VEECO INSTRUMENTS INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>VEECO INSTRUMENTS INC filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial instrument valuations and credit facilities.</b>

AI Summary

VEECO INSTRUMENTS INC (VECO) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. VEECO INSTRUMENTS INC filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to fair value measurements for various financial instruments. Specific dates such as 2024-01-01, 2024-03-31, and 2023-12-31 are referenced in relation to financial reporting. The company's fiscal year ends on December 31. The filing references a Revolving Credit Facility dated December 16, 2021.

Why It Matters

For investors and stakeholders tracking VEECO INSTRUMENTS INC, this filing contains several important signals. This 10-Q filing provides an update on VEECO INSTRUMENTS INC's financial position and performance for the first quarter of 2024, crucial for investors assessing recent operational results and asset valuations. The detailed fair value measurements and references to credit facilities offer insights into the company's financial health, risk management, and access to capital.

Risk Assessment

Risk Level: low — VEECO INSTRUMENTS INC shows low risk based on this filing. The filing is a standard 10-Q report, providing routine financial disclosures without immediate indicators of significant new risks or material adverse events.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and debt levels to assess VEECO INSTRUMENTS INC's ongoing financial performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-07 — Filing Date (10-Q filing)
• 2021-12-16 — Revolving Credit Facility Date (Financial instrument)

Key Players & Entities

• VEECO INSTRUMENTS INC (company) — Filer name
• VECO (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filed as of date
• Plainview, NY (location) — Business address
• 103145 (company) — Central Index Key
• December 16, 2021 (date) — Revolving Credit Facility date

FAQ

Risk Factors

• Fair Value Measurements [medium — financial]: The filing details fair value measurements for various financial instruments, including corporate debt securities, U.S. Treasury securities, and money market funds, categorized by input levels (Level 1 and Level 2).

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position between annual reports.)

Fair Value Measurements

The value at which an asset can be sold or a liability transferred in an orderly transaction between market participants. (Indicates how the company values its financial instruments and the inputs used for these valuations.)

Key Financial Figures

• $0.01 — h registered Common Stock , par value $0.01 per share VECO The NASDAQ Global Se

Filing Documents

• veco-20240331x10q.htm (10-Q) — 1725KB
• veco-20240331xex10d1.htm (EX-10.1) — 92KB
• veco-20240331xex10d2.htm (EX-10.2) — 84KB
• veco-20240331xex31d1.htm (EX-31.1) — 15KB
• veco-20240331xex31d2.htm (EX-31.2) — 13KB
• veco-20240331xex32d1.htm (EX-32.1) — 9KB
• veco-20240331xex32d2.htm (EX-32.2) — 9KB
• veco-20240331xex10d1001.jpg (GRAPHIC) — 4KB
• veco-20240331xex10d2001.jpg (GRAPHIC) — 4KB
• 0001558370-24-007070.txt (&nbsp;) — 9076KB
• veco-20240331.xsd (EX-101.SCH) — 50KB
• veco-20240331_cal.xml (EX-101.CAL) — 72KB
• veco-20240331_def.xml (EX-101.DEF) — 191KB
• veco-20240331_lab.xml (EX-101.LAB) — 511KB
• veco-20240331_pre.xml (EX-101.PRE) — 358KB
• veco-20240331x10q_htm.xml (XML) — 1918KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 4

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

—OTHER INFORMATION

PART II—OTHER INFORMATION 33

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 Table of Contents Safe Harbor Statement This quarterly report on Form 10-Q (the "Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Discussions containing such forward-looking statements may be found in Part I - Items 1, 2, and 3 hereof, as well as within this Report generally. In addition, when used in this Report, the words "believes," "anticipates," "expects," "estimates," "targets," "plans," "intends," "will," and similar expressions related to the future are intended to identify forward-looking statements. All forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from projected results. In addition, the preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates and assumptions are based on knowledge of current events and planned actions to be undertaken in the future, they may ultimately differ from actual results. Operating results for the three months ended March 31 , 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. All estimates and assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from these estimates and assumptions. The risks and uncertainties of Veeco Instruments Inc. (together with its consolidated subsidiaries, "Veeco," the "Company," "we," "us," and "our," unless the context indicates otherwise) include, without limitation, those set forth under the heading "Risk Factors" in Part 1, Item 1A of our 2023 Form 10-K, and the following: Risks Related to Our Business and Indust

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Veeco Instruments Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share amounts) March 31, December 31, 2024 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 173,998 $ 158,781 Restricted cash 326 339 Short-term investments 122,886 146,664 Accounts receivable, net 106,532 103,018 Contract assets 34,336 24,370 Inventories 243,266 237,635 Prepaid expenses and other current assets 34,550 35,471 Total current assets 715,894 706,278 Property, plant, and equipment, net 115,297 118,459 Operating lease right-of-use assets 23,685 24,377 Intangible assets, net 42,054 43,945 Goodwill 214,964 214,964 Deferred income taxes 118,724 117,901 Other assets 3,075 3,117 Total assets $ 1,233,693 $ 1,229,041 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 54,011 $ 42,383 Accrued expenses and other current liabilities 59,259 57,624 Contract liabilities 93,812 118,026 Income taxes payable 852 — Current portion of long-term debt 26,425 — Total current liabilities 234,359 218,033 Deferred income taxes 6,496 6,552 Long-term debt 248,811 274,941 Long-term operating lease liabilities 30,949 31,529 Other liabilities 25,168 25,544 Total liabilities 545,783 556,599 Stockholders' equity: Preferred stock, $ 0.01 par value; 500,000 shares authorized; no shares issued and outstanding. — — Common stock, $ 0.01 par value; 120,000,000 shares authorized; 56,637,473 shares issued and outstanding at March 31, 2024 and 56,364,131 shares issued and outstanding at December 31, 2023 566 564 Additional paid-in capital 1,196,180 1,202,440 Accumulated deficit ( 510,315 ) ( 532,169 ) Accumulated other comprehensive income 1,479 1,607 Total stockholders' equity 687,910 672,442 Total liabilities and stockholders' equity $ 1,233,693

View Full Filing

View this 10-Q filing on SEC EDGAR