Veeco Instruments (VECO) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	0-16244
Entity Registrant Name	VEECO INSTRUMENTS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-2989601
Entity Address, Address Line One	Terminal Drive
Entity Address, City or Town	Plainview
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11803
City Area Code	516
Local Phone Number	677-0200
Title of 12(b) Security	Common Stock
Trading Symbol	VECO
Security Exchange Name	NASDAQ
Entity 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		50,348,804
Entity Central Index Key	0000103145
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 114,747	$ 129,625
Restricted cash	640	658
Short-term investments	214,635	189,771
Accounts receivable, net	108,312	79,991
Contract assets	14,084	21,246
Inventories	164,041	145,906
Deferred cost of sales	595	433
Prepaid expenses and other current assets	21,570	19,301
Total current assets	638,624	586,931
Property, plant, and equipment, net	82,208	65,271
Operating lease right-of-use assets	27,768	10,275
Intangible assets, net	39,855	46,185
Goodwill	181,943	181,943
Deferred income taxes	1,440	1,440
Other assets	3,671	6,019
Total assets	975,509	898,064
Current liabilities:
Accounts payable	55,045	33,656
Accrued expenses and other current liabilities	52,436	44,876
Customer deposits and deferred revenue	70,569	67,235
Income taxes payable	1,363	914
Total current liabilities	179,413	146,681
Deferred income taxes	5,257	5,240
Long-term debt	328,215	321,115
Long-term operating lease liabilities	31,036	6,305
Other liabilities	7,853	10,349
Total liabilities	551,774	489,690
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; 50,348,804 shares issued and outstanding at June 30, 2021 and 49,723,751 shares issued and outstanding at December 31, 2020	503	497
Additional paid-in capital	1,119,908	1,113,352
Accumulated deficit	(698,479)	(707,321)
Accumulated other comprehensive income	1,803	1,846
Total stockholders' equity	423,735	408,374
Total liabilities and stockholders' equity	$ 975,509	$ 898,064

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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	50,348,804	49,723,751
Common stock, shares outstanding	50,348,804	49,723,751

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Operations
Net sales	$ 146,344	$ 98,637	$ 280,059	$ 203,139
Cost of sales	86,178	56,743	164,978	114,826
Gross profit	60,166	41,894	115,081	88,313
Operating expenses, net:
Research and development	22,553	19,254	44,398	38,449
Selling, general, and administrative	21,466	17,818	41,722	36,123
Amortization of intangible assets	2,976	3,834	6,330	7,671
Restructuring		472		1,097
Asset impairment		281		281
Other operating expense (income), net	(81)	(174)	(36)	(283)
Total operating expenses, net	46,914	41,485	92,414	83,338
Operating income (loss)	13,252	409	22,667	4,975
Interest income	235	427	370	1,227
Interest expense	(6,820)	(6,041)	(13,578)	(11,706)
Loss on extinguishment of debt		(3,046)		(3,046)
Income (loss) before income taxes	6,667	(8,251)	9,459	(8,550)
Income tax expense (benefit)	319	51	617	319
Net income (loss)	$ 6,348	$ (8,302)	$ 8,842	$ (8,869)
Income (loss) per common share:
Basic (in dollars per share)	$ 0.13	$ (0.17)	$ 0.18	$ (0.18)
Diluted (in dollars per share)	$ 0.12	$ (0.17)	$ 0.17	$ (0.18)
Weighted average number of shares:
Basic (in shares)	48,743	48,109	48,758	48,147
Diluted (in shares)	53,942	48,109	53,539	48,147

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 6,348	$ (8,302)	$ 8,842	$ (8,869)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities	(15)	(148)	(4)	53
Change in currency translation adjustments	(9)	18	(39)	(30)
Total other comprehensive income (loss), net of tax	(24)	(130)	(43)	23
Total comprehensive income (loss)	$ 6,324	$ (8,432)	$ 8,799	$ (8,846)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net income (loss)	$ 8,842	$ (8,869)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	13,189	15,372
Non-cash interest expense	7,100	6,778
Deferred income taxes	17	191
Share-based compensation expense	7,605	6,620
Loss on extinguishment of debt		3,046
Asset impairment		281
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(21,158)	(9,454)
Inventories and deferred cost of sales	(18,298)	(4,520)
Prepaid expenses and other current assets	4,489	(3,578)
Accounts payable and accrued expenses	14,046	5,820
Customer deposits and deferred revenue	3,334	3,470
Income taxes receivable and payable, net	449	93
Other, net	1,114	2,300
Net cash provided by (used in) operating activities	20,729	17,550
Cash Flows from Investing Activities
Capital expenditures	(9,082)	(1,957)
Proceeds from the sale of investments	130,398	103,630
Payments for purchases of investments	(156,020)	(100,265)
Proceeds from held for sale assets, net of costs to sell		9,503
Net cash provided by (used in) investing activities	(34,704)	10,911
Cash Flows from Financing Activities
Proceeds from issuance of 2025 Notes and 2027 Notes, net of issuance costs		121,946
Purchase of capped calls		(10,313)
Repurchase of 2023 Notes		(81,240)
Proceeds (net of tax withholdings) from option exercises and employee stock purchase plan	1,865	1,592
Restricted stock tax withholdings	(2,747)	(1,518)
Net cash provided by (used in) financing activities	(882)	30,467
Effect of exchange rate changes on cash and cash equivalents	(39)	(29)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(14,896)	58,899
Cash, cash equivalents, and restricted cash - beginning of period	130,283	129,951
Cash, cash equivalents, and restricted cash - end of period	115,387	188,850
Supplemental Disclosure of Cash Flow Information
Interest paid	4,160	5,508
Net income taxes paid (refunds received)	(196)	66
Non-cash operating and financing activities
Capital expenditures included in accounts payable and accrued expenses	15,400	515
Net transfer of property, plant and equipment to inventory		526
Right-of-use assets obtained in exchange for lease obligations	$ 20,353	$ 913

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Basis of Presentation
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, 2020 (“2020 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 2021 interim quarters end on April 4, July 4, and October 3, and the 2020 interim quarters ended on March 29, June 28, and September 27. 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, 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 sales 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. ​ Recently Adopted Accounting Standards ​ The Company adopted ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Income Taxes, ​ Recent Accounting Standards Not Yet Adopted ​ In August 2020, the FASB issued ASU 2020-06: Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity i ​

Income (Loss) Per Common Share

Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2021
Income (Loss) Per Common Share
Income (Loss) Per Common 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 Company has determined that it has the ability and intent to settle the principal amount of its convertible senior notes in cash, and the excess of the principal portion in shares of its common stock. As such, the Company accounts for the conversion spread using the treasury stock method, and the shares issuable upon conversion of the Notes are not included in the calculation of diluted earnings per share except to the extent that the conversion value of the Notes exceeds their principal amount and if the effect would be dilutive. The computations of basic and diluted income (loss) per share for the three and six months ended June 30, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2021 2020 2021 2020 ​ ​ (in thousands, except per share amounts) ​ Net income (loss) ​ $ 6,348 ​ $ (8,302) ​ $ 8,842 ​ $ (8,869) ​ Net income (loss) per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.13 ​ $ (0.17) ​ $ 0.18 ​ $ (0.18) ​ Diluted ​ $ 0.12 ​ $ (0.17) ​ $ 0.17 ​ $ (0.18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 48,743 ​ 48,109 ​ 48,758 ​ 48,147 ​ Dilutive effect of share-based awards ​ ​ 1,707 ​ ​ — ​ ​ 1,553 ​ ​ ​ ​ Dilutive effect of the 2027 Notes ​ 3,492 ​ — ​ 3,228 ​ — ​ Diluted weighted average shares outstanding ​ 53,942 ​ 48,109 ​ 53,539 ​ 48,147 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive ​ ​ N/A ​ ​ 712 ​ ​ N/A ​ ​ 671 ​ Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive ​ ​ 449 ​ ​ 1,194 ​ ​ 452 ​ ​ 1,132 ​ Maximum potential shares to be issued for settlement of the 2023, 2025, and 2027 Notes excluded from the diluted calculation as their effect would be antidilutive due to a net loss or the fact that the conversion value of the Notes did not exceed their principal amount ​ ​ 8,811 ​ ​ 15,354 ​ ​ 8,811 ​ ​ 15,354 ​ ​

Assets

Assets	6 Months Ended
	Jun. 30, 2021
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 operating expense (income), 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 June 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposits and time deposits ​ $ 60,479 ​ $ — ​ $ — ​ $ 60,479 Corporate debt ​ ​ — ​ ​ — ​ ​ — ​ ​ — Commercial paper ​ ​ — ​ ​ — ​ ​ — ​ ​ — Money market cash ​ ​ 320 ​ ​ — ​ ​ — ​ ​ 320 Total ​ $ 60,799 ​ $ — ​ $ — ​ $ 60,799 Short-term investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 124,129 ​ $ — ​ $ — ​ $ 124,129 Government agency securities ​ ​ — ​ ​ 7,255 ​ ​ — ​ ​ 7,255 Corporate debt ​ ​ — ​ ​ 65,666 ​ ​ — ​ ​ 65,666 Commercial paper ​ ​ — ​ ​ 17,585 ​ ​ — ​ ​ 17,585 Total ​ $ 124,129 ​ $ 90,506 ​ $ — ​ $ 214,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposits and time deposits ​ $ 59,168 ​ $ — ​ $ — ​ $ 59,168 Commercial paper ​ ​ — ​ ​ 2,000 ​ ​ — ​ ​ 2,000 U.S. treasuries ​ ​ 24,997 ​ ​ — ​ ​ — ​ ​ 24,997 Total ​ $ 84,165 ​ $ 2,000 ​ $ — ​ $ 86,165 Short-term investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 149,219 ​ $ — ​ $ — ​ $ 149,219 Corporate debt ​ ​ — ​ ​ 32,554 ​ ​ — ​ ​ 32,554 Commercial paper ​ ​ — ​ ​ 7,998 ​ ​ — ​ ​ 7,998 Total ​ $ 149,219 ​ $ 40,552 ​ $ — ​ $ 189,771 ​ There were no transfers between fair ​ At June 30, 2021 and December 31, 2020, 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) June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 124,140 ​ $ 4 ​ $ (15) ​ $ 124,129 Government agency securities ​ ​ 7,258 ​ ​ — ​ ​ (3) ​ ​ 7,255 Corporate debt ​ ​ 65,676 ​ ​ 26 ​ ​ (36) ​ ​ 65,666 Commercial paper ​ ​ 17,585 ​ ​ — ​ ​ — ​ ​ 17,585 Total ​ $ 214,659 ​ $ 30 ​ $ (54) ​ $ 214,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 149,206 ​ $ 14 ​ $ (1) ​ $ 149,219 Corporate debt ​ 32,588 ​ ​ — ​ ​ (34) ​ 32,554 Commercial paper ​ ​ 7,997 ​ ​ 1 ​ ​ — ​ ​ 7,998 Total ​ $ 189,791 ​ $ 15 ​ $ (35) ​ $ 189,771 ​ Available-for-sale securities in a loss position at June 30, 2021 and December 31, 2020 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ ​ Gross ​ Gross ​ ​ Estimated ​ Unrealized ​ Estimated ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ ​ ​ (in thousands) U.S. treasuries ​ $ 61,520 ​ $ (15) ​ $ 19,991 ​ $ (1) Government agency securities ​ ​ 7,255 ​ ​ (3) ​ ​ — ​ ​ — Corporate debt ​ 41,569 ​ (36) ​ 32,554 ​ (34) Total ​ $ 110,344 ​ $ (54) ​ $ 52,545 ​ $ (35) ​ At June 30, 2021 and December 31, 2020, there were no short-term investments that had been in a continuous loss position for more than 12 months. ​ The contractual maturities of securities classified as available-for-sale at June 30, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Amortized ​ Estimated ​ ​ Cost ​ Fair Value ​ ​ ​ (in thousands) Due in one year or less ​ $ 152,949 ​ $ 152,932 Due after one year through two years ​ ​ 55,693 ​ 55,679 Due after two years through three years ​ ​ 6,017 ​ ​ 6,024 Total ​ $ 214,659 ​ $ 214,635 ​ 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 minimal realized gains or losses for the six months ended June 30, 2021 and no realized gains or losses for the six months ended June 30, 2020. ​ Accounts Receivable ​ Accounts receivable is presented net of an allowance for doubtful accounts of $0.7 million at June 30, 2021 and December 31, 2020. The Company considered its current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. ​ Inventories ​ Inventories at June 30, 2021 and December 31, 2020 consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Materials ​ $ 91,389 ​ $ 82,679 Work-in-process ​ 59,769 ​ 53,979 Finished goods ​ 12,883 ​ 9,248 Total ​ $ 164,041 ​ $ 145,906 ​ 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, prepaid licenses, and other receivables. The balance as of June 30, 2021 includes a current receivable of $4.1 million related to landlord reimbursement for leasehold improvements associated with the Company’s new leased facility in San Jose, California. In addition, Veeco had deposits with its suppliers of $4.5 million and $7.2 million at June 30, 2021 and December 31, 2020, respectively. ​ Property, Plant, and Equipment ​ Property, plant, and equipment at June 30, 2021 and December 31, 2020 consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Land ​ $ 5,061 ​ $ 5,061 Building and improvements ​ 63,117 ​ 62,865 Machinery and equipment (1) ​ 144,585 ​ 140,493 Leasehold improvements ​ 26,036 ​ 6,671 Gross property, plant, and equipment ​ 238,799 ​ 215,090 Less: accumulated depreciation and amortization ​ 156,591 ​ 149,819 Net property, plant, and equipment ​ $ 82,208 ​ $ 65,271 (1) Machinery and equipment also includes software, furniture and fixtures ​ For the three and six months ended June 30, 2021, depreciation expense was $3.5 million and $6.9 million, respectively, and $3.8 million and $7.7 million, respectively, for the comparable 2020 periods. ​ 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 potential triggering events related to the value of its goodwill and concluded that there were no indicators of impairment during the six months ended June 30, 2021. ​ 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 potential triggering events related to the value of its intangible assets and concluded that there were no indicators of impairment during the three and six months ended June 30, 2021. ​ The components of purchased intangible assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Gross Amortization ​ Gross Amortization ​ ​ ​ Carrying ​ and ​ Net ​ Carrying ​ and ​ Net ​ ​ Amount ​ Impairment ​ Amount ​ Amount ​ Impairment ​ Amount ​ ​ (in thousands) Technology ​ $ 327,908 ​ $ 306,624 ​ $ 21,284 ​ $ 327,908 ​ $ 302,358 ​ $ 25,550 Customer relationships ​ ​ 146,465 ​ ​ 131,552 ​ ​ 14,913 ​ ​ 146,465 ​ ​ 130,131 ​ ​ 16,334 Trademarks and tradenames ​ ​ 30,910 ​ ​ 27,254 ​ ​ 3,656 ​ ​ 30,910 ​ ​ 26,614 ​ ​ 4,296 Other ​ 3,686 ​ 3,684 ​ 2 ​ 3,686 ​ 3,681 ​ 5 Total ​ $ 508,969 ​ $ 469,114 ​ $ 39,855 ​ $ 508,969 ​ $ 462,784 ​ $ 46,185 ​ Other intangible assets primarily consist of patents, licenses, and backlog. ​ ​ ​ ​ ​

Liabilities

Liabilities	6 Months Ended
	Jun. 30, 2021
Liabilities
Liabilities	Note 4 — Liabilities ​ Accrued Expenses and Other Current Liabilities ​ The components of accrued expenses and other current liabilities at June 30, 2021 and December 31, 2020 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Payroll and related benefits ​ $ 24,412 ​ $ 26,630 Warranty ​ ​ 6,220 ​ ​ 5,058 Operating lease liabilities ​ ​ 4,175 ​ ​ 4,148 Interest ​ ​ 4,893 ​ ​ 2,574 Professional fees ​ ​ 1,777 ​ ​ 1,112 Sales, use, and other taxes ​ 6,153 ​ 2,658 Other ​ 4,806 ​ 2,696 Total ​ $ 52,436 ​ $ 44,876 ​ Warranty ​ Warranties are typically valid for one year from the date of system final acceptance. The Company estimates the costs that may be incurred under the warranty which 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 six months ended June 30, 2021 include: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Balance - December 31, 2020 ​ $ 5,058 Warranties issued ​ 3,221 Consumption of reserves ​ (2,912) Changes in estimate ​ 853 Balance - June 30, 2021 ​ $ 6,220 ​ Customer Deposits and Deferred Revenue ​ Customer deposits totaled $53.3 million and $49.3 million at June 30, 2021 and December 31, 2020, 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, 2020 $ 17,985 Deferral of revenue ​ (7,436) Recognition of unearned revenue ​ 6,718 Balance - June 30, 2021 $ 17,267 ​ As of June 30, 2021, the Company has approximately $35.1 million of remaining performance obligations on contracts with an original estimated duration of one year or more, of which approximately 73% 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 ​ 2023 Notes ​ On January 10, 2017, the Company issued $345.0 million of 2.70% convertible senior unsecured notes due 2023 (the “2023 Notes”). The Company received net proceeds, after deducting underwriting discounts and fees and expenses payable by the Company, of approximately $335.8 million. The 2023 Notes bear interest at a rate of 2.70% per year, payable semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2017. The 2023 Notes mature on January 15, 2023, unless earlier purchased by the Company, redeemed, or converted. ​ On May 18, 2020, in connection with the completion of a private offering of $125.0 million aggregate principal amount of 3.75% convertible senior notes due 2027 described below, the Company repurchased and retired approximately $88.3 million in aggregate principal amount of its outstanding 2023 Notes, with a carrying amount of $78.1 million, for approximately $81.2 million of cash. ​ Additionally, on November 11, 2020, the Company entered into a privately negotiated exchange agreement with a holder of its outstanding 2023 Notes, under which the Company agreed to retire $125.0 million in aggregate original principal amount of the 2023 Notes, with a carrying amount of $113.1 million, in exchange for the issuance of $132.5 million in aggregate principal amount of new 3.50% convertible senior notes due 2025 described below, which had a fair value that approximated the principal amount of notes issued. ​ 2025 Notes ​ On November 17, 2020, as part of the privately negotiated exchange agreement described above, the Company issued $132.5 million of 3.50% convertible senior notes due 2025 (the “2025 Notes”). The 2025 Notes bear interest at a rate of 3.50% per year, payable semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2021. The 2025 Notes mature on January 15, 2025, unless earlier purchased by the Company, redeemed, or converted. ​ 2027 Notes ​ On May 18, 2020, the Company completed a private offering of $125.0 million of 3.75% convertible senior notes due 2027 (the “2027 Notes”). The Company received net proceeds of approximately $121.9 million, after deducting underwriting discounts and fees and expenses payable by the Company. Additionally, the Company used approximately $10.3 million of cash to purchase capped calls, discussed below. The 2027 Notes bear interest at a rate of 3.75% per year, payable semiannually in arrears on June 1 and December 1 of each year, commencing on December 1, 2020. The 2027 Notes mature on June 1, 2027, unless earlier purchased by the Company, redeemed, or converted. ​ The 2023 Notes, 2025 Notes, and 2027 Notes (collectively, the “Notes”) are unsecured obligations of Veeco and rank senior in right of payment to any of Veeco’s subordinated indebtedness; equal in right of payment to all of Veeco’s unsecured indebtedness that is not subordinated; effectively subordinated in right of payment to any of Veeco’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all indebtedness and other liabilities (including trade payables) of Veeco’s subsidiaries. ​ The Notes are convertible at the option of the holders upon the satisfaction of specified conditions and during certain periods as described below. The initial conversion rates are 24.9800, 41.6667, and 71.5372 shares of the Company’s common stock per $1,000 principal amount of the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, representing initial effective conversion prices of $40.03, $24.00, and $13.98 per share of common stock, respectively. The conversion rates may be subject to adjustment upon the occurrence of certain specified events. ​ Holders may convert all or any portion of their notes, in multiples of one thousand dollar principal amount, at their option at any time prior to the close of business on the business day immediately preceding October 15, 2022 with respect to the 2023 Notes, October 15, 2024 with respect to the 2025 Notes, and October 1, 2026 with respect to the 2027 Notes, only under the following circumstances: ​ (i) During any calendar quarter (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; ​ (ii) During the five consecutive business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per one thousand dollar principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Veeco’s common stock and the conversion rate on each such trading day; ​ (iii) If the Company calls any or all of applicable series of the Notes for redemption at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or ​ (iv) Upon the occurrence of specified corporate events. ​ For the calendar quarter ended June 30, 2021, the last reported sales price of common stock during the 30 consecutive trading days, based on the criteria outlined in (i) above, was greater than 130% of the conversion price of the 2027 Notes, and as such the 2027 Notes are convertible by the holders until September 30, 2021. ​ Holders may convert their notes at any time, regardless of the foregoing circumstances, on or after October 15, 2022 with respect to the 2023 Notes, October 15, 2024 with respect to the 2025 Notes, and October 1, 2026 with respect to the 2027 Notes, until the close of business on the business day immediately preceding the respective maturity date. ​ Upon conversion by the holders, the Company may elect to settle such conversion in shares of its common stock, cash, or a combination thereof. As a result of its cash conversion options, the Company segregated the liability component of the instruments from the equity components. The liability components were measured by estimating the fair value of a non-convertible debt instrument that is similar in its terms to the Notes. The calculation of the fair value of the debt components required the use of Level 3 inputs, including utilization of convertible investors’ credit assumptions and high yield bond indices. Fair value was estimated through discounting future interest and principal payments, an income approach, due under the Notes at a discount rate equal to the estimated borrowing rate for similar non-convertible debt, or 7.0%, 8.0%, and 9.1% with respect to the 2023 2025 2027 ​ The transaction costs of $9.2 million, $1.9 million, and $3.1 million incurred in connection with the issuance of the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, were allocated to the liability and equity components based on their relative values. Transaction costs allocated to the liability component are being amortized using the effective interest rate method and recognized as non-cash interest expense over the expected terms of the Notes. Transaction costs allocated to the equity component of $1.9 million, $0.3 million, and $0.8 million with respect to the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, reduced the value of the equity components recognized in stockholders' equity. ​ In connection with the offering of the 2027 Notes, on May 13, 2020, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”), pursuant to capped call confirmations, covering the total principal amount of the 2027 Notes for an aggregate premium of $10.3 million. The Capped Call Transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any conversion of the 2027 Notes and/or offset any cash payments the Company is required to make in excess of the aggregate principal amount of converted 2027 Notes, as the case may be, with such reduction and/or offset subject to a cap based on the capped price of the Capped Call Transactions. The Capped Call Transactions exercise price is equal to the initial conversion price of the 2027 Notes, and the capped price of the Capped Call Transactions is approximately $18.46 per share and is subject to certain adjustments under the terms of the capped call confirmations. ​ The Capped Call Transactions are separate transactions entered into by the Company with the capped call counterparties, are not part of the terms of the 2027 Notes and do not change the holders’ rights under the 2027 Notes. Holders of the 2027 Notes do not have any rights with respect to the Capped Call Transactions. The cost of the Capped Call Transactions is not expected to be tax-deductible as the Company did not elect to integrate the Capped Call Transactions into the 2027 Notes for tax purposes. The Company used a portion of the net proceeds from the offering of the 2027 Notes to pay for the Capped Call Transactions, and the cost of the Capped Call Transactions was recorded as a reduction of the Company’s additional paid-in capital in the accompanying consolidated financial statements. ​ The carrying value of the 2023 Notes, 2025 Notes and 2027 Notes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ December 31, 2020 ​ ​ Principal Amount ​ Unamortized ​ Net carrying value ​ Principal Amount ​ Unamortized ​ Net carrying value ​ ​ ​ (in thousands) 2023 Notes ​ $ 131,695 ​ $ (9,171) ​ $ 122,524 ​ $ 131,695 ​ $ (11,925) ​ $ 119,770 2025 Notes ​ 132,500 ​ (19,749) ​ 112,751 ​ 132,500 ​ (22,097) ​ 110,403 2027 Notes ​ ​ 125,000 ​ ​ (32,060) ​ ​ 92,940 ​ ​ 125,000 ​ ​ (34,058) ​ ​ 90,942 Net carrying value ​ $ 389,195 ​ $ (60,980) ​ $ 328,215 ​ $ 389,195 ​ $ (68,080) ​ $ 321,115 ​ ​ Total interest expense related to the 2023 Notes, 2025 Notes and 2027 Notes is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2021 2020 2021 2020 ​ ​ (in thousands) ​ Cash Interest Expense ​ ​ ​ ​ ​ ​ ​ ​ Coupon interest expense - 2023 Notes ​ $ 889 ​ $ 2,070 ​ $ 1,778 ​ $ 4,399 ​ Coupon interest expense - 2025 Notes ​ ​ 1,159 ​ ​ — ​ ​ 2,319 ​ ​ — ​ Coupon interest expense - 2027 Notes ​ ​ 1,172 ​ ​ 573 ​ ​ 2,344 ​ ​ 573 ​ Non-cash Interest Expense ​ ​ ​ ​ ​ ​ ​ Amortization of debt discount/transaction costs- 2023 Notes ​ 1,390 ​ 3,004 ​ 2,754 ​ 6,325 ​ Amortization of debt discount/transaction costs- 2025 Notes ​ ​ 1,185 ​ ​ — ​ ​ 2,348 ​ ​ — ​ Amortization of debt discount/transaction costs- 2027 Notes ​ ​ 1,011 ​ ​ 453 ​ ​ 1,998 ​ ​ 453 ​ Total Interest Expense ​ $ 6,806 ​ $ 6,100 ​ $ 13,541 ​ $ 11,750 ​ ​ The Company determined the 2023 Notes, 2025 notes, and 2027 Notes are Level 2 liabilities ​ 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 December 31, 2020, plan assets approximated $2.4 million, representing the cash surrender value of life insurance policies and is included within “Other assets” in the Consolidated Balance Sheets, while plan liabilities approximated $2.5 million at December 31, 2020 and was included within “Other liabilities” in the Consolidated Balance Sheets. The plan was terminated and fully liquidated during the first quarter of 2021. Other liabilities at June 30, 2021 and December 31, 2020 also included (i) medical and dental benefits for former executives of $1.8 million and $1.9 million, respectively; (ii) asset retirement obligations of $2.8 million and $2.7 million, respectively; and (iii) income tax payables of $1.4 million. Additionally, as a result of the Coronavirus, Aid, Relief, and Economic Security Act, the Company has accrued for and deferred the deposit and payment of its share of social security taxes, resulting in a liability of $3.5 million at both June 30, 2021 and December 31, 2020, of which $1.7 million is included within “Accrued expenses and other current liabilities”, and $1.8 million is included within “Other liabilities” in the Consolidated Balance Sheets for both periods.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 was 12 years, and the weighted average discount rate used in determining the present value of future lease payments was 5.7%. ​ The following table provides the maturities of lease liabilities at June 30, 2021: ​ ​ ​ ​ ​ ​ ​ Operating ​ Leases ​ ​ (in thousands) Payments due by period: ​ ​ ​ 2021 ​ $ 2,125 2022 ​ ​ 4,667 2023 ​ ​ 3,145 2024 ​ ​ 2,897 2025 ​ ​ 2,506 Thereafter ​ ​ 38,367 Total future minimum lease payments ​ ​ 53,707 Less: Imputed interest ​ ​ (18,496) Total ​ $ 35,211 ​ ​ ​ ​ Reported as of June 30, 2021 ​ ​ ​ Accrued expenses and other current liabilities ​ $ 4,175 Long-term operating lease liabilities ​ ​ 31,036 Total ​ $ 35,211 ​ Operating lease cost for the three and six months ended June 30, 2021 were $1.8 million and $3.1 million, respectively, and $1.4 million and $2.7 million, respectively, for the comparable 2020 periods. Variable lease cost for the three and six months ended June 30, 2021 were $0.4 million and $0.9 million, respectively, and $0.4 million and $0.9 million, respectively, for the comparable 2020 periods. Additionally, the Company has an immaterial amount of short-term leases. Operating cash outflows from operating leases for the six months ended June 30, 2021 and 2020 were $3.3 million and $3.5 million, respectively. ​ Purchase Commitments ​ Veeco has purchase commitments of $144.4 million at June 30, 2021, 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 June 30, 2021, outstanding bank guarantees and standby letters of credit totaled $10.2 million, and unused bank guarantees and letters of credit of $12.1 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. ​ 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	6 Months Ended
	Jun. 30, 2021
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 from time to time 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 June 30, 2021 or December 31, 2020. Additionally, the Company did not have any gains or losses from currency exchange derivatives during the six months ended June 30, 2021 and 2020. ​

Equity

Equity	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity
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, 2020 49,724 ​ $ 497 ​ $ 1,113,352 ​ $ (707,321) ​ $ 1,846 ​ $ 408,374 Net income (loss) — ​ — ​ — ​ 2,494 ​ — ​ 2,494 Other comprehensive income (loss), net of tax — ​ — ​ — ​ — ​ (19) ​ (19) Share-based compensation expense — ​ — ​ 3,237 ​ — ​ — ​ 3,237 Net issuance under employee stock plans 459 ​ ​ 5 ​ ​ (1,630) ​ ​ — ​ ​ — ​ ​ (1,625) Balance at March 31, 2021 50,183 ​ $ 502 ​ $ 1,114,959 ​ $ (704,827) ​ $ 1,827 ​ $ 412,461 Net income (loss) — ​ — ​ — ​ 6,348 ​ — ​ 6,348 Other comprehensive income (loss), net of tax — ​ — ​ — ​ — ​ (24) ​ (24) Share-based compensation expense — ​ — ​ 4,367 ​ — ​ — ​ 4,367 Net issuance under employee stock plans 166 ​ ​ 1 ​ ​ 582 ​ ​ — ​ ​ — ​ ​ 583 Balance at June 30, 2021 50,349 ​ $ 503 ​ $ 1,119,908 ​ $ (698,479) ​ $ 1,803 ​ $ 423,735 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 income (loss) — ​ — ​ — ​ (567) ​ — ​ (567) Other comprehensive income (loss), 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 Net income (loss) — ​ — ​ — ​ (8,302) ​ — ​ (8,302) Other comprehensive income (loss), net of tax — ​ — ​ — ​ — ​ (130) ​ (130) Share-based compensation expense — ​ — ​ 2,974 ​ — ​ — ​ 2,974 Net issuance under employee stock plans ​ 191 ​ ​ 3 ​ ​ 752 ​ ​ — ​ ​ — ​ ​ 755 Extinguishment of equity component of repurchased 2023 Notes ​ — ​ ​ — ​ ​ (80) ​ ​ — ​ ​ — ​ ​ (80) Equity component of 2027 Notes ​ — ​ ​ — ​ ​ 33,363 ​ ​ — ​ ​ — ​ ​ 33,363 Purchase of capped calls ​ — ​ — ​ (10,313) ​ — ​ — ​ (10,313) Balance at June 30, 2020 49,619 ​ $ 497 ​ $ 1,100,716 ​ $ (707,799) ​ $ 1,917 ​ $ 395,331 ​ 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, 2020 ​ ​ 1,866 ​ ​ (20) ​ ​ 1,846 Other comprehensive income (loss) ​ (39) ​ (4) ​ (43) Balance - June 30, 2021 ​ $ 1,827 ​ $ (24) ​ $ 1,803 ​ There were minimal reclassifications from AOCI into net income for the three and six months ended June 30, 2021 and 2020.

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Compensation
Stock Plans	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 and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ 2021 2020 2021 2020 ​ ​ (in thousands) Cost of sales $ 650 $ 474 $ 1,146 $ 995 Research and development ​ ​ 1,132 ​ ​ 613 ​ ​ 1,949 ​ ​ 1,486 Selling, general, and administrative ​ ​ 2,585 ​ ​ 1,887 ​ ​ 4,510 ​ ​ 4,139 Total ​ $ 4,367 ​ $ 2,974 ​ $ 7,605 ​ $ 6,620 ​ For the six months ended June 30, 2021, equity activity related to stock options was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Shares Exercise Price ​ ​ (in thousands) ​ ​ ​ Balance - December 31, 2020 ​ 730 ​ ​ 35.26 Expired or forfeited ​ (280) ​ ​ 40.27 Balance - June 30, 2021 ​ 450 ​ ​ 32.14 ​ For the six months ended June 30, 2021, 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, 2020 ​ 2,040 ​ ​ 12.73 Granted ​ 864 ​ ​ 23.89 Performance award adjustments ​ (36) ​ ​ 19.75 Vested ​ (410) ​ ​ 13.69 Forfeited ​ (60) ​ ​ 14.25 Balance - June 30, 2021 ​ 2,398 ​ ​ 16.45 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, 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. ​ Income (loss) before income taxes and income tax expense (benefit) for the three and six months ended June 30, 2021 and 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ 2021 2020 2021 2020 ​ ​ (in thousands) Income (loss) before income taxes ​ $ 6,667 ​ $ (8,251) ​ $ 9,459 ​ $ (8,550) ​ Income tax expense (benefit) $ 319 $ 51 ​ $ 617 $ 319 ​ ​ The Company’s tax expense for the three months ended June 30, 2021 was $0.3 million, compared to $0.1 million for the comparable prior period. The 2021 tax expense included a $0.1 million expense related to the Company’s domestic operations and a $0.2 million expense related to the Company’s non-U.S. operations, compared to 2020 when the expense included a $0.1 million expense related to the Company’s domestic operations, offset by an immaterial benefit related to the Company’s non-U.S. operations. ​ The Company’s tax expense for the six months ended June 30, 2021 was $0.6 million, compared to $0.3 million for the comparable prior period. The 2021 tax expense included a $0.2 million expense related to the Company’s domestic operations and a $0.4 million expense related to the Company’s non-U.S. operations, compared to 2020 when the expense included a $0.2 million expense related to the Company’s domestic operations and a $0.1 million expense related to the Company’s non-U.S. operations. The current period domestic tax expense is primarily attributable to the tax amortization of indefinite-lived intangible assets that is not available to offset U.S. deferred tax assets. The current period foreign tax expense is primarily attributable to non-U.S operation profits and foreign withholding taxes on unremitted earnings as of June 30, 2021, offset by the amortization of intangible assets.

Segment Reporting and Geographi

Segment Reporting and Geographic Information	6 Months Ended
	Jun. 30, 2021
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: ​ Semiconductor ​ The Semiconductor market refers to early process steps in logic and memory applications where silicon wafers are processed. There are many different process steps in forming patterned wafers, such as deposition, etching, masking, and doping, where the microchips are created but remain on the silicon wafer. This market includes mask blank production for extreme ultraviolet (“EUV”) lithography. This market also includes Advanced Packaging which refers to a portfolio of wafer-level assembly technologies that enable improved performance of electronic products, such as smartphones, high-end servers, and graphical processors. ​ Compound Semiconductor ​ The Compound Semiconductor market includes Photonics, Power Electronics, RF Filters and Amplifiers, and Solar applications. Photonics refers to light source technologies and laser-based solutions for 3D sensing, datacom and telecom applications. This includes micro-LED, laser diodes, edge emitting lasers and vertical cavity surface emitting lasers (“VCSELs”). Power Electronics refers to semiconductor devices such as rectifiers, inverters and converters for the control and conversion of electric power in applications such as fast or wireless charging of consumer electronics and automotive applications. RF power amplifiers and filters (including surface acoustic wave (“SAW”) and bulk acoustic wave (“BAW”) filters) are used in 5G communications infrastructure, smartphones, tablets, and mobile devices. They make use of radio waves for wireless broadcasting and/or communications. Solar refers to power obtained by harnessing the energy of the sun through the use of compound semiconductor devices such as photovoltaics. ​ Data Storage ​ Data Storage refers to the Hard Disk Drive (“HDD”) market, for which our systems enable customers to manufacture thin film magnetic heads for hard disk drives as part of large capacity storage applications. ​ Scientific & Other ​ Scientific & Other refers to advanced materials research and a range of manufacturing applications including optical coatings (laser mirrors, optical filters, and anti-reflective coatings). ​ Sales by end-market and geographic region for the three and six months ended June 30, 2021 and 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2021 ​ 2020 2021 ​ 2020 ​ ​ (in thousands) ​ Sales by end-market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Semiconductor ​ $ 53,689 ​ $ 37,460 ​ $ 105,321 ​ $ 74,884 ​ Compound Semiconductor ​ ​ 24,231 ​ ​ 17,740 ​ ​ 48,982 ​ ​ 36,169 ​ Data Storage ​ 52,025 ​ 28,305 ​ 93,005 ​ 67,188 ​ Scientific & Other ​ 16,399 ​ 15,132 ​ 32,751 ​ 24,898 ​ Total ​ $ 146,344 ​ $ 98,637 ​ $ 280,059 ​ $ 203,139 ​ Sales by geographic region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 66,969 ​ $ 29,632 ​ $ 112,132 ​ $ 69,268 ​ EMEA (1) ​ ​ 8,939 ​ ​ 26,130 ​ ​ 22,563 ​ ​ 42,280 ​ China ​ ​ 20,880 ​ ​ 17,393 ​ ​ 40,887 ​ ​ 27,865 ​ Rest of APAC ​ ​ 49,460 ​ ​ 25,432 ​ ​ 104,337 ​ ​ 63,374 ​ Rest of World ​ 96 ​ 50 ​ 140 ​ 352 ​ Total ​ $ 146,344 ​ $ 98,637 ​ $ 280,059 ​ $ 203,139 ​ (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)	6 Months Ended
	Jun. 30, 2021
Basis of Presentation
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, 2020 (“2020 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 2021 interim quarters end on April 4, July 4, and October 3, and the 2020 interim quarters ended on March 29, June 28, and September 27. 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, 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 sales 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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards ​ The Company adopted ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Income Taxes, ​ Recent Accounting Standards Not Yet Adopted ​ In August 2020, the FASB issued ASU 2020-06: Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Income (Loss) Per Common Share

Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Income (Loss) Per Common Share
Schedule of basic and diluted income (loss) per share and weighted average shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2021 2020 2021 2020 ​ ​ (in thousands, except per share amounts) ​ Net income (loss) ​ $ 6,348 ​ $ (8,302) ​ $ 8,842 ​ $ (8,869) ​ Net income (loss) per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.13 ​ $ (0.17) ​ $ 0.18 ​ $ (0.18) ​ Diluted ​ $ 0.12 ​ $ (0.17) ​ $ 0.17 ​ $ (0.18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 48,743 ​ 48,109 ​ 48,758 ​ 48,147 ​ Dilutive effect of share-based awards ​ ​ 1,707 ​ ​ — ​ ​ 1,553 ​ ​ ​ ​ Dilutive effect of the 2027 Notes ​ 3,492 ​ — ​ 3,228 ​ — ​ Diluted weighted average shares outstanding ​ 53,942 ​ 48,109 ​ 53,539 ​ 48,147 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive ​ ​ N/A ​ ​ 712 ​ ​ N/A ​ ​ 671 ​ Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive ​ ​ 449 ​ ​ 1,194 ​ ​ 452 ​ ​ 1,132 ​ Maximum potential shares to be issued for settlement of the 2023, 2025, and 2027 Notes excluded from the diluted calculation as their effect would be antidilutive due to a net loss or the fact that the conversion value of the Notes did not exceed their principal amount ​ ​ 8,811 ​ ​ 15,354 ​ ​ 8,811 ​ ​ 15,354 ​

Assets (Tables)

Assets (Tables)	6 Months Ended
	Jun. 30, 2021
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) June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposits and time deposits ​ $ 60,479 ​ $ — ​ $ — ​ $ 60,479 Corporate debt ​ ​ — ​ ​ — ​ ​ — ​ ​ — Commercial paper ​ ​ — ​ ​ — ​ ​ — ​ ​ — Money market cash ​ ​ 320 ​ ​ — ​ ​ — ​ ​ 320 Total ​ $ 60,799 ​ $ — ​ $ — ​ $ 60,799 Short-term investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 124,129 ​ $ — ​ $ — ​ $ 124,129 Government agency securities ​ ​ — ​ ​ 7,255 ​ ​ — ​ ​ 7,255 Corporate debt ​ ​ — ​ ​ 65,666 ​ ​ — ​ ​ 65,666 Commercial paper ​ ​ — ​ ​ 17,585 ​ ​ — ​ ​ 17,585 Total ​ $ 124,129 ​ $ 90,506 ​ $ — ​ $ 214,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposits and time deposits ​ $ 59,168 ​ $ — ​ $ — ​ $ 59,168 Commercial paper ​ ​ — ​ ​ 2,000 ​ ​ — ​ ​ 2,000 U.S. treasuries ​ ​ 24,997 ​ ​ — ​ ​ — ​ ​ 24,997 Total ​ $ 84,165 ​ $ 2,000 ​ $ — ​ $ 86,165 Short-term investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 149,219 ​ $ — ​ $ — ​ $ 149,219 Corporate debt ​ ​ — ​ ​ 32,554 ​ ​ — ​ ​ 32,554 Commercial paper ​ ​ — ​ ​ 7,998 ​ ​ — ​ ​ 7,998 Total ​ $ 149,219 ​ $ 40,552 ​ $ — ​ $ 189,771
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) June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 124,140 ​ $ 4 ​ $ (15) ​ $ 124,129 Government agency securities ​ ​ 7,258 ​ ​ — ​ ​ (3) ​ ​ 7,255 Corporate debt ​ ​ 65,676 ​ ​ 26 ​ ​ (36) ​ ​ 65,666 Commercial paper ​ ​ 17,585 ​ ​ — ​ ​ — ​ ​ 17,585 Total ​ $ 214,659 ​ $ 30 ​ $ (54) ​ $ 214,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasuries ​ $ 149,206 ​ $ 14 ​ $ (1) ​ $ 149,219 Corporate debt ​ 32,588 ​ ​ — ​ ​ (34) ​ 32,554 Commercial paper ​ ​ 7,997 ​ ​ 1 ​ ​ — ​ ​ 7,998 Total ​ $ 189,791 ​ $ 15 ​ $ (35) ​ $ 189,771
Schedule of fair value and unrealized losses of available-for-sale securities in a loss position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ ​ Gross ​ Gross ​ ​ Estimated ​ Unrealized ​ Estimated ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ ​ ​ (in thousands) U.S. treasuries ​ $ 61,520 ​ $ (15) ​ $ 19,991 ​ $ (1) Government agency securities ​ ​ 7,255 ​ ​ (3) ​ ​ — ​ ​ — Corporate debt ​ 41,569 ​ (36) ​ 32,554 ​ (34) Total ​ $ 110,344 ​ $ (54) ​ $ 52,545 ​ $ (35)
Schedule of contractual maturities of securities classified as available-for-sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Amortized ​ Estimated ​ ​ Cost ​ Fair Value ​ ​ ​ (in thousands) Due in one year or less ​ $ 152,949 ​ $ 152,932 Due after one year through two years ​ ​ 55,693 ​ 55,679 Due after two years through three years ​ ​ 6,017 ​ ​ 6,024 Total ​ $ 214,659 ​ $ 214,635
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Materials ​ $ 91,389 ​ $ 82,679 Work-in-process ​ 59,769 ​ 53,979 Finished goods ​ 12,883 ​ 9,248 Total ​ $ 164,041 ​ $ 145,906
Schedule of property, plant, and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Land ​ $ 5,061 ​ $ 5,061 Building and improvements ​ 63,117 ​ 62,865 Machinery and equipment (1) ​ 144,585 ​ 140,493 Leasehold improvements ​ 26,036 ​ 6,671 Gross property, plant, and equipment ​ 238,799 ​ 215,090 Less: accumulated depreciation and amortization ​ 156,591 ​ 149,819 Net property, plant, and equipment ​ $ 82,208 ​ $ 65,271 (1) Machinery and equipment also includes software, furniture and fixtures ​
Schedule of intangible assets excluding goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Gross Amortization ​ Gross Amortization ​ ​ ​ Carrying ​ and ​ Net ​ Carrying ​ and ​ Net ​ ​ Amount ​ Impairment ​ Amount ​ Amount ​ Impairment ​ Amount ​ ​ (in thousands) Technology ​ $ 327,908 ​ $ 306,624 ​ $ 21,284 ​ $ 327,908 ​ $ 302,358 ​ $ 25,550 Customer relationships ​ ​ 146,465 ​ ​ 131,552 ​ ​ 14,913 ​ ​ 146,465 ​ ​ 130,131 ​ ​ 16,334 Trademarks and tradenames ​ ​ 30,910 ​ ​ 27,254 ​ ​ 3,656 ​ ​ 30,910 ​ ​ 26,614 ​ ​ 4,296 Other ​ 3,686 ​ 3,684 ​ 2 ​ 3,686 ​ 3,681 ​ 5 Total ​ $ 508,969 ​ $ 469,114 ​ $ 39,855 ​ $ 508,969 ​ $ 462,784 ​ $ 46,185

Liabilities (Tables)

Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Liabilities
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Payroll and related benefits ​ $ 24,412 ​ $ 26,630 Warranty ​ ​ 6,220 ​ ​ 5,058 Operating lease liabilities ​ ​ 4,175 ​ ​ 4,148 Interest ​ ​ 4,893 ​ ​ 2,574 Professional fees ​ ​ 1,777 ​ ​ 1,112 Sales, use, and other taxes ​ 6,153 ​ 2,658 Other ​ 4,806 ​ 2,696 Total ​ $ 52,436 ​ $ 44,876
Schedule of changes in product warranty reserves	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Balance - December 31, 2020 ​ $ 5,058 Warranties issued ​ 3,221 Consumption of reserves ​ (2,912) Changes in estimate ​ 853 Balance - June 30, 2021 ​ $ 6,220
Schedule of changes in deferred revenue	​ ​ ​ ​ ​ ​ ​ (in thousands) Balance - December 31, 2020 $ 17,985 Deferral of revenue ​ (7,436) Recognition of unearned revenue ​ 6,718 Balance - June 30, 2021 $ 17,267
Schedule of carrying value of Convertible Senior Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ December 31, 2020 ​ ​ Principal Amount ​ Unamortized ​ Net carrying value ​ Principal Amount ​ Unamortized ​ Net carrying value ​ ​ ​ (in thousands) 2023 Notes ​ $ 131,695 ​ $ (9,171) ​ $ 122,524 ​ $ 131,695 ​ $ (11,925) ​ $ 119,770 2025 Notes ​ 132,500 ​ (19,749) ​ 112,751 ​ 132,500 ​ (22,097) ​ 110,403 2027 Notes ​ ​ 125,000 ​ ​ (32,060) ​ ​ 92,940 ​ ​ 125,000 ​ ​ (34,058) ​ ​ 90,942 Net carrying value ​ $ 389,195 ​ $ (60,980) ​ $ 328,215 ​ $ 389,195 ​ $ (68,080) ​ $ 321,115
Schedule of interest expense related to Convertible Senior Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2021 2020 2021 2020 ​ ​ (in thousands) ​ Cash Interest Expense ​ ​ ​ ​ ​ ​ ​ ​ Coupon interest expense - 2023 Notes ​ $ 889 ​ $ 2,070 ​ $ 1,778 ​ $ 4,399 ​ Coupon interest expense - 2025 Notes ​ ​ 1,159 ​ ​ — ​ ​ 2,319 ​ ​ — ​ Coupon interest expense - 2027 Notes ​ ​ 1,172 ​ ​ 573 ​ ​ 2,344 ​ ​ 573 ​ Non-cash Interest Expense ​ ​ ​ ​ ​ ​ ​ Amortization of debt discount/transaction costs- 2023 Notes ​ 1,390 ​ 3,004 ​ 2,754 ​ 6,325 ​ Amortization of debt discount/transaction costs- 2025 Notes ​ ​ 1,185 ​ ​ — ​ ​ 2,348 ​ ​ — ​ Amortization of debt discount/transaction costs- 2027 Notes ​ ​ 1,011 ​ ​ 453 ​ ​ 1,998 ​ ​ 453 ​ Total Interest Expense ​ $ 6,806 ​ $ 6,100 ​ $ 13,541 ​ $ 11,750 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Schedule of maturities of lease liabilities 2020	The following table provides the maturities of lease liabilities at June 30, 2021: ​ ​ ​ ​ ​ ​ ​ Operating ​ Leases ​ ​ (in thousands) Payments due by period: ​ ​ ​ 2021 ​ $ 2,125 2022 ​ ​ 4,667 2023 ​ ​ 3,145 2024 ​ ​ 2,897 2025 ​ ​ 2,506 Thereafter ​ ​ 38,367 Total future minimum lease payments ​ ​ 53,707 Less: Imputed interest ​ ​ (18,496) Total ​ $ 35,211 ​ ​ ​ ​ Reported as of June 30, 2021 ​ ​ ​ Accrued expenses and other current liabilities ​ $ 4,175 Long-term operating lease liabilities ​ ​ 31,036 Total ​ $ 35,211

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2020 49,724 ​ $ 497 ​ $ 1,113,352 ​ $ (707,321) ​ $ 1,846 ​ $ 408,374 Net income (loss) — ​ — ​ — ​ 2,494 ​ — ​ 2,494 Other comprehensive income (loss), net of tax — ​ — ​ — ​ — ​ (19) ​ (19) Share-based compensation expense — ​ — ​ 3,237 ​ — ​ — ​ 3,237 Net issuance under employee stock plans 459 ​ ​ 5 ​ ​ (1,630) ​ ​ — ​ ​ — ​ ​ (1,625) Balance at March 31, 2021 50,183 ​ $ 502 ​ $ 1,114,959 ​ $ (704,827) ​ $ 1,827 ​ $ 412,461 Net income (loss) — ​ — ​ — ​ 6,348 ​ — ​ 6,348 Other comprehensive income (loss), net of tax — ​ — ​ — ​ — ​ (24) ​ (24) Share-based compensation expense — ​ — ​ 4,367 ​ — ​ — ​ 4,367 Net issuance under employee stock plans 166 ​ ​ 1 ​ ​ 582 ​ ​ — ​ ​ — ​ ​ 583 Balance at June 30, 2021 50,349 ​ $ 503 ​ $ 1,119,908 ​ $ (698,479) ​ $ 1,803 ​ $ 423,735 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 income (loss) — ​ — ​ — ​ (567) ​ — ​ (567) Other comprehensive income (loss), 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 Net income (loss) — ​ — ​ — ​ (8,302) ​ — ​ (8,302) Other comprehensive income (loss), net of tax — ​ — ​ — ​ — ​ (130) ​ (130) Share-based compensation expense — ​ — ​ 2,974 ​ — ​ — ​ 2,974 Net issuance under employee stock plans ​ 191 ​ ​ 3 ​ ​ 752 ​ ​ — ​ ​ — ​ ​ 755 Extinguishment of equity component of repurchased 2023 Notes ​ — ​ ​ — ​ ​ (80) ​ ​ — ​ ​ — ​ ​ (80) Equity component of 2027 Notes ​ — ​ ​ — ​ ​ 33,363 ​ ​ — ​ ​ — ​ ​ 33,363 Purchase of capped calls ​ — ​ — ​ (10,313) ​ — ​ — ​ (10,313) Balance at June 30, 2020 49,619 ​ $ 497 ​ $ 1,100,716 ​ $ (707,799) ​ $ 1,917 ​ $ 395,331
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, 2020 ​ ​ 1,866 ​ ​ (20) ​ ​ 1,846 Other comprehensive income (loss) ​ (39) ​ (4) ​ (43) Balance - June 30, 2021 ​ $ 1,827 ​ $ (24) ​ $ 1,803

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Compensation
Schedule of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ 2021 2020 2021 2020 ​ ​ (in thousands) Cost of sales $ 650 $ 474 $ 1,146 $ 995 Research and development ​ ​ 1,132 ​ ​ 613 ​ ​ 1,949 ​ ​ 1,486 Selling, general, and administrative ​ ​ 2,585 ​ ​ 1,887 ​ ​ 4,510 ​ ​ 4,139 Total ​ $ 4,367 ​ $ 2,974 ​ $ 7,605 ​ $ 6,620
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Shares Exercise Price ​ ​ (in thousands) ​ ​ ​ Balance - December 31, 2020 ​ 730 ​ ​ 35.26 Expired or forfeited ​ (280) ​ ​ 40.27 Balance - June 30, 2021 ​ 450 ​ ​ 32.14
Summary of non-vested restricted and performance shares activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value ​ ​ (in thousands) ​ ​ ​ Balance - December 31, 2020 ​ 2,040 ​ ​ 12.73 Granted ​ 864 ​ ​ 23.89 Performance award adjustments ​ (36) ​ ​ 19.75 Vested ​ (410) ​ ​ 13.69 Forfeited ​ (60) ​ ​ 14.25 Balance - June 30, 2021 ​ 2,398 ​ ​ 16.45

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Taxes
Schedule of loss before income taxes and income tax benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ 2021 2020 2021 2020 ​ ​ (in thousands) Income (loss) before income taxes ​ $ 6,667 ​ $ (8,251) ​ $ 9,459 ​ $ (8,550) ​ Income tax expense (benefit) $ 319 $ 51 ​ $ 617 $ 319 ​

Segment Reporting and Geograp_2

Segment Reporting and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting and Geographic Information
Schedule of sales by end-market	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2021 ​ 2020 2021 ​ 2020 ​ ​ (in thousands) ​ Sales by end-market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Semiconductor ​ $ 53,689 ​ $ 37,460 ​ $ 105,321 ​ $ 74,884 ​ Compound Semiconductor ​ ​ 24,231 ​ ​ 17,740 ​ ​ 48,982 ​ ​ 36,169 ​ Data Storage ​ 52,025 ​ 28,305 ​ 93,005 ​ 67,188 ​ Scientific & Other ​ 16,399 ​ 15,132 ​ 32,751 ​ 24,898 ​ Total ​ $ 146,344 ​ $ 98,637 ​ $ 280,059 ​ $ 203,139 ​ Sales by geographic region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 66,969 ​ $ 29,632 ​ $ 112,132 ​ $ 69,268 ​ EMEA (1) ​ ​ 8,939 ​ ​ 26,130 ​ ​ 22,563 ​ ​ 42,280 ​ China ​ ​ 20,880 ​ ​ 17,393 ​ ​ 40,887 ​ ​ 27,865 ​ Rest of APAC ​ ​ 49,460 ​ ​ 25,432 ​ ​ 104,337 ​ ​ 63,374 ​ Rest of World ​ 96 ​ 50 ​ 140 ​ 352 ​ Total ​ $ 146,344 ​ $ 98,637 ​ $ 280,059 ​ $ 203,139 ​ (1) EMEA consists of Europe, the Middle East, and Africa
Schedule of sales by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2021 ​ 2020 2021 ​ 2020 ​ ​ (in thousands) ​ Sales by end-market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Semiconductor ​ $ 53,689 ​ $ 37,460 ​ $ 105,321 ​ $ 74,884 ​ Compound Semiconductor ​ ​ 24,231 ​ ​ 17,740 ​ ​ 48,982 ​ ​ 36,169 ​ Data Storage ​ 52,025 ​ 28,305 ​ 93,005 ​ 67,188 ​ Scientific & Other ​ 16,399 ​ 15,132 ​ 32,751 ​ 24,898 ​ Total ​ $ 146,344 ​ $ 98,637 ​ $ 280,059 ​ $ 203,139 ​ Sales by geographic region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 66,969 ​ $ 29,632 ​ $ 112,132 ​ $ 69,268 ​ EMEA (1) ​ ​ 8,939 ​ ​ 26,130 ​ ​ 22,563 ​ ​ 42,280 ​ China ​ ​ 20,880 ​ ​ 17,393 ​ ​ 40,887 ​ ​ 27,865 ​ Rest of APAC ​ ​ 49,460 ​ ​ 25,432 ​ ​ 104,337 ​ ​ 63,374 ​ Rest of World ​ 96 ​ 50 ​ 140 ​ 352 ​ Total ​ $ 146,344 ​ $ 98,637 ​ $ 280,059 ​ $ 203,139 ​ (1) EMEA consists of Europe, the Middle East, and Africa

Basis of Presentation - Fiscal

Basis of Presentation - Fiscal Period (Details)	6 Months Ended
	Jun. 30, 2021
Basis of Presentation
Fiscal period duration (in days)	91 days

Basis of Presentation - Revenue

Basis of Presentation - Revenue Recognition (Details)	6 Months Ended
	Jun. 30, 2021
Basis of Presentation
Revenue, practical expedient, incremental cost of obtaining contract	true

Basis of Presentation - Recentl

Basis of Presentation - Recently Adopted Accounting Standards (Details)	Jan. 01, 2020
ASU 2019-12, Simplifying the Accounting for Income Taxes
Accounting Changes
Change in Accounting Principle, Accounting Standards Update, Adopted	true

Income (Loss) Per Common Shar_2

Income (Loss) Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income (Loss) Per Common Share
Net income (loss), Basic	$ 6,348	$ (8,302)	$ 8,842	$ (8,869)
Net income (loss), Diluted	$ 6,348	$ (8,302)	$ 8,842	$ (8,869)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.13	$ (0.17)	$ 0.18	$ (0.18)
Diluted (in dollars per share)	$ 0.12	$ (0.17)	$ 0.17	$ (0.18)
Weighted average shares reconciliation
Basic weighted average shares outstanding	48,743	48,109	48,758	48,147
Dilutive effect of share-based awards	1,707		1,553
Dilutive effect of the 2027 Notes	3,492		3,228
Diluted weighted average shares outstanding	53,942	48,109	53,539	48,147

Income (Loss) Per Common Shar_3

Income (Loss) Per Common Share - Shares Excluded from EPS (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common share equivalents
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive		712		671
Potentially dilutive shares
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive	449	1,194	452	1,132
Convertible Notes - 2023, 2025 and 2027
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive	8,811	15,354	8,811	15,354

Assets - Fair Value (Details)

Assets - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
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	60,799	$ 86,165
Short-term investments
Total Short-term investments	214,635	189,771
Measured at fair value on a recurring basis | U.S. treasuries
Short-term investments
Total Short-term investments	124,129	149,219
Measured at fair value on a recurring basis | Government agency securities
Short-term investments
Total Short-term investments	7,255
Measured at fair value on a recurring basis | Corporate debt
Short-term investments
Total Short-term investments	65,666	32,554
Measured at fair value on a recurring basis | Commercial paper
Short-term investments
Total Short-term investments	17,585	7,998
Measured at fair value on a recurring basis | Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	60,479	59,168
Measured at fair value on a recurring basis | Commercial paper
Cash equivalents
Total Cash equivalents		2,000
Measured at fair value on a recurring basis | Money market cash
Cash equivalents
Total Cash equivalents	320
Measured at fair value on a recurring basis | U.S. treasuries
Cash equivalents
Total Cash equivalents		24,997
Measured at fair value on a recurring basis | Level 1
Cash equivalents
Total Cash equivalents	60,799	84,165
Short-term investments
Total Short-term investments	124,129	149,219
Measured at fair value on a recurring basis | Level 1 | U.S. treasuries
Short-term investments
Total Short-term investments	124,129	149,219
Measured at fair value on a recurring basis | Level 1 | Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	60,479	59,168
Measured at fair value on a recurring basis | Level 1 | Money market cash
Cash equivalents
Total Cash equivalents	320
Measured at fair value on a recurring basis | Level 1 | U.S. treasuries
Cash equivalents
Total Cash equivalents		24,997
Measured at fair value on a recurring basis | Level 2
Cash equivalents
Total Cash equivalents		2,000
Short-term investments
Total Short-term investments	90,506	40,552
Measured at fair value on a recurring basis | Level 2 | Government agency securities
Short-term investments
Total Short-term investments	7,255
Measured at fair value on a recurring basis | Level 2 | Corporate debt
Short-term investments
Total Short-term investments	65,666	32,554
Measured at fair value on a recurring basis | Level 2 | Commercial paper
Short-term investments
Total Short-term investments	$ 17,585	7,998
Measured at fair value on a recurring basis | Level 2 | Commercial paper
Cash equivalents
Total Cash equivalents		$ 2,000

Assets - Available-For-Sale Sec

Assets - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Total available-for-sale securities
Amortized Cost		$ 214,659	$ 189,791
Gross Unrealized Gains		30	15
Gross Unrealized Losses		(54)	(35)
Estimated Fair Value		214,635	189,771
Available-for-sale securities in a loss position
Estimated Fair Value		110,344	52,545
Gross Unrealized Losses		(54)	(35)
Investments that had been in a continuous loss position for more than 12 months		0	0
Contractual maturities - Amortized Cost
Amortized Cost, Due in one year or less		152,949
Amortized Cost, Due after one year through two years		55,693
Amortized Cost, Due after two years through three years		6,017
Amortized Cost		214,659	189,791
Contractual maturities - Estimated Fair Value
Estimated Fair Value, Due in one year or less		152,932
Estimated Fair Value, Due after one year through two years		55,679
Estimated Fair Value, Due after two years through three years		6,024
Available-for-sale Securities, Debt Securities, Total		214,635	189,771
Realized gains or losses
Realized gains	$ 0
Realized losses	$ 0
U.S. treasuries
Total available-for-sale securities
Amortized Cost		124,140	149,206
Gross Unrealized Gains		4	14
Gross Unrealized Losses		(15)	(1)
Estimated Fair Value		124,129	149,219
Available-for-sale securities in a loss position
Estimated Fair Value		61,520	19,991
Gross Unrealized Losses		(15)	(1)
Contractual maturities - Amortized Cost
Amortized Cost		124,140	149,206
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total		124,129	149,219
Government agency securities
Total available-for-sale securities
Amortized Cost		7,258
Gross Unrealized Losses		(3)
Estimated Fair Value		7,255
Available-for-sale securities in a loss position
Estimated Fair Value		7,255
Gross Unrealized Losses		(3)
Contractual maturities - Amortized Cost
Amortized Cost		7,258
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total		7,255
Corporate debt
Total available-for-sale securities
Amortized Cost		65,676	32,588
Gross Unrealized Gains		26
Gross Unrealized Losses		(36)	(34)
Estimated Fair Value		65,666	32,554
Available-for-sale securities in a loss position
Estimated Fair Value		41,569	32,554
Gross Unrealized Losses		(36)	(34)
Contractual maturities - Amortized Cost
Amortized Cost		65,676	32,588
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total		65,666	32,554
Commercial paper
Total available-for-sale securities
Amortized Cost		17,585	7,997
Gross Unrealized Gains			1
Estimated Fair Value		17,585	7,998
Contractual maturities - Amortized Cost
Amortized Cost		17,585	7,997
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total		$ 17,585	$ 7,998

Assets - Accounts Receivable (D

Assets - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets
Allowance for doubtful accounts receivable	$ 0.7	$ 0.7

Assets - Inventories (Details)

Assets - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventories
Materials	$ 91,389	$ 82,679
Work-in-process	59,769	53,979
Finished goods	12,883	9,248
Total	$ 164,041	$ 145,906

Assets - Prepaid Expenses and O

Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Prepaid expenses and other current assets
Amount of landlord reimbursement receivable	$ 4.1
Deposits with suppliers	$ 4.5	$ 7.2

Assets - Property, Plant, and E

Assets - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, plant, and equipment
Gross property, plant and equipment	$ 238,799		$ 238,799		$ 215,090
Less: accumulated depreciation and amortization	156,591		156,591		149,819
Net property, plant, and equipment	82,208		82,208		65,271
Depreciation expense	3,500	$ 3,800	6,900	$ 7,700
Land
Property, plant, and equipment
Gross property, plant and equipment	5,061		5,061		5,061
Building and improvements
Property, plant, and equipment
Gross property, plant and equipment	63,117		63,117		62,865
Machinery and equipment
Property, plant, and equipment
Gross property, plant and equipment	144,585		144,585		140,493
Leaseholds improvements
Property, plant, and equipment
Gross property, plant and equipment	$ 26,036		$ 26,036		$ 6,671

Assets - Intangible Assets (Det

Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible assets
Total Gross Intangible Assets	$ 508,969	$ 508,969
Accumulated Amortization and Impairment	469,114	462,784
Total Net Intangible Assets	39,855	46,185
Technology
Intangible assets
Gross Carrying Amount, Definite-lived intangible assets	327,908	327,908
Accumulated Amortization and Impairment, Definite-lived intangible assets	306,624	302,358
Total definite-lived intangible assets	21,284	25,550
Customer relationships
Intangible assets
Gross Carrying Amount, Definite-lived intangible assets	146,465	146,465
Accumulated Amortization and Impairment, Definite-lived intangible assets	131,552	130,131
Total definite-lived intangible assets	14,913	16,334
Trademarks and tradenames
Intangible assets
Gross Carrying Amount, Definite-lived intangible assets	30,910	30,910
Accumulated Amortization and Impairment, Definite-lived intangible assets	27,254	26,614
Total definite-lived intangible assets	3,656	4,296
Other
Intangible assets
Gross Carrying Amount, Definite-lived intangible assets	3,686	3,686
Accumulated Amortization and Impairment, Definite-lived intangible assets	3,684	3,681
Total definite-lived intangible assets	$ 2	$ 5

Liabilities - Accrued Expenses

Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities
Payroll and related benefits	$ 24,412	$ 26,630
Warranty	6,220	5,058
Operating lease liabilities	4,175	4,148
Interest	4,893	2,574
Professional fees	1,777	1,112
Sales, use, and other taxes	6,153	2,658
Other	4,806	2,696
Total	$ 52,436	$ 44,876

Liabilities - Warranty (Details

Liabilities - Warranty (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Warranty
Warranty period	1 year
Balance, beginning of the period	$ 5,058
Warranties issued	3,221
Consumption of reserves	(2,912)
Changes in estimate	853
Balance, end of the period	$ 6,220

Liabilities - Customer Deposits

Liabilities - Customer Deposits and Deferred Revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Liabilities
Customer deposits and deferred revenue	$ 53,300	$ 49,300
Changes in deferred revenue
Beginning balance	17,985
Deferral of revenue	(7,436)
Recognition of unearned revenue	6,718
Ending balance	$ 17,267

Liabilities - Performance Oblig

Liabilities - Performance Obligations Amount (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Performance obligations
Remaining performance obligations	$ 35.1
Minimum
Performance obligations
Performance obligation at time of contract origination	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Performance obligations
Percentage of remaining performance obligation expected to be recognized	73.00%

Liabilities - Performance Obl_2

Liabilities - Performance Obligations Timing (Details)	6 Months Ended
	Jun. 30, 2021
Liabilities
Revenue, Practical Expedient, Remaining Performance Obligation	true
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Performance obligations
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Performance obligations
Remaining performance obligations, expected timing of satisfaction	2 years

Liabilities - 2023, 2025 and 20

Liabilities - 2023, 2025 and 2027 Convertible Senior Notes (Details) - USD ($) $ in Thousands	Nov. 11, 2020	May 18, 2020	Jan. 10, 2017	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Nov. 17, 2020
Debt
Principal amount					$ 389,195	$ 389,195
Proceeds, net of issuance costs				$ 121,946
Cash paid for repurchase of notes				81,240
Purchase of capped calls				$ 10,313
2023 Notes
Debt
Principal amount			$ 345,000		131,695	131,695
Interest rate (as a percent)			2.70%
Proceeds, net of issuance costs			$ 335,800
Repurchased and retired amount	$ 125,000	$ 88,300
Carrying amount of debt extinguished	$ 113,100	78,100
Cash paid for repurchase of notes		81,200
2025 Notes
Debt
Principal amount							$ 132,500
Interest rate (as a percent)							3.50%
2027 Notes
Debt
Principal amount		$ 125,000			$ 125,000	$ 125,000
Interest rate (as a percent)		3.75%
Proceeds, net of issuance costs		$ 121,900
Purchase of capped calls		$ 10,300

Liabilities - Convertible Senio

Liabilities - Convertible Senior Notes (Details)	Nov. 17, 2020USD ($)$ / shares	May 18, 2020USD ($)$ / shares	May 13, 2020USD ($)$ / shares	Jan. 10, 2017USD ($)$ / shares	Jun. 30, 2021D	Jun. 30, 2021USD ($)D
Capped Call Transactions
Debt
Aggregate price of capped call transaction			$ 10,300,000
Cap price of the capped call transactions (in dollars per share) | $ / shares			$ 18.46
Convertible Notes - 2023, 2025 and 2027
Debt
Multiples of principal holders may convert						1,000
Minimum threshold period | D						20
Consecutive trading days | D					30	30
Stock price trigger (as a percent)					130.00%	130.00%
Trading days | D						5
Number of consecutive business days						5 days
Maximum percentage of common stock conversion						98.00%
2023 Notes
Debt
Conversion rate				0.0249800
Conversion price (in dollars per share) | $ / shares				$ 40.03
Measurement input				0.070
Long-term Debt, Measurement Input				us-gaap:MeasurementInputDiscountRateMember
Debt discount				$ 72,500,000
Transaction costs				9,200,000
Transaction costs allocated to the equity component				$ 1,900,000
2025 Notes
Debt
Conversion rate	0.0416667
Conversion price (in dollars per share) | $ / shares	$ 24
Measurement input	0.080
Long-term Debt, Measurement Input	us-gaap:MeasurementInputDiscountRateMember
Debt discount	$ 21,000,000
Transaction costs	1,900,000
Transaction costs allocated to the equity component	$ 300,000
2027 Notes
Debt
Conversion rate		0.0715372
Conversion price (in dollars per share) | $ / shares		$ 13.98
Measurement input		0.091
Long-term Debt, Measurement Input		us-gaap:MeasurementInputDiscountRateMember
Debt discount		$ 34,200,000
Transaction costs		3,100,000
Transaction costs allocated to the equity component		$ 800,000

Liabilities - Convertible Sen_2

Liabilities - Convertible Senior Notes Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	May 18, 2020	Jan. 10, 2017
Debt
Principal amount	$ 389,195	$ 389,195
Unamortized debt discount/transaction costs	(60,980)	(68,080)
Net carrying value	328,215	321,115
2023 Notes
Debt
Principal amount	131,695	131,695		$ 345,000
Unamortized debt discount/transaction costs	(9,171)	(11,925)
Net carrying value	122,524	119,770
2025 Notes
Debt
Principal amount	132,500	132,500
Unamortized debt discount/transaction costs	(19,749)	(22,097)
Net carrying value	112,751	110,403
2027 Notes
Debt
Principal amount	125,000	125,000	$ 125,000
Unamortized debt discount/transaction costs	(32,060)	(34,058)
Net carrying value	$ 92,940	$ 90,942

Liabilities - Convertible Sen_3

Liabilities - Convertible Senior Notes - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Non-Cash Interest Expense
Amortization of debt discount/transaction costs			$ 7,100	$ 6,778
Total Interest Expense	$ 6,806	$ 6,100	13,541	11,750
2023 Notes
Cash Interest Expense
Coupon interest expense	889	2,070	1,778	4,399
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	$ 1,390	3,004	$ 2,754	6,325
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2		Level 2
Estimated fair value	$ 132,300		$ 132,300
2025 Notes
Cash Interest Expense
Coupon interest expense	1,159		2,319
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	$ 1,185		$ 2,348
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2		Level 2
Estimated fair value	$ 158,800		$ 158,800
2027 Notes
Cash Interest Expense
Coupon interest expense	1,172	573	2,344	573
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	$ 1,011	$ 453	$ 1,998	$ 453
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2		Level 2
Estimated fair value	$ 220,200		$ 220,200

Liabilities - Other Liabilities

Liabilities - Other Liabilities (Details) - USD ($) $ in Millions	51 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Other liabilities
Contributions to deferred compensation plan	$ 0
Accrued and deferred deposit payments	3.5	$ 3.5
Other Assets
Other liabilities
Deferred compensation plan assets		2.4
Accrued expenses and other current liabilities
Other liabilities
Accrued and deferred deposit payments	1.7	1.7
Other Liabilities
Other liabilities
Deferred compensation plan liabilities		2.5
Medical and dental benefits	1.8	1.9
Asset retirement obligations	2.8	2.7
Income taxes payable		1.4
Accrued and deferred deposit payments	$ 1.8	$ 1.8

Commitments and Contingencies -

Commitments and Contingencies - Lease terms (Details)	Jun. 30, 2021
Leases
Lease renewal term	5 years
Remaining lease term	12 years
Weighted average discount rate (as a percent)	5.70%

Commitments and Contingencies_2

Commitments and Contingencies - Minimum lease commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Minimum lease commitments, Payments due by period:
2021	$ 2,125
2022	4,667
2023	3,145
2024	2,897
2025	2,506
Thereafter	38,367
Total future minimum lease payments	53,707
Less: Imputed interest	(18,496)
Total operating lease liabilities	35,211
Operating lease liability, current	$ 4,175	$ 4,148
Operating Lease, Liability, Current, Statement of Financial Position	Accrued expenses and other current liabilities
Long-term operating lease liabilities	$ 31,036	$ 6,305
Total operating lease liabilities	$ 35,211

Commitments and Contingencies_3

Commitments and Contingencies - Lease costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease cost
Operating lease cost	$ 1.8	$ 1.4	$ 3.1	$ 2.7
Variable lease cost	$ 0.4	$ 0.4	0.9	0.9
Operating cash flows from operating leases			$ 3.3	$ 3.5

Commitments and Contingencies_4

Commitments and Contingencies - Purchase Commitments and Bank Guarantees (Details) $ in Millions	Jun. 30, 2021USD ($)
Purchase commitments
Purchase commitments due within one year	$ 144.4
Bank guarantees
Bank guarantees and letters of credit outstanding	10.2
Unused bank guarantees and letters of credit	$ 12.1

Commitments and Contingencies_5

Commitments and Contingencies - Legal Proceedings (Details)	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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	$ 412,461	$ 408,374	$ 377,064	$ 374,512	$ 408,374	$ 374,512
Net income (loss)	6,348	2,494	(8,302)	(567)	8,842	(8,869)
Other comprehensive income (loss), net of tax	(24)	(19)	(130)	153
Share-based compensation expense	4,367	3,237	2,974	3,646
Net issuance under employee stock plans	583	(1,625)	755	(680)
Extinguishment of equity component of repurchased/exchanged 2023 Notes			(80)
Equity component of Notes			33,363
Purchase of capped calls			(10,313)
Balance at the end of the period	423,735	412,461	395,331	377,064	423,735	395,331
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	$ 502	$ 497	$ 494	$ 490	$ 497	$ 490
Balance (in shares)	50,183	49,724	49,428	48,994	49,724	48,994
Net issuance under employee stock plans	$ 1	$ 5	$ 3	$ 4
Net issuance under employee stock plans (in shares)	166	459	191	434
Balance at the end of the period	$ 503	$ 502	$ 497	$ 494	$ 503	$ 497
Balance (in shares)	50,349	50,183	49,619	49,428	50,349	49,619
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	$ 1,114,959	$ 1,113,352	$ 1,074,020	$ 1,071,058	$ 1,113,352	$ 1,071,058
Share-based compensation expense	4,367	3,237	2,974	3,646
Net issuance under employee stock plans	582	(1,630)	752	(684)
Extinguishment of equity component of repurchased/exchanged 2023 Notes			(80)
Equity component of Notes			33,363
Purchase of capped calls			(10,313)
Balance at the end of the period	1,119,908	1,114,959	1,100,716	1,074,020	1,119,908	1,100,716
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	(704,827)	(707,321)	(699,497)	(698,930)	(707,321)	(698,930)
Net income (loss)	6,348	2,494	(8,302)	(567)
Balance at the end of the period	(698,479)	(704,827)	(707,799)	(699,497)	(698,479)	(707,799)
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period	1,827	1,846	2,047	1,894	1,846	1,894
Other comprehensive income (loss), net of tax	(24)	(19)	(130)	153
Balance at the end of the period	$ 1,803	$ 1,827	$ 1,917	$ 2,047	$ 1,803	$ 1,917

Equity - AOCI Rollforward (Deta

Equity - AOCI Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in the balances of each component of AOCI
Balance at the beginning of the period	$ 412,461	$ 377,064	$ 408,374	$ 374,512
Other comprehensive income (loss)	(24)	(130)	(43)	23
Balance at the end of the period	423,735	395,331	423,735	395,331
Accumulated Other Comprehensive Income
Changes in the balances of each component of AOCI
Balance at the beginning of the period	1,827	2,047	1,846	1,894
Other comprehensive income (loss)			(43)
Balance at the end of the period	1,803	$ 1,917	1,803	$ 1,917
Foreign Currency Translation
Changes in the balances of each component of AOCI
Balance at the beginning of the period			1,866
Other comprehensive income (loss)			(39)
Balance at the end of the period	1,827		1,827
Unrealized Gains (Losses) on Available for Sale Securities
Changes in the balances of each component of AOCI
Balance at the beginning of the period			(20)
Other comprehensive income (loss)			(4)
Balance at the end of the period	$ (24)		$ (24)

Share-based Compensations - Rec

Share-based Compensations - Recognized Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Recognized share-based compensation
Total share-based compensation expense	$ 4,367	$ 2,974	$ 7,605	$ 6,620
Cost of sales
Recognized share-based compensation
Total share-based compensation expense	650	474	1,146	995
Research and development
Recognized share-based compensation
Total share-based compensation expense	1,132	613	1,949	1,486
Selling, general and administrative
Recognized share-based compensation
Total share-based compensation expense	$ 2,585	$ 1,887	$ 4,510	$ 4,139
Restricted stock awards | Minimum
Share-based compensation
Expiration term			1 year
Restricted stock awards | Maximum
Share-based compensation
Expiration term			5 years

Share-based Compensation - Stoc

Share-based Compensation - Stock Option Activity (Details) - Stock options shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of Shares
Outstanding at the beginning of the period (in shares) | shares	730
Expired or forfeited (in shares) | shares	(280)
Outstanding at the end of the period (in shares) | shares	450
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 35.26
Expired or forfeited (in dollars per share) | $ / shares	40.27
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 32.14

Share-based Compensation - Rest

Share-based Compensation - Restricted shares and performance shares (Details) - Non-vested restricted shares and performance shares shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of Shares
Outstanding at the beginning of the period (in shares) | shares	2,040
Granted (in shares) | shares	864
Performance award adjustments (in shares) | shares	(36)
Vested (in shares) | shares	(410)
Forfeited (in shares) | shares	(60)
Outstanding at the end of the period (in shares) | shares	2,398
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 12.73
Granted (in dollars per share) | $ / shares	23.89
Performance award adjustments (in dollars per share) | $ / shares	19.75
Vested (in dollars per share) | $ / shares	13.69
Forfeited (in dollars per share) | $ / shares	14.25
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 16.45

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Tax reconciliation disclosures
Income (loss) before income taxes	$ 6,667	$ (8,251)	$ 9,459	$ (8,550)
Income tax expense (benefit)	319	51	617	319
Domestic
Tax reconciliation disclosures
Income tax expense (benefit)	100	$ 100	200	200
Foreign tax
Tax reconciliation disclosures
Income tax expense (benefit)	$ 200		$ 400	$ 100

Segment Reporting and Geograp_3

Segment Reporting and Geographic Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segmentitem	Jun. 30, 2020USD ($)
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
Sales	$ 146,344	$ 98,637	$ 280,059	$ 203,139
United States
Revenue reporting by end-market and geographic region
Sales	66,969	29,632	112,132	69,268
EMEA
Revenue reporting by end-market and geographic region
Sales	8,939	26,130	22,563	42,280
China
Revenue reporting by end-market and geographic region
Sales	20,880	17,393	40,887	27,865
Rest of APAC
Revenue reporting by end-market and geographic region
Sales	49,460	25,432	104,337	63,374
Rest Of World
Revenue reporting by end-market and geographic region
Sales	96	50	140	352
Semiconductor
Revenue reporting by end-market and geographic region
Sales	53,689	37,460	105,321	74,884
Compound Semiconductor
Revenue reporting by end-market and geographic region
Sales	24,231	17,740	48,982	36,169
Data Storage
Revenue reporting by end-market and geographic region
Sales	52,025	28,305	93,005	67,188
Scientific & Other
Revenue reporting by end-market and geographic region
Sales	$ 16,399	$ 15,132	$ 32,751	$ 24,898