Note 5 — Commitments and Contingencies

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Leases

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The Company’s operating leases primarily include real estate leases for properties used for manufacturing, R&D activities, sales and service, and administration, as well as certain equipment leases. Some leases may include options to renew for a period of up to 5 years, while others may include options to terminate the lease. The weighted average remaining lease term of the Company’s operating leases as of March 31, 2025 was 10 years, and the weighted average discount rate used in determining the present value of future lease payments was 5.7%.

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The following table provides the maturities of lease liabilities at March 31, 2025:

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Operating lease costs for both the three months ended March 31, 2025 and 2024 was $1.2 million. Variable lease costs for the three months ended March 30, 2025 and 2024 were $0.3 million and $0.4 million, respectively. Additionally, the Company has an immaterial amount of short-term leases. Cash outflows from operating leases for the three months ended March 31, 2025 and 2024 were $1.8 million and $1.6 million, respectively.

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Receivable Purchase Agreement

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The Company entered into a receivable purchase agreement with a financial institution to sell certain of its trade receivables from customers without recourse, up to $30.0 million at any point in time. Pursuant to this agreement, the Company sold no receivables for the three months ended March 31, 2025, and $30.0 million was available under the agreement for additional sales of receivables as of March 31, 2025. The Company did not sell any receivables during the three months ended March 31, 2024. The net sale of accounts receivable under the agreement is reflected as a reduction of accounts receivable in the Company’s Consolidated Balance Sheet at the time of sale and any fees for the sale of trade receivables were not material for the periods presented.

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Purchase Commitments

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Veeco has purchase commitments of $152.7 million at March 31, 2025 to secure the rights to various assets and services to be used in the future in the normal course of business, substantially all of which become due within one year.

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Bank Guarantees

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Veeco has bank guarantees and letters of credit issued by a financial institution on its behalf as needed. At March 31, 2025, outstanding bank guarantees and standby letters of credit totaled $11.1 million, and unused bank guarantees and letters of credit of $29.6 million were available to be drawn upon.

Legal Proceedings

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The Company is involved in various legal proceedings arising in the normal course of business. The Company does not believe that the ultimate resolution of these matters will have a material adverse effect on its consolidated financial position, results of operations, or cash flows.