Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Feb. 07, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act File Number	0-16244
Entity Registrant Name	VEECO INSTRUMENTS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-2989601
Entity Address, Address Line One	Terminal Drive
Entity Address, City or Town	Plainview
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11803
City Area Code	516
Local Phone Number	677-0200
Title of 12(b) Security	Common Stock
Trading Symbol	VECO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Public Float			$ 2,588,029,739
Entity Common Stock, Shares Outstanding		57,935,847
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Santa Clara, California
Entity Central Index Key	0000103145
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 145,595	$ 158,781
Restricted cash	224	339
Short-term investments	198,719	146,664
Accounts receivable, net	96,834	103,018
Contract assets	37,109	24,370
Inventories	246,735	237,635
Prepaid expenses and other current assets	39,316	35,471
Total current assets	764,532	706,278
Property, plant, and equipment, net	113,789	118,459
Operating lease right-of-use assets	26,503	24,377
Intangible assets, net	8,832	43,945
Goodwill	214,964	214,964
Deferred income taxes	120,191	117,901
Other assets	2,766	3,117
Total assets	1,251,577	1,229,041
Current liabilities:
Accounts payable	43,519	42,383
Accrued expenses and other current liabilities	55,195	57,624
Contract liabilities	64,986	118,026
Income taxes payable	2,086
Current portion of long-term debt	26,496
Total current liabilities	192,282	218,033
Deferred income taxes	689	6,552
Long-term debt	249,702	274,941
Long-term operating lease liabilities	34,318	31,529
Other liabilities	3,816	25,544
Total liabilities	480,807	556,599
Stockholders' equity:
Preferred stock, $0.01 par value; 500,000 shares authorized; no shares issued and outstanding.
Common stock, $0.01 par value; 120,000,000 shares authorized; 56,827,915 shares issued and outstanding at December 31, 2024 and 56,364,131 shares issued and outstanding at December 31, 202	569	564
Additional paid-in capital	1,227,134	1,202,440
Accumulated deficit	(458,455)	(532,169)
Accumulated other comprehensive income	1,522	1,607
Total stockholders' equity	770,770	672,442
Total liabilities and stockholders' equity	$ 1,251,577	$ 1,229,041

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	120,000,000	120,000,000
Common stock, shares issued	56,827,915	56,364,131
Common stock, shares outstanding	56,827,915	56,364,131

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Operations
Net sales	$ 717,301	$ 666,435	$ 646,137
Cost of sales	413,296	381,376	382,989
Gross profit	304,005	285,059	263,148
Operating expenses, net:
Research and development	124,507	112,853	103,565
Selling, general, and administrative	99,663	92,756	88,952
Amortization of intangible assets	6,983	8,481	10,018
Asset impairment	28,131
Other operating expense (income), net	(22,260)	1,029	317
Total operating expenses, net	237,024	215,119	202,852
Operating income	66,981	69,940	60,296
Interest income	12,898	10,583	2,199
Interest expense	(11,045)	(11,770)	(11,510)
Other income (expense), net		(97,091)
Income (loss) before income taxes	68,834	(28,338)	50,985
Income tax expense (benefit)	(4,880)	2,030	(115,957)
Net income (loss)	$ 73,714	$ (30,368)	$ 166,942
Income (loss) per common share:
Basic (in dollars per share)	$ 1.31	$ (0.56)	$ 3.35
Diluted (in dollars per share)	$ 1.23	$ (0.56)	$ 2.71
Weighted average number of shares:
Basic (in shares)	56,426	53,769	49,906
Diluted (in shares)	61,596	53,769	65,607

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Income (Loss)
Net Income (Loss)	$ 73,714	$ (30,368)	$ 166,942
Available-for-sale securities:
Change in net unrealized gains or losses	(101)	691	(514)
Unrealized gain (loss) on available-for-sale securities	(101)	691	(514)
Currency translation adjustments:
Change in currency translation adjustments	16	(12)	(41)
Net changes related to currency translation adjustments	16	(12)	(41)
Total other comprehensive income (loss), net of tax	(85)	679	(555)
Total comprehensive income (loss)	$ 73,629	$ (29,689)	$ 166,387

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-in Capital	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Other Comprehensive Income	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at the beginning of the period at Dec. 31, 2021	$ 507	$ (56,800)	$ 1,116,921	$ 12,540	$ (681,283)	$ 1,483	$ (44,260)	$ 437,628
Balance at the beginning of the period (in shares) at Dec. 31, 2021	50,653
Balance at the end of the period (in shares) at Dec. 31, 2022	51,660
Increase (Decrease) in Stockholders' Equity
Net income (loss)					166,942			166,942
Other comprehensive income (loss), net of tax						(555)		(555)
Share-based compensation expense			22,994					22,994
Net issuance under employee stock plans	$ 10		(4,935)					(4,925)
Net issuance under employee stock plans (in shares)	1,007
Balance at the end of the period at Dec. 31, 2022	$ 517		1,078,180		(501,801)	928		577,824
Balance at the beginning of the period (in shares) at Dec. 31, 2021	50,653
Balance at the end of the period (in shares) at Dec. 31, 2022	51,660
Balance at the end of the period (in shares) at Dec. 31, 2023	56,364
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(30,368)			(30,368)
Other comprehensive income (loss), net of tax						679		679
Share-based compensation expense			28,558					28,558
Net issuance under employee stock plans	$ 2		(6,393)					(6,391)
Net issuance under employee stock plans (in shares)	244
Partial extinguishment of 2025 and 2027 Notes	$ 45		102,095					102,140
Partial extinguishment of 2025 and 2027 Notes (in shares)	4,460
Balance at the end of the period at Dec. 31, 2023	$ 564		1,202,440		(532,169)	1,607		672,442
Balance at the beginning of the period (in shares) at Dec. 31, 2022	51,660
Balance at the end of the period (in shares) at Dec. 31, 2023	56,364
Balance at the end of the period (in shares) at Dec. 31, 2024	56,828
Increase (Decrease) in Stockholders' Equity
Net income (loss)					73,714			73,714
Other comprehensive income (loss), net of tax						(85)		(85)
Share-based compensation expense			35,879					35,879
Net issuance under employee stock plans	$ 5		(11,185)					(11,180)
Net issuance under employee stock plans (in shares)	464
Balance at the end of the period at Dec. 31, 2024	$ 569		$ 1,227,134		$ (458,455)	$ 1,522		$ 770,770
Balance at the beginning of the period (in shares) at Dec. 31, 2023	56,364
Balance at the end of the period (in shares) at Dec. 31, 2024	56,828

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net income (loss)	$ 73,714	$ (30,368)	$ 166,942
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	25,143	24,966	25,645
Non-cash interest expense	1,257	1,118	962
Deferred income taxes	(8,729)	(2,211)	(118,040)
Share-based compensation expense	35,879	28,558	22,994
Loss on extinguishment of debt		97,091
Asset impairment	28,131
Impairment of equity investments	404
Provision for bad debts		316
Changes in contingent consideration	(21,242)	701
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(6,555)	13,271	(12,826)
Inventories	(8,307)	(35,158)	(37,288)
Prepaid expenses and other current assets	(4,751)	(16,063)	7,668
Accounts payable and accrued expenses	(338)	(8,810)	(13,115)
Contract liabilities	(53,040)	(9,626)	64,087
Income taxes receivable and payable, net	5,861	(525)	557
Other, net	(3,612)	(1,586)	897
Net cash provided by (used in) operating activities	63,815	61,674	108,483
Cash Flows from Investing Activities
Capital expenditures	(18,113)	(27,930)	(24,604)
Acquisition of businesses, net of cash acquired		(30,373)
Proceeds from the sale of investments	154,223	182,853	59,738
Payments for purchases of investments	(202,690)	(177,880)	(104,014)
Proceeds from sale of productive assets	2,033
Net cash provided by (used in) investing activities	(64,547)	(53,330)	(68,880)
Cash Flows from Financing Activities
Restricted stock tax withholdings	(16,064)	(11,009)	(8,248)
Contingent consideration payments	(1,818)	(2,500)
Proceeds (net of tax withholdings) from option exercises and employee stock purchase plan	5,303	4,618	3,698
Proceeds from issuance of 2029 Notes, net of issuance costs		223,202
Extinguishment of convertible notes		(218,991)
Net cash provided by (used in) financing activities	(12,579)	(4,680)	(4,550)
Effect of exchange rate changes on cash and cash equivalents	10	(16)	(53)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(13,301)	3,648	35,000
Cash, cash equivalents, and restricted cash - beginning of period	159,120	155,472	120,472
Cash, cash equivalents, and restricted cash - end of period	145,819	159,120	155,472
Supplemental Disclosure of Cash Flow Information
Interest paid	9,501	11,781	10,139
Income taxes paid, net of refunds received	3,034	5,095	1,434
Non-cash activities
Capital expenditures included in accounts payable and accrued expenses	4,395	4,388	2,285
Net transfer of inventory to property, plant and equipment		4,296	1,235
Right-of-use assets obtained in exchange for lease obligations	$ 5,179	$ 630	$ 2,938

Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Significant Accounting Policies

Significant Accounting Policies

Note 1 — Significant Accounting Policies

(a) Description of Business

Veeco Instruments Inc. (together with its consolidated subsidiaries, “Veeco,” or the “Company”) operates in a single segment: the development, manufacture, sales, and support of semiconductor and thin film process equipment primarily sold to make electronic devices.

(b) Basis of Presentation

The accompanying audited Consolidated Financial Statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). The Company reports interim quarters on a 13-week basis ending on the last Sunday of each period, which is determined at the start of each year. The Company’s fourth quarter always ends on the last day of the calendar year, December 31. During 2024 the interim quarters ended on March 31, June 30, and September 29, and during 2023 the interim quarters ended on April 2, July 2, and October 1. The Company reports these interim quarters as March 31, June 30, and September 30 in its interim consolidated financial statements.

(c) Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, these estimates may ultimately differ from actual results. Significant items subject to such estimates and assumptions include: (i) stand-alone selling prices for the Company’s products and services; (ii) allowances for doubtful accounts; (iii) inventory obsolescence; (iv) the useful lives and expected future cash flows of property, plant, and equipment and identifiable intangible assets; (v) the fair value of the Company’s reporting unit and related goodwill; (vi) investment valuations and the valuation of derivatives, deferred tax assets, and assets acquired in business combinations; (vii) the recoverability of long-lived assets; (viii) liabilities for product warranty and legal contingencies; (ix) share-based compensation; (x) lease term and incremental borrowing rates used in determining operating lease assets and liabilities; (xi) income tax uncertainties; (xii) purchase accounting estimates; and (xiii) contingent consideration estimates.

(d) Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Companies acquired during each reporting period are reflected in the results of the Company effective from their respective dates of acquisition through the end of the reporting period.

(e) Foreign Currencies

Assets and liabilities of the Company’s foreign subsidiaries that operate using functional currencies other than the U.S. dollar are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the Company’s subsidiaries into U.S. dollars, including intercompany transactions of a long-term nature, are reported as currency translation adjustments in “Accumulated other comprehensive income” in the Consolidated Balance Sheets. Foreign currency transaction gains or losses are included in “Other operating expense (income), net” in the Consolidated Statements of Operations.

(f) Revenue Recognition

Revenue is recognized upon the transfer of control of the promised product or service to the customer in an amount that reflects the consideration the Company expects to receive in exchange for such product or service. The Company’s contracts with customers generally do not contain variable consideration. In the rare instances where variable consideration is included, the Company estimates the amount of variable consideration and determines what portion of that, if any, has a high probability of significant subsequent revenue reversal, and if so, that amount is excluded from the transaction price. The Company’s contracts with customers frequently contain multiple deliverables, such as systems, upgrades, components, spare parts, installation, maintenance, and service plans. Judgment is required to properly identify the performance obligations within a contract and to determine how the revenue should be allocated among the performance obligations. The Company also evaluates whether multiple transactions with the same customer or related parties should be considered part of a single contract based on an assessment of whether the contracts or agreements are negotiated or executed within a short time frame of each other or if there are indicators that the contracts are negotiated in contemplation of one another.

When there are separate units of accounting, the Company allocates revenue to each performance obligation on a relative stand-alone selling price basis. The stand-alone selling prices are determined based on the prices at which the Company separately sells the systems, upgrades, components, spare parts, installation, maintenance, and service plans. For items that are not sold separately, the Company estimates stand-alone selling prices generally using an expected cost plus margin approach.

Most of the Company’s revenue is recognized at a point in time when the performance obligation is satisfied. The Company considers many facts when evaluating each of its sales arrangements to determine the timing of revenue recognition, including its contractual obligations and the nature of the customer’s post-delivery acceptance provisions. The Company’s system sales arrangements, including certain upgrades, generally include field acceptance provisions that may include functional or mechanical test procedures. For many of these arrangements, a customer source inspection of the system is performed in the Company’s facility, test data is sent to the customer documenting that the system is functioning to the agreed upon specifications prior to delivery, or other quality assurance testing is performed internally to ensure system functionality prior to shipment. Historically, such source inspection or test data replicates the field acceptance provisions that are performed at the customer’s site prior to final acceptance of the system. When the Company objectively demonstrates that the criteria specified in the contractual acceptance provisions are achieved prior to delivery either through customer testing or the Company’s historical experience of its tools meeting specifications, transfer of control of the product to the customer is considered to have occurred and revenue is recognized upon system delivery since there is no substantive contingency remaining related to the acceptance provisions at that date. For new products, new applications of existing products, or for products with substantive customer acceptance provisions where the Company cannot objectively demonstrate that the criteria specified in the contractual acceptance provisions have been achieved prior to delivery, revenue and the associated costs are deferred. The Company recognizes such revenue and costs upon obtaining objective evidence that the acceptance provisions can be achieved, assuming all other revenue recognition criteria have been met.

In certain cases, the Company’s contracts with customers contain a billing retention, which is billed by the Company and payable by the customer when field acceptance provisions are completed. Revenue recognized in advance of the amount that has been billed is recorded as a Contract Asset on the Consolidated Balance Sheets.

The Company recognizes revenue related to maintenance and service contracts over time based upon the respective contract term. Installation revenue is recognized over time as the installation services are performed. The Company recognizes revenue from the sales of components, spare parts, and specified service engagements at a point in time, which is typically consistent with the time of delivery in accordance with the terms of the applicable sales arrangement.

The Company may receive advanced payments on system transactions. The timing of the transfer of goods or services related to the advanced payments is either at the discretion of the customer or expected to be within one year from the advanced receipt. As such, the Company does not adjust transaction prices for the time value of money. Incremental direct costs incurred related to the acquisition of a customer contract, such as sales commissions, are expensed as incurred since the expected performance period is one year or less.

The Company has elected to treat shipping and handling costs, including those costs incurred to move, package, and prepare the Company’s products for shipment and to move the products to a customer’s designated location, as a fulfillment activity, and the Company includes such costs in “Cost of sales” in the Consolidated Statements of Operations as incurred. These costs are generally comprised of payments to third-party shippers. Taxes assessed by governmental authorities that are collected by the Company from a customer are excluded from revenue.

(g) Warranty Costs

The Company typically provides standard warranty coverage on its systems for one year from the date of final acceptance by providing labor and parts necessary to repair the systems during the warranty period. The Company records the estimated warranty cost when revenue is recognized on the related system. Warranty cost is included in “Cost of sales” in the Consolidated Statements of Operations. The estimated warranty cost is based on the Company’s historical experience with its systems and regional labor costs. The Company calculates the average service hours by region and parts expense per system utilizing actual service records to determine the estimated warranty charge. The Company updates its warranty estimates on a quarterly basis when the actual product performance or field expense differs from original estimates.

(h) Research and Development Costs

Research and development costs are expensed as incurred and include charges for the development of new technology and the transition of existing technology into new products or services.

(i) Advertising Expense

The cost of advertising is expensed as incurred and totaled $0.4 million, $0.4 million, and $0.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

(j) Accounting for Share-based Compensation

Share-based awards exchanged for employee services are accounted for under the fair value method. Accordingly, share-based compensation cost is measured at the grant date based on the estimated fair value of the award. The expense for awards is recognized over the employee’s requisite service period (generally the vesting period of the award). The Company has elected to treat awards with only service conditions and with graded vesting as one award. Consequently, the total compensation expense is recognized straight-line over the entire vesting period, so long as the compensation cost recognized at any date at least equals the portion of the grant date fair value of the award that is vested at that date. Additionally, the Company will make adjustments to compensation expense for forfeitures as they occur.

In addition to stock options, restricted share awards (“RSAs”) and restricted stock units (“RSUs”) with time-based vesting, the Company grants performance share units and awards (“PSUs” and “PSAs”) that have either performance or market conditions. Compensation cost for PSUs and PSAs with market conditions is recognized over the requisite service period regardless of the expected level of achievement. For all PSUs and PSAs, the number of shares issued to the employee at the conclusion of the service period may vary from the original target based upon the level of attainment of the performance or market conditions.

The Company uses the Black-Scholes option-pricing model to compute the estimated fair value of option awards and purchase rights under the Employee Stock Purchase Plan. The Company uses a Monte Carlo simulation to compute the estimated fair value of awards with market conditions. The Black-Scholes model and Monte Carlo simulation include assumptions regarding dividend yields, expected volatility, expected option term, and risk-free interest rates. See Note 13, “Stock Plans,” for additional information.

(k) Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized, which is dependent upon the generation of future taxable income.

(l) Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative financial instruments used in hedging activities, and accounts receivable. The Company invests in a variety of financial instruments and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. Historically, the Company has not experienced any material credit losses on its investments.

The Company maintains an allowance reserve for potentially uncollectible accounts receivable for estimated losses resulting from the inability of its customers to make required payments. The Company evaluates its allowance for doubtful accounts based on a combination of factors. In circumstances where specific invoices are deemed to be uncollectible, the Company provides a specific allowance for bad debt against the amount due to reduce the net recognized receivable to the amount reasonably expected to be collected. The Company also provides allowances based on its write-off history. Finally, the Company also considers its current expectations of future economic conditions, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts totaled $1.0 million at both December 31, 2024 and 2023.

To further mitigate the Company’s exposure to uncollectible accounts receivable, the Company may request certain customers provide a negotiable irrevocable letter of credit drawn on a reputable financial institution. These irrevocable letters of credit are typically issued to mature between zero and 90 days from the date the documentation requirements are met, typically when a system ships or upon receipt of final acceptance from the customer. The Company, at its discretion, may monetize these letters of credit on a non-recourse basis after they become negotiable but before maturity. The fees associated with the monetization are included in “Selling, general, and administrative” in the Consolidated Statements of Operations and were immaterial for the years ended December 31, 2024, 2023, and 2022.

(m) Fair Value of Financial Instruments

The carrying amounts of financial instruments, including cash equivalents, accounts receivable, accounts payable, and accrued expenses reflected in the consolidated financial statements approximate fair value due to their short-term maturities. The fair value of debt for footnote disclosure purposes, including current maturities, if any, is estimated using recently quoted market prices of the instrument, or if not available, a discounted cash flow analysis based on the estimated current incremental borrowing rates for similar types of instruments.

(n) Cash, Cash Equivalents, and Short-term Investments

All financial instruments purchased with an original maturity of three months or less at the time of purchase are considered cash equivalents. Such items may include liquid money market funds, certificate of deposit and time deposit accounts, U.S. treasuries, government agency securities, and corporate debt. Investments that are classified as cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents includes $81.0 million and $97.8 million of cash equivalents at December 31, 2024 and 2023, respectively.

A portion of the Company’s cash and cash equivalents is held by its subsidiaries throughout the world, frequently in each subsidiary’s respective functional currency, which is typically the U.S. dollar. Approximately 31% and 29% of cash and cash equivalents were maintained outside the United States at December 31, 2024 and 2023, respectively.

Short-term investments consist of marketable debt securities, and are generally classified as available-for-sale for use in current operations, if required, and are reported at fair value, with unrealized gains and losses, net of tax, presented as a separate component of stockholders’ equity under the caption “Accumulated other comprehensive income” on the Consolidated Balance Sheets. These securities can include U.S. treasuries, government agency securities, corporate debt, and commercial paper, all with maturities of greater than three months when purchased. All realized gains and losses and unrealized losses resulting from declines in fair value that are other than temporary are included in “Other operating expense (income), net” in the Consolidated Statements of Operations. The specific identification method is used to determine the realized gains and losses on investments.

Non-marketable equity securities are equity securities without readily observable market prices and are included in “Other assets” in the Consolidated Balance Sheets. Non-marketable securities are measured at cost, adjusted for changes in observable prices minus impairment. Changes in fair value and impairment charges are included in “Other income (expense), net” in the Consolidated Statements of Operations.

(o) Inventories

Inventories are stated at the lower of cost and net realizable value, with cost determined on a first-in, first-out basis. Each quarter the Company assesses the valuation and recoverability of all inventories: materials (raw materials, spare parts, and service inventory); work-in-process; finished goods; and evaluation inventory at customer facilities. Obsolete inventory or inventory in excess of management’s estimated usage requirement is written down to its estimated net realizable value if less than cost. The Company evaluates usage requirements by analyzing historical usage, anticipated demand, alternative uses of materials, and other qualitative factors. Unanticipated changes in demand for the Company’s products may require a write down of inventory, which would be reflected in Cost of Sales in the Consolidated Statements of Operations in the period the revision is made. Inventory acquired as part of a business combination is recorded at fair value on the date of acquisition.

(p) Business Combinations

The Company allocates the fair value of the purchase consideration of the Company’s acquisitions to the tangible assets, intangible assets, and liabilities assumed, based on estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Additionally, the Company estimates the fair value of contingent consideration included as part of the purchase price by assigning probabilities and discount factors to each of the various defined performance milestones, while using a Monte-Carlo simulation model to determine the most likely outcome for payments to be based on value of orders received.

(q) Goodwill

Goodwill is an asset representing the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill is evaluated for impairment in the beginning of the fourth quarter of each year or more frequently if impairment indicators arise.

In testing goodwill for impairment, the Company may first perform a qualitative assessment of whether it is more likely than not that the reporting unit’s fair value is less than its carrying amount, and, if so, the Company then quantitatively compares the fair value of the reporting unit to its carrying amount. If the fair value exceeds the carrying amount, goodwill is not impaired. If the carrying amount exceeds fair value, the Company then records an impairment loss equal to the difference, up to the carrying value of goodwill.

The Company determines the fair value of its reporting unit based on a reconciliation of the fair value of the reporting unit to the Company’s adjusted market capitalization. The adjusted market capitalization is calculated by multiplying the average share price of the Company’s common stock for the last ten trading days prior to the measurement date by the number of outstanding common shares and adding a control premium. The control premium is estimated using historical transactions in similar industries.

(r) Long-lived Assets

Long-lived intangible assets consist of purchased technology, customer relationships, patents, trademarks and tradenames, software licenses, and backlog and are initially recorded at fair value. Long-lived intangible assets are amortized over their estimated useful lives utilizing a method reflecting the pattern in which the economic benefits are consumed or straight-lined if such pattern cannot be reliably determined.

Property, plant, and equipment are recorded at cost. Depreciation expense is calculated based on the estimated useful lives of the assets by using the straight-line method. Amortization of leasehold improvements is recognized using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, a recoverability test is performed utilizing undiscounted cash flows expected to be generated by that asset or asset group compared to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models or, when available, quoted market values and third-party appraisals.

(s) Leases

The Company determines at contract inception if an arrangement is a lease, or contains a lease, of an identified asset for which the Company has the right to obtain substantially all of the economic benefits from its use and the right to direct its use. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, while lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The implicit discount rate in the Company’s leases generally cannot readily be determined, and therefore the Company uses its incremental borrowing rate based on information available at lease commencement date in determining the present value of future payments. The Company has options to renew or terminate certain leases. These options are included in the determination of lease term when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components in determining ROU assets or lease liabilities

for real estate leases. Additionally, the Company does not recognize ROU assets or lease liabilities for leases with original terms or renewals of one year or less.

(t) Recently Adopted Accounting Standards

The Company adopted ASU 2023-07: Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures on December 31, 2024. This standard primarily enhances disclosures about significant segment expenses. The standard requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker (“CODM”) and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit and loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and contains other disclosure requirements. Refer to Note 16 for further details.

(u) Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statements Expenses (Subtopic 220-40),” to improve income statement expenses disclosure. The standard requires more detailed information related to the types of expenses, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each interim and annual income statement’s expense caption, as applicable. This authoritative guidance can be applied prospectively or retrospectively and will be effective for financial statements issued for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements.

The Company is evaluating other pronouncements recently issued but not yet adopted. The adoption of these pronouncements is not expected to have a material impact on our consolidated financial statements.

Income Per Common Share

12 Months Ended

Dec. 31, 2024

Income Per Common Share

Income Per Common Share

Note 2 — Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted income per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of shares used to calculate basic income per share plus the weighted average number of common share equivalents outstanding during the period. The dilutive effect of outstanding options to purchase common stock and share-based awards is considered in diluted income per share by application of the treasury stock method. Finally, the Company includes the dilutive effect of shares issuable upon conversion of its Notes in the calculation of diluted income per share using the if-converted method. The Company has the option for the 2025 and 2027 Notes to settle the conversion value in any combination of cash or shares, and as such, the maximum number of shares issuable are included in the dilutive share count if the effect would be dilutive. The Company must settle the principal amount of the 2029 Notes in cash, and has the option to settle any excess of the conversion value over the principal amount in any combination of cash or shares. As such, the Company only includes the excess shares that may be issuable above the principal amount of the 2029 Notes in the dilutive share count, if the effect would be dilutive.

The computations of basic and diluted income (loss) per share for the years ended December 31, 2024, 2023, and 2022 are as follows:


	For the year ended December 31,
	2024		2023		2022

	(in thousands, except per share amounts)
Numerator:
Net income (loss)	$	73,714	$	(30,368)	$	166,942
Interest expense associated with convertible notes		2,054		—		10,832
Net income (loss) available to common shareholders	$	75,768	$	(30,368)	$	177,774

Denominator:
Basic weighted average shares outstanding		56,426		53,769		49,906
Effect of potentially dilutive share-based awards		1,010		—		734
Dilutive effect of convertible notes		4,160		—		14,967
Diluted weighted average shares outstanding		61,596		53,769		65,607

Net income (loss) per common share:
Basic	$	1.31	$	(0.56)	$	3.35
Diluted	$	1.23	$	(0.56)	$	2.71

Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive		—		850		—
Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive		111		212		815
Potential shares to be issued for settlement of the convertible notes excluded from the diluted calculation as their effect would be antidilutive		—		7,319		—

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Fair Value Measurements

Note 3 — Fair Value Measurements

Fair value is the price that would be received for an asset or the amount paid to transfer a liability in an orderly transaction between market participants. The Company is required to classify certain assets and liabilities based on the following fair value hierarchy:

●

Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;

●

Level 2: Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and

●

Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company has evaluated the estimated fair value of financial instruments using available market information and valuations as provided by third-party sources. The use of different market assumptions or estimation methodologies could have a significant effect on the estimated fair value amounts.

The following table presents the Company’s assets that were measured at fair value on a recurring basis at December 31, 2024 and 2023:


	Level 1		Level 2		Level 3		Total

	(in thousands)
December 31, 2024
Cash equivalents
Certificate of deposits and time deposits	$	66,023	$	—	$	—	$	66,023
Money market cash		15,003		—		—		15,003
Total	$	81,026	$	—	$	—	$	81,026
Short-term investments
U.S. treasuries	$	84,032	$	—	$	—	$	84,032
Government agency securities		—		30,167		—		30,167
Corporate debt		—		83,051		—		83,051
Commercial paper		—		1,469		—		1,469
Total	$	84,032	$	114,687	$	—	$	198,719

December 31, 2023
Cash equivalents
Certificate of deposits and time deposits	$	74,262	$	—	$	—	$	74,262
Corporate debt		—		1,988		—		1,988
Money market cash		21,587		—		—		21,587
Total	$	95,849	$	1,988	$	—	$	97,837
Short-term investments
U.S. treasuries	$	59,493	$	—	$	—	$	59,493
Government agency securities		—		41,818		—		41,818
Corporate debt		—		35,409		—		35,409
Commercial paper		—		9,944		—		9,944
Total	$	59,493	$	87,171	$	—	$	146,664

The Company’s investments classified as Level 1 are based on quoted prices that are available in active markets, as well as certificates of deposits and time deposits that are classified as Level 1 due to their short-term nature. The Company’s investments classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Investments

12 Months Ended

Dec. 31, 2024

Investments

Investments

Note 4 — Investments

At December 31, 2024 and 2023 the amortized cost and fair value of marketable securities, which are included in “Short-term investments” on the Consolidated Balance Sheets, were as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value

	(in thousands)
December 31, 2024
U.S. treasuries	$	84,008	$	45	$	(21)	$	84,032
Government agency securities		30,244		13		(90)		30,167
Corporate debt		83,209		17		(175)		83,051
Commercial paper		1,469		—		—		1,469
Total	$	198,930	$	75	$	(286)	$	198,719

December 31, 2023
U.S. treasuries	$	59,541	$	3	$	(51)	$	59,493
Government agency securities		41,843		6		(31)		41,818
Corporate debt		35,447		9		(47)		35,409
Commercial paper		9,944		—		—		9,944
Total	$	146,775	$	18	$	(129)	$	146,664

Available-for-sale securities in a loss position at December 31, 2024 and 2023 were as follows:


	Continuous Loss Position				Continuous Loss Position
	for Less than 12 Months				for 12 Months or More
			Gross				Gross
	Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses

		(in thousands)
December 31, 2024
U.S. treasuries	$	26,756	$	(21)	$	—	$	—
Government agency securities		20,062		(90)		—		—
Corporate debt		58,967		(175)		—		—
Total	$	105,785	$	(286)	$	—	$	—

December 31, 2023
U.S. treasuries	$	43,118	$	(50)	$	—	$	—
Government agency securities		34,885		(31)		—		—
Corporate debt		23,262		(33)		2,618		(15)
Total	$	101,265	$	(114)	$	2,618	$	(15)

The contractual maturities of securities classified as available-for-sale at December 31, 2024 were as follows:


	December 31, 2024
	Amortized		Estimated
	Cost		Fair Value

		(in thousands)
Due in one year or less	$	143,688	$	143,696
Due after one year through two years		55,242		55,023
Total	$	198,930	$	198,719

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The realized gains or losses for the years ended December 31, 2024, 2023, and 2022 were immaterial.

Business Combination

12 Months Ended

Dec. 31, 2024

Business Combination

Business Combination

Note 5 — Business Combination

Epiluvac

On January 31, 2023, the Company acquired Epiluvac AB, a privately held manufacturer of chemical vapor deposition (CVD) epitaxy systems that enable silicon carbide (SiC) applications in the electric vehicle market. The results of Epiluvac’s operations have been included in the consolidated financial statements since the date of acquisition.

The acquisition date fair value of the consideration totaled $56.4 million, net of cash acquired, which consisted of the following:


	Acquisition Date
	(January 31, 2023)
	(in thousands)
Cash paid, net of cash acquired	$	30,373
Contingent consideration		26,055
Acquisition date fair value	$	56,428

The purchase agreement included performance milestones that, if achieved, could trigger additional payments to the original selling shareholders. The contingent arrangements include payments up to $15.0 million based on the timely completion of certain defined milestones tied to strategic targets, and up to $20.0 million based on the percentage of orders received during the defined earn-out period. The earn-out period is four years after the closing date of the acquisition, or earlier if certain conditions are met.

The Company estimated the fair value of the contingent consideration by assigning probabilities and discount factors to each of the various defined performance milestones, while using a Monte-Carlo simulation model to determine the most likely outcome for payments to be based on the value of orders received. These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as defined in ASC 820. The discount rate used was 5.54% for the strategic target and order value related contingent payments. The rate was determined based on the nature of the milestone, the risks and uncertainties involved and the time period until the milestone was measured. The determination of the various probabilities and discount factors is highly subjective, requires significant judgment and is influenced by a number of factors, including the adoption of SiC technology. The aggregate fair value of the contingent consideration arrangement at the acquisition date was $26.1 million.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:


	Acquisition Date
	(January 31, 2023)
	(in thousands)
Accounts receivable	$	247
Inventories		391
Prepaid expense and other current assets		381
Property, plant, and equipment		736
Intangible assets		28,540
Total identifiable assets acquired		30,295

Accounts payable and accrued expenses		656
Contract liabilities		429
Deferred income taxes		5,723
Other liabilities		80
Total liabilities assumed		6,888

Net identifiable assets acquired		23,407
Goodwill		33,021
Net assets acquired	$	56,428

The gross contractual value of the acquired accounts receivable is the amount expected to be collected by the Company, and therefore is also considered its fair value. Goodwill generated from the acquisition is primarily attributed to expected synergies from future growth and strategic advantages provided through the expansion of product offerings as well as assembled workforce and is not expected to be deductible for income tax purposes.

The classes of intangible assets acquired, and the estimated useful life of each class is presented in the table below:


	Acquisition Date
	(January 31, 2023)
	Amount		Useful life
	(in thousands)
Technology	$	28,020	15	years
Customer relationships		460	5	years
Backlog		60	1.5	years
Intangible assets acquired	$	28,540

The Company determined the estimated fair value of the identifiable intangible assets based on various factors including cost, discounted cash flow, income method, loss-of-revenue/income method, and relief-from-royalty method in determining the purchase price allocation.

For the year ended December 31, 2023, the Company incurred approximately $1.1 million of acquisition related costs, included within “Selling, general, and administrative” in the Consolidated Statement of Operations. Additionally, the pro forma Consolidated Statement of Operations as if Epiluvac had been acquired as of January 1, 2022 would not be materially different from the Company’s actual Consolidated Statement of Operations for the years ended December 31, 2024, 2023, or 2022.

During the fourth quarter of 2024, the Company lowered its projected cash flows for the Epiluvac asset group as a result of the Company’s market penetration not meeting expectations associated with the SiC technology, and determined that the revised projections were significantly lower than projected cash flows at the time of the acquisition and that these

revised projections required the Company to assess the Epiluvac asset group for impairment. See Note 8, “Goodwill and Intangible Assets,” for additional information.

Additionally, the Company updates its estimate of fair value of the contingent consideration each reporting period, utilizing the same methodologies described above. The discount rate used was 5.4% at December 31, 2024 for the strategic target and order value related contingent payments. During the year ended December 31, 2024, the Company reduced the contingent consideration by approximately $21.2 million as a result of the lowered projected bookings, the benefit for which was included within “Other operating expense (income) net” in the Consolidated Statement of Operations. Additionally, during the year ended December 31, 2024, the Company paid $1.8 million to the original selling shareholders associated with the settlement of a strategic target milestone. The total contingent consideration liability as of December 31, 2024 was $1.2 million, of which $0.7 million was included in “Accrued expenses and other current liabilities” and $0.5 million was included within “Other liabilities” on the Consolidated Balance Sheet.

Inventories

12 Months Ended

Dec. 31, 2024

Inventories

Inventories

Note 6 — Inventories

Inventories are stated at the lower of cost and net realizable value, with cost determined on a first-in, first-out basis. Inventories consist of the following:


	December 31,		December 31,
	2024		2023

	(in thousands)
Materials	$	129,178	$	139,884
Work-in-process		88,361		71,278
Finished goods		3,016		6,183
Evaluation inventory		26,180		20,290
Total	$	246,735	$	237,635

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant, and Equipment

Property, Plant, and Equipment

Note 7 — Property, Plant, and Equipment

Property, plant, and equipment, net, consist of the following:


	December 31,		December 31,
	2024		2023		Average Useful Life

	(in thousands)
Land	$	5,061	$	5,061	N/A
Building and improvements		61,504		61,679	10 – 40 years
Machinery and equipment ⁽¹⁾		190,810		181,180	3 – 10 years
Leasehold improvements		53,759		52,913	3 – 17 years
Gross property, plant, and equipment		311,134		300,833
Less: accumulated depreciation and amortization		197,345		182,374
Property, plant, and equipment, net	$	113,789	$	118,459

(1)	Machinery and equipment includes software, furniture, and fixtures

Depreciation expense was $18.2 million, $16.5 million, and $15.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 8 — Goodwill and Intangible Assets

Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. There were no changes in goodwill balances during the year ended December 31, 2024.

The Company performs its annual goodwill impairment test at the beginning of the fourth quarter each year. As the Company maintains a single goodwill reporting unit, it determines the fair value of its reporting unit based upon the Company’s adjusted market capitalization. The annual test performed at the beginning of the fourth quarter of fiscal 2024, 2023, and 2022 did not result in any potential impairment as the fair value of the reporting unit was determined to exceed the carrying amount of the reporting unit.

The valuation of goodwill will continue to be subject to changes in the Company’s market capitalization and observable market control premiums. This analysis is sensitive to changes in the Company’s stock price and absent other qualitative factors, the Company may be required to record goodwill impairment charges in future periods if the stock price declines and remains depressed for an extended period of time.

The components of purchased intangible assets were as follows:


		December 31, 2024						December 31, 2023
	Average			Accumulated						Accumulated
	Remaining	Gross		Amortization				Gross		Amortization
	Amortization	Carrying		and		Net		Carrying		and		Net
	Period	Amount		Impairment		Amount		Amount		Impairment		Amount

	(in years)	(in thousands)
Technology	1.3	$	355,928	$	354,066	$	1,862	$	355,928	$	321,923	$	34,005
Customer relationships	4.3		146,925		139,955		6,970		146,925		137,649		9,276
Trademarks and tradenames	-		30,910		30,910		—		30,910		30,269		641
Other	-		3,746		3,746		—		3,746		3,723		23
Total	3.7	$	537,509	$	528,677	$	8,832	$	537,509	$	493,564	$	43,945

Other intangible assets primarily consist of patents, licenses, and backlog.

During the fourth quarter of 2024, the Company lowered its projected cash flows for the Epiluvac asset group, which were significantly below the projected cash flows at the time of the acquisition. The reduced projections were based on the Company’s market penetration not meeting expectations associated with the SiC technology. This required the Company to assess the Epiluvac asset group for impairment. As a result of the analysis, which included projected sales and other cash flows that required the use of unobservable inputs, the Company recorded a non-cash impairment charge of $28.1 million related to definite-lived intangible assets during the fourth quarter of 2024. The impairment charge is included in “Asset impairment” in the Consolidated Statement of Operations.

Based on the intangible assets recorded at December 31, 2024, and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated annual amortization expense, is expected to be as follows:


	Amortization
	(in thousands)
2025	$	3,136
2026		2,134
2027		1,550
2028		1,481
2029		531
Total	$	8,832

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2024

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

Note 9 — Accrued Expenses and Other Liabilities

The components of accrued expenses and other current liabilities were as follows:


	December 31,		December 31,
	2024		2023

	(in thousands)
Payroll and related benefits	$	30,398	$	28,321
Warranty		9,740		8,864
Operating lease liabilities		3,757		4,025
Interest		1,198		1,149
Professional fees		1,969		1,834
Sales, use, and other taxes		1,539		1,825
Contingent consideration		702		1,814
Other		5,892		9,792
Total	$	55,195	$	57,624

Contract Liabilities and Performance Obligations

Contract liabilities consist of unsatisfied performance obligations related to advanced payments received and billing in excess of revenue recognized. The contract liability balance as of December 31, 2023 was approximately $118.0 million, of which the Company recognized approximately $97.0 million into revenue during the year ended December 31, 2024.

This reduction in contract liabilities was offset by new billings for products and services which were unsatisfied performance obligations to customers and revenue had not yet been recognized as of December 31, 2024.

As of December 31, 2024, the Company has approximately $57.0 million of remaining performance obligations on contracts with an original estimated duration of one year or more, of which approximately 77% is expected to be recognized within one year, with the remaining amounts expected to be recognized between one to three years. The Company has elected to exclude disclosures regarding remaining performance obligations that have an original expected duration of one year or less.

Other liabilities

Other Liabilities at December 31, 2024 was approximately $3.8 million, which included medical and dental benefits for former executives, asset retirement obligations, contingent consideration, and tax liabilities.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Commitments and Contingencies

Note 10 — Commitments and Contingencies

Warranty

Changes in the Company’s product warranty reserves were as follows:


	December 31,
	2024		2023		2022

		(in thousands)
Balance - beginning of the year	$	8,864	$	8,601	$	7,878
Warranties issued		6,160		6,479		8,304
Addition from Epiluvac acquisition		—		49		—
Consumption of reserves		(6,148)		(7,029)		(7,527)
Changes in estimate		864		764		(54)
Balance - end of the year	$	9,740	$	8,864	$	8,601

Minimum Lease Commitments

The Company’s operating leases primarily include real estate leases for properties used for manufacturing, R&D activities, sales and service, and administration, as well as certain equipment leases. Some leases may include options to renew for a period of up to 5 years, while others may include options to terminate the lease. The weighted average remaining lease term of the Company’s operating leases as of December 31, 2024 was 11 years, and the weighted average discount rate used in determining the present value of future lease payments was 5.7%.

The following table provides the maturities of lease liabilities at December 31, 2024:


	Operating
	Leases
	(in thousands)
Payments due by period:
2025	$	4,387
2026		5,049
2027		4,566
2028		4,196
2029		4,295
Thereafter		30,616
Total future minimum lease payments		53,109
Less: Imputed interest		(15,034)
Total	$	38,075

Reported as of December 31, 2024
Accrued expenses and other current liabilities	$	3,757
Long-term operating lease liabilities		34,318
Total	$	38,075

Operating lease cost for the years ended December 31, 2024, 2023, and 2022 was $4.8 million, $5.0 million, and $7.4 million, respectively. Variable lease expense, which includes costs not included in the operating lease costs, for the years ended December 31, 2024, 2023, and 2022 was $1.3 million, $1.1 million, and $2.0 million, respectively. Additionally, the Company has an immaterial amount of short-term leases. Lease expense, which includes operating lease costs and variable lease costs, was $6.1 million, $6.1 million, and $9.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. In addition, the Company is obligated under such leases for certain other expenses, including real

estate taxes and insurance. Operating cash outflows from operating leases for the year ended December 31, 2024, 2023, and 2022 were $6.8 million, $5.8 million, and $7.5 million, respectively.

Legal Proceedings

The Company is involved in various legal proceedings arising in the normal course of business. The Company does not believe that the ultimate resolution of these matters will have a material adverse effect on its consolidated financial position, results of operations, or cash flows.

Concentrations of Credit Risk

The Company depends on purchases from its ten largest customers, which accounted for 63% and 65% of net accounts receivable at December 31, 2024 and 2023, respectively.

Customers who accounted for more than 10% of net accounts receivable or net sales are as follows:


	Accounts Receivable				Net Sales
	December 31,				For the Year Ended December 31,
Customer	2024		2023		2024		2023		2022
Customer A	11	%	10	%	11	%	*		*
Customer B	*	%	11	%	*		*		*
Customer C	13	%	*		11	%	*		*
Customer D	13	%	*		*		*		*
Customer E	11	%	*		*		*		*
Customer F	*		*		*		10	%	*

*	Less than 10% of aggregate accounts receivable or net sales

The Company manufactures and sells its products to companies in different geographic locations. Refer to Note 16, “Segment Reporting and Geographic Information,” for additional information. In certain instances, the Company requires deposits from its customers for a portion of the sales price in advance of shipment and performs periodic credit evaluations on its customers. Where appropriate, the Company requires letters of credit on certain non-U.S. sales arrangements. Receivables generally are due within 30 to 90 days from the date of invoice. In some geographies, receivables may be payable up to 150 days from the date of the invoice.

Receivable Purchase Agreement

The Company entered into a receivable purchase agreement with a financial institution to sell certain of its trade receivables from customers without recourse, up to $30.0 million at any point in time. Pursuant to this agreement, the Company sold $8.0 million of receivables during the year ended December 31, 2024, of which no amounts remained outstanding as of December 31, 2024 as defined in the receivable purchase agreement, and $30.0 million was available under the agreement for additional sales of receivables. The Company sold $32.7 million of receivables during the year ended December 31, 2023. The net sale of accounts receivable under the agreement is reflected as a reduction of accounts receivable in the Company’s Consolidated Balance Sheet at the time of sale and any fees for the sale of trade receivables were not material for the periods presented.

Suppliers

The Company outsources certain functions to third parties, including the manufacture of several of its systems. While the Company relies on its outsourcing partners to perform their contracted functions, the Company maintains some level of internal manufacturing capability for these systems. In addition, certain of the components and sub-assemblies included in the Company’s products are obtained from a single source or a limited group of suppliers. The failure of the

Company’s present outsourcing partners and suppliers to meet their contractual obligations and the Company’s inability to make alternative arrangements or resume the manufacture of these systems could have a material adverse effect on the Company’s revenues, profitability, cash flows, and relationships with its customers.

The Company had deposits with its suppliers of $18.7 million and $19.4 million at December 31, 2024 and 2023, respectively, that were included in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets.

Purchase Commitments

The Company had purchase commitments of $177.4 million at December 31, 2024, the majority of which will come due within one year. Purchase commitments are primarily for inventory used in manufacturing products, as well as equipment and project materials used to support research and development activities, and are partially offset by existing deposits with suppliers.

Bank Guarantees

The Company has bank guarantees and letters of credit issued by a financial institution on its behalf as needed. At December 31, 2024, outstanding bank guarantees and letters of credit totaled $18.1 million and unused bank guarantees and letters of credit of $21.6 million were available to be drawn upon.

Debt

12 Months Ended

Dec. 31, 2024

Debt

Debt

Note 11 — Debt

Convertible Senior Notes

2023 Notes

On January 10, 2017, the Company issued $345.0 million of 2.70% convertible senior unsecured notes due 2023 (the “2023 Notes”). The 2023 Notes had a maturity date of January 15, 2023, unless earlier purchased by the Company, redeemed, or converted. The Company repurchased and retired approximately $111.5 million and $213.3 million of aggregate principal amount of its outstanding 2023 Notes during the years ended December 31, 2021 and December 31, 2020, respectively.

The 2023 Notes that remained outstanding matured on January 15, 2023 and were paid in cash and settled by the Company at that time.

2025 Notes

On November 17, 2020, as part of a privately negotiated exchange agreement, the Company issued $132.5 million of 3.50% convertible senior notes due 2025 (the “2025 Notes”). The 2025 Notes bear interest at a rate of 3.50% per year, payable semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2021. The 2025 Notes mature on January 15, 2025, unless earlier purchased by the Company, redeemed, or converted.

On May 19, 2023, in connection with the completion of a private offering of $230.0 million aggregate principal amount of 2.875% convertible senior notes due 2029 described below, the Company repurchased and retired approximately $106.0 million in aggregate principal amount of its outstanding 2025 Notes, with a carrying amount of $105.4 million, for approximately $106.0 million of cash and 0.7 million shares of the Company’s common stock. The Company accounted for the partial settlement of the 2025 Notes as an extinguishment, and as such, recorded a loss on extinguishment of approximately $16.5 million for the year ended December 31, 2023, which is included in “Other income (expense), net” in the Consolidated Statements of Operations.

The 2025 Notes that remained outstanding matured on January 15, 2025 and were settled through the issuance of 1.1 million shares of the Company’s common stock to the noteholders.

2027 Notes

On May 18, 2020, the Company completed a private offering of $125.0 million of 3.75% convertible senior notes due 2027 (the “2027 Notes”). The Company received net proceeds of approximately $121.9 million, after deducting underwriting discounts and fees and expenses payable by the Company. Additionally, the Company used approximately $10.3 million of cash to purchase capped calls, discussed below. The 2027 Notes bear interest at a rate of 3.75% per year, payable semiannually in arrears on June 1 and December 1 of each year, commencing on December 1, 2020. The 2027 Notes mature on June 1, 2027, unless earlier purchased by the Company, redeemed, or converted.

On May 19, 2023, in connection with the completion of a private offering of $230.0 million aggregate principal amount of 2.875% convertible senior notes due 2029 described below, the Company repurchased and retired approximately $100.0 million in aggregate principal amount of its outstanding 2027 Notes, with a carrying amount of $98.5 million, for approximately $92.8 million of cash and 3.8 million shares of the Company’s common stock. The Company accounted for the partial settlement of the 2027 Notes as an extinguishment, and as such, recorded a loss on extinguishment of approximately $80.6 million for the year ended December 31, 2023, which is included in “Other income (expense), net” in the Consolidated Statements of Operations.

2029 Notes

On May 19, 2023, the Company completed a private offering of $230.0 million of 2.875% convertible senior notes due 2029 (the “2029 Notes”). The Company received net proceeds of approximately $223.2 million, after deducting underwriting discounts and fees and expenses payable by the Company. Additionally, the Company used approximately $198.8 million of net proceeds from the offering to fund the cash portion of the 2025 Notes and 2027 Notes extinguishments described above and retained the remainder for general corporate purposes. The 2029 Notes bear interest at a rate of 2.875% per year, payable semiannually in arrears on June 1 and December 1 of each year, commencing on December 1, 2023. The 2029 Notes mature on June 1, 2029, unless earlier purchased by the Company, redeemed, or converted. The Company will settle any conversions of the 2029 Notes by paying cash up to the aggregate principal amount of the 2029 Notes to be converted, and paying or delivering either cash, shares of the Company’s stock, or a combination of cash and shares of common stock at the Company’s election, in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the 2029 Notes being converted.

The 2025 Notes, 2027 Notes, and 2029 Notes (collectively, the “Notes”) are unsecured obligations of Veeco and rank senior in right of payment to any of Veeco’s subordinated indebtedness; equal in right of payment to all of Veeco’s unsecured indebtedness that is not subordinated; effectively subordinated in right of payment to any of Veeco’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all indebtedness and other liabilities (including trade payables) of Veeco’s subsidiaries. The Notes are recorded as a single unit within liabilities in the consolidated balance sheets as the conversion features within the Notes are not derivatives that require bifurcation and the Notes do not involve a substantial premium. Transaction costs of $9.2 million, $1.9 million, $3.1 million, and $6.8 million incurred in connection with the issuance of the 2023 Notes, 2025 Notes, 2027 Notes, and 2029 Notes, respectively, were recorded as direct deductions from the related debt liabilities and recognized as non-cash interest expense using the effective interest method over the expected terms of the Notes.

The Company may redeem for cash, at its option, all or any portion of (i) the outstanding 2025 Notes at any time on or after January 15, 2023, (ii) the outstanding 2027 Notes at any time on or after June 6, 2024 and/or (iii) the outstanding 2029 Notes at any time on or after June 8, 2026, in each case, at a redemption price equal to 100% of the principal amount of such Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date, if the last reported sale price of the common stock has been at least 130% of the conversion price for the applicable series of Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period

(including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides the redemption notice. Upon the Company’s notice of redemption, holders may elect to convert their Notes based on the conversion rates and criteria outlined below.

The Notes are convertible at the option of the holders upon the satisfaction of specified conditions and during certain periods as described below. The initial conversion rates are 41.6667, 71.5372, and 34.21852 shares of the Company’s common stock per $1,000 principal amount of the 2025 Notes, 2027 Notes, and 2029 Notes, respectively, representing initial effective conversion prices of $24.00, $13.98, and $29.22 per share of common stock, respectively. The conversion rates may be subject to adjustment upon the occurrence of certain specified events.

Holders may convert all or any portion of their notes, in multiples of one thousand dollar principal amount, at their option at any time prior to the close of business on the business day immediately preceding October 15, 2024 with respect to the 2025 Notes, October 1, 2026 with respect to the 2027 Notes, and February 1, 2029, with respect to the 2029 Notes, only under the following circumstances:

(i)

During any calendar quarter (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

(ii)

During the five consecutive business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per one thousand dollar principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Veeco’s common stock and the conversion rate on each such trading day;

(iii)

If the Company calls any or all of applicable series of the Notes for redemption at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

(iv)

Upon the occurrence of specified corporate events.

For the calendar quarter ended December 31, 2024, the last reported sales price of common stock during the 30 consecutive trading days, based on the criteria outlined in (i) above, was greater than 130% of the conversion price of the 2027 Notes, and as such the 2027 Notes are convertible by the holders and callable by the Company until March 31, 2025.

Holders may convert their notes at any time, regardless of the foregoing circumstances, on or after October 15, 2024 with respect to the 2025 Notes, October 1, 2026 with respect to the 2027 Notes, and February 1, 2029 with respect to the 2029 Notes, until the close of business on the business day immediately preceding the respective maturity date.

The carrying values of the Notes are as follows:


		December 31, 2024						December 31, 2023
		Principal Amount		Unamortized transaction costs		Net carrying value		Principal Amount		Unamortized transaction costs		Net carrying value

		(in thousands)
2025 Notes	$	26,500	$	(4)	$	26,496	$	26,500	$	(102)	$	26,398
2027 Notes		25,000		(223)		24,777		25,000		(313)		24,687
2029 Notes		230,000		(5,075)		224,925		230,000		(6,144)		223,856
Net carrying value	$	281,500	$	(5,302)	$	276,198	$	281,500	$	(6,559)	$	274,941

Total interest expense related to the Notes is as follows:


	For the year ended December 31,
	2024		2023		2022

	(in thousands)
Cash Interest Expense
Coupon interest expense - 2023 Notes	$	—	$	23	$	545
Coupon interest expense - 2025 Notes		928		2,360		4,637
Coupon interest expense - 2027 Notes		938		2,385		4,688
Coupon interest expense - 2029 Notes		6,613		4,078		—
Non-cash Interest Expense
Amortization of debt discount/transaction costs- 2023 Notes		—		4		97
Amortization of debt discount/transaction costs- 2025 Notes		98		240		457
Amortization of debt discount/transaction costs- 2027 Notes		90		220		408
Amortization of debt discount/transaction costs- 2029 Notes		1,069		654		—
Total Interest Expense	$	9,736	$	9,964	$	10,832

The Company determined the 2025 Notes, 2027 Notes, and 2029 Notes are Level 2 liabilities in the fair value hierarchy and had estimated fair values at December 31, 2024 of $30.3 million, $49.5 million, and $277.4 million, respectively.

Capped Call Transactions

In connection with the offering of the 2027 Notes, on May 13, 2020, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”), pursuant to capped call confirmations, covering the total principal amount of the 2027 Notes for an aggregate premium of $10.3 million. The Capped Call Transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any conversion of the 2027 Notes and/or offset any cash payments the Company is required to make in excess of the aggregate principal amount of converted 2027 Notes, as the case may be, with such reduction and/or offset subject to a cap based on the capped price of the Capped Call Transactions. The Capped Call Transactions exercise price is equal to the initial conversion price of the 2027 Notes, and the capped price of the Capped Call Transactions is approximately $18.46 per share and is subject to certain adjustments under the terms of the capped call confirmations.

The Capped Call Transactions are separate transactions entered into by the Company with the capped call counterparties, are not part of the terms of the 2027 Notes and do not change the holders’ rights under the 2027 Notes. Holders of the 2027 Notes do not have any rights with respect to the Capped Call Transactions. The cost of the Capped Call Transactions is not expected to be tax-deductible as the Company did not elect to integrate the Capped Call Transactions into the 2027 Notes for tax purposes. The Company used a portion of the net proceeds from the offering of the 2027 Notes to pay for the Capped Call Transactions, and the cost of the Capped Call Transactions was recorded as a reduction of the Company’s additional paid-in capital in the accompanying consolidated financial statements.

Revolving Credit Facility

On December 16, 2021, the Company entered into a loan and security agreement providing for a senior secured revolving credit facility in an aggregate principal amount of $150 million (the “Credit Facility”), including a $15 million letter of credit sublimit. The Credit Facility is guaranteed by the Company’s direct material U.S. subsidiaries, subject to customary exceptions. Borrowings under the Credit Facility are secured by a first-priority lien on substantially all of the assets of the Company, subject to customary exceptions. The Credit Facility has a term of five years maturing on December 16, 2026. Subject to certain conditions and the receipt of commitments from the lenders, the Loan and Security Agreement allows for revolving commitments under the Credit Facility to be increased by up to $75 million. The existing lenders under the Credit Facility are entitled, but not obligated, to provide such incremental commitments. On August 2, 2024, lenders increased the Credit Facility by $75 million, and as such the total available under the revised Credit Facility is $225 million.

Borrowings will bear interest at a floating rate which can be, at the Company’s option, either (a) an alternate base rate plus an applicable rate ranging from 0.50% to 1.25% or (b) a SOFR rate (with a floor of 0.00%) for the specified interest period plus an applicable rate ranging from 1.50% to 2.25%, in each case, depending on the Company’s Secured Net Leverage Ratio (as defined in the Loan and Security Agreement). The Company will pay an unused commitment fee ranging from 0.25% to 0.35% based on unused capacity under the Credit Facility and the Company’s Secured Net Leverage Ratio. The Company may use the proceeds of borrowings under the Credit Facility to pay transaction fees and expenses, provide for its working capital needs and reimburse drawings under letters of credit and for other general corporate purposes.

The Loan and Security Agreement contains customary affirmative covenants for transactions of this type, including, among others, the provision of financial and other information to the administrative agent, notice to the administrative agent upon the occurrence of certain material events, preservation of existence, maintenance of properties and insurance, compliance with laws, including environmental laws, the provision of additional guarantees, and an affiliate transactions covenant, subject to certain exceptions. The Loan and Security Agreement contains customary negative covenants, including, among others, restrictions on the ability to merge and consolidate with other companies, incur indebtedness, refinance our existing convertible notes, grant liens or security interests on assets, make investments, acquisitions, loans, or advances, pay dividends, and sell or otherwise transfer assets.

The Loan and Security Agreement contains financial maintenance covenants that require the Borrower to maintain an Interest Coverage Ratio (as defined in the Loan and Security Agreement) of not less than 3.00 to 1.00, a Total Net Leverage Ratio (as defined in the Loan and Security Agreement) of not more than 4.50 to 1.00, and a Secured Net Leverage Ratio (as defined in the Loan and Security Agreement) of not more than 2.50 to 1.00, in each case, tested at the end of each fiscal quarter commencing with the fiscal quarter ending March 31, 2024. The Loan and Security Agreement also provides for a number of customary events of default, including, among others: payment defaults to the lenders; voluntary and involuntary bankruptcy proceedings; covenant defaults; material inaccuracies of representations and warranties; certain change of control events; material money judgments; and other customary events of default. The occurrence of an event of default could result in the acceleration of obligations and the termination of lending commitments under the Loan and Security Agreement.

No amounts were outstanding under the Credit Facility as of December 31, 2024 or December 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity

Stockholders' Equity

Note 12 — Stockholders’ Equity

Accumulated Other Comprehensive Income (“AOCI”)

The following table presents the changes in the balances of each component of AOCI, net of tax:


			Unrealized
			Gains (Losses)
	Foreign		on Available-
	Currency		for-Sale
	Translation		Securities		Total

	(in thousands)
Balance - December 31, 2021	$	1,814	$	(331)	$	1,483
Other comprehensive income (loss)		(41)		(514)		(555)
Balance - December 31, 2022		1,773		(845)		928
Other comprehensive income (loss)		(12)		691		679
Balance - December 31, 2023	$	1,761	$	(154)	$	1,607
Other comprehensive income (loss)		16		(101)		(85)
Balance - December 31, 2024	$	1,777	$	(255)	$	1,522

The Company allocated an immaterial amount of additional tax benefit or expense to other comprehensive income (loss) for the years ended December 31, 2024, 2023, and 2022.

Preferred Stock

The Board of Directors has authority under the Company’s Certificate of Incorporation to issue up to 0.5 million shares of preferred stock, par value $0.01, with voting and economic rights to be determined by the Board of Directors. As of December 31, 2024, no preferred shares have been issued.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stock Plans

12 Months Ended

Dec. 31, 2024

Stock Plans

Stock Plans

Note 13 — Stock Plans

Share-based incentive awards are provided to employees under the terms of the Company’s equity incentive compensation plans (the “Plans”), which are administered by the Compensation Committee of the Board of Directors. The 2019 Plan originated as the 2010 Stock Incentive Plan and was originally approved by the Company’s shareholders in May 2010. This Plan was subsequently amended, as approved by shareholders, in 2013, 2016, 2019 (at which time the Plan was renamed the 2019 Stock Incentive Plan), 2022, and 2024 (as amended to date, the “2019 Plan”). The Company’s employees, non-employee directors, and consultants are eligible to receive awards under the 2019 Plan, which can include non-qualified stock options, incentive stock options, RSAs, RSUs, PSAs, PSUs, share appreciation rights, dividend equivalent rights, or any combination thereof.

The Company is authorized to issue up to 21.3 million shares under the 2019 Plan. Option awards are granted with an exercise price equal to the closing price of the Company’s common stock on the trading day prior to the date of grant; option awards generally vest over a three-year period and have a seven or ten year term. RSAs and RSUs generally vest over one to five years. Certain option and share awards provide for accelerated vesting if there is a change in control, as defined in the 2019 Plan. At December 31, 2024, there are no option shares outstanding and 2.4 million RSUs and PSUs outstanding under the 2019 Plan.

The Company is authorized to issue up to 2.25 million shares under the approved 2016 employee stock purchase plan (“ESPP”), including additional shares authorized under plan amendments approved by shareholders in 2019 and 2021. Under the ESPP, substantially all employees in the U.S. may purchase the Company’s common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of the Company’s common stock at the

beginning or end of each six-month offer period, as defined in the ESPP, and subject to certain limits. The ESPP was approved by the Company’s shareholders.

Shares Reserved for Future Issuance

At December 31, 2024, the Company has 7.0 million shares reserved to cover exercises of outstanding stock options, vesting of RSUs, and additional grants under the 2019 Plan. At December 31, 2024, the Company has 0.2 million shares reserved to cover future issuances under the ESPP Plan.

Share-Based Compensation

The Company recognized share-based compensation in the following line items in the Consolidated Statements of Operations for the periods indicated:


	For the year ended December 31,
	2024		2023		2022

	(in thousands)
Cost of sales	$	6,263	$	4,913	$	4,551
Research and development		11,257		8,994		6,682
Selling, general, and administrative		18,359		14,651		11,761
Total	$	35,879	$	28,558	$	22,994

The Company recognized a tax benefit of approximately $7.9 million, $3.9 million, and $4.5 million associated with share-based compensation for the years ended December 31, 2024, 2023, and 2022, respectively. The Company capitalized an immaterial amount of share-based compensation into inventory for the years ended December 31, 2024, 2023, and 2022.

Unrecognized share-based compensation costs at December 31, 2024 are summarized below:


	Unrecognized		Weighted
	Share-Based		Average Period
	Compensation		Expected to be
	Costs		Recognized

	(in thousands)		(in years)
Restricted stock units	$	36,887	1.9
Restricted stock awards		1,831	0.4
Performance share units		10,822	2.0
Total unrecognized share-based compensation cost	$	49,540	1.9

Stock Option Awards

Stock options are awards issued to employees that entitle the holder to purchase shares of the Company’s stock at a fixed price. The following table summarizes the equity activity related to stock options:


		Weighted
	Number of	Average
	Shares	Exercise Price
	(in thousands)
Balance - December 31, 2021	443	$	32.15
Expired	(266)		32.95
Balance - December 31, 2022	177		30.94
Exercised	(2)		30.47
Expired	(165)		30.53
Balance - December 31, 2023	10	$	37.42
Exercised	(10)		37.26
Expired	—		41.93
Balance - December 31, 2024	0		—

At December 31, 2024, there were no stock option shares outstanding.

The following table summarizes information on options exercised for the periods indicated:


	Year ended December 31,
	2024		2023		2022

	(in thousands)
Cash received from options exercised	$	373	$	56	$	—
Intrinsic value of options exercised	$	28	$	56	$	—

RSAs, RSUs, PSAs, PSUs

RSAs are stock awards issued to employees and directors that are subject to specified restrictions and a risk of forfeiture. RSUs are stock awards issued to employees that entitle the holder to receive shares of common stock as the awards vest. PSAs and PSUs are awards that result in an issuance of shares of common stock to employees if certain performance or market conditions are achieved. All of these awards typically vest over one to four years and vesting is subject to the employee's continued service with the Company and, in the case of performance awards, meeting certain performance or market conditions. The fair value of the awards is determined and fixed based on the closing price of the Company’s common stock on the trading day prior to the date of grant, or, in the case of performance awards with market conditions, fair value is determined using a Monte Carlo simulation.

The following table summarizes the equity activity of non-vested restricted shares and performance shares:


		Weighted
		Average
	Number of	Grant Date
	Shares	Fair Value
	(in thousands)
Balance - December 31, 2021	2,083	$	17.33
Granted	1,253		29.12
Performance award adjustments	85		14.03
Vested	(844)		15.00
Forfeited	(81)		20.18
Balance - December 31, 2022	2,496		23.83
Granted	1,282		23.83
Performance award adjustments	183		10.59
Vested	(1,364)		17.47
Forfeited	(133)		29.29
Balance - December 31, 2023	2,464	$	26.19
Granted	1,369		36.49
Performance award adjustments	200		27.81
Vested	(1,292)		24.83
Forfeited	(137)		26.10
Balance - December 31, 2024	2,604	$	32.53

The total fair value of shares that vested during the years ended December 31, 2024, 2023, and 2022 was $43.7 million, $30.3 million, and $22.1 million, respectively. For performance awards, the final number of shares earned will vary depending on the achievement of the actual results relative to the performance or market conditions. Each performance award is included in the table above at the grant date target share amount until the end of the performance period if not previously forfeited.

The fair value of performance awards with market conditions is estimated on the date of grant using a Monte Carlo simulation. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive these awards. The weighted average fair value and the assumptions used in calculating such values during fiscal years 2024, 2023, and 2022 for performance awards with market conditions were based on estimates at the date of grant as follows:


	Year ended December 31,
	2024			2023			2022
Weighted average fair value	$	49.38		$	32.25		$	45.28
Dividend yield		0	%		0	%		0	%
Expected volatility factor⁽¹⁾		38	%		54	%		58	%
Risk-free interest rate⁽²⁾		4.41	%		3.84	%		2.13	%
Expected life (in years)⁽³⁾		3.0			3.0			3.0

(1)	Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.

(2)	The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.

(3)	The expected life is the number of years the Company estimates that the awards will be outstanding prior to exercise.

Employee Stock Purchase Plan

For the years ended December 31, 2024, 2023, and 2022 the Company received cash proceeds of $5.3 million, $4.6 million, and $3.7 million, and issued shares of 182,809, 258,153, and 208,140, respectively, under the ESPP Plan. The

weighted average estimated values of employee purchase rights as well as the weighted average assumptions that were used in calculating such values during fiscal years 2024, 2023, and 2022 were based on estimates at the date of grant as follows:


	Year ended December 31,
	2024			2023			2022
Weighted average fair value	$	9.62		$	5.77		$	6.00
Dividend yield		0	%		0	%		0	%
Expected volatility factor⁽¹⁾		35	%		42	%		43	%
Risk-free interest rate⁽²⁾		5.30	%		5.03	%		1.73	%
Expected life (in years)⁽³⁾		0.5			0.5			0.5

(1)	Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.

(2)	The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.

(3)	The expected life is the number of years the Company estimates that the purchase rights will be outstanding prior to exercise.

Retirement Plans

12 Months Ended

Dec. 31, 2024

Retirement Plans

Retirement Plans

Note 14 — Retirement Plans

The Company maintains a defined contribution plan for the benefit of its U.S. employees. The plan is intended to be tax qualified and contains a qualified cash or deferred arrangement as described under Section 401(k) of the Internal Revenue Code. Eligible participants may elect to contribute a percentage of their base compensation, and the Company may make matching contributions, generally equal to fifty cents for every dollar employees contribute, up to three percent of the employee’s eligible compensation, as limited by current Internal Revenue Code regulations. Generally, the plan calls for vesting in the Company contributions over the initial five years of a participant’s employment. The Company provided employer contributions associated with this plan of approximately $3.4 million, $3.4 million, and $3.0 million for the years ended December 31, 2024, 2023, and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

Note 15 — Income Taxes

The amounts of income (loss) before income taxes attributable to domestic and foreign operations were as follows:


	Year ended December 31,
	2024		2023		2022

	(in thousands)
Domestic	$	99,711	$	(33,383)	$	47,368
Foreign		(30,877)		5,045		3,617
Total	$	68,834	$	(28,338)	$	50,985

Significant components of the expense (benefit) for income taxes consisted of the following:


	Year ended December 31,
	2024		2023		2022

	(in thousands)
Current:
Federal	$	2,087	$	3,299	$	—
Foreign		1,365		1,136		1,506
State and local		397		(194)		577
Total current expense (benefit) for income taxes		3,849		4,241		2,083
Deferred:
Federal		(1,599)		(3,026)		(96,811)
Foreign		(6,684)		512		(484)
State and local		(446)		303		(20,745)
Total deferred expense (benefit) for income taxes		(8,729)		(2,211)		(118,040)
Total expense (benefit) for income taxes	$	(4,880)	$	2,030	$	(115,957)

The income tax expense (benefit) was reconciled to the tax expense computed at the U.S. federal statutory tax rate as follows:


	Year ended December 31,
	2024		2023		2022

	(in thousands)
Income tax expense (benefit) at U.S. statutory rates	$	14,455	$	(5,951)	$	10,706
State taxes, net of U.S. federal impact		425		1,073		1,101
Effect of international operations		(2,814)		(7,668)		(11,149)
Research and development tax credit		(7,945)		(7,287)		(6,470)
Net change in valuation allowance		52		662		(104,972)
Change in accrual for unrecognized tax benefits		2,534		(369)		3,349
Share-based compensation		206		2,084		606
Tax benefits associated with asset impairments		(11,815)		—		—
Extinguishment of debt		—		19,289		—
Adoption of new accounting standard		—		—		(9,295)
Other		22		197		167
Total expense (benefit) for income taxes	$	(4,880)	$	2,030	$	(115,957)

Deferred income taxes reflect the effect of temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The tax effects of the temporary differences were as follows:


	December 31,
	2024		2023

	(in thousands)
Deferred tax assets:
Inventory valuation	$	12,500	$	12,682
Net operating losses		6,734		5,841
Credit carry forwards		46,753		49,086
Warranty and installation accruals		2,054		1,766
Share-based compensation		5,802		4,637
Contract liabilities		7,775		19,785
Operating leases		8,620		8,034
Research and experimental capitalization		46,667		34,504
Depreciation		4,037		1,588
Other		5,033		4,885
Total deferred tax assets		145,975		142,808
Valuation allowance		(11,797)		(11,745)
Net deferred tax assets		134,178		131,063

Deferred tax liabilities:
Purchased intangible assets		8,673		14,166
Operating leases		6,003		5,548
Total deferred tax liabilities		14,676		19,714
Net deferred taxes	$	119,502	$	111,349

The Company does not permanently reinvest its earnings from certain foreign jurisdictions and has accrued for foreign tax withholdings of $1.2 million on its unremitted earnings as of December 31, 2024.

During the year ended December 31, 2024, the Company’s income tax benefit of $4.9 million was primarily attributed to 1) a $12.2 million income tax benefit associated with asset impairments, 2) a $7.9 million income tax benefit related to research and development tax credits, and 3) a $5.1 million income tax benefit related to Foreign-Derived Intangible Income, partially offset by 4) a $20.3 million income tax expense related to pre-tax income from operations.

At December 31, 2024, the Company had U.S. federal research and development credits of $35.1 million that will expire between 2035 and 2044. Additionally, the Company has state and local NOL carryforwards of approximately $55.4 million (a net deferred tax asset of $3.9 million, net of federal tax benefits and before the valuation allowance) that will expire between 2026 and 2041. Finally, the Company has state credits of $34.2 million, some of which are indefinite and others that will expire between 2025 and 2039.

A roll-forward of the Company’s uncertain tax positions for all U.S. federal, state, and foreign tax jurisdictions was as follows:


	December 31,
	2024		2023		2022

	(in thousands)
Balance at beginning of year	$	15,741	$	16,110	$	12,761
Additions for tax positions related to current year		2,497		2,596		4,180
Additions for tax positions related to prior years		77		83		—
Reductions for tax positions related to prior years		(1,437)		(3,048)		(731)
Settlements		—		—		(100)
Balance at end of year	$	16,878	$	15,741	$	16,110

If the amount of unrecognized tax benefits at December 31, 2024 were recognized, the Company’s income tax provision would decrease by $14.7 million. The gross amount of interest and penalties accrued in income tax payable in the Consolidated Balance Sheets was approximately $0.7 million and $0.6 million at December 31, 2024 and 2023, respectively.

The Company, or one of its subsidiaries, files income tax returns in the United States federal jurisdiction, and various state, local, and foreign jurisdictions. All material consolidated federal income tax matters have been concluded for years through 2017 subject to subsequent utilization of NOLs generated in such years. All material state and local income tax matters have been reviewed through 2012. The majority of the Company’s foreign jurisdictions have been reviewed through 2015. The Company’s major foreign jurisdictions’ statutes of limitation remain open with respect to the tax years 2016 through 2023 for Germany, 2017 through 2023 for China, 2022 through 2023 for Taiwan, and 2021 through 2023 for Singapore. The Company does not anticipate that its uncertain tax position will change significantly within the next twelve months subject to the completion of the ongoing tax audits and any resultant settlement.

- Definition

The entire disclosure for income tax.

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+ Details

Segment Reporting and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting and Geographic Information

Segment Reporting and Geographic Information

Note 16 — Segment Reporting and Geographic Information

The Company operates and measures its results in one operating segment and therefore has one reportable segment: the development, manufacture, sales, and support of semiconductor and thin film process equipment primarily sold to make electronic devices. The accounting policies of this one operating segment are the same as those described in the summary of significant accounting policies. The Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, assesses segment performance and decides how to allocate resources based on net income that is reported on the Consolidated Statements of Operations. The measure of segment assets is reported on the Consolidated Balance Sheet as total assets. The Company does not have intra-entity sales or transfers. The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the segment or into other parts of the Company, such as for acquisitions. Net income is used to monitor forecast versus actual results. The CODM also uses net income in competitive analysis by benchmarking the Company’s competitors. The competitive analysis along with the monitoring of forecasted versus actual results are used in assessing performance of the segment. The Company regularly provides management reports to the CODM on a consolidated expense basis which includes actuals, forecasted, and budgeted information. These reports are similar to the Company’s consolidated financial statements.

There are no additional expenses categories and amounts that meet the definition of significant expense items that are regularly provided to the CODM and included in the reported measure of net income.

Sales by end-market is as follows:


	For the year ended December 31,
	2024		2023		2022

	(in thousands)
Sales by end-market
Semiconductor	$	466,611	$	412,724	$	369,369
Compound Semiconductor		77,591		87,258		121,194
Data Storage		98,852		88,473		87,544
Scientific & Other		74,247		77,980		68,030
Total	$	717,301	$	666,435	$	646,137

The Company’s significant operations outside the United States include sales and service offices in China, Europe, and Rest of APAC. For geographic reporting, sales are attributed to the location in which the customer facility is located.

Sales and long-lived tangible assets by geographic region are as follows:


	Net Sales to Unaffiliated Customers						Long-lived Tangible Assets
	2024		2023		2022		2024		2023		2022

	(in thousands)
United States	$	164,564	$	162,790	$	197,433	$	112,966	$	117,594	$	106,550
EMEA⁽¹⁾		61,730		76,697		87,837		154		219		60
China		255,619		217,942		123,703		270		182		70
Rest of APAC		234,591		208,693		235,735		399		464		601
Rest of World		797		313		1,429		—		—		—
Total	$	717,301	$	666,435	$	646,137	$	113,789	$	118,459	$	107,281

(1)	EMEA consists of Europe, the Middle East, and Africa

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

Schedule II - Valuation and Qualifying Accounts

Schedule II - Valuation and Qualifying Accounts

Schedule II — Valuation and Qualifying Accounts


			Additions
			Charged
	Balance at		(Credited)		Charged to				Balance at
	Beginning		to Costs and		Other				End of
Deducted from asset accounts:	of Period		Expenses		Accounts		Deductions		Period

	(in thousands)
Year ended December 31, 2024
Allowance for doubtful accounts	$	986	$	—	$	—	$	—	$	986
Valuation allowance in net deferred tax assets		11,745		52		—		—		11,797
	$	12,731	$	52	$	—	$	—	$	12,783

Year ended December 31, 2023
Allowance for doubtful accounts	$	736	$	316	$	—	$	(66)	$	986
Valuation allowance in net deferred tax assets		11,083		662		—				11,745
	$	11,819	$	978	$	—	$	(66)	$	12,731

Year ended December 31, 2022
Allowance for doubtful accounts	$	736	$	—	$	—	$	—	$	736
Valuation allowance in net deferred tax assets		116,054		(104,971)		—		—		11,083
	$	116,790	$	(104,971)	$	—	$	—	$	11,819

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 73,714	$ (30,368)	$ 166,942

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2024

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity represents a critical component of the Company’s overall approach to risk management. Our cybersecurity practices are integrated into the Company’s enterprise risk management (“ERM”) approach, and cybersecurity risks are among the core enterprise risks identified for oversight by our Board of Directors and the Board’s Audit Committee through our annual ERM assessment. Our cybersecurity policies and practices follow the cybersecurity framework of the National Institute of Standards and Technology and other applicable industry standards. We generally approach cybersecurity threats through a cross-functional, multi-layered approach, with the specific goals of: (i) identifying, preventing and mitigating cybersecurity threats to the Company; (ii) maintaining the confidence of our customers, clients and business partners; (iii) preserving the confidentiality of internal and external information; and (iv) protecting the Company’s intellectual property.

Consistent with the Company’s overall ERM practices, our cybersecurity program focuses on the following areas:

●

Vigilance: The Company maintains a global presence, with cybersecurity threat operations operating 24/7 around the world with a specific goal of detecting, containing and responding to cybersecurity threats and incidents.

●

Collaboration: The Company has established collaboration mechanisms with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers to identify and assess cybersecurity risks.

●

Systems Safeguards: The Company deploys technical safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, access controls and ongoing vulnerability assessments.

●

Third-Party Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, such as vendors, service providers and other users of the Company’s systems.

●

Education: The Company provides periodic training for personnel regarding cybersecurity threats, with such training scaled to reflect the roles, responsibilities, and access of the relevant Company personnel.

●

Incident Response Planning: The Company has established and maintains incident response plans that address the Company’s response to a cybersecurity incident, and such plans are tested on an ongoing basis.

●

Communication and Coordination: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats and has formed an Information Security Leadership Group which includes management personnel from information technology, operations, legal, internal audit and other key business functions. The Information Security Leadership Group typically meets on a monthly basis, and more frequently as necessary.

●

Governance: Pursuant to the Company’s ERM practices, oversight of cybersecurity risk management has been assigned to the full Board and to the Board’s Audit Committee. Quarterly updates are provided by Company management, including the Company’s Chief Information Security Officer, to the Audit Committee (three times per year) and the full Board (annually), to help ensure an ongoing dialogue regarding the Company’s cybersecurity initiatives, threats and incidents.

A key part of the Company’s strategy for managing risks from cybersecurity threats is the ongoing assessment and testing of the Company’s processes and practices through auditing, assessments, tabletop exercises and other exercises focused on evaluating effectiveness. The Company regularly engages third parties to perform assessments on our cybersecurity measures, including information security maturity assessments and independent reviews of our information security control environment and operating effectiveness and adjusts its cybersecurity processes and practices as necessary.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Cybersecurity represents a critical component of the Company’s overall approach to risk management. Our cybersecurity practices are integrated into the Company’s enterprise risk management (“ERM”) approach, and cybersecurity risks are among the core enterprise risks identified for oversight by our Board of Directors and the Board’s Audit Committee through our annual ERM assessment. Our cybersecurity policies and practices follow the cybersecurity framework of the National Institute of Standards and Technology and other applicable industry standards. We generally approach cybersecurity threats through a cross-functional, multi-layered approach, with the specific goals of: (i) identifying, preventing and mitigating cybersecurity threats to the Company; (ii) maintaining the confidence of our customers, clients and business partners; (iii) preserving the confidentiality of internal and external information; and (iv) protecting the Company’s intellectual property.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

●

Governance: Pursuant to the Company’s ERM practices, oversight of cybersecurity risk management has been assigned to the full Board and to the Board’s Audit Committee. Quarterly updates are provided by Company management, including the Company’s Chief Information Security Officer, to the Audit Committee (three times per year) and the full Board (annually), to help ensure an ongoing dialogue regarding the Company’s cybersecurity initiatives, threats and incidents.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Audit Committee

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Audit Committee oversees the management of risks from cybersecurity threats, including the policies, processes and practices that the Company’s management implements to address risks from cybersecurity threats. Management’s quarterly presentations include reports on a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and vendors. The Board also receives prompt and timely information regarding any cybersecurity incident that could pose a significant risk to the Company and receives ongoing updates regarding such incident until it has been addressed. At least once each year, and more frequently as required, the Board discusses the Company’s approach to cybersecurity risk management with the Company’s Chief Information Security Officer.

Cybersecurity Risk Role of Management [Text Block]

The Company’s Chief Information Security Officer, in coordination with the Information Security Leadership Group, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, multi-disciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response plan. Through ongoing communications with these teams, the Chief Information Security Officer and the Information Security Leadership Group monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to the Board when appropriate, as addressed above.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Company’s Chief Information Security Officer

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

The Company’s Chief Information Security Officer is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other members of the Information Security Leadership Group. Our Chief Information Security Officer has served in various roles in information technology and information security for over twenty years. Our Chief Information Security Officer holds graduate degrees in cybersecurity and business administration and has attained multiple professional certifications including CISSP, CISA and CISM.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

The Company’s Chief Information Security Officer, in coordination with the Information Security Leadership Group, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, multi-disciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response plan. Through ongoing communications with these teams, the Chief Information Security Officer and the Information Security Leadership Group monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to the Board when appropriate, as addressed above.

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2024
Significant Accounting Policies
Basis of Presentation	(b) Basis of Presentation The accompanying audited Consolidated Financial Statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). The Company reports interim quarters on a 13-week basis ending on the last Sunday of each period, which is determined at the start of each year. The Company’s fourth quarter always ends on the last day of the calendar year, December 31. During 2024 the interim quarters ended on March 31, June 30, and September 29, and during 2023 the interim quarters ended on April 2, July 2, and October 1. The Company reports these interim quarters as March 31, June 30, and September 30 in its interim consolidated financial statements.
Use of Estimates	(c) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, these estimates may ultimately differ from actual results. Significant items subject to such estimates and assumptions include: (i) stand-alone selling prices for the Company’s products and services; (ii) allowances for doubtful accounts; (iii) inventory obsolescence; (iv) the useful lives and expected future cash flows of property, plant, and equipment and identifiable intangible assets; (v) the fair value of the Company’s reporting unit and related goodwill; (vi) investment valuations and the valuation of derivatives, deferred tax assets, and assets acquired in business combinations; (vii) the recoverability of long-lived assets; (viii) liabilities for product warranty and legal contingencies; (ix) share-based compensation; (x) lease term and incremental borrowing rates used in determining operating lease assets and liabilities; (xi) income tax uncertainties; (xii) purchase accounting estimates; and (xiii) contingent consideration estimates.
Principles of Consolidation	(d) Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Companies acquired during each reporting period are reflected in the results of the Company effective from their respective dates of acquisition through the end of the reporting period.
Foreign Currencies	(e) Foreign Currencies Assets and liabilities of the Company’s foreign subsidiaries that operate using functional currencies other than the U.S. dollar are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the Company’s subsidiaries into U.S. dollars, including intercompany transactions of a long-term nature, are reported as currency translation adjustments in “Accumulated other comprehensive income” in the Consolidated Balance Sheets. Foreign currency transaction gains or losses are included in “Other operating expense (income), net” in the Consolidated Statements of Operations.
Revenue Recognition	(f) Revenue Recognition Revenue is recognized upon the transfer of control of the promised product or service to the customer in an amount that reflects the consideration the Company expects to receive in exchange for such product or service. The Company’s contracts with customers generally do not contain variable consideration. In the rare instances where variable consideration is included, the Company estimates the amount of variable consideration and determines what portion of that, if any, has a high probability of significant subsequent revenue reversal, and if so, that amount is excluded from the transaction price. The Company’s contracts with customers frequently contain multiple deliverables, such as systems, upgrades, components, spare parts, installation, maintenance, and service plans. Judgment is required to properly identify the performance obligations within a contract and to determine how the revenue should be allocated among the performance obligations. The Company also evaluates whether multiple transactions with the same customer or related parties should be considered part of a single contract based on an assessment of whether the contracts or agreements are negotiated or executed within a short time frame of each other or if there are indicators that the contracts are negotiated in contemplation of one another. When there are separate units of accounting, the Company allocates revenue to each performance obligation on a relative stand-alone selling price basis. The stand-alone selling prices are determined based on the prices at which the Company separately sells the systems, upgrades, components, spare parts, installation, maintenance, and service plans. For items that are not sold separately, the Company estimates stand-alone selling prices generally using an expected cost plus margin approach. Most of the Company’s revenue is recognized at a point in time when the performance obligation is satisfied. The Company considers many facts when evaluating each of its sales arrangements to determine the timing of revenue recognition, including its contractual obligations and the nature of the customer’s post-delivery acceptance provisions. The Company’s system sales arrangements, including certain upgrades, generally include field acceptance provisions that may include functional or mechanical test procedures. For many of these arrangements, a customer source inspection of the system is performed in the Company’s facility, test data is sent to the customer documenting that the system is functioning to the agreed upon specifications prior to delivery, or other quality assurance testing is performed internally to ensure system functionality prior to shipment. Historically, such source inspection or test data replicates the field acceptance provisions that are performed at the customer’s site prior to final acceptance of the system. When the Company objectively demonstrates that the criteria specified in the contractual acceptance provisions are achieved prior to delivery either through customer testing or the Company’s historical experience of its tools meeting specifications, transfer of control of the product to the customer is considered to have occurred and revenue is recognized upon system delivery since there is no substantive contingency remaining related to the acceptance provisions at that date. For new products, new applications of existing products, or for products with substantive customer acceptance provisions where the Company cannot objectively demonstrate that the criteria specified in the contractual acceptance provisions have been achieved prior to delivery, revenue and the associated costs are deferred. The Company recognizes such revenue and costs upon obtaining objective evidence that the acceptance provisions can be achieved, assuming all other revenue recognition criteria have been met. In certain cases, the Company’s contracts with customers contain a billing retention, which is billed by the Company and payable by the customer when field acceptance provisions are completed. Revenue recognized in advance of the amount that has been billed is recorded as a Contract Asset on the Consolidated Balance Sheets. The Company recognizes revenue related to maintenance and service contracts over time based upon the respective contract term. Installation revenue is recognized over time as the installation services are performed. The Company recognizes revenue from the sales of components, spare parts, and specified service engagements at a point in time, which is typically consistent with the time of delivery in accordance with the terms of the applicable sales arrangement. The Company may receive advanced payments on system transactions. The timing of the transfer of goods or services related to the advanced payments is either at the discretion of the customer or expected to be within one year from the advanced receipt. As such, the Company does not adjust transaction prices for the time value of money. Incremental direct costs incurred related to the acquisition of a customer contract, such as sales commissions, are expensed as incurred since the expected performance period is one year or less. The Company has elected to treat shipping and handling costs, including those costs incurred to move, package, and prepare the Company’s products for shipment and to move the products to a customer’s designated location, as a fulfillment activity, and the Company includes such costs in “Cost of sales” in the Consolidated Statements of Operations as incurred. These costs are generally comprised of payments to third-party shippers. Taxes assessed by governmental authorities that are collected by the Company from a customer are excluded from revenue.
Warranty Costs	(g) Warranty Costs The Company typically provides standard warranty coverage on its systems for one year from the date of final acceptance by providing labor and parts necessary to repair the systems during the warranty period. The Company records the estimated warranty cost when revenue is recognized on the related system. Warranty cost is included in “Cost of sales” in the Consolidated Statements of Operations. The estimated warranty cost is based on the Company’s historical experience with its systems and regional labor costs. The Company calculates the average service hours by region and parts expense per system utilizing actual service records to determine the estimated warranty charge. The Company updates its warranty estimates on a quarterly basis when the actual product performance or field expense differs from original estimates.
Research and Development Costs	(h) Research and Development Costs Research and development costs are expensed as incurred and include charges for the development of new technology and the transition of existing technology into new products or services.
Advertising Expense	(i) Advertising Expense The cost of advertising is expensed as incurred and totaled $0.4 million, $0.4 million, and $0.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Accounting for Share-Based Compensation	(j) Accounting for Share-based Compensation Share-based awards exchanged for employee services are accounted for under the fair value method. Accordingly, share-based compensation cost is measured at the grant date based on the estimated fair value of the award. The expense for awards is recognized over the employee’s requisite service period (generally the vesting period of the award). The Company has elected to treat awards with only service conditions and with graded vesting as one award. Consequently, the total compensation expense is recognized straight-line over the entire vesting period, so long as the compensation cost recognized at any date at least equals the portion of the grant date fair value of the award that is vested at that date. Additionally, the Company will make adjustments to compensation expense for forfeitures as they occur. In addition to stock options, restricted share awards (“RSAs”) and restricted stock units (“RSUs”) with time-based vesting, the Company grants performance share units and awards (“PSUs” and “PSAs”) that have either performance or market conditions. Compensation cost for PSUs and PSAs with market conditions is recognized over the requisite service period regardless of the expected level of achievement. For all PSUs and PSAs, the number of shares issued to the employee at the conclusion of the service period may vary from the original target based upon the level of attainment of the performance or market conditions. The Company uses the Black-Scholes option-pricing model to compute the estimated fair value of option awards and purchase rights under the Employee Stock Purchase Plan. The Company uses a Monte Carlo simulation to compute the estimated fair value of awards with market conditions. The Black-Scholes model and Monte Carlo simulation include assumptions regarding dividend yields, expected volatility, expected option term, and risk-free interest rates. See Note 13, “Stock Plans,” for additional information.
Income Taxes	(k) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized, which is dependent upon the generation of future taxable income.
Concentration of Credit Risk	(l) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative financial instruments used in hedging activities, and accounts receivable. The Company invests in a variety of financial instruments and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. Historically, the Company has not experienced any material credit losses on its investments. The Company maintains an allowance reserve for potentially uncollectible accounts receivable for estimated losses resulting from the inability of its customers to make required payments. The Company evaluates its allowance for doubtful accounts based on a combination of factors. In circumstances where specific invoices are deemed to be uncollectible, the Company provides a specific allowance for bad debt against the amount due to reduce the net recognized receivable to the amount reasonably expected to be collected. The Company also provides allowances based on its write-off history. Finally, the Company also considers its current expectations of future economic conditions, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts totaled $1.0 million at both December 31, 2024 and 2023. To further mitigate the Company’s exposure to uncollectible accounts receivable, the Company may request certain customers provide a negotiable irrevocable letter of credit drawn on a reputable financial institution. These irrevocable letters of credit are typically issued to mature between zero and 90 days from the date the documentation requirements are met, typically when a system ships or upon receipt of final acceptance from the customer. The Company, at its discretion, may monetize these letters of credit on a non-recourse basis after they become negotiable but before maturity. The fees associated with the monetization are included in “Selling, general, and administrative” in the Consolidated Statements of Operations and were immaterial for the years ended December 31, 2024, 2023, and 2022.
Fair Value of Financial Instruments	(m) Fair Value of Financial Instruments The carrying amounts of financial instruments, including cash equivalents, accounts receivable, accounts payable, and accrued expenses reflected in the consolidated financial statements approximate fair value due to their short-term maturities. The fair value of debt for footnote disclosure purposes, including current maturities, if any, is estimated using recently quoted market prices of the instrument, or if not available, a discounted cash flow analysis based on the estimated current incremental borrowing rates for similar types of instruments.
Cash, Cash Equivalents, and Short-term Investments	(n) Cash, Cash Equivalents, and Short-term Investments All financial instruments purchased with an original maturity of three months or less at the time of purchase are considered cash equivalents. Such items may include liquid money market funds, certificate of deposit and time deposit accounts, U.S. treasuries, government agency securities, and corporate debt. Investments that are classified as cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents includes $81.0 million and $97.8 million of cash equivalents at December 31, 2024 and 2023, respectively. A portion of the Company’s cash and cash equivalents is held by its subsidiaries throughout the world, frequently in each subsidiary’s respective functional currency, which is typically the U.S. dollar. Approximately 31% and 29% of cash and cash equivalents were maintained outside the United States at December 31, 2024 and 2023, respectively. Short-term investments consist of marketable debt securities, and are generally classified as available-for-sale for use in current operations, if required, and are reported at fair value, with unrealized gains and losses, net of tax, presented as a separate component of stockholders’ equity under the caption “Accumulated other comprehensive income” on the Consolidated Balance Sheets. These securities can include U.S. treasuries, government agency securities, corporate debt, and commercial paper, all with maturities of greater than three months when purchased. All realized gains and losses and unrealized losses resulting from declines in fair value that are other than temporary are included in “Other operating expense (income), net” in the Consolidated Statements of Operations. The specific identification method is used to determine the realized gains and losses on investments. Non-marketable equity securities are equity securities without readily observable market prices and are included in “Other assets” in the Consolidated Balance Sheets. Non-marketable securities are measured at cost, adjusted for changes in observable prices minus impairment. Changes in fair value and impairment charges are included in “Other income (expense), net” in the Consolidated Statements of Operations.
Inventories	(o) Inventories Inventories are stated at the lower of cost and net realizable value, with cost determined on a first-in, first-out basis. Each quarter the Company assesses the valuation and recoverability of all inventories: materials (raw materials, spare parts, and service inventory); work-in-process; finished goods; and evaluation inventory at customer facilities. Obsolete inventory or inventory in excess of management’s estimated usage requirement is written down to its estimated net realizable value if less than cost. The Company evaluates usage requirements by analyzing historical usage, anticipated demand, alternative uses of materials, and other qualitative factors. Unanticipated changes in demand for the Company’s products may require a write down of inventory, which would be reflected in Cost of Sales in the Consolidated Statements of Operations in the period the revision is made. Inventory acquired as part of a business combination is recorded at fair value on the date of acquisition.
Business Combinations	(p) Business Combinations The Company allocates the fair value of the purchase consideration of the Company’s acquisitions to the tangible assets, intangible assets, and liabilities assumed, based on estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Additionally, the Company estimates the fair value of contingent consideration included as part of the purchase price by assigning probabilities and discount factors to each of the various defined performance milestones, while using a Monte-Carlo simulation model to determine the most likely outcome for payments to be based on value of orders received.
Goodwill	(q) Goodwill Goodwill is an asset representing the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill is evaluated for impairment in the beginning of the fourth quarter of each year or more frequently if impairment indicators arise. In testing goodwill for impairment, the Company may first perform a qualitative assessment of whether it is more likely than not that the reporting unit’s fair value is less than its carrying amount, and, if so, the Company then quantitatively compares the fair value of the reporting unit to its carrying amount. If the fair value exceeds the carrying amount, goodwill is not impaired. If the carrying amount exceeds fair value, the Company then records an impairment loss equal to the difference, up to the carrying value of goodwill. The Company determines the fair value of its reporting unit based on a reconciliation of the fair value of the reporting unit to the Company’s adjusted market capitalization. The adjusted market capitalization is calculated by multiplying the average share price of the Company’s common stock for the last ten trading days prior to the measurement date by the number of outstanding common shares and adding a control premium. The control premium is estimated using historical transactions in similar industries.
Long-lived Assets	(r) Long-lived Assets Long-lived intangible assets consist of purchased technology, customer relationships, patents, trademarks and tradenames, software licenses, and backlog and are initially recorded at fair value. Long-lived intangible assets are amortized over their estimated useful lives utilizing a method reflecting the pattern in which the economic benefits are consumed or straight-lined if such pattern cannot be reliably determined. Property, plant, and equipment are recorded at cost. Depreciation expense is calculated based on the estimated useful lives of the assets by using the straight-line method. Amortization of leasehold improvements is recognized using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, a recoverability test is performed utilizing undiscounted cash flows expected to be generated by that asset or asset group compared to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models or, when available, quoted market values and third-party appraisals.
Leases	(s) Leases The Company determines at contract inception if an arrangement is a lease, or contains a lease, of an identified asset for which the Company has the right to obtain substantially all of the economic benefits from its use and the right to direct its use. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, while lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The implicit discount rate in the Company’s leases generally cannot readily be determined, and therefore the Company uses its incremental borrowing rate based on information available at lease commencement date in determining the present value of future payments. The Company has options to renew or terminate certain leases. These options are included in the determination of lease term when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components in determining ROU assets or lease liabilities for real estate leases. Additionally, the Company does not recognize ROU assets or lease liabilities for leases with original terms or renewals of one year or less.
Recent Accounting Standards Not Yet Adopted	(t) Recently Adopted Accounting Standards The Company adopted ASU 2023-07: Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures on December 31, 2024. This standard primarily enhances disclosures about significant segment expenses. The standard requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker (“CODM”) and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit and loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and contains other disclosure requirements. Refer to Note 16 for further details. (u) Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statements Expenses (Subtopic 220-40),” to improve income statement expenses disclosure. The standard requires more detailed information related to the types of expenses, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each interim and annual income statement’s expense caption, as applicable. This authoritative guidance can be applied prospectively or retrospectively and will be effective for financial statements issued for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. The Company is evaluating other pronouncements recently issued but not yet adopted. The adoption of these pronouncements is not expected to have a material impact on our consolidated financial statements.

Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Income Per Common Share

Schedule of computations of basic and diluted income per share


	For the year ended December 31,
	2024		2023		2022

	(in thousands, except per share amounts)
Numerator:
Net income (loss)	$	73,714	$	(30,368)	$	166,942
Interest expense associated with convertible notes		2,054		—		10,832
Net income (loss) available to common shareholders	$	75,768	$	(30,368)	$	177,774

Denominator:
Basic weighted average shares outstanding		56,426		53,769		49,906
Effect of potentially dilutive share-based awards		1,010		—		734
Dilutive effect of convertible notes		4,160		—		14,967
Diluted weighted average shares outstanding		61,596		53,769		65,607

Net income (loss) per common share:
Basic	$	1.31	$	(0.56)	$	3.35
Diluted	$	1.23	$	(0.56)	$	2.71

Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive		—		850		—
Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive		111		212		815
Potential shares to be issued for settlement of the convertible notes excluded from the diluted calculation as their effect would be antidilutive		—		7,319		—

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Schedule of assets measured on a recurring basis at fair value


	Level 1		Level 2		Level 3		Total

	(in thousands)
December 31, 2024
Cash equivalents
Certificate of deposits and time deposits	$	66,023	$	—	$	—	$	66,023
Money market cash		15,003		—		—		15,003
Total	$	81,026	$	—	$	—	$	81,026
Short-term investments
U.S. treasuries	$	84,032	$	—	$	—	$	84,032
Government agency securities		—		30,167		—		30,167
Corporate debt		—		83,051		—		83,051
Commercial paper		—		1,469		—		1,469
Total	$	84,032	$	114,687	$	—	$	198,719

December 31, 2023
Cash equivalents
Certificate of deposits and time deposits	$	74,262	$	—	$	—	$	74,262
Corporate debt		—		1,988		—		1,988
Money market cash		21,587		—		—		21,587
Total	$	95,849	$	1,988	$	—	$	97,837
Short-term investments
U.S. treasuries	$	59,493	$	—	$	—	$	59,493
Government agency securities		—		41,818		—		41,818
Corporate debt		—		35,409		—		35,409
Commercial paper		—		9,944		—		9,944
Total	$	59,493	$	87,171	$	—	$	146,664

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments

Schedule of amortized cost and fair value of available-for-sale securities


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value

	(in thousands)
December 31, 2024
U.S. treasuries	$	84,008	$	45	$	(21)	$	84,032
Government agency securities		30,244		13		(90)		30,167
Corporate debt		83,209		17		(175)		83,051
Commercial paper		1,469		—		—		1,469
Total	$	198,930	$	75	$	(286)	$	198,719

December 31, 2023
U.S. treasuries	$	59,541	$	3	$	(51)	$	59,493
Government agency securities		41,843		6		(31)		41,818
Corporate debt		35,447		9		(47)		35,409
Commercial paper		9,944		—		—		9,944
Total	$	146,775	$	18	$	(129)	$	146,664

Schedule of fair value and unrealized losses of available-for-sale securities in a loss position


	Continuous Loss Position				Continuous Loss Position
	for Less than 12 Months				for 12 Months or More
			Gross				Gross
	Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses

		(in thousands)
December 31, 2024
U.S. treasuries	$	26,756	$	(21)	$	—	$	—
Government agency securities		20,062		(90)		—		—
Corporate debt		58,967		(175)		—		—
Total	$	105,785	$	(286)	$	—	$	—

December 31, 2023
U.S. treasuries	$	43,118	$	(50)	$	—	$	—
Government agency securities		34,885		(31)		—		—
Corporate debt		23,262		(33)		2,618		(15)
Total	$	101,265	$	(114)	$	2,618	$	(15)

Schedule of contractual maturities of securities classified as available-for-sale


	December 31, 2024
	Amortized		Estimated
	Cost		Fair Value

		(in thousands)
Due in one year or less	$	143,688	$	143,696
Due after one year through two years		55,242		55,023
Total	$	198,930	$	198,719

Business Combination (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination

Schedule of acquisition date fair value of consideration


	Acquisition Date
	(January 31, 2023)
	(in thousands)
Cash paid, net of cash acquired	$	30,373
Contingent consideration		26,055
Acquisition date fair value	$	56,428

Summary of estimated fair values of assets acquired and liabilities assumed


	Acquisition Date
	(January 31, 2023)
	(in thousands)
Accounts receivable	$	247
Inventories		391
Prepaid expense and other current assets		381
Property, plant, and equipment		736
Intangible assets		28,540
Total identifiable assets acquired		30,295

Accounts payable and accrued expenses		656
Contract liabilities		429
Deferred income taxes		5,723
Other liabilities		80
Total liabilities assumed		6,888

Net identifiable assets acquired		23,407
Goodwill		33,021
Net assets acquired	$	56,428

Summary of classes of intangible assets acquired and estimated useful life


	Acquisition Date
	(January 31, 2023)
	Amount		Useful life
	(in thousands)
Technology	$	28,020	15	years
Customer relationships		460	5	years
Backlog		60	1.5	years
Intangible assets acquired	$	28,540

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventories

Schedule of inventories


	December 31,		December 31,
	2024		2023

	(in thousands)
Materials	$	129,178	$	139,884
Work-in-process		88,361		71,278
Finished goods		3,016		6,183
Evaluation inventory		26,180		20,290
Total	$	246,735	$	237,635

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant, and Equipment

Schedule of property, plant, and equipment


	December 31,		December 31,
	2024		2023		Average Useful Life

	(in thousands)
Land	$	5,061	$	5,061	N/A
Building and improvements		61,504		61,679	10 – 40 years
Machinery and equipment ⁽¹⁾		190,810		181,180	3 – 10 years
Leasehold improvements		53,759		52,913	3 – 17 years
Gross property, plant, and equipment		311,134		300,833
Less: accumulated depreciation and amortization		197,345		182,374
Property, plant, and equipment, net	$	113,789	$	118,459

(1)	Machinery and equipment includes software, furniture, and fixtures

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets

Schedule of intangible assets excluding goodwill


		December 31, 2024						December 31, 2023
	Average			Accumulated						Accumulated
	Remaining	Gross		Amortization				Gross		Amortization
	Amortization	Carrying		and		Net		Carrying		and		Net
	Period	Amount		Impairment		Amount		Amount		Impairment		Amount

	(in years)	(in thousands)
Technology	1.3	$	355,928	$	354,066	$	1,862	$	355,928	$	321,923	$	34,005
Customer relationships	4.3		146,925		139,955		6,970		146,925		137,649		9,276
Trademarks and tradenames	-		30,910		30,910		—		30,910		30,269		641
Other	-		3,746		3,746		—		3,746		3,723		23
Total	3.7	$	537,509	$	528,677	$	8,832	$	537,509	$	493,564	$	43,945

Schedule of estimated annual amortization expense, excluding in-process R&D for intangible assets with definite useful lives


	Amortization
	(in thousands)
2025	$	3,136
2026		2,134
2027		1,550
2028		1,481
2029		531
Total	$	8,832

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Expenses and Other Liabilities

Schedule of accrued expenses and other current liabilities


	December 31,		December 31,
	2024		2023

	(in thousands)
Payroll and related benefits	$	30,398	$	28,321
Warranty		9,740		8,864
Operating lease liabilities		3,757		4,025
Interest		1,198		1,149
Professional fees		1,969		1,834
Sales, use, and other taxes		1,539		1,825
Contingent consideration		702		1,814
Other		5,892		9,792
Total	$	55,195	$	57,624

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Schedule of changes in product warranty reserves


	December 31,
	2024		2023		2022

		(in thousands)
Balance - beginning of the year	$	8,864	$	8,601	$	7,878
Warranties issued		6,160		6,479		8,304
Addition from Epiluvac acquisition		—		49		—
Consumption of reserves		(6,148)		(7,029)		(7,527)
Changes in estimate		864		764		(54)
Balance - end of the year	$	9,740	$	8,864	$	8,601

Schedule of maturities of lease liabilities 2020


	Operating
	Leases
	(in thousands)
Payments due by period:
2025	$	4,387
2026		5,049
2027		4,566
2028		4,196
2029		4,295
Thereafter		30,616
Total future minimum lease payments		53,109
Less: Imputed interest		(15,034)
Total	$	38,075

Reported as of December 31, 2024
Accrued expenses and other current liabilities	$	3,757
Long-term operating lease liabilities		34,318
Total	$	38,075

Schedule of customers who accounted for more than 10% of our aggregate accounts receivable or net sales


	Accounts Receivable				Net Sales
	December 31,				For the Year Ended December 31,
Customer	2024		2023		2024		2023		2022
Customer A	11	%	10	%	11	%	*		*
Customer B	*	%	11	%	*		*		*
Customer C	13	%	*		11	%	*		*
Customer D	13	%	*		*		*		*
Customer E	11	%	*		*		*		*
Customer F	*		*		*		10	%	*

*	Less than 10% of aggregate accounts receivable or net sales

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt

Schedule of carrying value of Convertible Senior Notes


		December 31, 2024						December 31, 2023
		Principal Amount		Unamortized transaction costs		Net carrying value		Principal Amount		Unamortized transaction costs		Net carrying value

		(in thousands)
2025 Notes	$	26,500	$	(4)	$	26,496	$	26,500	$	(102)	$	26,398
2027 Notes		25,000		(223)		24,777		25,000		(313)		24,687
2029 Notes		230,000		(5,075)		224,925		230,000		(6,144)		223,856
Net carrying value	$	281,500	$	(5,302)	$	276,198	$	281,500	$	(6,559)	$	274,941

Schedule of interest expense related to Convertible Senior Notes


	For the year ended December 31,
	2024		2023		2022

	(in thousands)
Cash Interest Expense
Coupon interest expense - 2023 Notes	$	—	$	23	$	545
Coupon interest expense - 2025 Notes		928		2,360		4,637
Coupon interest expense - 2027 Notes		938		2,385		4,688
Coupon interest expense - 2029 Notes		6,613		4,078		—
Non-cash Interest Expense
Amortization of debt discount/transaction costs- 2023 Notes		—		4		97
Amortization of debt discount/transaction costs- 2025 Notes		98		240		457
Amortization of debt discount/transaction costs- 2027 Notes		90		220		408
Amortization of debt discount/transaction costs- 2029 Notes		1,069		654		—
Total Interest Expense	$	9,736	$	9,964	$	10,832

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity

Schedule of the changes in the balances of each component of AOCI, net of tax


			Unrealized
			Gains (Losses)
	Foreign		on Available-
	Currency		for-Sale
	Translation		Securities		Total

	(in thousands)
Balance - December 31, 2021	$	1,814	$	(331)	$	1,483
Other comprehensive income (loss)		(41)		(514)		(555)
Balance - December 31, 2022		1,773		(845)		928
Other comprehensive income (loss)		(12)		691		679
Balance - December 31, 2023	$	1,761	$	(154)	$	1,607
Other comprehensive income (loss)		16		(101)		(85)
Balance - December 31, 2024	$	1,777	$	(255)	$	1,522

Stock Plans (Tables)

12 Months Ended

Dec. 31, 2024

Stock Plans

Schedule of share-based compensation expense


	For the year ended December 31,
	2024		2023		2022

	(in thousands)
Cost of sales	$	6,263	$	4,913	$	4,551
Research and development		11,257		8,994		6,682
Selling, general, and administrative		18,359		14,651		11,761
Total	$	35,879	$	28,558	$	22,994

Summary of non-vested restricted and performance shares activity


		Weighted
		Average
	Number of	Grant Date
	Shares	Fair Value
	(in thousands)
Balance - December 31, 2021	2,083	$	17.33
Granted	1,253		29.12
Performance award adjustments	85		14.03
Vested	(844)		15.00
Forfeited	(81)		20.18
Balance - December 31, 2022	2,496		23.83
Granted	1,282		23.83
Performance award adjustments	183		10.59
Vested	(1,364)		17.47
Forfeited	(133)		29.29
Balance - December 31, 2023	2,464	$	26.19
Granted	1,369		36.49
Performance award adjustments	200		27.81
Vested	(1,292)		24.83
Forfeited	(137)		26.10
Balance - December 31, 2024	2,604	$	32.53

Summary of unrecognized share-based compensation costs


	Unrecognized		Weighted
	Share-Based		Average Period
	Compensation		Expected to be
	Costs		Recognized

	(in thousands)		(in years)
Restricted stock units	$	36,887	1.9
Restricted stock awards		1,831	0.4
Performance share units		10,822	2.0
Total unrecognized share-based compensation cost	$	49,540	1.9

Summary of stock option activity


		Weighted
	Number of	Average
	Shares	Exercise Price
	(in thousands)
Balance - December 31, 2021	443	$	32.15
Expired	(266)		32.95
Balance - December 31, 2022	177		30.94
Exercised	(2)		30.47
Expired	(165)		30.53
Balance - December 31, 2023	10	$	37.42
Exercised	(10)		37.26
Expired	—		41.93
Balance - December 31, 2024	0		—

Summary of stock options exercised


	Year ended December 31,
	2024		2023		2022

	(in thousands)
Cash received from options exercised	$	373	$	56	$	—
Intrinsic value of options exercised	$	28	$	56	$	—

Summary of valuation assumptions for performance awards


	Year ended December 31,
	2024			2023			2022
Weighted average fair value	$	49.38		$	32.25		$	45.28
Dividend yield		0	%		0	%		0	%
Expected volatility factor⁽¹⁾		38	%		54	%		58	%
Risk-free interest rate⁽²⁾		4.41	%		3.84	%		2.13	%
Expected life (in years)⁽³⁾		3.0			3.0			3.0

(1)	Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.

(2)	The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.

(3)	The expected life is the number of years the Company estimates that the awards will be outstanding prior to exercise.

Summary of valuation assumptions for employee stock purchase plan


	Year ended December 31,
	2024			2023			2022
Weighted average fair value	$	9.62		$	5.77		$	6.00
Dividend yield		0	%		0	%		0	%
Expected volatility factor⁽¹⁾		35	%		42	%		43	%
Risk-free interest rate⁽²⁾		5.30	%		5.03	%		1.73	%
Expected life (in years)⁽³⁾		0.5			0.5			0.5

(1)	Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.

(2)	The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.

(3)	The expected life is the number of years the Company estimates that the purchase rights will be outstanding prior to exercise.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income (loss) from continuing operations before income taxes


	Year ended December 31,
	2024		2023		2022

	(in thousands)
Domestic	$	99,711	$	(33,383)	$	47,368
Foreign		(30,877)		5,045		3,617
Total	$	68,834	$	(28,338)	$	50,985

Schedule of components of the expense (benefit) for income taxes


	Year ended December 31,
	2024		2023		2022

	(in thousands)
Current:
Federal	$	2,087	$	3,299	$	—
Foreign		1,365		1,136		1,506
State and local		397		(194)		577
Total current expense (benefit) for income taxes		3,849		4,241		2,083
Deferred:
Federal		(1,599)		(3,026)		(96,811)
Foreign		(6,684)		512		(484)
State and local		(446)		303		(20,745)
Total deferred expense (benefit) for income taxes		(8,729)		(2,211)		(118,040)
Total expense (benefit) for income taxes	$	(4,880)	$	2,030	$	(115,957)

Schedule of reconciliation of the income tax expense computed using the Federal statutory rate to actual income tax provision


	Year ended December 31,
	2024		2023		2022

	(in thousands)
Income tax expense (benefit) at U.S. statutory rates	$	14,455	$	(5,951)	$	10,706
State taxes, net of U.S. federal impact		425		1,073		1,101
Effect of international operations		(2,814)		(7,668)		(11,149)
Research and development tax credit		(7,945)		(7,287)		(6,470)
Net change in valuation allowance		52		662		(104,972)
Change in accrual for unrecognized tax benefits		2,534		(369)		3,349
Share-based compensation		206		2,084		606
Tax benefits associated with asset impairments		(11,815)		—		—
Extinguishment of debt		—		19,289		—
Adoption of new accounting standard		—		—		(9,295)
Other		22		197		167
Total expense (benefit) for income taxes	$	(4,880)	$	2,030	$	(115,957)

Schedule of deferred tax assets and liabilities


	December 31,
	2024		2023

	(in thousands)
Deferred tax assets:
Inventory valuation	$	12,500	$	12,682
Net operating losses		6,734		5,841
Credit carry forwards		46,753		49,086
Warranty and installation accruals		2,054		1,766
Share-based compensation		5,802		4,637
Contract liabilities		7,775		19,785
Operating leases		8,620		8,034
Research and experimental capitalization		46,667		34,504
Depreciation		4,037		1,588
Other		5,033		4,885
Total deferred tax assets		145,975		142,808
Valuation allowance		(11,797)		(11,745)
Net deferred tax assets		134,178		131,063

Deferred tax liabilities:
Purchased intangible assets		8,673		14,166
Operating leases		6,003		5,548
Total deferred tax liabilities		14,676		19,714
Net deferred taxes	$	119,502	$	111,349

Schedule of uncertain tax positions roll-forward


	December 31,
	2024		2023		2022

	(in thousands)
Balance at beginning of year	$	15,741	$	16,110	$	12,761
Additions for tax positions related to current year		2,497		2,596		4,180
Additions for tax positions related to prior years		77		83		—
Reductions for tax positions related to prior years		(1,437)		(3,048)		(731)
Settlements		—		—		(100)
Balance at end of year	$	16,878	$	15,741	$	16,110

Segment Reporting and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting and Geographic Information

Schedule of sales by end-market


	For the year ended December 31,
	2024		2023		2022

	(in thousands)
Sales by end-market
Semiconductor	$	466,611	$	412,724	$	369,369
Compound Semiconductor		77,591		87,258		121,194
Data Storage		98,852		88,473		87,544
Scientific & Other		74,247		77,980		68,030
Total	$	717,301	$	666,435	$	646,137

Schedule of sales by geographic region


	Net Sales to Unaffiliated Customers						Long-lived Tangible Assets
	2024		2023		2022		2024		2023		2022

	(in thousands)
United States	$	164,564	$	162,790	$	197,433	$	112,966	$	117,594	$	106,550
EMEA⁽¹⁾		61,730		76,697		87,837		154		219		60
China		255,619		217,942		123,703		270		182		70
Rest of APAC		234,591		208,693		235,735		399		464		601
Rest of World		797		313		1,429		—		—		—
Total	$	717,301	$	666,435	$	646,137	$	113,789	$	118,459	$	107,281

(1)	EMEA consists of Europe, the Middle East, and Africa

Significant Accounting Policies - Description of Business and Basis of Presentation (Details) - segment	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024
Significant Accounting Policies
Number of operating segments					1
Fiscal period duration (in days)	91 days	91 days	91 days	91 days

Significant Accounting Policies Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies
Revenue, practical expedient, incremental cost of obtaining contract	true

Significant Accounting Policies - Warranty Costs (Details)	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies
Warranty period	1 year

Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies
Advertising expense	$ 0.4	$ 0.4	$ 0.3

Significant Accounting Policies - Accounting for Share-Based Compensation (Details)	Dec. 31, 2024 item
Significant Accounting Policies
Number of awards with which entity has elected to treat awards with only service conditions and with graded vesting	1

Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies
Allowance for doubtful accounts receivable	$ 1.0	$ 1.0
Maturity period of irrevocable letters of credit, minimum	0 days
Maturity period of irrevocable letters of credit, maximum	90 days

Significant Accounting Policies - Cash, Cash Equivalents, and Short-term Investments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies
Cash equivalents	$ 81.0	$ 97.8
Cash and cash equivalents maintained outside the United States (as a percent)	31.00%	29.00%

Significant Accounting Policies - Goodwill and Indefinite-Lived Intangibles (Details)	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies
Number of trading days used in adjusted market capitalization calculation	10 days

Income Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss)	$ 73,714	$ (30,368)	$ 166,942
Interest expense associated with convertible notes	2,054		10,832
Net income (loss) available to common shareholders	$ 75,768	$ (30,368)	$ 177,774
Denominator:
Basic weighted average shares outstanding	56,426	53,769	49,906
Effect of potentially dilutive share-based awards	1,010		734
Dilutive effect of convertible notes	4,160		14,967
Diluted weighted average shares outstanding	61,596	53,769	65,607
Net income (loss) per common share:
Basic (in dollars per share)	$ 1.31	$ (0.56)	$ 3.35
Diluted (in dollars per share)	$ 1.23	$ (0.56)	$ 2.71

Income Per Common Share - Shares Excluded from EPS (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common share equivalents
Antidilutive securities
Securities excluded from the diluted calculation as their effect would be antidilutive		850
Potentially dilutive shares
Antidilutive securities
Securities excluded from the diluted calculation as their effect would be antidilutive	111	212	815
Convertible Notes
Antidilutive securities
Securities excluded from the diluted calculation as their effect would be antidilutive		7,319

Fair Value Measurements (Details) - Measured on a recurring basis - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash equivalents
Total Cash equivalents	$ 81,026	$ 97,837
Short-term investments
Total Short-term investments	198,719	146,664
U.S. treasuries
Short-term investments
Total Short-term investments	84,032	59,493
Government agency securities
Short-term investments
Total Short-term investments	30,167	41,818
Corporate debt
Short-term investments
Total Short-term investments	83,051	35,409
Commercial paper
Short-term investments
Total Short-term investments	1,469	9,944
Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	66,023	74,262
Corporate debt
Cash equivalents
Total Cash equivalents		1,988
Money market cash
Cash equivalents
Total Cash equivalents	15,003	21,587
Level 1
Cash equivalents
Total Cash equivalents	81,026	95,849
Short-term investments
Total Short-term investments	84,032	59,493
Level 1 \| U.S. treasuries
Short-term investments
Total Short-term investments	84,032	59,493
Level 1 \| Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	66,023	74,262
Level 1 \| Money market cash
Cash equivalents
Total Cash equivalents	15,003	21,587
Level 2
Cash equivalents
Total Cash equivalents		1,988
Short-term investments
Total Short-term investments	114,687	87,171
Level 2 \| Government agency securities
Short-term investments
Total Short-term investments	30,167	41,818
Level 2 \| Corporate debt
Short-term investments
Total Short-term investments	83,051	35,409
Level 2 \| Commercial paper
Short-term investments
Total Short-term investments	$ 1,469	9,944
Level 2 \| Corporate debt
Cash equivalents
Total Cash equivalents		$ 1,988

Investments - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Total available-for-sale securities
Amortized Cost	$ 198,930	$ 146,775
Gross Unrealized Gains	75	18
Gross Unrealized Losses	(286)	(129)
Estimated Fair Value	198,719	146,664
Available-for-sale securities in a loss position
Investments, Continuous loss position for less than 12 months, Estimated Fair Value	105,785	101,265
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses	(286)	(114)
Investments, Continuous loss position for 12 months or more, Estimated Fair Value		2,618
Investments, Continuous loss position for 12 months or more, Gross Unrealized Losses		(15)
Contractual maturities - Amortized Cost
Amortized Cost, Due in one year or less	143,688
Amortized Cost, Due after one year through two years	55,242
Amortized Cost	198,930	146,775
Contractual maturities - Estimated Fair Value
Estimated Fair Value, Due in one year or less	143,696
Estimated Fair Value, Due after one year through two years	55,023
Available-for-sale Securities, Debt Securities, Total	198,719	146,664
U.S. treasuries
Total available-for-sale securities
Amortized Cost	84,008	59,541
Gross Unrealized Gains	45	3
Gross Unrealized Losses	(21)	(51)
Estimated Fair Value	84,032	59,493
Available-for-sale securities in a loss position
Investments, Continuous loss position for less than 12 months, Estimated Fair Value	26,756	43,118
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses	(21)	(50)
Contractual maturities - Amortized Cost
Amortized Cost	84,008	59,541
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	84,032	59,493
Government agency securities
Total available-for-sale securities
Amortized Cost	30,244	41,843
Gross Unrealized Gains	13	6
Gross Unrealized Losses	(90)	(31)
Estimated Fair Value	30,167	41,818
Available-for-sale securities in a loss position
Investments, Continuous loss position for less than 12 months, Estimated Fair Value	20,062	34,885
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses	(90)	(31)
Contractual maturities - Amortized Cost
Amortized Cost	30,244	41,843
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	30,167	41,818
Corporate debt
Total available-for-sale securities
Amortized Cost	83,209	35,447
Gross Unrealized Gains	17	9
Gross Unrealized Losses	(175)	(47)
Estimated Fair Value	83,051	35,409
Available-for-sale securities in a loss position
Investments, Continuous loss position for less than 12 months, Estimated Fair Value	58,967	23,262
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses	(175)	(33)
Investments, Continuous loss position for 12 months or more, Estimated Fair Value		2,618
Investments, Continuous loss position for 12 months or more, Gross Unrealized Losses		(15)
Contractual maturities - Amortized Cost
Amortized Cost	83,209	35,447
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	83,051	35,409
Commercial paper
Total available-for-sale securities
Amortized Cost	1,469	9,944
Estimated Fair Value	1,469	9,944
Contractual maturities - Amortized Cost
Amortized Cost	1,469	9,944
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	$ 1,469	$ 9,944

Business Combination - Consideration (Details) - Epiluvac AB $ in Thousands	Jan. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)
Business Combination
Acquisition date fair value	$ 56,428
Cash paid, net of cash acquired	30,373
Contingent consideration	$ 26,055
Contingent consideration measurement input	0.0554	0.054
Business Combination, Contingent Consideration, Liability, Measurement Input	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Contingent consideration	$ 26,100	$ 1,200
Completion of certain defined milestones
Business Combination
Contingent consideration payments, High end of range	15,000
Percentage of orders received during defined Earn-out period
Business Combination
Contingent consideration payments, High end of range	$ 20,000
Maximum earn-out period	4 years

Business Combination - Assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2023
Fair values of the assets acquired and liabilities assumed
Goodwill	$ 214,964	$ 214,964
Epiluvac AB
Fair values of the assets acquired and liabilities assumed
Accounts receivable			$ 247
Inventories			391
Prepaid expense and other current assets			381
Property, plant, and equipment			736
Intangible assets			28,540
Total identifiable assets acquired			30,295
Accounts payable and accrued expenses			656
Contract liabilities			429
Deferred income taxes			5,723
Other liabilities			80
Total liabilities assumed			6,888
Net identifiable assets acquired			23,407
Goodwill			33,021
Net assets acquired			$ 56,428

Business Combination - Intangible assets acquired (Details) - Epiluvac AB $ in Thousands	Jan. 31, 2023 USD ($)
Intangible assets
Intangible assets acquired, Amount	$ 28,540
Technology
Intangible assets
Intangible assets acquired, Amount	$ 28,020
Intangible assets acquired, Useful life	15 years
Customer relationship
Intangible assets
Intangible assets acquired, Amount	$ 460
Intangible assets acquired, Useful life	5 years
Backlog
Intangible assets
Intangible assets acquired, Amount	$ 60
Intangible assets acquired, Useful life	1 year 6 months

Business Combination - Costs and contingent consideration (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)
Business Combination
Increase (decrease) in contingent consideration	$ (21,242)	$ 701
Contingent consideration payment	$ 1,818	2,500
Epiluvac AB
Business Combination
Acquisition related costs		$ 1,100
Contingent consideration measurement input	0.054		0.0554
Business Combination, Contingent Consideration, Liability, Measurement Input	us-gaap:MeasurementInputDiscountRateMember		us-gaap:MeasurementInputDiscountRateMember
Increase (decrease) in contingent consideration	$ (21,200)
Contingent consideration payment	1,800
Contingent consideration	1,200		$ 26,100
Epiluvac AB \| Accrued expenses and other current liabilities
Business Combination
Contingent consideration	700
Epiluvac AB \| Other liabilities.
Business Combination
Contingent consideration	$ 500

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventories
Materials	$ 129,178	$ 139,884
Work-in-process	88,361	71,278
Finished goods	3,016	6,183
Evaluation inventory	26,180	20,290
Total	$ 246,735	$ 237,635

Property, Plant, and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, plant, and equipment
Gross property, plant and equipment	$ 311,134	$ 300,833
Less: accumulated depreciation and amortization	197,345	182,374
Property, plant, and equipment, net	113,789	118,459	$ 107,281
Depreciation expense	18,200	16,500	$ 15,600
Land
Property, plant, and equipment
Gross property, plant and equipment	5,061	5,061
Building and improvements
Property, plant, and equipment
Gross property, plant and equipment	$ 61,504	$ 61,679
Building and improvements \| Minimum
Property, plant, and equipment
Average Useful Life	10 years	10 years
Building and improvements \| Maximum
Property, plant, and equipment
Average Useful Life	40 years	40 years
Machinery and equipment
Property, plant, and equipment
Gross property, plant and equipment	$ 190,810	$ 181,180
Machinery and equipment \| Minimum
Property, plant, and equipment
Average Useful Life	3 years	3 years
Machinery and equipment \| Maximum
Property, plant, and equipment
Average Useful Life	10 years	10 years
Leaseholds improvements
Property, plant, and equipment
Gross property, plant and equipment	$ 53,759	$ 52,913
Leaseholds improvements \| Minimum
Property, plant, and equipment
Average Useful Life	3 years	3 years
Leaseholds improvements \| Maximum
Property, plant, and equipment
Average Useful Life	17 years	17 years

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets
Increase (decrease) in goodwill	$ 0

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible assets
Average Remaining Amortization Period	3 years 8 months 12 days
Gross Carrying Amount, Intangible assets	$ 537,509	$ 537,509
Accumulated Amortization and Impairment, Intangible assets	528,677	493,564
Total Net Intangible Assets	$ 8,832	43,945
Technology
Intangible assets
Average Remaining Amortization Period	1 year 3 months 18 days
Gross Carrying Amount, Intangible assets	$ 355,928	355,928
Accumulated Amortization and Impairment, Intangible assets	354,066	321,923
Total Net Intangible Assets	$ 1,862	34,005
Customer relationship
Intangible assets
Average Remaining Amortization Period	4 years 3 months 18 days
Gross Carrying Amount, Intangible assets	$ 146,925	146,925
Accumulated Amortization and Impairment, Intangible assets	139,955	137,649
Total Net Intangible Assets	6,970	9,276
Trademarks and tradenames
Intangible assets
Gross Carrying Amount, Intangible assets	30,910	30,910
Accumulated Amortization and Impairment, Intangible assets	30,910	30,269
Total Net Intangible Assets		641
Other Intangible Assets
Intangible assets
Gross Carrying Amount, Intangible assets	3,746	3,746
Accumulated Amortization and Impairment, Intangible assets	$ 3,746	3,723
Total Net Intangible Assets		$ 23

Goodwill and Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets
Impairment of definite-lived intangible assets	$ 28,100
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income	Asset impairment
Estimated aggregate amortization expense
2025	$ 3,136
2026	2,134
2027	1,550
2028	1,481
2029	531
Total Net Intangible Assets	$ 8,832	$ 43,945

Accrued Expenses and Other Liabilities - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued expenses and other current liabilities
Payroll and related benefits	$ 30,398	$ 28,321
Warranty	9,740	8,864
Operating lease liabilities	$ 3,757	$ 4,025
Operating Lease, Liability, Current, Statement of Financial Position	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Interest	$ 1,198	$ 1,149
Professional fees	1,969	1,834
Sales, use, and other taxes	1,539	1,825
Contingent consideration	702	1,814
Other	5,892	9,792
Total accrued expenses and other current liabilities	$ 55,195	$ 57,624

Accrued Expenses and Other Liabilities - Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in deferred revenue
Contract liability		$ 118.0
Amount of contract liability recognized into revenue	$ 97.0

Accrued Expenses and Other Liabilities - Performance Obligation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Performance obligations
Remaining performance obligations	$ 57.0
Revenue, Practical Expedient, Remaining Performance Obligation	true
Minimum
Performance obligations
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Performance obligations
Percentage of remaining performance obligation expected to be recognized	77.00%
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Minimum
Performance obligations
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Maximum
Performance obligations
Remaining performance obligations, expected timing of satisfaction	3 years

Accrued Expenses and Other Liabilities - Other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other liabilities
Other liabilities	$ 3,816	$ 25,544

Commitments and Contingencies - Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Warranty
Balance, beginning of the period	$ 8,864	$ 8,601	$ 7,878
Warranties issued	6,160	6,479	8,304
Addition from Epiluvac acquisition		49
Consumption of reserves	(6,148)	(7,029)	(7,527)
Changes in estimate	864	764	(54)
Balance, end of the period	$ 9,740	$ 8,864	$ 8,601

Commitments and Contingencies - Lease terms (Details)	Dec. 31, 2024
Leases
Lease renewal term	5 years
Remaining lease term	11 years
Weighted average discount rate (as a percent)	5.70%

Commitments and Contingencies - Minimum lease commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Minimum lease commitments, Payments due by period:
2025	$ 4,387
2026	5,049
2027	4,566
2028	4,196
2029	4,295
Thereafter	30,616
Total future minimum lease payments	53,109
Less: Imputed interest	(15,034)
Total operating lease liabilities	$ 38,075
Operating Lease, Liability, Statement of Financial Position	Long-term operating lease liabilities, Accrued expenses and other current liabilities
Operating lease liability, current	$ 3,757	$ 4,025
Operating Lease, Liability, Current, Statement of Financial Position	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term operating lease liabilities	$ 34,318	$ 31,529
Total operating lease liabilities	$ 38,075
Operating Lease, Liability, Statement of Financial Position	Long-term operating lease liabilities, Accrued expenses and other current liabilities

Commitments and Contingencies - Lease costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease cost
Operating lease costs	$ 4.8	$ 5.0	$ 7.4
Variable lease costs	1.3	1.1	2.0
Lease expense	6.1	6.1	9.4
Cash flows from operating leases	$ 6.8	$ 5.8	$ 7.5

Commitments and Contingencies - Concentration of Credit Risk (Details) - customer	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable \| Credit Concentration Risk \| Top Ten Customers
Concentration of Credit Risk
Number of customers	10	10
Concentration risk (as a percent)	63.00%	65.00%
Accounts Receivable \| Credit Concentration Risk \| Customer A
Concentration of Credit Risk
Concentration risk (as a percent)	11.00%	10.00%
Accounts Receivable \| Credit Concentration Risk \| Customer B
Concentration of Credit Risk
Concentration risk (as a percent)		11.00%
Accounts Receivable \| Credit Concentration Risk \| Customer C
Concentration of Credit Risk
Concentration risk (as a percent)	13.00%
Accounts Receivable \| Credit Concentration Risk \| Customer D
Concentration of Credit Risk
Concentration risk (as a percent)	13.00%
Accounts Receivable \| Credit Concentration Risk \| Customer E
Concentration of Credit Risk
Concentration risk (as a percent)	11.00%
Net Sales \| Customer Concentration Risk \| Customer A
Concentration of Credit Risk
Concentration risk (as a percent)	11.00%
Net Sales \| Customer Concentration Risk \| Customer C
Concentration of Credit Risk
Concentration risk (as a percent)	11.00%
Net Sales \| Customer Concentration Risk \| Customer F
Concentration of Credit Risk
Concentration risk (as a percent)		10.00%

Commitments and Contingencies - Receivables (Details)	12 Months Ended
Commitments and Contingencies - Receivables (Details)	Dec. 31, 2024
Minimum \| Geographic location, One
Concentration of Credit Risk
Credit period for accounts receivable	30 days
Maximum \| Geographic location, One
Concentration of Credit Risk
Credit period for accounts receivable	90 days
Maximum \| Geographic location, Two
Concentration of Credit Risk
Credit period for accounts receivable	150 days

Commitments and Contingencies - Receivable Purchase Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies
Maximum amount of trade receivables to be sold under agreement	$ 30.0
Receivables sold	8.0	$ 32.7
Amount outstanding under receivable purchase agreement	0.0
Amount of trade receivables available to be sold under agreement	$ 30.0

Commitments and Contingencies - Suppliers (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Purchase Commitments
Deposits with suppliers	$ 18.7	$ 19.4

Commitments and Contingencies - Purchase Commitments and Bank Guarantees (Details) $ in Millions	Dec. 31, 2024 USD ($)
Purchase commitments
Purchase commitments due within one year	$ 177.4
Bank guarantees
Bank guarantees and letters of credit outstanding	18.1
Unused bank guarantees and letters of credit	$ 21.6

Debt - 2023. 2025, 2027 and 2029 Notes (Details) - USD ($) $ in Thousands, shares in Millions				12 Months Ended
	Jan. 15, 2025	May 19, 2023	May 18, 2020	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2024	Nov. 17, 2020	Jan. 10, 2017
Debt
Principal amount				$ 281,500			$ 281,500
Proceeds from issuance of Notes, net of issuance cost				223,202
Cash paid for repurchase of notes				218,991
Loss on extinguishment of debt				97,091
2023 Notes
Debt
Principal amount									$ 345,000
Interest rate (as a percent)									2.70%
Repurchased and retired amount					$ 111,500	$ 213,300
2025 Notes and 2027 Notes
Debt
Repurchased and retired amount		$ 198,800
2025 Notes
Debt
Principal amount				26,500			26,500	$ 132,500
Interest rate (as a percent)								3.50%
Repurchased and retired amount		106,000
Carrying amount of debt extinguished		105,400
Cash paid for repurchase of notes		$ 106,000
Number of shares of common stock used for repurchase of notes		0.7
2025 Notes \| Subsequent event
Debt
Number of shares of common stock used for repurchase of notes	1.1
2025 Notes \| Other income (expense), net
Debt
Loss on extinguishment of debt				16,500
2027 Notes
Debt
Principal amount			$ 125,000	25,000			25,000
Interest rate (as a percent)			3.75%
Proceeds from issuance of Notes, net of issuance cost			$ 121,900
Repurchased and retired amount		$ 100,000
Carrying amount of debt extinguished		98,500
Cash paid for repurchase of notes		$ 92,800
Number of shares of common stock used for repurchase of notes		3.8
Purchase of capped calls			$ 10,300
2027 Notes \| Other income (expense), net
Debt
Loss on extinguishment of debt				80,600
2029 Notes
Debt
Principal amount		$ 230,000		$ 230,000			$ 230,000
Interest rate (as a percent)		2.875%
Proceeds from issuance of Notes, net of issuance cost		$ 223,200

Debt - Convertible Senior Notes (Details)					3 Months Ended	12 Months Ended
Debt - Convertible Senior Notes (Details)	May 19, 2023 USD ($) $ / shares	Nov. 17, 2020 USD ($) $ / shares	May 18, 2020 USD ($) $ / shares	Jan. 10, 2017 USD ($)	Dec. 31, 2024 D	Dec. 31, 2024 USD ($) D
Convertible Notes
Debt
Multiples of principal holders may convert						1,000
Trading days threshold \| D						20
Number of consecutive trading days, scenario one \| D						30
Stock price conversion trigger (as a percent)						130.00%
Number of consecutive trading days, scenario two						5
Trading price conversion trigger (as a percent)						98.00%
2023 Notes
Debt
Transaction costs				$ 9,200,000
2025 Notes, 2027 Notes, and 2029 Notes
Debt
Trading days threshold \| D						20
Number of consecutive trading days, scenario one \| D						30
Stock price conversion trigger (as a percent)						130.00%
Redemption price as a percent of principal amount						100.00%
2025 Notes
Debt
Conversion rate		0.0416667
Conversion price (in dollars per share) \| $ / shares		$ 24
Transaction costs		$ 1,900,000
2027 Notes
Debt
Conversion rate			0.0715372
Conversion price (in dollars per share) \| $ / shares			$ 13.98
Number of consecutive trading days, scenario one \| D					30
Stock price conversion trigger (as a percent)					130.00%
Transaction costs			$ 3,100,000
2029 Notes
Debt
Conversion rate	0.03421852
Conversion price (in dollars per share) \| $ / shares	$ 29.22
Transaction costs	$ 6,800,000

Debt - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	May 19, 2023	Nov. 17, 2020	May 18, 2020	Jan. 10, 2017
Debt
Principal amount	$ 281,500	$ 281,500
Unamortized transaction costs	(5,302)	(6,559)
Net carrying value	276,198	274,941
2023 Notes
Debt
Principal amount						$ 345,000
2025 Notes
Debt
Principal amount	26,500	26,500		$ 132,500
Unamortized transaction costs	(4)	(102)
Net carrying value	26,496	26,398
2027 Notes
Debt
Principal amount	25,000	25,000			$ 125,000
Unamortized transaction costs	(223)	(313)
Net carrying value	24,777	24,687
2029 Notes
Debt
Principal amount	230,000	230,000	$ 230,000
Unamortized transaction costs	(5,075)	(6,144)
Net carrying value	$ 224,925	$ 223,856

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	$ 1,257	$ 1,118	$ 962
Total Interest Expense	9,736	9,964	10,832
2023 Notes
Cash Interest Expense
Coupon interest expense		23	545
Non-Cash Interest Expense
Amortization of debt discount/transaction costs		4	97
2025 Notes
Cash Interest Expense
Coupon interest expense	928	2,360	4,637
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	98	240	457
Estimated fair value	$ 30,300
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2
2027 Notes
Cash Interest Expense
Coupon interest expense	$ 938	2,385	4,688
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	90	220	$ 408
Estimated fair value	$ 49,500
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2
2029 Notes
Cash Interest Expense
Coupon interest expense	$ 6,613	4,078
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	1,069	$ 654
Estimated fair value	$ 277,400
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2

Debt - Capped Call Transactions (Details) - Capped Call Transactions $ / shares in Units, $ in Millions	May 13, 2020 USD ($) $ / shares
Debt
Aggregate price of capped call transaction \| $	$ 10.3
Cap price of the capped call transactions (in dollars per share) \| $ / shares	$ 18.46

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands			12 Months Ended
	Aug. 02, 2024	Dec. 16, 2021	Dec. 31, 2024	Dec. 31, 2023
Credit Facility
Debt
Borrowing capacity	$ 225,000	$ 150,000
Debt instrument term		5 years
Additional increase in borrowing subject to certain conditions		$ 75,000
Amount of increase in borrowing capacity	$ 75,000
Outstanding amount			$ 0	$ 0
Credit Facility \| Minimum
Debt
Unused commitment fee percentage (as a percent)		0.25%
Interest coverage ratio		3
Credit Facility \| Maximum
Debt
Unused commitment fee percentage (as a percent)		0.35%
Total net leverage ratio		4.5
Secured net leverage ratio		2.5
Credit Facility \| Base rate \| Minimum
Debt
Basis spread on base rate (as a percent)		0.50%
Credit Facility \| Base rate \| Maximum
Debt
Basis spread on base rate (as a percent)		1.25%
Credit Facility \| SOFR
Debt
Floor rate on debt instrument (as a percent)		0.00%
Credit Facility \| SOFR \| Minimum
Debt
Basis spread on base rate (as a percent)		1.50%
Credit Facility \| SOFR \| Maximum
Debt
Basis spread on base rate (as a percent)		2.25%
Credit Facility, Letter of Credit
Debt
Borrowing capacity		$ 15,000

Stockholders' Equity - AOCI Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in the balances of each component of AOCI
Balance at the beginning of the period	$ 672,442	$ 577,824	$ 437,628
Other comprehensive income (loss)	(85)	679	(555)
Balance at the end of the period	770,770	672,442	577,824
Accumulated Other Comprehensive Income
Changes in the balances of each component of AOCI
Balance at the beginning of the period	1,607	928	1,483
Other comprehensive income (loss)	(85)	679	(555)
Balance at the end of the period	1,522	1,607	928
Foreign Currency Translation
Changes in the balances of each component of AOCI
Balance at the beginning of the period	1,761	1,773	1,814
Other comprehensive income (loss)	16	(12)	(41)
Balance at the end of the period	1,777	1,761	1,773
Unrealized Gains (Losses) on Available for Sale Securities
Changes in the balances of each component of AOCI
Balance at the beginning of the period	(154)	(845)	(331)
Other comprehensive income (loss)	(101)	691	(514)
Balance at the end of the period	$ (255)	$ (154)	$ (845)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

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-Paragraph 1
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-Topic 235
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-Section 50
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Stockholders' Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Stockholders' Equity
Preferred stock, shares authorized	500,000	500,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0
Maximum
Stockholders' Equity
Preferred stock, shares authorized	500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stock Plans - 2019 Plan (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Number of options outstanding (in shares)	0	10	177	443
2019 Plan
Share-based compensation
Number of shares authorized	21,300
Employee Stock Option \| 2019 Plan
Share-based compensation
Vesting period	3 years
Employee Stock Option \| 2019 Plan \| Minimum
Share-based compensation
Expiration term	7 years
Employee Stock Option \| 2019 Plan \| Maximum
Share-based compensation
Expiration term	10 years
Restricted Stock Awards and Restricted Stock Units \| 2019 Plan \| Minimum
Share-based compensation
Vesting period	1 year
Restricted Stock Awards and Restricted Stock Units \| 2019 Plan \| Maximum
Share-based compensation
Vesting period	5 years
RSUs and PSUs \| 2019 Plan
Share-based compensation
Number of awards outstanding (in shares)	2,400

Stock Plans - ESPP (Details) - ESPP shares in Thousands	12 Months Ended
Stock Plans - ESPP (Details) - ESPP shares in Thousands	Dec. 31, 2016 shares
Share-based compensation
Number of shares authorized	2,250
Share price (as a percent)	85.00%
Offer period	6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock Plans - Shares Reserved for Future Issuance (Details) shares in Millions	Dec. 31, 2024 shares
2019 Plan
Shares reserved for future issuance
Total shares reserved	7.0
ESPP
Shares reserved for future issuance
Total shares reserved	0.2

Stock Plans - Recognized Share-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Recognized share-based compensation
Total share-based compensation expense	$ 35,879	$ 28,558	$ 22,994
Share-based compensation tax benefit	7,900	3,900	4,500
Cost of Sales
Recognized share-based compensation
Total share-based compensation expense	6,263	4,913	4,551
Research and development
Recognized share-based compensation
Total share-based compensation expense	11,257	8,994	6,682
Selling, general and administrative
Recognized share-based compensation
Total share-based compensation expense	$ 18,359	$ 14,651	$ 11,761

Stock Plans - Unrecognized Share-based Compensation Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 49,540
Weighted Average Period Expected to be Recognized	1 year 10 months 24 days
Restricted stock units
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 36,887
Weighted Average Period Expected to be Recognized	1 year 10 months 24 days
Restricted stock
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 1,831
Weighted Average Period Expected to be Recognized	4 months 24 days
Performance Share Units
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 10,822
Weighted Average Period Expected to be Recognized	2 years

Stock Plans - Stock Option Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding at the beginning of the period (in shares)	10	177	443
Exercised (in shares)	(10)	(2)
Expired (in shares)		(165)	(266)
Outstanding at the end of the period (in shares)	0	10	177
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 37.42	$ 30.94	$ 32.15
Exercised (in dollars per share)	37.26	30.47
Expired (in dollars per share)	$ 41.93	30.53	32.95
Outstanding at the end of the period (in dollars per share)		$ 37.42	$ 30.94

Stock Plans - Stock options exercised (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock Plans
Cash received from options exercised	$ 373	$ 56
Intrinsic value of options exercised	$ 28	$ 56

Stock Plans - Restricted shares and performance shares (Details) - RSAs, RSUs, PSAs and PSUs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding at the beginning of the period (in shares)	2,464	2,496	2,083
Granted (in shares)	1,369	1,282	1,253
Performance award adjustments (in shares)	200	183	85
Vested (in shares)	(1,292)	(1,364)	(844)
Forfeited (in shares)	(137)	(133)	(81)
Outstanding at the end of the period (in shares)	2,604	2,464	2,496
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 26.19	$ 23.83	$ 17.33
Granted (in dollars per share)	36.49	23.83	29.12
Performance award adjustments (in dollars per share)	27.81	10.59	14.03
Vested (in dollars per share)	24.83	17.47	15
Forfeited (in dollars per share)	26.1	29.29	20.18
Outstanding at the end of the period (in dollars per share)	$ 32.53	$ 26.19	$ 23.83
Total fair value of shares vested	$ 43.7	$ 30.3	$ 22.1
Minimum
Weighted Average Grant Date Fair Value
Vesting period	1 year
Maximum
Weighted Average Grant Date Fair Value
Vesting period	4 years

Stock Plans - Performance Awards Assumptions (Details) - Performance awards with market conditions - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assumptions
Weighted average fair value (in dollars per share)	$ 49.38	$ 32.25	$ 45.28
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility factor (as a percent)	38.00%	54.00%	58.00%
Risk-free interest rate (as a percent)	4.41%	3.84%	2.13%
Expected life (in years)	3 years	3 years	3 years

Stock Plans - ESPP FV Assumptions (Details) - ESPP - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation
Cash proceeds	$ 5.3	$ 4.6	$ 3.7
Number of shares issued	182,809	258,153	208,140
Assumptions
Weighted average fair value (in dollars per share)	$ 9.62	$ 5.77	$ 6
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility factor (as a percent)	35.00%	42.00%	43.00%
Risk-free interest rate (as a percent)	5.30%	5.03%	1.73%
Expected life (in years)	6 months	6 months	6 months

Retirement Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined contribution plan disclosures
Employer's matching contribution for every dollar the employees contribute (as a percent)	50.00%
Employer's matching contribution, vesting period (in years)	5 years
Aggregate employer's contribution to pension plans	$ 3.4	$ 3.4	$ 3.0
Maximum
Defined contribution plan disclosures
Employer's contribution as a percentage of employee's eligible compensation	3.00%

Income Taxes - Income Attributable to Domestic and Foreign Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income (loss) from continuing operations before income taxes
Domestic	$ 99,711	$ (33,383)	$ 47,368
Foreign	(30,877)	5,045	3,617
Income (loss) before income taxes	$ 68,834	$ (28,338)	$ 50,985

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes - Components of Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 2,087	$ 3,299
Foreign	1,365	1,136	$ 1,506
State and local	397	(194)	577
Total current expense (benefit) for income taxes	3,849	4,241	2,083
Deferred:
Federal	(1,599)	(3,026)	(96,811)
Foreign	(6,684)	512	(484)
State and local	(446)	303	(20,745)
Total deferred expense (benefit) for income taxes	(8,729)	(2,211)	(118,040)
Total expense (benefit) for income taxes	$ (4,880)	$ 2,030	$ (115,957)

Income Taxes - Reconciliation to Statutory Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Income tax expense (benefit) at U.S. statutory rates	$ 14,455	$ (5,951)	$ 10,706
State taxes, net of U.S. federal impact	425	1,073	1,101
Effect of international operations	(2,814)	(7,668)	(11,149)
Research and development tax credit	(7,945)	(7,287)	(6,470)
Net change in valuation allowance	52	662	(104,972)
Change in accrual for unrecognized tax benefits	2,534	(369)	3,349
Share-based compensation	206	2,084	606
Tax benefits associated with asset impairments	(11,815)
Extinguishment of debt		19,289
Adoption of new accounting standard			(9,295)
Other	22	197	167
Total expense (benefit) for income taxes	$ (4,880)	$ 2,030	$ (115,957)

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Inventory valuation	$ 12,500	$ 12,682
Net operating losses	6,734	5,841
Credit carry forwards	46,753	49,086
Warranty and installation accruals	2,054	1,766
Share-based compensation	5,802	4,637
Contract liabilities	7,775	19,785
Operating leases	8,620	8,034
Research and experimental capitalization	46,667	34,504
Depreciation	4,037	1,588
Other	5,033	4,885
Total deferred tax assets	145,975	142,808
Valuation allowance	(11,797)	(11,745)
Net deferred tax assets	134,178	131,063
Deferred tax liabilities:
Purchased intangible assets	8,673	14,166
Operating leases	6,003	5,548
Total deferred tax liabilities	14,676	19,714
Net deferred taxes, asset	119,502	111,349
Accrual for foreign tax withholdings on unremitted earnings	1,200
Income tax expense (benefit)
Income tax benefit	4,880	$ (2,030)	$ 115,957
Income tax benefit associated with asset impairments	12,200
Income tax benefit related to current year research and development tax credits	7,900
Income tax benefit related to Foreign-Derived Intangible Income	(5,100)
Income tax expense related to pre-tax income from operations	$ 20,300

Income Taxes - Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2024 USD ($)
Federal \| Research and development tax credit carryforward
Tax credit carryforward
Tax credit carry forwards	$ 35.1
State and local
Tax credit carryforward
Tax credit carry forwards	$ 34.2

Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating loss carryforwards disclosures
Net deferred tax asset	$ 6,734	$ 5,841
State and local
Operating loss carryforwards disclosures
Net operating loss carryforwards	55,400
Net deferred tax asset	$ 3,900

Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in unrecognized tax benefits
Balance at beginning of year	$ 15,741	$ 16,110	$ 12,761
Additions for tax positions related to current year	2,497	2,596	4,180
Additions for tax positions related to prior years	77	83
Reductions for tax positions related to prior years	(1,437)	(3,048)	(731)
Settlements			(100)
Balance at end of year	16,878	15,741	$ 16,110
Unrecognized tax benefits that would impact effective tax rate if recognized	14,700
Accrued interest and penalties	$ 700	$ 600

Segment Reporting and Geographic Information - Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Revenue reporting by end-market and geographic region
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Net sales	$ 717,301	$ 666,435	$ 646,137
Semiconductor
Revenue reporting by end-market and geographic region
Net sales	466,611	412,724	369,369
Compound Semiconductor
Revenue reporting by end-market and geographic region
Net sales	77,591	87,258	121,194
Data Storage
Revenue reporting by end-market and geographic region
Net sales	98,852	88,473	87,544
Scientific & Other
Revenue reporting by end-market and geographic region
Net sales	$ 74,247	$ 77,980	$ 68,030

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Segment Reporting and Geographic Information - Geographic (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue reporting by end-market and geographic region
Net sales	$ 717,301	$ 666,435	$ 646,137
Long-lived tangible assets	113,789	118,459	107,281
UNITED STATES
Revenue reporting by end-market and geographic region
Net sales	164,564	162,790	197,433
Long-lived tangible assets	112,966	117,594	106,550
EMEA
Revenue reporting by end-market and geographic region
Net sales	61,730	76,697	87,837
Long-lived tangible assets	154	219	60
China
Revenue reporting by end-market and geographic region
Net sales	255,619	217,942	123,703
Long-lived tangible assets	270	182	70
Rest of APAC
Revenue reporting by end-market and geographic region
Net sales	234,591	208,693	235,735
Long-lived tangible assets	399	464	601
Rest Of World
Revenue reporting by end-market and geographic region
Net sales	$ 797	$ 313	$ 1,429

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation and Qualifying Accounts
Balance at Beginning of Period	$ 12,731	$ 11,819	$ 116,790
Charged (Credited) to Costs and Expenses	52	978	(104,971)
Deductions		(66)
Balance at End of Period	12,783	12,731	11,819
Allowance for doubtful accounts
Valuation and Qualifying Accounts
Balance at Beginning of Period	986	736	736
Charged (Credited) to Costs and Expenses		316
Deductions		(66)
Balance at End of Period	986	986	736
Valuation allowance in net deferred tax assets
Valuation and Qualifying Accounts
Balance at Beginning of Period	11,745	11,083	116,054
Charged (Credited) to Costs and Expenses	52	662	(104,971)
Balance at End of Period	$ 11,797	$ 11,745	$ 11,083

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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