Ichor (ICHR) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 29, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 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		29,380,025
Entity Central Index Key	0001652535
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Tax Identification Number	00-0000000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Current assets:
Cash and cash equivalents	$ 75,933	$ 86,470
Accounts receivable, net	103,350	136,321
Inventories	266,900	283,660
Prepaid expenses and other current assets	5,142	7,007
Total current assets	451,325	513,458
Property and equipment, net	96,240	98,055
Operating lease right-of-use assets	36,948	40,557
Other noncurrent assets	12,079	12,926
Deferred tax assets, net	1,934	11,322
Intangible assets, net	60,456	72,022
Goodwill	335,402	335,402
Total assets	994,384	1,083,742
Current liabilities:
Accounts payable	74,011	110,165
Accrued liabilities	16,176	23,616
Other current liabilities	8,588	15,815
Current portion of long-term debt	7,500	7,500
Current portion of lease liabilities	9,393	9,196
Total current liabilities	115,668	166,292
Long-term debt, less current portion, net	272,942	293,218
Lease liabilities, less current portion	28,556	31,828
Deferred tax liabilities, net	29	29
Other non-current liabilities	4,510	4,879
Total liabilities	421,705	496,246
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; 29,375,388 and 28,861,949 shares outstanding, respectively; 33,812,827 and 33,299,388 shares issued, respectively)	3	3
Additional paid in capital	447,684	431,415
Treasury shares at cost (4,437,439 shares)	(91,578)	(91,578)
Retained earnings	216,570	247,656
Total shareholders’ equity	572,679	587,496
Total liabilities and shareholders’ equity	$ 994,384	$ 1,083,742

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 29, 2023	Dec. 30, 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)	29,375,388	28,861,949
Ordinary shares, issued (in shares)	33,812,827	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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 196,761	$ 355,643	$ 607,639	$ 978,349
Cost of sales	172,692	292,083	524,588	815,396
Gross profit	24,069	63,560	83,051	162,953
Operating expenses:
Research and development	5,188	4,859	14,689	14,617
Selling, general, and administrative	20,066	22,195	59,733	66,565
Amortization of intangible assets	3,639	3,959	11,565	13,963
Total operating expenses	28,893	31,013	85,987	95,145
Operating income (loss)	(4,824)	32,547	(2,936)	67,808
Interest expense, net	5,136	3,249	14,716	6,844
Other expense (income), net	29	(210)	913	(674)
Income (loss) before income taxes	(9,989)	29,508	(18,565)	61,638
Income tax expense	436	477	12,521	3,031
Net income (loss)	$ (10,425)	$ 29,031	$ (31,086)	$ 58,607
Net income (loss) per share
Net income per share, basic (in usd per share)	$ (0.36)	$ 1.01	$ (1.07)	$ 2.04
Net income per share, diluted (in usd per share)	$ (0.36)	$ 1	$ (1.07)	$ 2.02
Shares used to compute Net income (loss) per share:
Shares used to compute net income per share, basic (in shares)	29,297,347	28,769,135	29,132,879	28,675,898
Shares used to compute net income per share, diluted (in shares)	29,297,347	29,050,396	29,132,879	28,965,834

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)		77,545
Ordinary shares issued from exercise of stock options	1,690		1,690
Ordinary shares issued from vesting of restricted share units (in shares)		130,504
Ordinary shares issued from vesting of restricted share units	(2,221)		(2,221)
Share-based compensation expense	10,125		10,125
Ordinary shares issued from employee share purchase plan (in shares)		42,065
Ordinary shares issued from employee share purchase plan	929		929
Net income (loss)	58,607				58,607
Ending balance (in shares) at Sep. 30, 2022		28,801,274
Ending balance at Sep. 30, 2022	569,845	$ 3	427,961	$ (91,578)	233,459
Treasury stock, ending balance (in shares) at Sep. 30, 2022				4,437,439
Beginning balance (in shares) at Jun. 30, 2022		28,735,728
Beginning balance at Jun. 30, 2022	537,324	$ 3	424,471	$ (91,578)	204,428
Treasury stock, beginning balance (in shares) at Jun. 30, 2022				4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		29,777
Ordinary shares issued from exercise of stock options	652		652
Ordinary shares issued from vesting of restricted share units (in shares)		35,769
Ordinary shares issued from vesting of restricted share units	(881)		(881)
Share-based compensation expense	3,719		3,719
Net income (loss)	29,031				29,031
Ending balance (in shares) at Sep. 30, 2022		28,801,274
Ending balance at Sep. 30, 2022	569,845	$ 3	427,961	$ (91,578)	233,459
Treasury stock, ending balance (in shares) at Sep. 30, 2022				4,437,439
Beginning balance (in shares) at Dec. 30, 2022		28,861,949
Beginning balance at Dec. 30, 2022	$ 587,496	$ 3	431,415	$ (91,578)	247,656
Treasury stock, beginning balance (in shares) at Dec. 30, 2022	4,437,439			4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		215,009
Ordinary shares issued from exercise of stock options	$ 4,452		4,452
Ordinary shares issued from vesting of restricted share units (in shares)		200,809
Ordinary shares issued from vesting of restricted share units	(2,882)		(2,882)
Share-based compensation expense	12,666		12,666
Ordinary shares issued from employee share purchase plan (in shares)		97,621
Ordinary shares issued from employee share purchase plan	2,033		2,033
Net income (loss)	(31,086)				(31,086)
Ending balance (in shares) at Sep. 29, 2023		29,375,388
Ending balance at Sep. 29, 2023	$ 572,679	$ 3	447,684	$ (91,578)	216,570
Treasury stock, ending balance (in shares) at Sep. 29, 2023	4,437,439			4,437,439
Beginning balance (in shares) at Jun. 30, 2023		29,241,561
Beginning balance at Jun. 30, 2023	$ 577,303	$ 3	441,883	$ (91,578)	226,995
Treasury stock, beginning balance (in shares) at Jun. 30, 2023				4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		90,247
Ordinary shares issued from exercise of stock options	1,602		1,602
Ordinary shares issued from vesting of restricted share units (in shares)		43,580
Ordinary shares issued from vesting of restricted share units	(553)		(553)
Share-based compensation expense	4,752		4,752
Net income (loss)	(10,425)				(10,425)
Ending balance (in shares) at Sep. 29, 2023		29,375,388
Ending balance at Sep. 29, 2023	$ 572,679	$ 3	$ 447,684	$ (91,578)	$ 216,570
Treasury stock, ending balance (in shares) at Sep. 29, 2023	4,437,439			4,437,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (31,086)	$ 58,607
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	26,036	26,743
Share-based compensation	12,666	10,125
Deferred income taxes	9,388	(3,022)
Amortization of debt issuance costs	349	349
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	32,971	(40,307)
Inventories	16,760	(54,525)
Prepaid expenses and other assets	8,610	4,031
Accounts payable	(34,756)	(18,508)
Accrued liabilities	(7,106)	6,823
Other liabilities	(13,774)	2,363
Net cash provided by (used in) operating activities	20,058	(7,321)
Cash flows from investing activities:
Capital expenditures	(13,239)	(22,458)
Cash paid for acquisitions, net of cash acquired	0	500
Net cash used in investing activities	(13,239)	(21,958)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans	6,151	3,093
Employees' taxes paid upon vesting of restricted share units	(2,882)	(2,221)
Borrowings on revolving credit facility	0	25,000
Repayments on revolving credit facility	(15,000)	(10,000)
Repayments on term loan	(5,625)	(5,625)
Net cash provided by (used in) financing activities	(17,356)	10,247
Net decrease in cash	(10,537)	(19,032)
Cash at beginning of period	86,470	75,495
Cash at end of period	75,933	56,463
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	15,132	6,457
Cash paid during the period for taxes, net of refunds	3,852	2,335
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable	145	1,625
Right-of-use assets obtained in exchange for new operating lease liabilities, including those acquired through acquisitions	$ 3,103	$ 11,158

Basis of Presentation and Selec

Basis of Presentation and Selected Significant Accounting Policies	9 Months Ended
	Sep. 29, 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 U.S. Securities and Exchange Commission'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 are each 52 weeks. References to 2023 and 2022 relate to the fiscal years then ended, respectively. The three-month periods ended September 29, 2023 and September 30, 2022 are each 13 weeks. References to the third 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 payment is generally due within 15-60 days of purchase. 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 herein . 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	9 Months Ended
	Sep. 29, 2023
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: September 29, December 30, Raw materials $ 201,991 $ 197,726 Work in process 42,857 56,291 Finished goods 45,532 47,186 Excess and obsolete adjustment (23,480) (17,543) Total inventories $ 266,900 $ 283,660

Property and Equipment and Othe

Property and Equipment and Other Noncurrent Assets	9 Months Ended
	Sep. 29, 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: September 29, December 30, Machinery $ 113,503 $ 90,507 Leasehold improvements 45,296 43,129 Computer software, hardware, and equipment 10,613 9,664 Office furniture, fixtures, and equipment 1,495 1,337 Vehicles 397 401 Construction-in-process 6,038 19,869 177,342 164,907 Less accumulated depreciation (81,102) (66,852) Total property and equipment, net $ 96,240 $ 98,055 Depreciation expense was $4.9 million and $4.4 million for the third quarter of 2023 and 2022, respectively, and $13.7 million and $12.8 million for the nine months ended September 29, 2023 and September 30, 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 have been 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 $10.8 million and $11.6 million as of September 29, 2023 and December 30, 2022, respectively, and is included in other assets on our consolidated balance sheets. The related amortization expense was $0.3 million and $0.2 million for the third quarter of 2023 and 2022, respectively, and $0.8 million and $0.6 million for the nine months ended September 29, 2023 and September 30, 2022, respectively, and is included in selling, general, and administrative expense on our consolidated statements of operations.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 4 – Intangible Assets Definite‑lived intangible assets consist of the following: September 29, 2023 Gross value Accumulated Accumulated Carrying Weighted Customer relationships $ 105,542 $ (50,782) $ — $ 54,760 8.7 years Developed technology 11,047 (5,351) — 5,696 10.0 years Total intangible assets $ 116,589 $ (56,133) $ — $ 60,456 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	9 Months Ended
	Sep. 29, 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 Nine Months Ended September 29, September 30, September 29, September 30, Operating lease cost $ 2,384 $ 2,120 $ 7,188 $ 6,404 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 29, September 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,953 $ 5,801 Supplemental balance sheet information related to leases is as follows: September 29, December 30, Weighted-average remaining lease term of operating leases 4.8 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 September 29, 2023: 2023, remaining $ 2,443 2024 9,212 2025 8,559 2026 8,113 2027 7,120 Thereafter 5,464 Total future minimum lease payments 40,911 Less imputed interest (2,962) Total lease liabilities $ 37,949

Income Taxes

Income Taxes	9 Months Ended
	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes Income tax information for the periods reported is as follows: Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Income tax expense $ 436 $ 477 $ 12,521 $ 3,031 Income (loss) before income taxes $ (9,989) $ 29,508 $ (18,565) $ 61,638 Effective income tax rate (4.4) % 1.6 % (67.4) % 4.9 % Our effective tax rates for the three and nine months ended September 29, 2023 differ from the statutory rate primarily due to a valuation allowance recorded against our U.S. federal and state deferred tax assets, 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. We recorded an $11.1 million valuation allowance in the second quarter of 2023 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. The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $4.0 million as of September 29, 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 September 29, 2023, we were under examination by the Inland Revenue Board of Malaysia for the years 2016 through 2020.

Employee Benefit Programs

Employee Benefit Programs	9 Months Ended
	Sep. 29, 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 $0.7 million and $0.7 million for the third quarter of 2023 and 2022, respectively, and $2.2 million and $2.3 million for the nine months ended September 29, 2023 and September 30, 2022, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 29, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 – Long-Term Debt Long‑term debt consists of the following: September 29, December 30, Term loan $ 136,875 $ 142,500 Revolving credit facility 145,000 160,000 Total principal amount of long-term debt 281,875 302,500 Less unamortized debt issuance costs (1,433) (1,782) Total long-term debt, net 280,442 300,718 Less current portion (7,500) (7,500) Total long-term debt, less current portion, net $ 272,942 $ 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 under 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 to 1.375% and 1.375 to 2.375% per annum, respectively, depending on our leverage ratio, which is based on trailing 12-month Consolidated EBITDA, as defined in our credit agreement. We are also charged a commitment fee of 0.175% to 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 September 29, 2023, our credit facilities bore interest under the BSBY rate option at 7.26%.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 29, 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 $4.8 million and $3.7 million for the third quarter of 2023 and 2022, respectively, and $12.7 million and $10.1 million for the nine months ended September 29, 2023 and September 30, 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 — $ — Exercised (215,009) $ 20.71 Forfeited or expired (7,068) $ 21.84 Outstanding, September 29, 2023 583,038 $ 24.34 2.3 years $ 3,915 Exercisable, September 29, 2023 556,326 $ 24.35 2.2 years $ 3,728 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 551,256 47,433 96,301 $ 31.40 Vested (294,461) — — $ 29.46 Forfeited (57,776) (7,696) (11,542) $ 30.55 Unvested, September 29, 2023 1,059,614 97,299 171,101 $ 30.85 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 September 29, 2023, approximately 2.2 million ordinary shares remain available for purchase under the 2017 ESPP.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 29, 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 Nine Months Ended September 29, September 30, September 29, September 30, Numerator: Net income (loss) $ (10,425) $ 29,031 $ (31,086) $ 58,607 Denominator: Basic weighted average ordinary shares outstanding 29,297,347 28,769,135 29,132,879 28,675,898 Dilutive effect of options — 139,045 — 191,909 Dilutive effect of RSUs — 136,733 — 96,199 Dilutive effect of ESPP — 5,483 — 1,828 Diluted weighted average ordinary shares outstanding 29,297,347 29,050,396 29,132,879 28,965,834 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 2,068,000 462,000 2,505,000 880,000 Net income (loss) per share: Basic $ (0.36) $ 1.01 $ (1.07) $ 2.04 Diluted $ (0.36) $ 1.00 $ (1.07) $ 2.02 (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	9 Months Ended
	Sep. 29, 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 Nine Months Ended September 29, September 30, September 29, September 30, United States of America $ 64,529 $ 156,909 $ 215,204 $ 457,753 Singapore 80,223 132,562 232,881 350,255 Europe 28,875 26,886 86,625 76,084 Other 23,134 39,286 72,929 94,257 Total net sales $ 196,761 $ 355,643 $ 607,639 $ 978,349 Foreign long-lived assets, exclusive of deferred tax assets, were $48.9 million and $52.8 million as of September 29, 2023 and December 30, 2022, respectively .

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (10,425)	$ 29,031	$ (31,086)	$ 58,607

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 29, 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)	9 Months Ended
	Sep. 29, 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 U.S. Securities and Exchange Commission'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 are each 52 weeks. References to 2023 and 2022 relate to the fiscal years then ended, respectively. The three-month periods ended September 29, 2023 and September 30, 2022 are each 13 weeks. References to the third 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 payment is generally due within 15-60 days of purchase. 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 herein .
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)	9 Months Ended
	Sep. 29, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 29, December 30, Raw materials $ 201,991 $ 197,726 Work in process 42,857 56,291 Finished goods 45,532 47,186 Excess and obsolete adjustment (23,480) (17,543) Total inventories $ 266,900 $ 283,660

Property and Equipment and Ot_2

Property and Equipment and Other Noncurrent Assets (Tables)	9 Months Ended
	Sep. 29, 2023
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following: September 29, December 30, Machinery $ 113,503 $ 90,507 Leasehold improvements 45,296 43,129 Computer software, hardware, and equipment 10,613 9,664 Office furniture, fixtures, and equipment 1,495 1,337 Vehicles 397 401 Construction-in-process 6,038 19,869 177,342 164,907 Less accumulated depreciation (81,102) (66,852) Total property and equipment, net $ 96,240 $ 98,055

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	Definite‑lived intangible assets consist of the following: September 29, 2023 Gross value Accumulated Accumulated Carrying Weighted Customer relationships $ 105,542 $ (50,782) $ — $ 54,760 8.7 years Developed technology 11,047 (5,351) — 5,696 10.0 years Total intangible assets $ 116,589 $ (56,133) $ — $ 60,456 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)	9 Months Ended
	Sep. 29, 2023
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Operating lease cost $ 2,384 $ 2,120 $ 7,188 $ 6,404
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Nine Months Ended September 29, September 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,953 $ 5,801
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows: September 29, December 30, Weighted-average remaining lease term of operating leases 4.8 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 September 29, 2023: 2023, remaining $ 2,443 2024 9,212 2025 8,559 2026 8,113 2027 7,120 Thereafter 5,464 Total future minimum lease payments 40,911 Less imputed interest (2,962) Total lease liabilities $ 37,949

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Taxes	Income tax information for the periods reported is as follows: Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, Income tax expense $ 436 $ 477 $ 12,521 $ 3,031 Income (loss) before income taxes $ (9,989) $ 29,508 $ (18,565) $ 61,638 Effective income tax rate (4.4) % 1.6 % (67.4) % 4.9 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 29, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long‑term debt consists of the following: September 29, December 30, Term loan $ 136,875 $ 142,500 Revolving credit facility 145,000 160,000 Total principal amount of long-term debt 281,875 302,500 Less unamortized debt issuance costs (1,433) (1,782) Total long-term debt, net 280,442 300,718 Less current portion (7,500) (7,500) Total long-term debt, less current portion, net $ 272,942 $ 293,218

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 29, 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 — $ — Exercised (215,009) $ 20.71 Forfeited or expired (7,068) $ 21.84 Outstanding, September 29, 2023 583,038 $ 24.34 2.3 years $ 3,915 Exercisable, September 29, 2023 556,326 $ 24.35 2.2 years $ 3,728
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 551,256 47,433 96,301 $ 31.40 Vested (294,461) — — $ 29.46 Forfeited (57,776) (7,696) (11,542) $ 30.55 Unvested, September 29, 2023 1,059,614 97,299 171,101 $ 30.85

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 29, 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 Nine Months Ended September 29, September 30, September 29, September 30, Numerator: Net income (loss) $ (10,425) $ 29,031 $ (31,086) $ 58,607 Denominator: Basic weighted average ordinary shares outstanding 29,297,347 28,769,135 29,132,879 28,675,898 Dilutive effect of options — 139,045 — 191,909 Dilutive effect of RSUs — 136,733 — 96,199 Dilutive effect of ESPP — 5,483 — 1,828 Diluted weighted average ordinary shares outstanding 29,297,347 29,050,396 29,132,879 28,965,834 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 2,068,000 462,000 2,505,000 880,000 Net income (loss) per share: Basic $ (0.36) $ 1.01 $ (1.07) $ 2.04 Diluted $ (0.36) $ 1.00 $ (1.07) $ 2.02 (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)	9 Months Ended
	Sep. 29, 2023
Segment Reporting [Abstract]
Schedule of Sales By Geographic Area	The following table sets forth sales by geographic area: Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, United States of America $ 64,529 $ 156,909 $ 215,204 $ 457,753 Singapore 80,223 132,562 232,881 350,255 Europe 28,875 26,886 86,625 76,084 Other 23,134 39,286 72,929 94,257 Total net sales $ 196,761 $ 355,643 $ 607,639 $ 978,349

Basis of Presentation and Sel_3

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 29, 2023
Basis Of Presentation [Line Items]
Original maturities acquisition period	90 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-09-30
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	Sep. 29, 2023	Dec. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 201,991	$ 197,726
Work in process	42,857	56,291
Finished goods	45,532	47,186
Excess and obsolete adjustment	(23,480)	(17,543)
Total inventories	$ 266,900	$ 283,660

Property and Equipment and Ot_3

Property and Equipment and Other Noncurrent Assets - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 177,342	$ 164,907
Less accumulated depreciation	(81,102)	(66,852)
Total property and equipment, net	96,240	98,055
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	113,503	90,507
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	45,296	43,129
Computer software, hardware, and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	10,613	9,664
Office furniture, fixtures, and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,495	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	$ 6,038	$ 19,869

Property and Equipment and Ot_4

Property and Equipment and Other Noncurrent Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 4.9	$ 4.4	$ 13.7	$ 12.8

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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Dec. 30, 2022
Property, Plant and Equipment [Abstract]
Capitalized cloud computing implementation cost	$ 10.8		$ 10.8		$ 11.6
Capitalized costs amortized during the period	$ 0.3	$ 0.2	$ 0.8	$ 0.6

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Finite Lived Intangible Assets [Line Items]
Gross value	$ 116,589	$ 128,069
Accumulated amortization	(56,133)	(56,047)
Carrying amount	60,456	72,022
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross value	105,542	117,022
Accumulated amortization	(50,782)	(51,337)
Carrying amount	$ 54,760	$ 65,685
Customer relationships | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	8 years 8 months 12 days	8 years 4 months 24 days
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross value	$ 11,047	$ 11,047
Accumulated amortization	(5,351)	(4,710)
Carrying amount	$ 5,696	$ 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)	9 Months Ended
	Sep. 29, 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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 2,384	$ 2,120	$ 7,188	$ 6,404

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 6,953	$ 5,801

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail)	Sep. 29, 2023	Dec. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term of operating leases	4 years 9 months 18 days	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	Sep. 29, 2023 USD ($)
Leases [Abstract]
2023, remaining	$ 2,443
2024	9,212
2025	8,559
2026	8,113
2027	7,120
Thereafter	5,464
Total future minimum lease payments	40,911
Less imputed interest	(2,962)
Total lease liabilities	$ 37,949

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 436	$ 477	$ 12,521	$ 3,031
Income (loss) before income taxes	$ (9,989)	$ 29,508	$ (18,565)	$ 61,638
Effective income tax rate	(4.40%)	1.60%	(67.40%)	4.90%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 11.1
Unrecognized tax benefits for uncertain tax positions		$ 4

Employee Benefit Programs - Add

Employee Benefit Programs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 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	$ 0.7	$ 0.7	$ 2.2	$ 2.3
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	Sep. 29, 2023	Dec. 30, 2022
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 281,875	$ 302,500
Less unamortized debt issuance costs	(1,433)	(1,782)
Total long-term debt, net	280,442	300,718
Less current portion	(7,500)	(7,500)
Long-term debt, less current portion, net	272,942	293,218
Term loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	136,875	142,500
Revolving credit facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 145,000	$ 160,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	Oct. 29, 2021	Sep. 29, 2023	Dec. 30, 2022
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		$ 281,875	$ 302,500
Term loan
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		136,875	142,500
Revolving credit facility
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		$ 145,000	$ 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		7.26%
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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 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	$ 4.8	$ 3.7	$ 12.7	$ 10.1
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	9 Months Ended
	Sep. 29, 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)	215,009
Number of stock options forfeited or expired (in shares)	(7,068)
Number of stock options, outstanding, ending balance (in shares)	583,038
Number of stock options, exercisable (in shares)	556,326
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)	20.71
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)	24.34
Weighted average exercise price per share, exercisable (in usd per share)	$ 24.35
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	$ 3,915
Aggregate intrinsic value, exercisable	$ 3,728

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of RSU Activity (Details)	9 Months Ended
	Sep. 29, 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	31.40
Weighted average grant date fair value per share, vested (in usd per share) | $ / shares	29.46
Weighted average grant date fair value per share, forfeited (in usd per share) | $ / shares	30.55
Weighted average grant date fair value per share, unvested, ending balance (in usd per share) | $ / shares	$ 30.85
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)	551,256
Number of restricted share units, vested (in shares)	(294,461)
Number of restricted share units, forfeited (in shares)	(57,776)
Number of restricted share units, unvested, ending balance (in shares)	1,059,614
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)	(7,696)
Number of restricted share units, unvested, ending balance (in shares)	97,299
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)	(11,542)
Number of restricted share units, unvested, ending balance (in shares)	171,101

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Earnings Per Share Basic And Diluted [Line Items]
Net income (loss)	$ (10,425)	$ 29,031	$ (31,086)	$ 58,607
Basic weighted average ordinary shares outstanding	29,297,347	28,769,135	29,132,879	28,675,898
Diluted weighted average ordinary shares outstanding	29,297,347	29,050,396	29,132,879	28,965,834
Securities excluded from the calculation of diluted weighted average ordinary shares outstanding	2,068,000	462,000	2,505,000	880,000
Net income (loss) per share:
Basic (in usd per share)	$ (0.36)	$ 1.01	$ (1.07)	$ 2.04
Diluted (in usd per share)	$ (0.36)	$ 1	$ (1.07)	$ 2.02
ESPP
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	0	5,483	0	1,828
Options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	0	139,045	0	191,909
RSUs
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares	0	136,733	0	96,199

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 29, 2023 USD ($) Segment	Dec. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segment | Segment	1
Foreign long-lived assets, exclusive of deferred tax assets | $	$ 48.9	$ 52.8

Segment Information - Schedule

Segment Information - Schedule of Sales By Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total net sales	$ 196,761	$ 355,643	$ 607,639	$ 978,349
United States of America
Segment Reporting Information [Line Items]
Total net sales	64,529	156,909	215,204	457,753
Singapore
Segment Reporting Information [Line Items]
Total net sales	80,223	132,562	232,881	350,255
Europe
Segment Reporting Information [Line Items]
Total net sales	28,875	26,886	86,625	76,084
Other
Segment Reporting Information [Line Items]
Total net sales	$ 23,134	$ 39,286	$ 72,929	$ 94,257