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.-financial tables attached- Veeco Contacts: Investors: Anthony Pappone (516) 500-8798 apappone@veeco.comMedia: Javier Banos (516) 673-7328 jbanos@veeco.com Veeco Instruments Inc.and SubsidiariesCondensed Consolidated Statements of Operations(in thousands, except per share amounts)(unaudited) Three months ended March 31, 2025 2024Net sales$167,292 $174,484 Cost of sales 98,825 99,065 Gross profit 68,467 75,419 Operating expenses, net: Research and development 28,514 29,642 Selling, general, and administrative 25,028 24,700 Amortization of intangible assets 821 1,891 Other operating expense (income), net (44) (2,859)Total operating expenses, net 54,319 53,374 Operating income 14,148 22,045 Interest income (expense), net 836 705 Income (loss) before income taxes 14,984 22,750 Income tax expense (benefit) 3,037 896 Net income$11,947 $21,854 Income per common share: Basic$0.21 $0.39 Diluted$0.20 $0.37 Weighted average number of shares: Basic 57,753 55,968 Diluted 60,234 60,764 Veeco Instruments Inc.and SubsidiariesCondensed Consolidated Balance Sheets(in thousands) March 31, December 31, 2025 2024 (unaudited) Assets Current assets: Cash and cash equivalents$174,898 $145,595 Restricted cash 169 224 Short-term investments 178,395 198,719 Accounts receivable, net 114,368 96,834 Contract assets 33,586 37,109 Inventories 254,051 246,735 Prepaid expenses and other current assets 39,338 39,316 Total current assets 794,805 764,532 Property, plant and equipment, net 113,787 113,789 Operating lease right-of-use assets 25,991 26,503 Intangible assets, net 8,010 8,832 Goodwill 214,964 214,964 Deferred income taxes 118,567 120,191 Other assets 2,700 2,766 Total assets$1,278,824 $1,251,577 Liabilities and stockholders’ equity Current liabilities: Accounts payable$57,845 $43,519 Accrued expenses and other current liabilities 62,257 55,195 Contract liabilities 57,211 64,986 Income taxes payable 1,546 2,086 Current portion of long-term debt — 26,496 Total current liabilities 178,859 192,282 Deferred income taxes 663 689 Long-term debt 249,955 249,702 Long-term operating lease liabilities 33,694 34,318 Other liabilities 3,795 3,816 Total liabilities 466,966 480,807 Total stockholders’ equity 811,858 770,770 Total liabilities and stockholders’ equity$1,278,824 $1,251,577 Note on Reconciliation Tables The below 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”).
Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q1 2025 and 2024)(in thousands)(unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024GAAP Net income$11,947 $21,854 Share-based compensation 9,208 8,082 Amortization 821 1,891 Sale of productive assets — (2,033)Changes in contingent consideration — (625)Interest (income) expense, net (836) (705)Other 99 — Income tax expense (benefit) 3,037 896 Non-GAAP Operating income$24,276 $29,360 Reconciliation of GAAP to Non-GAAP Financial Data (Q2 2025)(in millions, except per share amounts)(unaudited) Non-GAAP Adjustments Guidance for the three months ending Share-based June 30, 2025 GAAP Compensation Amortization Other Non-GAAPNet sales $135 - $165 $135 - $165 Gross profit 54 - 69 1 — — 55 - 70 Gross margin 39% - 41% 40% - 42%Operating expenses 57 - 58 (9) (1) — 47 - 48 Operating income (loss) (3) - 11 10 1 — 8 - 22 Net income (loss) $(3) - $10 10 1 (1) $7 - $20 Income (loss) per diluted common share $(0.05) - $0.17 $0.12 - $0.32 Income per Diluted Common Share (Q2 2025) (in millions, except per share amounts)(unaudited) Guidance for the three months ending June 30, 2025 GAAP Non-GAAPNumerator: Net income (loss) available to common shareholders $(3) - $10 $7 - $20 Denominator: Basic weighted average shares outstanding 58 58 58 58 Effect of potentially dilutive share-based awards — 1 1 1 Dilutive effect of 2027 Convertible Senior Notes (1) — 2 — 1 Diluted weighted average shares outstanding 58 61 59 61 Net income per common share: Income (loss) per diluted common share $(0.05) - $0.17 $0.12 - $0.32 _______________(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, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count.
Net Income per Common Share (Q1 2025)(in thousands, except per share amounts)(unaudited) Three months ended March 31, 2025 GAAP Non-GAAPNumerator: Net income$11,947 $22,207 Interest expense associated with 2025 and 2027 Convertible Senior Notes 253 273 Net income available to common shareholders$12,200 $22,480 Denominator: Basic weighted average shares outstanding 57,753 57,753 Effect of potentially dilutive share-based awards 693 693 Dilutive effect of 2025 Convertible Senior Notes — 174 Dilutive effect of 2027 Convertible Senior Notes (1) 1,788 1,354 Diluted weighted average shares outstanding 60,234 59,974 Net income per common share: Basic$0.21 $0.38 Diluted$0.20 $0.37 _______________(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, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count.
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