Veeco Instruments (VECO) 10-K22 Feb 232022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 13, 2023	Jul. 01, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity 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
Entity Public Float			$ 906,413,355
Entity Common Stock, Shares Outstanding		51,661,429
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	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 154,925	$ 119,747
Restricted cash	547	725
Short-term investments	147,488	104,181
Accounts receivable, net	124,221	109,609
Contract assets	16,507	18,293
Inventories	206,908	170,858
Prepaid expenses and other current assets	18,305	25,974
Total current assets	668,901	549,387
Property, plant, and equipment, net	107,281	99,743
Operating lease right-of-use assets	26,467	28,813
Intangible assets, net	23,887	33,905
Goodwill	181,943	181,943
Deferred income taxes	116,349	1,639
Other assets	3,355	3,546
Total assets	1,128,183	898,976
Current liabilities:
Accounts payable	52,049	44,456
Accrued expenses and other current liabilities	56,031	79,752
Customer deposits and deferred revenue	127,223	63,136
Income taxes payable	2,432	1,860
Current portion of long-term debt	20,169
Total current liabilities	257,904	189,204
Deferred income taxes	1,285	4,792
Long-term debt	254,491	229,438
Long-term operating lease liabilities	33,581	32,834
Other liabilities	3,098	5,080
Total liabilities	550,359	461,348
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; 51,660,409 shares issued and outstanding at December 31, 2022 and 50,652,864 shares issued and outstanding at December 31, 2021	517	507
Additional paid-in capital	1,078,180	1,116,921
Accumulated deficit	(501,801)	(681,283)
Accumulated other comprehensive income	928	1,483
Total stockholders' equity	577,824	437,628
Total liabilities and stockholders' equity	$ 1,128,183	$ 898,976

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	51,660,409	50,652,864
Common stock, shares outstanding	51,660,409	50,652,864

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Operations
Net sales	$ 646,137	$ 583,277	$ 454,163
Cost of sales	382,989	341,003	259,863
Gross profit	263,148	242,274	194,300
Operating expenses, net:
Research and development	103,565	88,680	78,994
Selling, general, and administrative	88,952	84,536	76,251
Amortization of intangible assets	10,018	12,280	15,333
Restructuring			1,097
Asset impairment			281
Other operating expense (income), net	317	68	(221)
Total operating expenses, net	202,852	185,564	171,735
Operating income	60,296	56,710	22,565
Interest income	2,199	2,340	1,551
Interest expense	(11,510)	(28,360)	(24,739)
Other income (expense), net		(5,010)	(7,841)
Income before income taxes	50,985	25,680	(8,464)
Income tax expense (benefit)	(115,957)	(358)	(73)
Net income	$ 166,942	$ 26,038	$ (8,391)
Income per common share:
Basic (in dollars per share)	$ 3.35	$ 0.53	$ (0.17)
Diluted (in dollars per share)	$ 2.71	$ 0.49	$ (0.17)
Weighted average number of shares:
Basic (in shares)	49,906	49,073	48,362
Diluted (in shares)	65,607	53,643	48,362

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income
Net income	$ 166,942	$ 26,038	$ (8,391)
Available-for-sale securities:
Change in net unrealized gains or losses	(514)	(311)	(53)
Unrealized gain (loss) on available-for-sale securities	(514)	(311)	(53)
Currency translation adjustments:
Change in currency translation adjustments	41	52	(5)
Net changes related to currency translation adjustments	(41)	(52)	5
Total other comprehensive income (loss), net of tax	(555)	(363)	(48)
Total comprehensive income	$ 166,387	$ 25,675	$ (8,439)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital 2025 Notes	Additional Paid-in Capital 2027 Notes	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	2025 Notes	2027 Notes	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at the beginning of the period at Dec. 31, 2019	$ 490				$ 1,071,058		$ (698,930)	$ 1,894				$ 374,512
Balance (in shares) at Dec. 31, 2019	48,994
Increase (Decrease) in Stockholders' Equity
Net income (loss)							(8,391)					(8,391)
Other comprehensive income (loss), net of tax								(48)				(48)
Share-based compensation expense					12,703							12,703
Net issuance under employee stock plans	$ 7				549							556
Net issuance under employee stock plans (in shares)	730
Extinguishment of equity component of repurchased/exchanged 2023 Notes					(14,714)							(14,714)
Equity component of Notes		$ 20,706	$ 33,363						$ 20,706	$ 33,363
Purchase of capped calls					(10,313)							(10,313)
Balance at the end of the period at Dec. 31, 2020	$ 497				1,113,352		(707,321)	1,846				408,374
Balance (in shares) at Dec. 31, 2020	49,724
Increase (Decrease) in Stockholders' Equity
Net income (loss)							26,038					26,038
Other comprehensive income (loss), net of tax								(363)				(363)
Share-based compensation expense					15,249							15,249
Net issuance under employee stock plans	$ 10				(5,600)							(5,590)
Net issuance under employee stock plans (in shares)	929
Extinguishment of equity component of repurchased/exchanged 2023 Notes					(6,080)							(6,080)
Balance at the end of the period at Dec. 31, 2021	$ 507			$ (56,800)	1,116,921	$ 12,540	(681,283)	1,483			$ (44,260)	437,628
Balance (in shares) at Dec. 31, 2021	50,653
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 (in shares) at Dec. 31, 2022	51,660

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net income	$ 166,942	$ 26,038	$ (8,391)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	25,645	26,058	30,697
Non-cash interest expense	962	13,819	13,792
Deferred income taxes	(118,040)	(651)	(299)
Share-based compensation expense	22,994	15,249	12,703
Loss on extinguishment of debt		4,029	7,841
Asset impairment			281
Impairment of equity investments		980
Provision for bad debts			140
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(12,826)	(26,664)	(30,361)
Inventories	(37,288)	(24,803)	(11,528)
Prepaid expenses and other current assets	7,668	7,621	(2,610)
Accounts payable and accrued expenses	(13,115)	20,225	15,959
Customer deposits and deferred revenue	64,087	(4,099)	12,424
Income taxes receivable and payable, net	557	947	86
Other, net	897	8,993	2,287
Net cash provided by (used in) operating activities	108,483	67,742	43,021
Cash Flows from Investing Activities
Capital expenditures	(24,604)	(40,643)	(6,802)
Proceeds from the sale of investments	59,738	330,702	173,530
Payments for purchases of investments	(104,014)	(247,256)	(248,023)
Proceeds from held for sale assets, net of costs to sell		1,725	9,503
Net cash provided by (used in) investing activities	(68,880)	44,528	(71,792)
Cash Flows from Financing Activities
Proceeds from issuance of 2027 Notes, net of issuance costs			120,095
Purchase of capped calls			(10,313)
Repurchase of 2023 Notes		(115,604)	(81,240)
Debt issuance costs		(835)
Proceeds (net of tax withholdings) from option exercises and employee stock purchase plan	3,698	3,402	2,878
Restricted stock tax withholdings	(8,248)	(8,992)	(2,322)
Net cash provided by (used in) financing activities	(4,550)	(122,029)	29,098
Effect of exchange rate changes on cash and cash equivalents	(53)	(52)	5
Net increase (decrease) in cash, cash equivalents, and restricted cash	35,000	(9,811)	332
Cash, cash equivalents, and restricted cash - beginning of period	120,472	130,283	129,951
Cash, cash equivalents, and restricted cash - end of period	155,472	120,472	130,283
Supplemental Disclosure of Cash Flow Information
Interest paid	10,139	12,551	12,700
Income taxes paid (refunds received)	1,434	(139)	329
Non-cash activities
Capital expenditures included in accounts payable and accrued expenses	2,285	9,096	687
Net transfer of inventory to property, plant and equipment	1,235	(63)	(1,624)
Right-of-use assets obtained in exchange for lease obligations	$ 2,938	$ 23,777	$ 1,741

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2022
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 2022 the interim quarters ended on April 3, July 3, and October 2, and during 2021 the interim quarters ended on April 4, July 4, and October 3. 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; and (xi) income tax uncertainties. (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 customer deposits on system transactions. The timing of the transfer of goods or services related to the deposits is either at the discretion of the customer or expected to be within one year from the deposit 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 $0.3 million, $0.3 million, and $0.4 million for the years ended December 31, 2022, 2021, and 2020, 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. 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 performance conditions is recognized over the requisite service period based on the timing and expected level of achievement of the performance targets. A change in the assessment of performance attainment prior to the conclusion of the performance period is recognized in the period of the change in estimate. 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 12, “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 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, including the impact of COVID-19, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts totaled $0.7 million at both December 31, 2022 and 2021. To further mitigate the Company’s exposure to uncollectable accounts, 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, 2022, 2021, and 2020. (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 $61.5 million and $41.7 million of cash equivalents at December 31, 2022 and 2021, 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 18% and 32% of cash and cash equivalents were maintained outside the United States at December 31, 2022 and 2021, 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 or 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; and finished goods. 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 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, including in-process research and development (“IPR&D”), if any, 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. (q) Goodwill and Indefinite-Lived Intangible Assets 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. Intangible assets with indefinite useful lives are measured at their respective fair values on the acquisition date. Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated research and development (“R&D”) efforts. If and when development is complete, the associated assets would be deemed long-lived and would then be amortized based on their respective estimated useful lives at that point in time. Goodwill and indefinite-lived intangibles are not amortized into results of operations but instead are evaluated for impairment. The Company performs the evaluation 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. In testing indefinite-lived intangible assets for impairment, the Company may first perform a qualitative assessment of whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, and, if so, the Company then quantitatively compares the fair value of the indefinite-lived intangible asset to its carrying amount. The Company determines the fair value of its indefinite-lived intangible assets using a discounted cash flow method. (r) Long-lived Assets Long-lived intangible assets consist of purchased technology, customer relationships, patents, trademarks and tradenames, and backlog and are initially recorded at fair value. Long-lived intangible assets are amortized over their estimated useful lives in 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 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes in the second quarter of 2020, effective as of the beginning of fiscal year 2020. This ASU simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income Taxes, including, but not limited to, requirements related to the following: a) exception to the incremental approach for intraperiod tax allocation; b) the tax basis step-up in goodwill obtained in a transaction that is not a business combination; c) ownership changes in investments - changes from a subsidiary to an equity method investment; d) separate financial statements of entities not subject to tax; e) interim-period accounting for enacted changes in tax law; and f) the year-to-date loss limitation in interim-period tax accounting. The adoption did not have a material impact on the Company’s consolidated financial statements as of the date of adoption. The Company adopted ASU 2020-06: Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity on January 1, 2022, using the modified retrospective method for all financial instruments that were outstanding as of the adoption date. This standard simplifies the accounting for convertible debt instruments by removing the separation models for convertible debt with a cash conversion feature, as well as convertible instruments with a beneficial conversion feature. As a result, entities will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models reduces non-cash interest expense for entities that have issued a convertible instrument that was within the scope of those models before the adoption of ASU 2020-06, such as the Company’s 2023 Notes, 2025 Notes, and 2027 Notes. Additionally, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share, and precludes the use of the treasury stock method for certain debt instruments, such as the Company’s 2023 Notes, 2025 Notes, and 2027 Notes. The adoption of ASU 2020-06 resulted in the following adjustments to the Consolidated Balance Sheets: December 31, 2021 Adoption of ASU 2020-06 January 1, 2022 (in thousands) Balance Sheet line item: Long-term debt $ 229,438 $ 44,260 $ 273,698 Additional paid-in capital 1,116,921 (56,800) 1,060,121 Accumulated deficit (681,283) 12,540 (668,743) The adoption of ASU 2020-06 resulted in the following adjustments to the Company’s calculations of basic and diluted income per share for the year ended December 31, 2022: Year ended December 31, 2022 Under Under ASU 2020-06 legacy accounting Difference Income per common share: Basic income per common share $ 3.35 $ 3.15 $ 0.20 Diluted income per common share 2.71 2.91 (0.20) (u) Recent Accounting Pronouncements Not Yet Adopted 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

Income Per Common Share	12 Months Ended
Income Per Common Share	Dec. 31, 2022
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 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 non-participating share-based awards is considered in diluted income per share by application of the treasury stock method. The dilutive effect of performance share units is included in diluted income per common share in the periods the performance targets have been achieved, or would have been achieved if the reporting date was the end of the contingency period. Upon the adoption of ASU 2020-06 on January 1, 2022, 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. Prior to the adoption of ASU 2020-06, based on the Company’s ability and intent to settle the principal amount of its convertible senior notes in cash, and the excess of the principal portion in shares of its common stock, the Company accounted for the conversion spread using the treasury stock method, and the shares issuable upon conversion of the Notes were not included in the calculation of diluted earnings per share except to the extent that the conversion value of the Notes exceeds their principal amount and if the effect would be dilutive. The computations of basic and diluted income (loss) per share for the years ended December 31, 2022, 2021, and 2020 are as follows: For the year ended December 31, 2022 2021 2020 (in thousands, except per share amounts) Numerator: Net income $ 166,942 $ 26,038 $ (8,391) Interest expense associated with convertible notes 10,832 — — Net income available to common shareholders $ 177,774 $ 26,038 $ (8,391) Denominator: Basic weighted average shares outstanding 49,906 49,073 48,362 Effect of potentially dilutive share-based awards 734 1,090 — Dilutive effect of convertible notes 14,967 3,480 — Diluted weighted average shares outstanding 65,607 53,643 48,362 Net income per common share: Basic $ 3.35 $ 0.53 $ (0.17) Diluted $ 2.71 $ 0.49 $ (0.17) Unvested participating shares excluded from basic weighted average shares outstanding since the securityholders are not obligated to fund losses — 6 20 Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive — — 947 Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive 815 456 923 Maximum potential shares to be issued for settlement of the convertible notes excluded from the diluted calculation as their effect would be antidilutive — 8,421 17,753

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2022
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, 2022 and 2021: Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 Cash equivalents Certificate of deposits and time deposits $ 61,135 $ — $ — $ 61,135 Money market cash 405 — — 405 Total $ 61,540 $ — $ — $ 61,540 Short-term investments U.S. treasuries $ 62,849 $ — $ — $ 62,849 Government agency securities — 27,366 — 27,366 Corporate debt — 41,591 — 41,591 Commercial paper — 15,682 — 15,682 Total $ 62,849 $ 84,639 $ — $ 147,488 December 31, 2021 Cash equivalents Certificate of deposits and time deposits $ 41,544 $ — $ — $ 41,544 Money market cash 121 — — 121 Total $ 41,665 $ — $ — $ 41,665 Short-term investments U.S. treasuries $ 51,095 $ — $ — $ 51,095 Government agency securities — 12,052 — 12,052 Corporate debt — 40,035 — 40,035 Commercial paper — 999 — 999 Total $ 51,095 $ 53,086 $ — $ 104,181 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.

Investments

Investments	12 Months Ended
Investments	Dec. 31, 2022
Investments
Investments	Note 4 — Investments At December 31, 2022 and 2021 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, 2022 U.S. treasuries $ 63,331 $ — $ (482) $ 62,849 Government agency securities 27,464 — (98) 27,366 Corporate debt 42,006 — (415) 41,591 Commercial paper 15,682 — — 15,682 Total $ 148,483 $ — $ (995) $ 147,488 December 31, 2021 U.S. treasuries $ 51,269 $ — $ (174) $ 51,095 Government agency securities 12,075 — (23) 12,052 Corporate debt 40,169 — (134) 40,035 Commercial paper 999 — — 999 Total $ 104,512 $ — $ (331) $ 104,181 Available-for-sale securities in a loss position at December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 Continuous Loss Position Continuous Loss Position Continuous Loss Position for Less than 12 Months for 12 Months or More for Less than 12 Months Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (in thousands) U.S. treasuries $ 39,791 $ (84) $ 23,057 $ (398) $ 51,095 $ (174) Government agency securities 22,528 (86) 4,838 (12) 12,052 (23) Corporate debt 19,693 (138) 21,898 (277) 40,035 (134) Total $ 82,012 $ (308) $ 49,793 $ (687) $ 103,182 $ (331) At December 31, 2021, there were no short-term investments that had been in a continuous loss position for more than 12 months. The contractual maturities of securities classified as available-for-sale at December 31, 2022 were as follows: December 31, 2022 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 145,885 $ 144,959 Due after one year through two years 2,598 2,529 Total $ 148,483 $ 147,488 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, 2022, 2021, and 2020 were immaterial. Other Investments Veeco has an ownership interest of less than 20% in a non-marketable investment in a separate entity, with a carrying value of $2.0 million at December 31, 2022 and 2021. The Company does not exert significant influence over this entity. This equity investment does not have a readily observable market price, and therefore the Company has elected to measure this investment at cost, adjusted for changes in observable market prices minus impairment. The investment is included in “Other assets” on the Consolidated Balance Sheets. The investment is subject to periodic impairment reviews which require judgment. The analyses include assessments of the companies’ financial condition, the business outlooks for their products and technologies, their projected results and cash flows, business valuation indications from recent rounds of financing, the likelihood of obtaining subsequent rounds of financing, and the impact of equity preferences held by Veeco relative to other investors. During the year ended December 31, 2021, the Company identified impairment indicators on the Company’s investment, and recorded a non-cash impairment charge of $1.0 million. This impairment charge was included in “Other income (expense), net” in the Consolidated Statement of Operations.

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2022
Inventories
Inventories	Note 5 — Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Inventories consist of the following: December 31, December 31, 2022 2021 (in thousands) Materials $ 134,940 $ 96,027 Work-in-process 68,765 54,128 Finished goods 3,203 20,703 Total $ 206,908 $ 170,858

Property, Plant, and Equipment

Property, Plant, and Equipment	12 Months Ended
Property, Plant, and Equipment	Dec. 31, 2022
Property, Plant, and Equipment
Property, Plant, and Equipment	Note 6 — Property, Plant, and Equipment Property, plant, and equipment, net, consist of the following: December 31, December 31, 2022 2021 Average Useful Life (in thousands) Land $ 5,061 $ 5,061 N/A Building and improvements 64,198 63,946 10 – 40 years Machinery and equipment (1) 155,533 145,656 3 – 10 years Leasehold improvements 54,764 45,979 3 – 17 years Gross property, plant, and equipment 279,556 260,642 Less: accumulated depreciation and amortization 172,275 160,899 Net property, plant, and equipment $ 107,281 $ 99,743 (1) Machinery and equipment also includes software, furniture, and fixtures Depreciation expense was $15.6 million, $13.8 million, and $15.4 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2022
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 7 — 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 years ended December 31, 2022 or 2021, while the below table reflects the gross carrying amounts and accumulated impairments as of the respective periods: Gross carrying Accumulated amount impairment Net amount (in thousands) Balance at December 31, 2022 and 2021 $ 430,331 $ 248,388 $ 181,943 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 2022, 2021, and 2020 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, 2022 December 31, 2021 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 2.6 $ 327,908 $ 316,918 $ 10,990 $ 327,908 $ 310,551 $ 17,357 Customer relationships 6.3 146,465 135,415 11,050 146,465 132,970 13,495 Trademarks and tradenames 1.5 30,910 29,063 1,847 30,910 27,857 3,053 Other - 3,686 3,686 — 3,686 3,686 — Total 4.2 $ 508,969 $ 485,082 $ 23,887 $ 508,969 $ 475,064 $ 33,905 Other intangible assets primarily consist of patents, licenses, and backlog. Based on the intangible assets recorded at December 31, 2022, 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) 2023 $ 8,347 2024 6,708 2025 3,136 2026 2,134 2027 1,550 Thereafter 2,012 Total $ 23,887

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	12 Months Ended
Accrued Expenses and Other Liabilities	Dec. 31, 2022
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities	Note 8 — Accrued Expenses and Other Liabilities The components of accrued expenses and other current liabilities were as follows: December 31, December 31, 2022 2021 (in thousands) Payroll and related benefits $ 30,044 $ 35,712 Warranty 8,601 7,878 Operating lease liabilities 3,333 4,437 Interest 2,853 2,757 Professional fees 2,102 1,467 Legal settlement — 15,000 Sales, use, and other taxes 2,027 4,889 Other 7,071 7,612 Total $ 56,031 $ 79,752 Customer deposits and deferred revenue Customer deposits totaled $110.2 million and $46.9 million at December 31, 2022 and 2021, respectively, which are included in “Customer deposits and deferred revenue” in the Consolidated Balance Sheets. Deferred revenue represents amounts billed, other than deposits, in excess of the revenue that can be recognized on a particular contract at the balance sheet date. Changes in deferred revenue were as follows: (in thousands) Balance - December 31, 2021 $ 16,276 Deferral of revenue 8,081 Recognition of unearned revenue (7,367) Balance - December 31, 2022 $ 16,990 As of December 31, 2022, the Company has approximately $192.0 million of remaining performance obligations on contracts with an original estimated duration of one year or more, of which approximately 37% 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 At December 31, 2022 and 2021, other liabilities included (i) asset retirement obligations of $0.7 million and $2.8 million, respectively; (ii) income tax payables of $0.4 million for both periods, and (iii) medical and dental benefits for former executives of $2.0 million and $1.8 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 9 — Commitments and Contingencies Warranty Changes in the Company’s product warranty reserves were as follows: December 31, 2022 2021 2020 (in thousands) Balance - beginning of the year $ 7,878 $ 5,058 $ 7,067 Warranties issued 8,304 7,102 4,626 Consumption of reserves (7,527) (5,784) (6,691) Changes in estimate (54) 1,502 56 Balance - end of the year $ 8,601 $ 7,878 $ 5,058 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, 2022 was 12 years , and the weighted average discount rate used in determining the present value of future lease payments was 5.6% . The following table provides the maturities of lease liabilities at December 31, 2022: Operating Leases (in thousands) Payments due by period: 2023 $ 3,757 2024 4,347 2025 3,812 2026 4,012 2027 3,620 Thereafter 34,244 Total future minimum lease payments 53,792 Less: Imputed interest (16,878) Total $ 36,914 Reported as of December 31, 2022 Accrued expenses and other current liabilities $ 3,333 Long-term operating lease liabilities 33,581 Total $ 36,914 Operating lease cost for the years ended December 31, 2022, 2021, and 2020 was $7.4 million, $6.6 million, and $5.4 million, respectively. Variable lease cost was $2.0 million for the year ended December 31, 2022, and $1.7 million for the years ended December 31, 2021, and 2020. Additionally, the Company has an immaterial amount of short-term leases. Lease expense, which includes operating lease costs and variable lease costs, was $9.4 million, $8.4 million, and $7.1 million for the years ended December 31, 2022, 2021, and 2020, 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, 2022, 2021, and 2020 were $7.5 million, $6.6 million (excluding landlord reimbursements for leasehold improvements of $6.1 million included within “Other, net” in the Consolidated Statements of Cash Flows), and $6.9 million, respectively. Legal Proceedings On June 8, 2018, an Ultratech shareholder who received Veeco stock as part of the consideration for the Ultratech acquisition filed a purported class action complaint in the Superior Court of the State of California, County of Santa Clara, captioned Wolther v. Maheshwari et al., Case No. 18CV329690, on behalf of himself and others who purchased or acquired shares of Veeco pursuant to the registration statement and prospectus which Veeco filed with the SEC in connection with the Ultratech acquisition (the “Wolther Action”). On August 2 and August 8, 2018, two purported class action complaints substantially similar to the Wolther Action were filed on behalf of different plaintiffs in the same court as the Wolther Action. These cases were consolidated with the Wolther Action, and a consolidated complaint was filed on December 11, 2018. The consolidated complaint sought to recover damages and fees under Sections 11, 12, and 15 of the Securities Act of 1933 for, among other things, alleged false/misleading statements in the registration statement and prospectus relating to the Ultratech acquisition, relating primarily to the alleged failure to disclose delays in the advanced packaging business, increased MOCVD competition in China, and an intellectual property dispute. In October 2021, Veeco and the court-appointed class representatives signed an agreement to settle the Wolther Action on a class-wide basis for $15.0 million, subject to court approval and class members’ opportunity to object and opt-out. On June 27, 2022, the court granted final approval to the class action settlement. The settlement amount was funded by insurance carriers. The corresponding receivable and liability had been included within “Prepaid expenses and other current assets” and “Accrued expenses and other current liabilities”, respectively, in the Consolidated Balance Sheets as of December 31, 2021. On December 21, 2018, a purported Veeco stockholder filed a derivative action in the Superior Court of the State of California, County of Santa Clara, captioned Vladimir Gusinsky Revocable Trust v. Peeler, et al., Case No. 18CV339925, on behalf of nominal defendant Veeco (the “Derivative Action”). The complaint seeks to assert claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment against current and former Veeco directors premised on purported misstatements and omissions in the registration statement relating to the Ultratech acquisition. On January 25, 2021, the court granted the defendants’ demurrer without leave to amend effecting the dismissal of the case. On March 26, 2021, plaintiff filed its notice of appeal of the trial court’s order granting defendants’ demurrer without leave to amend. In April 2022, Veeco and plaintiff reached an agreement to settle the Derivative Action subject to court approval. As part of the settlement and subject to court approval, Veeco agreed to make certain revisions to its internal Disclosure Committee Charter and its director education program. After the court gave final approval in November 2022 to the Derivative Action settlement and the request for fees and costs made by plaintiff’s counsel, $0.3 million was paid to plaintiff’s counsel for fees and expenses. The amount was funded by insurance that Veeco maintains in the normal course of its business. The Company is involved in various other 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, 2022 and 2021, 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 2022 2021 2022 2021 2020 Customer A * 14 % * 15 % * Customer B * * * 10 % * Customer C * 12 % * * * Customer D * 10 % * * * Customer E * * * * 13 % 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 In December 2020, 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 $15.0 million at any point in time. Pursuant to this agreement, the Company sold $13.2 million of receivables during the year ended December 31, 2022, of which $5.4 million remained outstanding as of December 31, 2022 as defined in the receivable purchase agreement, and $9.6 million was available under the agreement for additional sales of receivables. There were no sales of receivables under this agreement during 2021. 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 $9.4 million and $3.9 million at December 31, 2022 and 2021, respectively, that were included in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. Purchase Commitments The Company had purchase commitments of $289.2 million at December 31, 2022, 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, 2022, outstanding bank guarantees and letters of credit totaled $8.2 million and unused bank guarantees and letters of credit of $14.1

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2022
Debt
Debt	Note 10 — 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 Company received net proceeds, after deducting underwriting discounts and fees and expenses payable by the Company, of approximately $335.8 million. The 2023 Notes bear interest at a rate of 2.70% per year, payable semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2017. The 2023 Notes mature on January 15, 2023, unless earlier purchased by the Company, redeemed, or converted. On May 18, 2020, in connection with the completion of a private offering of $125.0 million aggregate principal amount of 3.75% convertible senior notes due 2027 described below, the Company repurchased and retired approximately $88.3 million in aggregate principal amount of its outstanding 2023 Notes, with a carrying amount of $78.1 million, for approximately $81.2 million of cash. The Company accounted for the partial settlement of the 2023 Notes as an extinguishment, and as such, recorded a loss on extinguishment of approximately $3.0 million for the year ended December 31, 2020, which is included in “Other income (expense), net” in the Consolidated Statements of Operations, as well as a reduction of additional paid-in capital of $0.1 million for the repurchase of the conversion feature. Additionally, on November 11, 2020, the Company entered into a privately negotiated exchange agreement with a holder of its outstanding 2023 Notes, under which the Company agreed to retire $125.0 million in aggregate original principal amount of the 2023 Notes, with a carrying amount of $113.1 million, in exchange for the issuance of $132.5 million in aggregate principal amount of new 3.50% convertible senior notes due 2025 described below, which had a fair value that approximated the principal amount of notes issued. The Company accounted for the partial settlement of the 2023 Notes as an extinguishment, and as such, recorded a loss on extinguishment of approximately $4.8 million for the year ended December 31, 2020, which is included in “Other income (expense), net” in the Consolidated Statements of Operations, as well as a reduction of additional paid-in capital of $14.6 million for the exchange of the conversion feature. Finally, on November 5, 2021, the Company entered into a privately negotiated note purchase agreement with a holder of its outstanding 2023 Notes, under which the Company agreed to repurchase and retire approximately $111.5 million in aggregate original principal amount of the 2023 Notes, with a carrying amount of $105.5 million, for cash consideration of approximately $115.6 million, and approximately $1.0 million of accrued and unpaid interest. The Company accounted for the partial settlement of the 2023 Notes as an extinguishment, and as such, recorded a loss on extinguishment of approximately $4.0 million for the year ended December 31, 2021, which is included in “Other income (expense), net” in the Consolidated Statements of Operations, as well as a reduction of additional paid-in capital of $6.1 million for the repurchase of the conversion feature. The 2023 Notes 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 the privately negotiated exchange agreement described above, 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. 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. The 2023 Notes, 2025 Notes, and 2027 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 convertible into cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election, upon the satisfaction of specified conditions and during certain periods as described below. The initial conversion rates are 24.9800, 41.6667, and 71.5372 shares of the Company’s common stock per $1,000 principal amount of the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, representing initial effective conversion prices of $40.03, $24.00, and $13.98 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, 2022 with respect to the 2023 Notes, October 15, 2024 with respect to the 2025 Notes, and October 1, 2027 with respect to the 2027 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, 2022, 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 until March 31, 2023. Holders may convert their notes at any time, regardless of the foregoing circumstances, on or after October 15, 2022 with respect to the 2023 Notes, October 15, 2024 with respect to the 2025 Notes, and October 1, 2026 with respect to the 2027 Notes, until the close of business on the business day immediately preceding the respective maturity date. Accounting for the Notes after the adoption of ASU 2020-06 The Company adopted ASU 2020-06 on January 1, 2022 as further described in Note 1, “Basis of Presentation”. Following the adoption of ASU 2020-06, 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, and $3.1 million incurred in connection with the issuance of the 2023 Notes, 2025 Notes, and 2027 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. Accounting for the Notes prior to the adoption of ASU 2020-06 Upon conversion by the holders, the Company may elect to settle such conversion in shares of its common stock, cash, or a combination thereof. As a result of its cash conversion options, prior to the adoption of ASU 2020-06, the Company segregated the liability component of the instruments from the equity components. The liability components were measured by estimating the fair value of a non-convertible debt instrument that is similar in its terms to the Notes. The calculation of the fair value of the debt components required the use of Level 3 inputs, including utilization of convertible investors’ credit assumptions and high yield bond indices. Fair value was estimated through discounting future interest and principal payments, an income approach, due under the Notes at a discount rate equal to the estimated borrowing rate for similar non-convertible debt, or 7.0% , 8.0% , and 9.1% with respect to the 2023 Notes, 2025 Notes, and 2027 Notes, respectively. The excess of the aggregate face values of the Notes over the estimated fair values of the liability components of $72.5 million, $21.0 million, and $34.2 million with respect to the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, were recognized as debt discounts and recorded as an increase to additional paid-in capital and were to be amortized over the expected lives of the Notes using the effective interest rate method. Amortization of the debt discounts were recognized as non-cash interest expense. The transaction costs of $9.2 million, $1.9 million, and $3.1 million incurred in connection with the issuance of the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, were allocated to the liability and equity components based on their relative values. Transaction costs allocated to the liability component were being amortized using the effective interest rate method and recognized as non-cash interest expense over the expected terms of the Notes. Transaction costs allocated to the equity component of $1.9 million, $0.3 million, and $0.8 million with respect to the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, reduced the value of the equity components recognized in stockholders' equity. The carrying values of the Notes are as follows: December 31, 2022 December 31, 2021 Principal Amount Unamortized transaction costs Net carrying value Principal Amount Unamortized debt discount/ transaction costs Net carrying value (in thousands) 2023 Notes $ 20,173 $ (4) $ 20,169 $ 20,173 $ (967) $ 19,206 2025 Notes 132,500 (990) 131,510 132,500 (17,302) 115,198 2027 Notes 125,000 (2,019) 122,981 125,000 (29,966) 95,034 Net carrying value $ 277,673 $ (3,013) $ 274,660 $ 277,673 $ (48,235) $ 229,438 Total interest expense related to the Notes is as follows: For the year ended December 31, 2022 2021 2020 (in thousands) Cash Interest Expense Coupon interest expense - 2023 Notes $ 545 $ 3,138 $ 7,390 Coupon interest expense - 2025 Notes 4,637 4,637 554 Coupon interest expense - 2027 Notes 4,688 4,688 2,904 Non-cash Interest Expense Amortization of debt discount/transaction costs- 2023 Notes 97 4,932 10,887 Amortization of debt discount/transaction costs- 2025 Notes 457 4,795 546 Amortization of debt discount/transaction costs- 2027 Notes 408 4,092 2,359 Total Interest Expense $ 10,832 $ 26,282 $ 24,640 The Company determined the Notes are Level 2 liabilities in the fair value hierarchy and estimated their fair values as $19.5 million, $143.6 million, and $192.0 million at December 31, 2022 for the 2023 Notes, 2025 Notes, and 2027 Notes, 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, or earlier if certain liquidity measures are not met prior to the 2025 Notes maturing. 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. 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, 2022. 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, 2022 or December 31, 2021.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2022
Stockholders' Equity
Stockholders' Equity	Note 11 — 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, 2019 $ 1,861 $ 33 $ 1,894 Other comprehensive income (loss) 5 (53) (48) Balance - December 31, 2020 1,866 (20) 1,846 Other comprehensive income (loss) (52) (311) (363) Balance - December 31, 2021 $ 1,814 $ (331) $ 1,483 Other comprehensive income (loss) (41) (514) (555) Balance - December 31, 2022 $ 1,773 $ (845) $ 928 The Company did not allocate additional tax expense (benefit) to other comprehensive income (loss) for the years ended December 31, 2021 and 2020, as the Company was in a full valuation allowance position such that a deferred tax asset related to amounts recognized in other comprehensive income was not regarded as realizable on a more-likely-than-not basis. The Company allocated an immaterial amount of additional tax benefit to other comprehensive income (loss) for the year ended December 31, 2022, as the Company is no longer in a full valuation allowance position. Preferred Stock The Board of Directors has authority under the Company’s Certificate of Incorporation to issue 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, 2022, no preferred shares have been issued.

Stock Plans

Stock Plans	12 Months Ended
Stock Plans	Dec. 31, 2022
Stock Plans
Stock Plans	Note 12 — 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), and 2022 (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. In 2013, the Board of Directors granted equity awards to certain employees under the Company’s 2013 Inducement Stock Incentive Plan (the “Inducement Plan”). The Company issued 124,500 stock option shares and 87,000 RSUs under this plan. Stock options under this plan vest over a three year period and have a 10-year term, and RSUs under this plan vest over a two or four year period. At December 31, 2013, the Inducement Plan was merged into the 2019 Plan and is considered an inactive plan with no further shares available for grant. At December 31, 2022, there are 2,000 option shares and no RSUs outstanding under the Inducement Plan. The Company is authorized to issue up to 17.8 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, 2022, there are 0.2 million option shares and 0.8 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, 2022, the Company has 6.1 million shares reserved to cover exercises of outstanding stock options, vesting of RSUs, and additional grants under the 2019 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, 2022 2021 2020 (in thousands) Cost of sales $ 4,551 $ 2,373 $ 1,870 Research and development 6,682 3,850 2,900 Selling, general, and administrative 11,761 9,026 7,933 Total $ 22,994 $ 15,249 $ 12,703 The Company did not realize any tax benefits associated with share-based compensation for the years ended December 31, 2021 and 2020 due to the full valuation allowance on its U.S. deferred tax assets. See Note 15, “Income Taxes” for additional information. The Company recognized a tax benefit of approximately $4.5 million associated with share-based compensation for the year ended December 31, 2022. The Company capitalized an immaterial amount of share-based compensation into inventory for the years ended December 31, 2022, 2021, and 2020. Unrecognized share-based compensation costs at December 31, 2022 are summarized below: Unrecognized Weighted Share-Based Average Period Compensation Expected to be Costs Recognized (in thousands) (in years) Restricted stock units $ 9,468 1.9 Restricted stock awards 24,610 1.9 Performance share units 3,310 2.0 Total unrecognized share-based compensation cost $ 37,388 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, 2019 1,119 $ 34.88 Expired (389) 34.15 Balance - December 31, 2020 730 35.26 Exercised (2) 23.36 Expired (285) 40.16 Balance - December 31, 2021 443 32.15 Expired (266) 32.95 Balance - December 31, 2022 177 30.94 The following table summarizes stock option information at December 31, 2022: Options Outstanding and Exercisable Weighted Aggregate Average Weighted Intrinsic Remaining Average Range of Exercise Prices Shares Value Contractual Life Exercise Price (in thousands) (in thousands) (in years) $20.00 - $30.00 10 $ — 0.8 $ 29.21 $30.01 - $40.00 167 — 0.8 31.02 177 $ — 0.8 30.94 There were no unvested options outstanding as of December 31, 2022. The following table summarizes information on options exercised for the periods indicated: Year ended December 31, 2022 2021 2020 (in thousands) Cash received from options exercised $ — $ 37 $ — Intrinsic value of options exercised $ — $ 6 $ — 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, 2019 2,257 $ 16.20 Granted 1,054 9.53 Performance award adjustments (51) 30.94 Vested (798) 16.01 Forfeited (422) 14.87 Balance - December 31, 2020 2,040 12.73 Granted 1,031 24.26 Performance award adjustments 159 18.38 Vested (1,014) 15.50 Forfeited (133) 15.08 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 The total fair value of shares that vested during the years ended December 31, 2022, 2021, and 2020 was $22.1 million, $22.8 million, and $9.0 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 2022, 2021, and 2020 for performance awards with market conditions were based on estimates at the date of grant as follows: Year ended December 31, 2022 2021 2020 Weighted average fair value $ 45.28 $ 27.81 $ 10.59 Dividend yield 0 % 0 % 0 % Expected volatility factor (1) 58 % 63 % 60 % Risk-free interest rate (2) 2.13 % 0.34 % 0.54 % 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, 2022, 2021, and 2020 the Company received cash proceeds of $3.7 million, $3.4 million, and $2.9 million, and issued shares of 208,140, 196,024, and 254,703, 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 2022, 2021, and 2020 were based on estimates at the date of grant as follows: Year ended December 31, 2022 2021 2020 Weighted average fair value $ 6.00 $ 5.90 $ 4.81 Dividend yield 0 % 0 % 0 % Expected volatility factor (1) 43 % 52 % 70 % Risk-free interest rate (2) 1.73 % 0.07 % 0.95 % 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

Retirement Plans	12 Months Ended
Retirement Plans	Dec. 31, 2022
Retirement Plans
Retirement Plans	Note 13 — 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 $3.0 million, $2.6 million, and $2.4 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Dispositions

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2022
Dispositions
Dispositions	Note 14 — Dispositions In 2019, the Company determined that one of its non-core product lines (the “disposal group”) met the held for sale criteria. During 2020, the Company completed the sale of this product line for approximately $11.4 million, with approximately 85% of the transaction price received upon closing, and 15% held in escrow for a period of 18 months and subsequently collected in 2021. Long-lived assets and definite-lived intangible assets were not depreciated or amortized while classified as held for sale. The sale of this disposal group did not represent a strategic shift that will have a material effect on the Company’s operations and financial results, nor is it considered a component of the Company, and as such it did not meet the criteria to be reported as discontinued operations. During 2020, the Company recorded additional impairment charges of $0.3 million related to the finalization of the sale of this disposal group.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2022
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, 2022 2021 2020 (in thousands) Domestic $ 47,368 $ 23,561 $ (10,292) Foreign 3,617 2,119 1,828 Total $ 50,985 $ 25,680 $ (8,464) Significant components of the expense (benefit) for income taxes consisted of the following: Year ended December 31, 2022 2021 2020 (in thousands) Current: Federal $ — $ — $ — Foreign 1,506 183 22 State and local 577 110 204 Total current expense (benefit) for income taxes 2,083 293 226 Deferred: Federal (96,811) 119 136 Foreign (484) (507) (320) State and local (20,745) (263) (115) Total deferred expense (benefit) for income taxes (118,040) (651) (299) Total expense (benefit) for income taxes $ (115,957) $ (358) $ (73) 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, 2022 2021 2020 (in thousands) Income tax expense (benefit) at U.S. statutory rates $ 10,706 $ 5,393 $ (1,777) State taxes, net of U.S. federal impact 1,101 (607) (121) Effect of international operations (11,149) 609 (131) Research and development tax credit (6,470) (3,964) 726 Net change in valuation allowance (104,972) (2,389) 388 Change in accrual for unrecognized tax benefits 3,349 398 (6) Share-based compensation 606 1,208 2,248 Asset impairment — — 728 Partial extinguishment of 2023 Notes — (1,090) (2,292) Adoption of new accounting standard (9,295) — — Other 167 84 164 Total expense (benefit) for income taxes $ (115,957) $ (358) $ (73) 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, 2022 2021 (in thousands) Deferred tax assets: Inventory valuation $ 11,931 $ 11,822 Net operating losses 5,647 38,816 Credit carry forwards 59,988 57,810 Warranty and installation accruals 1,862 1,730 Share-based compensation 5,267 4,033 Customer deposits and deferred revenue 24,504 9,908 Operating leases 8,349 8,464 Research and experimental ("R&E") capitalization 19,071 — Other 6,553 5,880 Total deferred tax assets 143,172 138,463 Valuation allowance (11,083) (116,054) Net deferred tax assets 132,089 22,409 Deferred tax liabilities: Purchased intangible assets 8,724 6,633 Convertible Senior Notes (39) 10,018 Operating leases 5,994 6,539 Depreciation 2,346 2,372 Total deferred tax liabilities 17,025 25,562 Net deferred taxes $ 115,064 $ (3,153) The Company does not permanently reinvest its earnings from certain foreign jurisdictions and has accrued for foreign tax withholdings of $0.9 million on its unremitted earnings as of December 31, 2022. During the year ended December 31, 2022, the Company recognized a net decrease of $104.9 million of its valuation allowance. This decrease was primarily related to the reversal of valuation allowances on domestic deferred tax assets. After considering recent significant positive evidence, including a consistent pattern of earnings in the past three years, as well as forecasted future earnings, it was determined that a valuation allowance was no longer required for certain deferred tax assets primarily recorded on tax credits and net operating losses in U.S. jurisdictions. The Company’s remaining valuation allowance of approximately $11.1 million relates primarily to state and local, and certain foreign jurisdiction tax attributes for which the Company could not conclude were realizable on a more-likely-than-not basis. At December 31, 2022, the Company had U.S. federal research and development credits of $36.5 million that will expire between 2023 and 2042. The Company also has $8.7 million of foreign tax credits that expire in 2027. Additionally, the Company has state and local NOL carryforwards of approximately $59.3 million (a net deferred tax asset of $4.1 million, net of federal tax benefits and before the valuation allowance) that will expire between 2023 and 2041. Finally, the Company has state credits of $32.6 million, some of which are indefinite and others that will expire between 2024 and 2037. 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, 2022 2021 2020 (in thousands) Balance at beginning of year $ 12,761 $ 12,363 $ 12,369 Additions for tax positions related to current year 4,180 2,642 1,217 Additions for tax positions related to prior years — 50 47 Reductions for tax positions related to prior years (731) (1,196) (1,166) Reductions due to the lapse of the statute of limitations — — — Settlements (100) (1,098) (104) Balance at end of year $ 16,110 $ 12,761 $ 12,363 If the amount of unrecognized tax benefits at December 31, 2022 were recognized, the Company’s income tax provision would decrease by $13.5 million. The gross amount of interest and penalties accrued in income tax payable in the Consolidated Balance Sheets was approximately $0.5 million and $0.4 million at December 31, 2022 and 2021, 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 2015 through 2021 for Germany, 2017 through 2021 for China, 2021 for Taiwan, and 2020 and 2021 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.

Segment Reporting and Geographi

Segment Reporting and Geographic Information	12 Months Ended
Segment Reporting and Geographic Information	Dec. 31, 2022
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 Company’s Chief Operating Decision Maker, the Chief Executive Officer, evaluates performance of the Company and makes decisions regarding the allocation of resources based on total Company results. Sales by end-market is as follows: For the year ended December 31, 2022 2021 2020 (in thousands) Sales by end-market Semiconductor $ 369,369 $ 247,051 $ 165,909 Compound Semiconductor 121,194 106,972 107,922 Data Storage 87,544 168,760 123,288 Scientific & Other 68,030 60,494 57,044 Total $ 646,137 $ 583,277 $ 454,163 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 2022 2021 2020 2022 2021 2020 (in thousands) United States $ 197,433 $ 217,209 $ 145,353 $ 106,550 $ 99,220 $ 64,967 EMEA (1) 87,837 55,129 73,124 60 94 120 China 123,703 105,998 57,589 70 67 84 Rest of APAC 235,735 204,633 177,569 601 362 100 Rest of World 1,429 308 528 — — — Total $ 646,137 $ 583,277 $ 454,163 $ 107,281 $ 99,743 $ 65,271 (1) EMEA consists of Europe, the Middle East, and Africa

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events
Subsequent Events	Note 17 — Subseqent Events On January 31, 2023, the Company acquired Epiluvac AB, a privately held manufacturer of chemical vapor deposition epitaxy systems that enable advanced silicon carbide applications in the electric vehicle market. employees. The purchase price for the transaction, all payable in cash, was million in performance based earn-outs.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
Schedule II - Valuation and Qualifying Accounts	Dec. 31, 2022
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, 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 Year ended December 31, 2021 Allowance for doubtful accounts $ 736 $ — $ — $ — $ 736 Valuation allowance in net deferred tax assets 118,443 — — (2,389) 116,054 $ 119,179 $ — $ — $ (2,389) $ 116,790 Year ended December 31, 2020 Allowance for doubtful accounts $ 602 $ 140 $ — $ (6) $ 736 Valuation allowance in net deferred tax assets 130,053 513 — (12,123) 118,443 $ 130,655 $ 653 $ — $ (12,129) $ 119,179

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
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 2022 the interim quarters ended on April 3, July 3, and October 2, and during 2021 the interim quarters ended on April 4, July 4, and October 3. 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; and (xi) income tax uncertainties.
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 customer deposits on system transactions. The timing of the transfer of goods or services related to the deposits is either at the discretion of the customer or expected to be within one year from the deposit 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 $0.3 million, $0.3 million, and $0.4 million for the years ended December 31, 2022, 2021, and 2020, 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. 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 performance conditions is recognized over the requisite service period based on the timing and expected level of achievement of the performance targets. A change in the assessment of performance attainment prior to the conclusion of the performance period is recognized in the period of the change in estimate. 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 12, “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 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, including the impact of COVID-19, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts totaled $0.7 million at both December 31, 2022 and 2021. To further mitigate the Company’s exposure to uncollectable accounts, 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, 2022, 2021, and 2020.
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 $61.5 million and $41.7 million of cash equivalents at December 31, 2022 and 2021, 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 18% and 32% of cash and cash equivalents were maintained outside the United States at December 31, 2022 and 2021, 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 or 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; and finished goods. 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 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, including in-process research and development (“IPR&D”), if any, 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.
Goodwill and Indefinite-Lived Intangible Assets	(q) Goodwill and Indefinite-Lived Intangible Assets 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. Intangible assets with indefinite useful lives are measured at their respective fair values on the acquisition date. Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated research and development (“R&D”) efforts. If and when development is complete, the associated assets would be deemed long-lived and would then be amortized based on their respective estimated useful lives at that point in time. Goodwill and indefinite-lived intangibles are not amortized into results of operations but instead are evaluated for impairment. The Company performs the evaluation 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. In testing indefinite-lived intangible assets for impairment, the Company may first perform a qualitative assessment of whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, and, if so, the Company then quantitatively compares the fair value of the indefinite-lived intangible asset to its carrying amount. The Company determines the fair value of its indefinite-lived intangible assets using a discounted cash flow method.
Long-lived Assets	(r) Long-lived Assets Long-lived intangible assets consist of purchased technology, customer relationships, patents, trademarks and tradenames, and backlog and are initially recorded at fair value. Long-lived intangible assets are amortized over their estimated useful lives in 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.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	(t) Recently Adopted Accounting Standards The Company adopted ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes in the second quarter of 2020, effective as of the beginning of fiscal year 2020. This ASU simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income Taxes, including, but not limited to, requirements related to the following: a) exception to the incremental approach for intraperiod tax allocation; b) the tax basis step-up in goodwill obtained in a transaction that is not a business combination; c) ownership changes in investments - changes from a subsidiary to an equity method investment; d) separate financial statements of entities not subject to tax; e) interim-period accounting for enacted changes in tax law; and f) the year-to-date loss limitation in interim-period tax accounting. The adoption did not have a material impact on the Company’s consolidated financial statements as of the date of adoption. The Company adopted ASU 2020-06: Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity on January 1, 2022, using the modified retrospective method for all financial instruments that were outstanding as of the adoption date. This standard simplifies the accounting for convertible debt instruments by removing the separation models for convertible debt with a cash conversion feature, as well as convertible instruments with a beneficial conversion feature. As a result, entities will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models reduces non-cash interest expense for entities that have issued a convertible instrument that was within the scope of those models before the adoption of ASU 2020-06, such as the Company’s 2023 Notes, 2025 Notes, and 2027 Notes. Additionally, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share, and precludes the use of the treasury stock method for certain debt instruments, such as the Company’s 2023 Notes, 2025 Notes, and 2027 Notes. The adoption of ASU 2020-06 resulted in the following adjustments to the Consolidated Balance Sheets: December 31, 2021 Adoption of ASU 2020-06 January 1, 2022 (in thousands) Balance Sheet line item: Long-term debt $ 229,438 $ 44,260 $ 273,698 Additional paid-in capital 1,116,921 (56,800) 1,060,121 Accumulated deficit (681,283) 12,540 (668,743) The adoption of ASU 2020-06 resulted in the following adjustments to the Company’s calculations of basic and diluted income per share for the year ended December 31, 2022: Year ended December 31, 2022 Under Under ASU 2020-06 legacy accounting Difference Income per common share: Basic income per common share $ 3.35 $ 3.15 $ 0.20 Diluted income per common share 2.71 2.91 (0.20) (u) Recent Accounting Pronouncements Not Yet Adopted 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.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Dec. 31, 2022
Significant Accounting Policies
Schedule of adjustments to Consolidated Balance Sheets and adjustments to calculations of basic and diluted income per share	The adoption of ASU 2020-06 resulted in the following adjustments to the Consolidated Balance Sheets: December 31, 2021 Adoption of ASU 2020-06 January 1, 2022 (in thousands) Balance Sheet line item: Long-term debt $ 229,438 $ 44,260 $ 273,698 Additional paid-in capital 1,116,921 (56,800) 1,060,121 Accumulated deficit (681,283) 12,540 (668,743) The adoption of ASU 2020-06 resulted in the following adjustments to the Company’s calculations of basic and diluted income per share for the year ended December 31, 2022: Year ended December 31, 2022 Under Under ASU 2020-06 legacy accounting Difference Income per common share: Basic income per common share $ 3.35 $ 3.15 $ 0.20 Diluted income per common share 2.71 2.91 (0.20)

Income Per Common Share (Tables

Income Per Common Share (Tables)	12 Months Ended
Income Per Common Share (Tables)	Dec. 31, 2022
Income Per Common Share
Schedule of computations of basic and diluted income per share	For the year ended December 31, 2022 2021 2020 (in thousands, except per share amounts) Numerator: Net income $ 166,942 $ 26,038 $ (8,391) Interest expense associated with convertible notes 10,832 — — Net income available to common shareholders $ 177,774 $ 26,038 $ (8,391) Denominator: Basic weighted average shares outstanding 49,906 49,073 48,362 Effect of potentially dilutive share-based awards 734 1,090 — Dilutive effect of convertible notes 14,967 3,480 — Diluted weighted average shares outstanding 65,607 53,643 48,362 Net income per common share: Basic $ 3.35 $ 0.53 $ (0.17) Diluted $ 2.71 $ 0.49 $ (0.17) Unvested participating shares excluded from basic weighted average shares outstanding since the securityholders are not obligated to fund losses — 6 20 Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive — — 947 Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive 815 456 923 Maximum potential shares to be issued for settlement of the convertible notes excluded from the diluted calculation as their effect would be antidilutive — 8,421 17,753

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2022
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, 2022 Cash equivalents Certificate of deposits and time deposits $ 61,135 $ — $ — $ 61,135 Money market cash 405 — — 405 Total $ 61,540 $ — $ — $ 61,540 Short-term investments U.S. treasuries $ 62,849 $ — $ — $ 62,849 Government agency securities — 27,366 — 27,366 Corporate debt — 41,591 — 41,591 Commercial paper — 15,682 — 15,682 Total $ 62,849 $ 84,639 $ — $ 147,488 December 31, 2021 Cash equivalents Certificate of deposits and time deposits $ 41,544 $ — $ — $ 41,544 Money market cash 121 — — 121 Total $ 41,665 $ — $ — $ 41,665 Short-term investments U.S. treasuries $ 51,095 $ — $ — $ 51,095 Government agency securities — 12,052 — 12,052 Corporate debt — 40,035 — 40,035 Commercial paper — 999 — 999 Total $ 51,095 $ 53,086 $ — $ 104,181

Investments (Tables)

Investments (Tables)	12 Months Ended
Investments (Tables)	Dec. 31, 2022
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, 2022 U.S. treasuries $ 63,331 $ — $ (482) $ 62,849 Government agency securities 27,464 — (98) 27,366 Corporate debt 42,006 — (415) 41,591 Commercial paper 15,682 — — 15,682 Total $ 148,483 $ — $ (995) $ 147,488 December 31, 2021 U.S. treasuries $ 51,269 $ — $ (174) $ 51,095 Government agency securities 12,075 — (23) 12,052 Corporate debt 40,169 — (134) 40,035 Commercial paper 999 — — 999 Total $ 104,512 $ — $ (331) $ 104,181
Schedule of fair value and unrealized losses of available-for-sale securities in a loss position	December 31, 2022 December 31, 2021 Continuous Loss Position Continuous Loss Position Continuous Loss Position for Less than 12 Months for 12 Months or More for Less than 12 Months Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (in thousands) U.S. treasuries $ 39,791 $ (84) $ 23,057 $ (398) $ 51,095 $ (174) Government agency securities 22,528 (86) 4,838 (12) 12,052 (23) Corporate debt 19,693 (138) 21,898 (277) 40,035 (134) Total $ 82,012 $ (308) $ 49,793 $ (687) $ 103,182 $ (331)
Schedule of contractual maturities of securities classified as available-for-sale	December 31, 2022 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 145,885 $ 144,959 Due after one year through two years 2,598 2,529 Total $ 148,483 $ 147,488

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2022
Inventories
Schedule of inventories	December 31, December 31, 2022 2021 (in thousands) Materials $ 134,940 $ 96,027 Work-in-process 68,765 54,128 Finished goods 3,203 20,703 Total $ 206,908 $ 170,858

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	12 Months Ended
Property, Plant, and Equipment (Tables)	Dec. 31, 2022
Property, Plant, and Equipment
Schedule of property, plant, and equipment	December 31, December 31, 2022 2021 Average Useful Life (in thousands) Land $ 5,061 $ 5,061 N/A Building and improvements 64,198 63,946 10 – 40 years Machinery and equipment (1) 155,533 145,656 3 – 10 years Leasehold improvements 54,764 45,979 3 – 17 years Gross property, plant, and equipment 279,556 260,642 Less: accumulated depreciation and amortization 172,275 160,899 Net property, plant, and equipment $ 107,281 $ 99,743 (1) Machinery and equipment also includes software, furniture, and fixtures

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
Goodwill and Intangible Assets (Tables)	Dec. 31, 2022
Goodwill and Intangible Assets
Schedule of changes in goodwill	Gross carrying Accumulated amount impairment Net amount (in thousands) Balance at December 31, 2022 and 2021 $ 430,331 $ 248,388 $ 181,943
Schedule of intangible assets excluding goodwill	December 31, 2022 December 31, 2021 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 2.6 $ 327,908 $ 316,918 $ 10,990 $ 327,908 $ 310,551 $ 17,357 Customer relationships 6.3 146,465 135,415 11,050 146,465 132,970 13,495 Trademarks and tradenames 1.5 30,910 29,063 1,847 30,910 27,857 3,053 Other - 3,686 3,686 — 3,686 3,686 — Total 4.2 $ 508,969 $ 485,082 $ 23,887 $ 508,969 $ 475,064 $ 33,905
Schedule of estimated annual amortization expense, excluding in-process R&D for intangible assets with definite useful lives	Amortization (in thousands) 2023 $ 8,347 2024 6,708 2025 3,136 2026 2,134 2027 1,550 Thereafter 2,012 Total $ 23,887

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Dec. 31, 2022
Accrued Expenses and Other Liabilities
Schedule of accrued expenses and other current liabilities	December 31, December 31, 2022 2021 (in thousands) Payroll and related benefits $ 30,044 $ 35,712 Warranty 8,601 7,878 Operating lease liabilities 3,333 4,437 Interest 2,853 2,757 Professional fees 2,102 1,467 Legal settlement — 15,000 Sales, use, and other taxes 2,027 4,889 Other 7,071 7,612 Total $ 56,031 $ 79,752
Schedule of changes in deferred revenue	(in thousands) Balance - December 31, 2021 $ 16,276 Deferral of revenue 8,081 Recognition of unearned revenue (7,367) Balance - December 31, 2022 $ 16,990

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2022
Commitments and Contingencies
Schedule of changes in product warranty reserves	December 31, 2022 2021 2020 (in thousands) Balance - beginning of the year $ 7,878 $ 5,058 $ 7,067 Warranties issued 8,304 7,102 4,626 Consumption of reserves (7,527) (5,784) (6,691) Changes in estimate (54) 1,502 56 Balance - end of the year $ 8,601 $ 7,878 $ 5,058
Schedule of maturities of lease liabilities 2020	Operating Leases (in thousands) Payments due by period: 2023 $ 3,757 2024 4,347 2025 3,812 2026 4,012 2027 3,620 Thereafter 34,244 Total future minimum lease payments 53,792 Less: Imputed interest (16,878) Total $ 36,914 Reported as of December 31, 2022 Accrued expenses and other current liabilities $ 3,333 Long-term operating lease liabilities 33,581 Total $ 36,914
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 2022 2021 2022 2021 2020 Customer A * 14 % * 15 % * Customer B * * * 10 % * Customer C * 12 % * * * Customer D * 10 % * * * Customer E * * * * 13 % Customer F 10 % * * * * * Less than 10% of aggregate accounts receivable or net sales

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2022
Debt
Schedule of carrying value of Convertible Senior Notes	December 31, 2022 December 31, 2021 Principal Amount Unamortized transaction costs Net carrying value Principal Amount Unamortized debt discount/ transaction costs Net carrying value (in thousands) 2023 Notes $ 20,173 $ (4) $ 20,169 $ 20,173 $ (967) $ 19,206 2025 Notes 132,500 (990) 131,510 132,500 (17,302) 115,198 2027 Notes 125,000 (2,019) 122,981 125,000 (29,966) 95,034 Net carrying value $ 277,673 $ (3,013) $ 274,660 $ 277,673 $ (48,235) $ 229,438
Schedule of interest expense related to Convertible Senior Notes	For the year ended December 31, 2022 2021 2020 (in thousands) Cash Interest Expense Coupon interest expense - 2023 Notes $ 545 $ 3,138 $ 7,390 Coupon interest expense - 2025 Notes 4,637 4,637 554 Coupon interest expense - 2027 Notes 4,688 4,688 2,904 Non-cash Interest Expense Amortization of debt discount/transaction costs- 2023 Notes 97 4,932 10,887 Amortization of debt discount/transaction costs- 2025 Notes 457 4,795 546 Amortization of debt discount/transaction costs- 2027 Notes 408 4,092 2,359 Total Interest Expense $ 10,832 $ 26,282 $ 24,640

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
Stockholders' Equity (Tables)	Dec. 31, 2022
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, 2019 $ 1,861 $ 33 $ 1,894 Other comprehensive income (loss) 5 (53) (48) Balance - December 31, 2020 1,866 (20) 1,846 Other comprehensive income (loss) (52) (311) (363) Balance - December 31, 2021 $ 1,814 $ (331) $ 1,483 Other comprehensive income (loss) (41) (514) (555) Balance - December 31, 2022 $ 1,773 $ (845) $ 928

Stock Plans (Tables)

Stock Plans (Tables)	12 Months Ended
Stock Plans (Tables)	Dec. 31, 2022
Stock Plans
Schedule of share-based compensation expense	For the year ended December 31, 2022 2021 2020 (in thousands) Cost of sales $ 4,551 $ 2,373 $ 1,870 Research and development 6,682 3,850 2,900 Selling, general, and administrative 11,761 9,026 7,933 Total $ 22,994 $ 15,249 $ 12,703
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 $ 9,468 1.9 Restricted stock awards 24,610 1.9 Performance share units 3,310 2.0 Total unrecognized share-based compensation cost $ 37,388 1.9
Summary of stock option activity	Weighted Number of Average Shares Exercise Price (in thousands) Balance - December 31, 2019 1,119 $ 34.88 Expired (389) 34.15 Balance - December 31, 2020 730 35.26 Exercised (2) 23.36 Expired (285) 40.16 Balance - December 31, 2021 443 32.15 Expired (266) 32.95 Balance - December 31, 2022 177 30.94
Summary of information about stock option information	Options Outstanding and Exercisable Weighted Aggregate Average Weighted Intrinsic Remaining Average Range of Exercise Prices Shares Value Contractual Life Exercise Price (in thousands) (in thousands) (in years) $20.00 - $30.00 10 $ — 0.8 $ 29.21 $30.01 - $40.00 167 — 0.8 31.02 177 $ — 0.8 30.94
Summary of stock options exercised	Year ended December 31, 2022 2021 2020 (in thousands) Cash received from options exercised $ — $ 37 $ — Intrinsic value of options exercised $ — $ 6 $ —
Summary of non-vested restricted and performance shares activity	Weighted Average Number of Grant Date Shares Fair Value (in thousands) Balance - December 31, 2019 2,257 $ 16.20 Granted 1,054 9.53 Performance award adjustments (51) 30.94 Vested (798) 16.01 Forfeited (422) 14.87 Balance - December 31, 2020 2,040 12.73 Granted 1,031 24.26 Performance award adjustments 159 18.38 Vested (1,014) 15.50 Forfeited (133) 15.08 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
Summary of valuation assumptions for performance awards	Year ended December 31, 2022 2021 2020 Weighted average fair value $ 45.28 $ 27.81 $ 10.59 Dividend yield 0 % 0 % 0 % Expected volatility factor (1) 58 % 63 % 60 % Risk-free interest rate (2) 2.13 % 0.34 % 0.54 % 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, 2022 2021 2020 Weighted average fair value $ 6.00 $ 5.90 $ 4.81 Dividend yield 0 % 0 % 0 % Expected volatility factor (1) 43 % 52 % 70 % Risk-free interest rate (2) 1.73 % 0.07 % 0.95 % 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)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Taxes
Schedule of income (loss) from continuing operations before income taxes	Year ended December 31, 2022 2021 2020 (in thousands) Domestic $ 47,368 $ 23,561 $ (10,292) Foreign 3,617 2,119 1,828 Total $ 50,985 $ 25,680 $ (8,464)
Schedule of components of the expense (benefit) for income taxes	Year ended December 31, 2022 2021 2020 (in thousands) Current: Federal $ — $ — $ — Foreign 1,506 183 22 State and local 577 110 204 Total current expense (benefit) for income taxes 2,083 293 226 Deferred: Federal (96,811) 119 136 Foreign (484) (507) (320) State and local (20,745) (263) (115) Total deferred expense (benefit) for income taxes (118,040) (651) (299) Total expense (benefit) for income taxes $ (115,957) $ (358) $ (73)
Schedule of reconciliation of the income tax expense computed using the Federal statutory rate to actual income tax provision	Year ended December 31, 2022 2021 2020 (in thousands) Income tax expense (benefit) at U.S. statutory rates $ 10,706 $ 5,393 $ (1,777) State taxes, net of U.S. federal impact 1,101 (607) (121) Effect of international operations (11,149) 609 (131) Research and development tax credit (6,470) (3,964) 726 Net change in valuation allowance (104,972) (2,389) 388 Change in accrual for unrecognized tax benefits 3,349 398 (6) Share-based compensation 606 1,208 2,248 Asset impairment — — 728 Partial extinguishment of 2023 Notes — (1,090) (2,292) Adoption of new accounting standard (9,295) — — Other 167 84 164 Total expense (benefit) for income taxes $ (115,957) $ (358) $ (73)
Schedule of deferred tax assets and liabilities	December 31, 2022 2021 (in thousands) Deferred tax assets: Inventory valuation $ 11,931 $ 11,822 Net operating losses 5,647 38,816 Credit carry forwards 59,988 57,810 Warranty and installation accruals 1,862 1,730 Share-based compensation 5,267 4,033 Customer deposits and deferred revenue 24,504 9,908 Operating leases 8,349 8,464 Research and experimental ("R&E") capitalization 19,071 — Other 6,553 5,880 Total deferred tax assets 143,172 138,463 Valuation allowance (11,083) (116,054) Net deferred tax assets 132,089 22,409 Deferred tax liabilities: Purchased intangible assets 8,724 6,633 Convertible Senior Notes (39) 10,018 Operating leases 5,994 6,539 Depreciation 2,346 2,372 Total deferred tax liabilities 17,025 25,562 Net deferred taxes $ 115,064 $ (3,153)
Schedule of reconciliation of beginning and ending amount of uncertain tax positions	December 31, 2022 2021 2020 (in thousands) Balance at beginning of year $ 12,761 $ 12,363 $ 12,369 Additions for tax positions related to current year 4,180 2,642 1,217 Additions for tax positions related to prior years — 50 47 Reductions for tax positions related to prior years (731) (1,196) (1,166) Reductions due to the lapse of the statute of limitations — — — Settlements (100) (1,098) (104) Balance at end of year $ 16,110 $ 12,761 $ 12,363

Segment Reporting and Geograp_2

Segment Reporting and Geographic Information (Tables)	12 Months Ended
Segment Reporting and Geographic Information (Tables)	Dec. 31, 2022
Segment Reporting and Geographic Information
Schedule of sales by end-market	For the year ended December 31, 2022 2021 2020 (in thousands) Sales by end-market Semiconductor $ 369,369 $ 247,051 $ 165,909 Compound Semiconductor 121,194 106,972 107,922 Data Storage 87,544 168,760 123,288 Scientific & Other 68,030 60,494 57,044 Total $ 646,137 $ 583,277 $ 454,163
Schedule of sales by geographic region	Net Sales to Unaffiliated Customers Long-lived Tangible Assets 2022 2021 2020 2022 2021 2020 (in thousands) United States $ 197,433 $ 217,209 $ 145,353 $ 106,550 $ 99,220 $ 64,967 EMEA (1) 87,837 55,129 73,124 60 94 120 China 123,703 105,998 57,589 70 67 84 Rest of APAC 235,735 204,633 177,569 601 362 100 Rest of World 1,429 308 528 — — — Total $ 646,137 $ 583,277 $ 454,163 $ 107,281 $ 99,743 $ 65,271 (1) EMEA consists of Europe, the Middle East, and Africa

Significant Accounting Polici_4

Significant Accounting Policies - Description of Business and Basis of Presentation (Details) - segment	3 Months Ended				12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Significant Accounting Policies
Number of operating segments					1
Fiscal period duration (in days)	91 days	91 days	91 days	91 days

Significant Accounting Polici_5

Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Revenue, practical expedient, incremental cost of obtaining contract	true

Significant Accounting Polici_6

Significant Accounting Policies - Warranty Costs (Details)	12 Months Ended
Significant Accounting Policies - Warranty Costs (Details)	Dec. 31, 2022
Significant Accounting Policies
Warranty period	1 year

Significant Accounting Polici_7

Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies
Advertising expense	$ 0.3	$ 0.3	$ 0.4

Significant Accounting Polici_8

Significant Accounting Policies - Accounting for Share-Based Compensation (Details)	Dec. 31, 2022 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 Polici_9

Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies
Allowance for doubtful accounts receivable	$ 0.7	$ 0.7
Maturity period of irrevocable letters of credit, minimum	0 days
Maturity period of irrevocable letters of credit, maximum	90 days

Significant Accounting Polic_10

Significant Accounting Policies - Cash, Cash Equivalents, and Short-term Investments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies
Cash equivalents	$ 61.5	$ 41.7
Cash and cash equivalents maintained outside the United States (as a percent)	18%	32%

Significant Accounting Polic_11

Significant Accounting Policies - Goodwill and Indefinite-Lived Intangibles (Details)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Number of trading days used in adjusted market capitalization calculation	10 days

Significant Accounting Polic_12

Significant Accounting Policies - Recently Adopted Accounting Standards (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 01, 2020
Balance Sheet line item:
Long-term debt		$ 254,491	$ 229,438
Additional paid-in capital		1,078,180	1,116,921
Accumulated deficit		$ (501,801)	$ (681,283)
Income per common share:
Basic income per common share (in dollars per share)		$ 3.35	$ 0.53	$ (0.17)
Diluted earnings per share (in dollars per share)		2.71	$ 0.49	$ (0.17)
ASU 2019-12, Simplifying the Accounting for Income Taxes
Accounting Changes
Change in Accounting Principle, Accounting Standards Update, Adopted					true
ASU 2020-06: Debt
Accounting Changes
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected	us-gaap:AccountingStandardsUpdate201602CumulativeEffectPeriodOfAdoptionMember
ASU 2020-06: Debt \| Cumulative Effect, Period of Adoption, Adjustment
Balance Sheet line item:
Long-term debt			$ 44,260
Additional paid-in capital			(56,800)
Accumulated deficit			12,540
ASU 2020-06: Debt \| Cumulative Effect, Period of Adoption, Adjusted Balance
Balance Sheet line item:
Long-term debt			273,698
Additional paid-in capital			1,060,121
Accumulated deficit			$ (668,743)
Income per common share:
Basic income per common share (in dollars per share)		3.35
Diluted earnings per share (in dollars per share)		2.71
Under legacy accounting
Income per common share:
Basic income per common share (in dollars per share)		3.15
Diluted earnings per share (in dollars per share)		2.91
Difference between adoption of ASU 2020-06 and legacy accounting \| ASU 2020-06: Debt
Income per common share:
Basic income per common share (in dollars per share)		0.20
Diluted earnings per share (in dollars per share)		$ (0.20)

Income Per Common Share - Basic

Income Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income	$ 166,942	$ 26,038	$ (8,391)
Interest expense associated with convertible notes	10,832
Net income available to common shareholders	$ 177,774	$ 26,038	$ (8,391)
Denominator:
Basic weighted average shares outstanding	49,906	49,073	48,362
Effect of potentially dilutive share-based awards	734	1,090
Dilutive effect of convertible notes	14,967	3,480
Diluted weighted average shares outstanding	65,607	53,643	48,362
Net income (loss) per common share:
Basic (in dollars per share)	$ 3.35	$ 0.53	$ (0.17)
Diluted (in dollars per share)	$ 2.71	$ 0.49	$ (0.17)

Income Per Common Share - Share

Income Per Common Share - Shares Excluded from EPS (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic income (loss) per share
Unvested participating shares excluded from basic weighted average shares outstanding since the securityholders are not obligated to fund losses		6	20
Common share equivalents
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive			947
Potentially dilutive shares
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive	815	456	923
Convertible Notes
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive		8,421	17,753

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Measured on a recurring basis - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash equivalents
Total Cash equivalents	$ 61,540	$ 41,665
Short-term investments
Total Short-term investments	147,488	104,181
U.S. treasuries
Short-term investments
Total Short-term investments	62,849	51,095
Government agency securities, Short-term investments
Short-term investments
Total Short-term investments	27,366	12,052
Corporate debt
Short-term investments
Total Short-term investments	41,591	40,035
Commercial paper
Short-term investments
Total Short-term investments	15,682	999
Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	61,135	41,544
Money market cash
Cash equivalents
Total Cash equivalents	405	121
Level 1
Cash equivalents
Total Cash equivalents	61,540	41,665
Short-term investments
Total Short-term investments	62,849	51,095
Level 1 \| U.S. treasuries
Short-term investments
Total Short-term investments	62,849	51,095
Level 1 \| Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	61,135	41,544
Level 1 \| Money market cash
Cash equivalents
Total Cash equivalents	405	121
Level 2
Short-term investments
Total Short-term investments	84,639	53,086
Level 2 \| Government agency securities, Short-term investments
Short-term investments
Total Short-term investments	27,366	12,052
Level 2 \| Corporate debt
Short-term investments
Total Short-term investments	41,591	40,035
Level 2 \| Commercial paper
Short-term investments
Total Short-term investments	$ 15,682	$ 999

Investments - Available-For-Sal

Investments - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Total available-for-sale securities
Amortized Cost	$ 148,483	$ 104,512
Gross Unrealized Losses	(995)	(331)
Estimated Fair Value	147,488	104,181
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Investments, Continuous loss position for less than 12 months, Estimated Fair Value	82,012	103,182
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses	(308)	(331)
Investments, Continuous loss position for 12 months or more, Estimated Fair Value	49,793	0
Investments, Continuous loss position for 12 months or more, Gross Unrealized Losses	(687)
Contractual maturities - Amortized Cost
Amortized Cost, Due in one year or less	145,885
Amortized Cost, Due after one year through two years	2,598
Amortized Cost	148,483	104,512
Contractual maturities - Estimated Fair Value
Estimated Fair Value, Due in one year or less	144,959
Estimated Fair Value, Due after one year through two years	2,529
Available-for-sale Securities, Debt Securities, Total	147,488	104,181
U.S. treasuries
Total available-for-sale securities
Amortized Cost	63,331	51,269
Gross Unrealized Losses	(482)	(174)
Estimated Fair Value	62,849	51,095
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Investments, Continuous loss position for less than 12 months, Estimated Fair Value	39,791	51,095
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses	(84)	(174)
Investments, Continuous loss position for 12 months or more, Estimated Fair Value	23,057
Investments, Continuous loss position for 12 months or more, Gross Unrealized Losses	(398)
Contractual maturities - Amortized Cost
Amortized Cost	63,331	51,269
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	62,849	51,095
Government agency securities, Short-term investments
Total available-for-sale securities
Amortized Cost	27,464	12,075
Gross Unrealized Losses	(98)	(23)
Estimated Fair Value	27,366	12,052
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Investments, Continuous loss position for less than 12 months, Estimated Fair Value	22,528	12,052
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses	(86)	(23)
Investments, Continuous loss position for 12 months or more, Estimated Fair Value	4,838
Investments, Continuous loss position for 12 months or more, Gross Unrealized Losses	(12)
Contractual maturities - Amortized Cost
Amortized Cost	27,464	12,075
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	27,366	12,052
Corporate debt
Total available-for-sale securities
Amortized Cost	42,006	40,169
Gross Unrealized Losses	(415)	(134)
Estimated Fair Value	41,591	40,035
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Investments, Continuous loss position for less than 12 months, Estimated Fair Value	19,693	40,035
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses	(138)	(134)
Investments, Continuous loss position for 12 months or more, Estimated Fair Value	21,898
Investments, Continuous loss position for 12 months or more, Gross Unrealized Losses	(277)
Contractual maturities - Amortized Cost
Amortized Cost	42,006	40,169
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	41,591	40,035
Commercial paper
Total available-for-sale securities
Amortized Cost	15,682	999
Estimated Fair Value	15,682	999
Contractual maturities - Amortized Cost
Amortized Cost	15,682	999
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	$ 15,682	$ 999

Investments - Other Investment

Investments - Other Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Other Investment
Impairment of equity investments	$ 980
Separate non-marketable investment
Other Investment
Carrying value of investment	2,000	$ 2,000
Separate non-marketable investment \| Other income (expense), net
Other Investment
Impairment of equity investments	$ 1,000
Separate non-marketable investment \| Maximum
Other Investment
Percentage ownership of cost method investee	20%	20%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventories
Materials	$ 134,940	$ 96,027
Work-in-process	68,765	54,128
Finished goods	3,203	20,703
Total	$ 206,908	$ 170,858

Property, Plant, and Equipmen_2

Property, Plant, and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, plant, and equipment
Gross property, plant and equipment	$ 279,556	$ 260,642
Less: accumulated depreciation and amortization	172,275	160,899
Net property, plant, and equipment	107,281	99,743	$ 65,271
Depreciation expense	15,600	13,800	$ 15,400
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	$ 64,198	$ 63,946
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	$ 155,533	$ 145,656
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	$ 54,764	$ 45,979
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 Asset_2

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Change in goodwill	$ 0	$ 0
Gross carrying amount	430,331	430,331
Accumulated impairment	248,388	248,388
Net amount	$ 181,943	$ 181,943

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible assets
Average Remaining Amortization Period	4 years 2 months 12 days
Gross Carrying Amount, Intangible assets	$ 508,969	$ 508,969
Accumulated Amortization and Impairment, Intangible assets	485,082	475,064
Total Net Intangible Assets	$ 23,887	33,905
Technology
Intangible assets
Average Remaining Amortization Period	2 years 7 months 6 days
Gross Carrying Amount, Intangible assets	$ 327,908	327,908
Accumulated Amortization and Impairment, Intangible assets	316,918	310,551
Total Net Intangible Assets	$ 10,990	17,357
Customer relationship
Intangible assets
Average Remaining Amortization Period	6 years 3 months 18 days
Gross Carrying Amount, Intangible assets	$ 146,465	146,465
Accumulated Amortization and Impairment, Intangible assets	135,415	132,970
Total Net Intangible Assets	$ 11,050	13,495
Trademarks and tradenames
Intangible assets
Average Remaining Amortization Period	1 year 6 months
Gross Carrying Amount, Intangible assets	$ 30,910	30,910
Accumulated Amortization and Impairment, Intangible assets	29,063	27,857
Total Net Intangible Assets	1,847	3,053
Other Intangible Assets
Intangible assets
Gross Carrying Amount, Intangible assets	3,686	3,686
Accumulated Amortization and Impairment, Intangible assets	$ 3,686	$ 3,686

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Estimated aggregate amortization expense
2023	$ 8,347
2024	6,708
2025	3,136
2026	2,134
2027	1,550
Thereafter	2,012
Total Net Intangible Assets	$ 23,887	$ 33,905

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued expenses and other current liabilities
Payroll and related benefits	$ 30,044	$ 35,712
Warranty	8,601	7,878
Operating lease liabilities	3,333	4,437
Interest	2,853	2,757
Professional fees	2,102	1,467
Legal settlement		15,000
Sales, use, and other taxes	2,027	4,889
Other	7,071	7,612
Total Accrued and Other Liabilities, Current	$ 56,031	$ 79,752
Operating Lease, Liability, Current, Statement of Financial Position	Total Accrued and Other Liabilities, Current	Total Accrued and Other Liabilities, Current

Accrued Expenses and Other Li_4

Accrued Expenses and Other Liabilities - Customer deposits and deferred revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Customer deposits and deferred revenue
Customer deposits and deferred revenue	$ 110,200	$ 46,900
Changes in deferred revenue
Beginning balance	16,276
Deferral of revenue	8,081
Recognition of previously deferred revenue	(7,367)
Ending balance	$ 16,990

Accrued Expenses and Other Li_5

Accrued Expenses and Other Liabilities - Performance Obligation Amount (Details) $ in Millions	Dec. 31, 2022 USD ($)
Accrued Expenses and Other Liabilities
Remaining performance obligations	$ 192
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Performance obligations
Percentage of remaining performance obligation expected to be recognized	37%

Accrued Expenses and Other Li_6

Accrued Expenses and Other Liabilities - Performance Obligation Timing (Details)	12 Months Ended
	Dec. 31, 2022
Accrued Expenses and Other Liabilities
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]: 2023-01-01
Performance obligations
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Minimum
Performance obligations
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Maximum
Performance obligations
Remaining performance obligations, expected timing of satisfaction	3 years

Accrued Expenses and Other Li_7

Accrued Expenses and Other Liabilities - Other liabilities (Details) - Other Liabilities - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other liabilities
Asset retirement obligations	$ 0.7	$ 2.8
Income taxes payable	0.4
Medical and dental benefits	$ 2	$ 1.8

Commitments and Contingencies -

Commitments and Contingencies - Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Warranty
Balance, beginning of the period	$ 7,878	$ 5,058	$ 7,067
Warranties issued	8,304	7,102	4,626
Consumption of reserves	(7,527)	(5,784)	(6,691)
Changes in estimate	(54)	1,502	56
Balance, end of the period	$ 8,601	$ 7,878	$ 5,058

Commitments and Contingencies_2

Commitments and Contingencies - Lease terms (Details)	Dec. 31, 2022
Leases
Lease renewal term	5 years
Remaining lease term	12 years
Weighted average discount rate (as a percent)	5.60%

Commitments and Contingencies_3

Commitments and Contingencies - Minimum lease commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Minimum lease commitments, Payments due by period:
2023	$ 3,757
2024	4,347
2025	3,812
2026	4,012
2027	3,620
Thereafter	34,244
Total future minimum lease payments	53,792
Less: Imputed interest	(16,878)
Total operating lease liabilities	36,914
Operating lease liability, current	$ 3,333	$ 4,437
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	$ 33,581	$ 32,834
Total operating lease liabilities	$ 36,914
Operating Lease, Liability, Statement of Financial Position	Long-term operating lease liabilities, Accrued expenses and other current liabilities

Commitments and Contingencies_4

Commitments and Contingencies - Lease costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease cost
Operating lease cost	$ 7.4	$ 6.6	$ 5.4
Variable lease cost	2	1.7	1.7
Lease expense	9.4	8.4	7.1
Operating cash flows from operating leases	$ 7.5	6.6	$ 6.9
Amount of reimbursement for leasehold improvements		$ 6.1

Commitments and Contingencies_5

Commitments and Contingencies - Legal Proceedings (Details) $ in Millions	1 Months Ended
	Nov. 30, 2022 USD ($)	Oct. 31, 2021 USD ($)	Aug. 31, 2018 case
Ultratech acquisition litigation
Legal Proceedings
Number of purported class action complaints filed \| case			2
Wolther Action
Legal Proceedings
Settlement amount		$ 15
Derivative Action
Legal Proceedings
Settlement amount	$ 0.3

Commitments and Contingencies_6

Commitments and Contingencies - Concentration of Credit Risk (Details) - customer	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable \| Credit Concentration Risk \| Top Ten Customers
Concentration of Credit Risk
Number of customers	10	10
Concentration Risk (as a percent)	63%	65%
Accounts Receivable \| Credit Concentration Risk \| Customer A
Concentration of Credit Risk
Concentration Risk (as a percent)		14%
Accounts Receivable \| Credit Concentration Risk \| Customer C
Concentration of Credit Risk
Concentration Risk (as a percent)		12%
Accounts Receivable \| Credit Concentration Risk \| Customer D
Concentration of Credit Risk
Concentration Risk (as a percent)		10%
Accounts Receivable \| Credit Concentration Risk \| Customer F
Concentration of Credit Risk
Concentration Risk (as a percent)	10%
Net Sales \| Customer Concentration Risk \| Customer A
Concentration of Credit Risk
Concentration Risk (as a percent)		15%
Net Sales \| Customer Concentration Risk \| Customer B
Concentration of Credit Risk
Concentration Risk (as a percent)		10%
Net Sales \| Customer Concentration Risk \| Customer E
Concentration of Credit Risk
Concentration Risk (as a percent)			13%

Commitments and Contingencies_7

Commitments and Contingencies - Receivables (Details)	12 Months Ended
Commitments and Contingencies - Receivables (Details)	Dec. 31, 2022
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_8

Commitments and Contingencies - Receivable Purchase Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies
Maximum amount of trade receivables to be sold under agreement			$ 15
Receivables sold	$ 13.2	$ 0
Receivables sold remaining outstanding	5.4
Amount of trade receivables available to be sold under agreement	$ 9.6

Commitments and Contingencies_9

Commitments and Contingencies - Suppliers (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Purchase Commitments
Deposits with suppliers	$ 9.4	$ 3.9

Commitments and Contingencie_10

Commitments and Contingencies - Purchase Commitments and Bank Guarantees (Details) $ in Millions	Dec. 31, 2022 USD ($)
Purchase commitments
Purchase commitments due within one year	$ 289.2
Bank guarantees
Bank guarantees and letters of credit outstanding	8.2
Unused bank guarantees and letters of credit	$ 14.1

Debt - 2023. 2025 and 2027 Note

Debt - 2023. 2025 and 2027 Notes (Details) - USD ($) $ in Thousands					12 Months Ended
	Nov. 05, 2021	Nov. 11, 2020	May 18, 2020	Jan. 10, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Nov. 17, 2020
Debt
Principal amount					$ 277,673		$ 277,673
Proceeds, net of issuance costs						$ 120,095
Cash paid for repurchase of notes					115,604	81,240
Loss on extinguishment of debt					(4,029)	(7,841)
Purchase of capped calls			$ 10,300			10,313
Reduction of additional paid-in capital for extinguishment of equity component of note repurchased/exchanged					6,080	$ 14,714
2023 Notes
Debt
Principal amount				$ 345,000	20,173		20,173
Interest rate (as a percent)				2.70%
Proceeds, net of issuance costs				$ 335,800
Repurchased and retired amount	$ 111,500	$ 125,000	88,300
Carrying amount of debt extinguished	105,500	113,100	78,100
Cash paid for repurchase of notes	115,600		81,200
Reduction of additional paid-in capital for extinguishment of equity component of note repurchased/exchanged	6,100	14,600	100
Accrued and unpaid interest	$ 1,000
2023 Notes \| Other income (expense), net
Debt
Loss on extinguishment of debt		$ 4,800	3,000		4,000
2025 Notes
Debt
Principal amount					132,500		132,500	$ 132,500
Interest rate (as a percent)								3.50%
2027 Notes
Debt
Principal amount			$ 125,000		$ 125,000		$ 125,000
Interest rate (as a percent)			3.75%
Proceeds, net of issuance costs			$ 121,900

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details)				12 Months Ended
Debt - Convertible Senior Notes (Details)	Nov. 17, 2020 USD ($) $ / shares	May 18, 2020 USD ($) $ / shares	Jan. 10, 2017 USD ($) $ / shares	Dec. 31, 2022 USD ($) D	Dec. 31, 2021 USD ($)
Debt
Transaction costs					$ 835,000
Long-term Debt, Measurement Input	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Convertible Notes
Debt
Multiples of principal holders may convert				1,000
Trading days				5
Consecutive trading days \| D				30
Stock price trigger (as a percent)				130%
Number of consecutive business days				5 days
Maximum percentage of common stock conversion				98%
Convertible Notes \| Minimum
Debt
Trading days \| D				20
2023 Notes
Debt
Conversion rate			0.0249800
Conversion price (in dollars per share) \| $ / shares			$ 40.03
Transaction costs			$ 9,200,000
Measurement input			7
Debt discount			$ 72,500,000
Transaction costs allocated to the equity component			$ 1,900,000
2025 Notes
Debt
Conversion rate	0.0416667
Conversion price (in dollars per share) \| $ / shares	$ 24
Transaction costs	$ 1,900,000
Measurement input	8
Debt discount	$ 21,000,000
Transaction costs allocated to the equity component	$ 300,000
2027 Notes
Debt
Conversion rate		0.0715372
Conversion price (in dollars per share) \| $ / shares		$ 13.98
Transaction costs		$ 3,100,000
Measurement input		9.1
Debt discount		$ 34,200,000
Transaction costs allocated to the equity component		$ 800,000

Debt - Carrying Value (Details)

Debt - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Nov. 17, 2020	May 18, 2020	Jan. 10, 2017
Debt
Principal amount	$ 277,673	$ 277,673
Unamortized debt discount/transaction costs	(3,013)	(48,235)
Net carrying value	274,660	229,438
2023 Notes
Debt
Principal amount	20,173	20,173			$ 345,000
Unamortized debt discount/transaction costs	(4)	(967)
Net carrying value	20,169	19,206
2025 Notes
Debt
Principal amount	132,500	132,500	$ 132,500
Unamortized debt discount/transaction costs	(990)	(17,302)
Net carrying value	131,510	115,198
2027 Notes
Debt
Principal amount	125,000	125,000		$ 125,000
Unamortized debt discount/transaction costs	(2,019)	(29,966)
Net carrying value	$ 122,981	$ 95,034

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	$ 962	$ 13,819	$ 13,792
Total Interest Expense	10,832	26,282	24,640
2023 Notes
Cash Interest Expense
Coupon interest expense	545	3,138	7,390
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	97	4,932	10,887
Estimated fair value	$ 19,500
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2
2025 Notes
Cash Interest Expense
Coupon interest expense	$ 4,637	4,637	554
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	457	4,795	546
Estimated fair value	$ 143,600
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2
2027 Notes
Cash Interest Expense
Coupon interest expense	$ 4,688	4,688	2,904
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	408	$ 4,092	$ 2,359
Estimated fair value	$ 192,000
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2

Debt - Capped Call Transactions

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

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 16, 2021	Dec. 31, 2022	Dec. 31, 2021
Credit Facility
Debt
Borrowing capacity	$ 150,000
Debt instrument term	5 years
Additional increase in borrowing subject to certain conditions	$ 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	4.50
Secured net leverage ratio	2.50
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%
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 Rol

Stockholders' Equity - AOCI Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in the balances of each component of AOCI
Balance at the beginning of the period	$ 437,628	$ 408,374	$ 374,512
Other comprehensive income (loss)	(555)	(363)	(48)
Balance at the end of the period	577,824	437,628	408,374
Accumulated Other Comprehensive Income
Changes in the balances of each component of AOCI
Balance at the beginning of the period	1,483	1,846	1,894
Other comprehensive income (loss)	(555)	(363)	(48)
Balance at the end of the period	928	1,483	1,846
Foreign Currency Translation
Changes in the balances of each component of AOCI
Balance at the beginning of the period	1,814	1,866	1,861
Other comprehensive income (loss)	(41)	(52)	5
Balance at the end of the period	1,773	1,814	1,866
Unrealized Gains (Losses) on Available for Sale Securities
Changes in the balances of each component of AOCI
Balance at the beginning of the period	(331)	(20)	33
Other comprehensive income (loss)	(514)	(311)	(53)
Balance at the end of the period	$ (845)	$ (331)	$ (20)

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0

Stock Plans - 2019 Plan (Detail

Stock Plans - 2019 Plan (Details) - shares	12 Months Ended
Stock Plans - 2019 Plan (Details) - shares	Dec. 31, 2022	Dec. 31, 2013	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based compensation
Number of options outstanding (in shares)	177,000		443,000	730,000	1,119,000
Inducement Plan
Share-based compensation
Awards available for grant (in shares)		0
2019 Plan
Share-based compensation
Number of shares authorized	17,800,000
Stock options \| Inducement Plan
Share-based compensation
Awards granted (in shares)		124,500
Vesting period		3 years
Expiration term		10 years
Number of options outstanding (in shares)	2,000
Stock options \| 2019 Plan
Share-based compensation
Vesting period	3 years
Number of options outstanding (in shares)	200,000
Stock options \| 2019 Plan \| Minimum
Share-based compensation
Expiration term	7 years
Stock options \| 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
Restricted stock units \| Inducement Plan
Share-based compensation
Awards granted (in shares)		87,000
Number of awards outstanding (in shares)	0
Restricted stock units \| Inducement Plan \| Minimum
Share-based compensation
Vesting period		2 years
Restricted stock units \| Inducement Plan \| Maximum
Share-based compensation
Vesting period		4 years
RSUs and PSUs \| 2019 Plan
Share-based compensation
Number of awards outstanding (in shares)	800,000

Stock Plans - ESPP (Details)

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%
Offer period	6 months

Stock Plans - Shares Reserved f

Stock Plans - Shares Reserved for Future Issuance (Details) shares in Millions	Dec. 31, 2022 shares
2019 Plan
Shares reserved for future issuance
Total shares reserved	6.1
ESPP
Shares reserved for future issuance
Total shares reserved	0.6

Stock Plans - Recognized Share-

Stock Plans - Recognized Share-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Recognized share-based compensation
Total share-based compensation expense	$ 22,994	$ 15,249	$ 12,703
Share-based compensation tax benefit	4,500
Cost of sales
Recognized share-based compensation
Total share-based compensation expense	4,551	2,373	1,870
Research and development
Recognized share-based compensation
Total share-based compensation expense	6,682	3,850	2,900
Selling, general and administrative
Recognized share-based compensation
Total share-based compensation expense	$ 11,761	$ 9,026	$ 7,933

Stock Plans - Unrecognized Shar

Stock Plans - Unrecognized Share-based Compensation Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 37,388
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	$ 9,468
Weighted Average Period Expected to be Recognized	1 year 10 months 24 days
Restricted Stock Awards
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 24,610
Weighted Average Period Expected to be Recognized	1 year 10 months 24 days
Performance Share Units
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 3,310
Weighted Average Period Expected to be Recognized	2 years

Stock Plans - Stock Option Acti

Stock Plans - Stock Option Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Outstanding at the beginning of the period (in shares)	443	730	1,119
Exercised (in shares)		(2)
Expired (in shares)	(266)	(285)	(389)
Outstanding at the end of the period (in shares)	177	443	730
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 32.15	$ 35.26	$ 34.88
Exercised (in dollars per share)		23.36
Expired (in dollars per share)	32.95	40.16	34.15
Outstanding at the end of the period (in dollars per share)	$ 30.94	$ 32.15	$ 35.26

Stock Plans - Option Exercise R

Stock Plans - Option Exercise Ranges (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Options Outstanding
Outstanding (in shares) \| shares	177
Weighted Average Remaining Contractual Life	9 months 18 days
Weighted-Average Exercise Price (in dollars per share)	$ 30.94
Options Exercisable
Outstanding (in shares) \| shares	177
Weighted Average Remaining Contractual life	9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 30.94
Unvested options outstanding (in shares) \| shares	0
$20.00 - $30.00
Stock plans
Exercise price, low end of range (in dollars per share)	$ 20
Exercise price, high end of range (in dollars per share)	$ 30
Options Outstanding
Outstanding (in shares) \| shares	10
Weighted Average Remaining Contractual Life	9 months 18 days
Weighted-Average Exercise Price (in dollars per share)	$ 29.21
Options Exercisable
Outstanding (in shares) \| shares	10
Weighted Average Remaining Contractual life	9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 29.21
$30.01 - $40.00
Stock plans
Exercise price, low end of range (in dollars per share)	30.01
Exercise price, high end of range (in dollars per share)	$ 40
Options Outstanding
Outstanding (in shares) \| shares	167
Weighted Average Remaining Contractual Life	9 months 18 days
Weighted-Average Exercise Price (in dollars per share)	$ 31.02
Options Exercisable
Outstanding (in shares) \| shares	167
Weighted Average Remaining Contractual life	9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 31.02

Stock Plans - Stock options exe

Stock Plans - Stock options exercised (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Stock Plans
Cash received from options exercised	$ 37
Intrinsic value of options exercised	$ 6

Share-based Compensation - Rest

Share-based Compensation - 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Outstanding at the beginning of the period (in shares)	2,083	2,040	2,257
Granted (in shares)	1,253	1,031	1,054
Performance award adjustments (in shares)	85	159	(51)
Vested (in shares)	(844)	(1,014)	(798)
Forfeited (in shares)	(81)	(133)	(422)
Outstanding at the end of the period (in shares)	2,496	2,083	2,040
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 17.33	$ 12.73	$ 16.20
Granted (in dollars per share)	29.12	24.26	9.53
Performance award adjustments (in dollars per share)	14.03	18.38	30.94
Vested (in dollars per share)	15	15.50	16.01
Forfeited (in dollars per share)	20.18	15.08	14.87
Outstanding at the end of the period (in dollars per share)	$ 23.83	$ 17.33	$ 12.73
Total fair value of shares vested	$ 22.1	$ 22.8	$ 9
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 Award

Stock Plans - Performance Awards Assumptions (Details) - Performance awards with market conditions - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assumptions
Weighted average fair value (in dollars per share)	$ 45.28	$ 27.81	$ 10.59
Dividend yield (as a percent)	0%	0%	0%
Expected volatility factor (as a percent)	58%	63%	60%
Risk-free interest rate (as a percent)	2.13%	0.34%	0.54%
Expected life (in years)	3 years	3 years	3 years

Stock Plans - ESPP FV Assumptio

Stock Plans - ESPP FV Assumptions (Details) - ESPP - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation
Cash proceeds	$ 3.7	$ 3.4	$ 2.9
Number of shares issued	208,140	196,024	254,703
Assumptions
Weighted average fair value (in dollars per share)	$ 6	$ 5.90	$ 4.81
Dividend yield (as a percent)	0%	0%	0%
Expected volatility factor (as a percent)	43%	52%	70%
Risk-free interest rate (as a percent)	1.73%	0.07%	0.95%
Expected life (in years)	6 months	6 months	6 months

Retirement Plans - Defined Cont

Retirement Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined contribution plan disclosures
Employer's matching contribution for every dollar the employees contribute (as a percent)	50%
Employer's matching contribution, vesting period (in years)	5 years
Aggregate employer's contribution to pension plans	$ 3	$ 2.6	$ 2.4
Maximum
Defined contribution plan disclosures
Employer's contribution as a percentage of employee's eligible compensation	3%

Dispositions (Details)

Dispositions (Details) $ in Thousands	12 Months Ended
Dispositions (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Dispositions
Asset impairment	$ 281
One non-core product line \| Assets sold
Dispositions
Consideration	$ 11,400
Transaction price due upon closing (as a percent)	85%
Amount held in escrow (as a percent)	15%
Period over which portion of transaction price is held in escrow	18 months
Asset impairment	$ 300

Income Taxes - Income Attributa

Income Taxes - Income Attributable to Domestic and Foreign Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (loss) from continuing operations before income taxes
Domestic	$ 47,368	$ 23,561	$ (10,292)
Foreign	3,617	2,119	1,828
Income before income taxes	$ 50,985	$ 25,680	$ (8,464)

Income Taxes - Components of Ex

Income Taxes - Components of Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Foreign	$ 1,506	$ 183	$ 22
State and local	577	110	204
Total current expense (benefit) for income taxes	2,083	293	226
Deferred:
Federal	(96,811)	119	136
Foreign	(484)	(507)	(320)
State and local	(20,745)	(263)	(115)
Total deferred expense (benefit) for income taxes	(118,040)	(651)	(299)
Total expense (benefit) for income taxes	$ (115,957)	$ (358)	$ (73)

Income Taxes - Reconciliation t

Income Taxes - Reconciliation to Statutory Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Income tax expense (benefit) at U.S. statutory rates	$ 10,706	$ 5,393	$ (1,777)
State taxes, net of U.S. federal impact	1,101	(607)	(121)
Effect of international operations	(11,149)	609	(131)
Research and development tax credit	(6,470)	(3,964)	726
Net change in valuation allowance	(104,972)	(2,389)	388
Change in accrual for unrecognized tax benefits	3,349	398	(6)
Share-based compensation	606	1,208	2,248
Asset impairment			728
Partial extinguishment of 2023 Notes		(1,090)	(2,292)
Adoption of new accounting standard	(9,295)
Other	167	84	164
Total expense (benefit) for income taxes	$ (115,957)	$ (358)	$ (73)

Income Taxes - Deferred Taxes (

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Inventory valuation	$ 11,931	$ 11,822
Net operating losses	5,647	38,816
Credit carry forwards	59,988	57,810
Warranty and installation accruals	1,862	1,730
Share-based compensation	5,267	4,033
Customer deposits and deferred revenue	24,504	9,908
Operating leases	8,349	8,464
Research and experimental ("R&E") capitalization	19,071
Other	6,553	5,880
Total deferred tax assets	143,172	138,463
Valuation allowance	(11,083)	(116,054)
Net deferred tax assets	132,089	22,409
Deferred tax liabilities:
Purchased intangible assets	8,724	6,633
Convertible Senior Notes	(39)	10,018
Operating leases	5,994	6,539
Depreciation	2,346	2,372
Total deferred tax liabilities	17,025	25,562
Net deferred taxes, asset	115,064
Net deferred taxes, liability		$ (3,153)
Accrual for foreign tax withholdings on unremitted earnings	900
Valuation allowance
Increase (decrease) in valuation allowance	$ (104,900)

Income Taxes - Operating Loss C

Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating loss carryforwards disclosures
Net deferred tax asset	$ 5,647	$ 38,816
State and local
Operating loss carryforwards disclosures
Net operating loss carryforwards	59,300
Net deferred tax asset	$ 4,100

Income Taxes - Tax Credit Carry

Income Taxes - Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2022 USD ($)
Federal \| Research and development tax credit carryforward
Tax credit carryforward
Tax credit carry forwards	$ 36.5
State and local
Tax credit carryforward
Tax credit carry forwards	32.6
Foreign tax
Tax credit carryforward
Tax credit carry forwards	$ 8.7

Income Taxes - Uncertain Tax Po

Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in unrecognized tax benefits
Balance at beginning of year	$ 12,761	$ 12,363	$ 12,369
Additions for tax positions related to current year	4,180	2,642	1,217
Additions for tax positions relating to prior years		50	47
Reductions for tax positions relating to prior years	(731)	(1,196)	(1,166)
Settlements	(100)	(1,098)	(104)
Balance at end of year	16,110	12,761	$ 12,363
Unrecognized tax benefits that would impact effective tax rate if recognized	13,500
Accrued interest and penalties	$ 500	$ 400

Segment Reporting and Geograp_3

Segment Reporting and Geographic Information - Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Revenue reporting by end-market and geographic region
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Net sales	$ 646,137	$ 583,277	$ 454,163
Semiconductor
Revenue reporting by end-market and geographic region
Net sales	369,369	247,051	165,909
Compound Semiconductor
Revenue reporting by end-market and geographic region
Net sales	121,194	106,972	107,922
Data Storage
Revenue reporting by end-market and geographic region
Net sales	87,544	168,760	123,288
Scientific & Other
Revenue reporting by end-market and geographic region
Net sales	$ 68,030	$ 60,494	$ 57,044

Segment Reporting and Geograp_4

Segment Reporting and Geographic Information - Geographic (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue reporting by end-market and geographic region
Net sales	$ 646,137	$ 583,277	$ 454,163
Long-lived tangible assets	107,281	99,743	65,271
United States
Revenue reporting by end-market and geographic region
Net sales	197,433	217,209	145,353
Long-lived tangible assets	106,550	99,220	64,967
EMEA
Revenue reporting by end-market and geographic region
Net sales	87,837	55,129	73,124
Long-lived tangible assets	60	94	120
China
Revenue reporting by end-market and geographic region
Net sales	123,703	105,998	57,589
Long-lived tangible assets	70	67	84
Rest of APAC
Revenue reporting by end-market and geographic region
Net sales	235,735	204,633	177,569
Long-lived tangible assets	601	362	100
Rest Of World
Revenue reporting by end-market and geographic region
Net sales	$ 1,429	$ 308	$ 528

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event $ in Millions	Jan. 31, 2023 USD ($) employee
Epiluvac AB
Subsequent Events
Number of employees \| employee	11
Epiluvac AB
Subsequent Events
Payment to acquire business gross	$ 30
Potential additional performance based earn-outs	$ 35

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation and Qualifying Accounts
Balance at Beginning of Period	$ 116,790	$ 119,179	$ 130,655
Charged (Credited) to Costs and Expenses	(104,971)		653
Deductions		(2,389)	(12,129)
Balance at End of Period	11,819	116,790	119,179
Allowance for doubtful accounts
Valuation and Qualifying Accounts
Balance at Beginning of Period	736	736	602
Charged (Credited) to Costs and Expenses			140
Deductions			(6)
Balance at End of Period	736	736	736
Valuation allowance in net deferred tax assets
Valuation and Qualifying Accounts
Balance at Beginning of Period	116,054	118,443	130,053
Charged (Credited) to Costs and Expenses	(104,971)		513
Deductions		(2,389)	(12,123)
Balance at End of Period	$ 11,083	$ 116,054	$ 118,443