Veeco Instruments (VECO) FY2023 results: revenue $666 million, up 3.1% on the year

Veeco Instruments Inc. (VECO) reported revenue of $666 million for fiscal 2023, the year ended 31 December 2023, up 3.1% on the year before. Net income was -$30 million, and diluted earnings per share $-0.56. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue

$666 million

+3.1% on the year

FY2016FY2023

Operating margin

10.5%

9.3% a year earlier

FY2016FY2023

Net income

-$30 million

FY2016FY2023

Diluted EPS

-$0.56

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	666	646	583	+3.1%
Cost of revenue	381	383	341	-0.4%
Gross profit	285	263	242	+8.3%
Gross margin	42.8%	40.7%	41.5%
Research and development	113	104	88.7	+9.0%
Selling, general and administrative	92.8	89.0	84.5	+4.3%
Operating income	69.9	60.3	56.7	+16.0%
Operating margin	10.5%	9.3%	9.7%
Interest expense	11.8	11.5	28.4	+2.3%
Pre-tax income	-28.3	51.0	25.7
Income tax	2.0	-116	-0.4
Effective tax rate	n/a	-227.4%	-1.4%
Net income	-30.4	167	26.0
Net margin	-4.6%	25.8%	4.5%
Diluted EPS	-$0.56	$2.71	$0.49

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	61.7	108	67.7	-43.1%
Capital expenditure	27.9	24.6	40.6	+13.5%
Free cash flow	33.7	83.9	27.1	-59.8%
Free cash flow margin	5.1%	13.0%	4.6%
Cash from investing	-53.3	-68.9	44.5
Cash from financing	-4.7	-4.5	-122
Depreciation and amortisation	25.0	25.6	26.1	-2.6%
Share-based compensation	28.6	23.0	15.2	+24.2%
Diluted shares, weighted	54m	66m	54m	-18.0%
Shares outstanding at period end	56m	52m	51m	+9.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	672	578	438	+16.4%
Debt	275	275	229	+0.1%
Operating lease liabilities	31.5	33.6	32.8	-6.1%
Other liabilities	250	242	199	+3.3%
Total liabilities and equity	1,229	1,128	899	+8.9%
Fixed assets	118	107	99.7	+10.4%
Goodwill	215	182	182	+18.1%
Intangible assets	43.9	23.9	33.9	+84.0%
Investments	147	147	104	-0.6%
Cash and equivalents	159	155	120	+2.5%
Receivables	103	124	110	-17.1%
Inventory	238	207	171	+14.9%
Other assets	206	182	79.0	+13.2%
Total assets	1,229	1,128	899	+8.9%

10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.