Veeco Reports Fourth Quarter and Fiscal Year 2020 Financial Results

Fourth Quarter 2020 Highlights:

  • Revenues of $138.9 million, compared with $113.2 million in the same period last year
  • GAAP net loss of $0.1 million, or $(0.00) per diluted share, compared with a loss of $32.9 million, or $0.69 loss per diluted share in the same period last year
  • Non-GAAP net income of $15.0 million, or $0.30 per diluted share, compared with $5.4 million, or $0.11 per diluted share in the same period last year

PLAINVIEW, N.Y., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2020. 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 '20 Q4 '19 2020    2019 
Revenue $138.9  $113.2  $454.2  $419.3 
Net income (loss) $(0.1) $(32.9) $(8.4) $(78.7)
Diluted earnings (loss) per share $(0.00) $(0.69) $(0.17) $(1.66)


  4th Quarter Full Year
Non-GAAP Results Q4 '20 Q4 '19 2020 2019 
Net income (loss) $15.0 $5.4 $42.3 $(1.3)
Operating income (loss) $17.6 $7.4 $52.5 $5.1 
Diluted earnings (loss) per share $0.30 $0.11 $0.86 $(0.03)

“Our year-over-year financial performance dramatically improved in 2020 and we are proud to conclude this remarkable year of transformation by delivering solid fourth quarter results. These fourth quarter results were driven primarily by system sales in support of semiconductor advanced-node manufacturing, as well as compound semiconductor system sales for 5G RF applications,” commented William J. Miller, Ph.D., Chief Executive Officer.

“We enter 2021 with healthy backlog, strong customer engagements and overall positive momentum. We look forward to executing our near-term growth strategy driven in large part by our Laser Annealing, 5G RF and Data Storage applications.”

Guidance and Outlook

The following guidance is provided for Veeco’s first quarter 2021:

  • Revenue is expected in the range of $115 million to $135 million
  • GAAP diluted earnings (loss) per share are expected in the range of $(0.09) to $0.09
  • Non-GAAP diluted earnings per share are expected in the range of $0.12 to $0.30

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, February 11, 2021 starting at 5:00pm ET. To join the call, dial 1-866-248-8441 (toll free) or 1-929-477-0577 and use passcode 7940308. 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 that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

About Veeco

Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our proven ion beam, laser annealing, lithography, MOCVD, and single wafer etch & clean technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

Forward-looking Statements

This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, the impact of the COVID-19 pandemic, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; the effects of regional or global health epidemics, including the effects of the COVID-19 pandemic on the Company’s operations and on those of our customers and suppliers; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. 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.

Veeco Contacts:   
    
Investors:Anthony Bencivenga(516) 252-1438abencivenga@veeco.com
Media:Kevin Long(516) 714-3978 klong@veeco.com 


Veeco Instruments Inc. and Subsidiaries

Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

             
  Three months ended December 31,  Year ended December 31,
     2020     2019     2020     2019 
Net sales $138,946  $113,202  $454,163  $419,349 
Cost of sales  82,101   68,232   259,863   261,155 
Gross profit  56,845   44,970   194,300   158,194 
Operating expenses, net:            
Research and development  21,417   21,655   78,994   90,557 
Selling, general, and administrative  20,710   19,128   76,251   79,749 
Amortization of intangible assets  3,831   4,312   15,333   17,085 
Restructuring     2,529   1,097   6,403 
Asset impairment     4,020   281   4,020 
Other operating expense (income), net  281   190   (221)  (42)
Total operating expenses, net  46,239   51,834   171,735   197,772 
Operating income (loss)  10,606   (6,864)  22,565   (39,578)
Interest expense, net  (6,516)  (4,663)  (23,188)  (17,405)
Other income (expense), net  (4,794)  (20,973)  (7,841)  (20,973)
Income (loss) before income taxes  (704)  (32,500)  (8,464)  (77,956)
Income tax expense (benefit)  (602)  371   (73)  777 
Net income (loss) $(102) $(32,871) $(8,391) $(78,733)
             
Income (loss) per common share:            
Basic $(0.00) $(0.69) $(0.17) $(1.66)
Diluted $(0.00) $(0.69) $(0.17) $(1.66)
             
Weighted average number of shares:            
Basic  48,340   47,519   48,362   47,482 
Diluted  48,340   47,519   48,362   47,482 


Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)

       
  December 31,  December 31,
     2020    2019
  (unaudited)   
Assets      
Current assets:      
Cash and cash equivalents $129,625 $129,294
Restricted cash  658  657
Short-term investments  189,771  115,252
Accounts receivable, net  79,991  45,666
Contract assets  21,246  25,351
Inventories  145,906  133,067
Deferred cost of sales  433  445
Prepaid expenses and other current assets  19,301  14,966
Assets held for sale    11,180
Total current assets  586,931  475,878
Property, plant and equipment, net  65,271  75,711
Operating lease right-of-use assets  10,275  14,453
Intangible assets, net  46,185  61,518
Goodwill  181,943  181,943
Deferred income taxes  1,440  1,549
Other assets  6,019  7,036
Total assets $898,064 $818,088
       
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $33,656 $21,281
Accrued expenses and other current liabilities  44,876  41,243
Customer deposits and deferred revenue  67,235  54,870
Income taxes payable  914  830
Total current liabilities  146,681  118,224
Deferred income taxes  5,240  5,648
Long-term debt  321,115  300,068
Operating lease long-term liabilities  6,305  10,300
Other liabilities  10,349  9,336
Total liabilities  489,690  443,576
       
Total stockholders’ equity  408,374  374,512
Total liabilities and stockholders’ equity $898,064 $818,088


Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)

              
     Non-GAAP Adjustments    
     Share-Based        
Three months ended December 31, 2020    GAAP    Compensation    Amortization    Other    Non-GAAP 
Net sales $138,946        $138,946 
Gross profit  56,845  486    20   57,351 
Gross margin  40.9        41.3%
Operating expenses  46,239  (2,656) (3,831) (41)  39,711 
Operating income (loss)  10,606  3,142  3,831  61 ^ 17,640 
Net income (loss)  (102) 3,142  3,831  8,085 ^ 14,956 
              
Income (loss) per common share:             
Basic $(0.00)       $0.31 
Diluted  (0.00)        0.30 
Weighted average number of shares:             
Basic  48,340         48,340 
Diluted  48,340         49,663 
               
^   - See table below for additional details.              

 


Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

    
Three months ended December 31, 2020      
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting $61 
Subtotal  61 
Non-cash interest expense  3,511 
Loss on extinguishment of debt  4,794 
Non-GAAP tax adjustment *  (281)
Total Other $8,085 
     
*   - 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, 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    
     Share-based       
Three months ended December 31, 2019     GAAP    Compensation    Amortization    Other    Non-GAAP 
Net sales $113,202        $113,202 
Gross profit  44,970  455    29   45,454 
Gross margin  39.7         40.2%
Operating expenses  51,834  (3,287) (4,312) (6,213)  38,022 
Operating income (loss)  (6,864) 3,742  4,312  6,242 ^ 7,432 
Net income (loss)  (32,871) 3,742  4,312  30,262 ^ 5,445 
              
Income (loss) per common share:             
Basic $(0.69)       $0.11 
Diluted  (0.69)        0.11 
Weighted average number of shares:             
Basic  47,519         47,519 
Diluted  47,519         48,404 
               
^   - See table below for additional details.              


Veeco Instruments Inc. and Subsidiaries

Other Non-GAAP Adjustments
(in thousands)
(unaudited)

    
Three months ended December 31, 2019   
Restructuring    $2,132 
Asset impairment  4,020 
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting  90 
Subtotal  6,242 
Non-cash interest expense  3,257 
Impairment of equity investments  20,973 
Non-GAAP tax adjustment *  (210)
Total Other $30,262 
     
*   - 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, 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
  December 31, 2020 December 31, 2019
GAAP Net income (loss) $(102) $(32,871)
Share-based compensation  3,142   3,742 
Amortization  3,831   4,312 
Restructuring     2,132 
Asset impairment     4,020 
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting  61   90 
Interest (income) expense, net  6,516   4,663 
Impairment of equity investments     20,973 
Loss on extinguishment of debt  4,794    
Income tax expense (benefit)  (602)  371 
Non-GAAP Operating income (loss) $17,640  $7,432 

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, 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    
     Share-based       
For the year ended December 31, 2020     GAAP    Compensation    Amortization    Other    Non-GAAP 
Net sales $454,163        $454,163 
Gross profit  194,300  1,870    348   196,518 
Gross margin  42.8         43.3%
Operating expenses  171,735  (10,833) (15,333) (1,530)  144,039 
Operating income (loss)  22,565  12,703  15,333  1,878 ^ 52,479 
Net income (loss)  (8,391) 12,703  15,333  22,684 ^ 42,329 
              
Income (loss) per common share:             
Basic $(0.17)       $0.88 
Diluted  (0.17)        0.86 
Weighted average number of shares:             
Basic  48,362         48,362 
Diluted  48,362         49,309 
               
^   - See table below for additional details.              


Veeco Instruments Inc. and Subsidiaries

Other Non-GAAP Adjustments
(in thousands)
(unaudited)

    
For the year ended December 31, 2020      
Restructuring $1,097 
Asset impairment  281 
Release of inventory fair value step-up associated with the Ultratech purchase accounting  273 
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting  227 
Subtotal  1,878 
Non-cash interest expense  13,792 
Loss on extinguishment of debt  7,841 
Non-GAAP tax adjustment *  (827)
Total Other $22,684 
     
*    - 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, 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   
     Share-based      
For the year ended December 31, 2019     GAAP    Compensation    Amortization    Other    Non-GAAP
Net sales $419,349        $419,349 
Gross profit  158,194  1,903    1,453   161,550 
Gross margin  37.7         38.5
Operating expenses  197,772  (13,367) (17,085) (10,841)  156,479 
Operating income (loss)  (39,578) 15,270  17,085  12,294 ^ 5,071 
Net income (loss)  (78,733) 15,270  17,085  45,102 ^ (1,276)
             
Income (loss) per common share:            
Basic $(1.66)       $(0.03)
Diluted  (1.66)        (0.03)
Weighted average number of shares:            
Basic  47,482         47,482 
Diluted  47,482         47,482 
               
^   - See table below for additional details.            


Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

    
For the year ended December 31, 2019   
Restructuring    $6,006 
Asset impairment  4,020 
Release of inventory fair value step-up associated with the Ultratech purchase accounting  1,270 
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting  557 
Accelerated depreciation  397 
Other  44 
Subtotal  12,294 
Non-cash interest expense  12,676 
Impairment of equity investments  20,973 
Non-GAAP tax adjustment *  (841)
Total Other $45,102 
     
*    - 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, 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)

       
     Year ended     Year ended
  December 31, 2020 December 31, 2019
GAAP Net income (loss) $(8,391) $(78,733)
Share-based compensation  12,703   15,270 
Amortization  15,333   17,085 
Restructuring  1,097   6,006 
Asset impairment  281   4,020 
Release of inventory fair value step-up associated with the Ultratech purchase accounting  273   1,270 
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting  227   557 
Accelerated depreciation     397 
Other     44 
Interest (income) expense, net  23,188   17,405 
Impairment of equity investment     20,973 
Loss on extinguishment of debt  7,841    
Income tax expense (benefit)  (73)  777 
Non-GAAP Operating income (loss) $52,479  $5,071 

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, 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         Share-based              
March 31, 2021 GAAP Compensation Amortization    Other     Non-GAAP 
Net sales    $115     -    $135                    $115     -    $135  
Gross profit  47  -  58        47  -  58  
Gross margin  40% -  42%        40% -  42% 
Operating expenses  44  -  46  (3) (4)   37  -  39  
Operating income (loss)  3  -  12  3  4    10  -  19  
Net income (loss) $(4) - $5  3  4  3 $6  - $15  
                        
Income (loss) per diluted common share $(0.09) - $0.09           $0.12  - $0.30  
Weighted average number of shares (1)  49     53         50     50  
                            
(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, no incremental shares are added to the dilutive share count in periods in which the average stock price per share is below $18.46. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, incremental shares are added to the dilutive share count in periods in which the average stock price per share is above $13.98, and the Company is in a net income position.

 


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 March 31, 2021                 
GAAP Net income (loss) $(4) - $5
Share-based compensation  3  -  3
Amortization  4  -  4
Interest expense, net  7  -  7
Non-GAAP Operating income (loss) $10  - $19

Note: Amounts may not calculate precisely due to rounding.

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, 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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