Veeco Reports Third Quarter 2018 Financial Results
01 November 2018 - 10:30PM
Third Quarter 2018 Highlights:
Veeco Instruments Inc. (Nasdaq: VECO) today announced financial
results for its third quarter ended September 30, 2018.
Results are reported in accordance with U.S. generally
accepted accounting principles (“GAAP”) and are also reported
adjusting for certain items (“Non-GAAP”). A reconciliation between
GAAP and Non-GAAP operating results is provided at the end of this
press release.
U.S. dollars in millions, except per share
data |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Results |
Q3 ‘18 |
Q3 ‘17 |
|
Revenue |
$126.8 |
|
$129.3 |
|
|
Net income (loss) |
($9.0) |
|
($23.7) |
|
|
Diluted earnings (loss) per
share |
($0.19) |
|
($0.51) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Results |
Q3 ‘18 |
Q3 ‘17 |
|
Net income (loss) |
$5.3 |
|
$2.4 |
|
|
Operating income (loss) |
$8.0 |
|
$4.3 |
|
|
Diluted earnings (loss) per
share |
$0.11 |
|
$0.05 |
|
|
“Third quarter results were mixed with revenue coming in below
our guided range due to broader market softness in China across all
of our businesses, as well as a US foundry putting its 7nm FinFET
program on hold. However, Non-GAAP gross margin was better
than guidance and led to Non-GAAP operating income, net income and
EPS all coming in at the high end of our guided ranges,” commented
William J. Miller, Ph.D., Chief Executive Officer.
“We are pleased with our bookings in the Front-End Semiconductor
market which included EUV mask blank deposition systems, and a
laser spike anneal system order from a market leader in a
leading-edge application. We remain encouraged by our growth
prospects in compound semiconductor, advanced packaging and
front-end semiconductor,” Dr. Miller concluded.
Guidance and Outlook
The following guidance is provided for Veeco’s
fourth quarter 2018:
- Revenue is expected in the range of
$85 million to $105 million
- GAAP net income (loss) is expected in the range of ($26)
million to ($19) million
- GAAP earnings (loss) per diluted share are expected in the
range of ($0.56) to ($0.40)
- Non-GAAP operating income (loss) is
expected in the range of ($10) million to ($3) million
- Non-GAAP earnings (loss) per
diluted share are expected in the range of ($0.25) to ($0.09)
Please refer to the tables at the end of this
press release for further details.
Conference Call Information
A conference call reviewing these results has
been scheduled for today, November 1, 2018, starting at 8:30am ET.
To join the call, dial 1-866-288-0540 (toll free) or 1-323-794-2094
and use passcode 8093884. Participants may also access a live
webcast of the call by visiting the investor relations section of
Veeco's website at ir.veeco.com. A replay of the webcast will be
made available on the Veeco website beginning at 5:00pm ET this
evening. We will post an accompanying slide presentation to
our website prior to the beginning of the call.
New Accounting Standard
The Company adopted the new accounting standard,
ASC 606, related to revenue recognition, effective January 1, 2018.
The prior periods presented here have been recast to reflect the
adoption of this new standard.
About Veeco
Veeco (NASDAQ: VECO) is a leading manufacturer of innovative
semiconductor process equipment. Our proven MOCVD, lithography,
laser annealing, ion beam and single wafer etch & clean
technologies play an integral role in producing LEDs for
solid-state lighting and displays, and in the fabrication of
advanced semiconductor devices. With equipment designed to maximize
performance, yield and cost of ownership, Veeco holds technology
leadership positions in all these served markets. To learn more
about Veeco's innovative equipment and services, visit
www.veeco.com.
Forward-looking Statements
To the extent that this news release discusses expectations or
otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from the statements made. These factors include the risks discussed
in the Business Description and Management's Discussion and
Analysis sections of Veeco's Annual Report on Form 10-K for the
year ended December 31, 2017 and in our subsequent quarterly
reports on Form 10-Q, current reports on Form 8-K and press
releases. Veeco does not undertake any obligation to update any
forward-looking statements to reflect future events or
circumstances after the date of such statements.
-financial tables attached-
Veeco Contacts:Investors:Anthony
Bencivenga 516-677-0200 x1308 abencivenga@veeco.com
Media:David Pinto
408-325-6157 dpinto@veeco.com
Veeco Instruments Inc. and
Subsidiaries |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Net sales |
$ |
126,757 |
|
|
$ |
129,308 |
|
|
$ |
443,110 |
|
|
$ |
336,025 |
|
Cost of sales |
|
80,372 |
|
|
|
78,779 |
|
|
|
284,651 |
|
|
|
215,150 |
|
Gross profit |
|
46,385 |
|
|
|
50,529 |
|
|
|
158,459 |
|
|
|
120,875 |
|
Operating expenses,
net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
23,544 |
|
|
|
24,061 |
|
|
|
72,793 |
|
|
|
57,669 |
|
Selling,
general, and administrative |
|
20,186 |
|
|
|
29,771 |
|
|
|
70,842 |
|
|
|
71,574 |
|
Amortization of intangible assets |
|
4,183 |
|
|
|
12,500 |
|
|
|
28,102 |
|
|
|
21,722 |
|
Restructuring |
|
2,057 |
|
|
|
5,010 |
|
|
|
7,669 |
|
|
|
9,605 |
|
Acquisition costs |
|
249 |
|
|
|
783 |
|
|
|
2,906 |
|
|
|
16,277 |
|
Asset
impairment |
|
— |
|
|
|
2 |
|
|
|
252,343 |
|
|
|
1,139 |
|
Other,
net |
|
39 |
|
|
|
(140 |
) |
|
|
325 |
|
|
|
(228 |
) |
Total operating
expenses, net |
|
50,258 |
|
|
|
71,987 |
|
|
|
434,980 |
|
|
|
177,758 |
|
Operating income
(loss) |
|
(3,873 |
) |
|
|
(21,458 |
) |
|
|
(276,521 |
) |
|
|
(56,883 |
) |
Interest
expense, net |
|
(4,779 |
) |
|
|
(4,748 |
) |
|
|
(13,847 |
) |
|
|
(12,369 |
) |
Income (loss) before
income taxes |
|
(8,652 |
) |
|
|
(26,206 |
) |
|
|
(290,368 |
) |
|
|
(69,252 |
) |
Income
tax expense (benefit) |
|
301 |
|
|
|
(2,466 |
) |
|
|
(27,954 |
) |
|
|
(26,334 |
) |
Net income (loss) |
$ |
(8,953 |
) |
|
$ |
(23,740 |
) |
|
$ |
(262,414 |
) |
|
$ |
(42,918 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.19 |
) |
|
$ |
(0.51 |
) |
|
$ |
(5.55 |
) |
|
$ |
(1.00 |
) |
Diluted |
$ |
(0.19 |
) |
|
$ |
(0.51 |
) |
|
$ |
(5.55 |
) |
|
$ |
(1.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
46,982 |
|
|
|
46,941 |
|
|
|
47,283 |
|
|
|
43,100 |
|
Diluted |
|
46,982 |
|
|
|
46,941 |
|
|
|
47,283 |
|
|
|
43,100 |
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
Condensed Consolidated Balance
Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
2018 |
|
2017 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
$ |
213,506 |
|
$ |
279,736 |
Restricted cash |
|
828 |
|
|
847 |
Short-term investments |
|
52,063 |
|
|
47,780 |
Accounts
receivable, net |
|
90,816 |
|
|
98,866 |
Contract
assets |
|
7,441 |
|
|
160 |
Inventories |
|
149,832 |
|
|
120,266 |
Deferred
cost of sales |
|
2,986 |
|
|
15,994 |
Prepaid
expenses and other current assets |
|
23,400 |
|
|
33,437 |
Total
current assets |
|
540,872 |
|
|
597,086 |
Property, plant and
equipment, net |
|
80,626 |
|
|
85,058 |
Intangible assets,
net |
|
89,398 |
|
|
369,843 |
Goodwill |
|
307,131 |
|
|
307,131 |
Deferred income
taxes |
|
2,183 |
|
|
3,047 |
Other assets |
|
30,356 |
|
|
25,310 |
Total assets |
$ |
1,050,566 |
|
$ |
1,387,475 |
|
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
65,042 |
|
$ |
50,318 |
Accrued
expenses and other current liabilities |
|
40,430 |
|
|
58,068 |
Customer
deposits and deferred revenue |
|
64,443 |
|
|
112,032 |
Income
taxes payable |
|
1,819 |
|
|
3,846 |
Total
current liabilities |
|
171,734 |
|
|
224,264 |
Deferred income
taxes |
|
7,170 |
|
|
36,845 |
Long-term debt |
|
284,369 |
|
|
275,630 |
Other liabilities |
|
9,206 |
|
|
10,643 |
Total liabilities |
|
472,479 |
|
|
547,382 |
|
|
|
|
|
Total stockholders' equity |
|
578,087 |
|
|
840,093 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
1,050,566 |
|
$ |
1,387,475 |
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Financial
Data |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
|
Three months ended September 30, 2018 |
|
GAAP |
|
Share-Based Compensation |
|
|
Amortization |
|
Other |
|
Non-GAAP |
|
Net sales |
|
$ |
126,757 |
|
|
|
|
|
|
|
|
$ |
126,757 |
|
|
Gross profit |
|
|
46,385 |
|
513 |
|
|
|
|
1,489 |
|
|
48,387 |
|
|
Gross margin |
|
|
36.6% |
|
|
|
|
|
|
|
38.2% |
|
|
Research and
development |
|
|
23,544 |
|
(709) |
|
|
|
|
|
|
22,835 |
|
|
Selling, general, and
administrative and Other, net |
|
|
20,225 |
|
(1,890) |
|
|
|
|
(753) |
|
|
17,582 |
|
|
Net income (loss) |
|
|
(8,953) |
|
3,279 |
|
|
4,183 |
|
6,813 |
|
|
5,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.19) |
|
|
|
|
|
|
$ |
0.11 |
|
|
Diluted |
|
|
(0.19) |
|
|
|
|
|
|
|
0.11 |
|
|
Weighted average number
of shares: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,982 |
|
|
|
|
|
|
|
46,984 |
|
|
Diluted |
|
|
46,982 |
|
|
|
|
|
|
|
47,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Other Non-GAAP Adjustments |
|
(in thousands) |
|
(unaudited) |
|
Three months
ended September 30, 2018 |
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
1,890 |
|
|
Acquisition related |
|
|
|
|
|
|
|
|
249 |
|
|
Release
of inventory fair value step-up associated with the Ultratech
purchase accounting |
|
|
|
|
|
|
|
|
|
|
|
|
1,411 |
|
|
Depreciation of PP&E fair value step-up associated with the
Ultratech purchase accounting |
|
|
|
|
|
|
|
|
|
|
|
|
236 |
|
|
Accelerated depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
595 |
|
|
Non-cash
interest expense |
|
|
|
|
|
|
|
|
2,968 |
|
|
Non-GAAP
tax adjustment * |
|
|
|
|
|
|
|
|
(536) |
|
|
Total
Other |
|
|
|
|
|
|
|
|
6,813 |
|
|
|
|
|
|
|
|
|
|
|
|
* - The
'with or without' method is utilized to determine the income tax
effect of all Non-GAAP adjustments. |
|
|
|
|
|
|
|
|
|
|
These
tables include financial measures adjusted for the impact of
certain items; these financial measures are therefore not
calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”). These Non-GAAP financial measures exclude
items such as: share-based compensation expense; charges relating
to restructuring initiatives; non-cash asset impairments; certain
other non-operating gains and losses; and acquisition-related items
such as transaction costs, non-cash amortization of acquired
intangible assets, incremental transaction-related compensation,
and certain integration costs. |
|
These
Non-GAAP financial measures may be different from Non-GAAP
financial measures used by other companies. Non-GAAP financial
measures should not be considered a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
By excluding these items, Non-GAAP financial measures are intended
to facilitate meaningful comparisons to historical operating
results, competitors' operating results, and estimates made by
securities analysts. Management is evaluated on key performance
metrics including Non-GAAP Operating Income (loss), which is used
to determine management incentive compensation as well as to
forecast future periods. These Non-GAAP financial measures may be
useful to investors in allowing for greater transparency of
supplemental information used by management in its financial and
operational decision-making. In addition, similar Non-GAAP
financial measures have historically been reported to investors;
the inclusion of comparable numbers provides consistency in
financial reporting. Investors are encouraged to review the
reconciliation of the Non-GAAP financial measures used in this news
release to their most directly comparable GAAP financial
measures. |
Veeco Instruments Inc. and
Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Financial
Data |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
|
Three months ended September 30, 2017 |
GAAP |
|
Share-based Compensation |
|
Amortization |
|
Other |
|
Non-GAAP |
|
|
Net sales |
$ |
129,308 |
|
|
|
|
|
|
|
$ |
129,308 |
|
|
Gross profit |
|
50,529 |
|
740 |
|
|
|
1,954 |
|
|
53,223 |
|
|
Gross margin |
|
39.1% |
|
|
|
|
|
41.2% |
|
|
Research and
development |
|
24,061 |
|
(849) |
|
|
|
|
23,212 |
|
|
Selling, general, and
administrative and Other, net |
|
29,631 |
|
(3,714) |
|
|
|
(195) |
|
|
25,722 |
|
|
Net income (loss) |
|
(23,740) |
|
6,170 |
|
12,500 |
|
7,504 |
|
|
2,434 |
|
|
|
|
|
|
|
|
|
Income (loss) per
common share: |
|
|
|
|
|
|
Basic |
$ |
(0.51) |
|
|
|
|
$ |
0.05 |
|
|
Diluted |
|
(0.51) |
|
|
|
|
|
0.05 |
|
|
Weighted average number
of shares: |
|
|
|
|
|
|
Basic |
|
46,941 |
|
|
|
|
|
47,107 |
|
|
Diluted |
|
46,941 |
|
|
|
|
|
47,327 |
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Other Non-GAAP Adjustments |
|
(in thousands) |
|
(unaudited) |
|
Three months
ended September 30, 2017 |
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
4,143 |
|
|
Acquisition related |
|
|
|
|
|
783 |
|
|
Release
of inventory fair value step-up associated with the Ultratech
purchase accounting |
|
|
|
|
|
|
|
|
|
|
1,856 |
|
|
Depreciation of PP&E fair value step-up associated with the
Ultratech purchase accounting |
|
|
|
|
|
|
|
|
|
|
293 |
|
|
Asset
impairment |
|
|
|
|
|
2 |
|
|
Non-cash
interest expense |
|
|
|
|
|
2,754 |
|
|
Non-GAAP
tax adjustment * |
|
|
|
|
|
(2,327) |
|
|
Total
Other |
|
|
|
|
|
7,504 |
|
|
|
|
|
|
|
|
|
* - The
'with or without' method is utilized to determine the income tax
effect of all Non-GAAP adjustments. |
|
|
|
|
|
|
|
These
tables include financial measures adjusted for the impact of
certain items; these financial measures are therefore not
calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”). These Non-GAAP financial measures exclude
items such as: share-based compensation expense; charges relating
to restructuring initiatives; non-cash asset impairments; certain
other non-operating gains and losses; and acquisition-related items
such as transaction costs, non-cash amortization of acquired
intangible assets, incremental transaction-related compensation,
and certain integration costs. |
|
These
Non-GAAP financial measures may be different from Non-GAAP
financial measures used by other companies. Non-GAAP financial
measures should not be considered a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
By excluding these items, Non-GAAP financial measures are intended
to facilitate meaningful comparisons to historical operating
results, competitors' operating results, and estimates made by
securities analysts. Management is evaluated on key performance
metrics including Non-GAAP Operating Income (loss), which is used
to determine management incentive compensation as well as to
forecast future periods. These Non-GAAP financial measures may be
useful to investors in allowing for greater transparency of
supplemental information used by management in its financial and
operational decision-making. In addition, similar Non-GAAP
financial measures have historically been reported to investors;
the inclusion of comparable numbers provides consistency in
financial reporting. Investors are encouraged to review the
reconciliation of the Non-GAAP financial measures used in this news
release to their most directly comparable GAAP financial
measures. |
Veeco Instruments Inc. and
Subsidiaries |
|
Reconciliation of GAAP Net Income (loss) to
Non-GAAP Operating Income (loss) |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
Three months ended |
|
Three months ended |
|
|
|
|
|
September 30, 2018 |
|
September 30, 2017 |
|
GAAP Net income
(loss) |
|
|
|
$ |
(8,953 |
) |
|
$ |
(23,740 |
) |
|
Share-based
compensation |
|
|
|
|
3,279 |
|
|
|
6,170 |
|
|
Amortization |
|
|
|
|
4,183 |
|
|
|
12,500 |
|
|
Restructuring |
|
|
|
|
1,890 |
|
|
|
4,143 |
|
|
Acquisition
related |
|
|
|
|
249 |
|
|
|
783 |
|
|
Release of
inventory fair value step-up associated with the Ultratech purchase
accounting |
|
1,411 |
|
|
|
1,856 |
|
|
Depreciation of PP&E fair value step-up associated with the
Ultratech purchase accounting |
|
236 |
|
|
|
293 |
|
|
Accelerated
depreciation |
|
|
|
|
595 |
|
|
|
- |
|
|
Asset impairment |
|
|
|
|
- |
|
|
|
2 |
|
|
Interest (income)
expense |
|
|
|
|
4,779 |
|
|
|
4,748 |
|
|
Income tax expense
(benefit) |
|
|
|
|
301 |
|
|
|
(2,466 |
) |
|
Non-GAAP Operating
Income (loss) |
|
|
|
$ |
7,970 |
|
|
$ |
4,289 |
|
|
|
|
|
|
|
|
|
This table
includes financial measures adjusted for the impact of certain
items; these financial measures are therefore not calculated in
accordance with U.S. generally accepted accounting principles
(“GAAP”). These Non-GAAP financial measures exclude items such as:
share-based compensation expense; charges relating to restructuring
initiatives; non-cash asset impairments; certain other
non-operating gains and losses; and acquisition-related items such
as transaction costs, non-cash amortization of acquired intangible
assets, incremental transaction-related compensation, and certain
integration costs. |
|
These
Non-GAAP financial measures may be different from Non-GAAP
financial measures used by other companies. Non-GAAP financial
measures should not be considered a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
By excluding these items, Non-GAAP financial measures are intended
to facilitate meaningful comparisons to historical operating
results, competitors' operating results, and estimates made by
securities analysts. Management is evaluated on key performance
metrics including Non-GAAP Operating Income (loss), which is used
to determine management incentive compensation as well as to
forecast future periods. These Non-GAAP financial measures may be
useful to investors in allowing for greater transparency of
supplemental information used by management in its financial and
operational decision-making. In addition, similar Non-GAAP
financial measures have historically been reported to investors;
the inclusion of comparable numbers provides consistency in
financial reporting. Investors are encouraged to review the
reconciliation of the Non-GAAP financial measures used in this news
release to their most directly comparable GAAP financial
measures. |
Veeco Instruments Inc. and
Subsidiaries |
Reconciliation of GAAP to Non-GAAP Financial
Data |
(in millions, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
|
|
|
|
Guidance for the three months ending December 31,
2018 |
GAAP |
|
Share-based Compensation |
|
Amortization |
|
Other |
|
Non-GAAP |
Net
sales |
$ |
85 |
|
- |
$ |
105 |
|
|
|
|
|
|
|
|
$ |
85 |
|
- |
$ |
105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
30 |
|
- |
|
39 |
|
|
1 |
|
- |
|
- |
|
|
31 |
|
- |
|
40 |
|
Gross margin |
|
35 |
% |
- |
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
36 |
% |
- |
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
(26 |
) |
- |
$ |
(19 |
) |
|
4 |
|
4 |
|
7 |
|
$ |
(11 |
) |
- |
$ |
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) per diluted common share |
$ |
(0.56 |
) |
- |
$ |
(0.40 |
) |
|
|
|
|
|
|
|
|
|
$ |
(0.25 |
) |
- |
$ |
(0.09 |
) |
|
Weighted average number
of shares |
|
47 |
|
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
47 |
|
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
Reconciliation of GAAP Net Income (loss) to
Non-GAAP Operating Income (Loss) |
(in millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance for the three months ending December
31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net
income (loss) |
|
|
|
|
|
|
|
|
|
|
$ |
(26 |
) |
- |
$ |
(19 |
) |
Share-based
compensation |
|
|
|
|
|
|
|
|
|
|
|
4 |
|
- |
|
4 |
|
Amortization |
|
|
|
|
|
|
|
|
|
|
|
4 |
|
- |
|
4 |
|
Restructuring |
|
|
|
|
|
|
|
|
|
2 |
|
- |
|
2 |
|
Accelerated
depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
- |
|
1 |
|
Interest
expense, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
- |
|
4 |
|
Income tax
expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
- |
|
1 |
|
Non-GAAP
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(10 |
) |
- |
$ |
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Amounts may not calculate precisely due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
These
table includes financial measures adjusted for the impact of
certain items; these financial measures are therefore not
calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”). These Non-GAAP financial measures exclude
items such as: share-based compensation expense; charges relating
to restructuring initiatives; non-cash asset impairments; certain
other non-operating gains and losses; and acquisition-related items
such as transaction costs, non-cash amortization of acquired
intangible assets, incremental transaction-related compensation,
and certain integration costs. |
These
Non-GAAP financial measures may be different from Non-GAAP
financial measures used by other companies. Non-GAAP financial
measures should not be considered a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
By excluding these items, Non-GAAP financial measures are intended
to facilitate meaningful comparisons to historical operating
results, competitors' operating results, and estimates made by
securities analysts. Management is evaluated on key performance
metrics including Non-GAAP Operating Income (loss), which is used
to determine management incentive compensation as well as to
forecast future periods. These Non-GAAP financial measures may be
useful to investors in allowing for greater transparency of
supplemental information used by management in its financial and
operational decision-making. In addition, similar Non-GAAP
financial measures have historically been reported to investors;
the inclusion of comparable numbers provides consistency in
financial reporting. Investors are encouraged to review the
reconciliation of the Non-GAAP financial measures used in this news
release to their most directly comparable GAAP financial
measures. |
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