Ichor (ICHR) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 29, 2019	May 03, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 29, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	ICHR
Entity Registrant Name	ICHOR HOLDINGS, LTD.
Entity Central Index Key	0001652535
Current Fiscal Year End Date	--12-27
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Ordinary Shares Outstanding		22,379,401

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 29, 2019	Dec. 28, 2018
Current assets:
Cash	$ 31,611	$ 43,834
Accounts receivable, net	53,897	40,287
Inventories, net	114,171	121,106
Prepaid expenses and other current assets	5,936	6,348
Total current assets	205,615	211,575
Property and equipment, net	43,945	41,740
Operating lease right-of-use assets	16,797
Other noncurrent assets	901	906
Deferred tax assets, net	1,363	1,363
Intangible assets, net	53,758	56,895
Goodwill	173,010	173,010
Total assets	495,389	485,489
Current liabilities:
Accounts payable	64,691	64,300
Accrued liabilities	7,413	9,556
Other current liabilities	4,488	5,148
Current portion of long-term debt	8,750	8,750
Current portion of lease liabilities	5,148
Total current liabilities	90,490	87,754
Long-term debt, less current portion, net	184,954	192,117
Lease liabilities, less current portion	12,062
Deferred tax liabilities	3,969	3,966
Other non-current liabilities	2,234	3,326
Total liabilities	293,709	287,163
Shareholders’ equity:
Preferred shares ($0.0001 par value; 20,000,000 shares authorized; zero shares issued and outstanding)
Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 22,370,129 and 22,234,508 shares outstanding, respectively; 26,807,568 and 26,574,037 shares issued, respectively)	2	2
Additional paid in capital	231,793	228,358
Treasury shares at cost (4,437,439 and 4,339,529 shares, respectively)	(91,578)	(89,979)
Retained earnings	61,463	59,945
Total shareholders’ equity	201,680	198,326
Total liabilities and shareholders’ equity	$ 495,389	$ 485,489

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 29, 2019	Dec. 28, 2018
Statement Of Financial Position [Abstract]
Preferred shares, par value	$ 0.0001	$ 0.0001
Preferred shares, authorized	20,000,000	20,000,000
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	200,000,000	200,000,000
Ordinary shares, issued	26,807,568	26,574,037
Ordinary shares, outstanding	22,370,129	22,234,508
Treasury shares	4,437,439	4,339,529

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2019	Mar. 30, 2018
Income Statement [Abstract]
Net sales	$ 137,831	$ 258,029
Cost of sales	117,608	215,430
Gross profit	20,223	42,599
Operating expenses:
Research and development	2,391	2,452
Selling, general, and administrative	11,758	15,711
Amortization of intangible assets	3,137	3,879
Total operating expenses	17,286	22,042
Operating income	2,937	20,557
Interest expense	2,768	2,504
Other expense, net	24	241
Income before income taxes	145	17,812
Income tax expense (benefit)	(1,373)	1,091
Net income	$ 1,518	$ 16,721
Net income per share Basic	$ 0.07	$ 0.64
Net income per share Diluted	$ 0.07	$ 0.63
Shares used to compute net income per share:
Shares used to compute net income per share, Basic	22,269,827	26,030,298
Shares used to compute net income per share, Diluted	22,536,209	26,734,710

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Treasury Shares	Retained Earnings
Balance at Dec. 29, 2017	$ 216,762	$ 3	$ 214,697		$ 2,062
Balance, Shares at Dec. 29, 2017		25,892,162
Ordinary shares issued from exercise of stock options	3,232		3,232
Ordinary shares issued from exercise of stock options, shares		325,969
Ordinary shares issued from vesting of restricted share units, Shares		50,423
Ordinary shares issued from employee share purchase plan	177		177
Ordinary shares issued from employee share purchase plan, shares		10,781
Repurchase of ordinary shares	(5,000)			$ (5,000)
Repurchase of ordinary shares, shares		(195,750)		195,750
Share-based compensation expense	3,791		3,791
Net income	16,721				16,721
Balance at Mar. 30, 2018	235,683	$ 3	221,897	$ (5,000)	18,783
Balance, Shares at Mar. 30, 2018		26,083,585		195,750
Balance at Dec. 28, 2018	198,326	$ 2	228,358	$ (89,979)	59,945
Balance, Shares at Dec. 28, 2018		22,234,508		4,339,529
Ordinary shares issued from exercise of stock options	1,904		1,904
Ordinary shares issued from exercise of stock options, shares		186,915
Ordinary shares issued from vesting of restricted share units	(111)		(111)
Ordinary shares issued from vesting of restricted share units, Shares		24,115
Ordinary shares issued from employee share purchase plan	312		312
Ordinary shares issued from employee share purchase plan, shares		22,501
Repurchase of ordinary shares	$ (1,599)			$ (1,599)
Repurchase of ordinary shares, shares	(97,910)	(97,910)		97,910
Share-based compensation expense	$ 1,330		1,330
Net income	1,518				1,518
Balance at Mar. 29, 2019	$ 201,680	$ 2	$ 231,793	$ (91,578)	$ 61,463
Balance, Shares at Mar. 29, 2019		22,370,129		4,437,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2019	Mar. 30, 2018
Cash flows from operating activities:
Net income	$ 1,518	$ 16,721
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	5,210	5,752
Share-based compensation	1,330	3,791
Deferred income taxes	3	(127)
Amortization of debt issuance costs	212	333
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(13,610)	(26,350)
Inventories	6,935	(10,470)
Prepaid expenses and other assets	1,357	370
Accounts payable	895	8,731
Accrued liabilities	(1,994)	(974)
Other liabilities	(2,279)	1,439
Net cash used in operating activities	(423)	(784)
Cash flows from investing activities:
Capital expenditures	(4,782)	(3,668)
Net cash used in investing activities	(4,782)	(3,668)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans	2,067	3,409
Employees' taxes paid upon vesting of restricted share units	(111)
Repurchase of ordinary shares	(1,599)	(5,000)
Debt issuance and modification costs		(2,092)
Borrowings on revolving credit facility	5,000	7,162
Repayments on revolving credit facility	(8,000)
Repayments on term loan	(4,375)	(4,535)
Net cash used in financing activities	(7,018)	(1,056)
Net decrease in cash	(12,223)	(5,508)
Cash at beginning of year	43,834	69,304
Cash at end of quarter	31,611	63,796
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	3,255	1,297
Cash paid during the period for taxes	107	230
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable	$ 958	$ 834

Basis of Presentation and Selec

Basis of Presentation and Selected Significant Accounting Policies	3 Months Ended
	Mar. 29, 2019
Accounting Policies [Abstract]
Basis of Presentation and Selected Significant Accounting Policies	Note 1 – Basis of Presentation and Selected Significant Accounting Policies Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation. All dollar figures presented in tables in the notes to consolidated financial statements are in thousands, except per share amounts. Year End We use a 52 or 53 week fiscal year ending on the last Friday in December. The three months ended March 29, 2019 and March 30, 2018 were both 13 weeks. References to the first quarter of 2019 and 2018 relate to the three month periods then ended . Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include the fair value of assets and liabilities acquired in acquisitions, estimated useful lives for long‑lived assets, allowance for doubtful accounts, inventory valuation, uncertain tax positions, fair value assigned to stock options granted, and impairment analysis for both definite‑lived intangible assets and goodwill. Revenue Recognition We recognize revenue when control of promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. This amount is recorded as net sales in our consolidated statements of operations. Transaction price – In most of our contracts, prices are generally determined by a customer-issued purchase order and generally remain fixed over the duration of the contract. Certain contracts contain variable consideration, including early-payment discounts and rebates. When a contract includes variable consideration, we evaluate the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal will not occur. Variable consideration estimates are updated at each reporting date. Historically, we have not incurred significant costs to obtain a contract. All amounts billed to a customer relating to shipping and handling are classified as net sales, while all costs incurred by us for shipping and handling are classified as cost of sales. Performance obligations – Substantially all of our performance obligations pertain to promised goods (“products”), which are primarily comprised of fluid delivery subsystems, weldments, and other components. Most of our contracts contain a single performance obligation and are generally completed within twelve months. Product sales are recognized at a point-in-time, generally upon delivery, as such term is defined within the contract, as that is when control of the promised good has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one to two years depending on the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under ASC 460, Guarantees , and not as a separate performance obligation . Contract balances – Accounts receivable represents our unconditional right to receive consideration from our customers. Accounts receivable are carried at invoice price less an estimate for doubtful accounts and estimated payment discounts. Payment terms vary by customer but are generally due within 15‑60 days. Historically, we have not incurred significant payment issues with our customers. We had no significant contract assets or liabilities on our consolidated balance sheets in any of the periods presented Commitments and Contingencies We are periodically involved in legal actions and claims that arise as a result of events that occur in the normal course of operations. The ultimate resolution of these actions is not expected to have a material adverse effect on our financial position or results of operations. Accounting Pronouncements Recently Adopted In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) , which consists of a comprehensive lease accounting standard. Under the new standard, assets and liabilities arising from most leases will be recognized on the balance sheet. Leases will be classified as either operating or financing, and the lease classification will determine whether expense is recognized on a straight-line basis (operating leases) or based on an effective interest method (financing leases). The standard also contains expanded disclosure requirements regarding the amounts, timing, and uncertainties of cash flows related to leasing activities. The new standard is effective for interim and annual periods beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018‑11, Leases (Topic 842): Targeted Improvements , which provides an optional transition method allowing entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We adopted and applied the lease standard as of December 29, 2018, the first day of fiscal year 2019, using this optional transition method. The new standard provides a number of practical expedients in transition. We elected the package of practical expedients, which permits us not to reassess our prior conclusions about lease identification, lease classification, and initial direct costs. We elected to not recognize short-term leases, those with an initial term of 12 months or less, on our consolidated balance sheets. The new standard had material effects on our consolidated financial statements. The most significant effects relate to the recognition of right-of-use (“ROU”) assets and lease liabilities on our balance sheet for our facilities operating leases and the new disclosure requirements about our leasing activities. Upon adoption, we recorded operating lease liabilities of $18.1 million, with an offsetting increase to operating lease ROU assets of $17.7 million in exchange for the liabilities assumed. We did not recognize a cumulative-effect adjustment to the opening balance of retained earnings, as there was no adjustment to be made as a result of our adoption and application of the standard. The standard did not have a significant impact on our consolidated statements of income or cash flows. In June 2018, the FASB issued ASU 2018‑07, Compensation-Stock Compensation (Topic 718): Improvements to Non-Employee Share-Based Payment Accounting . This standard is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees. ASU 2018‑07 expands the scope of ASC Topic 718, which currently only includes share-based payments issued to employees, to also include share-based payments issued to nonemployees for goods and services. We adopted ASU 2018‑07 on December 29, 2018, the first day of fiscal year 2019, which did not have a significant impact on our consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Mar. 29, 2019
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: March 29, 2019 December 28, 2018 Raw materials $ 80,257 $ 90,713 Work in process 21,260 20,852 Finished goods 20,655 17,233 Excess and obsolete adjustment (8,001 ) (7,692 ) Total inventories, net $ 114,171 $ 121,106

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 29, 2019
Property Plant And Equipment [Abstract]
Property and Equipment	Note 3 – Property and Equipment Property and equipment consist of the following: March 29, 2019 December 28, 2018 Machinery $ 29,701 $ 29,885 Leasehold improvements 16,816 15,333 Computer software, hardware, and equipment 5,195 4,884 Office furniture, fixtures and equipment 1,109 1,058 Vehicles 26 26 Construction-in-process 12,162 9,514 65,009 60,700 Less accumulated depreciation (21,064 ) (18,960 ) Total property and equipment, net $ 43,945 $ 41,740 Depreciation expense was $2.1 million and $1.9 million for the first quarter of 2019 and 2018, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 29, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Note 4 – Intangible Assets and Goodwill Definite‑lived intangible assets consist of the following: March 29, 2019 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (7,024 ) $ — $ 2,666 10.0 years Customer relationships 82,986 (34,138 ) — 48,848 7.8 years Developed technology 2,900 (656 ) — 2,244 10.0 years Total intangible assets $ 95,576 $ (41,818 ) $ — $ 53,758 December 28, 2018 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (6,781 ) $ — $ 2,909 10.0 years Customer relationships 82,986 (31,308 ) — 51,678 7.8 years Developed technology 2,900 (592 ) — 2,308 10.0 years Total intangible assets $ 95,576 $ (38,681 ) $ — $ 56,895

Leases

Leases	3 Months Ended
	Mar. 29, 2019
Leases [Abstract]
Leases	Note 5 – Leases ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease liabilities, we use the non-cancellable lease term, without consideration for renewal options. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We lease facilities under various non-cancellable operating leases expiring through 2024. In addition to base rental payments, we are generally responsible for our proportionate share of operating expenses, including facility maintenance, insurance, and property taxes. As these amounts are variable, they are not included in lease liabilities. As of March 29, 2019, we had no operating leases that had not yet commenced. The components of lease expense are as follows: Three Months Ended March 29, 2019 Operating lease cost $ 1,633 Supplemental cash flow information related to leases is as follows: Three Months Ended March 29, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,164 Right-of-use assets obtained in exchange for new operating lease liabilities $ — Weighted-average remaining lease term of operating leases 3.8 years Weighted-average discount rate of operating leases 4.5% Future minimum lease payments under non-cancelable leases as of March 29, 2019 are as follows: 2019 $ 3,924 2020 5,103 2021 4,586 2022 4,049 2023 1,127 Thereafter 122 Total future minimum lease payments 18,911 Less imputed interest (1,701 ) Total lease liabilities $ 17,210 Future minimum lease payments under non-cancelable leases as of December 28, 2018, as reported under previous guidance, are as follows: 2019 $ 4,910 2020 4,873 2021 4,356 2022 3,820 2023 1,103 Thereafter 120 Total future minimum lease payments 19,182

Income Taxes

Income Taxes	3 Months Ended
	Mar. 29, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes Income tax information for the periods reported are as follows: Three Months Ended March 29, 2019 March 30, 2018 Income tax expense (benefit) $ (1,373 ) $ 1,091 Income before income taxes $ 145 $ 17,812 Effective income tax rate -946.9 % 6.1 % Our effective tax rate for the first quarter of 2019 differs from the statutory rate due to taxes on foreign income that differ from the U.S. tax rate, the release of certain tax reserves related to statute of limitation expirations and settlements, and excess tax benefits from share-based compensation. Our effective tax rate for the first quarter of 2018 differs from the statutory rate due to taxes on foreign income that differ from the U.S. tax rate, accrued withholding taxes, and excess tax benefits from share-based compensation. The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $1.8 million at March 29, 2019. The related interest and penalties were $zero and $0.4 million, respectively. The uncertain tax positions that are reasonably possible to decrease in the next twelve months are insignificant. As of March 29, 2019, we were not under examination by tax authorities.

Employee Benefit Programs

Employee Benefit Programs	3 Months Ended
	Mar. 29, 2019
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Programs	Note 7 – Employee Benefit Programs 401(k) Plan We sponsor a 401(k) plan available to employees of our U.S.‑based subsidiaries. Participants may make salary deferral contributions not to exceed 50% of a participant’s annual compensation or the maximum amount otherwise allowed by law. Eligible employees receive a discretionary matching contribution equal to 50% of a participant’s deferral, up to an annual maximum of 4% of a participant’s annual compensation. Matching contributions were $0.4 million and $0.5 million for the

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 29, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 – Long-Term Debt Long‑term debt consists of the following: March 29, 2019 December 28, 2018 Term loan $ 166,250 $ 170,625 Revolving credit facility 31,162 34,162 Total principal amount of long-term debt 197,412 204,787 Less unamortized debt issuance costs (3,708 ) (3,920 ) Total long-term debt, net 193,704 200,867 Less current portion (8,750 ) (8,750 ) Total long-term debt, less current portion, net $ 184,954 $ 192,117 On February 15, 2018, we amended and restated our credit agreement, which replaced our existing credit facilities with a $175.0 million term loan and a $125.0 million revolving credit facility. The amendment reduced our borrowing rate, depending on our leverage ratio, and extended the maturity date. We incurred debt issuance costs of $2.1 million in connection with the amendment. The amendment did not meet the definition of an extinguishment and was accounted for as a debt modification. Interest is charged at either the Base Rate or the Eurodollar rate (as such terms are defined in the credit agreement) at our option, plus an applicable margin. The Base Rate is equal to the higher of i) the Prime Rate, ii) the Federal Funds Rate plus 0.5%, or iii) the Eurodollar Rate plus 1.00%. The Eurodollar rate is equal to LIBOR. The applicable margin on Base Rate and Eurodollar Rate loans is 0.75‑1.50% and 1.75‑2.50% per annum, respectively, depending on our leverage ratio. We are also charged a commitment fee of 0.20%-0.35% on the unused portion of our revolving credit facility. Base Rate interest payments and commitment fees are due quarterly. Eurodollar interest payments are due on the last day of the applicable interest period. At March 29, 2019, the term loan and revolving credit facility bore interest at the Eurodollar rate option of 4.80% and 4.66%, respectively Term loan principal payments of $2.2 million are due on a quarterly basis. The term loan and revolving credit facility mature on February 15, 2023

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 29, 2019
Equity [Abstract]
Shareholders' Equity	Note 9 – Shareholders’ Equity Share Repurchase Program In February 2018, our board of directors authorized a share repurchase program up to $50.0 million under which we may repurchase our ordinary shares in the open market or through privately negotiated transactions, depending on market conditions and other factors. Ordinary shares repurchased are recorded as treasury shares using the cost method on a first-in, first-out basis. In August 2018, our board of directors authorized a $50.0 million increase to the share repurchase program. During the first quarter of 2019, we repurchased 97,910 ordinary shares for a total cost of $1.6 million at an average price of $16.34 per share. At March 29, 2019, $8.4 million remained available to repurchase ordinary shares under the repurchase program.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 29, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 10 – Share‑Based Compensation The 2016 Omnibus Incentive Plan (the “2016 Plan”) provides for grants of share‑based awards to employees, directors, and consultants. Awards may be in the form of options, tandem and non‑tandem stock appreciation rights, restricted share awards or restricted share units (“restricted shares”), performance awards, and other share‑based awards. Awards generally vest over four years, 25% on the first anniversary and quarterly thereafter. Upon vesting of restricted shares, employees may elect to have shares withheld to cover statutory minimum withholding taxes. Shares withheld are not reflected as an issuance of ordinary shares within our consolidated statements of shareholders’ equity, as the shares were never issued, and the associated tax payments are reflected as financing activities within our consolidated statements of cash flows. Share‑based compensation expense across all plans for stock options, restricted shares, and employee share purchase rights was $1.3 million and $3.8 million for the first quarter of 2019 and 2018, respectively. Stock Options The following table summarizes stock option activity: Number of Stock Options Time vesting Performance vesting Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value (in thousands) Outstanding, December 28, 2018 1,706,441 65,908 $ 18.57 Granted — — $ — Exercised (186,915 ) — $ 10.19 Forfeited (56,875 ) — $ 23.78 Expired (7,000 ) — $ 25.41 Outstanding, March 29, 2019 1,455,651 65,908 $ 19.38 4.9 years $ 6,562 Exercisable, March 29, 2019 610,225 65,908 $ 15.90 3.9 years $ 4,949 Restricted Shares The following table summarizes restricted share activity: Number of Restricted Shares Time vesting Weighted average grant date fair value Unvested, December 28, 2018 192,300 $ 22.64 Granted 6,912 $ 21.68 Vested (29,453 ) $ 23.90 Forfeited — $ — Unvested, March 29, 2019 169,759 $ 22.38 Employee Share Purchase Plan The 2017 Employee Stock Purchase Plan (the “2017 ESPP”) grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period. During the first quarter of 2019, 22,501 ordinary shares were purchased by eligible employees under the 2017 ESPP. As of March 29, 2019, 2.4 million ordinary shares remain available for purchase under the 2017 ESPP.

Segment Information

Segment Information	3 Months Ended
	Mar. 29, 2019
Segment Reporting [Abstract]
Segment Information	Note 11 – Segment Information Our Chief Operating Decision Maker, the Chief Executive Officer, reviews our results of operations on a consolidated level and executive staff is structured by function rather than by product category. Therefore, we operate in one operating segment. Key resources, decisions, and assessment of performance are also analyzed on a company‑wide level. Foreign operations are conducted primarily through our wholly owned subsidiaries in Singapore and Malaysia. Our principal markets include North America, Asia and, to a lesser degree, Europe. Sales by geographic area represent sales to unaffiliated customers. All information on sales by geographic area is based upon the location to which the products were shipped. The following table sets forth sales by geographic area: Three Months Ended March 29, 2019 March 30, 2018 United States of America $ 76,633 $ 162,240 Singapore 36,979 73,736 Europe 15,093 12,836 Other 9,126 9,217 Total net sales $ 137,831 $ 258,029

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 29, 2019
Earnings Per Share [Abstract]
Earnings per Share	Note 12 – Earnings per Share The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the numerator and denominator used in the calculation: Three Months Ended March 29, 2019 March 30, 2018 Numerator: Net income $ 1,518 $ 16,721 Denominator: Basic weighted average ordinary shares outstanding 22,269,827 26,030,298 Dilutive effect of stock options 243,136 658,223 Dilutive effect of restricted shares 19,046 45,271 Dilutive effect of employee share purchase plan 4,200 918 Diluted weighted average ordinary shares outstanding 22,536,209 26,734,710 Earnings per share: Net income: Basic $ 0.07 $ 0.64 Diluted $ 0.07 $ 0.63 An aggregated total of 587,853 and 346,622, potential ordinary shares have been excluded from the computation of diluted net income per share for the

Basis of Presentation and Sel_2

Basis of Presentation and Selected Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 29, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation. All dollar figures presented in tables in the notes to consolidated financial statements are in thousands, except per share amounts.
Year End	Year End We use a 52 or 53 week fiscal year ending on the last Friday in December. The three months ended March 29, 2019 and March 30, 2018 were both 13 weeks. References to the first quarter of 2019 and 2018 relate to the three month periods then ended .
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include the fair value of assets and liabilities acquired in acquisitions, estimated useful lives for long‑lived assets, allowance for doubtful accounts, inventory valuation, uncertain tax positions, fair value assigned to stock options granted, and impairment analysis for both definite‑lived intangible assets and goodwill.
Revenue Recognition	Revenue Recognition We recognize revenue when control of promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. This amount is recorded as net sales in our consolidated statements of operations. Transaction price – In most of our contracts, prices are generally determined by a customer-issued purchase order and generally remain fixed over the duration of the contract. Certain contracts contain variable consideration, including early-payment discounts and rebates. When a contract includes variable consideration, we evaluate the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal will not occur. Variable consideration estimates are updated at each reporting date. Historically, we have not incurred significant costs to obtain a contract. All amounts billed to a customer relating to shipping and handling are classified as net sales, while all costs incurred by us for shipping and handling are classified as cost of sales. Performance obligations – Substantially all of our performance obligations pertain to promised goods (“products”), which are primarily comprised of fluid delivery subsystems, weldments, and other components. Most of our contracts contain a single performance obligation and are generally completed within twelve months. Product sales are recognized at a point-in-time, generally upon delivery, as such term is defined within the contract, as that is when control of the promised good has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one to two years depending on the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under ASC 460, Guarantees , and not as a separate performance obligation . Contract balances – Accounts receivable represents our unconditional right to receive consideration from our customers. Accounts receivable are carried at invoice price less an estimate for doubtful accounts and estimated payment discounts. Payment terms vary by customer but are generally due within 15‑60 days. Historically, we have not incurred significant payment issues with our customers. We had no significant contract assets or liabilities on our consolidated balance sheets in any of the periods presented
Commitments and Contingencies	Commitments and Contingencies We are periodically involved in legal actions and claims that arise as a result of events that occur in the normal course of operations. The ultimate resolution of these actions is not expected to have a material adverse effect on our financial position or results of operations.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) , which consists of a comprehensive lease accounting standard. Under the new standard, assets and liabilities arising from most leases will be recognized on the balance sheet. Leases will be classified as either operating or financing, and the lease classification will determine whether expense is recognized on a straight-line basis (operating leases) or based on an effective interest method (financing leases). The standard also contains expanded disclosure requirements regarding the amounts, timing, and uncertainties of cash flows related to leasing activities. The new standard is effective for interim and annual periods beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018‑11, Leases (Topic 842): Targeted Improvements , which provides an optional transition method allowing entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We adopted and applied the lease standard as of December 29, 2018, the first day of fiscal year 2019, using this optional transition method. The new standard provides a number of practical expedients in transition. We elected the package of practical expedients, which permits us not to reassess our prior conclusions about lease identification, lease classification, and initial direct costs. We elected to not recognize short-term leases, those with an initial term of 12 months or less, on our consolidated balance sheets. The new standard had material effects on our consolidated financial statements. The most significant effects relate to the recognition of right-of-use (“ROU”) assets and lease liabilities on our balance sheet for our facilities operating leases and the new disclosure requirements about our leasing activities. Upon adoption, we recorded operating lease liabilities of $18.1 million, with an offsetting increase to operating lease ROU assets of $17.7 million in exchange for the liabilities assumed. We did not recognize a cumulative-effect adjustment to the opening balance of retained earnings, as there was no adjustment to be made as a result of our adoption and application of the standard. The standard did not have a significant impact on our consolidated statements of income or cash flows. In June 2018, the FASB issued ASU 2018‑07, Compensation-Stock Compensation (Topic 718): Improvements to Non-Employee Share-Based Payment Accounting . This standard is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees. ASU 2018‑07 expands the scope of ASC Topic 718, which currently only includes share-based payments issued to employees, to also include share-based payments issued to nonemployees for goods and services. We adopted ASU 2018‑07 on December 29, 2018, the first day of fiscal year 2019, which did not have a significant impact on our consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 29, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: March 29, 2019 December 28, 2018 Raw materials $ 80,257 $ 90,713 Work in process 21,260 20,852 Finished goods 20,655 17,233 Excess and obsolete adjustment (8,001 ) (7,692 ) Total inventories, net $ 114,171 $ 121,106

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 29, 2019
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following: March 29, 2019 December 28, 2018 Machinery $ 29,701 $ 29,885 Leasehold improvements 16,816 15,333 Computer software, hardware, and equipment 5,195 4,884 Office furniture, fixtures and equipment 1,109 1,058 Vehicles 26 26 Construction-in-process 12,162 9,514 65,009 60,700 Less accumulated depreciation (21,064 ) (18,960 ) Total property and equipment, net $ 43,945 $ 41,740

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 29, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	Definite‑lived intangible assets consist of the following: March 29, 2019 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (7,024 ) $ — $ 2,666 10.0 years Customer relationships 82,986 (34,138 ) — 48,848 7.8 years Developed technology 2,900 (656 ) — 2,244 10.0 years Total intangible assets $ 95,576 $ (41,818 ) $ — $ 53,758 December 28, 2018 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (6,781 ) $ — $ 2,909 10.0 years Customer relationships 82,986 (31,308 ) — 51,678 7.8 years Developed technology 2,900 (592 ) — 2,308 10.0 years Total intangible assets $ 95,576 $ (38,681 ) $ — $ 56,895

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 29, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: Three Months Ended March 29, 2019 Operating lease cost $ 1,633
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Three Months Ended March 29, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,164 Right-of-use assets obtained in exchange for new operating lease liabilities $ — Weighted-average remaining lease term of operating leases 3.8 years Weighted-average discount rate of operating leases 4.5%
Future Minimum Lease Payments Under Non-Cancelable Leases	Future minimum lease payments under non-cancelable leases as of March 29, 2019 are as follows: 2019 $ 3,924 2020 5,103 2021 4,586 2022 4,049 2023 1,127 Thereafter 122 Total future minimum lease payments 18,911 Less imputed interest (1,701 ) Total lease liabilities $ 17,210
Schedule of Future Minimum Lease Payments for Non-cancelable Leases Reported under Previous Guidance	Future minimum lease payments under non-cancelable leases as of December 28, 2018, as reported under previous guidance, are as follows: 2019 $ 4,910 2020 4,873 2021 4,356 2022 3,820 2023 1,103 Thereafter 120 Total future minimum lease payments 19,182

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 29, 2019
Income Tax Disclosure [Abstract]
Schedule of Income Taxes	Income tax information for the periods reported are as follows: Three Months Ended March 29, 2019 March 30, 2018 Income tax expense (benefit) $ (1,373 ) $ 1,091 Income before income taxes $ 145 $ 17,812 Effective income tax rate -946.9 % 6.1 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 29, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long‑term debt consists of the following: March 29, 2019 December 28, 2018 Term loan $ 166,250 $ 170,625 Revolving credit facility 31,162 34,162 Total principal amount of long-term debt 197,412 204,787 Less unamortized debt issuance costs (3,708 ) (3,920 ) Total long-term debt, net 193,704 200,867 Less current portion (8,750 ) (8,750 ) Total long-term debt, less current portion, net $ 184,954 $ 192,117

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 29, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Activity	The following table summarizes stock option activity: Number of Stock Options Time vesting Performance vesting Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value (in thousands) Outstanding, December 28, 2018 1,706,441 65,908 $ 18.57 Granted — — $ — Exercised (186,915 ) — $ 10.19 Forfeited (56,875 ) — $ 23.78 Expired (7,000 ) — $ 25.41 Outstanding, March 29, 2019 1,455,651 65,908 $ 19.38 4.9 years $ 6,562 Exercisable, March 29, 2019 610,225 65,908 $ 15.90 3.9 years $ 4,949
Schedule of Restricted Share Activity	The following table summarizes restricted share activity: Number of Restricted Shares Time vesting Weighted average grant date fair value Unvested, December 28, 2018 192,300 $ 22.64 Granted 6,912 $ 21.68 Vested (29,453 ) $ 23.90 Forfeited — $ — Unvested, March 29, 2019 169,759 $ 22.38

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 29, 2019
Segment Reporting [Abstract]
Schedule of Sales By Geographic Area	The following table sets forth sales by geographic area: Three Months Ended March 29, 2019 March 30, 2018 United States of America $ 76,633 $ 162,240 Singapore 36,979 73,736 Europe 15,093 12,836 Other 9,126 9,217 Total net sales $ 137,831 $ 258,029

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 29, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the numerator and denominator used in the calculation: Three Months Ended March 29, 2019 March 30, 2018 Numerator: Net income $ 1,518 $ 16,721 Denominator: Basic weighted average ordinary shares outstanding 22,269,827 26,030,298 Dilutive effect of stock options 243,136 658,223 Dilutive effect of restricted shares 19,046 45,271 Dilutive effect of employee share purchase plan 4,200 918 Diluted weighted average ordinary shares outstanding 22,536,209 26,734,710 Earnings per share: Net income: Basic $ 0.07 $ 0.64 Diluted $ 0.07 $ 0.63

Basis of Presentation and Sel_3

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2019	Dec. 29, 2018
Basis Of Presentation [Line Items]
Operating lease, ROU assets	$ 16,797	$ 17,700
Operating lease, lease liabilities	$ 17,210	$ 18,100
Minimum
Basis Of Presentation [Line Items]
Extended product warranty period	1 year
Payment terms, due period	15 days
Maximum
Basis Of Presentation [Line Items]
Extended product warranty period	2 years
Payment terms, due period	60 days

Basis of Presentation and Sel_4

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details 1)	Mar. 29, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01
Basis Of Presentation [Line Items]
Performance obligation satisfaction period	12 months

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 29, 2019	Dec. 28, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 80,257	$ 90,713
Work in process	21,260	20,852
Finished goods	20,655	17,233
Excess and obsolete adjustment	(8,001)	(7,692)
Total inventories, net	$ 114,171	$ 121,106

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 29, 2019	Dec. 28, 2018
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 65,009	$ 60,700
Less accumulated depreciation	(21,064)	(18,960)
Total property and equipment, net	43,945	41,740
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	29,701	29,885
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	16,816	15,333
Office Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,109	1,058
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	26	26
Construction-In-Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	12,162	9,514
Computer Software, Hardware and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 5,195	$ 4,884

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2019	Mar. 30, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 2.1	$ 1.9

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 29, 2019	Dec. 28, 2018
Finite Lived Intangible Assets [Line Items]
Gross value	$ 95,576	$ 95,576
Accumulated amortization	(41,818)	(38,681)
Carrying amount	53,758	56,895
Trademarks
Finite Lived Intangible Assets [Line Items]
Gross value	9,690	9,690
Accumulated amortization	(7,024)	(6,781)
Carrying amount	$ 2,666	$ 2,909
Trademarks | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	10 years	10 years
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross value	$ 82,986	$ 82,986
Accumulated amortization	(34,138)	(31,308)
Carrying amount	$ 48,848	$ 51,678
Customer Relationships | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	7 years 9 months 18 days	7 years 9 months 18 days
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross value	$ 2,900	$ 2,900
Accumulated amortization	(656)	(592)
Carrying amount	$ 2,244	$ 2,308
Developed Technology | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	10 years	10 years

Leases - Additional Information

Leases - Additional Information (Detail)	3 Months Ended
	Mar. 29, 2019
Leases [Abstract]
Non-cancellable net operating lease expiration year	2024
Lessee, operating lease, not yet commenced, description	As of March 29, 2019, we had no operating leases that had not yet commenced

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) $ in Thousands	3 Months Ended
	Mar. 29, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 1,633

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands	3 Months Ended
	Mar. 29, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 1,164
Weighted-average remaining lease term of operating leases	3 years 9 months 18 days
Weighted-average discount rate of operating leases	4.50%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) - USD ($) $ in Thousands	Mar. 29, 2019	Dec. 29, 2018
Leases [Abstract]
2019	$ 3,924
2020	5,103
2021	4,586
2022	4,049
2023	1,127
Thereafter	122
Total future minimum lease payments	18,911
Less imputed interest	(1,701)
Total lease liabilities	$ 17,210	$ 18,100

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments for Non-cancelable Leases Reported under Previous Guidance (Detail) $ in Thousands	Dec. 28, 2018USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
2019	$ 4,910
2020	4,873
2021	4,356
2022	3,820
2023	1,103
Thereafter	120
Total future minimum lease payments	$ 19,182

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2019	Mar. 30, 2018
Components Of Income Tax Expense Benefit Continuing Operations [Abstract]
Income tax expense (benefit)	$ (1,373)	$ 1,091
Income before income taxes	$ 145	$ 17,812
Effective income tax rate	(946.90%)	6.10%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	Mar. 29, 2019USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits for uncertain tax positions	$ 1.8
Unrecognized tax benefits for uncertain tax positions related interest	0
Unrecognized tax benefits for uncertain tax positions related penalties	$ 0.4

Employee Benefit Programs - Add

Employee Benefit Programs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2019	Mar. 30, 2018
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee	50.00%	50.00%
Percentage of eligible employee receive discretionary matching contribution	50.00%	50.00%
Employee matching contributions	$ 0.4	$ 0.5
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee	4.00%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 29, 2019	Dec. 28, 2018
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 197,412	$ 204,787
Less unamortized debt issuance costs	(3,708)	(3,920)
Total long-term debt, net	193,704	200,867
Less current portion	(8,750)	(8,750)
Total long-term debt, less current portion, net	184,954	192,117
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	166,250	170,625
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 31,162	$ 34,162

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	Feb. 15, 2018	Mar. 29, 2019	Dec. 28, 2018
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt		$ 197,412	$ 204,787
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt		166,250	170,625
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt		$ 31,162	$ 34,162
Credit Agreement
Line Of Credit Facility [Line Items]
Debt issuance costs	$ 2,100
Description of interest rate		The Base Rate is equal to the higher of i) the Prime Rate, ii) the Federal Funds Rate plus 0.5%, or iii) the Eurodollar Rate plus 1.00%. The Eurodollar rate is equal to LIBOR. The applicable margin on Base Rate and Eurodollar Rate loans is 0.751.50% and 1.752.50% per annum, respectively, depending on our leverage ratio.
Credit Agreement | Federal Funds Effective Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Agreement | Eurodollar Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Frequency of interest payment		Last day of the applicable interest period
Credit Agreement | Eurodollar Rate | Minimum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	1.75%
Credit Agreement | Eurodollar Rate | Maximum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	2.50%
Credit Agreement | Base Rate
Line Of Credit Facility [Line Items]
Frequency of interest payment		Quarterly
Credit Agreement | Base Rate | Minimum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	0.75%
Credit Agreement | Base Rate | Maximum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	1.50%
Credit Agreement | Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 175,000
Credit facility, periodic principal payments		$ 2,200
Principal payments maturity date		Feb. 15, 2023
Credit facility, frequency of principal payments		quarterly
Credit Agreement | Term Loan | Eurodollar Rate
Line Of Credit Facility [Line Items]
Interest rate		4.80%
Credit Agreement | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 125,000
Principal payments maturity date		Feb. 15, 2023
Credit Agreement | Revolving Credit Facility | Minimum
Line Of Credit Facility [Line Items]
Percentage of commitment fee on unused portion of revolver	0.20%
Credit Agreement | Revolving Credit Facility | Maximum
Line Of Credit Facility [Line Items]
Percentage of commitment fee on unused portion of revolver	0.35%
Credit Agreement | Revolving Credit Facility | Eurodollar Rate
Line Of Credit Facility [Line Items]
Interest rate		4.66%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2018	Mar. 29, 2019	Mar. 30, 2018	Feb. 28, 2018
Equity [Abstract]
Share repurchase program, authorized amount				$ 50,000
Increase in stock repurchase program authorized amount	$ 50,000
Shares repurchased during period, shares		97,910
Shares repurchased during period, value		$ 1,599	$ 5,000
Average price of repurchased ordinary shares		$ 16.34
Ordinary shares available for repurchase		$ 8,400

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2019	Mar. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense for stock options, restricted shares and employee share purchase rights across all plans	$ 1.3	$ 3.8
The 2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting description	Awards generally vest over four years, 25% on the first anniversary and quarterly thereafter.
Awards vesting period	4 years
Awards vesting percentage	25.00%
2017 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price equal to percentage of fair market value of ordinary shares	85.00%
Ordinary shares purchased by eligible employees during the period	22,501
Ordinary shares remain available for purchase	2,400,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Stock Option Activity (Details) - Stock Options $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2019USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average exercise price per share, Outstanding, Beginning Balance | $ / shares	$ 18.57
Weighted average exercise price per share, Exercised | $ / shares	10.19
Weighted average exercise price per share, Forfeited | $ / shares	23.78
Weighted average exercise price per share, Expired | $ / shares	25.41
Weighted average exercise price per share, Outstanding, Ending Balance | $ / shares	19.38
Weighted average exercise price per share, Exercisable | $ / shares	$ 15.90
Weighted average remaining contractual term, Outstanding	4 years 10 months 24 days
Weighted average remaining contractual term, Exercisable	3 years 10 months 24 days
Aggregate intrinsic value, Outstanding | $	$ 6,562
Aggregate intrinsic value, Exercisable | $	$ 4,949
Time Vesting
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Outstanding, Beginning Balance	1,706,441
Number of Stock Options, Exercised	(186,915)
Number of Stock Options, Forfeited	(56,875)
Number of Stock Options, Expired	(7,000)
Number of Stock Options, Outstanding, Ending Balance	1,455,651
Number of Stock Options, Exercisable	610,225
Performance Vesting
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Outstanding, Beginning Balance	65,908
Number of Stock Options, Exercised	0
Number of Stock Options, Expired	0
Number of Stock Options, Outstanding, Ending Balance	65,908
Number of Stock Options, Exercisable	65,908

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Restricted Share Activity (Details)	3 Months Ended
	Mar. 29, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, Unvested, Beginning Balance | $ / shares	$ 22.64
Weighted average grant date fair value, Granted | $ / shares	21.68
Weighted average grant date fair value, Vested | $ / shares	23.90
Weighted average grant date fair value, Forfeited | $ / shares	0
Weighted average grant date fair value, Unvested, Ending Balance | $ / shares	$ 22.38
Time Vesting Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Shares, Unvested, Beginning Balance | shares	192,300
Number of Restricted Shares, Granted | shares	6,912
Number of Restricted Shares, Vested | shares	(29,453)
Number of Restricted Shares, Forfeited | shares	0
Number of Restricted Shares, Unvested, Ending Balance | shares	169,759

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 29, 2019Segment
Segment Reporting [Abstract]
Number of operating segment	1

Segment Information - Schedule

Segment Information - Schedule of Sales By Geographic Area (Including Sales from Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2019	Mar. 30, 2018
Segment Reporting Information [Line Items]
Total net sales	$ 137,831	$ 258,029
United States of America
Segment Reporting Information [Line Items]
Total net sales	76,633	162,240
Singapore
Segment Reporting Information [Line Items]
Total net sales	36,979	73,736
Europe
Segment Reporting Information [Line Items]
Total net sales	15,093	12,836
Other
Segment Reporting Information [Line Items]
Total net sales	$ 9,126	$ 9,217

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2019	Mar. 30, 2018
Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 1,518	$ 16,721
Basic weighted average ordinary shares outstanding	22,269,827	26,030,298
Diluted weighted average ordinary shares outstanding	22,536,209	26,734,710
Net income:
Basic	$ 0.07	$ 0.64
Diluted	$ 0.07	$ 0.63
Employee Stock Option
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	243,136	658,223
Restricted Stock
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	19,046	45,271
2017 Employee Stock Purchase Plan
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	4,200	918

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 29, 2019	Mar. 30, 2018
Earnings Per Share [Abstract]
Potential ordinary shares excluded from computation of diluted net income (loss) per share attributable to ordinary shareholders	587,853	346,622