Axcelis (ACLS) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document and Entity Information
Entity Registrant Name	AXCELIS TECHNOLOGIES INC
Entity Central Index Key	0001113232
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		32,942,184
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue:
Revenue	$ 91,477	$ 122,185
Cost of revenue:
Cost of revenue	53,971	75,029
Gross profit	37,506	47,156
Operating expenses:
Research and development	13,685	12,233
Sales and marketing	8,918	8,411
General and administrative	7,807	8,010
Total operating expenses	30,410	28,654
Income from operations	7,096	18,502
Other (expense) income:
Interest income	841	410
Interest expense	(1,230)	(1,337)
Other, net	(173)	(102)
Total other expense	(562)	(1,029)
Income before income taxes	6,534	17,473
Income tax provision	472	3,558
Net income	$ 6,062	$ 13,915
Net income per share:
Basic (in dollars per share)	$ 0.19	$ 0.43
Diluted (in dollars per share)	$ 0.18	$ 0.41
Shares used in computing net income per share:
Basic weighted average common shares	32,683	32,094
Diluted weighted average common shares	34,224	34,123
Product
Revenue:
Revenue	$ 84,197	$ 116,022
Cost of revenue:
Cost of revenue	47,338	68,374
Services
Revenue:
Revenue	7,280	6,163
Cost of revenue:
Cost of revenue	$ 6,633	$ 6,655

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Consolidated Statements of Comprehensive Income
Net income	$ 6,062	$ 13,915
Other comprehensive (loss) income:
Foreign currency translation adjustments	(495)	1,021
Amortization of actuarial loss and other adjustments from pension plan	30	30
Total other comprehensive (loss) income	(465)	1,051
Comprehensive income	$ 5,597	$ 14,966

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 163,104	$ 177,993
Short-term restricted cash	149
Accounts receivable, net	70,947	78,727
Inventories, net	134,051	129,000
Prepaid expenses and other current assets	12,161	11,051
Total current assets	380,412	396,771
Property, plant and equipment, net	19,638	41,149
Operating lease assets	7,453
Finance lease assets, net	22,895
Long-term restricted cash	6,715	6,909
Deferred income taxes	71,357	71,939
Other assets	34,985	31,673
Total assets	543,455	548,441
Current liabilities:
Accounts payable	29,641	35,955
Accrued compensation	6,153	19,218
Warranty	4,319	4,819
Income taxes	491	462
Deferred revenue	16,639	19,513
Other current liabilities	8,815	5,030
Total current liabilities	66,058	84,997
Finance lease obligation	48,549
Capital lease obligation		47,757
Long-term deferred revenue	3,842	3,071
Other long-term liabilities	7,853	4,279
Total liabilities	126,302	140,104
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock, $0.001 par value, 75,000 shares authorized; 32,881 shares issued and outstanding at March 31, 2019; 32,558 shares issued and outstanding at December 31, 2018	33	33
Additional paid-in capital	568,335	565,116
Accumulated deficit	(151,198)	(157,260)
Accumulated other comprehensive income	(17)	448
Total stockholders' equity	417,153	408,337
Total liabilities and stockholders' equity	$ 543,455	$ 548,441

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	75,000	75,000
Common stock, shares issued	32,881	32,558
Common stock, shares outstanding	32,881	32,558

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance (in shares) at Dec. 31, 2017	32,048
Balance at Dec. 31, 2017	$ 32	$ 556,147	$ (204,745)	$ 2,176	$ 353,610
Increase (Decrease) in Stockholders' Equity
Net income			13,915		13,915
Foreign currency translation adjustments				1,021	1,021
Change in pension obligation				30	30
Exercise of stock options (in shares)	75
Exercise of stock options		446			446
Issuance of restricted common shares (in shares)	19
Issuance of restricted common shares		(227)			(227)
Stock-based compensation expense		1,132			1,132
Balance (in shares) at Mar. 31, 2018	32,142
Balance at Mar. 31, 2018	$ 32	557,498	(189,230)	3,227	371,527
Increase (Decrease) in Stockholders' Equity
Adjustment to Retained Earnings upon ASC 606 Adoption			1,600		1,600
Balance (in shares) at Dec. 31, 2018	32,558
Balance at Dec. 31, 2018	$ 33	565,116	(157,260)	448	408,337
Increase (Decrease) in Stockholders' Equity
Net income			6,062		6,062
Foreign currency translation adjustments				(495)	(495)
Change in pension obligation				30	30
Exercise of stock options (in shares)	288
Exercise of stock options		1,828			1,828
Issuance of restricted common shares (in shares)	35
Issuance of restricted common shares		(281)			(281)
Stock-based compensation expense		1,672			1,672
Balance (in shares) at Mar. 31, 2019	32,881
Balance at Mar. 31, 2019	$ 33	$ 568,335	$ (151,198)	$ (17)	$ 417,153

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income	$ 6,062	$ 13,915
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,615	1,448
Deferred income taxes	582	2,451
Stock-based compensation expense	1,672	1,132
Provision for excess and obsolete inventory	607	485
Changes in operating assets & liabilities:
Accounts receivable	7,642	16
Inventories	(6,171)	(11,462)
Prepaid expenses and other current assets	(1,174)	592
Accounts payable and other current liabilities	(16,911)	(1,836)
Deferred revenue	(2,098)	1,963
Income taxes	32	113
Other assets and liabilities	(4,207)	(317)
Net cash (used in) provided by operating activities	(12,349)	8,500
Cash flows from investing activities
Expenditures for property, plant and equipment and capitalized software	(4,255)	(723)
Net cash used in investing activities	(4,255)	(723)
Cash flows from financing activities
Net settlement on restricted stock grants	(281)	(226)
Proceeds from exercise of stock options	1,828	446
Net cash provided by financing activities	1,547	220
Effect of exchange rate changes on cash and cash equivalents	123	(406)
Net (decrease) increase in cash, cash equivalents and restricted cash	(14,934)	7,591
Cash, cash equivalents and restricted cash at beginning of period	184,902	140,880
Cash, cash equivalents and restricted cash at end of period	$ 169,968	$ 148,471

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2019
Nature of Business
Nature of Business	Note 1. Nature of Business Axcelis Technologies, Inc. (“Axcelis” or the “Company”) was incorporated in Delaware in 1995, and is a producer of ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe and Asia. In addition, we provide extensive worldwide aftermarket service and support, including spare parts, equipment upgrades, used equipment and maintenance services to the semiconductor industry. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments which are of a normal recurring nature and considered necessary for a fair presentation of these financial statements have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for other interim periods or for the year as a whole. The balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Axcelis Technologies, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2018.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Stock-Based Compensation
Stock-Based Compensation	Note 2. Stock-Based Compensation We maintain the Axcelis Technologies, Inc. 2012 Equity Incentive Plan (the “2012 Equity Plan”), which became effective on May 2, 2012, and permits the issuance of options, restricted stock, restricted stock units and performance awards to selected employees, directors and consultants of the Company. Our 2000 Stock Plan (the “2000 Stock Plan”) expired on May 1, 2012 and no new grants may be made under that plan after that date. However, unexpired awards granted under the 2000 Stock Plan remain outstanding and subject to the terms of the 2000 Stock Plan. We also maintain the Axcelis Technologies, Inc. Employee Stock Purchase Plan (the “ESPP”), an Internal Revenue Code Section 423 plan. The 2012 Equity Plan and the ESPP are more fully described in Note 13 to the consolidated financial statements in our 2018 Annual Report on Form 10-K. We recognized stock-based compensation expense of $1.7 million and $1.1 million for the three month periods ended March 31, 2019 and 2018, respectively. These amounts include compensation expense related to restricted stock units (“RSUs”) and non-qualified stock options. In the three month periods ended March 31, 2019 and 2018, we issued 0.3 million and 0.1 million shares of common stock, respectively, upon stock option exercises and vesting of RSUs. In the three month periods ended March 31, 2019 and 2018, we received proceeds of $1.8 million and $0.4 million, respectively, upon the exercise of stock options.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases
Leases	Note 3. Leases We have operating leases for office space, warehouse space, computer and office equipment and vehicles used in our business operations. We have a finance lease in relation to the 2015 sale-leaseback of our corporate headquarters in Beverly, Massachusetts. We review all contract agreements to determine if the agreement contains a lease component. An agreement contains a lease component if it provides the use of a specific physical space or a specific physical item. We recognize the lease obligation on a discounted basis using the explicit or implicit discount rate stated within the agreement. For those lease agreements that do not indicate the applicable discount rate, we use the corporate borrowing rate. The value of the right-of-use asset is initially determined based on the net present value of the associated liability, and is adjusted for deferred costs and possible impairments, if any. We have made certain policy elections. Operating leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. We recognize lease expense for operating leases on a straight-line basis over the lease term. We account for lease components and non-lease components that are fixed payments as one component. Some of our operating leases include one or more options to renew, with renewal terms that can extend the respective lease term 1 to 3 years. The exercise of lease renewal options are at our sole discretion. For lease extensions that are reasonably certain to occur, we have included these renewal periods in our calculation of the net present value of the lease obligation and related right-of-use asset. Certain leases also include options to purchase the leased property. The depreciable life of certain assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The amounts of operating and finance lease right-of-use assets and related lease obligations recorded within our consolidated balance sheet are as follows: March 31, Leases Classification 2019 Assets (in thousands) Operating lease Operating lease assets $ 7,453 Finance lease Finance lease assets * 22,895 Total leased assets $ 30,348 Liabilities Current Operating Other current liabilities $ 3,646 Finance Other current liabilities — Noncurrent Operating Other long-term liabilities 3,805 Finance Finance lease obligation 48,549 Total lease liabilities $ 56,000 * Finance lease assets are recorded net of accumulated depreciation of $46.7 million and include $0.8 million of prepaid financing costs as of March 31, 2019. All of our office locations support selling and servicing functions. Lease expense, depreciation expense relating to finance leased assets and interest expense relating to our finance lease obligation recognized within our consolidated statement of operations for the three months ended March 31, 2019 are as follows: Lease cost Classification Three months ended March 31, 2019 Operating lease cost (in thousands) Service Cost of revenue $ 597 Research & development Operating expenses 66 Selling* Operating expenses 355 General & administrative* Operating expenses 208 Total operating lease cost $ 1,226 Finance lease cost Depreciation of leased assets COGS, R&D, Selling and G&A $ 333 Interest on lease liabilities Interest expense 1,230 Total finance lease cost $ 1,563 Total lease cost $ 2,789 * Selling, general and administrative expense includes short-term lease and variable lease costs of approximately $0.2 million. Our corporate headquarters facility, shown below under finance leases, has an original lease term of 22 years. All other locations are treated as operating leases, with lease terms ranging from 1 to 10 years. The tables below reflect the minimum cash outflow regarding our current lease obligations as well as the weighted-average remaining lease term and weighted-average discount rates used on our calculation of our lease obligations and right-of-use assets: Finance Operating Total Maturity of Lease Liabilities Leases Leases Leases (in thousands) 2019 $ 4,203 $ 2,859 $ 7,062 2020 5,720 3,107 8,827 2021 5,848 1,447 7,295 2022 5,980 372 6,352 2023 6,114 43 6,157 Thereafter 85,905 21 85,926 Total lease payments $ 113,770 $ 7,849 $ 121,619 Less interest portion* (65,221) (398) (65,619) Finance lease and operating lease obligations $ 48,549 $ 7,451 $ 56,000 * Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate March 31, Lease term and discount rate 2019 Weighted-average remaining lease term (years) Operating leases 2.4 Finance leases 17.8 Weighted-average discount rate Operating leases 4.5% Finance leases 10.5% Our cash outflows from our operating leases include rent expense and other charges associated with these leases. These cash flows are included within the operating section of our statement of cash flows. Our cash flows from our finance lease currently include an interest only component and starting in April 2020, both an interest and payment of principal component. The table below shows our cash outflows, by lease type and related section of our statement of cash flows as well as the non-cash amount capitalized on our balance sheet in relation to our operating lease right-of-use assets: Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (in thousands) Operating cash outflows from operating leases $ 1,226 Operating cash outflows from finance leases 1,391 Financing cash outflows from finance leases — Operating lease assets obtained in exchange for new operating lease liabilities 7,453 Finance lease assets obtained in exchange for new finance lease liabilities $ —

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue.
Revenue	Note 4. Revenue To reflect the organization of our business operations, we divide revenue into two categories: revenue from sales of ion implant and revenue arising from the sale of used systems, parts and labor to customers who own systems, which we refer to as Aftermarket. Revenue by categories used by management are as follows: Three months ended March 31, 2019 2018 (in thousands) Ion Implant $ $ Aftermarket 34,385 36,710 $ $ Revenue by geographic markets is determined based upon the location of where our products are shipped and our services are performed. Revenue in our principal geographic markets is as follows: Three months ended March 31, 2019 2018 (in thousands) North America $ $ Asia Pacific Europe $ $ March 31, December 31, 2019 2018 (in thousands) Contract assets $ — $ — Contract liabilities $ 20,481 $ 22,584 Contract liabilities are reflected as deferred revenue on the consolidated balance sheet and relate to payments invoiced or received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations. Three months ended March 31, 2019 2018 (in thousands) Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 6,181 $ 6,342 Performance obligations satisfied in previous periods $ — $ — The majority of our system transactions have payment terms of 90% due upon shipment of the tool and 10% due upon installation. Aftermarket transaction payment terms are such that payment is due either within 30 or 60 days of service provided or delivery of parts.

Computation of Net Earnings per

Computation of Net Earnings per Share	3 Months Ended
	Mar. 31, 2019
Computation of Net Earnings per Share
Computation of Net Earnings per Share	Note 5. Computation of Net Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders (the numerator) by the weighted‑average number of common shares outstanding (the denominator) for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased by the number of additional common shares that would have been outstanding if the potentially dilutive common shares issuable for stock options and RSUs had been issued, calculated using the treasury stock method. The components of net earnings per share are as follows: Three months ended March 31, 2019 2018 (in thousands, except per share amounts) Net income available to common stockholders $ 6,062 $ 13,915 Weighted average common shares outstanding used in computing basic income per share 32,683 32,094 Incremental options and RSUs 1,541 2,029 Weighted average common shares used in computing diluted net income per share 34,224 34,123 Net income per share Basic $ 0.19 $ 0.43 Diluted $ 0.18 $ 0.41 Diluted weighted average common shares outstanding does not include options and RSUs outstanding to purchase ten thousand common equivalent shares for the three month periods ended March 31, 2019 and 2018, respectively, as their effect would have been anti-dilutive.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2019
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	Note 6. Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive income, net of tax, by component, for the three months ended March 31, 2019: Foreign Defined benefit currency pension plan Total (in thousands) Balance at December 31, 2018 $ 962 $ (514) $ 448 Other comprehensive loss and pension reclassification (495) 30 (465) Balance at March 31, 2019 $ 467 $ (484) $ (17)

Cash, cash equivalents and rest

Cash, cash equivalents and restricted cash	3 Months Ended
	Mar. 31, 2019
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash	Note 7. Cash, cash equivalents and restricted cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheet that sum to the total of the amounts shown in the statement of cash flows. March 31, December 31, 2019 2018 (in thousands) Cash and cash equivalents $ $ Short-term and long-term restricted cash Total cash, cash equivalents and restricted cash $ $ As of March 31, 2019, we had $6.9 million in restricted cash which relates to a $5.9 million letter of credit associated with a security deposit for the lease of our corporate headquarters in Beverly, Massachusetts, a $0.7 million letter of credit relating to workers’ compensation insurance, a bank guarantee of our performance relating to a customer payment in the amount of $0.2 million and a $0.1 million deposit relating to customs activity.

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2019
Inventories, net
Inventories, net	Note 8. Inventories, net The components of inventories are as follows: March 31, December 31, 2019 2018 (in thousands) Raw materials $ 95,639 $ 91,875 Work in process 19,078 23,857 Finished goods (completed systems) 19,334 13,268 Inventories, net $ 134,051 $ 129,000 When recorded, inventory reserves reduce the carrying value of inventories to their net realizable value. We establish inventory reserves when conditions exist that indicate inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand for the Company’s products or market conditions. We regularly evaluate the ability to realize the value of inventories based on a combination of factors including the following: forecasted sales or usage, estimated product end of life dates, estimated current and future market value and new product introductions. Purchasing and usage alternatives are also explored to mitigate inventory exposure.

Product Warranty

Product Warranty	3 Months Ended
	Mar. 31, 2019
Product Warranty
Product Warranty	Note 9. Product Warranty We generally offer a one year warranty for all of our systems, the terms and conditions of which vary depending upon the product sold. For all systems sold, we accrue a liability for the estimated cost of standard warranty at the time of system shipment and defer the portion of systems revenue attributable to the fair value of non-standard warranty. Costs for non-standard warranty are expensed as incurred. Factors that affect our warranty liability include the number of installed units, historical and anticipated product failure rates, material usage and service labor costs. We periodically assess the adequacy of our recorded liability and adjust the amount as necessary. The changes in our standard product warranty liability are as follows: Three months ended March 31, 2019 2018 (in thousands) Balance at January 1 (beginning of year) $ 5,091 $ 4,502 Warranties issued during the period 954 1,540 Settlements made during the period (1,475) (1,334) Changes in estimate of liability for pre-existing warranties during the period 89 260 Balance at March 31 (end of period) $ 4,659 $ 4,968 Amount classified as current $ 4,319 $ 4,583 Amount classified as long-term 340 385 Total warranty liability $ 4,659 $ 4,968

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements
Fair Value Measurements	Note 10. Fair Value Measurements Certain assets on our balance sheets are reported at their fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. (a) Fair Value Hierarchy The accounting guidance for fair value measurement requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. (b) Fair Value Measurements Our money market funds and short-term investments are included in cash and cash equivalents in the consolidated balance sheets. The following table sets forth our assets by level within the fair value hierarchy: March 31, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents: Money market funds, U.S. Government Securities and Agency Investments $ 146,502 $ — $ — $ 146,502 December 31, 2018 Fair Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents: Money market funds, U.S. Government Securities and Agency Investments $ 138,510 $ 21,700 $ — $ 160,210 (c) Other Financial Instruments The carrying amounts reflected in the consolidated balance sheets for accounts receivable, prepaid expenses and other current assets and non-current assets, restricted cash, accounts payable and accrued expenses approximate fair value due to their short-term maturities.

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2019
Financing Arrangements
Financing Arrangements	Note 11. Financing Arrangements On January 30, 2015, we sold our corporate headquarters facility in Beverly Massachusetts for $48.9 million. As part of the sale, we also entered into a 22-year lease agreement of our headquarters facility. This sale leaseback is accounted for as a financing lease under generally accepted accounting principles and, as such, we have recorded a financing obligation of $48.5 million as of March 31, 2019. Our current lease payments are interest only payments. Commencing in April, 2020, the associated lease payments will include both an interest component and payment of principal, with the underlying liability being extinguished at the end of the original lease term. We posted a security deposit of $5.9 million in the form of an irrevocable letter of credit at the time of the closing. This letter of credit is cash collateralized and the associated cash is included in long-term restricted cash.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes
Income Taxes	Note 12. Income Taxes The income tax provision was $0.5 million during the three months ended March 31, 2019, a decrease of $3.1 million, when compared to the three months ended March 31, 2018. Of the $3.1 million decrease, $2.3 million was attributable to the decrease in pretax income of $10.9 million, $0.3 million related to an increase in excess tax benefit on the exercise of non-qualified stock options and the vesting of restricted stock and a $0.3 million tax benefit recognized upon the expiration of the statute of limitations regarding an uncertain tax position previously recorded. The related interest and penalties previously recorded were reversed resulting in a reduction of interest expense of $0.1 million. We have significant net operating loss carryforwards in the United States and certain European jurisdictions, and, as a result, we do not currently pay significant income taxes in those jurisdictions. Tax expense reflects the tax liability that would be payable without consideration of the usage of any net operating loss carryforwards. At December 31, 2018, we had $71.9 million of deferred tax assets worldwide relating to net operating loss carryforwards, tax credit carryforwards and other temporary differences, which are available to reduce income tax liabilities in future years. As of March 31, 2019, there were no known facts, that when considered, would require us to change our position on our ability to realize our deferred tax assets.

Concentration of Risk

Concentration of Risk	3 Months Ended
	Mar. 31, 2019
Concentration of Risk
Concentration of Risk	Note 13. Concentration of Risk For the three months ended March 31, 2019, three customers accounted for 16.4%, 13.4% and 10.2% of total revenue, respectively. For the three months ended March 31, 2018, two customers accounted for 25.9% and 15.4% of total revenue, respectively. At March 31, 2019, three customers accounted for 18.3%, 15.7% and 11.0% of accounts receivable, respectively. At December 31, 2018, two customers accounted for 21.9% and 11.5% of accounts receivable, respectively.

Share Repurchase

Share Repurchase	3 Months Ended
	Mar. 31, 2019
Share Repurchase
Share Repurchase	Note 14. Share Repurchase Under the current stock repurchase plan, announced on January 14, 2019, we are authorized to repurchase up to $35 million of our common stock through the end of 2019. No shares were repurchased during the three months ended March 31, 2019. The timing and actual number of shares repurchased will depend on various factors including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions. Shares repurchased by us are accounted for when the transaction is settled. There were no unsettled share repurchases at March 31, 2019. Shares repurchased and retired are deducted from common stock for par value and from additional paid-in capital for the excess over par value. If additional paid-in capital has been exhausted, the excess over par value is deducted from retained earnings. Direct costs incurred to acquire the shares are included in the total cost of the shares.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies
Commitments and Contingencies	Note 15. Contingencies (a) Litigation We are, from time to time, a party to litigation that arises in the normal course of our business operations. We are not presently a party to any litigation that we believe might have a material adverse effect on our business operations. (b) Indemnifications Our system sales agreements typically include provisions under which we agree to take certain actions, provide certain remedies and defend our customers against third-party claims of intellectual property infringement under specified conditions and to indemnify customers against any damage and costs awarded in connection with such claims. We have not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in the accompanying consolidated financial statements.

Recent Accounting Guidance

Recent Accounting Guidance	3 Months Ended
	Mar. 31, 2019
Recent Accounting Guidance
Recent Accounting Guidance	Note 16. Recent Accounting Guidance (a) Accounting Standards Update 2016-02 on Leases Effective January 1, 2019 We adopted Accounting Standards Update (“ASU”) No. 2016-02, “ Leases” and ASU No. 2018-11 “ Leases (Topic 842)” , collectively (“Topic 842) as of January 1, 2019, using the modified retrospective approach, applying the new lease standard at the adoption date. We elected the package of practical expedients permitted under the transition guidance within the new standard, carrying forward the historical lease classification for both operating and finance leases. We made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. We recognize the lease expense relating to operating leases on a straight-line basis over the respective lease term and report the associated expense within the operating activities section of our statement of cash flows. We recognize the interest expense on our finance lease within the operating activities section of our statement of cash flows and recognize the payment of principal of our finance lease obligation within the financing activities section of our statement of cash flows. The adoption of Topic 842 resulted in the recording of additional net operating lease assets and related lease liabilities of $7.5 million as of January 1, 2019. We also reclassified $22.1 million net, of previously capitalized property, plant and equipment associated with the sale of our corporate headquarters, as well as $0.8 million of prepaid transaction costs, as finance lease assets, within our balance sheet. The related finance lease liability associated with the sale-leaseback increased $0.8 million as a result of the reclassification of the prepaid transaction costs. The standard had no impact on our consolidated net earnings and cash flows. (b) Accounting Standards Update 2018-13 on Fair Value Measurements to be Effective January 1, 2020 We adopted ASU No. 2018-13 “Fair Value Measurement (Topic 820)” as of January 1, 2019 The amendments in ASU No. 2018-13 modify the disclosure requirements on fair value measurements in Topic 820, removing disclosure requirements for transfers between Level 1 and Level 2 within the fair value hierarchy, as well as modifying the disclosure requirement relating to the timing of liquidation for investments calculated on net asset value. The ASU also requires the disclosure of unrealized gains and losses for the period included in other comprehensive income for Level 3 instruments. The amendments on changes for unrealized gains and losses should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The adoption of ASU 2018-13 did not have any impact on our consolidated financial statements and disclosures. (c) Accounting Standards Update 2019-04 on Financial Instruments; Topic 326, Topic 815 and Topic 825 to be Effective January 1, 2020 In April 2019, the Financial Accounting Standards Board issued ASU No. 2019-04 “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The amendments in this Update clarify the guidance within Topic 326 relating to credit losses. The guidance is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted in any interim period after issuance of this Update as long as the entity has adopted the amendments in Update 2016-13. The amendments in these Updates should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance in the statement of financial position as of the date of adoption of Update 2016-13. The adoption of these Updates is not expected to have a material impact on our results of operations or cash flows.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases
Schedule of operating and finance lease right-of-use assets and related lease obligations	March 31, Leases Classification 2019 Assets (in thousands) Operating lease Operating lease assets $ 7,453 Finance lease Finance lease assets * 22,895 Total leased assets $ 30,348 Liabilities Current Operating Other current liabilities $ 3,646 Finance Other current liabilities — Noncurrent Operating Other long-term liabilities 3,805 Finance Finance lease obligation 48,549 Total lease liabilities $ 56,000 * Finance lease assets are recorded net of accumulated depreciation of $46.7 million and include $0.8 million of prepaid financing costs as of March 31, 2019.
Schedule of lease costs	Lease cost Classification Three months ended March 31, 2019 Operating lease cost (in thousands) Service Cost of revenue $ 597 Research & development Operating expenses 66 Selling* Operating expenses 355 General & administrative* Operating expenses 208 Total operating lease cost $ 1,226 Finance lease cost Depreciation of leased assets COGS, R&D, Selling and G&A $ 333 Interest on lease liabilities Interest expense 1,230 Total finance lease cost $ 1,563 Total lease cost $ 2,789 * Selling, general and administrative expense includes short-term lease and variable lease costs of approximately $0.2 million.
Schedule of future minimum operating leases	Finance Operating Total Maturity of Lease Liabilities Leases Leases Leases (in thousands) 2019 $ 4,203 $ 2,859 $ 7,062 2020 5,720 3,107 8,827 2021 5,848 1,447 7,295 2022 5,980 372 6,352 2023 6,114 43 6,157 Thereafter 85,905 21 85,926 Total lease payments $ 113,770 $ 7,849 $ 121,619 Less interest portion* (65,221) (398) (65,619) Finance lease and operating lease obligations $ 48,549 $ 7,451 $ 56,000 * Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate
Schedule of future minimum finance leases	Finance Operating Total Maturity of Lease Liabilities Leases Leases Leases (in thousands) 2019 $ 4,203 $ 2,859 $ 7,062 2020 5,720 3,107 8,827 2021 5,848 1,447 7,295 2022 5,980 372 6,352 2023 6,114 43 6,157 Thereafter 85,905 21 85,926 Total lease payments $ 113,770 $ 7,849 $ 121,619 Less interest portion* (65,221) (398) (65,619) Finance lease and operating lease obligations $ 48,549 $ 7,451 $ 56,000 * Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate
Schedule of weighted-average remaining lease term and discount rates	March 31, Lease term and discount rate 2019 Weighted-average remaining lease term (years) Operating leases 2.4 Finance leases 17.8 Weighted-average discount rate Operating leases 4.5% Finance leases 10.5%
Schedule of cash outflows by lease type	Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (in thousands) Operating cash outflows from operating leases $ 1,226 Operating cash outflows from finance leases 1,391 Financing cash outflows from finance leases — Operating lease assets obtained in exchange for new operating lease liabilities 7,453 Finance lease assets obtained in exchange for new finance lease liabilities $ —

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue.
Schedule of revenue by discipline	Three months ended March 31, 2019 2018 (in thousands) Ion Implant $ $ Aftermarket 34,385 36,710 $ $
Schedule of revenue by geographic markets	Three months ended March 31, 2019 2018 (in thousands) North America $ $ Asia Pacific Europe $ $
Schedule of contract assets and contract liabilities	March 31, December 31, 2019 2018 (in thousands) Contract assets $ — $ — Contract liabilities $ 20,481 $ 22,584 Contract liabilities are reflected as deferred revenue on the consolidated balance sheet and relate to payments invoiced or received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations. Three months ended March 31, 2019 2018 (in thousands) Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 6,181 $ 6,342 Performance obligations satisfied in previous periods $ — $ —

Computation of Net Earnings p_2

Computation of Net Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Computation of Net Earnings per Share
Schedule of components of net income per share	Three months ended March 31, 2019 2018 (in thousands, except per share amounts) Net income available to common stockholders $ 6,062 $ 13,915 Weighted average common shares outstanding used in computing basic income per share 32,683 32,094 Incremental options and RSUs 1,541 2,029 Weighted average common shares used in computing diluted net income per share 34,224 34,123 Net income per share Basic $ 0.19 $ 0.43 Diluted $ 0.18 $ 0.41

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2019
Accumulated Other Comprehensive Loss
Schedule of changes in accumulated other comprehensive income, net of tax	Foreign Defined benefit currency pension plan Total (in thousands) Balance at December 31, 2018 $ 962 $ (514) $ 448 Other comprehensive loss and pension reclassification (495) 30 (465) Balance at March 31, 2019 $ 467 $ (484) $ (17)

Cash, cash equivalents and re_2

Cash, cash equivalents and restricted cash (Tables)	3 Months Ended
	Mar. 31, 2019
Cash, cash equivalents and restricted cash
Schedule of reconciliation of cash, cash equivalents and restricted cash	March 31, December 31, 2019 2018 (in thousands) Cash and cash equivalents $ $ Short-term and long-term restricted cash Total cash, cash equivalents and restricted cash $ $

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2019
Inventories, net
Schedule of components of inventories	March 31, December 31, 2019 2018 (in thousands) Raw materials $ 95,639 $ 91,875 Work in process 19,078 23,857 Finished goods (completed systems) 19,334 13,268 Inventories, net $ 134,051 $ 129,000

Product Warranty (Tables)

Product Warranty (Tables)	3 Months Ended
	Mar. 31, 2019
Product Warranty
Schedule of product warranty liability	Three months ended March 31, 2019 2018 (in thousands) Balance at January 1 (beginning of year) $ 5,091 $ 4,502 Warranties issued during the period 954 1,540 Settlements made during the period (1,475) (1,334) Changes in estimate of liability for pre-existing warranties during the period 89 260 Balance at March 31 (end of period) $ 4,659 $ 4,968 Amount classified as current $ 4,319 $ 4,583 Amount classified as long-term 340 385 Total warranty liability $ 4,659 $ 4,968

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements
Schedule of Company's assets and liabilities by level within the fair value hierarchy	March 31, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents: Money market funds, U.S. Government Securities and Agency Investments $ 146,502 $ — $ — $ 146,502 December 31, 2018 Fair Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents: Money market funds, U.S. Government Securities and Agency Investments $ 138,510 $ 21,700 $ — $ 160,210

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock-Based Compensation
Stock-based compensation expense	$ 1,700	$ 1,100
Proceeds from exercise of stock options	$ 1,828	$ 446
Common Stock
Stock-Based Compensation
Exercise of stock options (in shares)	288,000	75,000
Proceeds from exercise of stock options	$ 1,800	$ 400
2000 Stock Plan
Stock-Based Compensation
Number of shares of common stock available for future grant	0

Leases (Details)

Leases (Details)	3 Months Ended
	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Option to extend	true
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	3 years

Leases - Operating and Finance

Leases - Operating and Finance Lease Right-of-use-assets and Related Lease Obligations (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases
Operating lease assets	$ 7,453
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating lease assets
Finance lease assets	$ 22,895
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Finance lease assets
Total leased assets	$ 30,348
Operating liabilities current	$ 3,646
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Operating liabilities noncurrent	$ 3,805
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Finance liabilities noncurrent	$ 48,549
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Finance liabilities noncurrent
Total lease liabilities	$ 56,000
Finance lease, accumulated depreciation	46,700
Prepaid financing costs	$ 800

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease cost
Total operating lease cost	$ 1,226
Depreciation of leased assets	333
Interest on lease liabilities	1,230
Total finance lease cost	1,563
Total lease cost	2,789
Short-term lease and variable lease costs	200
Service
Lease cost
Total operating lease cost	597
Research & development
Lease cost
Total operating lease cost	66
Selling
Lease cost
Total operating lease cost	355
General & administrative
Lease cost
Total operating lease cost	$ 208

Leases - Future Minimum Cash Ou

Leases - Future Minimum Cash Outflow and Weighted-average Remaining Lease Term and Discount Rate (Details) $ in Thousands	Mar. 31, 2019USD ($)
Future minimum lease payments finance lease
2019	$ 4,203
2020	5,720
2021	5,848
2022	5,980
2023	6,114
Thereafter	85,905
Total lease payments	113,770
Less interest portion	(65,221)
Finance lease obligation	48,549
Future minimum lease payments operating lease
2019	2,859
2020	3,107
2021	1,447
2022	372
2023	43
Thereafter	21
Total lease payments	7,849
Less interest portion	(398)
Operating lease obligations	7,451
Future minimum lease payments finance and operating lease
2019	7,062
2020	8,827
2021	7,295
2022	6,352
2023	6,157
Thereafter	85,926
Total lease payments	121,619
Less interest portion	(65,619)
Total lease liabilities	$ 56,000
Lease term and discount rate
Operating leases -Weighted-average remaining lease term (in years)	2 years 4 months 24 days
Finance leases - Weighted-average remaining lease term (in years)	17 years 9 months 18 days
Operating leases - Weighted-average discount rate	4.50%
Finance leases - Weighted-average discount rate	10.50%
Operating lease term	22 years
Minimum
Lease term and discount rate
Finance lease term	1 year
Maximum
Lease term and discount rate
Finance lease term	10 years

Leases - Cash Flow by Lease Typ

Leases - Cash Flow by Lease Type (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases
Operating cash outflows from operating leases	$ 1,226
Operating cash outflows from finance leases	1,391
Operating lease assets obtained in exchange for new operating lease liabilities	$ 7,453

Revenue (Details)

Revenue (Details) - Systems	3 Months Ended
	Mar. 31, 2019
Disaggregation of Revenue
Payment upon shipment of tool, as a percent	90.00%
Payment upon installation, as a percent	10.00%
Minimum
Disaggregation of Revenue
Payment upon delivery of parts, period	30 days
Maximum
Disaggregation of Revenue
Payment upon delivery of parts, period	60 days

Revenue - Revenue by discipline

Revenue - Revenue by discipline & geographical areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue
Revenue	$ 91,477	$ 122,185
North America
Disaggregation of Revenue
Revenue	11,607	10,523
Asia Pacific
Disaggregation of Revenue
Revenue	62,927	97,689
Europe
Disaggregation of Revenue
Revenue	16,943	13,973
Ion Implant
Disaggregation of Revenue
Revenue	57,092	85,475
Aftermarket
Disaggregation of Revenue
Revenue	$ 34,385	$ 36,710

Revenue - Contract assets and l

Revenue - Contract assets and liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenue.
Contract liabilities	$ 20,481		$ 22,584
Revenue recognized in the period from:
Amounts included in contract liability at the beginning of the period	$ 6,181	$ 6,342

Computation of Net Earnings p_3

Computation of Net Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Computation of Net Earnings per Share
Net income available to common stockholders	$ 6,062	$ 13,915
Weighted average common shares outstanding used in computing basic income per share	32,683	32,094
Incremental options and RSUs	1,541	2,029
Weighted average common shares used in computing diluted net income per share	34,224	34,123
Net income per share
Basic	$ 0.19	$ 0.43
Diluted	$ 0.18	$ 0.41
Weighted average number diluted shares outstanding adjustment	10	10

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in accumulated other comprehensive income, net of tax
Balance at December 31, 2018	$ 448
Other comprehensive loss and pension reclassification	(465)	$ 1,051
Balance at March 31, 2019	(17)
Foreign currency
Changes in accumulated other comprehensive income, net of tax
Balance at December 31, 2018	962
Other comprehensive loss and pension reclassification	(495)
Balance at March 31, 2019	467
Defined benefit pension plan
Changes in accumulated other comprehensive income, net of tax
Balance at December 31, 2018	(514)
Other comprehensive loss and pension reclassification	30
Balance at March 31, 2019	$ (484)

Cash, cash equivalents and re_3

Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and cash equivalents	$ 163,104	$ 177,993
Short-term and long-term restricted cash	6,864	6,909
Total cash, cash equivalents and restricted cash	169,968	$ 184,902	$ 148,471	$ 140,880
Letter of credit related to workers' compensation insurance	700
Letter of credit associated with bank guarantee two	200
Deposit related to customs activity	100
Revolving credit facility
Restricted cash which relates to support of outstanding letters of credit	6,900
Revolving credit facility | Beverly Property Owner LLC
Letter of credit associated with security deposit for leaseback transaction	$ 5,900

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventories, net
Raw materials	$ 95,639	$ 91,875
Work in process	19,078	23,857
Finished goods (completed systems)	19,334	13,268
Inventories, net	$ 134,051	$ 129,000

Product Warranty (Details)

Product Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Product Warranty
Product warranty period	1 year
Changes in standard product warranty liability
Balance at January 1 (beginning of year)	$ 5,091	$ 4,502
Warranties issued during the period	954	1,540
Settlements made during the period	(1,475)	(1,334)
Changes in estimate of liability for pre-existing warranties during the period	89	260
Balance at March 31 (end of period)	4,659	4,968
Product warranty classification
Amount classified as current			$ 4,319	$ 4,819	$ 4,583
Amount classified as long-term			340		385
Total warranty liability	$ 5,091	$ 4,502	$ 4,659	$ 5,091	$ 4,968

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring - Money market funds, US Government Securities and Agency Investments - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Total
Fair Value Measurements
Money market funds, U.S. Government Securities and Agency Investments	$ 146,502	$ 160,210
Level 1
Fair Value Measurements
Money market funds, U.S. Government Securities and Agency Investments	$ 146,502	138,510
Level 2
Fair Value Measurements
Money market funds, U.S. Government Securities and Agency Investments		$ 21,700

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($) $ in Thousands	Jan. 30, 2015	Mar. 31, 2019
Financing Arrangements
Lease term		22 years
Finance lease obligation		$ 48,549
Beverly Property Owner LLC | Buildings
Financing Arrangements
Finance lease obligation		48,500
Security deposit		$ 5,900
Beverly Property Owner LLC | Sale leaseback obligation | Buildings
Financing Arrangements
Sale price	$ 48,900
Lease term	22 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Taxes
Income tax provision	$ 472	$ 3,558
Decrease in income tax		3,100
Decrease in income tax due to decrease in pretax income		2,300
Decrease in pretax income		10,900
Decrease in income tax due to increase in excess tax benefit on exercise of stock options and vesting of restricted stock		300
Decrease in income tax due to tax benefit recognized upon expiration of statute of limitation regarding uncertain tax position previously recorded		300
Interest and penalties previously accrued credited to interest expenses		$ 100
Deferred tax assets valuation allowance			$ 71,900

Concentration of Risk (Details)

Concentration of Risk (Details) - customer	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenue | Customer concentration risk
Concentration of Risk
Number of customers	3	2
Revenue | Customer concentration risk | First customer
Concentration of Risk
Percentage of concentration risk	16.40%	25.90%
Revenue | Customer concentration risk | Second customer
Concentration of Risk
Percentage of concentration risk	13.40%	15.40%
Revenue | Customer concentration risk | Third customer
Concentration of Risk
Percentage of concentration risk	10.20%
Consolidated accounts receivable | Credit concentration risk
Concentration of Risk
Number of customers	3		2
Consolidated accounts receivable | Credit concentration risk | First customer
Concentration of Risk
Percentage of concentration risk	18.30%		21.90%
Consolidated accounts receivable | Credit concentration risk | Second customer
Concentration of Risk
Percentage of concentration risk	15.70%		11.50%
Consolidated accounts receivable | Credit concentration risk | Third customer
Concentration of Risk
Percentage of concentration risk	11.00%

Share Repurchase (Details)

Share Repurchase (Details)	3 Months Ended
	Mar. 31, 2019USD ($)shares
Share Repurchase
Number of shares authorized to repurchase	35,000,000
Number of shares repurchased	0
Unsettled share repurchases | $	$ 0

Recent Accounting Guidance (Det

Recent Accounting Guidance (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Recent Accounting Guidance
Operating lease assets	$ 7,453
Lease liabilities	$ 7,451
ASU 2016-02 | Adjustment
Recent Accounting Guidance
Operating lease assets		$ 7,500
Lease liabilities		7,500
Reclassification of previously capitalized property, plant and equipment		22,100
Reclassification of prepaid transaction costs as finance lease assets		800
Increase in finance lease liability associated with the sale-leaseback		$ 800