Ichor (ICHR) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 24, 2021	Oct. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 24, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	ICHR
Entity Registrant Name	ICHOR HOLDINGS, LTD.
Entity Central Index Key	0001652535
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Ordinary Shares Outstanding		28,410,653
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. 24, 2021	Dec. 25, 2020
Current assets:
Cash and cash equivalents	$ 128,038	$ 252,899
Marketable securities	98,706
Accounts receivable, net	121,680	100,977
Inventories	193,930	134,756
Prepaid expenses and other current assets	7,161	7,082
Total current assets	549,515	495,714
Property and equipment, net	53,087	41,811
Operating lease right-of-use assets	8,681	10,088
Other noncurrent assets	7,350	5,503
Deferred tax assets, net	5,341	6,324
Intangible assets, net	29,676	39,845
Goodwill	174,887	174,887
Total assets	828,537	774,172
Current liabilities:
Accounts payable	137,970	116,664
Accrued liabilities	19,038	20,792
Other current liabilities	13,413	10,700
Current portion of long-term debt	5,625	8,750
Current portion of lease liabilities	4,927	5,128
Total current liabilities	180,973	162,034
Long-term debt, less current portion, net	158,810	191,522
Lease liabilities, less current portion	3,989	5,272
Deferred tax liabilities, net	109	109
Other non-current liabilities	4,000	3,546
Total liabilities	347,881	362,483
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; 28,409,734 and 27,907,077 shares outstanding, respectively; 32,847,173 and 32,344,516 shares issued, respectively)	3	3
Additional paid in capital	412,246	399,311
Treasury shares at cost (4,437,439 shares)	(91,578)	(91,578)
Accumulated other comprehensive loss	(8)
Retained earnings	159,993	103,953
Total shareholders’ equity	480,656	411,689
Total liabilities and shareholders’ equity	$ 828,537	$ 774,172

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 24, 2021	Dec. 25, 2020
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	32,847,173	32,344,516
Ordinary shares, outstanding	28,409,734	27,907,077
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. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Income Statement [Abstract]
Net sales	$ 262,855	$ 227,678	$ 809,729	$ 669,270
Cost of sales	219,218	195,172	679,227	578,728
Gross profit	43,637	32,506	130,502	90,542
Operating expenses:
Research and development	3,905	3,269	11,469	10,100
Selling, general, and administrative	15,147	13,367	44,195	43,098
Amortization of intangible assets	3,388	3,338	10,169	10,008
Total operating expenses	22,440	19,974	65,833	63,206
Operating income	21,197	12,532	64,669	27,336
Interest expense, net	1,487	2,052	4,997	6,728
Other expense (income), net	(104)	242	103	213
Income before income taxes	19,814	10,238	59,569	20,395
Income tax expense (benefit)	1,277	(310)	3,529	(363)
Net income	$ 18,537	$ 10,548	$ 56,040	$ 20,758
Net income per share Basic	$ 0.65	$ 0.46	$ 1.99	$ 0.91
Net income per share Diluted	$ 0.64	$ 0.45	$ 1.93	$ 0.89
Shares used to compute net income per share:
Shares used to compute net income per share, Basic	28,371,644	23,051,994	28,185,564	22,875,186
Shares used to compute net income per share, Diluted	29,024,862	23,347,460	28,961,308	23,199,618

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 18,537	$ 10,548	$ 56,040	$ 20,758
Other comprehensive loss, net of tax:
Unrealized loss on available-for-sale marketable securities	16		(8)
Comprehensive income	$ 18,553	$ 10,548	$ 56,032	$ 20,758

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Treasury Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
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
Balance at Dec. 25, 2020	411,689	$ 3	399,311	$ (91,578)	103,953
Balance, Shares at Dec. 25, 2020		27,907,077		4,437,439
Ordinary shares issued from exercise of stock options	6,254		6,254
Ordinary shares issued from exercise of stock options, shares		320,514
Ordinary shares issued from vesting of restricted share units	(2,614)		(2,614)
Ordinary shares issued from vesting of restricted share units, shares		133,500
Ordinary shares issued from employee share purchase plan	1,189		1,189
Ordinary shares issued from employee share purchase plan, shares		48,643
Share-based compensation expense	8,106		8,106
Other comprehensive loss	(8)					$ (8)
Net income	56,040				56,040
Balance at Sep. 24, 2021	480,656	$ 3	412,246	$ (91,578)	159,993	(8)
Balance, Shares at Sep. 24, 2021		28,409,734		4,437,439
Balance at Jun. 25, 2021	458,483	$ 3	408,626	$ (91,578)	141,456	(24)
Balance, Shares at Jun. 25, 2021		28,326,559		4,437,439
Ordinary shares issued from exercise of stock options	723		723
Ordinary shares issued from exercise of stock options, shares		35,783
Ordinary shares issued from vesting of restricted share units	(696)		(696)
Ordinary shares issued from vesting of restricted share units, shares		25,900
Ordinary shares issued from employee share purchase plan	583		583
Ordinary shares issued from employee share purchase plan, shares		21,492
Share-based compensation expense	3,010		3,010
Other comprehensive loss	16					16
Net income	18,537				18,537
Balance at Sep. 24, 2021	$ 480,656	$ 3	$ 412,246	$ (91,578)	$ 159,993	$ (8)
Balance, Shares at Sep. 24, 2021		28,409,734		4,437,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Cash flows from operating activities:
Net income	$ 56,040	$ 20,758
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	17,669	18,029
Share-based compensation	8,106	7,423
Deferred income taxes	985	64
Amortization of debt issuance costs	725	726
Gain on sale of asset disposal group	(504)
Other	319
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(20,703)	(19,272)
Inventories	(59,174)	(10,546)
Prepaid expenses and other assets	1,720	(472)
Accounts payable	21,234	(23,693)
Accrued liabilities	(1,448)	4,002
Other liabilities	(558)	1,103
Net cash provided by (used in) operating activities	24,411	(1,878)
Cash flows from investing activities:
Capital expenditures	(18,704)	(8,291)
Purchase of marketable securities	(105,033)
Proceeds from maturities and sales of marketable securities	6,000
Proceeds from sale of property and equipment	504
Net cash used in investing activities	(117,233)	(8,291)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans	7,137	6,609
Employees' taxes paid upon vesting of restricted share units	(2,614)	(1,570)
Borrowings on revolving credit facility		30,000
Repayments on revolving credit facility	(30,000)
Repayments on term loan	(6,562)	(6,563)
Net cash provided by (used in) financing activities	(32,039)	28,476
Net increase (decrease) in cash	(124,861)	18,307
Cash at beginning of period	252,899	60,612
Cash at end of period	128,038	78,919
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	4,690	6,426
Cash paid during the period for taxes, net of refunds	1,786	179
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable	441	537
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,239	$ 328

Basis of Presentation and Selec

Basis of Presentation and Selected Significant Accounting Policies	9 Months Ended
	Sep. 24, 2021
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 25, 2020. Year End We use a 52- or 53-week fiscal year ending on the last Friday in December. The three months ended September 24, 2021 and September 25, 2020 were both 13 weeks. References to the third quarter of 2021 and 2020 refer to the three-month periods then ended . References to fiscal year 2021 and 2020 refer to our fiscal years ending December 31, 2021 and December 25, 2020, respectively. Fiscal year 2021 and 2020 are 53 and 52 weeks, respectively. 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. Cash and Cash Equivalents and Marketable Securities Cash and cash equivalents consist of deposits and financial instruments which are readily convertible into cash and have original maturities of 90 days or less at the time of acquisition. Marketable securities consist primarily of highly liquid investments with maturities of greater than 90 days when purchased. We classify our marketable securities as available-for-sale and, accordingly, report them at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss). Any unrealized losses which are considered to be other-than-temporary are recorded in other income (expense), net. Realized gains and losses on the sale of marketable securities are determined using the specific-identification method and recorded in other income (expense), net. All of our available-for-sale investments are subject to a periodic impairment review. If an available-for-sale debt security’s fair value is less than its amortized cost basis, then we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. Unrealized gains and losses not attributable to credit losses are included, net of tax, in accumulated other comprehensive income (loss). We have not record an allowance for credit losses during 2021. 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 Inventories Inventories are stated at the lower of cost or net realizable value. The majority of our inventory values are based upon average costs. On a quarterly basis, we analyze the value of our inventory and periodically record write-downs for estimated excess and obsolete inventory. This analysis is based on estimated future consumption compared to inventory quantities on-hand. The estimate is based on how assumptions of historical consumption, recency of purchases, backlog, and other factors indicate future consumption. Once the value of inventory is adjusted, the original cost of our inventory, less the write-down, represents its new cost basis. Reversal of these write-downs are recognized only when the related inventory has been scrapped or sold. Accounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU 2019‑12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU include removing exceptions to incremental intraperiod tax allocation of losses and gains from different financial statement components, exceptions to the method of recognizing income taxes on interim period losses, and exceptions to deferred tax liability recognition related to foreign subsidiary investments. In addition, the ASU requires that entities recognize franchise tax based on an incremental method and requires an entity to evaluate the accounting for step-ups in the tax basis of goodwill as inside or outside of a business combination. We adopted the standard on the first day of 2021, and it did not have a significant impact on our financial statements.

Inventories

Inventories	9 Months Ended
	Sep. 24, 2021
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: September 24, 2021 December 25, 2020 Raw materials $ 133,251 $ 88,015 Work in process 50,306 38,184 Finished goods 23,831 21,299 Excess and obsolete adjustment (13,458 ) (12,742 ) Total inventories $ 193,930 $ 134,756

Property and Equipment and Othe

Property and Equipment and Other Noncurrent Assets	9 Months Ended
	Sep. 24, 2021
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 24, 2021 December 25, 2020 Machinery $ 40,480 $ 37,196 Leasehold improvements 32,838 29,616 Computer software, hardware, and equipment 6,620 6,501 Office furniture, fixtures and equipment 982 1,166 Vehicles 90 75 Construction-in-process 13,346 5,483 94,356 80,037 Less accumulated depreciation (41,269 ) (38,226 ) Total property and equipment, net $ 53,087 $ 41,811 Depreciation expense was $2.8 million and $3.0 million for the third quarter of 2021 and 2020, respectively, and $7.5 million and $8.0 million for the nine months ended September 24, 2021 and September 25, 2020, respectively. Cloud Computing Implementation Costs 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 25, 2020 $ 4,366 Costs capitalized during the period 2,104 Capitalized costs amortized during the period (151 ) Capitalized cloud computing implementation costs as of September 24, 2021 $ 6,319

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 24, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 4 – Intangible Assets Definite‑lived intangible assets consist of the following: September 24, 2021 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (9,442 ) $ — $ 248 10.0 years Customer relationships 84,169 (62,577 ) — 21,592 7.7 years Developed technology 11,047 (3,211 ) — 7,836 10.0 years Total intangible assets $ 104,906 $ (75,230 ) $ — $ 29,676 December 25, 2020 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (8,717 ) $ — $ 973 10.0 years Customer relationships 84,169 (53,946 ) — 30,223 7.8 years Developed technology 11,047 (2,398 ) — 8,649 10.0 years Total intangible assets $ 104,906 $ (65,061 ) $ — $ 39,845

Leases

Leases	9 Months Ended
	Sep. 24, 2021
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 2026. 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 24, 2021, we had zero operating lease 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 24, 2021 September 25, 2020 September 24, 2021 September 25, 2020 Operating lease cost $ 1,394 $ 1,363 $ 4,166 $ 4,015 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 24, 2021 September 25, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,979 $ 4,096 Supplemental balance sheet information related to leases is as follows: September 24, 2021 September 25, 2020 Weighted-average remaining lease term of operating leases 2.6 years 2.5 years Weighted-average discount rate of operating leases 4.1% 4.5% Future minimum lease payments under non-cancelable leases as of September 24, 2021 are as follows: 2021, remaining $ 1,302 2022 4,699 2023 1,736 2024 797 2025 582 Thereafter 289 Total future minimum lease payments 9,405 Less imputed interest (489 ) Total lease liabilities $ 8,916

Income Taxes

Income Taxes	9 Months Ended
	Sep. 24, 2021
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 24, 2021 September 25, 2020 September 24, 2021 September 25, 2020 Income tax expense (benefit) $ 1,277 $ (310 ) $ 3,529 $ (363 ) Income before income taxes $ 19,814 $ 10,238 $ 59,569 $ 20,395 Effective income tax rate 6.4 % -3.0 % 5.9 % -1.8 % Our effective tax rate for the three and nine months ended September 24, 2021 differs from the statutory rate primarily due to taxes on foreign income that differ from the U.S. tax rate, including a tax holiday in Singapore, and the impact of share-based compensation activity during the quarter. Our effective tax rate for the three and nine months ended September 25, 2020 differs from the statutory rate primarily 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. The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $3.2 million at September 24, 2021. The related interest and penalties were insignificant. The uncertain tax positions that are reasonably possible to decrease in the next twelve months are insignificant. As of September 24, 2021, we were not under examination by tax authorities.

Employee Benefit Programs

Employee Benefit Programs	9 Months Ended
	Sep. 24, 2021
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 matching maximum of 4% of a participant’s annual compensation. Matching contributions were $0.5 million and $0.5 million for the

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 24, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 – Long-Term Debt Long‑term debt consists of the following: September 24, 2021 December 25, 2020 Term loan $ 146,563 $ 153,125 Revolving credit facility 19,162 49,162 Total principal amount of long-term debt 165,725 202,287 Less unamortized debt issuance costs (1,290 ) (2,015 ) Total long-term debt, net 164,435 200,272 Less current portion (5,625 ) (8,750 ) Total long-term debt, less current portion, net $ 158,810 $ 191,522 On February 15, 2018, we entered into an amended and restated credit agreement (the “2018 Credit Agreement”), which includes a $175.0 million term loan and a $125.0 million revolving credit facility. 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 modification. Term loan principal payments of $2.2 million are due on a quarterly basis. The 2018 Credit Agreement matures on February 15, 2023. 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 24 , 2021 , the term loan and revolving credit facility bore interest at the Eurodollar rate option of % and %, respectively . Subsequent Event On October 29, 2021, we executed an amended and restated credit agreement to refinance all outstanding indebtedness under our 2018 Credit Agreement. The credit agreement features a $150.0 million term loan and a revolving facility allowing for borrowings up to $250.0 million. The credit agreement lowers our overall borrowing rate by (i) decreasing the applicable margin, (ii) decreasing the revolving facility commitment fee, and (iii) removing the 1.00% Eurodollar Rate floor that was associated with the term loan. Under the new credit agreement, the Eurodollar Rate, which was equal to LIBOR, is replaced with the Bloomberg Short-Term Bank Yield Index (‘BSBY’). Additionally, the maturity date is extended to October 2026

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 24, 2021
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 $3.0 million and $2.4 million for the third quarter of 2021 and 2020, respectively, and $8.1 million and $7.4 million for the nine months ended September 24, 2021 and September 25, 2020, respectively. Stock Options The following table summarizes option activity: Number of Stock Options Service condition Performance condition Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value (in thousands) Outstanding, December 25, 2020 1,325,826 65,908 $ 22.22 Granted — — $ — Exercised (254,606 ) (65,908 ) $ 19.51 Forfeited or expired (42,888 ) — $ 20.72 Outstanding, September 24, 2021 1,028,332 — $ 23.13 4.1 years $ 21,900 Exercisable, September 24, 2021 620,681 — $ 22.71 3.6 years $ 13,481 Restricted Share Units The following table summarizes RSU activity: Number of Restricted Share Units Service condition Performance condition Market condition Weighted average grant date fair value per share Unvested, December 25, 2020 564,626 — — $ 24.09 Granted 211,224 9,716 14,572 $ 50.12 Vested (192,319 ) — — $ 21.13 Forfeited (25,931 ) — — $ 27.92 Unvested, September 24, 2021 557,600 9,716 14,572 $ 34.44 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 24, 2021, 48,643 ordinary shares were purchased by eligible employees under the 2017 ESPP. As of September 24, 2021, approximately 2.3 million ordinary shares remain available for purchase under the 2017 ESPP.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 24, 2021
Earnings Per Share [Abstract]
Earnings per Share	Note 10 – 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 24, 2021 September 25, 2020 September 24, 2021 September 25, 2020 Numerator: Net income $ 18,537 $ 10,548 $ 56,040 $ 20,758 Denominator: Basic weighted average ordinary shares outstanding 28,371,644 23,051,994 28,185,564 22,875,186 Dilutive effect of options 430,713 176,292 510,074 232,026 Dilutive effect of RSUs 221,379 117,623 265,295 91,889 Dilutive effect of ESPP 1,126 1,551 375 517 Diluted weighted average ordinary shares outstanding 29,024,862 23,347,460 28,961,308 23,199,618 Securities excluded from diluted weighted average ordinary shares outstanding (1) 173,000 1,215,000 188,000 1,306,000 Earnings per share: Net income: Basic $ 0.65 $ 0.46 $ 1.99 $ 0.91 Diluted $ 0.64 $ 0.45 $ 1.93 $ 0.89 (1) Represents potentially dilutive options and RSUs excluded from the calculation of diluted weighted average ordinary shares outstanding, because including them would have been antidilutive under the treasury stock method.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 24, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11 – Fair Value Measurements We measure certain assets and liabilities, including cash equivalents and marketable securities, at fair value. Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows • Level 1: Quoted prices in active markets for identical assets. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. As of September 24, 2021, assets measured at fair value on a recurring basis were as follows: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 30,940 $ — $ — $ 30,940 U.S. treasuries 10,000 — — 10,000 Marketable securities: U.S. treasuries 52,604 — — 52,604 Commercial paper — 35,989 — 35,989 Corporate bonds — 10,113 — 10,113 Total assets $ 93,544 $ 46,102 $ — $ 139,646 The difference between amortized cost and fair value of marketable securities, due to unrealized gains and losses, was immaterial and is recorded as a component of accumulated other comprehensive income (loss). We did not have any other-than-temporary unrealized gains or losses at either period-end included in these financial statements .

Segment Information

Segment Information	9 Months Ended
	Sep. 24, 2021
Segment Reporting [Abstract]
Segment Information	Note 12 – 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 24, 2021 September 25, 2020 September 24, 2021 September 25, 2020 United States of America $ 127,672 $ 125,538 $ 404,553 $ 364,071 Singapore 94,831 73,196 282,369 220,732 Europe 16,430 18,191 56,199 51,686 Other 23,922 10,753 66,608 32,781 Total net sales $ 262,855 $ 227,678 $ 809,729 $ 669,270 Foreign long-lived assets, exclusive of deferred tax assets, were $40.1 million and $31.5 million at September 24, 2021 and December 25, 2020, respectively

Basis of Presentation and Sel_2

Basis of Presentation and Selected Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 24, 2021
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 25, 2020.
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 24, 2021 and September 25, 2020 were both 13 weeks. References to the third quarter of 2021 and 2020 refer to the three-month periods then ended . References to fiscal year 2021 and 2020 refer to our fiscal years ending December 31, 2021 and December 25, 2020, respectively. Fiscal year 2021 and 2020 are 53 and 52 weeks, respectively.
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.
Cash and Cash Equivalents and Marketable Securities	Cash and Cash Equivalents and Marketable Securities Cash and cash equivalents consist of deposits and financial instruments which are readily convertible into cash and have original maturities of 90 days or less at the time of acquisition. Marketable securities consist primarily of highly liquid investments with maturities of greater than 90 days when purchased. We classify our marketable securities as available-for-sale and, accordingly, report them at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss). Any unrealized losses which are considered to be other-than-temporary are recorded in other income (expense), net. Realized gains and losses on the sale of marketable securities are determined using the specific-identification method and recorded in other income (expense), net. All of our available-for-sale investments are subject to a periodic impairment review. If an available-for-sale debt security’s fair value is less than its amortized cost basis, then we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. Unrealized gains and losses not attributable to credit losses are included, net of tax, in accumulated other comprehensive income (loss). We have not record an allowance for credit losses during 2021.
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
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. The majority of our inventory values are based upon average costs. On a quarterly basis, we analyze the value of our inventory and periodically record write-downs for estimated excess and obsolete inventory. This analysis is based on estimated future consumption compared to inventory quantities on-hand. The estimate is based on how assumptions of historical consumption, recency of purchases, backlog, and other factors indicate future consumption. Once the value of inventory is adjusted, the original cost of our inventory, less the write-down, represents its new cost basis. Reversal of these write-downs are recognized only when the related inventory has been scrapped or sold.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU 2019‑12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU include removing exceptions to incremental intraperiod tax allocation of losses and gains from different financial statement components, exceptions to the method of recognizing income taxes on interim period losses, and exceptions to deferred tax liability recognition related to foreign subsidiary investments. In addition, the ASU requires that entities recognize franchise tax based on an incremental method and requires an entity to evaluate the accounting for step-ups in the tax basis of goodwill as inside or outside of a business combination. We adopted the standard on the first day of 2021, and it did not have a significant impact on our financial statements.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 24, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 24, 2021 December 25, 2020 Raw materials $ 133,251 $ 88,015 Work in process 50,306 38,184 Finished goods 23,831 21,299 Excess and obsolete adjustment (13,458 ) (12,742 ) Total inventories $ 193,930 $ 134,756

Property and Equipment and Ot_2

Property and Equipment and Other Noncurrent Assets (Tables)	9 Months Ended
	Sep. 24, 2021
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following: September 24, 2021 December 25, 2020 Machinery $ 40,480 $ 37,196 Leasehold improvements 32,838 29,616 Computer software, hardware, and equipment 6,620 6,501 Office furniture, fixtures and equipment 982 1,166 Vehicles 90 75 Construction-in-process 13,346 5,483 94,356 80,037 Less accumulated depreciation (41,269 ) (38,226 ) Total property and equipment, net $ 53,087 $ 41,811
Summary of Capitalized Cloud Computing Implementation Cost	The following table summarizes capitalized cloud computing implementation costs: Capitalized cloud computing implementation costs as of December 25, 2020 $ 4,366 Costs capitalized during the period 2,104 Capitalized costs amortized during the period (151 ) Capitalized cloud computing implementation costs as of September 24, 2021 $ 6,319

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 24, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	Definite‑lived intangible assets consist of the following: September 24, 2021 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (9,442 ) $ — $ 248 10.0 years Customer relationships 84,169 (62,577 ) — 21,592 7.7 years Developed technology 11,047 (3,211 ) — 7,836 10.0 years Total intangible assets $ 104,906 $ (75,230 ) $ — $ 29,676 December 25, 2020 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Trademarks $ 9,690 $ (8,717 ) $ — $ 973 10.0 years Customer relationships 84,169 (53,946 ) — 30,223 7.8 years Developed technology 11,047 (2,398 ) — 8,649 10.0 years Total intangible assets $ 104,906 $ (65,061 ) $ — $ 39,845

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 24, 2021
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Nine Months Ended September 24, 2021 September 25, 2020 September 24, 2021 September 25, 2020 Operating lease cost $ 1,394 $ 1,363 $ 4,166 $ 4,015
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Nine Months Ended September 24, 2021 September 25, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,979 $ 4,096
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows: September 24, 2021 September 25, 2020 Weighted-average remaining lease term of operating leases 2.6 years 2.5 years Weighted-average discount rate of operating leases 4.1% 4.5%
Future Minimum Lease Payments Under Non-Cancelable Leases	Future minimum lease payments under non-cancelable leases as of September 24, 2021 are as follows: 2021, remaining $ 1,302 2022 4,699 2023 1,736 2024 797 2025 582 Thereafter 289 Total future minimum lease payments 9,405 Less imputed interest (489 ) Total lease liabilities $ 8,916

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 24, 2021
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 24, 2021 September 25, 2020 September 24, 2021 September 25, 2020 Income tax expense (benefit) $ 1,277 $ (310 ) $ 3,529 $ (363 ) Income before income taxes $ 19,814 $ 10,238 $ 59,569 $ 20,395 Effective income tax rate 6.4 % -3.0 % 5.9 % -1.8 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 24, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long‑term debt consists of the following: September 24, 2021 December 25, 2020 Term loan $ 146,563 $ 153,125 Revolving credit facility 19,162 49,162 Total principal amount of long-term debt 165,725 202,287 Less unamortized debt issuance costs (1,290 ) (2,015 ) Total long-term debt, net 164,435 200,272 Less current portion (5,625 ) (8,750 ) Total long-term debt, less current portion, net $ 158,810 $ 191,522

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 24, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Option Activity	The following table summarizes option activity: Number of Stock Options Service condition Performance condition Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value (in thousands) Outstanding, December 25, 2020 1,325,826 65,908 $ 22.22 Granted — — $ — Exercised (254,606 ) (65,908 ) $ 19.51 Forfeited or expired (42,888 ) — $ 20.72 Outstanding, September 24, 2021 1,028,332 — $ 23.13 4.1 years $ 21,900 Exercisable, September 24, 2021 620,681 — $ 22.71 3.6 years $ 13,481
Schedule of RSU Activity	The following table summarizes RSU activity: Number of Restricted Share Units Service condition Performance condition Market condition Weighted average grant date fair value per share Unvested, December 25, 2020 564,626 — — $ 24.09 Granted 211,224 9,716 14,572 $ 50.12 Vested (192,319 ) — — $ 21.13 Forfeited (25,931 ) — — $ 27.92 Unvested, September 24, 2021 557,600 9,716 14,572 $ 34.44

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 24, 2021
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 24, 2021 September 25, 2020 September 24, 2021 September 25, 2020 Numerator: Net income $ 18,537 $ 10,548 $ 56,040 $ 20,758 Denominator: Basic weighted average ordinary shares outstanding 28,371,644 23,051,994 28,185,564 22,875,186 Dilutive effect of options 430,713 176,292 510,074 232,026 Dilutive effect of RSUs 221,379 117,623 265,295 91,889 Dilutive effect of ESPP 1,126 1,551 375 517 Diluted weighted average ordinary shares outstanding 29,024,862 23,347,460 28,961,308 23,199,618 Securities excluded from diluted weighted average ordinary shares outstanding (1) 173,000 1,215,000 188,000 1,306,000 Earnings per share: Net income: Basic $ 0.65 $ 0.46 $ 1.99 $ 0.91 Diluted $ 0.64 $ 0.45 $ 1.93 $ 0.89 (1) Represents potentially dilutive options and RSUs excluded from the calculation of diluted weighted average ordinary shares outstanding, because including them would have been antidilutive under the treasury stock method.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 24, 2021
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on Recurring Basis	As of September 24, 2021, assets measured at fair value on a recurring basis were as follows: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 30,940 $ — $ — $ 30,940 U.S. treasuries 10,000 — — 10,000 Marketable securities: U.S. treasuries 52,604 — — 52,604 Commercial paper — 35,989 — 35,989 Corporate bonds — 10,113 — 10,113 Total assets $ 93,544 $ 46,102 $ — $ 139,646

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 24, 2021
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 24, 2021 September 25, 2020 September 24, 2021 September 25, 2020 United States of America $ 127,672 $ 125,538 $ 404,553 $ 364,071 Singapore 94,831 73,196 282,369 220,732 Europe 16,430 18,191 56,199 51,686 Other 23,922 10,753 66,608 32,781 Total net sales $ 262,855 $ 227,678 $ 809,729 $ 669,270

Basis of Presentation and Sel_3

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 24, 2021USD ($)
Basis Of Presentation [Line Items]
Original maturities acquisition period	90 days
Investment Maturity Period	90 days
Allowance for credit losses	$ 0
Accounting Standards Update 2019-12
Basis Of Presentation [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
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. 24, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-09-25
Basis Of Presentation [Line Items]
Performance obligation satisfaction period	12 months

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 24, 2021	Dec. 25, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 133,251	$ 88,015
Work in process	50,306	38,184
Finished goods	23,831	21,299
Excess and obsolete adjustment	(13,458)	(12,742)
Total inventories	$ 193,930	$ 134,756

Property and Equipment and Ot_3

Property and Equipment and Other Noncurrent Assets - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 24, 2021	Dec. 25, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 94,356	$ 80,037
Less accumulated depreciation	(41,269)	(38,226)
Total property and equipment, net	53,087	41,811
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	40,480	37,196
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	32,838	29,616
Office Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	982	1,166
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	90	75
Construction-In-Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	13,346	5,483
Computer Software, Hardware and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 6,620	$ 6,501

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. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 2.8	$ 3	$ 7.5	$ 8

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. 24, 2021USD ($)
Property Plant And Equipment [Abstract]
Capitalized cloud computing implementation costs as of December 25, 2020	$ 4,366
Costs capitalized during the period	2,104
Capitalized costs amortized during the period	(151)
Capitalized cloud computing implementation costs as of September 24, 2021	$ 6,319

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 24, 2021	Dec. 25, 2020
Finite Lived Intangible Assets [Line Items]
Gross value	$ 104,906	$ 104,906
Accumulated amortization	(75,230)	(65,061)
Carrying amount	29,676	39,845
Trademarks
Finite Lived Intangible Assets [Line Items]
Gross value	9,690	9,690
Accumulated amortization	(9,442)	(8,717)
Carrying amount	$ 248	$ 973
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	$ 84,169	$ 84,169
Accumulated amortization	(62,577)	(53,946)
Carrying amount	$ 21,592	$ 30,223
Customer Relationships | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	7 years 8 months 12 days	7 years 9 months 18 days
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross value	$ 11,047	$ 11,047
Accumulated amortization	(3,211)	(2,398)
Carrying amount	$ 7,836	$ 8,649
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. 24, 2021Operatinglease
Leases [Abstract]
Non-cancellable net operating lease expiration year	2026
Lessee, operating lease, not yet commenced, description	As of September 24, 2021, we had zero operating lease 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. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Leases [Abstract]
Operating lease cost	$ 1,394	$ 1,363	$ 4,166	$ 4,015

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 3,979	$ 4,096

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail)	Sep. 24, 2021	Sep. 25, 2020
Leases [Abstract]
Weighted-average remaining lease term of operating leases	2 years 7 months 6 days	2 years 6 months
Weighted-average discount rate of operating leases	4.10%	4.50%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Thousands	Sep. 24, 2021USD ($)
Leases [Abstract]
2021, remaining	$ 1,302
2022	4,699
2023	1,736
2024	797
2025	582
Thereafter	289
Total future minimum lease payments	9,405
Less imputed interest	(489)
Total lease liabilities	$ 8,916

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Components Of Income Tax Expense Benefit Continuing Operations [Abstract]
Income tax expense (benefit)	$ 1,277	$ (310)	$ 3,529	$ (363)
Income before income taxes	$ 19,814	$ 10,238	$ 59,569	$ 20,395
Effective income tax rate	6.40%	(3.00%)	5.90%	(1.80%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	Sep. 24, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits for uncertain tax positions	$ 3.2

Employee Benefit Programs - Add

Employee Benefit Programs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
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	$ 0.5	$ 0.5	$ 1.6	$ 1.5
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee			4.00%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 24, 2021	Dec. 25, 2020
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 165,725	$ 202,287
Less unamortized debt issuance costs	(1,290)	(2,015)
Total long-term debt, net	164,435	200,272
Less current portion	(5,625)	(8,750)
Total long-term debt, less current portion, net	158,810	191,522
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	146,563	153,125
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 19,162	$ 49,162

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	Oct. 29, 2021USD ($)	Oct. 28, 2021	Feb. 15, 2018USD ($)	Sep. 24, 2021USD ($)	Dec. 25, 2020USD ($)
Line Of Credit Facility [Line Items]
Principal amount of long-term debt				$ 165,725,000	$ 202,287,000
Current portion of long-term debt				5,625,000	8,750,000
Term Loan
Line Of Credit Facility [Line Items]
Principal amount of long-term debt				146,563,000	153,125,000
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Principal amount of long-term debt				$ 19,162,000	$ 49,162,000
Credit Agreement
Line Of Credit Facility [Line Items]
Debt issuance costs			$ 2,100,000
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 | Subsequent Event
Line Of Credit Facility [Line Items]
Current portion of long-term debt	$ 5,600,000
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 | Maximum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate			2.50%
Credit Agreement | Eurodollar Rate | Minimum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate			1.75%
Credit Agreement | Base Rate
Line Of Credit Facility [Line Items]
Frequency of interest payment				quarterly
Credit Agreement | Base Rate | Maximum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate			1.50%
Credit Agreement | Base Rate | Minimum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate			0.75%
Credit Agreement | Term Loan
Line Of Credit Facility [Line Items]
Principal amount of long-term debt			$ 175,000,000
Credit facility, periodic principal payments				$ 2,200
Credit facility, frequency of principal payments				quarterly
Credit Agreement | Term Loan | Subsequent Event
Line Of Credit Facility [Line Items]
Principal amount of long-term debt	150,000,000
Credit facility, periodic principal payments	$ 1,900,000
Credit facility, frequency of principal payments	Quarterly
Credit Agreement | Term Loan | Eurodollar Rate
Line Of Credit Facility [Line Items]
Interest rate				3.00%
Credit Agreement | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Principal amount of long-term debt			$ 125,000,000
Credit Agreement | Revolving Credit Facility | Subsequent Event
Line Of Credit Facility [Line Items]
Principal amount of long-term debt	$ 250,000,000
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 | Minimum
Line Of Credit Facility [Line Items]
Percentage of commitment fee on unused portion of revolver			0.20%
Credit Agreement | Revolving Credit Facility | Eurodollar Rate
Line Of Credit Facility [Line Items]
Interest rate				2.15%
Credit Agreement | Credit Facilities
Line Of Credit Facility [Line Items]
Principal payments maturity date				Feb. 15, 2023
Credit Agreement | Credit Facilities | Subsequent Event
Line Of Credit Facility [Line Items]
Principal payments maturity date	Oct. 31, 2026
Description of interest rate	The credit agreement lowers our overall borrowing rate by (i) decreasing the applicable margin, (ii) decreasing the revolving facility commitment fee, and (iii) removing the 1.00% Eurodollar Rate floor that was associated with the term loan. Under the new credit agreement, the Eurodollar Rate, which was equal to LIBOR, is replaced with the Bloomberg Short-Term Bank Yield Index (‘BSBY’).
Credit Agreement | Credit Facilities | Maximum | Subsequent Event
Line Of Credit Facility [Line Items]
Consolidated leverage ratio	3.5	3
Credit Agreement | Credit Facilities | Eurodollar Rate | Subsequent Event
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1.00%

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
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	$ 3	$ 2.4	$ 8.1	$ 7.4
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			48,643
Ordinary shares remain available for purchase			2,300,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 24, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average exercise price per share, Outstanding, Beginning Balance	$ 22.22
Weighted average exercise price per share, Exercised	19.51
Weighted average exercise price per share, Forfeited or expired	20.72
Weighted average exercise price per share, Outstanding, Ending Balance	23.13
Weighted average exercise price per share, Exercisable	$ 22.71
Weighted average remaining contractual term, Outstanding	4 years 1 month 6 days
Weighted average remaining contractual term, Exercisable	3 years 7 months 6 days
Aggregate intrinsic value, Outstanding	$ 21,900
Aggregate intrinsic value, Exercisable	$ 13,481
Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Outstanding, Beginning Balance	1,325,826
Number of Stock Options, Exercised	(254,606)
Number of Stock Options, Forfeited or expired	(42,888)
Number of Stock Options, Outstanding, Ending Balance	1,028,332
Number of Stock Options, Exercisable	620,681
Performance condition
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	(65,908)
Number of Stock Options, Forfeited or expired	0

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of RSU Activity (Details)	9 Months Ended
	Sep. 24, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share, Unvested, Beginning Balance | $ / shares	$ 24.09
Weighted average grant date fair value per share, Granted | $ / shares	50.12
Weighted average grant date fair value per share, Vested | $ / shares	21.13
Weighted average grant date fair value per share, Forfeited | $ / shares	27.92
Weighted average grant date fair value per share, Unvested, Ending Balance | $ / shares	$ 34.44
Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Unvested, Beginning Balance	564,626
Number of Restricted Share Units, Granted	211,224
Number of Restricted Share Units, Vested	(192,319)
Number of Restricted Share Units, Forfeited	(25,931)
Number of Restricted Share Units, Unvested, Ending Balance	557,600
Performance condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Granted	9,716
Number of Restricted Share Units, Unvested, Ending Balance	9,716
Market Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Granted	14,572
Number of Restricted Share Units, Unvested, Ending Balance	14,572

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. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 18,537	$ 10,548	$ 56,040	$ 20,758
Basic weighted average ordinary shares outstanding	28,371,644	23,051,994	28,185,564	22,875,186
Diluted weighted average ordinary shares outstanding	29,024,862	23,347,460	28,961,308	23,199,618
Securities excluded from diluted weighted average ordinary shares outstanding	173,000	1,215,000	188,000	1,306,000
Net income:
Basic	$ 0.65	$ 0.46	$ 1.99	$ 0.91
Diluted	$ 0.64	$ 0.45	$ 1.93	$ 0.89
Options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	430,713	176,292	510,074	232,026
RSUs
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	221,379	117,623	265,295	91,889
ESPP
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	1,126	1,551	375	517

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value on Recurring Basis $ in Thousands	Sep. 24, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 139,646
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	30,940
U.S. Treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	10,000
Marketable securities	52,604
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	35,989
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	10,113
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	93,544
Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	30,940
Level 1 | U.S. Treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	10,000
Marketable securities	52,604
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	46,102
Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	35,989
Level 2 | Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 10,113

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 24, 2021USD ($)Segment	Dec. 25, 2020USD ($)
Segment Reporting [Abstract]
Number of operating segment | Segment	1
Foreign long-lived assets, exclusive of deferred tax assets | $	$ 40.1	$ 31.5

Segment Information - Schedule

Segment Information - Schedule of Sales By Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Segment Reporting Information [Line Items]
Total net sales	$ 262,855	$ 227,678	$ 809,729	$ 669,270
United States of America
Segment Reporting Information [Line Items]
Total net sales	127,672	125,538	404,553	364,071
Singapore
Segment Reporting Information [Line Items]
Total net sales	94,831	73,196	282,369	220,732
Europe
Segment Reporting Information [Line Items]
Total net sales	16,430	18,191	56,199	51,686
Other
Segment Reporting Information [Line Items]
Total net sales	$ 23,922	$ 10,753	$ 66,608	$ 32,781