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 |