Axcelis (ACLS) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	000-30941
Entity Registrant Name	AXCELIS TECHNOLOGIES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1818596
Entity Address, Address Line One	108 Cherry Hill Drive
Entity Address, City or Town	Beverly
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01915
City Area Code	978
Local Phone Number	787-4000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ACLS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,033,791
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001113232
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Total revenue	$ 221,177	$ 147,274	$ 424,772	$ 280,050
Cost of revenue:
Total cost of revenue	121,996	83,260	235,824	159,601
Gross profit	99,181	64,014	188,948	120,449
Operating expenses:
Research and development	18,731	16,623	35,704	32,308
Sales and marketing	12,703	12,177	23,994	22,564
General and administrative	13,602	11,217	26,180	21,230
Total operating expenses	45,036	40,017	85,878	76,102
Income from operations	54,145	23,997	103,070	44,347
Other (expense) income:
Interest income	352	40	447	73
Interest expense	(1,250)	(1,274)	(2,768)	(2,303)
Other, net	(5,051)	(15)	(6,669)	(1,168)
Total other expense	(5,949)	(1,249)	(8,990)	(3,398)
Income before income taxes	48,196	22,748	94,080	40,949
Income tax provision	4,007	3,842	8,276	5,563
Net income	$ 44,189	$ 18,906	$ 85,804	$ 35,386
Net income per share:
Basic	$ 1.34	$ 0.56	$ 2.59	$ 1.05
Diluted	$ 1.32	$ 0.55	$ 2.54	$ 1.03
Shares used in computing net income per share:
Basic weighted average common shares	33,096	33,677	33,170	33,696
Diluted weighted average common shares	33,562	34,311	33,770	34,473
Product
Revenue:
Total revenue	$ 213,926	$ 140,156	$ 410,458	$ 266,765
Cost of revenue:
Total cost of revenue	115,754	76,688	223,395	147,022
Services
Revenue:
Total revenue	7,251	7,118	14,314	13,285
Cost of revenue:
Total cost of revenue	$ 6,242	$ 6,572	$ 12,429	$ 12,579

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Consolidated Statements of Comprehensive Income
Net income	$ 44,189	$ 18,906	$ 85,804	$ 35,386
Other comprehensive (loss) income:
Foreign currency translation adjustments	(2,685)	552	(3,871)	(820)
Amortization of actuarial gain and other adjustments from pension plan, net of tax	8	34	17	54
Total other comprehensive (loss) income	(2,677)	586	(3,854)	(766)
Comprehensive income	$ 41,512	$ 19,492	$ 81,950	$ 34,620

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 287,167	$ 294,923
Accounts receivable, net	146,120	104,410
Inventories, net	213,063	194,984
Prepaid expenses and other current assets	33,378	24,929
Total current assets	679,728	619,246
Property, plant and equipment, net	35,572	34,972
Operating lease assets	10,879	9,242
Finance lease assets, net	18,590	19,238
Long-term restricted cash	753	757
Deferred income taxes	33,715	35,454
Other assets	32,499	34,331
Total assets	811,736	753,240
Current liabilities:
Accounts payable	49,410	38,025
Accrued compensation	17,150	30,732
Warranty	8,348	6,424
Income taxes	321	887
Deferred revenue	62,685	60,454
Current portion of finance lease obligation	1,101	979
Other current liabilities	13,955	12,639
Total current liabilities	152,970	150,140
Long-term finance lease obligation	45,822	46,415
Long-term deferred revenue	8,864	7,982
Other long-term liabilities	17,153	9,744
Total liabilities	224,809	214,281
Commitments and contingencies (Note 16)
Stockholders' equity:
Common stock, $0.001 par value, 75,000 shares authorized; 33,094 shares issued and outstanding at June 30, 2022; 33,240 shares issued and outstanding at December 31, 2021	33	33
Additional paid-in capital	549,401	559,883
Retained earnings (accumulated deficit)	39,582	(22,722)
Accumulated other comprehensive (loss) income	(2,089)	1,765
Total stockholders' equity	586,927	538,959
Total liabilities and stockholders' equity	$ 811,736	$ 753,240

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
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	33,094	33,240
Common stock, shares outstanding	33,064	33,240

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, 2020	33,633
Balance at Dec. 31, 2020	$ 34	$ 570,102	$ (91,969)	$ 3,435	$ 481,602
Increase (Decrease) in Stockholders' Equity
Net income			16,480		16,480
Foreign currency translation adjustments				(1,372)	(1,372)
Change in pension obligation				20	20
Exercise of stock options (in shares)	268
Exercise of stock options		2,512			2,512
Issuance of common shares on restricted stock units, net of shares withheld (in shares)	81
Issuance of common shares on restricted stock units, net of shares withheld		(2,354)			(2,354)
Stock-based compensation expense		2,407			2,407
Repurchase of common stock (in shares)	(303)
Repurchase of common stock		(5,468)	(6,167)		(11,635)
Balance (in shares) at Mar. 31, 2021	33,679
Balance at Mar. 31, 2021	$ 34	567,199	(81,656)	2,083	487,660
Balance (in shares) at Dec. 31, 2020	33,633
Balance at Dec. 31, 2020	$ 34	570,102	(91,969)	3,435	481,602
Increase (Decrease) in Stockholders' Equity
Net income					35,386
Foreign currency translation adjustments					(820)
Change in pension obligation					54
Balance (in shares) at Jun. 30, 2021	33,657
Balance at Jun. 30, 2021	$ 34	561,680	(70,281)	2,669	494,102
Balance (in shares) at Mar. 31, 2021	33,679
Balance at Mar. 31, 2021	$ 34	567,199	(81,656)	2,083	487,660
Increase (Decrease) in Stockholders' Equity
Net income			18,906		18,906
Foreign currency translation adjustments				552	552
Change in pension obligation				34	34
Exercise of stock options (in shares)	72
Exercise of stock options		563			563
Issuance of shares under Employee Stock Purchase Plan (in shares)	15
Issuance of shares under Employee Stock Purchase Plan		509			509
Issuance of common shares on restricted stock units, net of shares withheld (in shares)	214
Issuance of common shares on restricted stock units, net of shares withheld		(4,141)			(4,141)
Stock-based compensation expense		3,377			3,377
Repurchase of common stock (in shares)	(323)
Repurchase of common stock		(5,827)	(7,531)		(13,358)
Balance (in shares) at Jun. 30, 2021	33,657
Balance at Jun. 30, 2021	$ 34	561,680	(70,281)	2,669	494,102
Balance (in shares) at Dec. 31, 2021	33,240
Balance at Dec. 31, 2021	$ 33	559,883	(22,722)	1,765	538,959
Increase (Decrease) in Stockholders' Equity
Net income			41,614		41,614
Foreign currency translation adjustments				(1,186)	(1,186)
Change in pension obligation				9	9
Exercise of stock options (in shares)	41
Exercise of stock options		491			491
Issuance of common shares on restricted stock units, net of shares withheld (in shares)	67
Issuance of common shares on restricted stock units, net of shares withheld		(3,315)			(3,315)
Stock-based compensation expense		2,701			2,701
Repurchase of common stock (in shares)	(284)
Repurchase of common stock		(5,127)	(14,873)		(20,000)
Balance (in shares) at Mar. 31, 2022	33,064
Balance at Mar. 31, 2022	$ 33	554,633	4,019	588	559,273
Balance (in shares) at Dec. 31, 2021	33,240
Balance at Dec. 31, 2021	$ 33	559,883	(22,722)	1,765	538,959
Increase (Decrease) in Stockholders' Equity
Net income					85,804
Foreign currency translation adjustments					(3,871)
Change in pension obligation					17
Balance (in shares) at Jun. 30, 2022	33,094
Balance at Jun. 30, 2022	$ 33	549,401	39,582	(2,089)	586,927
Balance (in shares) at Mar. 31, 2022	33,064
Balance at Mar. 31, 2022	$ 33	554,633	4,019	588	559,273
Increase (Decrease) in Stockholders' Equity
Net income			44,189		44,189
Foreign currency translation adjustments				(2,685)	(2,685)
Change in pension obligation				8	8
Exercise of stock options (in shares)	25
Exercise of stock options		298			298
Issuance of shares under Employee Stock Purchase Plan (in shares)	15
Issuance of shares under Employee Stock Purchase Plan		711			711
Issuance of common shares on restricted stock units, net of shares withheld (in shares)	205
Issuance of common shares on restricted stock units, net of shares withheld		(5,896)			(5,896)
Stock-based compensation expense		3,527			3,527
Repurchase of common stock (in shares)	(215)
Repurchase of common stock		(3,872)	(8,626)		(12,498)
Balance (in shares) at Jun. 30, 2022	33,094
Balance at Jun. 30, 2022	$ 33	$ 549,401	$ 39,582	$ (2,089)	$ 586,927

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 85,804	$ 35,386
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,724	5,336
Deferred income taxes	3,934	5,107
Stock-based compensation expense	6,228	5,784
Provision for excess and obsolete inventory	2,061	1,888
Changes in operating assets and liabilities:
Accounts receivable	(45,783)	7,091
Inventories	(27,511)	(32,418)
Prepaid expenses and other current assets	(5,304)	(3,309)
Accounts payable and other current liabilities	1,507	7,282
Deferred revenue	3,290	12,460
Income taxes	(529)	(27)
Other assets and liabilities	(199)	1,341
Net cash provided by operating activities	29,222	45,921
Cash flows from investing activities
Expenditures for property, plant and equipment and capitalized software	(3,356)	(2,392)
Net cash used in investing activities	(3,356)	(2,392)
Cash flows from financing activities
Net settlement on restricted stock grants	(9,211)	(6,495)
Repurchase of common stock	(32,498)	(24,993)
Principal payments on finance lease obligation	(475)	(362)
Proceeds from exercise of stock options	789	3,075
Net cash used in financing activities	(40,684)	(28,267)
Proceeds from Employee Stock Purchase Plan purchases	711	508
Effect of exchange rate changes on cash and cash equivalents	7,058	992
Net (decrease) increase in cash, cash equivalents and restricted cash	(7,760)	16,254
Cash, cash equivalents and restricted cash at beginning of period	295,680	204,232
Cash, cash equivalents and restricted cash at end of period	$ 287,920	$ 220,486

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2022
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 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, 2021 has been derived from the audited consolidated financial statements at that date but does not include all 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, 2021.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Stock-Based Compensation
Stock-Based Compensation	Note 2. Stock-Based Compensation ​ We maintain the Axcelis Technologies, Inc. 2012 Equity Incentive Plan, as amended (the “2012 Equity Plan”), an Internal Revenue Code Section 423 plan, which became effective on May 2, 2012, and permits the issuance of options, restricted stock, restricted stock units (“RSUs”) and performance awards to selected employees, directors and consultants of the Company. ​ The 2012 Equity Plan is more fully described in Note 13 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2021. ​ We recognized stock-based compensation expense of $3.5 million and $3.4 million for the three-month periods ended June 30, 2022 and 2021, respectively. We recognized stock-based compensation expense of $6.2 million and $5.8 million for the six-month periods ended June 30, 2022 and 2021, respectively. These amounts include compensation expense related to RSUs, non-qualified stock options and stock to be issued to participants under the 2020 Employee Stock Purchase Plan (the “2020 ESPP”). ​ In the three-month periods ended June 30, 2022 and 2021, we issued 0.2 million and 0.3 million shares of common stock, respectively, upon stock option exercises, purchases under the 2020 ESPP and vesting of RSUs. In the three-month periods ended June 30, 2022 and 2021, we received proceeds of $1.0 million and $1.1 million, respectively, in connection with the exercise of stock options and purchases under the 2020 ESPP. ​ In the six-month periods ended June 30, 2022 and 2021, we issued 0.4 million and 0.7 million shares of common stock, respectively, upon stock option exercises, purchases under the 2020 ESPP and vesting of RSUs. In the six-month periods ended June 30, 2022 and 2021, we received proceeds of $1.5 million and $3.6 million, respectively, in connection with the exercise of stock options and purchases under the 2020 ESPP.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases
Leases	Note 3. Leases ​ We have operating leases for office space, warehouse space, a manufacturing plant, computer and office equipment as well as vehicles used in our business operations. We have a finance lease as a result of the 2015 sale-leaseback of our corporate headquarters in Beverly, Massachusetts. All new agreements are reviewed to determine if they contain a lease component. A lease is a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment over a period of time in exchange for consideration. We recognize the lease obligation on a discounted basis using the explicit or implicit discount rate stated within the agreement. We recognize a corresponding right-of-use asset, which is initially determined based upon the net present value of the associated liability and is adjusted for deferred costs and possible impairment, if any. For those lease agreements that do not indicate the applicable discount rate, we use our incremental borrowing rate. We have made the following policy elections: (i) operating leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet; (ii) we recognize lease expense for operating leases on a straight-line basis over the lease term; and (iii) 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 one ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ Leases Classification ​ 2022 2021 ​ Assets ​ ​ (in thousands) ​ ​ Operating leases Operating lease assets ​ $ 10,879 ​ $ 9,242 ​ ​ ​ Finance lease Finance lease assets * ​ 18,590 ​ 19,238 ​ ​ ​ Total leased assets ​ ​ $ 29,469 ​ $ 28,480 ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Other current liabilities ​ $ 4,983 ​ $ 4,716 ​ ​ ​ Finance Current portion of finance lease obligation ​ ​ 1,101 ​ ​ 979 ​ ​ ​ Noncurrent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Other long-term liabilities ​ ​ 5,800 ​ ​ 4,357 ​ ​ ​ Finance Finance lease obligation ​ 45,822 ​ 46,415 ​ ​ ​ Total lease liabilities ​ ​ $ 57,706 ​ $ 56,467 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ *Finance lease assets are recorded net of accumulated depreciation of $49.2 million and includes $0.6 million of prepaid financing costs as of June 30, 2022. Finance lease assets are recorded net of accumulated depreciation of $48.6 million and includes $0.7 million of prepaid financing costs as of December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ Lease cost Classification ​ 2022 2021 2022 ​ 2021 ​ Operating lease cost ​ ​ (in thousands) ​ ​ Product / Services Cost of revenue ​ $ 1,306 ​ $ 644 ​ $ 2,516 ​ $ 1,283 ​ ​ ​ Research and development Operating expenses ​ 76 ​ 122 ​ 132 ​ 252 ​ ​ ​ Sales and marketing* Operating expenses ​ 368 ​ 376 ​ 787 ​ 755 ​ ​ ​ General and administrative* Operating expenses ​ 308 ​ 201 ​ 520 ​ 461 ​ ​ ​ Total operating lease cost ​ ​ $ 2,058 ​ $ 1,343 ​ $ 3,955 ​ $ 2,751 ​ ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation of leased assets Cost of revenue, R&D, Sales and marketing and G&A ​ $ 325 ​ $ 328 ​ $ 648 ​ $ 656 ​ ​ ​ Interest on lease liabilities Interest expense ​ 1,274 ​ 1,274 ​ 2,532 ​ 2,553 ​ ​ ​ Total finance lease cost ​ ​ $ 1,599 ​ $ 1,602 ​ $ 3,180 ​ $ 3,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ ​ $ 3,657 ​ $ 2,945 ​ $ 7,135 ​ $ 5,960 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.6 million and $1.0 million for the three and six months ended June 30, 2022, respectively, and includes short-term and variable lease costs of approximately $0.4 million and $0.9 million for the three and six months ended June 30, 2021, respectively. ​ ​ ​ ​ one ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Total Maturity of Lease Liabilities ​ Leases ​ Leases ​ Leases ​ ​ ​ (in thousands) ​ 2022 ​ $ 2,995 ​ $ 2,793 ​ $ 5,788 ​ 2023 ​ 6,114 ​ 3,837 ​ 9,951 ​ 2024 ​ 6,252 ​ 1,709 ​ 7,961 ​ 2025 ​ 5,930 ​ 1,398 ​ 7,328 ​ 2026 ​ ​ 6,008 ​ ​ 1,147 ​ ​ 7,155 ​ Thereafter ​ ​ 67,715 ​ ​ 487 ​ ​ 68,202 ​ Total lease payments ​ $ 95,014 ​ $ 11,371 ​ $ 106,385 ​ Less interest portion* ​ ​ (48,091) ​ ​ (588) ​ ​ (48,679) ​ Finance lease and operating lease obligations ​ $ 46,923 ​ $ 10,783 ​ $ 57,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ Lease term and discount rate 2022 ​ Weighted-average remaining lease term (years): ​ ​ ​ ​ Operating leases ​ ​ 3.1 ​ Finance leases ​ 14.6 ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases ​ 4.5% ​ Finance leases ​ 10.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ Cash paid for amounts included in the measurement of lease liabilities 2022 2021 ​ ​ ​ (in thousands) ​ Operating cash outflows from operating leases ​ $ 3,955 ​ $ 2,751 ​ ​ Operating cash outflows from finance leases ​ 2,509 ​ 2,556 ​ ​ Financing cash outflows from finance leases ​ 475 ​ 362 ​ ​ Operating lease assets obtained in exchange for operating lease liabilities ​ 4,714 ​ 4,192 ​ ​ Finance lease assets obtained in exchange for new finance lease liabilities ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
Revenue
Revenue	Note 4. Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in thousands) Systems ​ $ 165,350 ​ $ 100,138 ​ $ 317,152 ​ $ 181,129 Aftermarket ​ ​ 55,827 ​ ​ 47,136 ​ ​ 107,620 ​ ​ 98,921 Total Revenue ​ $ 221,177 ​ $ 147,274 ​ $ 424,772 ​ $ 280,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in thousands) North America ​ $ 34,683 ​ $ 10,204 ​ $ 59,596 ​ $ 19,712 Asia Pacific ​ ​ 168,705 ​ ​ 116,642 ​ ​ 317,945 ​ ​ 220,033 Europe ​ ​ 17,789 ​ ​ 20,428 ​ ​ 47,231 ​ ​ 40,305 Total Revenue ​ $ 221,177 ​ $ 147,274 ​ $ 424,772 ​ $ 280,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Contract liabilities ​ $ 71,549 ​ $ 68,436 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in thousands) Balance, beginning of the period ​ $ 74,840 ​ $ 22,142 ​ $ 68,436 ​ $ 23,058 Deferral of revenue ​ ​ 28,703 ​ ​ 21,893 ​ ​ 46,697 ​ ​ 30,117 Recognition of deferred revenue ​ ​ (31,994) ​ ​ (8,517) ​ ​ (43,584) ​ ​ (17,657) Balance, end of the period ​ $ 71,549 ​ $ 35,518 ​ $ 71,549 ​ $ 35,518 ​

Receivables and Allowances for

Receivables and Allowances for Credit Losses	6 Months Ended
	Jun. 30, 2022
Receivables and Allowances for Credit Losses
Receivables and Allowances for Credit Losses	Note 5. Receivables and Allowances for Credit Losses ​ All trade receivables are reported on the Consolidated Balance Sheets at their amortized cost adjusted for any write-offs and net of allowances for credit losses. ​ Axcelis maintains an allowance for credit losses, which represent an estimate of expected losses over the remaining contractual life of our receivables, considering current market conditions and estimates for supportable forecasts when appropriate. The estimate is a result of the Company’s ongoing assessments and evaluations of collectability, historical loss experience, and future expectations in estimating credit losses in our receivable portfolio. Axcelis uses historical loss experience rates and applies them to a related aging analysis while also considering customer and/or economic risk where appropriate. Determination of the proper amount of allowances requires management to exercise judgment about the timing, frequency and severity of credit losses that could materially affect the provision for credit losses and, as a result, net earnings. The allowance takes into consideration numerous quantitative and qualitative factors that include receivable type, historical loss experience, loss migration, delinquency trends, collection experience, current economic conditions, estimates for supportable forecasts, when appropriate, and credit risk characteristics. ​ Axcelis evaluates the credit risk of the customer when extending credit based on a combination of various financial and qualitative factors that may affect our customers’ ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau report, as well as the value of the underlying collateral. ​ Management performs detailed reviews of Axcelis’ receivables on a quarterly basis to assess the adequacy of the allowances and to determine if any impairment has occurred. Amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. Changes to the allowances for credit losses are maintained through adjustments to the provision for credit losses, which are charged to current period earnings. ​ The following table shows changes of the allowances for credit losses related to trade receivables for the three and six months ended June 30, 2022 and 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in thousands) Balance, beginning of period ​ $ — ​ $ — ​ $ — ​ $ — Provision for credit losses ​ ​ — ​ ​ — ​ ​ — ​ ​ — Charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance, end of period ​ $ — ​ $ — ​ $ — ​ $ — ​

Computation of Net Earnings per

Computation of Net Earnings per Share	6 Months Ended
	Jun. 30, 2022
Computation of Net Earnings per Share
Computation of Net Earnings per Share	Note 6. 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 on exercise of stock options and vesting of RSUs had been issued, calculated using the treasury stock method. ​ The components of net earnings per share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 2022 2021 ​ ​ (in thousands, except per share amounts) ​ Net income available to common stockholders ​ $ 44,189 ​ $ 18,906 ​ $ 85,804 ​ $ 35,386 ​ Weighted average common shares outstanding used in computing basic income per share ​ 33,096 ​ 33,677 ​ 33,170 ​ 33,696 ​ Incremental options and RSUs ​ 466 ​ 634 ​ 600 ​ 777 ​ Weighted average common shares used in computing diluted net income per share ​ 33,562 ​ 34,311 ​ 33,770 ​ 34,473 ​ Net income per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.34 ​ $ 0.56 ​ $ 2.59 ​ $ 1.05 ​ Diluted ​ $ 1.32 ​ $ 0.55 ​ $ 2.54 ​ $ 1.03 ​ ​ ​ Diluted weighted average common shares outstanding does not include 15,796 and 1,800 common equivalent shares issuable with respect to outstanding equity awards for the three-month periods ended June 30, 2022 and 2021, respectively, or 8,255 and 1,352 common equivalent shares issuable with respect to outstanding equity awards for the six-month periods ended June 30, 2022 and 2021, respectively, as their effect would have been anti-dilutive.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Jun. 30, 2022
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income	Note 7. Accumulated Other Comprehensive (Loss) Income ​ The following table presents the changes in accumulated other comprehensive (loss) income, net of tax, by component, for the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Defined benefit ​ ​ ​ ​ currency ​ pension plan ​ Total ​ ​ (in thousands) Balance at December 31, 2021 ​ $ 2,064 ​ $ (299) ​ $ 1,765 ​ Other comprehensive loss and pension reclassification ​ (3,871) ​ 17 ​ (3,854) ​ Balance at June 30, 2022 ​ $ (1,807) ​ $ (282) ​ $ (2,089) ​ ​

Cash, cash equivalents and rest

Cash, cash equivalents and restricted cash	6 Months Ended
	Jun. 30, 2022
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash	Note 8. Cash, cash equivalents and restricted cash ​ The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the amounts shown in the statement of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ ​ 2021 ​ ​ (in thousands) ​ Cash and cash equivalents $ 287,167 ​ $ 294,923 ​ Long-term restricted cash ​ 753 ​ ​ 757 ​ Total cash, cash equivalents and restricted cash $ 287,920 ​ $ 295,680 ​ ​ As of June 30, 2022, we had $0.8 million in restricted cash representing the total of (i) cash collateral for a $0.7 million letter of credit relating to workers’ compensation insurance and (ii) a $0.1 million deposit relating to customs activity.

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2022
Inventories, net
Inventories, net	Note 9. Inventories, net ​ The components of inventories are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (in thousands) ​ Raw materials ​ $ 149,985 ​ $ 133,784 ​ Work in process ​ 44,895 ​ 43,164 ​ Finished goods (completed systems) ​ 18,183 ​ 18,036 ​ Inventories, net ​ $ 213,063 ​ $ 194,984 ​ ​ 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	6 Months Ended
	Jun. 30, 2022
Product Warranty
Product Warranty	Note 10. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ 2022 2021 ​ ​ (in thousands) ​ Balance at January 1 (beginning of year) ​ $ 6,924 ​ $ 4,612 ​ Warranties issued during the period ​ 4,902 ​ 3,013 ​ Settlements made during the period ​ (2,819) ​ (1,991) ​ Changes in estimate of liability for pre-existing warranties during the period ​ 12 ​ (372) ​ Balance at June 30 (end of period) ​ $ 9,019 ​ $ 5,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount classified as current ​ $ 8,348 ​ $ 4,690 ​ Amount classified as long-term ​ 671 ​ 572 ​ Total warranty liability ​ $ 9,019 ​ $ 5,262 ​ ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Fair Value Measurements	Note 11. Fair Value Measurements ​ Certain assets on our balance sheets are reported at their fair value. Fair value is defined as the 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 ​ Level 2 ​ Level 3 ​ (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ 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 ​ $ 255,222 ​ $ — ​ $ — ​ $ 255,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ 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 ​ $ 261,090 ​ $ — ​ $ — ​ $ 261,090 ​ ​ (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	6 Months Ended
	Jun. 30, 2022
Financing Arrangements
Financing Arrangements	Note 12. 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 $46.9 million as of June 30, 2022. The associated lease payments include both an interest component and payment of principal, with the remaining 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 reduces our availability under our credit facility, as described in the next paragraph. ​ On July 31, 2020, we entered into a Senior Secured Credit Facilities Credit Agreement (the “Credit Agreement”) with Silicon Valley Bank, in its capacity as administrative agent and collateral agent for itself and as a lender, and such other banks and financial institutions or entities that from time to time join as lenders under the Credit Agreement. The Credit Agreement provides for a revolving credit facility in an aggregate principal amount not to exceed $40.0 million. Our obligations under the Credit Agreement are secured by a security interest, senior to any current and future debts and to any security interest, in all of our rights, title, and interest in, to and under substantially all of our assets, subject to limited exceptions, including permitted liens. The revolving credit facility terminates on July 31, 2023. As of June 30, 2022, we were in compliance with all covenant requirements of the Credit Agreement. As of such date, no borrowings had been made under the Credit Agreement, although a letter of credit for $5.9 million reduces the funds available for borrowing under the credit line. We entered into a First Amendment to the Credit Agreement with Silicon Valley Bank in March 2021 to (i) align the covenants with our stock repurchase program, and (ii) establish terms to transition from a Eurodollar based interest rate option to an interest rate benchmark using a secured overnight financing rate (known as “SOFR”) published by the Federal Reserve Bank of New York.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Taxes
Income Taxes	Note 13. Income Taxes ​ Income tax expense was $4.0 million for the three months ended June 30, 2022, compared to $3.8 million for the three months ended June 30, 2021. The $0.2 million increase was primarily due to a $25.4 million increase in pretax income offset by the Foreign Derived Intangible Income (“FDII”) deduction on export sales. Income tax expense was $8.3 million during the six months ended June 30, 2022, compared with $5.6 million for the six months ended June 30, 2021. The $2.7 million increase was primarily due to a $53.1 million increase in pretax income offset by the FDII deduction on export sales. ​ The effective tax rate for the three and six months ended June 30, 2022 was less than the U.S. statutory rate of 21% due to forecasted FDII, Federal research and development tax credits and a favorable discrete item related to equity compensation that reduces the annual tax rate. The effective tax rate for the three and six months ended June 30, 2021 was less than the U.S. statutory rate of 21% due to favorable discrete items related to equity compensation in the period and Federal research and development tax credits that reduce the annual tax rate. ​ The Deferred income taxes of $33.7 million and $35.5 million as of June 30, 2022 and December 31, 2021, respectively, reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. We have recorded a $8.9 million valuation allowance in the U.S. against certain tax credits and state net operating losses due to the uncertainty of their realization. Realization of our net deferred tax assets is dependent on future taxable income. We believe it is more likely than not that such assets will be realized; however, ultimate realization could be impacted by market conditions and other variables not known or anticipated at this time. ​

Concentration of Risk

Concentration of Risk	6 Months Ended
	Jun. 30, 2022
Concentration of Risk
Concentration of Risk	Note 14. Concentration of Risk ​ For the three months ended June 30, 2022, two customers accounted for 19.3% and 11.6% of total revenue, respectively. For the three months ended June 30, 2021, two customers accounted for 19.7% and 10.2% of total revenue. ​ For the six months ended June 30, 2022, three customers accounted for 15.3%, 10.7% and 10.3% of total revenue, respectively. For the six months ended June 30, 2021, one customer accounted for 24.4% of total revenue. ​ At June 30, 2022, three customers accounted for 30.5%, 13.2% and 10.6% of accounts receivable, respectively. At December 31, 2021, two customers accounted for 29.1% and 13.6% of accounts receivable, respectively.

Share Repurchase

Share Repurchase	6 Months Ended
	Jun. 30, 2022
Share Repurchase
Share Repurchase	Note 15. Share Repurchase ​ In February 2022, our Board of Directors approved stock repurchases of up to $100 million of our common stock, beginning in March 2022. During the six months ended June 30, 2022, we purchased 0.5 million shares at an average cost of $65.19 per share. The timing and actual number of shares repurchased under this program 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. Shares repurchased are returned to the status of authorized but unissued shares. Accordingly, the repurchases 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	6 Months Ended
	Jun. 30, 2022
Contingencies
Contingencies	Note 16. 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 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

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases
Schedule of operating and finance lease right-of-use assets and related lease obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ Leases Classification ​ 2022 2021 ​ Assets ​ ​ (in thousands) ​ ​ Operating leases Operating lease assets ​ $ 10,879 ​ $ 9,242 ​ ​ ​ Finance lease Finance lease assets * ​ 18,590 ​ 19,238 ​ ​ ​ Total leased assets ​ ​ $ 29,469 ​ $ 28,480 ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Other current liabilities ​ $ 4,983 ​ $ 4,716 ​ ​ ​ Finance Current portion of finance lease obligation ​ ​ 1,101 ​ ​ 979 ​ ​ ​ Noncurrent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Other long-term liabilities ​ ​ 5,800 ​ ​ 4,357 ​ ​ ​ Finance Finance lease obligation ​ 45,822 ​ 46,415 ​ ​ ​ Total lease liabilities ​ ​ $ 57,706 ​ $ 56,467 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ *Finance lease assets are recorded net of accumulated depreciation of $49.2 million and includes $0.6 million of prepaid financing costs as of June 30, 2022. Finance lease assets are recorded net of accumulated depreciation of $48.6 million and includes $0.7 million of prepaid financing costs as of December 31, 2021. ​ ​ ​ ​
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ Lease cost Classification ​ 2022 2021 2022 ​ 2021 ​ Operating lease cost ​ ​ (in thousands) ​ ​ Product / Services Cost of revenue ​ $ 1,306 ​ $ 644 ​ $ 2,516 ​ $ 1,283 ​ ​ ​ Research and development Operating expenses ​ 76 ​ 122 ​ 132 ​ 252 ​ ​ ​ Sales and marketing* Operating expenses ​ 368 ​ 376 ​ 787 ​ 755 ​ ​ ​ General and administrative* Operating expenses ​ 308 ​ 201 ​ 520 ​ 461 ​ ​ ​ Total operating lease cost ​ ​ $ 2,058 ​ $ 1,343 ​ $ 3,955 ​ $ 2,751 ​ ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation of leased assets Cost of revenue, R&D, Sales and marketing and G&A ​ $ 325 ​ $ 328 ​ $ 648 ​ $ 656 ​ ​ ​ Interest on lease liabilities Interest expense ​ 1,274 ​ 1,274 ​ 2,532 ​ 2,553 ​ ​ ​ Total finance lease cost ​ ​ $ 1,599 ​ $ 1,602 ​ $ 3,180 ​ $ 3,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ ​ $ 3,657 ​ $ 2,945 ​ $ 7,135 ​ $ 5,960 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.6 million and $1.0 million for the three and six months ended June 30, 2022, respectively, and includes short-term and variable lease costs of approximately $0.4 million and $0.9 million for the three and six months ended June 30, 2021, respectively. ​ ​
Schedule of future minimum operating and finance leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Total Maturity of Lease Liabilities ​ Leases ​ Leases ​ Leases ​ ​ ​ (in thousands) ​ 2022 ​ $ 2,995 ​ $ 2,793 ​ $ 5,788 ​ 2023 ​ 6,114 ​ 3,837 ​ 9,951 ​ 2024 ​ 6,252 ​ 1,709 ​ 7,961 ​ 2025 ​ 5,930 ​ 1,398 ​ 7,328 ​ 2026 ​ ​ 6,008 ​ ​ 1,147 ​ ​ 7,155 ​ Thereafter ​ ​ 67,715 ​ ​ 487 ​ ​ 68,202 ​ Total lease payments ​ $ 95,014 ​ $ 11,371 ​ $ 106,385 ​ Less interest portion* ​ ​ (48,091) ​ ​ (588) ​ ​ (48,679) ​ Finance lease and operating lease obligations ​ $ 46,923 ​ $ 10,783 ​ $ 57,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * 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	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ Lease term and discount rate 2022 ​ Weighted-average remaining lease term (years): ​ ​ ​ ​ Operating leases ​ ​ 3.1 ​ Finance leases ​ 14.6 ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases ​ 4.5% ​ Finance leases ​ 10.5% ​ ​ ​ ​ ​ ​
Schedule of cash outflows by lease type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ Cash paid for amounts included in the measurement of lease liabilities 2022 2021 ​ ​ ​ (in thousands) ​ Operating cash outflows from operating leases ​ $ 3,955 ​ $ 2,751 ​ ​ Operating cash outflows from finance leases ​ 2,509 ​ 2,556 ​ ​ Financing cash outflows from finance leases ​ 475 ​ 362 ​ ​ Operating lease assets obtained in exchange for operating lease liabilities ​ 4,714 ​ 4,192 ​ ​ Finance lease assets obtained in exchange for new finance lease liabilities ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue
Schedule of revenue by discipline	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in thousands) Systems ​ $ 165,350 ​ $ 100,138 ​ $ 317,152 ​ $ 181,129 Aftermarket ​ ​ 55,827 ​ ​ 47,136 ​ ​ 107,620 ​ ​ 98,921 Total Revenue ​ $ 221,177 ​ $ 147,274 ​ $ 424,772 ​ $ 280,050
Schedule of revenue by geographic markets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in thousands) North America ​ $ 34,683 ​ $ 10,204 ​ $ 59,596 ​ $ 19,712 Asia Pacific ​ ​ 168,705 ​ ​ 116,642 ​ ​ 317,945 ​ ​ 220,033 Europe ​ ​ 17,789 ​ ​ 20,428 ​ ​ 47,231 ​ ​ 40,305 Total Revenue ​ $ 221,177 ​ $ 147,274 ​ $ 424,772 ​ $ 280,050
Schedule of Contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Contract liabilities ​ $ 71,549 ​ $ 68,436 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in thousands) Balance, beginning of the period ​ $ 74,840 ​ $ 22,142 ​ $ 68,436 ​ $ 23,058 Deferral of revenue ​ ​ 28,703 ​ ​ 21,893 ​ ​ 46,697 ​ ​ 30,117 Recognition of deferred revenue ​ ​ (31,994) ​ ​ (8,517) ​ ​ (43,584) ​ ​ (17,657) Balance, end of the period ​ $ 71,549 ​ $ 35,518 ​ $ 71,549 ​ $ 35,518

Receivables and Allowances fo_2

Receivables and Allowances for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables and Allowances for Credit Losses
Schedule of allowances for credit losses related to trade receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in thousands) Balance, beginning of period ​ $ — ​ $ — ​ $ — ​ $ — Provision for credit losses ​ ​ — ​ ​ — ​ ​ — ​ ​ — Charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance, end of period ​ $ — ​ $ — ​ $ — ​ $ —

Computation of Net Earnings p_2

Computation of Net Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Computation of Net Earnings per Share
Schedule of components of net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 2022 2021 ​ ​ (in thousands, except per share amounts) ​ Net income available to common stockholders ​ $ 44,189 ​ $ 18,906 ​ $ 85,804 ​ $ 35,386 ​ Weighted average common shares outstanding used in computing basic income per share ​ 33,096 ​ 33,677 ​ 33,170 ​ 33,696 ​ Incremental options and RSUs ​ 466 ​ 634 ​ 600 ​ 777 ​ Weighted average common shares used in computing diluted net income per share ​ 33,562 ​ 34,311 ​ 33,770 ​ 34,473 ​ Net income per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.34 ​ $ 0.56 ​ $ 2.59 ​ $ 1.05 ​ Diluted ​ $ 1.32 ​ $ 0.55 ​ $ 2.54 ​ $ 1.03 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jun. 30, 2022
Accumulated Other Comprehensive (Loss) Income
Schedule of changes in accumulated other comprehensive loss, net of tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Defined benefit ​ ​ ​ ​ currency ​ pension plan ​ Total ​ ​ (in thousands) Balance at December 31, 2021 ​ $ 2,064 ​ $ (299) ​ $ 1,765 ​ Other comprehensive loss and pension reclassification ​ (3,871) ​ 17 ​ (3,854) ​ Balance at June 30, 2022 ​ $ (1,807) ​ $ (282) ​ $ (2,089) ​

Cash, cash equivalents and re_2

Cash, cash equivalents and restricted cash (Tables)	6 Months Ended
	Jun. 30, 2022
Cash, cash equivalents and restricted cash
Schedule of reconciliation of cash, cash equivalents and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ ​ 2021 ​ ​ (in thousands) ​ Cash and cash equivalents $ 287,167 ​ $ 294,923 ​ Long-term restricted cash ​ 753 ​ ​ 757 ​ Total cash, cash equivalents and restricted cash $ 287,920 ​ $ 295,680 ​

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2022
Inventories, net
Schedule of components of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (in thousands) ​ Raw materials ​ $ 149,985 ​ $ 133,784 ​ Work in process ​ 44,895 ​ 43,164 ​ Finished goods (completed systems) ​ 18,183 ​ 18,036 ​ Inventories, net ​ $ 213,063 ​ $ 194,984 ​

Product Warranty (Tables)

Product Warranty (Tables)	6 Months Ended
	Jun. 30, 2022
Product Warranty
Schedule of product warranty liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ 2022 2021 ​ ​ (in thousands) ​ Balance at January 1 (beginning of year) ​ $ 6,924 ​ $ 4,612 ​ Warranties issued during the period ​ 4,902 ​ 3,013 ​ Settlements made during the period ​ (2,819) ​ (1,991) ​ Changes in estimate of liability for pre-existing warranties during the period ​ 12 ​ (372) ​ Balance at June 30 (end of period) ​ $ 9,019 ​ $ 5,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount classified as current ​ $ 8,348 ​ $ 4,690 ​ Amount classified as long-term ​ 671 ​ 572 ​ Total warranty liability ​ $ 9,019 ​ $ 5,262 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Schedule of Company's assets and liabilities by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ 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 ​ $ 255,222 ​ $ — ​ $ — ​ $ 255,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ 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 ​ $ 261,090 ​ $ — ​ $ — ​ $ 261,090 ​ ​

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 3,500		$ 3,400		$ 6,200	$ 5,800
Proceeds from exercise of stock options					$ 789	$ 3,075
Common Stock
Stock-Based Compensation
Exercise of stock options (in shares)	25	41	72	268
Common Stock | Employee Stock Purchase Plan
Stock-Based Compensation
Exercise of stock options (in shares)	200		300		400	700
Proceeds from exercise of stock options	$ 1,000		$ 1,100		$ 1,500	$ 3,600

Leases (Details)

Leases (Details)	6 Months Ended
	Jun. 30, 2022
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	5 years

Leases - Operating and Finance

Leases - Operating and Finance Lease Right-of-use-assets and Related Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases
Operating lease assets	$ 10,879	$ 9,242
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating lease assets	Operating lease assets
Finance lease assets	$ 18,590	$ 19,238
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Finance lease assets	Finance lease assets
Total leased assets	$ 29,469	$ 28,480
Operating liabilities current	$ 4,983	$ 4,716
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Finance liabilities current	$ 1,101	$ 979
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Finance liabilities current	Finance liabilities current
Operating liabilities noncurrent	$ 5,800	$ 4,357
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance liabilities noncurrent	$ 45,822	$ 46,415
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Finance liabilities noncurrent	Finance liabilities noncurrent
Total lease liabilities	$ 57,706	$ 56,467
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Finance lease, accumulated depreciation	$ 49,200	$ 48,600
Prepaid financing costs	$ 600	$ 700

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease cost
Total operating lease cost	$ 2,058	$ 1,343	$ 3,955	$ 2,751
Depreciation of leased assets	325	328	648	656
Interest on lease liabilities	1,274	1,274	2,532	2,553
Total finance lease cost	1,599	1,602	3,180	3,209
Total lease cost	3,657	2,945	7,135	5,960
Short-term lease and variable lease costs	600	400	1,000	900
Product / Services
Lease cost
Total operating lease cost	1,306	644	2,516	1,283
Research and development
Lease cost
Total operating lease cost	76	122	132	252
Sales and marketing*
Lease cost
Total operating lease cost	368	376	787	755
General and administrative*
Lease cost
Total operating lease cost	$ 308	$ 201	$ 520	$ 461

Leases - Future Minimum Cash Ou

Leases - Future Minimum Cash Outflow and Weighted-average Remaining Lease Term and Discount Rate (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Future minimum lease payments finance lease
2022	$ 2,995
2023	6,114
2024	6,252
2025	5,930
2026	6,008
Thereafter	67,715
Total lease payments	95,014
Less interest portion	(48,091)
Finance lease obligations	46,923
Future minimum lease payments operating lease
2022	2,793
2023	3,837
2024	1,709
2025	1,398
2026	1,147
Thereafter	487
Total lease payments	11,371
Less interest portion	(588)
Operating lease obligations	10,783
Future minimum lease payments finance and operating lease
2022	5,788
2023	9,951
2024	7,961
2025	7,328
2026	7,155
Thereafter	68,202
Total lease payments	106,385
Less interest portion	(48,679)
Total lease liabilities	$ 57,706	$ 56,467
Lease term and discount rate
Operating leases -Weighted-average remaining lease term (in years)	3 years 1 month 6 days
Finance leases - Weighted-average remaining lease term (in years)	14 years 7 months 6 days
Operating leases - Weighted-average discount rate	4.50%
Finance leases - Weighted-average discount rate	10.50%
Finance lease term	22 years
Minimum
Lease term and discount rate
Operating lease term	1 year
Maximum
Lease term and discount rate
Operating lease term	10 years

Leases - Cash Flow by Lease Typ

Leases - Cash Flow by Lease Type (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases
Operating cash outflows from operating leases	$ 3,955	$ 2,751
Operating cash outflows from finance leases	2,509	2,556
Financing cash outflows from finance leases	475	362
Operating lease assets obtained in exchange for operating lease liabilities	$ 4,714	$ 4,192

Revenue (Details)

Revenue (Details)	6 Months Ended
	Jun. 30, 2022
Systems
Disaggregation of Revenue
Payment upon shipment of tool, as a percent	90%
Payment upon installation, as a percent	10%
Aftermarket | Minimum
Disaggregation of Revenue
Payment upon delivery of parts, period	30 days
Aftermarket | 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Total Revenue	$ 221,177	$ 147,274	$ 424,772	$ 280,050
North America
Disaggregation of Revenue
Total Revenue	34,683	10,204	59,596	19,712
Asia Pacific
Disaggregation of Revenue
Total Revenue	168,705	116,642	317,945	220,033
Europe
Disaggregation of Revenue
Total Revenue	17,789	20,428	47,231	40,305
Systems
Disaggregation of Revenue
Total Revenue	165,350	100,138	317,152	181,129
Aftermarket
Disaggregation of Revenue
Total Revenue	$ 55,827	$ 47,136	$ 107,620	$ 98,921

Revenue - Contract liabilities

Revenue - Contract liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Revenue
Contract liabilities	$ 68,436	$ 71,549	$ 74,840	$ 68,436	$ 35,518	$ 22,142	$ 23,058

Revenue - Deferred revenue (Det

Revenue - Deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Balance, beginning of the period	$ 74,840	$ 22,142	$ 68,436	$ 23,058
Deferral of revenue	28,703	21,893	46,697	30,117
Recognition of deferred revenue	(31,994)	(8,517)	(43,584)	(17,657)
Balance, end of the period	$ 71,549	$ 35,518	$ 71,549	$ 35,518

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				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Computation of Net Earnings per Share
Net income available to common stockholders	$ 44,189	$ 41,614	$ 18,906	$ 16,480	$ 85,804	$ 35,386
Weighted average common shares outstanding used in computing basic income per share	33,096		33,677		33,170	33,696
Incremental options and RSUs	466		634		600	777
Weighted average common shares used in computing diluted net income per share	33,562		34,311		33,770	34,473
Net income per share
Basic	$ 1.34		$ 0.56		$ 2.59	$ 1.05
Diluted	$ 1.32		$ 0.55		$ 2.54	$ 1.03
Anti-dilutive common equivalent shares excluded from calculation	15,796		1,800		8,255	1,352

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Changes in accumulated other comprehensive income, net of tax
Balance at December 31, 2021			$ 1,765
Other comprehensive income and pension reclassification	$ (2,677)	$ 586	(3,854)	$ (766)
Balance at March 31, 2022	(2,089)		(2,089)
Foreign currency
Changes in accumulated other comprehensive income, net of tax
Balance at December 31, 2021			2,064
Other comprehensive income and pension reclassification			(3,871)
Balance at March 31, 2022	(1,807)		(1,807)
Defined benefit pension plans
Changes in accumulated other comprehensive income, net of tax
Balance at December 31, 2021			(299)
Other comprehensive income and pension reclassification			17
Balance at March 31, 2022	$ (282)		$ (282)

Cash, cash equivalents and re_3

Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and cash equivalents	$ 287,167	$ 294,923
Long-term restricted cash	753	757
Total cash, cash equivalents and restricted cash	287,920	$ 295,680	$ 220,486	$ 204,232
Letter of credit related to workers' compensation insurance	700
Deposit related to customs activity	100
Revolving credit facility
Restricted cash which relates to support of outstanding letters of credit	$ 800

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventories, net
Raw materials	$ 149,985	$ 133,784
Work in process	44,895	43,164
Finished goods (completed systems)	18,183	18,036
Inventories, net	$ 213,063	$ 194,984

Product Warranty (Details)

Product Warranty (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Product Warranty
Product warranty period	1 year
Changes in standard product warranty liability
Balance at January 1 (beginning of year)	$ 6,924	$ 4,612
Warranties issued during the period	4,902	3,013
Settlements made during the period	(2,819)	(1,991)
Changes in estimate of liability for pre-existing warranties during the period	12	(372)
Balance at March 31 (end of period)	9,019	5,262
Product warranty classification
Amount classified as current	8,348	4,690	$ 6,424
Amount classified as long-term	671	572
Total warranty liability	$ 9,019	$ 5,262	$ 6,924

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring - Money market funds, US Government Securities and Agency Investments - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Estimate of fair value measurement
Fair Value Measurements
Money market funds, U.S. Government Securities and Agency Investments	$ 255,222	$ 261,090
Level 1
Fair Value Measurements
Money market funds, U.S. Government Securities and Agency Investments	$ 255,222	$ 261,090

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($) $ in Thousands	Jan. 30, 2015	Jun. 30, 2022	Dec. 31, 2021	Jul. 31, 2020
Financing Arrangements
Long-term finance lease obligation		$ 45,822	$ 46,415
Sale leaseback obligation
Financing Arrangements
Long-term finance lease obligation		46,900
Security deposit		5,900
Beverly Property Owner LLC | Building
Financing Arrangements
Proceeds from sale of corporate headquarters	$ 48,900
Lease term	22 years
Silicon Valley Bank | Revolving credit facility
Financing Arrangements
Maximum borrowing capacity under the credit facility				$ 40,000
Borrowings amount		0
Silicon Valley Bank | Revolving credit facility | Letter of credit
Financing Arrangements
Letter of credit		$ 5,900

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Valuation allowance
Income tax expense	$ 4,007	$ 3,842	$ 8,276	$ 5,563
Increase in income tax expense	200		2,700
Increase in pretax income	25,400		53,100
Deferred tax assets, net	33,715		33,715		$ 35,454
Deferred tax assets valuation allowance	$ 8,900		$ 8,900
Maximum
Valuation allowance
Statutory income tax rate (as a percent)	21%			21%

Concentration of Risk (Details)

Concentration of Risk (Details) - customer	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Total revenue | Customer concentration risk
Concentration of Risk
Number of customers	2	2	3	1
Total revenue | Customer concentration risk | First customer
Concentration of Risk
Percentage of concentration risk	19.30%	19.70%	15.30%	24.40%
Total revenue | Customer concentration risk | Second customer
Concentration of Risk
Percentage of concentration risk	11.60%	10.20%	10.70%
Total revenue | Customer concentration risk | Third customer
Concentration of Risk
Percentage of concentration risk			10.30%
Accounts receivable | Credit concentration risk
Concentration of Risk
Number of customers			3		2
Accounts receivable | Credit concentration risk | First customer
Concentration of Risk
Percentage of concentration risk			30.50%		29.10%
Accounts receivable | Credit concentration risk | Second customer
Concentration of Risk
Percentage of concentration risk			13.20%		13.60%
Accounts receivable | Credit concentration risk | Third customer
Concentration of Risk
Percentage of concentration risk			10.60%

Share Repurchase (Details)

Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2022	Feb. 28, 2022
Share Repurchase
Share repurchase program common stock authorized amount		$ 100
Number of shares repurchased	0.5
Average cost	$ 65.19