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Last10K.com | 10-K Annual Report Wed Feb 22 2023
EXHIBIT 99.1
VEECO REPORTS FOURTH QUARTER AND FISCAL YEAR 2022 FINANCIAL RESULTS
Fourth Quarter 2022 Highlights:
| ● | Revenues of $153.8 million, compared with $153.0 million in the same period last year |
| ● | GAAP net income of $128.9 million, or $2.00 per diluted share, compared with $8.2 million, or $0.15 per diluted share in the same period last year |
| ● | Non-GAAP net income of $21.9 million, or $0.38 per diluted share, compared with $22.6 million, or $0.43 per diluted share in the same period last year |
Fiscal Year 2022 Highlights:
| ● | Revenues of $646.1 million, compared with $583.3 million in the same period last year |
| ● | GAAP net income of $166.9 million, or $2.71 per diluted share, compared with $26.0 million, or $0.49 per diluted share in the same period last year |
| ● | Non-GAAP net income of $89.6 million, or $1.57 per diluted share, compared with $73.6 million, or $1.43 per diluted share in the same period last year |
Plainview, N.Y., February 15, 2023 -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2022. 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 |
| | 4th Quarter | | Full Year | ||||||||
GAAP Results |
| Q4 '22 | | Q4 '21 | | 2022 |
| 2021 | ||||
Revenue | | $ | 153.8 | | $ | 153.0 | | $ | 646.1 | | $ | 583.3 |
Net income | | $ | 128.9 | | $ | 8.2 | | $ | 166.9 | | $ | 26.0 |
Diluted earnings per share | | $ | 2.00 | | $ | 0.15 | | $ | 2.71 | | $ | 0.49 |
| | 4th Quarter | | Full Year | ||||||||
Non-GAAP Results |
| Q4 '22 | | Q4 '21 | | 2022 | | 2021 | ||||
Operating income | | $ | 23.8 | | $ | 24.9 | | $ | 99.8 | | $ | 86.6 |
Net income | | $ | 21.9 | | $ | 22.6 | | $ | 89.6 | | $ | 73.6 |
Diluted earnings per share | | $ | 0.38 | | $ | 0.43 | | $ | 1.57 | | $ | 1.43 |
“2022 was another year of growth for Veeco,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “We achieved record revenue with our semiconductor products led by increased traction in laser annealing for both advanced and trailing nodes. We grew our backlog with strong order activity while also strengthening our balance sheet with robust cashflow from operations.”
“We enter 2023 cautiously optimistic,” continued Dr. Mr. Miller. “We’re focused on investing R&D in our product roadmaps and integrating our recently acquired silicon carbide epitaxy business. We expect to outperform the wafer fab equipment market with our semiconductor products, grow in the data storage market and maintain profitability during the current macroeconomic challenges.”
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The following information was filed by Veeco Instruments Inc (VECO) on Wednesday, February 15, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
- Veeco is focusing on four end-markets: Semiconductor, Compound Semiconductor, Data Storage, and Scientific & Other.
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Financial - Expense Highlight
The decrease in interest expense was primarily related to the adoption of ASU 2020-06, as non-cash charges related to the amortization of debt discount and transaction costs of the 2023 Notes, 2025 Notes, and 2027 Notes decreased approximately $12.9 million for 2022 compared to 2021.
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Revenue - Product Highlight
Any material changes in the identification of performance obligations, determination and allocation of the transaction price to performance obligations, and determination of when transfer of control occurs to the customer, could impact the timing and amount of revenue recognition, which could have a material effect on our financial condition and results of operations.
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Financial - Earnings Highlight
Net cash provided by operating activities was $67.7 million for the year ended December 31, 2021 and was due to net income of $26.0 million and adjustments for non-cash items of $59.5 million, partially offset by a decline in cash flow from operating activities due to changes in operating assets and liabilities of $17.8 million.
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Revenue - Product Highlight
When we objectively demonstrate that the criteria specified in the contractual acceptance provisions are achieved prior to delivery either through customer testing or our historical experience of our tools meeting specifications, transfer of control of the product to the customer is considered to have occurred and revenue is recognized upon system delivery since there is no substantive contingency remaining related to the acceptance provisions at that date.
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The preparation of these financial statements requires a high degree of judgment, either in the application and interpretation of existing accounting literature or in the development of estimates that affect the reported amounts of assets, liabilities, revenues, and expenses.
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Veeco Instruments Inc provided additional information to their SEC Filing as exhibits
Ticker: VECO
CIK: 103145
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-001744
Submitted to the SEC: Wed Feb 22 2023 4:04:08 PM EST
Accepted by the SEC: Wed Feb 22 2023
Period: Saturday, December 31, 2022
Industry: Special Industry Machinery
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