Ichor (ICHR) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 27, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2024
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		33,733,340
Entity Central Index Key	0001652535
Current Fiscal Year End Date	--12-27
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Tax Identification Number	00-0000000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 29, 2023
Current assets:
Cash and cash equivalents	$ 116,447	$ 79,955
Accounts receivable, net	84,150	66,721
Inventories	239,359	245,885
Prepaid expenses and other current assets	7,105	8,804
Total current assets	447,061	401,365
Property and equipment, net	89,283	92,755
Operating lease right-of-use assets	35,136	36,611
Other noncurrent assets	14,675	11,912
Deferred tax assets, net	3,366	3,148
Intangible assets, net	50,979	57,288
Goodwill	335,402	335,402
Total assets	975,902	938,481
Current liabilities:
Accounts payable	80,963	60,490
Accrued liabilities	17,338	14,871
Other current liabilities	6,899	6,638
Current portion of long-term debt	7,500	7,500
Current portion of lease liabilities	10,239	9,463
Total current liabilities	122,939	98,962
Long-term debt, less current portion, net	122,782	241,183
Lease liabilities, less current portion	26,090	28,187
Deferred tax liabilities, net	1,169	1,169
Other non-current liabilities	5,647	4,303
Total liabilities	278,627	373,804
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; 33,724,917 and 29,435,398 shares outstanding, respectively; 38,162,356 and 33,872,837 shares issued, respectively)	3	3
Additional paid in capital	601,056	451,581
Treasury shares at cost (4,437,439 shares)	(91,578)	(91,578)
Retained earnings	187,794	204,671
Total shareholders’ equity	697,275	564,677
Total liabilities and shareholders’ equity	$ 975,902	$ 938,481

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 27, 2024	Dec. 29, 2023
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)	33,724,917	29,435,398
Ordinary shares, issued (in shares)	38,162,356	33,872,837
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. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Income Statement [Abstract]
Net sales	$ 211,139	$ 196,761	$ 615,749	$ 607,639
Cost of sales	183,348	172,692	539,407	524,588
Gross profit	27,791	24,069	76,342	83,051
Operating expenses:
Research and development	5,872	5,188	17,168	14,689
Selling, general, and administrative	20,227	20,066	59,253	59,733
Amortization of intangible assets	2,077	3,639	6,309	11,565
Total operating expenses	28,176	28,893	82,730	85,987
Operating loss	(385)	(4,824)	(6,388)	(2,936)
Interest expense, net	1,638	5,136	7,592	14,716
Other expense, net	587	29	876	913
Loss before income taxes	(2,610)	(9,989)	(14,856)	(18,565)
Income tax expense	166	436	2,021	12,521
Net loss	$ (2,776)	$ (10,425)	$ (16,877)	$ (31,086)
Net loss per share
Net income per share, basic (in usd per share)	$ (0.08)	$ (0.36)	$ (0.52)	$ (1.07)
Net income per share, diluted (in usd per share)	$ (0.08)	$ (0.36)	$ (0.52)	$ (1.07)
Shares used to compute Net loss per share:
Shares used to compute net income per share, basic (in shares)	33,700,246	29,297,347	32,419,762	29,132,879
Shares used to compute net income per share, diluted (in shares)	33,700,246	29,297,347	32,419,762	29,132,879

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. 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
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)
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	12,666		12,666
Net 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
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 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
Beginning balance (in shares) at Dec. 29, 2023		29,435,398
Beginning balance at Dec. 29, 2023	$ 564,677	$ 3	451,581	$ (91,578)	204,671
Treasury stock, beginning balance (in shares) at Dec. 29, 2023	4,437,439			4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		149,640
Ordinary shares issued from exercise of stock options	$ 3,670		3,670
Ordinary shares issued from vesting of restricted share units (in shares)		225,505
Ordinary shares issued from vesting of restricted share units	(4,225)		(4,225)
Ordinary shares issued from employee share purchase plan (in shares)		81,040
Ordinary shares issued from employee share purchase plan	2,307		2,307
Share-based compensation expense	10,985		10,985
Ordinary shares issued, net of transaction costs (in shares)		3,833,334
Ordinary shares issued, net of transaction costs	136,738		136,738
Net loss	(16,877)				(16,877)
Ending balance (in shares) at Sep. 27, 2024		33,724,917
Ending balance at Sep. 27, 2024	$ 697,275	$ 3	601,056	$ (91,578)	187,794
Treasury stock, ending balance (in shares) at Sep. 27, 2024	4,437,439			4,437,439
Beginning balance (in shares) at Jun. 28, 2024		33,629,331
Beginning balance at Jun. 28, 2024	$ 694,876	$ 3	595,881	$ (91,578)	190,570
Treasury stock, beginning balance (in shares) at Jun. 28, 2024				4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		7,309
Ordinary shares issued from exercise of stock options	170		170
Ordinary shares issued from vesting of restricted share units (in shares)		43,290
Ordinary shares issued from vesting of restricted share units	(953)		(953)
Ordinary shares issued from employee share purchase plan (in shares)		44,987
Ordinary shares issued from employee share purchase plan	1,286		1,286
Share-based compensation expense	4,672		4,672
Net loss	(2,776)				(2,776)
Ending balance (in shares) at Sep. 27, 2024		33,724,917
Ending balance at Sep. 27, 2024	$ 697,275	$ 3	$ 601,056	$ (91,578)	$ 187,794
Treasury stock, ending balance (in shares) at Sep. 27, 2024	4,437,439			4,437,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Cash flows from operating activities:
Net loss	$ (16,877)	$ (31,086)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	22,768	26,036
Share-based compensation	10,985	12,666
Deferred income taxes	(218)	9,388
Amortization of debt issuance costs	349	349
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(17,429)	32,971
Inventories	6,526	16,760
Prepaid expenses and other assets	3,060	8,610
Accounts payable	22,746	(34,756)
Accrued liabilities	2,845	(7,106)
Other liabilities	(4,387)	(13,774)
Net cash provided by operating activities	30,368	20,058
Cash flows from investing activities:
Capital expenditures	(13,238)	(13,239)
Net cash used in investing activities	(13,238)	(13,239)
Cash flows from financing activities:
Issuance of ordinary shares, net of fees	136,738	0
Issuance of ordinary shares under share-based compensation plans	5,599	6,151
Employees' taxes paid upon vesting of restricted share units	(4,225)	(2,882)
Repayments on revolving credit facility	(115,000)	(15,000)
Repayments on term loan	(3,750)	(5,625)
Net cash provided by (used in) financing activities	19,362	(17,356)
Net increase (decrease) in cash	36,492	(10,537)
Cash at beginning of period	79,955	86,470
Cash at end of period	116,447	75,933
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	9,201	15,132
Cash paid during the period for taxes, net of refunds	1,804	3,852
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable	569	145
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 4,671	$ 3,103

Basis of Presentation and Selec

Basis of Presentation and Selected Significant Accounting Policies	9 Months Ended
	Sep. 27, 2024
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 the 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 29, 2023. Year End We use a 52- or 53-week fiscal year ending on the last Friday in December. Our fiscal years ending December 27, 2024 and December 29, 2023 are each 52 weeks. References to 2024 and 2023 relate to the fiscal years then ended, respectively. The three-month periods ended September 27, 2024 and September 29, 2023 are each 13 weeks. References to the third quarter of 2024 and 2023 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, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include inventory valuation, uncertain tax positions, valuation allowance on deferred tax assets, 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 12 months. Product sales are recognized at a point-in-time, upon "delivery," as such term is defined within the contract, which is generally at the time of shipment, 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 to 60 days of purchase. Historically, we have not experienced 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 . Public Offering of Shares In March 2024, we completed an underwritten public offering of 3.8 million ordinary shares, which included the exercise in full of the underwriters' option to purchase additional ordinary shares. We received net proceeds from the offering of approximately $136.7 million, after deducting the underwriting discount of $1.59 per share and incremental offering expenses of $0.9 million. Accounting Pronouncements Recently Issued In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and requires retrospective application to all prior periods prese nted in the financial statements. We are currently evaluating the ASU's impact on the required disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). This ASU is intended to enhance the transparency, decision usefulness, and effectiveness of income tax disclosures. The ASU requires a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. The ASU also requires a public entity to provide a qualitative description of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state, and foreign taxes as well as by individual jurisdictions. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements.

Inventories

Inventories	9 Months Ended
	Sep. 27, 2024
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: September 27, December 29, Raw materials $ 188,553 $ 190,027 Work in process 44,898 36,849 Finished goods 39,908 47,449 Excess and obsolete adjustment (34,000) (28,440) Total inventories $ 239,359 $ 245,885

Property and Equipment and Othe

Property and Equipment and Other Noncurrent Assets	9 Months Ended
	Sep. 27, 2024
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 27, December 29, Machinery $ 118,387 $ 113,529 Leasehold improvements 47,815 46,129 Computer software, hardware, and equipment 9,054 10,316 Office furniture, fixtures, and equipment 1,327 1,320 Vehicles 395 396 Construction-in-process 8,858 4,216 185,836 175,906 Less accumulated depreciation (96,553) (83,151) Total property and equipment, net $ 89,283 $ 92,755 Depreciation expense was $5.2 million and $4.9 million for the third quarter of 2024 and 2023, respectively. Depreciation expense was $15.6 million and $13.7 million for the nine months ended September 27, 2024 and September 29, 2023, respectively. Cloud Computing Implementation Costs

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 4 – Intangible Assets Definite‑lived intangible assets consist of the following: September 27, 2024 Gross value Accumulated Accumulated Carrying Weighted Customer relationships $ 73,142 $ (26,784) $ — $ 46,358 9.9 years Developed technology 11,047 (6,426) — 4,621 10.0 years Total intangible assets $ 84,189 $ (33,210) $ — $ 50,979 December 29, 2023 Gross value Accumulated Accumulated Carrying Weighted Customer relationships $ 105,542 $ (53,680) $ — $ 51,862 8.7 years Developed technology 11,047 (5,621) — 5,426 10.0 years Total intangible assets $ 116,589 $ (59,301) $ — $ 57,288

Leases

Leases	9 Months Ended
	Sep. 27, 2024
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 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 the 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 27, September 29, September 27, September 29, Operating lease cost $ 2,603 $ 2,384 $ 7,587 $ 7,188 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 27, September 29, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,404 $ 6,953 Supplemental balance sheet information related to leases is as follows: September 27, December 29, Weighted-average remaining lease term of operating leases 4.2 years 4.6 years Weighted-average discount rate of operating leases 4.1% 3.4% Future minimum lease payments under non-cancelable leases are as follows as of September 27, 2024: 2024, remaining $ 2,537 2025 10,252 2026 9,732 2027 8,883 2028 4,270 Thereafter 3,944 Total future minimum lease payments 39,618 Less imputed interest (3,289) Total lease liabilities $ 36,329

Income Taxes

Income Taxes	9 Months Ended
	Sep. 27, 2024
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 27, September 29, September 27, September 29, Income tax expense $ 166 $ 436 $ 2,021 $ 12,521 Loss before income taxes $ (2,610) $ (9,989) $ (14,856) $ (18,565) Effective income tax rate (6.4) % (4.4) % (13.6) % (67.4) % Our effective tax rate for the three and nine months ended September 27, 2024 differs from the statutory rate primarily due to taxes on foreign income that differs from the U.S. tax rate, including a tax holiday in Singapore from which we will benefit through 2026, and a valuation allowance against U.S. deferred tax assets. Our effective tax rate for the three and nine months ended September 29, 2023 differs 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 $4.4 million as of September 27, 2024, of which $0.5 million relates to estimated interest and penalties. The uncertain tax positions that are reasonably possible to decrease in the next twelve months are insignificant. As of September 27, 2024, we were under examination by California tax authorities.

Employee Benefit Programs

Employee Benefit Programs	9 Months Ended
	Sep. 27, 2024
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 third quarter of 2024 and 2023, respectively, and $2.0 million and $2.2 million for the nine months ended September 27, 2024 and September 29, 2023, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 – Long-Term Debt Long‑term debt consists of the following: September 27, December 29, Term loan $ 131,250 $ 135,000 Revolving credit facility — 115,000 Total principal amount of long-term debt 131,250 250,000 Less unamortized debt issuance costs (968) (1,317) Total long-term debt, net 130,282 248,683 Less current portion (7,500) (7,500) Total long-term debt, less current portion, net $ 122,782 $ 241,183 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. As of September 27, 2024, i nterest 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 BSBY Rate is equal to BSBY for a particular tenor matching the respective interest period. 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 three months. As of September 27, 2024, our credit facilities bore interest under the BSBY rate option at 7.19%.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 27, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 9 – Share‑Based Compensation The 2016 Omnibus Incentive 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 are 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 $4.7 million and $4.8 million for the third quarter of 2024 and 2023, respectively, and $11.0 million and $12.7 million for the nine months ended September 27, 2024 and September 29, 2023, 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 29, 2023 582,163 $ 24.36 Granted — $ — Exercised (149,640) $ 24.52 Forfeited or expired (639) $ 21.76 Outstanding, September 27, 2024 431,884 $ 24.30 1.2 years $ 3,285 Exercisable, September 27, 2024 431,884 $ 24.30 1.2 years $ 3,285 Restricted Share Units The following table summarizes RSU activity: Number of RSUs Service Performance Market Weighted average grant-date fair Unvested, December 29, 2023 1,088,083 97,299 171,101 $ 30.37 Granted 410,033 100,941 62,776 $ 40.12 Vested (326,285) (6,609) (8,617) $ 32.15 Forfeited (75,277) (13,021) (23,419) $ 30.22 Unvested, September 27, 2024 1,096,554 178,610 201,841 $ 33.68 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 27, 2024, approximately 2.1 million ordinary shares remain available for purchase under the 2017 ESPP.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 27, 2024
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 27, September 29, September 27, September 29, Numerator: Net loss $ (2,776) $ (10,425) $ (16,877) $ (31,086) Denominator: Basic weighted average ordinary shares outstanding 33,700,246 29,297,347 32,419,762 29,132,879 Dilutive effect of options — — — — Dilutive effect of RSUs — — — — Dilutive effect of ESPP — — — — Diluted weighted average ordinary shares outstanding 33,700,246 29,297,347 32,419,762 29,132,879 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 1,992,000 2,068,000 2,512,000 2,505,000 Net loss per share: Basic $ (0.08) $ (0.36) $ (0.52) $ (1.07) Diluted $ (0.08) $ (0.36) $ (0.52) $ (1.07) (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. 27, 2024
Segment Reporting [Abstract]
Segment Information	Note 11 – Segment Information Our CODM, 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 27, September 29, September 27, September 29, United States of America $ 64,245 $ 64,529 $ 197,898 $ 215,204 Singapore 87,823 80,223 248,490 232,881 Europe 24,818 28,875 77,474 86,625 Other 34,253 23,134 91,887 72,929 Total net sales $ 211,139 $ 196,761 $ 615,749 $ 607,639 Foreign long-lived assets, exclusive of deferred tax assets, were $49.4 million and $48.2 million as of September 27, 2024 and December 29, 2023, respectively .

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Pay vs Performance Disclosure
Net loss	$ (2,776)	$ (10,425)	$ (16,877)	$ (31,086)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 27, 2024 shares	Sep. 27, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Thomas Rohrs [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 5, 2024, Thomas Rohrs, Chairman of our Board of Directors, entered into a 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act. The trading arrangement provides for the potential sale of an aggregate of up to 78,128 of our ordinary shares issuable upon the exercise of option awards granted to Mr. Rohrs under our 2016 Omnibus Incentive Plan. The trading arrangement will expire on February 14, 2025, and may be terminated earlier in the limited circumstances defined in the trading arrangement.
Name	Thomas Rohrs
Title	Chairman of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 5, 2024
Expiration Date	February 14, 2025
Arrangement Duration	162 days
Aggregate Available	78,128	78,128

Basis of Presentation and Sel_2

Basis of Presentation and Selected Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 27, 2024
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 the 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 29, 2023.
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 27, 2024 and December 29, 2023 are each 52 weeks. References to 2024 and 2023 relate to the fiscal years then ended, respectively. The three-month periods ended September 27, 2024 and September 29, 2023 are each 13 weeks. References to the third quarter of 2024 and 2023 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, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include inventory valuation, uncertain tax positions, valuation allowance on deferred tax assets, 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 12 months. Product sales are recognized at a point-in-time, upon "delivery," as such term is defined within the contract, which is generally at the time of shipment, 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 to 60 days of purchase. Historically, we have not experienced 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 Issued	Accounting Pronouncements Recently Issued In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and requires retrospective application to all prior periods prese nted in the financial statements. We are currently evaluating the ASU's impact on the required disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). This ASU is intended to enhance the transparency, decision usefulness, and effectiveness of income tax disclosures. The ASU requires a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. The ASU also requires a public entity to provide a qualitative description of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state, and foreign taxes as well as by individual jurisdictions. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 27, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 27, December 29, Raw materials $ 188,553 $ 190,027 Work in process 44,898 36,849 Finished goods 39,908 47,449 Excess and obsolete adjustment (34,000) (28,440) Total inventories $ 239,359 $ 245,885

Property and Equipment and Ot_2

Property and Equipment and Other Noncurrent Assets (Tables)	9 Months Ended
	Sep. 27, 2024
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following: September 27, December 29, Machinery $ 118,387 $ 113,529 Leasehold improvements 47,815 46,129 Computer software, hardware, and equipment 9,054 10,316 Office furniture, fixtures, and equipment 1,327 1,320 Vehicles 395 396 Construction-in-process 8,858 4,216 185,836 175,906 Less accumulated depreciation (96,553) (83,151) Total property and equipment, net $ 89,283 $ 92,755

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	Definite‑lived intangible assets consist of the following: September 27, 2024 Gross value Accumulated Accumulated Carrying Weighted Customer relationships $ 73,142 $ (26,784) $ — $ 46,358 9.9 years Developed technology 11,047 (6,426) — 4,621 10.0 years Total intangible assets $ 84,189 $ (33,210) $ — $ 50,979 December 29, 2023 Gross value Accumulated Accumulated Carrying Weighted Customer relationships $ 105,542 $ (53,680) $ — $ 51,862 8.7 years Developed technology 11,047 (5,621) — 5,426 10.0 years Total intangible assets $ 116,589 $ (59,301) $ — $ 57,288

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 27, 2024
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Nine Months Ended September 27, September 29, September 27, September 29, Operating lease cost $ 2,603 $ 2,384 $ 7,587 $ 7,188
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Nine Months Ended September 27, September 29, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,404 $ 6,953
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows: September 27, December 29, Weighted-average remaining lease term of operating leases 4.2 years 4.6 years Weighted-average discount rate of operating leases 4.1% 3.4%
Future Minimum Lease Payments Under Non-Cancelable Leases	Future minimum lease payments under non-cancelable leases are as follows as of September 27, 2024: 2024, remaining $ 2,537 2025 10,252 2026 9,732 2027 8,883 2028 4,270 Thereafter 3,944 Total future minimum lease payments 39,618 Less imputed interest (3,289) Total lease liabilities $ 36,329

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 27, 2024
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 27, September 29, September 27, September 29, Income tax expense $ 166 $ 436 $ 2,021 $ 12,521 Loss before income taxes $ (2,610) $ (9,989) $ (14,856) $ (18,565) Effective income tax rate (6.4) % (4.4) % (13.6) % (67.4) %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long‑term debt consists of the following: September 27, December 29, Term loan $ 131,250 $ 135,000 Revolving credit facility — 115,000 Total principal amount of long-term debt 131,250 250,000 Less unamortized debt issuance costs (968) (1,317) Total long-term debt, net 130,282 248,683 Less current portion (7,500) (7,500) Total long-term debt, less current portion, net $ 122,782 $ 241,183

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 27, 2024
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 29, 2023 582,163 $ 24.36 Granted — $ — Exercised (149,640) $ 24.52 Forfeited or expired (639) $ 21.76 Outstanding, September 27, 2024 431,884 $ 24.30 1.2 years $ 3,285 Exercisable, September 27, 2024 431,884 $ 24.30 1.2 years $ 3,285
Schedule of RSU Activity	The following table summarizes RSU activity: Number of RSUs Service Performance Market Weighted average grant-date fair Unvested, December 29, 2023 1,088,083 97,299 171,101 $ 30.37 Granted 410,033 100,941 62,776 $ 40.12 Vested (326,285) (6,609) (8,617) $ 32.15 Forfeited (75,277) (13,021) (23,419) $ 30.22 Unvested, September 27, 2024 1,096,554 178,610 201,841 $ 33.68

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 27, 2024
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 27, September 29, September 27, September 29, Numerator: Net loss $ (2,776) $ (10,425) $ (16,877) $ (31,086) Denominator: Basic weighted average ordinary shares outstanding 33,700,246 29,297,347 32,419,762 29,132,879 Dilutive effect of options — — — — Dilutive effect of RSUs — — — — Dilutive effect of ESPP — — — — Diluted weighted average ordinary shares outstanding 33,700,246 29,297,347 32,419,762 29,132,879 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 1,992,000 2,068,000 2,512,000 2,505,000 Net loss per share: Basic $ (0.08) $ (0.36) $ (0.52) $ (1.07) Diluted $ (0.08) $ (0.36) $ (0.52) $ (1.07) (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. 27, 2024
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 27, September 29, September 27, September 29, United States of America $ 64,245 $ 64,529 $ 197,898 $ 215,204 Singapore 87,823 80,223 248,490 232,881 Europe 24,818 28,875 77,474 86,625 Other 34,253 23,134 91,887 72,929 Total net sales $ 211,139 $ 196,761 $ 615,749 $ 607,639

Basis of Presentation and Sel_3

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Mar. 29, 2024	Sep. 27, 2024
Basis Of Presentation [Line Items]
Original maturities acquisition period		90 days
Underwriting discount (in usd per share)	$ 1.59
Public Stock Offering
Basis Of Presentation [Line Items]
Public offering (in shares)	3.8
Proceeds from the offering	$ 136.7
Offering expenses	$ 0.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-06-29
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. 27, 2024	Dec. 29, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 188,553	$ 190,027
Work in process	44,898	36,849
Finished goods	39,908	47,449
Excess and obsolete adjustment	(34,000)	(28,440)
Total inventories	$ 239,359	$ 245,885

Property and Equipment and Ot_3

Property and Equipment and Other Noncurrent Assets - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 29, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 185,836	$ 175,906
Less accumulated depreciation	(96,553)	(83,151)
Total property and equipment, net	89,283	92,755
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	118,387	113,529
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	47,815	46,129
Computer software, hardware, and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	9,054	10,316
Office furniture, fixtures, and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,327	1,320
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	395	396
Construction-in-process
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,858	$ 4,216

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. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 5.2	$ 4.9	$ 15.6	$ 13.7

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. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Dec. 29, 2023
Property, Plant and Equipment [Abstract]
Capitalized cloud computing implementation cost	$ 10		$ 10		$ 8.1
Capitalized costs amortized during the period	$ 0.3	$ 0.3	$ 0.8	$ 0.8

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 29, 2023
Finite Lived Intangible Assets [Line Items]
Gross value	$ 84,189	$ 116,589
Accumulated amortization	(33,210)	(59,301)
Carrying amount	50,979	57,288
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross value	73,142	105,542
Accumulated amortization	(26,784)	(53,680)
Carrying amount	$ 46,358	$ 51,862
Customer relationships | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	9 years 10 months 24 days	8 years 8 months 12 days
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross value	$ 11,047	$ 11,047
Accumulated amortization	(6,426)	(5,621)
Carrying amount	$ 4,621	$ 5,426
Developed technology | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	10 years	10 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Leases [Abstract]
Operating lease cost	$ 2,603	$ 2,384	$ 7,587	$ 7,188

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 7,404	$ 6,953

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail)	Sep. 27, 2024	Dec. 29, 2023
Leases [Abstract]
Weighted-average remaining lease term of operating leases	4 years 2 months 12 days	4 years 7 months 6 days
Weighted-average discount rate of operating leases	4.10%	3.40%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Thousands	Sep. 27, 2024 USD ($)
Leases [Abstract]
2024, remaining	$ 2,537
2025	10,252
2026	9,732
2027	8,883
2028	4,270
Thereafter	3,944
Total future minimum lease payments	39,618
Less imputed interest	(3,289)
Total lease liabilities	$ 36,329

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 166	$ 436	$ 2,021	$ 12,521
Loss before income taxes	$ (2,610)	$ (9,989)	$ (14,856)	$ (18,565)
Effective income tax rate	(6.40%)	(4.40%)	(13.60%)	(67.40%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2023	Sep. 27, 2024
Income Tax Disclosure [Abstract]
Unrecognized tax benefits for uncertain tax positions		$ 4.4
Deferred tax assets, valuation allowance	$ 11.1
Cumulative loss position, term	3 years
Tax penalties and interest expense		$ 0.5

Employee Benefit Programs - Add

Employee Benefit Programs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
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	$ 2	$ 2.2
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. 27, 2024	Dec. 29, 2023
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 131,250	$ 250,000
Less unamortized debt issuance costs	(968)	(1,317)
Total long-term debt, net	130,282	248,683
Less current portion	(7,500)	(7,500)
Long-term debt, less current portion, net	122,782	241,183
Term loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	131,250	135,000
Revolving credit facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 0	$ 115,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Oct. 29, 2021	Dec. 29, 2023
Line Of Credit Facility [Line Items]
Principal amount of long-term debt	$ 131,250		$ 250,000
Term loan
Line Of Credit Facility [Line Items]
Principal amount of long-term debt	131,250		135,000
Revolving credit facility
Line Of Credit Facility [Line Items]
Principal amount of long-term debt	$ 0		$ 115,000
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	7.19%
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. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
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	$ 4.7	$ 4.8	$ 11	$ 12.7
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			2.1

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Option Activity (Details) - Service condition - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 27, 2024
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)	582,163
Number of stock options, granted (in shares)	0
Number of stock options issued from exercise of stock options (in shares)	(149,640)
Number of stock options forfeited or expired (in shares)	(639)
Number of stock options, outstanding, ending balance (in shares)	431,884
Number of stock options, exercisable (in shares)	431,884
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)	$ 24.36
Weighted average exercise price per share, granted (in usd per share)	0
Weighted average exercise price per share, exercised (in usd per share)	24.52
Weighted average exercise price per share, forfeited or expired (in usd per share)	21.76
Weighted average exercise price per share, outstanding, ending balance (in usd per share)	24.30
Weighted average exercise price per share, exercisable (in usd per share)	$ 24.30
Weighted average remaining contractual term, outstanding	1 year 2 months 12 days
Weighted average remaining contractual term, exercisable	1 year 2 months 12 days
Aggregate intrinsic value, outstanding	$ 3,285
Aggregate intrinsic value, exercisable	$ 3,285

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of RSU Activity (Details)	9 Months Ended
	Sep. 27, 2024 $ / 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	$ 30.37
Weighted average grant date fair value per share, granted (in usd per share) | $ / shares	40.12
Weighted average grant date fair value per share, vested (in usd per share) | $ / shares	32.15
Weighted average grant date fair value per share, forfeited (in usd per share) | $ / shares	30.22
Weighted average grant date fair value per share, unvested, ending balance (in usd per share) | $ / shares	$ 33.68
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)	1,088,083
Number of restricted share units, granted (in shares)	410,033
Number of restricted share units, vested (in shares)	(326,285)
Number of restricted share units, forfeited (in shares)	(75,277)
Number of restricted share units, unvested, ending balance (in shares)	1,096,554
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)	97,299
Number of restricted share units, granted (in shares)	100,941
Number of restricted share units, vested (in shares)	(6,609)
Number of restricted share units, forfeited (in shares)	(13,021)
Number of restricted share units, unvested, ending balance (in shares)	178,610
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)	171,101
Number of restricted share units, granted (in shares)	62,776
Number of restricted share units, vested (in shares)	(8,617)
Number of restricted share units, forfeited (in shares)	(23,419)
Number of restricted share units, unvested, ending balance (in shares)	201,841

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. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Numerator:
Net loss	$ (2,776)	$ (10,425)	$ (16,877)	$ (31,086)
Denominator:
Basic weighted average ordinary shares outstanding	33,700,246	29,297,347	32,419,762	29,132,879
Diluted weighted average ordinary shares outstanding	33,700,246	29,297,347	32,419,762	29,132,879
Securities excluded from the calculation of diluted weighted average ordinary shares outstanding	1,992,000	2,068,000	2,512,000	2,505,000
Net loss per share:
Basic (in usd per share)	$ (0.08)	$ (0.36)	$ (0.52)	$ (1.07)
Diluted (in usd per share)	$ (0.08)	$ (0.36)	$ (0.52)	$ (1.07)
ESPP
Denominator:
Dilutive effect of shares	0	0	0	0
Options
Denominator:
Dilutive effect of shares	0	0	0	0
RSUs
Denominator:
Dilutive effect of shares	0	0	0	0

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 27, 2024 USD ($) Segment	Dec. 29, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segment | Segment	1
Foreign long-lived assets, exclusive of deferred tax assets | $	$ 49.4	$ 48.2

Segment Information - Schedule

Segment Information - Schedule of Sales By Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Segment Reporting Information [Line Items]
Total net sales	$ 211,139	$ 196,761	$ 615,749	$ 607,639
United States of America
Segment Reporting Information [Line Items]
Total net sales	64,245	64,529	197,898	215,204
Singapore
Segment Reporting Information [Line Items]
Total net sales	87,823	80,223	248,490	232,881
Europe
Segment Reporting Information [Line Items]
Total net sales	24,818	28,875	77,474	86,625
Other
Segment Reporting Information [Line Items]
Total net sales	$ 34,253	$ 23,134	$ 91,887	$ 72,929