Veeco Instruments Inc. Files 10-Q for Q2 2024

TL;DR

Veeco filed its Q2 10-Q, amended credit facility Aug 2nd. Check financials.

AI Summary

Veeco Instruments Inc. reported its financial results for the period ending June 30, 2024. The company's filing indicates a revolving credit facility amendment on August 2, 2024, which is a subsequent event. Specific financial figures for the quarter and year-to-date are detailed within the full report.

Why It Matters

This 10-Q filing provides investors with an update on Veeco's financial performance and any significant events that occurred after the reporting period, such as credit facility amendments.

Risk Assessment

Risk Level: medium — The filing includes details on financial performance and credit facilities, which are crucial for assessing the company's financial health and operational risks.

Key Numbers

• N/A — Revenue (Specific revenue figures are not directly extracted in this summary but are detailed in the full 10-Q.)
• N/A — Net Income (Specific net income figures are not directly extracted in this summary but are detailed in the full 10-Q.)
• 2024-06-30 — Quarter End Date (Marks the end of the reporting period for this 10-Q.)

Key Players & Entities

• VEECO INSTRUMENTS INC (company) — Filer
• 0000103145 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• 2024-08-02 (date) — Subsequent Event Date (Revolving Credit Facility Amendment)

FAQ

Key Financial Figures

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

Filing Documents

• veco-20240630x10q.htm (10-Q) — 2152KB
• veco-20240630xex31d1.htm (EX-31.1) — 15KB
• veco-20240630xex31d2.htm (EX-31.2) — 13KB
• veco-20240630xex32d1.htm (EX-32.1) — 9KB
• veco-20240630xex32d2.htm (EX-32.2) — 9KB
• 0001558370-24-011106.txt ( ) — 10098KB
• veco-20240630.xsd (EX-101.SCH) — 51KB
• veco-20240630_cal.xml (EX-101.CAL) — 72KB
• veco-20240630_def.xml (EX-101.DEF) — 194KB
• veco-20240630_lab.xml (EX-101.LAB) — 520KB
• veco-20240630_pre.xml (EX-101.PRE) — 363KB
• veco-20240630x10q_htm.xml (XML) — 2305KB

—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 28

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

—OTHER INFORMATION

PART II—OTHER INFORMATION 38

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 38

Other Information

Item 5. Other Information 38

Exhibits

Item 6. Exhibits 39

SIGNATURES

SIGNATURES 39 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 and six months ended June 30 , 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 Associated with Operating a

— 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) June 30, December 31, 2024 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 174,164 $ 158,781 Restricted cash 289 339 Short-term investments 130,696 146,664 Accounts receivable, net 92,397 103,018 Contract assets 39,436 24,370 Inventories 245,108 237,635 Prepaid expenses and other current assets 36,105 35,471 Total current assets 718,195 706,278 Property, plant, and equipment, net 113,461 118,459 Operating lease right-of-use assets 27,332 24,377 Intangible assets, net 40,229 43,945 Goodwill 214,964 214,964 Deferred income taxes 117,901 117,901 Other assets 3,033 3,117 Total assets $ 1,235,115 $ 1,229,041 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 46,850 $ 42,383 Accrued expenses and other current liabilities 50,119 57,624 Contract liabilities 80,556 118,026 Current portion of long-term debt 26,448 — Total current liabilities 203,973 218,033 Deferred income taxes 6,445 6,552 Long-term debt 249,105 274,941 Long-term operating lease liabilities 34,938 31,529 Other liabilities 25,641 25,544 Total liabilities 520,102 556,599 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; 56,773,294 shares issued and outstanding at June 30, 2024 and 56,364,131 shares issued and outstanding at December 31, 2023 569 564 Additional paid-in capital 1,208,348 1,202,440 Accumulated deficit ( 495,371 ) ( 532,169 ) Accumulated other comprehensive income 1,467 1,607 Total stockholders' equity 715,013 672,442 Total liabilities and stockholders' equity $ 1,235,115 $ 1,229,041 See accompanying

View Full Filing

View this 10-Q filing on SEC EDGAR