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Business Segment, Geographic Area and Product Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segment, Geographic Are and Product Information
(15)
Business Segment, Geographic Area and Product Information

Reportable Segments and Products

The Company’s Chief Operating Decision Maker (the “CODM”), which is the Company’s Chief Executive Officer, utilizes financial information to make decisions about allocating resources and assessing performance for the entire Company, which is used in the decision-making process to assess performance. The Company has a diverse base of customers across its three end markets, semiconductor, electronics and packaging, and specialty industrial. Segment gross margin is the primary measure used by the CODM to assess segment performance and allocate resources. Gross margin, among other measures, is utilized when making decisions about capital and personnel allocations across segments.

The Company has three reportable segments, VSD, PSD and MSD as described below.

VSD delivers foundational technology solutions for semiconductor manufacturing, electronics and packaging, and specialty industrial applications. VSD products are derived from the Company’s core competencies in vacuum technologies, including pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, electronic control technology, reactive gas generation and delivery, power generation and delivery, and fiber optic temperature and position sensing.

PSD provides a broad range of solutions for semiconductor manufacturing, electronics and packaging, and specialty industrial applications. PSD products include lasers, beam measurement and profiling, precision motion control, vibration isolation systems, photonics instruments, opto-mechanical components, optical elements, laser-based systems for flexible printed circuit board (“PCB”) laser processing, laser-based systems for high-density interconnect PCB and package substrate manufacturing.

MSD develops leading process and manufacturing technologies for advanced surface modification, electroless and electrolytic plating, and surface finishing. Applying a comprehensive systems-and-solutions approach, MSD’s portfolio includes chemistry, equipment and services for innovative and high-technology applications in the electronics and packaging and specialty industrial markets.

The Company derives its segment results directly from the manner in which results are reported in its management reporting system. The accounting policies that the Company uses to derive reportable segment results are substantially the same as those used for external reporting purposes. The Company groups its product offerings by its reportable segments, VSD, PSD, and MSD. For each reportable segment, the Company also provides services relating to the maintenance and repair of its products, installation services and training. Unallocated corporate expenses represent those costs not specifically related to the operations of each segment and are managed separately at the corporate level and primarily relate to labor costs of global functions such as supply chain, quality control and operations.

The following tables set forth the details of gross profit by reportable segment and the reconciliation to income before income taxes:

 

 

Three Months Ended September 30, 2025

 

 

 

VSD

 

 

PSD

 

 

MSD

 

 

Total

 

Product

 

$

313

 

 

$

208

 

 

$

339

 

 

$

860

 

Services

 

 

73

 

 

 

41

 

 

 

14

 

 

 

128

 

Revenues by segment

 

 

386

 

 

 

249

 

 

 

353

 

 

 

988

 

Total cost of revenues (exclusive of amortization shown separately below)(1)

 

 

223

 

 

 

141

 

 

 

160

 

 

 

524

 

Segment gross profit

 

 

163

 

 

 

108

 

 

 

193

 

 

 

464

 

Segment gross profit percentage

 

 

42.2

%

 

 

43.7

%

 

 

54.6

%

 

 

46.6

%

Reconciliation to income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

76

 

Selling, general and administrative

 

 

 

 

 

 

 

 

 

 

 

180

 

Restructuring and other

 

 

 

 

 

 

 

 

 

 

 

4

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

63

 

Unallocated corporate expenses

 

 

 

 

 

 

 

 

 

 

 

3

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

138

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

(3

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

53

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

2

 

Other expense (income), net

 

 

 

 

 

 

 

 

 

 

 

2

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

84

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

VSD

 

 

PSD

 

 

MSD

 

 

Total

 

Product

 

$

283

 

 

$

209

 

 

$

284

 

 

$

776

 

Services

 

 

62

 

 

 

42

 

 

 

16

 

 

 

120

 

Revenues by segment

 

 

345

 

 

 

251

 

 

 

300

 

 

 

896

 

Total cost of revenues (exclusive of amortization shown separately below)(1)

 

 

194

 

 

 

139

 

 

 

129

 

 

 

462

 

Segment gross profit

 

 

151

 

 

 

112

 

 

 

171

 

 

 

434

 

Segment gross profit percentage

 

 

43.7

%

 

 

44.9

%

 

 

57.0

%

 

 

48.2

%

Reconciliation to income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

70

 

Selling, general and administrative

 

 

 

 

 

 

 

 

 

 

 

167

 

Acquisition and integration costs

 

 

 

 

 

 

 

 

 

 

 

3

 

Restructuring and other

 

 

 

 

 

 

 

 

 

 

 

1

 

Fees and expenses related to amendments to the Term Loan Facility

 

 

 

 

 

 

 

 

 

 

 

2

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

61

 

Unallocated corporate expenses

 

 

 

 

 

 

 

 

 

 

 

2

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

128

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

(6

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

64

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

5

 

Other expense (income), net

 

 

 

 

 

 

 

 

 

 

 

5

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

60

 

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

VSD

 

 

PSD

 

 

MSD

 

 

Total

 

Product

 

$

966

 

 

$

638

 

 

$

924

 

 

$

2,528

 

Services

 

 

213

 

 

 

118

 

 

 

39

 

 

 

370

 

Revenues by segment

 

 

1,179

 

 

 

756

 

 

 

963

 

 

 

2,898

 

Total cost of revenues (exclusive of amortization shown separately below)(1)

 

 

664

 

 

 

428

 

 

 

439

 

 

 

1,531

 

Segment gross profit

 

 

515

 

 

 

328

 

 

 

524

 

 

 

1,367

 

Segment gross profit percentage

 

 

43.7

%

 

 

43.4

%

 

 

54.3

%

 

 

46.9

%

Reconciliation to income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

222

 

Selling, general and administrative

 

 

 

 

 

 

 

 

 

 

 

539

 

Restructuring and other

 

 

 

 

 

 

 

 

 

 

 

26

 

Fees and expenses related to amendments to the Term Loan Facility

 

 

 

 

 

 

 

 

 

 

 

2

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

184

 

Unallocated corporate expenses

 

 

 

 

 

 

 

 

 

 

 

9

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

385

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

(11

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

162

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

8

 

Other expense (income), net

 

 

 

 

 

 

 

 

 

 

 

11

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

215

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

VSD

 

 

PSD

 

 

MSD

 

 

Total

 

Product

 

$

833

 

 

$

633

 

 

$

835

 

 

$

2,301

 

Services

 

 

179

 

 

 

126

 

 

 

46

 

 

 

351

 

Revenues by segment

 

 

1,012

 

 

 

759

 

 

 

881

 

 

 

2,652

 

Total cost of revenues (exclusive of amortization shown separately below)(1)

 

 

575

 

 

 

419

 

 

 

385

 

 

 

1,379

 

Segment gross profit

 

 

437

 

 

 

340

 

 

 

496

 

 

 

1,273

 

Segment gross profit percentage

 

 

43.2

%

 

 

44.8

%

 

 

56.3

%

 

 

47.8

%

Reconciliation to income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

206

 

Selling, general and administrative

 

 

 

 

 

 

 

 

 

 

 

498

 

Acquisition and integration costs

 

 

 

 

 

 

 

 

 

 

 

6

 

Restructuring and other

 

 

 

 

 

 

 

 

 

 

 

6

 

Fees and expenses related to amendments to the Term Loan Facility

 

 

 

 

 

 

 

 

 

 

 

5

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

184

 

Unallocated corporate expenses

 

 

 

 

 

 

 

 

 

 

 

6

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

362

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

(17

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

230

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

52

 

Other (income) expense, net

 

 

 

 

 

 

 

 

 

 

 

(3

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

100

 

 

(1)
The significant expense category and amount align with the segment-level information that is regularly provided to the CODM.

The following table sets forth capital expenditures by reportable segment:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

VSD

 

$

32

 

 

$

6

 

 

$

59

 

 

$

17

 

PSD

 

 

8

 

 

 

10

 

 

 

15

 

 

 

30

 

MSD

 

 

10

 

 

 

6

 

 

 

24

 

 

 

20

 

Total capital expenditures

 

$

50

 

 

$

22

 

 

$

98

 

 

$

67

 

The following table sets forth depreciation and amortization by reportable segment:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

VSD

 

$

9

 

 

$

11

 

 

$

31

 

 

$

33

 

PSD

 

 

11

 

 

 

12

 

 

 

37

 

 

 

38

 

MSD

 

 

65

 

 

 

64

 

 

 

190

 

 

 

191

 

Total depreciation and amortization

 

$

85

 

 

$

87

 

 

$

258

 

 

$

262

 

The following tables set forth segment assets by reportable segment:

September 30, 2025

 

Accounts
 receivable, net

 

 

Inventories

 

 

Total

 

VSD

 

$

187

 

 

$

494

 

 

$

681

 

PSD

 

 

143

 

 

 

273

 

 

 

416

 

MSD

 

 

281

 

 

 

167

 

 

 

448

 

Total segment assets

 

$

611

 

 

$

934

 

 

$

1,545

 

 

 

December 31, 2024

 

Accounts
 receivable, net

 

 

Inventories

 

 

Total

 

VSD

 

$

200

 

 

$

488

 

 

$

688

 

PSD

 

 

168

 

 

 

260

 

 

 

428

 

MSD

 

 

247

 

 

 

145

 

 

 

392

 

Total segment assets

 

$

615

 

 

$

893

 

 

$

1,508

 

The following table reconciles total segment assets to total assets:

 

 

September 30, 2025

 

 

December 31, 2024

 

Total segment assets

 

$

1,545

 

 

$

1,508

 

Cash and cash equivalents

 

 

697

 

 

 

714

 

Other current assets

 

 

294

 

 

 

252

 

Property, plant and equipment, net

 

 

769

 

 

 

771

 

Right-of-use assets

 

 

275

 

 

 

238

 

Goodwill and intangible assets, net

 

 

4,759

 

 

 

4,751

 

Other assets

 

 

438

 

 

 

356

 

Total assets

 

$

8,777

 

 

$

8,590

 

Geographic Area

Information about the Company’s operations by geographic area is presented in the tables below. Net revenues from unaffiliated customers are based on the shipped-to location of the end customer. Intercompany sales between geographic areas are at tax transfer prices and have been eliminated from consolidated revenues.

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Net revenues:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

196

 

 

$

194

 

 

$

560

 

 

$

615

 

China

 

 

236

 

 

 

192

 

 

 

674

 

 

 

561

 

South Korea

 

 

106

 

 

 

89

 

 

 

331

 

 

 

260

 

Taiwan

 

 

70

 

 

 

66

 

 

 

196

 

 

 

176

 

Singapore

 

 

60

 

 

 

60

 

 

 

195

 

 

 

171

 

Japan

 

 

56

 

 

 

65

 

 

 

183

 

 

 

177

 

Other

 

 

264

 

 

 

230

 

 

 

759

 

 

 

692

 

 

$

988

 

 

$

896

 

 

$

2,898

 

 

$

2,652