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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2025
Commitments and Contingencies |
Commitments and Contingencies | Note 5 — Commitments and Contingencies ​ Leases ​ 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 June 30, 2025 was 10 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 June 30, 2025: ​
​ | ​ | ​ | ​
​ | ​ | Operating
​ |  | Leases
​ | ​ | (in thousands)
Payments due by period: | ​ | ​ | ​
2025 | ​ | $ | 1,925
2026 | ​ | ​ | 5,096
2027 | ​ | ​ | 4,843
2028 | ​ | ​ | 4,432
2029 | ​ | ​ | 4,302
Thereafter | ​ | ​ | 30,616
Total future minimum lease payments | ​ | ​ | 51,214
Less: Imputed interest | ​ | ​ | (13,886)
Total | ​ | $ | 37,328
​ | ​ | ​ | ​
Reported as of June 30, 2025 | ​ | ​ | ​
Accrued expenses and other current liabilities | ​ | $ | 3,915
Long-term operating lease liabilities | ​ | ​ | 33,413
Total | ​ | $ | 37,328
​ Operating lease costs for the three and six months ended June 30, 2025 were $1.3 million and $2.5 million, respectively, and $1.2 million and $2.4 million, respectively for the comparable 2024 period. Variable lease costs for the three and six months ended June 30, 2025 were $0.3 million and $0.6 million, respectively and $0.3 million and $0.7 million, respectively for the comparable 2024 period. Additionally, the Company has an immaterial amount of short-term leases. Cash outflows from operating leases for the six months ended June 30, 2025 and 2024 were $3.7 million and $3.4 million, respectively. ​ 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 no receivables for the three and six months ended June 30, 2025, and $30.0 million was available under the agreement for additional sales of receivables as of June 30, 2025. The Company sold $8.0 million of receivables for the three and six months ended June 30, 2024. 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. ​ Purchase Commitments ​ Veeco has purchase commitments of $140.4 million at June 30, 2025 to secure the rights to various assets and services to be used in the future in the normal course of business, substantially all of which become due within one year. ​ Bank Guarantees ​ Veeco has bank guarantees and letters of credit issued by a financial institution on its behalf as needed. At June 30, 2025, outstanding bank guarantees and standby letters of credit totaled $8.7 million, and unused bank guarantees and letters of credit of $34.0 million were available to be drawn upon. ​ 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.

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