Axcelis (ACLS) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
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		32,817,464
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 273,970	$ 221,177	$ 527,990	$ 424,772
Cost of revenue:
Total cost of revenue	154,267	121,996	304,268	235,824
Gross profit	119,703	99,181	223,722	188,948
Operating expenses:
Research and development	24,130	18,731	47,903	35,704
Sales and marketing	15,537	12,703	29,681	23,994
General and administrative	16,328	13,602	31,073	26,180
Total operating expenses	55,995	45,036	108,657	85,878
Income from operations	63,708	54,145	115,065	103,070
Other income (expense):
Interest income	4,307	352	8,243	447
Interest expense	(1,349)	(1,250)	(2,702)	(2,768)
Other, net	(2,050)	(5,051)	(3,088)	(6,669)
Total other income (expense)	908	(5,949)	2,453	(8,990)
Income before income taxes	64,616	48,196	117,518	94,080
Income tax provision	3,037	4,007	8,242	8,276
Net income	$ 61,579	$ 44,189	$ 109,276	$ 85,804
Net income per share:
Basic	$ 1.88	$ 1.34	$ 3.34	$ 2.59
Diluted	$ 1.86	$ 1.32	$ 3.29	$ 2.54
Shares used in computing net income per share:
Basic weighted average shares of common stock	32,775	33,096	32,759	33,170
Diluted weighted average shares of common stock	33,189	33,562	33,237	33,770
Product
Revenue:
Total revenue	$ 265,673	$ 213,926	$ 511,680	$ 410,458
Cost of revenue:
Total cost of revenue	146,741	115,754	289,512	223,395
Services
Revenue:
Total revenue	8,297	7,251	16,310	14,314
Cost of revenue:
Total cost of revenue	$ 7,526	$ 6,242	$ 14,756	$ 12,429

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidated Statements of Comprehensive Income
Net income	$ 61,579	$ 44,189	$ 109,276	$ 85,804
Other comprehensive loss:
Foreign currency translation adjustments	(1,011)	(2,685)	(961)	(3,871)
Amortization of actuarial net gain and other adjustments from pension plan, net of tax		8		17
Total other comprehensive loss	(1,011)	(2,677)	(961)	(3,854)
Comprehensive income	$ 60,568	$ 41,512	$ 108,315	$ 81,950

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 132,504	$ 185,595
Short-term investments	320,360	246,571
Accounts receivable, net	159,199	169,773
Inventories, net	299,841	242,406
Prepaid expenses and other current assets	38,265	33,300
Total current assets	950,169	877,645
Property, plant and equipment, net	43,156	39,664
Operating lease assets	31,998	12,146
Finance lease assets, net	17,305	17,942
Long-term restricted cash	6,652	752
Deferred income taxes	38,944	31,701
Other assets	33,494	33,791
Total assets	1,121,718	1,013,641
Current liabilities:
Accounts payable	60,504	62,346
Accrued compensation	17,216	35,540
Warranty	10,867	8,299
Income taxes	6,598	4,304
Deferred revenue	138,890	123,471
Current portion of finance lease obligation	1,367	1,229
Other current liabilities	13,018	12,943
Total current liabilities	248,460	248,132
Long-term finance lease obligation	44,455	45,185
Long-term deferred revenue	43,650	31,306
Other long-term liabilities	41,116	21,762
Total liabilities	377,681	346,385
Commitments and contingencies (Note 16)
Stockholders' equity:
Common stock, $0.001 par value, 75,000 shares authorized; 32,830 shares issued and outstanding at June 30, 2023; 32,775 shares issued and outstanding at December 31, 2022	33	33
Additional paid-in capital	540,120	550,299
Retained earnings	206,813	118,892
Accumulated other comprehensive loss	(2,929)	(1,968)
Total stockholders' equity	744,037	667,256
Total liabilities and stockholders' equity	$ 1,121,718	$ 1,013,641

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
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	32,836	32,775
Common stock, shares outstanding	32,830	32,775

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, 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 stock on restricted stock units, net of shares withheld (in shares)	67
Issuance of common stock 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 stock under Employee Stock Purchase Plan (in shares)	15
Issuance of stock under Employee Stock Purchase Plan		711			711
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	205
Issuance of common stock 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
Balance (in shares) at Dec. 31, 2022	32,775
Balance at Dec. 31, 2022	$ 33	550,299	118,892	(1,968)	667,256
Increase (Decrease) in Stockholders' Equity
Net income			47,697		47,697
Foreign currency translation adjustments				50	50
Exercise of stock options (in shares)	2
Exercise of stock options		25			25
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	56
Issuance of common stock on restricted stock units, net of shares withheld		(3,907)			(3,907)
Stock-based compensation expense		3,199			3,199
Repurchase of common stock (in shares)	(107)
Repurchase of common stock		(1,924)	(10,575)		(12,499)
Balance (in shares) at Mar. 31, 2023	32,726
Balance at Mar. 31, 2023	$ 33	547,692	156,014	(1,918)	701,821
Balance (in shares) at Dec. 31, 2022	32,775
Balance at Dec. 31, 2022	$ 33	550,299	118,892	(1,968)	667,256
Increase (Decrease) in Stockholders' Equity
Net income					109,276
Foreign currency translation adjustments					(961)
Balance (in shares) at Jun. 30, 2023	32,836
Balance at Jun. 30, 2023	$ 33	540,120	206,813	(2,929)	744,037
Balance (in shares) at Mar. 31, 2023	32,726
Balance at Mar. 31, 2023	$ 33	547,692	156,014	(1,918)	701,821
Increase (Decrease) in Stockholders' Equity
Net income			61,579		61,579
Foreign currency translation adjustments				(1,011)	(1,011)
Issuance of stock under Employee Stock Purchase Plan (in shares)	6
Issuance of stock under Employee Stock Purchase Plan		957			957
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	199
Issuance of common stock on restricted stock units, net of shares withheld		(11,558)			(11,558)
Stock-based compensation expense		4,749			4,749
Repurchase of common stock (in shares)	(95)
Repurchase of common stock		(1,720)	(10,780)		(12,500)
Balance (in shares) at Jun. 30, 2023	32,836
Balance at Jun. 30, 2023	$ 33	$ 540,120	$ 206,813	$ (2,929)	$ 744,037

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 109,276	$ 85,804
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,258	5,724
Deferred income taxes	(7,413)	3,934
Stock-based compensation expense	7,948	6,228
Provision for excess and obsolete inventory	2,494	2,061
Accretion of discounts and premiums on marketable securities	(5,753)
Currency loss on foreign denominated transactions	5,717
Changes in operating assets and liabilities:
Accounts receivable	8,173	(45,783)
Inventories	(63,294)	(27,511)
Prepaid expenses and other current assets	(5,095)	(5,304)
Accounts payable and other current liabilities	(18,266)	1,507
Deferred revenue	28,075	3,290
Income taxes	2,324	(529)
Other assets and liabilities	(3,170)	(199)
Net cash provided by operating activities	67,274	29,222
Cash flows from investing activities
Expenditures for property, plant and equipment and capitalized software	(5,202)	(3,356)
Purchase of short-term investments	(188,943)
Maturities of short-term investments	120,907
Net cash used in investing activities	(73,238)	(3,356)
Cash flows from financing activities
Net settlement on restricted stock grants	(15,465)	(9,211)
Repurchase of common stock	(24,999)	(32,498)
Proceeds from Employee Stock Purchase Plan purchases	957	711
Principal payments on finance lease obligation	(598)	(475)
Proceeds from exercise of stock options	25	789
Net cash used in financing activities	(40,080)	(40,684)
Effect of exchange rate changes on cash and cash equivalents	(1,147)	7,058
Net decrease in cash, cash equivalents and restricted cash	(47,191)	(7,760)
Cash, cash equivalents and restricted cash at beginning of period	186,347	295,680
Cash, cash equivalents and restricted cash at end of period	$ 139,156	$ 287,920

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2023
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, 2022 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. As of June 30, 2023, there have been no material changes in the Company’s significant accounting policies. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
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, 2022. ​ We recognized stock-based compensation expense of $4.7 million and $3.5 million for the three-month periods ended June 30, 2023 and 2022, respectively. We recognized stock-based compensation expense of $7.9 million and $6.2 million for the six-month periods ended June 30, 2023 and 2022, 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, 2023 and 2022, we issued 0.2 million and 0.2 million of common stock for purchases under the 2020 ESPP and vesting of RSUs, respectively. In the three-month period ended June 30, 2023, we received proceeds of $1.0 million for purchases under the 2020 ESPP. In the three-month period ended June 30, 2022, we received proceeds of $1.0 million in connection with the exercise of stock options and purchases under the 2020 ESPP. ​ In the six-month periods ended June 30, 2023 and 2022, we issued 0.3 million and 0.4 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, 2023 and 2022, we received proceeds of $1.0 million and $1.5 million, respectively, in connection with the exercise of stock options and purchases under the 2020 ESPP.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases
Leases	Note 3. Leases ​ We have operating leases for manufacturing, 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 agreements to determine if the agreement contains a lease component. An agreement contains a lease component if it provides for the use of a specific physical space or a specific physical item. ​ We recognize operating lease obligations under Accounting Standards Codification Topic 842, Leases options to renew one ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ Leases Classification ​ 2023 2022 ​ Assets ​ ​ (in thousands) ​ ​ Operating leases Operating lease assets ​ $ 31,998 ​ $ 12,146 ​ ​ ​ Finance lease Finance lease assets* ​ 17,305 ​ 17,942 ​ ​ ​ Total leased assets ​ ​ $ 49,303 ​ $ 30,088 ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Other current liabilities ​ $ 5,544 ​ $ 5,367 ​ ​ ​ Finance Current portion of finance lease obligation ​ ​ 1,367 ​ ​ 1,229 ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Other long-term liabilities ​ ​ 25,979 ​ ​ 6,931 ​ ​ ​ Finance Finance lease obligation ​ 44,455 ​ 45,185 ​ ​ ​ Total lease liabilities ​ ​ $ 77,345 ​ $ 58,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ *Finance lease assets are recorded net of accumulated depreciation of $46.5 million and include $0.6 million of prepaid financing costs as of June 30, 2023. Finance lease assets are recorded net of accumulated depreciation of $45.9 million and include $0.6 million of prepaid financing costs as of December 31, 2022. ​ ​ ​ ​ ​ Operating lease expense and depreciation and interest expense relating to our finance lease obligation are recognized within our consolidated statement of operations for the three and six months ended June 30, 2023 and 2022 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ Lease cost Classification ​ 2023 2022 2023 2022 ​ Operating lease cost ​ ​ (in thousands) ​ Product / services* Cost of revenue ​ $ 1,821 ​ $ 1,306 ​ $ 3,287 ​ $ 2,516 ​ ​ Research and development Operating expenses ​ 137 ​ 76 ​ 243 ​ 132 ​ ​ Sales and marketing* Operating expenses ​ 417 ​ 368 ​ 813 ​ 787 ​ ​ General and administrative* Operating expenses ​ 239 ​ 308 ​ 515 ​ 520 ​ ​ Total operating lease cost ​ ​ $ 2,614 ​ $ 2,058 ​ $ 4,858 ​ $ 3,955 ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation of leased assets Cost of revenue, R&D, Sales and marketing and G&A ​ $ 318 ​ $ 325 ​ $ 637 ​ $ 648 ​ ​ Interest on lease liabilities Interest expense ​ 1,223 ​ 1,274 ​ 2,454 ​ 2,532 ​ ​ Total finance lease cost ​ ​ $ 1,541 ​ $ 1,599 ​ $ 3,091 ​ $ 3,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ ​ $ 4,155 ​ $ 3,657 ​ $ 7,949 ​ $ 7,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.5 million and $1.0 million for the three and six months ended June 30, 2023, respectively, and 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. ​ ​ ​ ​ one ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Total Maturity of Lease Liabilities ​ Leases ​ Leases ​ Leases ​ ​ ​ (in thousands) ​ 2023 ​ $ 3,063 ​ $ 4,335 ​ $ 7,398 ​ 2024 ​ 6,252 ​ 5,766 ​ 12,018 ​ 2025 ​ 5,930 ​ 4,308 ​ 10,238 ​ 2026 ​ 6,008 ​ 3,247 ​ 9,255 ​ 2027 ​ ​ 6,128 ​ ​ 2,411 ​ ​ 8,539 ​ Thereafter ​ ​ 61,586 ​ ​ 25,080 ​ ​ 86,666 ​ Total lease payments ​ $ 88,967 ​ $ 45,147 ​ $ 134,114 ​ Less interest portion* ​ ​ (43,145) ​ ​ (13,624) ​ ​ (56,769) ​ Finance lease and operating lease obligations ​ $ 45,822 ​ $ 31,523 ​ $ 77,345 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate. ​ ​ The table above does not include options to renew lease terms that are not reasonably certain of being exercised. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ Lease term and discount rate 2023 ​ Weighted-average remaining lease term (years): ​ ​ ​ ​ Operating leases ​ ​ 11.7 ​ Finance leases ​ 13.6 ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases ​ 5.4% ​ Finance leases ​ 10.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ Cash paid for amounts included in the measurement of lease liabilities 2023 2022 ​ ​ ​ (in thousands) ​ Operating cash outflows from operating leases ​ $ 4,858 ​ $ 3,955 ​ Operating cash outflows from finance leases ​ 2,454 ​ 2,509 ​ Financing cash outflows from finance leases ​ 598 ​ 475 ​ Operating lease assets obtained in exchange for operating lease liabilities ​ 23,289 ​ 4,714 ​ Finance lease assets obtained in exchange for new finance lease liabilities ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue
Revenue	Note 4. Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (in thousands) Systems ​ $ 215,174 ​ $ 165,350 ​ $ 410,372 ​ $ 317,152 Aftermarket ​ ​ 58,796 ​ ​ 55,827 ​ ​ 117,618 ​ ​ 107,620 Total Revenue ​ $ 273,970 ​ $ 221,177 ​ $ 527,990 ​ $ 424,772 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (in thousands) North America ​ $ 37,918 ​ $ 34,683 ​ $ 83,084 ​ $ 59,596 Asia Pacific ​ ​ 205,941 ​ ​ 168,705 ​ ​ 397,044 ​ ​ 317,945 Europe ​ ​ 30,111 ​ ​ 17,789 ​ ​ 47,862 ​ ​ 47,231 Total Revenue ​ $ 273,970 ​ $ 221,177 ​ $ 527,990 ​ $ 424,772 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Contract liabilities ​ $ 182,540 ​ $ 154,777 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance, beginning of the period ​ $ 201,725 ​ $ 74,840 ​ $ 154,777 ​ $ 68,436 Deferral of revenue ​ ​ 34,977 ​ ​ 28,703 ​ ​ 107,556 ​ ​ 46,697 Recognition of deferred revenue ​ ​ (54,162) ​ ​ (31,994) ​ ​ (79,793) ​ ​ (43,584) Balance, end of the period ​ $ 182,540 ​ $ 71,549 ​ $ 182,540 ​ $ 71,549 ​

Receivables and Allowances for

Receivables and Allowances for Credit Losses	6 Months Ended
	Jun. 30, 2023
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. ​ We maintain 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 our ongoing assessments and evaluations of collectability, historical loss experience, and future expectations in estimating credit losses in our receivable portfolio. We use historical loss experience rates and apply 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, trade restrictions, estimates for supportable forecasts, when appropriate, and credit risk characteristics. ​ We evaluate the credit risk of the customer when extending credit based on a combination of 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 our 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. We did not incur any credit losses or recoveries for the three and six-month periods ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and 2022, respectively, we had no provision for credit losses. ​ ​

Computation of Net Earnings per

Computation of Net Earnings per Share	6 Months Ended
	Jun. 30, 2023
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 shares of common stock 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 shares of common stock that would have been outstanding if the potentially dilutive shares of common stock 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, ​ ​ 2023 2022 2023 2022 ​ ​ (in thousands, except per share amounts) ​ Net income available to common stockholders ​ $ 61,579 ​ $ 44,189 ​ $ 109,276 ​ $ 85,804 ​ Weighted average shares of common stock outstanding used in computing basic income per share ​ 32,775 ​ 33,096 ​ 32,759 ​ 33,170 ​ Incremental options and RSUs ​ 414 ​ 466 ​ 478 ​ 600 ​ Weighted average shares of common stock used in computing diluted net income per share ​ 33,189 ​ 33,562 ​ 33,237 ​ 33,770 ​ Net income per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.88 ​ $ 1.34 ​ $ 3.34 ​ $ 2.59 ​ Diluted ​ $ 1.86 ​ $ 1.32 ​ $ 3.29 ​ $ 2.54 ​ ​ ​ Diluted weighted average shares of common stock outstanding does not include 770 and 15,796 common equivalent shares issuable with respect to outstanding equity awards for the three-month periods ended June 30, 2023 and 2022, respectively, or 387 and 8,255 common equivalent shares issuable with respect to outstanding equity awards for the six-month periods ended June 30, 2023 and 2022, respectively, as their effect would have been anti-dilutive.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	Note 7. Accumulated Other Comprehensive Loss ​ The following table presents the changes in accumulated other comprehensive loss, net of tax, by component, for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Defined benefit ​ ​ ​ ​ currency ​ pension plan ​ Total ​ ​ (in thousands) Balance at December 31, 2022 ​ $ (1,994) ​ $ 26 ​ $ (1,968) ​ Other comprehensive loss and pension reclassification ​ (961) ​ — ​ (961) ​ Balance at June 30, 2023 ​ $ (2,955) ​ $ 26 ​ $ (2,929) ​ ​

Cash, cash equivalents and rest

Cash, cash equivalents and restricted cash	6 Months Ended
	Jun. 30, 2023
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, ​ ​ 2023 ​ ​ 2022 ​ ​ (in thousands) ​ Cash and cash equivalents $ 132,504 ​ $ 185,595 ​ Long-term restricted cash ​ 6,652 ​ ​ 752 ​ Total cash, cash equivalents and restricted cash $ 139,156 ​ $ 186,347 ​ ​ As of June 30, 2023, we had $6.7 million in restricted cash representing the total of (i) a $5.9 million cash collateral relating to our lease for our headquarters in Beverly, Massachusetts, (ii) a $0.7 million letter of credit relating to workers’ compensation insurance and (iii) a $0.1 million deposit relating to customs activity. See Note 12 for further discussion on the $5.9 million cash collateral.

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2023
Inventories, net
Inventories, net	Note 9. Inventories, net ​ The components of inventories are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 ​ ​ (in thousands) ​ Raw materials ​ $ 213,535 ​ $ 187,313 ​ Work in process ​ 53,693 ​ 35,069 ​ Finished goods (completed systems) ​ 32,613 ​ 20,024 ​ Inventories, net ​ $ 299,841 ​ $ 242,406 ​ ​ 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, 2023
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, ​ ​ 2023 2022 ​ ​ (in thousands) ​ Balance at January 1 (beginning of year) ​ $ 10,487 ​ $ 6,924 ​ Warranties issued during the period ​ 5,616 ​ 4,902 ​ Settlements made during the period ​ (4,834) ​ (2,819) ​ Changes in estimate of liability for pre-existing warranties during the period ​ 1,552 ​ 12 ​ Balance at June 30 (end of period) ​ $ 12,821 ​ $ 9,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount classified as current ​ $ 10,867 ​ $ 8,348 ​ Amount classified as long-term (within other long-term liabilities) ​ 1,954 ​ 671 ​ Total warranty liability ​ $ 12,821 ​ $ 9,019 ​ ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Fair Value Measurements	Note 11. Fair Value Measurements ​ 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 with initial maturities of three months or less are included in cash and cash equivalents in the consolidated balance sheets. Other investments that have a maturity of greater than three months but less than one year are included within short-term investments in the consolidated balance sheets. ​ The following table sets forth our assets by level within the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ Fair Value Measurements ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents and other short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents (money market funds, U.S. Government Securities and Agency Investments) ​ $ 88,903 ​ $ — ​ $ — ​ $ 88,903 ​ Short-term investments (U.S. Government Securities and Agency Investments) ​ ​ 319,587 ​ ​ — ​ ​ — ​ ​ 319,587 ​ Total ​ $ 408,490 ​ $ — ​ $ — ​ $ 408,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Fair Value Measurements ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents and other short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents (money market funds, U.S. Government Securities and Agency Investments) ​ $ 111,771 ​ $ 25,000 ​ $ — ​ $ 136,771 ​ Short-term investments (U.S. Government Securities and Agency Investments) ​ ​ 245,247 ​ ​ — ​ ​ — ​ ​ 245,247 ​ Total ​ $ 357,018 ​ $ 25,000 ​ $ — ​ $ 382,018 ​ ​ (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, 2023
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 $45.8 million as of June 30, 2023. 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. As of June 30, 2023, we have a security deposit of $5.9 million related to this lease. ​ On April 5, 2023 we terminated the Senior Secured Credit Facilities Credit Agreement, as amended (the “Credit Agreement”), with Silicon Valley Bank that we entered into on July 31, 2020. The Credit Agreement provided for a revolving credit facility covering borrowings and letters of credit in an aggregate principal amount not to exceed million, securing our lease on our corporate headquarters. This letter of credit was transitioned to a cash collateral arrangment on March 30, 2023, and is classified as long-term restricted cash on our balance sheet at June 30, 2023.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	Note 13. Income Taxes ​ Income tax expense was $3.0 million for the three months ended June 30, 2023, compared to $4.0 million for the three months ended June 30, 2022. The $1.0 million decrease was primarily due to a higher stock compensation deduction driven by an increase in stock price offset partially by an increase in pre-tax financial reporting income. Income tax expense was $8.2 million for the six months ended June 30, 2023, compared to $8.3 million for the six months ended June 30, 2022. ​ The effective tax rate for the three and six months ended June 30, 2023 was less than the U.S. statutory rate of 21% due to a forecasted Foreign Derived Intangible Income deduction, Federal research and development tax credits and a favorable discrete item related to equity compensation that reduces the annual tax rate. ​ The deferred income taxes of $38.9 million and $31.7 million as of June 30, 2023 and December 31, 2022, 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. As of June 30, 2023, we have recorded a $10.6 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, 2023
Concentration of Risk
Concentration of Risk	Note 14. Concentration of Risk ​ For the three months ended June 30, 2023, no individual customer accounted for greater than ten percent of revenue. For the three months ended June 30, 2022, two customers accounted for 19.3% and 11.6% of total revenue, respectively. ​ For the six months ended June 30, 2023, two customers accounted for 11.6% and 11.1% of total revenue, respectively. For the six months ended June 30, 2022, three customers accounted for 15.3%, 10.7% and 10.3% of total revenue, respectively. ​ At June 30, 2023, two customers accounted for 12.5% and 11.5% of accounts receivable, respectively. At December 31, 2022, two customers accounted for 19.4% and 11.5% of accounts receivable, respectively.

Share Repurchase

Share Repurchase	6 Months Ended
	Jun. 30, 2023
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. During the six months ended June 30, 2023, we repurchased 0.2 million shares at an average cost of $123.80 per share. The timing and actual number of any additional shares to be repurchased under this program will depend on various factors including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions. ​ Repurchased shares are accounted for when the transaction is settled and 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, 2023
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, 2023
Leases
Schedule of operating and finance lease right-of-use assets and related lease obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ Leases Classification ​ 2023 2022 ​ Assets ​ ​ (in thousands) ​ ​ Operating leases Operating lease assets ​ $ 31,998 ​ $ 12,146 ​ ​ ​ Finance lease Finance lease assets* ​ 17,305 ​ 17,942 ​ ​ ​ Total leased assets ​ ​ $ 49,303 ​ $ 30,088 ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Other current liabilities ​ $ 5,544 ​ $ 5,367 ​ ​ ​ Finance Current portion of finance lease obligation ​ ​ 1,367 ​ ​ 1,229 ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Other long-term liabilities ​ ​ 25,979 ​ ​ 6,931 ​ ​ ​ Finance Finance lease obligation ​ 44,455 ​ 45,185 ​ ​ ​ Total lease liabilities ​ ​ $ 77,345 ​ $ 58,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ *Finance lease assets are recorded net of accumulated depreciation of $46.5 million and include $0.6 million of prepaid financing costs as of June 30, 2023. Finance lease assets are recorded net of accumulated depreciation of $45.9 million and include $0.6 million of prepaid financing costs as of December 31, 2022. ​ ​ ​ ​
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ Lease cost Classification ​ 2023 2022 2023 2022 ​ Operating lease cost ​ ​ (in thousands) ​ Product / services* Cost of revenue ​ $ 1,821 ​ $ 1,306 ​ $ 3,287 ​ $ 2,516 ​ ​ Research and development Operating expenses ​ 137 ​ 76 ​ 243 ​ 132 ​ ​ Sales and marketing* Operating expenses ​ 417 ​ 368 ​ 813 ​ 787 ​ ​ General and administrative* Operating expenses ​ 239 ​ 308 ​ 515 ​ 520 ​ ​ Total operating lease cost ​ ​ $ 2,614 ​ $ 2,058 ​ $ 4,858 ​ $ 3,955 ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation of leased assets Cost of revenue, R&D, Sales and marketing and G&A ​ $ 318 ​ $ 325 ​ $ 637 ​ $ 648 ​ ​ Interest on lease liabilities Interest expense ​ 1,223 ​ 1,274 ​ 2,454 ​ 2,532 ​ ​ Total finance lease cost ​ ​ $ 1,541 ​ $ 1,599 ​ $ 3,091 ​ $ 3,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ ​ $ 4,155 ​ $ 3,657 ​ $ 7,949 ​ $ 7,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.5 million and $1.0 million for the three and six months ended June 30, 2023, respectively, and 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. ​ ​
Schedule of future minimum operating and finance leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Total Maturity of Lease Liabilities ​ Leases ​ Leases ​ Leases ​ ​ ​ (in thousands) ​ 2023 ​ $ 3,063 ​ $ 4,335 ​ $ 7,398 ​ 2024 ​ 6,252 ​ 5,766 ​ 12,018 ​ 2025 ​ 5,930 ​ 4,308 ​ 10,238 ​ 2026 ​ 6,008 ​ 3,247 ​ 9,255 ​ 2027 ​ ​ 6,128 ​ ​ 2,411 ​ ​ 8,539 ​ Thereafter ​ ​ 61,586 ​ ​ 25,080 ​ ​ 86,666 ​ Total lease payments ​ $ 88,967 ​ $ 45,147 ​ $ 134,114 ​ Less interest portion* ​ ​ (43,145) ​ ​ (13,624) ​ ​ (56,769) ​ Finance lease and operating lease obligations ​ $ 45,822 ​ $ 31,523 ​ $ 77,345 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * 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 2023 ​ Weighted-average remaining lease term (years): ​ ​ ​ ​ Operating leases ​ ​ 11.7 ​ Finance leases ​ 13.6 ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases ​ 5.4% ​ 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 2023 2022 ​ ​ ​ (in thousands) ​ Operating cash outflows from operating leases ​ $ 4,858 ​ $ 3,955 ​ Operating cash outflows from finance leases ​ 2,454 ​ 2,509 ​ Financing cash outflows from finance leases ​ 598 ​ 475 ​ Operating lease assets obtained in exchange for operating lease liabilities ​ 23,289 ​ 4,714 ​ Finance lease assets obtained in exchange for new finance lease liabilities ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue
Schedule of revenue by discipline	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (in thousands) Systems ​ $ 215,174 ​ $ 165,350 ​ $ 410,372 ​ $ 317,152 Aftermarket ​ ​ 58,796 ​ ​ 55,827 ​ ​ 117,618 ​ ​ 107,620 Total Revenue ​ $ 273,970 ​ $ 221,177 ​ $ 527,990 ​ $ 424,772
Schedule of revenue by geographic markets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (in thousands) North America ​ $ 37,918 ​ $ 34,683 ​ $ 83,084 ​ $ 59,596 Asia Pacific ​ ​ 205,941 ​ ​ 168,705 ​ ​ 397,044 ​ ​ 317,945 Europe ​ ​ 30,111 ​ ​ 17,789 ​ ​ 47,862 ​ ​ 47,231 Total Revenue ​ $ 273,970 ​ $ 221,177 ​ $ 527,990 ​ $ 424,772
Schedule of Contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Contract liabilities ​ $ 182,540 ​ $ 154,777 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance, beginning of the period ​ $ 201,725 ​ $ 74,840 ​ $ 154,777 ​ $ 68,436 Deferral of revenue ​ ​ 34,977 ​ ​ 28,703 ​ ​ 107,556 ​ ​ 46,697 Recognition of deferred revenue ​ ​ (54,162) ​ ​ (31,994) ​ ​ (79,793) ​ ​ (43,584) Balance, end of the period ​ $ 182,540 ​ $ 71,549 ​ $ 182,540 ​ $ 71,549

Computation of Net Earnings p_2

Computation of Net Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Computation of Net Earnings per Share
Schedule of components of net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 2023 2022 ​ ​ (in thousands, except per share amounts) ​ Net income available to common stockholders ​ $ 61,579 ​ $ 44,189 ​ $ 109,276 ​ $ 85,804 ​ Weighted average shares of common stock outstanding used in computing basic income per share ​ 32,775 ​ 33,096 ​ 32,759 ​ 33,170 ​ Incremental options and RSUs ​ 414 ​ 466 ​ 478 ​ 600 ​ Weighted average shares of common stock used in computing diluted net income per share ​ 33,189 ​ 33,562 ​ 33,237 ​ 33,770 ​ Net income per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.88 ​ $ 1.34 ​ $ 3.34 ​ $ 2.59 ​ Diluted ​ $ 1.86 ​ $ 1.32 ​ $ 3.29 ​ $ 2.54 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Loss
Schedule of changes in accumulated other comprehensive loss, net of tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Defined benefit ​ ​ ​ ​ currency ​ pension plan ​ Total ​ ​ (in thousands) Balance at December 31, 2022 ​ $ (1,994) ​ $ 26 ​ $ (1,968) ​ Other comprehensive loss and pension reclassification ​ (961) ​ — ​ (961) ​ Balance at June 30, 2023 ​ $ (2,955) ​ $ 26 ​ $ (2,929) ​

Cash, cash equivalents and re_2

Cash, cash equivalents and restricted cash (Tables)	6 Months Ended
	Jun. 30, 2023
Cash, cash equivalents and restricted cash
Schedule of reconciliation of cash, cash equivalents and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ ​ 2022 ​ ​ (in thousands) ​ Cash and cash equivalents $ 132,504 ​ $ 185,595 ​ Long-term restricted cash ​ 6,652 ​ ​ 752 ​ Total cash, cash equivalents and restricted cash $ 139,156 ​ $ 186,347 ​

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2023
Inventories, net
Schedule of components of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 ​ ​ (in thousands) ​ Raw materials ​ $ 213,535 ​ $ 187,313 ​ Work in process ​ 53,693 ​ 35,069 ​ Finished goods (completed systems) ​ 32,613 ​ 20,024 ​ Inventories, net ​ $ 299,841 ​ $ 242,406 ​

Product Warranty (Tables)

Product Warranty (Tables)	6 Months Ended
	Jun. 30, 2023
Product Warranty
Schedule of product warranty liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ 2023 2022 ​ ​ (in thousands) ​ Balance at January 1 (beginning of year) ​ $ 10,487 ​ $ 6,924 ​ Warranties issued during the period ​ 5,616 ​ 4,902 ​ Settlements made during the period ​ (4,834) ​ (2,819) ​ Changes in estimate of liability for pre-existing warranties during the period ​ 1,552 ​ 12 ​ Balance at June 30 (end of period) ​ $ 12,821 ​ $ 9,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount classified as current ​ $ 10,867 ​ $ 8,348 ​ Amount classified as long-term (within other long-term liabilities) ​ 1,954 ​ 671 ​ Total warranty liability ​ $ 12,821 ​ $ 9,019 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Schedule of Company's assets and liabilities by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ Fair Value Measurements ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents and other short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents (money market funds, U.S. Government Securities and Agency Investments) ​ $ 88,903 ​ $ — ​ $ — ​ $ 88,903 ​ Short-term investments (U.S. Government Securities and Agency Investments) ​ ​ 319,587 ​ ​ — ​ ​ — ​ ​ 319,587 ​ Total ​ $ 408,490 ​ $ — ​ $ — ​ $ 408,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Fair Value Measurements ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents and other short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents (money market funds, U.S. Government Securities and Agency Investments) ​ $ 111,771 ​ $ 25,000 ​ $ — ​ $ 136,771 ​ Short-term investments (U.S. Government Securities and Agency Investments) ​ ​ 245,247 ​ ​ — ​ ​ — ​ ​ 245,247 ​ Total ​ $ 357,018 ​ $ 25,000 ​ $ — ​ $ 382,018 ​ ​

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-Based Compensation
Stock-based compensation expense	$ 4,700		$ 3,500		$ 7,900	$ 6,200
Proceeds from exercise of stock options					$ 25	$ 789
Employee Stock Purchase Plan
Stock-Based Compensation
Exercise of stock options (in shares)					300	400
Proceeds from exercise of stock options					$ 1,000	$ 1,500
Common Stock
Stock-Based Compensation
Exercise of stock options (in shares)		2	25	41
Common Stock | Employee Stock Purchase Plan
Stock-Based Compensation
Exercise of stock options (in shares)	200		200
Proceeds from exercise of stock options	$ 1,000

Leases (Details)

Leases (Details)	6 Months Ended
	Jun. 30, 2023
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) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases
Operating lease assets	$ 31,998	$ 12,146
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating lease assets	Operating lease assets
Finance lease assets	$ 17,305	$ 17,942
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Finance lease assets	Finance lease assets
Total leased assets	$ 49,303	$ 30,088
Operating liabilities current	$ 5,544	$ 5,367
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Finance liabilities current	$ 1,367	$ 1,229
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Finance liabilities current	Finance liabilities current
Operating liabilities noncurrent	$ 25,979	$ 6,931
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance liabilities noncurrent	$ 44,455	$ 45,185
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Finance liabilities noncurrent	Finance liabilities noncurrent
Total lease liabilities	$ 77,345	$ 58,712
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	$ 46,500	$ 45,900
Prepaid financing costs	$ 600	$ 600

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease cost
Total operating lease cost	$ 2,614	$ 2,058	$ 4,858	$ 3,955
Depreciation of leased assets	318	325	637	648
Interest on lease liabilities	1,223	1,274	2,454	2,532
Total finance lease cost	1,541	1,599	3,091	3,180
Total lease cost	4,155	3,657	7,949	7,135
Short-term lease and variable lease costs	500	600	1,000	1,000
Product / Services
Lease cost
Total operating lease cost	1,821	1,306	3,287	2,516
Research and development
Lease cost
Total operating lease cost	137	76	243	132
Sales and marketing*
Lease cost
Total operating lease cost	417	368	813	787
General and administrative*
Lease cost
Total operating lease cost	$ 239	$ 308	$ 515	$ 520

Leases - Future Minimum Cash Ou

Leases - Future Minimum Cash Outflow and Weighted-average Remaining Lease Term and Discount Rate (Details) $ in Thousands	Jun. 30, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Future minimum lease payments finance lease
2023	$ 3,063
2024	6,252
2025	5,930
2026	6,008
2027	6,128
Thereafter	61,586
Total lease payments	88,967
Less interest portion	(43,145)
Finance lease obligations	45,822
Future minimum lease payments operating lease
2023	4,335
2024	5,766
2025	4,308
2026	3,247
2027	2,411
Thereafter	25,080
Total lease payments	45,147
Less interest portion	(13,624)
Operating lease obligations	31,523
Future minimum lease payments finance and operating lease
2023	7,398
2024	12,018
2025	10,238
2026	9,255
2027	8,539
Thereafter	86,666
Total lease payments	134,114
Less interest portion	(56,769)
Total lease liabilities	77,345	$ 58,712
Lease term and discount rate
Right of use asset	31,998	12,146
Prepaid rent	600	600
Operating liabilities noncurrent	$ 25,979	$ 6,931
Finance lease term	22 years
Operating leases -Weighted-average remaining lease term (in years)	11 years 8 months 12 days
Finance leases - Weighted-average remaining lease term (in years)	13 years 7 months 6 days
Operating leases - Weighted-average discount rate	5.40%
Finance leases - Weighted-average discount rate	10.50%
Beverly Property Owner LLC
Lease term and discount rate
Area of Property | ft²	98,500
Right of use asset	$ 21,000
Prepaid rent	1,000
Operating liabilities noncurrent	$ 20,000
Minimum
Lease term and discount rate
Operating lease term	1 year
Maximum
Lease term and discount rate
Operating lease term	16 years

Leases - Cash Flow by Lease Typ

Leases - Cash Flow by Lease Type (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases
Operating cash outflows from operating leases	$ 4,858	$ 3,955
Operating cash outflows from finance leases	2,454	2,509
Financing cash outflows from finance leases	598	475
Operating lease assets obtained in exchange for operating lease liabilities	$ 23,289	$ 4,714

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue
Short-term deferred revenue	$ 138,890	$ 123,471
Long-term deferred revenue	$ 43,650	$ 31,306
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Total Revenue	$ 273,970	$ 221,177	$ 527,990	$ 424,772
North America
Disaggregation of Revenue
Total Revenue	37,918	34,683	83,084	59,596
Asia Pacific
Disaggregation of Revenue
Total Revenue	205,941	168,705	397,044	317,945
Europe
Disaggregation of Revenue
Total Revenue	30,111	17,789	47,862	47,231
Systems
Disaggregation of Revenue
Total Revenue	215,174	165,350	410,372	317,152
Aftermarket
Disaggregation of Revenue
Total Revenue	$ 58,796	$ 55,827	$ 117,618	$ 107,620

Revenue - Contract liabilities

Revenue - Contract liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Revenue
Contract liabilities	$ 182,540	$ 201,725	$ 154,777	$ 71,549	$ 74,840	$ 68,436

Revenue - Deferred revenue (Det

Revenue - Deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Balance, beginning of the period	$ 201,725	$ 74,840	$ 154,777	$ 68,436
Deferral of revenue	34,977	28,703	107,556	46,697
Recognition of deferred revenue	(54,162)	(31,994)	(79,793)	(43,584)
Balance, end of the period	$ 182,540	$ 71,549	$ 182,540	$ 71,549

Receivables and Allowances fo_2

Receivables and Allowances for Credit Losses - Trade Receivables (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Receivables and Allowances for Credit Losses
Provision for credit losses	$ 0	$ 0

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, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Computation of Net Earnings per Share
Net income available to common stockholders	$ 61,579	$ 47,697	$ 44,189	$ 41,614	$ 109,276	$ 85,804
Weighted average shares of common stock outstanding used in computing basic income per share	32,775		33,096		32,759	33,170
Incremental options and RSUs	414		466		478	600
Weighted average shares of common stock used in computing diluted net income per share	33,189		33,562		33,237	33,770
Net income per share
Basic	$ 1.88		$ 1.34		$ 3.34	$ 2.59
Diluted	$ 1.86		$ 1.32		$ 3.29	$ 2.54
Anti-dilutive common equivalent shares excluded from calculation	770		15,796		387	8,255

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Changes in accumulated other comprehensive income, net of tax
Balance at December 31, 2022	$ (1,968)
Other comprehensive loss and pension reclassification	(961)
Balance at June 30, 2023	(2,929)
Foreign currency
Changes in accumulated other comprehensive income, net of tax
Balance at December 31, 2022	(1,994)
Other comprehensive loss and pension reclassification	(961)
Balance at June 30, 2023	(2,955)
Defined benefit pension plans
Changes in accumulated other comprehensive income, net of tax
Balance at December 31, 2022	26
Balance at June 30, 2023	$ 26

Cash, cash equivalents and re_3

Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 132,504	$ 185,595
Long-term restricted cash	6,652	752
Total cash, cash equivalents and restricted cash	139,156	$ 186,347	$ 287,920	$ 295,680
Letter of credit related to workers' compensation insurance	700
Deposit related to customs activity	100
Beverly Property Owner LLC
Cash collateral related to lease obligation	5,900
Revolving credit facility
Restricted cash which relates to support of outstanding letters of credit	$ 6,700

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventories, net
Raw materials	$ 213,535	$ 187,313
Work in process	53,693	35,069
Finished goods (completed systems)	32,613	20,024
Inventories, net	$ 299,841	$ 242,406

Product Warranty (Details)

Product Warranty (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jan. 01, 2023	Dec. 31, 2022	Jan. 01, 2022
Product Warranty
Product warranty period	1 year
Changes in standard product warranty liability
Warranties issued during the period	$ 5,616	$ 4,902
Settlements made during the period	(4,834)	(2,819)
Changes in estimate of liability for pre-existing warranties during the period	1,552	12
Balance at June 30 (end of period)	12,821	9,019
Product warranty classification
Amount classified as current	10,867	8,348		$ 8,299
Amount classified as long-term (within other long-term liabilities)	1,954	671
Total warranty liability	$ 12,821	$ 9,019	$ 10,487		$ 6,924

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurements
Short-term investments (money market funds, U.S. Government Securities and Agency Investments)	$ 320,360	$ 246,571
Recurring | Estimate of fair value measurement
Fair Value Measurements
Total	408,490
Recurring | Money market funds, U.S. Government Securities and Agency Investments | Estimate of fair value measurement
Fair Value Measurements
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)	88,903	136,771
Total		382,018
Recurring | U.S. Government Securities and Agency Investments | Estimate of fair value measurement
Fair Value Measurements
Short-term investments (money market funds, U.S. Government Securities and Agency Investments)	319,587	245,247
Recurring | Level 1
Fair Value Measurements
Total	408,490
Recurring | Level 1 | Money market funds, U.S. Government Securities and Agency Investments
Fair Value Measurements
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)	88,903	111,771
Total		357,018
Recurring | Level 1 | U.S. Government Securities and Agency Investments
Fair Value Measurements
Short-term investments (money market funds, U.S. Government Securities and Agency Investments)	$ 319,587	245,247
Recurring | Level 2 | Money market funds, U.S. Government Securities and Agency Investments
Fair Value Measurements
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)		25,000
Total		$ 25,000

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($) $ in Thousands	Jan. 30, 2015	Jun. 30, 2023	Apr. 05, 2023	Dec. 31, 2022
Financing Arrangements
Long-term finance lease obligation		$ 44,455		$ 45,185
Long-term restricted cash		6,652		$ 752
Sale leaseback obligation
Financing Arrangements
Long-term finance lease obligation		45,800
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
Silicon Valley Bank | Sale leaseback obligation | Letter of credit
Financing Arrangements
Long-term restricted cash		$ 5,900

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Valuation allowance
Income tax expense	$ 3,037	$ 4,007	$ 8,242	$ 8,276
Increase (decrease) in income tax expense	(1,000)
Deferred tax assets, net	38,944		38,944		$ 31,701
Deferred tax assets valuation allowance	$ 10,600		$ 10,600
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Total revenue | Customer concentration risk
Concentration of Risk
Number of customers	0	2	2	3
Total revenue | Customer concentration risk | First customer
Concentration of Risk
Percentage of concentration risk		19.30%	11.60%	15.30%
Total revenue | Customer concentration risk | Second customer
Concentration of Risk
Percentage of concentration risk		11.60%	11.10%	10.70%
Total revenue | Customer concentration risk | Third customer
Concentration of Risk
Percentage of concentration risk				10.30%
Total revenue | Credit concentration risk
Concentration of Risk
Number of customers			2
Accounts receivable | Credit concentration risk
Concentration of Risk
Number of customers					2
Accounts receivable | Credit concentration risk | First customer
Concentration of Risk
Percentage of concentration risk			12.50%		19.40%
Accounts receivable | Credit concentration risk | Second customer
Concentration of Risk
Percentage of concentration risk			11.50%		11.50%

Share Repurchase (Details)

Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023	Feb. 28, 2022
Share Repurchase
Share repurchase program common stock authorized amount		$ 100
Number of shares repurchased	0.2
Average cost	$ 123.80

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false