expect And, successful, power silicon this eval to be GaN

Gus Richard

thanks. Thanks much. so Okay,

John Kiernan

Thank you, Gus.

Operator

no for that to It time. Speaker, there question this would remarks. the I turn conference Mr. any back appears like you at to additional closing or is further

Bill Miller

like I improve. that you, in call. as the execute positioned near-term, operator market to maybe well a and joining that reiterate would understand long-term us And our but is out growth Veeco to today’s Yes. Thank strategy on all foggy bit I to here conditions

So, have Thank a all. great you, evening.

Operator

That concludes participation. Thank today’s for event. your you

You may now disconnect.

Veeco Instruments (VECO) 8 Nov 222022 Q3 Earnings call transcript