Ichor (ICHR) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 25, 2020	Oct. 28, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 25, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	ICHR
Entity Registrant Name	ICHOR HOLDINGS, LTD.
Entity Central Index Key	0001652535
Current Fiscal Year End Date	--12-25
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Ordinary Shares Outstanding		23,162,445
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 Tax Identification Number	00-0000000
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. 25, 2020	Dec. 27, 2019
Current assets:
Cash	$ 78,919	$ 60,612
Accounts receivable, net	104,121	84,849
Inventories	137,583	127,037
Prepaid expenses and other current assets	5,577	4,449
Total current assets	326,200	276,947
Property and equipment, net	44,574	44,541
Operating lease right-of-use assets	10,863	14,198
Other noncurrent assets	4,101	1,094
Deferred tax assets, net	4,674	4,738
Intangible assets, net	42,019	52,027
Goodwill	173,010	173,010
Total assets	605,441	566,555
Current liabilities:
Accounts payable	107,648	131,578
Accrued liabilities	16,785	12,814
Other current liabilities	9,949	5,233
Current portion of long-term debt	8,750	8,750
Current portion of lease liabilities	5,167	5,492
Total current liabilities	148,299	163,867
Long-term debt, less current portion, net	193,467	169,304
Lease liabilities, less current portion	6,040	9,081
Deferred tax liabilities	210	210
Other non-current liabilities	2,758	2,677
Total liabilities	350,774	345,139
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; 23,160,672 and 22,618,708 shares outstanding, respectively; 27,598,111 and 27,056,147 shares issued, respectively)	2	2
Additional paid in capital	254,811	242,318
Treasury shares at cost (4,437,439 shares)	(91,578)	(91,578)
Retained earnings	91,432	70,674
Total shareholders’ equity	254,667	221,416
Total liabilities and shareholders’ equity	$ 605,441	$ 566,555

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 25, 2020	Dec. 27, 2019
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	27,598,111	27,056,147
Ordinary shares, outstanding	23,160,672	22,618,708
Treasury shares	4,437,439	4,437,439

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Income Statement [Abstract]
Net sales	$ 227,678	$ 154,456	$ 669,270	$ 431,482
Cost of sales	195,172	133,763	578,728	371,033
Gross profit	32,506	20,693	90,542	60,449
Operating expenses:
Research and development	3,269	2,987	10,100	8,012
Selling, general, and administrative	13,367	11,048	43,098	33,491
Amortization of intangible assets	3,338	3,336	10,008	9,675
Total operating expenses	19,974	17,371	63,206	51,178
Operating income	12,532	3,322	27,336	9,271
Interest expense	2,052	2,663	6,728	8,193
Other expense (income), net	242	(43)	213	(12)
Income before income taxes	10,238	702	20,395	1,090
Income tax benefit	(310)	(221)	(363)	(1,687)
Net income	$ 10,548	$ 923	$ 20,758	$ 2,777
Net income per share Basic	$ 0.46	$ 0.04	$ 0.91	$ 0.12
Net income per share Diluted	$ 0.45	$ 0.04	$ 0.89	$ 0.12
Shares used to compute net income per share:
Shares used to compute net income per share, Basic	23,051,994	22,454,408	22,875,186	22,373,181
Shares used to compute net income per share, Diluted	23,347,460	22,718,882	23,199,618	22,629,855

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. 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
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		25,144,000
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
Balance at Dec. 27, 2019	221,416	$ 2	242,318	$ (91,578)	70,674
Balance, Shares at Dec. 27, 2019		22,618,708		4,437,439
Ordinary shares issued from exercise of stock options	5,913		5,913
Ordinary shares issued from exercise of stock options, shares		385,276
Ordinary shares issued from vesting of restricted share units	(1,570)		(1,570)
Ordinary shares issued from vesting of restricted share units, shares		123,500
Ordinary shares issued from employee share purchase plan	727		727
Ordinary shares issued from employee share purchase plan, shares		33,188
Share-based compensation expense	7,423		7,423
Net income	20,758				20,758
Balance at Sep. 25, 2020	254,667	$ 2	254,811	$ (91,578)	91,432
Balance, Shares at Sep. 25, 2020		23,160,672		4,437,439
Balance at Jun. 26, 2020	238,190	$ 2	248,882	$ (91,578)	80,884
Balance, Shares at Jun. 26, 2020		22,868,999		4,437,439
Ordinary shares issued from exercise of stock options	3,319		3,319
Ordinary shares issued from exercise of stock options, shares		262,940
Ordinary shares issued from vesting of restricted share units	(184)		(184)
Ordinary shares issued from vesting of restricted share units, shares		12,065
Ordinary shares issued from employee share purchase plan	377		377
Ordinary shares issued from employee share purchase plan, shares		16,668
Share-based compensation expense	2,417		2,417
Net income	10,548				10,548
Balance at Sep. 25, 2020	$ 254,667	$ 2	$ 254,811	$ (91,578)	$ 91,432
Balance, Shares at Sep. 25, 2020		23,160,672		4,437,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019
Cash flows from operating activities:
Net income	$ 20,758	$ 2,777
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	18,029	15,957
Share-based compensation	7,423	4,597
Deferred income taxes	64	(869)
Amortization of debt issuance costs	726	696
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(19,272)	(36,853)
Inventories	(10,546)	15,284
Prepaid expenses and other assets	(472)	3,492
Accounts payable	(23,693)	23,413
Accrued liabilities	4,002	661
Other liabilities	1,103	(4,152)
Net cash provided by (used in) operating activities	(1,878)	25,003
Cash flows from investing activities:
Capital expenditures	(8,291)	(8,348)
Cash paid for intangible assets		(8,147)
Net cash used in investing activities	(8,291)	(16,495)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans	6,609	3,217
Employees' taxes paid upon vesting of restricted share units	(1,570)	(222)
Repurchase of ordinary shares		(1,599)
Borrowings on revolving credit facility	30,000	5,000
Repayments on revolving credit facility		(22,000)
Repayments on term loan	(6,563)	(6,563)
Net cash provided by (used in) financing activities	28,476	(22,167)
Net increase (decrease) in cash	18,307	(13,659)
Cash at beginning of period	60,612	43,834
Cash at end of period	78,919	30,175
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	6,426	6,115
Cash paid during the period for taxes, net of refunds	179	1,961
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable	537	712
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 328	$ 566

Basis of Presentation and Selec

Basis of Presentation and Selected Significant Accounting Policies	9 Months Ended
	Sep. 25, 2020
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 unaudited 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. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted as permitted by the SEC's rules and regulations for interim reporting. These consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10‑K for the year ended December 27, 2019. Year End We use a 52- or 53-week fiscal year ending on the last Friday in December. The three months ended September 25, 2020 and September 27, 2019 were both 13 weeks. References to the third quarter of 2020 and 2019 refer to the three-month periods then ended . References to fiscal year 2020 refer to our fiscal year ending December 25, 2020. 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 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 effect on our financial position or results of operations. Subsequent to the end of the first quarter, but before the financial statements were issued, we reached a mutual settlement with the counterparty of a contract dispute and, accordingly, recorded a $1.4 million contract settlement loss to cost of sales, as the settlement provided evidence relating to a loss that existed at March 27, 2020. Accounting Pronouncements Recently Adopted In June 2016, the FASB issued ASU 2016‑13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. We adopted the standard on the first day of the first quarter of 2020, and the adoption did not have a significant impact on our financial statements. In August 2018, the FASB issued ASU 2018‑15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The new guidance clarifies the accounting for implementation costs in cloud computing arrangements. We adopted the standard on the first day of the first quarter of 2020. During the third quarter, we incurred capitalizable implementation costs of approximately $3.0 million in connection with our implementation of a new company-wide ERP system that is classified as a hosting arrangement that is a service contract. Accordingly, these costs are included in Other noncurrent assets on our consolidated balance sheet as of September 25, 2020. Additionally, our cash used in operating activities for the nine months ended September 25, 2020 include $1.8 million in cash outflows associated with these capitalized implementation costs. As the ERP system was not yet in-service as of September 25, 2020, there was no amortization expense recognized during the nine months then ended.

Inventories

Inventories	9 Months Ended
	Sep. 25, 2020
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: September 25, 2020 December 27, 2019 Raw materials $ 88,791 $ 85,329 Work in process 37,345 31,825 Finished goods 23,471 17,700 Excess and obsolete adjustment (12,024 ) (7,817 ) Total inventories $ 137,583 $ 127,037

Property and Equipment and Othe

Property and Equipment and Other Noncurrent Assets	9 Months Ended
	Sep. 25, 2020
Property Plant And Equipment [Abstract]
Property and Equipment and Other Noncurrent Assets	Note 3 – Property and Equipment and Other Noncurrent Assets Property and equipment consist of the following: September 25, 2020 December 27, 2019 Machinery $ 38,412 $ 33,684 Leasehold improvements 29,153 27,835 Computer software, hardware, and equipment 6,492 5,796 Office furniture, fixtures and equipment 1,040 1,040 Vehicles 22 26 Construction-in-process 4,828 3,760 79,947 72,141 Less accumulated depreciation (35,373 ) (27,600 ) Total property and equipment, net $ 44,574 $ 44,541 Depreciation expense was $3.0 million and $2.2 million for the third quarter of 2020 and 2019, respectively, and $8.0 million and $6.3 million for the nine months ended September 25, 2020 and September 27, 2019, respectively. Cloud Computing Implementation Costs Pursuant to ASU 2018-15, we capitalize implementation costs associated with hosting arrangement that are service contracts. These costs are recorded to prepaid expenses or other noncurrent assets. To-date, these costs are those incurred to implement a new company-wide ERP system. The following table summarizes capitalized cloud computing implementation costs: Capitalized cloud computing implementation costs as of December 27, 2019 $ — Costs capitalized during the period 3,042 Capitalized costs amortized during the period — Capitalized cloud computing implementation costs as of September 25, 2020 $ 3,042

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 25, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 4 – Intangible Assets Definite‑lived intangible assets consist of the following: September 25, 2020 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (8,478 ) $ — $ 1,212 10.0 years Customer relationships 82,986 (51,095 ) — 31,891 7.8 years Developed technology 11,047 (2,131 ) — 8,916 10.0 years Total intangible assets $ 103,723 $ (61,704 ) $ — $ 42,019 December 27, 2019 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (7,750 ) $ — $ 1,940 10.0 years Customer relationships 82,986 (42,621 ) — 40,365 7.8 years Developed technology 11,047 (1,325 ) — 9,722 10.0 years Total intangible assets $ 103,723 $ (51,696 ) $ — $ 52,027

Leases

Leases	9 Months Ended
	Sep. 25, 2020
Leases [Abstract]
Leases	Note 5 – Leases Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and operating lease liabilities, we use the non-cancellable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We lease facilities under various non-cancellable operating leases expiring through 2025. 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 25, 2020, 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 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Operating lease cost $ 1,363 $ 1,722 $ 4,015 $ 5,015 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 25, 2020 September 27, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,096 $ 3,807 Supplemental balance sheet information related to leases is as follows: September 25, 2020 Weighted-average remaining lease term of operating leases 2.5 years Weighted-average discount rate of operating leases 4.5% Future minimum lease payments under non-cancelable leases as of September 25, 2020 are as follows: 2020, remaining $ 1,409 2021 4,929 2022 4,149 2023 1,179 2024 243 Thereafter 26 Total future minimum lease payments 11,935 Less imputed interest (728 ) Total lease liabilities $ 11,207

Income Taxes

Income Taxes	9 Months Ended
	Sep. 25, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes Coronavirus Aid, Relief, and Economic Security (“CARES”) Act In response to the COVID‑19 pandemic, the CARES Act was signed into law in March 2020. The CARES Act lifts certain deduction limitations originally imposed by the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”). Corporate taxpayers may carryback net operating losses (“NOLs”) originating in 2018 through 2020 for up to five years, which was not previously allowed under the 2017 Tax Act. The CARES Act also eliminates the existing limitation on taxable income of 80% by allowing corporate entities to fully utilize NOL carryforwards to offset taxable income in 2018, 2019, or 2020. Taxpayers may generally deduct interest up to the sum of 50% of adjusted taxable income, plus business interest income, subject to the existing 30% limit under the 2017 Tax Act, for 2019 and 2020. The CARES Act allows taxpayers with alternative minimum tax credits to claim a refund in 2020 for the entire amount of the credits instead of recovering the credits through refunds over a period of years, as originally enacted by the 2017 Tax Act. In addition, the CARES Act raises the corporate charitable deduction limit to 25% of taxable income and makes qualified improvement property generally eligible for 15-year cost-recovery and 100% bonus depreciation. With the enactment of the CARES Act, we expect to generate an additional income tax refund of approximately $1.0 million from our NOL carryback provision, resulting from the benefit from additional interest and depreciation deductions. Income tax information for the periods reported are as follows: Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Income tax benefit $ (310 ) $ (221 ) $ (363 ) $ (1,687 ) Income before income taxes $ 10,238 $ 702 $ 20,395 $ 1,090 Effective income tax rate -3.0 % -31.5 % -1.8 % -154.8 % Our effective tax rate for the three and nine months ended September 25, 2020 differs from the statutory rate due to taxes on foreign income that differ from the U.S. tax rate, including a tax holiday in Singapore, the impact of stock option exercises, and return-to-provision adjustments related to recently filed tax returns. 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 . The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $2.3 million at September 25, 2020. The related interest was insignificant and penalties were $0.4 million. The uncertain tax positions that are reasonably possible to decrease in the next twelve months are insignificant. As of September 25, 2020, we were not under examination by tax authorities.

Employee Benefit Programs

Employee Benefit Programs	9 Months Ended
	Sep. 25, 2020
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 $0.5 million and $0.4 million for the

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 25, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 – Long-Term Debt Long‑term debt consists of the following: September 25, 2020 December 27, 2019 Term loan $ 155,312 $ 161,875 Revolving credit facility 49,162 19,162 Total principal amount of long-term debt 204,474 181,037 Less unamortized debt issuance costs (2,257 ) (2,983 ) Total long-term debt, net 202,217 178,054 Less current portion (8,750 ) (8,750 ) Total long-term debt, less current portion, net $ 193,467 $ 169,304 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 (collectively, “credit facilities”). 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, subject to a 1.00% floor for the term loan. 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 25, 2020, the term loan and revolving credit facility bore interest at the Eurodollar rate option of 3.50% and 2.78%, respectively Term loan principal payments of $2.2 million are due on a quarterly basis. The credit facilities mature on February 15, 2023

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 25, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 9 – Share‑Based Compensation The 2016 Omnibus Incentive Plan (the “2016 Plan”) provides for grants of share‑based awards to employees, directors, and consultants. Forfeited or expired awards are returned to the incentive plan pool for future grants. Awards generally vest over four years, 25% on the first anniversary of the date of grant and quarterly thereafter over the remaining 3 years. 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 $2.4 million and $1.8 million for the third quarter of 2020 and 2019, respectively, and $7.4 million and $4.6 million for the nine months ended September 25, 2020 and September 27, 2019, 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 27, 2019 1,688,938 65,908 $ 20.57 Granted 222,051 — $ 23.49 Exercised (385,276 ) — $ 15.35 Forfeited or expired (46,170 ) — $ 22.50 Outstanding, September 25, 2020 1,479,543 65,908 $ 22.24 4.8 years $ 1,707 Exercisable, September 25, 2020 652,976 65,908 $ 20.92 4.1 years $ 1,532 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 27, 2019 389,170 17,730 $ 23.03 Granted 354,496 — $ 24.22 Vested (178,664 ) — $ 22.80 Forfeited (3,699 ) — $ 21.76 Unvested, September 25, 2020 561,303 17,730 $ 23.84 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 25, 2020, 33,188 ordinary shares were purchased by eligible employees under the 2017 ESPP. As of September 25, 2020, approximately 2.4 million ordinary shares remain available for purchase under the 2017 ESPP.

Segment Information

Segment Information	9 Months Ended
	Sep. 25, 2020
Segment Reporting [Abstract]
Segment Information	Note 10 – 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 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 United States of America $ 125,538 $ 77,997 $ 364,071 $ 231,529 Singapore 73,196 53,806 220,732 134,083 Europe 18,191 13,225 51,686 38,115 Other 10,753 9,428 32,781 27,755 Total net sales $ 227,678 $ 154,456 $ 669,270 $ 431,482 Foreign long-lived assets, exclusive of deferred tax assets, were $28.1 million and $30.3 million at September 25, 2020 and December 27, 2019, respectively

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 25, 2020
Earnings Per Share [Abstract]
Earnings per Share	Note 11 – 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 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Numerator: Net income $ 10,548 $ 923 $ 20,758 $ 2,777 Denominator: Basic weighted average ordinary shares outstanding 23,051,994 22,454,408 22,875,186 22,373,181 Dilutive effect of options 176,292 222,470 232,026 237,908 Dilutive effect of RSUs 117,623 40,423 91,889 18,239 Dilutive effect of ESPP 1,551 1,581 517 527 Diluted weighted average ordinary shares outstanding 23,347,460 22,718,882 23,199,618 22,629,855 Earnings per share: Net income: Basic $ 0.46 $ 0.04 $ 0.91 $ 0.12 Diluted $ 0.45 $ 0.04 $ 0.89 $ 0.12 A combined total of approximately 1,215,000, 1,481,000, 1,306,000, and 1,622,000 potentially dilutive options and RSUs were excluded from the calculation of net income per share for the third quarter of 2020 and 2019 and the nine months ended September 25, 2020 and September 27, 2019, 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. 25, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated unaudited 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. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted as permitted by the SEC's rules and regulations for interim reporting. These consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10‑K for the year ended December 27, 2019.
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 25, 2020 and September 27, 2019 were both 13 weeks. References to the third quarter of 2020 and 2019 refer to the three-month periods then ended . References to fiscal year 2020 refer to our fiscal year ending December 25, 2020.
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 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 effect on our financial position or results of operations. Subsequent to the end of the first quarter, but before the financial statements were issued, we reached a mutual settlement with the counterparty of a contract dispute and, accordingly, recorded a $1.4 million contract settlement loss to cost of sales, as the settlement provided evidence relating to a loss that existed at March 27, 2020.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In June 2016, the FASB issued ASU 2016‑13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. We adopted the standard on the first day of the first quarter of 2020, and the adoption did not have a significant impact on our financial statements. In August 2018, the FASB issued ASU 2018‑15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The new guidance clarifies the accounting for implementation costs in cloud computing arrangements. We adopted the standard on the first day of the first quarter of 2020. During the third quarter, we incurred capitalizable implementation costs of approximately $3.0 million in connection with our implementation of a new company-wide ERP system that is classified as a hosting arrangement that is a service contract. Accordingly, these costs are included in Other noncurrent assets on our consolidated balance sheet as of September 25, 2020. Additionally, our cash used in operating activities for the nine months ended September 25, 2020 include $1.8 million in cash outflows associated with these capitalized implementation costs. As the ERP system was not yet in-service as of September 25, 2020, there was no amortization expense recognized during the nine months then ended.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 25, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 25, 2020 December 27, 2019 Raw materials $ 88,791 $ 85,329 Work in process 37,345 31,825 Finished goods 23,471 17,700 Excess and obsolete adjustment (12,024 ) (7,817 ) Total inventories $ 137,583 $ 127,037

Property and Equipment and Ot_2

Property and Equipment and Other Noncurrent Assets (Tables)	9 Months Ended
	Sep. 25, 2020
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following: September 25, 2020 December 27, 2019 Machinery $ 38,412 $ 33,684 Leasehold improvements 29,153 27,835 Computer software, hardware, and equipment 6,492 5,796 Office furniture, fixtures and equipment 1,040 1,040 Vehicles 22 26 Construction-in-process 4,828 3,760 79,947 72,141 Less accumulated depreciation (35,373 ) (27,600 ) Total property and equipment, net $ 44,574 $ 44,541
Summary of Capitalized Cloud Computing Implementation Cost	The following table summarizes capitalized cloud computing implementation costs: Capitalized cloud computing implementation costs as of December 27, 2019 $ — Costs capitalized during the period 3,042 Capitalized costs amortized during the period — Capitalized cloud computing implementation costs as of September 25, 2020 $ 3,042

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 25, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	Definite‑lived intangible assets consist of the following: September 25, 2020 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (8,478 ) $ — $ 1,212 10.0 years Customer relationships 82,986 (51,095 ) — 31,891 7.8 years Developed technology 11,047 (2,131 ) — 8,916 10.0 years Total intangible assets $ 103,723 $ (61,704 ) $ — $ 42,019 December 27, 2019 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (7,750 ) $ — $ 1,940 10.0 years Customer relationships 82,986 (42,621 ) — 40,365 7.8 years Developed technology 11,047 (1,325 ) — 9,722 10.0 years Total intangible assets $ 103,723 $ (51,696 ) $ — $ 52,027

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 25, 2020
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Operating lease cost $ 1,363 $ 1,722 $ 4,015 $ 5,015
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Nine Months Ended September 25, 2020 September 27, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,096 $ 3,807
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows: September 25, 2020 Weighted-average remaining lease term of operating leases 2.5 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 25, 2020 are as follows: 2020, remaining $ 1,409 2021 4,929 2022 4,149 2023 1,179 2024 243 Thereafter 26 Total future minimum lease payments 11,935 Less imputed interest (728 ) Total lease liabilities $ 11,207

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 25, 2020
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 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Income tax benefit $ (310 ) $ (221 ) $ (363 ) $ (1,687 ) Income before income taxes $ 10,238 $ 702 $ 20,395 $ 1,090 Effective income tax rate -3.0 % -31.5 % -1.8 % -154.8 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 25, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long‑term debt consists of the following: September 25, 2020 December 27, 2019 Term loan $ 155,312 $ 161,875 Revolving credit facility 49,162 19,162 Total principal amount of long-term debt 204,474 181,037 Less unamortized debt issuance costs (2,257 ) (2,983 ) Total long-term debt, net 202,217 178,054 Less current portion (8,750 ) (8,750 ) Total long-term debt, less current portion, net $ 193,467 $ 169,304

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 25, 2020
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 27, 2019 1,688,938 65,908 $ 20.57 Granted 222,051 — $ 23.49 Exercised (385,276 ) — $ 15.35 Forfeited or expired (46,170 ) — $ 22.50 Outstanding, September 25, 2020 1,479,543 65,908 $ 22.24 4.8 years $ 1,707 Exercisable, September 25, 2020 652,976 65,908 $ 20.92 4.1 years $ 1,532
Schedule of RSU 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 27, 2019 389,170 17,730 $ 23.03 Granted 354,496 — $ 24.22 Vested (178,664 ) — $ 22.80 Forfeited (3,699 ) — $ 21.76 Unvested, September 25, 2020 561,303 17,730 $ 23.84

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 25, 2020
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 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 United States of America $ 125,538 $ 77,997 $ 364,071 $ 231,529 Singapore 73,196 53,806 220,732 134,083 Europe 18,191 13,225 51,686 38,115 Other 10,753 9,428 32,781 27,755 Total net sales $ 227,678 $ 154,456 $ 669,270 $ 431,482

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 25, 2020
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 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Numerator: Net income $ 10,548 $ 923 $ 20,758 $ 2,777 Denominator: Basic weighted average ordinary shares outstanding 23,051,994 22,454,408 22,875,186 22,373,181 Dilutive effect of options 176,292 222,470 232,026 237,908 Dilutive effect of RSUs 117,623 40,423 91,889 18,239 Dilutive effect of ESPP 1,551 1,581 517 527 Diluted weighted average ordinary shares outstanding 23,347,460 22,718,882 23,199,618 22,629,855 Earnings per share: Net income: Basic $ 0.46 $ 0.04 $ 0.91 $ 0.12 Diluted $ 0.45 $ 0.04 $ 0.89 $ 0.12

Basis of Presentation and Sel_3

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 25, 2020	Mar. 28, 2020
Basis Of Presentation [Line Items]
Contract settlement loss		$ 1,400
ERP System
Basis Of Presentation [Line Items]
Capitalizable implementation cost on hosting arrangement contract	$ 3,000
Payments for capitalized implementation cost on hosting arrangement contract	1,800
Amortization cost on hosting arrangement service contract	$ 0
Accounting Standards Update 2016-13
Basis Of Presentation [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Dec. 28, 2019
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update 2018-15
Basis Of Presentation [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Dec. 28, 2019
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. 25, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-09-26
Basis Of Presentation [Line Items]
Performance obligation satisfaction period	12 months

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 25, 2020	Dec. 27, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 88,791	$ 85,329
Work in process	37,345	31,825
Finished goods	23,471	17,700
Excess and obsolete adjustment	(12,024)	(7,817)
Total inventories	$ 137,583	$ 127,037

Property and Equipment and Ot_3

Property and Equipment and Other Noncurrent Assets - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 25, 2020	Dec. 27, 2019
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 79,947	$ 72,141
Less accumulated depreciation	(35,373)	(27,600)
Total property and equipment, net	44,574	44,541
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	38,412	33,684
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	29,153	27,835
Office Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,040	1,040
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	22	26
Construction-In-Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	4,828	3,760
Computer Software, Hardware and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 6,492	$ 5,796

Property and Equipment and Ot_4

Property and Equipment and Other Noncurrent Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Property Plant And Equipment [Abstract]
Depreciation expense	$ 3	$ 2.2	$ 8	$ 6.3

Property and Equipment and Ot_5

Property and Equipment and Other Noncurrent Assets - Summary of Capitalized Cloud Computing Implementation Cost (Details) $ in Thousands	9 Months Ended
	Sep. 25, 2020USD ($)
Property Plant And Equipment [Abstract]
Costs capitalized during the period	$ 3,042
Capitalized cloud computing implementation costs as of September 25, 2020	$ 3,042

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 25, 2020	Dec. 27, 2019
Finite Lived Intangible Assets [Line Items]
Gross value	$ 103,723	$ 103,723
Accumulated amortization	(61,704)	(51,696)
Carrying amount	42,019	52,027
Trademarks
Finite Lived Intangible Assets [Line Items]
Gross value	9,690	9,690
Accumulated amortization	(8,478)	(7,750)
Carrying amount	$ 1,212	$ 1,940
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	(51,095)	(42,621)
Carrying amount	$ 31,891	$ 40,365
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	$ 11,047
Accumulated amortization	(2,131)	(1,325)
Carrying amount	$ 8,916	$ 9,722
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)	9 Months Ended
	Sep. 25, 2020Operatinglease
Leases [Abstract]
Non-cancellable net operating lease expiration year	2025
Lessee, operating lease, not yet commenced, description	As of September 25, 2020, 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. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Leases [Abstract]
Operating lease cost	$ 1,363	$ 1,722	$ 4,015	$ 5,015

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 4,096	$ 3,807

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail)	Sep. 25, 2020
Leases [Abstract]
Weighted-average remaining lease term of operating leases	2 years 6 months
Weighted-average discount rate of operating leases	4.50%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Thousands	Sep. 25, 2020USD ($)
Leases [Abstract]
2020, remaining	$ 1,409
2021	4,929
2022	4,149
2023	1,179
2024	243
Thereafter	26
Total future minimum lease payments	11,935
Less imputed interest	(728)
Total lease liabilities	$ 11,207

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 25, 2020USD ($)
Income Taxes [Line Items]
CARES act of 2020, eliminated percentage on limitation of taxable income	80.00%
CARES act of 2020 percentage of deductible interest on adjusted Taxable income	50.00%
Percentage of business interest limitation on adjusted taxable income	30.00%
CARES act of 2020 raises the corporate charitable deduction limit to taxable income	25.00%
CARES act of 2020 improvement property generally eligible for cost recovery period	15 years
CARES act of 2020 bonus depreciation	100.00%
CARES act of 2020 estimated net operating loss carry back provisional income tax expense benefit	$ 1
Unrecognized tax benefits for uncertain tax positions	2.3
Unrecognized tax benefits for uncertain tax positions related penalties	$ 0.4
Maximum
Income Taxes [Line Items]
CARES act of 2020, net operating loss carryback period	5 years

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Components Of Income Tax Expense Benefit Continuing Operations [Abstract]
Income tax benefit	$ (310)	$ (221)	$ (363)	$ (1,687)
Income before income taxes	$ 10,238	$ 702	$ 20,395	$ 1,090
Effective income tax rate	(3.00%)	(31.50%)	(1.80%)	(154.80%)

Employee Benefit Programs - Add

Employee Benefit Programs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
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	$ 1.5	$ 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. 25, 2020	Dec. 27, 2019
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 204,474	$ 181,037
Less unamortized debt issuance costs	(2,257)	(2,983)
Total long-term debt, net	202,217	178,054
Less current portion	(8,750)	(8,750)
Total long-term debt, less current portion, net	193,467	169,304
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	155,312	161,875
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 49,162	$ 19,162

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	Feb. 15, 2018	Sep. 25, 2020	Dec. 27, 2019
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt		$ 204,474	$ 181,037
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt		155,312	161,875
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt		$ 49,162	$ 19,162
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, subject to a 1.00% floor for the term loan. 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.
Credit Agreement | Floor Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
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
Credit facility, frequency of principal payments		quarterly
Credit Agreement | Term Loan | Eurodollar Rate
Line Of Credit Facility [Line Items]
Interest rate		3.50%
Credit Agreement | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 125,000
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		2.78%
Credit Agreement | Credit Facilities
Line Of Credit Facility [Line Items]
Principal payments maturity date		Feb. 15, 2023

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
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	$ 2.4	$ 1.8	$ 7.4	$ 4.6
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 of the date of grant and quarterly thereafter over the remaining 3 years.
Share-based compensation arrangement by share-based payment award, expiration period			4 years
Awards vesting period			3 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			33,188
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. 25, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average exercise price per share, Outstanding, Beginning Balance	$ 20.57
Weighted average exercise price per share, Granted	23.49
Weighted average exercise price per share, Exercised	15.35
Weighted average exercise price per share, Forfeited or expired	22.50
Weighted average exercise price per share, Outstanding, Ending Balance	22.24
Weighted average exercise price per share, Exercisable	$ 20.92
Weighted average remaining contractual term, Outstanding	4 years 9 months 18 days
Weighted average remaining contractual term, Exercisable	4 years 1 month 6 days
Aggregate intrinsic value, Outstanding	$ 1,707
Aggregate intrinsic value, Exercisable	$ 1,532
Time Vesting
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Outstanding, Beginning Balance	1,688,938
Number of Stock Options, Granted	222,051
Number of Stock Options, Exercised	(385,276)
Number of Stock Options, Forfeited or expired	(46,170)
Number of Stock Options, Outstanding, Ending Balance	1,479,543
Number of Stock Options, Exercisable	652,976
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, Granted	0
Number of Stock Options, Exercised	0
Number of Stock Options, Forfeited or 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 RSU Activity (Details)	9 Months Ended
	Sep. 25, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share, Unvested, Beginning Balance | $ / shares	$ 23.03
Weighted average grant date fair value per share, Granted | $ / shares	24.22
Weighted average grant date fair value per share, Vested | $ / shares	22.80
Weighted average grant date fair value per share, Forfeited | $ / shares	21.76
Weighted average grant date fair value per share, Unvested, Ending Balance | $ / shares	$ 23.84
Performance Vesting Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Unvested, Beginning Balance	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	389,170
Number of Restricted Share Units, Granted	354,496
Number of Restricted Share Units, Vested	(178,664)
Number of Restricted Share Units, Forfeited	(3,699)
Number of Restricted Share Units, Unvested, Ending Balance	561,303

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 25, 2020USD ($)Segment	Dec. 27, 2019USD ($)
Segment Reporting [Abstract]
Number of operating segment | Segment	1
Foreign long-lived assets, exclusive of deferred tax assets | $	$ 28.1	$ 30.3

Segment Information - Schedule

Segment Information - Schedule of Sales By Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Segment Reporting Information [Line Items]
Total net sales	$ 227,678	$ 154,456	$ 669,270	$ 431,482
United States of America
Segment Reporting Information [Line Items]
Total net sales	125,538	77,997	364,071	231,529
Singapore
Segment Reporting Information [Line Items]
Total net sales	73,196	53,806	220,732	134,083
Europe
Segment Reporting Information [Line Items]
Total net sales	18,191	13,225	51,686	38,115
Other
Segment Reporting Information [Line Items]
Total net sales	$ 10,753	$ 9,428	$ 32,781	$ 27,755

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. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 10,548	$ 923	$ 20,758	$ 2,777
Basic weighted average ordinary shares outstanding	23,051,994	22,454,408	22,875,186	22,373,181
Diluted weighted average ordinary shares outstanding	23,347,460	22,718,882	23,199,618	22,629,855
Net income:
Basic	$ 0.46	$ 0.04	$ 0.91	$ 0.12
Diluted	$ 0.45	$ 0.04	$ 0.89	$ 0.12
Options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	176,292	222,470	232,026	237,908
RSUs
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	117,623	40,423	91,889	18,239
ESPP
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	1,551	1,581	517	527

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Earnings Per Share [Abstract]
Potential dilutive options and RSUs excluded from computation of net income (loss) per share	1,215,000	1,481,000	1,306,000	1,622,000