Veeco Instruments (VECO) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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, par value $0.01 per share
Trading Symbol	VECO
Security Exchange Name	NASDAQ
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
Entity Common Stock, Shares Outstanding		49,428,391
Entity Central Index Key	0000103145
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 162,325	$ 129,294
Restricted cash	652	657
Short-term investments	79,429	115,252
Accounts receivable, net	84,251	45,666
Contract assets	14,612	25,351
Inventories	129,611	133,067
Deferred cost of sales	1,981	445
Prepaid expenses and other current assets	16,446	14,966
Assets held for sale	11,183	11,180
Total current assets	500,490	475,878
Property, plant, and equipment, net	72,291	75,711
Operating lease right-of-use assets	13,159	14,453
Intangible assets, net	57,680	61,518
Goodwill	181,943	181,943
Deferred income taxes	1,549	1,549
Other assets	5,774	7,036
Total assets	832,886	818,088
Current liabilities:
Accounts payable	36,359	21,281
Accrued expenses and other current liabilities	41,568	41,243
Customer deposits and deferred revenue	49,628	54,870
Income taxes payable	954	830
Total current liabilities	128,509	118,224
Deferred income taxes	5,763	5,648
Long-term debt	303,388	300,068
Operating lease long-term liabilities	9,294	10,300
Other liabilities	8,868	9,336
Total liabilities	455,822	443,576
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; 49,428,391 shares issued and outstanding at March 31, 2020 and 48,994,346 shares issued and outstanding at December 31, 2019	494	490
Additional paid-in capital	1,074,020	1,071,058
Accumulated deficit	(699,497)	(698,930)
Accumulated other comprehensive income	2,047	1,894
Total stockholders' equity	377,064	374,512
Total liabilities and stockholders' equity	$ 832,886	$ 818,088

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	49,428,391	48,994,346
Common stock, shares outstanding	49,428,391	48,994,346

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Statements of Operations
Net sales	$ 104,502	$ 99,371
Cost of sales	58,083	64,655
Gross profit	46,419	34,716
Operating expenses, net:
Research and development	19,195	23,340
Selling, general, and administrative	18,304	19,902
Amortization of intangible assets	3,837	4,218
Restructuring	625	1,430
Other operating expense (income), net	(109)	(34)
Total operating expenses, net	41,852	48,856
Operating income (loss)	4,567	(14,140)
Interest income	800	1,245
Interest expense	(5,666)	(5,445)
Income (loss) before income taxes	(299)	(18,340)
Income tax expense (benefit)	268	190
Net income (loss)	$ (567)	$ (18,530)
Income (loss) per common share:
Basic (in dollars per share)	$ (0.01)	$ (0.40)
Diluted (in dollars per share)	$ (0.01)	$ (0.40)
Weighted average number of shares:
Basic (in shares)	47,811	46,848
Diluted (in shares)	47,811	46,848

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ (567)	$ (18,530)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities	201	27
Foreign currency translation	(48)	11
Total other comprehensive income (loss), net of tax	153	38
Total comprehensive income (loss)	$ (414)	$ (18,492)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities
Net income (loss)	$ (567)	$ (18,530)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	7,724	8,796
Non-cash interest expense	3,320	3,081
Deferred income taxes	115	(15)
Share-based compensation expense	3,646	3,157
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(27,846)	(8,134)
Inventories and deferred cost of sales	2,446	8,489
Prepaid expenses and other current assets	(1,480)	(2,457)
Accounts payable and accrued expenses	14,459	(12,260)
Customer deposits and deferred revenue	(5,242)	(3,855)
Income taxes receivable and payable, net	124	(463)
Other, net	905	(100)
Net cash provided by (used in) operating activities	(2,396)	(22,291)
Cash Flows from Investing Activities
Capital expenditures	(1,070)	(2,180)
Proceeds from the sale of investments	71,130	22,500
Payments for purchases of investments	(34,866)	(41,258)
Net cash provided by (used in) investing activities	35,194	(20,938)
Cash Flows from Financing Activities
Proceeds (net of tax withholdings) from option exercises and employee stock purchase plan	956	1,021
Restricted stock tax withholdings	(680)	(642)
Net cash provided by (used in) financing activities	276	379
Effect of exchange rate changes on cash and cash equivalents	(48)	11
Net increase (decrease) in cash, cash equivalents, and restricted cash	33,026	(42,839)
Cash, cash equivalents, and restricted cash - beginning of period	129,951	213,082
Cash, cash equivalents, and restricted cash - end of period	162,977	170,243
Supplemental Disclosure of Cash Flow Information
Interest paid	4,681	4,693
Income taxes paid	293	2,341
Non-cash operating and financing activities
Net transfer of property, plant and equipment to inventory	$ 526	130
Right-of-use assets obtained in exchange for lease obligations		$ 238

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Significant Accounting Policies
Basis of Presentation	Note 1 — Basis of Presentation ​ The accompanying unaudited Consolidated Financial Statements of Veeco have been prepared in accordance with U.S. GAAP as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 270 for interim financial information and with the instructions to Rule 10-01 of Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements as the interim information is an update of the information that was presented in Veeco’s most recent annual financial statements. For further information, refer to Veeco’s Consolidated Financial Statements and Notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal, recurring nature. ​ Veeco reports interim quarters on a 13-week basis ending on the last Sunday of each quarter. The fourth quarter always ends on the last day of the calendar year, December 31. The 2020 interim quarters end on March 29, June 28, and September 27, and the 2019 interim quarters ended on March 31, June 30, and September 29. These interim quarters are reported as March 31, June 30, and September 30 in Veeco’s interim consolidated financial statements. ​ The preparation of financial statements in conformity with U.S GAAP requires the Company’s 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, actual results may differ from these estimates. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s workforce and operations and the operations of the Company’s customers, suppliers, and business partners. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, manufacturing, research and development costs, reserves and allowances, fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. ​ 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, typically 10% of the sales price, 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 amortization period is one year or less. ​ The Company has elected to treat shipping and handling costs as a fulfillment activity, and the Company includes such costs in cost of services when the Company recognizes revenue for the related goods. Taxes assessed by governmental authorities that are collected by the Company from a customer are excluded from revenue. ​ 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. ​ ​

Income (Loss) Per Common Share

Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2020
Income (Loss) Per Common Share
Income (Loss) Per Share	Note 2 — Income (Loss) Per Common 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 (loss) per share plus the weighted average number of common share equivalents outstanding during the period. The dilutive effect of outstanding options to purchase common stock and share-based awards is considered in diluted income per share by application of the treasury stock method. The dilutive effect of performance share units is included in diluted income per common share if the performance targets have been achieved, or would have been achieved if the reporting date was the end of the contingency period. The computations of basic and diluted income (loss) per share for the three months ended March 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2020 2019 ​ ​ (in thousands, except per share amounts) Net income (loss) ​ $ (567) ​ $ (18,530) Net income (loss) per common share: ​ ​ ​ ​ ​ ​ Basic ​ $ (0.01) ​ $ (0.40) Diluted ​ $ (0.01) ​ $ (0.40) ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 47,811 ​ 46,848 Effect of potentially dilutive share-based awards ​ — ​ — Diluted weighted average shares outstanding ​ 47,811 ​ 46,848 ​ ​ ​ ​ ​ ​ ​ Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive ​ ​ 627 ​ ​ 320 Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive ​ ​ 1,485 ​ ​ 2,426 Maximum potential shares to be issued for settlement of the Convertible Senior Notes excluded from the diluted calculation as their effect would be antidilutive ​ ​ 8,618 ​ ​ 8,618 ​

Assets

Assets	3 Months Ended
	Mar. 31, 2020
Assets
Assets	Note 3 — Assets ​ Investments ​ Short-term investments are generally classified as available-for-sale and 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” in the Consolidated Balance Sheets. These securities may 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, net” in the Consolidated Statements of Operations. ​ 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. Veeco classifies certain assets 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. Veeco 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 portion of Veeco’s assets that were measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposits and time deposits ​ $ 81,796 ​ $ — ​ $ — ​ $ 81,796 Government money market fund ​ ​ 47,500 ​ ​ — ​ ​ — ​ ​ 47,500 Commercial paper ​ ​ — ​ ​ 9,498 ​ ​ — ​ ​ 9,498 Total ​ $ 129,296 ​ $ 9,498 ​ $ — ​ $ 138,794 Short-term investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 52,507 ​ $ — ​ $ — ​ $ 52,507 Government agency securities ​ ​ — ​ ​ 5,976 ​ ​ — ​ ​ 5,976 Corporate debt ​ ​ — ​ ​ 7,015 ​ ​ — ​ ​ 7,015 Commercial paper ​ ​ — ​ ​ 13,931 ​ ​ — ​ ​ 13,931 Total ​ $ 52,507 ​ $ 26,922 ​ $ — ​ $ 79,429 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposits and time deposits ​ $ 67,009 ​ $ — ​ $ — ​ $ 67,009 Commercial paper ​ ​ — ​ ​ 10,484 ​ ​ — ​ ​ 10,484 Corporate debt ​ ​ — ​ ​ 1,000 ​ ​ — ​ ​ 1,000 Total ​ $ 67,009 ​ $ 11,484 ​ $ — ​ $ 78,493 Short-term investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 105,130 ​ $ — ​ $ — ​ $ 105,130 Government agency securities ​ ​ — ​ ​ 1,139 ​ ​ — ​ ​ 1,139 Corporate debt ​ ​ — ​ ​ 6,002 ​ ​ — ​ ​ 6,002 Commercial paper ​ ​ — ​ ​ 2,981 ​ ​ — ​ ​ 2,981 Total ​ $ 105,130 ​ $ 10,122 ​ $ — ​ $ 115,252 ​ There were no transfers between fair ​ At March 31, 2020 and December 31, 2019, the amortized cost and fair value of available-for-sale securities consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated ​ ​ Cost ​ Gains ​ Losses ​ Fair Value ​ ​ (in thousands) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 52,285 ​ $ 222 ​ $ — ​ $ 52,507 Government agency securities ​ ​ 5,947 ​ ​ 29 ​ ​ — ​ ​ 5,976 Corporate debt ​ ​ 7,032 ​ ​ — ​ ​ (17) ​ ​ 7,015 Commercial paper ​ ​ 13,930 ​ ​ 1 ​ ​ — ​ ​ 13,931 Total ​ $ 79,194 ​ $ 252 ​ $ (17) ​ $ 79,429 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 105,096 ​ $ 38 ​ $ (4) ​ $ 105,130 Government agency securities ​ ​ 1,139 ​ ​ — ​ ​ — ​ ​ 1,139 Corporate debt ​ 6,003 ​ — ​ (1) ​ 6,002 Commercial paper ​ ​ 2,981 ​ ​ — ​ ​ — ​ ​ 2,981 Total ​ $ 115,219 ​ $ 38 ​ $ (5) ​ $ 115,252 ​ Available-for-sale securities in a loss position at March 31, 2020 and December 31, 2019 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ ​ Gross ​ Gross ​ ​ Estimated ​ Unrealized ​ Estimated ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ ​ ​ (in thousands) U.S. treasuries ​ $ — ​ $ — ​ $ 22,943 ​ $ (4) Corporate debt ​ 7,015 ​ (17) ​ 6,002 ​ (1) Total ​ $ 7,015 ​ $ (17) ​ $ 28,945 ​ $ (5) ​ At March 31, 2020 and December 31, 2019, there were no short-term investments that had been in a continuous loss position for more than 12 months. ​ The maturities of securities classified as available-for-sale at March 31, 2020 were all due in one year or less, and an allowance for credit loss is considered unnecessary. 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. There were no realized gains or losses for the three months ended March 31, 2020 and 2019. ​ Accounts Receivable ​ Accounts receivable is presented net of an allowance for doubtful accounts of $0.6 million at March 31, 2020 and December 31, 2019. The Company considered its current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. As a result of this assessment, no increase to the Company’s allowance for doubtful accounts was deemed necessary as a result of the Company’s current estimate of the impact COVID-19 will have on the collectability of the Company’s accounts receivable. Inventories ​ Inventories at March 31, 2020 and December 31, 2019 consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ ​ (in thousands) Materials ​ $ 81,684 ​ $ 82,155 Work-in-process ​ 41,706 ​ 42,575 Finished goods ​ 6,221 ​ 8,337 Total ​ $ 129,611 ​ $ 133,067 ​ Prepaid Expenses and Other Current Assets ​ Prepaid expenses and other current assets primarily consist of supplier deposits, prepaid value-added tax, lease deposits, prepaid insurance, and prepaid licenses. Veeco had deposits with its suppliers of $5.4 million and $5.9 million at March 31, 2020 and December 31, 2019, respectively. ​ Assets Held for Sale (including subsequent event) ​ In the fourth quarter of 2019, the Company determined that one of its non-core product lines (the “disposal group”) met the held for sale criteria, and as such, the related assets are presented as “Assets held for sale” on the Consolidated Balance Sheets. Subsequent to March 31, 2020, the Company completed the sale of this product line for approximately $11.4 million, with approximately 85% of the transaction price due upon closing, and 15% held in escrow for a period of 18 months. 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 does 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. ​ For the year ended December 31, 2019, the Company recorded a non-cash impairment charge on these assets held for sale of $4.0 million in order to measure the disposal group at the lower of its carrying value or fair value less costs to sell, which resulted in a corresponding held for sale valuation allowance on its assets held for sale in the Consolidated Balance Sheet. The major classes of assets that were classified as held for sale as of March 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ (in thousands) Assets held for sale: ​ ​ Inventories ​ $ 5,988 Property, plant, and equipment, net ​ ​ 310 Intangible assets, net ​ ​ 6,546 Goodwill ​ ​ 2,359 Impairment ​ ​ (4,020) Total Assets held for sale ​ $ 11,183 ​ ​ Property, Plant, and Equipment ​ Property, plant, and equipment at March 31, 2020 and December 31, 2019 consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ ​ (in thousands) Land ​ $ 5,061 ​ $ 5,061 Building and improvements ​ 62,631 ​ 61,884 Machinery and equipment (1) ​ 136,625 ​ 137,692 Leasehold improvements ​ 6,770 ​ 6,703 Gross property, plant, and equipment ​ 211,087 ​ 211,340 Less: accumulated depreciation and amortization ​ 138,796 ​ 135,629 Net property, plant, and equipment ​ $ 72,291 ​ $ 75,711 (1) Machinery and equipment also includes software, furniture and fixtures ​ For the three months ended March 31, 2020 and 2019, depreciation expense was $3.9 million and $4.6 million, respectively. ​ Goodwill ​ Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. The Company continues to assess the COVID-19 pandemic as a potential triggering event related to the value of its goodwill and concluded that there were no indicators of impairment during the three months ended March 31, 2020. ​ Intangible Assets ​ 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 amortized on a straight-line basis if such pattern cannot be reliably determined. The Company continues to assess the COVID-19 pandemic as a potential triggering event related to the value of its intangible assets and concluded that there were no indicators of impairment during the three months ended March 31, 2020. ​ The components of purchased intangible assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Gross Amortization ​ Gross Amortization ​ ​ ​ Carrying ​ and ​ Net ​ Carrying ​ and ​ Net ​ ​ Amount ​ Impairment ​ Amount ​ Amount ​ Impairment ​ Amount ​ ​ (in thousands) Technology ​ $ 327,908 ​ $ 294,414 ​ $ 33,494 ​ $ 327,908 ​ $ 291,766 ​ $ 36,142 Customer relationships ​ ​ 146,465 ​ ​ 127,606 ​ ​ 18,859 ​ ​ 146,465 ​ ​ 126,764 ​ ​ 19,701 Trademarks and tradenames ​ ​ 30,910 ​ ​ 25,596 ​ ​ 5,314 ​ ​ 30,910 ​ ​ 25,256 ​ ​ 5,654 Other ​ 3,686 ​ 3,673 ​ 13 ​ 3,686 ​ 3,665 ​ 21 Total ​ $ 508,969 ​ $ 451,289 ​ $ 57,680 ​ $ 508,969 ​ $ 447,451 ​ $ 61,518 ​ Other intangible assets primarily consist of patents, licenses, and backlog. ​ ​ ​ ​ ​

Liabilities

Liabilities	3 Months Ended
	Mar. 31, 2020
Liabilities
Liabilities	Note 4 — Liabilities ​ Accrued Expenses and Other Current Liabilities ​ The components of accrued expenses and other current liabilities at March 31, 2020 and December 31, 2019 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ ​ (in thousands) Payroll and related benefits ​ $ 18,909 ​ $ 15,174 Warranty ​ ​ 5,968 ​ ​ 7,067 Operating lease liabilities ​ ​ 4,286 ​ ​ 4,196 Interest ​ ​ 1,992 ​ ​ 4,321 Professional fees ​ ​ 1,936 ​ ​ 2,443 Sales, use, and other taxes ​ 2,644 ​ 811 Restructuring liability ​ 2,074 ​ 2,841 Other ​ 3,759 ​ 4,390 Total ​ $ 41,568 ​ $ 41,243 ​ Warranty ​ Warranties are typically valid for one year from the date of system final acceptance, and Veeco estimates the costs that may be incurred under the warranty. Estimated warranty costs are determined by analyzing specific product and historical configuration statistics and regional warranty support costs and are affected by product failure rates, material usage, and labor costs incurred in correcting product failures during the warranty period. Unforeseen component failures or exceptional component performance can also result in changes to warranty costs. Changes in product warranty reserves for the three months ended March 31, 2020 include: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Balance - December 31, 2019 ​ $ 7,067 Warranties issued ​ 645 Consumption of reserves ​ (1,708) Changes in estimate ​ (36) Balance - March 31, 2020 ​ $ 5,968 ​ Restructuring Accruals ​ The Company continued to record restructuring charges during the year ended December 31, 2019 as a result of its efforts to further streamline operations, enhance efficiencies, and reduce costs. In the second half of 2019, the Company executed an initiative to reorganize various functions along product lines and created a central research and development organization to better allocate its resources to the Company’s highest priority projects. In addition, the Company delayered the organization. Collectively, these actions impacted approximately 60 employees. During the three months ended March 31, 2020, additional accruals were recognized and payments were made related to these restructuring initiatives. ​ The following table shows the amounts incurred and paid for restructuring activities during the three months ended March 31, 2020, and the remaining accrued balance of restructuring costs at March 31, 2020, which is included in “Accrued expenses and other current liabilities” in the Consolidated Balance Sheets, and principally consists of personnel severance and related costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Balance - December 31, 2019 ​ $ 2,841 Provision ​ ​ 625 Payments ​ ​ (1,392) Balance - March 31, 2020 ​ $ 2,074 ​ Customer Deposits and Deferred Revenue ​ Customer deposits totaled $24.9 million and $26.6 million at March 31, 2020 and December 31, 2019, respectively. 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, 2019 $ 28,249 Deferral of revenue ​ 5,089 Recognition of previously deferred revenue ​ (8,607) Balance - March 31, 2020 $ 24,731 ​ As of March 31, 2020, the Company has approximately $32.2 million of remaining performance obligations on contracts with an original estimated duration of one year or more, of which approximately 88% 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. ​ Convertible Senior Notes ​ On January 10, 2017, the Company issued $345.0 million of 2.70% convertible senior unsecured notes (the “Convertible Senior Notes”). The Company received net proceeds, after deducting underwriting discounts and fees and expenses payable by the Company, of approximately $335.8 million. The Convertible Senior 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 Convertible Senior Notes mature on January 15, 2023 (the “Maturity Date”), unless earlier purchased by the Company, redeemed, or converted. ​ The carrying value of the Convertible Senior Notes is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ (in thousands) Principal amount ​ $ 345,000 ​ $ 345,000 Unamortized debt discount ​ (37,804) ​ (40,820) Unamortized transaction costs ​ (3,808) ​ (4,112) Net carrying value ​ $ 303,388 ​ $ 300,068 ​ Total interest expense related to the Convertible Senior Notes is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 2019 ​ ​ ​ (in thousands) ​ Cash Interest Expense ​ ​ ​ ​ ​ Coupon interest expense ​ $ 2,329 ​ $ 2,329 ​ Non-Cash Interest Expense ​ ​ ​ Amortization of debt discount ​ 3,016 ​ 2,799 ​ Amortization of transaction costs ​ 304 ​ 282 ​ Total Interest Expense ​ $ 5,649 ​ $ 5,410 ​ ​ The Company determined the Convertible Senior Notes is a Level 2 ​ Other Liabilities ​ As part of the acquisition of Ultratech, the Company assumed an executive non-qualified deferred compensation plan that allowed qualifying executives to defer cash compensation. The plan was frozen at the time of acquisition and no further contributions have been made. At March 31, 2020 and December 31, 2019, plan assets approximated $1.9 million and $2.7 million, respectively, representing the cash surrender value of life insurance policies and is included within “Other assets” in the Consolidated Balance Sheets, while plan liabilities approximated $2.3 million and $3.1 million, respectively, and is included within “Other liabilities” in the Consolidated Balance Sheets. Other liabilities at both March 31, 2020 and December 31, 2019 also included medical and dental benefits for former executives of $2.0 million, asset retirement obligations of $3.2 million, and income tax payables of $1.0 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 5 — Commitments and Contingencies ​ Leases ​ 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 March 31, 2020 was 3 years, and the weighted average discount rate used in determining the present value of future lease payments was 6.0%. ​ The following table provides the maturities of lease liabilities at March 31, 2020: ​ ​ ​ ​ ​ ​ ​ Operating ​ Leases ​ ​ (in thousands) Payments due by period: ​ ​ ​ 2020 ​ $ 3,898 2021 ​ ​ 4,970 2022 ​ ​ 4,387 2023 ​ ​ 1,112 2024 ​ ​ 551 Thereafter ​ ​ — Total future minimum lease payments ​ ​ 14,918 Less: Imputed interest ​ ​ (1,338) Total ​ $ 13,580 ​ ​ ​ ​ Reported as of March 31, 2020 ​ ​ ​ Accrued expenses and other current liabilities ​ $ 4,286 Operating lease long-term liabilities ​ ​ 9,294 Total ​ $ 13,580 ​ Operating lease cost for both the three months ended March 31, 2020 and 2019 was $1.4 million. Variable lease cost for the three months ended March 31, 2020 and 2019 was $0.5 million and $0.6 million, respectively. Additionally, the Company has an immaterial amount of short term leases. Operating cash outflows from operating leases for the three months ended March 31, 2020 and 2019 were $1.3 million and $1.5 million, respectively. ​ Purchase Commitments ​ Veeco has purchase commitments of $76.2 million at March 31, 2020, substantially all of which become due within one year. ​ Bank Guarantees ​ Veeco has bank guarantees and letters of credit issued by a financial institution on its behalf as needed. At March 31, 2020, outstanding bank guarantees and letters of credit totaled $5.8 million, and unused bank guarantees and letters of credit of $25.8 million were available to be drawn upon. ​ 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 have been consolidated with the Wolther Action, and a consolidated complaint was filed on December 11, 2018. The consolidated complaint seeks 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. Veeco is defending this matter vigorously. ​ 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 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. Veeco is defending this matter vigorously. 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.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Financial Instruments
Derivative Financial Instruments	Note 6 — Derivative Financial Instruments ​ The Company is exposed to financial market risks arising from changes in currency exchange rates. Changes in currency exchange rates could affect the Company’s foreign currency denominated monetary assets and liabilities and forecasted cash flows. The Company enters into monthly forward derivative contracts with the intent of mitigating a portion of this risk. The Company only uses derivative financial instruments in the context of hedging and not for speculative purposes and had not designated its foreign exchange derivatives as hedges. Accordingly, changes in fair value from these contracts are recorded as “Other operating expense (income), net” in the Company’s Consolidated Statements of Operations. The Company executes derivative transactions with highly rated financial institutions to mitigate counterparty risk. ​ The Company did not have any outstanding derivative contracts at March 31, 2020 or December 31, 2019. Additionally, the Company did not have any gains or losses from currency exchange derivatives during the three months ended March 31, 2020 and 2019. ​

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity
Stockholders' Equity	​ Note 7 — Equity ​ Statement of Stockholders’ Equity ​ The following tables present the changes in Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Common Stock ​ Paid-in ​ Accumulated ​ Comprehensive ​ ​ ​ ​ ​ Shares ​ Amount ​ Capital ​ Deficit ​ Income ​ Total ​ ​ (in thousands) Balance at December 31, 2019 48,994 ​ $ 490 ​ $ 1,071,058 ​ $ (698,930) ​ $ 1,894 ​ $ 374,512 Net loss — ​ — ​ — ​ (567) ​ — ​ (567) Other comprehensive income, net of tax — ​ — ​ — ​ — ​ 153 ​ 153 Share-based compensation expense — ​ — ​ 3,646 ​ — ​ — ​ 3,646 Net issuance under employee stock plans 434 ​ ​ 4 ​ ​ (684) ​ ​ — ​ ​ — ​ ​ (680) Balance at March 31, 2020 49,428 ​ $ 494 ​ $ 1,074,020 ​ $ (699,497) ​ $ 2,047 ​ $ 377,064 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Common Stock ​ Treasury Stock ​ Paid-in ​ Accumulated ​ Comprehensive ​ ​ ​ ​ ​ Shares ​ Amount ​ Shares Amount ​ Capital ​ Deficit ​ Income ​ Total ​ ​ (in thousands) Balance at December 31, 2018 48,547 ​ $ 485 ​ ​ 523 ​ $ (5,872) ​ $ 1,061,325 ​ $ (619,983) ​ $ 1,820 ​ $ 437,775 Net loss — ​ — ​ — ​ — ​ — ​ (18,530) ​ — ​ (18,530) Other comprehensive income, net of tax — ​ — ​ — ​ — ​ — ​ — ​ 38 ​ 38 Share-based compensation expense — ​ — ​ — ​ — ​ 3,157 ​ — ​ — ​ 3,157 Net issuance under employee stock plans ​ 128 ​ ​ 2 ​ ​ (523) ​ ​ 5,872 ​ ​ (6,303) ​ ​ (213) ​ ​ — ​ ​ (642) Balance at March 31, 2019 48,675 ​ $ 487 ​ ​ — ​ $ — ​ $ 1,058,179 ​ $ (638,726) ​ $ 1,858 ​ $ 421,798 ​ 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) ​ (48) ​ 201 ​ 153 Balance - March 31, 2020 ​ $ 1,813 ​ $ 234 ​ $ 2,047 ​ There were minimal reclassifications from AOCI into net income for the three months ended March 31, 2020 and 2019.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-Based Compensation
Share-based compensation	Note 8 — Share-Based Compensation ​ Restricted share awards are issued to employees that are subject to specified restrictions and a risk of forfeiture. The restrictions typically lapse over one ​ Share-based compensation expense was recognized in the following line items in the Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 2019 ​ (in thousands) ​ Cost of sales $ 521 $ 470 Research and development ​ ​ 874 ​ ​ 792 ​ Selling, general, and administrative ​ ​ 2,251 ​ ​ 1,895 ​ Total ​ $ 3,646 ​ $ 3,157 ​ ​ For the three months ended March 31, 2020, equity activity related to stock options was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Shares Exercise Price ​ ​ (in thousands) ​ ​ ​ Balance - December 31, 2019 ​ 1,119 ​ ​ 34.88 Expired or forfeited ​ (40) ​ ​ 34.19 Balance - March 31, 2020 ​ 1,079 ​ ​ 34.90 ​ For the three months ended March 31, 2020, equity activity related to non-vested restricted shares and performance shares was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value ​ ​ (in thousands) ​ ​ ​ Balance - December 31, 2019 ​ 2,257 ​ ​ 16.20 Granted ​ 840 ​ ​ 8.99 Performance award adjustments ​ (45) ​ ​ 31.34 Vested ​ (190) ​ ​ 12.68 Forfeited ​ (233) ​ ​ 16.35 Balance - March 31, 2020 ​ 2,629 ​ ​ 13.88 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Taxes
Income Taxes	Note 9 — Income Taxes ​ Income taxes are estimated for each of the jurisdictions in which the Company operates. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. Realization of net deferred tax assets is dependent on future taxable income. At March 31, 2020, the Company’s U.S. deferred tax assets are fully offset by a valuation allowance since the Company cannot conclude that it is more likely than not that these future benefits will be realized. ​ At the end of each interim reporting period, the effective tax rate is aligned with expectations for the full year. This estimate is used to determine the income tax provision on a year-to-date basis and may change in subsequent interim periods. If necessary, the year-to-date tax benefit for interim period losses is limited to the amount that could be recognizable at the end of the fiscal year. ​ Loss before income taxes and income tax expense (benefit) for the three months ended March 31, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2020 2019 ​ ​ (in thousands) Loss before income taxes ​ $ (299) ​ $ (18,340) ​ Income tax expense (benefit) ​ $ 268 $ 190 ​ ​ The Company’s tax expense for the three months ended March 31, 2020 was $0.3 million, compared to $0.2 million for the comparable prior period. The 2020 tax expense included a $0.1 million expense related to the Company’s domestic operations and $0.2 million related to the Company’s non-U.S. operations, compared to 2019 when the expense included a $0.1 million expense related to the Company’s domestic operations and $0.1 million related to the Company’s non-U.S. operations. Although there was a domestic pre-tax loss for the three months ended March 31, 2020 and 2019, the Company did not provide a current tax benefit on domestic pre-tax losses, as the amounts are not realizable on a more-likely-than-not basis. The domestic tax expense for the current period is primarily attributable to the tax amortization of indefinite-lived intangible assets that is not available to offset U.S. deferred tax assets.

Segment Reporting and Geographi

Segment Reporting and Geographic Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting and Geographic Information
Segment Reporting and Geographic Information	Note 10 — Segment Reporting and Geographic Information ​ Veeco operates and measures its results in one operating segment and therefore has ​ Veeco categorizes its sales into the following four end-markets: ​ Front-End Semiconductor ​ Front-End Semiconductor refers to the early steps in the process of integrated circuit fabrication where the microchips are created but still remain on the silicon wafer. This category includes Laser Spike Anneal, Ion Beam etch for front-end semiconductor applications, and Ion Beam deposition for EUV mask blanks. ​ Advanced Packaging, MEMS & RF Filters ​ Advanced Packaging includes a portfolio of wafer-level assembly technologies that enable improved performance of electronic products, such as smartphones, high-end servers, and graphical processors. Micro-Electro Mechanical Systems (“MEMS”) includes tiny mechanical devices such as sensors, switches, mirrors, and actuators embedded in semiconductor chips used in vehicles, smartphones, tablets, and games. RF Filters refers to RF filters used in smartphones, tablets, and mobile devices. ​ LED Lighting, Display & Compound Semiconductor ​ LED Lighting refers to Light Emitting Diode (“LED”) and semiconductor illumination sources used in various applications including, but not limited to, displays such as backlights, general lighting, automotive running lights, and headlamps. Display refers to LEDs used for displays and Organic Light Emitting Diode (“OLED”) displays found in outdoor display/signage applications, TVs, smartphones, wearable devices, and tablets. Compound Semiconductor includes Photonics, Power Electronics, and Radio Frequency (“RF”) Devices. Photonics refers to laser diodes, Vertical Cavity Surface Emitting Lasers (“VCSEL”) in 3D sensing and communications, and various other optical devices. Power Electronics refers to semiconductor devices such as rectifiers, inverters, and converters for the control and conversion of electric power. RF devices refers to radio frequency emitting and receiving devices that enable wireless communications. Such devices include power amplifiers, switches, and transceivers for applications such as mobile (including handsets and base stations), defense, automobile, and the Internet of Things. ​ Scientific & Industrial ​ Scientific refers to advanced materials research at university research institutions, industry research institutions, industry consortiums, and government research agencies. Industrial refers to large-scale product manufacturing applications including data storage and optical coatings: thin layers of material deposited on a lens or mirror that alters how light reflects and transmits. ​ Sales by end-market and geographic region for the three months ended March 31, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2020 ​ 2019 ​ ​ (in thousands) Sales by end-market ​ ​ ​ ​ ​ ​ Front-End Semiconductor ​ $ 31,366 ​ $ 22,617 Advanced Packaging, MEMS & RF Filters ​ 8,588 ​ 23,127 LED Lighting, Display & Compound Semiconductor ​ ​ 15,402 ​ ​ 13,550 Scientific & Industrial ​ 49,146 ​ 40,077 Total ​ $ 104,502 ​ $ 99,371 Sales by geographic region ​ ​ ​ ​ ​ ​ United States ​ $ 39,635 ​ $ 32,315 China ​ ​ 10,472 ​ ​ 10,159 EMEA (1) ​ ​ 16,150 ​ ​ 17,827 Rest of World ​ 38,245 ​ 39,070 Total ​ $ 104,502 ​ $ 99,371 (1) EMEA consists of Europe, the Middle East, and Africa ​ For geographic reporting, sales are attributed to the location in which the customer facility is located. ​ ​

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Significant Accounting Policies
Basis of Presentation	The accompanying unaudited Consolidated Financial Statements of Veeco have been prepared in accordance with U.S. GAAP as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 270 for interim financial information and with the instructions to Rule 10-01 of Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements as the interim information is an update of the information that was presented in Veeco’s most recent annual financial statements. For further information, refer to Veeco’s Consolidated Financial Statements and Notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal, recurring nature.
Fiscal Period	Veeco reports interim quarters on a 13-week basis ending on the last Sunday of each quarter. The fourth quarter always ends on the last day of the calendar year, December 31. The 2020 interim quarters end on March 29, June 28, and September 27, and the 2019 interim quarters ended on March 31, June 30, and September 29. These interim quarters are reported as March 31, June 30, and September 30 in Veeco’s interim consolidated financial statements. ​
Use of Estimates	The preparation of financial statements in conformity with U.S GAAP requires the Company’s 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, actual results may differ from these estimates. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s workforce and operations and the operations of the Company’s customers, suppliers, and business partners. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, manufacturing, research and development costs, reserves and allowances, fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. ​
Revenue Recognition	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, typically 10% of the sales price, 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 amortization period is one year or less. ​ The Company has elected to treat shipping and handling costs as a fulfillment activity, and the Company includes such costs in cost of services when the Company recognizes revenue for the related goods. Taxes assessed by governmental authorities that are collected by the Company from a customer are excluded from revenue.
Inventories	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.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Income (Loss) Per Common Share
Schedule of basic and diluted income (loss) per share and weighted average shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2020 2019 ​ ​ (in thousands, except per share amounts) Net income (loss) ​ $ (567) ​ $ (18,530) Net income (loss) per common share: ​ ​ ​ ​ ​ ​ Basic ​ $ (0.01) ​ $ (0.40) Diluted ​ $ (0.01) ​ $ (0.40) ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 47,811 ​ 46,848 Effect of potentially dilutive share-based awards ​ — ​ — Diluted weighted average shares outstanding ​ 47,811 ​ 46,848 ​ ​ ​ ​ ​ ​ ​ Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive ​ ​ 627 ​ ​ 320 Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive ​ ​ 1,485 ​ ​ 2,426 Maximum potential shares to be issued for settlement of the Convertible Senior Notes excluded from the diluted calculation as their effect would be antidilutive ​ ​ 8,618 ​ ​ 8,618

Assets (Tables)

Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Assets
Schedule of portion of Veeco's assets (excluding cash balances) that are measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposits and time deposits ​ $ 81,796 ​ $ — ​ $ — ​ $ 81,796 Government money market fund ​ ​ 47,500 ​ ​ — ​ ​ — ​ ​ 47,500 Commercial paper ​ ​ — ​ ​ 9,498 ​ ​ — ​ ​ 9,498 Total ​ $ 129,296 ​ $ 9,498 ​ $ — ​ $ 138,794 Short-term investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 52,507 ​ $ — ​ $ — ​ $ 52,507 Government agency securities ​ ​ — ​ ​ 5,976 ​ ​ — ​ ​ 5,976 Corporate debt ​ ​ — ​ ​ 7,015 ​ ​ — ​ ​ 7,015 Commercial paper ​ ​ — ​ ​ 13,931 ​ ​ — ​ ​ 13,931 Total ​ $ 52,507 ​ $ 26,922 ​ $ — ​ $ 79,429 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposits and time deposits ​ $ 67,009 ​ $ — ​ $ — ​ $ 67,009 Commercial paper ​ ​ — ​ ​ 10,484 ​ ​ — ​ ​ 10,484 Corporate debt ​ ​ — ​ ​ 1,000 ​ ​ — ​ ​ 1,000 Total ​ $ 67,009 ​ $ 11,484 ​ $ — ​ $ 78,493 Short-term investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 105,130 ​ $ — ​ $ — ​ $ 105,130 Government agency securities ​ ​ — ​ ​ 1,139 ​ ​ — ​ ​ 1,139 Corporate debt ​ ​ — ​ ​ 6,002 ​ ​ — ​ ​ 6,002 Commercial paper ​ ​ — ​ ​ 2,981 ​ ​ — ​ ​ 2,981 Total ​ $ 105,130 ​ $ 10,122 ​ $ — ​ $ 115,252
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) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 52,285 ​ $ 222 ​ $ — ​ $ 52,507 Government agency securities ​ ​ 5,947 ​ ​ 29 ​ ​ — ​ ​ 5,976 Corporate debt ​ ​ 7,032 ​ ​ — ​ ​ (17) ​ ​ 7,015 Commercial paper ​ ​ 13,930 ​ ​ 1 ​ ​ — ​ ​ 13,931 Total ​ $ 79,194 ​ $ 252 ​ $ (17) ​ $ 79,429 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 105,096 ​ $ 38 ​ $ (4) ​ $ 105,130 Government agency securities ​ ​ 1,139 ​ ​ — ​ ​ — ​ ​ 1,139 Corporate debt ​ 6,003 ​ — ​ (1) ​ 6,002 Commercial paper ​ ​ 2,981 ​ ​ — ​ ​ — ​ ​ 2,981 Total ​ $ 115,219 ​ $ 38 ​ $ (5) ​ $ 115,252
Schedule of fair value and unrealized losses of available-for-sale securities in a loss position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ ​ Gross ​ Gross ​ ​ Estimated ​ Unrealized ​ Estimated ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ ​ ​ (in thousands) U.S. treasuries ​ $ — ​ $ — ​ $ 22,943 ​ $ (4) Corporate debt ​ 7,015 ​ (17) ​ 6,002 ​ (1) Total ​ $ 7,015 ​ $ (17) ​ $ 28,945 ​ $ (5)
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ ​ (in thousands) Materials ​ $ 81,684 ​ $ 82,155 Work-in-process ​ 41,706 ​ 42,575 Finished goods ​ 6,221 ​ 8,337 Total ​ $ 129,611 ​ $ 133,067
Schedule of classes of assets classified as held for sale	​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ (in thousands) Assets held for sale: ​ ​ Inventories ​ $ 5,988 Property, plant, and equipment, net ​ ​ 310 Intangible assets, net ​ ​ 6,546 Goodwill ​ ​ 2,359 Impairment ​ ​ (4,020) Total Assets held for sale ​ $ 11,183
Schedule of property, plant, and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ ​ (in thousands) Land ​ $ 5,061 ​ $ 5,061 Building and improvements ​ 62,631 ​ 61,884 Machinery and equipment (1) ​ 136,625 ​ 137,692 Leasehold improvements ​ 6,770 ​ 6,703 Gross property, plant, and equipment ​ 211,087 ​ 211,340 Less: accumulated depreciation and amortization ​ 138,796 ​ 135,629 Net property, plant, and equipment ​ $ 72,291 ​ $ 75,711 (1) Machinery and equipment also includes software, furniture and fixtures ​
Schedule of intangible assets excluding goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Gross Amortization ​ Gross Amortization ​ ​ ​ Carrying ​ and ​ Net ​ Carrying ​ and ​ Net ​ ​ Amount ​ Impairment ​ Amount ​ Amount ​ Impairment ​ Amount ​ ​ (in thousands) Technology ​ $ 327,908 ​ $ 294,414 ​ $ 33,494 ​ $ 327,908 ​ $ 291,766 ​ $ 36,142 Customer relationships ​ ​ 146,465 ​ ​ 127,606 ​ ​ 18,859 ​ ​ 146,465 ​ ​ 126,764 ​ ​ 19,701 Trademarks and tradenames ​ ​ 30,910 ​ ​ 25,596 ​ ​ 5,314 ​ ​ 30,910 ​ ​ 25,256 ​ ​ 5,654 Other ​ 3,686 ​ 3,673 ​ 13 ​ 3,686 ​ 3,665 ​ 21 Total ​ $ 508,969 ​ $ 451,289 ​ $ 57,680 ​ $ 508,969 ​ $ 447,451 ​ $ 61,518

Liabilities (Tables)

Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Liabilities
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ ​ (in thousands) Payroll and related benefits ​ $ 18,909 ​ $ 15,174 Warranty ​ ​ 5,968 ​ ​ 7,067 Operating lease liabilities ​ ​ 4,286 ​ ​ 4,196 Interest ​ ​ 1,992 ​ ​ 4,321 Professional fees ​ ​ 1,936 ​ ​ 2,443 Sales, use, and other taxes ​ 2,644 ​ 811 Restructuring liability ​ 2,074 ​ 2,841 Other ​ 3,759 ​ 4,390 Total ​ $ 41,568 ​ $ 41,243
Schedule of changes in product warranty reserves	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Balance - December 31, 2019 ​ $ 7,067 Warranties issued ​ 645 Consumption of reserves ​ (1,708) Changes in estimate ​ (36) Balance - March 31, 2020 ​ $ 5,968
Schedule of restructuring accrual activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Balance - December 31, 2019 ​ $ 2,841 Provision ​ ​ 625 Payments ​ ​ (1,392) Balance - March 31, 2020 ​ $ 2,074
Schedule of changes in deferred revenue	​ ​ ​ ​ ​ ​ ​ (in thousands) Balance - December 31, 2019 $ 28,249 Deferral of revenue ​ 5,089 Recognition of previously deferred revenue ​ (8,607) Balance - March 31, 2020 $ 24,731
Schedule of carrying value of Convertible Senior Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ (in thousands) Principal amount ​ $ 345,000 ​ $ 345,000 Unamortized debt discount ​ (37,804) ​ (40,820) Unamortized transaction costs ​ (3,808) ​ (4,112) Net carrying value ​ $ 303,388 ​ $ 300,068
Schedule of interest expense related to Convertible Senior Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 2019 ​ ​ ​ (in thousands) ​ Cash Interest Expense ​ ​ ​ ​ ​ Coupon interest expense ​ $ 2,329 ​ $ 2,329 ​ Non-Cash Interest Expense ​ ​ ​ Amortization of debt discount ​ 3,016 ​ 2,799 ​ Amortization of transaction costs ​ 304 ​ 282 ​ Total Interest Expense ​ $ 5,649 ​ $ 5,410 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Schedule of maturities of lease liabilities 2019	The following table provides the maturities of lease liabilities at March 31, 2020: ​ ​ ​ ​ ​ ​ ​ Operating ​ Leases ​ ​ (in thousands) Payments due by period: ​ ​ ​ 2020 ​ $ 3,898 2021 ​ ​ 4,970 2022 ​ ​ 4,387 2023 ​ ​ 1,112 2024 ​ ​ 551 Thereafter ​ ​ — Total future minimum lease payments ​ ​ 14,918 Less: Imputed interest ​ ​ (1,338) Total ​ $ 13,580 ​ ​ ​ ​ Reported as of March 31, 2020 ​ ​ ​ Accrued expenses and other current liabilities ​ $ 4,286 Operating lease long-term liabilities ​ ​ 9,294 Total ​ $ 13,580

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity
Schedule of Stockholders' Equity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Common Stock ​ Paid-in ​ Accumulated ​ Comprehensive ​ ​ ​ ​ ​ Shares ​ Amount ​ Capital ​ Deficit ​ Income ​ Total ​ ​ (in thousands) Balance at December 31, 2019 48,994 ​ $ 490 ​ $ 1,071,058 ​ $ (698,930) ​ $ 1,894 ​ $ 374,512 Net loss — ​ — ​ — ​ (567) ​ — ​ (567) Other comprehensive income, net of tax — ​ — ​ — ​ — ​ 153 ​ 153 Share-based compensation expense — ​ — ​ 3,646 ​ — ​ — ​ 3,646 Net issuance under employee stock plans 434 ​ ​ 4 ​ ​ (684) ​ ​ — ​ ​ — ​ ​ (680) Balance at March 31, 2020 49,428 ​ $ 494 ​ $ 1,074,020 ​ $ (699,497) ​ $ 2,047 ​ $ 377,064 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Common Stock ​ Treasury Stock ​ Paid-in ​ Accumulated ​ Comprehensive ​ ​ ​ ​ ​ Shares ​ Amount ​ Shares Amount ​ Capital ​ Deficit ​ Income ​ Total ​ ​ (in thousands) Balance at December 31, 2018 48,547 ​ $ 485 ​ ​ 523 ​ $ (5,872) ​ $ 1,061,325 ​ $ (619,983) ​ $ 1,820 ​ $ 437,775 Net loss — ​ — ​ — ​ — ​ — ​ (18,530) ​ — ​ (18,530) Other comprehensive income, net of tax — ​ — ​ — ​ — ​ — ​ — ​ 38 ​ 38 Share-based compensation expense — ​ — ​ — ​ — ​ 3,157 ​ — ​ — ​ 3,157 Net issuance under employee stock plans ​ 128 ​ ​ 2 ​ ​ (523) ​ ​ 5,872 ​ ​ (6,303) ​ ​ (213) ​ ​ — ​ ​ (642) Balance at March 31, 2019 48,675 ​ $ 487 ​ ​ — ​ $ — ​ $ 1,058,179 ​ $ (638,726) ​ $ 1,858 ​ $ 421,798
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) ​ (48) ​ 201 ​ 153 Balance - March 31, 2020 ​ $ 1,813 ​ $ 234 ​ $ 2,047

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-Based Compensation
Schedule of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 2019 ​ (in thousands) ​ Cost of sales $ 521 $ 470 Research and development ​ ​ 874 ​ ​ 792 ​ Selling, general, and administrative ​ ​ 2,251 ​ ​ 1,895 ​ Total ​ $ 3,646 ​ $ 3,157 ​
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Shares Exercise Price ​ ​ (in thousands) ​ ​ ​ Balance - December 31, 2019 ​ 1,119 ​ ​ 34.88 Expired or forfeited ​ (40) ​ ​ 34.19 Balance - March 31, 2020 ​ 1,079 ​ ​ 34.90
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 ​ 840 ​ ​ 8.99 Performance award adjustments ​ (45) ​ ​ 31.34 Vested ​ (190) ​ ​ 12.68 Forfeited ​ (233) ​ ​ 16.35 Balance - March 31, 2020 ​ 2,629 ​ ​ 13.88

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Taxes
Schedule of loss before income taxes and income tax benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2020 2019 ​ ​ (in thousands) Loss before income taxes ​ $ (299) ​ $ (18,340) ​ Income tax expense (benefit) ​ $ 268 $ 190 ​

Segment Reporting and Geograp_2

Segment Reporting and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting and Geographic Information
Schedule of sales by end-market	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2020 ​ 2019 ​ ​ (in thousands) Sales by end-market ​ ​ ​ ​ ​ ​ Front-End Semiconductor ​ $ 31,366 ​ $ 22,617 Advanced Packaging, MEMS & RF Filters ​ 8,588 ​ 23,127 LED Lighting, Display & Compound Semiconductor ​ ​ 15,402 ​ ​ 13,550 Scientific & Industrial ​ 49,146 ​ 40,077 Total ​ $ 104,502 ​ $ 99,371 Sales by geographic region ​ ​ ​ ​ ​ ​ United States ​ $ 39,635 ​ $ 32,315 China ​ ​ 10,472 ​ ​ 10,159 EMEA (1) ​ ​ 16,150 ​ ​ 17,827 Rest of World ​ 38,245 ​ 39,070 Total ​ $ 104,502 ​ $ 99,371 (1) EMEA consists of Europe, the Middle East, and Africa
Schedule of sales by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2020 ​ 2019 ​ ​ (in thousands) Sales by end-market ​ ​ ​ ​ ​ ​ Front-End Semiconductor ​ $ 31,366 ​ $ 22,617 Advanced Packaging, MEMS & RF Filters ​ 8,588 ​ 23,127 LED Lighting, Display & Compound Semiconductor ​ ​ 15,402 ​ ​ 13,550 Scientific & Industrial ​ 49,146 ​ 40,077 Total ​ $ 104,502 ​ $ 99,371 Sales by geographic region ​ ​ ​ ​ ​ ​ United States ​ $ 39,635 ​ $ 32,315 China ​ ​ 10,472 ​ ​ 10,159 EMEA (1) ​ ​ 16,150 ​ ​ 17,827 Rest of World ​ 38,245 ​ 39,070 Total ​ $ 104,502 ​ $ 99,371 (1) EMEA consists of Europe, the Middle East, and Africa

Basis of Presentation - Fiscal

Basis of Presentation - Fiscal Period (Details)	3 Months Ended
	Mar. 31, 2020
Significant Accounting Policies
Fiscal period duration (in days)	91 days

Basis of Presentation - Revenue

Basis of Presentation - Revenue Recognition (Details)	3 Months Ended
	Mar. 31, 2020
Significant Accounting Policies
Billing retention recognized at time of transfer of control (as a percent)	10.00%
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract	true

Income (Loss) Per Share - Basic

Income (Loss) Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income (Loss) Per Common Share
Net income (loss)	$ (567)	$ (18,530)
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.01)	$ (0.40)
Diluted (in dollars per share)	$ (0.01)	$ (0.40)
Weighted average shares reconciliation
Basic weighted average shares outstanding	47,811	46,848
Diluted weighted average shares outstanding	47,811	46,848

Income (Loss) Per Share - Share

Income (Loss) Per Share - Shares Excluded from EPS (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Common share equivalents
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive	627	320
Potentially dilutive shares
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive	1,485	2,426
Convertible Notes
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive	8,618	8,618

Assets - Fair Value (Details)

Assets - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Short-term investments
Transfer of assets from Level 1 to Level 2	$ 0
Transfer of assets from Level 2 to Level 1	0
Transfer of Liabilities from Level 1 to Level 2	0
Transfer of Liabilities from Level 2 to Level 1	0
Measured at fair value on a recurring basis
Cash equivalents
Total Cash equivalents	138,794	$ 78,493
Short-term investments
Total Short-term investments	79,429	115,252
Measured at fair value on a recurring basis | U.S. treasuries
Short-term investments
Total Short-term investments	52,507	105,130
Measured at fair value on a recurring basis | Government agency securities
Short-term investments
Total Short-term investments	5,976	1,139
Measured at fair value on a recurring basis | Corporate debt
Short-term investments
Total Short-term investments	7,015	6,002
Measured at fair value on a recurring basis | Commercial paper
Short-term investments
Total Short-term investments	13,931	2,981
Measured at fair value on a recurring basis | Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	81,796	67,009
Measured at fair value on a recurring basis | Government money market fund
Cash equivalents
Total Cash equivalents	47,500
Measured at fair value on a recurring basis | Commercial paper
Cash equivalents
Total Cash equivalents	9,498	10,484
Measured at fair value on a recurring basis | Corporate debt
Cash equivalents
Total Cash equivalents		1,000
Measured at fair value on a recurring basis | Level 1
Cash equivalents
Total Cash equivalents	129,296	67,009
Short-term investments
Total Short-term investments	52,507	105,130
Measured at fair value on a recurring basis | Level 1 | U.S. treasuries
Short-term investments
Total Short-term investments	52,507	105,130
Measured at fair value on a recurring basis | Level 1 | Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	81,796	67,009
Measured at fair value on a recurring basis | Level 1 | Government money market fund
Cash equivalents
Total Cash equivalents	47,500
Measured at fair value on a recurring basis | Level 2
Cash equivalents
Total Cash equivalents	9,498	11,484
Short-term investments
Total Short-term investments	26,922	10,122
Measured at fair value on a recurring basis | Level 2 | Government agency securities
Short-term investments
Total Short-term investments	5,976	1,139
Measured at fair value on a recurring basis | Level 2 | Corporate debt
Short-term investments
Total Short-term investments	7,015	6,002
Measured at fair value on a recurring basis | Level 2 | Commercial paper
Short-term investments
Total Short-term investments	13,931	2,981
Measured at fair value on a recurring basis | Level 2 | Commercial paper
Cash equivalents
Total Cash equivalents	$ 9,498	10,484
Measured at fair value on a recurring basis | Level 2 | Corporate debt
Cash equivalents
Total Cash equivalents		$ 1,000

Assets - Available-For-Sale Sec

Assets - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Total available-for-sale securities
Amortized Cost	$ 79,194		$ 115,219
Gross Unrealized Gains	252		38
Gross Unrealized Losses	(17)		(5)
Estimated Fair Value	79,429		115,252
Available-for-sale securities in a loss position
Estimated Fair Value	7,015		28,945
Gross Unrealized Losses	(17)		(5)
Investments that had been in a continuous loss position for more than 12 months	0		0
Realized gains or losses
Realized gains	0	$ 0
Realized losses	0	0
U.S. treasuries
Total available-for-sale securities
Amortized Cost	52,285		105,096
Gross Unrealized Gains	222		38
Gross Unrealized Losses			(4)
Estimated Fair Value	52,507		105,130
Available-for-sale securities in a loss position
Estimated Fair Value			22,943
Gross Unrealized Losses			(4)
Government agency securities
Total available-for-sale securities
Amortized Cost	5,947	1,139
Gross Unrealized Gains	29
Estimated Fair Value	5,976	$ 1,139
Corporate debt
Total available-for-sale securities
Amortized Cost	7,032		6,003
Gross Unrealized Losses	(17)		(1)
Estimated Fair Value	7,015		6,002
Available-for-sale securities in a loss position
Estimated Fair Value	7,015		6,002
Gross Unrealized Losses	(17)		(1)
Commercial paper
Total available-for-sale securities
Amortized Cost	13,930		2,981
Gross Unrealized Gains	1
Estimated Fair Value	$ 13,931		$ 2,981

Assets - Accounts Receivable (D

Assets - Accounts Receivable (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounts Receivable
Allowance for doubtful accounts receivable	$ 0.6	$ 0.6
Impact of COVID-19
Accounts Receivable
Change in allowance for doubtful accounts	$ 0

Assets - Inventories (Details)

Assets - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventories
Materials	$ 81,684	$ 82,155
Work-in-process	41,706	42,575
Finished goods	6,221	8,337
Total	$ 129,611	$ 133,067

Assets - Prepaid Expenses and O

Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Prepaid expenses and other current assets
Deposits with suppliers	$ 5.4	$ 5.9

Assets - Assets held for sale (

Assets - Assets held for sale (Details) - Asset held for sale - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 31, 2019	Mar. 31, 2020
Assets Held for Sale
Impairment		$ 4,000
Major classes of assets classified as held for sale
Inventories			$ 5,988
Property, plant, and equipment, net			310
Intangible assets, net			6,546
Goodwill			2,359
Impairment			(4,020)
Total Assets held for sale			$ 11,183
Subsequent event
Assets Held for Sale
Consideration	$ 11,400
Transaction price due upon closing (as a percent)	85.00%
Amount held in escrow (as a percent)	15.00%
Period over which portion of transaction price is held in escrow	18 months

Assets - Property, Plant, and E

Assets - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, plant, and equipment
Gross property, plant and equipment	$ 211,087		$ 211,340
Less: accumulated depreciation and amortization	138,796		135,629
Net property, plant, and equipment	72,291		75,711
Depreciation expense	3,900	$ 4,600
Land
Property, plant, and equipment
Gross property, plant and equipment	5,061		5,061
Building and improvements
Property, plant, and equipment
Gross property, plant and equipment	62,631		61,884
Machinery and equipment
Property, plant, and equipment
Gross property, plant and equipment	136,625		137,692
Leaseholds improvements
Property, plant, and equipment
Gross property, plant and equipment	$ 6,770		$ 6,703

Assets - Intangible Assets (Det

Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangible assets
Total Gross Intangible Assets	$ 508,969	$ 508,969
Accumulated Amortization and Impairment	451,289	447,451
Total Net Intangible Assets	57,680	61,518
Technology
Intangible assets
Gross Carrying Amount, Definite-lived intangible assets	327,908	327,908
Accumulated Amortization and Impairment, Definite-lived intangible assets	294,414	291,766
Net Amount, Definite-lived intangible assets	33,494	36,142
Customer relationships
Intangible assets
Gross Carrying Amount, Definite-lived intangible assets	146,465	146,465
Accumulated Amortization and Impairment, Definite-lived intangible assets	127,606	126,764
Net Amount, Definite-lived intangible assets	18,859	19,701
Trademarks and tradenames
Intangible assets
Gross Carrying Amount, Definite-lived intangible assets	30,910	30,910
Accumulated Amortization and Impairment, Definite-lived intangible assets	25,596	25,256
Net Amount, Definite-lived intangible assets	5,314	5,654
Other Intangible Assets
Intangible assets
Gross Carrying Amount, Definite-lived intangible assets	3,686	3,686
Accumulated Amortization and Impairment, Definite-lived intangible assets	3,673	3,665
Net Amount, Definite-lived intangible assets	$ 13	$ 21

Liabilities - Accrued Expenses

Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued expenses and other current liabilities
Payroll and related benefits	$ 18,909	$ 15,174
Warranty	5,968	7,067
Operating lease liabilities	4,286	4,196
Interest	1,992	4,321
Professional fees	1,936	2,443
Sales, use, and other taxes	2,644	811
Restructuring liability	2,074	2,841
Other	3,759	4,390
Total	$ 41,568	$ 41,243

Liabilities - Warranty (Details

Liabilities - Warranty (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Warranty
Warranty period	1 year
Balance, beginning of the year	$ 7,067
Warranties issued	645
Consumption of reserves	(1,708)
Changes in estimate	(36)
Balance, end of the year	$ 5,968

Liabilities - Restructuring Acc

Liabilities - Restructuring Accruals (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019employee
Liabilities
Number of employees impacted | employee		60
Changes in restructuring accrual
Balance at the beginning of the period	$ 2,841
Provision	625
Payments	(1,392)
Balance at the end of the period	$ 2,074

Liabilities - Customer Deposits

Liabilities - Customer Deposits and Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Liabilities
Customer deposits and deferred revenue	$ 24,900	$ 26,600
Changes in deferred revenue
Beginning balance	28,249
Deferral of revenue	5,089
Recognition of previously deferred revenue	(8,607)
Ending balance	$ 24,731

Liabilities - Performance Oblig

Liabilities - Performance Obligations Amount (Details) $ in Millions	Mar. 31, 2020USD ($)
Liabilities
Remaining performance obligations	$ 32.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Performance obligations
Percentage of remaining performance obligation expected to be recognized	88.00%

Liabilities - Performance Obl_2

Liabilities - Performance Obligations Timing (Details)	3 Months Ended
	Mar. 31, 2020
Liabilities
Revenue, Practical Expedient, Remaining Performance Obligation	true
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Performance obligations
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Performance obligations
Remaining performance obligations, expected timing of satisfaction	2 years

Liabilities - Convertible Senio

Liabilities - Convertible Senior Notes (Details) - Convertible Notes - USD ($) $ in Thousands	Jan. 10, 2017	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt
Principal amount	$ 345,000	$ 345,000		$ 345,000
Interest rate (as a percent)	2.70%	2.70%
Proceeds received, net of transaction fees	$ 335,800
Unamortized debt discount		$ (37,804)		(40,820)
Unamortized transaction costs		(3,808)		(4,112)
Net carrying value		303,388		$ 300,068
Cash Interest Expense
Coupon interest expense		2,329	$ 2,329
Non-Cash Interest Expense
Amortization of debt discount		3,016	2,799
Amortization of transaction costs		304	282
Total Interest Expense		$ 5,649	$ 5,410
Convertible Debt, Fair Value by Fair Value Hierarchy Level		us-gaap:FairValueInputsLevel2Member
Estimated fair value		$ 283,800

Liabilities - Other Liabilities

Liabilities - Other Liabilities (Details) - USD ($) $ in Millions	36 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Other liabilities
Contributions to deferred compensation plan	$ 0
Other Assets
Other liabilities
Deferred compensation plan assets	1.9	$ 2.7
Other Liabilities
Other liabilities
Deferred compensation plan liabilities	2.3	3.1
Medical and dental benefits	2
Asset retirement obligations	3.2	3.2
Income taxes payable	$ 1	$ 1

Commitments and Contingencies -

Commitments and Contingencies - Lease terms (Details)	Mar. 31, 2020
Leases
Lease Renewal Term	5 years
Remaining lease term	3 years
Weighted average discount rate (as a percent)	6.00%

Commitments and Contingencies_2

Commitments and Contingencies - Minimum lease commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Minimum lease commitments, Payments due by period:
2020	$ 3,898
2021	4,970
2022	4,387
2023	1,112
2024	551
Total future minimum lease payments	14,918
Less: Imputed interest	(1,338)
Total operating lease liabilities	13,580
Operating lease liability, current	$ 4,286	$ 4,196
Operating Lease, Liability, Current, Statement of Financial Position	veco:AccruedAndOtherLiabilitiesCurrent
Operating lease liability, noncurrent	$ 9,294	$ 10,300
Operating Lease, Liability, Noncurrent, Statement of Financial Position	us-gaap:OperatingLeaseLiabilityNoncurrent
Total operating lease liabilities	$ 13,580

Commitments and Contingencies_3

Commitments and Contingencies - Lease costs (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Lease cost
Operating lease cost	$ 1.4	$ 1.4
Variable lease cost	0.5	0.6
Operating cash flows from operating leases	$ 1.3	$ 1.5

Commitments and Contingencies_4

Commitments and Contingencies - Purchase Commitments and Bank Guarantees (Details) $ in Millions	Mar. 31, 2020USD ($)
Purchase commitments
Purchase commitments due within one year	$ 76.2
Bank guarantees
Bank guarantees and letters of credit outstanding	5.8
Unused bank guarantees and letters of credit	$ 25.8

Commitments and Contingencies_5

Commitments and Contingencies - Legal Proceedings (Detail)	Aug. 08, 2018case
Ultratech acquisition litigation
Legal Proceedings
Number of purported class action complaints filed	2

Equity - Statement of Stockhold

Equity - Statement of Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	$ 374,512	$ 437,775
Net loss	(567)	(18,530)
Other comprehensive income, net of tax	153	38
Share-based compensation expense	3,646	3,157
Net issuance under employee stock plans	(680)	(642)
Balance at the end of the period	377,064	421,798
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	$ 490	$ 485
Balance (in shares)	48,994	48,547
Net issuance under employee stock plans	$ 4	$ 2
Net issuance under employee stock plans (in shares)	434	128
Balance at the end of the period	$ 494	$ 487
Balance (in shares)	49,428	48,675
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period		$ (5,872)
Balance (in shares)		523
Net issuance under employee stock plans		$ 5,872
Net issuance under employee stock plans (in shares)		(523)
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	$ 1,071,058	$ 1,061,325
Share-based compensation expense	3,646	3,157
Net issuance under employee stock plans	(684)	(6,303)
Balance at the end of the period	1,074,020	1,058,179
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	(698,930)	(619,983)
Net loss	(567)	(18,530)
Net issuance under employee stock plans		(213)
Balance at the end of the period	(699,497)	(638,726)
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	1,894	1,820
Other comprehensive income, net of tax	153	38
Balance at the end of the period	$ 2,047	$ 1,858

Equity - AOCI Rollforward (Deta

Equity - AOCI Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in the balances of each component of AOCI
Balance at the beginning of the period	$ 374,512	$ 437,775
Total other comprehensive income (loss), net of tax	153	38
Balance at the end of the period	377,064	421,798
Accumulated Other Comprehensive Income
Changes in the balances of each component of AOCI
Balance at the beginning of the period	1,894	1,820
Total other comprehensive income (loss), net of tax	153
Balance at the end of the period	2,047	$ 1,858
Foreign Currency Translation
Changes in the balances of each component of AOCI
Balance at the beginning of the period	1,861
Total other comprehensive income (loss), net of tax	(48)
Balance at the end of the period	1,813
Unrealized Gains (Losses) on Available for Sale Securities
Changes in the balances of each component of AOCI
Balance at the beginning of the period	33
Total other comprehensive income (loss), net of tax	201
Balance at the end of the period	$ 234

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based compensation
Non-cash share based compensation	$ 3,646	$ 3,157
Cost of sales
Share-based compensation
Non-cash share based compensation	521	470
Research and development
Share-based compensation
Non-cash share based compensation	874	792
Selling, general and administrative
Share-based compensation
Non-cash share based compensation	$ 2,251	$ 1,895
Restricted stock awards | Minimum
Share-based compensation
Expiration term	1 year
Restricted stock awards | Maximum
Share-based compensation
Expiration term	5 years
Stock options
Number of Shares
Outstanding at the beginning of the period (in shares)	1,119
Expired or forfeited (in shares)	(40)
Outstanding at the end of the period (in shares)	1,079
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 34.88
Expired or forfeited (in dollars per share)	34.19
Outstanding at the end of the period (in dollars per share)	$ 34.90
Non-vested restricted shares and performance shares
Number of Shares
Outstanding at the beginning of the period (in shares)	2,257
Granted (in shares)	840
Performance award adjustments (in shares)	(45)
Vested (in shares)	(190)
Forfeited (in shares)	(233)
Outstanding at the end of the period (in shares)	2,629
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 16.20
Granted (in dollars per share)	8.99
Performance award adjustments (in dollars per share)	31.34
Vested (in dollars per share)	12.68
Forfeited (in dollars per share)	16.35
Outstanding at the end of the period (in dollars per share)	$ 13.88

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Tax reconciliation disclosures
Loss before income taxes	$ (299)	$ (18,340)
Income tax expense (benefit)	268	190
Domestic
Tax reconciliation disclosures
Income tax expense (benefit)	100	100
Foreign tax
Tax reconciliation disclosures
Income tax expense (benefit)	$ 200	$ 100

Segment Reporting and Geograp_3

Segment Reporting and Geographic Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)itemsegment	Mar. 31, 2019USD ($)
Revenue reporting by end-market and geographic region
Number of operating segments | segment	1
Number of reportable segments | segment	1
Number of key markets | item	4
Sale by end-market	$ 104,502	$ 99,371
United States
Revenue reporting by end-market and geographic region
Sale by end-market	39,635	32,315
China
Revenue reporting by end-market and geographic region
Sale by end-market	10,472	10,159
EMEA
Revenue reporting by end-market and geographic region
Sale by end-market	16,150	17,827
Rest Of World
Revenue reporting by end-market and geographic region
Sale by end-market	38,245	39,070
Front-End Semiconductor
Revenue reporting by end-market and geographic region
Sale by end-market	31,366	22,617
Advanced Packaging, MEMS & RF Filters
Revenue reporting by end-market and geographic region
Sale by end-market	8,588	23,127
LED Lighting, Display & Compound Semiconductor
Revenue reporting by end-market and geographic region
Sale by end-market	15,402	13,550
Scientific & Industrial
Revenue reporting by end-market and geographic region
Sale by end-market	$ 49,146	$ 40,077