Amtech Systems, Inc. · NASDAQ:ASYS
Amtech Systems — Investor Presentation (February 2012)
27 slides from Amtech Systems's investor presentation, Feb 22, 2012
Slide 1: Amtech Systems, Inc.
Amtech Systems, Inc. Solar | Semiconductor | LED Nasdaq: ASYS J.S. Whang Executive Chairman Fokko Pentinga President & CEO Brad Anderson Executive Vice President & CFO February 2012 AMTECH SYSTEMS, INC. Solar | Semiconductor | LED
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in the following presentation relate to future results that are forward looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to, changes in the technologie
Slide 3: Investment Highlights
Investment Highlights Proven market leader; higher efficiency next generation technology solutions Collaborative relationships with strong core customers Financial strength to invest through full cycle Goal to expand solar and non-solar technology portfolio through highly relevant acquisitio
Slide 4: Amtech at a Glance
Amtech at a Glance • Founded in 1981, entered the solar market in 2006 Subsidiaries – Headquartered in Tempe, AZ – 330 employees worldwide – Global presence with 6 locations worldwide – Technical expertise: 12 Ph.D.s • Global supplier of solar & semiconductor process equipment and automation systems
Slide 5: Business Model (Successful Acquisitions & Technology Innovation)
Business Model (Successful Acquisitions & Technology Innovation) Acquisitions ATMOSCAN (from Intel) (from Hitachi-KE) 1981 1983 1994 1997 2004 2006 2007 2008 2009 2011 2012 Joint Development New Technology: 3-party Collaboration New Technology: Company Agreement with ECN PECVD 10-year Agreement: foc
Slide 6: Our Position in the Solar Value Chain
Our Position in the Solar Value Chain Est Mkt Polycrystalline Size1 $800M Cleaning / Texturing AMTECH Products $500M Diffusion / Doping Ingot & Wafers $100M PSG Etching / Removal Integrated Offering PV Cells $700M AR Coating Partnerships $800M Screen Printing / Metallization Solar Modules $250M Edge
Slide 7: High Growth Solar End-Market
High Growth Solar End-Market 2005 - 2015 Global Solar Demand Key Characteristics MWp • Global installed PV capacity has grown from 1.5GW in 2000 to 39.5GW in 2010 – 39% CAGR • Aggressive new capacity expansions by polysilicon producers and cell manufacturers has led to Source: Navigant Consulting, P
Slide 8: Solar Outlook (CAPEX)
Solar Outlook (CAPEX) • Significant and inevitable technology buying cycle will begin sooner rather than later (2013-2015) • >50% of near 50 GW solar demand projected in 2015 could require >19% next-generation cell efficiency through the existing line upgrade1 • Potential addressable $1.2B CAPEX boo
Slide 9: Next Generation Solar and Growth
Next Generation Solar and Growth • Technologies Supporting Solar Growth to Date: – P-Type (>90% of market) cell with up to 18% efficiency – N-Type (<10% of market) cell with 19% to 22% efficiency • Technologies to Fuel Next Solar Growth: – P-Type (>75% of market) cell with up to 20% efficiency – N-T
Slide 10: Next Generation Solar and Growth (Continued)
Next Generation Solar and Growth (Continued) Amtech’s technologies and equipment offering for next generation solar upgrade and expansion growth Cell Efficiency (%) Technology / Equipment P-Type Up to 20% • Ion Implant Technology + • Furnaces (Diffusion, Anneal & Oxidation) • Batch PECVD N-Type 20%+
Slide 11: Current & Future Solar Technology Road Map
Current & Future Solar Technology Road Map Cell Type / Up to 18% ~20% ~22% ~24% 25%+ Tool P-Type* / Furnace P-Type* Standard N-Type* P-Type Ion Implant / Furnace N-Type* / PSG-BSG Ion Implanter** Interdigitated Back Contact (IBC) / Ion Implant / Furnace / PECVD Heterojunction with Intrinsic Thin Lay
Slide 12: Providing a Next Generation Technology Roadmap: N-Type Diffusion Furnace
Providing a Next Generation Technology Roadmap N-Type Diffusion Furnace Transformational Innovation • Our proprietary N-type furnace has a demonstrated record of improving customer efficiency – N-type furnace plays a critical role in achieving a 1-2% efficiency gain – Underlying technology for Yingl
Slide 13: Providing a Next Generation Technology Roadmap: Ion Implant
Providing a Next Generation Technology Roadmap (Continued) Ion Implant Disruptive Innovation • Our Kingstone acquisition provides an ion implant roadmap for next generation higher efficiency cell processes • We are well positioned to compete in a future ion implant market - Kingstone provides a foun
Slide 14: Sustaining Innovation – New Products for 2012
Sustaining Innovation – New Products for 2012 (More than Doubling the Total Available Market) Next Gen Batch Batch Batch Diffusion Processing PECVD Expertise AMTECH SYSTEMS, INC. 14 Solar | Semiconductor | LED
Slide 15: Goals and Strategies
Goals and Strategies Capitalize on next growth opportunities in the solar industry by leveraging our leading diffusion furnace market share, top-tier customer relationships, and track record of technological innovation. Contribute to the solar industry’s mission of reaching grid parity. Continue to
Slide 16: Amtech Products, Brands & Applications
Amtech Products, Brands & Applications Furnace Automation & Wafer Carriers, Templates & Process Equipment Wafer Handling Systems Polishing Tools P-Type / N-Type Batch Diffusion S-300 Batch PECVD Solar Cells & Semiconductor Chips LED & Silicon Wafers AMTECH SYSTEMS, INC. 16 Solar | Semiconductor | LE
Slide 17: Strong Execution Track Record
Strong Execution Track Record • Serving the worldwide solar, semiconductor and MEMS industries with a total installed base of >1900 systems • Market leader of diffusion furnaces in the solar industry, with a total installed production capacity of >15 GW (~600 systems) Shipped Production Capacity / y
Slide 18: Aligned with Solar Leaders
Aligned with Solar Leaders • Amtech supports the leading global PV manufacturers as production continues to expand throughout Asia • Diversified customer base with varying CapEx investment cycles – top 3 customers change quarterly and yearly FY: 2008 FY: 2009 FY: 2010 FY: 2011 Top 3 Customers: 33% T
Slide 19: Management Overview
Management Overview Member Position Experience • 37 years of semiconductor & solar Executive Chairman experience J.S. Whang • Siltronics • U.S. Quartz • 30 years of semiconductor and Fokko Pentinga President & CEO solar experience • Tempress Systems • 26 years of experience Brad Anderson Chief Finan
Slide 20: Financial Overview
Financial Overview AMTECH SYSTEMS, INC. 20 Solar | Semiconductor | LED 20
Slide 21: Annual Order Trend (solar/semi)
Annual Order Trend (solar/semi) $240M 220 200 $188M Solar 180 Semi 160 140 200 120 $107M 162 100 80 73 60 $55M 40 22 $35M 20 22 40 33 34 26 13 0 2007 2008 2009 2010 2011 Fiscal Year (Oct. 1 – Sept. 30) AMTECH SYSTEMS, INC. 21 Solar | Semiconductor | LED
Slide 22: Long-Term Revenue Growth Track Record
Long-Term Revenue Growth Track Record FYE 9/30 +127% +106% ($ in millions) $247 $120 $80 $53 $40 $46 2006 2007 2008 2009 2010 2011 AMTECH SYSTEMS, INC. 22 Solar | Semiconductor | LED
Slide 23: Quarterly Revenues
Quarterly Revenues FYE: 9/30 ($ in millions) $72 $61 $60 $54 $43 $45 $25 $16 $16 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 AMTECH SYSTEMS, INC. 23 Solar | Semiconductor | LED
Slide 24: Q1 FY12 (ending December 31) Highlights
Q1 FY12 (ending December 31) Highlights Revenue • Net revenue of $24.7 million Gross Margin • Gross margin of 29% EPS • EPS of ($0.09) per share • $69.2 million including $55.8 million solar Backlog • Bookings of $11.1 million ($3.1 million solar) AMTECH SYSTEMS, INC. 24 Solar | Semiconductor | LED
Slide 25: Balance Sheet – Financial Strength
Balance Sheet – Financial Strength ($ in millions) Q1’12 (12/31/11) Cash - unrestricted $54.9 Working Capital $90.1 Total Assets $181.3 Total Debt $0.0 Total Liabilities $63.7 Stockholders’ Equity $117.6 (1) (1) Includes non-controlling interest of $5.4 million. AMTECH SYSTEMS, INC. 25 Solar | Semic
Slide 26: Investment Highlights
Investment Highlights Proven market leader; higher efficiency next gen technology solutions Collaborative relationships with strong core customers Financial strength to invest through full cycle Goal to expand solar and non-solar technology portfolio through highly relevant acquisitions Fo
Slide 27: Thank You!
Thank You! AMTECH SYSTEMS, INC. 27 Solar | Semiconductor | LED 27
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