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Assets | 3 Months Ended
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Mar. 31, 2024
Assets |
Assets | Note 4 — Assets ​ Investments ​ Short-term investments are generally classified as available-for-sale and reported at fair value, with unrealized gains and losses, net of tax, presented as a separate component of stockholders’ equity under the caption “Accumulated other comprehensive income” in the Consolidated Balance Sheets. These securities may include U.S. treasuries, government agency securities, corporate debt, and commercial paper, all with maturities of greater than three months when purchased. All realized gains and losses and unrealized losses resulting from declines in fair value that are other than temporary are included in “Other operating expense (income), net” in the Consolidated Statements of Operations. ​ Fair value is the price that would be received for an asset or the amount paid to transfer a liability in an orderly transaction between market participants. Veeco classifies certain assets based on the following fair value hierarchy: ​ Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; ​ Level 2: Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and ​ Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. ​ A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Veeco has evaluated the estimated fair value of financial instruments using available market information and valuations as provided by third-party sources. The use of different market assumptions or estimation methodologies could have a significant effect on the estimated fair value amounts. ​ The following table presents the portion of Veeco’s assets that were measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (in thousands)
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificate of deposits and time deposits | ​ | $ | 84,211 | ​ | $ | — | ​ | $ | — | ​ | $ | 84,211
Corporate debt | ​ | ​ | — | ​ | ​ | 2,655 | ​ | ​ | — | ​ | ​ | 2,655
U.S. treasuries | ​ | ​ | 9,999 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,999
Money market cash | ​ | ​ | 21,363 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21,363
Total | ​ | $ | 115,573 | ​ | $ | 2,655 | ​ | $ | — | ​ | $ | 118,228
Short-term investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 46,464 | ​ | $ | — | ​ | $ | — | ​ | $ | 46,464
Government agency securities | ​ | ​ | — | ​ | ​ | 25,425 | ​ | ​ | — | ​ | ​ | 25,425
Corporate debt | ​ | ​ | — | ​ | ​ | 50,997 | ​ | ​ | — | ​ | ​ | 50,997
Total | ​ | $ | 46,464 | ​ | $ | 76,422 | ​ | $ | — | ​ | $ | 122,886
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificate of deposits and time deposits | ​ | $ | 74,262 | ​ | $ | — | ​ | $ | — | ​ | $ | 74,262
Corporate debt | ​ | ​ | — | ​ | ​ | 1,988 | ​ | ​ | — | ​ | ​ | 1,988
Money market cash | ​ | ​ | 21,587 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21,587
Total | ​ | $ | 95,849 | ​ | $ | 1,988 | ​ | $ | — | ​ | $ | 97,837
Short-term investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 59,493 | ​ | $ | — | ​ | $ | — | ​ | $ | 59,493
Government agency securities | ​ | ​ | — | ​ | ​ | 41,818 | ​ | ​ | — | ​ | ​ | 41,818
Corporate debt | ​ | ​ | — | ​ | ​ | 35,409 | ​ | ​ | — | ​ | ​ | 35,409
Commercial paper | ​ | ​ | — | ​ | ​ | 9,944 | ​ | ​ | — | ​ | ​ | 9,944
Total | ​ | $ | 59,493 | ​ | $ | 87,171 | ​ | $ | — | ​ | $ | 146,664
​ There were no transfers between fair value measurement levels during the three months ended March 31, 2024. ​ At March 31, 2024 and December 31, 2023, the amortized cost and fair value of available-for-sale securities consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair Value
​ | ​ | (in thousands)
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 46,565 | ​ | $ | — | ​ | $ | (101) | ​ | $ | 46,464
Government agency securities | ​ | ​ | 25,455 | ​ | ​ | — | ​ | ​ | (30) | ​ | ​ | 25,425
Corporate debt | ​ | ​ | 51,098 | ​ | ​ | — | ​ | ​ | (101) | ​ | ​ | 50,997
Total | ​ | $ | 123,118 | ​ | $ | — | ​ | $ | (232) | ​ | $ | 122,886
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 59,541 | ​ | $ | 3 | ​ | $ | (51) | ​ | $ | 59,493
Government agency securities | ​ | ​ | 41,843 | ​ | ​ | 6 | ​ | ​ | (31) | ​ | ​ | 41,818
Corporate debt | ​ |  | 35,447 | ​ | ​ | 9 | ​ | ​ | (47) | ​ |  | 35,409
Commercial paper | ​ | ​ | 9,944 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,944
Total | ​ | $ | 146,775 | ​ | $ | 18 | ​ | $ | (129) | ​ | $ | 146,664
​ Available-for-sale securities in a loss position at March 31, 2024 and December 31, 2023 consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Continuous Loss Position | ​ | Continuous Loss Position
​ | ​ | for Less than 12 Months | ​ | for 12 Months or More
​ |  | ​ | ​ |  | Gross |  | ​ | ​ |  | Gross
​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
​ | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses
​ | ​ | ​ | (in thousands)
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 46,464 | ​ | $ | (101) | ​ | $ | — | ​ | $ | —
Government agency securities | ​ | ​ | 25,425 | ​ | ​ | (30) | ​ | ​ | — | ​ | ​ | —
Corporate debt | ​ |  | 45,471 | ​ |  | (98) | ​ |  | 1,495 | ​ |  | (3)
Total | ​ | $ | 117,360 | ​ | $ | (229) | ​ | $ | 1,495 | ​ | $ | (3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 43,118 | ​ | $ | (50) | ​ | $ | — | ​ | $ | —
Government agency securities | ​ | ​ | 34,885 | ​ | ​ | (31) | ​ | ​ | — | ​ | ​ | —
Corporate debt | ​ |  | 23,262 | ​ |  | (33) | ​ |  | 2,618 | ​ |  | (15)
Total | ​ | $ | 101,265 | ​ | $ | (114) | ​ | $ | 2,618 | ​ | $ | (15)
​ The contractual maturities of securities classified as available-for-sale at March 31, 2024 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ | ​ | Amortized | ​ | Estimated
​ | ​ | Cost | ​ | Fair Value
​ | ​ | ​ | (in thousands)
Due in one year or less | ​ | $ | 112,231 | ​ | $ | 112,050
Due after one year through two years | ​ | ​ | 10,887 | ​ |  | 10,836
Total | ​ | $ | 123,118 | ​ | $ | 122,886
​ Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There were no realized gains or losses, or unrealized losses from declines in fair value that are other than temporary, for the three months ended March 31, 2024 and 2023. ​ Accounts Receivable ​ Accounts receivable is presented net of an allowance for doubtful accounts of $1.0 million at March 31, 2024 and December 31, 2023. The Company considered its current expectations of future economic conditions when estimating its allowance for doubtful accounts. ​ Inventories ​ Inventories at March 31, 2024 and December 31, 2023 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (in thousands)
Materials | ​ | $ | 144,793 | ​ | $ | 139,884
Work-in-process | ​ |  | 75,344 | ​ |  | 71,278
Finished goods | ​ |  | 3,670 | ​ |  | 6,183
Evaluation inventory | ​ | ​ | 19,459 | ​ | ​ | 20,290
Total | ​ | $ | 243,266 | ​ | $ | 237,635
​ Prepaid Expenses and Other Current Assets ​ Prepaid expenses and other current assets primarily consist of supplier deposits, prepaid value-added tax, lease deposits, prepaid insurance, prepaid software and maintenance, and other receivables. The Company had deposits with its suppliers of $17.0 million and $19.4 million at March 31, 2024 and December 31, 2023, respectively. ​ Property, Plant, and Equipment ​ Property, plant, and equipment at March 31, 2024 and December 31, 2023 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (in thousands)
Land | ​ | $ | 5,061 | ​ | $ | 5,061
Building and improvements | ​ |  | 61,292 | ​ |  | 61,679
Machinery and equipment (1) | ​ |  | 182,811 | ​ |  | 181,180
Leasehold improvements | ​ |  | 53,009 | ​ |  | 52,913
Gross property, plant, and equipment | ​ |  | 302,173 | ​ |  | 300,833
Less: accumulated depreciation and amortization | ​ |  | 186,876 | ​ |  | 182,374
Net property, plant, and equipment | ​ | $ | 115,297 | ​ | $ | 118,459
(1) | Machinery and equipment also includes software, furniture and fixtures
​ For the three months ended March 31, 2024 and 2023, depreciation expense was $4.5 million and $4.2 million, respectively. Goodwill ​ Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. There were no changes to goodwill during the three months ended March 31, 2024. Intangible Assets ​ Intangible assets consist of purchased technology, customer relationships, patents, trademarks and tradenames, licenses, and backlog, and are initially recorded at fair value. Long-lived intangible assets are amortized over their estimated useful lives in a method reflecting the pattern in which the economic benefits are consumed or amortized on a straight-line basis if such pattern cannot be reliably determined. ​ The components of purchased intangible assets were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​
​ |  | Gross |  | Amortization |  | ​ |  | Gross |  | Amortization |  | ​
​ | ​ | Carrying | ​ | and | ​ | Net | ​ | Carrying | ​ | and | ​ | Net
​ | ​ | Amount | ​ | Impairment | ​ | Amount | ​ | Amount | ​ | Impairment | ​ | Amount
​ | ​ | (in thousands)
Technology | ​ | $ | 355,928 | ​ | $ | 322,997 | ​ | $ | 32,931 | ​ | $ | 355,928 | ​ | $ | 321,923 | ​ | $ | 34,005
Customer relationships | ​ | ​ | 146,925 | ​ | ​ | 138,154 | ​ | ​ | 8,771 | ​ | ​ | 146,925 | ​ | ​ | 137,649 | ​ | ​ | 9,276
Trademarks and tradenames | ​ | ​ | 30,910 | ​ | ​ | 30,571 | ​ | ​ | 339 | ​ | ​ | 30,910 | ​ | ​ | 30,269 | ​ | ​ | 641
Other | ​ |  | 3,746 | ​ |  | 3,733 | ​ |  | 13 | ​ |  | 3,746 | ​ |  | 3,723 | ​ |  | 23
Total | ​ | $ | 537,509 | ​ | $ | 495,455 | ​ | $ | 42,054 | ​ | $ | 537,509 | ​ | $ | 493,564 | ​ | $ | 43,945
​ Other intangible assets primarily consist of patents, licenses, and backlog.

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