Veeco Instruments (VECO) FY2020 results: revenue $454 million, up 8.3% on the year
Veeco Instruments Inc. (VECO) reported revenue of $454 million for fiscal 2020, the year ended 31 December 2020, up 8.3% on the year before. Net income was -$8 million, and diluted earnings per share $-0.17. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$454 million
+8.3% on the year
FY2013FY2020
Operating margin
5.0%
-9.4% a year earlier
FY2013FY2020
Net income
-$8 million
FY2013FY2020
Diluted EPS
-$0.17
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
454
419
542
+8.3%
Cost of revenue
260
261
348
-0.5%
Gross profit
194
158
194
+22.8%
Gross margin
42.8%
37.7%
35.7%
Research and development
79.0
90.6
97.8
-12.8%
Selling, general and administrative
76.3
79.7
92.1
-4.4%
Operating income
22.6
-39.6
-416
Operating margin
5.0%
-9.4%
-76.6%
Interest expense
24.7
22.1
21.5
+12.0%
Pre-tax income
-8.5
-78.0
-434
Income tax
-0.1
0.8
-26.7
Net income
-8.4
-78.7
-407
Net margin
-1.8%
-18.8%
-75.1%
Diluted EPS
-$0.17
-$1.66
-$8.63
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
43.0
-7.4
-37.7
Capital expenditure
6.8
10.9
12.7
-37.4%
Free cash flow
36.2
-18.3
-50.4
Free cash flow margin
8.0%
-4.4%
-9.3%
Cash from investing
-71.8
-75.9
-18.3
Cash from financing
29.1
0.1
-11.5
+22,993.7%
Depreciation and amortisation
30.7
34.4
50.0
-10.8%
Share-based compensation
12.7
15.3
16.1
-16.8%
Buybacks
n/a
n/a
11.5
Diluted shares, weighted
48m
47m
47m
+1.9%
Shares outstanding at period end
50m
49m
48m
+1.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
408
375
438
+9.0%
Debt
321
300
287
+7.0%
Operating lease liabilities
6.3
10.3
n/a
-38.8%
Other liabilities
162
133
176
+21.8%
Total liabilities and equity
898
818
901
+9.8%
Fixed assets
65.3
75.7
80.3
-13.8%
Goodwill
182
182
184
0.0%
Intangible assets
46.2
61.5
85.1
-24.9%
Investments
190
115
48.2
+64.7%
Cash and equivalents
130
129
212
+0.3%
Receivables
80.0
45.7
66.8
+75.2%
Inventory
146
133
156
+9.6%
Other assets
59.4
75.6
67.5
-21.5%
Total assets
898
818
901
+9.8%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.