Ichor (ICHR) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 01, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	ICHR
Entity Registrant Name	ICHOR HOLDINGS, LTD.
Entity Central Index Key	0001652535
Current Fiscal Year End Date	--12-27
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ordinary Shares Outstanding		28,739,608
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	Jul. 01, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 46,064	$ 75,495
Accounts receivable, net	158,403	142,990
Inventories	290,327	236,133
Prepaid expenses and other current assets	5,699	8,153
Total current assets	500,493	462,771
Property and equipment, net	91,603	85,204
Operating lease right-of-use assets	35,649	29,790
Other noncurrent assets	12,887	9,166
Deferred tax assets, net	9,247	8,116
Intangible assets, net	79,923	89,927
Goodwill	335,902	335,902
Total assets	1,065,704	1,020,876
Current liabilities:
Accounts payable	147,650	159,727
Accrued liabilities	21,652	19,066
Other current liabilities	14,162	14,377
Current portion of long-term debt	7,500	7,500
Current portion of lease liabilities	7,956	7,633
Total current liabilities	198,920	208,303
Long-term debt, less current portion, net	296,736	285,253
Lease liabilities, less current portion	28,063	22,354
Deferred tax liabilities, net	38	38
Other non-current liabilities	4,623	4,213
Total liabilities	528,380	520,161
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; 28,735,728 and 28,551,160 shares outstanding, respectively; 33,173,167 and 32,988,599 shares issued, respectively)	3	3
Additional paid in capital	424,471	417,438
Treasury shares at cost (4,437,439 shares)	(91,578)	(91,578)
Retained earnings	204,428	174,852
Total shareholders’ equity	537,324	500,715
Total liabilities and shareholders’ equity	$ 1,065,704	$ 1,020,876

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 01, 2022	Dec. 31, 2021
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	33,173,167	32,988,599
Ordinary shares, outstanding	28,735,728	28,551,160
Treasury shares	4,437,439	4,437,439

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021	Jul. 01, 2022	Jun. 25, 2021
Income Statement [Abstract]
Net sales	$ 329,560	$ 282,308	$ 622,706	$ 546,874
Cost of sales	274,099	234,955	523,313	460,009
Gross profit	55,461	47,353	99,393	86,865
Operating expenses:
Research and development	4,907	4,049	9,758	7,564
Selling, general, and administrative	21,103	14,699	44,370	29,048
Amortization of intangible assets	4,655	3,390	10,004	6,781
Total operating expenses	30,665	22,138	64,132	43,393
Operating income	24,796	25,215	35,261	43,472
Interest expense, net	2,063	1,591	3,595	3,510
Other expense (income), net	(548)	22	(464)	207
Income before income taxes	23,281	23,602	32,130	39,755
Income tax expense	1,744	737	2,554	2,252
Net income	$ 21,537	$ 22,865	$ 29,576	$ 37,503
Net income per share:
Net income per share Basic	$ 0.75	$ 0.81	$ 1.03	$ 1.33
Net income per share Diluted	$ 0.74	$ 0.79	$ 1.02	$ 1.30
Shares used to compute net income per share:
Shares used to compute net income per share, Basic	28,665,930	28,180,821	28,629,280	28,092,535
Shares used to compute net income per share, Diluted	29,042,519	29,092,521	28,948,055	28,942,902

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021	Jul. 01, 2022	Jun. 25, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 21,537	$ 22,865	$ 29,576	$ 37,503
Other comprehensive loss, net of tax:
Unrealized loss on available-for-sale marketable securities		(24)		(24)
Comprehensive income	$ 21,537	$ 22,841	$ 29,576	$ 37,479

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
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	5,531		5,531
Ordinary shares issued from exercise of stock options, shares		284,731
Ordinary shares issued from vesting of restricted share units	(1,918)		(1,918)
Ordinary shares issued from vesting of restricted share units, shares		107,600
Ordinary shares issued from employee share purchase plan	606		606
Ordinary shares issued from employee share purchase plan, shares		27,151
Share-based compensation expense	5,096		5,096
Other comprehensive loss	(24)				$ (24)
Net income	37,503					37,503
Balance at Jun. 25, 2021	458,483	$ 3	408,626	$ (91,578)	(24)	141,456
Balance, Shares at Jun. 25, 2021		28,326,559		4,437,439
Balance at Mar. 26, 2021	431,062	$ 3	404,046	$ (91,578)		118,591
Balance, Shares at Mar. 26, 2021		28,070,251		4,437,439
Ordinary shares issued from exercise of stock options	3,150		3,150
Ordinary shares issued from exercise of stock options, shares		179,131
Ordinary shares issued from vesting of restricted share units	(1,251)		(1,251)
Ordinary shares issued from vesting of restricted share units, shares		77,177
Share-based compensation expense	2,681		2,681
Other comprehensive loss	(24)				(24)
Net income	22,865					22,865
Balance at Jun. 25, 2021	458,483	$ 3	408,626	$ (91,578)	$ (24)	141,456
Balance, Shares at Jun. 25, 2021		28,326,559		4,437,439
Balance at Dec. 31, 2021	500,715	$ 3	417,438	$ (91,578)		174,852
Balance, Shares at Dec. 31, 2021		28,551,160		4,437,439
Ordinary shares issued from exercise of stock options	1,038		1,038
Ordinary shares issued from exercise of stock options, shares		47,768
Ordinary shares issued from vesting of restricted share units	(1,340)		(1,340)
Ordinary shares issued from vesting of restricted share units, shares		94,735
Ordinary shares issued from employee share purchase plan	929		929
Ordinary shares issued from employee share purchase plan, shares		42,065
Share-based compensation expense	6,406		6,406
Net income	29,576					29,576
Balance at Jul. 01, 2022	537,324	$ 3	424,471	$ (91,578)		204,428
Balance, Shares at Jul. 01, 2022		28,735,728		4,437,439
Balance at Apr. 01, 2022	511,829	$ 3	420,513	$ (91,578)		182,891
Balance, Shares at Apr. 01, 2022		28,628,907		4,437,439
Ordinary shares issued from exercise of stock options	83		83
Ordinary shares issued from exercise of stock options, shares		5,015
Ordinary shares issued from vesting of restricted share units	(563)		(563)
Ordinary shares issued from vesting of restricted share units, shares		59,741
Ordinary shares issued from employee share purchase plan	929		929
Ordinary shares issued from employee share purchase plan, shares		42,065
Share-based compensation expense	3,509		3,509
Net income	21,537					21,537
Balance at Jul. 01, 2022	$ 537,324	$ 3	$ 424,471	$ (91,578)		$ 204,428
Balance, Shares at Jul. 01, 2022		28,735,728		4,437,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021
Cash flows from operating activities:
Net income	$ 29,576	$ 37,503
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	18,394	11,464
Share-based compensation	6,406	5,096
Deferred income taxes	(1,131)	1,089
Amortization of debt issuance costs	233	483
Gain on sale of asset disposal group		(504)
Other		59
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(15,413)	(18,131)
Inventories	(54,194)	(31,500)
Prepaid expenses and other assets	2,461	(478)
Accounts payable	(12,453)	33,302
Accrued liabilities	2,586	(952)
Other liabilities	(3,360)	1,458
Net cash provided by (used in) operating activities	(26,895)	38,889
Cash flows from investing activities:
Capital expenditures	(14,413)	(15,369)
Purchase of marketable securities		(105,033)
Proceeds from sale of property and equipment		504
Net cash used in investing activities	(14,413)	(119,898)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans	1,967	6,117
Employees' taxes paid upon vesting of restricted share units	(1,340)	(1,918)
Borrowings on revolving credit facility	25,000
Repayments on revolving credit facility	(10,000)	(30,000)
Repayments on term loan	(3,750)	(4,375)
Net cash provided by (used in) financing activities	11,877	(30,176)
Net decrease in cash	(29,431)	(111,185)
Cash at beginning of period	75,495	252,899
Cash at end of period	46,064	141,714
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	3,295	3,341
Cash paid during the period for taxes, net of refunds	1,499	1,272
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable	1,306	246
Right-of-use assets obtained in exchange for new operating lease liabilities, including those acquired through acquisitions	$ 9,587	$ 1,709

Basis of Presentation and Selec

Basis of Presentation and Selected Significant Accounting Policies	6 Months Ended
	Jul. 01, 2022
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 31, 2021. Year End We use a 52- or 53-week fiscal year ending on the last Friday in December. The three months ended July 1, 2022 and June 25, 2021 were both 13 weeks. References to the second quarter of 2022 and 2021 refer to the three-month periods then ended . References to fiscal year 2022 and 2021 refer to our fiscal years ending December 30, 2022 and December 31, 2021, respectively. Fiscal year 2022 and 2021 are 52 and 53 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 and impairment analysis for both definite‑lived intangible assets and goodwill. Cash and Cash Equivalents 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. Fair Value of Financial Instruments The carrying values of our financial instruments, including cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, and long-term debt, net of unamortized debt issuance costs, approximate fair value. 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 Accounting Pronouncements Recently Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021‑08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805) . This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. If early adopted, the amendments are applied retrospectively to all business combinations for which the acquisition date occurred during the fiscal year of adoption. This ASU is currently not expected to have a material impact on our consolidated financial statements .

Inventories

Inventories	6 Months Ended
	Jul. 01, 2022
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: July 1, 2022 December 31, 2021 Raw materials $ 201,966 $ 159,366 Work in process 68,918 62,537 Finished goods 34,793 28,281 Excess and obsolete adjustment (15,350 ) (14,051 ) Total inventories $ 290,327 $ 236,133

Property and Equipment and Othe

Property and Equipment and Other Noncurrent Assets	6 Months Ended
	Jul. 01, 2022
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: July 1, 2022 December 31, 2021 Machinery $ 87,403 $ 80,953 Leasehold improvements 40,732 36,706 Computer software, hardware, and equipment 9,370 8,031 Office furniture, fixtures and equipment 1,258 1,168 Vehicles 325 284 Construction-in-process 11,274 8,565 150,362 135,707 Less accumulated depreciation (58,759 ) (50,503 ) Total property and equipment, net $ 91,603 $ 85,204 Depreciation expense was $4.4 million and $2.4 million for the second quarter of 2022 and 2021, respectively. Depreciation expense was $8.4 million and $4.7 million for the six months ended July 1, 2022 and June 25, 2021, 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 31, 2021 $ 8,054 Costs capitalized during the period 4,073 Capitalized costs amortized during the period (399 ) Capitalized cloud computing implementation costs as of July 1, 2022 $ 11,728

Intangible Assets

Intangible Assets	6 Months Ended
	Jul. 01, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 4 – Intangible Assets Definite‑lived intangible assets consist of the following: July 1, 2022 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Customer relationships 117,022 (44,140 ) — 72,882 8.4 years Developed technology 11,047 (4,006 ) — 7,041 10.0 years Total intangible assets $ 128,069 $ (48,146 ) $ — $ 79,923 December 31, 2021 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Customer relationships 146,569 (65,953 ) — 80,616 8.7 years Developed technology 11,047 (3,483 ) — 7,564 10.0 years Order backlog 2,600 (853 ) — 1,747 6 months Total intangible assets $ 160,216 $ (70,289 ) $ — $ 89,927

Leases

Leases	6 Months Ended
	Jul. 01, 2022
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 2031. 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 July 1, 2022, we had one operating lease executed for which the rental period had not yet commenced. The components of lease expense are as follows: Three Months Ended Six Months Ended July 1, 2022 June 25, 2021 July 1, 2022 June 25, 2021 Operating lease cost $ 2,239 $ 1,391 $ 4,284 $ 2,772 Supplemental cash flow information related to leases is as follows: Six Months Ended July 1, 2022 June 25, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,802 $ 2,691 Supplemental balance sheet information related to leases is as follows: July 1, 2022 June 25, 2021 Weighted-average remaining lease term of operating leases 5.7 years 2.4 years Weighted-average discount rate of operating leases 2.3% 4.2% Future minimum lease payments under non-cancelable leases as of July 1, 2022 are as follows: 2022, remaining $ 4,217 2023 7,322 2024 6,603 2025 5,991 2026 5,510 Thereafter 8,599 Total future minimum lease payments 38,242 Less imputed interest (2,223 ) Total lease liabilities $ 36,019

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes Income tax information for the periods reported are as follows: Three Months Ended Six Months Ended July 1, 2022 June 25, 2021 July 1, 2022 June 25, 2021 Income tax expense $ 1,744 $ 737 $ 2,554 $ 2,252 Income before income taxes $ 23,281 $ 23,602 $ 32,130 $ 39,755 Effective income tax rate 7.5 % 3.1 % 7.9 % 5.7 % Our effective tax rates for the three and six months ended July 1, 2022 and June 25, 2021 differ 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. The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $3.8 million at July 1, 2022. 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 July 1, 2022, we were not under examination by tax authorities.

Employee Benefit Programs

Employee Benefit Programs	6 Months Ended
	Jul. 01, 2022
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 $0.7 million and $0.5 million for the

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jul. 01, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 – Long-Term Debt Long‑term debt consists of the following: July 1, 2022 December 31, 2021 Term loan $ 146,250 $ 150,000 Revolving credit facility 160,000 145,000 Total principal amount of long-term debt 306,250 295,000 Less unamortized debt issuance costs (2,014 ) (2,247 ) Total long-term debt, net 304,236 292,753 Less current portion (7,500 ) (7,500 ) Total long-term debt, less current portion, net $ 296,736 $ 285,253 On October 29, 2021, we entered into an amended and restated credit agreement, which includes a group of financial institutions as direct lenders underlying the agreement. The credit agreement includes a $150.0 million term loan facility and a $250.0 million revolving credit facility (together, “credit facilities”). Term loan principal payments of $1.9 million are due on a quarterly basis. The credit facilities mature on October 29, 2026. Interest is charged at either the Base Rate or the Bloomberg Short-Term Bank Yield (“BSBY”) 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 BSBY Rate plus 1.00%. The applicable margin on Base Rate and BSBY Rate loans is 0.375‑1.375% and 1.375‑2.375% per annum, respectively, depending on our leverage ratio. We are also charged a commitment fee of 0.175%-0.350% on the unused portion of our revolving credit facility. Base Rate interest payments and commitment fees are due quarterly. BSBY Rate interest payments are due on the last day of the applicable interest period, or quarterly for applicable interest periods longer than 3 months. At July 1, 2022, our credit facilities bore interest under the BSBY rate option of 3.44%.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 01, 2022
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 $3.5 million and $2.7 million for the second quarter of 2022 and 2021, and was $6.4 million and $5.1 million for the six months ended July 1, 2022 and June 25, 2021, respectively. Stock Options The following table summarizes option activity: Number of Stock Options Service condition Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value Outstanding, December 31, 2021 921,469 $ 23.20 Granted — $ — Exercised (47,768 ) $ 21.73 Forfeited or expired (21,775 ) $ 23.24 Outstanding, July 1, 2022 851,926 $ 23.28 3.4 years $ 556 Exercisable, July 1, 2022 663,985 $ 23.16 3.1 years $ 519 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 31, 2021 559,310 9,716 14,572 $ 37.05 Granted 556,600 47,846 71,770 $ 27.49 Vested (138,437 ) — — $ 36.03 Forfeited (58,923 ) — — $ 33.20 Unvested, July 1, 2022 918,550 57,562 86,342 $ 31.31 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. As of July 1, 2022, approximately 2.3 million ordinary shares remain available for purchase under the 2017 ESPP.

Earnings per Share

Earnings per Share	6 Months Ended
	Jul. 01, 2022
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 Six Months Ended July 1, 2022 June 25, 2021 July 1, 2022 June 25, 2021 Numerator: Net income $ 21,537 $ 22,865 $ 29,576 $ 37,503 Denominator: Basic weighted average ordinary shares outstanding 28,665,930 28,180,821 28,629,280 28,092,535 Dilutive effect of options 148,160 601,871 215,582 550,059 Dilutive effect of RSUs 228,107 298,499 102,871 288,978 Dilutive effect of ESPP 322 11,330 322 11,330 Diluted weighted average ordinary shares outstanding 29,042,519 29,092,521 28,948,055 28,942,902 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 721,000 185,000 915,000 185,000 Earnings per share: Net income: Basic $ 0.75 $ 0.81 $ 1.03 $ 1.33 Diluted $ 0.74 $ 0.79 $ 1.02 $ 1.30 (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.

Segment Information

Segment Information	6 Months Ended
	Jul. 01, 2022
Segment Reporting [Abstract]
Segment Information	Note 11 – Segment Information Our Chief Operating Decision Maker, the Chief Executive Officer, reviews our results of operations on a consolidated level and executive staff is structured by function rather than by product category. Additionally, key resources, decisions, and assessment of performance are analyzed at a company‑wide level. Therefore, we operate in one operating segment. Foreign operations are conducted primarily through our wholly owned subsidiaries in Singapore and Malaysia, and to a lesser degree, Scotland, Korea, and Mexico. Our principal markets include North America, Asia, and to a lesser degree, Europe. Sales by geographic area represents sales to unaffiliated customers based upon the location to which the products were shipped. The following table sets forth sales by geographic area: Three Months Ended Six Months Ended July 1, 2022 June 25, 2021 July 1, 2022 June 25, 2021 United States of America $ 158,374 $ 137,747 $ 300,844 $ 276,881 Singapore 114,398 101,214 217,693 187,538 Europe 24,806 22,439 49,198 39,769 Other 31,982 20,908 54,971 42,686 Total net sales $ 329,560 $ 282,308 $ 622,706 $ 546,874 Foreign long-lived assets, exclusive of deferred tax assets, were $42.2 million and $38.4 million at July 1, 2022 and December 31, 2021, respectively

Basis of Presentation and Sel_2

Basis of Presentation and Selected Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 01, 2022
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 31, 2021.
Year End	Year End We use a 52- or 53-week fiscal year ending on the last Friday in December. The three months ended July 1, 2022 and June 25, 2021 were both 13 weeks. References to the second quarter of 2022 and 2021 refer to the three-month periods then ended . References to fiscal year 2022 and 2021 refer to our fiscal years ending December 30, 2022 and December 31, 2021, respectively. Fiscal year 2022 and 2021 are 52 and 53 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 and impairment analysis for both definite‑lived intangible assets and goodwill.
Cash and Cash Equivalents	Cash and Cash Equivalents 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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of our financial instruments, including cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, and long-term debt, net of unamortized debt issuance costs, approximate fair value.
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
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021‑08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805) . This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. If early adopted, the amendments are applied retrospectively to all business combinations for which the acquisition date occurred during the fiscal year of adoption. This ASU is currently not expected to have a material impact on our consolidated financial statements .

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 01, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: July 1, 2022 December 31, 2021 Raw materials $ 201,966 $ 159,366 Work in process 68,918 62,537 Finished goods 34,793 28,281 Excess and obsolete adjustment (15,350 ) (14,051 ) Total inventories $ 290,327 $ 236,133

Property and Equipment and Ot_2

Property and Equipment and Other Noncurrent Assets (Tables)	6 Months Ended
	Jul. 01, 2022
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following: July 1, 2022 December 31, 2021 Machinery $ 87,403 $ 80,953 Leasehold improvements 40,732 36,706 Computer software, hardware, and equipment 9,370 8,031 Office furniture, fixtures and equipment 1,258 1,168 Vehicles 325 284 Construction-in-process 11,274 8,565 150,362 135,707 Less accumulated depreciation (58,759 ) (50,503 ) Total property and equipment, net $ 91,603 $ 85,204
Summary of Capitalized Cloud Computing Implementation Cost	The following table summarizes capitalized cloud computing implementation costs: Capitalized cloud computing implementation costs as of December 31, 2021 $ 8,054 Costs capitalized during the period 4,073 Capitalized costs amortized during the period (399 ) Capitalized cloud computing implementation costs as of July 1, 2022 $ 11,728

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jul. 01, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	Definite‑lived intangible assets consist of the following: July 1, 2022 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Customer relationships 117,022 (44,140 ) — 72,882 8.4 years Developed technology 11,047 (4,006 ) — 7,041 10.0 years Total intangible assets $ 128,069 $ (48,146 ) $ — $ 79,923 December 31, 2021 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Customer relationships 146,569 (65,953 ) — 80,616 8.7 years Developed technology 11,047 (3,483 ) — 7,564 10.0 years Order backlog 2,600 (853 ) — 1,747 6 months Total intangible assets $ 160,216 $ (70,289 ) $ — $ 89,927

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 01, 2022
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Six Months Ended July 1, 2022 June 25, 2021 July 1, 2022 June 25, 2021 Operating lease cost $ 2,239 $ 1,391 $ 4,284 $ 2,772
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Six Months Ended July 1, 2022 June 25, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,802 $ 2,691
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows: July 1, 2022 June 25, 2021 Weighted-average remaining lease term of operating leases 5.7 years 2.4 years Weighted-average discount rate of operating leases 2.3% 4.2%
Future Minimum Lease Payments Under Non-Cancelable Leases	Future minimum lease payments under non-cancelable leases as of July 1, 2022 are as follows: 2022, remaining $ 4,217 2023 7,322 2024 6,603 2025 5,991 2026 5,510 Thereafter 8,599 Total future minimum lease payments 38,242 Less imputed interest (2,223 ) Total lease liabilities $ 36,019

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 01, 2022
Income Tax Disclosure [Abstract]
Schedule of Income Taxes	Income tax information for the periods reported are as follows: Three Months Ended Six Months Ended July 1, 2022 June 25, 2021 July 1, 2022 June 25, 2021 Income tax expense $ 1,744 $ 737 $ 2,554 $ 2,252 Income before income taxes $ 23,281 $ 23,602 $ 32,130 $ 39,755 Effective income tax rate 7.5 % 3.1 % 7.9 % 5.7 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jul. 01, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long‑term debt consists of the following: July 1, 2022 December 31, 2021 Term loan $ 146,250 $ 150,000 Revolving credit facility 160,000 145,000 Total principal amount of long-term debt 306,250 295,000 Less unamortized debt issuance costs (2,014 ) (2,247 ) Total long-term debt, net 304,236 292,753 Less current portion (7,500 ) (7,500 ) Total long-term debt, less current portion, net $ 296,736 $ 285,253

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jul. 01, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Option Activity	The following table summarizes option activity: Number of Stock Options Service condition Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value Outstanding, December 31, 2021 921,469 $ 23.20 Granted — $ — Exercised (47,768 ) $ 21.73 Forfeited or expired (21,775 ) $ 23.24 Outstanding, July 1, 2022 851,926 $ 23.28 3.4 years $ 556 Exercisable, July 1, 2022 663,985 $ 23.16 3.1 years $ 519
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 31, 2021 559,310 9,716 14,572 $ 37.05 Granted 556,600 47,846 71,770 $ 27.49 Vested (138,437 ) — — $ 36.03 Forfeited (58,923 ) — — $ 33.20 Unvested, July 1, 2022 918,550 57,562 86,342 $ 31.31

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jul. 01, 2022
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 Six Months Ended July 1, 2022 June 25, 2021 July 1, 2022 June 25, 2021 Numerator: Net income $ 21,537 $ 22,865 $ 29,576 $ 37,503 Denominator: Basic weighted average ordinary shares outstanding 28,665,930 28,180,821 28,629,280 28,092,535 Dilutive effect of options 148,160 601,871 215,582 550,059 Dilutive effect of RSUs 228,107 298,499 102,871 288,978 Dilutive effect of ESPP 322 11,330 322 11,330 Diluted weighted average ordinary shares outstanding 29,042,519 29,092,521 28,948,055 28,942,902 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 721,000 185,000 915,000 185,000 Earnings per share: Net income: Basic $ 0.75 $ 0.81 $ 1.03 $ 1.33 Diluted $ 0.74 $ 0.79 $ 1.02 $ 1.30 (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.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jul. 01, 2022
Segment Reporting [Abstract]
Schedule of Sales By Geographic Area	The following table sets forth sales by geographic area: Three Months Ended Six Months Ended July 1, 2022 June 25, 2021 July 1, 2022 June 25, 2021 United States of America $ 158,374 $ 137,747 $ 300,844 $ 276,881 Singapore 114,398 101,214 217,693 187,538 Europe 24,806 22,439 49,198 39,769 Other 31,982 20,908 54,971 42,686 Total net sales $ 329,560 $ 282,308 $ 622,706 $ 546,874

Basis of Presentation and Sel_3

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jul. 01, 2022
Basis Of Presentation [Line Items]
Original maturities acquisition period	90 days
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)	Jul. 01, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-02
Basis Of Presentation [Line Items]
Performance obligation satisfaction period	12 months

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 201,966	$ 159,366
Work in process	68,918	62,537
Finished goods	34,793	28,281
Excess and obsolete adjustment	(15,350)	(14,051)
Total inventories	$ 290,327	$ 236,133

Property and Equipment and Ot_3

Property and Equipment and Other Noncurrent Assets - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 150,362	$ 135,707
Less accumulated depreciation	(58,759)	(50,503)
Total property and equipment, net	91,603	85,204
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	87,403	80,953
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	40,732	36,706
Office Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,258	1,168
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	325	284
Construction-In-Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	11,274	8,565
Computer Software, Hardware and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 9,370	$ 8,031

Property and Equipment and Ot_4

Property and Equipment and Other Noncurrent Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021	Jul. 01, 2022	Jun. 25, 2021
Property Plant And Equipment [Abstract]
Depreciation expense	$ 4.4	$ 2.4	$ 8.4	$ 4.7

Property and Equipment and Ot_5

Property and Equipment and Other Noncurrent Assets - Summary of Capitalized Cloud Computing Implementation Cost (Details) $ in Thousands	6 Months Ended
	Jul. 01, 2022 USD ($)
Property Plant And Equipment [Abstract]
Capitalized cloud computing implementation costs	$ 8,054
Costs capitalized during the period	4,073
Capitalized costs amortized during the period	(399)
Capitalized cloud computing implementation costs	$ 11,728

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 01, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross value	$ 128,069	$ 160,216
Accumulated amortization	(48,146)	(70,289)
Carrying amount	79,923	89,927
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross value	117,022	146,569
Accumulated amortization	(44,140)	(65,953)
Carrying amount	$ 72,882	$ 80,616
Customer Relationships | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	8 years 4 months 24 days	8 years 8 months 12 days
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross value	$ 11,047	$ 11,047
Accumulated amortization	(4,006)	(3,483)
Carrying amount	$ 7,041	$ 7,564
Developed Technology | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	10 years	10 years
Order Backlog
Finite Lived Intangible Assets [Line Items]
Gross value		$ 2,600
Accumulated amortization		(853)
Carrying amount		$ 1,747
Order Backlog | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life		6 months

Leases - Additional Information

Leases - Additional Information (Detail)	6 Months Ended
	Jul. 01, 2022 Operatinglease
Leases [Abstract]
Non-cancellable net operating lease expiration year	2031
Lessee, operating lease, not yet commenced, description	As of July 1, 2022, we had one operating lease executed for which the rental period had not yet commenced.
Number of operating lease executed	1

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021	Jul. 01, 2022	Jun. 25, 2021
Leases [Abstract]
Operating lease cost	$ 2,239	$ 1,391	$ 4,284	$ 2,772

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 3,802	$ 2,691

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail)	Jul. 01, 2022	Jun. 25, 2021
Leases [Abstract]
Weighted-average remaining lease term of operating leases	5 years 8 months 12 days	2 years 4 months 24 days
Weighted-average discount rate of operating leases	2.30%	4.20%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Thousands	Jul. 01, 2022 USD ($)
Leases [Abstract]
2022, remaining	$ 4,217
2023	7,322
2024	6,603
2025	5,991
2026	5,510
Thereafter	8,599
Total future minimum lease payments	38,242
Less imputed interest	(2,223)
Total lease liabilities	$ 36,019

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021	Jul. 01, 2022	Jun. 25, 2021
Components Of Income Tax Expense Benefit Continuing Operations [Abstract]
Income tax expense	$ 1,744	$ 737	$ 2,554	$ 2,252
Income before income taxes	$ 23,281	$ 23,602	$ 32,130	$ 39,755
Effective income tax rate	7.50%	3.10%	7.90%	5.70%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	Jul. 01, 2022 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits for uncertain tax positions	$ 3.8

Employee Benefit Programs - Add

Employee Benefit Programs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021	Jul. 01, 2022	Jun. 25, 2021
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee			50%	50%
Percentage of eligible employee receive discretionary matching contribution			50%	50%
Employee matching contributions	$ 0.7	$ 0.5	$ 1.6	$ 1.1
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee			4%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 306,250	$ 295,000
Less unamortized debt issuance costs	(2,014)	(2,247)
Total long-term debt, net	304,236	292,753
Less current portion	(7,500)	(7,500)
Total long-term debt, less current portion, net	296,736	285,253
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	146,250	150,000
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 160,000	$ 145,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended
	Oct. 29, 2021	Jul. 01, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		$ 306,250	$ 295,000
Term Loan
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		146,250	150,000
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		$ 160,000	$ 145,000
Credit Agreement
Line Of Credit Facility [Line Items]
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 BSBY Rate plus 1.00%. The applicable margin on Base Rate and BSBY Rate loans is 0.375‑1.375% and 1.375‑2.375% per annum, respectively, depending on our leverage ratio.
Credit Agreement | Federal Funds Effective Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Agreement | BSBY Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1%
Frequency of interest payment		last day of the applicable interest period, or quarterly for applicable interest periods longer than 3 months
Credit Agreement | Base Rate
Line Of Credit Facility [Line Items]
Frequency of interest payment		quarterly
Credit Agreement | Maximum | BSBY Rate
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	2.375%
Credit Agreement | Maximum | Base Rate
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	1.375%
Credit Agreement | Minimum | BSBY Rate
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	1.375%
Credit Agreement | Minimum | Base Rate
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	0.375%
Credit Agreement | Term Loan
Line Of Credit Facility [Line Items]
Principal amount of long-term debt	$ 150,000
Credit facility, periodic principal payments	$ 1,900
Credit facility, frequency of principal payments	quarterly
Credit Agreement | Term Loan | BSBY Rate
Line Of Credit Facility [Line Items]
Interest rate		3.44%
Credit Agreement | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Principal amount of long-term debt	$ 250,000
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	0.175%
Credit Agreement | Term Loan And Revolving Credit Facility
Line Of Credit Facility [Line Items]
Principal payments maturity date	Oct. 29, 2026

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021	Jul. 01, 2022	Jun. 25, 2021
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	$ 3.5	$ 2.7	$ 6.4	$ 5.1
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%
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%
2017 Employee Stock Purchase Plan | Ordinary Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares remain available for purchase			2.3

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jul. 01, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average exercise price per share, Outstanding, Beginning Balance	$ 23.20
Weighted average exercise price per share, Exercised	21.73
Weighted average exercise price per share, Forfeited or expired	23.24
Weighted average exercise price per share, Outstanding, Ending Balance	23.28
Weighted average exercise price per share, Exercisable	$ 23.16
Weighted average remaining contractual term, Outstanding	3 years 4 months 24 days
Weighted average remaining contractual term, Exercisable	3 years 1 month 6 days
Aggregate intrinsic value, Outstanding	$ 556
Aggregate intrinsic value, Exercisable	$ 519
Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Outstanding, Beginning Balance	921,469
Number of Stock Options, Exercised	(47,768)
Number of Stock Options, Forfeited or expired	(21,775)
Number of Stock Options, Outstanding, Ending Balance	851,926
Number of Stock Options, Exercisable	663,985

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of RSU Activity (Details)	6 Months Ended
	Jul. 01, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share, Unvested, Beginning Balance | $ / shares	$ 37.05
Weighted average grant date fair value per share, Granted | $ / shares	27.49
Weighted average grant date fair value per share, Vested | $ / shares	36.03
Weighted average grant date fair value per share, Forfeited | $ / shares	33.20
Weighted average grant date fair value per share, Unvested, Ending Balance | $ / shares	$ 31.31
Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Unvested, Beginning Balance	559,310
Number of Restricted Share Units, Granted	556,600
Number of Restricted Share Units, Vested	(138,437)
Number of Restricted Share Units, Forfeited	(58,923)
Number of Restricted Share Units, Unvested, Ending Balance	918,550
Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Unvested, Beginning Balance	9,716
Number of Restricted Share Units, Granted	47,846
Number of Restricted Share Units, Unvested, Ending Balance	57,562
Market Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Unvested, Beginning Balance	14,572
Number of Restricted Share Units, Granted	71,770
Number of Restricted Share Units, Unvested, Ending Balance	86,342

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		6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021	Jul. 01, 2022	Jun. 25, 2021
Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 21,537	$ 22,865	$ 29,576	$ 37,503
Basic weighted average ordinary shares outstanding	28,665,930	28,180,821	28,629,280	28,092,535
Diluted weighted average ordinary shares outstanding	29,042,519	29,092,521	28,948,055	28,942,902
Securities excluded from the calculation of diluted weighted average ordinary shares outstanding	721,000	185,000	915,000	185,000
Net income:
Basic	$ 0.75	$ 0.81	$ 1.03	$ 1.33
Diluted	$ 0.74	$ 0.79	$ 1.02	$ 1.30
Options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	148,160	601,871	215,582	550,059
RSUs
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	228,107	298,499	102,871	288,978
ESPP
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	322	11,330	322	11,330

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	6 Months Ended
	Jul. 01, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of operating segment | Segment	1
Foreign long-lived assets, exclusive of deferred tax assets | $	$ 42.2	$ 38.4

Segment Information - Schedule

Segment Information - Schedule of Sales By Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jun. 25, 2021	Jul. 01, 2022	Jun. 25, 2021
Segment Reporting Information [Line Items]
Total net sales	$ 329,560	$ 282,308	$ 622,706	$ 546,874
United States of America
Segment Reporting Information [Line Items]
Total net sales	158,374	137,747	300,844	276,881
Singapore
Segment Reporting Information [Line Items]
Total net sales	114,398	101,214	217,693	187,538
Europe
Segment Reporting Information [Line Items]
Total net sales	24,806	22,439	49,198	39,769
Other
Segment Reporting Information [Line Items]
Total net sales	$ 31,982	$ 20,908	$ 54,971	$ 42,686