Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue

Schedule of revenue by discipline

	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Systems	$	201,037	$	231,454	$	595,114	$	641,825
Aftermarket		55,527		60,872		170,334		178,491
Total Revenue	$	256,564	$	292,326	$	765,448	$	820,316

Schedule of revenue by geographic markets

	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
North America	$	32,950	$	51,563	$	112,826	$	134,647
Asia Pacific		202,377		185,194		586,754		582,238
Europe		21,237		55,569		65,868		103,431
Total Revenue	$	256,564	$	292,326	$	765,448	$	820,316

Schedule of Contract liabilities

	September 30,		December 31,
	2024		2023
	(in thousands)
Contract liabilities	$	164,026	$	210,885

Contract liabilities are reflected as deferred revenue on the consolidated balance sheets and include payments received in advance of system sales as well as deferral of revenue from systems sales for installation and other future performance obligations. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations.

	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Balance, beginning of the period	$	174,011	$	182,540	$	210,885	$	154,777
Deferral of revenue*		31,544		62,787		65,222		154,216
Recognition of deferred revenue		(41,529)		(43,298)		(112,081)		(106,964)
Balance, end of the period	$	164,026	$	202,029	$	164,026	$	202,029

* Amount is net of a reclassification of $4.7 million from deferred revenue to refund liability for the nine months ended September 30, 2024.