Veeco Instruments (VECO) FY2022 results: revenue $646 million, up 10.8% on the year

Veeco Instruments Inc. (VECO) reported revenue of $646 million for fiscal 2022, the year ended 31 December 2022, up 10.8% on the year before. Net income was $167 million, up 541.1%, and diluted earnings per share $2.71. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$646 million

+10.8% on the year

FY2015FY2022

Operating margin

9.3%

9.7% a year earlier

FY2015FY2022

Net income

$167 million

+541.1% on the year

FY2015FY2022

Diluted EPS

$2.71

+453.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	646	583	454	+10.8%
Cost of revenue	383	341	260	+12.3%
Gross profit	263	242	194	+8.6%
Gross margin	40.7%	41.5%	42.8%
Research and development	104	88.7	79.0	+16.8%
Selling, general and administrative	89.0	84.5	76.3	+5.2%
Operating income	60.3	56.7	22.6	+6.3%
Operating margin	9.3%	9.7%	5.0%
Interest expense	11.5	28.4	24.7	-59.4%
Pre-tax income	51.0	25.7	-8.5	+98.5%
Income tax	-116	-0.4	-0.1
Effective tax rate	-227.4%	-1.4%	n/a
Net income	167	26.0	-8.4	+541.1%
Net margin	25.8%	4.5%	-1.8%
Diluted EPS	$2.71	$0.49	-$0.17	+453.1%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	108	67.7	43.0	+60.1%
Capital expenditure	24.6	40.6	6.8	-39.5%
Free cash flow	83.9	27.1	36.2	+209.5%
Free cash flow margin	13.0%	4.6%	8.0%
Cash from investing	-68.9	44.5	-71.8
Cash from financing	-4.5	-122	29.1
Depreciation and amortisation	25.6	26.1	30.7	-1.6%
Share-based compensation	23.0	15.2	12.7	+50.8%
Diluted shares, weighted	66m	54m	48m	+22.3%
Shares outstanding at period end	52m	51m	50m	+2.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	578	438	408	+32.0%
Debt	275	229	321	+19.7%
Operating lease liabilities	33.6	32.8	6.3	+2.3%
Other liabilities	242	199	162	+21.6%
Total liabilities and equity	1,128	899	898	+25.5%
Fixed assets	107	99.7	65.3	+7.6%
Goodwill	182	182	182	0.0%
Intangible assets	23.9	33.9	46.2	-29.5%
Investments	147	104	190	+41.6%
Cash and equivalents	155	120	130	+29.4%
Receivables	124	110	80.0	+13.3%
Inventory	207	171	146	+21.1%
Other assets	182	79.0	59.4	+129.8%
Total assets	1,128	899	898	+25.5%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.