91制片厂 Reports Fourth Quarter and Fiscal Year 2020 Financial Results

News | Feb 11, 2021

Fourth Quarter 2020 Highlights:

Revenues of $138.9 million, compared with $113.2 million in the same period last year
GAAP net loss of $0.1 million, or $(0.00) per diluted share, compared with a loss of $32.9 million, or $0.69 loss per diluted share in the same period last year
Non-GAAP net income of $15.0 million, or $0.30 per diluted share, compared with $5.4 million, or $0.11 per diluted share in the same period last year

PLAINVIEW, N.Y., Feb. 11, 2021 (GLOBE NEWSWIRE) — 91制片厂. (Nasdaq: VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2020. Results are reported in accordance with U.S. generally accepted accounting principles (鈥淕AAP鈥�) and are also reported adjusting for certain items (鈥淣on-GAAP鈥�). 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

听

4th Quarter

听

Full Year

GAAP听Results

听

Q4 ’20

听

Q4 ’19

听

2020

听

听听听

2019

听

Revenue

听

138.9

听

113.2

听

454.2

听

419.3

听

Net income (loss)

听

(0.1

)

听

(32.9

)

听

(8.4

)

听

(78.7

)

Diluted earnings (loss) per share

听

(0.00

)

听

(0.69

)

听

(0.17

)

听

(1.66

)

听	听	4th Quarter					听	Full Year
Non-GAAP听Results	听	Q4 ’20		听	Q4 ’19		听	2020		听	2019		听
Net income (loss)	听	$	15.0	听	$	5.4	听	$	42.3	听	$	(1.3	)
Operating income (loss)	听	$	17.6	听	$	7.4	听	$	52.5	听	$	5.1	听
Diluted earnings (loss) per share	听	$	0.30	听	$	0.11	听	$	0.86	听	$	(0.03	)

鈥淥ur year-over-year financial performance dramatically improved in 2020 and we are proud to conclude this remarkable year of transformation by delivering solid fourth quarter results. These fourth quarter results were driven primarily by system sales in support of semiconductor advanced-node manufacturing, as well as compound semiconductor system sales for 5G RF applications,鈥� commented William J. Miller, Ph.D., Chief Executive Officer.

鈥淲e enter 2021 with healthy backlog, strong customer engagements and overall positive momentum. We look forward to executing our near-term growth strategy driven in large part by our Laser Annealing, 5G RF and Data Storage applications.鈥�

Guidance and Outlook

The following guidance is provided for 91制片厂鈥檚 first quarter 2021:

Revenue is expected in the range of $115 million to $135 million
GAAP diluted earnings (loss) per share are expected in the range of $(0.09) to $0.09
Non-GAAP diluted earnings per share are expected in the range of $0.12 to $0.30

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 11, 2021 starting at 5:00pm ET. To join the call, dial 1-866-248-8441 (toll free) or 1-929-477-0577 and use passcode 7940308. Participants may also access a live webcast of the call by visiting the investor relations section of 91制片厂’s website at ir.veeco.com. A replay of the webcast will be made available on the 91制片厂 website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

About 91制片厂

91制片厂 (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, 91制片厂 holds leading technology positions in the markets we serve. To learn more about 91制片厂鈥檚 systems and service offerings, visit .

Forward-looking Statements

This press release contains 鈥渇orward-looking statements鈥�, 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鈥檚 expectations, estimates, projections and assumptions. Words such as 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥渟cheduled,鈥� 鈥渆stimates鈥� 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, the impact of the COVID-19 pandemic, 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; the effects of regional or global health epidemics, including the effects of the COVID-19 pandemic on the 91制片厂鈥檚 operations and on those of our customers and suppliers; 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; 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鈥檚 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 91制片厂 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.

91制片厂 Contacts:	听	听	听
听	听	听	听
Investors:	Anthony Bencivenga	(516) 252-1438	abencivenga@veeco.com
Media:	Kevin Long	(516) 714-3978听	klong@veeco.com听

91制片厂 Instruments听Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

听

Three months ended December听31,

听

Year ended December听31,

听

听听听听

2020

听

听听听听

2019

听

听听听听

2020

听

听听听听

2019

听

Net sales

听

138,946

听

113,202

听

454,163

听

419,349

听

Cost of sales

听

82,101

听

68,232

听

259,863

听

261,155

听

Gross profit

听

56,845

听

44,970

听

194,300

听

158,194

听

Operating expenses, net:

听

Research and development

听

21,417

听

21,655

听

78,994

听

90,557

听

Selling, general, and administrative

听

20,710

听

19,128

听

76,251

听

79,749

听

Amortization of intangible assets

听

3,831

听

4,312

听

15,333

听

17,085

听

Restructuring

听

鈥�

听

2,529

听

1,097

听

6,403

听

Asset impairment

听

鈥�

听

4,020

听

281

听

4,020

听

Other operating expense (income), net

听

281

听

190

听

(221

)

听

(42

)

Total operating expenses, net

听

46,239

听

51,834

听

171,735

听

197,772

听

Operating income (loss)

听

10,606

听

(6,864

)

听

22,565

听

(39,578

)

Interest expense, net

听

(6,516

)

听

(4,663

)

听

(23,188

)

听

(17,405

)

Other income (expense), net

听

(4,794

)

听

(20,973

)

听

(7,841

)

听

(20,973

)

Income (loss) before income taxes

听

(704

)

听

(32,500

)

听

(8,464

)

听

(77,956

)

Income tax expense (benefit)

听

(602

)

听

371

听

(73

)

听

777

听

Net income (loss)

听

(102

)

听

(32,871

)

听

(8,391

)

听

(78,733

)

听

Income (loss) per common share:

听

Basic

听

(0.00

)

听

(0.69

)

听

(0.17

)

听

(1.66

)

Diluted

听

(0.00

)

听

(0.69

)

听

(0.17

)

听

(1.66

)

听

Weighted average number of shares:

听

Basic

听

48,340

听

47,519

听

48,362

听

47,482

听

Diluted

听

48,340

听

47,519

听

48,362

听

47,482

听

91制片厂 Instruments听Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)

听	听	听	听	听	听	听
听	听	December听31,		听	December听31,
听	听听听听	2020		听听听听	2019
听	听	(unaudited)		听	听	听
Assets	听	听	听	听	听	听
Current assets:	听	听	听	听	听	听
Cash and cash equivalents	听	$	129,625	听	$	129,294
Restricted cash	听	听	658	听	听	657
Short-term investments	听	听	189,771	听	听	115,252
Accounts receivable, net	听	听	79,991	听	听	45,666
Contract assets	听	听	21,246	听	听	25,351
Inventories	听	听	145,906	听	听	133,067
Deferred cost of sales	听	听	433	听	听	445
Prepaid expenses and other current assets	听	听	19,301	听	听	14,966
Assets held for sale	听	听	鈥�	听	听	11,180
Total current assets	听	听	586,931	听	听	475,878
Property, plant and equipment, net	听	听	65,271	听	听	75,711
Operating lease right-of-use assets	听	听	10,275	听	听	14,453
Intangible assets, net	听	听	46,185	听	听	61,518
Goodwill	听	听	181,943	听	听	181,943
Deferred income taxes	听	听	1,440	听	听	1,549
Other assets	听	听	6,019	听	听	7,036
Total assets	听	$	898,064	听	$	818,088
听	听	听	听	听	听	听
Liabilities and stockholders鈥� equity	听	听	听	听	听	听
Current liabilities:	听	听	听	听	听	听
Accounts payable	听	$	33,656	听	$	21,281
Accrued expenses and other current liabilities	听	听	44,876	听	听	41,243
Customer deposits and deferred revenue	听	听	67,235	听	听	54,870
Income taxes payable	听	听	914	听	听	830
Total current liabilities	听	听	146,681	听	听	118,224
Deferred income taxes	听	听	5,240	听	听	5,648
Long-term debt	听	听	321,115	听	听	300,068
Operating lease long-term liabilities	听	听	6,305	听	听	10,300
Other liabilities	听	听	10,349	听	听	9,336
Total liabilities	听	听	489,690	听	听	443,576
听	听	听	听	听	听	听
Total stockholders鈥� equity	听	听	408,374	听	听	374,512
Total liabilities and stockholders鈥� equity	听	$	898,064	听	$	818,088

91制片厂 Instruments听Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)

听

Non-GAAP听Adjustments

听

Share-Based

听

Three months ended December听31, 2020

听听听听

GAAP

听听听听

Compensation

听听听听

Amortization

听听听听

Other

听听听听

Non-GAAP

听

Net sales

听

138,946

听

138,946

听

Gross profit

听

56,845

听

486

听

57,351

听

Gross margin

听

40.9

%听

听

41.3

Operating expenses

听

46,239

听

(2,656

)

听

(3,831

)

听

(41

)

听

39,711

听

Operating income (loss)

听

10,606

听

3,142

听

3,831

听

17,640

听

Net income (loss)

听

(102

)

听

3,142

听

3,831

听

8,085

听

14,956

听

Income (loss) per common share:

听

Basic

听

(0.00

)

听

0.31

听

Diluted

听

(0.00

)

听

0.30

听

Weighted average number of shares:

听

Basic

听

48,340

听

48,340

听

Diluted

听

48,340

听

49,663

听

^听听听– See table below for additional details.

听

91制片厂 Instruments听Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

听	听	听	听
Three months ended December听31, 2020	听听听听	听	听
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting	听	$	61	听
Subtotal	听	听	61	听
Non-cash interest expense	听	听	3,511	听
Loss on extinguishment of debt	听	听	4,794	听
Non-GAAP tax adjustment *	听	听	(281	)
Total Other	听	$	8,085	听
听	听	听	听	听
*听听听– The 鈥榳ith or without鈥� method is utilized to determine the income tax effect of all Non-GAAP adjustments.	听	听	听	听

听

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 (鈥淕AAP鈥�). 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鈥� 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.

91制片厂 Instruments听Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)

听

Non-GAAP听Adjustments

听

Share-based

听

Three months ended December听31, 2019

听听听听

听

GAAP

听听听听

Compensation

听听听听

Amortization

听听听听

Other

听听听听

Non-GAAP

听

Net sales

听

113,202

听

113,202

听

Gross profit

听

44,970

听

455

听

45,454

听

Gross margin

听

39.7

%听

听听

听

40.2

Operating expenses

听

51,834

听

(3,287

)

听

(4,312

)

听

(6,213

)

听

38,022

听

Operating income (loss)

听

(6,864

)

听

3,742

听

4,312

听

6,242

听

7,432

听

Net income (loss)

听

(32,871

)

听

3,742

听

4,312

听

30,262

听

5,445

听

Income (loss) per common share:

听

Basic

听

(0.69

)

听

0.11

听

Diluted

听

(0.69

)

听

0.11

听

Weighted average number of shares:

听

Basic

听

47,519

听

47,519

听

Diluted

听

47,519

听

48,404

听

^听听听– See table below for additional details.

听

91制片厂 Instruments听Inc. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

听	听	听	听
Three months ended December听31, 2019	听	听	听
Restructuring	听听听听	$	2,132	听
Asset impairment	听	听	4,020	听
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting	听	听	90	听
Subtotal	听	听	6,242	听
Non-cash interest expense	听	听	3,257	听
Impairment of equity investments	听	听	20,973	听
Non-GAAP tax adjustment *	听	听	(210	)
Total Other	听	$	30,262	听
听	听	听	听	听
*听听听– The 鈥榳ith or without鈥� method is utilized to determine the income tax effect of all Non-GAAP adjustments.	听	听	听	听

91制片厂 Instruments听Inc. and Subsidiaries
Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (loss)
(in thousands)
(unaudited)

听	听	听	听		听	听	听
听	听听听听	Three months ended			听听听听	Three months ended
听	听	December听31, 2020			听	December听31, 2019
GAAP Net income (loss)	听	$	(102	)	听	$	(32,871	)
Share-based compensation	听	听	3,142	听	听	听	3,742	听
Amortization	听	听	3,831	听	听	听	4,312	听
Restructuring	听	听	鈥�	听	听	听	2,132	听
Asset impairment	听	听	鈥�	听	听	听	4,020	听
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting	听	听	61	听	听	听	90	听
Interest (income) expense, net	听	听	6,516	听	听	听	4,663	听
Impairment of equity investments	听	听	鈥�	听	听	听	20,973	听
Loss on extinguishment of debt	听	听	4,794	听	听	听	鈥�	听
Income tax expense (benefit)	听	听	(602	)	听	听	371	听
Non-GAAP Operating income (loss)	听	$	17,640	听	听	$	7,432	听

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 (鈥淕AAP鈥�). 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.

91制片厂 Instruments听Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)

听

Non-GAAP听Adjustments

听

Share-based

听

For the year ended December听31, 2020

听听听听

听

GAAP

听听听听

Compensation

听听听听

Amortization

听听听听

Other

听听听听

Non-GAAP

听

Net sales

听

454,163

听

454,163

听

Gross profit

听

194,300

听

1,870

听

348

听

196,518

听

Gross margin

听

42.8

%听

听听

听

43.3

Operating expenses

听

171,735

听

(10,833

)

听

(15,333

)

听

(1,530

)

听

144,039

听

Operating income (loss)

听

22,565

听

12,703

听

15,333

听

1,878

听

52,479

听

Net income (loss)

听

(8,391

)

听

12,703

听

15,333

听

22,684

听

42,329

听

Income (loss) per common share:

听

Basic

听

(0.17

)

听

0.88

听

Diluted

听

(0.17

)

听

0.86

听

Weighted average number of shares:

听

Basic

听

48,362

听

48,362

听

Diluted

听

48,362

听

49,309

听

^听听听– See table below for additional details.

听

91制片厂. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

听	听	听	听
For the year ended December听31, 2020	听听听听	听	听
Restructuring	听	$	1,097	听
Asset impairment	听	听	281	听
Release of inventory fair value step-up associated with the Ultratech purchase accounting	听	听	273	听
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting	听	听	227	听
Subtotal	听	听	1,878	听
Non-cash interest expense	听	听	13,792	听
Loss on extinguishment of debt	听	听	7,841	听
Non-GAAP tax adjustment *	听	听	(827	)
Total Other	听	$	22,684	听
听	听	听	听	听
*听听听听– The ‘with or without’ method is utilized to determine the income tax effect of all non-GAAP adjustments.	听	听	听	听

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.

91制片厂. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in thousands, except per share amounts)
(unaudited)

听

Non-GAAP听Adjustments

听

Share-based

听

For the year ended December听31, 2019

听听听听

听

GAAP

听听听听

Compensation

听听听听

Amortization

听听听听

Other

听听听听

Non-GAAP

Net sales

听

419,349

听

419,349

听

Gross profit

听

158,194

听

1,903

听

1,453

听

161,550

听

Gross margin

听

37.7

%听

听听

听

38.5

%听

Operating expenses

听

197,772

听

(13,367

)

听

(17,085

)

听

(10,841

)

听

156,479

听

Operating income (loss)

听

(39,578

)

听

15,270

听

17,085

听

12,294

听

5,071

听

Net income (loss)

听

(78,733

)

听

15,270

听

17,085

听

45,102

听

(1,276

)

听

Income (loss) per common share:

听

Basic

听

(1.66

)

听

(0.03

)

Diluted

听

(1.66

)

听

(0.03

)

Weighted average number of shares:

听

Basic

听

47,482

听

47,482

听

Diluted

听

47,482

听

47,482

听

^听听听– See table below for additional details.

听

91制片厂. and Subsidiaries
Other Non-GAAP Adjustments
(in thousands)
(unaudited)

听	听	听	听
For the year ended December听31, 2019	听	听	听
Restructuring	听听听听	$	6,006	听
Asset impairment	听	听	4,020	听
Release of inventory fair value step-up associated with the Ultratech purchase accounting	听	听	1,270	听
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting	听	听	557	听
Accelerated depreciation	听	听	397	听
Other	听	听	44	听
Subtotal	听	听	12,294	听
Non-cash interest expense	听	听	12,676	听
Impairment of equity investments	听	听	20,973	听
Non-GAAP tax adjustment *	听	听	(841	)
Total Other	听	$	45,102	听
听	听	听	听	听
*听听听听– The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.	听	听	听	听

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.

91制片厂 Instruments听Inc. and Subsidiaries
Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (loss)
(in thousands)
(unaudited)

听	听	听	听		听	听	听
听	听听听听	Year ended			听听听听	Year ended
听	听	December听31, 2020			听	December听31, 2019
GAAP Net income (loss)	听	$	(8,391	)	听	$	(78,733	)
Share-based compensation	听	听	12,703	听	听	听	15,270	听
Amortization	听	听	15,333	听	听	听	17,085	听
Restructuring	听	听	1,097	听	听	听	6,006	听
Asset impairment	听	听	281	听	听	听	4,020	听
Release of inventory fair value step-up associated with the Ultratech purchase accounting	听	听	273	听	听	听	1,270	听
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting	听	听	227	听	听	听	557	听
Accelerated depreciation	听	听	鈥�	听	听	听	397	听
Other	听	听	鈥�	听	听	听	44	听
Interest (income) expense, net	听	听	23,188	听	听	听	17,405	听
Impairment of equity investment	听	听	鈥�	听	听	听	20,973	听
Loss on extinguishment of debt	听	听	7,841	听	听	听	鈥�	听
Income tax expense (benefit)	听	听	(73	)	听	听	777	听
Non-GAAP Operating income (loss)	听	$	52,479	听	听	$	5,071	听

91制片厂 Instruments听Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Data
(in millions, except per share amounts)
(unaudited)

听

Non-GAAP听Adjustments

听

Guidance for the three months ending

听

Share-based

听

March 31, 2021

听

GAAP

听

Compensation

听

Amortization

听

听听听Other听听听听

听

Non-GAAP

听

Net sales

听听听听

115

听

听听听听

–

听听听听

135

听

听听听听

听

听听听听

听

听听听听

听

听听听听

115

听

听听听听

–

听听听听

135

听

Gross profit

听

–

听

鈥�

听

鈥�

听

鈥�

听

–

听

Gross margin

听

–

听

–

听

Operating expenses

听

–

听

)

听

)

听

鈥�

听

–

听

Operating income (loss)

听

–

听

鈥�

听

–

听

Net income (loss)

听

)

听

–

听

–

听

Income (loss) per diluted common share

听

(0.09

)

听

–

听

0.09

听

听听

听

听听

听

听听

听

0.12

听

–

听

0.30

听

Weighted average number of shares ⁽¹⁾

听

⁽¹⁾听听听听– The non-GAAP incremental dilutive shares includes the impact of the 91制片厂鈥檚 capped call transaction issued concurrently with our 2027 Notes, and as such, no incremental shares are added to the dilutive share count in periods in which the average stock price per share is below $18.46. The GAAP incremental dilutive shares does not include the impact of the 91制片厂鈥檚 capped call transaction, and as such, incremental shares are added to the dilutive share count in periods in which the average stock price per share is above $13.98, and the 91制片厂 is in a net income position.

听

91制片厂 Instruments听Inc. and Subsidiaries
Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (Loss)
(in millions)
(unaudited)

听	听	听	听		听	听	听	听	听
Guidance for the three months ending March 31, 2021	听听听听	听	听		听听听听	听	听听听听	听	听
GAAP Net income (loss)	听	$	(4	)	听	–	听	$	5
Share-based compensation	听	听	3	听	听	–	听	听	3
Amortization	听	听	4	听	听	–	听	听	4
Interest expense, net	听	听	7	听	听	–	听	听	7
Non-GAAP Operating income (loss)	听	$	10	听	听	–	听	$	19

Note: Amounts may not calculate precisely due to rounding.

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