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Business Segment and Geographic Region Information | 12 Months Ended
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Dec. 31, 2024
Business Segment and Geographic Region Information |
Business Segment and Geographic Region Information | Note 17. Business Segment and Geographic Region Information ​ We operate in one business segment, which is the manufacture of capital equipment for the semiconductor chip manufacturing industry. The principal market for semiconductor capital equipment is semiconductor chip manufacturers. Substantially all sales are made directly by us to our customers located in the United States, Europe and Asia Pacific. ​ The Company’s chief operating decision maker (“CODM”) is our chief executive officer. The CODM assesses financial performance for the company and decides how to allocate resources based on consolidated net income, such as determining the amount of resources to allocate to research and development projects, stock repurchases, or other growth opportunities. Segment asset information is provided to the CODM but it is not used to allocate resources. ​ The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 2024, 2023, and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ | ​ | 2024 |  | 2023 |  | 2022
​ | ​ | (in thousands)
Revenue: | ​ | $ | 1,017,865 | ​ | $ | 1,130,604 | ​ | $ | 919,998
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ | ​ | 563,211 | ​ | ​ | 639,303 | ​ | ​ | 518,208
Research and development | ​ | ​ | 105,497 | ​ | ​ | 96,907 | ​ | ​ | 78,356
Sales and marketing | ​ | ​ | 68,046 | ​ | ​ | 62,805 | ​ | ​ | 53,599
General and administrative | ​ | ​ | 70,317 | ​ | ​ | 65,794 | ​ | ​ | 57,474
Total other income (expense) | ​ | ​ | 19,480 | ​ | ​ | 12,804 | ​ | ​ | (7,476)
Income tax provision | ​ | ​ | 29,282 | ​ | ​ | 32,336 | ​ | ​ | 21,806
Segment Net Income | ​ | $ | 200,992 | ​ | $ | 246,263 | ​ | $ | 183,079
Reconciliation of profit or loss Adjustments and reconciling items | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Net income | ​ | $ | 200,992 | ​ | $ | 246,263 | ​ | $ | 183,079
​ The above table includes depreciation expense and amortization expense of $15.8 million, $13.1 million and $11.6 million, for the years ended December 31, 2024, 2023, and 2022, respectively. ​ Our ion implantation systems product line includes high current, medium current and high energy implanters. Other legacy processing products include curing and thermal processing systems. In addition to new equipment, we provide post-sales equipment service and support, including spare parts, equipment upgrades, used equipment, maintenance services and customer training. ​ Revenue by product lines is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) |
Ion implantation systems and services | ​ | $ | 1,001,045 | ​ | $ | 1,111,278 | ​ | $ | 898,132 | ​
Other systems and services | ​ |  | 16,820 | ​ |  | 19,326 | ​ |  | 21,866 | ​
Total revenue | ​ | $ | 1,017,865 | ​ | $ | 1,130,604 | ​ | $ | 919,998 | ​
​ Revenue and long-lived assets by geographic region, based on the physical location of the operation recording the sale or the asset, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Long-Lived |
​ | ​ | Revenue | ​ | Assets |
​ | ​ | (in thousands) |
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 632,028 | ​ | $ | 94,132 | ​
Europe | ​ |  | 38,089 | ​ |  | 311 | ​
Asia Pacific | ​ |  | 347,748 | ​ |  | 4,512 | ​
​ | ​ | $ | 1,017,865 | ​ | $ | 98,955 | ​
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 749,288 | ​ | $ | 86,482 | ​
Europe | ​ |  | 45,583 | ​ |  | 382 | ​
Asia Pacific | ​ |  | 335,733 | ​ |  | 4,040 | ​
​ | ​ | $ | 1,130,604 | ​ | $ | 90,904 | ​
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 634,081 | ​ | $ | 66,227 | ​
Europe | ​ |  | 38,963 | ​ |  | 212 | ​
Asia Pacific | ​ |  | 246,954 | ​ |  | 3,464 | ​
​ | ​ | $ | 919,998 | ​ | $ | 69,903 | ​
​ Long-lived assets consist of property, plant and equipment, net, and assets manufactured for internal use, net. Operations in Asia Pacific consist of manufacturing, sales and service organizations. Operations in Europe consist of sales and service organizations. ​ International revenue, which includes export sales from U.S. manufacturing facilities to foreign customers and sales by foreign subsidiaries and branches, was $873.8 million (85.8% of total revenue), $950.4 million (84.1% of total revenue) and $776.3 million (84.4% of total revenue) in 2024, 2023 and 2022, respectively.

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