0001558370-24-014856 | 10-Q | XBRL Viewer

Cash, cash equivalents and restricted cash

9 Months Ended

Sep. 30, 2024

Cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash

Note 9. 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:


	September 30,		December 31,
	2024			2023

	(in thousands)
Cash and cash equivalents	$	120,066	$	167,297
Long-term restricted cash		6,653		6,654
Total cash, cash equivalents and restricted cash	$	126,719	$	173,951

As of September 30, 2024, we had $6.7 million in restricted cash representing the total of (i) a $5.9 million cash collateralized letter of credit serving as a security deposit for our headquarters lease in Beverly, Massachusetts, (ii) a $0.7 million cash collateralized letter of credit relating to workers’ compensation insurance and (iii) a $0.1 million deposit relating to customs activity. See Note 13 for further discussion on the $5.9 million cash collateralized letter of credit.

Recent Accounting Guidance	9 Months Ended
Sep. 30, 2024
Summary of Significant Accounting Policies
Recent Accounting Guidance	Note 18. Recent Accounting Guidance In November 2023 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC Topic 280, Segment Reporting (“ASC 280”). ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating decision maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. ASU 2023-07 is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply ASU 2023-07 retrospectively to all prior periods presented in the consolidated financial statements. We are currently evaluating the impact of ASU 2023-07 on our future consolidated financial statements and related disclosures. In December 2023 the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our future consolidated financial statements and related disclosures.

Recent Accounting Guidance

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Recent Accounting Guidance

Note 18. Recent Accounting Guidance

In November 2023 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC Topic 280, Segment Reporting (“ASC 280”). ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating decision maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. ASU 2023-07 is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply ASU 2023-07 retrospectively to all prior periods presented in the consolidated financial statements. We are currently evaluating the impact of ASU 2023-07 on our future consolidated financial statements and related disclosures.

In December 2023 the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our future consolidated financial statements and related disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Valuation allowance
Income tax expense	$ 6,789	$ 7,744	$ 20,593	$ 15,986
Increase (decrease) in income tax expense	900
Deferred tax assets, net	58,938		58,938		$ 53,428
Deferred tax assets valuation allowance	$ 12,100		$ 12,100
Maximum
Valuation allowance
Statutory income tax rate (as a percent)	21.00%		21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)	Total
Balance at Dec. 31, 2022	$ 33	$ 550,299	$ 118,892	$ (1,968)	$ 667,256
Balance (in shares) at Dec. 31, 2022	32,775
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		(3,907)			(3,907)
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	56
Stock-based compensation expense		3,199			3,199
Repurchase of common stock		(1,924)	(10,575)		(12,499)
Repurchase of common stock (in shares)	(107)
Balance at Mar. 31, 2023	$ 33	547,692	156,014	(1,918)	701,821
Balance (in shares) at Mar. 31, 2023	32,726
Balance at Dec. 31, 2022	$ 33	550,299	118,892	(1,968)	667,256
Balance (in shares) at Dec. 31, 2022	32,775
Increase (Decrease) in Stockholders' Equity
Net income					175,207
Foreign currency translation adjustments					(2,192)
Balance at Sep. 30, 2023	$ 33	543,577	261,521	(4,160)	800,971
Balance (in shares) at Sep. 30, 2023	32,772
Balance at Mar. 31, 2023	$ 33	547,692	156,014	(1,918)	701,821
Balance (in shares) at Mar. 31, 2023	32,726
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		957			957
Issuance of stock under Employee Stock Purchase Plan (in shares)	6
Issuance of common stock on restricted stock units, net of shares withheld		(11,558)			(11,558)
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	199
Stock-based compensation expense		4,749			4,749
Repurchase of common stock		(1,720)	(10,780)		(12,500)
Repurchase of common stock (in shares)	(95)
Balance at Jun. 30, 2023	$ 33	540,120	206,813	(2,929)	744,037
Balance (in shares) at Jun. 30, 2023	32,836
Increase (Decrease) in Stockholders' Equity
Net income			65,931		65,931
Foreign currency translation adjustments				(1,231)	(1,231)
Issuance of common stock on restricted stock units, net of shares withheld		(349)			(349)
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	7
Stock-based compensation expense		5,082			5,082
Repurchase of common stock		(1,276)	(11,223)		(12,499)
Repurchase of common stock (in shares)	(71)
Balance at Sep. 30, 2023	$ 33	543,577	261,521	(4,160)	800,971
Balance (in shares) at Sep. 30, 2023	32,772
Balance at Dec. 31, 2023	$ 33	547,189	319,506	(1,846)	864,882
Balance (in shares) at Dec. 31, 2023	32,685
Increase (Decrease) in Stockholders' Equity
Net income			51,595		51,595
Foreign currency translation adjustments				(1,731)	(1,731)
Change in pension obligation				5	5
Issuance of common stock on restricted stock units, net of shares withheld		(2,699)			(2,699)
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	42
Stock-based compensation expense		4,690			4,690
Repurchase of common stock		(2,201)	(12,798)		(14,999)
Repurchase of common stock (in shares)	(122)
Balance at Mar. 31, 2024	$ 33	546,979	358,303	(3,572)	901,743
Balance (in shares) at Mar. 31, 2024	32,605
Balance at Dec. 31, 2023	$ 33	547,189	319,506	(1,846)	864,882
Balance (in shares) at Dec. 31, 2023	32,685
Increase (Decrease) in Stockholders' Equity
Net income					151,036
Foreign currency translation adjustments					(387)
Change in pension obligation					15
Balance at Sep. 30, 2024	$ 33	545,350	432,429	(2,218)	975,594
Balance (in shares) at Sep. 30, 2024	32,504
Balance at Mar. 31, 2024	$ 33	546,979	358,303	(3,572)	901,743
Balance (in shares) at Mar. 31, 2024	32,605
Increase (Decrease) in Stockholders' Equity
Net income			50,866		50,866
Foreign currency translation adjustments				(913)	(913)
Change in pension obligation				5	5
Issuance of stock under Employee Stock Purchase Plan		1,242			1,242
Issuance of stock under Employee Stock Purchase Plan (in shares)	10
Issuance of common stock on restricted stock units, net of shares withheld		(8,468)			(8,468)
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	143
Stock-based compensation expense		5,469			5,469
Repurchase of common stock		(2,545)	(12,451)		(14,996)
Repurchase of common stock (in shares)	(141)
Balance at Jun. 30, 2024	$ 33	542,677	396,718	(4,480)	934,948
Balance (in shares) at Jun. 30, 2024	32,617
Increase (Decrease) in Stockholders' Equity
Net income			48,576		48,576
Foreign currency translation adjustments				2,257	2,257
Change in pension obligation				5	5
Issuance of common stock on restricted stock units, net of shares withheld		(241)			(241)
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	5
Stock-based compensation expense		5,412			5,412
Repurchase of common stock		(2,498)	(12,865)		(15,363)
Repurchase of common stock (in shares)	(118)
Balance at Sep. 30, 2024	$ 33	$ 545,350	$ 432,429	$ (2,218)	$ 975,594
Balance (in shares) at Sep. 30, 2024	32,504

Concentration of Risk

9 Months Ended

Sep. 30, 2024

Concentration of Risk

Concentration of Risk

Note 15. Concentration of Risk

For the three months ended September 30, 2024, one customer accounted for 11.9% of total revenue. For the three months ended September 30, 2023, no individual customer accounted for greater than ten percent of total revenue.

For the nine months ended September 30, 2024, no individual customer accounted for greater than ten percent of total revenue. For the nine months ended September 30, 2023, one customer accounted for 10.7% of total revenue.

At September 30, 2024, one customer accounted for 11.7% of accounts receivable. At December 31, 2023, one customer accounted for 12.2% of accounts receivable.

Concentration of Risk (Details) - customer	3 Months Ended		9 Months Ended		12 Months Ended
Concentration of Risk (Details) - customer	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue \| Customer concentration risk
Concentration of Risk
Number of customers	1	0	0	1
Revenue \| Customer concentration risk \| First customer
Concentration of Risk
Percentage of concentration risk	11.90%			10.70%
Accounts Receivable \| Credit concentration risk
Concentration of Risk
Number of customers			1		1
Accounts Receivable \| Credit concentration risk \| First customer
Concentration of Risk
Percentage of concentration risk			11.70%		12.20%

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Schedule of Company's assets and liabilities by level within the fair value hierarchy


	September 30, 2024
	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)	$	81,623	$	—	$	—	$	81,623
Short-term investments (U.S. Government Securities and Agency Investments)		460,473		—		—		460,473
Mark-to-market adjustment on forward exchange contracts		—		(583)		—		(583)
Total	$	542,096	$	(583)	$	—	$	541,513


	December 31, 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)	$	118,278	$	—	$	—	$	118,278
Short-term investments (U.S. Government Securities and Agency Investments)		339,240		—		—		339,240
Total	$	457,518	$	—	$	—	$	457,518

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Fair Value Measurements

Note 12. 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 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

(b) Fair Value Measurements

Our money market funds and short-term investments 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:


	September 30, 2024
	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)	$	81,623	$	—	$	—	$	81,623
Short-term investments (U.S. Government Securities and Agency Investments)		460,473		—		—		460,473
Mark-to-market adjustment on forward exchange contracts		—		(583)		—		(583)
Total	$	542,096	$	(583)	$	—	$	541,513


	December 31, 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)	$	118,278	$	—	$	—	$	118,278
Short-term investments (U.S. Government Securities and Agency Investments)		339,240		—		—		339,240
Total	$	457,518	$	—	$	—	$	457,518

(c) Other Financial Instruments

The carrying amounts reflected in the consolidated balance sheets for accounts receivable, prepaid expenses, forward currency exchange contracts and other current assets and non-current assets, restricted cash, accounts payable and accrued expenses approximate fair value due to their short-term maturities.

(d) Forward Currency Exchange Contracts

Beginning in February 2024, we entered into forward currency exchange contracts to minimize the impact of foreign currency fluctuations on our earnings and cash flows. These contracts have month-to-month settlement dates. Any gains or losses on these contracts are reported within Other, net in our Consolidated Statement of Operations. Any open contracts at period end that have settlement dates within one month after the reported period end and any mark-to-market valuation adjustments related to these open contracts are recorded in the current asset or current liability account and any unrealized gain or loss recognized is recorded within Other, net in our Consolidated Statement of Operations. These contracts are measured at fair value using observable market inputs such as forward currency exchange rates and our counterparties’ credit risks. Based on these inputs, the derivative instruments are classified within Level 2 of the valuation hierarchy. At September 30, 2024, the recognized unrealized loss on these forward exchange contracts was approximately $0.6 million. Based on our continued ability to trade and enter into forward contracts, we consider the markets for our fair value instruments to be active. We evaluated the credit risk associated with the counterparties to these derivative instruments and determined that as of September 30, 2024, such credit risks have not had an adverse impact on the fair value of these instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Leases - Cash Flow by Lease Type (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases
Operating cash outflows from operating leases	$ 7,767	$ 7,798
Operating cash outflows from finance leases	3,561	3,668
Financing cash outflows from finance leases	1,125	915
Operating lease assets obtained in exchange for operating lease liabilities	$ 4,063	$ 25,697

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Note 8. Accumulated Other Comprehensive Loss

The following table presents the changes in accumulated other comprehensive loss, net of tax, by component, for the nine months ended September 30, 2024:


	Foreign		Defined benefit
	currency		pension plan		Total

	(in thousands)
Balance at December 31, 2023	$	(1,956)	$	110	$	(1,846)
Other comprehensive loss and pension reclassification		(387)		15		(372)
Balance at September 30, 2024	$	(2,343)	$	125	$	(2,218)

Financing Arrangements (Details) - USD ($) $ in Thousands	Jan. 30, 2015	Sep. 30, 2024	Dec. 31, 2023
Financing Arrangements
Long-term finance lease obligation		$ 42,671	$ 43,674
Security deposit		5,900
Building
Financing Arrangements
Proceeds from sale of corporate headquarters	$ 48,900
Lease term	22 years
Long-term finance lease obligation		44,100
UBS Bank USA
Financing Arrangements
Security deposit		$ 5,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

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, 2023	$	(1,956)	$	110	$	(1,846)
Other comprehensive loss and pension reclassification		(387)		15		(372)
Balance at September 30, 2024	$	(2,343)	$	125	$	(2,218)

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases

Schedule of operating and finance lease right-of-use assets and related lease obligations


		September 30,		December 31,
Leases	Classification	2024		2023

Assets		(in thousands)
Operating leases	Operating lease assets	$	30,391	$	30,716
Finance lease	Finance lease assets*		15,668		16,632
Total leased assets		$	46,059	$	47,348
Liabilities
Current
Operating	Other current liabilities	$	5,217	$	4,978
Finance	Current portion of finance lease obligation		1,399		1,511
Non-current
Operating	Other long-term liabilities		25,290		25,724
Finance	Finance lease obligation		42,671		43,674
Total lease liabilities		$	74,577	$	75,887

*Finance lease assets are recorded net of accumulated depreciation of $47.2 million and include $0.5 million of prepaid financing costs as of September 30, 2024. Finance lease assets are recorded net of accumulated depreciation of $46.4 million and include $0.6 million of prepaid financing costs as of December 31, 2023.

Schedule of lease costs


		Three months ended				Nine months ended
		September 30,				September 30,
Lease cost	Classification	2024		2023		2024		2023

Operating lease cost		(in thousands)
Product / services*	Cost of revenue	$	1,664	$	2,041	$	5,186	$	5,328
Research and development	Operating expenses		127		183		453		426
Sales and marketing*	Operating expenses		463		419		1,365		1,231
General and administrative*	Operating expenses		232		298		763		813
Total operating lease cost		$	2,486	$	2,941	$	7,767	$	7,798
Finance lease cost
Depreciation of leased assets	Cost of revenue, Research and development, Sales and marketing and General and administrative	$	321	$	324	$	964	$	961
Interest on lease liabilities	Interest expense		1,177		1,214		3,561		3,668
Total finance lease cost		$	1,498	$	1,538	$	4,525	$	4,629

Total lease cost		$	3,984	$	4,479	$	12,292	$	12,427

* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.3 million and $1.6 million for the three and nine months ended September 30, 2024, respectively, and includes short-term lease and variable lease costs of approximately $0.6 million and $1.6 million for the three and nine months ended September 30, 2023, respectively.

Schedule of future minimum operating and finance leases


	Finance		Operating		Total
Maturity of Lease Liabilities	Leases		Leases		Leases

	(in thousands)
2024	$	1,566	$	1,937	$	3,503
2025		5,930		6,671		12,601
2026		6,008		5,106		11,114
2027		6,128		3,300		9,428
2028		6,251		2,013		8,264
Thereafter		55,336		23,220		78,556
Total lease payments	$	81,219	$	42,247	$	123,466
Less interest portion*		(37,149)		(11,740)		(48,889)
Finance lease and operating lease obligations	$	44,070	$	30,507	$	74,577

* 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


	September 30,
Lease term and discount rate	2024
Weighted-average remaining lease term (years):
Operating leases		10.8
Finance leases		12.3
Weighted-average discount rate:
Operating leases		5.5%
Finance leases		10.5%

Schedule of cash outflows by lease type



	Nine months ended September 30,
Cash paid for amounts included in the measurement of lease liabilities	2024		2023

	(in thousands)
Operating cash outflows from operating leases	$	7,767	$	7,798
Operating cash outflows from finance leases		3,561		3,668
Financing cash outflows from finance leases		1,125		915
Operating lease assets obtained in exchange for operating lease liabilities		4,063		25,697
Finance lease assets obtained in exchange for new finance lease liabilities		—		—

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Stock-Based Compensation

Stock-Based Compensation

Note 3. Stock-Based Compensation

We maintain the Axcelis Technologies, Inc. 2012 Equity Incentive Plan, as amended (the “2012 Equity 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 2023 Form 10-K.

We recognized stock-based compensation expense of $5.4 million and $5.1 million for the three-month periods ended September 30, 2024 and 2023, respectively. We recognized stock-based compensation expense of $15.6 million and $13.0 million for the nine-month periods ended September 30, 2024 and 2023, respectively. These amounts include compensation expense related to RSUs and stock issued to participants under the 2020 Employee Stock Purchase Plan (the “2020 ESPP”).

In the three-month periods ended September 30, 2024 and 2023, we issued 5,023 and 7,320 shares of common stock, respectively, upon vesting of RSUs granted under the 2012 Equity Plan and purchases under the 2020 ESPP. In the three-month periods ended September 30, 2024 and 2023, we received no proceeds from purchases under the 2020 ESPP.

In the nine-month periods ended September 30, 2024 and 2023, we issued 0.2 million and 0.3 million shares of common stock, respectively, upon vesting of RSUs granted under the 2012 Equity Plan and purchases under the 2020 ESPP. In the nine-month periods ended September 30, 2024 and 2023, we received proceeds of $1.2 million and $1.0 million, respectively, in connection with purchases under the 2020 ESPP.

Revenue - Deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Balance, beginning of the period	$ 174,011	$ 182,540	$ 210,885	$ 154,777
Deferral of revenue	31,544	62,787	65,222	154,216
Recognition of deferred revenue	(41,529)	(43,298)	(112,081)	(106,964)
Balance, end of the period	164,026	$ 202,029	164,026	$ 202,029
Reclassification from deferred revenue to refund liability	$ 4,700		$ 4,700

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Mark-to-market adjustment on foreign exchange contracts		$ 583
Forward exchange contracts
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Notional value of open forward contracts	$ 104,000	104,000
Mark-to-market adjustment on foreign exchange contracts		600
Foreign exchange gains (losses) realized	$ (3,300)	$ 500

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Revenue - Revenue by discipline & geographical areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue
Total Revenue	$ 256,564	$ 292,326	$ 765,448	$ 820,316
North America
Disaggregation of Revenue
Total Revenue	32,950	51,563	112,826	134,647
Asia Pacific
Disaggregation of Revenue
Total Revenue	202,377	185,194	586,754	582,238
Europe
Disaggregation of Revenue
Total Revenue	21,237	55,569	65,868	103,431
Systems
Disaggregation of Revenue
Total Revenue	201,037	231,454	595,114	641,825
Aftermarket
Disaggregation of Revenue
Total Revenue	$ 55,527	$ 60,872	$ 170,334	$ 178,491

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue

Schedule of revenue by discipline


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in thousands)
Systems	$	201,037	$	231,454	$	595,114	$	641,825
Aftermarket		55,527		60,872		170,334		178,491
Total Revenue	$	256,564	$	292,326	$	765,448	$	820,316

Schedule of revenue by geographic markets


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in thousands)
North America	$	32,950	$	51,563	$	112,826	$	134,647
Asia Pacific		202,377		185,194		586,754		582,238
Europe		21,237		55,569		65,868		103,431
Total Revenue	$	256,564	$	292,326	$	765,448	$	820,316

Schedule of Contract liabilities


	September 30,		December 31,
	2024		2023

	(in thousands)
Contract liabilities	$	164,026	$	210,885

Contract liabilities are reflected as deferred revenue on the consolidated balance sheets and include payments received in advance of system sales as well as deferral of revenue from systems sales for installation and other future performance obligations. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations.


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in thousands)
Balance, beginning of the period	$	174,011	$	182,540	$	210,885	$	154,777
Deferral of revenue*		31,544		62,787		65,222		154,216
Recognition of deferred revenue		(41,529)		(43,298)		(112,081)		(106,964)
Balance, end of the period	$	164,026	$	202,029	$	164,026	$	202,029

* Amount is net of a reclassification of $4.7 million from deferred revenue to refund liability for the nine months ended September 30, 2024.

Receivables and Allowances for Credit Losses

9 Months Ended

Sep. 30, 2024

Receivables and Allowances for Credit Losses

Receivables and Allowances for Credit Losses

Note 6. 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 represents 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 recorded $3.4 million of bad debt expense for the three month period ended September 30, 2024 associated with a European customer that filed for bankruptcy. We recorded $0.5 million of recovery of bad debt expense and $3.4 million of bad debt expense for the nine-month period ended September 30, 2024. We recorded $0.7 million of bad debt expense for the three and nine-month periods ended September 30, 2023. As of both September 30, 2024 and September 30, 2023, we had no provision for credit losses.

Cash, cash equivalents and restricted cash (Tables)

9 Months Ended

Sep. 30, 2024

Cash, cash equivalents and restricted cash

Schedule of reconciliation of cash, cash equivalents and restricted cash


	September 30,		December 31,
	2024			2023

	(in thousands)
Cash and cash equivalents	$	120,066	$	167,297
Long-term restricted cash		6,653		6,654
Total cash, cash equivalents and restricted cash	$	126,719	$	173,951

Accumulated Other Comprehensive Loss (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Changes in accumulated other comprehensive (loss) income, net of tax
Balance at beginning of period	$ (1,846)
Other comprehensive loss and pension reclassification	(372)
Balance at end of period	(2,218)
Foreign currency
Changes in accumulated other comprehensive (loss) income, net of tax
Balance at beginning of period	(1,956)
Other comprehensive loss and pension reclassification	(387)
Balance at end of period	(2,343)
Defined benefit pension plan
Changes in accumulated other comprehensive (loss) income, net of tax
Balance at beginning of period	110
Other comprehensive loss and pension reclassification	15
Balance at end of period	$ 125

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Share Repurchase

9 Months Ended

Sep. 30, 2024

Stockholders' Equity

Share Repurchase

Note 16. Share Repurchase

In February 2022, our Board of Directors approved stock repurchases of up to $100 million of our common stock. In August 2023, our Board of Directors approved additional funding of $200 million for our stock repurchase program, to be available on full utilization of the $100 million repurchase funding approved in February 2022. During the nine months ended September 30, 2024, we repurchased 0.4 million shares at an average cost of $118.02 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, on our balance sheet, the repurchase price is deducted from common stock 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.

- Definition

The entire disclosure for equity.

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+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated Statements of Comprehensive Income
Net income	$ 48,576	$ 65,931	$ 151,036	$ 175,207
Other comprehensive income (loss):
Foreign currency translation adjustments	2,257	(1,231)	(387)	(2,192)
Amortization of actuarial net gain and other adjustments from pension plan, net of tax	5		15
Total other comprehensive income (loss)	2,262	(1,231)	(372)	(2,192)
Comprehensive income	$ 50,838	$ 64,700	$ 150,664	$ 173,015

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Product Warranty (Details) - USD ($) $ in Thousands	9 Months Ended
Product Warranty (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Product Warranty
Product warranty period	1 year
Changes in standard product warranty liability
Balance at beginning of year	$ 16,757	$ 10,487
Warranties issued during the period	9,004	9,072
Settlements made during the period	(9,313)	(7,746)
Changes in estimate of liability for pre-existing warranties during the period	(48)	2,043
Balance at end of period	16,400	13,856
Product warranty classification
Amount classified as current	14,547	11,464	$ 14,098
Amount classified as long-term (within other long-term liabilities)	1,853	2,392
Total warranty liability	$ 16,400	$ 13,856	$ 16,757

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 120,066	$ 167,297
Short-Term Investments	459,341	338,851
Accounts receivable, net	183,543	217,964
Inventories, net	290,954	306,482
Prepaid income taxes	10,748
Prepaid expenses and other current assets	57,441	49,397
Total current assets	1,122,093	1,079,991
Property, plant and equipment, net	54,454	53,971
Operating lease assets	30,391	30,716
Finance lease assets, net	15,668	16,632
Long-term restricted cash	6,653	6,654
Deferred income taxes	58,938	53,428
Other assets	49,928	40,575
Total assets	1,338,125	1,281,967
Current liabilities:
Accounts payable	54,047	54,400
Accrued compensation	23,070	31,445
Warranty	14,547	14,098
Income taxes		6,164
Deferred revenue	138,682	164,677
Current portion of finance lease obligation	1,399	1,511
Other current liabilities	20,519	12,834
Total current liabilities	252,264	285,129
Long-term finance lease obligation	42,671	43,674
Long-term deferred revenue	25,344	46,208
Other long-term liabilities	42,252	42,074
Total liabilities	362,531	417,085
Commitments and contingencies (Note 17)
Stockholders' equity:
Common stock, $0.001 par value, 75,000 shares authorized; 32,617 shares issued and outstanding at September 30, 2024; 32,685 shares issued and outstanding at December 31, 2023	33	33
Additional paid-in capital	545,350	547,189
Retained earnings	432,429	319,506
Accumulated other comprehensive loss	(2,218)	(1,846)
Total stockholders' equity	975,594	864,882
Total liabilities and stockholders' equity	$ 1,338,125	$ 1,281,967

Computation of Net Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Computation of Net Earnings per Share
Net income available to common stockholders	$ 48,576	$ 50,866	$ 51,595	$ 65,931	$ 61,579	$ 47,697	$ 151,036	$ 175,207
Weighted average shares of common stock outstanding used in computing basic income per share	32,550			32,807			32,595	32,775
Incremental options and RSUs	125			352			185	433
Weighted average shares of common stock used in computing diluted net income per share	32,675			33,159			32,780	33,208
Net income per share
Basic	$ 1.49			$ 2.01			$ 4.63	$ 5.35
Diluted	$ 1.49			$ 1.99			$ 4.61	$ 5.28
Anti-dilutive common equivalent shares excluded from calculation	109,266			734			21,477	2,598

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2024

Inventories, net

Schedule of components of inventories


	September 30,		December 31,
	2024		2023

	(in thousands)
Raw materials	$	231,547	$	231,200
Work in process		42,931		45,373
Finished goods (completed systems)		16,476		29,909
Inventories, net	$	290,954	$	306,482

Leases (Details)	9 Months Ended
Leases (Details)	Sep. 30, 2024
Lease
Option to extend	true
Minimum
Lease
Renewal term	1 year
Maximum
Lease
Renewal term	3 years

Inventories, net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories, net
Raw materials	$ 231,547	$ 231,200
Work in process	42,931	45,373
Finished goods (completed systems)	16,476	29,909
Inventories, net	$ 290,954	$ 306,482

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Securities Act 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		32,506,111
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001113232
Amendment Flag	false

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Taxes

Income Taxes

Note 14. Income Taxes

Income tax expense was $6.8 million for the three months ended September 30, 2024, compared to $7.7 million for the three months ended September 30, 2023. The $0.9 million decrease was primarily due to a decrease in pre-tax income. Income tax expense was $20.6 million for the nine months ended September 30, 2024, compared to $16.0 million for the nine months ended September 30, 2023. The increase was primarily due to a decrease in in the benefit received from share-based compensation.

The effective tax rate for the three and nine months ended September 30, 2024 was less than the U.S. statutory rate of 21% primarily attributable to the Foreign Derived Intangible Income deduction, Federal research and development tax credits and excess tax benefits from share-based compensation.

The deferred income taxes of $58.9 million and $53.4 million as of September 30, 2024 and December 31, 2023, 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 September 30, 2024, we have recorded a $12.1 million valuation allowance in the U.S. against certain tax credits 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.

- Definition

The entire disclosure for income tax.

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+ Details

Inventories, net

9 Months Ended

Sep. 30, 2024

Inventories, net

Inventories, net

Note 10. Inventories, net

The components of inventories are as follows:


	September 30,		December 31,
	2024		2023

	(in thousands)
Raw materials	$	231,547	$	231,200
Work in process		42,931		45,373
Finished goods (completed systems)		16,476		29,909
Inventories, net	$	290,954	$	306,482

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 our 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.

Contingencies

9 Months Ended

Sep. 30, 2024

Contingencies

Contingencies

Note 17. 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.

Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024	Aug. 31, 2023	Feb. 28, 2022
Stockholders' Equity
Share repurchase program common stock authorized amount		$ 200	$ 100
Number of shares repurchased	0.4
Average cost	$ 118.02

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 151,036	$ 175,207
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,542	9,488
Deferred income taxes	(5,510)	(12,623)
Stock-based compensation expense	15,571	13,030
Provision for doubtful accounts	2,984	749
Provision for excess and obsolete inventory	4,120	3,912
Accretion of discounts and premiums on marketable securities	(10,167)	(8,463)
Unrealized currency (gain) loss on foreign denominated transactions	(3,100)	7,487
Mark-to-market adjustment on foreign exchange contracts	583
Changes in operating assets and liabilities:
Accounts receivable	28,774	(26,674)
Inventories	11,299	(79,494)
Prepaid expenses and other current assets	(8,110)	(16,493)
Accounts payable and other current liabilities	(2,738)	(8,916)
Deferred revenue	(46,700)	47,704
Income taxes	(14,132)	(3,672)
Other assets and liabilities	(7,414)	(9,948)
Net cash provided by operating activities	128,038	91,294
Cash flows from investing activities
Expenditures for property, plant and equipment and capitalized software	(7,523)	(10,503)
Purchase of short-term investments	(433,894)	(271,583)
Maturities of short-term investments	323,570	207,907
Net cash used in investing activities	(117,847)	(74,179)
Cash flows from financing activities
Net settlement on restricted stock grants	(11,408)	(15,814)
Repurchase of common stock	(45,358)	(37,498)
Proceeds from Employee Stock Purchase Plan purchases	1,242	957
Principal payments on finance lease obligation	(1,125)	(915)
Proceeds from exercise of stock options		25
Net cash used in financing activities	(56,649)	(53,245)
Effect of exchange rate changes on cash and cash equivalents	(774)	(1,267)
Net decrease in cash, cash equivalents and restricted cash	(47,232)	(37,397)
Cash, cash equivalents and restricted cash at beginning of period	173,951	186,347
Cash, cash equivalents and restricted cash at end of period	$ 126,719	$ 148,950

Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 120,066	$ 167,297
Long-term Restricted Cash	6,653	6,654
Total cash, cash equivalents and restricted cash	126,719	$ 173,951	$ 148,950	$ 186,347
Security Deposit	5,900
Letter of credit related to workers' compensation insurance	700
Deposit related to customs activity	$ 100

Revenue (Details)	9 Months Ended
Revenue (Details)	Sep. 30, 2024
Systems
Disaggregation of Revenue
Payment upon shipment of the system, as a percent	90.00%
Payment upon acceptance, as a percent	10.00%
Systems \| Minimum
Disaggregation of Revenue
Pre-shipment deposit, as a percent	20.00%
Systems \| Maximum
Disaggregation of Revenue
Pre-shipment deposit, as a percent	60.00%
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation
Stock-based compensation expense	$ 5,400	$ 5,100		$ 15,600	$ 13,000
Proceeds from Employee Stock Purchase Plan purchases				1,242	957
Common Stock
Stock-Based Compensation
Exercise of stock options (in shares)			2,000
Common Stock \| Employee Stock Purchase Plan
Stock-Based Compensation
Proceeds from Employee Stock Purchase Plan purchases	$ 0	$ 0		$ 1,200	$ 1,000
Common Stock \| Restricted Stock Units
Stock-Based Compensation
Exercise of stock options (in shares)	5,023	7,320		200,000	300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Product Warranty (Tables)

9 Months Ended

Sep. 30, 2024

Product Warranty

Schedule of product warranty liability


	Nine months ended
	September 30,
	2024		2023

	(in thousands)
Balance at January 1 (beginning of year)	$	16,757	$	10,487
Warranties issued during the period		9,004		9,072
Settlements made during the period		(9,313)		(7,746)
Changes in estimate of liability for pre-existing warranties during the period		(48)		2,043
Balance at September 30 (end of period)	$	16,400	$	13,856

Amount classified as current	$	14,547	$	11,464
Amount classified as long-term (within other long-term liabilities)		1,853		2,392
Total warranty liability	$	16,400	$	13,856

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 256,564	$ 292,326	$ 765,448	$ 820,316
Cost of revenue:
Total cost of revenue	146,594	162,642	427,017	466,911
Gross profit	109,970	129,684	338,431	353,405
Operating expenses:
Research and development	26,395	24,093	77,843	71,996
Sales and marketing	16,808	16,465	51,483	46,146
General and administrative	19,854	17,446	52,842	48,519
Total operating expenses	63,057	58,004	182,168	166,661
Income from operations	46,913	71,680	156,263	186,744
Other income (expense):
Interest income	6,560	4,580	18,126	12,824
Interest expense	(1,333)	(1,325)	(4,017)	(4,027)
Other, net	3,225	(1,260)	1,257	(4,348)
Total other income	8,452	1,995	15,366	4,449
Income before income taxes	55,365	73,675	171,629	191,193
Income tax provision	6,789	7,744	20,593	15,986
Net income	$ 48,576	$ 65,931	$ 151,036	$ 175,207
Net income per share:
Basic	$ 1.49	$ 2.01	$ 4.63	$ 5.35
Diluted	$ 1.49	$ 1.99	$ 4.61	$ 5.28
Shares used in computing net income per share:
Basic weighted average shares of common stock	32,550	32,807	32,595	32,775
Diluted weighted average shares of common stock	32,675	33,159	32,780	33,208
Product
Revenue:
Total revenue	$ 246,826	$ 283,367	$ 735,626	$ 795,047
Cost of revenue:
Total cost of revenue	136,379	154,798	399,049	444,311
Services
Revenue:
Total revenue	9,738	8,959	29,822	25,269
Cost of revenue:
Total cost of revenue	$ 10,215	$ 7,844	$ 27,968	$ 22,600

Revenue - Contract liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Revenue
Contract liabilities	$ 164,026	$ 174,011	$ 210,885	$ 202,029	$ 182,540	$ 154,777

Leases - Operating and Finance Lease Right-of-use-assets and Related Lease Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases
Operating lease assets	$ 30,391	$ 30,716
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease assets	Operating lease assets
Finance lease assets	$ 15,668	$ 16,632
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Finance lease assets	Finance lease assets
Total leased assets	$ 46,059	$ 47,348
Operating liabilities current	$ 5,217	$ 4,978
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Finance liabilities current	$ 1,399	$ 1,511
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Finance liabilities current	Finance liabilities current
Operating liabilities noncurrent	$ 25,290	$ 25,724
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance liabilities noncurrent	$ 42,671	$ 43,674
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Finance liabilities noncurrent	Finance liabilities noncurrent
Total lease liabilities	$ 74,577	$ 75,887
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Finance lease, accumulated depreciation	$ 47,200	$ 46,400
Prepaid financing costs	$ 500	$ 600

Receivables and Allowances for Credit Losses - Trade Receivables (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Receivables and Allowances for Credit Losses
Recoveries			$ 500,000
Charge-offs	$ 3,400,000	$ 700,000	3,400,000	$ 700,000
Provision for credit losses	$ 0	$ 0	$ 0	$ 0

Computation of Net Earnings per Share

9 Months Ended

Sep. 30, 2024

Computation of Net Earnings per Share

Computation of Net Earnings per Share

Note 7. 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				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in thousands, except per share amounts)
Net income available to common stockholders	$	48,576	$	65,931	$	151,036	$	175,207
Weighted average shares of common stock outstanding used in computing basic income per share		32,550		32,807		32,595		32,775
Incremental options and RSUs		125		352		185		433
Weighted average shares of common stock used in computing diluted net income per share		32,675		33,159		32,780		33,208
Net income per share
Basic	$	1.49	$	2.01	$	4.63	$	5.35
Diluted	$	1.49	$	1.99	$	4.61	$	5.28

Diluted weighted average shares of common stock outstanding does not include 109,266 and 734 common equivalent shares issuable with respect to outstanding equity awards for the three-month periods ended September 30, 2024 and 2023, respectively, or 21,477 and 2,598 common equivalent shares issuable with respect to outstanding equity awards for the nine-month periods ended September 30, 2024 and 2023, respectively, as their effect would have been anti-dilutive.

Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Short-term investments (U.S. Government Securities and Agency Investments)	$ 459,341	$ 338,851
Mark-to-market adjustment on forward exchange contracts	(583)
Forward exchange contracts
Fair Value Measurements
Mark-to-market adjustment on forward exchange contracts	(600)
Level 2 \| Forward exchange contracts \| Estimate of fair value measurement
Fair Value Measurements
Mark-to-market adjustment on forward exchange contracts	(600)
Recurring \| Estimate of fair value measurement
Fair Value Measurements
Total	541,513	457,518
Recurring \| Forward exchange contracts \| Estimate of fair value measurement
Fair Value Measurements
Mark-to-market adjustment on forward exchange contracts	(583)
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)	81,623	118,278
Recurring \| U.S. Government Securities and Agency Investments \| Estimate of fair value measurement
Fair Value Measurements
Short-term investments (U.S. Government Securities and Agency Investments)	460,473	339,240
Recurring \| Level 1
Fair Value Measurements
Total	542,096	457,518
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)	81,623	118,278
Recurring \| Level 1 \| U.S. Government Securities and Agency Investments
Fair Value Measurements
Short-term investments (U.S. Government Securities and Agency Investments)	460,473	$ 339,240
Recurring \| Level 2
Fair Value Measurements
Mark-to-market adjustment on forward exchange contracts	(583)
Recurring \| Level 2 \| Forward exchange contracts
Fair Value Measurements
Mark-to-market adjustment on forward exchange contracts	$ (583)

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Derivative instruments

Derivative instruments

We are exposed to certain risks relating to our ongoing business operations, including market risks relating to fluctuations in foreign currency exchange rates. We have entered into forward exchange contracts in order to mitigate risks associated with fluctuations in exchange rates on forecasted transactions denominated in foreign currencies and to minimize the impact of foreign currency fluctuations on our earnings and cash flows. These contracts have month-to-month settlement dates. As of September 30, 2024, we had open contracts with a notional value of $104 million. We measure these instruments at fair value and recognize assets or liabilities associated with the intrinsic value on these open contracts on the Consolidated Balance Sheets at the end of each reporting period. At September 30, 2024, the recognized unrealized loss on these forward exchange contracts was approximately $0.6 million. Unrealized gains and losses are shown in our cash flows from operating activities within our Consolidated Statement of Cash Flows. We have not designated these forward exchange contracts as hedging instruments and we record changes in the fair values at each measurement date in Other, net on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, we recorded $3.3 million of loss and $0.5 million of gain on forward currency exchange contracts, respectively.

We do not offset fair value amounts of derivative instruments. We do not use derivative instruments for speculative purposes.

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease cost
Total operating lease cost	$ 2,486	$ 2,941	$ 7,767	$ 7,798
Depreciation of leased assets	321	324	964	961
Interest on lease liabilities	1,177	1,214	3,561	3,668
Total finance lease cost	1,498	1,538	4,525	4,629
Total lease cost	3,984	4,479	12,292	12,427
Short-term lease and variable lease costs	300	600	1,600	1,600
Product / services*
Lease cost
Total operating lease cost	1,664	2,041	5,186	5,328
Research and development
Lease cost
Total operating lease cost	127	183	453	426
Sales and marketing*
Lease cost
Total operating lease cost	463	419	1,365	1,231
General and administrative*
Lease cost
Total operating lease cost	$ 232	$ 298	$ 763	$ 813

Leases - Future Minimum Cash Outflow and Weighted-average Remaining Lease Term and Discount Rate (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Future minimum lease payments finance lease
2024	$ 1,566
2025	5,930
2026	6,008
2027	6,128
2028	6,251
Thereafter	55,336
Total lease payments	81,219
Less interest portion	(37,149)
Finance lease obligations	44,070
Future minimum lease payments operating lease
2024	1,937
2025	6,671
2026	5,106
2027	3,300
2028	2,013
Thereafter	23,220
Total lease payments	42,247
Less interest portion	(11,740)
Operating lease obligations	30,507
Future minimum lease payments finance and operating lease
2024	3,503
2025	12,601
2026	11,114
2027	9,428
2028	8,264
Thereafter	78,556
Total lease payments	123,466
Less interest portion	(48,889)
Total lease liabilities	74,577	$ 75,887
Lease term and discount rate
Right of use asset	30,391	30,716
Prepaid rent	500	600
Operating liabilities noncurrent	$ 25,290	$ 25,724
Finance lease term	22 years
Operating leases -Weighted-average remaining lease term (in years)	10 years 9 months 18 days
Finance leases - Weighted-average remaining lease term (in years)	12 years 3 months 18 days
Operating leases - Weighted-average discount rate	5.50%
Finance leases - Weighted-average discount rate	10.50%
Minimum
Lease term and discount rate
Operating lease term	1 year
Maximum
Lease term and discount rate
Operating lease term	16 years

Nature of Business

9 Months Ended

Sep. 30, 2024

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, 2023 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 September 30, 2024, there have been no material changes in the Company’s significant accounting policies, other than with respect to the Company’s accounting policy for derivative financial instruments, which it had not held in prior periods, as described in Note 2 below. 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, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2024, as amended by Amendment No. 1 thereto, filed with the SEC on February 28, 2024 (as so amended, the “2023 Form 10-K”).

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Financing Arrangements

9 Months Ended

Sep. 30, 2024

Financing Arrangements

Financing Arrangements

Note 13. 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 $44.1 million as of September 30, 2024. 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 September 30, 2024, we had a security deposit of $5.9 million related to this lease in the form of a cash collateralized letter of credit issued with UBS Bank USA, which is classified as long-term restricted cash on our balance sheet at September 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Computation of Net Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Computation of Net Earnings per Share

Schedule of components of net income per share


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in thousands, except per share amounts)
Net income available to common stockholders	$	48,576	$	65,931	$	151,036	$	175,207
Weighted average shares of common stock outstanding used in computing basic income per share		32,550		32,807		32,595		32,775
Incremental options and RSUs		125		352		185		433
Weighted average shares of common stock used in computing diluted net income per share		32,675		33,159		32,780		33,208
Net income per share
Basic	$	1.49	$	2.01	$	4.63	$	5.35
Diluted	$	1.49	$	1.99	$	4.61	$	5.28

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2024	Dec. 31, 2023
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	32,504	32,685
Common stock, shares outstanding	32,504	32,685

Leases

9 Months Ended

Sep. 30, 2024

Leases

Leases

Note 4. 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 (“Topic 842”). The guidance in Topic 842 requires recognition of lease assets and related liabilities 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 sheets; (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 by one to three years. The exercise of lease renewal options is at our sole discretion. For lease extensions that are reasonably certain to occur, we have included the renewal periods in our calculation of the net present value of the lease obligation and related right-of-use asset. Certain leases also include options to purchase the leased property. The depreciable life of certain assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The amounts of operating and finance lease right-of-use assets and related lease obligations recorded within our consolidated balance sheets are as follows:


		September 30,		December 31,
Leases	Classification	2024		2023

Assets		(in thousands)
Operating leases	Operating lease assets	$	30,391	$	30,716
Finance lease	Finance lease assets*		15,668		16,632
Total leased assets		$	46,059	$	47,348
Liabilities
Current
Operating	Other current liabilities	$	5,217	$	4,978
Finance	Current portion of finance lease obligation		1,399		1,511
Non-current
Operating	Other long-term liabilities		25,290		25,724
Finance	Finance lease obligation		42,671		43,674
Total lease liabilities		$	74,577	$	75,887

*Finance lease assets are recorded net of accumulated depreciation of $47.2 million and include $0.5 million of prepaid financing costs as of September 30, 2024. Finance lease assets are recorded net of accumulated depreciation of $46.4 million and include $0.6 million of prepaid financing costs as of December 31, 2023.

Our operating lease office locations support local selling and servicing functions. Our Axcelis Asia Operations Center facility in South Korea is used to manufacture our products for Asia-based customers. We lease a logistics and flex manufacturing center in Beverly, Massachusetts to support our principal product manufacturing operations at our corporate headquarters. 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 nine months ended September 30, 2024 and 2023 as follows:


		Three months ended				Nine months ended
		September 30,				September 30,
Lease cost	Classification	2024		2023		2024		2023

Operating lease cost		(in thousands)
Product / services*	Cost of revenue	$	1,664	$	2,041	$	5,186	$	5,328
Research and development	Operating expenses		127		183		453		426
Sales and marketing*	Operating expenses		463		419		1,365		1,231
General and administrative*	Operating expenses		232		298		763		813
Total operating lease cost		$	2,486	$	2,941	$	7,767	$	7,798
Finance lease cost
Depreciation of leased assets	Cost of revenue, Research and development, Sales and marketing and General and administrative	$	321	$	324	$	964	$	961
Interest on lease liabilities	Interest expense		1,177		1,214		3,561		3,668
Total finance lease cost		$	1,498	$	1,538	$	4,525	$	4,629

Total lease cost		$	3,984	$	4,479	$	12,292	$	12,427

* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.3 million and $1.6 million for the three and nine months ended September 30, 2024, respectively, and includes short-term lease and variable lease costs of approximately $0.6 million and $1.6 million for the three and nine months ended September 30, 2023, respectively.

The lease of our corporate headquarters, shown below under finance leases, had an original lease term of 22 years, beginning in January 2015 and expiring in January 2037, with renewal options. All other locations are treated as operating leases, with lease terms ranging from one to 16 years. The tables below reflect the minimum cash outflow regarding our current lease obligations as well as the weighted-average remaining lease term and weighted-average discount rates used in our calculation of our lease obligations and right-of-use assets as of September 30, 2024:


	Finance		Operating		Total
Maturity of Lease Liabilities	Leases		Leases		Leases

	(in thousands)
2024	$	1,566	$	1,937	$	3,503
2025		5,930		6,671		12,601
2026		6,008		5,106		11,114
2027		6,128		3,300		9,428
2028		6,251		2,013		8,264
Thereafter		55,336		23,220		78,556
Total lease payments	$	81,219	$	42,247	$	123,466
Less interest portion*		(37,149)		(11,740)		(48,889)
Finance lease and operating lease obligations	$	44,070	$	30,507	$	74,577

* 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.


	September 30,
Lease term and discount rate	2024
Weighted-average remaining lease term (years):
Operating leases		10.8
Finance leases		12.3
Weighted-average discount rate:
Operating leases		5.5%
Finance leases		10.5%

Our cash outflows from our operating leases include rent expense and other charges associated with these leases. These cash flows are included within the operating activities section of our statement of cash flows. Our cash flows from our finance lease include both an interest component and a principal component. The table below shows our cash outflows by lease type and related section of our statement of cash flows, as well as the non-cash amount capitalized on our balance sheet in relation to our operating lease right-of-use assets for the nine months ended September 30, 2024 and 2023, respectively:



	Nine months ended September 30,
Cash paid for amounts included in the measurement of lease liabilities	2024		2023

	(in thousands)
Operating cash outflows from operating leases	$	7,767	$	7,798
Operating cash outflows from finance leases		3,561		3,668
Financing cash outflows from finance leases		1,125		915
Operating lease assets obtained in exchange for operating lease liabilities		4,063		25,697
Finance lease assets obtained in exchange for new finance lease liabilities		—		—

Product Warranty

9 Months Ended

Sep. 30, 2024

Product Warranty

Product Warranty

Note 11. 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, if applicable, defer the portion of systems revenue attributable to 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:


	Nine months ended
	September 30,
	2024		2023

	(in thousands)
Balance at January 1 (beginning of year)	$	16,757	$	10,487
Warranties issued during the period		9,004		9,072
Settlements made during the period		(9,313)		(7,746)
Changes in estimate of liability for pre-existing warranties during the period		(48)		2,043
Balance at September 30 (end of period)	$	16,400	$	13,856

Amount classified as current	$	14,547	$	11,464
Amount classified as long-term (within other long-term liabilities)		1,853		2,392
Total warranty liability	$	16,400	$	13,856

Revenue

9 Months Ended

Sep. 30, 2024

Revenue

Revenue

Note 5. Revenue

To reflect the organization of our business operations, we divide revenue into two categories: revenue from sales of new systems and revenue arising from the sale of used systems, parts, and labor to customers who own systems, which we refer to as “Aftermarket.”

Revenue by categories used by management are as follows:


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in thousands)
Systems	$	201,037	$	231,454	$	595,114	$	641,825
Aftermarket		55,527		60,872		170,334		178,491
Total Revenue	$	256,564	$	292,326	$	765,448	$	820,316

We also consider revenue by geography. Revenue is allocated to geographic markets based upon the location to which our products are shipped and in which our services are performed. Revenue in our principal geographic markets is as follows:


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in thousands)
North America	$	32,950	$	51,563	$	112,826	$	134,647
Asia Pacific		202,377		185,194		586,754		582,238
Europe		21,237		55,569		65,868		103,431
Total Revenue	$	256,564	$	292,326	$	765,448	$	820,316

Our system sales revenue transactions give rise to contract liabilities (in the case of pre-payments and the fair value of goods and services to be delivered after the system delivery, such as installation and certain warranty obligations).

Contract liabilities are as follows:


	September 30,		December 31,
	2024		2023

	(in thousands)
Contract liabilities	$	164,026	$	210,885


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in thousands)
Balance, beginning of the period	$	174,011	$	182,540	$	210,885	$	154,777
Deferral of revenue*		31,544		62,787		65,222		154,216
Recognition of deferred revenue		(41,529)		(43,298)		(112,081)		(106,964)
Balance, end of the period	$	164,026	$	202,029	$	164,026	$	202,029

* Amount is net of a reclassification of $4.7 million from deferred revenue to refund liability for the nine months ended September 30, 2024.

The majority of our system transactions have either (1) payment terms of 90% due upon shipment of the system and 10% due upon acceptance or (2) a pre-shipment deposit ranging from 20% to 60%, with the remainder due upon shipment, less 10% due at acceptance. Aftermarket transaction payment terms typically provide that payment is due either within 30 or 60 days after the service is provided or parts delivered.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details