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Veeco Reports First Quarter 2024 Financial Results

First Quarter 2024 Highlights:

  • Revenue of $174.5 million, compared with $153.5 million in the same period last year
  • GAAP net income of $21.9 million, or $0.37 per diluted share, compared with $8.7 million, or $0.17 per diluted share in the same period last year
  • Non-GAAP net income of $26.4 million, or $0.45 per diluted share, compared with $16.9 million, or $0.30 per diluted share in the same period last year

PLAINVIEW, N.Y., May 07, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its first quarter ended March 31, 2024. 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 Q1 '24 Q1 '23
Revenue $174.5  $153.5 
Net income $21.9  $8.7 
Diluted earnings per share $0.37  $0.17 


Non-GAAP Results Q1 '24 Q1 '23
Operating income $29.4  $20.4 
Net income $26.4  $16.9 
Diluted earnings per share $0.45  $0.30 
         

“We delivered solid top and bottom line results toward the high-end of our guidance, led by record quarterly Semiconductor revenue,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “We’re pleased to have received a multi-tool laser annealing order, including a Nanosecond annealing system, from a leading edge Semiconductor company for their 2 nanometer gate-all-around process. Our Laser Annealing business continues to gain share at our customers most advanced nodes, with this win further validating our position.”

Guidance and Outlook

The following guidance is provided for Veeco’s second quarter 2024:

  • Revenue is expected in the range of $165 million to $185 million
  • GAAP diluted earnings per share are expected in the range of $0.22 to $0.33
  • Non-GAAP diluted earnings per share are expected in the range of $0.38 to $0.48

Conference Call Information

A conference call reviewing these results has been scheduled for today, May 7, 2024, starting at 5:00 PM ET. To join the call, dial 1-877-407-8029 (toll-free) or 1-201-689-8029. 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 laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography 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, 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; 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; the effects of regional or global health epidemics; 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.

-financial tables attached-

    
Veeco Contacts:   
    
Investors:Anthony Pappone(516) 500-8798apappone@veeco.com 
Media:Kevin Long(516) 714-3978klong@veeco.com 
    


 
Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
       
  Three months ended March 31,
  2024 2023
Net sales $174,484  $153,504 
Cost of sales  99,065   91,487 
Gross profit  75,419   62,017 
Operating expenses, net:      
Research and development  29,642   27,562 
Selling, general, and administrative  24,700   22,627 
Amortization of intangible assets  1,891   2,111 
Other operating expense (income), net  (2,859)  (89)
Total operating expenses, net  53,374   52,211 
Operating income  22,045   9,806 
Interest expense, net  705   (802)
Income before income taxes  22,750   9,004 
Income tax expense  896   263 
Net income $21,854  $8,741 
       
Income per common share:      
Basic $0.39  $0.17 
Diluted $0.37  $0.17 
       
Weighted average number of shares:      
Basic  55,968   50,559 
Diluted  60,764   59,856 
         


 
Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
         
  March 31, December 31,
  2024 2023
  (unaudited)    
Assets        
Current assets:        
Cash and cash equivalents $173,998  $158,781 
Restricted cash  326   339 
Short-term investments  122,886   146,664 
Accounts receivable, net  106,532   103,018 
Contract assets  34,336   24,370 
Inventories  243,266   237,635 
Prepaid expenses and other current assets  34,550   35,471 
Total current assets  715,894   706,278 
Property, plant and equipment, net  115,297   118,459 
Operating lease right-of-use assets  23,685   24,377 
Intangible assets, net  42,054   43,945 
Goodwill  214,964   214,964 
Deferred income taxes  118,724   117,901 
Other assets  3,075   3,117 
Total assets $1,233,693  $1,229,041 
         
Liabilities and stockholders’ equity        
Current liabilities:        
Accounts payable $54,011  $42,383 
Accrued expenses and other current liabilities  59,259   57,624 
Contract liabilities  93,812   118,026 
Income taxes payable  852    
Current portion of long-term debt  26,425    
Total current liabilities  234,359   218,033 
Deferred income taxes  6,496   6,552 
Long-term debt  248,811   274,941 
Long-term operating lease liabilities  30,949   31,529 
Other liabilities  25,168   25,544 
Total liabilities  545,783   556,599 
         
Total stockholders’ equity  687,910   672,442 
Total liabilities and stockholders’ equity $1,233,693  $1,229,041 
         

Note on Reconciliation Tables

The below 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.

 
Reconciliation of GAAP to Non-GAAP Financial Data (Q1 2024)
(in thousands)
(unaudited)
              
     Non-GAAP Adjustments    
     Share-Based        
Three months ended March 31, 2024 GAAP Compensation Amortization Other Non-GAAP 
Net sales $174,484       $174,484 
Gross profit  75,419 1,730       77,149 
Gross margin  43.2%       44.2%
Operating expenses  53,374 (6,352) (1,891) 2,658   47,789 
Operating income  22,045 8,082  1,891  (2,658)^ 29,360 
Net income  21,854 8,082  1,891  (5,384)^ 26,443 

____________________________
^   - See table below for additional details.

 
Other Non-GAAP Adjustments (Q1 2024)
(in thousands)
(unaudited)
   
Three months ended March 31, 2024  
Changes in contingent consideration$(625)
Sale of productive assets (2,033)
Subtotal (2,658)
Non-cash interest expense 296 
Non-GAAP tax adjustment * (3,022)
Total Other$(5,384)

____________________________
*   - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

 
Net Income per Common Share (Q1 2024)
(in thousands, except per share amounts)
(unaudited)
         
  Three months ended March 31, 2024
  GAAP Non-GAAP
Numerator:        
Net income $21,854  $26,443 
Interest expense associated with 2025 and 2027 Convertible Senior Notes  514   466 
Net income available to common shareholders $22,368  $26,909 
         
Denominator:        
Basic weighted average shares outstanding  55,968   55,968 
Effect of potentially dilutive share-based awards  939   939 
Dilutive effect of 2025 Convertible Senior Notes  1,104   1,104 
Dilutive effect of 2027 Convertible Senior Notes(1)  1,788   1,354 
Dilutive effect of 2029 Convertible Senior Notes  965   965 
Diluted weighted average shares outstanding  60,764   60,330 
         
Net income per common share:        
Basic $0.39  $0.47 
Diluted $0.37  $0.45 

____________________________
(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, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

 
Reconciliation of GAAP to Non-GAAP Financial Data (Q1 2023)
(in thousands, except per share amounts)
(unaudited)
              
     Non-GAAP Adjustments    
     Share-based       
Three months ended March 31, 2023  GAAP Compensation Amortization Other Non-GAAP 
Net sales $153,504       $153,504 
Gross profit  62,017 1,451    232   63,700 
Gross margin  40.4%       41.5%
Operating expenses  52,211 (5,576) (2,111) (1,266)  43,258 
Operating income  9,806 7,027  2,111  1,498 ^ 20,442 
Net income  8,741 7,027  2,111  (1,006)^ 16,873 

____________________________
^   - See table below for additional details.

 
Other Non-GAAP Adjustments (Q1 2023)
(in thousands)
(unaudited)
   
Three months ended March 31, 2023  
Transition expenses related to San Jose expansion project$780 
Acquisition related 718 
Subtotal 1,498 
Non-cash interest expense 226 
Non-GAAP tax adjustment * (2,730)
Total Other$(1,006)

____________________________
*   - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

 
Net Income per Common Share (Q1 2023)
(in thousands, except per share amounts)
(unaudited)
         
  Three months ended March 31, 2023
  GAAP Non-GAAP
Numerator:        
Net income $8,741  $16,873 
Interest expense associated with convertible notes  1,277   2,354 
Net income available to common shareholders $10,018  $19,227 
         
Denominator:        
Basic weighted average shares outstanding  50,559   50,559 
Effect of potentially dilutive share-based awards  355   355 
Dilutive effect of 2023 Convertible Senior Notes     82 
Dilutive effect of 2025 Convertible Senior Notes     5,521 
Dilutive effect of 2027 Convertible Senior Notes(1)  8,942   6,771 
Diluted weighted average shares outstanding  59,856   63,288 
         
Net income per common share:        
Basic $0.17  $0.33 
Diluted $0.17  $0.30 

____________________________
(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, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

 
Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q1 2024 and 2023)
(in thousands)
(unaudited)
        
  Three months ended Three months ended
  March 31, 2024 March 31, 2023
GAAP Net income $21,854  $8,741 
Share-based compensation  8,082   7,027 
Amortization  1,891   2,111 
Sale of productive assets  (2,033)   
Changes in contingent consideration  (625)   
Transition expenses related to San Jose expansion project     780 
Acquisition related     718 
Interest (income) expense, net  (705)  802 
Income tax expense  896   263 
Non-GAAP Operating income $29,360  $20,442 
         


 
Reconciliation of GAAP to Non-GAAP Financial Data (Q2 2024)
(in millions, except per share amounts)
(unaudited)
                       
          Non-GAAP Adjustments        
Guidance for the three months ending         Share-based            
June 30, 2024 GAAP Compensation Amortization Other Non-GAAP
Net sales $165  - $185        $165  - $185 
Gross profit  69  -  80  2       71  -  82 
Gross margin  42% -  43%        43% -  44%
Operating expenses  55  -  57  (7) (2)    46  -  48 
Operating income  14  -  23  9  2     25  -  33 
Net income $13  - $20  9  2  (2) $22  - $29 
                       
Income per diluted common share $0.22  - $0.33        $0.38  - $0.48 
                           


 
Income per Diluted Common Share (Q2 2024)
(in millions, except per share amounts)
(unaudited)
                 
Guidance for the three months ending June 30, 2024 GAAP Non-GAAP
Numerator:                
Net income $13 - $20 $22 - $29
Interest expense associated with convertible notes            
Net income available to common shareholders $13 - $20 $22 - $29
                 
Denominator:                
Basic weighted average shares outstanding  56    56  56    56
Effect of potentially dilutive share-based awards  2    2  2    2
Dilutive effect of 2025 Convertible Senior Notes  1    1  1    1
Dilutive effect of 2027 Convertible Senior Notes(1)  2    2  1    1
Dilutive effect of 2029 Convertible Senior Notes  1    1  1    1
Diluted weighted average shares outstanding  62    62  61    61
                 
Net income per common share:                
Income per diluted common share $0.22 - $0.33 $0.38 - $0.48

____________________________
(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, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

 
Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q2 2024)
(in millions)
(unaudited)
         
Guidance for the three months ending June 30, 2024        
GAAP Net income $13  - $20 
Share-based compensation  9  -  9 
Amortization  2  -  2 
Interest income, net  (1) -  (1)
Income tax expense  2  -  3 
Non-GAAP Operating income $25  - $33 
           

Note: Amounts may not calculate precisely due to rounding.


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