Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 18, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | RUDOLPH TECHNOLOGIES INC | |
Entity Central Index Key | 1,094,392 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 31,016,346 |
Statements of Financial Positio
Statements of Financial Position Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents, at Carrying Value | $ 38,546 | $ 44,554 |
Marketable Securities, Current | 84,715 | 116,924 |
Accounts Receivable, Net, Current | 74,884 | 55,492 |
Inventory, Net | 68,595 | 71,490 |
Prepaid Expense and Other Assets | 7,975 | 8,137 |
Assets, Current | 274,715 | 296,597 |
Property, Plant and Equipment, Net | 12,355 | 12,346 |
Goodwill | 22,495 | 22,495 |
Intangible Assets, Net (Excluding Goodwill) | 10,808 | 12,593 |
Other Assets, Noncurrent | 35,651 | 35,532 |
Assets | 356,024 | 379,563 |
Liabilities, Current [Abstract] | ||
Accounts Payable and Accrued Liabilities | 21,591 | 21,466 |
Taxes Payable, Current | 6,373 | 1,163 |
Deferred Revenue, Current | 9,170 | 6,441 |
Convertible Debt, Current | 0 | 57,846 |
Other Liabilities, Current | 11,294 | 12,415 |
Liabilities, Current | 48,428 | 99,331 |
Other Liabilities, Noncurrent | 9,771 | 9,554 |
Liabilities | 58,199 | 108,885 |
Commitments and Contingencies | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | 31 | 31 |
Additional Paid in Capital, Common Stock | 390,027 | 394,928 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,401) | (2,623) |
Retained Earnings (Accumulated Deficit) | (90,832) | (121,658) |
Stockholders' Equity Attributable to Parent | 297,825 | 270,678 |
Liabilities and Equity | $ 356,024 | $ 379,563 |
Statements of Financial Positi3
Statements of Financial Position B/S Parenthetical - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance for Doubtful Accounts Receivable, Current | $ 790 | $ 713 |
Statements of Income Statement
Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues | $ 61,641 | $ 58,597 | $ 178,704 | $ 170,633 |
Cost of Revenue | 29,192 | 26,685 | 83,017 | 77,871 |
Gross Profit | 32,449 | 31,912 | 95,687 | 92,762 |
Operating Expenses [Abstract] | ||||
Research and Development Expense | 9,330 | 10,032 | 33,655 | 30,899 |
Selling, General and Administrative Expense | 9,894 | 9,372 | 28,881 | 33,379 |
Amortization of Intangible Assets | 595 | 515 | 1,785 | 1,545 |
Gain (Loss) Related to Litigation Settlement | (11) | 0 | (14,643) | 0 |
Operating Expenses | 19,808 | 19,919 | 49,678 | 65,823 |
Operating Income (Loss) | 12,641 | 11,993 | 46,009 | 26,939 |
Interest Expense, net | 64 | 1,440 | 2,979 | 4,207 |
Total other expenses (income) | (393) | (327) | (94) | 99 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 12,970 | 10,880 | 43,124 | 22,633 |
Income Tax Expense (Benefit) | 3,684 | 3,682 | 12,298 | 7,560 |
Net Income (Loss) Attributable to Parent | $ 9,286 | $ 7,198 | $ 30,826 | $ 15,073 |
Earnings (Loss) Per Share, Basic | $ 0.30 | $ 0.23 | $ 0.99 | $ 0.48 |
Earnings (Loss) Per Share, Diluted | $ 0.30 | $ 0.22 | $ 0.97 | $ 0.47 |
Weighted Average Number of Shares Outstanding, Basic | 30,988 | 31,526 | 31,082 | 31,597 |
Weighted Average Number of Shares Outstanding, Diluted | 31,459 | 32,204 | 31,655 | 32,255 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Income (Loss) Attributable to Parent | $ 9,286 | $ 7,198 | $ 30,826 | $ 15,073 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | (89) | 33 | (66) | 27 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 54 | (560) | 1,288 | (104) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 9,251 | $ 6,671 | $ 32,048 | $ 14,996 |
Statements of Cash Flows Statem
Statements of Cash Flows Statement - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net Income (Loss) Attributable to Parent | $ 30,826 | $ 15,073 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Amortization of Financing Costs and Discounts | 2,154 | 2,797 |
Amortization | 1,785 | 1,545 |
Depreciation | 2,768 | 2,912 |
Foreign Currency Transaction Gain (Loss), before Tax | 852 | 99 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 117 | (541) |
Share-based Compensation | 3,646 | 6,332 |
Gain (Loss) on Disposition of Property Plant Equipment | (946) | 0 |
Provision for doubtful accounts and inventory valuation | 2,671 | 2,753 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (13,063) | (8,405) |
Net Cash Provided by (Used in) Operating Activities | 30,810 | 22,565 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Payments to Acquire Marketable Securities | (110,283) | (183,690) |
Proceeds from Sale and Maturity of Marketable Securities | 141,936 | 175,482 |
Payments to Acquire Intangible Assets | 0 | (3,000) |
Payments to Acquire Property, Plant, and Equipment | (2,527) | (2,247) |
Proceeds from Sale of Property, Plant, and Equipment | 1,165 | 0 |
Net Cash Provided by (Used in) Investing Activities | 30,291 | (13,455) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Debt Instrument, Redemption | (60,000) | 0 |
Payments for Repurchase of Common Stock | (8,044) | (17,143) |
Payments Related to Tax Withholding for Share-based Compensation | (1,573) | (1,911) |
Proceeds from (Payments for) Other Financing Activities | (94) | (141) |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 354 | 174 |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | 716 | 67 |
Net Cash Provided by (Used in) Financing Activities | (68,641) | (18,954) |
Effect of Exchange Rate on Cash and Cash Equivalents | 1,532 | (286) |
Cash and Cash Equivalents, Period Increase (Decrease) | (6,008) | (10,130) |
Cash and Cash Equivalents, at Carrying Value | 38,546 | 32,984 |
Supplemental Cash Flow Information [Abstract] | ||
Income Taxes Paid | 6,479 | 1,210 |
Interest Paid | 2,250 | 2,250 |
Litigation settlement received | $ 14,643 | $ 0 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Organization and Nature of Operations: [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared by Rudolph Technologies, Inc. (the “Company” or “Rudolph”) and in the opinion of management reflect all adjustments, consisting of normal recurring accruals, necessary for their fair presentation in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual amounts could differ materially from reported amounts. The interim results for the three and nine month periods ended September 30, 2016 are not necessarily indicative of results to be expected for the entire year or any future periods. This interim financial information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (“2015 10-K”) filed with the Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated balance sheet at December 31, 2015 has been derived from the audited consolidated financial statements included in the 2015 10-K. Reclassifications Certain immaterial prior period amounts have been reclassified to conform to the current financial statement presentation. Debt Issuance Costs: In the first quarter of 2016, the Company adopted Accounting Standards Update (ASU) No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs,” which requires entities to present debt issuance costs related to a debt liability as a direct deduction from the carrying amount of that debt liability on the balance sheet as opposed to being presented as a deferred charge. Prior to adoption, the Company reported the unamortized debt issuance costs in “Other Assets” on the Consolidated Balance Sheets. As of December 31, 2015 , the change in presentation resulted in a reduction of “Other Assets” of $261 and a corresponding decrease in “Convertible Senior Notes” with no impact on the Company’s Consolidated Statements of Operations. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . This ASU provides guidance on statement of cash flows presentation for eight specific cash flow issues where diversity in practice exists. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the effect the adoption of ASU No. 2016-15 will have on its consolidated financial position, results of operations, and cash flows. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326),” which introduces new guidance for the accounting for credit losses on instruments within its scope. Given the breadth of that scope, the new ASU will impact both financial services and non-financial services entities. The standard is effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the effect the adoption of ASU No. 2016-13 will have on its consolidated financial position, results of operations, and cash flows. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting.” The standard was issued as part of the Simplification Initiative which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The Company is currently evaluating the effect the adoption of ASU No. 2016-09 will have on its consolidated financial position, results of operations, and cash flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The standard requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU No. 2016-02 also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 with earlier adoption permitted. The Company is in the process of evaluating the effects the adoption of ASU No. 2016-02 will have on its consolidated financial position, results of operations, and cash flows. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The pronouncement requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company is in the process of evaluating the effects the adoption of ASU No. 2016-01 will have on its consolidated financial position, results of operations, and cash flows. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330), Simplifying the Measurement of Inventory.” This ASU is intended to simplify subsequent measurement of inventory. An entity should measure inventory within the scope of this ASU at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The standard is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2016. The adoption of ASU 2015-11 is not expected to have a material effect on the Company’s consolidated financial position, results of operations, and cash flows. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU No. 2014-09 outlines a comprehensive revenue recognition model and supersedes most current revenue recognition guidance as amended. In July 2015, the FASB deferred for one year the effective date of the new revenue standard. The standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 with earlier adoption permitted. ASU No. 2014-09 allows for two methods of adoption: (a) “full retrospective” adoption, meaning the standard is applied to all periods presented, or (b) “modified retrospective” adoption, meaning the cumulative effect of applying ASU No. 2014-09 is recognized as an adjustment to the 2018 opening retained earnings balance. The Company is in the process of determining the adoption method as well as the effects the adoption of ASU No. 2014-09 will have on its consolidated financial position, results of operations, and cash flows. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements The Company applies a three-level valuation hierarchy for fair value measurements. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability. Level 3 inputs are unobservable inputs based on management’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s fair value measurement classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at September 30, 2016 and December 31, 2015 : Fair Value Measurements Using Carrying Quoted Prices in Significant Other Significant September 30, 2016 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 83,878 $ — $ 83,878 $ — Corporate bonds 837 — 837 — Total Assets $ 84,715 $ — $ 84,715 $ — Liabilities: Foreign currency forward contracts $ 469 $ — $ 469 $ — Contingent consideration - acquisitions 3,726 — — 3,726 Total Liabilities $ 4,195 $ — $ 469 $ 3,726 December 31, 2015 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 116,089 $ — $ 116,089 $ — Corporate bonds 835 — 835 — Total Assets $ 116,924 $ — $ 116,924 $ — Liabilities: Foreign currency forward contracts $ 85 $ — $ 85 $ — Contingent consideration - acquisitions 3,703 — — 3,703 Total Liabilities $ 3,788 $ — $ 85 $ 3,703 The Company’s investments classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Available-for-sale debt securities prices are obtained from third party pricing providers, which models prices utilizing the above observable inputs, for each asset class. Level 3 liabilities consisted of contingent consideration related to an acquisition for which the Company uses a discounted cash flow model to value these liabilities. The Level 3 assumptions used in the discounted cash flow model for the contingent consideration included projected revenues, estimates of discount rates of 9.1% and timing of cash flows. A significant decrease in the projected revenues or increase in discount rates could result in a significantly lower fair value measurement for the contingent consideration. This table presents a reconciliation for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2016 : Fair Value Measurements Using Balance at December 31, 2015 $ 3,703 Additions — Total loss included in selling, general and administrative expense 117 Payments (94 ) Transfers into (out of) Level 3 — Balance at September 30, 2016 $ 3,726 See Note 3 for additional discussion regarding the fair value of the Company’s marketable securities. Fair Value of Other Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates fair value because of the short-term maturity of these instruments. The estimated fair value of these obligations is based, primarily, on a market approach, comparing the Company’s interest rates to those rates the Company believes it would reasonably receive upon re-entry into the market. Judgment is required to estimate the fair value, using available market information and appropriate valuation methods. The Company’s convertible senior notes matured on July 15, 2016 and the principal payment amount of $60,000 was paid. As of September 30, 2016, there were no convertible senior notes outstanding. The Company’s convertible senior notes were not publicly traded. The estimated fair value of the Company’s convertible senior notes was valued using a discounted cash flow model. The Level 3 assumptions, based on data available at the valuation date used in preparing the discounted cash flow model, included estimates of interest rates, timing and amount of cash flows and expected holding periods of the convertible senior notes. The fair value of the contingent interest associated with the convertible senior notes was valued quarterly using the present value under an expected cash flow model incorporating the probabilities of the contingent events occurring. The following table reflects information pertaining to the Company’s convertible senior notes: December 31, 2015 Net carrying value of convertible senior notes $ 57,846 Estimated fair value of convertible senior notes $ 60,630 Estimated interest rate used in discounted cash flow model 5.0 % Fair value of contingent interest $ — |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2016 | |
Marketable Securities [Abstract] | |
Marketable Securities [Text Block] | Marketable Securities The Company has evaluated its investment policies and determined that all of its investment securities are to be classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ equity under the caption “Accumulated other comprehensive loss.” Realized gains and losses on available-for-sale securities are included in “Other (income) expense” in the Condensed Consolidated Statements of Operations. The Company records other-than-temporary impairment charges for its available-for-sale investments when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities. The cost of securities sold is based on the specific identification method. The Company has determined that the gross unrealized losses on its marketable securities at September 30, 2016 and December 31, 2015 are temporary in nature. The Company reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. At September 30, 2016 and December 31, 2015 , marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value September 30, 2016 Municipal notes and bonds $ 83,943 $ 2 $ 67 $ 83,878 Corporate bonds 838 — 1 837 Total marketable securities $ 84,781 $ 2 $ 68 $ 84,715 December 31, 2015 Municipal notes and bonds $ 116,086 $ 18 $ 15 $ 116,089 Corporate bonds 838 — 3 835 Total marketable securities $ 116,924 $ 18 $ 18 $ 116,924 The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheet classification, is as follows at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 79,688 $ 79,627 $ 113,542 $ 113,549 Due after one through five years 5,093 5,088 3,382 3,375 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 84,781 $ 84,715 $ 116,924 $ 116,924 The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position at September 30, 2016 and December 31, 2015 : Unrealized Loss Position For Less Than 12 Months Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses September 30, 2016 Municipal notes and bonds $ 70,042 $ 67 $ — $ — Corporate bonds 837 1 — — Total $ 70,879 $ 68 $ — $ — December 31, 2015 Municipal notes and bonds $ 52,638 $ 15 $ 305 $ 1 Corporate bonds 835 3 — — Total $ 53,473 $ 18 $ 305 $ 1 See Note 2 for additional discussion regarding the fair value of the Company’s marketable securities. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments and Hedging Activities The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions. At September 30, 2016 and December 31, 2015 , these contracts included the future sale of Japanese Yen to purchase U.S. dollars. Derivative instruments are recognized as either “prepaid expenses and other current assets” or “other current liabilities” in the Condensed Consolidated Balance Sheets and are measured at fair value. The foreign currency forward contracts were entered into by the Company’s Japanese subsidiary to economically hedge a portion of certain intercompany obligations. The forward contracts are not designated as hedges for accounting purposes and decreases in the fair value of $384 and $272 for the nine month periods ended September 30, 2016 and 2015, respectively, are recorded within the caption “Other (income) expense” in the Condensed Consolidated Statements of Operations. The dollar equivalent of the U.S. dollar forward contracts and related fair values as of September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Notional amount $ 5,223 $ 5,423 Fair value of liability $ 469 $ 85 |
Identifiable Intangible Assets
Identifiable Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets Disclosure [Text Block] | Purchased Intangible Assets Purchased intangible assets as of September 30, 2016 and December 31, 2015 are as follows: Gross Carrying Amount Accumulated Amortization Net September 30, 2016 Finite-lived intangibles: Developed technology $ 65,527 $ 56,557 $ 8,970 Customer and distributor relationships 9,560 8,433 1,127 Trade names 4,361 3,650 711 Total identifiable intangible assets $ 79,448 $ 68,640 $ 10,808 December 31, 2015 Finite-lived intangibles: Developed technology $ 65,527 $ 55,110 $ 10,417 Customer and distributor relationships 9,560 8,170 1,390 Trade names 4,361 3,575 786 Total identifiable intangible assets $ 79,448 $ 66,855 $ 12,593 Intangible asset amortization expense for the three and nine month periods ended September 30, 2016 was $595 and $1,785 , respectively. For the three and nine month periods ended September 30, 2015 , intangible assets amortization expenses was $515 and $1,545 , respectively. Assuming no change in the gross carrying value of identifiable intangible assets and estimated lives, estimated amortization expense for the remainder of 2016 will be $535 , and for each of the next five years estimated amortization expense amounts to $1,933 for 2017 , $1,496 for 2018 , $1,496 for 2019 , $1,294 for 2020 , and $546 for 2021 . |
Balance Sheet Details
Balance Sheet Details | 9 Months Ended |
Sep. 30, 2016 | |
Balance Sheet Detail [Abstract] | |
Balance Sheet Details [Text Block] | Balance Sheet Details Inventories Inventories are comprised of the following: September 30, 2016 December 31, 2015 Materials $ 37,722 $ 39,022 Work-in-process 18,059 18,918 Finished goods 12,814 13,550 Total inventories $ 68,595 $ 71,490 The Company has established reserves of $11,093 and $9,574 as of September 30, 2016 and December 31, 2015 , respectively, for slow moving and obsolete inventory, which are included in the amounts above. Property, Plant and Equipment Property, plant and equipment, net is comprised of the following: September 30, 2016 December 31, 2015 Land and building $ 2,584 $ 5,024 Machinery and equipment 23,353 21,683 Furniture and fixtures 2,707 3,414 Computer equipment 5,783 5,304 Leasehold improvements 8,174 7,884 42,601 43,309 Less: Accumulated depreciation 30,246 30,963 Total property, plant and equipment, net $ 12,355 $ 12,346 Other assets Other assets is comprised of the following: September 30, 2016 December 31, 2015 Deferred income taxes $ 35,047 $ 34,973 Other 604 559 Total other assets $ 35,651 $ 35,532 Other current liabilities Other current liabilities is comprised of the following: September 30, 2016 December 31, 2015 Intangible asset acquisition - Stella Alliance $ 3,000 $ 2,000 Litigation accrual 1,289 3,252 Contingent consideration - acquisitions 717 1,407 Other 6,288 5,756 Total other current liabilities $ 11,294 $ 12,415 Other non-current liabilities Other non-current liabilities is comprised of the following: September 30, 2016 December 31, 2015 Unrecognized tax benefits (including interest) $ 3,009 $ 3,152 Contingent consideration - acquisitions 3,009 2,296 Deferred revenue 1,370 1,206 Other 2,383 2,900 Total other non-current liabilities $ 9,771 $ 9,554 |
Debt Obligations
Debt Obligations | 9 Months Ended |
Sep. 30, 2016 | |
Debt Obligations [Abstract] | |
Debt Disclosure [Text Block] | Debt Obligations On July 25, 2011 , the Company issued $60,000 aggregate principal amount of 3.75% Convertible Senior Notes due 2016 (the “Notes”) at par. The Notes were issued pursuant to an indenture, dated as of July 25, 2011 , between the Company and Bank of New York Mellon Trust Company, N.A., as Trustee, which includes a form of Note. The Notes provided for the payment of interest semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2012 , at an annual rate of 3.75% . Concurrently with the issuance of the Notes, the Company purchased a convertible note hedge and sold a warrant. Each of the convertible note hedge and warrant transactions were entered into with an affiliate of the initial purchaser of the Notes. The convertible note hedge was intended to reduce the potential future dilution to the Company’s common stock associated with the conversion of the Notes. However, the warrant transaction may have a dilutive effect on the Company’s earnings per share to the extent that the price of the Company’s common stock exceeds the strike price of the warrant. The strike price of the warrant is $17.00 per share subject to adjustment in accordance with the terms of the agreement. The warrant has a series of expiration dates beginning October 2016 and ending in January 2017. On July 15, 2016, the Company redeemed all of its outstanding 3.75% Convertible Senior Notes with an aggregate principle amount of $60,000 . Under the terms of the indenture, holders of the Notes were paid cash up to the aggregate principal amount of the notes and were issued shares of common stock for the remainder of the conversion, with any fractional shares paid in cash. The conversion resulted in the issuance of 540 shares of common stock of the Company to the bondholders, but resulted in no dilution to Rudolph shareholders as these shares were covered by the convertible note hedge that was entered into by the Company in 2011 at the time of issuance of the notes. The following table reflects the net carrying value of the Notes: September 30, 2016 December 31, 2015 Convertible senior notes $ — $ 60,000 Less: Unamortized interest discount — 1,893 Less: Unamortized debt issuance costs — 261 Net carrying value of convertible senior notes $ — $ 57,846 The following table presents the amount of interest cost recognized relating to the Notes during the three and nine months ended September 30, 2016 and September 30, 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Contractual interest coupon $ 62 $ 562 $ 1,187 $ 1,687 Amortization of interest discount 100 852 1,893 2,478 Amortization of debt issuance costs 15 112 261 319 Total interest cost recognized $ 177 $ 1,526 $ 3,341 $ 4,484 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Warranty Reserves The Company generally provides a warranty on its products for a period of 12 to 15 months against defects in material and workmanship. The Company estimates the costs that may be incurred during the warranty period and records a liability in the amount of such costs at the time revenue is recognized. The Company’s estimate is based primarily on historical experience. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Settlements of warranty reserves are generally associated with sales that occurred during the 12 to 15 months prior to the quarter-end and warranty accruals are related to sales during the same year. Changes in the Company’s warranty reserves are as follows: Nine Months Ended September 30, 2016 2015 Balance, beginning of the period $ 1,894 $ 1,574 Accruals 2,076 1,937 Less: Usage 1,958 1,651 Balance, end of the period $ 2,012 $ 1,860 Warranty reserves are reported in the Condensed Consolidated Balance Sheets within the caption “Accounts payable and accrued liabilities.” Legal Matters From time to time, the Company is subject to legal proceedings and claims in the ordinary course of business. The Company’s 2015 10-K reflects the status of the Company’s litigation with Integrated Technology Corporation (“ITC”) and Camtek, Ltd. (“Camtek”). The following reflects the material developments during the nine months ended September 30, 2016 with regard to these matters. Integrated Technology Corporation v. Rudolph Technologies, Inc., No. CV-06-2182 (PHX-ROS) : This matter is fully resolved with the sole exception of the issue of remanded attorney’s fees which were set by the U.S. District Court for the District of Arizona (the “AZ District Court”) at $3,252 . Subsequent to the Company’s successful appeal before the U.S. Federal Court of Appeals (the “Court of Appeals”), the matter was remanded back to the AZ District Court for a determination of a proper fee award. On October 5, 2016, the AZ District Court issue an order determining that the Company is to pay $1,289 to ITC for its attorney’s fees. The payment shall be secured from the escrow the Company established of $3,252 which is recorded as “Prepaid expenses and other current assets” in the Condensed Consolidated Balance Sheet at September 30, 2016 . The liability of $1,289 was reduced from $3,252 with the benefit recorded in “Research and development” expense and the liability recorded under the caption “Other current liabilities” in the Condensed Consolidated Balance Sheet at September 30, 2016 . The balance of the funds in escrow shall be returned to the Company. Upon payment of the court ordered amount, this matter will be closed. August Technology Corporation and Rudolph Technologies, Inc. v. Camtek, Ltd., No. 05-CV-01396 (JRT/FLN) : Subsequent to the ruling by the U.S. District Court for the District of Minnesota (the “MN District Court”) in the Company’s favor that Camtek’s Falcon tools continue to infringe the Company’s patent under the revised claim construction of the patent determined by the Court of Appeals, the MN District Court, on February 9, 2015, issued an Order granting the Company’s Motion for Final Judgment, reinstating the original damages and applying prejudgment interest for a total award of $14,512 . In addition, the MN District Court issued a permanent injunction against Camtek from “making, using, selling and offering to sell any of its Falcon machines and any machines that are colorable imitations thereof in the United States, intended for sale and use within the United States, until the expiration of the ‘6,298 patent,” which is projected to be in 2020. While, in March of 2015, Camtek filed an appeal with the Court of Appeals challenging the MN District Court’s ruling, the Court of Appeals denied Camtek’s appeal on February 3, 2016, affirming both the infringement ruling and the damages and interest totaling approximately $14,632 assessed against Camtek by the MN District Court, the payment of which is guaranteed by a supersedeas bond. All of Camtek’s rights to appeal the final judgment have expired. On July 22, 2016, the MN District Court ordered that the full amount of the judgment be paid to the Company. With the payment of the final judgment amount on August 11, 2016, this matter has been closed. August Technology Corporation and Rudolph Technologies, Inc. v. Camtek, Ltd., No. 10-CV-2202 (MJD/FLN) : With regard to the Company’s subsequently filed lawsuit against Camtek in the MN District Court alleging infringement of its U.S. Patent No. 7,729,528, this lawsuit continues to be stayed pending resolution of a re-examination petition filed by Camtek with the U.S. Patent and Trademark Office. Rudolph Technologies, Inc. v. Camtek, Ltd., No. 15-CV-1246 (ADM/BRT) : On March 12, 2015, the Company filed and served on Camtek a complaint asserting infringement of Rudolph ‘6,298 patent by Camtek’s Eagle product with the MN District Court. On April 21, 2015, the Company filed a Motion for Preliminary Injunction to enjoin Camtek’s sale of the Eagle device in the United States which is currently pending. On or about April 20, 2015, Camtek filed a complaint in the U.S. District Court for the District of New Jersey (the “NJ District Court”) seeking a declaratory judgment challenging the jurisdiction and venue of the Minnesota court and seeking to have the NJ District Court find that the ‘6,298 patent is not infringed and, in the alternative, that the ‘6,298 patent is invalid. On August 26, 2015, the MN District Court ruled that Minnesota jurisdiction was appropriate for this matter while at the same time denying the Company’s Motion for Preliminary Injunction. Camtek’s complaint filed in the NJ District Court was subsequently dismissed. In August of 2016, the MN District Court issued rulings on Summary Judgment Motions which found that Camtek is precluded from a) re-litigating the validity of the ‘6,298 patent and b) opening up for claim construction any terms that were defined in the prior litigation. Claims not defined in the prior litigation may be defined in this case. A trial ready date of April 2017 has been set for this litigation. Line of Credit The Company has a credit agreement with a bank that provides for a line of credit which is secured by the marketable securities the Company has with the bank. The Company is permitted to borrow up to 70% of the value of eligible securities held at the time the line of credit is accessed. The available line of credit as of September 30, 2016 was approximately $60,000 . The Company terminated a prior credit agreement and entered into a new credit agreement in June 2016. The credit agreement is available to the Company until such time that either party terminates the arrangement at their discretion. The Company has not utilized the line of credit to date. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Share-Based Compensation Restricted Stock Unit Activity A summary of the Company’s nonvested restricted stock unit activity with respect to the nine months ended September 30, 2016 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2015 1,169 $ 11.40 Granted 426 $ 13.16 Less: Vested 410 $ 10.81 Less: Forfeited 17 $ 11.28 Nonvested at September 30, 2016 1,168 $ 12.25 As of September 30, 2016 and December 31, 2015 , there was $9,898 and $8,221 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively. That cost is expected to be recognized over a weighted average period of 3.0 years and 2.6 years for the respective periods. |
Other Expense (Income)
Other Expense (Income) | 9 Months Ended |
Sep. 30, 2016 | |
Other Income (Expense) [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Other (Income) Expense Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Foreign currency exchange losses (gains), net $ 553 $ (327 ) $ 852 $ 99 Gain on disposal of property, plant and equipment (946 ) — (946 ) — Total other (income) expense $ (393 ) $ (327 ) $ (94 ) $ 99 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The following table provides details of income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Income before income taxes $ 12,970 $ 10,880 $ 43,124 $ 22,633 Provision for income taxes $ 3,684 $ 3,682 $ 12,298 $ 7,560 Effective tax rate 28.4 % 33.8 % 28.5 % 33.4 % The income tax provision for the three and nine months ended September 30, 2016 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year. The changes in the Company’s effective tax rate for the three and nine months ended September 30, 2016 compared to the same period for the prior year are primarily due to changes in the mix of forecasted earnings by jurisdictions, an additional IRC Section 199 Manufacturing deduction expected to be generated for the year ended December 31, 2016, the availability of the research and development credit for the full year 2016 as compared to the enactment of the credit in the fourth quarter 2015, offset by utilization of NOL and related valuation allowance on our foreign subsidiary in the third quarter of 2015. The Company currently has a partial valuation allowance recorded against certain foreign and state net operating loss and credit carryforwards where the realizability of such deferred tax assets is substantially in doubt. Each quarter, the Company assesses the likelihood that it will be able to recover its deferred tax assets. The Company considers available evidence, both positive and negative, including forecasted earnings in assessing the need for a valuation allowance. As a result of the Company’s analysis, it concluded that it is more likely than not that a portion of its deferred tax assets will not be realized. Therefore, the Company continues to provide a valuation allowance against certain deferred tax assets. The Company continues to monitor available evidence and may reverse some or all of the remaining valuation allowance in future periods, if appropriate. The Company has a recorded valuation allowance against certain of its deferred tax assets of $2,205 as of September 30, 2016 and December 31, 2015. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings (Loss) Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner and also gives effect to all dilutive common equivalent shares outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive. In accordance with U.S. GAAP, these shares were not included in calculating diluted earnings per share. For the nine months ended September 30, 2016 , the weighted average number of stock options and restricted stock units excluded from the computation of diluted earnings per share were 52 and 0 , respectively. For the nine months ended September 30, 2015 , the weighted average number of stock options and restricted stock units totaling 238 and 0 , respectively, were excluded from the computation of diluted earnings per share. For the nine months ended September 30, 2016 , diluted earnings per share-weighted average shares outstanding included the effect resulting from assumed conversion of the Notes and warrants. For the nine months ended September 30, 2015 diluted earnings per share-weighted average shares outstanding do not include any effect resulting from assumed conversion of the Notes and warrants as their impact was anti-dilutive. The Company’s basic and diluted earnings per share amounts are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Net income $ 9,286 $ 7,198 $ 30,826 $ 15,073 Denominator: Basic earnings per share - weighted average shares outstanding 30,988 31,526 31,082 31,597 Effect of potential dilutive securities: Employee stock options and restricted stock units - dilutive shares 471 678 435 658 Convertible senior notes - dilutive shares — — 138 — Diluted earnings per share - weighted average shares outstanding 31,459 32,204 31,655 32,255 Earnings per share: Basic $ 0.30 $ 0.23 $ 0.99 $ 0.48 Diluted $ 0.30 $ 0.22 $ 0.97 $ 0.47 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss Comprehensive income includes net income, foreign currency translation adjustments, and net unrealized gains and losses on available-for-sale investments. See the Condensed Consolidated Statements of Comprehensive Income for the effect of the components of comprehensive income on the Company’s net income. The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized gains on available-for-sale investments Accumulated other comprehensive loss (income) Beginning Balance, December 31, 2015 $ 2,623 $ — $ 2,623 Net current period other comprehensive loss (income) (1,288 ) 66 (1,222 ) Reclassifications — — — Ending balance, September 30, 2016 $ 1,335 $ 66 $ 1,401 |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting and Geographic Information [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting and Geographic Information The Company is engaged in the design, development, manufacture and support of high-performance control metrology, defect inspection, advanced packaging lithography and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment: the design, development, manufacture and support of high-performance process control defect inspection and metrology, advanced packaging lithography, and process control software systems used by microelectronics device manufacturers, and therefore the Company has one reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer. The chief operating decision maker allocates resources and assesses performance of the business and other activities at the reporting segment level. The following table lists the different sources of revenue: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Systems and Software: Process Control $ 41,485 67 % $ 39,743 68 % $ 112,407 63 % $ 117,675 69 % Lithography 3,846 6 % 3,249 6 % 15,496 8 % 7,095 4 % Software 7,379 12 % 6,992 12 % 22,581 13 % 19,928 12 % Parts 5,973 10 % 6,176 10 % 19,126 11 % 17,627 10 % Services 2,958 5 % 2,437 4 % 9,094 5 % 8,308 5 % Total revenue $ 61,641 100 % $ 58,597 100 % $ 178,704 100 % $ 170,633 100 % For geographical revenue reporting, revenues are attributed to the geographic location in which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 United States $ 10,750 $ 9,455 $ 23,784 $ 38,876 Taiwan 18,535 9,035 55,105 38,623 Japan 2,970 2,881 9,071 8,113 China 5,942 6,529 25,591 13,474 South Korea 6,342 2,945 10,191 13,184 Singapore 7,415 10,568 29,341 20,847 Other Asia 1,079 1,571 3,625 2,428 Germany 1,400 8,716 6,331 24,741 Other Europe 7,208 6,897 15,665 10,347 Total revenue $ 61,641 $ 58,597 $ 178,704 $ 170,633 The following customers each accounted for more than 10% of total revenues for the indicated periods. Nine Months Ended September 30, 2016 2015 Customer A 10.0 % 7.4 % |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Sep. 30, 2016 | |
Share Repurchase Program [Abstract] | |
Share Repurchase [Text Block] | Share Repurchase Authorization In January 2015, the Board of Directors authorized the Company to repurchase up to 3,000 shares of the Company’s common stock with no established end date. The authorization allows for repurchases to be made in the open market or through negotiated transactions from time to time. During the three and nine month periods ended September 30, 2016 , the Company repurchased 0 and 615 shares of common stock, respectively, pursuant to the share repurchase authorization. At September 30, 2016 , there were 711 shares available for future stock repurchases under this repurchase authorization. Shares of common stock purchased under the share repurchase authorization are retired. The following table summarizes the Company’s stock repurchases for the three and nine month periods ended September 30, 2016 and 2015, respectively: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Shares of common stock repurchased — 468 615 1,401 Cost of stock repurchased $— $5,946 $8,044 $17,143 Average price paid per share $— $12.70 $13.07 $12.24 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at September 30, 2016 and December 31, 2015 : Fair Value Measurements Using Carrying Quoted Prices in Significant Other Significant September 30, 2016 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 83,878 $ — $ 83,878 $ — Corporate bonds 837 — 837 — Total Assets $ 84,715 $ — $ 84,715 $ — Liabilities: Foreign currency forward contracts $ 469 $ — $ 469 $ — Contingent consideration - acquisitions 3,726 — — 3,726 Total Liabilities $ 4,195 $ — $ 469 $ 3,726 December 31, 2015 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 116,089 $ — $ 116,089 $ — Corporate bonds 835 — 835 — Total Assets $ 116,924 $ — $ 116,924 $ — Liabilities: Foreign currency forward contracts $ 85 $ — $ 85 $ — Contingent consideration - acquisitions 3,703 — — 3,703 Total Liabilities $ 3,788 $ — $ 85 $ 3,703 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | This table presents a reconciliation for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2016 : Fair Value Measurements Using Balance at December 31, 2015 $ 3,703 Additions — Total loss included in selling, general and administrative expense 117 Payments (94 ) Transfers into (out of) Level 3 — Balance at September 30, 2016 $ 3,726 |
Fair value convertible senior notes [Table Text Block] | The following table reflects information pertaining to the Company’s convertible senior notes: December 31, 2015 Net carrying value of convertible senior notes $ 57,846 Estimated fair value of convertible senior notes $ 60,630 Estimated interest rate used in discounted cash flow model 5.0 % Fair value of contingent interest $ — |
Marketable Securities - (Tables
Marketable Securities - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of marketable securities by category [Table Text Block] | At September 30, 2016 and December 31, 2015 , marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value September 30, 2016 Municipal notes and bonds $ 83,943 $ 2 $ 67 $ 83,878 Corporate bonds 838 — 1 837 Total marketable securities $ 84,781 $ 2 $ 68 $ 84,715 December 31, 2015 Municipal notes and bonds $ 116,086 $ 18 $ 15 $ 116,089 Corporate bonds 838 — 3 835 Total marketable securities $ 116,924 $ 18 $ 18 $ 116,924 |
Schedule of marketable securities classified by contractual maturity date [Table Text Block] | The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheet classification, is as follows at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 79,688 $ 79,627 $ 113,542 $ 113,549 Due after one through five years 5,093 5,088 3,382 3,375 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 84,781 $ 84,715 $ 116,924 $ 116,924 |
Schedule of marketable securities in unrealized loss positions [Table Text Block] | The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position at September 30, 2016 and December 31, 2015 : Unrealized Loss Position For Less Than 12 Months Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses September 30, 2016 Municipal notes and bonds $ 70,042 $ 67 $ — $ — Corporate bonds 837 1 — — Total $ 70,879 $ 68 $ — $ — December 31, 2015 Municipal notes and bonds $ 52,638 $ 15 $ 305 $ 1 Corporate bonds 835 3 — — Total $ 53,473 $ 18 $ 305 $ 1 |
Derivative Instruments and He24
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The dollar equivalent of the U.S. dollar forward contracts and related fair values as of September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Notional amount $ 5,223 $ 5,423 Fair value of liability $ 469 $ 85 |
Identifiable Intangible Assets
Identifiable Intangible Assets - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Identifiable Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | Purchased intangible assets as of September 30, 2016 and December 31, 2015 are as follows: Gross Carrying Amount Accumulated Amortization Net September 30, 2016 Finite-lived intangibles: Developed technology $ 65,527 $ 56,557 $ 8,970 Customer and distributor relationships 9,560 8,433 1,127 Trade names 4,361 3,650 711 Total identifiable intangible assets $ 79,448 $ 68,640 $ 10,808 December 31, 2015 Finite-lived intangibles: Developed technology $ 65,527 $ 55,110 $ 10,417 Customer and distributor relationships 9,560 8,170 1,390 Trade names 4,361 3,575 786 Total identifiable intangible assets $ 79,448 $ 66,855 $ 12,593 |
Balance Sheet Details - (Tables
Balance Sheet Details - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Balance Sheet Detail [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories are comprised of the following: September 30, 2016 December 31, 2015 Materials $ 37,722 $ 39,022 Work-in-process 18,059 18,918 Finished goods 12,814 13,550 Total inventories $ 68,595 $ 71,490 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net is comprised of the following: September 30, 2016 December 31, 2015 Land and building $ 2,584 $ 5,024 Machinery and equipment 23,353 21,683 Furniture and fixtures 2,707 3,414 Computer equipment 5,783 5,304 Leasehold improvements 8,174 7,884 42,601 43,309 Less: Accumulated depreciation 30,246 30,963 Total property, plant and equipment, net $ 12,355 $ 12,346 |
Schedule of Other Assets [Table Text Block] | Other assets is comprised of the following: September 30, 2016 December 31, 2015 Deferred income taxes $ 35,047 $ 34,973 Other 604 559 Total other assets $ 35,651 $ 35,532 |
Other Current liabilities [Table Text Block] | Other current liabilities is comprised of the following: September 30, 2016 December 31, 2015 Intangible asset acquisition - Stella Alliance $ 3,000 $ 2,000 Litigation accrual 1,289 3,252 Contingent consideration - acquisitions 717 1,407 Other 6,288 5,756 Total other current liabilities $ 11,294 $ 12,415 |
Other Non-current liabilities [Table Text Block] | Other non-current liabilities is comprised of the following: September 30, 2016 December 31, 2015 Unrecognized tax benefits (including interest) $ 3,009 $ 3,152 Contingent consideration - acquisitions 3,009 2,296 Deferred revenue 1,370 1,206 Other 2,383 2,900 Total other non-current liabilities $ 9,771 $ 9,554 |
Debt Obligations - (Tables)
Debt Obligations - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Obligations [Abstract] | |
Schedule of carrying value of convertible senior notes [Table Text Block] | The following table reflects the net carrying value of the Notes: September 30, 2016 December 31, 2015 Convertible senior notes $ — $ 60,000 Less: Unamortized interest discount — 1,893 Less: Unamortized debt issuance costs — 261 Net carrying value of convertible senior notes $ — $ 57,846 |
Schedule of interest cost recognized on convertible senior notes [Table Text Block] | The following table presents the amount of interest cost recognized relating to the Notes during the three and nine months ended September 30, 2016 and September 30, 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Contractual interest coupon $ 62 $ 562 $ 1,187 $ 1,687 Amortization of interest discount 100 852 1,893 2,478 Amortization of debt issuance costs 15 112 261 319 Total interest cost recognized $ 177 $ 1,526 $ 3,341 $ 4,484 |
Commitments and Contingencies -
Commitments and Contingencies - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Schedule of changes product warranty liability [Table Text Block] | Changes in the Company’s warranty reserves are as follows: Nine Months Ended September 30, 2016 2015 Balance, beginning of the period $ 1,894 $ 1,574 Accruals 2,076 1,937 Less: Usage 1,958 1,651 Balance, end of the period $ 2,012 $ 1,860 |
Share-Based Compensation - (Tab
Share-Based Compensation - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation [Abstract] | |
Summary of restricted stock unit activity [Table Text Block] | A summary of the Company’s nonvested restricted stock unit activity with respect to the nine months ended September 30, 2016 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2015 1,169 $ 11.40 Granted 426 $ 13.16 Less: Vested 410 $ 10.81 Less: Forfeited 17 $ 11.28 Nonvested at September 30, 2016 1,168 $ 12.25 |
Other Income - (Tables)
Other Income - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Foreign currency exchange losses (gains), net $ 553 $ (327 ) $ 852 $ 99 Gain on disposal of property, plant and equipment (946 ) — (946 ) — Total other (income) expense $ (393 ) $ (327 ) $ (94 ) $ 99 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Abstract] | |
Schedule of effective tax rate [Table Text Block] | The following table provides details of income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Income before income taxes $ 12,970 $ 10,880 $ 43,124 $ 22,633 Provision for income taxes $ 3,684 $ 3,682 $ 12,298 $ 7,560 Effective tax rate 28.4 % 33.8 % 28.5 % 33.4 % |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The Company’s basic and diluted earnings per share amounts are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Net income $ 9,286 $ 7,198 $ 30,826 $ 15,073 Denominator: Basic earnings per share - weighted average shares outstanding 30,988 31,526 31,082 31,597 Effect of potential dilutive securities: Employee stock options and restricted stock units - dilutive shares 471 678 435 658 Convertible senior notes - dilutive shares — — 138 — Diluted earnings per share - weighted average shares outstanding 31,459 32,204 31,655 32,255 Earnings per share: Basic $ 0.30 $ 0.23 $ 0.99 $ 0.48 Diluted $ 0.30 $ 0.22 $ 0.97 $ 0.47 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized gains on available-for-sale investments Accumulated other comprehensive loss (income) Beginning Balance, December 31, 2015 $ 2,623 $ — $ 2,623 Net current period other comprehensive loss (income) (1,288 ) 66 (1,222 ) Reclassifications — — — Ending balance, September 30, 2016 $ 1,335 $ 66 $ 1,401 |
Segment Reporting and Geograp34
Segment Reporting and Geographic Information - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting and Geographic Information [Abstract] | |
Schedule of revenue from external customers by Products and Services [Table Text Block] | The following table lists the different sources of revenue: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Systems and Software: Process Control $ 41,485 67 % $ 39,743 68 % $ 112,407 63 % $ 117,675 69 % Lithography 3,846 6 % 3,249 6 % 15,496 8 % 7,095 4 % Software 7,379 12 % 6,992 12 % 22,581 13 % 19,928 12 % Parts 5,973 10 % 6,176 10 % 19,126 11 % 17,627 10 % Services 2,958 5 % 2,437 4 % 9,094 5 % 8,308 5 % Total revenue $ 61,641 100 % $ 58,597 100 % $ 178,704 100 % $ 170,633 100 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For geographical revenue reporting, revenues are attributed to the geographic location in which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 United States $ 10,750 $ 9,455 $ 23,784 $ 38,876 Taiwan 18,535 9,035 55,105 38,623 Japan 2,970 2,881 9,071 8,113 China 5,942 6,529 25,591 13,474 South Korea 6,342 2,945 10,191 13,184 Singapore 7,415 10,568 29,341 20,847 Other Asia 1,079 1,571 3,625 2,428 Germany 1,400 8,716 6,331 24,741 Other Europe 7,208 6,897 15,665 10,347 Total revenue $ 61,641 $ 58,597 $ 178,704 $ 170,633 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The following customers each accounted for more than 10% of total revenues for the indicated periods. Nine Months Ended September 30, 2016 2015 Customer A 10.0 % 7.4 % |
Share Repurchase Program - (Tab
Share Repurchase Program - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of common stock repurchased [Abstract] | |
share repurchase program [Table Text Block] | The following table summarizes the Company’s stock repurchases for the three and nine month periods ended September 30, 2016 and 2015, respectively: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Shares of common stock repurchased — 468 615 1,401 Cost of stock repurchased $— $5,946 $8,044 $17,143 Average price paid per share $— $12.70 $13.07 $12.24 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Issuance Costs [Abstract] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 0 | $ 261 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | Jul. 15, 2016 | Jul. 25, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | $ 83,878 | $ 116,089 | ||
Financial Instruments, Owned, Corporate Equities, at Fair Value | 837 | 835 | ||
Assets, Fair Value Disclosure | 84,715 | 116,924 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 469 | 85 | ||
Business Combination, Contingent Consideration, Liability | 3,726 | 3,703 | ||
Liabilities, Fair Value Disclosure | $ 4,195 | 3,788 | ||
Fair Value Inputs Discount Rate 3 | 9.10% | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 3,726 | 3,703 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 117 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ (94) | |||
Fair Value, Level 3 Transfers out, Description | 0 | |||
Convertible Debt | $ 0 | 60,000 | $ 60,000 | $ 60,000 |
Convertible Debt carrying value | 57,846 | |||
Long-term Debt, Fair Value | $ 60,630 | |||
Fair Value Inputs Discount Rate 2 | 5.00% | |||
Long-term Debt, Contingent Payment of Principal or Interest | 0 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | 0 | $ 0 | ||
Financial Instruments, Owned, Corporate Equities, at Fair Value | 0 | 0 | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |||
Assets, Fair Value Disclosure | 0 | 0 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | 83,878 | 116,089 | ||
Financial Instruments, Owned, Corporate Equities, at Fair Value | 837 | 835 | ||
Assets, Fair Value Disclosure | 84,715 | 116,924 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 469 | 85 | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 469 | 85 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | 0 | 0 | ||
Financial Instruments, Owned, Corporate Equities, at Fair Value | 0 | 0 | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |||
Assets, Fair Value Disclosure | 0 | 0 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |||
Business Combination, Contingent Consideration, Liability | 3,726 | 3,703 | ||
Liabilities, Fair Value Disclosure | $ 3,726 | $ 3,703 |
Marketable Securities - (Detail
Marketable Securities - (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 84,781 | $ 116,924 |
Available-for-sale Securities, Fair Value Disclosure | 84,715 | 116,924 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | 79,688 | 113,542 |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 79,627 | 113,549 |
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Amortized Cost Basis | 5,093 | 3,382 |
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 5,088 | 3,375 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 0 | 0 |
US Government and Government Agencies and Authorities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 83,943 | 116,086 |
Available-for-sale Securities, Gross Unrealized Gains | 2 | 18 |
Available-for-sale Securities, Gross Unrealized Losses | 67 | 15 |
Available-for-sale Securities, Fair Value Disclosure | 83,878 | 116,089 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 70,042 | 52,638 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 67 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 305 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 1 |
Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 838 | 838 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 1 | 3 |
Available-for-sale Securities, Fair Value Disclosure | 837 | 835 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 837 | 835 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 1 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 84,781 | 116,924 |
Available-for-sale Securities, Gross Unrealized Gains | 2 | 18 |
Available-for-sale Securities, Gross Unrealized Losses | 68 | 18 |
Available-for-sale Securities, Fair Value Disclosure | 84,715 | 116,924 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 70,879 | 53,473 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 68 | 18 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 305 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 0 | $ 1 |
Derivative Instruments and He39
Derivative Instruments and Hedging Activities - (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 384 | $ 272 | |
Derivative, Notional Amount | 5,223 | $ 5,423 | |
Derivative Asset, Fair Value, Gross Liability | $ 469 | ||
Derivative Asset, Fair Value, Gross Asset | $ 85 |
Identifiable Intangible Asset40
Identifiable Intangible Assets - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 79,448 | $ 79,448 | $ 79,448 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 68,640 | 68,640 | 66,855 | ||
Intangible Assets, Net (Excluding Goodwill) | 10,808 | 10,808 | 12,593 | ||
Amortization of Intangible Assets | 595 | $ 515 | 1,785 | $ 1,545 | |
Future Amortization Expense, Remainder of Fiscal Year | 535 | 535 | |||
Future Amortization Expense, Year One | 1,933 | 1,933 | |||
Future Amortization Expense, Year Two | 1,496 | 1,496 | |||
Future Amortization Expense, Year Three | 1,496 | 1,496 | |||
Future Amortization Expense, Year Four | 1,294 | 1,294 | |||
Future Amortization Expense, Year Five | 546 | 546 | |||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 65,527 | 65,527 | 65,527 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 56,557 | 56,557 | 55,110 | ||
Intangible Assets, Net (Excluding Goodwill) | 8,970 | 8,970 | 10,417 | ||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 9,560 | 9,560 | 9,560 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 8,433 | 8,433 | 8,170 | ||
Intangible Assets, Net (Excluding Goodwill) | 1,127 | 1,127 | 1,390 | ||
Trade Names [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 4,361 | 4,361 | 4,361 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 3,650 | 3,650 | 3,575 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 711 | $ 711 | $ 786 |
Balance Sheet Details - Invento
Balance Sheet Details - Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Details [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 37,722 | $ 39,022 |
Inventory, Work in Process, Net of Reserves | 18,059 | 18,918 |
Inventory, Finished Goods, Net of Reserves | 12,814 | 13,550 |
Inventory, Net | 68,595 | 71,490 |
Inventory Valuation Reserves | $ 11,093 | $ 9,574 |
Balance Sheet Details - Propert
Balance Sheet Details - Property Plant & Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Buildings and Land Gross | $ 2,584 | $ 5,024 |
Machinery and Equipment, Gross | 23,353 | 21,683 |
Furniture and Fixtures, Gross | 2,707 | 3,414 |
Computer Equipments And Software Gross | 5,783 | 5,304 |
Leasehold Improvements, Gross | 8,174 | 7,884 |
Property, Plant and Equipment, Gross | 42,601 | 43,309 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 30,246 | 30,963 |
Property, Plant and Equipment, Net | $ 12,355 | $ 12,346 |
Balance Sheet Details - Other A
Balance Sheet Details - Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 35,047 | $ 34,973 |
Other | 604 | 559 |
Total Other Assets | $ 35,651 | $ 35,532 |
Balance Sheet Details - Other C
Balance Sheet Details - Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Current Liabilities [Abstract] | ||
Intangible assets current liabilities | $ 3,000 | $ 2,000 |
Estimated Litigation Liability, Current | 1,289 | 3,252 |
Contingent Consideration Current Liability | 717 | 1,407 |
Other Current Liabilities Subtotal | 6,288 | 5,756 |
Other Liabilities, Current | $ 11,294 | $ 12,415 |
Balance Sheet Details - Other N
Balance Sheet Details - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Non-current Liabilities [Abstract] | ||
Unrecognized Tax Benefits | $ 3,009 | $ 3,152 |
Contingent consideration - Acquisition non-current liability | 3,009 | 2,296 |
Deferred Revenue, Noncurrent | 1,370 | 1,206 |
Other Liabilities | 2,383 | 2,900 |
Other Liabilities, Noncurrent | $ 9,771 | $ 9,554 |
Debt Obligations - (Details)
Debt Obligations - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Jul. 15, 2016 | Dec. 31, 2015 | Jul. 25, 2011 | |
Convertible Debt | $ 0 | $ 0 | $ 60,000 | $ 60,000 | $ 60,000 | |||
Conversion of Stock, Shares Issued | 540 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 17 | |||||||
Debt Instrument, Unamortized Discount | 0 | 0 | 1,893 | |||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 0 | 0 | 261 | |||||
Convertible Debt, Current | 0 | 0 | $ 57,846 | |||||
Contractual Interest Coupon | 62 | $ 562 | 1,187 | $ 1,687 | ||||
Amortization of Debt Discount (Premium) | 100 | 852 | 1,893 | 2,478 | ||||
Amortization of Financing Costs | 15 | 112 | 261 | 319 | ||||
Interest Expense, Debt | $ 177 | $ 1,526 | $ 3,341 | $ 4,484 |
Commitments and Contingencies47
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 60,000 | |||
Standard Product Warranty Accrual | $ 1,860 | 2,012 | $ 1,894 | $ 1,574 |
Product Warranty Accrual, Warranties Issued | 1,937 | 2,076 | ||
Product Warranty Accrual, Payments | $ 1,651 | $ 1,958 |
Legal Matters (Details)
Legal Matters (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | ||
Estimated Litigation Liability | $ 3,252 | |
Estimated Litigation Liability, Current | 1,289 | $ 3,252 |
Loss Contingency, Damages Awarded, Value | 14,512 | |
Loss Contingency, damages Awarded, Value 2 | $ 14,632 |
Share-Based Compensation Restri
Share-Based Compensation Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Restricted Stock Units Activity [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,168 | 1,169 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.25 | $ 11.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 426 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.16 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 410 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 10.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 17 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 11.28 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 9,898 | $ 8,221 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 12 months 5 days | 2 years 7 months 20 days |
Other Income - (Details)
Other Income - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Income (Expense) [Abstract] | ||||
Foreign currency exchange losses (gains), net | $ 553 | $ (327) | $ 852 | $ 99 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (946) | 0 | (946) | 0 |
Total other expenses (income) | $ (393) | $ (327) | $ (94) | $ 99 |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 12,970 | $ 10,880 | $ 43,124 | $ 22,633 | |
Income Tax Expense (Benefit) | $ 3,684 | $ 3,682 | $ 12,298 | $ 7,560 | |
Effective Income Tax Rate | 28.40% | 33.80% | 28.50% | 33.40% | |
Valuation Allowance, Amount | $ 2,205 | $ 2,205 | $ 2,205 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Stock Options Antidilutive securities excluded from computation | 52 | |||
Restricted Stock Unit Antidilutive excluded from computation | 0 | |||
Stock Options Excluded from Computation of diluted loss per share | 238 | |||
Restricted stock units excluded from Computation of diluted loss per share | 0 | |||
Net Income (Loss) Attributable to Parent | $ 9,286 | $ 7,198 | $ 30,826 | $ 15,073 |
Weighted Average Number of Shares Outstanding, Basic | 30,988 | 31,526 | 31,082 | 31,597 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 471 | 678 | 435 | 658 |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | $ 0 | $ 0 | $ 138 | $ 0 |
Weighted Average Number of Shares Outstanding, Diluted | 31,459 | 32,204 | 31,655 | 32,255 |
Earnings (Loss) Per Share, Basic | $ 0.30 | $ 0.23 | $ 0.99 | $ 0.48 |
Earnings (Loss) Per Share, Diluted | $ 0.30 | $ 0.22 | $ 0.97 | $ 0.47 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Stockholders' Equity Attributable to Parent | $ 297,825 | $ 270,678 |
Accumulated Translation Adjustment [Member] | ||
Stockholders' Equity Attributable to Parent | 1,335 | 2,623 |
Net current period other comprehensive gain (loss) | (1,288) | |
Reclassification of accumulated other comprehensive income (loss) | 0 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Stockholders' Equity Attributable to Parent | 66 | 0 |
Net current period other comprehensive gain (loss) | 66 | |
Reclassification of accumulated other comprehensive income (loss) | 0 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Stockholders' Equity Attributable to Parent | 1,401 | $ 2,623 |
Net current period other comprehensive gain (loss) | (1,222) | |
Reclassification of accumulated other comprehensive income (loss) | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 61,641 | $ 58,597 | $ 178,704 | $ 170,633 |
Concentration Risk, Percentage | 10.00% | 7.40% | ||
Process Control Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 41,485 | 39,743 | $ 112,407 | $ 117,675 |
Lithography Revenue [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,846 | 3,249 | 15,496 | 7,095 |
Software [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,379 | 6,992 | 22,581 | 19,928 |
Sales Revenue, Goods, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,973 | 6,176 | 19,126 | 17,627 |
Sales Revenue, Services, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,958 | 2,437 | 9,094 | 8,308 |
Sales Revenue, Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 61,641 | $ 58,597 | $ 178,704 | $ 170,633 |
Sales [Member] | Percentage of Process Control Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 67.00% | 68.00% | 63.00% | 69.00% |
Sales [Member] | Percentage of Lithography Revenue [Member] [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 6.00% | 6.00% | 8.00% | 4.00% |
Sales [Member] | Percentage of Software Revenue [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 12.00% | 12.00% | 13.00% | 12.00% |
Sales [Member] | Percentage of Parts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 11.00% | 10.00% |
Sales [Member] | Percentage of Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 5.00% | 4.00% | 5.00% | 5.00% |
Sales [Member] | Percentage of Total Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 10,750 | $ 9,455 | $ 23,784 | $ 38,876 |
TAIWAN, PROVINCE OF CHINA | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 18,535 | 9,035 | 55,105 | 38,623 |
JAPAN | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,970 | 2,881 | 9,071 | 8,113 |
CHINA | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,942 | 6,529 | 25,591 | 13,474 |
South Korea [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,342 | 2,945 | 10,191 | 13,184 |
SINGAPORE | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,415 | 10,568 | 29,341 | 20,847 |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,079 | 1,571 | 3,625 | 2,428 |
GERMANY | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,400 | 8,716 | 6,331 | 24,741 |
Other Europe [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,208 | 6,897 | 15,665 | 10,347 |
Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 61,641 | $ 58,597 | $ 178,704 | $ 170,633 |
Segment Reporting and Geograp55
Segment Reporting and Geographic Information Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 61,641 | $ 58,597 | $ 178,704 | $ 170,633 |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,750 | 9,455 | 23,784 | 38,876 |
TAIWAN, PROVINCE OF CHINA | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 18,535 | 9,035 | 55,105 | 38,623 |
JAPAN | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,970 | 2,881 | 9,071 | 8,113 |
CHINA | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,942 | 6,529 | 25,591 | 13,474 |
South Korea [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,342 | 2,945 | 10,191 | 13,184 |
SINGAPORE | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,415 | 10,568 | 29,341 | 20,847 |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,079 | 1,571 | 3,625 | 2,428 |
GERMANY | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,400 | 8,716 | 6,331 | 24,741 |
Other Europe [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,208 | 6,897 | 15,665 | 10,347 |
Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 61,641 | $ 58,597 | $ 178,704 | $ 170,633 |
Segment Reporting and Geograp56
Segment Reporting and Geographic Information Customer Reporting (Details) | 9 Months Ended | |
Sep. 30, 2016Rate | Sep. 30, 2015Rate | |
Segment Reporting Information [Line Items] | ||
Entity-Wide Revenue, Major Customer, Percentage | 10.00% | 7.40% |
Share Repurchase Program - (Det
Share Repurchase Program - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share Repurchase Program [Abstract] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,000 | 3,000 | ||
Stock Repurchased and Retired During Period, Shares | 0 | 468 | 615 | 1,401 |
Shares available for future repurchase | 711 | 711 | ||
Stock Repurchased During Period, Value | $ 0 | $ 5,946 | $ 8,044 | $ 17,143 |
StockRepurchasedAndRetired-AveragePricePerShare | $ 0 | $ 12.70 | $ 13.07 | $ 12.24 |