Business Segment and Geographic Region Information

12 Months Ended

Dec. 31, 2024

Business Segment and Geographic Region Information

Business Segment and Geographic Region Information

Note 17. Business Segment and Geographic Region Information

We operate in one business segment, which is the manufacture of capital equipment for the semiconductor chip manufacturing industry. The principal market for semiconductor capital equipment is semiconductor chip manufacturers. Substantially all sales are made directly by us to our customers located in the United States, Europe and Asia Pacific.

The Company’s chief operating decision maker (“CODM”) is our chief executive officer. The CODM assesses financial performance for the company and decides how to allocate resources based on consolidated net income, such as determining the amount of resources to allocate to research and development projects, stock repurchases, or other growth opportunities. Segment asset information is provided to the CODM but it is not used to allocate resources.

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 2024, 2023, and 2022:

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Revenue:	$	1,017,865	$	1,130,604	$	919,998
Less:
Cost of revenue		563,211		639,303		518,208
Research and development		105,497		96,907		78,356
Sales and marketing		68,046		62,805		53,599
General and administrative		70,317		65,794		57,474
Total other income (expense)		19,480		12,804		(7,476)
Income tax provision		29,282		32,336		21,806
Segment Net Income	$	200,992	$	246,263	$	183,079
Reconciliation of profit or loss Adjustments and reconciling items		-		-		-
Net income	$	200,992	$	246,263	$	183,079

The above table includes depreciation expense and amortization expense of $15.8 million, $13.1 million and $11.6 million, for the years ended December 31, 2024, 2023, and 2022, respectively.

Our ion implantation systems product line includes high current, medium current and high energy implanters. Other legacy processing products include curing and thermal processing systems. In addition to new equipment, we provide post-sales equipment service and support, including spare parts, equipment upgrades, used equipment, maintenance services and customer training.

Revenue by product lines is as follows:

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Ion implantation systems and services	$	1,001,045	$	1,111,278	$	898,132
Other systems and services		16,820		19,326		21,866
Total revenue	$	1,017,865	$	1,130,604	$	919,998

Revenue and long-lived assets by geographic region, based on the physical location of the operation recording the sale or the asset, are as follows:

			Long-Lived
	Revenue		Assets
	(in thousands)
2024
United States	$	632,028	$	94,132
Europe		38,089		311
Asia Pacific		347,748		4,512
	$	1,017,865	$	98,955
2023
United States	$	749,288	$	86,482
Europe		45,583		382
Asia Pacific		335,733		4,040
	$	1,130,604	$	90,904
2022
United States	$	634,081	$	66,227
Europe		38,963		212
Asia Pacific		246,954		3,464
	$	919,998	$	69,903

Long-lived assets consist of property, plant and equipment, net, and assets manufactured for internal use, net. Operations in Asia Pacific consist of manufacturing, sales and service organizations. Operations in Europe consist of sales and service organizations.

International revenue, which includes export sales from U.S. manufacturing facilities to foreign customers and sales by foreign subsidiaries and branches, was $873.8 million (85.8% of total revenue), $950.4 million (84.1% of total revenue) and $776.3 million (84.4% of total revenue) in 2024, 2023 and 2022, respectively.