2023 Q1 Form 10-K Financial Statement

#000155837023001744 Filed on February 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $153.5M $153.8M $646.1M
YoY Change -1.87% 0.54% 10.78%
Cost Of Revenue $91.49M $90.88M $383.0M
YoY Change 1.19% 2.17% 12.31%
Gross Profit $62.02M $62.92M $263.1M
YoY Change -6.05% -1.73% 8.62%
Gross Profit Margin 40.4% 40.91% 40.73%
Selling, General & Admin $22.63M $20.97M $88.95M
YoY Change -1.17% -1.16% 5.22%
% of Gross Profit 36.49% 33.32% 33.8%
Research & Development $27.56M $26.33M $103.6M
YoY Change 14.28% 18.15% 16.79%
% of Gross Profit 44.44% 41.84% 39.36%
Depreciation & Amortization $6.276M $6.545M $25.65M
YoY Change 0.58% 1.88% -1.58%
% of Gross Profit 10.12% 10.4% 9.75%
Operating Expenses $52.21M $49.53M $202.9M
YoY Change 5.49% 6.74% 9.32%
Operating Profit $9.806M $13.39M $60.30M
YoY Change -40.63% -24.02% 6.32%
Interest Expense $2.875M -$1.558M $11.51M
YoY Change -0.59% -73.13% -59.41%
% of Operating Profit 29.32% -11.63% 19.09%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $9.004M $11.83M $50.99M
YoY Change -34.34% 73.62% 98.54%
Income Tax $300.0K -$117.1M -$116.0M
% Of Pretax Income 3.33% -989.37% -227.43%
Net Earnings $8.741M $128.9M $166.9M
YoY Change -34.43% 1471.57% 541.15%
Net Earnings / Revenue 5.69% 83.82% 25.84%
Basic Earnings Per Share $0.17 $3.35
Diluted Earnings Per Share $0.17 $1.92 $2.71
COMMON SHARES
Basic Shares Outstanding 51.66M 51.43M 49.91M
Diluted Shares Outstanding 59.86M 65.61M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $252.9M $302.4M $302.4M
YoY Change 9.52% 35.05% 35.05%
Cash & Equivalents $140.7M $154.9M $154.9M
Short-Term Investments $112.2M $147.5M $147.5M
Other Short-Term Assets $26.84M $18.85M $18.85M
YoY Change -23.09% -29.39% -29.39%
Inventory $225.7M $206.9M $206.9M
Prepaid Expenses
Receivables $120.1M $124.2M $140.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $643.3M $668.9M $668.9M
YoY Change 12.86% 21.75% 21.75%
LONG-TERM ASSETS
Property, Plant & Equipment $113.2M $107.3M $133.7M
YoY Change 8.74% 7.56% 4.04%
Goodwill $215.0M $181.9M
YoY Change 18.15% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.242M $3.355M $119.7M
YoY Change -7.45% -5.39% 2208.66%
Total Long-Term Assets $524.0M $459.3M $459.3M
YoY Change 49.53% 31.38% 31.38%
TOTAL ASSETS
Total Short-Term Assets $643.3M $668.9M $668.9M
Total Long-Term Assets $524.0M $459.3M $459.3M
Total Assets $1.167B $1.128B $1.128B
YoY Change 26.82% 25.5% 25.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.97M $52.05M $52.05M
YoY Change 10.36% 17.08% 17.08%
Accrued Expenses $69.49M $56.03M $56.03M
YoY Change -14.13% -29.74% -29.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $20.17M $20.17M
YoY Change -100.0%
Total Short-Term Liabilities $267.2M $257.9M $257.9M
YoY Change 21.06% 36.31% 36.31%
LONG-TERM LIABILITIES
Long-Term Debt $254.7M $254.5M $254.5M
YoY Change 0.34% 10.92% 10.92%
Other Long-Term Liabilities $19.35M $3.098M $36.68M
YoY Change 281.81% -39.02% -3.26%
Total Long-Term Liabilities $274.1M $257.6M $291.2M
YoY Change 5.85% 9.84% 8.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $267.2M $257.9M $257.9M
Total Long-Term Liabilities $274.1M $257.6M $291.2M
Total Liabilities $581.7M $550.4M $550.4M
YoY Change 12.56% 19.29% 19.29%
SHAREHOLDERS EQUITY
Retained Earnings -$493.1M -$501.8M
YoY Change -24.77% -26.34%
Common Stock $1.077B $1.079B
YoY Change 1.79% -3.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $585.6M $577.8M $577.8M
YoY Change
Total Liabilities & Shareholders Equity $1.167B $1.128B $1.128B
YoY Change 26.82% 25.5% 25.5%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $8.741M $128.9M $166.9M
YoY Change -34.43% 1471.57% 541.15%
Depreciation, Depletion And Amortization $6.276M $6.545M $25.65M
YoY Change 0.58% 1.88% -1.58%
Cash From Operating Activities $13.92M $33.11M $108.5M
YoY Change -43.85% 93.7% 60.14%
INVESTING ACTIVITIES
Capital Expenditures $6.946M $2.833M $24.60M
YoY Change -36.38% -130.83% -39.46%
Acquisitions $30.37M
YoY Change
Other Investing Activities $6.184M -$44.89M -$44.28M
YoY Change -2698.32% -140.51% -151.98%
Cash From Investing Activities -$762.0K -$47.72M -$68.88M
YoY Change -93.17% -146.96% -254.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.44M 359.0K -4.550M
YoY Change 374.02% -100.3% -96.27%
NET CHANGE
Cash From Operating Activities 13.92M 33.11M 108.5M
Cash From Investing Activities -762.0K -47.72M -68.88M
Cash From Financing Activities -27.44M 359.0K -4.550M
Net Change In Cash -14.28M -14.25M 35.00M
YoY Change -282.08% 706.51% -456.74%
FREE CASH FLOW
Cash From Operating Activities $13.92M $33.11M $108.5M
Capital Expenditures $6.946M $2.833M $24.60M
Free Cash Flow $6.972M $30.28M $83.88M
YoY Change -49.73% 15.19% 209.53%

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CY2022 us-gaap Fiscal Period
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">(b) Basis of Presentation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;">The accompanying audited Consolidated Financial Statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). The Company reports interim quarters on a </span><span style="font-size:10pt;">13</span><span style="font-size:10pt;">-week basis ending on the last Sunday of each period, which is determined at the start of each year. The Company’s fourth quarter always ends on the last day of the calendar year, December 31. During 2022 the interim quarters ended on April 3, July 3, and October 2, and during 2021 the interim quarters ended on April 4, July 4, and October 3. The Company reports these interim quarters as March 31, June 30, and September 30 in its interim consolidated financial statements.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">(c) Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires 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, these estimates may ultimately differ from actual results. Significant items subject to such estimates and assumptions include: (i) stand-alone selling prices for the Company’s products and services; (ii) allowances for doubtful accounts; (iii) inventory obsolescence; (iv) the useful lives and expected future cash flows of property, plant, and equipment and identifiable intangible assets; (v) the fair value of the Company’s reporting unit and related goodwill; (vi) investment valuations and the valuation of derivatives, deferred tax assets, and assets acquired in business combinations; (vii) the recoverability of long-lived assets; (viii) liabilities for product warranty and legal contingencies; (ix) share-based compensation; (x) lease term and incremental borrowing rates used in determining operating lease assets and liabilities; and (xi) income tax uncertainties.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p>
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">(l) Concentration of Credit Risk</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative financial instruments used in hedging activities, and accounts receivable. The Company invests in a variety of financial instruments and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. Historically, the Company has not experienced any material credit losses on its investments. </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Company maintains an allowance reserve for potentially uncollectible accounts for estimated losses resulting from the inability of its customers to make required payments. The Company evaluates its allowance for doubtful accounts based on a combination of factors. In circumstances where specific invoices are deemed to be uncollectible, the Company provides a specific allowance for bad debt against the amount due to reduce the net recognized receivable to the amount reasonably expected to be collected. The Company also provides allowances based on its write-off history. Finally, the Company also considers its current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts totaled $0.7 million at both December 31, 2022 and 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;">To further mitigate the Company’s exposure to uncollectable accounts, the Company may request certain customers provide a negotiable irrevocable letter of credit drawn on a reputable financial institution. These irrevocable letters of credit are typically issued to mature between </span><span style="-sec-ix-hidden:Hidden_X77IvS7lk0evd8U-l6qM4w;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">zero</span></span><span style="font-size:10pt;"> and </span><span style="font-size:10pt;">90 days</span><span style="font-size:10pt;"> from the date the documentation requirements are met, typically when a system ships or upon receipt of final acceptance from the customer. The Company, at its discretion, may monetize these letters of credit on a non-recourse basis after they become negotiable but before maturity. The fees associated with the monetization are included in “Selling, general, and administrative” in the Consolidated Statements of Operations and were immaterial for the years ended December 31, 2022, 2021, and 2020.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p>
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CY2022 veco Irrevocable Letters Of Credit Maturity Period Maximum
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2598000
CY2022Q4 veco Debt Securities Available For Sale Maturity Allocated And Single Maturity Date Rolling After One Through Two Years Fair Value
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7878000
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5058000
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7067000
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CY2021 us-gaap Product Warranty Accrual Warranties Issued
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7102000
CY2020 us-gaap Product Warranty Accrual Warranties Issued
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4626000
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7527000
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1502000
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8601000
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7878000
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