VECO - Earnings call transcript Q4 2024

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Operator

Ladies and gentlemen, greetings, and welcome to the Veeco Fourth Quarter and Full Year 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Anthony Pappone, Head of Investor Relations. Please go ahead.

Anthony Bencivenga

Thank you, and good afternoon, everyone.

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

earnings are or website. statements presentation available to slide for based these future this release forward-looking today's earnings, could subject expectations materially statements current on and to that made. results expectations Today's is and our Form market statements about discussed cause risks the future webcast and XX-K, future, conditions call actual to are discusses on make annual in the are To differ accompany filings. in Veeco the from uncertainties revenues, risks report extent management's These SEC otherwise that other the and the detail

obligation between otherwise to any results. those update not financial press management Veeco We circumstances non-GAAP forward-looking to reconciliation future any Unless does of on in at find made you the events release discuss non-GAAP undertake the to statements. noted, including and our after the encourage such reflect refer results, or presentation. can call this end which our GAAP earnings will of statements, date you and to

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

William Miller

exciting was several for long-term the several important growth business, Thank another milestones, successful you, in Veeco. opportunities. Anthony. grew strategically and delivered XXXX year We invested reached solid profitability

shipped today, all for with LSA in high-volume strategic earlier gate a press to we of X-nanometer chips. around an Beginning a milestones, announced semiconductor production as system release logic leading-edge company a

semiconductor silicon system since this reached WFE customer in memory another the in power X growth outperforming a to agreement to a for our also shipped a record business consecutive provided Revenue LSA with leading evaluation an Tier gallon fourth we and an evaluation from feedback. year. having reached We XXX-millimeter XXXX, XXXX, positive customer customer to ship device second

around. to shipments revenue, memory laser was for LSA growth well as leading-edge as driven shipments including by in mature performance primarily gate node record robust high-bandwidth all annealing customers Our and

came system packaging of processing, AI. tool key our wet and XD of from Another where for driver production growth is record

for operating successfully our EPS to largest is and important. expanding while strategy, we non-GAAP invest grew In also core SAM growth While XXXX, income in investing continuing long-term opportunities. profitability expansion to our is

gears in coming Switching Non-GAAP our in non-GAAP full Veeco prior midpoint operating a to with delivered bottom growing business. of income from the growth to and to by our results million, year our the and grew semiconductor guidance. XXXX million highlights. EPS $X.XX. above year financial updated totaled led year-over-year grew growth line X% $XXX X% XX% diluted Revenue top $XXX

million, a $X.XX. our non-GAAP in million income, EPS at the X% of before year-over-year. totaled operating quarter increasing look highlights. fourth and Now Revenue QX $XX $XXX Non-GAAP

record solid another around annealing shipments delivered business revenue, highlighted revenue semiconductor Our gate including all X to by laser nodes. of quarter leading-edge customers

road memory Tier maps steps scaling provide critical leader qualified system an overview is Veeco increasing. architectures. most is process steps. as leading-edge to in address Leading-edge in memory as solutions scaling require for as is the now result, and challenging. annealing today. laser the and update X several in annealing becoming semi-manufacturing new semiconductor associated customer I'll spike a as the laser market of tool for and production leading our an key technologies with of business technologies incumbent large with X more laser role with on annealing logic annealing well And number technologies shrinking customer. to customers both Veeco record available the driving are of process Device geometries Veeco's challenges advanced manufacturing

several evaluation at new expands a applications. Our and customers recently for nanosecond dwell time, enable is advanced launched system annealing anneals precise at laser next-generation under NSA logic to capabilities X

blank the Veeco system, films is enabling for EUV in industry of deposition IBD mask our blanks defect-free beam for EUV ion leader mask also production. EUV with deposition

steps deposition new to is cases. for Our continue technology blank expanding reduce beam to new power the customers map driving to to is scale, technologies performance ion need as use road critical to and The optimize the growing industry's explore map consumption. consider energy-efficient mass materials adjacent and and road compute semi is

shrink, customers resistivity, lower struggling As logic to device memory consider incumbent to geometries continue new and Tier X to are driving solutions. technologies

ability for battery from improved life. and itself critical incumbent in preferentially logic can recently IBDXXX and memory, metals. impact lower launched film in Veeco's which its directly performance, device metals resistivity low-resistance deposit to technologies system result differentiates through thin This and properties speed

ahead, highly OSAT. processes manufacturing leading integrate production system to our In working applications. their our of technology wet Tier with on and into and record focused processing we're is a packaging, Looking manufacturer X foundry, new tool advanced at HBM evaluate customers

which for to expectations and XXXX. Our growth ability packaging accelerate drove system's AI, has our XXXX support strong capabilities growth XD in challenging for enabled position in strong in process to

And in by a in driven in expectations a and capacity mobile recovery XXXX led of have range the broad packaging advanced to AI lithography, expansions customers. markets of

exposure AI. in such and memory, to packaging grow SAM focused served for our transitions on expanding technology to In $X.X been EUV market approximately we the available semiconductor enabling million all as high-bandwidth our forecast by gate lithography billion. to core leading-edge around, logic, industry around Veeco to inflections in and annealing, market from XD packaging, advanced $XXX inflections. strategy memory Our technologies enable technologies in investing has have

We an to challenges. laser in memory expect and this as laser intensity new annealing increase by driven adopt logic to annealing be address customers

ASML we EUV project high energy IBDXXX critical expansion ion enabling materials is has efficient and new and and we requiring opportunities unique Growth for and computing. growing performance. for deposition, applications. new NA accelerating packaging, our advanced mask for capabilities high-performance adoption of million applications blanks, increasing $XXX device to each applications enable for need processing the project and In beam We expands technologies film semi of $XXX scaling can front-end our in million compute for our for approximately high-value EUV system AI increase to believe that deposition capacity, our that address to grow SAM performance. AI number to ion these systems our beam customers we an supporting In SAM technology challenges. in see of SAM high-value as wet And adopt over address

we believe WFE additional to now As of portfolio technologies program. I'd detail key enabling outperform business provide look on term. to positions our our ahead, like the we semi long our inflections over evaluation for

we're XXX,XXX and largest evaluation can several program is application $XX to evaluation million opportunities. expanding month. evaluations and Our investing memory, systems are growth business per targeting $XX which several our in position starts follow-on Many in win, capture logic our wafer result applications, in essential per assuming SAM to between million to

While system, by executing. we're focused of market offer, our value the and technologies customer proposition and the will on timing are about vary, highly adoption customers excited

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

John Kiernan

Thank the Starting Bill. year. you, at Revenue prior with in million, revenue X% year. the over came $XXX increasing for

was and semiconductor decline wet semiconductor delivered by of revenue. in annealing up year-over-year $XX the prior prior of XX% and revenue driven from packaging And systems. storage revenue. $XX totaled million from a revenue market year, Our laser revenue. our the of XX% making year million, totaled increasing revenue. the $XXX revenue, other Compound decline Growth representing comprising semiconductor million, year-over-year a business million, scientific total XX% and up largely in XX% of $XX advanced revenue was slight Data XX% and processing comprising XX%

semiconductor sales year, to to the by from revenue by region. prior of comprised driven growth XX% Moving China customers. in revenue up

Our States year. Asia Pacific region, primarily XX% excluding up customers. X% of driven XX% United totaled of revenue, the EMEA China, was by storage by And led data revenue, for semiconductor revenue made customers. to of shipments lastly,

ended down million approximately year year, prior attributed million, $XXX at Our business. approximately $XX our from to the order the data storage primarily backlog

yielding increased year net of XX at shares. at X% effective of margin looking operating X% with income year million, in $X.XX year to year. XX%, relatively the an investment. with the our Gross $XXX the prior $XXX increased increased EPS increase the in to prior non-GAAP from XX% increase rate Operating on to an Now tax prior expenses an $XXX million XX.X%, consistent Diluted Operating primarily results. in million R&D and driven to XXXX tax expense by $XX full came from increased million for year. million, income

consideration not related equity $XX in gain selected million I'll charge our now a $X meeting data. of expense tax net by and benefit GAAP was our provide million million, offset a income reduction the estimate a million resulting $XX million full GAAP carbide resulting This $X comp a impairment and $XX business $XX $XX year net depreciation, silicon our of approximately was million, was million. million. $XX of charge approximately expectations. in from approximately was million from in benefits, contingent market included Amortization net income $X expense interest

came and X% prior semiconductor $XXX at QX quarter record revenue comprising with In in to million, sequentially. year revenue compound prior increased and our Turning of from other during the by QX, geography. declined revenue And semiconductor XX% Revenue up to in quarter, sequentially from revenue. line Scientific quarter. million, declined up from included $XX the down made a comprising $XX forecast, $XX revenue increased prior computing quarterly as Data In of storage and X% after revenue prior million, the market market, revenue $XX million quantum and the which shipments expected, to to X%. in of other revenue. XX% applications. and the previously totaling million XX% scientific for research

at in by Pacific our to was The and to guidance, quarterly $X end driven guidance. million on Asia approximately XX% came margin expense increase our an was in tax XX% EMEA revenue in at from additional at product quarterly States in an region. income spending resulting diluted lastly, semiconductor low of $X.XX Gross effective due shift Net Switching excluding and XX%. approximately China, shares. below China to results. EPS XX totaled rate Income increased our Operating revenue by gears XX%. for $XX million, to came $XX sales. Revenue was of and XX%. Turning million XX.X% the was non-GAAP from United region, approximately evaluation the expenses tax The percentage approximately in mix a million totaled programs. of

accounts million From payments the quarter decreased from resulting million short-term of the million, our investments a $XXX $X flow moving balance of and due. payable and quarter $XX bringing and receivable liabilities by to year. million. $XX to working accounts $XX by customer the million. and million with increased increased were CapEx of $XX $XX our to capital the $XX the cash Inventory declined timing year during million ended highlights. to $XX million prior million. operations million, million, decreased $XXX contract Cash cash increase $XX by sequential Now $X to within perspective, on primarily million million, the for when balance and total Customer from totaled deposits We to to million included the $XX sheet a flow from quarter by $X sheet, the for

our million. QX QX to to is Turning $XXX outlook. $XXX million and revenue between expected

and $XX million expect between and between XX We of million, and XX%, between on diluted $XX gross OpEx income EPS $X.XX $XX $XX $X.XX margin million approximately and net shares. million million

we Turning Based beyond to QX. conditions additional on QX a revenue expect QX in some be color to visibility, range to levels. market and similar our

in customers advanced a computing I'll leading all and Outside Beginning with mature growth an now to packaging. China, AI of such and high-performance market, memory investment qualitative node for expect in China. markets. in is of high-bandwidth increase for we investment around, edge driving decline commentary as the our gate each provide in areas continue semiconductor in

As AI XXXX. in or XX% to expect XXXX revenue more a grow approximately from result, to in revenue XX% we of

and well packaging our advance deposition road advanced advantage growth in annealing, take leading-edge laser are of positioned to maps continue in and ion We investment. to beam

XXXX. continue In late solar which for to in semiconductor revenue potential the opportunities and into growth market, compound we provide see beginning photonics in XXXX

resi expectations areas XXXX. million We excited in GaN in GaN million potential see revenue the And growth we're the provide decline to quantum expand scientific, Power for in potential have computing, without for to to like In to which on in data strength in also storage, XXXX. $XX silicon solutions. are XXX-millimeter remain continuing our in $XX approximately

opportunity. we like to Before over Q&A, we the highlight believe turn Veeco why call is compelling investment to I'd a

contributing analysts providers project industry the of expectations wafer industry leading equipment some the to equipment time fab growth semi over in long-term to for frame, trillion growth in First, $X spending. XXXX and

a for has Veeco are technologies increasingly that of critical leading-edge portfolio inflections. Second, enabling several

high-growth for fourth, long-term several to value to grow enable growth exposure our believe can SAM we market and Third, WFE of than in shareholders. Veeco to we our the faster generate investment spending. areas expect strategy our execution And

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

Operator

Instructions] & the Needham The from first comes Company. Charles [Operator of from question line Shi

Yu Shi

start with want A questions. I of the China. couple to

this the in provided QX, to same you, think QX, be a that ask of probably China of peers to you immediate for you've of year. decline seeing the qualitatively about will reported want had before But I them revenue. China the but that seems who China guys flattish are guiding some the I some more drop while. That's to all

do provide what you And since decline. you a little So can than I much of China more Supposedly, accounts you us anything you a that China great. bit of probably into and believe be have good give visibility would see amount QX? good if can how the for Mind me quantitatively, backlog. quantitative

John Kiernan

so. to I'm happy Charles. do Sure,

first backlog, and XX% was XXXX our the that half the XX% China QX expect with So XX% to full we visibility QX. total into last more be about revenue China good down year, in first of from for it revenue the of of and than do total slightly China to year, revenue we our of have to weighted about half

Yu Shi

very Got color. it. helpful That's

The I web side. it about product, saw notice packaging looks do did talked you on processing for growth want the to year. already ask and like last I other strong you advanced question more the you

something You or think maybe on more what's bit you up in accelerate more quantitatively, coming the of seeing if of XXXX? you second the you're more the little in provide in and see quarter immediate acceleration in year? half us more it that color a driving half more the Mind the bit first little do a will

William Miller

about by see this in driven excited doubling advanced really We're an as over wet 'XX, Charles. opportunity. the Yes. that's packaging We opportunity 'XX largely processing. and

benefiting of kind foundry as really capacity multiple leading OSATs. expansions well we're manufacturer at and So as from a HBM

of modest, And we as in in pretty see business a seeing so we're litho, up multiyear our opportunity. breadth as in 'XX And with advanced and lot packaging business this pick that also was a well.

our I and packaging, said, as So processing predominantly wet is litho doubling. including advanced secondarily,

$XX So million maybe from million. to $XXX

Yu Shi

$XX comment, full right? a million year That's to...

William Miller

Yes.

Yu Shi

on color [indiscernible]? Any Okay. Yes.

William Miller

Yes. from into but to grow the year. to I think QX and ramping, QX, probably through would say, it's QX going I it's continue John,

John Kiernan

Yes.

entering this year a same with. ties your with XXXX with backlog. about in to little virtually And a the into so we We're started we as entered back backlog. Charles, bit the semiconductor first backlog good well And maybe, visibility year question the that the

So is different. But the backlog is the the composition flat. backlog of

China So in of at beginning the for year, the their we a had business. of higher concentration backlog -- customers with mature our

a semi higher As and an packaging. XXXX X-nanometer in from we increase gate all advanced around and enter comes concentration backlog the like area

there got a we've So visibility as well. reasonable

Operator

Schafer question line next Rick of Oppenheimer. the from The from comes

Wei Mok

on other it's Congrats This that Rick. customer is Wei Mok program. the shipments. currently on on your for like looks the NSA This separate from X line customers NSA have evaluation you the

comfort make X and this purchase this has to are going of what and other was you customer eval? Or decision that been on the the still wondering, I ahead eval the So -- program are before? on to

William Miller

came enter customer of And goal all in shipment laser this as the is market at kind their XXXX. this the system around. So gate of order X-nanometer multitool a to part from

And so did provide this a evaluation -- customer but this not new for was tool. is an we us, not

So sale. this a straight is

for LSA. ramp NSA are I'll we're customers -- for, these well, since you on and applications. if looking the And nodes circle guess gate around multiple evals actually for growth looking to all mentioned in we're at back So I those are in it And all customers expect at just you logic with the us eval going will, really for qualified gate-all-around advanced now customers. we XXXX

Wei Mok

wanted China. around question to I just exposure seeing on or that. I guys commented a past, in appreciate back to know to go there. the I getting on XX% you Great. China normalizing back

restrictions export the so impacts that everything the the not of any of first light I in seeing year. direct guess half So and on [indiscernible], in you're

more bogey, seeing And second in that of China with say to lower? year? be fair it could changed is it the that anything has that So coming in, you're half of the XX%

John Kiernan

the thanks question, for Wei. So

So yes.

didn't regulations, entity products. in that come out for regulations to change systems added changes with really from seen any list it backlog, nor did requirements backlog an we've have didn't were view customers China. our the licensing impact for near-term that what have We on So to our

term, in long-term may not impact. the near an impact the So how of view there regulations and what is. regulations, change

over opportunities being new about view a good or or we year. new projects have see us of as of on that purchases seeing visibility equipment less what Our for and that business we these couple China digested and new half coming China had funded that years get slowing in. invested had say And the we that's down been fabs last were for

So in lesser XX% our see about as year. coming of we total question see, the the the said half of in earlier a the an half in number to that XX% we revenue of and I second year China from first

Operator

Benchmark. of comes Miller question from next the line from The Mark

Mark Miller

just if high-low very color also what memory, I'm wondering you're improvements provide bandwidth reported just shipments specifically sequential in NAND some seeing, you're wondering strong you anything in to NAND? the And I'm NAND seeing can on more if memory. high customers.

William Miller

we position NAND, annealing nanosecond say some doing the system with any eval where We in at this I at point we're don't Mark. haven't demos preliminary our time. placed we're NAND, would but an have in

stack. high die not win customer, systems to on their peripheral logic level high-bandwidth the So tool much bandwidth each logic memory have been And the of we exposure DRAM able X with we record with production our then memory, a -- LSA of and in actually really there. we've are and

I have with volume an DRAM well. -- at be the HBM probably with shipping continues announced customer, that in placing we'll in and eval And as look our just say, agreement call as the an were we as second XXXX, midyear, mid-XXXX. I and on would we think I business we 'XX here

Operator

the Richard of from Northland Gus Capital. comes The line next question from

Auguste Richard

the understand. with on sure Have Yes. to LSA, make for I I gate-all-around LSA? you been want qualified

William Miller

for were gate-all-around. the All Yes. the customers qualified

Auguste Richard

guys then the logic is backside at is Okay. And being incremental for NSA by looked the application power?

William Miller

drivers number in question starting They're looking at few we front backside extending -- double well. I would more gate-all-around for potential there. us think 'XX growth And looking John when to a they've China we at traditional applications we that on looked is 'XX side compensate your a to also back of And gate-all-around gate-all-around for applications of ramp. as headwinds look different They're for at annealing. circle And at was 'XX, there. more to really the kind just see guess some in little that mentioning earlier. a of over a

Auguste Richard

just Got And this that revenue in drive at then I'm purely point, that, is disk your just and it. hard terms service? spares assuming of

William Miller

bookings Yes, lead 'XX. didn't in have Yes. we time, That's revenue. any given -- correct. is that systems closed on 'XX And significant window really systems our

Auguste Richard

Got just it. And then nobody -- else and will because I guess ask.

I the quarter. there's flush budget the always in scientific and other, a mean, On fourth

strong a had range? demand looking really tools revenue of a at that drive more to incremental a kind for address you Are Or You is quarter little that similar very there. market? starting quantum computing

William Miller

quantum are an would computing say I year-over-year. increase Gus, we seeing in activity

systems. So these larger are

business. of in they're on of we up or so lumpy to our have a And system numbers, top we or scientific whether don't or X going base kind show

in scientific our So segment XXXX. we're grow forecasting to

Auguste Richard

And assuming molecular beam Okay. that's I'm epitaxy?

William Miller

have modifications. off ALD It And the of they're with it may predominantly they're of MBE side Frankenstein-type tools. kind an but yes. largely Correct,

Auguste Richard

Got it. Got it.

price single-digit millions? the than tag is more So

William Miller

$XX but they they're come can why That's when they're opportunities. separate they a They lumpy. bits, They pretty may packaged over big -- be in million. yes, all are together,

Operator

comes from from the Duley of Dave question Steelhead Securities. next line The

David Duley

the with, helpful. to talked just That you guess what first us semi. for of the for I Could give is year. half half would the start about thing then versus an first revenue And be you second very think idea Yes. you total half? same

John Kiernan

yes. So

with that for markets let data the So start year. storage. me try cover by And to I'll the Dave, full

to expectations as $XX be we for and it's data storage service -- that shipping revenue systems the business we aftermarket about customers, there. million So $XX year-on-year, we a don't representing to just have million expect and down indicated, to

XXXX. see look so market to I described we've to have really, semiconductor this If we the the XXXX. really call at elements far, the on as do And for semiconductor market growth opportunity that X market, for there's in

down. On be the we have one will side, expectation business China the

On mentioned advanced has have our the we supporting that other that side, double. our packaging business Bill the has business gate-all-around to expectation and opportunity

that growth China take see into business you the the in opportunity So semiconductor headwinds. the despite we consideration, for

We And growth second semi solar that we of content with coming XXXX. the low see the in And strength opportunities photonics half in some off computing, in semi in growth for the then revenue the on do opportunity areas see just are compound side. and side, year we the providing the in the compound for as there. like mentioned, scientific do Bill in expectation opportunity side volumes

markets So year making I'd and not call the a the view But XXXX. half for say, first a half of on that's full we're Dave, versus quantitative our there. second

David Duley

Okay. you've kind draft drive hard down in And of business. already the disk the taken essentially,

So of the kind comes the parts down growth of... semi decline China. now that really these China of all Is moving outside inside versus semi to

William Miller

that's clear totally to the second think how And -- Correct. together, not to when go. half And going half, that's those it's our to it's melt first I clear flat we're view, yet up. you going to

David Duley

spending Okay. some And can't some what with spending in I XXXX XXXX? lot HBM remember been then you your do you've there's moving actually on total, others customers and to is. aren't. And of and to been chatter seem if forward big HBM are how In quantified a expect business qualified it versus would have

is, great. that also it help how If would understand you could us meaningful be

William Miller

middle the say as going for that our that view annealing are entered 'XX. been just will in we're And second I is agreement to X XXXX. would an we where customer, high-bandwidth of tools And tool said, memory laser customer into robust ship remain to is with shipping I we've eval and Yes. qualified.

on any to not that's impact going revenue So 'XX. have

customer. our is X say nearly with So and HBM steady I this flat would revenue

David Duley

to And when far -- addressed and applications won Okay. ramping volume have an somewhat NSA evaluation much that us is been would truly these by start the as applications additive of you've or much how are understand from then into LSA is how of some [indiscernible] as help NSA you see already really -- tool? that will it production,

William Miller

A lot of would lot of XX-plus the the where incremental. modification applications because and only doing of top structure. a say There's whole we're shallow the -- not probably I we're modifying material structure surface are percent heating the up

machine and So seeing could step gate-all-around laser the in incremental traditional an there. nanosecond way lot be annealing laser different will step annealing are the that annealing operates our What possibly gate-all-around is system. There applications than steps. the annealing for we an be some there'll be we'll though a keep where incremental

it's I first what say would not So cannibalistic. largely incremental, order, to the

Operator

The line next of from comes from the question Mark Benchmark. Miller

Mark Miller

anything you [indiscernible] I And X there? I just believe ion were the at for customers, want in in you're beam to revisit films. new where

William Miller

Yes.

engagement. continuing incorporate exciting. integration issues, We're together production technology their deposition which jointly fab, engaged. the is downstream system ion X I have Mark, through DRAM We're to And We're opportunity to issues to fourth There's the XXXX. customers probably as put lot with a work them. that you memory customer to We pretty of through tools continue is know, a as beam this line. makers. And integration exciting said, at into into the going pretty are the deposition working

XXXX with would continue that engagement. both say, evaluation expect high to throughout customers I at So I

Mark Miller

of business? an us estimate potential follow-on give that the you orders for Can in

William Miller

We to type Yes. for per XXX,XXX customer. $XX application $XX it's wafer -- memory probably applications per million see million starts, node per per

Operator

comes next Dave from the of Steelhead Securities. line from The Duley question

David Duley

just slip in I Yes. X more to here. wanted question

first year expect the the in second perhaps that through the half, margins segments. and you of mix gross your given the all the Regarding half from

pretty you year? You think directional progressing margins should idea sound the business. How the have the we like pieces gross about of about through good a

John Kiernan

Yes.

gives for that reason So question. additional a data gross margins revenues coming then and and good the Yes, we lower typically have from for our XX% those we back margin in XXXX, margins more customers, expect advanced ended the bit to they us a with and that business headwind we because storage gross customers that And we full product lower margins typically the is Thanks, expectation the mix range. principal end would China XXXX margins gross coming see from higher the see a -- packaging year has for lines. as XX% there. that's Dave. And for be area gross

We improvement have that other partially improve have Dave, going warranting our efficiencies, XX% XXXX. into coming on we're a we it to the the range manufacturing gross impact efficiencies number we of closer seeing of as as see there. tools margin efficiency gross now, the installing, and initiatives and mix product offset objectives But to margins we

David Duley

to drive -- as and there's basically think will hard China business with -- And as far systems business? do you that XX% down no goes the mix business of dropping

John Kiernan

I'm and coming XX% XXXX. about a seeing what down from that about saying. reason gross That's margin that's Well, XXXX principal we're XX% calling the in for

Operator

Bill questions, As his hand I the are now to no further comments. closing Miller, there CEO, over for conference

William Miller

team their evening. for continued Bye. great our I'd Veeco the along to thank support. a Have shareholders like with and customers

Operator

has Thank The participation. your of you. concluded. Veeco Thank now conference for you

your now lines. disconnect You may

Veeco Instruments (VECO) 12 Feb 252024 Q4 Earnings call transcript