Veeco Financials

$131.9 M

Revenue Q3, 2017

$887.2 M

Mkt cap, 16-Feb-2018
Gross profit (Q3, 2017)53.1 M
Gross profit margin (Q3, 2017), %40.2%
Net income (Q3, 2017)(21.9 M)
EBIT (Q3, 2017)(18.9 M)
Cash, 30-Sep-2017235.3 M
EV925.1 M

Revenue/Financials

Income Statement

Annual

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

Revenue

331.7 m392.9 m477 m332.5 m

Revenue growth, %

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

Cost of goods sold

228.6 m258 m299.8 m199.6 m

Gross profit

103.1 m134.9 m177.2 m132.9 m

Gross profit Margin, %

31%34%37%40%

R&D expense

81 m

Operating expense total

81 m

EBIT

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

EBIT margin, %

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

Interest expense

598 k715 k464 k222 k

Interest income

602 k1.6 m1.1 m1.2 m

Pre tax profit

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

Income tax expense

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

Net Income

(42.3 m)(66.9 m)(32 m)(122.2 m)

Quarterly

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

Revenue

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

Cost of goods sold

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

Gross profit

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

Gross profit Margin, %

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

R&D expense

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

General and administrative expense

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

Operating expense total

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

EBIT

7.5 m(19.6 m)(6.8 m)(9.9 m)18.6 m(15.8 m)(17.5 m)(15.8 m)(4 m)6.6 m(15.3 m)(31.3 m)(68.7 m)(5.8 m)(27 m)(18.9 m)

EBIT margin, %

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

Interest expense

176 k164 k72 k305 k126 k124 k95 k38 k105 k23 k4.1 m5.1 m5.1 m

Interest income

176 k164 k72 k305 k287 k243 k256 k306 k290 k283 k793 k782 k357 k

Pre tax profit

7.6 m(19.4 m)(6.6 m)(9.7 m)18.8 m(15.7 m)(17.2 m)(15.7 m)(3.9 m)6.7 m(15 m)(31.1 m)(68.5 m)(9.2 m)(31.3 m)(23.7 m)

Income tax expense

1.3 m(9.4 m)(369 k)(488 k)(3.2 m)3.4 m4.5 m1.4 m528 k1 m1.1 m(10.3 m)(12.9 m)(1.8 m)

Net Income

11.8 m(10.1 m)(4.1 m)(6 m)19.2 m(15.2 m)(14 m)(19.1 m)(8.4 m)5.3 m(15.5 m)(32.1 m)(69.6 m)1.1 m(18.4 m)(21.9 m)

Balance Sheet

Annual

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

Cash

210.8 m270.8 m269.2 m277.4 m

Accounts Receivable

23.8 m60.1 m49.5 m58 m

Inventories

59.7 m61.5 m77.5 m77.1 m

Current Assets

613.6 m555.7 m542.1 m501.5 m

PP&E

89.1 m78.8 m79.6 m60.6 m

Goodwill

91.3 m115 m114.9 m114.9 m

Total Assets

948 m929.5 m890.8 m758.5 m

Accounts Payable

35.8 m18.1 m30.1 m22.6 m

Short-term debt

290 k314 k340 k368 k

Current Liabilities

128.2 m168.4 m162.2 m143.5 m

Long-term debt

1.8 m1.5 m1.2 m826 k

Total Debt

2.1 m1.8 m1.5 m1.2 m

Total Liabilities

163.9 m

Additional Paid-in Capital

721.4 m750.1 m767.1 m763.3 m

Retained Earnings

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

Total Equity

780.2 m738.9 m714.6 m594.6 m

Debt to Equity Ratio

0 x0 x0 x0 x

Debt to Assets Ratio

0 x0 x0 x0 x

Financial Leverage

1.2 x1.3 x1.2 x1.3 x

Quarterly

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

Cash

387 m223.1 m241.5 m247.7 m214.7 m232.3 m264 m303.1 m313.9 m334.1 m243.7 m257.6 m274 m423.7 m205.6 m235.3 m

Accounts Receivable

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

Inventories

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

Current Assets

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

PP&E

80.3 m80 m80.5 m80.2 m63 m57.6 m63.7 m82.5 m

Goodwill

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

Total Assets

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

Accounts Payable

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

Short-term debt

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

Current Liabilities

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

Long-term debt

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

Total Debt

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

Total Liabilities

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

Additional Paid-in Capital

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

Retained Earnings

105.2 m86.1 m82 m75.9 m73 m57.8 m43.8 m(32.2 m)(40.6 m)(35.3 m)(61.9 m)(94 m)(163.6 m)(167.5 m)(185.9 m)(207.8 m)

Total Equity

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

Debt to Equity Ratio

0.3 x

Debt to Assets Ratio

0.2 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 x

Cash Flow

Annual

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

Net Income

(42.3 m)(66.9 m)(32 m)(122.2 m)

Depreciation and Amortization

18.4 m24.6 m27.6 m19.2 m

Accounts Receivable

38.8 m(25 m)10.7 m(8.7 m)

Inventories

2.8 m(2.2 m)(39 k)6.7 m

Accounts Payable

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

Cash From Operating Activities

727 k42.1 m15.8 m(23.8 m)

Cash From Investing Activities

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

Long-term Borrowings

(269 k)(290 k)(314 k)(340 k)

Cash From Financing Activities

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

Interest Paid

357 k159 k485 k225 k

Income Taxes Paid

8 m3.3 m7.1 m1.7 m

Free Cash Flow

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

Quarterly

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

Net Income

11.8 m(10.1 m)(4.1 m)(6 m)19.2 m3.9 m(14 m)(19.1 m)(27.5 m)(22.2 m)(15.5 m)(47.6 m)(117.2 m)1.1 m(17.3 m)(21.9 m)

Depreciation and Amortization

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

Accounts Receivable

(32.7 m)(4.2 m)(22.7 m)13.5 m(7 m)7.6 m(1.2 m)6.5 m(5 m)113.8 m

Inventories

12.1 m113.7 m

Accounts Payable

(8 m)11.2 m19 m368 k(2.2 m)(9.2 m)(14 m)642 k(7.1 m)53.7 m

Cash From Operating Activities

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

Cash From Investing Activities

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

Long-term Borrowings

(141 k)(76 k)(153 k)(233 k)(82 k)(166 k)(252 k)(180 k)(1.2 m)

Cash From Financing Activities

7.1 m(83 k)(176 k)(1 m)(13.5 m)(13.7 m)(13.6 m)335.8 m330.8 m329.3 m

Interest Paid

36 k71 k104 k39 k103 k179 k31 k65 k4.7 m

Income Taxes Paid

544 k2.6 m6 m966 k1.3 m1.5 m672 k1.4 m1.8 m

Free Cash Flow

(21.3 m)(493 k)4.4 m10.8 m(22.8 m)(40.3 m)(35 m)2.1 m(19.6 m)(2.1 m)

Ratios

USDY, 2017

EV/EBIT

-48.9 x

EV/CFO

60.6 x

EV/FCF

-434.9 x

Revenue/Employee

184.2 k

Debt/Equity

0.3 x

Debt/Assets

0.2 x

Financial Leverage

1.7 x
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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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