Ichor (ICHR) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 27, 2019	Nov. 01, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 27, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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		22,494,763
Title of 12(b) Security	Ordinary Shares, par value $0.0001
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-37961
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	3185 Laurelview Ct.
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	510
Local Phone Number	897-5200
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2019	Dec. 28, 2018
Current assets:
Cash	$ 30,175	$ 43,834
Accounts receivable, net	77,140	40,287
Inventories, net	105,822	121,106
Prepaid expenses and other current assets	5,085	6,348
Total current assets	218,222	211,575
Property and equipment, net	43,056	41,740
Operating lease right-of-use assets	14,913
Other noncurrent assets	935	906
Deferred tax assets, net	1,363	1,363
Intangible assets, net	55,367	56,895
Goodwill	173,010	173,010
Total assets	506,866	485,489
Current liabilities:
Accounts payable	86,963	64,300
Accrued liabilities	10,123	9,556
Other current liabilities	3,875	5,148
Current portion of long-term debt	8,750	8,750
Current portion of lease liabilities	5,291
Total current liabilities	115,002	87,754
Long-term debt, less current portion, net	169,250	192,117
Lease liabilities, less current portion	10,020
Deferred tax liabilities	3,097	3,966
Other non-current liabilities	2,307	3,326
Total liabilities	299,676	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; 22,482,403 and 22,234,508 shares outstanding, respectively; 26,919,842 and 26,574,037 shares issued, respectively)	2	2
Additional paid in capital	236,044	228,358
Treasury shares at cost (4,437,439 and 4,339,529 shares, respectively)	(91,578)	(89,979)
Retained earnings	62,722	59,945
Total shareholders’ equity	207,190	198,326
Total liabilities and shareholders’ equity	$ 506,866	$ 485,489

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 27, 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	26,919,842	26,574,037
Ordinary shares, outstanding	22,482,403	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		9 Months Ended
	Sep. 27, 2019	Sep. 28, 2018	Sep. 27, 2019	Sep. 28, 2018
Income Statement [Abstract]
Net sales	$ 154,456	$ 175,207	$ 431,482	$ 682,209
Cost of sales	133,763	146,993	371,033	567,521
Gross profit	20,693	28,214	60,449	114,688
Operating expenses:
Research and development	2,987	2,123	8,012	7,152
Selling, general, and administrative	11,048	10,658	33,491	38,016
Amortization of intangible assets	3,336	3,885	9,675	11,536
Total operating expenses	17,371	16,666	51,178	56,704
Operating income	3,322	11,548	9,271	57,984
Interest expense	2,663	2,553	8,193	7,360
Other income, net	(43)	(84)	(12)	(60)
Income before income taxes	702	9,079	1,090	50,684
Income tax benefit	(221)	(558)	(1,687)	(3,714)
Net income	$ 923	$ 9,637	$ 2,777	$ 54,398
Net income per share Basic	$ 0.04	$ 0.40	$ 0.12	$ 2.15
Net income per share Diluted	$ 0.04	$ 0.39	$ 0.12	$ 2.11
Shares used to compute net income per share:
Shares used to compute net income per share, Basic	22,454,408	24,352,995	22,373,181	25,352,489
Shares used to compute net income per share, Diluted	22,718,882	24,674,912	22,629,855	25,840,494

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	5,661		5,661
Ordinary shares issued from exercise of stock options, shares		573,162
Ordinary shares issued from vesting of restricted share units	(70)		$ (70)
Ordinary shares issued from vesting of restricted share units, Shares		68,512	(27)
Ordinary shares issued from employee share purchase plan	514		$ 514
Ordinary shares issued from employee share purchase plan, shares		29,377
Repurchase of ordinary shares	(60,318)	$ (1)		$ (60,317)
Repurchase of ordinary shares, shares		(2,681,964)		2,681,964
Share-based compensation expense	6,277		6,277
Net income	54,398				54,398
Balance at Sep. 28, 2018	223,224	$ 2	227,079	$ (60,317)	56,460
Balance, Shares at Sep. 28, 2018		23,881,249		2,681,964
Balance at Jun. 29, 2018	242,219	$ 3	225,363	$ (29,970)	46,823
Balance, Shares at Jun. 29, 2018		25,268,836		1,257,605
Ordinary shares issued from exercise of stock options	151		151
Ordinary shares issued from exercise of stock options, shares		10,930
Ordinary shares issued from vesting of restricted share units	(43)		(43)
Ordinary shares issued from vesting of restricted share units, Shares		7,246
Ordinary shares issued from employee share purchase plan	337		337
Ordinary shares issued from employee share purchase plan, shares		18,596
Repurchase of ordinary shares	(30,348)	$ (1)		$ (30,347)
Repurchase of ordinary shares, shares		(1,424,359)		1,424,359
Share-based compensation expense	1,271		1,271
Net income	9,637				9,637
Balance at Sep. 28, 2018	223,224	$ 2	227,079	$ (60,317)	56,460
Balance, Shares at Sep. 28, 2018		23,881,249		2,681,964
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	2,640		2,640
Ordinary shares issued from exercise of stock options, shares		238,121
Ordinary shares issued from vesting of restricted share units	(222)		(222)
Ordinary shares issued from vesting of restricted share units, Shares		60,039
Ordinary shares issued from employee share purchase plan	671		671
Ordinary shares issued from employee share purchase plan, shares		47,645
Repurchase of ordinary shares	$ (1,599)			$ (1,599)
Repurchase of ordinary shares, shares	(97,910)	(97,910)		97,910
Share-based compensation expense	$ 4,597		4,597
Net income	2,777				2,777
Balance at Sep. 27, 2019	207,190	$ 2	236,044	$ (91,578)	62,722
Balance, Shares at Sep. 27, 2019		22,482,403		4,437,439
Balance at Jun. 28, 2019	203,731	$ 2	233,508	$ (91,578)	61,799
Balance, Shares at Jun. 28, 2019		22,414,089		4,437,439
Ordinary shares issued from exercise of stock options	433		433
Ordinary shares issued from exercise of stock options, shares		33,421
Ordinary shares issued from vesting of restricted share units	(48)		(48)
Ordinary shares issued from vesting of restricted share units, Shares		9,749
Ordinary shares issued from employee share purchase plan	359		359
Ordinary shares issued from employee share purchase plan, shares		25,144
Share-based compensation expense	1,792		1,792
Net income	923				923
Balance at Sep. 27, 2019	$ 207,190	$ 2	$ 236,044	$ (91,578)	$ 62,722
Balance, Shares at Sep. 27, 2019		22,482,403		4,437,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2019	Sep. 28, 2018
Cash flows from operating activities:
Net income	$ 2,777	$ 54,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,957	17,405
Share-based compensation	4,597	6,277
Deferred income taxes	(869)	(6,246)
Amortization of debt issuance costs	696	731
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(36,853)	(14,646)
Inventories, net	15,284	22,569
Prepaid expenses and other assets	3,492	1,336
Accounts payable	23,413	(48,104)
Accrued liabilities	661	(3,711)
Other liabilities	(4,152)	(2,639)
Net cash provided by operating activities	25,003	27,370
Cash flows from investing activities:
Capital expenditures	(8,348)	(11,385)
Cash paid for acquisitions, net of cash acquired		(1,443)
Cash paid for intangible assets	(8,147)
Net cash used in investing activities	(16,495)	(12,828)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans	3,217	6,215
Employees' taxes paid upon vesting of restricted share units	(222)	(70)
Repurchase of ordinary shares	(1,599)	(60,318)
Debt issuance and modification costs		(2,092)
Borrowings on revolving credit facility	5,000	17,162
Repayments on revolving credit facility	(22,000)	(5,000)
Repayments on term loan	(6,563)	(6,722)
Net cash used in financing activities	(22,167)	(50,825)
Net decrease in cash	(13,659)	(36,283)
Cash at beginning of year	43,834	69,304
Cash at end of quarter	30,175	33,021
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	6,115	5,987
Cash paid during the period for taxes	1,961	2,166
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable	$ 712	$ 790

Basis of Presentation and Selec

Basis of Presentation and Selected Significant Accounting Policies	9 Months Ended
	Sep. 27, 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 September 27, 2019 and September 28, 2018 were both 13 weeks. References to the third quarter of 2019 and 2018 refer to the three month periods then ended . References to fiscal year 2019 refer to our fiscal year ending December 27, 2019. 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 operations 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	9 Months Ended
	Sep. 27, 2019
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: September 27, 2019 December 28, 2018 Raw materials $ 71,218 $ 90,713 Work in process 25,534 20,852 Finished goods 16,996 17,233 Excess and obsolete adjustment (7,926 ) (7,692 ) Total inventories, net $ 105,822 $ 121,106

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 27, 2019
Property Plant And Equipment [Abstract]
Property and Equipment	Note 3 – Property and Equipment Property and equipment consist of the following: September 27, 2019 December 28, 2018 Machinery $ 30,729 $ 29,885 Leasehold improvements 23,044 15,333 Computer software, hardware, and equipment 5,370 4,884 Office furniture, fixtures and equipment 1,121 1,058 Vehicles 26 26 Construction-in-process 8,087 9,514 68,377 60,700 Less accumulated depreciation (25,321 ) (18,960 ) Total property and equipment, net $ 43,056 $ 41,740 Depreciation expense was $2.2 million and $2.0 million for the third quarter of 2019 and 2018, respectively, and $6.3 million and $5.9 million for the nine months ended September 27, 2019 and September 28, 2018, respectively.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 27, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 4 – Intangible Assets Definite‑lived intangible assets consist of the following: September 27, 2019 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (7,508 ) $ — $ 2,182 10.0 years Customer relationships 82,986 (39,791 ) — 43,195 7.8 years Developed technology 11,047 (1,057 ) — 9,990 10.0 years Total intangible assets $ 103,723 $ (48,356 ) $ — $ 55,367 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 During the second quarter of 2019, we acquired certain developed technology assets for $8.1 million, which have a weighted average useful life of 10 years.

Leases

Leases	9 Months Ended
	Sep. 27, 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 September 27, 2019, we had no operating leases executed for which the rental period had not yet commenced. The components of lease expense are as follows: Three Months Ended Nine Months Ended September 27, 2019 September 27, 2019 Operating lease cost $ 1,722 $ 5,015 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 27, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,807 Right-of-use assets obtained in exchange for new operating lease liabilities $ 566 Weighted-average remaining lease term of operating leases 3.3 years Weighted-average discount rate of operating leases 4.5% Future minimum lease payments under non-cancelable leases as of September 27, 2019 are as follows: 2019, remaining $ 1,365 2020 5,271 2021 4,754 2022 4,062 2023 1,096 Thereafter 118 Total future minimum lease payments 16,666 Less imputed interest (1,355 ) Total lease liabilities $ 15,311 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	9 Months Ended
	Sep. 27, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes Income tax information for the periods reported are as follows: Three Months Ended Nine Months Ended September 27, 2019 September 28, 2018 September 27, 2019 September 28, 2018 Income tax benefit $ (221 ) $ (558 ) $ (1,687 ) $ (3,714 ) Income before income taxes $ 702 $ 9,079 $ 1,090 $ 50,684 Effective income tax rate -31.5 % -6.1 % -154.8 % -7.3 % Our effective tax rate for the third quarter of 2019 differs from the statutory rate due to taxes on foreign income that differ from the U.S. tax rate and return-to-provision adjustments related to recently filed tax returns. Our effective tax rate for the nine months ended September 27, 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 three and nine months ended September 28, 2018 differs from the statutory rate due to taxes on foreign income that differ from the U.S. tax rate, accrued withholding taxes, excess tax benefits from share-based compensation, and the release of a valuation allowance against our foreign tax credit carryforwards. The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $1.9 million at September 27, 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 September 27, 2019, we were not under examination by tax authorities.

Employee Benefit Programs

Employee Benefit Programs	9 Months Ended
	Sep. 27, 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 $0.3 million for the

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 27, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 – Long-Term Debt Long‑term debt consists of the following: September 27, 2019 December 28, 2018 Term loan $ 164,062 $ 170,625 Revolving credit facility 17,162 34,162 Total principal amount of long-term debt 181,224 204,787 Less unamortized debt issuance costs (3,224 ) (3,920 ) Total long-term debt, net 178,000 200,867 Less current portion (8,750 ) (8,750 ) Total long-term debt, less current portion, net $ 169,250 $ 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 September 27, 2019, the term loan and revolving credit facility bore interest at the Eurodollar rate option of 4.83% 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	9 Months Ended
	Sep. 27, 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 nine months ended September 27, 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 September 27, 2019, $8.4 million remained available to repurchase ordinary shares under the repurchase program.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 27, 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 stock options (“Options”), tandem and non‑tandem stock appreciation rights, restricted share awards or restricted share units (“RSUs”), performance awards, and other share‑based awards. Awards generally vest over four years, 25% on the first anniversary and quarterly thereafter. Upon vesting of RSUs, 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 Options, RSUs, and employee share purchase rights was $1.8 million and $1.3 million for the third quarter of 2019 and 2018, respectively, and $4.6 million and $6.3 million for the nine months ended September 27, 2019 and September 28, 2018, respectively. Stock Options The following table summarizes 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 500,127 — $ 22.47 Exercised (238,121 ) — $ 11.09 Forfeited (118,835 ) — $ 22.10 Expired (65,596 ) — $ 16.84 Outstanding, September 27, 2019 1,784,016 65,908 $ 20.42 5.0 years $ 7,666 Exercisable, September 27, 2019 662,819 65,908 $ 17.18 3.7 years $ 5,376 Restricted Share Units The following table summarizes RSU activity: Number of Restricted Share Units Time vesting Performance vesting Weighted average grant date fair value per share Unvested, December 28, 2018 192,300 — $ 22.64 Granted 266,237 17,730 $ 22.37 Vested (70,309 ) — $ 23.09 Forfeited (6,875 ) — $ 25.41 Unvested, September 27, 2019 381,353 17,730 $ 22.32 During the second quarter of 2019, an executive was granted 17,730 performance-vesting RSUs (“PRSUs”) that cliff-vest upon the satisfaction of certain financial metrics for fiscal year 2020. The PRSUs expire if the financial metrics are not met. 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 nine months ended September 27, 2019, 47,645 ordinary shares were purchased by eligible employees under the 2017 ESPP. As of September 27, 2019, approximately 2.4 million ordinary shares remain available for purchase under the 2017 ESPP.

Segment Information

Segment Information	9 Months Ended
	Sep. 27, 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 Nine Months Ended September 27, 2019 September 28, 2018 September 27, 2019 September 28, 2018 United States of America $ 77,997 $ 103,563 $ 231,529 $ 417,207 Singapore 53,806 45,626 134,083 190,843 Europe 13,225 17,692 38,115 46,565 Other 9,428 8,326 27,755 27,594 Total net sales $ 154,456 $ 175,207 $ 431,482 $ 682,209

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 27, 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 Nine Months Ended September 27, 2019 September 28, 2018 September 27, 2019 September 28, 2018 Numerator: Net income $ 923 $ 9,637 $ 2,777 $ 54,398 Denominator: Basic weighted average ordinary shares outstanding 22,454,408 24,352,995 22,373,181 25,352,489 Dilutive effect of Options 222,470 302,468 237,908 459,921 Dilutive effect of RSUs 40,423 18,112 18,239 27,638 Dilutive effect of ESPP 1,581 1,337 527 446 Diluted weighted average ordinary shares outstanding 22,718,882 24,674,912 22,629,855 25,840,494 Earnings per share: Basic $ 0.04 $ 0.40 $ 0.12 $ 2.15 Diluted $ 0.04 $ 0.39 $ 0.12 $ 2.11 A combined total of 1,480,627, 1,303,905, 1,622,252 and 1,218,053 potentially dilutive Options and RSUs were excluded from the calculation of net income per share for the third quarter of 2019, third quarter of 2018, nine months ended September 27, 2019, and September 28, 2018, respectively, because including them would have been antidilutive under the treasury stock method.

Basis of Presentation and Sel_2

Basis of Presentation and Selected Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 27, 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 September 27, 2019 and September 28, 2018 were both 13 weeks. References to the third quarter of 2019 and 2018 refer to the three month periods then ended . References to fiscal year 2019 refer to our fiscal year ending December 27, 2019.
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 operations 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)	9 Months Ended
	Sep. 27, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 27, 2019 December 28, 2018 Raw materials $ 71,218 $ 90,713 Work in process 25,534 20,852 Finished goods 16,996 17,233 Excess and obsolete adjustment (7,926 ) (7,692 ) Total inventories, net $ 105,822 $ 121,106

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 27, 2019
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following: September 27, 2019 December 28, 2018 Machinery $ 30,729 $ 29,885 Leasehold improvements 23,044 15,333 Computer software, hardware, and equipment 5,370 4,884 Office furniture, fixtures and equipment 1,121 1,058 Vehicles 26 26 Construction-in-process 8,087 9,514 68,377 60,700 Less accumulated depreciation (25,321 ) (18,960 ) Total property and equipment, net $ 43,056 $ 41,740

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 27, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	Definite‑lived intangible assets consist of the following: September 27, 2019 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (7,508 ) $ — $ 2,182 10.0 years Customer relationships 82,986 (39,791 ) — 43,195 7.8 years Developed technology 11,047 (1,057 ) — 9,990 10.0 years Total intangible assets $ 103,723 $ (48,356 ) $ — $ 55,367 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)	9 Months Ended
	Sep. 27, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Nine Months Ended September 27, 2019 September 27, 2019 Operating lease cost $ 1,722 $ 5,015
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Nine Months Ended September 27, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,807 Right-of-use assets obtained in exchange for new operating lease liabilities $ 566 Weighted-average remaining lease term of operating leases 3.3 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 September 27, 2019 are as follows: 2019, remaining $ 1,365 2020 5,271 2021 4,754 2022 4,062 2023 1,096 Thereafter 118 Total future minimum lease payments 16,666 Less imputed interest (1,355 ) Total lease liabilities $ 15,311
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)	9 Months Ended
	Sep. 27, 2019
Income Tax Disclosure [Abstract]
Schedule of Income Taxes	Income tax information for the periods reported are as follows: Three Months Ended Nine Months Ended September 27, 2019 September 28, 2018 September 27, 2019 September 28, 2018 Income tax benefit $ (221 ) $ (558 ) $ (1,687 ) $ (3,714 ) Income before income taxes $ 702 $ 9,079 $ 1,090 $ 50,684 Effective income tax rate -31.5 % -6.1 % -154.8 % -7.3 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 27, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long‑term debt consists of the following: September 27, 2019 December 28, 2018 Term loan $ 164,062 $ 170,625 Revolving credit facility 17,162 34,162 Total principal amount of long-term debt 181,224 204,787 Less unamortized debt issuance costs (3,224 ) (3,920 ) Total long-term debt, net 178,000 200,867 Less current portion (8,750 ) (8,750 ) Total long-term debt, less current portion, net $ 169,250 $ 192,117

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 27, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Option Activity	The following table summarizes 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 500,127 — $ 22.47 Exercised (238,121 ) — $ 11.09 Forfeited (118,835 ) — $ 22.10 Expired (65,596 ) — $ 16.84 Outstanding, September 27, 2019 1,784,016 65,908 $ 20.42 5.0 years $ 7,666 Exercisable, September 27, 2019 662,819 65,908 $ 17.18 3.7 years $ 5,376
Schedule of Restricted Share Units Activity	The following table summarizes RSU activity: Number of Restricted Share Units Time vesting Performance vesting Weighted average grant date fair value per share Unvested, December 28, 2018 192,300 — $ 22.64 Granted 266,237 17,730 $ 22.37 Vested (70,309 ) — $ 23.09 Forfeited (6,875 ) — $ 25.41 Unvested, September 27, 2019 381,353 17,730 $ 22.32

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 27, 2019
Segment Reporting [Abstract]
Schedule of Sales By Geographic Area	The following table sets forth sales by geographic area: Three Months Ended Nine Months Ended September 27, 2019 September 28, 2018 September 27, 2019 September 28, 2018 United States of America $ 77,997 $ 103,563 $ 231,529 $ 417,207 Singapore 53,806 45,626 134,083 190,843 Europe 13,225 17,692 38,115 46,565 Other 9,428 8,326 27,755 27,594 Total net sales $ 154,456 $ 175,207 $ 431,482 $ 682,209

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 27, 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 Nine Months Ended September 27, 2019 September 28, 2018 September 27, 2019 September 28, 2018 Numerator: Net income $ 923 $ 9,637 $ 2,777 $ 54,398 Denominator: Basic weighted average ordinary shares outstanding 22,454,408 24,352,995 22,373,181 25,352,489 Dilutive effect of Options 222,470 302,468 237,908 459,921 Dilutive effect of RSUs 40,423 18,112 18,239 27,638 Dilutive effect of ESPP 1,581 1,337 527 446 Diluted weighted average ordinary shares outstanding 22,718,882 24,674,912 22,629,855 25,840,494 Earnings per share: Basic $ 0.04 $ 0.40 $ 0.12 $ 2.15 Diluted $ 0.04 $ 0.39 $ 0.12 $ 2.11

Basis of Presentation and Sel_3

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2019	Dec. 29, 2018
Basis Of Presentation [Line Items]
Operating lease, ROU assets	$ 14,913	$ 17,700
Operating lease, lease liabilities	$ 15,311	$ 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)	Sep. 27, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-09-28
Basis Of Presentation [Line Items]
Performance obligation satisfaction period	12 months

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 27, 2019	Dec. 28, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 71,218	$ 90,713
Work in process	25,534	20,852
Finished goods	16,996	17,233
Excess and obsolete adjustment	(7,926)	(7,692)
Total inventories, net	$ 105,822	$ 121,106

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 27, 2019	Dec. 28, 2018
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 68,377	$ 60,700
Less accumulated depreciation	(25,321)	(18,960)
Total property and equipment, net	43,056	41,740
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,729	29,885
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	23,044	15,333
Office Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,121	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	8,087	9,514
Computer Software, Hardware and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 5,370	$ 4,884

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2019	Sep. 28, 2018	Sep. 27, 2019	Sep. 28, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 2.2	$ 2	$ 6.3	$ 5.9

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 28, 2019	Sep. 27, 2019	Dec. 28, 2018
Finite Lived Intangible Assets [Line Items]
Gross value		$ 103,723	$ 95,576
Accumulated amortization		(48,356)	(38,681)
Carrying amount		55,367	56,895
Trademarks
Finite Lived Intangible Assets [Line Items]
Gross value		9,690	9,690
Accumulated amortization		(7,508)	(6,781)
Carrying amount		$ 2,182	$ 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		(39,791)	(31,308)
Carrying amount		$ 43,195	$ 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		$ 11,047	$ 2,900
Accumulated amortization		(1,057)	(592)
Carrying amount		$ 9,990	$ 2,308
Developed Technology | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	10 years	10 years	10 years

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - Developed Technology - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 28, 2019	Sep. 27, 2019	Dec. 28, 2018
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 8.1
Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	10 years	10 years	10 years

Leases - Additional Information

Leases - Additional Information (Detail)	9 Months Ended
	Sep. 27, 2019Operatinglease
Leases [Abstract]
Non-cancellable net operating lease expiration year	2024
Lessee, operating lease, not yet commenced, description	As of September 27, 2019, we had no operating leases executed for which the rental period had not yet commenced
Number of operating lease executed	0

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 27, 2019	Sep. 27, 2019
Leases [Abstract]
Operating lease cost	$ 1,722	$ 5,015

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands	9 Months Ended
	Sep. 27, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 3,807
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 566
Weighted-average remaining lease term of operating leases	3 years 3 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	Sep. 27, 2019	Dec. 29, 2018
Leases [Abstract]
2019, remaining	$ 1,365
2020	5,271
2021	4,754
2022	4,062
2023	1,096
Thereafter	118
Total future minimum lease payments	16,666
Less imputed interest	(1,355)
Total lease liabilities	$ 15,311	$ 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		9 Months Ended
	Sep. 27, 2019	Sep. 28, 2018	Sep. 27, 2019	Sep. 28, 2018
Components Of Income Tax Expense Benefit Continuing Operations [Abstract]
Income tax benefit	$ (221)	$ (558)	$ (1,687)	$ (3,714)
Income before income taxes	$ 702	$ 9,079	$ 1,090	$ 50,684
Effective income tax rate	(31.50%)	(6.10%)	(154.80%)	(7.30%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	Sep. 27, 2019USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits for uncertain tax positions	$ 1.9
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		9 Months Ended
	Sep. 27, 2019	Sep. 28, 2018	Sep. 27, 2019	Sep. 28, 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	$ 0.3	$ 1.1	$ 1.1
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	Sep. 27, 2019	Dec. 28, 2018
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 181,224	$ 204,787
Less unamortized debt issuance costs	(3,224)	(3,920)
Total long-term debt, net	178,000	200,867
Less current portion	(8,750)	(8,750)
Total long-term debt, less current portion, net	169,250	192,117
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	164,062	170,625
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 17,162	$ 34,162

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	Feb. 15, 2018	Sep. 27, 2019	Sep. 27, 2019	Dec. 28, 2018
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt		$ 181,224	$ 181,224	$ 204,787
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt		164,062	164,062	170,625
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt		17,162	$ 17,162	$ 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		4.83%	4.83%
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%	4.66%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2018	Sep. 28, 2018	Sep. 27, 2019	Sep. 28, 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		$ 30,348	$ 1,599	$ 60,318
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			9 Months Ended
	Sep. 27, 2019	Jun. 28, 2019	Sep. 28, 2018	Sep. 27, 2019	Sep. 28, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense for Options, RSUs and employee share purchase rights across all plans	$ 1.8		$ 1.3	$ 4.6	$ 6.3
Performance Vesting Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs granted				17,730
Performance Vesting Restricted Share Units | Executive
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs granted		17,730
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				47,645
Ordinary shares remain available for purchase				2,400,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 27, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average exercise price per share, Outstanding, Beginning Balance	$ 18.57
Weighted average exercise price per share, Granted	22.47
Weighted average exercise price per share, Exercised	11.09
Weighted average exercise price per share, Forfeited	22.10
Weighted average exercise price per share, Expired	16.84
Weighted average exercise price per share, Outstanding, Ending Balance	20.42
Weighted average exercise price per share, Exercisable	$ 17.18
Weighted average remaining contractual term, Outstanding	5 years
Weighted average remaining contractual term, Exercisable	3 years 8 months 12 days
Aggregate intrinsic value, Outstanding	$ 7,666
Aggregate intrinsic value, Exercisable	$ 5,376
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, Granted	500,127
Number of Stock Options, Exercised	(238,121)
Number of Stock Options, Forfeited	(118,835)
Number of Stock Options, Expired	(65,596)
Number of Stock Options, Outstanding, Ending Balance	1,784,016
Number of Stock Options, Exercisable	662,819
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 Units Activity (Details)	9 Months Ended
	Sep. 27, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share, Unvested, Beginning Balance | $ / shares	$ 22.64
Weighted average grant date fair value per share, Granted | $ / shares	22.37
Weighted average grant date fair value per share, Vested | $ / shares	23.09
Weighted average grant date fair value per share, Forfeited | $ / shares	25.41
Weighted average grant date fair value per share, Unvested, Ending Balance | $ / shares	$ 22.32
Performance Vesting Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Granted	17,730
Number of Restricted Share Units, Unvested, Ending Balance	17,730
Time Vesting Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Unvested, Beginning Balance	192,300
Number of Restricted Share Units, Granted	266,237
Number of Restricted Share Units, Vested	(70,309)
Number of Restricted Share Units, Forfeited	(6,875)
Number of Restricted Share Units, Unvested, Ending Balance	381,353

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 27, 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		9 Months Ended
	Sep. 27, 2019	Sep. 28, 2018	Sep. 27, 2019	Sep. 28, 2018
Segment Reporting Information [Line Items]
Total net sales	$ 154,456	$ 175,207	$ 431,482	$ 682,209
United States of America
Segment Reporting Information [Line Items]
Total net sales	77,997	103,563	231,529	417,207
Singapore
Segment Reporting Information [Line Items]
Total net sales	53,806	45,626	134,083	190,843
Europe
Segment Reporting Information [Line Items]
Total net sales	13,225	17,692	38,115	46,565
Other
Segment Reporting Information [Line Items]
Total net sales	$ 9,428	$ 8,326	$ 27,755	$ 27,594

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		9 Months Ended
	Sep. 27, 2019	Sep. 28, 2018	Sep. 27, 2019	Sep. 28, 2018
Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 923	$ 9,637	$ 2,777	$ 54,398
Basic weighted average ordinary shares outstanding	22,454,408	24,352,995	22,373,181	25,352,489
Diluted weighted average ordinary shares outstanding	22,718,882	24,674,912	22,629,855	25,840,494
Basic	$ 0.04	$ 0.40	$ 0.12	$ 2.15
Diluted	$ 0.04	$ 0.39	$ 0.12	$ 2.11
Options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	222,470	302,468	237,908	459,921
RSUs
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	40,423	18,112	18,239	27,638
ESPP
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	1,581	1,337	527	446

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 27, 2019	Sep. 28, 2018	Sep. 27, 2019	Sep. 28, 2018
Earnings Per Share [Abstract]
Potential dilutive options and RSUs excluded from computation of net income (loss) per share attributable to ordinary shareholders	1,480,627	1,303,905	1,622,252	1,218,053