$VECO
VEECO INSTRUMENTS INC

2022 Q3 Form 10-Q Financial Statement

#000155837022012648 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $171.9M $164.0M $156.4M
YoY Change 14.42% 12.06% 16.99%
Cost Of Revenue $102.0M $99.73M $90.41M
YoY Change 17.09% 15.73% 14.74%
Gross Profit $69.95M $64.27M $66.01M
YoY Change 10.74% 6.82% 20.21%
Gross Profit Margin 40.69% 39.19% 42.2%
Selling, General & Admin $22.14M $22.95M $22.89M
YoY Change 2.5% 6.91% 13.03%
% of Gross Profit 31.66% 35.71% 34.68%
Research & Development $27.10M $26.02M $24.12M
YoY Change 23.21% 15.35% 10.41%
% of Gross Profit 38.75% 40.48% 36.53%
Depreciation & Amortization $3.800M $4.000M $6.240M
YoY Change 8.57% 14.29% -8.53%
% of Gross Profit 5.43% 6.22% 9.45%
Operating Expenses $52.39M $51.44M $49.50M
YoY Change 12.05% 9.66% 8.78%
Operating Profit $17.56M $12.82M $16.52M
YoY Change 6.99% -3.24% 75.43%
Interest Expense $2.886M $2.848M $2.892M
YoY Change -59.39% -58.24% -57.21%
% of Operating Profit 16.43% 22.21% 17.51%
Other Income/Expense, Net
YoY Change
Pretax Income $15.25M $10.19M $13.71M
YoY Change 62.15% 52.81% 391.19%
Income Tax $200.0K $500.0K $400.0K
% Of Pretax Income 1.31% 4.91% 2.92%
Net Earnings $15.04M $9.655M $13.33M
YoY Change 67.25% 52.1% 434.48%
Net Earnings / Revenue 8.75% 5.89% 8.52%
Basic Earnings Per Share $0.30 $0.19 $0.27
Diluted Earnings Per Share $0.27 $0.18 $0.24
COMMON SHARES
Basic Shares Outstanding 51.43M 49.70M 49.61M
Diluted Shares Outstanding 65.15M 59.46M 65.29M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $271.0M $230.1M $230.9M
YoY Change -19.25% -30.15% -29.36%
Cash & Equivalents $169.1M $116.9M $127.6M
Short-Term Investments $101.9M $113.2M $103.3M
Other Short-Term Assets $18.14M $18.47M $34.90M
YoY Change -44.78% -19.01% 29.27%
Inventory $187.7M $176.5M $179.1M
Prepaid Expenses
Receivables $143.0M $126.9M $99.48M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $649.7M $569.3M $570.0M
YoY Change -0.58% -10.86% -7.8%
LONG-TERM ASSETS
Property, Plant & Equipment $108.4M $105.0M $104.1M
YoY Change 15.52% 27.76% 59.69%
Goodwill $181.9M $181.9M $181.9M
YoY Change 0.0% 0.0% 0.0%
Intangibles $26.39M $28.90M $31.40M
YoY Change -28.44% -27.5% -26.69%
Long-Term Investments
YoY Change
Other Assets $3.406M $3.454M $3.503M
YoY Change -8.17% -5.91% -42.63%
Total Long-Term Assets $346.9M $347.4M $350.4M
YoY Change 0.76% 3.11% 7.14%
TOTAL ASSETS
Total Short-Term Assets $649.7M $569.3M $570.0M
Total Long-Term Assets $346.9M $347.4M $350.4M
Total Assets $996.6M $916.7M $920.4M
YoY Change -0.12% -6.03% -2.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.13M $47.07M $56.15M
YoY Change 4.88% -14.48% 31.7%
Accrued Expenses $65.06M $56.92M $80.92M
YoY Change -14.43% 8.55% 58.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.14M $20.12M $20.10M
YoY Change
Total Short-Term Liabilities $260.2M $200.3M $220.7M
YoY Change 38.97% 11.63% 34.82%
LONG-TERM LIABILITIES
Long-Term Debt $254.3M $254.1M $253.8M
YoY Change -23.38% -22.59% -21.81%
Other Long-Term Liabilities $5.031M $5.044M $5.068M
YoY Change -35.85% -35.77% -35.03%
Total Long-Term Liabilities $259.3M $259.1M $258.9M
YoY Change -23.67% -22.9% -22.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $260.2M $200.3M $220.7M
Total Long-Term Liabilities $259.3M $259.1M $258.9M
Total Liabilities $555.5M $495.9M $516.8M
YoY Change -1.24% -10.12% -3.0%
SHAREHOLDERS EQUITY
Retained Earnings -$630.7M -$645.8M -$655.4M
YoY Change -8.52% -7.55% -7.01%
Common Stock $1.072B $1.066B $1.058B
YoY Change -4.58% -4.85% -5.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $441.1M $420.7M $403.6M
YoY Change
Total Liabilities & Shareholders Equity $996.6M $916.7M $920.4M
YoY Change -0.12% -6.03% -2.63%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $15.04M $9.655M $13.33M
YoY Change 67.25% 52.1% 434.48%
Depreciation, Depletion And Amortization $3.800M $4.000M $6.240M
YoY Change 8.57% 14.29% -8.53%
Cash From Operating Activities $47.21M $3.381M $24.79M
YoY Change 57.77% -66.95% 136.41%
INVESTING ACTIVITIES
Capital Expenditures -$6.351M -$4.502M $10.92M
YoY Change -71.61% -36.43% 459.04%
Acquisitions
YoY Change
Other Investing Activities $11.15M -$10.30M -$238.0K
YoY Change -74440.0% -64.38% -107.21%
Cash From Investing Activities $4.800M -$14.80M -$11.16M
YoY Change -121.44% -58.99% -899.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.00K 803.0K -5.789M
YoY Change -111.51% -541.21% 674.97%
NET CHANGE
Cash From Operating Activities 47.21M 3.381M 24.79M
Cash From Investing Activities 4.800M -14.80M -11.16M
Cash From Financing Activities 77.00K 803.0K -5.789M
Net Change In Cash 52.08M -10.62M 7.840M
YoY Change 658.66% -59.24% -29.39%
FREE CASH FLOW
Cash From Operating Activities $47.21M $3.381M $24.79M
Capital Expenditures -$6.351M -$4.502M $10.92M
Free Cash Flow $53.56M $7.883M $13.87M
YoY Change 2.42% -54.46% 62.56%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Veeco reports interim quarters on a 13-week basis ending on the last Sunday of each quarter. The fourth quarter always ends on the last day of the calendar year, December 31. The 2022 interim quarters end on April 3, July 3, and October 2, and the 2021 interim quarters ended on April 4, July 4, and October 3. These interim quarters are reported as March 31, June 30, and September 30 in Veeco’s interim consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The preparation of financial statements in conformity with U.S GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s workforce and operations and the operations of the Company’s customers, suppliers, and business partners. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, manufacturing, research and development costs, reserves and allowances, fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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280059000

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