Veeco Instruments (VECO) FY2021 results: revenue $583 million, up 28.4% on the year

Veeco Instruments Inc. (VECO) reported revenue of $583 million for fiscal 2021, the year ended 31 December 2021, up 28.4% on the year before. Net income was $26 million, and diluted earnings per share $0.49. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2022.

Revenue

$583 million

+28.4% on the year

FY2014FY2021

Operating margin

9.7%

5.0% a year earlier

FY2014FY2021

Net income

$26 million

FY2014FY2021

Diluted EPS

$0.49

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	583	454	419	+28.4%
Cost of revenue	341	260	261	+31.2%
Gross profit	242	194	158	+24.7%
Gross margin	41.5%	42.8%	37.7%
Research and development	88.7	79.0	90.6	+12.3%
Selling, general and administrative	84.5	76.3	79.7	+10.9%
Operating income	56.7	22.6	-39.6	+151.3%
Operating margin	9.7%	5.0%	-9.4%
Interest expense	28.4	24.7	22.1	+14.6%
Pre-tax income	25.7	-8.5	-78.0
Income tax	-0.4	-0.1	0.8
Effective tax rate	-1.4%	n/a	n/a
Net income	26.0	-8.4	-78.7
Net margin	4.5%	-1.8%	-18.8%
Diluted EPS	$0.49	-$0.17	-$1.66

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	67.7	43.0	-7.4	+57.5%
Capital expenditure	40.6	6.8	10.9	+497.5%
Free cash flow	27.1	36.2	-18.3	-25.2%
Free cash flow margin	4.6%	8.0%	-4.4%
Cash from investing	44.5	-71.8	-75.9
Cash from financing	-122	29.1	0.1
Depreciation and amortisation	26.1	30.7	34.4	-15.1%
Share-based compensation	15.2	12.7	15.3	+20.0%
Diluted shares, weighted	54m	48m	47m	+10.9%
Shares outstanding at period end	51m	50m	49m	+1.9%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	438	408	375	+7.2%
Debt	229	321	300	-28.5%
Operating lease liabilities	32.8	6.3	10.3	+420.8%
Other liabilities	199	162	133	+22.7%
Total liabilities and equity	899	898	818	+0.1%
Fixed assets	99.7	65.3	75.7	+52.8%
Goodwill	182	182	182	0.0%
Intangible assets	33.9	46.2	61.5	-26.6%
Investments	104	190	115	-45.1%
Cash and equivalents	120	130	129	-7.6%
Receivables	110	80.0	45.7	+37.0%
Inventory	171	146	133	+17.1%
Other assets	79.0	59.4	75.6	+33.0%
Total assets	899	898	818	+0.1%

10-K for the year ended 31 December 2021, filed 18 February 2022: the filing.