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.comMedia:Brenden Wright(410) 984-2610bwright@veeco.com Veeco Instruments Inc.and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023Net sales$184,807 $177,366 $535,170 $492,511 Cost of sales 105,596 100,489 305,150 286,107 Gross profit 79,211 76,877 230,020 206,404 Operating expenses, net: Research and development 32,216 28,817 93,554 83,762 Selling, general, and administrative 25,291 22,814 74,586 69,263 Amortization of intangible assets 1,687 2,123 5,403 6,358 Other operating expense (income), net (4,318) 860 (6,625) 1,264 Total operating expenses, net 54,876 54,614 166,918 160,647 Operating income 24,335 22,263 63,102 45,757 Interest income (expense), net 323 247 1,377 (1,187)Other income (expense), net — — — (97,091)Income (loss) before income taxes 24,658 22,510 64,479 (52,521)Income tax expense (benefit) 2,707 (2,064) 5,730 (516)Net income (loss)$21,951 $24,574 $58,749 $(52,005) Income (loss) per common share: Basic$0.39 $0.44 $1.04 $(0.98)Diluted$0.36 $0.42 $0.97 $(0.98) Weighted average number of shares: Basic 56,410 55,352 56,256 52,978 Diluted 62,654 59,636 62,103 52,978 Veeco Instruments Inc.and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) September 30, December 31, 2024 2023 (unaudited) Assets Current assets: Cash and cash equivalents$163,228 $158,781 Restricted cash 258 339 Short-term investments 157,534 146,664 Accounts receivable, net 132,347 103,018 Contract assets 30,795 24,370 Inventories 242,123 237,635 Prepaid expenses and other current assets 34,692 35,471 Total current assets 760,977 706,278 Property, plant and equipment, net 112,677 118,459 Operating lease right-of-use assets 26,695 24,377 Intangible assets, net 38,542 43,945 Goodwill 214,964 214,964 Deferred income taxes 115,777 117,901 Other assets 3,240 3,117 Total assets$1,272,872 $1,229,041 Liabilities and stockholders’ equity Current liabilities: Accounts payable$50,049 $42,383 Accrued expenses and other current liabilities 57,117 57,624 Contract liabilities 80,468 118,026 Income taxes payable 1,060 — Current portion of long-term debt 26,473 — Total current liabilities 215,167 218,033 Deferred income taxes 6,383 6,552 Long-term debt 249,402 274,941 Long-term operating lease liabilities 34,421 31,529 Other liabilities 20,980 25,544 Total liabilities 526,353 556,599 Total stockholders’ equity 746,519 672,442 Total liabilities and stockholders’ equity$1,272,872 $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”).
Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q3 2024 and 2023) (in thousands) (unaudited) Three months ended Three months ended September 30, 2024 September 30, 2023GAAP Net income$21,951 $24,574 Share-based compensation 9,459 7,420 Amortization 1,687 2,123 Changes in contingent consideration (4,644) 818 Release of inventory fair value step-up associated with the Epiluvac purchase accounting 162 — Acquisition related — 93 Interest (income) expense, net (323) (247)Income tax expense 2,707 (2,064)Non-GAAP Operating income$30,999 $32,717 Reconciliation of GAAP to Non-GAAP Financial Data (Q4 2024) (in millions, except per share amounts) (unaudited) Non-GAAP Adjustments Guidance for the three months ending December 31, 2024 GAAP Share-based Compensation Amortization Other Non-GAAPNet sales $165 -$185 $165 -$185 Gross profit 70 - 79 2 — — 72 - 81 Gross margin 42% - 43% 43% - 44% Operating expenses 58 - 60 (8) (2) — 48 - 51 Operating income 12 - 19 10 2 — 23 - 30 Net income $10 -$16 10 2 (1) $21 -$27 Income per diluted common share $0.18 -$0.27 $0.35 -$0.45 Income per Diluted Common Share (Q4 2024) (in millions, except per share amounts) (unaudited) Guidance for the three months ending December 31, 2024 GAAP Non-GAAPNumerator: Net income $10 -$16 $21 -$27 Interest expense associated with convertible notes — 1 — — Net income available to common shareholders $10 -$17 $21 -$27 Denominator: Basic weighted average shares outstanding 56 56 56 56 Effect of potentially dilutive share-based awards 2 2 1 1 Dilutive effect of 2025 Convertible Senior Notes — 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 60 61 61 61 Net income per common share: Income per diluted common share $0.18 -$0.27 $0.35 -$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.
Net Income per Common Share (Q3 2024) (in thousands, except per share amounts) (unaudited) Three months ended September 30, 2024 GAAP Non-GAAPNumerator: Net income$21,951 $28,261 Interest expense associated with 2025 and 2027 Convertible Senior Notes 515 466 Net income available to common shareholders$22,466 $28,727 Denominator: Basic weighted average shares outstanding 56,410 56,410 Effect of potentially dilutive share-based awards 1,606 1,606 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 1,746 1,746 Diluted weighted average shares outstanding 62,654 62,220 Net income per common share: Basic$0.39 $0.50 Diluted$0.36 $0.46 _________________(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.
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