Veeco Instruments Inc. (Nasdaq: VECO) today announced financial
results for its fourth quarter and fiscal year ended December 31,
2020. 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4th Quarter |
|
Full Year |
GAAP Results |
|
Q4 '20 |
|
Q4 '19 |
|
2020 |
|
|
2019 |
|
Revenue |
|
$ |
138.9 |
|
|
$ |
113.2 |
|
|
$ |
454.2 |
|
|
$ |
419.3 |
|
Net income (loss) |
|
$ |
(0.1 |
) |
|
$ |
(32.9 |
) |
|
$ |
(8.4 |
) |
|
$ |
(78.7 |
) |
Diluted earnings (loss) per
share |
|
$ |
(0.00 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.17 |
) |
|
$ |
(1.66 |
) |
|
|
4th Quarter |
|
Full Year |
Non-GAAP Results |
|
Q4 '20 |
|
Q4 '19 |
|
2020 |
|
2019 |
|
Net income (loss) |
|
$ |
15.0 |
|
$ |
5.4 |
|
$ |
42.3 |
|
$ |
(1.3 |
) |
Operating income (loss) |
|
$ |
17.6 |
|
$ |
7.4 |
|
$ |
52.5 |
|
$ |
5.1 |
|
Diluted earnings (loss) per
share |
|
$ |
0.30 |
|
$ |
0.11 |
|
$ |
0.86 |
|
$ |
(0.03 |
) |
“Our year-over-year financial performance dramatically improved
in 2020 and we are proud to conclude this remarkable year of
transformation by delivering solid fourth quarter results. These
fourth quarter results were driven primarily by system sales in
support of semiconductor advanced-node manufacturing, as well as
compound semiconductor system sales for 5G RF applications,”
commented William J. Miller, Ph.D., Chief Executive Officer.
“We enter 2021 with healthy backlog, strong customer engagements
and overall positive momentum. We look forward to executing our
near-term growth strategy driven in large part by our Laser
Annealing, 5G RF and Data Storage applications.”
Guidance and Outlook
The following guidance is provided for Veeco’s first quarter
2021:
- Revenue is expected in the range of $115 million to $135
million
- GAAP diluted earnings (loss) per share are expected in the
range of $(0.09) to $0.09
- Non-GAAP diluted earnings per share are expected in the range
of $0.12 to $0.30
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, February 11, 2021 starting at 5:00pm ET. To join the call,
dial 1-866-248-8441 (toll free) or 1-929-477-0577 and use passcode
7940308. 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 that evening. We will post an accompanying
slide presentation to our website prior to the beginning of the
call.
About Veeco
Veeco (NASDAQ: VECO) is an innovative manufacturer of
semiconductor process equipment. Our proven ion beam, laser
annealing, lithography, MOCVD, and single wafer etch & clean
technologies play an integral role in the fabrication and packaging
of advanced semiconductor devices. With equipment designed to
optimize performance, yield and cost of ownership, Veeco holds
leading technology positions in the markets we serve. To learn more
about Veeco’s systems and service offerings, visit
www.veeco.com.
Forward-looking Statements
This press release contains “forward-looking statements”, within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, as amended, that are
based on management’s expectations, estimates, projections and
assumptions. Words such as “expects,” “anticipates,” “plans,”
“believes,” “scheduled,” “estimates” and variations of these words
and similar expressions are intended to identify forward-looking
statements. Forward-looking statements include, but are not limited
to, those regarding anticipated growth and trends in our businesses
and markets, industry outlooks and demand drivers, our investment
and growth strategies, our development of new products and
technologies, our business outlook for current and future periods,
the impact of the COVID-19 pandemic, our ongoing transformation
initiative and the effects thereof on our operations and financial
results; and other statements that are not historical facts. These
statements and their underlying assumptions are subject to risks
and uncertainties and are not guarantees of future performance.
Factors that could cause actual results to differ materially from
those expressed or implied by such statements include, without
limitation: the level of demand for our products; global economic
and industry conditions; the effects of regional or global health
epidemics, including the effects of the COVID-19 pandemic on the
Company’s operations and on those of our customers and suppliers;
global trade issues, including the ongoing trade disputes between
the U.S. and China, and changes in trade and export license
policies; our dependency on third-party suppliers and outsourcing
partners; the timing of customer orders; our ability to develop,
deliver and support new products and technologies; our ability to
expand our current markets, increase market share and develop new
markets; the concentrated nature of our customer base; our ability
to obtain and protect intellectual property rights in key
technologies; our ability to achieve the objectives of operational
and strategic initiatives and attract, motivate and retain key
employees; the variability of results among products and
end-markets, and our ability to accurately forecast future results,
market conditions, and customer requirements; the impact of our
indebtedness, including our convertible senior notes and our capped
call transactions; and other risks and uncertainties described in
our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time
in our other SEC reports. All forward-looking statements speak only
to management’s expectations, estimates, projections and
assumptions as of the date of this press release or, in the case of
any document referenced herein or incorporated by reference, the
date of that document. The Company does not undertake any
obligation to update or publicly revise any forward-looking
statements to reflect events, circumstances or changes in
expectations after the date of this press release.
Veeco Contacts: |
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|
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|
|
Investors: |
Anthony Bencivenga |
(516) 252-1438 |
abencivenga@veeco.com |
Media: |
Kevin Long |
(516) 714-3978 |
klong@veeco.com |
Veeco Instruments Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(in thousands, except per share
amounts)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net sales |
|
$ |
138,946 |
|
|
$ |
113,202 |
|
|
$ |
454,163 |
|
|
$ |
419,349 |
|
Cost of sales |
|
|
82,101 |
|
|
|
68,232 |
|
|
|
259,863 |
|
|
|
261,155 |
|
Gross profit |
|
|
56,845 |
|
|
|
44,970 |
|
|
|
194,300 |
|
|
|
158,194 |
|
Operating expenses, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
21,417 |
|
|
|
21,655 |
|
|
|
78,994 |
|
|
|
90,557 |
|
Selling, general, and administrative |
|
|
20,710 |
|
|
|
19,128 |
|
|
|
76,251 |
|
|
|
79,749 |
|
Amortization of intangible assets |
|
|
3,831 |
|
|
|
4,312 |
|
|
|
15,333 |
|
|
|
17,085 |
|
Restructuring |
|
|
— |
|
|
|
2,529 |
|
|
|
1,097 |
|
|
|
6,403 |
|
Asset impairment |
|
|
— |
|
|
|
4,020 |
|
|
|
281 |
|
|
|
4,020 |
|
Other operating expense (income), net |
|
|
281 |
|
|
|
190 |
|
|
|
(221 |
) |
|
|
(42 |
) |
Total operating expenses,
net |
|
|
46,239 |
|
|
|
51,834 |
|
|
|
171,735 |
|
|
|
197,772 |
|
Operating income (loss) |
|
|
10,606 |
|
|
|
(6,864 |
) |
|
|
22,565 |
|
|
|
(39,578 |
) |
Interest expense, net |
|
|
(6,516 |
) |
|
|
(4,663 |
) |
|
|
(23,188 |
) |
|
|
(17,405 |
) |
Other income (expense), net |
|
|
(4,794 |
) |
|
|
(20,973 |
) |
|
|
(7,841 |
) |
|
|
(20,973 |
) |
Income (loss) before income
taxes |
|
|
(704 |
) |
|
|
(32,500 |
) |
|
|
(8,464 |
) |
|
|
(77,956 |
) |
Income tax expense (benefit) |
|
|
(602 |
) |
|
|
371 |
|
|
|
(73 |
) |
|
|
777 |
|
Net income (loss) |
|
$ |
(102 |
) |
|
$ |
(32,871 |
) |
|
$ |
(8,391 |
) |
|
$ |
(78,733 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.00 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.17 |
) |
|
$ |
(1.66 |
) |
Diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.17 |
) |
|
$ |
(1.66 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
48,340 |
|
|
|
47,519 |
|
|
|
48,362 |
|
|
|
47,482 |
|
Diluted |
|
|
48,340 |
|
|
|
47,519 |
|
|
|
48,362 |
|
|
|
47,482 |
|
Veeco Instruments Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(in thousands)
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2020 |
|
2019 |
|
|
(unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
129,625 |
|
$ |
129,294 |
Restricted cash |
|
|
658 |
|
|
657 |
Short-term investments |
|
|
189,771 |
|
|
115,252 |
Accounts receivable, net |
|
|
79,991 |
|
|
45,666 |
Contract assets |
|
|
21,246 |
|
|
25,351 |
Inventories |
|
|
145,906 |
|
|
133,067 |
Deferred cost of sales |
|
|
433 |
|
|
445 |
Prepaid expenses and other current assets |
|
|
19,301 |
|
|
14,966 |
Assets held for sale |
|
|
— |
|
|
11,180 |
Total current assets |
|
|
586,931 |
|
|
475,878 |
Property, plant and equipment,
net |
|
|
65,271 |
|
|
75,711 |
Operating lease right-of-use
assets |
|
|
10,275 |
|
|
14,453 |
Intangible assets, net |
|
|
46,185 |
|
|
61,518 |
Goodwill |
|
|
181,943 |
|
|
181,943 |
Deferred income taxes |
|
|
1,440 |
|
|
1,549 |
Other assets |
|
|
6,019 |
|
|
7,036 |
Total assets |
|
$ |
898,064 |
|
$ |
818,088 |
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
33,656 |
|
$ |
21,281 |
Accrued expenses and other current liabilities |
|
|
44,876 |
|
|
41,243 |
Customer deposits and deferred revenue |
|
|
67,235 |
|
|
54,870 |
Income taxes payable |
|
|
914 |
|
|
830 |
Total current liabilities |
|
|
146,681 |
|
|
118,224 |
Deferred income taxes |
|
|
5,240 |
|
|
5,648 |
Long-term debt |
|
|
321,115 |
|
|
300,068 |
Operating lease long-term
liabilities |
|
|
6,305 |
|
|
10,300 |
Other liabilities |
|
|
10,349 |
|
|
9,336 |
Total liabilities |
|
|
489,690 |
|
|
443,576 |
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
408,374 |
|
|
374,512 |
Total liabilities and stockholders’ equity |
|
$ |
898,064 |
|
$ |
818,088 |
Veeco Instruments Inc. and
SubsidiariesReconciliation of GAAP to Non-GAAP
Financial Data(in thousands, except per share
amounts)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
|
|
|
|
|
Share-Based |
|
|
|
|
|
|
|
|
Three months ended December 31, 2020 |
|
GAAP |
|
Compensation |
|
Amortization |
|
Other |
|
Non-GAAP |
|
Net sales |
|
$ |
138,946 |
|
|
|
|
|
|
|
|
$ |
138,946 |
|
Gross profit |
|
|
56,845 |
|
|
486 |
|
|
|
|
20 |
|
|
|
57,351 |
|
Gross margin |
|
|
40.9 |
% |
|
|
|
|
|
|
|
|
41.3 |
% |
Operating expenses |
|
|
46,239 |
|
|
(2,656 |
) |
|
(3,831 |
) |
|
(41 |
) |
|
|
39,711 |
|
Operating income (loss) |
|
|
10,606 |
|
|
3,142 |
|
|
3,831 |
|
|
61 |
|
^ |
|
17,640 |
|
Net income (loss) |
|
|
(102 |
) |
|
3,142 |
|
|
3,831 |
|
|
8,085 |
|
^ |
|
14,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
$ |
0.31 |
|
Diluted |
|
|
(0.00 |
) |
|
|
|
|
|
|
|
|
0.30 |
|
Weighted average number of
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
48,340 |
|
|
|
|
|
|
|
|
|
48,340 |
|
Diluted |
|
|
48,340 |
|
|
|
|
|
|
|
|
|
49,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ - See table
below for additional details. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
SubsidiariesOther Non-GAAP Adjustments(in
thousands)(unaudited)
|
|
|
|
Three months ended December 31, 2020 |
|
|
|
Depreciation of PP&E fair value step-up associated with the
Ultratech purchase accounting |
|
$ |
61 |
|
Subtotal |
|
|
61 |
|
Non-cash interest expense |
|
|
3,511 |
|
Loss on extinguishment of
debt |
|
|
4,794 |
|
Non-GAAP tax adjustment * |
|
|
(281 |
) |
Total Other |
|
$ |
8,085 |
|
|
|
|
|
|
* - 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, 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
SubsidiariesReconciliation of GAAP to Non-GAAP
Financial Data(in thousands, except per share
amounts)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
|
|
|
|
|
Share-based |
|
|
|
|
|
|
|
Three months ended December 31, 2019 |
|
|
GAAP |
|
Compensation |
|
Amortization |
|
Other |
|
Non-GAAP |
|
Net sales |
|
$ |
113,202 |
|
|
|
|
|
|
|
|
$ |
113,202 |
|
Gross profit |
|
|
44,970 |
|
|
455 |
|
|
|
|
29 |
|
|
|
45,454 |
|
Gross margin |
|
|
39.7 |
% |
|
|
|
|
|
|
|
|
40.2 |
% |
Operating expenses |
|
|
51,834 |
|
|
(3,287 |
) |
|
(4,312 |
) |
|
(6,213 |
) |
|
|
38,022 |
|
Operating income (loss) |
|
|
(6,864 |
) |
|
3,742 |
|
|
4,312 |
|
|
6,242 |
|
^ |
|
7,432 |
|
Net income (loss) |
|
|
(32,871 |
) |
|
3,742 |
|
|
4,312 |
|
|
30,262 |
|
^ |
|
5,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.69 |
) |
|
|
|
|
|
|
|
$ |
0.11 |
|
Diluted |
|
|
(0.69 |
) |
|
|
|
|
|
|
|
|
0.11 |
|
Weighted average number of
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
47,519 |
|
|
|
|
|
|
|
|
|
47,519 |
|
Diluted |
|
|
47,519 |
|
|
|
|
|
|
|
|
|
48,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ - See table
below for additional details. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
SubsidiariesOther Non-GAAP Adjustments(in
thousands)(unaudited)
|
|
|
|
Three months ended December 31, 2019 |
|
|
|
Restructuring |
|
$ |
2,132 |
|
Asset impairment |
|
|
4,020 |
|
Depreciation of PP&E fair
value step-up associated with the Ultratech purchase
accounting |
|
|
90 |
|
Subtotal |
|
|
6,242 |
|
Non-cash interest expense |
|
|
3,257 |
|
Impairment of equity
investments |
|
|
20,973 |
|
Non-GAAP tax adjustment * |
|
|
(210 |
) |
Total Other |
|
$ |
30,262 |
|
|
|
|
|
|
* - 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, 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
SubsidiariesReconciliation of GAAP Net Income
(loss) to Non-GAAP Operating Income (loss)(in
thousands)(unaudited)
|
|
|
|
|
|
|
|
|
Three months ended |
|
Three months ended |
|
|
December 31, 2020 |
|
December 31, 2019 |
GAAP Net income (loss) |
|
$ |
(102 |
) |
|
$ |
(32,871 |
) |
Share-based compensation |
|
|
3,142 |
|
|
|
3,742 |
|
Amortization |
|
|
3,831 |
|
|
|
4,312 |
|
Restructuring |
|
|
— |
|
|
|
2,132 |
|
Asset impairment |
|
|
— |
|
|
|
4,020 |
|
Depreciation of PP&E fair
value step-up associated with the Ultratech purchase
accounting |
|
|
61 |
|
|
|
90 |
|
Interest (income) expense,
net |
|
|
6,516 |
|
|
|
4,663 |
|
Impairment of equity
investments |
|
|
— |
|
|
|
20,973 |
|
Loss on extinguishment of
debt |
|
|
4,794 |
|
|
|
— |
|
Income tax expense
(benefit) |
|
|
(602 |
) |
|
|
371 |
|
Non-GAAP Operating income
(loss) |
|
$ |
17,640 |
|
|
$ |
7,432 |
|
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, 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
SubsidiariesReconciliation of GAAP to Non-GAAP
Financial Data(in thousands, except per share
amounts)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
|
|
|
|
|
Share-based |
|
|
|
|
|
|
|
For the year ended December 31, 2020 |
|
|
GAAP |
|
Compensation |
|
Amortization |
|
Other |
|
Non-GAAP |
|
Net sales |
|
$ |
454,163 |
|
|
|
|
|
|
|
|
$ |
454,163 |
|
Gross profit |
|
|
194,300 |
|
|
1,870 |
|
|
|
|
348 |
|
|
|
196,518 |
|
Gross margin |
|
|
42.8 |
% |
|
|
|
|
|
|
|
|
43.3 |
% |
Operating expenses |
|
|
171,735 |
|
|
(10,833 |
) |
|
(15,333 |
) |
|
(1,530 |
) |
|
|
144,039 |
|
Operating income (loss) |
|
|
22,565 |
|
|
12,703 |
|
|
15,333 |
|
|
1,878 |
|
^ |
|
52,479 |
|
Net income (loss) |
|
|
(8,391 |
) |
|
12,703 |
|
|
15,333 |
|
|
22,684 |
|
^ |
|
42,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
$ |
0.88 |
|
Diluted |
|
|
(0.17 |
) |
|
|
|
|
|
|
|
|
0.86 |
|
Weighted average number of
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
48,362 |
|
|
|
|
|
|
|
|
|
48,362 |
|
Diluted |
|
|
48,362 |
|
|
|
|
|
|
|
|
|
49,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ - See table
below for additional details. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
SubsidiariesOther Non-GAAP Adjustments(in
thousands)(unaudited)
|
|
|
|
For the year ended December 31, 2020 |
|
|
|
Restructuring |
|
$ |
1,097 |
|
Asset impairment |
|
|
281 |
|
Release of inventory fair
value step-up associated with the Ultratech purchase
accounting |
|
|
273 |
|
Depreciation of PP&E fair
value step-up associated with the Ultratech purchase
accounting |
|
|
227 |
|
Subtotal |
|
|
1,878 |
|
Non-cash interest expense |
|
|
13,792 |
|
Loss on extinguishment of
debt |
|
|
7,841 |
|
Non-GAAP tax adjustment * |
|
|
(827 |
) |
Total Other |
|
$ |
22,684 |
|
|
|
|
|
|
* - 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, 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
SubsidiariesReconciliation of GAAP to Non-GAAP
Financial Data(in thousands, except per share
amounts)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
|
|
|
|
Share-based |
|
|
|
|
|
|
For the year ended December 31, 2019 |
|
|
GAAP |
|
Compensation |
|
Amortization |
|
Other |
|
Non-GAAP |
Net sales |
|
$ |
419,349 |
|
|
|
|
|
|
|
|
$ |
419,349 |
|
Gross profit |
|
|
158,194 |
|
|
1,903 |
|
|
|
|
1,453 |
|
|
|
161,550 |
|
Gross margin |
|
|
37.7 |
% |
|
|
|
|
|
|
|
|
38.5 |
% |
Operating expenses |
|
|
197,772 |
|
|
(13,367 |
) |
|
(17,085 |
) |
|
(10,841 |
) |
|
|
156,479 |
|
Operating income (loss) |
|
|
(39,578 |
) |
|
15,270 |
|
|
17,085 |
|
|
12,294 |
|
^ |
|
5,071 |
|
Net income (loss) |
|
|
(78,733 |
) |
|
15,270 |
|
|
17,085 |
|
|
45,102 |
|
^ |
|
(1,276 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.66 |
) |
|
|
|
|
|
|
|
$ |
(0.03 |
) |
Diluted |
|
|
(1.66 |
) |
|
|
|
|
|
|
|
|
(0.03 |
) |
Weighted average number of
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
47,482 |
|
|
|
|
|
|
|
|
|
47,482 |
|
Diluted |
|
|
47,482 |
|
|
|
|
|
|
|
|
|
47,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ - See table
below for additional details. |
|
|
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
SubsidiariesOther Non-GAAP Adjustments(in
thousands)(unaudited)
|
|
|
|
For the year ended December 31, 2019 |
|
|
|
Restructuring |
|
$ |
6,006 |
|
Asset impairment |
|
|
4,020 |
|
Release of inventory fair
value step-up associated with the Ultratech purchase
accounting |
|
|
1,270 |
|
Depreciation of PP&E fair
value step-up associated with the Ultratech purchase
accounting |
|
|
557 |
|
Accelerated depreciation |
|
|
397 |
|
Other |
|
|
44 |
|
Subtotal |
|
|
12,294 |
|
Non-cash interest expense |
|
|
12,676 |
|
Impairment of equity
investments |
|
|
20,973 |
|
Non-GAAP tax adjustment * |
|
|
(841 |
) |
Total Other |
|
$ |
45,102 |
|
|
|
|
|
|
* - 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, 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
SubsidiariesReconciliation of GAAP Net Income
(loss) to Non-GAAP Operating Income (loss)(in
thousands)(unaudited)
|
|
|
|
|
|
|
|
|
Year ended |
|
Year ended |
|
|
December 31, 2020 |
|
December 31, 2019 |
GAAP Net income (loss) |
|
$ |
(8,391 |
) |
|
$ |
(78,733 |
) |
Share-based compensation |
|
|
12,703 |
|
|
|
15,270 |
|
Amortization |
|
|
15,333 |
|
|
|
17,085 |
|
Restructuring |
|
|
1,097 |
|
|
|
6,006 |
|
Asset impairment |
|
|
281 |
|
|
|
4,020 |
|
Release of inventory fair
value step-up associated with the Ultratech purchase
accounting |
|
|
273 |
|
|
|
1,270 |
|
Depreciation of PP&E fair
value step-up associated with the Ultratech purchase
accounting |
|
|
227 |
|
|
|
557 |
|
Accelerated depreciation |
|
|
— |
|
|
|
397 |
|
Other |
|
|
— |
|
|
|
44 |
|
Interest (income) expense,
net |
|
|
23,188 |
|
|
|
17,405 |
|
Impairment of equity
investment |
|
|
— |
|
|
|
20,973 |
|
Loss on extinguishment of
debt |
|
|
7,841 |
|
|
|
— |
|
Income tax expense
(benefit) |
|
|
(73 |
) |
|
|
777 |
|
Non-GAAP Operating income
(loss) |
|
$ |
52,479 |
|
|
$ |
5,071 |
|
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, 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
SubsidiariesReconciliation of GAAP to Non-GAAP
Financial Data(in millions, except per share
amounts)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
|
|
|
|
|
Guidance for the three
months ending |
|
|
|
|
|
|
|
|
|
Share-based |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
GAAP |
|
Compensation |
|
Amortization |
|
Other |
|
Non-GAAP |
|
Net sales |
|
$ |
115 |
|
|
- |
|
$ |
135 |
|
|
|
|
|
|
|
|
$ |
115 |
|
|
- |
|
$ |
135 |
|
|
Gross profit |
|
|
47 |
|
|
- |
|
|
58 |
|
|
— |
|
|
— |
|
|
— |
|
|
47 |
|
|
- |
|
|
58 |
|
|
Gross margin |
|
|
40 |
% |
|
- |
|
|
42 |
% |
|
|
|
|
|
|
|
|
40 |
% |
|
- |
|
|
42 |
% |
|
Operating expenses |
|
|
44 |
|
|
- |
|
|
46 |
|
|
(3 |
) |
|
(4 |
) |
|
— |
|
|
37 |
|
|
- |
|
|
39 |
|
|
Operating income (loss) |
|
|
3 |
|
|
- |
|
|
12 |
|
|
3 |
|
|
4 |
|
|
— |
|
|
10 |
|
|
- |
|
|
19 |
|
|
Net income (loss) |
|
$ |
(4 |
) |
|
- |
|
$ |
5 |
|
|
3 |
|
|
4 |
|
|
3 |
|
$ |
6 |
|
|
- |
|
$ |
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per diluted common
share |
|
$ |
(0.09 |
) |
|
- |
|
$ |
0.09 |
|
|
|
|
|
|
|
|
$ |
0.12 |
|
|
- |
|
$ |
0.30 |
|
|
Weighted average number of shares (1) |
|
|
49 |
|
|
|
|
|
53 |
|
|
|
|
|
|
|
|
|
50 |
|
|
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - The non-GAAP incremental dilutive
shares includes the impact of the Company’s capped call transaction
issued concurrently with our 2027 Notes, and as such, no
incremental shares are added to the dilutive share count in periods
in which the average stock price per share is below $18.46. The
GAAP incremental dilutive shares does not include the impact of the
Company’s capped call transaction, and as such, incremental shares
are added to the dilutive share count in periods in which the
average stock price per share is above $13.98, and the Company is
in a net income position. |
Veeco Instruments Inc. and
SubsidiariesReconciliation of GAAP Net Income
(loss) to Non-GAAP Operating Income (Loss)(in
millions)(unaudited)
|
|
|
|
|
|
|
|
|
Guidance for the three months ending March 31,
2021 |
|
|
|
|
|
|
|
|
GAAP Net income (loss) |
|
$ |
(4 |
) |
|
- |
|
$ |
5 |
Share-based compensation |
|
|
3 |
|
|
- |
|
|
3 |
Amortization |
|
|
4 |
|
|
- |
|
|
4 |
Interest expense, net |
|
|
7 |
|
|
- |
|
|
7 |
Non-GAAP Operating income
(loss) |
|
$ |
10 |
|
|
- |
|
$ |
19 |
Note: Amounts may not calculate precisely due to rounding.
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, 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 DE (NASDAQ:VECO)
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Veeco Instruments Inc DE (NASDAQ:VECO)
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