Fourth Quarter 2019 Highlights:

• Revenues of $113.2 million, compared with $99.0 million in the same period last year
• GAAP net loss of $32.9 million, or $0.69 loss per diluted share
• Non-GAAP net income of $5.4 million, or $0.11 per diluted share

PLAINVIEW, N.Y., Feb. 13, 2020 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2019. 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
		4th Quarter								Full Year
GAAP Results		Q4 '19				Q4 '18				2019				2018
Revenue		$	113.2			$	99.0			$	419.3			$	542.1
Net income (loss)		$	(32.9	)		$	(144.7	)		$	(78.7	)		$	(407.1	)
Diluted earnings (loss) per share		$	(0.69	)		$	(3.11	)		$	(1.66	)		$	(8.63	)

		4th Quarter							Full Year
Non-GAAP Results		Q4 '19			Q4 '18				2019				2018
Net income (loss)		$	5.4		$	(7.5	)		$	(1.3	)		$	14.2
Operating income (loss)		$	7.4		$	(6.9	)		$	5.1			$	23.2
Diluted earnings (loss) per share		$	0.11		$	(0.16	)		$	(0.03	)		$	0.30

“We executed well on the first phase of our transformation in 2019 by improving gross margins and reducing expenses, leading to a return to profitability in the second half of the year.  Our data storage business continued its solid performance.  Furthermore, we are positioning the company for long-term growth in the front-end semiconductor, advanced packaging and compound semiconductor markets by executing on our product roadmaps,” commented William J. Miller, Ph.D., Chief Executive Officer.

“As we enter 2020, we are focused on optimizing our product portfolio, extending our core technologies into new markets, and further increasing our profitability,” concluded Dr. Miller.

Guidance and Outlook

The following guidance is provided for Veeco’s first quarter 2020:

• Revenue is expected to be in the range of $95 million to $120 million
• GAAP loss per share is expected to be in the range of ($0.24) to ($0.01)
• Non-GAAP earnings per share is expected to be in the range of $0.00 to $0.22

Please refer to the tables at the end of this press release for further details.

Conference Call Information

A conference call reviewing these results has been scheduled for today, February 13, 2020 starting at 4:30pm ET. To join the call, dial 1-888-394-8218 (toll free) or 1-646-828-8193 and use passcode 3039225. 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 proven ion beam, laser annealing, lithography, MOCVD, and single wafer etch & clean 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

To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management's Discussion and Analysis sections of Veeco's Annual Report on Form 10-K for the year ended December 31, 2018 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

-financial tables attached-

Veeco Contacts:
Investors:	Media:
Anthony Bencivenga (516) 252-1438	Kevin Long (516) 714-3978
abencivenga@veeco.com	klong@veeco.com

Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

	Three months ended December 31,								Year ended December 31,
	2019				2018				2019				2018
Net sales	$	113,202			$	98,972			$	419,349			$	542,082
Cost of sales		68,232				63,713				261,155				348,363
Gross profit		44,970				35,259				158,194				193,719
Operating expenses, net:
Research and development		21,655				24,962				90,557				97,755
Selling, general, and administrative		19,128				21,218				79,749				92,060
Amortization of intangible assets		4,312				4,249				17,085				32,351
Restructuring		2,529				887				6,403				8,556
Acquisition costs		—				53				—				2,959
Asset impairment		4,020				122,829				4,020				375,172
Other operating expense (income), net		190				42				(42	)			368
Total operating expenses, net		51,834				174,240				197,772				609,221
Operating income (loss)		(6,864	)			(138,981	)			(39,578	)			(415,502	)
Interest expense, net		(4,663	)			(4,485	)			(17,405	)			(18,332	)
Other income (expense), net		(20,973	)			—				(20,973	)			—
Income (loss) before income taxes		(32,500	)			(143,466	)			(77,956	)			(433,834	)
Income tax expense (benefit)		371				1,208				777				(26,746	)
Net income (loss)	$	(32,871	)		$	(144,674	)		$	(78,733	)		$	(407,088	)
Income (loss) per common share:
Basic	$	(0.69	)		$	(3.11	)		$	(1.66	)		$	(8.63	)
Diluted	$	(0.69	)		$	(3.11	)		$	(1.66	)		$	(8.63	)
Weighted average number of shares:
Basic		47,519				46,551				47,482				47,151
Diluted		47,519				46,551				47,482				47,151

Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)

	December 31,			December 31,
	2019			2018
Assets
Current assets:
Cash and cash equivalents	$	129,294		$	212,273
Restricted cash		657			809
Short-term investments		115,252			48,189
Accounts receivable, net		45,666			66,808
Contract assets		25,351			10,397
Inventories		133,067			156,311
Deferred cost of sales		445			3,072
Prepaid expenses and other current assets		14,966			22,221
Assets held for sale		11,180			—
Total current assets		475,878			520,080
Property, plant and equipment, net		75,711			80,284
Operating lease right-of-use assets		14,453			—
Intangible assets, net		61,518			85,149
Goodwill		181,943			184,302
Deferred income taxes		1,549			1,869
Other assets		7,036			29,132
Total assets	$	818,088		$	900,816
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	21,281		$	39,611
Accrued expenses and other current liabilities		41,243			46,450
Customer deposits and deferred revenue		54,870			72,736
Income taxes payable		830			1,256
Total current liabilities		118,224			160,053
Deferred income taxes		5,648			5,690
Long-term debt		300,068			287,392
Operating lease long-term liabilities		10,300			—
Other liabilities		9,336			9,906
Total liabilities		443,576			463,041
Total stockholders’ equity		374,512			437,775
Total liabilities and stockholders’ equity	$	818,088		$	900,816

Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)

						Non-GAAP Adjustments
						Share-Based
Three months ended December 31, 2019		GAAP				Compensation			Amortization			Other			Non-GAAP
Net sales		$	113,202												$	113,202
Gross profit			44,970			455						29				45,454
Gross margin			39.7		%											40.2	%
Operating expenses			51,834			(3,287	)		(4,312	)		(6,213	)			38,022
Operating income (loss)			(6,864	)		3,742			4,312			6,242		^		7,432
Net income (loss)			(32,871	)		3,742			4,312			30,262		^		5,445
Income (loss) per common share:
Basic		$	(0.69	)											$	0.11
Diluted			(0.69	)												0.11
Weighted average number of shares:
Basic			47,519													47,525
Diluted			47,519													48,404

_________________

^      - See table below for additional details.

Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

Three months ended December 31, 2019
Restructuring		2,132
Asset Impairment		4,020
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting		90
Subtotal		6,242
Non-cash interest expense		3,257
Impairment of equity investments		20,973
Non-GAAP tax adjustment *		(210	)
Total Other		30,262

_________________

*      - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

These 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.

Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)

						Non-GAAP Adjustments
						Share-based
Three months ended December 31, 2018			GAAP			Compensation			Amortization			Other			Non-GAAP
Net sales		$	98,972												$	98,972
Gross profit			35,259			282						134				35,675
Gross margin			35.6		%											36.0		%
Operating expenses			174,240			(3,071	)		(4,249	)		(124,327	)			42,593
Operating income (loss)			(138,981	)		3,353			4,249			124,461		^		(6,918	)
Net income (loss)			(144,674	)		3,353			4,249			129,532		^		(7,540	)
Income (loss) per common share:
Basic		$	(3.11	)											$	(0.16	)
Diluted			(3.11	)												(0.16	)
Weighted average number of shares:
Basic			46,551													46,551
Diluted			46,551													46,551

_________________

^      - See table below for additional details.

Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

Three months ended December 31, 2018
Restructuring		722
Acquisition related		53
Asset impairment		122,829
Release of inventory fair value step-up associated with the Ultratech purchase accounting		70
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting		190
Accelerated depreciation		597
Subtotal		124,461
Non-cash interest expense		3,023
Non-GAAP tax adjustment *		2,048
Total Other		129,532

_________________

*      - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

These 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.

Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (loss)
(in thousands)
(unaudited)

		Three months ended				Three months ended
		December 31, 2019				December 31, 2018
GAAP Net income (loss)		$	(32,871	)		$	(144,674	)
Share-based compensation			3,742				3,353
Amortization			4,312				4,249
Restructuring			2,132				722
Acquisition related			—				53
Asset impairment			4,020				122,829
Release of inventory fair value step-up associated with the Ultratech purchase accounting			—				70
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting			90				190
Accelerated depreciation			—				597
Interest (income) expense, net			4,663				4,485
Impairment of equity investments			20,973				—
Income tax expense (benefit)			371				1,208
Non-GAAP Operating income (loss)		$	7,432			$	(6,918	)

This table includes 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.

Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)

						Non-GAAP Adjustments
						Share-based
For the year ended December 31, 2019			GAAP			Compensation			Amortization			Other			Non-GAAP
Net sales		$	419,349												$	419,349
Gross profit			158,194			1,903						1,453				161,550
Gross margin			37.7		%											38.5		%
Operating expenses			197,772			(13,367	)		(17,085	)		(10,841	)			156,479
Operating income (loss)			(39,578	)		15,270			17,085			12,294		^		5,071
Net income (loss)			(78,733	)		15,270			17,085			45,102		^		(1,276	)
Income (loss) per common share:
Basic		$	(1.66	)											$	(0.03	)
Diluted			(1.66	)												(0.03	)
Weighted average number of shares:
Basic			47,482													47,482
Diluted			47,482													47,482

_________________

^      - See table below for additional details.

Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

For the year ended December 31, 2019
Restructuring		6,006
Asset impairment		4,020
Release of inventory fair value step-up associated with the Ultratech purchase accounting		1,270
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting		557
Accelerated depreciation		397
Other		44
Subtotal		12,294
Non-cash interest expense		12,676
Impairment of equity investments		20,973
Non-GAAP tax adjustment *		(841	)
Total Other		45,102

_________________

*    - The 'with or without' method is utilized to determine the income tax effect of all non-GAAP adjustments.

These 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.

Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)

						Non-GAAP Adjustments
						Share-based
For the year ended December 31, 2018			GAAP			Compensation			Amortization			Other			Non-GAAP
Net sales		$	542,082												$	542,082
Gross profit			193,719			1,885						2,849				198,453
Gross margin			35.7		%											36.6	%
Operating expenses			609,221			(14,189	)		(32,351	)		(387,388	)			175,293
Operating income (loss)			(415,502	)		16,074			32,351			390,237		^		23,160
Net income (loss)			(407,088	)		16,074			32,351			372,862		^		14,199
Income (loss) per common share:
Basic		$	(8.63	)											$	0.30
Diluted			(8.63	)												0.30
Weighted average number of shares:
Basic			47,151													47,171
Diluted			47,151													47,199

Veeco Instruments Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

For the year ended December 31, 2018
Restructuring		7,395
Acquisition related		2,959
Asset impairment		375,172
Release of inventory fair value step-up associated with the Ultratech purchase accounting		2,516
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting		1,011
Accelerated depreciation		1,184
Subtotal		390,237
Non-cash interest expense		11,762
Non-GAAP tax adjustment *		(29,137	)
Total Other		372,862

_________________

*    - The 'with or without' method is utilized to determine the income tax effect of all Non-GAAP adjustments.

These 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.

Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (loss)
(in thousands)
(unaudited)

		Year ended				Year ended
		December 31, 2019				December 31, 2018
GAAP Net income (loss)		$	(78,733	)		$	(407,088	)
Share-based compensation			15,270				16,074
Amortization			17,085				32,351
Restructuring			6,006				7,395
Acquisition related			—				2,959
Asset impairment			4,020				375,172
Release of inventory fair value step-up associated with the Ultratech purchase accounting			1,270				2,516
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting			557				1,011
Accelerated depreciation			397				1,184
Other			44				—
Interest (income) expense			17,405				18,332
Impairment of equity investments			20,973				—
Income tax expense (benefit)			777				(26,746	)
Non-GAAP Operating income (loss)		$	5,071			$	23,160

This table includes 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.

Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in millions, except per share amounts)
(unaudited)

												Non-GAAP Adjustments
Guidance for the three months ending												Share-based
March 31, 2020		GAAP										Compensation		Amortization		Other		Non-GAAP
Net sales		$	95			-		$	120									$	95			-		$	120
Gross profit			37			-			48			1		—		—			38			-			49
Gross margin			39	%		-			41	%									39	%		-			41	%
Operating expenses					~$44							2		4		1					~$37
Operating income (loss)			(7	)		-			4			3		4		1			1			-			12
Net income (loss)		$	(12	)		-		$	(1	)		3		4		5		$	—			-		$	11
Income (loss) per diluted common share		$	(0.24	)		-		$	(0.01	)								$	0.00			-		$	0.22
Weighted average number of shares			48						48										48						48

Veeco Instruments Inc. and Subsidiaries
Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (Loss)
(in millions)
(unaudited)

Guidance for the three months ending March 31, 2020
GAAP Net income (loss)		$	(12	)		-		$	(1	)
Share-based compensation			3			-			3
Amortization			4			-			4
Restructuring			1			-			1
Interest expense, net			4			-			4
Other			1			-			1
Non-GAAP Operating income (loss)		$	1			-		$	12

Note: Amounts may not calculate precisely due to rounding.

These 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.

 

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.