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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies |
Commitments and Contingencies | Note 10 — Commitments and Contingencies ​ Warranty ​ Changes in the Company’s product warranty reserves were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | ​ | (in thousands)
Balance - beginning of the year | ​ | $ | 8,864 | ​ | $ | 8,601 | ​ | $ | 7,878
Warranties issued | ​ |  | 6,160 | ​ |  | 6,479 | ​ |  | 8,304
Addition from Epiluvac acquisition | ​ | ​ | — | ​ | ​ | 49 | ​ | ​ | —
Consumption of reserves | ​ |  | (6,148) | ​ |  | (7,029) | ​ |  | (7,527)
Changes in estimate | ​ |  | 864 | ​ |  | 764 | ​ |  | (54)
Balance - end of the year | ​ | $ | 9,740 | ​ | $ | 8,864 | ​ | $ | 8,601
​ Minimum Lease Commitments ​ The Company’s operating leases primarily include real estate leases for properties used for manufacturing, R&D activities, sales and service, and administration, as well as certain equipment leases. Some leases may include options to renew for a period of up to 5 years, while others may include options to terminate the lease. The weighted average remaining lease term of the Company’s operating leases as of December 31, 2024 was 11 years, and the weighted average discount rate used in determining the present value of future lease payments was 5.7%. ​ The following table provides the maturities of lease liabilities at December 31, 2024: ​
​ | ​ | ​ | ​
​ | ​ | Operating
​ |  | Leases
​ | ​ | (in thousands)
Payments due by period: | ​ | ​ | ​
2025 | ​ | $ | 4,387
2026 | ​ | ​ | 5,049
2027 | ​ | ​ | 4,566
2028 | ​ | ​ | 4,196
2029 | ​ | ​ | 4,295
Thereafter | ​ | ​ | 30,616
Total future minimum lease payments | ​ | ​ | 53,109
Less: Imputed interest | ​ | ​ | (15,034)
Total | ​ | $ | 38,075
​ | ​ | ​ | ​
Reported as of December 31, 2024 | ​ | ​ | ​
Accrued expenses and other current liabilities | ​ | $ | 3,757
Long-term operating lease liabilities | ​ | ​ | 34,318
Total | ​ | $ | 38,075
​ Operating lease cost for the years ended December 31, 2024, 2023, and 2022 was $4.8 million, $5.0 million, and $7.4 million, respectively. Variable lease expense, which includes costs not included in the operating lease costs, for the years ended December 31, 2024, 2023, and 2022 was $1.3 million, $1.1 million, and $2.0 million, respectively. Additionally, the Company has an immaterial amount of short-term leases. Lease expense, which includes operating lease costs and variable lease costs, was $6.1 million, $6.1 million, and $9.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. In addition, the Company is obligated under such leases for certain other expenses, including real estate taxes and insurance. Operating cash outflows from operating leases for the year ended December 31, 2024, 2023, and 2022 were $6.8 million, $5.8 million, and $7.5 million, respectively. ​ Legal Proceedings ​ The Company is involved in various legal proceedings arising in the normal course of business. The Company does not believe that the ultimate resolution of these matters will have a material adverse effect on its consolidated financial position, results of operations, or cash flows. ​ Concentrations of Credit Risk ​ The Company depends on purchases from its ten largest customers, which accounted for 63% and 65% of net accounts receivable at December 31, 2024 and 2023, respectively. ​ Customers who accounted for more than 10% of net accounts receivable or net sales are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accounts Receivable | ​ | Net Sales |
​ | ​ | December 31, | ​ | For the Year Ended December 31, |
Customer |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2022 |
Customer A | ​ | 11 | % | 10 | % | 11 | % | * | ​ | * | ​
Customer B | ​ | * | % | 11 | % | * | ​ | * | ​ | * | ​
Customer C | ​ | 13 | % | * | ​ | 11 | % | * | ​ | * | ​
Customer D | ​ | 13 | % | * | ​ | * | ​ | * | ​ | * | ​
Customer E |  | 11 | % | * | ​ | * | ​ | * | ​ | * | ​
Customer F |  | * | ​ | * | ​ | * | ​ | 10 | % | * | ​
* | Less than 10% of aggregate accounts receivable or net sales
​ The Company manufactures and sells its products to companies in different geographic locations. Refer to Note 16, “Segment Reporting and Geographic Information,” for additional information. In certain instances, the Company requires deposits from its customers for a portion of the sales price in advance of shipment and performs periodic credit evaluations on its customers. Where appropriate, the Company requires letters of credit on certain non-U.S. sales arrangements. Receivables generally are due within 30 to 90 days from the date of invoice. In some geographies, receivables may be payable up to 150 days from the date of the invoice. ​ Receivable Purchase Agreement ​ The Company entered into a receivable purchase agreement with a financial institution to sell certain of its trade receivables from customers without recourse, up to $30.0 million at any point in time. Pursuant to this agreement, the Company sold $8.0 million of receivables during the year ended December 31, 2024, of which no amounts remained outstanding as of December 31, 2024 as defined in the receivable purchase agreement, and $30.0 million was available under the agreement for additional sales of receivables. The Company sold $32.7 million of receivables during the year ended December 31, 2023. The net sale of accounts receivable under the agreement is reflected as a reduction of accounts receivable in the Company’s Consolidated Balance Sheet at the time of sale and any fees for the sale of trade receivables were not material for the periods presented. ​ Suppliers ​ The Company outsources certain functions to third parties, including the manufacture of several of its systems. While the Company relies on its outsourcing partners to perform their contracted functions, the Company maintains some level of internal manufacturing capability for these systems. In addition, certain of the components and sub-assemblies included in the Company’s products are obtained from a single source or a limited group of suppliers. The failure of the Company’s present outsourcing partners and suppliers to meet their contractual obligations and the Company’s inability to make alternative arrangements or resume the manufacture of these systems could have a material adverse effect on the Company’s revenues, profitability, cash flows, and relationships with its customers. ​ The Company had deposits with its suppliers of $18.7 million and $19.4 million at December 31, 2024 and 2023, respectively, that were included in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. ​ Purchase Commitments ​ The Company had purchase commitments of $177.4 million at December 31, 2024, the majority of which will come due within one year. Purchase commitments are primarily for inventory used in manufacturing products, as well as equipment and project materials used to support research and development activities, and are partially offset by existing deposits with suppliers. ​ Bank Guarantees ​ The Company has bank guarantees and letters of credit issued by a financial institution on its behalf as needed. At December 31, 2024, outstanding bank guarantees and letters of credit totaled $18.1 million and unused bank guarantees and letters of credit of $21.6 million were available to be drawn upon.

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