Onto Innovation (ONTO) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 29, 2024	Jul. 16, 2024
Cover [Abstract]
Entity Registrant Name	ONTO INNOVATION INC.
Trading Symbol	ONTO
Entity Central Index Key	0000704532
Current Fiscal Year End Date	--12-28
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 29, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		49,383,617
Entity File Number	001-39110
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2276314
Entity Address, Address Line One	16 Jonspin Road
Entity Address, City or Town	Wilmington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01887
City Area Code	978
Local Phone Number	253-6200

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Revenue	$ 242,327	$ 190,662	$ 471,172	$ 389,827
Cost of revenue	114,091	90,201	224,651	184,391
Gross profit	128,236	100,461	246,521	205,436
Operating expenses:
Research and development	27,044	27,043	53,599	54,285
Sales and marketing	18,976	16,024	37,295	31,661
General and administrative	20,271	18,762	37,833	37,999
Amortization	13,112	13,825	26,224	27,649
Total operating expenses	79,403	75,654	154,951	151,594
Operating income	48,833	24,807	91,570	53,842
Interest income, net	8,496	4,758	15,857	8,206
Other expense, net	(60)	(1,710)	734	(1,991)
Income before provision for income taxes	57,269	27,855	108,161	60,057
Provision for income taxes	4,320	1,959	8,359	5,093
Net Income, Total	$ 52,949	$ 25,896	$ 99,802	$ 54,964
Earnings per share:
Basic	$ 1.07	$ 0.53	$ 2.02	$ 1.12
Diluted	$ 1.07	$ 0.53	$ 2.01	$ 1.12
Weighted average shares outstanding:
Basic	49,342	48,976	49,286	48,865
Diluted	49,674	49,274	49,656	49,175

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 52,949	$ 25,896	$ 99,802	$ 54,964
Other comprehensive loss, net of tax:
Change in net unrealized gains (losses) on available-for-sale marketable securities	(201)	(163)	(858)	1,229
Change in currency translation adjustments	(1,996)	(2,998)	(4,589)	(1,908)
Total other comprehensive loss, net of tax	(2,197)	(3,161)	(5,447)	(679)
Total comprehensive income	$ 50,752	$ 22,735	$ 94,355	$ 54,285

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Current Assets:
Cash and cash equivalents	$ 172,571	$ 233,508
Marketable securities	613,461	464,303
Accounts receivable, less allowance of $2,468 and $2,659	237,830	226,556
Inventories, net	319,712	327,773
Prepaid expenses and other current assets	41,638	31,127
Total current assets	1,385,212	1,283,267
Property, plant and equipment, net	115,467	103,611
Goodwill	315,811	315,811
Identifiable intangible assets, net	141,200	167,375
Deferred income taxes	29,374	18,836
Other assets	18,352	20,812
Total assets	2,005,416	1,909,712
Current liabilities:
Accounts payable	51,373	49,869
Accrued liabilities	40,450	42,062
Deferred revenue	28,167	24,763
Other current liabilities	28,430	31,032
Total current liabilities	148,420	147,726
Other non-current liabilities	25,320	25,451
Total liabilities	173,740	173,177
Commitments and contingencies
Stockholders’ equity:
Common stock	49	49
Additional paid-in capital	1,262,815	1,262,029
Accumulated other comprehensive loss	(13,346)	(7,899)
Retained earnings	582,158	482,356
Total stockholders’ equity	1,831,676	1,736,535
Total liabilities and stockholders’ equity	$ 2,005,416	$ 1,909,712

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Allowances for doubtful accounts	$ 2,468	$ 2,659

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Net income	$ 99,802	$ 54,964
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Amortization of intangibles	26,224	27,649
Depreciation	6,921	5,815
Share-based compensation	14,730	13,864
Provision for inventory valuation	3,941	6,386
Deferred income taxes	(10,823)	(11,020)
Other, net	(827)	1,136
Changes in operating assets and liabilities, net of effects of business acquired	(17,538)	(17,039)
Net cash and cash equivalents provided by operating activities	122,430	81,755
Cash flows from investing activities:
Purchases of marketable securities	(394,756)	(209,154)
Proceeds from maturities and sales of marketable securities	248,084	198,717
Purchases of property, plant and equipment	(19,228)	(12,463)
Net cash and cash equivalents used in investing activities	(165,900)	(22,900)
Cash flows from financing activities:
Purchases and retirement of common stock	0	(3,197)
Tax payments related to shares withheld for share-based compensation plans	(17,959)	(9,949)
Payment for Contingent Consideration Liability, Financing Activities		304
Issuance of shares through share-based compensation plans	4,014	5,285
Net cash and cash equivalents used in financing activities	(13,945)	(8,165)
Effect of exchange rate changes on cash and cash equivalents	(3,522)	(2,305)
Net increase (decrease) in cash and cash equivalents	(60,937)	48,385
Cash and cash equivalents at beginning of period	233,508	175,872
Cash and cash equivalents at end of period	172,571	224,257
Supplemental disclosure of cash flow information:
Income taxes paid (net of refunds)	$ 21,524	$ 18,888

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balance - Beginning Balance at Dec. 31, 2022	$ 1,596,426	$ 49	$ 1,243,631	$ (10,010)	$ 362,756
Balance, Shares - Beginning Balance at Dec. 31, 2022		48,684
Net Income	29,068				29,068
Share-based compensation	6,119		6,119
Issuance of shares through share-based compensation plans, Shares		225
Purchases of common stock	3,197		1,638		1,559
Purchases of common stock (in shares)		46
Share-based compensation plan withholdings	6,273		6,273
Share-based compensation plan withholdings, Shares		62
Currency translation	1,090			1,090
Unrealized gain (loss) on investments	(1,392)			(1,392)
Balance - Ending Balance at Apr. 01, 2023	1,624,625	$ 49	1,241,839	(7,528)	390,265
Balance, shares - Ending Balance at Apr. 01, 2023		48,801
Balance - Beginning Balance at Dec. 31, 2022	1,596,426	$ 49	1,243,631	(10,010)	362,756
Balance, Shares - Beginning Balance at Dec. 31, 2022		48,684
Net Income	54,964
Currency translation	(1,908)
Balance - Ending Balance at Jul. 01, 2023	1,656,714	$ 49	1,251,193	(10,689)	416,161
Balance, shares - Ending Balance at Jul. 01, 2023		48,972
Balance - Beginning Balance at Apr. 01, 2023	1,624,625	$ 49	1,241,839	(7,528)	390,265
Balance, Shares - Beginning Balance at Apr. 01, 2023		48,801
Net Income	25,896				25,896
Share-based compensation	7,745		7,745
Issuance of shares through share-based compensation plans	5,285		5,285
Issuance of shares through share-based compensation plans, Shares		227
Share-based compensation plan withholdings	3,676		3,676
Share-based compensation plan withholdings, Shares		56
Currency translation	(2,998)			(2,998)
Unrealized gain (loss) on investments	(163)			(163)
Balance - Ending Balance at Jul. 01, 2023	1,656,714	$ 49	1,251,193	(10,689)	416,161
Balance, shares - Ending Balance at Jul. 01, 2023		48,972
Balance - Beginning Balance at Dec. 30, 2023	1,736,535	$ 49	1,262,029	(7,899)	482,356
Balance, Shares - Beginning Balance at Dec. 30, 2023		49,086
Net Income	46,853				46,853
Share-based compensation	6,486		6,486
Issuance of shares through share-based compensation plans	4,015		4,015
Issuance of shares through share-based compensation plans, Shares		169
Share-based compensation plan withholdings	9,088		9,088
Share-based compensation plan withholdings, Shares		53
Currency translation	(2,593)			(2,593)
Unrealized gain (loss) on investments	(657)			(657)
Balance - Ending Balance at Mar. 30, 2024	1,781,551	$ 49	1,263,442	(11,149)	529,209
Balance, shares - Ending Balance at Mar. 30, 2024		49,202
Balance - Beginning Balance at Dec. 30, 2023	1,736,535	$ 49	1,262,029	(7,899)	482,356
Balance, Shares - Beginning Balance at Dec. 30, 2023		49,086
Net Income	$ 99,802
Purchases of common stock (in shares)	0
Currency translation	$ (4,589)
Balance - Ending Balance at Jun. 29, 2024	1,831,676	$ 49	1,262,815	(13,346)	582,158
Balance, shares - Ending Balance at Jun. 29, 2024		49,339
Balance - Beginning Balance at Mar. 30, 2024	1,781,551	$ 49	1,263,442	(11,149)	529,209
Balance, Shares - Beginning Balance at Mar. 30, 2024		49,202
Net Income	52,949				52,949
Share-based compensation	8,244		8,244
Issuance of shares through share-based compensation plans, Shares		181
Share-based compensation plan withholdings	8,871		8,871
Share-based compensation plan withholdings, Shares		44
Currency translation	(1,996)			(1,996)
Unrealized gain (loss) on investments	(201)			(201)
Balance - Ending Balance at Jun. 29, 2024	$ 1,831,676	$ 49	$ 1,262,815	$ (13,346)	$ 582,158
Balance, shares - Ending Balance at Jun. 29, 2024		49,339

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 1. Basis of Presentation The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared by Onto Innovation Inc. (together with its consolidated subsidiaries, unless otherwise specified or suggested by the context, the “Company,” “Onto Innovation,” “we,” “our” or “us”) and in the opinion of management reflect all adjustments, consisting of normal recurring accruals, necessary for their fair presentation in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual amounts could differ materially from reported amounts. The interim results for the three and six months ended June 29, 2024 are not necessarily indicative of results to be expected for the entire year or any future periods. This interim financial information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 30, 2023 (the “2023 Form 10-K”) filed with the Securities and Exchange Commission on February 26, 2024. The accompanying Condensed Consolidated Balance Sheet at December 30, 2023 has been derived from the audited consolidated financial statements included in the 2023 Form 10-K. The Company operates on a 52- or 53-week fiscal year ending on the Saturday closest to December 31. Our fiscal year ending December 28, 2024 (“fiscal year 2024”) is a 52-week fiscal year. The first quarter of the Company’s fiscal year 2024 ended on March 30, 2024, the second quarter ended on June 29, 2024 and the third quarter ends on September 28, 2024. Our fiscal year ended December 30, 2023 was a 52-week fiscal year. The second quarter of the fiscal year ended December 30, 2023 ended on July 1, 2023. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates made by management include excess and obsolete inventory, fair value of assets acquired and liabilities assumed in a business combination, recoverability and useful lives of property, plant and equipment and identifiable intangible assets, recoverability of goodwill, recoverability of deferred tax assets, allowance for credit losses, liabilities for product warranty, share-based payments and liabilities for tax uncertainties. Actual results could differ from those estimates. These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances. The Company may engage third-party valuation specialists to assist with estimates related to the valuation of financial instruments, assets and stock awards associated with various contractual arrangements. Such estimates often require the selection of appropriate valuation methodologies and significant judgment. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material. Adoption of Accounting Standards Recently Adopted or Effective There have been no recent accounting pronouncements or changes in accounting pronouncements during the three and six months ended June 29, 2024, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, that are of significance, or potential significance, to the Company. Updates Not Yet Effective In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment including information about the reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is required to adopt this standard in fiscal year 2024 for the annual reporting period ending December 28, 2024, with retrospective disclosure of prior periods presented. The Company is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is required to adopt this standard prospectively in fiscal year 2025 for the annual reporting period ending December 27, 2025. The Company is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 2. Fair Value Measurements Fair Value of Financial Instruments The Company has evaluated the estimated fair value of financial instruments using available market information and valuations as provided by third-party sources. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates fair value because of the short-term maturity of these instruments. Fair Value Hierarchy The Company applies a three-level valuation hierarchy for fair value measurements. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability. Level 3 inputs are unobservable inputs based on management’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s fair value measurement classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at June 29, 2024 and December 30, 2023: Fair Value Measurements Using June 29, December 30, Assets: Available-for-sale debt securities: Government notes and bonds $ 257,077 $ 195,800 Certificates of deposit 79,858 67,467 Commercial paper 128,529 99,635 Corporate bonds 147,997 101,401 Foreign currency forward contracts 521 — Total assets $ 613,982 $ 464,303 Liabilities: Foreign currency forward contracts $ — $ 1,370 Total Liabilities $ — $ 1,370 Available-for-sale debt securities classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Investment prices are obtained from third party pricing providers, which model prices utilizing the above observable inputs, for each asset class. See Note 3 for additional discussion regarding the fair value of the Company’s marketable securities.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 29, 2024
Marketable Securities [Abstract]
Marketable Securities	NOTE 3. Marketable Securities At June 29, 2024 and December 30, 2023, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value June 29, 2024 Government notes and bonds $ 257,443 $ 9 $ 375 $ 257,077 Certificates of deposit 79,860 19 21 79,858 Commercial paper 128,570 15 56 128,529 Corporate bonds 148,102 90 195 147,997 Total marketable securities $ 613,975 $ 133 $ 647 $ 613,461 December 30, 2023 Government notes and bonds $ 195,733 $ 393 $ 326 $ 195,800 Certificates of deposit 67,377 93 3 67,467 Commercial paper 99,591 54 10 99,635 Corporate bonds 101,146 391 136 101,401 Total marketable securities $ 463,847 $ 931 $ 475 $ 464,303 The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at June 29, 2024 and December 30, 2023: June 29, 2024 December 30, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 448,563 $ 448,166 $ 331,136 $ 330,937 Due after one through five years 119,037 118,920 132,711 133,366 Due after five through ten years — — — — Due after ten years 46,375 46,375 — — Total marketable securities $ 613,975 $ 613,461 $ 463,847 $ 464,303 The Company has evaluated its investment policies and determined that all of its marketable securities, which are comprised of debt securities, are to be classified as available-for-sale. The Company’s available-for-sale debt securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ equity under the caption “Accumulated other comprehensive loss.” Gross realized gains and losses on available-for-sale securities are included in “Other (expense) income, net” on the Condensed Consolidated Statements of Operations and were not material during the three and six months ended June 29, 2024 and July 1, 2023. The Company records credit losses for its available-for-sale debt securities when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities. The cost of securities sold is based on the specific identification method. The Company has determined that the gross unrealized losses on its marketable securities at June 29, 2024 and December 30, 2023 are temporary in nature. The Company regularly reviews its investment portfolio to identify and evaluate marketable securities that have indications of possible impairment from credit losses or other factors. Factors considered in determining whether an unrealized loss is considered to be a credit loss include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the securities for a period of time sufficient to allow for any anticipated recovery in market value. The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at June 29, 2024 and December 30, 2023: In Unrealized Loss Position For In Unrealized Loss Position For Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 29, 2024 Government notes and bonds $ 107,898 $ 262 $ 38,854 $ 114 Certificates of deposit 26,520 21 — — Commercial paper 92,029 56 — — Corporate bonds 81,490 163 10,634 31 Total $ 307,937 $ 502 $ 49,488 $ 145 December 30, 2023 Government notes and bonds $ 82,776 $ 325 $ 180 $ 1 Certificates of deposit 11,839 3 — — Commercial paper 20,121 10 — — Corporate bonds 20,268 103 5,999 33 Total $ 135,004 $ 441 $ 6,179 $ 34 See Note 2 for additional discussion regarding the fair value of the Company’s marketable securities.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	NOTE 4. Derivative Instruments and Hedging Activities The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions. At June 29, 2024 and December 30, 2023, these contracts were denominated in euro, Chinese renminbi, Japanese yen, Korean won, Singapore dollars, and Taiwanese dollars. Foreign currency forward contracts are not designated as hedges for accounting purposes, and therefore, the change in fair value is recorded in “Other (expense) income, net,” in the Condensed Consolidated Statements of Operations. The Company records its forward contracts at fair value in either prepaid expenses and other current assets or other current liabilities in the Condensed Consolidated Balance Sheets. The dollar equivalent of the U.S. dollar forward contracts and related fair values as of June 29, 2024 and December 30, 2023 were as follows: June 29, 2024 December 30, 2023 Notional amount $ 47,175 $ 51,551 Fair value of asset (liability) $ 521 $ ( 1,370 )

Purchased Intangible Assets

Purchased Intangible Assets	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Purchased Intangible Assets	NOTE 5. Purchased Intangible Assets Intangible Assets Purchased intangible assets as of June 29, 2024 and December 30, 2023 are as follows: Gross Carrying Amount Accumulated Amortization Net June 29, 2024 Finite-lived intangibles: Developed technology $ 378,246 $ 277,687 $ 100,559 Customer and distributor relationships 73,321 37,076 36,245 Trademarks and trade names 14,171 9,775 4,396 Total identifiable intangible assets $ 465,738 $ 324,538 $ 141,200 December 30, 2023 Finite-lived intangibles: Developed technology $ 378,197 $ 254,350 $ 123,847 Customer and distributor relationships 73,321 34,782 38,539 Trademarks and trade names 14,171 9,182 4,989 Total identifiable intangible assets $ 465,689 $ 298,314 $ 167,375 Assuming no change in the gross carrying value of identifiable intangible assets and estimated lives, future estimated amortization expenses are: Expected Amortization Fiscal Year: Expense 2024 (remainder) $ 22,963 2025 32,587 2026 31,394 2027 23,173 2028 12,288 2029 5,038 Thereafter 13,757 Total $ 141,200

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 29, 2024
Balance Sheet Detail [Abstract]
Balance Sheet Details	NOTE 6. Balance Sheet Components Inventories Inventories, net are comprised of the following: June 29, 2024 December 30, 2023 Materials $ 212,447 $ 234,471 Work-in-process 80,732 67,816 Finished goods 26,533 25,486 Total inventories, net $ 319,712 $ 327,773 Property, Plant and Equipment Property, plant and equipment, net is comprised of the following: June 29, 2024 December 30, 2023 Machinery and equipment $ 79,939 $ 69,828 Land and building 47,809 47,889 Computer equipment and software 25,190 17,790 Leasehold improvements 22,177 22,089 Furniture and fixtures 3,967 3,921 179,082 161,517 Accumulated depreciation ( 63,615 ) ( 57,906 ) Total property, plant and equipment, net $ 115,467 $ 103,611 Other assets Other assets are comprised of the following: June 29, 2024 December 30, 2023 Operating lease right-of-use assets $ 16,222 $ 18,360 Other 2,130 2,452 Total other assets $ 18,352 $ 20,812 Accrued liabilities Accrued liabilities are comprised of the following: June 29, 2024 December 30, 2023 Payroll and related expenses $ 31,561 $ 33,052 Warranty 8,752 8,934 Other 137 76 Total accrued liabilities $ 40,450 $ 42,062 Other current liabilities Other current liabilities are comprised of the following: June 29, 2024 December 30, 2023 Customer deposits $ 8,799 $ 9,972 Current operating lease obligations 5,564 5,494 Income tax payable 3,649 3,210 Accrued professional fees 1,338 1,751 Other accrued taxes 5,276 3,570 Other 3,804 7,035 Total other current liabilities $ 28,430 $ 31,032 Other non-current liabilities Other non-current liabilities are comprised of the following: June 29, 2024 December 30, 2023 Non-current operating lease obligations $ 12,130 $ 14,027 Unrecognized tax benefits (including interest) 8,294 7,358 Deferred revenue 3,114 2,462 Other 1,782 1,604 Total other non-current liabilities $ 25,320 $ 25,451

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 7. Commitments and Contingencies Intellectual Property Indemnification Obligations The Company has entered into agreements with customers that include limited intellectual property indemnification obligations that are customary in the industry. These guarantees generally require the Company to compensate the other party for certain damages and costs incurred as a result of third-party intellectual property claims arising from these transactions. The nature of the intellectual property indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to its customers. Historically, the Company has not made any indemnification payments under such agreements and no amount has been accrued in the accompanying Condensed Consolidated Financial Statements with respect to these indemnification guarantees. Warranty Reserves The Company generally provides a warranty on its products for a period of 12 to 14 months against defects in material and workmanship. The Company estimates the costs that may be incurred during the warranty period and records a liability in the amount of such costs at the time revenue is recognized. The Company’s estimate is based primarily on historical experience. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Warranty provisions are generally related to current period sales. Settlements of warranty reserves are generally associated with sales that occurred during the 12 to 14 months prior to the period-end. Changes in the Company’s warranty reserves are as follows: Six Months Ended June 29, July 1, 2024 2023 Balance, beginning of the period $ 9,380 $ 11,830 Accruals 5,653 4,659 Usage ( 5,768 ) ( 6,708 ) Balance, end of the period $ 9,265 $ 9,781 Warranty reserves are reported in the Condensed Consolidated Balance Sheets under the captions “Accrued liabilities” and “Other non-current liabilities.” Legal Matters From time to time, the Company is subject to legal proceedings and claims in the ordinary course of business. In the opinion of management, any potential liabilities resulting from any current disputes would not have a material adverse effect on the Company’s unaudited interim condensed consolidated financial statements. Line of Credit The Company has a credit agreement with a bank that provides for a line of credit which is secured by the marketable securities the Company has with the bank. The Company is permitted to borrow up to 70 % of the value of eligible securities held at the time the line of credit is accessed, up to a maximum of $ 100 million. The available line of credit as of June 29, 2024 was $ 100 million with an available interest rate of 7.1 %. The credit agreement is available to the Company until such time that either party terminates the arrangement at their discretion. The Company has not utilized the line of credit as of the date of this filing.

Revenue

Revenue	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 8. Revenue The following table represents a disaggregation of revenue by timing of revenue: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Point-in-time $ 227,733 $ 178,325 $ 441,582 $ 364,699 Over-time 14,594 12,337 29,590 25,128 Total revenue $ 242,327 $ 190,662 $ 471,172 $ 389,827 See Note 14 for additional discussion of the Company’s disaggregated revenue in detail. Contract Liabilities The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations primarily with respect to liabilities related to service contracts and installation. For contracts that have a duration of one year or less, these amounts are recorded as current deferred revenue in the Condensed Consolidated Balance Sheets. For contracts with a duration longer than one year, these amounts are recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets. As of June 29, 2024 and December 30, 2023, the Company carried a long-term deferred revenue balance of $ 3,114 and $ 2,462 , respectively. Changes in deferred revenue were as follows: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Balance, beginning of the period $ 28,879 $ 30,383 $ 27,225 $ 33,014 Deferral of revenue 17,373 18,214 34,675 34,290 Recognition of current year deferred revenue ( 10,718 ) ( 14,464 ) ( 20,243 ) ( 23,134 ) Recognition of prior period deferred revenue ( 4,253 ) ( 6,877 ) ( 10,376 ) ( 16,914 ) Balance, end of the period $ 31,281 $ 27,256 $ 31,281 $ 27,256

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	NOTE 9. Share-Based Compensation Restricted Stock Unit Activity A summary of the Company’s restricted stock unit activity with respect to the six months ended June 29, 2024 is as follows: Number of Shares Weighted Average Nonvested at December 30, 2023 584 $ 85.41 Granted 156 $ 192.42 Vested ( 309 ) $ 81.01 Forfeited ( 7 ) $ 87.90 Nonvested at June 29, 2024 424 $ 127.98 Of the 424 nonvested shares outstanding at June 29, 2024, 342 are service-based RSUs and 82 are market-based PRSUs. The fair value of the Company’s service-based RSUs was calculated based on the fair market value of the Company’s stock at the date of grant. The fair value of the Company’s market-based PRSUs granted during fiscal years 2024 and 2023 was calculated using a Monte Carlo simulation model at the date of the grant, resulting in a weighted average grant-date fair value per share of $ 251.51 and $ 100.79 , respectively. As of June 29, 2024 and December 30 2023, there was $ 39,921 and $ 26,559 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively. That cost is expected to be recognized over a weighted average period of 1.6 years and 1.4 years for June 29, 2024 and December 30, 2023, respectively.

Other Expense, Net

Other Expense, Net	6 Months Ended
	Jun. 29, 2024
Other Income Expense [Abstract]
Other Expense, Net	NOTE 10. Other (Expense) Income, Net Other (expense) income, net, is comprised of the following: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Foreign currency exchange (losses) gains, net $ ( 54 ) $ ( 1,800 ) $ 589 $ ( 2,107 ) Other ( 6 ) 90 145 116 Total other (expense) income, net $ ( 60 ) $ ( 1,710 ) $ 734 $ ( 1,991 )

Income Taxes

Income Taxes	6 Months Ended
	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11. Income Taxes The following table provides details of income taxes: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Income before income taxes $ 57,269 $ 27,855 $ 108,161 $ 60,057 Provision for income taxes $ 4,320 $ 1,959 $ 8,359 $ 5,093 Effective tax rate 8 % 7 % 8 % 8 % The income tax provision for the three and six months ended June 29, 2024 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year. The increase in the Company’s income tax provision for the three and six months ended June 29, 2024 as compared to the three and six months ended July 1, 2023 was primarily due, in each case, to an increase in quarterly earnings, offset by an increase in the excess benefits associated with equity compensation. The Company’s recorded effective tax rate for the periods presented is less than the U.S. statutory rate primarily due to projected Foreign Derived Intangible Income deductions, federal research and development tax credits, and excess tax benefits associated with equity compensation. The Company currently has a partial valuation allowance recorded against certain foreign and state net operating loss and credit carryforwards where the unrealizability of such deferred tax assets is more likely than not. Each quarter, the Company assesses the likelihood that it will be able to recover its deferred tax assets. The Company considers available evidence, both positive and negative, including forecasted earnings, in assessing its need for a valuation allowance. As a result of the Company’s analysis, it concluded that it is more likely than not that a portion of its deferred tax assets will not be realized. Therefore, the Company continues to provide a valuation allowance against certain deferred tax assets. The Company continues to monitor available evidence and may reverse some or all of its remaining valuation allowance in future periods, if appropriate. The Company has a recorded valuation allowance against a certain portion of its deferred tax assets of $ 13,960 at June 29, 2024 and December 30, 2023. The Organization for Economic Co-operation and Development (“OECD”) has been working on a Base Erosion and Profits Shifting (“BEPS”) project that would change various aspects of the existing framework under which the Company’s tax obligations are determined in many of the countries in which we operate. As part of the BEPS project, the OECD issued policies aimed to modernize global tax systems, including a country-by-country 15% minimum effective tax rate (“Pillar Two”) for multinational companies. Numerous countries have enacted, or are in the process of enacting, legislation to implement the Pillar Two model rules with a subset of the rules becoming effective during the current year, and the remaining rules becoming effective in later periods. At this point in time, the Company does not expect any material tax impact associated with Pillar Two rules in the countries where it operates. As these rules continue to evolve with new legislation and guidance, the Company will continue to monitor and account for the enactment of Pillar Two and the potential impacts such rules may have on its effective tax rate and cash flows in future years.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 12. Earnings Per Share Basic earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period. Restricted stock units, employee stock purchase grants and stock options are included in the calculation of diluted earnings per share, except when their effect would be anti-dilutive. The Company’s basic and diluted earnings per share amounts are as follows: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Numerator: Net income $ 52,949 $ 25,896 $ 99,802 $ 54,964 Denominator: Basic earnings per share - weighted average shares 49,342 48,976 49,286 48,865 Effect of potential dilutive securities: Restricted stock units and employee stock 332 298 370 310 Diluted earnings per share - weighted average shares 49,674 49,274 49,656 49,175 Earnings per share: Basic $ 1.07 $ 0.53 $ 2.02 $ 1.12 Diluted $ 1.07 $ 0.53 $ 2.01 $ 1.12

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 29, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	NOTE 13. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, were as follows: Foreign currency Net unrealized gains (losses) on Accumulated other Balance at December 30, 2023 $ ( 8,664 ) $ 765 $ ( 7,899 ) Net current period other comprehensive loss ( 4,589 ) ( 858 ) ( 5,447 ) Balance at June 29, 2024 $ ( 13,253 ) $ ( 93 ) $ ( 13,346 ) Foreign currency Net unrealized (losses) gains on Accumulated other Balance at December 31, 2022 $ ( 7,115 ) $ ( 2,895 ) $ ( 10,010 ) Net current period other comprehensive (loss) income ( 1,908 ) 1,229 ( 679 ) Balance at July 1, 2023 $ ( 9,023 ) $ ( 1,666 ) $ ( 10,689 ) For the six months ended June 29, 2024 and July 1, 2023, tax effects on net income of amounts recorded in other comprehensive income (loss) were $ 236 and $( 264 ), respectively.

Segment Reporting and Geographi

Segment Reporting and Geographic Information	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Segment Reporting and Geographic Information	NOTE 14. Segment Reporting and Geographic Information The Company is engaged in the design, development, manufacture and support of high-performance control metrology, defect inspection, lithography and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment: the design, development, manufacture and support of high-performance process control defect inspection and metrology, lithography and process control software systems used by microelectronics device manufacturers. Therefore, the Company has one reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The CEO allocates resources and assesses performance of the business and other activities at the reportable segment level. The following table lists the different sources of revenue: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Systems and software $ 210,428 87 % $ 159,353 83 % $ 405,264 86 % $ 326,177 84 % Parts 16,788 7 % 18,142 10 % 36,896 8 % 38,565 10 % Services 15,111 6 % 13,167 7 % 29,012 6 % 25,085 6 % Total revenue $ 242,327 100 % $ 190,662 100 % $ 471,172 100 % $ 389,827 100 % The Company’s significant operations outside the United States include sales, service and application offices in Asia and Europe. For geographical revenue reporting, revenue is attributed to the geographic location to which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Revenue from third parties: South Korea $ 70,705 $ 37,840 $ 150,943 $ 83,313 Taiwan 59,630 31,013 130,733 57,718 China 33,115 41,957 54,110 78,509 Southeast Asia 24,130 25,680 40,207 42,980 United States 18,916 33,237 39,784 73,951 Japan 19,278 13,732 32,613 28,235 Europe 16,553 7,203 22,782 25,121 Total revenue $ 242,327 $ 190,662 $ 471,172 $ 389,827 The following customers accounted for 10% or more of total revenue for the indicated periods: Six Months Ended June 29, July 1, 2024 2023 Taiwan Semiconductor Manufacturing Co. Ltd. 23 % 13 % Samsung Semiconductor 20 % 21 % SK Hynix Inc. 13 % ^ ^ The customer accounted for less than 10% of total revenue during the period. One customer’s net accounts receivable balance, Taiwan Semiconductor Manufacturing Co. Ltd. was individually greater than 10 % of net accounts receivable at June 29, 2024, approximately 21 % of the Company’s total net accounts receivable. Two customers’ net accounts receivable balances, Taiwan Semiconductor Manufacturing Co. Ltd. and Samsung Semiconductor, were individually greater than 10 % of net accounts receivable at December 30, 2023, in the aggregate approximately 29 % of the Company’s total net accounts receivable. Substantially all of the Company’s long-lived assets are located within the United States of America.

Share Repurchase Authorization

Share Repurchase Authorization	6 Months Ended
	Jun. 29, 2024
Share Repurchase Program [Abstract]
Share Repurchase [Text Block]	In February 2024, the Onto Innovation Board of Directors approved a new share repurchase authorization, which allows the Company to repurchase up to $ 200,000 worth of shares of its common stock. Repurchases may be made through both public market and private transactions from time to time. Any amount paid to repurchase the shares in excess of par value, including transaction costs, would be recorded directly as a decrease to additional paid-in capital and accumulated earnings. During the three and six month periods ended June 29, 2024, no shares of the Company’s common stock were repurchased under the share repurchase authorization. At June 29, 2024, there was $ 200,000 available for future share repurchases under this share repurchase authorization.

Restructuring

Restructuring	6 Months Ended
	Jun. 29, 2024
Restructuring Charges [Abstract]
Restructuring	NOTE 16. Restructuring From time to time, the Company approves restructuring plans, which include workforce reductions, to streamline operations and align the Company’s cost structure with its business outlook. These restructuring plans may result in charges to cost of goods sold for streamlining of certain manufacturing activities or for inventory write-downs primarily related to the exit of older product lines. Charges to operating expenses primarily include employee severance costs that are paid during the period incurred. Restructuring expenses recorded in the Condensed Consolidated Statements of Operations are as follows: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Cost of goods sold $ 703 $ — $ 1,491 $ 2,279 Operating expenses 621 1,192 879 3,226 Total restructuring expenses $ 1,324 $ 1,192 $ 2,370 $ 5,505

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 29, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Plan Elections During the fiscal quarter ended June 29, 2024, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 105b-1 trading arrangement” (as those terms are defined in Item 408 of Regulation S-K).
Rule 10b5-1 Arrangement Adopted	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates made by management include excess and obsolete inventory, fair value of assets acquired and liabilities assumed in a business combination, recoverability and useful lives of property, plant and equipment and identifiable intangible assets, recoverability of goodwill, recoverability of deferred tax assets, allowance for credit losses, liabilities for product warranty, share-based payments and liabilities for tax uncertainties. Actual results could differ from those estimates. These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances. The Company may engage third-party valuation specialists to assist with estimates related to the valuation of financial instruments, assets and stock awards associated with various contractual arrangements. Such estimates often require the selection of appropriate valuation methodologies and significant judgment. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material.
Adoption of Accounting Standards	Adoption of Accounting Standards Recently Adopted or Effective There have been no recent accounting pronouncements or changes in accounting pronouncements during the three and six months ended June 29, 2024, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, that are of significance, or potential significance, to the Company. Updates Not Yet Effective In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment including information about the reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is required to adopt this standard in fiscal year 2024 for the annual reporting period ending December 28, 2024, with retrospective disclosure of prior periods presented. The Company is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is required to adopt this standard prospectively in fiscal year 2025 for the annual reporting period ending December 27, 2025. The Company is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements.

Fair Value Measurements - (Tabl

Fair Value Measurements - (Tables)	6 Months Ended
	Jun. 29, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis	The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at June 29, 2024 and December 30, 2023: Fair Value Measurements Using June 29, December 30, Assets: Available-for-sale debt securities: Government notes and bonds $ 257,077 $ 195,800 Certificates of deposit 79,858 67,467 Commercial paper 128,529 99,635 Corporate bonds 147,997 101,401 Foreign currency forward contracts 521 — Total assets $ 613,982 $ 464,303 Liabilities: Foreign currency forward contracts $ — $ 1,370 Total Liabilities $ — $ 1,370

Marketable Securities - (Tables

Marketable Securities - (Tables)	6 Months Ended
	Jun. 29, 2024
Marketable Securities [Abstract]
Schedule of Marketable Securities by Category	At June 29, 2024 and December 30, 2023, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value June 29, 2024 Government notes and bonds $ 257,443 $ 9 $ 375 $ 257,077 Certificates of deposit 79,860 19 21 79,858 Commercial paper 128,570 15 56 128,529 Corporate bonds 148,102 90 195 147,997 Total marketable securities $ 613,975 $ 133 $ 647 $ 613,461 December 30, 2023 Government notes and bonds $ 195,733 $ 393 $ 326 $ 195,800 Certificates of deposit 67,377 93 3 67,467 Commercial paper 99,591 54 10 99,635 Corporate bonds 101,146 391 136 101,401 Total marketable securities $ 463,847 $ 931 $ 475 $ 464,303
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities Classified by Maturity Date	The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at June 29, 2024 and December 30, 2023: June 29, 2024 December 30, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 448,563 $ 448,166 $ 331,136 $ 330,937 Due after one through five years 119,037 118,920 132,711 133,366 Due after five through ten years — — — — Due after ten years 46,375 46,375 — — Total marketable securities $ 613,975 $ 613,461 $ 463,847 $ 464,303
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]	The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at June 29, 2024 and December 30, 2023: In Unrealized Loss Position For In Unrealized Loss Position For Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 29, 2024 Government notes and bonds $ 107,898 $ 262 $ 38,854 $ 114 Certificates of deposit 26,520 21 — — Commercial paper 92,029 56 — — Corporate bonds 81,490 163 10,634 31 Total $ 307,937 $ 502 $ 49,488 $ 145 December 30, 2023 Government notes and bonds $ 82,776 $ 325 $ 180 $ 1 Certificates of deposit 11,839 3 — — Commercial paper 20,121 10 — — Corporate bonds 20,268 103 5,999 33 Total $ 135,004 $ 441 $ 6,179 $ 34

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Forward Contracts and Related Fair Values	The dollar equivalent of the U.S. dollar forward contracts and related fair values as of June 29, 2024 and December 30, 2023 were as follows: June 29, 2024 December 30, 2023 Notional amount $ 47,175 $ 51,551 Fair value of asset (liability) $ 521 $ ( 1,370 )

Purchased Intangible Assets (Ta

Purchased Intangible Assets (Tables)	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Purchased Intangible Assets	Intangible Assets Purchased intangible assets as of June 29, 2024 and December 30, 2023 are as follows: Gross Carrying Amount Accumulated Amortization Net June 29, 2024 Finite-lived intangibles: Developed technology $ 378,246 $ 277,687 $ 100,559 Customer and distributor relationships 73,321 37,076 36,245 Trademarks and trade names 14,171 9,775 4,396 Total identifiable intangible assets $ 465,738 $ 324,538 $ 141,200 December 30, 2023 Finite-lived intangibles: Developed technology $ 378,197 $ 254,350 $ 123,847 Customer and distributor relationships 73,321 34,782 38,539 Trademarks and trade names 14,171 9,182 4,989 Total identifiable intangible assets $ 465,689 $ 298,314 $ 167,375
Schedule of Estimated Future Amortization Expenses	Assuming no change in the gross carrying value of identifiable intangible assets and estimated lives, future estimated amortization expenses are: Expected Amortization Fiscal Year: Expense 2024 (remainder) $ 22,963 2025 32,587 2026 31,394 2027 23,173 2028 12,288 2029 5,038 Thereafter 13,757 Total $ 141,200

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 29, 2024
Balance Sheet Detail [Abstract]
Schedule of Inventories	Inventories, net are comprised of the following: June 29, 2024 December 30, 2023 Materials $ 212,447 $ 234,471 Work-in-process 80,732 67,816 Finished goods 26,533 25,486 Total inventories, net $ 319,712 $ 327,773
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment, net is comprised of the following: June 29, 2024 December 30, 2023 Machinery and equipment $ 79,939 $ 69,828 Land and building 47,809 47,889 Computer equipment and software 25,190 17,790 Leasehold improvements 22,177 22,089 Furniture and fixtures 3,967 3,921 179,082 161,517 Accumulated depreciation ( 63,615 ) ( 57,906 ) Total property, plant and equipment, net $ 115,467 $ 103,611
Schedule of Other Assets	Other assets are comprised of the following: June 29, 2024 December 30, 2023 Operating lease right-of-use assets $ 16,222 $ 18,360 Other 2,130 2,452 Total other assets $ 18,352 $ 20,812
Schedule of Accrued Liabilities	Accrued liabilities are comprised of the following: June 29, 2024 December 30, 2023 Payroll and related expenses $ 31,561 $ 33,052 Warranty 8,752 8,934 Other 137 76 Total accrued liabilities $ 40,450 $ 42,062
Schedule of Other Current Liabilities	Other current liabilities are comprised of the following: June 29, 2024 December 30, 2023 Customer deposits $ 8,799 $ 9,972 Current operating lease obligations 5,564 5,494 Income tax payable 3,649 3,210 Accrued professional fees 1,338 1,751 Other accrued taxes 5,276 3,570 Other 3,804 7,035 Total other current liabilities $ 28,430 $ 31,032
Schedule of Other Non-Current Liabilities	Other non-current liabilities are comprised of the following: June 29, 2024 December 30, 2023 Non-current operating lease obligations $ 12,130 $ 14,027 Unrecognized tax benefits (including interest) 8,294 7,358 Deferred revenue 3,114 2,462 Other 1,782 1,604 Total other non-current liabilities $ 25,320 $ 25,451

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in Warranty Reserves	Changes in the Company’s warranty reserves are as follows: Six Months Ended June 29, July 1, 2024 2023 Balance, beginning of the period $ 9,380 $ 11,830 Accruals 5,653 4,659 Usage ( 5,768 ) ( 6,708 ) Balance, end of the period $ 9,265 $ 9,781

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table represents a disaggregation of revenue by timing of revenue: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Point-in-time $ 227,733 $ 178,325 $ 441,582 $ 364,699 Over-time 14,594 12,337 29,590 25,128 Total revenue $ 242,327 $ 190,662 $ 471,172 $ 389,827
Schedule of Changes in Deferred Revenue	Changes in deferred revenue were as follows: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Balance, beginning of the period $ 28,879 $ 30,383 $ 27,225 $ 33,014 Deferral of revenue 17,373 18,214 34,675 34,290 Recognition of current year deferred revenue ( 10,718 ) ( 14,464 ) ( 20,243 ) ( 23,134 ) Recognition of prior period deferred revenue ( 4,253 ) ( 6,877 ) ( 10,376 ) ( 16,914 ) Balance, end of the period $ 31,281 $ 27,256 $ 31,281 $ 27,256

Share-Based Compensation - (Tab

Share-Based Compensation - (Tables)	6 Months Ended
	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Unit Activity	A summary of the Company’s restricted stock unit activity with respect to the six months ended June 29, 2024 is as follows: Number of Shares Weighted Average Nonvested at December 30, 2023 584 $ 85.41 Granted 156 $ 192.42 Vested ( 309 ) $ 81.01 Forfeited ( 7 ) $ 87.90 Nonvested at June 29, 2024 424 $ 127.98

Other Expense, Net (Tables)

Other Expense, Net (Tables)	6 Months Ended
	Jun. 29, 2024
Other Income Expense [Abstract]
Schedule of Other Expense, Net	Other (expense) income, net, is comprised of the following: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Foreign currency exchange (losses) gains, net $ ( 54 ) $ ( 1,800 ) $ 589 $ ( 2,107 ) Other ( 6 ) 90 145 116 Total other (expense) income, net $ ( 60 ) $ ( 1,710 ) $ 734 $ ( 1,991 )

Income Taxes - (Tables)

Income Taxes - (Tables)	6 Months Ended
	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Details of Income Tax	The following table provides details of income taxes: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Income before income taxes $ 57,269 $ 27,855 $ 108,161 $ 60,057 Provision for income taxes $ 4,320 $ 1,959 $ 8,359 $ 5,093 Effective tax rate 8 % 7 % 8 % 8 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The Company’s basic and diluted earnings per share amounts are as follows: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Numerator: Net income $ 52,949 $ 25,896 $ 99,802 $ 54,964 Denominator: Basic earnings per share - weighted average shares 49,342 48,976 49,286 48,865 Effect of potential dilutive securities: Restricted stock units and employee stock 332 298 370 310 Diluted earnings per share - weighted average shares 49,674 49,274 49,656 49,175 Earnings per share: Basic $ 1.07 $ 0.53 $ 2.02 $ 1.12 Diluted $ 1.07 $ 0.53 $ 2.01 $ 1.12

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 29, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of Accumulated Other Comprehensive Loss, Net of Tax	The components of accumulated other comprehensive loss, net of tax, were as follows: Foreign currency Net unrealized gains (losses) on Accumulated other Balance at December 30, 2023 $ ( 8,664 ) $ 765 $ ( 7,899 ) Net current period other comprehensive loss ( 4,589 ) ( 858 ) ( 5,447 ) Balance at June 29, 2024 $ ( 13,253 ) $ ( 93 ) $ ( 13,346 ) Foreign currency Net unrealized (losses) gains on Accumulated other Balance at December 31, 2022 $ ( 7,115 ) $ ( 2,895 ) $ ( 10,010 ) Net current period other comprehensive (loss) income ( 1,908 ) 1,229 ( 679 ) Balance at July 1, 2023 $ ( 9,023 ) $ ( 1,666 ) $ ( 10,689 )

Segment Reporting and Geograp_2

Segment Reporting and Geographic Information - (Tables)	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Schedule of Revenue from External Customers by Products and Services	The following table lists the different sources of revenue: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Systems and software $ 210,428 87 % $ 159,353 83 % $ 405,264 86 % $ 326,177 84 % Parts 16,788 7 % 18,142 10 % 36,896 8 % 38,565 10 % Services 15,111 6 % 13,167 7 % 29,012 6 % 25,085 6 % Total revenue $ 242,327 100 % $ 190,662 100 % $ 471,172 100 % $ 389,827 100 %
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area	For geographical revenue reporting, revenue is attributed to the geographic location to which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Revenue from third parties: South Korea $ 70,705 $ 37,840 $ 150,943 $ 83,313 Taiwan 59,630 31,013 130,733 57,718 China 33,115 41,957 54,110 78,509 Southeast Asia 24,130 25,680 40,207 42,980 United States 18,916 33,237 39,784 73,951 Japan 19,278 13,732 32,613 28,235 Europe 16,553 7,203 22,782 25,121 Total revenue $ 242,327 $ 190,662 $ 471,172 $ 389,827
Schedule of Revenue by Major Customer by Reporting Segments	The following customers accounted for 10% or more of total revenue for the indicated periods: Six Months Ended June 29, July 1, 2024 2023 Taiwan Semiconductor Manufacturing Co. Ltd. 23 % 13 % Samsung Semiconductor 20 % 21 % SK Hynix Inc. 13 % ^ ^ The customer accounted for less than 10% of total revenue during the period. One customer’s net accounts receivable balance, Taiwan Semiconductor Manufacturing Co. Ltd. was individually greater than 10 % of net accounts receivable at June 29, 2024, approximately 21 % of the Company’s total net accounts receivable. Two customers’ net accounts receivable balances, Taiwan Semiconductor Manufacturing Co. Ltd. and Samsung Semiconductor, were individually greater than 10 % of net accounts receivable at December 30, 2023, in the aggregate approximately 29 % of the Company’s total net accounts receivable. Substantially all of the Company’s long-lived assets are located within the United States of America.

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 613,461	$ 464,303
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	613,982	464,303
Foreign currency forward contracts	0	1,370
Foreign Currency Contracts,Asset, Fair Value Disclosure	521	0
Total liabilities	0	1,370
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Government notes and bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	257,077	195,800
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of deposits [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	79,858	67,467
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	128,529	99,635
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 147,997	$ 101,401

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities by Category (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 613,975	$ 463,847
Gross Unrealized Holding Gains	133	931
Gross Unrealized Holding Losses	647	475
Fair Value	613,461	464,303
Government notes and bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	257,443	195,733
Gross Unrealized Holding Gains	9	393
Gross Unrealized Holding Losses	375	326
Fair Value	257,077	195,800
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	79,860	67,377
Gross Unrealized Holding Gains	19	93
Gross Unrealized Holding Losses	21	3
Fair Value	79,858	67,467
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	128,570	99,591
Gross Unrealized Holding Gains	15	54
Gross Unrealized Holding Losses	56	10
Fair Value	128,529	99,635
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	148,102	101,146
Gross Unrealized Holding Gains	90	391
Gross Unrealized Holding Losses	195	136
Fair Value	$ 147,997	$ 101,401

Marketable Securities - Sched_2

Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities Classified by Maturity Date (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Amortized Cost, Due within one year	$ 448,563	$ 331,136
Amortized Cost, Due after one through five years	119,037	132,711
Amortized Cost, Due after five through ten years	0	0
Amortized Cost, Due after ten years	46,375	0
Amortized Cost	613,975	463,847
Fair Value, Due within one year	448,166	330,937
Fair Value, Due after one through five years	118,920	133,366
Fair Value, Due after five through ten years	0	0
Fair Value, Due after ten years	46,375	0
Fair Value, Total marketable securities	$ 613,461	$ 464,303

Marketable Securities - Summary

Marketable Securities - Summary of Estimated Fair Value and Gross Unrealized Holding Losses of Marketable Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	$ 307,937	$ 135,004
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	502	441
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	49,488	6,179
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	145	34
Government notes and bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	107,898	82,776
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	262	325
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	38,854	180
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	114	1
Certificates of deposits [Member]
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	26,520	11,839
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	21	3
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	0	0
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	0	0
Commercial paper [Member]
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	92,029	20,121
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	56	10
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	0	0
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	0	0
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	81,490	20,268
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	163	103
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	10,634	5,999
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	$ 31	$ 33

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Forward Contracts and Related Fair Values (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional amount	$ 47,175	$ 51,551
Fair value of assets (liability)	$ 521	$ (1,370)

Purchased Intangible Assets - S

Purchased Intangible Assets - Schedule of Purchased Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Finite Lived Intangible Assets [Line Items]
Finite-lived intangibles assets, Net	$ 141,200
Identifiable intangibles assets, Gross Carrying Amount	465,738	$ 465,689
Identifiable intangibles assets, Accumulated Amortization	324,538	298,314
Identifiable intangibles assets, Net	141,200	167,375
Developed technology [Member]
Finite Lived Intangible Assets [Line Items]
Finite-lived intangibles assets, Gross Carrying Amount	378,246	378,197
Finite-lived intangibles assets, Accumulated Amortization	277,687	254,350
Finite-lived intangibles assets, Net	100,559	123,847
Customer and distributor relationships [Member]
Finite Lived Intangible Assets [Line Items]
Finite-lived intangibles assets, Gross Carrying Amount	73,321	73,321
Finite-lived intangibles assets, Accumulated Amortization	37,076	34,782
Finite-lived intangibles assets, Net	36,245	38,539
Trademarks and trade names [Member]
Finite Lived Intangible Assets [Line Items]
Finite-lived intangibles assets, Gross Carrying Amount	14,171	14,171
Finite-lived intangibles assets, Accumulated Amortization	9,775	9,182
Finite-lived intangibles assets, Net	$ 4,396	$ 4,989

Purchased Intangible Assets -_2

Purchased Intangible Assets - Schedule of Estimated Future Amortization Expenses (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024 (remainder)	$ 22,963
2025	32,587
2026	31,394
2027	23,173
2028	12,288
2029	5,038
Thereafter	13,757
Finite-lived intangibles assets, Net	$ 141,200

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Inventory Details [Abstract]
Materials	$ 212,447	$ 234,471
Work-in-process	80,732	67,816
Finished goods	26,533	25,486
Total inventories, net	$ 319,712	$ 327,773

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 179,082	$ 161,517
Accumulated depreciation and amortization	(63,615)	(57,906)
Total property, plant and equipment, net	115,467	103,611
Land and building [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	47,809	47,889
Machinery and equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	79,939	69,828
Furniture and fixtures [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	3,967	3,921
Computer equipment and software [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	25,190	17,790
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 22,177	$ 22,089

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Other Assets [Abstract]
Operating lease right-of-use assets	$ 16,222	$ 18,360
Other	2,130	2,452
Total other assets	$ 18,352	$ 20,812

Balance Sheet Details - Sched_4

Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Accrued Liabilities, Current [Abstract]
Payroll and related expenses	$ 31,561	$ 33,052
Warranty	8,752	8,934
Other	137	76
Total accrued liabilities	$ 40,450	$ 42,062

Balance Sheet Details - Sched_5

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Other Liabilities, Current [Abstract]
Customer deposits	$ 8,799	$ 9,972
Current operating lease obligations	5,564	5,494
Income tax payable	3,649	3,210
Accrued professional fees	1,338	1,751
Other accrued taxes	5,276	3,570
Other	3,804	7,035
Total other current liabilities	$ 28,430	$ 31,032

Balance Sheet Details - Sched_6

Balance Sheet Details - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Other Liabilities, Noncurrent [Abstract]
Non-current operating lease obligations	$ 12,130	$ 14,027
Unrecognized tax benefits (including interest)	$ 8,294	$ 7,358
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total other non-current liabilities	Total other non-current liabilities
Deferred revenue	$ 3,114	$ 2,462
Other	1,782	1,604
Total other non-current liabilities	$ 25,320	$ 25,451

Commitments and Contingencies -

Commitments and Contingencies - Textual (Details)	6 Months Ended
	Jun. 29, 2024 USD ($)
Commitments And Contingencies [Line Items]
Liabilities recorded for obligations	$ 0
Percentage of maximum borrowing capacity of value of eligible securities	70%
Available line of credit	$ 100,000,000
Available interest rate on line of credit	7.10%
Minimum [Member]
Commitments And Contingencies [Line Items]
Warranty period	12 months
Maximum [Member]
Commitments And Contingencies [Line Items]
Warranty period	14 months
Available line of credit	$ 100,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Changes in Warranty Reserves (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Balance, beginning of the period	$ 9,380	$ 11,830
Accruals	5,653	4,659
Usage	(5,768)	(6,708)
Balance, end of the period	$ 9,265	$ 9,781

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Timing of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 242,327	$ 190,662	$ 471,172	$ 389,827
Transferred at Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	227,733	178,325	441,582	364,699
Transferred Over Time [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 14,594	$ 12,337	$ 29,590	$ 25,128

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Revenue from Contract with Customer [Abstract]
Long-term deferred revenue	$ 3,114	$ 2,462

Revenue - Schedule of Changes i

Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Deferred Revenue Disclosure [Abstract]
Balance, beginning of the period	$ 28,879	$ 30,383	$ 27,225	$ 33,014
Deferral of revenue	17,373	18,214	34,675	34,290
Revenue Recognized - Current Year	(10,718)	(14,464)	(20,243)	(23,134)
Revenue Recognized - Prior Period	(4,253)	(6,877)	(10,376)	(16,914)
Balance, end of the period	$ 31,281	$ 27,256	$ 31,281	$ 27,256

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 29, 2024 $ / shares shares
Activity for RSUs [Roll Forward]
Number of Shares, Beginning balance (in shares) | shares	584
Number of Shares, Granted (in shares) | shares	156
Number of Shares, Vested (in shares) | shares	(309)
Number of Shares, Forfeited (in shares) | shares	(7)
Number of Shares, Ending balance (in shares) | shares	424
Weighted Average Grant Date Fair Value for RSUs [Roll Forward]
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares	$ 85.41
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares	192.42
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	81.01
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	87.9
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares	$ 127.98

Share-Based Compensation - Text

Share-Based Compensation - Textual (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of nonvested shares outstanding	424	584
Weighted average grant-date fair value per share	$ 127.98	$ 85.41
Total unrecognized compensation cost related to restricted stock units granted	$ 39,921	$ 26,559
Unrecognized compensation cost related to restricted stock units, weighted average period	1 year 7 months 6 days	1 year 4 months 24 days
Restricted Stock Units, Service-Based RSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of nonvested shares outstanding	342,000
Performance Restricted Stock Units (PRSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of nonvested shares outstanding	82,000
Weighted average grant-date fair value per share	$ 251.51	$ 100.79

Other Expense, Net - Schedule o

Other Expense, Net - Schedule of Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Other Income Expense [Abstract]
Foreign currency exchange losses, net	$ (54)	$ (1,800)	$ 589	$ (2,107)
Other	(6)	90	145	116
Total other expense, net	$ (60)	$ (1,710)	$ 734	$ (1,991)

Income Taxes - Details of Incom

Income Taxes - Details of Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 57,269	$ 27,855	$ 108,161	$ 60,057
Provision for income taxes	$ 4,320	$ 1,959	$ 8,359	$ 5,093
Effective tax rate	8%	7%	8%	8%

Income Taxes - Textual (Details

Income Taxes - Textual (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 13,960	$ 13,960

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Net Income	$ 52,949	$ 46,853	$ 25,896	$ 29,068	$ 99,802	$ 54,964
Basic earnings per share - weighted average shares outstanding	49,342		48,976		49,286	48,865
Employee stock options, employee stock purchase grants and restricted stock units - dilutive shares	332		298		370	310
Diluted earnings per share - weighted average shares outstanding	49,674		49,274		49,656	49,175
Earnings per share:
Basic	$ 1.07		$ 0.53		$ 2.02	$ 1.12
Diluted	$ 1.07		$ 0.53		$ 2.01	$ 1.12

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance - Beginning Balance	$ 1,736,535	$ 1,596,426
Balance - Ending Balance	1,831,676	1,656,714
Accumulated Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance - Beginning Balance	(8,664)	(7,115)
Net current period other comprehensive income	(4,589)	(1,908)
Balance - Ending Balance	(13,253)	(9,023)
Accumulated Net Unrealized Losses on Available-for-sale Marketable Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance - Beginning Balance	765	(2,895)
Net current period other comprehensive income	(858)	1,229
Balance - Ending Balance	(93)	(1,666)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance - Beginning Balance	(7,899)	(10,010)
Net current period other comprehensive income	(5,447)	(679)
Balance - Ending Balance	$ (13,346)	$ (10,689)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Accumulated Other Comprehensive Loss [Abstract]
Tax Effect Marketable Securities	$ 236	$ (264)

Segment Reporting and Geograp_3

Segment Reporting and Geographic Information - Additional Information (Details)	6 Months Ended		12 Months Ended
	Jun. 29, 2024 Segment Customer	Jul. 01, 2023	Dec. 30, 2023 Customer
Concentration Risk [Line Items]
Number of reportable segments | Segment	1
Concentration Risk, Percentage	100%	100%
Taiwan Semiconductor Manufacturing Company Limited [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	21%
Taiwan Semiconductor Manufacturing Company Limited Samsung Semiconductor [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			29%
Significant Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Number Of Major Customers | Customer	1		2
Concentration Risk, Percentage	10%		10%

Segment Reporting and Geograp_4

Segment Reporting and Geographic Information - Schedule of Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 242,327	$ 190,662	$ 471,172	$ 389,827
Concentration risk, percentage			100%	100%
Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	100%	100%
Systems and Software [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 210,428	$ 159,353	$ 405,264	$ 326,177
Systems and Software [Member] | Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	87%	83%	86%	84%
Parts Revenue [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 16,788	$ 18,142	$ 36,896	$ 38,565
Parts Revenue [Member] | Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	7%	10%	8%	10%
Service Revenue [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 15,111	$ 13,167	$ 29,012	$ 25,085
Service Revenue [Member] | Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	6%	7%	6%	6%

Segment Reporting and Geograp_5

Segment Reporting and Geographic Information - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 242,327	$ 190,662	$ 471,172	$ 389,827
South Korea [Member]
Segment Reporting Information [Line Items]
Total revenue	70,705	37,840	150,943	83,313
China [Member]
Segment Reporting Information [Line Items]
Total revenue	33,115	41,957	54,110	78,509
United States [Member]
Segment Reporting Information [Line Items]
Total revenue	18,916	33,237	39,784	73,951
Taiwan [Member]
Segment Reporting Information [Line Items]
Total revenue	59,630	31,013	130,733	57,718
Southeast Asia [Member]
Segment Reporting Information [Line Items]
Total revenue	24,130	25,680	40,207	42,980
Japan [Member]
Segment Reporting Information [Line Items]
Total revenue	19,278	13,732	32,613	28,235
Europe [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 16,553	$ 7,203	$ 22,782	$ 25,121

Segment Reporting and Geograp_6

Segment Reporting and Geographic Information - Schedule of Revenue by Major Customer by Reporting Segments (Details)	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Concentration Risk [Line Items]
Customer concentration risk percentage	100%	100%
Customer Concentration Risk | Sales [Member] | Taiwan Semiconductor Manufacturing Co. Ltd. [Member]
Concentration Risk [Line Items]
Customer concentration risk percentage	23%	13%
Customer Concentration Risk | Sales [Member] | SK Hynix Inc. [Member]
Concentration Risk [Line Items]
Customer concentration risk percentage	13%
Customer Concentration Risk | Sales [Member] | Samsung Semiconductor [Member]
Concentration Risk [Line Items]
Customer concentration risk percentage	20%	21%

Share Repurchase Authorization

Share Repurchase Authorization - Textual (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Feb. 27, 2024
Share Repurchase Program [Line Items]
Stock Repurchased and Retired During Period, Shares	0
Share Repurchase Program, Remaining Authorized, Amount	$ 200,000
Maximum [Member]
Share Repurchase Program [Line Items]
Share Repurchase Program, Authorized, Amount		$ 200,000

Disclosure - Restructuring (Add

Disclosure - Restructuring (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Restructuring Charges [Abstract]
Restructuring cost in cost of goods sold	$ 703	$ 0	$ 1,491	$ 2,279
RestructuringCost	1,324	1,192	2,370	5,505
Restructuring costs in operating expenses	$ 621	$ 1,192	$ 879	$ 3,226