Veeco Reports Second Quarter 2024 Financial Results
Veeco Instruments Inc. (Nasdaq: VECO) reported strong second quarter 2024 financial results, with revenue increasing to $175.9 million from $161.6 million in the same period last year. The company achieved a significant turnaround in profitability, posting a GAAP net income of $14.9 million ($0.25 per diluted share), compared to a net loss of $85.3 million in Q2 2023. Non-GAAP net income also improved to $25.4 million ($0.42 per diluted share).
Veeco's Semiconductor business, particularly its Laser Annealing systems, drove the solid performance. The company received follow-on orders for advanced logic and DRAM processes. For Q3 2024, Veeco projects revenue between $170-$190 million and non-GAAP EPS of $0.39-$0.49.
Veeco Instruments Inc. (Nasdaq: VECO) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un aumento dei ricavi a 175,9 milioni di dollari rispetto ai 161,6 milioni dello stesso periodo dell'anno precedente. L'azienda ha raggiunto un notevole miglioramento della redditività, registrando un utile netto GAAP di 14,9 milioni di dollari (0,25 dollari per azione diluita), rispetto a una perdita netta di 85,3 milioni nel Q2 2023. Anche l'utile netto non GAAP è migliorato a 25,4 milioni di dollari (0,42 dollari per azione diluita).
Il settore semiconduttori di Veeco, in particolare i suoi sistemi di Laser Annealing, ha guidato le solide performance. L'azienda ha ricevuto ordini di follow-up per processi avanzati di logica e DRAM. Per il Q3 2024, Veeco prevede ricavi tra 170 e 190 milioni di dollari e un utile per azione non GAAP di 0,39-0,49 dollari.
Veeco Instruments Inc. (Nasdaq: VECO) informó resultados financieros sólidos en el segundo trimestre de 2024, con ingresos que aumentaron a 175,9 millones de dólares desde los 161,6 millones en el mismo período del año pasado. La compañía logró un cambio significativo en rentabilidad, reportando un ingreso neto GAAP de 14,9 millones de dólares (0,25 dólares por acción diluida), en comparación con una pérdida neta de 85,3 millones en el Q2 2023. El ingreso neto no GAAP también mejoró a 25,4 millones de dólares (0,42 dólares por acción diluida).
El negocio de Semiconductores de Veeco, particularmente sus sistemas de Annealing Láser, impulsó un sólido desempeño. La compañía recibió pedidos adicionales para procesos avanzados de lógica y DRAM. Para el Q3 2024, Veeco proyecta ingresos entre 170 y 190 millones de dólares y EPS no GAAP de 0,39-0,49 dólares.
Veeco Instruments Inc. (Nasdaq: VECO)는 2024년 2분기 재무 결과가 강력하게 보고되었으며, 매출이 작년 같은 기간의 1억 6,160만 달러에서 1억 7,590만 달러로 증가했다고 발표했습니다. 회사는 수익성에서 중요한 반전을 이루어 GAAP 기준 순이익 1,490만 달러 (희석 주당 0.25달러)를 기록했으며, 이는 2023년 2분기에 비해 8,530만 달러의 순손실에서 개선된 것입니다. 비 GAAP 순이익도 2,540만 달러 (희석 주당 0.42달러)로 개선되었습니다.
Veeco의 반도체 사업, 특히 레이저 어닐링 시스템이 실적을 주도했습니다. 회사는 고급 로직 및 DRAM 프로세스에 대한 후속 주문을 받았습니다. 2024년 3분기까지 Veeco는 매출을 1억 7천만~1억 9천만 달러, 비 GAAP 주당순이익을 0.39~0.49달러로 예상하고 있습니다.
Veeco Instruments Inc. (Nasdaq: VECO) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec un chiffre d'affaires passant de 161,6 millions de dollars l'année dernière à 175,9 millions de dollars. L'entreprise a réalisé un retournement significatif de la rentabilité, affichant un bénéfice net GAAP de 14,9 millions de dollars (0,25 dollar par action diluée), par rapport à une perte nette de 85,3 millions de dollars au T2 2023. Le bénéfice net non GAAP a également été amélioré à 25,4 millions de dollars (0,42 dollar par action diluée).
Le secteur des semiconducteurs de Veeco, en particulier ses systèmes de traitement laser, a propulsé cette performance solide. L'entreprise a reçu des commandes supplémentaires pour des processus logiques avancés et DRAM. Pour le T3 2024, Veeco prévoit un chiffre d'affaires compris entre 170 et 190 millions de dollars et un BPA non GAAP compris entre 0,39 et 0,49 dollar.
Veeco Instruments Inc. (Nasdaq: VECO) berichtete von soliden Finanzergebnissen für das zweite Quartal 2024, mit einem Anstieg des Umsatzes auf 175,9 Millionen Dollar im Vergleich zu 161,6 Millionen Dollar im gleichen Zeitraum des Vorjahres. Das Unternehmen erzielte eine bedeutende Wende bei der Rentabilität und verzeichnete ein GAAP-Nettoeinkommen von 14,9 Millionen Dollar (0,25 Dollar pro verwässerter Aktie), im Vergleich zu einem Nettoverlust von 85,3 Millionen im Q2 2023. Auch das nicht GAAP-Nettoeinkommen verbesserte sich auf 25,4 Millionen Dollar (0,42 Dollar pro verwässerter Aktie).
Das Halbleitergeschäft von Veeco, insbesondere die Laser-Glühsysteme, trieb die solide Leistung. Das Unternehmen erhielt Folgeaufträge für fortschrittliche Logik- und DRAM-Prozesse. Für das Q3 2024 prognostiziert Veeco einen Umsatz von 170 bis 190 Millionen Dollar und ein nicht GAAP EPS von 0,39 bis 0,49 Dollar.
- Revenue increased by 8.8% year-over-year to $175.9 million
- GAAP net income improved from a loss of $85.3 million to a profit of $14.9 million
- Non-GAAP net income grew by 23.3% to $25.4 million
- Record revenue from Laser Annealing systems
- Received follow-on orders for advanced semiconductor processes
- None.
Insights
Veeco's Q2 2024 results demonstrate solid financial performance and operational improvement. Revenue increased by
The company's Semiconductor business, particularly Laser Annealing systems, is driving growth. The follow-on orders for LSA systems from leading logic and DRAM customers indicate strong market positioning and potential for future revenue streams. The Q3 guidance of
Investors should note the significant improvement in profitability and the company's ability to capitalize on advanced semiconductor manufacturing trends. However, the wide guidance range may indicate some uncertainty in the near-term demand environment.
Veeco's strong performance in Laser Annealing systems is particularly noteworthy. The record revenue in this segment and follow-on orders for gate-all-around (GAA) processes highlight Veeco's critical role in advanced node semiconductor manufacturing. GAA is a cutting-edge transistor architecture that major foundries are adopting for sub-3nm nodes, indicating Veeco's technology is aligned with industry trends.
The follow-on business from a Tier 1 DRAM customer is also significant, as it suggests Veeco is well-positioned in the memory market, which is expected to recover in the coming quarters. This diversification across logic and memory segments provides some resilience against sector-specific downturns.
However, investors should monitor the broader semiconductor equipment market, as cyclicality and geopolitical factors can impact demand. Veeco's ability to maintain its technological edge will be important for long-term success in this competitive industry.
Second Quarter 2024 Highlights:
- Revenue of
$175.9 million , compared with$161.6 million in the same period last year - GAAP net income of
$14.9 million , or$0.25 per diluted share, compared with net loss of$85.3 million , or$1.61 loss per diluted share in the same period last year - Non-GAAP net income of
$25.4 million , or$0.42 per diluted share, compared with$20.6 million , or$0.36 per diluted share in the same period last year
PLAINVIEW, N.Y., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its second quarter ended June 30, 2024. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.
| U.S. Dollars in millions, except per share data | ||||||||
| GAAP Results | Q2 '24 | Q2 '23 | ||||||
| Revenue | $ | 175.9 | $ | 161.6 | ||||
| Net income (loss) | $ | 14.9 | $ | (85.3 | ) | |||
| Diluted earnings (loss) per share | $ | 0.25 | $ | (1.61 | ) | |||
| Non-GAAP Results | Q2 '24 | Q2 '23 | ||||||
| Operating income | $ | 28.3 | $ | 24.3 | ||||
| Net income | $ | 25.4 | $ | 20.6 | ||||
| Diluted earnings per share | $ | 0.42 | $ | 0.36 | ||||
“We delivered solid second quarter results in line with our guidance, led by our Semiconductor business,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “Demand for our Laser Annealing systems remains strong, highlighted by record revenue during the quarter. We’re also pleased to have received follow-on LSA orders for a leading logic customer’s gate-all-around process, as well as follow-on business from our Tier 1 DRAM customer to support their planned expansion.”
Guidance and Outlook
The following guidance is provided for Veeco’s third quarter 2024:
- Revenue is expected in the range of
$170 million to$190 million - GAAP diluted earnings per share are expected in the range of
$0.21 t o$0.31 - Non-GAAP diluted earnings per share are expected in the range of
$0.39 t o$0.49
Conference Call Information
A conference call reviewing these results has been scheduled for today, August 6, 2024 starting at 5:00pm ET. To join the call, dial 1-877-407-8029 (toll-free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.
About Veeco
Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.
Forward-looking Statements
This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; the effects of regional or global health epidemics; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
-financial tables attached-
| Veeco Contacts: | |||
| Investors: | Anthony Pappone | (516) 500-8798 | apappone@veeco.com |
| Media: | Kevin Long | (516) 714-3978 | klong@veeco.com |
| Veeco Instruments Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 175,879 | $ | 161,641 | $ | 350,363 | $ | 315,145 | |||||||
| Cost of sales | 100,489 | 94,131 | 199,554 | 185,618 | |||||||||||
| Gross profit | 75,390 | 67,510 | 150,809 | 129,527 | |||||||||||
| Operating expenses, net: | |||||||||||||||
| Research and development | 31,696 | 27,384 | 61,338 | 54,945 | |||||||||||
| Selling, general, and administrative | 24,595 | 23,822 | 49,295 | 46,449 | |||||||||||
| Amortization of intangible assets | 1,825 | 2,123 | 3,716 | 4,235 | |||||||||||
| Other operating expense (income), net | 552 | 493 | (2,307 | ) | 404 | ||||||||||
| Total operating expenses, net | 58,668 | 53,822 | 112,042 | 106,033 | |||||||||||
| Operating income | 16,722 | 13,688 | 38,767 | 23,494 | |||||||||||
| Interest income (expense), net | 349 | (632 | ) | 1,054 | (1,434 | ) | |||||||||
| Other income (expense), net | — | (97,091 | ) | — | (97,091 | ) | |||||||||
| Income (loss) before income taxes | 17,071 | (84,035 | ) | 39,821 | (75,031 | ) | |||||||||
| Income tax expense | 2,127 | 1,285 | 3,023 | 1,548 | |||||||||||
| Net income (loss) | $ | 14,944 | $ | (85,320 | ) | $ | 36,798 | $ | (76,579 | ) | |||||
| Income (loss) per common share: | |||||||||||||||
| Basic | $ | 0.27 | $ | (1.61 | ) | $ | 0.66 | $ | (1.48 | ) | |||||
| Diluted | $ | 0.25 | $ | (1.61 | ) | $ | 0.61 | $ | (1.48 | ) | |||||
| Weighted average number of shares: | |||||||||||||||
| Basic | 56,277 | 52,861 | 56,160 | 51,764 | |||||||||||
| Diluted | 62,535 | 52,861 | 61,733 | 51,764 | |||||||||||
| Veeco Instruments Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 174,164 | $ | 158,781 | |||
| Restricted cash | 289 | 339 | |||||
| Short-term investments | 130,696 | 146,664 | |||||
| Accounts receivable, net | 92,397 | 103,018 | |||||
| Contract assets | 39,436 | 24,370 | |||||
| Inventories | 245,108 | 237,635 | |||||
| Prepaid expenses and other current assets | 36,105 | 35,471 | |||||
| Total current assets | 718,195 | 706,278 | |||||
| Property, plant and equipment, net | 113,461 | 118,459 | |||||
| Operating lease right-of-use assets | 27,332 | 24,377 | |||||
| Intangible assets, net | 40,229 | 43,945 | |||||
| Goodwill | 214,964 | 214,964 | |||||
| Deferred income taxes | 117,901 | 117,901 | |||||
| Other assets | 3,033 | 3,117 | |||||
| Total assets | $ | 1,235,115 | $ | 1,229,041 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 46,850 | $ | 42,383 | |||
| Accrued expenses and other current liabilities | 50,119 | 57,624 | |||||
| Contract liabilities | 80,556 | 118,026 | |||||
| Current portion of long-term debt | 26,448 | — | |||||
| Total current liabilities | 203,973 | 218,033 | |||||
| Deferred income taxes | 6,445 | 6,552 | |||||
| Long-term debt | 249,105 | 274,941 | |||||
| Long-term operating lease liabilities | 34,938 | 31,529 | |||||
| Other liabilities | 25,641 | 25,544 | |||||
| Total liabilities | 520,102 | 556,599 | |||||
| Total stockholders’ equity | 715,013 | 672,442 | |||||
| Total liabilities and stockholders’ equity | $ | 1,235,115 | $ | 1,229,041 | |||
Note on Reconciliation Tables
The below tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.
These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors’ operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.
| Reconciliation of GAAP to Non-GAAP Financial Data (Q2 2024) (in thousands) (unaudited) | ||||||||||||||||
| Non-GAAP Adjustments | ||||||||||||||||
| Share-Based | ||||||||||||||||
| Three months ended June 30, 2024 | GAAP | Compensation | Amortization | Other | Non-GAAP | |||||||||||
| Net sales | $ | 175,879 | $ | 175,879 | ||||||||||||
| Gross profit | 75,390 | 1,445 | 76,835 | |||||||||||||
| Gross margin | 42.9 | % | 43.7 | % | ||||||||||||
| Operating expenses | 58,668 | (7,788 | ) | (1,825 | ) | (494 | ) | 48,561 | ||||||||
| Operating income | 16,722 | 9,233 | 1,825 | 494 | ^ | 28,274 | ||||||||||
| Net income | 14,944 | 9,233 | 1,825 | (570 | ) | ^ | 25,432 | |||||||||
_______________________
^ - See table below for additional details.
| Other Non-GAAP Adjustments (Q2 2024) (in thousands) (unaudited) | |||
| Three months ended June 30, 2024 | |||
| Changes in contingent consideration | $ | 494 | |
| Subtotal | 494 | ||
| Non-cash interest expense | 316 | ||
| Non-GAAP tax adjustment * | (1,380 | ) | |
| Total Other | $ | (570 | ) |
_______________________
* - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.
| Net Income per Common Share (Q2 2024) (in thousands, except per share amounts) (unaudited) | |||||||
| Three months ended June 30, 2024 | |||||||
| GAAP | Non-GAAP | ||||||
| Numerator: | |||||||
| Net income | $ | 14,944 | $ | 25,432 | |||
| Interest expense associated with 2025 and 2027 Convertible Senior Notes | 512 | 466 | |||||
| Net income available to common shareholders | $ | 15,456 | $ | 25,898 | |||
| Denominator: | |||||||
| Basic weighted average shares outstanding | 56,277 | 56,277 | |||||
| Effect of potentially dilutive share-based awards | 1,316 | 1,316 | |||||
| Dilutive effect of 2025 Convertible Senior Notes | 1,104 | 1,104 | |||||
| Dilutive effect of 2027 Convertible Senior Notes (1) | 1,788 | 1,354 | |||||
| Dilutive effect of 2029 Convertible Senior Notes | 2,050 | 2,050 | |||||
| Diluted weighted average shares outstanding | 62,535 | 62,101 | |||||
| Net income per common share: | |||||||
| Basic | $ | 0.27 | $ | 0.45 | |||
| Diluted | $ | 0.25 | $ | 0.42 | |||
_______________________
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of
| Reconciliation of GAAP to Non-GAAP Financial Data (Q2 2023) (in thousands) (unaudited) | ||||||||||||||||||
| Non-GAAP Adjustments | ||||||||||||||||||
| Share-based | ||||||||||||||||||
| Three months ended June 30, 2023 | GAAP | Compensation | Amortization | Other | Non-GAAP | |||||||||||||
| Net sales | $ | 161,641 | $ | 161,641 | ||||||||||||||
| Gross profit | 67,510 | 1,572 | — | 69,082 | ||||||||||||||
| Gross margin | 41.8 | % | 42.7 | % | ||||||||||||||
| Operating expenses | 53,822 | (6,360 | ) | (2,123 | ) | (549 | ) | 44,790 | ||||||||||
| Operating income | 13,688 | 7,932 | 2,123 | 549 | ^ | 24,292 | ||||||||||||
| Net income (loss) | (85,320 | ) | 7,932 | 2,123 | 95,868 | ^ | 20,603 | |||||||||||
_______________________
^ - See table below for additional details.
| Other Non-GAAP Adjustments (Q2 2023) (in thousands) (unaudited) | |||
| Three months ended June 30, 2023 | |||
| Changes in contingent consideration | $ | 350 | |
| Acquisition related | 199 | ||
| Subtotal | 549 | ||
| Non-cash interest expense | 288 | ||
| Other (income) expense, net | 97,091 | ||
| Non-GAAP tax adjustment * | (2,060 | ) | |
| Total Other | $ | 95,868 | |
_______________________
* - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.
| Net Income per Common Share (Q2 2023) (in thousands, except per share amounts) (unaudited) | |||||||
| Three months ended June 30, 2023 | |||||||
| GAAP | Non-GAAP | ||||||
| Numerator: | |||||||
| Net income (loss) | $ | (85,320 | ) | $ | 20,603 | ||
| Interest expense associated with 2025 and 2027 Convertible Senior Notes | — | 1,482 | |||||
| Net income (loss) available to common shareholders | $ | (85,320 | ) | $ | 22,085 | ||
| Denominator: | |||||||
| Basic weighted average shares outstanding | 52,861 | 52,861 | |||||
| Effect of potentially dilutive share-based awards | — | 838 | |||||
| Dilutive effect of 2025 Convertible Senior Notes (1) | — | 3,385 | |||||
| Dilutive effect of 2027 Convertible Senior Notes (1)(2) | — | 4,152 | |||||
| Diluted weighted average shares outstanding | 52,861 | 61,236 | |||||
| Net income (loss) per common share: | |||||||
| Basic | $ | (1.61 | ) | $ | 0.39 | ||
| Diluted | $ | (1.61 | ) | $ | 0.36 | ||
_______________________
| (1) | - Weighted average based on number of days outstanding during the period, considering the debt refinancing transaction on May 19, 2023. |
| (2) | - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of |
| Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q2 2024 and 2023) (in thousands) (unaudited) | |||||||
| Three months ended | Three months ended | ||||||
| June 30, 2024 | June 30, 2023 | ||||||
| GAAP Net income (loss) | $ | 14,944 | $ | (85,320 | ) | ||
| Share-based compensation | 9,233 | 7,932 | |||||
| Amortization | 1,825 | 2,123 | |||||
| Changes in contingent consideration | 494 | — | |||||
| Transition expenses related to San Jose expansion project | — | 350 | |||||
| Acquisition related | — | 199 | |||||
| Interest (income) expense, net | (349 | ) | 632 | ||||
| Other (income) expense, net | — | 97,091 | |||||
| Income tax expense | 2,127 | 1,285 | |||||
| Non-GAAP Operating income | $ | 28,274 | $ | 24,292 | |||
| Reconciliation of GAAP to Non-GAAP Financial Data (Q3 2024) (in millions, except per share amounts) (unaudited) | ||||||||||||||||||||||
| Non-GAAP Adjustments | ||||||||||||||||||||||
| Guidance for the three months ending | Share-based | |||||||||||||||||||||
| September 30, 2024 | GAAP | Compensation | Amortization | Other | Non-GAAP | |||||||||||||||||
| Net sales | $ | 170 | - | $ | 190 | $ | 170 | - | $ | 190 | ||||||||||||
| Gross profit | 72 | - | 82 | 2 | — | — | 74 | - | 84 | |||||||||||||
| Gross margin | - | - | ||||||||||||||||||||
| Operating expenses | 57 | - | 59 | (8) | (2) | — | 48 | - | 50 | |||||||||||||
| Operating income | 15 | - | 23 | 10 | 2 | — | 26 | - | 34 | |||||||||||||
| Net income | $ | 13 | - | $ | 19 | 10 | 2 | (1) | $ | 24 | - | $ | 31 | |||||||||
| Income per diluted common share | $ | 0.21 | - | $ | 0.31 | $ | 0.39 | - | $ | 0.49 | ||||||||||||
| Income per Diluted Common Share (Q3 2024) (in millions, except per share amounts) (unaudited) | ||||||||||||||||
| Guidance for the three months ending September 30, 2024 | GAAP | Non-GAAP | ||||||||||||||
| Numerator: | ||||||||||||||||
| Net income | $ | 13 | - | $ | 19 | $ | 24 | - | $ | 31 | ||||||
| Interest expense associated with convertible notes | — | 1 | — | — | ||||||||||||
| Net income available to common shareholders | $ | 13 | - | $ | 20 | $ | 24 | - | $ | 31 | ||||||
| Denominator: | ||||||||||||||||
| Basic weighted average shares outstanding | 56 | 56 | 56 | 56 | ||||||||||||
| Effect of potentially dilutive share-based awards | 2 | 2 | 2 | 2 | ||||||||||||
| Dilutive effect of 2025 Convertible Senior Notes | — | 1 | 1 | 1 | ||||||||||||
| Dilutive effect of 2027 Convertible Senior Notes (1) | 2 | 2 | 1 | 1 | ||||||||||||
| Dilutive effect of 2029 Convertible Senior Notes | 3 | 3 | 3 | 3 | ||||||||||||
| Diluted weighted average shares outstanding | 62 | 63 | 63 | 63 | ||||||||||||
| Net income per common share: | ||||||||||||||||
| Income per diluted common share | $ | 0.21 | - | $ | 0.31 | $ | 0.39 | - | $ | 0.49 | ||||||
_______________________
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of
| Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q3 2024) (in millions) (unaudited) | ||||||||
| Guidance for the three months ending September 30, 2024 | ||||||||
| GAAP Net income | $ | 13 | - | $ | 19 | |||
| Share-based compensation | 10 | - | 10 | |||||
| Amortization | 2 | - | 2 | |||||
| Interest income, net | (1 | ) | - | (1 | ) | |||
| Income tax expense | 2 | - | 4 | |||||
| Non-GAAP Operating income | $ | 26 | - | $ | 34 | |||
Note: Amounts may not calculate precisely due to rounding.
FAQ
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