VEECO INSTRUMENTS INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Veeco Instruments Inc. has filed its 2023 10-K report, detailing financial instruments and operational periods.</b>

AI Summary

VEECO INSTRUMENTS INC (VECO) filed a Annual Report (10-K) with the SEC on February 16, 2024. Veeco Instruments Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes details on financial instruments, including fair value measurements for certificates of deposits, money market funds, and corporate debt securities. Key dates mentioned include May 13, 2020, for derivative contracts and January 31, 2023, for earn-out periods. The company's fiscal year ends on December 31st. Veeco Instruments Inc. is incorporated in Delaware and operates in the Special Industry Machinery sector.

Why It Matters

For investors and stakeholders tracking VEECO INSTRUMENTS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Veeco's financial position and operational activities for the fiscal year 2023, crucial for investors assessing the company's performance and outlook. The inclusion of specific financial instrument data and dates related to earn-out periods offers insights into potential future financial impacts and contractual obligations.

Risk Assessment

Risk Level: low — VEECO INSTRUMENTS INC shows low risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not indicate any immediate or unusual risks.

Analyst Insight

Review the detailed financial instrument disclosures and any mention of earn-out provisions to understand potential future financial implications.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-16 — Filing Date (FILED AS OF DATE)
• 0000103145 — Central Index Key (FILER)
• 3559 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 1970-04-08 — Date of Name Change (FORMER COMPANY)
• 2020-05-13 — Derivative Contract Capped Call Date (veco:DerivativeContractCappedCallMember)
• 2023-01-31 — Earn Out Period Date (veco:EpiluvacAbMember)
• 2021-12-16 — Revolving Credit Facility Date (veco:RevolvingCreditFacilityDecember2021Member)

Key Players & Entities

• VEECO INSTRUMENTS INC. (company) — FILER
• VECO (company) — tk
• 10-K (document) — ft
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-16 (date) — FILED AS OF DATE
• 0000103145 (company) — CENTRAL INDEX KEY
• 3559 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (location) — STATE OF INCORPORATION

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially filed with the SEC.
• 1970-04-08: Company Name Change — Historical date of company name change from VACUUM ELECTRONIC MANUFACTURING CORP.

Key Financial Figures

• $0.01 — h registered Common Stock , par value $0.01 per share VECO The NASDAQ Global Se
• $25.68 — 1,275,157 based on the closing price of $25.68 on the NASDAQ Global Select Market on t

Filing Documents

• veco-20231231x10k.htm (10-K) — 3334KB
• veco-20231231xex21d1.htm (EX-21.1) — 26KB
• veco-20231231xex23d1.htm (EX-23.1) — 15KB
• veco-20231231xex31d1.htm (EX-31.1) — 16KB
• veco-20231231xex31d2.htm (EX-31.2) — 16KB
• veco-20231231xex32d1.htm (EX-32.1) — 8KB
• veco-20231231xex32d2.htm (EX-32.2) — 8KB
• veco-20231231xex97.htm (EX-97) — 74KB
• veco-20231231x10k004.jpg (GRAPHIC) — 51KB
• 0001558370-24-001289.txt (&nbsp;) — 15136KB
• veco-20231231.xsd (EX-101.SCH) — 81KB
• veco-20231231_cal.xml (EX-101.CAL) — 114KB
• veco-20231231_def.xml (EX-101.DEF) — 299KB
• veco-20231231_lab.xml (EX-101.LAB) — 809KB
• veco-20231231_pre.xml (EX-101.PRE) — 613KB
• veco-20231231x10k_htm.xml (XML) — 3166KB

Business

Item 1. Business 5

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 30

Legal Proceedings

Item 3. Legal Proceedings 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 PART II 31

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Stock Performance Graph 32

[Reserved]

Item 6. [Reserved] 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 43

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 43

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 44

Controls and Procedures

Item 9A. Controls and Procedures 44

Other Information

Item 9B. Other Information 46 PART III 46

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 46

Executive Compensation

Item 11. Executive Compensation 46

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 46

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 46 PART IV 47

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 47

SIGNATURES

SIGNATURES 51 2 Table of Contents This Annual Report on Form 10-K ("Form 10-K") contains certain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, relating to Veeco Instruments Inc. (together with its consolidated subsidiaries, "Veeco," the "Company," "Registrant," "we," "our," or "us," unless the context indicates otherwise) that are based on management's expectations, estimates, projections, and assumptions. When used in this Form 10-K, words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates," and variations of these words and similar expressions are intended to identify forward-looking statements. Discussions containing such forward-looking statements may be found in Part I, Items 1 and 3, Part II, Items 7 and 7A hereof, as well as within this Form 10-K generally. Forward-looking statements in this discussion 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 the current and future periods, 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: Risks Related to Our Business and Industry Unfavorable market conditions have adversely affected, and may continue to adversely affect, our operating results; We face significant competition; We operate in industries characterized by rapid technological change; Certain of our sales are dependent on the d

Business

Item 1. Business Business Description and Overview Headquartered in Plainview, New York, we were organized as a Delaware corporation in 1989. We are a manufacturer of advanced semiconductor process equipment that solves an array of challenging materials engineering problems for our customers. Our comprehensive collection of ion beam, laser annealing, metal organic chemical vapor deposition ("MOCVD"), chemical vapor deposition ("CVD"), advanced packaging lithography, single wafer wet processing, molecular beam epitaxy ("MBE"), and atomic layer deposition ("ALD") technologies play an integral role in the fabrication of key devices that are enabling the 4th industrial revolution of all things connected. Such devices include leading advanced node application processors for AI chips, mobile devices, high-speed data communications, and radio frequency ("RF") filters and power amplifiers for fifth generation ("5G") networks and mobile electronics, photonics devices for 3D sensing, advanced displays, and thin film magnetic heads for hard disk drives in data storage. In close partnership with our customers, we combine decades of applications and materials know-how with leading-edge systems engineering to deliver high-volume manufacturing solutions with competitive cost of ownership. Serving a global and highly interconnected customer base, we have comprehensive sales and service operations across the Asia-Pacific, Europe, and North America regions to ensure real-time close collaboration and responsiveness. Markets Our products are purchased by customers in the following four end-markets: 1) Semiconductor; 2) Compound Semiconductor; 3) Data Storage; and 4) Scientific & Other. Our array of process equipment systems are used in the production of a broad range of microelectronic components, including logic, dynamic random-access memory ("DRAM"), photonics devices (including laser diodes and micro-LEDs), power electronics, RF filters and amplifiers, magnetic heads for har

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View this 10-K filing on SEC EDGAR