Veeco Reports Second Quarter 2018 Financial Results
August 02 2018 - 7:30AM
Second Quarter 2018 Highlights:
- Revenues of $157.8 million,
compared with $112.2 million in the same period last year
- GAAP net loss of $237.6 million, or $5.02 loss per diluted
share
- Non-GAAP net income of $7.2 million, or $0.15 per diluted
share
- Recorded $252.3 million non-cash, intangible asset impairment
charge
Veeco Instruments Inc. (Nasdaq: VECO) today
announced financial results for its second quarter ended June 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 |
Q2 ‘18 |
Q2 ‘17 |
Revenue |
$157.8 |
$112.2 |
Net income (loss) |
($237.6) |
($20.8) |
Diluted earnings (loss) per share |
($5.02) |
($0.49) |
|
|
|
|
|
|
|
Non-GAAP Results |
Q2 ‘18 |
Q2 ‘17 |
Net income (loss) |
$7.2 |
$4.0 |
Operating income (loss) |
$10.8 |
$6.7 |
Diluted earnings (loss) per share |
$0.15 |
$0.09 |
“Veeco had solid Q2 performance with Non-GAAP gross margin,
operating income, net income and EPS at the high end of our guided
ranges,” commented John R. Peeler, Chairman and Chief Executive
Officer.
“Based on Ultratech’s performance relative to our prior
projections, we were required to record an intangible asset
impairment charge of $252 million for GAAP results. This is a
non-cash charge and does not affect our liquidity, day to day
operations or Non-GAAP results.
Going forward, we remain optimistic about the longer term growth
prospects of the combined company as we now have a stronger
presence in attractive, growing markets and the right technology to
succeed. We continue to make progress towards generating
synergies through the integration of Ultratech and have initiated
steps to rationalize manufacturing capacity by closing one of the
Singapore manufacturing sites. We expect to complete this
initiative by the end of Q1 2019 and anticipate approximately $2
million in annualized savings,” Mr. Peeler concluded.
Guidance and Outlook
The following guidance is provided for Veeco’s
third quarter 2018:
- Revenue is expected in the range of
$130 million to $140 million
- GAAP Net Income (loss) is expected in the range of ($12)
million to ($7) million
- GAAP earnings (loss) per diluted share are expected in the
range of ($0.25) to ($0.15)
- Non-GAAP operating income is
expected in the range of $4 million to $9 million
- Non-GAAP earnings (loss) per
diluted share are expected in the range of $0.03 to $0.13
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, August 2, 2018, starting at 8:30am ET. To
join the call, dial 1-888-394-8218 (toll free) or 1-323-794-2588
and use passcode 8196085. 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
x1308abencivenga@veeco.com
Media: David Pinto
408-325-6157dpinto@veeco.com
Veeco Instruments Inc. and
Subsidiaries |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
Three months ended June
30, |
Six months ended June
30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net sales |
$ |
157,779 |
|
$ |
112,218 |
|
$ |
316,353 |
|
$ |
206,717 |
|
Cost of sales |
|
102,384 |
|
|
76,371 |
|
|
204,278 |
|
|
136,371 |
|
Gross profit |
|
55,395 |
|
|
35,847 |
|
|
112,075 |
|
|
70,346 |
|
Operating expenses, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
24,930 |
|
|
18,619 |
|
|
49,250 |
|
|
33,608 |
|
Selling, general, and administrative |
|
24,274 |
|
|
22,698 |
|
|
50,657 |
|
|
41,801 |
|
Amortization of intangible assets |
|
10,386 |
|
|
6,354 |
|
|
23,918 |
|
|
9,221 |
|
Restructuring |
|
2,917 |
|
|
3,257 |
|
|
5,612 |
|
|
4,595 |
|
Acquisition costs |
|
1,316 |
|
|
14,133 |
|
|
2,657 |
|
|
15,494 |
|
Asset
impairment |
|
252,343 |
|
|
675 |
|
|
252,343 |
|
|
1,138 |
|
Other,
net |
|
443 |
|
|
(10 |
) |
|
286 |
|
|
(87 |
) |
Total
operating expenses, net |
|
316,609 |
|
|
65,726 |
|
|
384,723 |
|
|
105,770 |
|
Operating income
(loss) |
|
(261,214 |
) |
|
(29,879 |
) |
|
(272,648 |
) |
|
(35,424 |
) |
Interest expense, net |
|
(4,445 |
) |
|
(4,279 |
) |
|
(9,068 |
) |
|
(7,621 |
) |
Income (loss) before
income taxes |
|
(265,659 |
) |
|
(34,158 |
) |
|
(281,716 |
) |
|
(43,045 |
) |
Income tax expense (benefit) |
|
(28,025 |
) |
|
(13,341 |
) |
|
(28,255 |
) |
|
(23,868 |
) |
Net income (loss) |
$ |
(237,634 |
) |
$ |
(20,817 |
) |
$ |
(253,461 |
) |
$ |
(19,177 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share: |
|
|
|
|
Basic |
$ |
(5.02 |
) |
$ |
(0.49 |
) |
$ |
(5.35 |
) |
$ |
(0.47 |
) |
Diluted |
$ |
(5.02 |
) |
$ |
(0.49 |
) |
$ |
(5.35 |
) |
$ |
(0.47 |
) |
|
|
|
|
|
Weighted average number
of shares: |
|
|
|
|
Basic |
|
47,311 |
|
|
42,656 |
|
|
47,332 |
|
|
41,160 |
|
Diluted |
|
47,311 |
|
|
42,656 |
|
|
47,332 |
|
|
41,160 |
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
Condensed Consolidated Balance
Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
June 30, |
|
December 31, |
|
|
2018 |
|
2017 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ |
196,429 |
|
$ |
279,736 |
|
Restricted cash |
|
838 |
|
|
847 |
|
Short-term investments |
|
65,023 |
|
|
47,780 |
|
Accounts receivable, net |
|
133,750 |
|
|
98,866 |
|
Contract assets |
|
4,931 |
|
|
160 |
|
Inventories |
|
145,939 |
|
|
120,266 |
|
Deferred cost of sales |
|
205 |
|
|
15,994 |
|
Prepaid expenses and other current assets |
|
28,580 |
|
|
33,437 |
|
Total current assets |
|
575,695 |
|
|
597,086 |
|
Property, plant and equipment, net |
|
79,268 |
|
|
85,058 |
|
Intangible assets, net |
|
93,582 |
|
|
369,843 |
|
Goodwill |
|
307,131 |
|
|
307,131 |
|
Deferred income taxes |
|
2,172 |
|
|
3,047 |
|
Other assets |
|
30,261 |
|
|
25,310 |
|
Total assets |
$ |
1,088,109 |
|
$ |
1,387,475 |
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$ |
65,090 |
|
$ |
50,318 |
|
Accrued expenses and other current liabilities |
|
55,274 |
|
|
58,068 |
|
Customer deposits and deferred revenue |
|
73,459 |
|
|
112,032 |
|
Income taxes payable |
|
1,782 |
|
|
3,846 |
|
Total current liabilities |
|
195,605 |
|
|
224,264 |
|
Deferred income taxes |
|
7,784 |
|
|
36,845 |
|
Long-term debt |
|
281,401 |
|
|
275,630 |
|
Other liabilities |
|
9,389 |
|
|
10,643 |
|
Total liabilities |
|
494,179 |
|
|
547,382 |
|
|
|
|
Total stockholders' equity |
|
593,930 |
|
|
840,093 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity |
$ |
1,088,109 |
|
$ |
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 June 30, 2018 |
GAAP |
Share-Based
Compensation |
Amortization |
Other |
Non-GAAP |
|
Net sales |
$ |
157,779 |
|
|
|
|
$ |
157,779 |
|
|
Gross profit |
|
55,395 |
|
536 |
|
|
617 |
|
|
56,548 |
|
|
Gross margin |
|
35.1 |
% |
|
|
|
|
35.8 |
% |
|
Research and development |
|
24,930 |
|
(1,065 |
) |
|
|
|
23,865 |
|
|
Selling, general, and administrative and Other, net |
|
24,717 |
|
(2,646 |
) |
|
(196 |
) |
|
21,875 |
|
|
Net income (loss) |
|
(237,634 |
) |
4,904 |
|
10,386 |
229,533 |
|
|
7,189 |
|
|
|
|
|
|
|
|
|
Income (loss) per common share: |
|
|
|
|
|
|
Basic |
$ |
(5.02 |
) |
|
|
|
$ |
0.15 |
|
|
Diluted |
|
(5.02 |
) |
|
|
|
|
0.15 |
|
|
Weighted average number of shares: |
|
|
|
|
|
|
Basic |
|
47,311 |
|
|
|
|
|
47,328 |
|
|
Diluted |
|
47,311 |
|
|
|
|
|
47,350 |
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Other Non-GAAP Adjustments |
|
(in thousands) |
|
(unaudited) |
|
Three months ended June 30, 2018 |
|
|
|
|
|
|
Asset Impairment |
|
|
|
|
|
252,343 |
|
|
Restructuring |
|
|
|
|
|
2,260 |
|
|
Acquisition related |
|
|
|
|
|
1,316 |
|
|
Release of inventory fair value step-up associated
with the Ultratech purchase accounting |
|
520 |
|
|
Depreciation of PP&E fair value step-up
associated with the Ultratech purchase accounting |
|
293 |
|
|
Non-cash interest expense |
|
|
|
|
|
2,912 |
|
|
Non-GAAP tax adjustment * |
|
|
|
|
|
(30,111 |
) |
|
Total Other |
|
|
|
|
|
229,533 |
|
|
|
|
|
|
|
|
|
* - The 'with or without' method is utilized to
determine the income tax effect of all Non-GAAP adjustments, as
well as the exclusion of certain tax benefits attributed to the
change in U.S. tax laws. |
|
|
|
|
|
|
|
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 June 30, 2017 |
GAAP |
Share-based
Compensation |
Amortization |
Other |
Non-GAAP |
|
Net sales |
$ |
112,218 |
|
|
|
|
$ |
112,218 |
|
|
Gross profit |
|
35,847 |
|
500 |
|
|
7,495 |
|
|
43,842 |
|
|
Gross margin |
|
31.9 |
% |
|
|
|
|
39.1 |
% |
|
Research and development |
|
18,619 |
|
(708 |
) |
|
|
|
17,911 |
|
|
Selling, general, and administrative and Other, net |
|
22,688 |
|
(3,368 |
) |
|
(73 |
) |
|
19,247 |
|
|
Net income (loss) |
|
(20,817 |
) |
9,620 |
|
6,354 |
8,830 |
|
|
3,987 |
|
|
|
|
|
|
|
|
|
Income (loss) per common share: |
|
|
|
|
|
|
Basic |
$ |
(0.49 |
) |
|
|
|
$ |
0.09 |
|
|
Diluted |
|
(0.49 |
) |
|
|
|
|
0.09 |
|
|
Weighted average number of shares: |
|
|
|
|
|
|
Basic |
|
42,656 |
|
|
|
|
|
42,884 |
|
|
Diluted |
|
42,656 |
|
|
|
|
|
43,214 |
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Other Non-GAAP Adjustments |
|
(in thousands) |
|
(unaudited) |
|
Three months ended June 30, 2017 |
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
2,416 |
|
|
Acquisition related |
|
|
|
|
|
9,930 |
|
|
Release of inventory fair value step-up associated
with the Ultratech purchase accounting |
|
7,368 |
|
|
Depreciation of PP&E fair value step-up
associated with the Ultratech purchase accounting |
|
109 |
|
|
Accelerated depreciation |
|
|
|
|
|
91 |
|
|
Asset impairment |
|
|
|
|
|
675 |
|
|
Non-cash interest expense |
|
|
|
|
|
2,702 |
|
|
Non-GAAP tax adjustment * |
|
|
|
|
|
(14,461 |
) |
|
Total Other |
|
|
|
|
|
8,830 |
|
|
|
|
|
|
|
|
|
* - 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 |
|
|
|
|
|
June 30,
2018 |
June 30,
2017 |
|
GAAP Net income (loss) |
|
|
|
$ |
(237,634 |
) |
$ |
(20,817 |
) |
|
Share-based compensation |
|
|
|
|
4,904 |
|
|
9,620 |
|
|
Amortization |
|
|
|
|
10,386 |
|
|
6,354 |
|
|
Restructuring |
|
|
|
|
2,260 |
|
|
2,416 |
|
|
Acquisition related |
|
|
|
|
1,316 |
|
|
9,930 |
|
|
Release of inventory fair value step-up associated
with the Ultratech purchase accounting |
|
520 |
|
|
7,368 |
|
|
Depreciation of PP&E fair value step-up
associated with the Ultratech purchase accounting |
|
293 |
|
|
109 |
|
|
Asset impairment |
|
|
|
|
252,343 |
|
|
675 |
|
|
Accelerated depreciation |
|
|
|
|
- |
|
|
91 |
|
|
Interest (income) expense |
|
|
|
|
4,445 |
|
|
4,279 |
|
|
Income tax expense (benefit) |
|
|
|
|
(28,025 |
) |
|
(13,341 |
) |
|
Non-GAAP Operating Income (loss) |
|
|
|
$ |
10,808 |
|
$ |
6,684 |
|
|
|
|
|
|
|
|
|
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 September
30, 2018 |
GAAP |
|
Share-based
Compensation |
Amortization |
Other |
|
Non-GAAP |
Net sales |
$ |
130 |
|
- |
$ |
140 |
|
|
|
|
|
|
$ |
130 |
|
- |
$ |
140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
45 |
|
- |
|
52 |
|
|
1 |
- |
1 |
|
|
47 |
|
- |
|
54 |
|
Gross margin |
|
35 |
% |
- |
|
37 |
% |
|
|
|
|
|
|
|
36 |
% |
- |
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(12 |
) |
- |
$ |
(7 |
) |
|
4 |
4 |
5 |
|
$ |
1 |
|
- |
$ |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per diluted common share |
$ |
(0.25 |
) |
- |
$ |
(0.15 |
) |
|
|
|
|
|
|
$ |
0.03 |
|
- |
$ |
0.13 |
|
|
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 September
30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income (loss) |
|
|
|
|
|
|
|
|
$ |
(12 |
) |
- |
$ |
(7 |
) |
Share-based compensation |
|
|
|
|
|
|
|
|
|
4 |
|
- |
|
4 |
|
Amortization |
|
|
|
|
|
|
|
|
|
4 |
|
- |
|
4 |
|
Restructuring |
|
|
|
|
|
|
|
1 |
|
- |
|
1 |
|
Acquisition related |
|
|
|
|
|
|
|
|
|
|
1 |
|
- |
|
1 |
|
Accelerated depreciation |
|
|
|
|
|
|
|
|
|
|
1 |
|
- |
|
1 |
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
4 |
|
- |
|
4 |
|
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
1 |
|
- |
|
1 |
|
Non-GAAP Operating Income |
|
|
|
|
|
|
|
|
|
$ |
4 |
|
- |
$ |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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