Ichor (ICHR) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-37961
Entity Registrant Name	ICHOR HOLDINGS, LTD.
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
Title of 12(b) Security	Ordinary Shares, par value $0.0001
Trading Symbol	ICHR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Ordinary Shares Outstanding		29,252,433
Entity Central Index Key	0001652535
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Tax Identification Number	00-0000000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 84,608,000	$ 86,470,000
Accounts receivable, net	95,760,000	136,321,000
Inventories	266,190,000	283,660,000
Prepaid expenses and other current assets	5,507,000	7,007,000
Total current assets	452,065,000	513,458,000
Property and equipment, net	98,914,000	98,055,000
Operating lease right-of-use assets	39,184,000	40,557,000
Other noncurrent assets	12,422,000	12,926,000
Deferred tax assets, net	1,273,000	11,322,000
Intangible assets, net	64,096,000	72,022,000
Goodwill	335,402,000	335,402,000
Total assets	1,003,356,000	1,083,742,000
Current liabilities:
Accounts payable	63,868,000	110,165,000
Accrued liabilities	16,753,000	23,616,000
Other current liabilities	8,783,000	15,815,000
Current portion of long-term debt	7,500,000	7,500,000
Current portion of lease liabilities	9,500,000	9,196,000
Total current liabilities	106,404,000	166,292,000
Long-term debt, less current portion, net	284,701,000	293,218,000
Lease liabilities, less current portion	30,570,000	31,828,000
Deferred tax liabilities, net	29,000	29,000
Other non-current liabilities	4,349,000	4,879,000
Total liabilities	426,053,000	496,246,000
Shareholders’ equity:
Preferred shares ($0.0001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding)	0	0
Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 29,241,561 and 28,861,949 shares outstanding, respectively; 33,679,000 and 33,299,388 shares issued, respectively)	3,000	3,000
Additional paid in capital	441,883,000	431,415,000
Treasury shares at cost (4,437,439 shares)	(91,578,000)	(91,578,000)
Retained earnings	226,995,000	247,656,000
Total shareholders’ equity	577,303,000	587,496,000
Total liabilities and shareholders’ equity	$ 1,003,356,000	$ 1,083,742,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred shares, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred shares, authorized (in shares)	20,000,000	20,000,000
Preferred shares, issued (in shares)	0	0
Preferred shares, outstanding (in shares)	0	0
Ordinary shares, par value (in usd per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized (in shares)	200,000,000	200,000,000
Ordinary shares, outstanding (in shares)	29,241,561	28,861,949
Ordinary shares, issued (in shares)	33,679,000	33,299,388
Treasury stock, shares (in shares)	4,437,439	4,437,439

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 185,008	$ 329,560	$ 410,878	$ 622,706
Cost of sales	159,266	274,099	351,896	523,313
Gross profit	25,742	55,461	58,982	99,393
Operating expenses:
Research and development	5,188	4,907	9,501	9,758
Selling, general, and administrative	19,500	21,103	39,667	44,370
Amortization of intangible assets	3,960	4,655	7,926	10,004
Total operating expenses	28,648	30,665	57,094	64,132
Operating income (loss)	(2,906)	24,796	1,888	35,261
Interest expense, net	5,030	2,063	9,580	3,595
Other expense (income), net	100	(548)	884	(464)
Income (loss) before income taxes	(8,036)	23,281	(8,576)	32,130
Income tax expense	12,620	1,744	12,085	2,554
Net income (loss)	$ (20,656)	$ 21,537	$ (20,661)	$ 29,576
Net income (loss) per share
Net income per share, basic (in usd per share)	$ (0.71)	$ 0.75	$ (0.71)	$ 1.03
Net income per share, diluted (in usd per share)	$ (0.71)	$ 0.74	$ (0.71)	$ 1.02
Shares used to compute Net income (loss) per share:
Shares used to compute net income per share, basic (in shares)	29,116,413	28,665,930	29,050,645	28,629,280
Shares used to compute net income per share, diluted (in shares)	29,116,413	29,042,519	29,050,645	28,948,055

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Treasury Shares	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2021		28,551,160
Beginning balance at Dec. 31, 2021	$ 500,715	$ 3	$ 417,438	$ (91,578)	$ 174,852
Treasury stock, beginning balance (in shares) at Dec. 31, 2021				4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		47,768
Ordinary shares issued from exercise of stock options	1,038		1,038
Ordinary shares issued from vesting of restricted share units (in shares)		94,735
Ordinary shares issued from vesting of restricted share units	(1,340)		(1,340)
Ordinary shares issued from employee share purchase plan (in shares)		42,065
Ordinary shares issued from employee share purchase plan	929		929
Share-based compensation expense	6,406		6,406
Net income (loss)	29,576				29,576
Ending balance (in shares) at Jun. 30, 2022		28,735,728
Ending balance at Jun. 30, 2022	537,324	$ 3	424,471	$ (91,578)	204,428
Treasury stock, ending balance (in shares) at Jun. 30, 2022				4,437,439
Beginning balance (in shares) at Mar. 31, 2022		28,628,907
Beginning balance at Mar. 31, 2022	511,829	$ 3	420,513	$ (91,578)	182,891
Treasury stock, beginning balance (in shares) at Mar. 31, 2022				4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		5,015
Ordinary shares issued from exercise of stock options	83		83
Ordinary shares issued from vesting of restricted share units (in shares)		59,741
Ordinary shares issued from vesting of restricted share units	(563)		(563)
Ordinary shares issued from employee share purchase plan (in shares)		42,065
Ordinary shares issued from employee share purchase plan	929		929
Share-based compensation expense	3,509		3,509
Net income (loss)	21,537				21,537
Ending balance (in shares) at Jun. 30, 2022		28,735,728
Ending balance at Jun. 30, 2022	537,324	$ 3	424,471	$ (91,578)	204,428
Treasury stock, ending balance (in shares) at Jun. 30, 2022				4,437,439
Beginning balance (in shares) at Dec. 31, 2022		28,861,949
Beginning balance at Dec. 31, 2022	$ 587,496	$ 3	431,415	$ (91,578)	247,656
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	4,437,439			4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		124,762
Ordinary shares issued from exercise of stock options	$ 2,850		2,850
Ordinary shares issued from vesting of restricted share units (in shares)		157,229
Ordinary shares issued from vesting of restricted share units	(2,329)		(2,329)
Ordinary shares issued from employee share purchase plan (in shares)		97,621
Ordinary shares issued from employee share purchase plan	2,033		2,033
Share-based compensation expense	7,914		7,914
Net income (loss)	(20,661)				(20,661)
Ending balance (in shares) at Jun. 30, 2023		29,241,561
Ending balance at Jun. 30, 2023	$ 577,303	$ 3	441,883	$ (91,578)	226,995
Treasury stock, ending balance (in shares) at Jun. 30, 2023	4,437,439			4,437,439
Beginning balance (in shares) at Mar. 31, 2023		29,034,946
Beginning balance at Mar. 31, 2023	$ 593,464	$ 3	437,388	$ (91,578)	247,651
Treasury stock, beginning balance (in shares) at Mar. 31, 2023				4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		31,996
Ordinary shares issued from exercise of stock options	724		724
Ordinary shares issued from vesting of restricted share units (in shares)		124,702
Ordinary shares issued from vesting of restricted share units	(1,637)		(1,637)
Ordinary shares issued from employee share purchase plan (in shares)		49,917
Ordinary shares issued from employee share purchase plan	1,131		1,131
Share-based compensation expense	4,277		4,277
Net income (loss)	(20,656)				(20,656)
Ending balance (in shares) at Jun. 30, 2023		29,241,561
Ending balance at Jun. 30, 2023	$ 577,303	$ 3	$ 441,883	$ (91,578)	$ 226,995
Treasury stock, ending balance (in shares) at Jun. 30, 2023	4,437,439			4,437,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (20,661)	$ 29,576
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	17,145	18,394
Share-based compensation	7,914	6,406
Deferred income taxes	10,049	(1,131)
Amortization of debt issuance costs	233	233
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	40,561	(15,413)
Inventories	17,470	(54,194)
Prepaid expenses and other assets	5,986	2,461
Accounts payable	(45,047)	(12,453)
Accrued liabilities	(5,961)	2,586
Other liabilities	(11,619)	(3,360)
Net cash provided by (used in) operating activities	16,070	(26,895)
Cash flows from investing activities:
Capital expenditures	(10,834)	(14,413)
Net cash used in investing activities	(10,834)	(14,413)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans	3,981	1,967
Employees' taxes paid upon vesting of restricted share units	(2,329)	(1,340)
Borrowings on revolving credit facility	0	25,000
Repayments on revolving credit facility	(5,000)	(10,000)
Repayments on term loan	(3,750)	(3,750)
Net cash provided by (used in) financing activities	(7,098)	11,877
Net decrease in cash	(1,862)	(29,431)
Cash at beginning of period	86,470	75,495
Cash at end of period	84,608	46,064
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	9,851	3,295
Cash paid during the period for taxes, net of refunds	3,340	1,499
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable	293	1,306
Right-of-use assets obtained in exchange for new operating lease liabilities, including those acquired through acquisitions	$ 3,103	$ 9,587

Basis of Presentation and Selec

Basis of Presentation and Selected Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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 30, 2022. Year End We use a 52- or 53-week fiscal year ending on the last Friday in December. Our fiscal years ending December 29, 2023 and December 30, 2022 each are 52 weeks. References to 2023 and 2022 relate to the fiscal years then ended, respectively. The three-month periods ended June 30, 2023 and July 1, 2022 each are 13 weeks. References to the second quarter of 2023 and 2022 relate to the three-month periods then ended . Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include 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 product has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under Accounting Standards Codification ("ASC") Topic 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 (the “FASB”) issued Accounting Standards Update ("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 ASC Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. We adopted the ASU on the first day of 2023 and it did not have a material impact on our consolidated financial statements.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: June 30, December 30, Raw materials $ 196,980 $ 197,726 Work in process 38,731 56,291 Finished goods 50,227 47,186 Excess and obsolete adjustment (19,748) (17,543) Total inventories $ 266,190 $ 283,660

Property and Equipment and Othe

Property and Equipment and Other Noncurrent Assets	6 Months Ended
	Jun. 30, 2023
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: June 30, December 30, Machinery $ 99,141 $ 90,507 Leasehold improvements 44,385 43,129 Computer software, hardware, and equipment 10,089 9,664 Office furniture, fixtures, and equipment 1,414 1,337 Vehicles 397 401 Construction-in-process 19,664 19,869 175,090 164,907 Less accumulated depreciation (76,176) (66,852) Total property and equipment, net $ 98,914 $ 98,055 Depreciation expense was $4.4 million and $4.4 million for the second quarter of 2023 and 2022, respectively, and $8.7 million and $8.4 million for the six months ended June 30, 2023 and July 1, 2022, 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 enterprise resource planning ("ERP") system. The balance of capitalized cloud computing implementation costs, net of accumulated amortization, was $11.1 million and $11.6 million as of June 30, 2023 and December 30, 2022, respectively, and is included in other assets on our consolidated balance sheets. The related amortization expense was $0.2 million and $0.2 million for the second quarter of 2023 and 2022, respectively, and $0.5 million and $0.4 million for the six months ended June 30, 2023 and July 1, 2022, respectively, and is included in selling, general, and administrative expense on our consolidated statements of operations.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 4 – Intangible Assets Definite‑lived intangible assets consist of the following: June 30, 2023 Gross value Accumulated Accumulated Carrying Weighted Customer relationships 117,022 (58,891) — 58,131 8.4 years Developed technology 11,047 (5,082) — 5,965 10.0 years Total intangible assets $ 128,069 $ (63,973) $ — $ 64,096 December 30, 2022 Gross value Accumulated Accumulated Carrying Weighted Customer relationships 117,022 (51,337) — 65,685 8.4 years Developed technology 11,047 (4,710) — 6,337 10.0 years Total intangible assets $ 128,069 $ (56,047) $ — $ 72,022

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Note 5 – Leases Operating lease right-of-use (“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-cancelable 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. Our leases generally do not provide an implicit rate. As such, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We lease facilities under non-cancelable operating leases that expire at various dates during the years 2024 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. The components of lease expense are as follows: Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, Operating lease cost $ 2,393 $ 2,239 $ 4,804 $ 4,284 Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, July 1, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,602 $ 3,802 Supplemental balance sheet information related to leases is as follows: June 30, December 30, Weighted-average remaining lease term of operating leases 5.0 years 5.3 years Weighted-average discount rate of operating leases 3.2% 3.0% Future minimum lease payments under non-cancelable leases are as follows as of June 30, 2023: 2023, remaining $ 4,816 2024 9,231 2025 8,575 2026 8,129 2027 7,135 Thereafter 5,465 Total future minimum lease payments 43,351 Less imputed interest (3,281) Total lease liabilities $ 40,070

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes Income tax information for the periods reported is as follows: Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, Income tax expense $ 12,620 $ 1,744 $ 12,085 $ 2,554 Income (loss) before income taxes $ (8,036) $ 23,281 $ (8,576) $ 32,130 Effective income tax rate (157.0) % 7.5 % (140.9) % 7.9 % Our effective tax rates for the three and six months ended June 30, 2023 differ from the statutory rate primarily due to an $11.1 million valuation allowance recorded against our U.S. federal and state deferred tax assets during the second quarter of 2023, as well as taxes on foreign income that differ from the U.S. tax rate, including a tax holiday in Singapore, from which we will benefit through 2026. The valuation allowance was recorded based on an assessment of available positive and negative evidence, including an estimate of being in a three-year cumulative loss position in the U.S. by the end of 2023, projections of future taxable income, and other quantitative and qualitative information. We intend to maintain a full valuation allowance on our U.S. federal and state net deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of the valuation allowance. Our effective tax rates for the three and six months ended July 1, 2022 differ from the statutory rate primarily due to taxes on foreign income that differ from the U.S. tax rate, including our tax holiday in Singapore, and the impact of share-based compensation activity. The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $3.8 million as of June 30, 2023. 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 June 30, 2023, we were under examination by the Inland Revenue Board of Malaysia for the years 2016 through 2020.

Employee Benefit Programs

Employee Benefit Programs	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [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 $0.6 million and $0.7 million for the second quarter of 2023 and 2022, respectively, and $1.5 million and $1.6 million for the six months ended June 30, 2023 and July 1, 2022, respectively.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 – Long-Term Debt Long‑term debt consists of the following: June 30, December 30, Term loan $ 138,750 $ 142,500 Revolving credit facility 155,000 160,000 Total principal amount of long-term debt 293,750 302,500 Less unamortized debt issuance costs (1,549) (1,782) Total long-term debt, net 292,201 300,718 Less current portion (7,500) (7,500) Total long-term debt, less current portion, net $ 284,701 $ 293,218 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 and amounts due thereunder become payable 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, which is based on trailing 12-month EBITDA, as defined in our credit agreement. We are also charged a commitment fee of 0.175%-0.350%, depending on our leverage ratio, 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. As of June 30, 2023, our credit facilities bore interest under the BSBY rate option of 6.79%.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [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. Awards may be in the form of stock options (“options”), tandem and non‑tandem stock appreciation rights, restricted share awards or restricted share units (“RSUs”), performance awards, and other share‑based awards. 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 three years. Upon vesting of RSUs, shares are 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 $4.3 million and $3.5 million for the second quarter of 2023 and 2022, respectively, and $7.9 million and $6.4 million for the six months ended June 30, 2023 and July 1, 2022, respectively. Stock Options The following table summarizes option activity: Number of Stock Options Service Weighted average exercise price Weighted average remaining Aggregate intrinsic value Outstanding, December 30, 2022 805,115 $ 23.35 Granted — $ 0.00 Exercised (124,762) $ 22.85 Forfeited or expired (7,068) $ 21.84 Outstanding, June 30, 2023 673,285 $ 23.46 2.3 years $ 9,452 Exercisable, June 30, 2023 635,441 $ 23.40 2.2 years $ 8,961 Restricted Share Units The following table summarizes RSU activity: Number of Restricted Share Units Service Performance Market Weighted average grant-date fair Unvested, December 30, 2022 860,595 57,562 86,342 $ 30.26 Granted 515,515 47,433 96,301 $ 31.08 Vested (230,997) — — $ 29.12 Forfeited (57,543) (6,336) (9,502) $ 30.17 Unvested, June 30, 2023 1,087,570 98,659 173,141 $ 30.80 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 six-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 June 30, 2023, approximately 2.2 million ordinary shares remain available for purchase under the 2017 ESPP.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2023
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 June 30, July 1, June 30, July 1, Numerator: Net income (loss) $ (20,656) $ 21,537 $ (20,661) $ 29,576 Denominator: Basic weighted average ordinary shares outstanding 29,116,413 28,665,930 29,050,645 28,629,280 Dilutive effect of options — 148,160 — 215,582 Dilutive effect of RSUs — 228,107 — 102,871 Dilutive effect of ESPP — 322 — 322 Diluted weighted average ordinary shares outstanding 29,116,413 29,042,519 29,050,645 28,948,055 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 2,311,000 721,000 2,469,000 915,000 Net income (loss) per share: Basic $ (0.71) $ 0.75 $ (0.71) $ 1.03 Diluted $ (0.71) $ 0.74 $ (0.71) $ 1.02 (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
	Jun. 30, 2023
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 June 30, July 1, June 30, July 1, United States of America $ 61,623 $ 158,374 $ 150,675 $ 300,844 Singapore 70,372 114,398 152,658 217,693 Europe 27,764 24,806 57,750 49,198 Other 25,249 31,982 49,795 54,971 Total net sales $ 185,008 $ 329,560 $ 410,878 $ 622,706 Foreign long-lived assets, exclusive of deferred tax assets, were $50.5 million and $52.8 million as of June 30, 2023 and December 30, 2022, respectively .

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (20,656)	$ 21,537	$ (20,661)	$ 29,576

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sel_2

Basis of Presentation and Selected Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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 30, 2022.
Year End	Year End We use a 52- or 53-week fiscal year ending on the last Friday in December. Our fiscal years ending December 29, 2023 and December 30, 2022 each are 52 weeks. References to 2023 and 2022 relate to the fiscal years then ended, respectively. The three-month periods ended June 30, 2023 and July 1, 2022 each are 13 weeks. References to the second quarter of 2023 and 2022 relate to the three-month periods then ended .
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include 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 product has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under Accounting Standards Codification ("ASC") Topic 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 (the “FASB”) issued Accounting Standards Update ("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 ASC Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. We adopted the ASU on the first day of 2023 and it did not have a material impact on our consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: June 30, December 30, Raw materials $ 196,980 $ 197,726 Work in process 38,731 56,291 Finished goods 50,227 47,186 Excess and obsolete adjustment (19,748) (17,543) Total inventories $ 266,190 $ 283,660

Property and Equipment and Ot_2

Property and Equipment and Other Noncurrent Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following: June 30, December 30, Machinery $ 99,141 $ 90,507 Leasehold improvements 44,385 43,129 Computer software, hardware, and equipment 10,089 9,664 Office furniture, fixtures, and equipment 1,414 1,337 Vehicles 397 401 Construction-in-process 19,664 19,869 175,090 164,907 Less accumulated depreciation (76,176) (66,852) Total property and equipment, net $ 98,914 $ 98,055

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	Definite‑lived intangible assets consist of the following: June 30, 2023 Gross value Accumulated Accumulated Carrying Weighted Customer relationships 117,022 (58,891) — 58,131 8.4 years Developed technology 11,047 (5,082) — 5,965 10.0 years Total intangible assets $ 128,069 $ (63,973) $ — $ 64,096 December 30, 2022 Gross value Accumulated Accumulated Carrying Weighted Customer relationships 117,022 (51,337) — 65,685 8.4 years Developed technology 11,047 (4,710) — 6,337 10.0 years Total intangible assets $ 128,069 $ (56,047) $ — $ 72,022

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, Operating lease cost $ 2,393 $ 2,239 $ 4,804 $ 4,284
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, July 1, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,602 $ 3,802
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows: June 30, December 30, Weighted-average remaining lease term of operating leases 5.0 years 5.3 years Weighted-average discount rate of operating leases 3.2% 3.0%
Future Minimum Lease Payments Under Non-Cancelable Leases	Future minimum lease payments under non-cancelable leases are as follows as of June 30, 2023: 2023, remaining $ 4,816 2024 9,231 2025 8,575 2026 8,129 2027 7,135 Thereafter 5,465 Total future minimum lease payments 43,351 Less imputed interest (3,281) Total lease liabilities $ 40,070

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Taxes	Income tax information for the periods reported is as follows: Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, Income tax expense $ 12,620 $ 1,744 $ 12,085 $ 2,554 Income (loss) before income taxes $ (8,036) $ 23,281 $ (8,576) $ 32,130 Effective income tax rate (157.0) % 7.5 % (140.9) % 7.9 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long‑term debt consists of the following: June 30, December 30, Term loan $ 138,750 $ 142,500 Revolving credit facility 155,000 160,000 Total principal amount of long-term debt 293,750 302,500 Less unamortized debt issuance costs (1,549) (1,782) Total long-term debt, net 292,201 300,718 Less current portion (7,500) (7,500) Total long-term debt, less current portion, net $ 284,701 $ 293,218

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Option Activity	The following table summarizes option activity: Number of Stock Options Service Weighted average exercise price Weighted average remaining Aggregate intrinsic value Outstanding, December 30, 2022 805,115 $ 23.35 Granted — $ 0.00 Exercised (124,762) $ 22.85 Forfeited or expired (7,068) $ 21.84 Outstanding, June 30, 2023 673,285 $ 23.46 2.3 years $ 9,452 Exercisable, June 30, 2023 635,441 $ 23.40 2.2 years $ 8,961
Schedule of RSU Activity	The following table summarizes RSU activity: Number of Restricted Share Units Service Performance Market Weighted average grant-date fair Unvested, December 30, 2022 860,595 57,562 86,342 $ 30.26 Granted 515,515 47,433 96,301 $ 31.08 Vested (230,997) — — $ 29.12 Forfeited (57,543) (6,336) (9,502) $ 30.17 Unvested, June 30, 2023 1,087,570 98,659 173,141 $ 30.80

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, July 1, June 30, July 1, Numerator: Net income (loss) $ (20,656) $ 21,537 $ (20,661) $ 29,576 Denominator: Basic weighted average ordinary shares outstanding 29,116,413 28,665,930 29,050,645 28,629,280 Dilutive effect of options — 148,160 — 215,582 Dilutive effect of RSUs — 228,107 — 102,871 Dilutive effect of ESPP — 322 — 322 Diluted weighted average ordinary shares outstanding 29,116,413 29,042,519 29,050,645 28,948,055 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 2,311,000 721,000 2,469,000 915,000 Net income (loss) per share: Basic $ (0.71) $ 0.75 $ (0.71) $ 1.03 Diluted $ (0.71) $ 0.74 $ (0.71) $ 1.02 (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
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Sales By Geographic Area	The following table sets forth sales by geographic area: Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, United States of America $ 61,623 $ 158,374 $ 150,675 $ 300,844 Singapore 70,372 114,398 152,658 217,693 Europe 27,764 24,806 57,750 49,198 Other 25,249 31,982 49,795 54,971 Total net sales $ 185,008 $ 329,560 $ 410,878 $ 622,706

Basis of Presentation and Sel_3

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Basis Of Presentation [Line Items]
Original maturities acquisition period	90 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Basis Of Presentation [Line Items]
Performance obligation satisfaction period	12 months
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

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 196,980	$ 197,726
Work in process	38,731	56,291
Finished goods	50,227	47,186
Excess and obsolete adjustment	(19,748)	(17,543)
Total inventories	$ 266,190	$ 283,660

Property and Equipment and Ot_3

Property and Equipment and Other Noncurrent Assets - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 175,090	$ 164,907
Less accumulated depreciation	(76,176)	(66,852)
Total property and equipment, net	98,914	98,055
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	99,141	90,507
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	44,385	43,129
Computer software, hardware, and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	10,089	9,664
Office furniture, fixtures, and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,414	1,337
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	397	401
Construction-in-process
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 19,664	$ 19,869

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
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 4.4	$ 4.4	$ 8.7	$ 8.4

Property and Equipment and Ot_5

Property and Equipment and Other Noncurrent Assets - Summary of Capitalized Cloud Computing Implementation Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Capitalized cloud computing implementation cost	$ 11.1		$ 11.1		$ 11.6
Capitalized costs amortized during the period	$ 0.2	$ 0.2	$ 0.5	$ 0.4

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross value	$ 128,069	$ 128,069
Accumulated amortization	(63,973)	(56,047)
Carrying amount	64,096	72,022
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross value	117,022	117,022
Accumulated amortization	(58,891)	(51,337)
Carrying amount	$ 58,131	$ 65,685
Customer relationships | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	8 years 4 months 24 days	8 years 4 months 24 days
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross value	$ 11,047	$ 11,047
Accumulated amortization	(5,082)	(4,710)
Carrying amount	$ 5,965	$ 6,337
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)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Non-cancellable net operating lease expiration year	2031

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 2,393	$ 2,239	$ 4,804	$ 4,284

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 4,602	$ 3,802

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term of operating leases	5 years	5 years 3 months 18 days
Weighted-average discount rate of operating leases	3.20%	3%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023, remaining	$ 4,816
2024	9,231
2025	8,575
2026	8,129
2027	7,135
Thereafter	5,465
Total future minimum lease payments	43,351
Less imputed interest	(3,281)
Total lease liabilities	$ 40,070

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 12,620	$ 1,744	$ 12,085	$ 2,554
Income (loss) before income taxes	$ (8,036)	$ 23,281	$ (8,576)	$ 32,130
Effective income tax rate	(157.00%)	7.50%	(140.90%)	7.90%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 11.1	$ 11.1
Unrecognized tax benefits for uncertain tax positions	$ 3.8	$ 3.8

Employee Benefit Programs - Add

Employee Benefit Programs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee			50%
Percentage of eligible employee receive discretionary matching contribution			50%
Employee matching contributions	$ 0.6	$ 0.7	$ 1.5	$ 1.6
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	Jun. 30, 2023	Dec. 31, 2022
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 293,750	$ 302,500
Less unamortized debt issuance costs	(1,549)	(1,782)
Total long-term debt, net	292,201	300,718
Less current portion	(7,500)	(7,500)
Long-term debt, less current portion, net	284,701	293,218
Term loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	138,750	142,500
Revolving credit facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 155,000	$ 160,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	Oct. 29, 2021	Jun. 30, 2023	Dec. 31, 2022
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		$ 293,750	$ 302,500
Term loan
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		138,750	142,500
Revolving credit facility
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		$ 155,000	$ 160,000
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%
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 Agreement | Term loan | BSBY Rate
Line Of Credit Facility [Line Items]
Interest rate		6.79%
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%

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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	$ 4.3	$ 3.5	$ 7.9	$ 6.4
The 2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period			4 years
Awards vesting percentage			25%
Awards vesting period			3 years
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			2.2

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Option Activity (Details) - Service condition - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of stock options, outstanding, beginning balance (in shares)	805,115
Number of stock options, granted (in shares)	0
Number of stock options issued from exercise of stock options (in shares)	124,762
Number of stock options forfeited or expired (in shares)	(7,068)
Number of stock options, outstanding, ending balance (in shares)	673,285
Number of stock options, exercisable (in shares)	635,441
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average exercise price per share, outstanding, beginning balance (in usd per share)	$ 23.35
Weighted average exercise price per share, granted (in usd per share)	0
Weighted average exercise price per share, exercised (in usd per share)	22.85
Weighted average exercise price per share, forfeited or expired (in usd per share)	21.84
Weighted average exercise price per share, outstanding, ending balance (in usd per share)	23.46
Weighted average exercise price per share, exercisable (in usd per share)	$ 23.40
Weighted average remaining contractual term, outstanding	2 years 3 months 18 days
Weighted average remaining contractual term, exercisable	2 years 2 months 12 days
Aggregate intrinsic value, outstanding	$ 9,452
Aggregate intrinsic value, exercisable	$ 8,961

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of RSU Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value per share, unvested, beginning balance (in usd per share) | $ / shares	$ 30.26
Weighted average grant date fair value per share, granted (in usd per share) | $ / shares	31.08
Weighted average grant date fair value per share, vested (in usd per share) | $ / shares	29.12
Weighted average grant date fair value per share, forfeited (in usd per share) | $ / shares	30.17
Weighted average grant date fair value per share, unvested, ending balance (in usd per share) | $ / shares	$ 30.80
Restricted Stock Units Service Condition
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of restricted share units, unvested, beginning balance (in shares)	860,595
Number of restricted share units, granted (in shares)	515,515
Number of restricted share units, vested (in shares)	(230,997)
Number of restricted share units, forfeited (in shares)	(57,543)
Number of restricted share units, unvested, ending balance (in shares)	1,087,570
Performance Condition
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of restricted share units, unvested, beginning balance (in shares)	57,562
Number of restricted share units, granted (in shares)	47,433
Number of restricted share units, vested (in shares)	0
Number of restricted share units, forfeited (in shares)	(6,336)
Number of restricted share units, unvested, ending balance (in shares)	98,659
Market Condition
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of restricted share units, unvested, beginning balance (in shares)	86,342
Number of restricted share units, granted (in shares)	96,301
Number of restricted share units, vested (in shares)	0
Number of restricted share units, forfeited (in shares)	(9,502)
Number of restricted share units, unvested, ending balance (in shares)	173,141

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
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share Basic And Diluted [Line Items]
Net income (loss)	$ (20,656)	$ 21,537	$ (20,661)	$ 29,576
Basic weighted average ordinary shares outstanding	29,116,413	28,665,930	29,050,645	28,629,280
Diluted weighted average ordinary shares outstanding	29,116,413	29,042,519	29,050,645	28,948,055
Securities excluded from the calculation of diluted weighted average ordinary shares outstanding	2,311,000	721,000	2,469,000	915,000
Net income (loss) per share:
Basic (in usd per share)	$ (0.71)	$ 0.75	$ (0.71)	$ 1.03
Diluted (in usd per share)	$ (0.71)	$ 0.74	$ (0.71)	$ 1.02
ESPP
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	0	322	0	322
Options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	0	148,160	0	215,582
RSUs
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	0	228,107	0	102,871

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segment | Segment	1
Foreign long-lived assets, exclusive of deferred tax assets | $	$ 50.5	$ 52.8

Segment Information - Schedule

Segment Information - Schedule of Sales By Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total net sales	$ 185,008	$ 329,560	$ 410,878	$ 622,706
United States of America
Segment Reporting Information [Line Items]
Total net sales	61,623	158,374	150,675	300,844
Singapore
Segment Reporting Information [Line Items]
Total net sales	70,372	114,398	152,658	217,693
Europe
Segment Reporting Information [Line Items]
Total net sales	27,764	24,806	57,750	49,198
Other
Segment Reporting Information [Line Items]
Total net sales	$ 25,249	$ 31,982	$ 49,795	$ 54,971