Kulicke and Soffa Industries (KLIC) 10-Q 4 May 23 2023 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Apr. 01, 2023	Apr. 28, 2023
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-121
Entity Central Index Key	0000056978
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1498399
Entity Address, Address Line One	23A Serangoon North Avenue 5
Entity Address, Address Line Two	#01-01,
Entity Address, Country	SG
Entity Address, Postal Zip Code	554369
City Area Code	215
Local Phone Number	784-6000
Title of 12(b) Security	Common Stock, Without Par Value
Trading Symbol	KLIC
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 Common Stock, Shares Outstanding		56,582,697
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--09-30
Entity Registrant Name	KULICKE AND SOFFA INDUSTRIES, INC.
Entity Address, City or Town	Singapore
Document Period End Date	Apr. 01, 2023
Principal Executive Offices
Entity Addresses [Line Items]
Entity Address, Address Line One	1005 Virginia Dr.
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19034
Entity Address, City or Town	Fort Washington

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2023	Oct. 01, 2022
Current assets:
Cash and cash equivalents	$ 389,102	$ 555,537
Short-term investments	345,000	220,000
Accounts and other receivable, net of allowance for doubtful accounts of $0 and $0, respectively	169,140	309,323
Inventories, net	224,159	184,986
Prepaid expenses and other current assets	61,472	62,200
Total current assets	1,188,873	1,332,046
Property, plant and equipment, net	110,680	80,908
Operating right-of-use assets	44,908	41,767
Goodwill	98,893	68,096
Intangible assets, net	39,892	31,939
Deferred tax assets	32,157	25,572
Equity investments	5,433	5,397
Other assets	3,206	2,874
TOTAL ASSETS	1,524,042	1,588,599
Current liabilities:
Accounts payable	54,851	67,311
Operating lease liabilities	7,271	6,766
Income taxes payable	21,328	40,063
Accrued expenses and other current liabilities	112,301	134,541
Total current liabilities	195,751	248,681
Deferred tax liabilities	36,180	34,037
Income taxes payable	52,537	64,634
Operating lease liabilities	39,557	34,927
Other liabilities	16,320	11,670
TOTAL LIABILITIES	340,345	393,949
Commitments and contingent liabilities (Note 16)
Shareholders’ equity:
Preferred stock, without par value: Authorized 5,000 shares; issued - none	0	0
Common stock, without par value: Authorized 200,000 shares; issued 85,364 and 85,364, respectively; outstanding 56,653 and 57,128 shares, respectively	567,031	561,684
Treasury stock, at cost, 28,710 and 28,237 shares, respectively	(719,619)	(675,800)
Retained earnings	1,349,736	1,341,666
Accumulated other comprehensive loss	(13,451)	(32,900)
TOTAL SHAREHOLDERS’ EQUITY	1,183,697	1,194,650
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,524,042	$ 1,588,599

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2023	Oct. 01, 2022
Consolidated Balance Sheets Parenthetical [Abstract]
Allowance for doubtful accounts and notes receivable	$ 0	$ 0
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	85,364,000	85,364,000
Common Stock, Shares, Outstanding	56,653,000	57,128,000
Treasury Stock, Shares	28,710,000	28,237,000
Preferred Stock, Shares Issued	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Income Statement [Abstract]
Revenues	$ 173,021	$ 384,282	$ 349,254	$ 845,170
Cost of sales	88,929	182,572	176,456	420,222
Gross profit	84,092	201,710	172,798	424,948
Selling, general and administrative	35,464	35,088	77,840	74,047
Research and development	35,999	37,281	70,507	70,450
Operating expenses	71,463	72,369	148,347	144,497
Income from operations	12,629	129,341	24,451	280,451
Interest income	8,000	470	14,559	941
Interest expense	(32)	(97)	(66)	(137)
Income before income taxes	20,597	129,714	38,944	281,255
Provision for income taxes	5,556	13,713	9,314	31,648
Net income	$ 15,041	$ 116,001	$ 29,630	$ 249,607
Net income per share:
Basic (in dollars per share)	$ 0.27	$ 1.89	$ 0.52	$ 4.03
Diluted (in dollars per share)	$ 0.26	$ 1.86	$ 0.51	$ 3.97
Weighted average shares outstanding:
Basic (in shares)	56,684	61,482	56,868	61,934
Diluted (in shares)	57,577	62,435	57,739	62,907

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 15,041	$ 116,001	$ 29,630	$ 249,607
Other comprehensive income:
Foreign currency translation adjustment	1,654	(4,351)	15,973	(6,016)
Unrecognized actuarial (gain)/loss on pension plan, net of tax	(9)	49	(56)	(19)
Foreign currency translation and pension plan, net of tax	1,645	(4,302)	15,917	(6,035)
Derivatives designated as hedging instruments:
Unrealized gain/(loss) on derivative instruments, net of tax	737	(143)	3,830	65
Reclassification adjustment for (gain)/loss on derivative instruments recognized, net of tax	578	(87)	298	(623)
Net increase/(decrease) from derivatives designated as hedging instruments, net of tax	159	(56)	3,532	688
Other comprehensive income	1,804	(4,358)	19,449	(5,347)
Comprehensive income	$ 16,845	$ 111,643	$ 49,079	$ 244,260

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income
Beginning balance (shares) at Oct. 02, 2021		61,931
Beginning balance at Oct. 02, 2021	$ 1,095,237	$ 550,117	$ (400,412)	$ 948,554	$ (3,022)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock for services rendered (shares)		4
Issuance of stock for services rendered	238	$ 197	41
Repurchase of common stock (shares)		(276)
Repurchase of common stock	(15,380)		(15,380)
Issuance of shares for equity based compensation (shares)		725
Issuance of shares for equity-based compensation	0	$ (6,963)	6,963
Equity-based compensation	5,074	$ 5,074
Cash dividend declared	(10,610)			(10,610)
Net income	133,606			133,606
Other comprehensive income	(989)				(989)
Total comprehensive income	132,617			133,606	(989)
Ending balance (shares) at Jan. 01, 2022		62,384
Ending balance at Jan. 01, 2022	1,207,176	$ 548,425	(408,788)	1,071,550	(4,011)
Beginning balance (shares) at Oct. 02, 2021		61,931
Beginning balance at Oct. 02, 2021	1,095,237	$ 550,117	(400,412)	948,554	(3,022)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	249,607
Other comprehensive income	(5,347)
Total comprehensive income	244,260
Ending balance (shares) at Apr. 02, 2022		59,468
Ending balance at Apr. 02, 2022	1,137,252	$ 522,864	(554,684)	1,177,441	(8,369)
Beginning balance (shares) at Jan. 01, 2022		62,384
Beginning balance at Jan. 01, 2022	1,207,176	$ 548,425	(408,788)	1,071,550	(4,011)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock for services rendered (shares)		4
Issuance of stock for services rendered	237	$ 202	35
Repurchase of common stock (shares)		(2,944)
Repurchase of common stock	(176,153)	$ (30,000)	(146,153)
Issuance of shares for equity based compensation (shares)		24
Issuance of shares for equity-based compensation	0	$ (222)	222
Equity-based compensation	4,459	$ 4,459
Cash dividend declared	(10,110)			(10,110)
Net income	116,001			116,001
Other comprehensive income	(4,358)				(4,358)
Total comprehensive income	111,643			116,001	(4,358)
Ending balance (shares) at Apr. 02, 2022		59,468
Ending balance at Apr. 02, 2022	1,137,252	$ 522,864	(554,684)	1,177,441	(8,369)
Beginning balance (shares) at Oct. 01, 2022		57,128
Beginning balance at Oct. 01, 2022	1,194,650	$ 561,684	(675,800)	1,341,666	(32,900)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock for services rendered (shares)		6
Issuance of stock for services rendered	237	$ 180	57
Repurchase of common stock (shares)		(1,054)
Repurchase of common stock	(45,382)		(45,382)
Issuance of shares for equity based compensation (shares)		667
Issuance of shares for equity-based compensation	0	$ (6,412)	6,412
Equity-based compensation	6,284	$ 6,284
Cash dividend declared	(10,794)			(10,794)
Net income	14,589			14,589
Other comprehensive income	17,645				17,645
Total comprehensive income	32,234			14,589	17,645
Ending balance (shares) at Dec. 31, 2022		56,747
Ending balance at Dec. 31, 2022	1,177,229	$ 561,736	(714,713)	1,345,461	(15,255)
Beginning balance (shares) at Oct. 01, 2022		57,128
Beginning balance at Oct. 01, 2022	1,194,650	$ 561,684	(675,800)	1,341,666	(32,900)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,630
Other comprehensive income	19,449
Total comprehensive income	49,079
Ending balance (shares) at Apr. 01, 2023		56,653
Ending balance at Apr. 01, 2023	1,183,697	$ 567,031	(719,619)	1,349,736	(13,451)
Beginning balance (shares) at Dec. 31, 2022		56,747
Beginning balance at Dec. 31, 2022	1,177,229	$ 561,736	(714,713)	1,345,461	(15,255)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock for services rendered (shares)		5
Issuance of stock for services rendered	237	$ 184	53
Repurchase of common stock (shares)		(102)
Repurchase of common stock	(4,990)	$ 0	(4,990)
Issuance of shares for equity based compensation (shares)		3
Issuance of shares for equity-based compensation	0	$ (31)	31
Equity-based compensation	5,142	$ 5,142
Cash dividend declared	(10,766)			(10,766)
Net income	15,041			15,041
Other comprehensive income	1,804				1,804
Total comprehensive income	16,845			15,041	1,804
Ending balance (shares) at Apr. 01, 2023		56,653
Ending balance at Apr. 01, 2023	$ 1,183,697	$ 567,031	$ (719,619)	$ 1,349,736	$ (13,451)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 29,630	$ 249,607
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,155	10,563
Equity-based compensation and employee benefits	11,900	10,008
Adjustment for doubtful accounts	0	(245)
Adjustment for inventory valuation	1,694	(140)
Deferred taxes	(6,227)	3,584
Gain on disposal of property, plant and equipment	(217)	(98)
Unrealized foreign currency translation	2,613	(1,412)
Changes in operating assets and liabilities, net of assets and liabilities assumed in businesses combinations:
Accounts and other receivable	141,637	53,430
Inventories	(39,055)	(44,367)
Prepaid expenses and other current assets	2,107	(27,205)
Accounts payable, accrued expenses and other current liabilities	(41,286)	(81,318)
Income taxes payable	(30,655)	(4,042)
Other, net	2,640	644
Net cash provided by operating activities	86,936	169,009
Acquisition of business, net of cash acquired	(36,881)	0
Proceeds from sales of property, plant and equipment	235	119
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of business, net of cash acquired	36,881	0
Purchases of property, plant and equipment	(24,515)	(5,658)
Proceeds from sales of property, plant and equipment	235	119
Investment in private equity fund	(36)	0
Purchase of short-term investments	(270,000)	(319,000)
Maturity of short-term investments	145,000	466,000
Net cash (used in)/provided by investing activities	(186,197)	141,461
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment on short-term debt	0	(54,500)
Payment for finance lease	(326)	(242)
Repurchase of common stock/treasury stock	(52,048)	(191,539)
Common stock cash dividends paid	(20,537)	(19,283)
Proceeds from short-term debt	0	54,500
Net cash used in financing activities	(72,911)	(211,064)
Effect of exchange rate changes on cash and cash equivalents	5,737	(1,741)
Changes in cash and cash equivalents	(166,435)	97,665
Cash and cash equivalents at beginning of period	555,537	362,788
Cash and cash equivalents at end of period	389,102	460,453
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:
Other Significant Noncash Transaction, Value of Consideration Given	8,269	511
CASH PAID FOR:
Interest	66	137
Income taxes, net of refunds	$ 41,930	$ 32,856

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION These consolidated condensed financial statements include the accounts of Kulicke and Soffa Industries, Inc. and its subsidiaries (“we,” “us,” “our,” or the “Company”) with appropriate elimination of intercompany balances and transactions. The interim consolidated condensed financial statements are unaudited and, in management’s opinion, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair statement of results for these interim periods. The interim consolidated condensed financial statements do not include all of the information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 1, 2022, filed with the Securities and Exchange Commission, which includes the Consolidated Balance Sheets as of October 1, 2022 and October 2, 2021, and the related Consolidated Statements of Operations, Statements of Comprehensive Income, Changes in Shareholders’ Equity and Cash Flows for each of the years in the three-year period ended October 1, 2022. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full year. Fiscal Year Each of the Company’s first three fiscal quarters end on the Saturday that is 13 weeks after the end of the immediately preceding fiscal quarter. The fourth quarter of each fiscal year ends on the Saturday closest to September 30. Fiscal 2023 quarters end on December 31, 2022, April 1, 2023, July 1, 2023 and September 30, 2023. In fiscal years consisting of 53 weeks, the fourth quarter will consist of 14 weeks. Fiscal 2022 quarters ended on January 1, 2022, April 2, 2022, July 2, 2022 and October 1, 2022. Nature of Business The Company designs, manufactures and sells capital equipment and tools as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company’s operating results depend upon the capital and operating expenditures of semiconductor device manufacturers, integrated device manufacturers (“IDMs”), outsourced semiconductor assembly and test providers (“OSATs”), and other electronics manufacturers including automotive electronics suppliers worldwide which, in turn, depend on the current and anticipated market demand for semiconductors and products utilizing semiconductors. The semiconductor industry is highly volatile and experiences downturns and slowdowns which can have a severe negative effect on the semiconductor industry’s demand for semiconductor capital equipment, including assembly equipment manufactured and sold by the Company and, to a lesser extent, tools, solutions and services, including those sold or provided by the Company. These downturns and slowdowns have in the past adversely affected the Company’s operating results. The Company believes such volatility will continue to characterize the industry and the Company’s operations in the future. Use of Estimates The preparation of consolidated condensed financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated condensed financial statements. On an ongoing basis, management evaluates estimates, including but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory, carrying value and lives of fixed assets, goodwill and intangible assets, the valuation estimates and assessment of impairment and observable price adjustments, income taxes, equity-based compensation expense, and warranties. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Company’s assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, management evaluates these estimates. Actual results may differ from these estimates. Due to the prolonged ongoing effects of the coronavirus (“COVID-19”) pandemic and macroeconomic headwinds, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of April 1, 2023. While there was no material impact to our consolidated condensed financial statements as of and for the quarter ended April 1, 2023, these estimates may change, as new events occur and additional information is obtained, as well as other factors related to COVID-19 and macroeconomic headwinds that could materially impact our consolidated condensed financial statements in future reporting periods. Significant Accounting Policies There have been no material changes to our significant accounting policies summarized in Note 1 “Basis of Presentation” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended October 1, 2022. Recent Accounting Pronouncements Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance which aims at increasing the transparency of government assistance received by most business entities. The standard requires business entities to make annual disclosures about the nature of the transactions and the related accounting policy used to account for the transactions, the line items and applicable amounts on the balance sheet and income statement that are affected by the transactions, and significant terms and conditions of the transactions, including commitments and contingencies. If an entity omits any required disclosures because it is legally prohibited, it must describe the general nature of the information and indicate that the omitted disclosures are legally prohibited from being disclosed. This ASU is effective for fiscal years beginning after December 15, 2021, which for the Company is in fiscal 2023. The Company will include disclosures for material items with the filing of its Annual Report on Form 10-K for the year ending on September 30, 2023. Business Combinations In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606 Revenue from Contracts with Customers

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	6 Months Ended
	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET COMPONENTS	2. BALANCE SHEET COMPONENTS The following tables reflect the components of significant balance sheet accounts as of April 1, 2023 and October 1, 2022: As of (in thousands) April 1, 2023 October 1, 2022 Short-term investments, available-for-sale (1) $ 345,000 $ 220,000 Inventories, net: Raw materials and supplies $ 137,218 $ 118,833 Work in process 57,429 40,114 Finished goods 48,913 45,277 243,560 204,224 Inventory reserves (19,401) (19,238) $ 224,159 $ 184,986 Property, plant and equipment, net: Land $ 2,182 $ 2,182 Buildings and building improvements 23,186 22,783 Leasehold improvements 74,888 32,400 Data processing equipment and software 36,102 38,223 Machinery, equipment, furniture and fixtures 93,507 90,151 Construction in progress 14,195 25,004 244,060 210,743 Accumulated depreciation (133,380) (129,835) $ 110,680 $ 80,908 Accrued expenses and other current liabilities: Accrued customer obligations (2) $ 52,861 $ 58,916 Wages and benefits 25,006 50,279 Dividends payable 10,766 9,743 Commissions and professional fees 4,179 5,019 Severance 42 19 Other 19,447 10,565 $ 112,301 $ 134,541 (1) All short-term investments were classified as available-for-sale and the fair value approximates cost basis. The Company did not recognize any realized gains or losses on the sale of investments during the three and six months ended April 1, 2023 and April 2, 2022. (2) Represents customer advance payments, customer credit program, accrued warranty expense and accrued retrofit obligations.

BUSINESS COMBINATION

BUSINESS COMBINATION	6 Months Ended
	Apr. 01, 2023
Business Combinations [Abstract]
BUSINESS COMBINATION	3. BUSINESS COMBINATION Acquisition of Advanced Jet Automation Co., Ltd. (“AJA”) On September 8, 2022, the Company through one of its subsidiaries, Kulicke and Soffa Luxembourg S.À R.L, entered into a definitive agreement (the “Definitive Agreement”) for the acquisition of Advanced Jet Automation Co., Ltd. (“AJA”), a technology company headquartered in Taiwan. Subsequent to the acquisition, AJA has been renamed to Kulicke and Soffa Hi-Tech Co., Ltd.. On February 22, 2023 (the “Closing Date”), pursuant to the Definitive Agreement, the Company completed its acquisition of AJA, including the material business and assets formerly owned by AJA’s affiliate, Samurai Spirit Inc., a leading developer and manufacturer of high-precision micro-dispensing equipment and solutions in Taiwan. AJA became a wholly-owned subsidiary of the Company and will operate as a business unit (“dispensing business unit”), which is classified as a new operating segment within the Capital Equipment reportable segment. The acquisition broadens the Company’s existing semiconductor, electronic assembly and advanced display portfolio, increasing opportunities across several exciting growth areas including mini and micro LED, which support both backlighting and direct-emissive approaches. The purchase price consisted of $38.1 million in cash paid at closing (the “Purchase Price”) and additional potential earn-out payments based on certain revenue and earnings before interest, tax, depreciation and amortization (“EBITDA”) benchmarks established for the dispensing business unit. As of the Closing Date, the Company held $4.0 million in escrow and will continue to hold such sums for a period of twenty-four (24) months from the Closing Date, as security pending the completion of Ruo Chuan Inc.’s obligations as the seller under the Definitive Agreement. The Company has estimated the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on current information available. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period of February 21, 2024. Any changes in these estimates may have a material impact on our Consolidated Condensed Statements of Operations or Consolidated Condensed Balance Sheets. The acquisition of AJA was accounted for in accordance with ASC No. 805, Business Combinations, using the acquisition method. The following table summarizes the allocation of the assets acquired and liabilities assumed based on the fair values as of the Closing Date: (in thousands) February 22, 2023 Cash and cash equivalents $ 1,238 Account and other receivables, net 1,156 Inventory 1,581 Property, plant and equipment, net 1,462 Right-of-use assets 989 Other assets 127 Goodwill 27,975 Intangible assets 7,768 Accounts and other payables (965) Accrued expenses and other liabilities (251) Contract liabilities (187) Lease liability (989) Deferred tax liabilities (1,785) Total purchase price $ 38,119 Excluding inventory and property, plant and equipment, all other tangible net assets (liabilities) were valued at their respective carrying amounts, which the Company believes approximate their current fair values at the Closing Date. In connection with the acquisition of AJA, the Company recorded deferred tax liabilities primarily relating to the acquired intangible assets. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired and includes the value of expected future cash flows of AJA from expected synergies with our other affiliates and other unidentifiable intangible assets. None of the goodwill recorded as part of the acquisition will be deductible for income tax purposes. The following table summarizes the fair value, useful life and valuation methodology of each identifiable intangible asset. (in thousands) Fair Value Useful Lives Developed technology (1) $ 4,261 8 Customer relationships (2) 2,131 8 In-process research and development (“IPR&D”) (3) 459 N.A. Patents (3) 524 8 Order Backlog (4) 393 1 Total identifiable intangible assets $ 7,768 (1) The fair value of developed technology was determined using the Relief-from-Royalty Method under the income approach. (2) Customer relationships represent the fair value of the existing relationships using the Multi-Period Excess Earnings Method under the income approach. (3) The fair value of IPR&D and Patents were determined using the Replacement Cost Method, a form of the cost approach. (4) Order backlog represents primarily the fair value of purchase arrangements with customers using the Multi-Period Excess Earnings Method under the income approach. IPR&D is recorded as an indefinite-lived intangible asset and not amortized, but rather is reviewed for impairment on an annual basis or more frequently if indicators of impairment are present, until the project is completed, abandoned, or transferred to a third party. Developed technology, customer relationships, patents and order backlog are amortized using a straight-line method, representing the Company’s best estimate of the distribution of the economic value of the identifiable intangible assets. For the three and six months ended April 1, 2023, the acquired dispensing business unit contributed a net loss of $0.4 million. For the three and six months ended April 1, 2023, the Company incurred $0.3 million and $0.4 million of expenses related to the acquisition, respectively, which is included within selling, general and administrative expense in the Consolidated Condensed Statements of Operations.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	4. GOODWILL AND INTANGIBLE ASSETS Goodwill Intangible assets classified as goodwill are not amortized. The goodwill established in connection with our acquisitions represents the estimated future economic benefits arising from the assets we acquired that did not qualify to be identified and recognized individually. The goodwill also includes the value of expected future cash flows from the acquisitions, expected synergies with our other affiliates and other unidentifiable intangible assets. The Company performs an annual impairment test of its goodwill during the fourth quarter of each fiscal year, which coincides with the completion of its annual forecasting and refreshing of business outlook process. The Company performed its annual impairment test in the fourth quarter of fiscal 2022 and concluded that no impairment charge was required. Any future adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate fair values could result in a non-cash impairment in the future. During the three and six months ended April 1, 2023, the Company reviewed qualitative factors to ascertain if a “triggering” event may have taken place that may have the effect of reducing the fair value of the reporting unit below its carrying value and concluded that no triggering event had occurred. While we have concluded that a triggering event did not occur during the quarter ended April 1, 2023, the prolonged ongoing effects of the COVID-19 pandemic and macroeconomic headwinds could impact the results of operations due to changes to assumptions utilized in the determination of the estimated fair values of the reporting units that could be significant enough to trigger an impairment. Net sales and earnings growth rates could be negatively impacted by reductions or changes in demand for our products. The discount rate utilized in our valuation model could also be impacted by changes in the underlying interest rates and risk premiums included in the determination of the cost of capital. The following table summarizes the Company’s recorded goodwill by reportable segments (refer to Note 15) as of April 1, 2023 and October 1, 2022: (in thousands) Capital Equipment APS Total Balance at October 1, 2022 $ 42,189 $ 25,907 $ 68,096 Acquired in business combination 27,975 — $ 27,975 Other 2,542 280 $ 2,822 Balance at April 1, 2023 $ 72,706 $ 26,187 $ 98,893 During the quarter ended April 1, 2023, the Company recorded goodwill relating to the acquisition of AJA. For further information on the acquisition of AJA, please refer to Note 3. Intangible Assets Intangible assets with determinable lives are amortized over their estimated useful lives. The Company’s intangible assets consist primarily of developed technology, customer relationships, in-process research and development, and trade and brand names. The following table reflects net intangible assets as of April 1, 2023 and October 1, 2022: As of Average estimated (dollar amounts in thousands) April 1, 2023 October 1, 2022 useful lives (in years) Developed technology $ 99,209 $ 89,017 6.0 to 15.0 Accumulated amortization (64,139) (58,636) Net developed technology $ 35,070 $ 30,381 Customer relationships $ 37,156 $ 33,515 5.0 to 8.0 Accumulated amortization (35,048) (33,515) Net customer relationships $ 2,108 $ — In-process research and development $ 459 $ — N.A Net in-process research and development $ 459 $ — Trade and brand name $ 7,195 $ 6,945 7.0 to 8.0 Accumulated amortization (7,195) (6,945) Net trade and brand name — — Other intangible assets $ 5,618 $ 4,700 1.0 to 8.0 Accumulated amortization (3,363) (3,142) Net other intangible assets $ 2,255 $ 1,558 $ 39,892 $ 31,939 The following table reflects estimated annual amortization expense related to intangible assets as of April 1, 2023: As of (in thousands) April 1, 2023 Remaining fiscal 2023 $ 3,567 Fiscal 2024 6,963 Fiscal 2025 6,799 Fiscal 2026 6,799 Fiscal 2027 6,095 Thereafter 9,669 Total amortization expense $ 39,892

CASH, CASH EQUIVALENTS, RESTRIC

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS	6 Months Ended
	Apr. 01, 2023
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS	5. CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase. In general, these investments are free of trading restrictions. Cash, cash equivalents, and short-term investments consisted of the following as of April 1, 2023: (in thousands) Amortized Unrealized Unrealized Estimated Current assets: Cash $ 35,326 $ — $ — $ 35,326 Cash equivalents: Money market funds (1) 290,721 — (8) 290,713 Time deposits (2) 63,063 — — 63,063 Total cash and cash equivalents $ 389,110 $ — $ (8) $ 389,102 Short-term investments: Time deposits (2) 345,000 — — 345,000 Total short-term investments $ 345,000 $ — $ — $ 345,000 Total cash, cash equivalents and short-term investments $ 734,110 $ — $ (8) $ 734,102 (1) The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy. (2) Fair value approximates cost basis. Cash, cash equivalents and short-term investments consisted of the following as of October 1, 2022: (in thousands) Amortized Unrealized Unrealized Estimated Current assets: Cash $ 173,402 $ — $ — $ 173,402 Cash equivalents: Money market funds (1) 157,145 — (20) 157,125 Time deposits (2) 225,010 — — 225,010 Total cash and cash equivalents $ 555,557 $ — $ (20) $ 555,537 Short-term investments: Time deposits (2) 220,000 — — 220,000 Total short-term investments $ 220,000 $ — $ — $ 220,000 Total cash, cash equivalents and short-term investments $ 775,557 $ — $ (20) $ 775,537 (1) The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy.

EQUITY INVESTMENTS

EQUITY INVESTMENTS	6 Months Ended
	Apr. 01, 2023
Equity Method Investments [Abstract]
EQUITY INVESTMENTS	6. EQUITY INVESTMENTSEquity investments consisted of the following as of April 1, 2023 and October 1, 2022: As of (in thousands) April 1, 2023 October 1, 2022 Non-marketable equity securities $ 5,433 $ 5,397

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Apr. 01, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASURMENTS	7. FAIR VALUE MEASUREMENTS Accounting standards establish three levels of inputs that may be used to measure fair value: quoted prices in active markets for identical assets or liabilities (referred to as Level 1), inputs other than Level 1 that are observable for the asset or liability either directly or indirectly (referred to as Level 2) and unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities (referred to as Level 3). Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis We measure certain financial assets and liabilities at fair value on a recurring basis. There were no transfers between fair value measurement levels during the three and six months ended April 1, 2023. Fair Value Measurements on a Nonrecurring Basis Our non-financial assets such as intangible assets and property, plant and equipment are carried at cost unless impairment is deemed to have occurred. Fair Value of Financial Instruments Amounts reported as accounts receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value.

DERIVATIVES FINANCIAL INSTRUMEN

DERIVATIVES FINANCIAL INSTRUMENTS (Notes)	6 Months Ended
	Apr. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES FINANCIAL INSTRUMENTS	8. DERIVATIVE FINANCIAL INSTRUMENTS The Company’s international operations are exposed to changes in foreign exchange rates due to transactions denominated in currencies other than U.S. dollars. Most of the Company’s revenue and cost of materials are transacted in U.S. dollars. However, a significant amount of the Company’s operating expenses is denominated in local currencies, primarily in Singapore. The foreign currency exposure of our operating expenses is generally hedged with foreign exchange forward contracts. The Company’s foreign exchange risk management programs include using foreign exchange forward contracts with cash flow hedge accounting designation to hedge exposures to the variability in the U.S. dollar equivalent of forecasted non-U.S. dollar-denominated operating expenses. These instruments generally mature within twelve months. For these derivatives, we report the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive income (loss), and we reclassify it into earnings in the same period or periods in which the hedged transaction affects earnings and in the same line item on the Consolidated Condensed Statements of Operations as the impact of the hedged transaction. The fair value of derivative instruments on our Consolidated Condensed Balance Sheets as of April 1, 2023 and October 1, 2022 were as follows: As of April 1, 2023 October 1, 2022 (in thousands) Notional Amount Fair Value Asset Derivatives (1) Notional Amount Fair Value Liability Derivatives (2) Derivatives designated as hedging instruments: Foreign exchange forward contracts (3) $ 59,947 $ 1,298 $ 57,570 $ (2,234) Total derivatives $ 59,947 $ 1,298 $ 57,570 $ (2,234) (1) The fair value of derivative assets is measured using level 2 fair value inputs and is included in prepaid expenses and other current assets on our Consolidated Condensed Balance Sheets. (2) The fair value of derivative liabilities is measured using level 2 fair value inputs and is included in accrued expenses and other current liabilities on our Consolidated Condensed Balance Sheets. (3) Hedged amounts expected to be recognized to income within the next twelve months. The effects of derivative instruments designated as cash flow hedges in our Consolidated Condensed Statements of Comprehensive Income for the three and six months ended April 1, 2023 and April 2, 2022 were as follows: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Foreign exchange forward contract in cash flow hedging relationships: Net gain/(loss) recognized in OCI, net of tax (1) $ 737 $ (143) $ 3,830 $ 65 Net gain/(loss) reclassified from accumulated OCI into income, net of tax (2) $ 578 $ (87) $ 298 $ (623) (1) Net change in the fair value of the effective portion classified in OCI.

LEASES

LEASES	6 Months Ended
	Apr. 01, 2023
Leases [Abstract]
Leases	9. LEASES We have entered into various non-cancellable operating and finance lease agreements for certain of our offices, manufacturing, technology, sales support and service centers, equipment, and vehicles. We determine if an arrangement is a lease, or contains a lease, at inception and record the leases in our financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Our lease terms may include one or more options to extend the lease terms, for periods from one year to 20 years, when it is reasonably certain that we will exercise that option. As of April 1, 2023, there were four options to extend the lease which was recognized as a right-of-use (“ROU”) asset, or a lease liability. We have lease agreements with lease and non-lease components, and non-lease components are accounted for separately and not included in our leased assets and corresponding liabilities. We have elected not to present short-term leases on the Consolidated Condensed Balance Sheets as these leases have a lease term of 12 months or less at lease inception. Operating leases are included in operating ROU assets, current operating lease liabilities and non-current operating lease liabilities, and finance leases are included in property, plant and equipment, accrued expenses and other current liabilities, and other liabilities on the Consolidated Condensed Balance Sheets. As of April 1, 2023 and October 1, 2022, our finance leases are not material. The following table shows the components of lease expense: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Operating lease expense (1) $ 2,683 $ 1,990 $ 5,273 $ 4,044 (1) Operating lease expense includes short-term lease expense, which is immaterial for the three and six months ended April 1, 2023 and April 2, 2022. The following table shows the cash flows arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below: Six months ended (in thousands) April 1, 2023 April 2, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 4,673 $ 3,752 The following table shows the weighted-average lease terms and discount rates for operating leases: As of April 1, 2023 October 1, 2022 Operating leases: Weighted-average remaining lease term (in years) : 7.8 8.0 Weighted-average discount rate: 5.9 % 5.8 % Future lease payments, excluding short-term leases are detailed as follows: As of (in thousands) April 1, 2023 Remaining fiscal 2023 $ 4,987 Fiscal 2024 9,325 Fiscal 2025 8,477 Fiscal 2026 7,347 Fiscal 2027 5,531 Thereafter 23,486 Total minimum lease payments $ 59,153 Less: Interest $ 12,325 Present value of lease obligations $ 46,828 Less: Current portion $ 7,271 Long-term portion of lease obligations $ 39,557

DEBT AND OTHER OBLIGATIONS DEBT

DEBT AND OTHER OBLIGATIONS DEBT AND OTHER OBLIGATIONS (Notes)	6 Months Ended
	Apr. 01, 2023
Debt Disclosure [Abstract]
Debt and Other Obligations	10. DEBT AND OTHER OBLIGATIONS Bank Guarantees On November 22, 2013, the Company obtained a $5.0 million credit facility with Citibank in connection with the issuance of bank guarantees for operational purposes. As of April 1, 2023, the outstanding amount under this facility was $3.2 million. Credit Facilities On February 15, 2019, the Company entered into a Facility Letter and Overdraft Agreement (collectively, the “Facility Agreements”) with MUFG Bank, Ltd., Singapore Branch (the “Bank”). The Facility Agreements provide the Company and one of its subsidiaries with an overdraft facility of up to $150.0 million (the “Overdraft Facility”) for general corporate purposes. Amounts outstanding under the Overdraft Facility, including interest, are payable upon thirty days written demand by the Bank. Interest on the Overdraft Facility is calculated on a daily basis, and the applicable interest rate is calculated at the Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.5% per annum. The Overdraft Facility is an unsecured facility per the terms of the Facility Agreements. The Facility Agreements contain customary non-financial covenants, including, without limitation, covenants that restrict the Company’s ability to sell or dispose of its assets, cease owning at least 51% of two of its subsidiaries (the “Subsidiaries”), or encumber its assets with material security interests (including any pledge of monies in the Subsidiaries' cash deposit account with the Bank). The Facility Agreements also contain typical events of default, including, without limitation, non-payment of financial obligations when due, cross defaults to other material indebtedness of the Company and any breach of a representation or warranty under the Facility Agreements. As of April 1, 2023, there were no outstanding amounts under the Overdraft Facility.

SHAREHOLDERS' EQUITY AND EMPLOY

SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS	6 Months Ended
	Apr. 01, 2023
Share-Based Payment Arrangement [Abstract]
SHAREHOLDERS’ EQUITY AND EMPLOYEE BENEFIT PLANS	11. SHAREHOLDERS’ EQUITY AND EMPLOYEE BENEFIT PLANS 401(k) Retirement Income Plans The Company has a 401(k) retirement plan (the “401(k) Plan”) for eligible U.S. employees. The 401(k) Plan allows for employee contributions and matching Company contributions from 4% to 6% based upon terms and conditions of the 401(k) Plan. The following table reflects the Company’s contributions to the 401(k) Plan during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Cash $ 540 $ 496 $ 1,014 $ 1,004 Share Repurchase Program On August 15, 2017, the Company’s Board of Directors authorized a program (the “Program”) to repurchase up to $100 million of the Company’s common stock on or before August 1, 2020. In 2018, 2019 and 2020, the Board of Directors increased the share repurchase authorization under the Program to $200 million, $300 million, and $400 million, respectively. On March 3, 2022, the Board of Directors further increased the share repurchase authorization under the Program by an additional $400 million to $800 million, and extended its duration through August 1, 2025. The Company has entered into a written trading plan under Rule 10b5-1 of the Exchange Act to facilitate repurchases under the Program. The Program may be suspended or discontinued at any time and is funded using the Company’s available cash, cash equivalents and short-term investments. Under the Program, shares may be repurchased through open market and/or privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the Program depend on market conditions as well as corporate and regulatory considerations. During the three and six months ended April 1, 2023, the Company repurchased a total of approximately 101.9 thousand and 1,156.2 thousand shares of common stock under the Program at a cost of approximately $5.0 million and $50.4 million, respectively. The stock repurchases were recorded in the periods they were delivered and accounted for as treasury stock in the Company’s Consolidated Condensed Balance Sheets. The Company records treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon re-issuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid-in capital. If the Company reissues treasury stock at an amount below its acquisition cost and additional paid-in capital associated with prior treasury stock transactions is insufficient to cover the difference between acquisition cost and the reissue price, this difference is recorded against retained earnings. As of April 1, 2023, our remaining stock repurchase authorization under the Program was approximately $198.8 million. Dividends On November 16, 2022, the Board of Directors declared a quarterly dividend of $0.19 per share of common stock. Dividends paid during the three and six months ended April 1, 2023 totaled $10.8 million and $20.5 million, respectively. The declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that such dividends are in the best interests of the Company’s shareholders. Accumulated Other Comprehensive Loss The following table reflects accumulated other comprehensive loss reflected on the Consolidated Condensed Balance Sheets as of April 1, 2023 and October 1, 2022: As of (in thousands) April 1, 2023 October 1, 2022 Loss from foreign currency translation adjustments $ (13,881) $ (29,854) Unrecognized actuarial loss on pension plan, net of tax (868) (812) Unrealized gain/(loss) on hedging 1,298 (2,234) Accumulated other comprehensive loss $ (13,451) $ (32,900) Equity-Based Compensation The Company has a stockholder-approved equity-based compensation plan, the 2021 Omnibus Incentive Plan (the “Plan”) from which employees and directors receive grants. As of April 1, 2023, 2.5 million shares of common stock are available for grant to the Company’s employees and directors under the Plan. • Relative TSR Performance Share Units (“Relative TSR PSUs”) entitle the employee to receive common stock of the Company on the award vesting date, typically the third anniversary of the grant date (or as soon as administratively practicable if later), if market performance objectives which measure the relative total shareholder return (“TSR”) are attained. Relative TSR is calculated based upon the 90-calendar day average price at the end of the performance period of the Company’s stock as compared to specific peer companies that comprise the GICS (45301020) Semiconductor Index. TSR is measured for the Company and each peer company over a performance period, which is generally three years. Vesting percentages range from 0% to 200% of awards granted. The provisions of the Relative TSR PSUs are reflected in the grant date fair value of the award; therefore, compensation expense is recognized regardless of whether the market condition is ultimately satisfied. Compensation expense is reversed if the award is forfeited prior to the vesting date. • Revenue Growth Performance Share Units (“Growth PSUs”) entitle the employee to receive common stock of the Company on the award vesting date, typically the third anniversary of the grant date (or as soon as administratively practicable if later), based on organic revenue growth objectives and relative growth performance against named competitors as set by the Management Development and Compensation Committee (“MDCC”) of the Company’s Board of Directors. Organic revenue growth is calculated by averaging revenue growth (net of revenues from acquisitions) over a performance period, which is generally three years. Revenues from acquisitions will be included in the calculation after four fiscal quarters after acquisition. Any portion of the grant that does not meet the revenue growth objectives and relative growth performance is forfeited. Vesting percentages range from 0% to 200% of awards granted. • In general, Time-based Restricted Share Units (“Time-based RSUs”) awarded to employees vest ratably over a three-year period on the anniversary of the grant date provided the employee remains employed by the Company. Equity-based compensation expense recognized in the Consolidated Condensed Statements of Operations for the three and six months ended April 1, 2023 and April 2, 2022 was based upon awards ultimately expected to vest, with forfeiture accounted for when they occur. The following table reflects Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock granted during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (shares in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Time-based RSUs 4 7 512 302 Relative TSR PSUs — 4 186 154 Growth PSUs — 3 92 77 Common stock 6 4 12 8 Equity-based compensation in shares 10 18 802 541 The following table reflects total equity-based compensation expense, which includes Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock, included in the Consolidated Condensed Statements of Operations during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Cost of sales $ 323 $ 308 $ 631 $ 534 Selling, general and administrative 3,731 3,296 8,598 7,252 Research and development 1,325 1,092 2,671 2,222 Total equity-based compensation expense $ 5,379 $ 4,696 $ 11,900 $ 10,008 The following table reflects equity-based compensation expense, by type of award, for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Time-based RSUs $ 3,611 $ 3,022 $ 7,198 $ 5,918 Relative TSR PSUs 1,193 1,074 2,445 1,987 Growth PSUs 338 363 1,783 1,628 Common stock 237 237 474 475 Total equity-based compensation expense $ 5,379 $ 4,696 $ 11,900 $ 10,008

REVENUE AND CONTRACT BALANCES

REVENUE AND CONTRACT BALANCES	6 Months Ended
	Apr. 01, 2023
Revenue from Contract with Customer [Abstract]
REVENUE AND CONTRACT BALANCES	12. REVENUE AND CONTRACT BALANCES The Company recognizes revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. In general, the Company generates revenue from product sales, either directly to customers or to distributors. In determining whether a contract exists, we evaluate the terms of the agreement, the relationship with the customer or distributor and their ability to pay. Service revenue is generally recognized over time as the services are performed. For the three and six months ended April 1, 2023, and April 2, 2022, the service revenue was not material. The Company reports revenue based on our reportable segments. The Company believes that reporting revenue on this basis provides information about how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Please refer to Note 15: Segment Information, for disclosure of revenue by segment. Contract Balances Our contract assets relate to our rights to consideration for revenue with collection dependent on events other than the passage of time, such as the achievement of specified payment milestones. The contract assets will be transferred to net account receivables as our right to consideration for these contract assets become unconditional. Contracts assets are reported in the accompanying Consolidated Condensed Balance Sheets within prepaid expenses and other current assets. Our contract liabilities are primarily related to payments received in advance of satisfying performance obligations, and are reported in the accompanying Consolidated Condensed Balance Sheets within accrued expenses and other current liabilities. Contract liabilities increase as a result of receiving new advance payments from customers and decrease as revenue is recognized from product sales under advance payment arrangements upon satisfying the performance obligations. The following table shows the changes in contract asset balances during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Contract assets, beginning of period $ 28,987 $ — $ 26,317 $ — Additions 223 26,721 2,893 26,721 Contract assets, end of period $ 29,210 $ 26,721 $ 29,210 $ 26,721 The following table shows the changes in contract liability balances during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Contract liabilities, beginning of period $ 7,781 $ 28,228 $ 3,160 $ 15,596 Revenue recognized (9,276) (43,818) (16,546) (75,184) Additions 8,051 32,890 19,942 76,888 Contract liabilities, end of period $ 6,556 $ 17,300 $ 6,556 $ 17,300

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Apr. 01, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	13. EARNINGS PER SHARE Basic income per share is calculated using the weighted average number of shares of common stock outstanding during the period. Restricted stock are included in the calculation of diluted earnings per share, except when their effect would be anti-dilutive. The following table reflects a reconciliation of the shares used in the basic and diluted net income per share computation for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended (in thousands, except per share data) April 1, 2023 April 2, 2022 Basic Diluted Basic Diluted NUMERATOR: Net income $ 15,041 $ 15,041 $ 116,001 $ 116,001 DENOMINATOR: Weighted average shares outstanding - Basic 56,684 56,684 61,482 61,482 Dilutive effect of Equity Plans 893 953 Weighted average shares outstanding - Diluted 57,577 62,435 EPS: Net income per share - Basic $ 0.27 $ 0.27 $ 1.89 $ 1.89 Effect of dilutive shares (0.01) (0.03) Net income per share - Diluted $ 0.26 $ 1.86 Anti-dilutive shares (1) 0 21 Six months ended (in thousands, except per share data) April 1, 2023 April 2, 2022 Basic Diluted Basic Diluted NUMERATOR: Net income $ 29,630 $ 29,630 $ 249,607 $ 249,607 DENOMINATOR: Weighted average shares outstanding - Basic 56,868 56,868 61,934 61,934 Dilutive effect of Equity Plans 871 973 Weighted average shares outstanding - Diluted 57,739 62,907 EPS: Net income per share - Basic $ 0.52 $ 0.52 $ 4.03 $ 4.03 Effect of dilutive shares (0.01) (0.06) Net income per share - Diluted $ 0.51 $ 3.97 Anti-dilutive shares (1) 1 1

INCOME TAXES

INCOME TAXES	6 Months Ended
	Apr. 01, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES The following table reflects the provision for income taxes and the effective tax rate for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (dollar amounts in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Provision for income taxes $ 5,556 $ 13,713 $ 9,314 $ 31,648 Effective tax rate 27.0 % 10.6 % 23.9 % 11.3 % For the three and six months ended April 1, 2023 as compared to the same periods ended April 2, 2022, the decrease in provision for income taxes is primarily related to a decrease in profitability and the increase in effective tax rate is primarily related to the increase in global intangible low-taxed income (“GILTI”), driven by the capitalization of research and development expenditures as mandated by the U.S. Tax Cuts and Jobs Act of 2017. For the three and six months ended April 1, 2023, the effective tax rate is higher than the U.S. federal statutory tax rate primarily due to GILTI, partially offset by foreign income earned in lower tax jurisdiction and tax incentives.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Apr. 01, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	15. SEGMENT INFORMATION Reportable segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer is the CODM. The CODM does not review discrete asset information. The Company operates two reportable segments consisting of: (1) Capital Equipment; and (2) Aftermarket Products and Services (“APS”). The following table reflects operating information by segment for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Net revenue: Capital Equipment $ 133,727 $ 333,909 $ 269,099 $ 742,437 APS 39,294 50,373 80,155 102,733 Net revenue 173,021 384,282 349,254 845,170 Income from operations: Capital Equipment 3,318 111,200 7,190 243,219 APS 9,311 18,141 17,261 37,232 Income from operations $ 12,629 $ 129,341 $ 24,451 $ 280,451 We have considered (1) information that is regularly reviewed by our CODM as defined by the authoritative guidance on segment reporting, in evaluating financial performance; and (2) other financial data, including information that we include in our earnings releases but which is not included in our financial statements, to disaggregate revenues by end markets served. The principal category we use to disaggregate revenues is by the end markets served in the Capital Equipment segment. The following table reflects net revenue by Capital Equipment end markets served for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 General Semiconductor $ 71,064 $ 198,694 $ 139,436 $ 447,217 Automotive & Industrial 51,455 58,700 104,635 109,348 LED 5,894 42,036 15,087 108,191 Memory 5,314 34,479 9,941 77,681 Total Capital Equipment revenue $ 133,727 $ 333,909 $ 269,099 $ 742,437 The following table reflects capital expenditures, depreciation expense and amortization expense for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Capital expenditures: Capital Equipment $ 14,951 $ 2,467 $ 29,050 $ 4,433 APS 2,432 917 3,984 1,827 $ 17,383 $ 3,384 $ 33,034 $ 6,260 Depreciation expense: Capital Equipment $ 3,187 $ 2,256 $ 5,627 $ 4,539 APS 1,792 1,817 3,571 3,590 $ 4,979 $ 4,073 $ 9,198 $ 8,129 Amortization expense: Capital Equipment $ 1,171 $ 921 $ 2,192 $ 1,933 APS 392 230 765 501 $ 1,563 $ 1,151 $ 2,957 $ 2,434

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Notes)	6 Months Ended
	Apr. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS	16. COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS Warranty Expense The Company’s equipment is generally shipped with a one-year warranty against manufacturing defects. The Company establishes reserves for estimated warranty expense when revenue for the related equipment is recognized. The reserve for estimated warranty expense is based upon historical experience and management’s estimate of future warranty costs, including product part replacement, freight charges and related labor costs expected to be incurred in correcting manufacturing defects during the warranty period. The following table reflects the reserve for warranty activity for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Reserve for warranty, beginning of period $ 11,421 $ 17,110 $ 13,443 $ 16,961 Provision for warranty 2,882 2,191 4,982 6,159 Utilization of reserve (3,835) (3,783) (7,957) (7,602) Reserve for warranty, end of period $ 10,468 $ 15,518 $ 10,468 $ 15,518 Other Commitments and Contingencies The following table reflects obligations not reflected on the Consolidated Condensed Balance Sheets as of April 1, 2023: Payments due by fiscal year (in thousands) Total 2023 2024 2025 2026 2027 thereafter Inventory purchase obligation (1) $ 233,697 $ 54,215 $ 179,482 $ — $ — $ — $ — (1) The Company orders inventory components in the normal course of its business. A portion of these orders are non-cancelable and a portion may have varying penalties and charges in the event of cancellation. From time to time, the Company is party to or the target of lawsuits, claims, investigations and proceedings, including for personal injury, intellectual property, commercial, contract, and employment matters, which are handled and defended in the ordinary course of business. The Company accrues a contingent loss liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, the Company accrues the minimum amount. The Company expenses legal costs, including those expected to be incurred in connection with a loss contingency, as incurred. Unfunded Capital Commitments As of April 1, 2023, the Company also has an obligation to fund uncalled capital commitments of approximately $9.6 million, as and when required, in relation to its investment in a private equity fund. Concentrations The following table reflects significant customer concentrations as a percentage of net revenue for the six months ended April 1, 2023 and April 2, 2022: Six months ended April 1, 2023 April 2, 2022 First Technology China Ltd. 11.9 % * * Represents less than 10% of total net revenue The following table reflects significant customer concentrations as a percentage of total accounts receivable as of April 1, 2023 and April 2, 2022: As of April 1, 2023 April 2, 2022 Intel Corporation 14.6 % * Tianshui Huatian Technology Co., Ltd. * 23.5 % Haoseng Industrial Co., Ltd. (1) * 12.4 % (1) Distributor of the Company's products. * Represents less than 10% of total accounts receivable

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	These consolidated condensed financial statements include the accounts of Kulicke and Soffa Industries, Inc. and its subsidiaries (“we,” “us,” “our,” or the “Company”) with appropriate elimination of intercompany balances and transactions. The interim consolidated condensed financial statements are unaudited and, in management’s opinion, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair statement of results for these interim periods. The interim consolidated condensed financial statements do not include all of the information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 1, 2022, filed with the Securities and Exchange Commission, which includes the Consolidated Balance Sheets as of October 1, 2022 and October 2, 2021, and the related Consolidated Statements of Operations, Statements of Comprehensive Income, Changes in Shareholders’ Equity and Cash Flows for each of the years in the three-year period ended October 1, 2022. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full year.
Fiscal Year	Fiscal Year
Nature of business	Nature of Business The Company designs, manufactures and sells capital equipment and tools as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company’s operating results depend upon the capital and operating expenditures of semiconductor device manufacturers, integrated device manufacturers (“IDMs”), outsourced semiconductor assembly and test providers (“OSATs”), and other electronics manufacturers including automotive electronics suppliers worldwide which, in turn, depend on the current and anticipated market demand for semiconductors and products utilizing semiconductors. The semiconductor industry is highly volatile and experiences downturns and slowdowns which can have a severe negative effect on the semiconductor industry’s demand for semiconductor capital equipment, including assembly equipment manufactured and sold by the Company and, to a lesser extent, tools, solutions and services, including those sold or provided by the Company. These downturns and slowdowns have in the past adversely affected the Company’s operating results. The Company believes such volatility will continue to characterize the industry and the Company’s operations in the future.
Use of Estimates	Use of Estimates The preparation of consolidated condensed financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated condensed financial statements. On an ongoing basis, management evaluates estimates, including but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory, carrying value and lives of fixed assets, goodwill and intangible assets, the valuation estimates and assessment of impairment and observable price adjustments, income taxes, equity-based compensation expense, and warranties. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Company’s assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, management evaluates these estimates. Actual results may differ from these estimates.
Recent accounting pronouncements	Recent Accounting Pronouncements Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance which aims at increasing the transparency of government assistance received by most business entities. The standard requires business entities to make annual disclosures about the nature of the transactions and the related accounting policy used to account for the transactions, the line items and applicable amounts on the balance sheet and income statement that are affected by the transactions, and significant terms and conditions of the transactions, including commitments and contingencies. If an entity omits any required disclosures because it is legally prohibited, it must describe the general nature of the information and indicate that the omitted disclosures are legally prohibited from being disclosed. This ASU is effective for fiscal years beginning after December 15, 2021, which for the Company is in fiscal 2023. The Company will include disclosures for material items with the filing of its Annual Report on Form 10-K for the year ending on September 30, 2023. Business Combinations In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606 Revenue from Contracts with Customers

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	6 Months Ended
	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of significant balance sheet accounts	The following tables reflect the components of significant balance sheet accounts as of April 1, 2023 and October 1, 2022: As of (in thousands) April 1, 2023 October 1, 2022 Short-term investments, available-for-sale (1) $ 345,000 $ 220,000 Inventories, net: Raw materials and supplies $ 137,218 $ 118,833 Work in process 57,429 40,114 Finished goods 48,913 45,277 243,560 204,224 Inventory reserves (19,401) (19,238) $ 224,159 $ 184,986 Property, plant and equipment, net: Land $ 2,182 $ 2,182 Buildings and building improvements 23,186 22,783 Leasehold improvements 74,888 32,400 Data processing equipment and software 36,102 38,223 Machinery, equipment, furniture and fixtures 93,507 90,151 Construction in progress 14,195 25,004 244,060 210,743 Accumulated depreciation (133,380) (129,835) $ 110,680 $ 80,908 Accrued expenses and other current liabilities: Accrued customer obligations (2) $ 52,861 $ 58,916 Wages and benefits 25,006 50,279 Dividends payable 10,766 9,743 Commissions and professional fees 4,179 5,019 Severance 42 19 Other 19,447 10,565 $ 112,301 $ 134,541 (1) All short-term investments were classified as available-for-sale and the fair value approximates cost basis. The Company did not recognize any realized gains or losses on the sale of investments during the three and six months ended April 1, 2023 and April 2, 2022. (2) Represents customer advance payments, customer credit program, accrued warranty expense and accrued retrofit obligations.

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	6 Months Ended
	Apr. 01, 2023
Business Combinations [Abstract]
Summary of assets acquired and liabilities assumed as of acquisition date	The following table summarizes the allocation of the assets acquired and liabilities assumed based on the fair values as of the Closing Date: (in thousands) February 22, 2023 Cash and cash equivalents $ 1,238 Account and other receivables, net 1,156 Inventory 1,581 Property, plant and equipment, net 1,462 Right-of-use assets 989 Other assets 127 Goodwill 27,975 Intangible assets 7,768 Accounts and other payables (965) Accrued expenses and other liabilities (251) Contract liabilities (187) Lease liability (989) Deferred tax liabilities (1,785) Total purchase price $ 38,119 The following table summarizes the fair value, useful life and valuation methodology of each identifiable intangible asset. (in thousands) Fair Value Useful Lives Developed technology (1) $ 4,261 8 Customer relationships (2) 2,131 8 In-process research and development (“IPR&D”) (3) 459 N.A. Patents (3) 524 8 Order Backlog (4) 393 1 Total identifiable intangible assets $ 7,768 (1) The fair value of developed technology was determined using the Relief-from-Royalty Method under the income approach. (2) Customer relationships represent the fair value of the existing relationships using the Multi-Period Excess Earnings Method under the income approach. (3) The fair value of IPR&D and Patents were determined using the Replacement Cost Method, a form of the cost approach.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the Company’s recorded goodwill by reportable segments (refer to Note 15) as of April 1, 2023 and October 1, 2022: (in thousands) Capital Equipment APS Total Balance at October 1, 2022 $ 42,189 $ 25,907 $ 68,096 Acquired in business combination 27,975 — $ 27,975 Other 2,542 280 $ 2,822 Balance at April 1, 2023 $ 72,706 $ 26,187 $ 98,893 During the quarter ended April 1, 2023, the Company recorded goodwill relating to the acquisition of AJA. For further information on the acquisition of AJA, please refer to Note 3.
Net intangible assets	The following table reflects net intangible assets as of April 1, 2023 and October 1, 2022: As of Average estimated (dollar amounts in thousands) April 1, 2023 October 1, 2022 useful lives (in years) Developed technology $ 99,209 $ 89,017 6.0 to 15.0 Accumulated amortization (64,139) (58,636) Net developed technology $ 35,070 $ 30,381 Customer relationships $ 37,156 $ 33,515 5.0 to 8.0 Accumulated amortization (35,048) (33,515) Net customer relationships $ 2,108 $ — In-process research and development $ 459 $ — N.A Net in-process research and development $ 459 $ — Trade and brand name $ 7,195 $ 6,945 7.0 to 8.0 Accumulated amortization (7,195) (6,945) Net trade and brand name — — Other intangible assets $ 5,618 $ 4,700 1.0 to 8.0 Accumulated amortization (3,363) (3,142) Net other intangible assets $ 2,255 $ 1,558 $ 39,892 $ 31,939
Estimated annual amortization expense related to intangible assets	The following table reflects estimated annual amortization expense related to intangible assets as of April 1, 2023: As of (in thousands) April 1, 2023 Remaining fiscal 2023 $ 3,567 Fiscal 2024 6,963 Fiscal 2025 6,799 Fiscal 2026 6,799 Fiscal 2027 6,095 Thereafter 9,669 Total amortization expense $ 39,892

CASH, CASH EQUIVALENTS, RESTR_2

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS (Tables)	6 Months Ended
	Apr. 01, 2023
Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, restricted cash and short-term investments	Cash, cash equivalents, and short-term investments consisted of the following as of April 1, 2023: (in thousands) Amortized Unrealized Unrealized Estimated Current assets: Cash $ 35,326 $ — $ — $ 35,326 Cash equivalents: Money market funds (1) 290,721 — (8) 290,713 Time deposits (2) 63,063 — — 63,063 Total cash and cash equivalents $ 389,110 $ — $ (8) $ 389,102 Short-term investments: Time deposits (2) 345,000 — — 345,000 Total short-term investments $ 345,000 $ — $ — $ 345,000 Total cash, cash equivalents and short-term investments $ 734,110 $ — $ (8) $ 734,102 (1) The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy. (2) Fair value approximates cost basis. Cash, cash equivalents and short-term investments consisted of the following as of October 1, 2022: (in thousands) Amortized Unrealized Unrealized Estimated Current assets: Cash $ 173,402 $ — $ — $ 173,402 Cash equivalents: Money market funds (1) 157,145 — (20) 157,125 Time deposits (2) 225,010 — — 225,010 Total cash and cash equivalents $ 555,557 $ — $ (20) $ 555,537 Short-term investments: Time deposits (2) 220,000 — — 220,000 Total short-term investments $ 220,000 $ — $ — $ 220,000 Total cash, cash equivalents and short-term investments $ 775,557 $ — $ (20) $ 775,537 (1) The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy.

EQUITY INVESTMENTS (Tables)

EQUITY INVESTMENTS (Tables)	6 Months Ended
	Apr. 01, 2023
Equity Method Investments [Abstract]
Equity investments	Equity investments consisted of the following as of April 1, 2023 and October 1, 2022: As of (in thousands) April 1, 2023 October 1, 2022 Non-marketable equity securities $ 5,433 $ 5,397

DERIVATIVES FINANCIAL INSTRUM_2

DERIVATIVES FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Apr. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivative instruments on our Consolidated Condensed Balance Sheets as of April 1, 2023 and October 1, 2022 were as follows: As of April 1, 2023 October 1, 2022 (in thousands) Notional Amount Fair Value Asset Derivatives (1) Notional Amount Fair Value Liability Derivatives (2) Derivatives designated as hedging instruments: Foreign exchange forward contracts (3) $ 59,947 $ 1,298 $ 57,570 $ (2,234) Total derivatives $ 59,947 $ 1,298 $ 57,570 $ (2,234) (1) The fair value of derivative assets is measured using level 2 fair value inputs and is included in prepaid expenses and other current assets on our Consolidated Condensed Balance Sheets. (2) The fair value of derivative liabilities is measured using level 2 fair value inputs and is included in accrued expenses and other current liabilities on our Consolidated Condensed Balance Sheets. (3) Hedged amounts expected to be recognized to income within the next twelve months.
Derivative Instruments, Gain (Loss)	The effects of derivative instruments designated as cash flow hedges in our Consolidated Condensed Statements of Comprehensive Income for the three and six months ended April 1, 2023 and April 2, 2022 were as follows: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Foreign exchange forward contract in cash flow hedging relationships: Net gain/(loss) recognized in OCI, net of tax (1) $ 737 $ (143) $ 3,830 $ 65 Net gain/(loss) reclassified from accumulated OCI into income, net of tax (2) $ 578 $ (87) $ 298 $ (623) (1) Net change in the fair value of the effective portion classified in OCI.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Apr. 01, 2023
Leases [Abstract]
Lease expense and components of lease expense	The following table shows the components of lease expense: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Operating lease expense (1) $ 2,683 $ 1,990 $ 5,273 $ 4,044 (1) Operating lease expense includes short-term lease expense, which is immaterial for the three and six months ended April 1, 2023 and April 2, 2022. The following table shows the cash flows arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below: Six months ended (in thousands) April 1, 2023 April 2, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 4,673 $ 3,752
Weighted-average lease terms and discount rates	The following table shows the weighted-average lease terms and discount rates for operating leases: As of April 1, 2023 October 1, 2022 Operating leases: Weighted-average remaining lease term (in years) : 7.8 8.0 Weighted-average discount rate: 5.9 % 5.8 %
Future lease payments after ASC 842 adoption	Future lease payments, excluding short-term leases are detailed as follows: As of (in thousands) April 1, 2023 Remaining fiscal 2023 $ 4,987 Fiscal 2024 9,325 Fiscal 2025 8,477 Fiscal 2026 7,347 Fiscal 2027 5,531 Thereafter 23,486 Total minimum lease payments $ 59,153 Less: Interest $ 12,325 Present value of lease obligations $ 46,828 Less: Current portion $ 7,271 Long-term portion of lease obligations $ 39,557

SHAREHOLDERS' EQUITY AND EMPL_2

SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Apr. 01, 2023
Share-Based Payment Arrangement [Abstract]
Company’s matching contributions to the Plan	The following table reflects the Company’s contributions to the 401(k) Plan during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Cash $ 540 $ 496 $ 1,014 $ 1,004
Accumulated other comprehensive income reflected on the Consolidated Balance Sheets	The following table reflects accumulated other comprehensive loss reflected on the Consolidated Condensed Balance Sheets as of April 1, 2023 and October 1, 2022: As of (in thousands) April 1, 2023 October 1, 2022 Loss from foreign currency translation adjustments $ (13,881) $ (29,854) Unrecognized actuarial loss on pension plan, net of tax (868) (812) Unrealized gain/(loss) on hedging 1,298 (2,234) Accumulated other comprehensive loss $ (13,451) $ (32,900)
Restricted stock and common stock granted	The following table reflects Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock granted during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (shares in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Time-based RSUs 4 7 512 302 Relative TSR PSUs — 4 186 154 Growth PSUs — 3 92 77 Common stock 6 4 12 8 Equity-based compensation in shares 10 18 802 541
Equity-based compensation expense	The following table reflects total equity-based compensation expense, which includes Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock, included in the Consolidated Condensed Statements of Operations during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Cost of sales $ 323 $ 308 $ 631 $ 534 Selling, general and administrative 3,731 3,296 8,598 7,252 Research and development 1,325 1,092 2,671 2,222 Total equity-based compensation expense $ 5,379 $ 4,696 $ 11,900 $ 10,008 The following table reflects equity-based compensation expense, by type of award, for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Time-based RSUs $ 3,611 $ 3,022 $ 7,198 $ 5,918 Relative TSR PSUs 1,193 1,074 2,445 1,987 Growth PSUs 338 363 1,783 1,628 Common stock 237 237 474 475 Total equity-based compensation expense $ 5,379 $ 4,696 $ 11,900 $ 10,008

REVENUE AND CONTRACT BALANCES (

REVENUE AND CONTRACT BALANCES (Tables)	6 Months Ended
	Apr. 01, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets and Liabilities	The following table shows the changes in contract asset balances during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Contract assets, beginning of period $ 28,987 $ — $ 26,317 $ — Additions 223 26,721 2,893 26,721 Contract assets, end of period $ 29,210 $ 26,721 $ 29,210 $ 26,721 The following table shows the changes in contract liability balances during the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Contract liabilities, beginning of period $ 7,781 $ 28,228 $ 3,160 $ 15,596 Revenue recognized (9,276) (43,818) (16,546) (75,184) Additions 8,051 32,890 19,942 76,888 Contract liabilities, end of period $ 6,556 $ 17,300 $ 6,556 $ 17,300

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Apr. 01, 2023
Earnings Per Share [Abstract]
Reconciliation of shares used in the basic and diluted net income per share computation	The following table reflects a reconciliation of the shares used in the basic and diluted net income per share computation for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended (in thousands, except per share data) April 1, 2023 April 2, 2022 Basic Diluted Basic Diluted NUMERATOR: Net income $ 15,041 $ 15,041 $ 116,001 $ 116,001 DENOMINATOR: Weighted average shares outstanding - Basic 56,684 56,684 61,482 61,482 Dilutive effect of Equity Plans 893 953 Weighted average shares outstanding - Diluted 57,577 62,435 EPS: Net income per share - Basic $ 0.27 $ 0.27 $ 1.89 $ 1.89 Effect of dilutive shares (0.01) (0.03) Net income per share - Diluted $ 0.26 $ 1.86 Anti-dilutive shares (1) 0 21 Six months ended (in thousands, except per share data) April 1, 2023 April 2, 2022 Basic Diluted Basic Diluted NUMERATOR: Net income $ 29,630 $ 29,630 $ 249,607 $ 249,607 DENOMINATOR: Weighted average shares outstanding - Basic 56,868 56,868 61,934 61,934 Dilutive effect of Equity Plans 871 973 Weighted average shares outstanding - Diluted 57,739 62,907 EPS: Net income per share - Basic $ 0.52 $ 0.52 $ 4.03 $ 4.03 Effect of dilutive shares (0.01) (0.06) Net income per share - Diluted $ 0.51 $ 3.97 Anti-dilutive shares (1) 1 1

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes and the effective tax rate	The following table reflects the provision for income taxes and the effective tax rate for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (dollar amounts in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Provision for income taxes $ 5,556 $ 13,713 $ 9,314 $ 31,648 Effective tax rate 27.0 % 10.6 % 23.9 % 11.3 %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Apr. 01, 2023
Segment Reporting [Abstract]
Operating information by segment	The following table reflects operating information by segment for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Net revenue: Capital Equipment $ 133,727 $ 333,909 $ 269,099 $ 742,437 APS 39,294 50,373 80,155 102,733 Net revenue 173,021 384,282 349,254 845,170 Income from operations: Capital Equipment 3,318 111,200 7,190 243,219 APS 9,311 18,141 17,261 37,232 Income from operations $ 12,629 $ 129,341 $ 24,451 $ 280,451
Schedule of net revenue by Capital Equipment end markets	The following table reflects net revenue by Capital Equipment end markets served for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 General Semiconductor $ 71,064 $ 198,694 $ 139,436 $ 447,217 Automotive & Industrial 51,455 58,700 104,635 109,348 LED 5,894 42,036 15,087 108,191 Memory 5,314 34,479 9,941 77,681 Total Capital Equipment revenue $ 133,727 $ 333,909 $ 269,099 $ 742,437
Capital expenditures, depreciation and amortization expense	The following table reflects capital expenditures, depreciation expense and amortization expense for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Capital expenditures: Capital Equipment $ 14,951 $ 2,467 $ 29,050 $ 4,433 APS 2,432 917 3,984 1,827 $ 17,383 $ 3,384 $ 33,034 $ 6,260 Depreciation expense: Capital Equipment $ 3,187 $ 2,256 $ 5,627 $ 4,539 APS 1,792 1,817 3,571 3,590 $ 4,979 $ 4,073 $ 9,198 $ 8,129 Amortization expense: Capital Equipment $ 1,171 $ 921 $ 2,192 $ 1,933 APS 392 230 765 501 $ 1,563 $ 1,151 $ 2,957 $ 2,434

COMMITMENTS, CONTINGENCIES AN_2

COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Tables)	6 Months Ended
	Apr. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Reserve for product warranty activity	The following table reflects the reserve for warranty activity for the three and six months ended April 1, 2023 and April 2, 2022: Three months ended Six months ended (in thousands) April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Reserve for warranty, beginning of period $ 11,421 $ 17,110 $ 13,443 $ 16,961 Provision for warranty 2,882 2,191 4,982 6,159 Utilization of reserve (3,835) (3,783) (7,957) (7,602) Reserve for warranty, end of period $ 10,468 $ 15,518 $ 10,468 $ 15,518
Obligations not reflected on the Consolidated Balance Sheet	The following table reflects obligations not reflected on the Consolidated Condensed Balance Sheets as of April 1, 2023: Payments due by fiscal year (in thousands) Total 2023 2024 2025 2026 2027 thereafter Inventory purchase obligation (1) $ 233,697 $ 54,215 $ 179,482 $ — $ — $ — $ —
Schedule of Revenue by Major Customers by Reporting Segments	The following table reflects significant customer concentrations as a percentage of net revenue for the six months ended April 1, 2023 and April 2, 2022: Six months ended April 1, 2023 April 2, 2022 First Technology China Ltd. 11.9 % * * Represents less than 10% of total net revenue
Significant customer concentrations as a percentage of total accounts receivable	The following table reflects significant customer concentrations as a percentage of total accounts receivable as of April 1, 2023 and April 2, 2022: As of April 1, 2023 April 2, 2022 Intel Corporation 14.6 % * Tianshui Huatian Technology Co., Ltd. * 23.5 % Haoseng Industrial Co., Ltd. (1) * 12.4 % (1) Distributor of the Company's products. * Represents less than 10% of total accounts receivable

BALANCE SHEET COMPONENTS (Compo

BALANCE SHEET COMPONENTS (Components of significant balance sheet accounts) (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Oct. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Short-term investments	$ 345,000	$ 220,000
Inventories, net:
Raw materials and supplies	137,218	118,833
Work in process	57,429	40,114
Finished goods	48,913	45,277
Inventory, gross	243,560	204,224
Inventory reserves	(19,401)	(19,238)
Inventories, net	224,159	184,986
Property, plant and equipment, net:
Land	2,182	2,182
Buildings and building improvements	23,186	22,783
Leasehold improvements	74,888	32,400
Data processing equipment and software	36,102	38,223
Machinery, equipment, furniture and fixtures	93,507	90,151
Construction in progress	14,195	25,004
Property, plant and equipment, gross	244,060	210,743
Accumulated depreciation	(133,380)	(129,835)
Property, plant and equipment, net	110,680	80,908
Accrued expenses and other current liabilities:
Accrued customer obligations	52,861	58,916
Wages and benefits	25,006	50,279
Dividends payable	10,766	9,743
Commissions and professional fees	4,179	5,019
Severance	42	19
Other	19,447	10,565
Accrued expenses and other current liabilities	$ 112,301	$ 134,541

BUSINESS COMBINATION (Narrative

BUSINESS COMBINATION (Narrative) (Details) - Advanced Jet Automation Co. Ltd - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Feb. 23, 2023	Apr. 01, 2023	Apr. 01, 2023
Business Acquisition [Line Items]
Cash purchase price	$ 38.1
Amount held in escrow		$ 4	$ 4
Business acquisition, net income (loss)		(0.4)	(0.4)
Expenses incurred related to the acquisition		$ 0.3	$ 0.4
Amount held in escrow, period from acquisition date			24 months

BUSINESS COMBINATION (Assets Ac

BUSINESS COMBINATION (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Feb. 22, 2023	Oct. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 98,893		$ 68,096
Advanced Jet Automation Co. Ltd
Business Acquisition [Line Items]
Cash and cash equivalents		$ 1,238
Account and other receivables, net		1,156
Inventory		1,581
Property, plant and equipment, net		1,462
Right-of-use assets		989
Other assets		127
Goodwill		27,975
Intangible assets		7,768
Accounts and other payables		(965)
Accrued expenses and other liabilities		(251)
Contract liabilities		(187)
Lease liability		(989)
Deferred tax liabilities		(1,785)
Total purchase price		$ 38,119

BUSINESS COMBINATION (Intangibl

BUSINESS COMBINATION (Intangible assets acquired) (Details) - Advanced Jet Automation Co. Ltd $ in Thousands	Feb. 22, 2023 USD ($)
Business Acquisition [Line Items]
Intangible assets	$ 7,768
Developed technology
Business Acquisition [Line Items]
Intangible assets	$ 4,261
Useful Lives	8 years
Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 2,131
Useful Lives	8 years
In-process research and development
Business Acquisition [Line Items]
Intangible assets	$ 459
Patents
Business Acquisition [Line Items]
Intangible assets	$ 524
Useful Lives	8 years
Order Backlog
Business Acquisition [Line Items]
Intangible assets	$ 393
Useful Lives	1 year

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Goodwill by Reportable Segment) (Details) $ in Thousands	6 Months Ended
	Apr. 01, 2023 USD ($)
Goodwill [Roll Forward]
Balance at October 1, 2022	$ 68,096
Acquired in business combination	27,975
Other	2,822
Balance at April 1, 2023	98,893
Capital Equipment
Goodwill [Roll Forward]
Balance at October 1, 2022	42,189
Acquired in business combination	27,975
Other	2,542
Balance at April 1, 2023	72,706
APS
Goodwill [Roll Forward]
Balance at October 1, 2022	25,907
Other	280
Balance at April 1, 2023	$ 26,187

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS (Net intangible assets) (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 01, 2023	Oct. 01, 2022
Schedule Of Intangible Assets [Line Items]
Net intangible assets	$ 39,892	$ 31,939
In-process research and development
Schedule Of Intangible Assets [Line Items]
Gross intangible assets	459	0
Net intangible assets	459	0
Developed technology
Schedule Of Intangible Assets [Line Items]
Gross intangible assets	99,209	89,017
Accumulated amortization	(64,139)	(58,636)
Net intangible assets	$ 35,070	30,381
Developed technology | Minimum
Schedule Of Intangible Assets [Line Items]
Estimated useful life	6 years
Developed technology | Maximum
Schedule Of Intangible Assets [Line Items]
Estimated useful life	15 years
Customer relationships
Schedule Of Intangible Assets [Line Items]
Gross intangible assets	$ 37,156	33,515
Accumulated amortization	(35,048)	(33,515)
Net intangible assets	$ 2,108	0
Customer relationships | Minimum
Schedule Of Intangible Assets [Line Items]
Estimated useful life	5 years
Customer relationships | Maximum
Schedule Of Intangible Assets [Line Items]
Estimated useful life	8 years
Trade and brand name
Schedule Of Intangible Assets [Line Items]
Gross intangible assets	$ 7,195	6,945
Accumulated amortization	(7,195)	(6,945)
Net intangible assets	$ 0	0
Trade and brand name | Minimum
Schedule Of Intangible Assets [Line Items]
Estimated useful life	7 years
Trade and brand name | Maximum
Schedule Of Intangible Assets [Line Items]
Estimated useful life	8 years
Other intangible assets
Schedule Of Intangible Assets [Line Items]
Gross intangible assets	$ 5,618	4,700
Accumulated amortization	(3,363)	(3,142)
Net intangible assets	$ 2,255	$ 1,558
Other intangible assets | Minimum
Schedule Of Intangible Assets [Line Items]
Estimated useful life	1 year
Other intangible assets | Maximum
Schedule Of Intangible Assets [Line Items]
Estimated useful life	8 years

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS (Estimated annual amortization expense) (Details) $ in Thousands	Apr. 01, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining fiscal 2023	$ 3,567
Fiscal 2024	6,963
Fiscal 2025	6,799
Fiscal 2026	6,799
Fiscal 2027	6,095
Thereafter	9,669
Total amortization expense	$ 39,892

CASH, CASH EQUIVALENTS, RESTR_3

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Oct. 01, 2022
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments [Line Items]
Cash, Amortized Cost	$ 35,326	$ 173,402
Cash, Unrealized Gains	0	0
Cash, Unrealized Losses	0	0
Cash, Estimated Fair Value	35,326	173,402
Cash and Cash Equivalents, Amortized Cost	389,110	555,557
Cash and Cash Equivalents, Unrealized Gain	0	0
Cash and Cash Equivalents, Unrealized Loss	(8)	(20)
Cash and Cash Equivalents, Estimated Fair Value	389,102	555,537
Short-term investments, Amortized Cost	345,000	220,000
Short-term Investments, Unrealized Gain	0	0
Short-term Investments, Unrealized Loss	0	0
Short-term Investments, Estimated Fair Value	345,000	220,000
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments, Amortized Cost	734,110	775,557
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments, Unrealized Gain	0	0
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments, Unrealized Loss	(8)	(20)
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments, Estimated Fair Value	734,102	775,537
Money market funds
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments [Line Items]
Cash Equivalents, Amortized Cost	290,721	157,145
Cash Equivalents, Unrealized Gain	0	0
Cash Equivalents, Unrealized Loss	(8)	(20)
Cash Equivalents, Estimated Fair Value	290,713	157,125
Time deposits
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments [Line Items]
Cash Equivalents, Amortized Cost	63,063	225,010
Cash Equivalents, Unrealized Gain	0	0
Cash Equivalents, Unrealized Loss	0	0
Cash Equivalents, Estimated Fair Value	63,063	225,010
Short-term investments, Amortized Cost	345,000	220,000
Short-term Investments, Unrealized Gain	0	0
Short-term Investments, Unrealized Loss	0	0
Short-term Investments, Estimated Fair Value	$ 345,000	$ 220,000

EQUITY INVESTMENTS (Details)

EQUITY INVESTMENTS (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Oct. 01, 2022
Equity Method Investments [Abstract]
Non-marketable equity securities	$ 5,433	$ 5,397

DERIVATIVES FINANCIAL INSTRUM_3

DERIVATIVES FINANCIAL INSTRUMENTS (Fair value of derivative instruments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 01, 2023	Oct. 01, 2022
Derivatives, Fair Value [Line Items]
Notional Amount	$ 59,947	$ 57,570
Fair value liability, derivates		(2,234)
Fair value asset, derivatives	$ 1,298
Gain (loss) reclassification, estimate of time to transfer	12 months
Derivatives designated as hedging instruments: | Foreign exchange forward contracts
Derivatives, Fair Value [Line Items]
Foreign exchange forward contract, term of contract	12 months
Notional Amount	$ 59,947	57,570
Accrued Expenses and Other Current Liabilities | Derivatives designated as hedging instruments: | Foreign exchange forward contracts
Derivatives, Fair Value [Line Items]
Fair value liability, derivates		$ (2,234)
Prepaid Expenses and Other Current Assets | Derivatives designated as hedging instruments: | Foreign exchange forward contracts
Derivatives, Fair Value [Line Items]
Fair value asset, derivatives	$ 1,298

DERIVATIVES FINANCIAL INSTRUM_4

DERIVATIVES FINANCIAL INSTRUMENTS (Gain (loss) of derivative instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative instruments, net of tax	$ 737	$ (143)	$ 3,830	$ 65
Reclassification adjustment for (gain)/loss on derivative instruments recognized, net of tax	578	(87)	298	(623)
Unrealized gain/(loss) on hedging
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative instruments, net of tax	737	(143)	3,830	65
Reclassification adjustment for (gain)/loss on derivative instruments recognized, net of tax	$ 578	$ (87)	$ 298	$ (623)

LEASES - Narrative (Details)

LEASES - Narrative (Details)	6 Months Ended
	Apr. 01, 2023 extend_options
Lessee, Lease, Description [Line Items]
Options to extend	4
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	20 years

LEASES - Lease Expense (Details

LEASES - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Lease, Cost [Abstract]
Operating lease expense	$ 2,683	$ 1,990	$ 5,273	$ 4,044
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases			$ 4,673	$ 3,752

LEASES - Lease Terms and Discou

LEASES - Lease Terms and Discount Rates (Details)	Apr. 01, 2023	Oct. 01, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years):	7 years 9 months 18 days	8 years
Weighted-average discount rate:	5.90%	5.80%

LEASES - Future Lease Payments

LEASES - Future Lease Payments After Adoption ASC 842 (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Oct. 01, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining fiscal 2023	$ 4,987
Fiscal 2024	9,325
Fiscal 2025	8,477
Fiscal 2026	7,347
Fiscal 2027	5,531
Thereafter	23,486
Total minimum lease payments	59,153
Less: Interest	12,325
Present value of lease obligations	46,828
Less: Current portion	7,271	$ 6,766
Long-term portion of lease obligations	$ 39,557	$ 34,927

DEBT AND OTHER OBLIGATIONS DE_2

DEBT AND OTHER OBLIGATIONS DEBT AND OTHER OBLIGATIONS (Details) - USD ($)	3 Months Ended
	Apr. 01, 2023	Feb. 15, 2019	Nov. 22, 2013
Citibank
Capital Leased Assets [Line Items]
Capacity under credit facility			$ 5,000,000
Outstanding amounts under credit facility	$ 3,200,000
Facility agreements | MUFG Bank, Ltd., Singapore Branch
Capital Leased Assets [Line Items]
Capacity under credit facility		$ 150,000,000
Outstanding amounts under credit facility	$ 0
Secured Overnight Financing Rate (SOFR) | Facility agreements | MUFG Bank, Ltd., Singapore Branch
Capital Leased Assets [Line Items]
Debt instrument, basis spread on variable rate	1.50%

SHAREHOLDERS' EQUITY AND EMPL_3

SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Oct. 18, 2021

Apr. 01, 2023

Dec. 31, 2022

Apr. 02, 2022

Jan. 01, 2022

Apr. 01, 2023

Apr. 02, 2022

Mar. 03, 2022

Oct. 03, 2020

Jan. 31, 2019

Jul. 10, 2018

Aug. 15, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock repurchase program, authorized amount

$ 800,000

$ 400,000

$ 300,000

$ 200,000

$ 100,000

Authorized amount, additional amount

$ 400,000

Value of shares acquired

$ 4,990

$ 45,382

$ 176,153

$ 15,380

Cash dividends declared (in dollars per share)

$ 0.19

Common stock cash dividends paid

$ (10,800)

$ (20,537)

$ (19,283)

Relative TSR calculation period

90 days

Relative TSR Performance Share Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total shareholder return award performance measurement period

3 years

Revenue Growth Performance Share Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total shareholder return award performance measurement period

3 years

Time-based Restricted Share Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total shareholder return award performance measurement period

3 years

Omnibus Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares available for grant (in shares)

2,500,000

2,500,000

the Program

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares repurchased in period (shares)

101,900

1,156,200

Value of shares acquired

$ 5,000

$ 50,400

Remaining repurchase authorized amount

$ 198,800

$ 198,800

Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Company contributions

4%

Minimum | Relative TSR Performance Share Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

0%

0%

Minimum | Revenue Growth Performance Share Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

0%

0%

Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Company contributions

6%

Maximum | Relative TSR Performance Share Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

200%

200%

Maximum | Revenue Growth Performance Share Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

200%

200%

SHAREHOLDERS' EQUITY AND EMPL_4

SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Matching contributions to the Plan) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
401(k) Cash Contributions
Cash	$ 540	$ 496	$ 1,014	$ 1,004

SHAREHOLDERS' EQUITY AND EMPL_5

SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Accumulated other comprehensive income) (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Oct. 01, 2022
Loss from foreign currency translation adjustments
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity	$ (13,881)	$ (29,854)
Unrecognized actuarial loss on pension plan, net of tax
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity	(868)	(812)
Unrealized gain/(loss) on hedging
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity	1,298	(2,234)
Accumulated Other Comprehensive (Loss)/Income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity	$ (13,451)	$ (32,900)

SHAREHOLDERS' EQUITY AND EMPL_6

SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Restricted stock and common stock granted) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	10	18	802	541
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	4	7	512	302
Relative TSR PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	0	4	186	154
Growth PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	0	3	92	77
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	6	4	12	8

SHAREHOLDERS' EQUITY AND EMPL_7

SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Total equity-based compensation expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	$ 5,379	$ 4,696	$ 11,900	$ 10,008
Time-based RSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	3,611	3,022	7,198	5,918
Relative TSR PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	1,193	1,074	2,445	1,987
Growth PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	338	363	1,783	1,628
Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	237	237	474	475
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	323	308	631	534
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	3,731	3,296	8,598	7,252
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	$ 1,325	$ 1,092	$ 2,671	$ 2,222

REVENUE AND CONTRACT BALANCES -

REVENUE AND CONTRACT BALANCES - Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Contract assets, beginning of period	$ 28,987	$ 0	$ 26,317	$ 0
Additions	223	26,721	2,893	26,721
Contract assets, end of period	$ 29,210	$ 26,721	$ 29,210	$ 26,721

REVENUE AND CONTRACT BALANCES_2

REVENUE AND CONTRACT BALANCES - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Change in Contract with Customer, Liability [Roll Forward]
Contract liabilities, beginning of period	$ 7,781	$ 28,228	$ 3,160	$ 15,596
Revenue recognized	(9,276)	(43,818)	(16,546)	(75,184)
Additions	8,051	32,890	19,942	76,888
Contract liabilities, end of period	$ 6,556	$ 17,300	$ 6,556	$ 17,300

EARNINGS PER SHARE (Reconciliat

EARNINGS PER SHARE (Reconciliation of the shares used in the basic and diluted net income per share computation) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Apr. 01, 2023	Dec. 31, 2022	Apr. 02, 2022	Jan. 01, 2022	Apr. 01, 2023	Apr. 02, 2022
NUMERATOR:
Net income	$ 15,041	$ 14,589	$ 116,001	$ 133,606	$ 29,630	$ 249,607
DENOMINATOR:
Weighted average shares outstanding - Basic (in shares)	56,684,000		61,482,000		56,868,000	61,934,000
Dilutive effect of Equity Plans (in shares)	893,000		953,000		871,000	973,000
Weighted average shares outstanding - Diluted (in shares)	57,577,000		62,435,000		57,739,000	62,907,000
EPS:
Net income per share - Basic (in dollars per share)	$ 0.27		$ 1.89		$ 0.52	$ 4.03
Effect of dilutive shares (in dollars per share)	0.01		0.03		0.01	0.06
Net income per share - Diluted (in dollars per share)	$ 0.26		$ 1.86		$ 0.51	$ 3.97
Anti-dilutive shares (in shares)	0		21,000		1,000	1,000

INCOME TAXES (Provision for inc

INCOME TAXES (Provision for income taxes and the effective tax rate) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 5,556	$ 13,713	$ 9,314	$ 31,648
Effective tax rate	27%	10.60%	23.90%	11.30%

SEGMENT INFORMATION (Narrative)

SEGMENT INFORMATION (Narrative) (Details)	6 Months Ended
	Apr. 01, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION (Operating

SEGMENT INFORMATION (Operating information by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Net revenue:
Net revenue	$ 173,021	$ 384,282	$ 349,254	$ 845,170
Income from operations:
Income from operations	12,629	129,341	24,451	280,451
Capital Equipment
Net revenue:
Net revenue	133,727	333,909	269,099	742,437
Income from operations:
Income from operations	3,318	111,200	7,190	243,219
APS
Net revenue:
Net revenue	39,294	50,373	80,155	102,733
Income from operations:
Income from operations	$ 9,311	$ 18,141	$ 17,261	$ 37,232

SEGMENT INFORMATION (Schedule o

SEGMENT INFORMATION (Schedule of net revenue by Capital Equipment end markets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 173,021	$ 384,282	$ 349,254	$ 845,170
Capital Equipment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	133,727	333,909	269,099	742,437
Capital Equipment | General Semiconductor
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	71,064	198,694	139,436	447,217
Capital Equipment | Automotive & Industrial
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	51,455	58,700	104,635	109,348
Capital Equipment | LED
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,894	42,036	15,087	108,191
Capital Equipment | Memory
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 5,314	$ 34,479	$ 9,941	$ 77,681

SEGMENT INFORMATION (Capital ex

SEGMENT INFORMATION (Capital expenditures, depreciation and amortization expense by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	$ 17,383	$ 3,384	$ 33,034	$ 6,260
Depreciation and amortization expense:
Depreciation expense:	4,979	4,073	9,198	8,129
Amortization expense:	1,563	1,151	2,957	2,434
Capital Equipment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	14,951	2,467	29,050	4,433
Depreciation and amortization expense:
Depreciation expense:	3,187	2,256	5,627	4,539
Amortization expense:	1,171	921	2,192	1,933
APS
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	2,432	917	3,984	1,827
Depreciation and amortization expense:
Depreciation expense:	1,792	1,817	3,571	3,590
Amortization expense:	$ 392	$ 230	$ 765	$ 501

COMMITMENTS, CONTINGENCIES AN_3

COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Reserve for product warranty activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023	Apr. 02, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Reserve for warranty, beginning of period	$ 11,421	$ 17,110	$ 13,443	$ 16,961
Provision for warranty	2,882	2,191	4,982	6,159
Utilization of reserve	(3,835)	(3,783)	(7,957)	(7,602)
Reserve for warranty, end of period	$ 10,468	$ 15,518	$ 10,468	$ 15,518

COMMITMENTS, CONTINGENCIES AN_4

COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Obligations not reflected on the Consolidated Balance Sheet) (Details) $ in Thousands	Apr. 01, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total	$ 233,697
2023	54,215
2024	179,482
2025	0
2026	0
2027	0
thereafter	$ 0

COMMITMENTS, CONTINGENCIES AN_5

COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Significant customer concentrations as a percentage of net revenue) (Details)	6 Months Ended
	Apr. 01, 2023
First Technology China Ltd. | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Customer concentrations risk percentage	11.90%

COMMITMENTS, CONTINGENCIES AN_6

COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Significant customer concentrations as a percentage of total accounts receivable) (Details) - Accounts Receivable - Customer Concentration Risk	6 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Intel Corporation
Concentration Risk [Line Items]
Customer concentrations risk percentage	14.60%
Tianshui Huatian Technology Co., Ltd.
Concentration Risk [Line Items]
Customer concentrations risk percentage		23.50%
Haoseng Industrial Co., Ltd. (1)
Concentration Risk [Line Items]
Customer concentrations risk percentage		12.40%

COMMITMENTS, CONTINGENCIES AN_7

COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS - Narrative (Details) $ in Thousands	6 Months Ended
	Apr. 01, 2023 USD ($)
Other Commitments [Line Items]
Period of warranty for manufacturing defects	1 year
Unfunded Capital Commitment
Other Commitments [Line Items]
Other Commitment	$ 9,600