Veeco(VECO) - 2019 Q2 - Quarterly Report

Safe Harbor Statement This statement highlights that the report contains forward-looking information subject to risks and uncertainties, and financial statements rely on management estimates that may differ from actual results - This report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from projections[9] - Preparation of financial statements requires management estimates and assumptions, which may ultimately differ from actual results[10] - Key risks include unfavorable market conditions, global business operations, international trade disputes, IT system disruptions, intellectual property issues, stock price volatility, asset impairment, significant competition, rapid technological change, dependence on consumer electronics, concentrated customer base, industry cyclicality, and U.S.-China trade policy changes[11][13][17] PART I—FINANCIAL INFORMATION Item 1. Financial Statements This section presents Veeco Instruments Inc.'s unaudited consolidated financial statements for the periods ended June 30, 2019, and December 31, 2018, including balance sheets, statements of operations, comprehensive income, and cash flows, along with detailed notes on accounting policies and significant accounts Consolidated Balance Sheets | Assets (in thousands) | June 30, 2019 (unaudited) | December 31, 2018 | | :---------------------- | :------------------------ | :------------------ | | Cash and cash equivalents | $ 161,715 | $ 212,273 | | Short-term investments | $ 84,495 | $ 48,189 | | Total current assets | $ 491,517 | $ 520,080 | | Total assets | $ 875,863 | $ 900,816 | | Liabilities (in thousands) | June 30, 2019 (unaudited) | December 31, 2018 | | :------------------------ | :------------------------ | :------------------ | | Total current liabilities | $ 149,200 | $ 160,053 | | Long-term debt | $ 293,611 | $ 287,392 | | Total liabilities | $ 464,837 | $ 463,041 | | Total stockholders' equity | $ 411,026 | $ 437,775 | Consolidated Statements of Operations | (in thousands, except per share amounts) | Three months ended June 30, 2019 | Three months ended June 30, 2018 | Six months ended June 30, 2019 | Six months ended June 30, 2018 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net sales | $ 97,822 | $ 157,779 | $ 197,193 | $ 316,353 | | Gross profit | $ 36,285 | $ 55,395 | $ 71,001 | $ 112,075 | | Total operating expenses, net | $ 47,494 | $ 316,609 | $ 96,348 | $ 384,723 | | Operating income (loss) | $ (11,209) | $ (261,214) | $ (25,347) | $ (272,648) | | Net income (loss) | $ (15,565) | $ (237,634) | $ (34,095) | $ (253,461) | | Basic income (loss) per common share | $ (0.33) | $ (5.02) | $ (0.72) | $ (5.35) | | Diluted income (loss) per common share | $ (0.33) | $ (5.02) | $ (0.72) | $ (5.35) | Consolidated Statements of Comprehensive Income (Loss) | (in thousands) | Three months ended June 30, 2019 | Three months ended June 30, 2018 | Six months ended June 30, 2019 | Six months ended June 30, 2018 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $ (15,565) | $ (237,634) | $ (34,095) | $ (253,461) | | Total other comprehensive income (loss), net of tax | $ 20 | $ (24) | $ 58 | $ — | | Total comprehensive income (loss) | $ (15,545) | $ (237,658) | $ (34,037) | $ (253,461) | Consolidated Statements of Cash Flows | (in thousands) | Six months ended June 30, 2019 | Six months ended June 30, 2018 | | :--------------- | :----------------------------- | :----------------------------- | | Net cash provided by (used in) operating activities | $ (8,141) | $ (57,440) | | Net cash provided by (used in) investing activities | $ (42,049) | $ (23,831) | | Net cash provided by (used in) financing activities | $ (457) | $ (2,045) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $ (50,634) | $ (83,316) | | Cash, cash equivalents, and restricted cash - end of period | $ 162,448 | $ 197,267 | Note 1 — Basis of Presentation This note explains that the unaudited consolidated financial statements adhere to U.S. GAAP for interim reporting, including all necessary adjustments, and details revenue recognition policies and the adoption of ASC 842 (Leases) - Unaudited Consolidated Financial Statements are prepared in accordance with U.S. GAAP for interim financial information, with all necessary normal, recurring adjustments included[30] - Revenue is recognized upon transfer of control of promised products or services, with judgment required for identifying performance obligations and allocating revenue for contracts with multiple deliverables[32][33][34] - The Company adopted ASC 842 (Leases) effective January 1, 2019, recognizing approximately $14.2 million each in Right-of-Use (ROU) assets and lease liabilities, with no impact on the Consolidated Statements of Operations, Comprehensive Income, or Cash Flows[42][43] Note 2 — Income (Loss) Per Common Share This note provides a detailed breakdown of basic and diluted income (loss) per common share, along with the weighted average shares outstanding for the reported periods | (in thousands, except per share amounts) | Three months ended June 30, 2019 | Three months ended June 30, 2018 | Six months ended June 30, 2019 | Six months ended June 30, 2018 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $ (15,565) | $ (237,634) | $ (34,095) | $ (253,461) | | Basic income (loss) per common share | $ (0.33) | $ (5.02) | $ (0.72) | $ (5.35) | | Diluted income (loss) per common share | $ (0.33) | $ (5.02) | $ (0.72) | $ (5.35) | | Basic weighted average shares outstanding | 47,112 | 47,311 | 47,145 | 47,332 | | Diluted weighted average shares outstanding | 47,112 | 47,311 | 47,145 | 47,332 | - Common share equivalents and potentially dilutive shares were excluded from diluted weighted average shares outstanding due to the Company incurring a net loss, making their effect antidilutive[44] Note 3 — Assets This note details the composition of the Company's assets, including short-term investments, inventories, and intangible assets, along with non-marketable investments subject to impairment reviews - Short-term investments are classified as available-for-sale, reported at fair value, and include U.S. treasuries, government agency securities, corporate debt, and commercial paper[45] | Inventories (in thousands) | June 30, 2019 | December 31, 2018 | | :--------------- | :------------ | :---------------- | | Materials | $ 85,721 | $ 90,816 | | Work-in-process | $ 36,236 | $ 42,354 | | Finished goods | $ 17,751 | $ 23,141 | | Total Inventories | $ 139,708 | $ 156,311 | | Intangible Assets, Net (in thousands) | June 30, 2019 | December 31, 2018 | | :--------------- | :------------ | :---------------- | | Technology | $ 44,111 | $ 46,410 | | Customer relationships | $ 26,208 | $ 28,469 | | Trademarks and tradenames | $ 6,333 | $ 7,011 | | Total Intangible Assets, Net | $ 76,689 | $ 85,149 | - The Company holds non-marketable investments in Kateeva, Inc. ($21.0 million) and another entity ($3.5 million) at cost, subject to periodic impairment reviews[59] Note 4 — Liabilities This note outlines the Company's liabilities, including accrued expenses, warranty obligations, customer deposits, deferred revenue, and long-term debt, providing details on changes and remaining performance obligations | Accrued Expenses and Other Current Liabilities (in thousands) | June 30, 2019 | December 31, 2018 | | :--------------- | :------------ | :---------------- | | Payroll and related benefits | $ 14,768 | $ 20,486 | | Warranty | $ 7,099 | $ 7,852 | | Operating lease liabilities | $ 4,440 | $ — | | Interest | $ 4,321 | $ 4,321 | | Total Accrued Expenses and Other Current Liabilities | $ 42,797 | $ 46,450 | | Warranty Activity (in thousands) | Six months ended June 30, 2019 | | :--------------- | :----------------------------- | | Balance - December 31, 2018 | $ 7,852 | | Warranties issued | $ 2,518 | | Consumption of reserves | $ (3,350) | | Changes in estimate | $ 79 | | Balance - June 30, 2019 | $ 7,099 | | Customer Deposits and Deferred Revenue (in thousands) | June 30, 2019 | December 31, 2018 | | :--------------- | :------------ | :---------------- | | Customer deposits | $ 34,600 | $ 28,300 | | Deferred revenue | $ 49,450 | $ 44,415 | | Total Customer Deposits and Deferred Revenue | $ 84,031 | $ 72,736 | - The Company has $65.1 million in remaining performance obligations on contracts with original estimated duration of one year or more, with approximately 64% expected to be recognized within one year[65] | Long-term Debt (in thousands) | June 30, 2019 | December 31, 2018 | | :--------------- | :------------ | :---------------- | | Principal amount | $ 345,000 | $ 345,000 | | Net carrying value | $ 293,611 | $ 287,392 | | Fair value | $ 305,300 | N/A | Note 5 — Commitments and Contingencies This note details the Company's operating lease commitments, purchase commitments, outstanding bank guarantees, and ongoing class action lawsuits related to the Ultratech acquisition | Operating Leases (in thousands) | Operating Leases | | :--------------- | :--------------- | | Payments due by period: | | | 2019 | $ 2,450 | | 2020 | $ 5,119 | | 2021 | $ 2,439 | | 2022 | $ 1,356 | | 2023 | $ 865 | | Thereafter | $ 551 | | Total future minimum lease payments | $ 12,780 | - Purchase commitments totaled $84.5 million at June 30, 2019, with substantially all due within one year[73] - Outstanding bank guarantees and letters of credit were $7.9 million, with $66.9 million unused at June 30, 2019[74] - The Company is vigorously defending two class action lawsuits related to the Ultratech acquisition, alleging false/misleading statements and breach of fiduciary duty[75][76] Note 6 — Derivative Financial Instruments This note explains the Company's use of monthly forward derivative contracts to manage foreign currency exchange rate risk, confirming no outstanding contracts or related gains/losses during the reported periods - The Company uses monthly forward derivative contracts to mitigate foreign currency exchange rate risk, not for speculative purposes[78] - No outstanding derivative contracts at June 30, 2019, or December 31, 2018, and no gains or losses from currency exchange derivatives for the six months ended June 30, 2019[79] Note 7 — Equity This note provides a comprehensive breakdown of changes in stockholders' equity, including common stock, treasury stock, additional paid-in capital, accumulated deficit, and accumulated other comprehensive income | (in thousands) | Balance at Dec 31, 2018 | Net loss | Other comprehensive income, net of tax | Share-based compensation expense | Net issuance under employee stock plans | Balance at June 30, 2019 | | :--------------- | :---------------------- | :------- | :------------------------------------- | :------------------------------- | :-------------------------------------- | :----------------------- | | Common Stock (Shares) | 48,547 | — | — | — | 424 | 48,971 | | Common Stock (Amount) | $ 485 | — | — | — | $ 5 | $ 490 | | Treasury Stock (Shares) | 523 | — | — | — | (523) | — | | Treasury Stock (Amount) | $ (5,872) | — | — | — | $ 5,872 | $ — | | Additional Paid-in Capital | $ 1,061,325 | — | — | $ 7,745 | $ (6,121) | $ 1,062,949 | | Accumulated Deficit | $ (619,983) | $ (34,095) | — | — | $ (213) | $ (654,291) | | Accumulated Other Comprehensive Income | $ 1,820 | — | $ 58 | — | — | $ 1,878 | | Total | $ 437,775 | $ (34,095) | $ 58 | $ 7,745 | $ (4,457) | $ 411,026 | | Accumulated Other Comprehensive Income (in thousands) | Balance - December 31, 2018 | Other comprehensive income (loss) | Balance - June 30, 2019 | | :--------------- | :-------------------------- | :-------------------------------- | :---------------------- | | Foreign Currency Translation | $ 1,836 | $ 13 | $ 1,849 | | Unrealized Gains (Losses) on Available for Sale Securities | $ (16) | $ 45 | $ 29 | | Total | $ 1,820 | $ 58 | $ 1,878 | Note 8 — Share-based compensation This note details the Company's share-based compensation expenses across various functional areas and provides a summary of stock option and restricted stock unit activity | Share-based Compensation Expense (in thousands) | Three months ended June 30, 2019 | Three months ended June 30, 2018 | Six months ended June 30, 2019 | Six months ended June 30, 2018 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cost of sales | $ 595 | $ 536 | $ 1,065 | $ 1,090 | | Research and development | $ 982 | $ 1,065 | $ 1,775 | $ 2,019 | | Selling, general, and administrative | $ 3,011 | $ 2,646 | $ 4,905 | $ 5,503 | | Restructuring | $ — | $ 657 | $ — | $ 829 | | Total | $ 4,588 | $ 4,904 | $ 7,745 | $ 9,441 | | Stock Option Activity (in thousands) | Number of Shares | Weighted Average Exercise Price | | :--------------- | :--------------- | :------------------------------ | | Balance - December 31, 2018 | 1,222 | $ 34.80 | | Expired or forfeited | (69) | $ 33.62 | | Balance - June 30, 2019 | 1,153 | $ 34.87 | | Restricted Stock Unit Activity (in thousands) | Number of Shares | Weighted Average Grant Date Fair Value | | :--------------- | :--------------- | :------------------------------------- | | Balance - December 31, 2018 | 2,218 | $ 20.74 | | Granted | 1,035 | $ 11.41 | | Vested | (589) | $ 22.35 | | Forfeited | (97) | $ 21.79 | | Balance - June 30, 2019 | 2,566 | $ 16.71 | Note 9 — Income Taxes This note explains that the Company's U.S. deferred tax assets are fully offset by a valuation allowance and details the income tax expense or benefit for the reported periods - The Company's U.S. deferred tax assets are fully offset by a valuation allowance due to uncertainty of future benefit realization[86] | Income Taxes (in thousands) | Three months ended June 30, 2019 | Three months ended June 30, 2018 | Six months ended June 30, 2019 | Six months ended June 30, 2018 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Loss before income taxes | $ (15,420) | $ (265,659) | $ (33,759) | $ (281,716) | | Income tax expense (benefit) | $ 145 | $ (28,025) | $ 336 | $ (28,255) | - Income tax expense for Q2 2019 was $0.1 million (vs. $28.0 million benefit in Q2 2018), primarily due to domestic operations and foreign withholding taxes, offset by intangible asset amortization[88] - Income tax expense for H1 2019 was $0.3 million (vs. $28.3 million benefit in H1 2018), driven by similar factors as Q2, with 2018 benefits primarily from refundable alternative minimum tax credits and deferred tax benefit on intangible asset impairment[89][90][91] Note 10 — Segment Reporting and Geographic Information This note clarifies that Veeco operates as a single reportable segment, categorizing sales by four end-markets and providing a breakdown of sales by geographic region - Veeco operates as one reportable segment, focusing on the design, development, manufacture, and support of thin film process equipment for electronic devices[92] - Sales are categorized into four end-markets: Advanced Packaging, MEMS & RF Filters; LED Lighting, Display & Compound Semiconductor; Front-End Semiconductor; and Scientific & Industrial[93][94][95][96] | Sales by End-Market and Geographic Region (in thousands) | Three months ended June 30, 2019 | Three months ended June 30, 2018 | Six months ended June 30, 2019 | Six months ended June 30, 2018 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Sales by end-market: | | | | | | Advanced Packaging, MEMS & RF Filters | $ 16,443 | $ 24,758 | $ 39,570 | $ 51,911 | | LED Lighting, Display & Compound Semiconductor | $ 9,692 | $ 87,817 | $ 23,242 | $ 177,733 | | Front-End Semiconductor | $ 24,509 | $ 18,152 | $ 47,126 | $ 27,609 | | Scientific & Industrial | $ 47,178 | $ 27,052 | $ 87,255 | $ 59,100 | | Total Sales | $ 97,822 | $ 157,779 | $ 197,193 | $ 316,353 | | Sales by geographic region: | | | | | | United States | $ 39,784 | $ 32,939 | $ 72,099 | $ 56,694 | | China | $ 19,654 | $ 70,457 | $ 29,813 | $ 145,850 | | EMEA | $ 12,324 | $ 25,405 | $ 30,151 | $ 41,151 | | Rest of World | $ 26,060 | $ 28,978 | $ 65,130 | $ 72,658 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's analysis of Veeco's financial condition and results of operations for the three and six months ended June 30, 2019, compared to the prior year, detailing revenue performance by market and region, changes in expenses, and liquidity Executive Summary This summary highlights Veeco's position as a leading semiconductor process equipment manufacturer and details key sales drivers across its Advanced Packaging, Front-End Semiconductor, and Scientific & Industrial markets - Veeco is a leading manufacturer of semiconductor process equipment, leveraging MOCVD, lithography, laser annealing, ion beam, and single wafer etch & clean technologies[100] - Sales in Advanced Packaging, MEMS & RF Filter market were driven by Lithography and PSP systems for advanced packaging, including recent traction in DRAM packaging and GPU applications[102] - Front-End Semiconductor sales were strong due to laser annealing systems and LDD-IBD for EUV Mask Blank Production, while Scientific & Industrial sales were supported by Ion Beam systems for data storage and optical coatings[104][105] Results of Operations (Three Months Ended June 30) This section analyzes the Company's financial performance for the three months ended June 30, 2019, detailing significant decreases in net sales, gross profit, and net loss, driven by market shifts and reduced operating expenses | (in thousands) | Q2 2019 | Q2 2018 | Change ($) | Change (%) | | :--------------- | :------ | :------ | :--------- | :--------- | | Net sales | $ 97,822 | $ 157,779 | $ (59,957) | (38)% | | Gross profit | $ 36,285 | $ 55,395 | $ (19,110) | (34)% | | Operating income (loss) | $ (11,209) | $ (261,214) | $ 250,005 | (96)% | | Net income (loss) | $ (15,565) | $ (237,634) | $ 222,069 | (93)% | - Net sales decreased by 38% YoY, primarily due to an 89% decline in the LED Lighting, Display & Compound Semiconductor market, partially offset by 74% growth in Scientific & Industrial and 35% in Front-End Semiconductor[107][108] - Geographically, sales decreased significantly in China (-72%) and EMEA (-51%), while increasing in the United States (+21%)[108] - Operating expenses decreased by 85% YoY, largely due to a non-recurring $252.3 million asset impairment charge in Q2 2018, alongside reductions in R&D, SG&A, amortization, and restructuring expenses from streamlining efforts[107][112][113][114][115][116][117][118][120] Results of Operations (Six Months Ended June 30) This section analyzes the Company's financial performance for the six months ended June 30, 2019, highlighting significant decreases in net sales, gross profit, and net loss, driven by market shifts and reduced operating expenses | (in thousands) | H1 2019 | H1 2018 | Change ($) | Change (%) | | :--------------- | :------ | :------ | :--------- | :--------- | | Net sales | $ 197,193 | $ 316,353 | $ (119,160) | (38)% | | Gross profit | $ 71,001 | $ 112,075 | $ (41,074) | (37)% | | Operating income (loss) | $ (25,347) | $ (272,648) | $ 247,301 | (91)% | | Net income (loss) | $ (34,095) | $ (253,461) | $ 219,366 | (87)% | - Net sales decreased by 38% YoY, primarily due to an 87% decline in the LED Lighting, Display & Compound Semiconductor market, partially offset by 48% growth in Scientific & Industrial and 71% in Front-End Semiconductor[128] - Geographically, sales decreased significantly in China (-80%) and EMEA (-27%), while increasing in the United States (+27%)[128] - Operating expenses decreased by 75% YoY, largely due to a non-recurring $252.3 million asset impairment charge in H1 2018, alongside reductions in R&D, SG&A, amortization, and restructuring expenses from streamlining efforts[127][132][133][134][135][136][137][138] Liquidity and Capital Resources This section details the Company's cash position, changes in cash flows from operating and investing activities, and its outlook on meeting future liquidity needs | Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (in thousands) | June 30, 2019 | December 31, 2018 | | :--------------- | :------------ | :---------------- | | Cash and cash equivalents | $ 161,715 | $ 212,273 | | Restricted cash | $ 733 | $ 809 | | Short-term investments | $ 84,495 | $ 48,189 | | Total | $ 246,943 | $ 261,271 | - Net cash used in operating activities improved to $8.1 million for H1 2019, compared to $57.4 million used in H1 2018, driven by changes in operating assets and liabilities[145] - Net cash used in investing activities was $42.0 million for H1 2019, primarily due to net changes in investments and capital expenditures[146] - The Company believes its projected cash flow from operations, combined with current cash and short-term investments, will be sufficient to meet its needs for the next twelve months, including interest payments on Convertible Senior Notes due 2023[144][148] Contractual Obligations and Commitments This section states that the Company's future contractual payment obligations for goods and services are expected to be funded by cash generated from operations - The Company has commitments under contractual arrangements for future payments for goods and services, expected to be funded by cash generated from operations[150] Off-Balance Sheet Arrangements This section confirms that the Company has no material off-balance sheet arrangements beyond the disclosed bank guarantees and purchase commitments - The Company does not have any material off-balance sheet arrangements other than disclosed bank guarantees and purchase commitments[151] Item 3. Quantitative and Qualitative Disclosures about Market Risk This section outlines the Company's exposure to market risks, specifically interest rate risk related to its investment portfolio and currency exchange risk from global operations, and the strategies used to manage these exposures - Interest rate risk primarily affects the investment portfolio ($84.5 million in fixed-income securities); a 100 basis point increase in interest rates would result in a $0.2 million decrease in fair value[152] - The Company uses monthly forward derivative contracts to mitigate foreign currency exchange rate risk, not for speculative purposes, as a portion of revenues and earnings are exposed to currency fluctuations[153][154] - Net sales to customers outside the U.S. represented 60% (Q2 2019) and 63% (H1 2019) of total net sales, but most sales are U.S. dollar denominated, leading to an immaterial impact from a 10% change in foreign exchange rates[155][156] Item 4. Controls and Procedures Management has evaluated and concluded that the Company's disclosure controls and procedures were effective as of June 30, 2019, and there were no material changes in internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures are effective as of June 30, 2019[158] - There were no changes in internal control over financial reporting that materially affected or are reasonably likely to materially affect internal control during the quarter ended June 30, 2019[159] PART II—OTHER INFORMATION Item 1. Legal Proceedings This section details ongoing legal proceedings, including two class action lawsuits related to the Ultratech acquisition, which the Company is vigorously defending, and asserts that their ultimate resolution is not expected to materially affect its financial position - The Company is defending a consolidated class action complaint (Wolther v. Maheshwari et al.) alleging false/misleading statements in the registration statement for the Ultratech acquisition[161] - A derivative action (Vladimir Gusinsky Revocable Trust v. Peeler, et al.) was filed on behalf of Veeco stockholders, asserting claims for breach of fiduciary duty and waste of corporate assets related to the Ultratech acquisition[162] - The Company does not believe that the ultimate resolution of these or other legal matters will have a material adverse effect on its consolidated financial position, results of operations, or cash flows[163] Item 1A. Risk Factors This section updates the Company's risk factors, specifically adding a new risk related to changes in U.S. trade policy, export controls, and ongoing trade disputes with China, which could significantly impact its business, operations, and financial condition - A new risk factor has been added regarding changes in U.S. trade policy and export controls, and ongoing trade disputes between the U.S. and China[164][165][166] - These changes, including tariffs, Entity List additions (e.g., Huawei), and restrictions on emerging technologies, could adversely affect demand for products, increase costs, and lead to retaliatory actions by China[166][167][168] - The Company faces increasing difficulty in obtaining export licenses and uncertainty regarding the disposition of affected inventory, potentially leading to order cancellations or losses[169][170] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section reports on the Company's share repurchase program, noting that no shares were purchased during the second quarter of 2019, with $14.3 million utilized out of the $100 million authorized program - No shares were purchased during the second quarter of 2019 under the $100 million share repurchase program authorized through December 11, 2019[173] - As of June 30, 2019, $14.3 million of the $100 million repurchase program had been utilized[173] Item 3. Defaults Upon Senior Securities This section states that there were no defaults upon senior securities during the reporting period - There were no defaults upon senior securities[174] Item 4. Mine Safety Disclosures This section indicates that mine safety disclosures are not applicable to the Company - Mine Safety Disclosures are not applicable[175] Item 5. Other Information This section states that there is no other information to report under this item - No other information to report[176] Item 6. Exhibits This section lists all exhibits filed with the Securities and Exchange Commission, including certifications from the Chief Executive Officer and Chief Financial Officer, and various XBRL documents | Exhibit Number | Exhibit Description | Filed or Furnished Herewith | | :------------- | :------------------------------------------------------------------------------------------------------- | :-------------------------- | | 31.1 | Certification of Chief Executive Officer pursuant to Rule 13a—14(a) or Rule 15d—14(a) of the Securities and Exchange Act of 1934. | * | | 31.2 | Certification of Chief Financial Officer pursuant to Rule 13a—14(a) or Rule 15d—14(a) of the Securities and Exchange Act of 1934. | * | | 32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes - Oxley Act of 2002. | * | | 32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes - Oxley Act of 2002. | * | | 101.INS | XBRL Instance Document | ** | | 101.XSD | XBRL Schema. | ** | | 101.PRE | XBRL Presentation. | ** | | 101.CAL | XBRL Calculation. | ** | | 101.DEF | XBRL Definition. | ** | | 101.LAB | XBRL Label. | ** | SIGNATURES This section contains the official signatures of the Chief Executive Officer and Chief Financial Officer, certifying the filing of the report on behalf of Veeco Instruments Inc - The report was duly signed on August 5, 2019, by William J. Miller, Ph.D., Chief Executive Officer, and Shubham Maheshwari, Executive Vice President, Chief Financial Officer, and Chief Operating Officer[181][182]