$VECO
VEECO INSTRUMENTS INC

2024 Q2 Form 10-Q Financial Statement

#000155837024007070 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $175.9M $174.5M
YoY Change 8.81% 13.67%
Cost Of Revenue $100.5M $99.07M
YoY Change 6.75% 8.28%
Gross Profit $75.39M $75.42M
YoY Change 11.67% 21.61%
Gross Profit Margin 42.86% 43.22%
Selling, General & Admin $24.60M $24.70M
YoY Change 3.24% 9.16%
% of Gross Profit 32.62% 32.75%
Research & Development $31.70M $29.64M
YoY Change 15.75% 7.55%
% of Gross Profit 42.04% 39.3%
Depreciation & Amortization $4.800M $6.405M
YoY Change 20.0% 2.06%
% of Gross Profit 6.37% 8.49%
Operating Expenses $58.67M $53.37M
YoY Change 9.0% 2.23%
Operating Profit $16.72M $22.05M
YoY Change 22.17% 124.81%
Interest Expense $349.0K $2.619M
YoY Change -88.56% -8.9%
% of Operating Profit 2.09% 11.88%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $17.07M $22.75M
YoY Change -120.31% 152.67%
Income Tax $2.100M $900.0K
% Of Pretax Income 12.3% 3.96%
Net Earnings $14.94M $21.85M
YoY Change -117.52% 150.02%
Net Earnings / Revenue 8.5% 12.52%
Basic Earnings Per Share $0.27 $0.39
Diluted Earnings Per Share $0.25 $0.37
COMMON SHARES
Basic Shares Outstanding 56.64M 56.37M
Diluted Shares Outstanding 62.54M 60.76M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $304.9M $296.9M
YoY Change 6.45% 17.4%
Cash & Equivalents $174.2M $174.0M
Short-Term Investments $130.7M $122.9M
Other Short-Term Assets $36.39M $34.88M
YoY Change 31.6% 29.92%
Inventory $245.1M $243.3M
Prepaid Expenses
Receivables $92.40M $106.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $718.2M $715.9M
YoY Change 1.27% 11.29%
LONG-TERM ASSETS
Property, Plant & Equipment $113.5M $115.3M
YoY Change 1.31% 1.83%
Goodwill $215.0M $215.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.033M $3.075M
YoY Change -5.78% -5.15%
Total Long-Term Assets $516.9M $517.8M
YoY Change -0.46% -1.18%
TOTAL ASSETS
Total Short-Term Assets $718.2M $715.9M
Total Long-Term Assets $516.9M $517.8M
Total Assets $1.235B $1.234B
YoY Change 0.54% 5.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.85M $54.01M
YoY Change -25.88% -12.85%
Accrued Expenses $50.12M $59.26M
YoY Change -3.68% -14.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $26.45M $26.43M
YoY Change
Total Short-Term Liabilities $204.0M $234.4M
YoY Change -27.75% -12.28%
LONG-TERM LIABILITIES
Long-Term Debt $249.1M $248.8M
YoY Change -9.2% -2.32%
Other Long-Term Liabilities $25.60M $25.20M
YoY Change 31.3% 30.23%
Total Long-Term Liabilities $274.7M $274.0M
YoY Change -6.51% -0.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $204.0M $234.4M
Total Long-Term Liabilities $274.7M $274.0M
Total Liabilities $520.1M $545.8M
YoY Change -15.55% -6.17%
SHAREHOLDERS EQUITY
Retained Earnings -$495.4M -$510.3M
YoY Change -14.35% 3.5%
Common Stock $1.209B $1.197B
YoY Change 1.62% 11.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $715.0M $687.9M
YoY Change
Total Liabilities & Shareholders Equity $1.235B $1.234B
YoY Change 0.54% 5.69%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $14.94M $21.85M
YoY Change -117.52% 150.02%
Depreciation, Depletion And Amortization $4.800M $6.405M
YoY Change 20.0% 2.06%
Cash From Operating Activities $8.455M $9.361M
YoY Change -24.62% -32.74%
INVESTING ACTIVITIES
Capital Expenditures $2.953M $5.990M
YoY Change -24.09% -13.76%
Acquisitions
YoY Change
Other Investing Activities -$6.991M $26.72M
YoY Change -199.62% 332.0%
Cash From Investing Activities -$9.944M $20.73M
YoY Change -417.9% -2819.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.620M -14.84M
YoY Change -93.64% -45.92%
NET CHANGE
Cash From Operating Activities 8.455M 9.361M
Cash From Investing Activities -9.944M 20.73M
Cash From Financing Activities 1.620M -14.84M
Net Change In Cash 131.0K 15.20M
YoY Change -99.67% -206.51%
FREE CASH FLOW
Cash From Operating Activities $8.455M $9.361M
Capital Expenditures $2.953M $5.990M
Free Cash Flow $5.502M $3.371M
YoY Change -24.91% -51.65%

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 2024 interim quarters end on March 31, June 30, and September 29, and the 2023 interim quarters ended on April 2, July 2, and October 1. 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.</p>
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CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0394
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0293
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
900000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2024Q1 veco Number Of Sales Markets
NumberOfSalesMarkets
4
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
174484000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
153504000
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
174484000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
153504000
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-007070-index-headers.html Edgar Link pending
0001558370-24-007070-index.html Edgar Link pending
0001558370-24-007070.txt Edgar Link pending
0001558370-24-007070-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
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veco-20240331.xsd Edgar Link pending
veco-20240331x10q.htm Edgar Link pending
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veco-20240331_def.xml Edgar Link unprocessable
veco-20240331_lab.xml Edgar Link unprocessable
veco-20240331_pre.xml Edgar Link unprocessable
veco-20240331x10q_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable
veco-20240331_cal.xml Edgar Link unprocessable