$469.9 M

VECO Mkt cap, 18-Oct-2018

$316.4 M

Veeco Revenue Q2, 2018
Veeco Gross profit (Q2, 2018)112.1 M
Veeco Gross profit margin (Q2, 2018), %35.4%
Veeco Net income (Q2, 2018)-253.5 M
Veeco EBIT (Q2, 2018)-272.6 M
Veeco Cash, 30-Jun-2018196.4 M
Veeco EV554.8 M

Veeco Revenue

Veeco revenue was $484.76 m in FY, 2017 which is a 45.8% year over year increase from the previous period.

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Veeco Revenue Breakdown

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Veeco revenue breakdown by business segment: 8.4% from Front-End Semiconductor, 24.9% from Scientific & Industrial, 14.3% from Advanced Packaging, MEMS & RF and 52.4% from Lighting, Display & Power Electronics

Veeco revenue breakdown by geographic segment: 15.8% from EMEA, 19.6% from United States, 22.2% from China and 42.4% from Rest of World

Veeco Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

331.7m392.9m477.0m332.5m484.8m

Revenue growth, %

(36%)18%21%(30%)46%

Cost of goods sold

228.6m258.0m299.8m199.6m300.4m

Gross profit

103.1m134.9m177.2m132.9m184.3m

Gross profit Margin, %

31%34%37%40%38%

R&D expense

81.0m82.0m

General and administrative expense

100.3m

Operating expense total

81.0m212.6m

Depreciation and amortization

35.5m

EBIT

(71.8m)(79.2m)(23.2m)(120.4m)(63.8m)

EBIT margin, %

(22%)(20%)(5%)(36%)(13%)

Interest expense

598.0k715.0k464.0k222.0k19.5m

Interest income

602.0k1.6m1.1m1.2m2.3m

Pre tax profit

(71.2m)(78.4m)(22.6m)(119.4m)(80.9m)

Income tax expense

(28.9m)(11.4m)9.3m2.8m(36.1m)

Net Income

(42.3m)(66.9m)(32.0m)(122.2m)(44.8m)

Quarterly

USDQ3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

132.7m61.8m97.4m99.3m90.8m95.1m93.3m98.3m131.4m140.7m78.0m75.3m85.5m94.4m115.1m131.9m158.6m316.4m

Cost of goods sold

82.8m39.2m62.8m69.0m57.1m64.4m60.8m63.2m82.3m86.5m46.1m43.9m52.0m60.2m76.3m78.8m101.9m204.3m

Gross profit

49.9m22.6m34.6m30.3m33.8m30.7m32.6m35.1m49.1m54.3m32.0m31.4m33.5m34.2m38.7m53.1m56.7m112.1m

Gross profit Margin, %

38%37%36%31%37%32%35%36%37%39%41%42%39%36%34%40%36%35%

R&D expense

25.8m20.7m20.9m19.0m19.8m21.0m20.0m18.6m20.1m19.2m22.1m21.5m19.9m15.0m18.6m24.3m49.3m

General and administrative expense

13.9m19.6m19.8m19.7m21.7m21.9m21.7m

Operating expense total

42.4m42.2m41.5m40.2m44.7m46.6m50.0m18.6m20.1m19.2m22.1m21.5m19.9m15.0m18.6m24.3m49.3m

Depreciation and amortization

13.5m23.9m

EBIT

7.5m(19.6m)(6.8m)(9.9m)18.6m(15.8m)(17.5m)(15.8m)(4.0m)6.6m(15.3m)(31.3m)(68.7m)(5.8m)(27.0m)(18.9m)(11.4m)(272.6m)

EBIT margin, %

6%(32%)(7%)(10%)21%(17%)(19%)(16%)(3%)5%(20%)(41%)(80%)(6%)(23%)(14%)(7%)(86%)

Interest expense

176.0k164.0k72.0k305.0k126.0k124.0k95.0k38.0k105.0k23.0k4.1m5.1m5.1m5.2m10.5m

Interest income

176.0k164.0k72.0k305.0k287.0k243.0k256.0k306.0k290.0k283.0k793.0k782.0k357.0k624.0k1.4m

Pre tax profit

7.6m(19.4m)(6.6m)(9.7m)18.8m(15.7m)(17.2m)(15.7m)(3.9m)6.7m(15.0m)(31.1m)(68.5m)(9.2m)(31.3m)(23.7m)(16.1m)(281.7m)

Income tax expense

1.3m(9.4m)(369.0k)(488.0k)(3.2m)3.4m4.5m1.4m528.0k1.0m1.1m(10.3m)(12.9m)(1.8m)(230.0k)(28.3m)

Net Income

11.8m(10.1m)(4.1m)(6.0m)19.2m(15.2m)(14.0m)(19.1m)(8.4m)5.3m(15.5m)(32.1m)(69.6m)1.1m(18.4m)(21.9m)(15.8m)(253.5m)

Veeco Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

210.8m270.8m269.2m277.4m279.7m

Accounts Receivable

23.8m60.1m49.5m58.0m98.9m

Inventories

59.7m61.5m77.5m77.1m120.3m

Current Assets

613.6m555.7m542.1m501.5m597.0m

PP&E

89.1m78.8m79.6m60.6m85.1m

Goodwill

91.3m115.0m114.9m114.9m307.1m

Total Assets

948.0m929.5m890.8m758.5m1.4b

Accounts Payable

35.8m18.1m30.1m22.6m50.3m

Short-term debt

290.0k314.0k340.0k368.0k

Current Liabilities

128.2m168.4m162.2m143.5m223.5m

Long-term debt

1.8m1.5m1.2m826.0k275.6m

Total Debt

2.1m1.8m1.5m1.2m275.6m

Total Liabilities

163.9m546.6m

Common Stock

407.0k482.0k

Additional Paid-in Capital

721.4m750.1m767.1m763.3m1.1b

Retained Earnings

53.9m(13.1m)(45.1m)(168.6m)(213.4m)

Total Equity

780.2m738.9m714.6m594.6m840.7m

Debt to Equity Ratio

0 x0 x0 x0 x0.3 x

Debt to Assets Ratio

0 x0 x0 x0 x0.2 x

Financial Leverage

1.2 x1.3 x1.2 x1.3 x1.7 x

Quarterly

USDQ3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

387.0m223.1m241.5m247.7m214.7m232.3m264.0m303.1m313.9m334.1m243.7m257.6m274.0m423.7m205.6m235.3mwdxefcqufszuzezftuxetqsqxt245.5m196.4m

Accounts Receivable

60.3m42.9m44.7m37.8m50.7m58.3m61.6m64.3m83.1m46.8m56.1m41.7m50.5m51.4m108.3m113.8m108.2m133.8m

Inventories

74.4m67.7m64.1m57.6m52.1m48.4m46.6m57.2m63.6m70.0m77.2m90.8m86.7m64.7m119.9m113.7m131.0m145.9m

Current Assets

758.2m742.3m744.0m715.8m625.2m633.6m658.0m574.7m605.8m563.5m517.5m497.4m508.4m822.4m560.3m602.6m583.4m575.7m

PP&E

80.3m80.0m80.5m80.2m63.0m57.6m63.7m82.5m83.1m79.3m

Goodwill

55.8m55.8m55.8m55.8m91.3m91.5m91.5m115.0m115.3m114.9m114.9m114.9m114.9m114.9m303.2m308.5m307.1m307.1m

Total Assets

954.6m935.9m938.1m909.1m954.6m957.1m956.4m942.1m965.9m918.7m861.8m819.2m765.1m1.1b1.4b1.4b1.4b1.1b

Accounts Payable

35.4m32.5m46.9m28.3m28.3m27.8m26.1m41.1m46.2m25.1m30.6m34.9m27.5m30.7m46.0m53.7m58.3m65.1m

Short-term debt

263.0k274.0k279.0k285.0k296.0k302.0k308.0k320.0k327.0k333.0k347.0k354.0k361.0k375.0k1.0m368.0k

Current Liabilities

129.8m118.8m123.8m97.9m113.5m128.0m139.4m196.1m222.3m164.1m157.1m136.8m147.8m132.8m172.7m231.3m208.6m195.6m

Long-term debt

2.2m2.1m2.0m1.9m1.8m1.7m1.6m1.5m1.4m1.3m1.1m1.0m920.0k268.1m270.1m272.8m278.5m281.4m

Total Debt

2.5m2.3m2.3m2.2m2.1m2.0m1.9m1.8m1.7m1.6m1.5m1.4m1.3m268.5m271.1m273.2m278.5m281.4m

Total Liabilities

137.4m132.8m137.8m111.8m142.1m155.6m164.3m218.3m245.6m188.8m171.3m156.9m168.3m416.6m500.2m561.4m534.1m494.2m

Additional Paid-in Capital

705.1m711.5m713.5m716.4m734.2m738.4m743.2m754.1m759.0m763.4m772.0m759.6m762.0m831.8m1.1b1.1b1.1b1.1b

Retained Earnings

105.2m86.1m82.0m75.9m73.0m57.8m43.8m(32.2m)(40.6m)(35.3m)(61.9m)(94.0m)(163.6m)(167.5m)(185.9m)(207.8m)(228.7m)(466.3m)

Total Equity

817.2m803.1m800.3m797.3m812.4m801.4m792.1m723.8m720.3m729.9m690.5m662.2m596.7m665.0m869.5m845.5m828.0m593.9m

Debt to Equity Ratio

0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0.4 x0.3 x0.3 x0.3 x0.5 x

Debt to Assets Ratio

0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0.2 x0.2 x0.2 x0.2 x0.3 x

Financial Leverage

1.2 x1.2 x1.2 x1.1 x1.2 x1.2 x1.2 x1.3 x1.3 x1.3 x1.2 x1.2 x1.3 x1.6 x1.6 x1.7 x1.6 x1.8 x

Veeco Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(42.3m)(66.9m)(32.0m)(122.2m)(44.8m)

Depreciation and Amortization

18.4m24.6m27.6m19.2m50.1m

Accounts Receivable

38.8m(25.0m)10.7m(8.7m)4.5m

Inventories

2.8m(2.2m)(39.0k)6.7m6.3m

Accounts Payable

7.5m(5.5m)9.5m(24.2m)12.2m

Cash From Operating Activities

727.0k42.1m15.8m(23.8m)34.1m

Cash From Investing Activities

(168.1m)8.1m(7.1m)46.7m(357.8m)

Long-term Borrowings

(269.0k)(290.0k)(314.0k)(340.0k)(1.2m)

Cash From Financing Activities

(5.8m)9.7m(10.2m)(14.6m)325.9m

Net Change in Cash

2.3m

Interest Paid

357.0k159.0k485.0k225.0k4.7m

Income Taxes Paid

8.0m3.3m7.1m1.7m1.9m

Free Cash Flow

(8.4m)26.5m1.9m(35.3m)9.9m

Quarterly

USDQ3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

11.8m(10.1m)(4.1m)(6.0m)19.2m3.9m(14.0m)(19.1m)(27.5m)(22.2m)(15.5m)(47.6m)(117.2m)1.1m(17.3m)(21.9m)(15.8m)(253.5m)

Depreciation and Amortization

11.6m10.7m21.7m30.8m8.6m17.3m26.0m5.8m15.6m17.7m32.3m

Accounts Receivable

(32.7m)(4.2m)(22.7m)13.5m(7.0m)7.6m(1.2m)6.5m(5.0m)113.8m

Inventories

12.1m113.7m

Accounts Payable

(8.0m)11.2m19.0m368.0k(2.2m)(9.2m)(14.0m)642.0k(7.1m)53.7m2.0m11.8m

Cash From Operating Activities

(16.8m)4.3m12.0m21.9m(18.8m)(31.1m)(24.3m)6.3m(9.6m)15.3m(11.8m)(57.4m)

Cash From Investing Activities

31.0m28.1m31.3m42.6m6.7m33.2m42.7m(195.9m)(393.1m)(386.8m)(22.6m)(23.8m)

Long-term Borrowings

(141.0k)(76.0k)(153.0k)(233.0k)(82.0k)(166.0k)(252.0k)(180.0k)(1.2m)

Cash From Financing Activities

7.1m(83.0k)(176.0k)(1.0m)(13.5m)(13.7m)(13.6m)335.8m330.8m329.3m117.0k(2.0m)

Interest Paid

36.0k71.0k104.0k39.0k103.0k179.0k31.0k65.0k4.7m4.7m4.7m

Income Taxes Paid

544.0k2.6m6.0m966.0k1.3m1.5m672.0k1.4m1.8m2.4m3.6m

Free Cash Flow

(21.3m)(493.0k)4.4m10.8m(22.8m)(40.3m)(35.0m)2.1m(19.6m)(2.1m)(14.1m)(61.2m)

Veeco Ratios

USDY, 2018

EV/EBIT

-2 x

EV/CFO

-9.7 x

EV/FCF

-9.1 x

Debt/Equity

0.5 x

Debt/Assets

0.3 x

Financial Leverage

1.8 x
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Veeco Operating Metrics

Veeco's Backlog was reported to be $209.2m in FY, 2016.
FY, 2014FY, 2015FY, 2016

Backlog

$286.70 m$186 m$209.20 m

Countries

10 10

Facilities

16 14 12

Manufacturing Facilities

7 7 5

Patents Issued

300 300 300
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