VEECO INSTRUMENTS INC. VECO Cash Flow

Veeco instruments inc. (VECO)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash Flows from Operating Activities
Net income (loss)
-567	-32,871	-11,767	-15,565	-18,530	-144,674	-8,953	-237,634	-15,827	-8,478	-23,741	-20,817	1,640	-4,815	-69,597	-32,082	-15,533	-9,787	5,305	-8,386	-19,110	-56,912	-13,977	-15,211	19,160	-22,085	-6,026	-4,081	-10,071	-9,055	11,753	11,818	16,412	20,276	35,863	19,206	52,642	197,160	86,163	52,393	26,044
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
7,724	8,561	8,523	8,519	8,796	8,888	8,804	14,580	17,726	17,800	16,675	9,821	5,799	6,640	8,719	8,698	8,593	9,084	9,041	11,001	10,724	6,924	6,049	5,829	5,771	6,345	4,095	4,058	3,927	4,011	4,347	4,119	3,715	3,601	3,490	3,140	2,661	2,450	1,787	3,278	3,274
Amortization of debt discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	491	769	789	768	760	741
Non-cash interest expense
3,320	3,258	3,199	3,138	3,081	3,023	2,968	2,912	2,859	2,805	2,754	2,702	2,185	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of lab tools
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-886	0	1,515	920	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in contingent consideration
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-29,368	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
115	340	10	25	-15	1,252	-1,214	-27,389	-269	-12,763	-2,499	-13,855	-6,246	-532	-292	1,356	465	854	915	272	607	-6,357	-2,298	-1,877	-798	-7,068	5,375	-4,356	-6,215	-618	-309	-87	674	4,476	51	-1,239	7,988	12,709	-33,094	-4,908	152
Loss on extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-3,045	-304	-	-	-	-
Share-based compensation expense
3,646	3,742	3,783	4,588	3,157	3,354	3,279	4,904	4,537	4,420	6,170	9,620	4,186	3,608	3,743	4,002	4,388	3,948	5,119	4,921	3,998	4,510	4,490	5,091	4,722	4,076	2,762	3,713	2,579	3,639	3,485	4,014	3,130	3,335	2,955	3,717	2,800	2,547	1,833	2,523	1,866
Asset impairment
-	-	-	-	-	-	-	-	-	0	1	675	463	-	-	-	-	0	0	0	126	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from equity-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24	430	31	4,330	-1,233	-887	-91	-1,805	-1,347	-5,066	-2,188	-	-	-	-
Provision for bad debts
-	-	-	-	-	-	-	-	-	0	7	0	92	11	0	0	160	-	-	-	-	-	-	-	-	1,941	-6	-5	16	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14	-	-	1	-42	-	-	-5,799	1,869
Non-cash items from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-8,411	51,751	1,041	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable and contract assets
27,846	-22,104	22,535	-14,361	8,134	-21,052	-40,424	28,478	11,177	-16,600	3,875	8,356	-5,871	7,696	8,768	-14,542	6,958	2,769	-36,193	18,509	4,200	-10,759	3,428	5,782	26,939	-11,803	-6,996	1,905	-20,004	3,469	-34,479	5,072	-5,079	-20,621	-12,409	32,075	-55,888	21,661	12,552	50,439	-1,492
Inventories and deferred cost of sales
-2,446	2,952	-9,387	-45	-8,489	6,930	7,858	14,445	-4,555	3,084	11,010	-6,735	-13,603	-4,803	-3,668	15,851	-1,274	-717	-8,240	14,020	7,249	427	122	1,088	-8,150	-588	-6,376	-4,184	8,395	-13,666	-17,383	-12,289	-10,599	-14,012	6,489	13,307	12,843	24,956	18,643	-414	6,350
Prepaid expenses and other current assets
1,480	-8,796	-2,681	1,500	2,457	-1,179	-5,169	-1,044	-3,824	9,873	939	-4,351	3,743	-3,065	-1,257	-9,064	6,660	371	-3,176	-6,126	8,970	5,909	-5,295	-1,779	3,410	-5,643	-4,100	2,400	6,501	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued expenses
14,459	-10,945	9,955	-13,695	-12,260	-15,666	-15,767	9,752	2,009	8,179	10,236	-7,720	613	-10,479	-4,839	-6,946	-2,210	9,102	-18,673	7,884	11,157	-6,686	2,366	1,026	-2,240	5,235	-18,605	14,454	6,458	-9,295	4,945	-5,577	-2,179	-4,396	-15,254	21,270	6,478	-12,609	-342	15,929	4,321
Customer deposits and deferred revenue
-5,242	-11,161	-17,999	15,149	-3,855	8,293	-9,016	-21,014	-17,559	3,416	31,638	1,119	-13,727	6,202	13,946	-8,868	-1,510	-12,809	-39,528	17,610	13,989	24,737	7,973	16,410	6,416	-2,094	-8,140	-8,859	1,764	-9,330	-12,421	-5,307	-7,169	-23,038	-46,359	7,816	-11,142	-10,242	50,087	30,878	14,777
Income taxes receivable and payable, net
124	-62	-6	-124	-463	-1,248	637	-1,906	-2,283	791	-145	-1	130	-	-	-	-893	-1,564	14	-291	2,600	19,588	45	1,258	-612	-11,913	887	-153	-1,555	2,077	981	351	-1,556	819	1,714	-11,994	-32,743	35,689	29,887	12,804	514
Long-term income tax liability
-	-	-	-	-	-	-	-	-	0	0	0	-4,877	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-905	-1,394	95	791	100	-288	411	302	202	96	407	195	-343	238	-2,871	768	-86	2,089	-749	-1,244	-616	-5,373	-816	2,359	-1,667	-1,894	6,931	970	-8,506	-3,946	11,979	-4,279	-13,007	-6,411	3,584	3,898	-3,190	-19,147	19,989	797	3,103
Discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,844
Net cash provided by (used in) operating activities
-2,396	15,589	-14,864	14,150	-22,291	1,640	18,062	-45,633	-11,807	19,717	24,865	-15,921	6,332	464	6,823	-12,333	-18,798	-6,061	9,889	7,673	4,288	48,669	10,176	1,625	-18,401	-3,883	-9,141	3,265	10,486	6,128	45,559	18,641	41,635	55,347	-15,217	425	74,887	6,343	78,853	67,265	41,753
Cash Flows from Investing Activities
Capital expenditures
1,070	2,684	1,748	4,261	2,180	6,866	1,992	1,537	2,259	6,869	7,346	5,870	4,187	762	1,538	5,191	3,988	2,818	3,539	2,749	4,781	5,112	5,967	2,371	2,138	1,198	1,977	4,380	1,619	2,288	6,105	8,146	8,455	12,848	16,225	21,889	9,402	2,701	2,129	4,884	1,010
Proceeds from the sale of investments
71,130	25,119	61,730	18,000	22,500	24,700	20,000	11,365	34,000	41,170	72,171	208,175	27,411	21,004	53,152	67,215	10,930	20,000	18,500	6,591	43,556	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40,025
Proceeds from the liquidation of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	94,817	89,203	32,030	-	150,454	171,213	101,236	-	76,770	55,964	43,569	-	292,990	252,078	122,148	-	-	-	-
Payments for purchases of investments
34,866	44,324	72,556	34,850	41,258	20,743	6,903	11,100	54,300	3,002	60,804	0	219,141	-	-	-	-	68,838	5,002	0	11,998	4	65,704	74,040	17,989	35,882	132,450	149,054	271,713	75,232	40,834	30,511	18,503	101,814	125,588	206,712	154,339	-	-	-	-
Proceeds from sale of lab tools
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,115	120	1,413	2,225	0	4,694	2,340	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for purchases of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	60,500
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	0	17	0	213	-1,662	-203	797	68	-2,612	1,577	561	124	-	-	-	-	-	-	-	-	-85	-109	0	-1	1,682	-1,956	162	99
Proceeds (tax withholdings) from stock option exercises and employee stock purchase plan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	495	-22	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
35,194	-21,889	-11,929	-21,111	-20,938	-2,909	8,443	-1,272	-22,559	28,949	6,305	-197,173	-195,917	4,043	9,447	26,491	6,729	-49,642	11,277	3,165	28,122	-44,510	21,569	16,925	14,119	-28,197	15,176	17,061	-172,096	-8,903	19,548	21,065	16,611	-51,820	182,869	16,837	-41,592	-61,852	-135,255	97,070	-21,584
Cash Flows from Financing Activities
Proceeds (net of tax withholdings) from option exercises and employee stock purchase plan
956	-	-	-	1,021	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash withholdings for employee stock purchase plan
-	-	-	-	-	-	968	903	1,136	-	1,048	913	585	-	-	-	-	889	187	1,112	45	2,571	360	809	8,316	1,886	0	33	280	39	3,209	1,624	537	739	880	6,144	2,951	9,104	2,947	6,145	26,968
Restricted stock tax withholdings
680	209	530	1,599	642	40	170	2,432	427	944	1,503	5,833	461	1,417	519	638	27	1,086	949	1,128	52	150	58	1,697	170	338	23	2,203	132	307	88	1,235	95	254	261	2,645	13	1,721	0	2,442	456
Excess tax benefits from equity-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24	430	31	-92	1,233	887	91	1,805	1,347	5,066	2,188	-	-	-	-
Purchases of common stock
-	-	-	-	-	0	10,232	633	592	-	-	-	-	0	0	0	13,349	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from long-term debt borrowings
-	-	-	-	-	-	-	-	-	-	1	-1	335,752	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on long-term debt
-	-	-	-	-	-	-	-	-	1	1,013	91	89	88	86	84	82	81	80	77	76	75	74	71	70	70	67	67	65	64	63	61	60	58	59	98,172	7,514	56	52	53	52
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-8	6	-	-	-	-
Net cash provided by (used in) financing activities
276	288	295	-836	379	17	-9,434	-2,162	117	-3,368	-1,467	-5,012	335,787	-1,041	114	-227	-13,480	-9,185	-842	-93	-83	2,346	228	-959	8,076	-4,007	-66	-1,807	114	-424	4,291	1,215	473	2,230	-152,415	-97,368	-2,382	24,102	-28,707	3,650	26,460
Effect of exchange rate changes on cash and cash equivalents
-48	17	-4	2	11	-	-	-	32	17	1	9	15	-40	-7	-12	39	6	-63	-15	-15	298	-297	59	89	-780	149	-92	60	708	603	794	-1,309	-1,071	331	937	792	-1,605	1,942	-680	-1,123
Net increase (decrease) in cash, cash equivalents, and restricted cash
33,026	-5,995	-26,502	-7,795	-42,839	-1,252	17,067	-49,099	-34,217	45,315	29,704	-218,097	146,217	3,426	16,377	13,919	-25,510	-64,882	20,261	10,730	32,312	6,803	31,676	17,650	3,883	-36,867	6,118	18,427	-161,436	-2,491	70,001	41,715	57,410	4,686	15,568	-79,169	31,705	-33,012	-83,167	167,305	45,506
Supplemental Disclosure of Cash Flow Information
Interest paid
4,681	7	4,680	28	4,693	53	4,963	18	4,674	8	4,602	34	31	46	76	64	39	381	33	35	36	38	39	40	42	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes paid
293	96	217	277	2,341	530	706	1,190	2,373	172	345	750	672	213	172	318	966	1,051	3,415	2,081	544	412	909	148	1,851	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash operating and financing activities
Net transfer of property, plant and equipment to inventory
526	-	-	-	130	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net transfer of property, plant and equipment to inventory
-	-	-	-	-	-	-	-	339	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net transfer of inventory to property, plant and equipment
-	-	-	-	-	-	-	-	-	-130	0	114	-81	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Right-of-use assets obtained in exchange for lease obligations
-	5,060	177	101	238	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers from property, plant and equipment to inventory
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,799	12	0	1,102
Transfers from inventory to property, plant and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	850