Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 17, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | RUDOLPH TECHNOLOGIES INC | |
Trading Symbol | RTEC | |
Entity Central Index Key | 0001094392 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 31,115,871 | |
Entity File Number | 001-36226 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-3531208 | |
Entity Address, Address Line One | 16 Jonspin Road | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01887 | |
City Area Code | 978 | |
Local Phone Number | 253-6200 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 111,958 | $ 112,388 |
Marketable securities | 67,892 | 62,684 |
Accounts receivable, less allowance of $538 and $691 | 62,142 | 64,194 |
Inventories, net | 106,836 | 96,820 |
Income taxes receivable | 4,499 | 6,111 |
Prepaid expenses and other current assets | 11,218 | 8,710 |
Total current assets | 364,545 | 350,907 |
Property, plant and equipment, net | 18,575 | 18,874 |
Operating lease right-of-use assets | 13,340 | |
Goodwill | 22,495 | 22,495 |
Identifiable intangible assets, net | 6,674 | 7,448 |
Other assets | 18,354 | 18,316 |
Total assets | 443,983 | 418,040 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 24,501 | 30,681 |
Deferred revenue | 8,187 | 6,767 |
Current operating lease obligations | 2,532 | |
Other current liabilities | 9,962 | 7,543 |
Total current liabilities | 45,182 | 44,991 |
Non-current operating lease obligations | 12,256 | |
Other non-current liabilities | 9,045 | 11,161 |
Total liabilities | 66,483 | 56,152 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock | 31 | 31 |
Additional paid-in capital | 372,396 | 369,893 |
Accumulated other comprehensive loss | (1,256) | (1,263) |
Retained earnings (accumulated deficit) | 6,329 | (6,773) |
Total stockholders’ equity | 377,500 | 361,888 |
Total liabilities and stockholders’ equity | $ 443,983 | $ 418,040 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 538 | $ 691 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidated Statements Of Operations [Abstract] | ||||
Revenue | $ 61,511 | $ 77,476 | $ 122,403 | $ 150,572 |
Cost of revenue | 29,600 | 35,740 | 58,473 | 66,415 |
Gross profit | 31,911 | 41,736 | 63,930 | 84,157 |
Operating expenses: | ||||
Research and development | 13,056 | 12,733 | 25,774 | 24,516 |
Selling, general and administrative | 13,050 | 11,946 | 24,356 | 24,739 |
Amortization | 387 | 383 | 774 | 763 |
Total operating expenses | 26,493 | 25,062 | 50,904 | 50,018 |
Operating income | 5,418 | 16,674 | 13,026 | 34,139 |
Interest income, net | (860) | (476) | (1,666) | (867) |
Other expense (income), net | 157 | (140) | (224) | 42 |
Income before income taxes | 6,121 | 17,290 | 14,916 | 34,964 |
Provision for income taxes | 595 | 2,593 | 1,814 | 5,137 |
Net income | $ 5,526 | $ 14,697 | $ 13,102 | $ 29,827 |
Earnings per share: | ||||
Basic | $ 0.18 | $ 0.46 | $ 0.42 | $ 0.94 |
Diluted | $ 0.18 | $ 0.45 | $ 0.42 | $ 0.92 |
Weighted average shares outstanding: | ||||
Basic | 31,126 | 31,859 | 31,058 | 31,760 |
Diluted | 31,398 | 32,437 | 31,369 | 32,377 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidated Statement Of Comprehensive Income [Abstract] | ||||
Net income | $ 5,526 | $ 14,697 | $ 13,102 | $ 29,827 |
Other comprehensive income: | ||||
Change in net unrealized gains on marketable securities, net of tax | 114 | 107 | 209 | 130 |
Change in currency translation adjustments | 316 | (855) | (202) | (223) |
Total comprehensive income | $ 5,956 | $ 13,949 | $ 13,109 | $ 29,734 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Balance at Dec. 31, 2017 | $ 333,154 | $ 32 | $ 386,196 | $ (1,205) | $ (51,869) |
Balance, Shares at Dec. 31, 2017 | 31,604 | ||||
Issuance of shares through share-based compensation plans, net | 122 | 122 | |||
Issuance of shares through share-based compensation plans, net, Shares | 169 | ||||
Net income | 15,130 | 15,130 | |||
Share-based compensation | 1,507 | 1,507 | |||
Share-based compensation plan withholdings | (839) | (839) | |||
Share-based compensation plan withholdings, Shares | (31) | ||||
Currency translation | 632 | 632 | |||
Unrealized gain on investments | 23 | 23 | |||
Balance at Mar. 31, 2018 | 349,729 | $ 32 | 386,986 | (550) | (36,739) |
Balance, shares at Mar. 31, 2018 | 31,742 | ||||
Balance at Dec. 31, 2017 | 333,154 | $ 32 | 386,196 | (1,205) | (51,869) |
Balance, Shares at Dec. 31, 2017 | 31,604 | ||||
Net income | 29,827 | ||||
Unrealized gain on investments | 130 | ||||
Balance at Jun. 30, 2018 | 365,990 | $ 32 | 389,298 | (1,298) | (22,042) |
Balance, shares at Jun. 30, 2018 | 31,901 | ||||
Balance at Mar. 31, 2018 | 349,729 | $ 32 | 386,986 | (550) | (36,739) |
Balance, Shares at Mar. 31, 2018 | 31,742 | ||||
Issuance of shares through share-based compensation plans, net | 368 | 368 | |||
Issuance of shares through share-based compensation plans, net, Shares | 164 | ||||
Net income | 14,697 | 14,697 | |||
Share-based compensation | 2,081 | 2,081 | |||
Share-based compensation plan withholdings | (137) | (137) | |||
Share-based compensation plan withholdings, Shares | (5) | ||||
Currency translation | (855) | (855) | |||
Unrealized gain on investments | 107 | 107 | |||
Balance at Jun. 30, 2018 | 365,990 | $ 32 | 389,298 | (1,298) | (22,042) |
Balance, shares at Jun. 30, 2018 | 31,901 | ||||
Balance at Dec. 31, 2018 | 361,888 | $ 31 | 369,893 | (1,263) | (6,773) |
Balance, Shares at Dec. 31, 2018 | 30,906 | ||||
Issuance of shares through share-based compensation plans, net, Shares | 103 | ||||
Repurchase of common stock | (744) | (744) | |||
Repurchase of common stock, Shares | (37) | ||||
Net income | 7,576 | 7,576 | |||
Share-based compensation | 2,163 | 2,163 | |||
Share-based compensation plan withholdings | (598) | (598) | |||
Share-based compensation plan withholdings, Shares | (27) | ||||
Currency translation | (518) | (518) | |||
Unrealized gain on investments | 95 | 95 | |||
Balance at Mar. 31, 2019 | 369,862 | $ 31 | 370,714 | (1,686) | 803 |
Balance, shares at Mar. 31, 2019 | 30,945 | ||||
Balance at Dec. 31, 2018 | 361,888 | $ 31 | 369,893 | (1,263) | (6,773) |
Balance, Shares at Dec. 31, 2018 | 30,906 | ||||
Net income | 13,102 | ||||
Unrealized gain on investments | 209 | ||||
Balance at Jun. 30, 2019 | 377,500 | $ 31 | 372,396 | (1,256) | 6,329 |
Balance, shares at Jun. 30, 2019 | 31,116 | ||||
Balance at Mar. 31, 2019 | 369,862 | $ 31 | 370,714 | (1,686) | 803 |
Balance, Shares at Mar. 31, 2019 | 30,945 | ||||
Issuance of shares through share-based compensation plans, net | 160 | 160 | |||
Issuance of shares through share-based compensation plans, net, Shares | 177 | ||||
Net income | 5,526 | 5,526 | |||
Share-based compensation | 1,673 | 1,673 | |||
Share-based compensation plan withholdings | (151) | (151) | |||
Share-based compensation plan withholdings, Shares | (6) | ||||
Currency translation | 316 | 316 | |||
Unrealized gain on investments | 114 | 114 | |||
Balance at Jun. 30, 2019 | $ 377,500 | $ 31 | $ 372,396 | $ (1,256) | $ 6,329 |
Balance, shares at Jun. 30, 2019 | 31,116 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 13,102 | $ 29,827 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Amortization of intangibles | 774 | 763 |
Depreciation | 2,363 | 2,426 |
Foreign currency exchange (gain) loss | (222) | 43 |
Change in fair value of contingent consideration | 603 | |
Share-based compensation | 3,836 | 3,588 |
Provision for doubtful accounts and inventory valuation | 1,003 | 1,875 |
Changes in operating assets and liabilities | (11,066) | (29,666) |
Net cash and cash equivalents provided by operating activities | 9,790 | 9,459 |
Cash flows from investing activities: | ||
Purchases of marketable securities | (38,227) | (105,721) |
Proceeds from sales of marketable securities | 33,186 | 88,843 |
Purchases of property, plant and equipment | (2,654) | (2,178) |
Net cash and cash equivalents used in investing activities | (7,695) | (19,056) |
Cash flows from financing activities: | ||
Purchase of common stock | (744) | |
Tax payments related to shares withheld for share-based compensation plans | (749) | (977) |
Payment of contingent consideration for acquired business | (1,121) | (1,057) |
Issuance of shares through share-based compensation plans | 160 | 490 |
Net cash and cash equivalents used in financing activities | (2,454) | (1,544) |
Effect of exchange rate changes on cash and cash equivalents | (71) | (138) |
Net decrease in cash and cash equivalents | (430) | (11,279) |
Cash and cash equivalents at beginning of period | 112,388 | 67,770 |
Cash and cash equivalents at end of period | 111,958 | 56,491 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | $ 209 | $ 52 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization And Nature Of Operations [Abstract] | |
Basis of Presentation | NOTE 1. Basis of Presentation The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared by Rudolph Technologies, Inc. (the “Company” or “Rudolph”) and in the opinion of management reflect all adjustments, consisting of normal recurring accruals, necessary for their fair presentation in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual amounts could differ materially from reported amounts. The interim results for the three and six month periods ended June 30, 2019 are not necessarily indicative of results to be expected for the entire year or any future periods. This interim financial information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 10-K”) filed with the Securities and Exchange Commission (“SEC”) on February 15, 2019. The accompanying Condensed Consolidated Balance Sheets at December 31, 2018 has been derived from the audited consolidated financial statements included in the 2018 10-K. Recent Accounting Pronouncements Recently Adopted Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost. The ASU is effective for the fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU No. 2018-07 did not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows. Effective January 1, 2019, the Company adopted ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The new guidance allows companies to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. The guidance also requires certain new disclosures regardless of a company’s election. The standard is effective for annual periods beginning after December 15, 2018 and for interim periods within those annual periods, with earlier adoption permitted. The adoption of ASU No. 2018-02 did not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” ASU No. 2016-02 requires that lessees recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. On January 1, 2019, the Company adopted ASU No. 2016-02 using the modified retrospective method which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company also elected the package of practical expedients. There was not a cumulative-effect adjustment to the Company’s beginning retained earnings as a result of adopting ASU No. 2016-02. The Company has recognized additional operating lease assets and obligations of $14.4 million as of January 1, 2019. The Company elected to not reassess prior conclusions related to the identification, classification and accounting for initial direct costs for leases that commenced prior to January 1, 2019. For additional disclosure and detail, see Note 6 of the Notes to the Condensed Consolidated Financial Statements, “Leasing Arrangements.” Recently Issued In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU is part of the FASB’s larger disclosure framework project intended to improve the effectiveness of financial statement footnote disclosure. ASU No. 2018-13 modifies required fair value disclosures related primarily to level 3 investments. This ASU is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. The adoption of ASU No. 2018-13 is not expected to have a material effect on the Company’s consolidated financial position, results of operations, and cash flows. In M ay 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This ASU amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of ch anges to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Accounting Standards Codification (“ASC”) 718. The ASU is effective for the fiscal years beginning after December 15 , 2019 and for interim periods within those fiscal years. The adoption of ASU No. 2017-09 is not expected to have a material effect on the Company’s consolidated financial position, results of operations, and cash flows, if any. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU eliminates Step 2 from the goodwill impairment test. Accordingly, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. The ASU is effective for the fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Company is currently evaluating the effect the adoption of ASU No. 2017-04 will have on its consolidated financial position, results of operations, and cash flows, if any. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which represents a new credit loss standard that will change the impairment model for most financial assets and certain other financial instruments. Specifically, this guidance will require entities to utilize a new “expected loss” model as it relates to trade receivables, notes and other commitments to extend credit held by a reporting entity Recently issued accounting guidance not discussed above is not applicable. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 2. Business Combinations On June 23, 2019, the Company entered into an agreement and plan of merger to combine in an all-stock merger of equals transaction with Nanometrics Incorporated (“Nanometrics”), a provider of advanced process control metrology and software analytics. The transaction was unanimously approved by the board of directors of both companies and is subject to the satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company. The Company anticipates the merger to close in the second half of 2019. Under the terms of the agreement, Rudolph stockholders will receive 0.8042 shares of Nanometrics common stock for each share of Rudolph common stock. Upon completion of the merger, current Nanometrics stockholders will own approximately 50% of the combined company and current Rudolph stockholders will own approximately 50% of the combined company. In addition, if the merger agreement is terminated prior to completion of the merger, a termination fee of $26.0 million if the merger agreement is terminated under circumstances specified in the merger agreement. During the three months ended June 30, 2019, the Company accrued $2.5 million of direct costs associated with the merger. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 3. Fair Value Measurements The Company applies a three-level valuation hierarchy for fair value measurements. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability. Level 3 inputs are unobservable inputs based on management’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s fair value measurement classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at June 30, 2019 and December 31, 2018: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2019 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 67,892 $ — $ 67,892 $ — Total assets $ 67,892 $ — $ 67,892 $ — Liabilities: Contingent consideration - acquisitions $ 939 $ — $ — $ 939 Foreign currency forward contracts 38 — 38 — Total liabilities $ 977 $ — $ 38 $ 939 December 31, 2018 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 62,684 $ — $ 62,684 $ — Total assets $ 62,684 $ — $ 62,684 $ — Liabilities: Contingent consideration - acquisitions $ 2,060 $ — $ — $ 2,060 Foreign currency forward contracts 32 — 32 — Total liabilities $ 2,092 $ — $ 32 $ 2,060 Level 1 inputs are based on quoted market prices that are available in active markets. The Company does not have any recurring financial assets and liabilities that are recorded in its Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 that are classified as Level 1 inputs. The Company’s available-for-sale debt securities classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Investment prices are obtained from third party pricing providers, which model prices utilizing the above observable inputs, for each asset class. Level 3 liabilities consisted of contingent consideration related to an acquisition for which the Company uses a discounted cash flow model to value these liabilities. The Level 3 assumptions used in the discounted cash flow model for the contingent consideration included projected revenue, timing of cash flows and estimates of discount rates of 9.2% and 9.4% for the six months ended June 30, 2019 and 2018, respectively. A significant decrease in the projected revenue or increase in discount rates could result in a significantly lower fair value measurement for the contingent consideration. This table presents a reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2019: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Balance at December 31, 2018 $ 2,060 Additions — Payments (1,121 ) Transfer into (out of) Level 3 — Balance at June 30, 2019 $ 939 See Note 4 for additional discussion regarding the fair value of the Company’s marketable securities. Fair Value of Other Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates fair value because of the short-term maturity of these instruments. The estimated fair value of these obligations is based primarily on a market approach, comparing the Company’s interest rates to those rates the Company believes it would reasonably receive upon re-entry into the market. Judgment is required to estimate the fair value, using available market information and appropriate valuation methods. The carrying amount of the convertible notes receivable approximates fair value based on current interest rates for instruments with similar characteristics. Convertible notes receivable are initially recognized at fair value. The Company does not subsequently adjust the fair value of these convertible notes receivable unless it is determined that the convertible notes receivable are impaired. The Company considers the issuer’s financial condition, payment history, and other relevant factors when assessing the collectability of a convertible note and to reserve the portion of such convertible note for which collection does not appear likely. Interest income is recognized as earned. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2019 | |
Marketable Securities [Abstract] | |
Marketable Securities | NOTE 4. Marketable Securities The Company has evaluated its investment policies and determined that all of its marketable securities, which are comprised of debt securities, are to be classified as available-for-sale. The Company’s available-for-sale debt securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ equity under the caption “Accumulated other comprehensive loss.” Realized gains and losses on available-for-sale securities are included in “Other expense (income)” on the Condensed Consolidated Statements of Operations. The Company records other-than-temporary impairment charges for its available-for-sale debt securities when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities. The cost of securities sold is based on the specific identification method. The Company has determined that the gross unrealized losses on its marketable securities at June 30, 2019 and December 31, 2018 are temporary in nature. The Company reviews its investment portfolio to identify and evaluate marketable securities that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the securities for a period of time sufficient to allow for any anticipated recovery in market value. At June 30, 2019 and December 31, 2018, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value June 30, 2019 Municipal notes and bonds $ 67,653 $ 239 $ — $ 67,892 Total marketable securities $ 67,653 $ 239 $ — $ 67,892 December 31, 2018 Municipal notes and bonds $ 62,681 $ 43 $ 40 $ 62,684 Total marketable securities $ 62,681 $ 43 $ 40 $ 62,684 The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at June 30, 2019 and December 31, 2018: June 30, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 53,277 $ 53,366 $ 47,767 $ 47,732 Due after one through five years 14,376 14,526 14,914 14,952 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 67,653 $ 67,892 $ 62,681 $ 62,684 The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at June 30, 2019 and December 31, 2018 : In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2019 Municipal notes and bonds $ — $ — $ — $ — Total $ — $ — $ — $ — December 31, 2018 Municipal notes and bonds $ 27,952 $ 30 $ 4,671 $ 10 Total $ 27,952 $ 30 $ 4,671 $ 10 See Note 3 for additional discussion regarding the fair value of the Company’s marketable securities. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | NOTE 5. Derivative Instruments and Hedging Activities The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions. At June 30, 2019 and December 31, 2018, these contracts included the future sale of Japanese Yen to purchase U.S. dollars. Derivative instruments are measured at fair value and recognized as either, “Prepaid expenses and other current assets” or “Other current liabilities” in the Condensed Consolidated Balance Sheets with changes in the net derivatives position reflected in operating cash flows. The foreign currency forward contracts were entered into by the Company’s Japanese subsidiary to economically hedge a portion of certain intercompany obligations. The forward contracts are not designated as hedges for accounting purposes and decreases in the fair value of $6 and $55 for the six months ended June 30, 2019 and 2018, respectively, are recorded under the caption “Other expense (income), net” in the Condensed Consolidated Statements of Operations. The dollar equivalent of the U.S. dollar forward contracts and related fair values as of June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Notional amount $ 1,978 $ 6,746 Fair value of liability $ (38 ) $ (32 ) |
Leasing Arrangements
Leasing Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Leasing Arrangements | NOTE 6. Leasing Arrangements The Company leases space for its corporate headquarters, manufacturing, sales and service operations, vehicles and information technology equipment under operating leases. All of the Company’s leases are operating leases. The Company elected not to apply Accounting Standard Codification Topic 842 (“ASC 842”) to arrangements with lease terms of less than 12 months. Operating lease right-of-use assets and obligations are reflected within the captions “Operating lease right-of-use assets,” “Current operating lease obligations,” and “Non-current operating lease obligations,” respectively, on the Condensed Consolidated Balance Sheets. Operating lease costs were $869 and $1,746 during the three and six months ended June 30, 2019. These costs are primarily related to long-term operating leases, but also include immaterial amounts for short-term leases less than 12 months. Operating lease costs are recognized on a straight-line basis over the terms of the leases. Additional operating lease right-of-use assets of $222 were recognized as non-cash asset additions that resulted from new operating lease liabilities as of the six months ended June 30, 2019. Cash paid for amounts included in the measurement of operating lease liabilities was $1,656 during the six months ended June 30, 2019 and is included in operating cash flows. The Company often has the option to renew lease terms for buildings and other assets. The exercise of lease renewal options are generally at the Company’s sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at the Company’s discretion. The Company evaluates renewal and termination options at the lease commencement date to determine if it is reasonably certain to exercise the option on the basis of economic factors. The weighted average of the remaining lease term for operating leases as of June 30, 2019 was 7.9 years. The discount rate implicit within the Company’s leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for our leases is determined based on the lease term in which lease payments are made. The weighted average discount rate used to measure operating lease liabilities as of June 30, 2019 was 4.7 %. The following table presents information about the amount and timing of cash flows arising from the Company’s operating leases as of June 30, 2019: June 30, 2019 Maturity of Lease Liabilities Lease Payments 2019 (remaining) $ 1,636 2020 3,012 2021 2,070 2022 2,011 2023 1,698 Thereafter 7,484 Total undiscounted operating lease payments $ 17,911 Less: Imputed interest 3,123 Present value of operating lease liabilities $ 14,788 |
Purchased Intangible Assets
Purchased Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Purchased Intangible Assets [Abstract] | |
Purchased Intangible Assets | NOTE 7. Purchased Intangible Assets Purchased intangible assets as of June 30, 2019 and December 31, 2018 are as follows: Gross Carrying Amount Accumulated Amortization Net June 30, 2019 Finite-lived intangibles: Developed technology $ 66,177 $ 60,283 $ 5,894 Customer and distributor relationships 9,560 9,215 345 Trade names 4,361 3,926 435 Total identifiable intangible assets $ 80,098 $ 73,424 $ 6,674 December 31, 2018 Finite-lived intangibles: Developed technology $ 66,177 $ 59,692 $ 6,485 Customer and distributor relationships 9,560 9,082 478 Trade names 4,361 3,876 485 Total identifiable intangible assets $ 80,098 $ 72,650 $ 7,448 Intangible asset amortization expenses for the three and six months ended June 30, 2019 were $387 and $774, respectively. For the three and six month period ended June 30, 2018, intangible assets amortization expenses were $383 and $763, respectively. Assuming no change in the gross carrying value of identifiable intangible assets and estimated lives, estimated amortization expenses for the remainder of 2019 are $774, and for each of the next five years estimated amortization expenses are $1,346 for 2020, $598 for 2021, $532 for 2022, $515 for 2023, and $431 for 2024. |
Convertible Notes Receivable
Convertible Notes Receivable | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Convertible Notes Receivable | NOTE 8. Convertible Notes Receivable The Company entered into a convertible loan agreement with Simax Precision Technologies Limited (“Simax”) on May 31, 2018. Under the agreement, Simax may borrow from the Company up to $15,000 in multiple promissory notes, subject to limitations. The Company expects to be a supplier of lithography modules to Simax which is focused on the manufacture, sale and service of lithography systems. The convertible notes will bear a rate of interest of 4.25% per annum payable on a semi-annual basis. The convertible notes provide the Company with the option to convert the outstanding indebtedness into equity. If the Company does not elect to exercise its option to convert the notes into equity, Simax will repay the principal amount outstanding and any outstanding interest in equal installments beginning on the fifth anniversary of the loan date and continuing on a quarterly basis over the next three years. As of June 30, 2019, the convertible notes receivable balance was $5,000 with accrued interest of $105. |
Balance Sheet Details
Balance Sheet Details | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Detail [Abstract] | |
Balance Sheet Details | NOTE 9. Balance Sheet Details Inventories Inventories are comprised of the following: June 30, 2019 December 31, 2018 Materials $ 69,714 $ 61,025 Work-in-process 22,361 21,910 Finished goods 14,761 13,885 Total inventories $ 106,836 $ 96,820 The Company has established reserves of $11,347 and $11,678 as of June 30, 2019 and December 31, 2018, respectively, for slow moving and obsolete inventory, which are included in the amounts above. Property, Plant and Equipment Property, plant and equipment, net is comprised of the following: June 30, 2019 December 31, 2018 Land and building $ 2,584 $ 2,584 Machinery and equipment 27,979 29,097 Furniture and fixtures 3,236 3,226 Computer equipment and software 10,489 7,906 Leasehold improvements 9,456 9,448 53,744 52,261 Accumulated depreciation (35,169 ) (33,387 ) Total property, plant and equipment, net $ 18,575 $ 18,874 Other assets Other assets is comprised of the following: June 30, 2019 December 31, 2018 Convertible notes receivable $ 5,000 $ 5,000 Deferred income taxes 12,842 12,810 Other 512 506 Total other assets $ 18,354 $ 18,316 Other current liabilities Other current liabilities is comprised of the following: June 30, 2019 December 31, 2018 Contingent consideration - acquisitions $ 939 $ 1,422 Customer deposits 610 1,135 Accrued inventory 2,348 1,103 Accrued merger related expenses 2,464 — Other 3,601 3,883 Total other current liabilities $ 9,962 $ 7,543 Other non-current liabilities Other non-current liabilities is comprised of the following: June 30, 2019 December 31, 2018 Unrecognized tax benefits (including interest) $ 5,529 $ 5,409 Contingent consideration - acquisitions — 638 Deferred revenue 1,162 1,314 Deferred rent — 1,405 Other 2,354 2,395 Total other non-current liabilities $ 9,045 $ 11,161 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 10. Commitments and Contingencies Intellectual Property Indemnification Obligations The Company has entered into agreements with customers that include limited intellectual property indemnification obligations that are customary in the industry. These guarantees generally require the Company to compensate the other party for certain damages and costs incurred as a result of third-party intellectual property claims arising from these transactions. The nature of the intellectual property indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to its customers. Historically, the Company has not made any indemnification payments under such agreements and no amount has been accrued in the accompanying Condensed Consolidated Financial Statements with respect to these indemnification guarantees. Warranty Reserves The Company generally provides a warranty on its products for a period of 12 to 15 months against defects in material and workmanship. The Company estimates the costs that may be incurred during the warranty period and records a liability in the amount of such costs at the time revenue is recognized. The Company’s estimate is based primarily on historical experience. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Settlements of warranty reserves are generally associated with sales that occurred during the 12 to 15 months prior to the quarter-end and warranty accruals are related to sales during the same year. Changes in the Company’s warranty reserves are as follows: Six Months Ended June 30, 2019 2018 Balance, beginning of the period $ 2,441 $ 2,427 Accruals 1,390 1,930 Usage (1,688 ) (1,692 ) Balance, end of the period $ 2,143 $ 2,665 Warranty reserves are reported in the Condensed Consolidated Balance Sheets under the caption “Accounts payable and accrued liabilities.” Legal Matters From time to time, the Company is subject to legal proceedings and claims in the ordinary course of business. As of June 30, 2019, there are no legal proceedings pending or threatened against the Company that management believes are likely to have a material adverse effect on the Company’s consolidated financial position or otherwise. Line of Credit The Company has a credit agreement with a bank that provides for a line of credit which is secured by the marketable securities the Company has with the bank. The Company is permitted to borrow up to 70% of the value of eligible securities held at the time the line of credit is accessed. The available line of credit as of June 30, 2019 was approximately $93.0 million with an available interest rate of 4.0%. The credit agreement is available to the Company until such time that either party terminates the arrangement at their discretion. The Company has not utilized the line of credit to date. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 11. Revenue Revenue is recognized when control of the promised goods or services are transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. The Company accounts for a contract when it ha s approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers or the expected cost-plus margin. Disaggregated Revenue The following table presents the Company’s revenue disaggregated by revenue source: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Systems $ 44,315 $ 60,113 $ 87,087 $ 116,216 Software licensing, support and maintenance 7,297 7,547 14,334 15,002 Parts 7,073 6,758 15,150 13,742 Services 2,826 3,058 5,832 5,612 Total revenue $ 61,511 $ 77,476 $ 122,403 $ 150,572 The following table represents a disaggregation of revenue by timing of revenue: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Point-in-time $ 57,308 $ 73,283 $ 113,899 $ 142,679 Over-time 4,203 4,193 8,504 7,893 Total revenue $ 61,511 $ 77,476 $ 122,403 $ 150,572 See Note 17 of the Notes to the Condensed Consolidated Financial Statements for additional discussion of the Company’s disaggregated revenue in detail. Systems Revenue Revenue from systems is recognized when the Company transfers control of the product to the customer. To indicate transfer of control, the Company must have a present right to payment, legal title must have passed to the customer and the customer must have the significant risks and rewards of ownership. The Company generally transfers control for system sales when the customer or the customer’s agent picks up the system at the Company’s facility. Payment for the majority of the Company’s systems have 80-90% of the invoice amount due within 30 days and the remaining amount due upon completion of installation, recalibration and qualification by the customer. The Company provides an assurance warranty on its systems for a period of twelve to fifteen months against defects in material and workmanship. The Company provides for the estimated cost of product warranties at the time revenue is recognized. Depending on the terms of the systems arrangement, the Company may also defer the recognition of a portion of the consideration expected to be received because the Company has to satisfy a future obligation ( e.g., Software Licensing, Support and Maintenance Revenue Revenue from software licenses provides the customer with a right to use the software as it exists when made available to the customer. Revenue from software licenses are recognized upfront at the point in time when the software is made available to the customer. Revenue from licensing support and maintenance is recognized as the support and maintenance are provided, which is over the contract period. Payment for software licensing, support and maintenance is generally due in 30 days. Parts Revenue Revenue from parts is recognized when the Company transfers control of the product, which typically occurs when the Company ships the product from its facilities to the customer. Payment for parts is generally due in 30 days. Services Revenue Revenue from services primarily consists of service contracts, which provide additional maintenance coverage beyond the Company’ s assurance warranty on its products, service labor, consulting and training. Revenue from service contracts is recognized ratably over the term of the service contract. Revenue from service labor, consulting and training is recognized as services are pe rformed. Payment for services is generally due in 30 days . Contract Liabilities The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations. These amounts are recorded as deferred revenue in the Consolidated Balance Sheets. Changes in deferred revenue were as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Balance, beginning of the period $ 8,687 $ 8,773 $ 8,080 $ 7,206 Deferral of revenue 6,130 1,601 11,631 6,154 Recognition of deferred revenue (5,468 ) (1,575 ) (10,362 ) (4,561 ) Balance, ending of the period $ 9,349 $ 8,799 $ 9,349 $ 8,799 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation | NOTE 12. Share-Based Compensation Restricted Stock Unit Activity A summary of the Company’s restricted stock unit activity with respect to the six months ended June 30, 2019 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2018 794 $ 19.51 Granted 318 $ 23.59 Vested (274 ) $ 16.91 Forfeited (17 ) $ 23.03 Nonvested at June 30, 2019 821 $ 21.88 Included in the number of shares granted in the table directly above are 55 market performance-based restricted stock units (“MPRSUs”) granted to executives in 2019. Vesting of these MPRSUs is contingent upon the Company meeting certain total shareholder return (“TSR”) levels as compared to a select peer group over three years from the year granted. The 2019 MPRSUs cliff vest at the end of the three-year period and have a maximum potential to vest at 200% (111 shares) based on TSR performance. The related share-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized straight-line over the vesting term. The estimated fair value per share of the MPRSUs was $26.72. As of June 30, 2019 and December 31, 2018, there was $12,787 and $9,517 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively. That cost is expected to be recognized over a weighted average period of 2.4 years and 2.1 years for each of the respective periods. |
Other Expense (Income), Net
Other Expense (Income), Net | 6 Months Ended |
Jun. 30, 2019 | |
Other Income Expense [Abstract] | |
Other Expense (Income), Net | NOTE 13. Other Expense (Income), Net Other expense (income), net is comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Foreign currency exchange losses (gains), net $ 159 $ (140 ) (222 ) 43 Rental income (1 ) — (1 ) (1 ) Other (1 ) — (1 ) — Total other expense (income), net $ 157 $ (140 ) $ (224 ) $ 42 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 14. Income Taxes The following table provides details of income taxes: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Income before income taxes $ 6,121 $ 17,290 $ 14,916 $ 34,964 Provision for income taxes $ 595 $ 2,593 $ 1,814 $ 5,137 Effective tax rate 9.7 % 15.0 % 12.2 % 14.7 % The income tax provision for the three and six months ended June 30, 2019 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year. The changes in the Company’s effective tax rate for the three and six months ended June 30, 2019 as compared to the same period in 2018 are primarily due to changes in the mix of forecasted earnings by jurisdictions, Section 162 (m) adjustment and the tax-exempt interest. The Company’s recorded effective tax rate is less than the U.S. statutory rate primarily due to a projected Foreign Derived Intangible Income Deduction from the Tax Act and federal research and development tax credits. The Company currently has a partial valuation allowance recorded against certain foreign and state net operating loss and credit carryforwards where the realizability of such deferred tax assets is substantially in doubt. Each quarter, the Company assesses the likelihood that it will be able to recover its deferred tax assets. The Company considers available evidence, both positive and negative, including forecasted earnings in assessing the need for a valuation allowance. As a result of the Company’s analysis, it concluded that it is more likely than not that a portion of its deferred tax assets will not be realized. Therefore, the Company continues to provide a valuation allowance against certain deferred tax assets. The Company continues to monitor available evidence and may reverse some or all of the remaining valuation allowance in future periods, if appropriate. The Company has a recorded valuation allowance against certain of its deferred tax assets of $3,172 as of June 30, 2019 and December 31, 2018. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Loss Per Share [Abstract] | |
Earnings Per Share | NOTE 15. Earnings Per Share Basic earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner and also gives effect to all dilutive common stock equivalent shares outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive. In accordance with U.S. GAAP, these shares were not included in calculating diluted earnings per share. The following table sets forth the weighted average number of restricted stock units that have been excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 2019 2018 2019 2018 Restricted stock units 64 11 136 22 Total 64 11 136 22 The Company’s basic and diluted earnings per share amounts are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 5,526 $ 14,697 $ 13,102 $ 29,827 Denominator: Basic earnings per share - weighted average shares outstanding 31,126 31,859 31,058 31,760 Effect of potential dilutive securities: Employee stock options and restricted stock units - dilutive shares 272 578 311 617 Diluted earnings per share - weighted average shares outstanding 31,398 32,437 31,369 32,377 Earnings per share: Basic $ 0.18 $ 0.46 $ 0.42 $ 0.94 Diluted $ 0.18 $ 0.45 $ 0.42 $ 0.92 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 16. Accumulated Other Comprehensive Loss Comprehensive income includes net income, foreign currency translation adjustments and net unrealized gains and losses on available-for-sale debt securities. See the Condensed Consolidated Statements of Comprehensive Income for the effect of the components of comprehensive income on the Company’s net income. The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized gain on marketable securities Accumulated other comprehensive loss (income) Balance at December 31, 2018 $ 1,273 $ (10 ) $ 1,263 Net current period other comprehensive income 202 (209 ) (7 ) Reclassifications — — — Balance at June 30, 2019 $ 1,475 $ (219 ) $ 1,256 |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting And Geographic Information [Abstract] | |
Segment Reporting and Geographic Information | NOTE 17. Segment Reporting and Geographic Information The Company is engaged in the design, development, manufacture and support of high-performance control metrology, defect inspection, advanced packaging lithography and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment: the design, development, manufacture and support of high-performance process control defect inspection and metrology, advanced packaging lithography and process control software systems used by microelectronics device manufacturers. Therefore, the Company has one reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The CEO allocates resources and assesses performance of the business and other activities at the reportable segment level. The following table lists the different sources of revenue: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Systems and Software: Process control $ 44,253 72 % $ 56,262 72 % $ 83,411 68 % $ 104,295 70 % Lithography 62 — % 3,851 5 % 3,676 3 % 11,921 7 % Software licensing, support and maintenance 7,297 12 % 7,547 10 % 14,334 12 % 15,002 10 % Parts 7,073 11 % 6,758 9 % 15,150 12 % 13,742 9 % Services 2,826 5 % 3,058 4 % 5,832 5 % 5,612 4 % Total revenue $ 61,511 100 % $ 77,476 100 % $ 122,403 100 % $ 150,572 100 % The Company’s significant operations outside the United States include sales, service and application offices in Europe and Asia. For geographical revenue reporting, revenue is attributed to the geographic location to which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenue from third parties: United States $ 8,932 $ 8,800 $ 18,063 $ 17,868 Taiwan 7,111 10,943 18,142 25,410 Japan 3,427 5,818 7,367 9,948 China 24,177 23,347 40,221 41,318 South Korea 10,775 16,374 21,546 33,604 Singapore 1,596 3,059 3,612 7,341 Other Asia 1,047 501 2,039 2,418 Germany 674 3,818 2,524 5,142 Other Europe 3,772 4,816 8,889 7,523 Total revenue $ 61,511 $ 77,476 $ 122,403 $ 150,572 The following customer accounted for more than 10% of total revenue for the indicated periods: Six Months Ended June 30, 2019 2018 Customer A 24.6 % 11.6 % |
Share Repurchase Authorization
Share Repurchase Authorization | 6 Months Ended |
Jun. 30, 2019 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Authorization | NOTE 18. Shares Repurchase Authorization In October 2018, the Board of Directors approved a new share repurchase authorization, which allows the Company to repurchase up to $40,000 worth of shares of its common stock. The authorization provides for repurchases to be made in the open market or through negotiated transactions from time to time. The share repurchase authorization has no expiration date and may be discontinued at any time. During the three and six months ended June 30, 2019, the Company repurchased 0 and 37 shares of common stock, respectively, under the share repurchase authorization and those shares were subsequently retired. At June 30, 2019, there was $32,494 available for future share repurchases. Share repurchases under this plan are currently suspended until the completion of the merger with Nanometrics. See Note 2 for additional information regarding the merger with Nanometrics. |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at June 30, 2019 and December 31, 2018: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2019 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 67,892 $ — $ 67,892 $ — Total assets $ 67,892 $ — $ 67,892 $ — Liabilities: Contingent consideration - acquisitions $ 939 $ — $ — $ 939 Foreign currency forward contracts 38 — 38 — Total liabilities $ 977 $ — $ 38 $ 939 December 31, 2018 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 62,684 $ — $ 62,684 $ — Total assets $ 62,684 $ — $ 62,684 $ — Liabilities: Contingent consideration - acquisitions $ 2,060 $ — $ — $ 2,060 Foreign currency forward contracts 32 — 32 — Total liabilities $ 2,092 $ — $ 32 $ 2,060 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | This table presents a reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2019: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Balance at December 31, 2018 $ 2,060 Additions — Payments (1,121 ) Transfer into (out of) Level 3 — Balance at June 30, 2019 $ 939 |
Marketable Securities - (Tables
Marketable Securities - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Marketable Securities [Abstract] | |
Schedule of Marketable Securities by Category | At June 30, 2019 and December 31, 2018, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value June 30, 2019 Municipal notes and bonds $ 67,653 $ 239 $ — $ 67,892 Total marketable securities $ 67,653 $ 239 $ — $ 67,892 December 31, 2018 Municipal notes and bonds $ 62,681 $ 43 $ 40 $ 62,684 Total marketable securities $ 62,681 $ 43 $ 40 $ 62,684 |
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities Classified by Maturity Date | The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at June 30, 2019 and December 31, 2018: June 30, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 53,277 $ 53,366 $ 47,767 $ 47,732 Due after one through five years 14,376 14,526 14,914 14,952 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 67,653 $ 67,892 $ 62,681 $ 62,684 |
Summary of Estimated Fair Value and Gross Unrealized Holding Losses of Marketable Securities in Unrealized Loss Position | The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at June 30, 2019 and December 31, 2018 : In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2019 Municipal notes and bonds $ — $ — $ — $ — Total $ — $ — $ — $ — December 31, 2018 Municipal notes and bonds $ 27,952 $ 30 $ 4,671 $ 10 Total $ 27,952 $ 30 $ 4,671 $ 10 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Forward Contracts and Related Fair Values | The dollar equivalent of the U.S. dollar forward contracts and related fair values as of June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Notional amount $ 1,978 $ 6,746 Fair value of liability $ (38 ) $ (32 ) |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Summary of Maturity of Lease Liabilities | The following table presents information about the amount and timing of cash flows arising from the Company’s operating leases as of June 30, 2019: June 30, 2019 Maturity of Lease Liabilities Lease Payments 2019 (remaining) $ 1,636 2020 3,012 2021 2,070 2022 2,011 2023 1,698 Thereafter 7,484 Total undiscounted operating lease payments $ 17,911 Less: Imputed interest 3,123 Present value of operating lease liabilities $ 14,788 |
Purchased Intangible Assets - (
Purchased Intangible Assets - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Purchased Intangible Assets [Abstract] | |
Schedule of Purchased Intangible Assets | Purchased intangible assets as of June 30, 2019 and December 31, 2018 are as follows: Gross Carrying Amount Accumulated Amortization Net June 30, 2019 Finite-lived intangibles: Developed technology $ 66,177 $ 60,283 $ 5,894 Customer and distributor relationships 9,560 9,215 345 Trade names 4,361 3,926 435 Total identifiable intangible assets $ 80,098 $ 73,424 $ 6,674 December 31, 2018 Finite-lived intangibles: Developed technology $ 66,177 $ 59,692 $ 6,485 Customer and distributor relationships 9,560 9,082 478 Trade names 4,361 3,876 485 Total identifiable intangible assets $ 80,098 $ 72,650 $ 7,448 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Detail [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following: June 30, 2019 December 31, 2018 Materials $ 69,714 $ 61,025 Work-in-process 22,361 21,910 Finished goods 14,761 13,885 Total inventories $ 106,836 $ 96,820 |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net is comprised of the following: June 30, 2019 December 31, 2018 Land and building $ 2,584 $ 2,584 Machinery and equipment 27,979 29,097 Furniture and fixtures 3,236 3,226 Computer equipment and software 10,489 7,906 Leasehold improvements 9,456 9,448 53,744 52,261 Accumulated depreciation (35,169 ) (33,387 ) Total property, plant and equipment, net $ 18,575 $ 18,874 |
Schedule of Other Assets | Other assets is comprised of the following: June 30, 2019 December 31, 2018 Convertible notes receivable $ 5,000 $ 5,000 Deferred income taxes 12,842 12,810 Other 512 506 Total other assets $ 18,354 $ 18,316 |
Schedule of Other Current Liabilities | Other current liabilities is comprised of the following: June 30, 2019 December 31, 2018 Contingent consideration - acquisitions $ 939 $ 1,422 Customer deposits 610 1,135 Accrued inventory 2,348 1,103 Accrued merger related expenses 2,464 — Other 3,601 3,883 Total other current liabilities $ 9,962 $ 7,543 |
Schedule of Other Non-Current Liabilities | Other non-current liabilities is comprised of the following: June 30, 2019 December 31, 2018 Unrecognized tax benefits (including interest) $ 5,529 $ 5,409 Contingent consideration - acquisitions — 638 Deferred revenue 1,162 1,314 Deferred rent — 1,405 Other 2,354 2,395 Total other non-current liabilities $ 9,045 $ 11,161 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Schedule of Changes in Warranty Reserves | Changes in the Company’s warranty reserves are as follows: Six Months Ended June 30, 2019 2018 Balance, beginning of the period $ 2,441 $ 2,427 Accruals 1,390 1,930 Usage (1,688 ) (1,692 ) Balance, end of the period $ 2,143 $ 2,665 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents the Company’s revenue disaggregated by revenue source: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Systems $ 44,315 $ 60,113 $ 87,087 $ 116,216 Software licensing, support and maintenance 7,297 7,547 14,334 15,002 Parts 7,073 6,758 15,150 13,742 Services 2,826 3,058 5,832 5,612 Total revenue $ 61,511 $ 77,476 $ 122,403 $ 150,572 The following table represents a disaggregation of revenue by timing of revenue: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Point-in-time $ 57,308 $ 73,283 $ 113,899 $ 142,679 Over-time 4,203 4,193 8,504 7,893 Total revenue $ 61,511 $ 77,476 $ 122,403 $ 150,572 |
Schedule of Changes in Deferred Revenue | Changes in deferred revenue were as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Balance, beginning of the period $ 8,687 $ 8,773 $ 8,080 $ 7,206 Deferral of revenue 6,130 1,601 11,631 6,154 Recognition of deferred revenue (5,468 ) (1,575 ) (10,362 ) (4,561 ) Balance, ending of the period $ 9,349 $ 8,799 $ 9,349 $ 8,799 |
Share-Based Compensation - (Tab
Share-Based Compensation - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share Based Compensation [Abstract] | |
Summary of Nonvested Restricted Stock Unit Activity | A summary of the Company’s restricted stock unit activity with respect to the six months ended June 30, 2019 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2018 794 $ 19.51 Granted 318 $ 23.59 Vested (274 ) $ 16.91 Forfeited (17 ) $ 23.03 Nonvested at June 30, 2019 821 $ 21.88 |
Other Expense (Income), Net (Ta
Other Expense (Income), Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Income Expense [Abstract] | |
Schedule of Other Expense (Income), Net | Other expense (income), net is comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Foreign currency exchange losses (gains), net $ 159 $ (140 ) (222 ) 43 Rental income (1 ) — (1 ) (1 ) Other (1 ) — (1 ) — Total other expense (income), net $ 157 $ (140 ) $ (224 ) $ 42 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Taxes [Abstract] | |
Schedule of Effective Tax Rate | The following table provides details of income taxes: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Income before income taxes $ 6,121 $ 17,290 $ 14,916 $ 34,964 Provision for income taxes $ 595 $ 2,593 $ 1,814 $ 5,137 Effective tax rate 9.7 % 15.0 % 12.2 % 14.7 % |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth the weighted average number of restricted stock units that have been excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 2019 2018 2019 2018 Restricted stock units 64 11 136 22 Total 64 11 136 22 |
Schedule of Earnings Per Share, Basic and Diluted | The Company’s basic and diluted earnings per share amounts are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 5,526 $ 14,697 $ 13,102 $ 29,827 Denominator: Basic earnings per share - weighted average shares outstanding 31,126 31,859 31,058 31,760 Effect of potential dilutive securities: Employee stock options and restricted stock units - dilutive shares 272 578 311 617 Diluted earnings per share - weighted average shares outstanding 31,398 32,437 31,369 32,377 Earnings per share: Basic $ 0.18 $ 0.46 $ 0.42 $ 0.94 Diluted $ 0.18 $ 0.45 $ 0.42 $ 0.92 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized gain on marketable securities Accumulated other comprehensive loss (income) Balance at December 31, 2018 $ 1,273 $ (10 ) $ 1,263 Net current period other comprehensive income 202 (209 ) (7 ) Reclassifications — — — Balance at June 30, 2019 $ 1,475 $ (219 ) $ 1,256 |
Segment Reporting and Geograp_2
Segment Reporting and Geographic Information - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting And Geographic Information [Abstract] | |
Schedule of Revenue from External Customers by Products and Services | The following table lists the different sources of revenue: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Systems and Software: Process control $ 44,253 72 % $ 56,262 72 % $ 83,411 68 % $ 104,295 70 % Lithography 62 — % 3,851 5 % 3,676 3 % 11,921 7 % Software licensing, support and maintenance 7,297 12 % 7,547 10 % 14,334 12 % 15,002 10 % Parts 7,073 11 % 6,758 9 % 15,150 12 % 13,742 9 % Services 2,826 5 % 3,058 4 % 5,832 5 % 5,612 4 % Total revenue $ 61,511 100 % $ 77,476 100 % $ 122,403 100 % $ 150,572 100 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | For geographical revenue reporting, revenue is attributed to the geographic location to which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenue from third parties: United States $ 8,932 $ 8,800 $ 18,063 $ 17,868 Taiwan 7,111 10,943 18,142 25,410 Japan 3,427 5,818 7,367 9,948 China 24,177 23,347 40,221 41,318 South Korea 10,775 16,374 21,546 33,604 Singapore 1,596 3,059 3,612 7,341 Other Asia 1,047 501 2,039 2,418 Germany 674 3,818 2,524 5,142 Other Europe 3,772 4,816 8,889 7,523 Total revenue $ 61,511 $ 77,476 $ 122,403 $ 150,572 |
Schedule of Revenue by Major Customer by Reporting Segments | The following customer accounted for more than 10% of total revenue for the indicated periods: Six Months Ended June 30, 2019 2018 Customer A 24.6 % 11.6 % |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Organization And Nature Of Operations [Abstract] | ||
Additional operating lease asset | $ 13,340 | $ 14,400 |
Additional operating lease obligations | $ 1,656 | $ 14,400 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) $ in Millions | Jun. 23, 2019 | Jun. 30, 2019 |
Business Acquisition [Line Items] | ||
Business acquisition number of shares receivable by shareholders | 0.8042 | |
Business acquisition, percentage of voting interests acquired | 50.00% | |
Business combination termination fee payable by terminating party | $ 26 | |
Business combination accrued direct costs associated with merger | $ 2.5 | |
Nanometrics [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, percentage of voting interests acquired | 50.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Municipal notes and bonds | $ 67,892 | $ 62,684 |
Total assets | 67,892 | 62,684 |
Contingent consideration - acquisitions | 939 | 2,060 |
Foreign currency forward contracts | 38 | 32 |
Total liabilities | 977 | 2,092 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Municipal notes and bonds | 0 | 0 |
Total assets | 0 | 0 |
Contingent consideration - acquisitions | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Municipal notes and bonds | 67,892 | 62,684 |
Total assets | 67,892 | 62,684 |
Contingent consideration - acquisitions | 0 | 0 |
Foreign currency forward contracts | 38 | 32 |
Total liabilities | 38 | 32 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Municipal notes and bonds | 0 | 0 |
Total assets | 0 | 0 |
Contingent consideration - acquisitions | 939 | 2,060 |
Foreign currency forward contracts | 0 | 0 |
Total liabilities | $ 939 | $ 2,060 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Jun. 30, 2019 | Jun. 30, 2018 |
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input Discount Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated discount rates | 0.092 | 0.094 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation for All Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (level 3) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |
Balance at December 31, 2018 | $ 2,060 |
Additions | 0 |
Payments | (1,121) |
Transfer into (out of) Level 3 | 0 |
Balance at June 30, 2019 | $ 939 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities by Category (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 67,653 | $ 62,681 |
Gross Unrealized Holding Gains | 239 | 43 |
Gross Unrealized Holding Losses | 40 | |
Fair Value | 67,892 | 62,684 |
Municipal Notes and Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 67,653 | 62,681 |
Gross Unrealized Holding Gains | 239 | 43 |
Gross Unrealized Holding Losses | 40 | |
Fair Value | $ 67,892 | $ 62,684 |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities Classified by Maturity Date (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available For Sale Securities Debt Maturities Fair Value [Abstract] | ||
Amortized Cost, Due within one year | $ 53,277 | $ 47,767 |
Amortized Cost, Due after one through five years | 14,376 | 14,914 |
Amortized Cost, Due after five through ten years | 0 | 0 |
Amortized Cost, Due after ten years | 0 | 0 |
Amortized Cost, Total marketable securities | 67,653 | 62,681 |
Fair Value, Due within one year | 53,366 | 47,732 |
Fair Value, Due after one through five years | 14,526 | 14,952 |
Fair Value, Due after five through ten years | 0 | 0 |
Fair Value, Due after ten years | 0 | 0 |
Fair Value, Total marketable securities | $ 67,892 | $ 62,684 |
Marketable Securities - Summary
Marketable Securities - Summary of Estimated Fair Value and Gross Unrealized Holding Losses of Marketable Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
In Unrealized Loss Position For Less Than 12 Months, Fair Value | $ 0 | $ 27,952 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses | 0 | 30 |
In Unrealized Loss Position For Greater Than 12 Months, Fair Value | 0 | 4,671 |
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses | 0 | 10 |
Municipal Notes and Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
In Unrealized Loss Position For Less Than 12 Months, Fair Value | 0 | 27,952 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses | 0 | 30 |
In Unrealized Loss Position For Greater Than 12 Months, Fair Value | 0 | 4,671 |
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses | $ 0 | $ 10 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Decrease in fair value of forward contracts | $ 6 | $ 55 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Forward Contracts and Related Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Notional amount | $ 1,978 | $ 6,746 |
Fair value of liability | $ (38) | $ (32) |
Leasing Arrangements - Addition
Leasing Arrangements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | |
Lessee Disclosure [Abstract] | |||
Operating lease cost | $ 869 | $ 1,746 | |
Additional operating lease,right-of-use assets resulted from new operating lease liabilities | 222 | ||
Operating lease liability | $ 1,656 | $ 1,656 | $ 14,400 |
Weighted average remaining lease term of operating leases | 7 years 10 months 24 days | 7 years 10 months 24 days | |
Weighted average discount rate of operating lease liabilities | 4.70% | 4.70% |
Leasing Arrangements - Summary
Leasing Arrangements - Summary of Maturity of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Lessee Disclosure [Abstract] | |
2019 (remaining) | $ 1,636 |
2020 | 3,012 |
2021 | 2,070 |
2022 | 2,011 |
2023 | 1,698 |
Thereafter | 7,484 |
Total undiscounted operating lease payments | 17,911 |
Less: Imputed interest | 3,123 |
Present value of operating lease liabilities | $ 14,788 |
Purchase Intangible Assets - (D
Purchase Intangible Assets - (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles, Gross Carrying Amount | $ 80,098 | $ 80,098 |
Finite-lived intangibles, Accumulated Amortization | 73,424 | 72,650 |
Finite-lived intangibles, Net | 6,674 | 7,448 |
Developed Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles, Gross Carrying Amount | 66,177 | 66,177 |
Finite-lived intangibles, Accumulated Amortization | 60,283 | 59,692 |
Finite-lived intangibles, Net | 5,894 | 6,485 |
Customer and Distributor Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles, Gross Carrying Amount | 9,560 | 9,560 |
Finite-lived intangibles, Accumulated Amortization | 9,215 | 9,082 |
Finite-lived intangibles, Net | 345 | 478 |
Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles, Gross Carrying Amount | 4,361 | 4,361 |
Finite-lived intangibles, Accumulated Amortization | 3,926 | 3,876 |
Finite-lived intangibles, Net | $ 435 | $ 485 |
Purchase Intangible Assets - Ad
Purchase Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Purchased Intangible Assets [Abstract] | ||||
Amortization | $ 387 | $ 383 | $ 774 | $ 763 |
Future amortization expense, Remainder of 2019 | 774 | 774 | ||
Future amortization expense, 2020 | 1,346 | 1,346 | ||
Future amortization expense, 2021 | 598 | 598 | ||
Future amortization expense, 2022 | 532 | 532 | ||
Future amortization expense, 2023 | 515 | 515 | ||
Future amortization expense, 2024 | $ 431 | $ 431 |
Convertible Notes Receivable -
Convertible Notes Receivable - Additional Information (Details) - USD ($) | May 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Loans And Leases Receivable Disclosure [Line Items] | |||
Convertible notes receivable | $ 5,000,000 | $ 5,000,000 | |
Accrued interest | $ 105,000 | ||
Convertible Loan Agreement [Member] | Simax Precision Technologies Limited [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Funds available in multiple promissory notes | $ 15,000,000 | ||
Convertible notes rate of interest | 4.25% | ||
Term of repayment for principal amount and outstanding interest | 3 years |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Details [Abstract] | ||
Materials | $ 69,714 | $ 61,025 |
Work-in-process | 22,361 | 21,910 |
Finished goods | 14,761 | 13,885 |
Total inventories | $ 106,836 | $ 96,820 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Detail [Abstract] | ||
Inventory valuation reserves | $ 11,347 | $ 11,678 |
Balance Sheet Details - Sched_2
Balance Sheet Details - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 53,744 | $ 52,261 |
Accumulated depreciation | (35,169) | (33,387) |
Total property, plant and equipment, net | 18,575 | 18,874 |
Land and Building [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,584 | 2,584 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 27,979 | 29,097 |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,236 | 3,226 |
Computer Equipment and Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,489 | 7,906 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9,456 | $ 9,448 |
Balance Sheet Details - Sched_3
Balance Sheet Details - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Convertible notes receivable | $ 5,000 | $ 5,000 |
Deferred income taxes | 12,842 | 12,810 |
Other | 512 | 506 |
Total other assets | $ 18,354 | $ 18,316 |
Balance Sheet Details - Sched_4
Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Liabilities Current [Abstract] | ||
Contingent consideration - acquisitions | $ 939 | $ 1,422 |
Customer deposits | 610 | 1,135 |
Accrued inventory | 2,348 | 1,103 |
Accrued merger related expenses | 2,464 | |
Other | 3,601 | 3,883 |
Total other current liabilities | $ 9,962 | $ 7,543 |
Balance Sheet Details - Sched_5
Balance Sheet Details - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Liabilities Noncurrent [Abstract] | ||
Unrecognized tax benefits (including interest) | $ 5,529 | $ 5,409 |
Contingent consideration - acquisitions | 638 | |
Deferred revenue | 1,162 | 1,314 |
Deferred rent | 1,405 | |
Other | 2,354 | 2,395 |
Total other non-current liabilities | $ 9,045 | $ 11,161 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Commitments And Contingencies [Line Items] | |
Percentage of maximum borrowing capacity of value of eligible securities | 70.00% |
Available line of credit | $ 93 |
Available interest rate on line of credit | 4.00% |
Minimum [Member] | |
Commitments And Contingencies [Line Items] | |
Warranty period | 12 months |
Maximum [Member] | |
Commitments And Contingencies [Line Items] | |
Warranty period | 15 months |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Changes in Warranty Reserves (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Commitments And Contingencies [Abstract] | ||
Balance, beginning of the period | $ 2,441 | $ 2,427 |
Accruals | 1,390 | 1,930 |
Usage | (1,688) | (1,692) |
Balance, end of the period | $ 2,143 | $ 2,665 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 61,511 | $ 77,476 | $ 122,403 | $ 150,572 |
Systems Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 44,315 | 60,113 | 87,087 | 116,216 |
Software Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 7,297 | 7,547 | 14,334 | 15,002 |
Parts Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 7,073 | 6,758 | 15,150 | 13,742 |
Service Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 2,826 | $ 3,058 | $ 5,832 | $ 5,612 |
Revenue - Schedule of Disaggr_2
Revenue - Schedule of Disaggregation of Revenue by Timing of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 61,511 | $ 77,476 | $ 122,403 | $ 150,572 |
Transferred at Point in Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 57,308 | 73,283 | 113,899 | 142,679 |
Transferred over Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 4,203 | $ 4,193 | $ 8,504 | $ 7,893 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Systems Revenue [Member] | |
Disaggregation Of Revenue [Line Items] | |
Number of days for payment due from customer | 30 days |
Software Revenue [Member] | |
Disaggregation Of Revenue [Line Items] | |
Number of days for payment due from customer | 30 days |
Parts Revenue [Member] | |
Disaggregation Of Revenue [Line Items] | |
Number of days for payment due from customer | 30 days |
Service Revenue [Member] | |
Disaggregation Of Revenue [Line Items] | |
Number of days for payment due from customer | 30 days |
Minimum [Member] | Systems Revenue [Member] | |
Disaggregation Of Revenue [Line Items] | |
Percentage of invoice amount due | 80.00% |
Assurance warranty period against defects | 12 months |
Maximum [Member] | Systems Revenue [Member] | |
Disaggregation Of Revenue [Line Items] | |
Percentage of invoice amount due | 90.00% |
Assurance warranty period against defects | 15 months |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Deferred Revenue Disclosure [Abstract] | ||||
Balance, beginning of the period | $ 8,687 | $ 8,773 | $ 8,080 | $ 7,206 |
Deferral of revenue | 6,130 | 1,601 | 11,631 | 6,154 |
Recognition of deferred revenue | (5,468) | (1,575) | (10,362) | (4,561) |
Balance, ending of the period | $ 9,349 | $ 8,799 | $ 9,349 | $ 8,799 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Unvested Restricted Stock Unit Activity (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Restricted Stock Units Activity [Abstract] | |
Number of Shares, Nonvested beginning balance | shares | 794,000 |
Number of Shares, Granted | shares | 318,000 |
Number of Shares, Vested | shares | (274,000) |
Number of Shares, Forfeited | shares | (17,000) |
Number of Shares, Nonvested ending balance | shares | 821,000 |
Weighted Average Grant Date Fair Value, Nonvested beginning balance | $ / shares | $ 19.51 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 23.59 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 16.91 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 23.03 |
Weighted Average Grant Date Fair Value, Nonvested ending balance | $ / shares | $ 21.88 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Market performance-based restricted stock units granted | 318,000 | |
Maximum potential market performance-based restricted stock units to vest | 111 | |
Estimated fair value per share of the market performance-based restricted stock units | $ 26.72 | |
Market Performance Based Restricted Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Market performance-based restricted stock units granted | 55 | |
Maximum potential market performance-based restricted stock units to vest percentage | 200.00% | |
Options vesting period | 3 years | |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total unrecognized compensation cost related to restricted stock units granted | $ 12,787 | $ 9,517 |
Unrecognized compensation cost related to restricted stock units, weighted average period | 2 years 4 months 24 days | 2 years 1 month 6 days |
Other Expense (Income), Net - S
Other Expense (Income), Net - Schedule of Other Expense (Income), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income Expense [Abstract] | ||||
Foreign currency exchange losses (gains), net | $ 159 | $ (140) | $ (222) | $ 43 |
Rental income | (1) | 0 | (1) | (1) |
Other | (1) | 0 | (1) | 0 |
Total other expense (income), net | $ 157 | $ (140) | $ (224) | $ 42 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Taxes [Abstract] | ||||
Income before income taxes | $ 6,121 | $ 17,290 | $ 14,916 | $ 34,964 |
Provision for income taxes | $ 595 | $ 2,593 | $ 1,814 | $ 5,137 |
Effective tax rate | 9.70% | 15.00% | 12.20% | 14.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | ||
Deferred tax assets, valuation allowance | $ 3,172 | $ 3,172 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted earnings per share | 64 | 11 | 136 | 22 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted earnings per share | 64 | 11 | 136 | 22 |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 5,526 | $ 7,576 | $ 14,697 | $ 15,130 | $ 13,102 | $ 29,827 |
Basic earnings per share - weighted average shares outstanding | 31,126 | 31,859 | 31,058 | 31,760 | ||
Employee stock options and restricted stock units - dilutive shares | 272 | 578 | 311 | 617 | ||
Diluted earnings per share - weighted average shares outstanding | 31,398 | 32,437 | 31,369 | 32,377 | ||
Basic | $ 0.18 | $ 0.46 | $ 0.42 | $ 0.94 | ||
Diluted | $ 0.18 | $ 0.45 | $ 0.42 | $ 0.92 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance at December 31, 2018 | $ (361,888) |
Balance at June 30, 2019 | (377,500) |
Foreign Currency Translation Adjustments [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance at December 31, 2018 | 1,273 |
Net current period other comprehensive income | 202 |
Reclassifications | 0 |
Balance at June 30, 2019 | 1,475 |
Net Unrealized Gains on Marketable Securities [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance at December 31, 2018 | (10) |
Net current period other comprehensive income | (209) |
Reclassifications | 0 |
Balance at June 30, 2019 | (219) |
Accumulated Other Comprehensive Loss (Income) [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance at December 31, 2018 | 1,263 |
Net current period other comprehensive income | (7) |
Reclassifications | 0 |
Balance at June 30, 2019 | $ 1,256 |
Segment Reporting and Geograp_3
Segment Reporting and Geographic Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Segment Reporting and Geograp_4
Segment Reporting and Geographic Information - Schedule of Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 61,511 | $ 77,476 | $ 122,403 | $ 150,572 |
Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Process Control [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 44,253 | $ 56,262 | $ 83,411 | $ 104,295 |
Process Control [Member] | Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 72.00% | 72.00% | 68.00% | 70.00% |
Lithography [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 62 | $ 3,851 | $ 3,676 | $ 11,921 |
Lithography [Member] | Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 5.00% | 3.00% | 7.00% | |
Software Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 7,297 | $ 7,547 | $ 14,334 | $ 15,002 |
Software Revenue [Member] | Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 12.00% | 10.00% | 12.00% | 10.00% |
Parts Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 7,073 | $ 6,758 | $ 15,150 | $ 13,742 |
Parts Revenue [Member] | Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 11.00% | 9.00% | 12.00% | 9.00% |
Service Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,826 | $ 3,058 | $ 5,832 | $ 5,612 |
Service Revenue [Member] | Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 5.00% | 4.00% | 5.00% | 4.00% |
Segment Reporting and Geograp_5
Segment Reporting and Geographic Information - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 61,511 | $ 77,476 | $ 122,403 | $ 150,572 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,932 | 8,800 | 18,063 | 17,868 |
Taiwan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,111 | 10,943 | 18,142 | 25,410 |
Japan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,427 | 5,818 | 7,367 | 9,948 |
China [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 24,177 | 23,347 | 40,221 | 41,318 |
South Korea [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,775 | 16,374 | 21,546 | 33,604 |
Singapore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,596 | 3,059 | 3,612 | 7,341 |
Other Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,047 | 501 | 2,039 | 2,418 |
Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 674 | 3,818 | 2,524 | 5,142 |
Other Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 3,772 | $ 4,816 | $ 8,889 | $ 7,523 |
Segment Reporting and Geograp_6
Segment Reporting and Geographic Information - Schedule of Revenue by Major Customer by Reporting Segments (Details) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Sales [Member] | Customer [Member] | Customer A [Member] | ||
Segment Reporting Information [Line Items] | ||
Entity-wide revenue, major customer, percentage | 24.60% | 11.60% |
Share Repurchase Authorization
Share Repurchase Authorization - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Oct. 31, 2018 | |
Shares Repurchase Authorization [Line Items] | |||
Amount available for future repurchase | $ 32,494,000 | $ 32,494,000 | |
Common Stock [Member] | |||
Shares Repurchase Authorization [Line Items] | |||
Shares of common stock repurchased | 0 | 37,000 | |
Maximum [Member] | |||
Shares Repurchase Authorization [Line Items] | |||
Stock repurchase, authorized amount | $ 40,000,000 |