Veeco Reports First Quarter 2018 Financial Results
May 07 2018 - 4:05PM
First Quarter 2018 Highlights:
Veeco Instruments Inc. (Nasdaq:VECO) today announced financial
results for its first quarter ended March 31, 2018. 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 |
|
|
|
|
|
|
|
|
GAAP Results |
|
Q1 ‘18 |
Q1 ‘17 |
|
Revenue |
|
$158.6 |
$94.5 |
|
Net income (loss) |
|
($15.8) |
$1.6 |
|
Diluted earnings (loss) per share |
|
($0.34) |
$0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Results |
|
Q1 ‘18 |
Q1 ‘17 |
|
Net income (loss) |
|
$9.2 |
$4.2 |
|
Operating income (loss) |
|
$11.3 |
$4.8 |
|
Diluted earnings (loss) per share |
|
$0.20 |
$0.11 |
|
|
|
|
|
|
"2018 is off to a great start with strong
sequential and year-over-year revenue growth. Our Non-GAAP
gross margin, operating income, net income and EPS all exceeded our
guided ranges,” commented John R. Peeler, Chairman and Chief
Executive Officer. “Sales growth in the first quarter was
driven primarily by shipments of our lithography systems into the
advanced packaging market, and shipments of MOCVD systems for LED
applications.
"As we work towards our goal of being a more diversified
company, we are pleased to see orders grow in the Front-End Semi
and Advanced Packaging, MEMS & RF Filter markets,” continued
Mr. Peeler. “Our Ultratech integration is also proceeding
well and we remain encouraged with Veeco’s growth prospects
ahead.”
Guidance and Outlook
The following guidance is provided for Veeco’s
second quarter 2018:
- Revenue is expected in the range of
$145 million to $170 million
- Non-GAAP operating income is
expected in the range of $2 million to $11 million
- GAAP earnings (loss) per share are
expected in the range of ($0.45) to ($0.26)
- Non-GAAP earnings (loss) per share
are expected in the range of $0.01 to $0.20
Please refer to the tables at the end of this
press release for further details.
Conference Call Information
A conference call reviewing these results has
been scheduled for today, May 7, 2018, starting at 5:00pm ET. To
join the call, dial 1-800-281-7973 (toll free) or 1-323-794-2093
and use passcode 1840311. Participants may also access a live
webcast of the call by visiting the investor relations section of
Veeco's website at ir.veeco.com. A replay of the webcast will be
made available on the Veeco website beginning at 8:00pm ET this
evening. We will post an accompanying slide presentation to
our website prior to the beginning of the call.
New Accounting Standard
The Company adopted the new accounting standard,
ASC 606, related to revenue recognition, effective January 1, 2018.
The prior periods presented here have been recast to reflect the
adoption of this new standard.
About Veeco
Veeco (NASDAQ:VECO) is a leading manufacturer of innovative
semiconductor process equipment. Our proven MOCVD, lithography,
laser annealing, ion beam and single wafer etch & clean
technologies play an integral role in producing LEDs for
solid-state lighting and displays, and in the fabrication of
advanced semiconductor devices. With equipment designed to maximize
performance, yield and cost of ownership, Veeco holds technology
leadership positions in all these served markets. To learn more
about Veeco's innovative equipment and services, visit
www.veeco.com.
Forward-looking Statements
To the extent that this news release discusses expectations or
otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from the statements made. These factors include the risks discussed
in the Business Description and Management's Discussion and
Analysis sections of Veeco's Annual Report on Form 10-K for the
year ended December 31, 2017 and in our subsequent quarterly
reports on Form 10-Q, current reports on Form 8-K and press
releases. Veeco does not undertake any obligation to update any
forward-looking statements to reflect future events or
circumstances after the date of such statements.
-financial tables attached-
Veeco Contacts:Investors:Anthony
Bencivenga 516-677-0200 x1308abencivenga@veeco.com
Media: David Pinto
408-325-6157dpinto@veeco.com
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Condensed Consolidated Statements of
Operations |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
Three months ended March 31, |
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
Net
sales |
$ |
158,574 |
|
|
$ |
94,499 |
|
|
Cost of
sales |
|
101,894 |
|
|
|
59,999 |
|
|
Gross
profit |
|
56,680 |
|
|
|
34,500 |
|
|
Operating expenses, net: |
|
|
|
Research
and development |
|
24,320 |
|
|
|
14,989 |
|
|
Selling,
general, and administrative |
|
26,383 |
|
|
|
19,105 |
|
|
Amortization of intangible assets |
|
13,532 |
|
|
|
2,867 |
|
|
Restructuring |
|
2,695 |
|
|
|
1,338 |
|
|
Acquisition costs |
|
1,342 |
|
|
|
1,361 |
|
|
Asset
impairment |
|
— |
|
|
|
463 |
|
|
Other,
net |
|
(157 |
) |
|
|
(78 |
) |
|
Total
operating expenses, net |
|
68,115 |
|
|
|
40,045 |
|
|
Operating income
(loss) |
|
(11,435 |
) |
|
|
(5,545 |
) |
|
Interest
income (expense), net |
|
(4,622 |
) |
|
|
(3,342 |
) |
|
Income (loss) before
income taxes |
|
(16,057 |
) |
|
|
(8,887 |
) |
|
Income
tax expense (benefit) |
|
(230 |
) |
|
|
(10,527 |
) |
|
Net income (loss) |
$ |
(15,827 |
) |
|
$ |
1,640 |
|
|
|
|
|
|
|
|
|
Income (loss) per
common share: |
|
|
|
Basic |
$ |
(0.34 |
) |
|
$ |
0.04 |
|
|
Diluted |
$ |
(0.34 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
Weighted average number
of shares: |
|
|
|
Basic |
|
46,963 |
|
|
|
39,619 |
|
|
Diluted |
|
46,963 |
|
|
|
40,140 |
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Condensed Consolidated Balance
Sheets |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2018 |
|
2017 |
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
Cash and
cash equivalents |
$ |
245,525 |
|
|
$ |
279,736 |
|
Restricted cash |
|
841 |
|
|
|
847 |
|
Short-term investments |
|
65,130 |
|
|
|
47,780 |
|
Accounts
receivable, net |
|
108,219 |
|
|
|
98,866 |
|
Contract
assets |
|
1,984 |
|
|
|
160 |
|
Inventories |
|
130,964 |
|
|
|
120,266 |
|
Deferred
cost of sales |
|
1,080 |
|
|
|
15,994 |
|
Prepaid
expenses and other current assets |
|
29,615 |
|
|
|
33,437 |
|
Total
current assets |
|
583,358 |
|
|
|
597,086 |
|
Property, plant and equipment, net |
|
83,100 |
|
|
|
85,058 |
|
Intangible assets, net |
|
356,311 |
|
|
|
369,843 |
|
Goodwill |
|
307,131 |
|
|
|
307,131 |
|
Deferred
income taxes |
|
3,281 |
|
|
|
3,047 |
|
Other
assets |
|
28,847 |
|
|
|
25,310 |
|
Total assets |
$ |
1,362,028 |
|
|
$ |
1,387,475 |
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
58,273 |
|
|
$ |
50,318 |
|
Accrued
expenses and other current liabilities |
|
54,297 |
|
|
|
58,068 |
|
Customer
deposits and deferred revenue |
|
94,473 |
|
|
|
112,032 |
|
Income
taxes payable |
|
1,581 |
|
|
|
3,846 |
|
Total
current liabilities |
|
208,624 |
|
|
|
224,264 |
|
Deferred
income taxes |
|
36,794 |
|
|
|
36,845 |
|
Long-term debt |
|
278,489 |
|
|
|
275,630 |
|
Other
liabilities |
|
10,164 |
|
|
|
10,643 |
|
Total liabilities |
|
534,071 |
|
|
|
547,382 |
|
|
|
|
|
Total stockholders' equity |
|
827,957 |
|
|
|
840,093 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
1,362,028 |
|
|
$ |
1,387,475 |
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Financial
Data |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
Three months
ended March 31, 2018 |
GAAP |
Share-Based Compensation |
Amortization |
Other |
Non-GAAP |
|
Net
sales |
$ |
158,574 |
|
|
|
|
|
$ |
158,574 |
|
|
Gross
profit |
|
56,680 |
|
554 |
|
|
|
611 |
|
|
57,845 |
|
|
Gross
margin |
|
35.7 |
% |
|
|
|
|
|
36.5 |
% |
|
Research
and development |
|
24,320 |
|
(954 |
) |
|
|
|
|
23,366 |
|
|
Selling,
general, and administrative and Other, net |
|
26,226 |
|
(2,857 |
) |
|
|
(188 |
) |
|
23,181 |
|
|
Net
income (loss) |
|
(15,827 |
) |
4,537 |
|
13,532 |
|
6,985 |
|
|
9,227 |
|
|
|
|
|
|
|
|
|
|
Income
(loss) per common share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.34 |
) |
|
|
|
|
$ |
0.20 |
|
|
Diluted |
|
(0.34 |
) |
|
|
|
|
|
0.20 |
|
|
Weighted
average number of shares: |
|
|
|
|
|
|
|
Basic |
|
46,963 |
|
|
|
|
|
|
47,022 |
|
|
Diluted |
|
46,963 |
|
|
|
|
|
|
47,191 |
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Other Non-GAAP Adjustments |
|
(in thousands) |
|
(unaudited) |
|
Three months
ended March 31, 2018 |
|
|
|
|
|
|
|
Restructuring |
|
2,523 |
|
|
Acquisition related |
|
1,342 |
|
|
Release of inventory fair value step-up associated with the
Ultratech purchase accounting |
|
514 |
|
|
Depreciation of PP&E fair value step-up associated with
the Ultratech purchase accounting |
|
293 |
|
|
Non-cash interest expense |
|
2,859 |
|
|
Other |
|
(8 |
) |
|
Non-GAAP tax adjustment * |
|
(538 |
) |
|
Total Other |
|
6,985 |
|
|
|
|
|
|
|
|
|
|
* - The 'with or without' method is utilized to determine the
income tax effect of all Non-GAAP adjustments. |
|
|
|
|
|
|
|
|
These
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”). These Non-GAAP financial measures exclude
items such as: share-based compensation expense; charges relating
to restructuring initiatives; non-cash asset impairments; certain
other non-operating gains and losses; and acquisition-related items
such as transaction costs, non-cash amortization of acquired
intangible assets, incremental transaction-related compensation,
and certain integration costs. These Non-GAAP financial measures
may be different from Non-GAAP financial measures used by other
companies. Non-GAAP financial measures should not be considered a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. By excluding these items,
Non-GAAP financial measures are intended to facilitate meaningful
comparisons to historical operating results, competitors' operating
results, and estimates made by securities analysts. Management is
evaluated on key performance metrics including Non-GAAP Operating
Income (loss), which is used to determine management incentive
compensation as well as to forecast future periods. These Non-GAAP
financial measures may be useful to investors in allowing for
greater transparency of supplemental information used by management
in its financial and operational decision-making. In addition,
similar Non-GAAP financial measures have historically been reported
to investors; the inclusion of comparable numbers provides
consistency in financial reporting. Investors are encouraged to
review the reconciliation of the Non-GAAP financial measures used
in this news release to their most directly comparable GAAP
financial measures. |
|
Veeco Instruments Inc. and
Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Financial
Data |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
Three months
ended March 31, 2017 |
GAAP |
Share-based Compensation |
Amortization |
Other |
Non-GAAP |
|
Net
sales |
$ |
94,499 |
|
|
|
|
$ |
94,499 |
|
|
Gross
profit |
|
34,500 |
|
657 |
|
|
89 |
|
|
35,246 |
|
|
Gross
margin |
|
36.5 |
% |
|
|
|
|
37.3 |
% |
|
Research
and development |
|
14,989 |
|
(429 |
) |
|
|
|
14,560 |
|
|
Selling,
general, and administrative and Other, net |
|
19,027 |
|
(3,100 |
) |
|
(1,361 |
) |
|
14,566 |
|
|
Net
income (loss) |
|
1,640 |
|
4,186 |
|
2,867 |
(4,504 |
) |
|
4,189 |
|
|
|
|
|
|
|
|
|
Income
(loss) per common share: |
|
|
|
|
|
|
Basic |
$ |
0.04 |
|
|
|
|
$ |
0.11 |
|
|
Diluted |
|
0.04 |
|
|
|
|
|
0.10 |
|
|
Weighted
average number of shares: |
|
|
|
|
|
|
Basic |
|
39,619 |
|
|
|
|
|
39,619 |
|
|
Diluted |
|
40,140 |
|
|
|
|
|
40,140 |
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
|
Other Non-GAAP Adjustments |
|
(in thousands) |
|
(unaudited) |
|
Three months
ended March 31, 2017 |
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
1,338 |
|
|
Acquisition related |
|
|
|
|
|
1,361 |
|
|
Asset
impairment |
|
|
|
|
|
463 |
|
|
Accelerated depreciation |
|
|
|
|
|
89 |
|
|
Non-cash
interest expense |
|
|
|
|
|
2,185 |
|
|
Non-GAAP
tax adjustment * |
|
|
|
|
|
(9,940 |
) |
|
Total
Other |
|
|
|
|
|
(4,504 |
) |
|
|
|
|
|
|
|
|
* - The 'with or without' method is utilized to determine the
income tax effect of all Non-GAAP adjustments. Also included in the
Non-GAAP tax adjustment is the exclusion of a $4.9 million tax
benefit associated with the Convertible Senior Notes, as well as a
$4.9 million tax benefit associated with the reversal of a reserve
for an uncertain tax position. |
|
|
|
|
|
|
|
These
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”). These Non-GAAP financial measures exclude
items such as: share-based compensation expense; charges relating
to restructuring initiatives; non-cash asset impairments; certain
other non-operating gains and losses; and acquisition-related items
such as transaction costs, non-cash amortization of acquired
intangible assets, incremental transaction-related compensation,
and certain integration costs. These Non-GAAP financial measures
may be different from Non-GAAP financial measures used by other
companies. Non-GAAP financial measures should not be considered a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. By excluding these items,
Non-GAAP financial measures are intended to facilitate meaningful
comparisons to historical operating results, competitors' operating
results, and estimates made by securities analysts. Management is
evaluated on key performance metrics including Non-GAAP Operating
Income (loss), which is used to determine management incentive
compensation as well as to forecast future periods. These Non-GAAP
financial measures may be useful to investors in allowing for
greater transparency of supplemental information used by management
in its financial and operational decision-making. In addition,
similar Non-GAAP financial measures have historically been reported
to investors; the inclusion of comparable numbers provides
consistency in financial reporting. Investors are encouraged to
review the reconciliation of the Non-GAAP financial measures used
in this news release to their most directly comparable GAAP
financial measures. |
|
Veeco Instruments Inc. and
Subsidiaries |
|
|
Reconciliation of GAAP Net Income (loss) to
Non-GAAP Operating Income (loss) |
|
|
(in thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
Three months ended |
|
Three months ended |
|
|
|
|
|
|
March 31,
2018 |
|
March 31,
2017 |
|
|
GAAP Net
income (loss) |
|
|
|
$ |
(15,827 |
) |
|
$ |
1,640 |
|
|
|
Share-based compensation |
|
|
|
|
4,537 |
|
|
|
4,186 |
|
|
|
Amortization |
|
|
|
|
13,532 |
|
|
|
2,867 |
|
|
|
Restructuring |
|
|
|
|
2,523 |
|
|
|
1,338 |
|
|
|
Acquisition related |
|
|
|
|
1,342 |
|
|
|
1,361 |
|
|
|
Release of inventory fair value step-up associated with the
Ultratech purchase accounting |
|
514 |
|
|
|
- |
|
|
|
Depreciation of PP&E fair value step-up associated with the
Ultratech purchase accounting |
|
293 |
|
|
|
- |
|
|
|
Asset
impairment |
|
|
|
|
- |
|
|
|
463 |
|
|
|
Accelerated depreciation |
|
|
|
|
- |
|
|
|
89 |
|
|
|
Interest
(income) expense |
|
|
|
|
4,622 |
|
|
|
3,342 |
|
|
|
Other |
|
|
|
|
(8 |
) |
|
|
- |
|
|
|
Income
tax expense (benefit) |
|
|
|
|
(230 |
) |
|
|
(10,527 |
) |
|
|
Non-GAAP
Operating Income (loss) |
|
|
|
$ |
11,298 |
|
|
$ |
4,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This table
includes 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”). These Non-GAAP financial measures exclude items such as:
share-based compensation expense; charges relating to restructuring
initiatives; non-cash asset impairments; certain other
non-operating gains and losses; and acquisition-related items such
as transaction costs, non-cash amortization of acquired intangible
assets, incremental transaction-related compensation, and certain
integration costs. These Non-GAAP financial measures may be
different from Non-GAAP financial measures used by other companies.
Non-GAAP financial measures should not be considered a substitute
for, or superior to, measures of financial performance prepared in
accordance with GAAP. By excluding these items, Non-GAAP financial
measures are intended to facilitate meaningful comparisons to
historical operating results, competitors' operating results, and
estimates made by securities analysts. Management is evaluated on
key performance metrics including Non-GAAP Operating Income (loss),
which is used to determine management incentive compensation as
well as to forecast future periods. These Non-GAAP financial
measures may be useful to investors in allowing for greater
transparency of supplemental information used by management in its
financial and operational decision-making. In addition, similar
Non-GAAP financial measures have historically been reported to
investors; the inclusion of comparable numbers provides consistency
in financial reporting. Investors are encouraged to review the
reconciliation of the Non-GAAP financial measures used in this news
release to their most directly comparable GAAP financial
measures. |
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
Reconciliation of GAAP to Non-GAAP Financial
Data |
(in millions, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
Guidance for the three months ending June 30,
2018 |
GAAP |
|
Share-based
Compensation |
Amortization |
Other |
|
Non-GAAP |
Net sales |
$ |
145 |
|
- |
$ |
170 |
|
|
|
|
|
|
$ |
145 |
|
- |
$ |
170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
47 |
|
- |
|
58 |
|
|
1 |
- |
- |
|
|
48 |
|
- |
|
59 |
|
Gross margin |
|
33 |
% |
- |
|
35 |
% |
|
|
|
|
|
|
|
|
33 |
% |
- |
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(21 |
) |
- |
$ |
(12 |
) |
|
4 |
14 |
4 |
|
$ |
1 |
|
- |
$ |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per diluted common share |
$ |
(0.45 |
) |
- |
$ |
(0.26 |
) |
|
|
|
|
|
|
|
$ |
0.01 |
|
- |
$ |
0.20 |
|
|
Weighted
average number of shares |
|
47 |
|
|
|
47 |
|
|
|
|
|
|
|
|
|
47 |
|
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Veeco Instruments Inc. and
Subsidiaries |
Reconciliation of GAAP Net Income (loss) to
Non-GAAP Operating Income (Loss) |
(in millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance for the three months ending June 30,
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income (loss) |
|
|
|
|
|
|
|
|
$ |
(21 |
) |
- |
$ |
(12 |
) |
Share-based compensation |
|
|
|
|
|
|
|
|
|
4 |
|
- |
|
4 |
|
Amortization |
|
|
|
|
|
|
|
|
|
14 |
|
- |
|
14 |
|
Restructuring |
|
|
|
|
|
|
|
1 |
|
- |
|
1 |
|
Acquisition related |
|
|
|
|
|
|
|
|
|
|
|
1 |
|
- |
|
1 |
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
- |
|
5 |
|
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
- |
|
(2 |
) |
Non-GAAP Operating Income |
|
|
|
|
|
|
|
|
|
|
$ |
2 |
|
- |
$ |
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Amounts may not calculate precisely due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
These
table includes 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”). These Non-GAAP financial measures exclude
items such as: share-based compensation expense; charges relating
to restructuring initiatives; non-cash asset impairments; certain
other non-operating gains and losses; and acquisition-related items
such as transaction costs, non-cash amortization of acquired
intangible assets, incremental transaction-related compensation,
and certain integration costs. These Non-GAAP financial measures
may be different from Non-GAAP financial measures used by other
companies. Non-GAAP financial measures should not be considered a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. By excluding these items,
Non-GAAP financial measures are intended to facilitate meaningful
comparisons to historical operating results, competitors' operating
results, and estimates made by securities analysts. Management is
evaluated on key performance metrics including Non-GAAP Operating
Income (loss), which is used to determine management incentive
compensation as well as to forecast future periods. These Non-GAAP
financial measures may be useful to investors in allowing for
greater transparency of supplemental information used by management
in its financial and operational decision-making. In addition,
similar Non-GAAP financial measures have historically been reported
to investors; the inclusion of comparable numbers provides
consistency in financial reporting. Investors are encouraged to
review the reconciliation of the Non-GAAP financial measures used
in this news release to their most directly comparable GAAP
financial measures. |
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