Onto Innovation (ONTO) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 28, 2024	Oct. 15, 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	Sep. 28, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		49,391,299
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		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 252,210	$ 207,185	$ 723,382	$ 597,012
Cost of revenue	115,831	100,333	340,482	284,724
Gross profit	136,379	106,852	382,900	312,288
Operating expenses:
Research and development	28,277	26,136	81,876	80,421
Sales and marketing	19,451	14,755	56,746	46,416
General and administrative	22,465	18,131	60,298	56,130
Amortization	13,114	13,824	39,338	41,473
Total operating expenses	83,307	72,846	238,258	224,440
Operating income	53,072	34,006	144,642	87,848
Interest income, net	8,667	5,694	24,524	13,900
Other expense, net	(724)	(1,001)	10	(2,992)
Income before provision for income taxes	61,015	38,699	169,176	98,756
Provision for income taxes	7,964	2,813	16,323	7,906
Net Income, Total	$ 53,051	$ 35,886	$ 152,853	$ 90,850
Earnings per share:
Basic	$ 1.07	$ 0.73	$ 3.1	$ 1.86
Diluted	$ 1.07	$ 0.73	$ 3.08	$ 1.84
Weighted average shares outstanding:
Basic	49,426	49,043	49,333	48,933
Diluted	49,694	49,401	49,669	49,259

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 53,051	$ 35,886	$ 152,853	$ 90,850
Other comprehensive loss, net of tax:
Change in net unrealized gains (losses) on available-for-sale marketable securities	2,162	672	1,304	1,901
Change in currency translation adjustments	4,859	(2,761)	270	(4,669)
Total other comprehensive loss, net of tax	7,021	(2,089)	1,574	(2,768)
Total comprehensive income	$ 60,072	$ 33,797	$ 154,427	$ 88,082

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Current Assets:
Cash and cash equivalents	$ 188,738	$ 233,508
Marketable securities	666,666	464,303
Accounts receivable, less allowance of $2,613 and $2,659	253,716	226,556
Inventories, net	308,304	327,773
Prepaid expenses and other current assets	40,524	31,127
Total current assets	1,457,948	1,283,267
Property, plant and equipment, net	120,090	103,611
Goodwill	315,811	315,811
Identifiable intangible assets, net	128,086	167,375
Deferred income taxes	34,760	18,836
Other assets	16,670	20,812
Total assets	2,073,365	1,909,712
Current liabilities:
Accounts payable	47,986	49,869
Accrued liabilities	43,590	42,062
Deferred revenue	26,769	24,763
Other current liabilities	26,391	31,032
Total current liabilities	144,736	147,726
Other non-current liabilities	25,104	25,451
Total liabilities	169,840	173,177
Commitments and contingencies
Stockholders’ equity:
Common stock	49	49
Additional paid-in capital	1,274,592	1,262,029
Accumulated other comprehensive loss	(6,325)	(7,899)
Retained earnings	635,209	482,356
Total stockholders’ equity	1,903,525	1,736,535
Total liabilities and stockholders’ equity	$ 2,073,365	$ 1,909,712

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Allowances for doubtful accounts	$ 2,613	$ 2,659

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 152,853	$ 90,850
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Amortization of intangibles	39,338	41,473
Depreciation	10,818	9,018
Share-based compensation	21,826	19,913
Provision for inventory valuation	5,925	6,111
Deferred income taxes	(15,951)	(21,193)
Other, net	(97)	3,005
Changes in operating assets and liabilities, net of effects of business acquired	(25,035)	(38,790)
Net cash and cash equivalents provided by operating activities	189,677	110,387
Cash flows from investing activities:
Purchases of marketable securities	(538,132)	(360,273)
Proceeds from maturities and sales of marketable securities	342,958	314,124
Purchases of property, plant and equipment	(27,277)	(20,110)
Net cash and cash equivalents used in investing activities	(222,451)	(66,259)
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	(18,441)	(10,367)
Payment for Contingent Consideration Liability, Financing Activities	737	803
Issuance of shares through share-based compensation plans	9,178	5,285
Net cash and cash equivalents used in financing activities	(10,000)	(9,082)
Effect of exchange rate changes on cash and cash equivalents	(1,996)	(4,333)
Net increase (decrease) in cash and cash equivalents	(44,770)	30,713
Cash and cash equivalents at beginning of period	233,508	175,872
Cash and cash equivalents at end of period	188,738	206,585
Supplemental disclosure of cash flow information:
Income taxes paid (net of refunds)	$ 30,232	$ 28,935

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	90,850
Currency translation	(4,669)
Balance - Ending Balance at Sep. 30, 2023	1,696,142	$ 49	1,256,824	(12,778)	452,047
Balance, shares - Ending Balance at Sep. 30, 2023		49,078
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
Net Income	35,886				35,886
Share-based compensation	6,049		6,049
Issuance of shares through share-based compensation plans, Shares		109
Share-based compensation plan withholdings	418		418
Share-based compensation plan withholdings, Shares		3
Currency translation	(2,761)			(2,761)
Unrealized gain (loss) on investments	672			672
Balance - Ending Balance at Sep. 30, 2023	1,696,142	$ 49	1,256,824	(12,778)	452,047
Balance, shares - Ending Balance at Sep. 30, 2023		49,078
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	$ 152,853
Purchases of common stock (in shares)	0
Currency translation	$ 270
Balance - Ending Balance at Sep. 28, 2024	1,903,525	$ 49	1,274,592	(6,325)	635,209
Balance, shares - Ending Balance at Sep. 28, 2024		49,390
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
Net Income	53,051				53,051
Share-based compensation	7,096		7,096
Issuance of shares through share-based compensation plans	5,163		5,163
Issuance of shares through share-based compensation plans, Shares		53
Share-based compensation plan withholdings	482		482
Share-based compensation plan withholdings, Shares		2
Currency translation	4,859			4,859
Unrealized gain (loss) on investments	2,162			2,162
Balance - Ending Balance at Sep. 28, 2024	$ 1,903,525	$ 49	$ 1,274,592	$ (6,325)	$ 635,209
Balance, shares - Ending Balance at Sep. 28, 2024		49,390

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 28, 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 nine months ended September 28, 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 ended on September 28, 2024. Our fiscal year ended December 30, 2023 was a 52-week fiscal year. The third quarter of the fiscal year ended December 30, 2023 ended on September 30, 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 nine months ended September 28, 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 expects there will be no material impact on its Consolidated Financial Statements from the adoption of ASU 2023-07. 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	9 Months Ended
	Sep. 28, 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 September 28, 2024 and December 30, 2023: Fair Value Measurements Using September 28, December 30, Assets: Available-for-sale debt securities: Government notes and bonds $ 287,509 $ 195,800 Certificates of deposit 75,435 67,467 Commercial paper 157,915 99,635 Corporate bonds 145,807 101,401 Total assets $ 666,666 $ 464,303 Liabilities: Foreign currency forward contracts $ 605 $ 1,370 Total liabilities $ 605 $ 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	9 Months Ended
	Sep. 28, 2024
Marketable Securities [Abstract]
Marketable Securities	NOTE 3. Marketable Securities At September 28, 2024 and December 30, 2023, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value September 28, 2024 Government notes and bonds $ 286,447 $ 1,064 $ 2 $ 287,509 Certificates of deposit 75,320 115 — 75,435 Commercial paper 157,641 278 4 157,915 Corporate bonds 145,028 788 9 145,807 Total marketable securities $ 664,436 $ 2,245 $ 15 $ 666,666 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 September 28, 2024 and December 30, 2023: September 28, 2024 December 30, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 481,132 $ 482,238 $ 331,136 $ 330,937 Due after one through five years 135,329 136,453 132,711 133,366 Due after five through ten years 235 235 — — Due after ten years 47,740 47,740 — — Total marketable securities $ 664,436 $ 666,666 $ 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 nine months ended September 28, 2024 and September 30, 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 September 28, 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 September 28, 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 September 28, 2024 Government notes and bonds $ 12,439 $ 1 $ 1,996 $ 1 Certificates of deposit 4,360 — — — Commercial paper 20,624 4 — — Corporate bonds 16,930 7 6,700 2 Total $ 54,353 $ 12 $ 8,696 $ 3 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	9 Months Ended
	Sep. 28, 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 September 28, 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 September 28, 2024 and December 30, 2023 were as follows: September 28, 2024 December 30, 2023 Notional amount $ 53,614 $ 51,551 Fair value of liability $ ( 605 ) $ ( 1,370 )

Purchased Intangible Assets

Purchased Intangible Assets	9 Months Ended
	Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Purchased Intangible Assets	NOTE 5. Purchased Intangible Assets Intangible Assets Purchased intangible assets as of September 28, 2024 and December 30, 2023 are as follows: Gross Carrying Amount Accumulated Amortization Net September 28, 2024 Finite-lived intangibles: Developed technology $ 378,246 $ 289,357 $ 88,889 Customer and distributor relationships 73,321 38,223 35,098 Trademarks and trade names 14,171 10,072 4,099 Total identifiable intangible assets $ 465,738 $ 337,652 $ 128,086 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) $ 9,849 2025 32,587 2026 31,394 2027 23,173 2028 12,288 2029 5,038 Thereafter 13,757 Total $ 128,086

Balance Sheet Details

Balance Sheet Details	9 Months Ended
	Sep. 28, 2024
Balance Sheet Detail [Abstract]
Balance Sheet Details	NOTE 6. Balance Sheet Components Inventories Inventories, net are comprised of the following: September 28, 2024 December 30, 2023 Materials $ 202,934 $ 234,471 Work-in-process 81,845 67,816 Finished goods 23,525 25,486 Total inventories, net $ 308,304 $ 327,773 Property, Plant and Equipment Property, plant and equipment, net is comprised of the following: September 28, 2024 December 30, 2023 Machinery and equipment $ 83,006 $ 69,828 Land and building 46,583 47,889 Computer equipment and software 30,348 17,790 Leasehold improvements 23,902 22,089 Furniture and fixtures 3,985 3,921 187,824 161,517 Accumulated depreciation ( 67,734 ) ( 57,906 ) Total property, plant and equipment, net $ 120,090 $ 103,611 Other assets Other assets are comprised of the following: September 28, 2024 December 30, 2023 Operating lease right-of-use assets $ 15,021 $ 18,360 Other 1,649 2,452 Total other assets $ 16,670 $ 20,812 Accrued liabilities Accrued liabilities are comprised of the following: September 28, 2024 December 30, 2023 Payroll and related expenses $ 34,050 $ 33,052 Warranty 9,483 8,934 Other 57 76 Total accrued liabilities $ 43,590 $ 42,062 Other current liabilities Other current liabilities are comprised of the following: September 28, 2024 December 30, 2023 Customer deposits $ 5,951 $ 9,972 Current operating lease obligations 5,458 5,494 Income tax payable 4,463 3,210 Accrued professional fees 815 1,751 Other accrued taxes 6,096 3,570 Other 3,608 7,035 Total other current liabilities $ 26,391 $ 31,032 Other non-current liabilities Other non-current liabilities are comprised of the following: September 28, 2024 December 30, 2023 Non-current operating lease obligations $ 10,940 $ 14,027 Unrecognized tax benefits (including interest) 8,839 7,358 Deferred revenue 3,197 2,462 Other 2,128 1,604 Total other non-current liabilities $ 25,104 $ 25,451

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 28, 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: Nine Months Ended September 28, September 30, 2024 2023 Balance, beginning of the period $ 9,380 $ 11,830 Accruals 8,756 6,670 Usage ( 7,998 ) ( 9,311 ) Balance, end of the period $ 10,138 $ 9,189 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 variable-rate 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 September 28, 2024 was $ 100 million with an available interest rate of 6.6 %. 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	9 Months Ended
	Sep. 28, 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 Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Point-in-time $ 237,935 $ 194,375 $ 679,517 $ 559,074 Over-time 14,275 12,810 43,865 37,938 Total revenue $ 252,210 $ 207,185 $ 723,382 $ 597,012 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 September 28, 2024 and December 30, 2023 , the Company carried a long-term deferred revenue balance of $ 3,197 and $ 2,462 , respectively. Changes in deferred revenue were as follows: Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Balance, beginning of the period $ 31,281 $ 27,256 $ 27,225 $ 33,014 Deferral of revenue 15,926 17,749 50,601 52,039 Recognition of current year deferred revenue ( 13,173 ) ( 13,407 ) ( 33,416 ) ( 36,542 ) Recognition of prior period deferred revenue ( 4,068 ) ( 4,867 ) ( 14,444 ) ( 21,780 ) Balance, end of the period $ 29,966 $ 26,731 $ 29,966 $ 26,731

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 28, 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 nine months ended September 28, 2024 is as follows: Number of Shares Weighted Average Nonvested at December 30, 2023 584 $ 85.41 Granted 163 $ 192.34 Vested ( 320 ) $ 81.12 Forfeited ( 13 ) $ 98.60 Nonvested at September 28, 2024 414 $ 130.34 Of the 414 nonvested shares outstanding at September 28, 2024 , 332 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 September 28, 2024 and December 30, 2023 , there was $ 34,231 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 1.4 years following both September 28, 2024 and December 30, 2023 , respectively.

Other Expense, Net

Other Expense, Net	9 Months Ended
	Sep. 28, 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 Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Foreign currency exchange losses, net $ ( 704 ) $ ( 1,009 ) $ ( 115 ) $ ( 3,116 ) Other ( 20 ) 8 125 124 Total other (expense) income, net $ ( 724 ) $ ( 1,001 ) $ 10 $ ( 2,992 )

Income Taxes

Income Taxes	9 Months Ended
	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11. Income Taxes The following table provides details of income taxes: Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Income before income taxes $ 61,015 $ 38,699 $ 169,176 $ 98,756 Provision for income taxes $ 7,964 $ 2,813 $ 16,323 $ 7,906 Effective tax rate 13 % 7 % 10 % 8 % The income tax provision for the three and nine months ended September 28, 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 nine months ended September 28, 2024 as compared to the three and nine months ended September 30, 2023 was primarily due, in each case, to an increase in quarterly earnings, partially 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 September 28, 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	9 Months Ended
	Sep. 28, 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 Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Numerator: Net income $ 53,051 $ 35,886 $ 152,853 $ 90,850 Denominator: Basic earnings per share - weighted average shares 49,426 49,043 49,333 48,933 Effect of potential dilutive securities: Restricted stock units and employee stock 268 358 336 326 Diluted earnings per share - weighted average shares 49,694 49,401 49,669 49,259 Earnings per share: Basic $ 1.07 $ 0.73 $ 3.10 $ 1.86 Diluted $ 1.07 $ 0.73 $ 3.08 $ 1.84

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 28, 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 on Accumulated other Balance at December 30, 2023 $ ( 8,664 ) $ 765 $ ( 7,899 ) Net current period other comprehensive income 270 1,304 1,574 Balance at September 28, 2024 $ ( 8,394 ) $ 2,069 $ ( 6,325 ) 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 ( 4,669 ) 1,901 ( 2,768 ) Balance at September 30, 2023 $ ( 11,784 ) $ ( 994 ) $ ( 12,778 ) For the nine months ended September 28, 2024 and September 30, 2023 , tax effects on net income of amounts recorded in other comprehensive income (loss) were $ 358 and $ 407 , respectively.

Segment Reporting and Geographi

Segment Reporting and Geographic Information	9 Months Ended
	Sep. 28, 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 Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Systems and software $ 217,135 86 % $ 169,346 82 % $ 622,400 86 % $ 495,523 83 % Parts 19,995 8 % 20,100 10 % 56,890 8 % 58,665 10 % Services 15,080 6 % 17,739 8 % 44,092 6 % 42,824 7 % Total revenue $ 252,210 100 % $ 207,185 100 % $ 723,382 100 % $ 597,012 100 % 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 Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Revenue from third parties: South Korea $ 77,014 $ 38,892 $ 227,958 $ 122,205 Taiwan 78,273 28,084 209,006 85,802 China 32,112 29,785 86,222 108,294 United States 21,979 29,805 61,763 103,756 Southeast Asia 15,589 25,060 55,796 68,040 Japan 12,559 32,597 45,172 60,832 Europe 14,684 22,962 37,465 48,083 Total revenue $ 252,210 $ 207,185 $ 723,382 $ 597,012 The following customers accounted for 10% or more of total revenue for the indicated periods: Nine Months Ended September 28, September 30, 2024 2023 Customer A 20 % 11 % Customer B 19 % 20 % Customer C 13 % ^ ^ The customer accounted for less than 10% of total revenue during the period. Three customers’ net accounts receivable balances, were individually greater than 10 % of net accounts receivable at September 28, 2024 , representing, in the aggregate approximately 43 % of the Company’s total net accounts receivable. Two customers’ net accounts receivable balances, were individually greater than 10 % of net accounts receivable at December 30, 2023 , representing, 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	9 Months Ended
	Sep. 28, 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 million 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 nine months ended September 28, 2024 , no shares of the Company’s common stock were repurchased under the share repurchase authorization. At September 28, 2024 , there was $ 200 million available for future share repurchases under this share repurchase authorization.

Restructuring

Restructuring	9 Months Ended
	Sep. 28, 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 and charges for streamlining of certain operating activities. Restructuring expenses recorded in the Condensed Consolidated Statements of Operations are as follows: Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Cost of goods sold $ 1,084 $ — $ 2,575 $ 2,279 Operating expenses 2,167 — 3,046 3,226 Total restructuring expenses $ 3,251 $ — $ 5,621 $ 5,505

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 28, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Plan Elections During the fiscal quarter ended September 28, 2024, the following officers, as defined in Rule 16a-1(f) under the Exchange Act, as amended, adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, as follows: On August 16, 2024, Mark R. Slicer, the Company’s Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 1,100 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 15, 2025, or earlier if all transactions under the trading arrangement are completed. On August 26, 2024, Michael P. Plisinski, the Company’s Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 152,267 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2025, or earlier if all transactions under the trading arrangement are completed. On September 11, 2024, Srinivas Vedula, the Company’s Senior Vice President of Customer Success, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of (i) up to 827 shares of our common stock and (ii) up to 100% of the shares of our common stock issued upon the settlement of 1,847 outstanding RSUs, less the number of shares traded to cover tax withholding obligations in connection with the vesting and settlement of such RSUs. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until September 11, 2025, or earlier if all transactions under the trading arrangement are completed.
Rule 10b5-1 Arrangement Adopted	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 28, 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 nine months ended September 28, 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 expects there will be no material impact on its Consolidated Financial Statements from the adoption of ASU 2023-07. 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)	9 Months Ended
	Sep. 28, 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 September 28, 2024 and December 30, 2023: Fair Value Measurements Using September 28, December 30, Assets: Available-for-sale debt securities: Government notes and bonds $ 287,509 $ 195,800 Certificates of deposit 75,435 67,467 Commercial paper 157,915 99,635 Corporate bonds 145,807 101,401 Total assets $ 666,666 $ 464,303 Liabilities: Foreign currency forward contracts $ 605 $ 1,370 Total liabilities $ 605 $ 1,370

Marketable Securities - (Tables

Marketable Securities - (Tables)	9 Months Ended
	Sep. 28, 2024
Marketable Securities [Abstract]
Schedule of Marketable Securities by Category	At September 28, 2024 and December 30, 2023, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value September 28, 2024 Government notes and bonds $ 286,447 $ 1,064 $ 2 $ 287,509 Certificates of deposit 75,320 115 — 75,435 Commercial paper 157,641 278 4 157,915 Corporate bonds 145,028 788 9 145,807 Total marketable securities $ 664,436 $ 2,245 $ 15 $ 666,666 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 September 28, 2024 and December 30, 2023: September 28, 2024 December 30, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 481,132 $ 482,238 $ 331,136 $ 330,937 Due after one through five years 135,329 136,453 132,711 133,366 Due after five through ten years 235 235 — — Due after ten years 47,740 47,740 — — Total marketable securities $ 664,436 $ 666,666 $ 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 September 28, 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 September 28, 2024 Government notes and bonds $ 12,439 $ 1 $ 1,996 $ 1 Certificates of deposit 4,360 — — — Commercial paper 20,624 4 — — Corporate bonds 16,930 7 6,700 2 Total $ 54,353 $ 12 $ 8,696 $ 3 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)	9 Months Ended
	Sep. 28, 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 September 28, 2024 and December 30, 2023 were as follows: September 28, 2024 December 30, 2023 Notional amount $ 53,614 $ 51,551 Fair value of liability $ ( 605 ) $ ( 1,370 )

Purchased Intangible Assets (Ta

Purchased Intangible Assets (Tables)	9 Months Ended
	Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Purchased Intangible Assets	Intangible Assets Purchased intangible assets as of September 28, 2024 and December 30, 2023 are as follows: Gross Carrying Amount Accumulated Amortization Net September 28, 2024 Finite-lived intangibles: Developed technology $ 378,246 $ 289,357 $ 88,889 Customer and distributor relationships 73,321 38,223 35,098 Trademarks and trade names 14,171 10,072 4,099 Total identifiable intangible assets $ 465,738 $ 337,652 $ 128,086 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) $ 9,849 2025 32,587 2026 31,394 2027 23,173 2028 12,288 2029 5,038 Thereafter 13,757 Total $ 128,086

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	9 Months Ended
	Sep. 28, 2024
Balance Sheet Detail [Abstract]
Schedule of Inventories	Inventories, net are comprised of the following: September 28, 2024 December 30, 2023 Materials $ 202,934 $ 234,471 Work-in-process 81,845 67,816 Finished goods 23,525 25,486 Total inventories, net $ 308,304 $ 327,773
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment, net is comprised of the following: September 28, 2024 December 30, 2023 Machinery and equipment $ 83,006 $ 69,828 Land and building 46,583 47,889 Computer equipment and software 30,348 17,790 Leasehold improvements 23,902 22,089 Furniture and fixtures 3,985 3,921 187,824 161,517 Accumulated depreciation ( 67,734 ) ( 57,906 ) Total property, plant and equipment, net $ 120,090 $ 103,611
Schedule of Other Assets	Other assets are comprised of the following: September 28, 2024 December 30, 2023 Operating lease right-of-use assets $ 15,021 $ 18,360 Other 1,649 2,452 Total other assets $ 16,670 $ 20,812
Schedule of Accrued Liabilities	Accrued liabilities are comprised of the following: September 28, 2024 December 30, 2023 Payroll and related expenses $ 34,050 $ 33,052 Warranty 9,483 8,934 Other 57 76 Total accrued liabilities $ 43,590 $ 42,062
Schedule of Other Current Liabilities	Other current liabilities are comprised of the following: September 28, 2024 December 30, 2023 Customer deposits $ 5,951 $ 9,972 Current operating lease obligations 5,458 5,494 Income tax payable 4,463 3,210 Accrued professional fees 815 1,751 Other accrued taxes 6,096 3,570 Other 3,608 7,035 Total other current liabilities $ 26,391 $ 31,032
Schedule of Other Non-Current Liabilities	Other non-current liabilities are comprised of the following: September 28, 2024 December 30, 2023 Non-current operating lease obligations $ 10,940 $ 14,027 Unrecognized tax benefits (including interest) 8,839 7,358 Deferred revenue 3,197 2,462 Other 2,128 1,604 Total other non-current liabilities $ 25,104 $ 25,451

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in Warranty Reserves	Changes in the Company’s warranty reserves are as follows: Nine Months Ended September 28, September 30, 2024 2023 Balance, beginning of the period $ 9,380 $ 11,830 Accruals 8,756 6,670 Usage ( 7,998 ) ( 9,311 ) Balance, end of the period $ 10,138 $ 9,189

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 28, 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 Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Point-in-time $ 237,935 $ 194,375 $ 679,517 $ 559,074 Over-time 14,275 12,810 43,865 37,938 Total revenue $ 252,210 $ 207,185 $ 723,382 $ 597,012
Schedule of Changes in Deferred Revenue	Changes in deferred revenue were as follows: Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Balance, beginning of the period $ 31,281 $ 27,256 $ 27,225 $ 33,014 Deferral of revenue 15,926 17,749 50,601 52,039 Recognition of current year deferred revenue ( 13,173 ) ( 13,407 ) ( 33,416 ) ( 36,542 ) Recognition of prior period deferred revenue ( 4,068 ) ( 4,867 ) ( 14,444 ) ( 21,780 ) Balance, end of the period $ 29,966 $ 26,731 $ 29,966 $ 26,731

Share-Based Compensation - (Tab

Share-Based Compensation - (Tables)	9 Months Ended
	Sep. 28, 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 nine months ended September 28, 2024 is as follows: Number of Shares Weighted Average Nonvested at December 30, 2023 584 $ 85.41 Granted 163 $ 192.34 Vested ( 320 ) $ 81.12 Forfeited ( 13 ) $ 98.60 Nonvested at September 28, 2024 414 $ 130.34

Other Expense, Net (Tables)

Other Expense, Net (Tables)	9 Months Ended
	Sep. 28, 2024
Other Income Expense [Abstract]
Schedule of Other Expense, Net	Other (expense) income, net, is comprised of the following: Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Foreign currency exchange losses, net $ ( 704 ) $ ( 1,009 ) $ ( 115 ) $ ( 3,116 ) Other ( 20 ) 8 125 124 Total other (expense) income, net $ ( 724 ) $ ( 1,001 ) $ 10 $ ( 2,992 )

Income Taxes - (Tables)

Income Taxes - (Tables)	9 Months Ended
	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Details of Income Tax	The following table provides details of income taxes: Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Income before income taxes $ 61,015 $ 38,699 $ 169,176 $ 98,756 Provision for income taxes $ 7,964 $ 2,813 $ 16,323 $ 7,906 Effective tax rate 13 % 7 % 10 % 8 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 28, 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 Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Numerator: Net income $ 53,051 $ 35,886 $ 152,853 $ 90,850 Denominator: Basic earnings per share - weighted average shares 49,426 49,043 49,333 48,933 Effect of potential dilutive securities: Restricted stock units and employee stock 268 358 336 326 Diluted earnings per share - weighted average shares 49,694 49,401 49,669 49,259 Earnings per share: Basic $ 1.07 $ 0.73 $ 3.10 $ 1.86 Diluted $ 1.07 $ 0.73 $ 3.08 $ 1.84

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 28, 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 on Accumulated other Balance at December 30, 2023 $ ( 8,664 ) $ 765 $ ( 7,899 ) Net current period other comprehensive income 270 1,304 1,574 Balance at September 28, 2024 $ ( 8,394 ) $ 2,069 $ ( 6,325 ) 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 ( 4,669 ) 1,901 ( 2,768 ) Balance at September 30, 2023 $ ( 11,784 ) $ ( 994 ) $ ( 12,778 )

Segment Reporting and Geograp_2

Segment Reporting and Geographic Information - (Tables)	9 Months Ended
	Sep. 28, 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 Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Systems and software $ 217,135 86 % $ 169,346 82 % $ 622,400 86 % $ 495,523 83 % Parts 19,995 8 % 20,100 10 % 56,890 8 % 58,665 10 % Services 15,080 6 % 17,739 8 % 44,092 6 % 42,824 7 % Total revenue $ 252,210 100 % $ 207,185 100 % $ 723,382 100 % $ 597,012 100 %
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 Nine Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Revenue from third parties: South Korea $ 77,014 $ 38,892 $ 227,958 $ 122,205 Taiwan 78,273 28,084 209,006 85,802 China 32,112 29,785 86,222 108,294 United States 21,979 29,805 61,763 103,756 Southeast Asia 15,589 25,060 55,796 68,040 Japan 12,559 32,597 45,172 60,832 Europe 14,684 22,962 37,465 48,083 Total revenue $ 252,210 $ 207,185 $ 723,382 $ 597,012
Schedule of Revenue by Major Customer by Reporting Segments	The following customers accounted for 10% or more of total revenue for the indicated periods: Nine Months Ended September 28, September 30, 2024 2023 Customer A 20 % 11 % Customer B 19 % 20 % Customer C 13 % ^ ^ The customer accounted for less than 10% of total revenue during the period. Three customers’ net accounts receivable balances, were individually greater than 10 % of net accounts receivable at September 28, 2024 , representing, in the aggregate approximately 43 % of the Company’s total net accounts receivable. Two customers’ net accounts receivable balances, were individually greater than 10 % of net accounts receivable at December 30, 2023 , representing, 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	Sep. 28, 2024	Dec. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 666,666	$ 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	666,666	464,303
Foreign currency forward contracts	605	1,370
Total liabilities	605	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	287,509	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	75,435	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	157,915	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	$ 145,807	$ 101,401

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities by Category (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 664,436	$ 463,847
Gross Unrealized Holding Gains	2,245	931
Gross Unrealized Holding Losses	15	475
Fair Value	666,666	464,303
Government notes and bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	286,447	195,733
Gross Unrealized Holding Gains	1,064	393
Gross Unrealized Holding Losses	2	326
Fair Value	287,509	195,800
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	75,320	67,377
Gross Unrealized Holding Gains	115	93
Gross Unrealized Holding Losses		3
Fair Value	75,435	67,467
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	157,641	99,591
Gross Unrealized Holding Gains	278	54
Gross Unrealized Holding Losses	4	10
Fair Value	157,915	99,635
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	145,028	101,146
Gross Unrealized Holding Gains	788	391
Gross Unrealized Holding Losses	9	136
Fair Value	$ 145,807	$ 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	Sep. 28, 2024	Dec. 30, 2023
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Amortized Cost, Due within one year	$ 481,132	$ 331,136
Amortized Cost, Due after one through five years	135,329	132,711
Amortized Cost, Due after five through ten years	235	0
Amortized Cost, Due after ten years	47,740	0
Amortized Cost	664,436	463,847
Fair Value, Due within one year	482,238	330,937
Fair Value, Due after one through five years	136,453	133,366
Fair Value, Due after five through ten years	235	0
Fair Value, Due after ten years	47,740	0
Fair Value, Total marketable securities	$ 666,666	$ 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	Sep. 28, 2024	Dec. 30, 2023
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	$ 54,353	$ 135,004
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	12	441
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	8,696	6,179
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	3	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	12,439	82,776
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	1	325
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	1,996	180
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	1	1
Certificates of deposits [Member]
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	4,360	11,839
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	0	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	20,624	20,121
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	4	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	16,930	20,268
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	7	103
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	6,700	5,999
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	$ 2	$ 33

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Forward Contracts and Related Fair Values (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional amount	$ 53,614	$ 51,551
Fair value of assets (liability)	$ (605)	$ (1,370)

Purchased Intangible Assets - S

Purchased Intangible Assets - Schedule of Purchased Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Finite Lived Intangible Assets [Line Items]
Finite-lived intangibles assets, Net	$ 128,086
Identifiable intangibles assets, Gross Carrying Amount	465,738	$ 465,689
Identifiable intangibles assets, Accumulated Amortization	337,652	298,314
Identifiable intangibles assets, Net	128,086	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	289,357	254,350
Finite-lived intangibles assets, Net	88,889	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	38,223	34,782
Finite-lived intangibles assets, Net	35,098	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	10,072	9,182
Finite-lived intangibles assets, Net	$ 4,099	$ 4,989

Purchased Intangible Assets -_2

Purchased Intangible Assets - Schedule of Estimated Future Amortization Expenses (Details) $ in Thousands	Sep. 28, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024 (remainder)	$ 9,849
2025	32,587
2026	31,394
2027	23,173
2028	12,288
2029	5,038
Thereafter	13,757
Finite-lived intangibles assets, Net	$ 128,086

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Inventory Details [Abstract]
Materials	$ 202,934	$ 234,471
Work-in-process	81,845	67,816
Finished goods	23,525	25,486
Total inventories, net	$ 308,304	$ 327,773

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 187,824	$ 161,517
Accumulated depreciation and amortization	(67,734)	(57,906)
Total property, plant and equipment, net	120,090	103,611
Land and building [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	46,583	47,889
Machinery and equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	83,006	69,828
Furniture and fixtures [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	3,985	3,921
Computer equipment and software [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,348	17,790
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 23,902	$ 22,089

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Other Assets [Abstract]
Operating lease right-of-use assets	$ 15,021	$ 18,360
Other	1,649	2,452
Total other assets	$ 16,670	$ 20,812

Balance Sheet Details - Sched_4

Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Accrued Liabilities, Current [Abstract]
Payroll and related expenses	$ 34,050	$ 33,052
Warranty	9,483	8,934
Other	57	76
Total accrued liabilities	$ 43,590	$ 42,062

Balance Sheet Details - Sched_5

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Other Liabilities, Current [Abstract]
Customer deposits	$ 5,951	$ 9,972
Current operating lease obligations	5,458	5,494
Income tax payable	4,463	3,210
Accrued professional fees	815	1,751
Other accrued taxes	6,096	3,570
Other	3,608	7,035
Total other current liabilities	$ 26,391	$ 31,032

Balance Sheet Details - Sched_6

Balance Sheet Details - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Other Liabilities, Noncurrent [Abstract]
Non-current operating lease obligations	$ 10,940	$ 14,027
Unrecognized tax benefits (including interest)	$ 8,839	$ 7,358
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total other non-current liabilities	Total other non-current liabilities
Deferred revenue	$ 3,197	$ 2,462
Other	2,128	1,604
Total other non-current liabilities	$ 25,104	$ 25,451

Commitments and Contingencies -

Commitments and Contingencies - Textual (Details)	9 Months Ended
	Sep. 28, 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	6.60%
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	$ 100,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Changes in Warranty Reserves (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Balance, beginning of the period	$ 9,380	$ 11,830
Accruals	8,756	6,670
Usage	(7,998)	(9,311)
Balance, end of the period	$ 10,138	$ 9,189

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Timing of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 252,210	$ 207,185	$ 723,382	$ 597,012
Transferred at Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	237,935	194,375	679,517	559,074
Transferred Over Time [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 14,275	$ 12,810	$ 43,865	$ 37,938

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Revenue from Contract with Customer [Abstract]
Long-term deferred revenue	$ 3,197	$ 2,462

Revenue - Schedule of Changes i

Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Deferred Revenue Disclosure [Abstract]
Balance, beginning of the period	$ 31,281	$ 27,256	$ 27,225	$ 33,014
Deferral of revenue	15,926	17,749	50,601	52,039
Revenue Recognized - Current Year	(13,173)	(13,407)	(33,416)	(36,542)
Revenue Recognized - Prior Period	(4,068)	(4,867)	(14,444)	(21,780)
Balance, end of the period	$ 29,966	$ 26,731	$ 29,966	$ 26,731

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 28, 2024 $ / shares shares
Activity for RSUs [Roll Forward]
Number of Shares, Beginning balance (in shares) | shares	584
Number of Shares, Granted (in shares) | shares	163
Number of Shares, Vested (in shares) | shares	(320)
Number of Shares, Forfeited (in shares) | shares	(13)
Number of Shares, Ending balance (in shares) | shares	414
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	192.34
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	81.12
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	98.6
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares	$ 130.34

Share-Based Compensation - Text

Share-Based Compensation - Textual (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 28, 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	414	584
Weighted average grant-date fair value per share	$ 130.34	$ 85.41
Total unrecognized compensation cost related to restricted stock units granted	$ 34,231	$ 26,559
Unrecognized compensation cost related to restricted stock units, weighted average period	1 year 4 months 24 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	332,000
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		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Other Income Expense [Abstract]
Foreign currency exchange losses, net	$ (704)	$ (1,009)	$ (115)	$ (3,116)
Other	(20)	8	125	124
Total other expense, net	$ (724)	$ (1,001)	$ 10	$ (2,992)

Income Taxes - Details of Incom

Income Taxes - Details of Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 61,015	$ 38,699	$ 169,176	$ 98,756
Provision for income taxes	$ 7,964	$ 2,813	$ 16,323	$ 7,906
Effective tax rate	13%	7%	10%	8%

Income Taxes - Textual (Details

Income Taxes - Textual (Details) - USD ($) $ in Thousands	Sep. 28, 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						9 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income	$ 53,051	$ 52,949	$ 46,853	$ 35,886	$ 25,896	$ 29,068	$ 152,853	$ 90,850
Basic earnings per share - weighted average shares outstanding	49,426			49,043			49,333	48,933
Employee stock options, employee stock purchase grants and restricted stock units - dilutive shares	268			358			336	326
Diluted earnings per share - weighted average shares outstanding	49,694			49,401			49,669	49,259
Earnings per share:
Basic	$ 1.07			$ 0.73			$ 3.1	$ 1.86
Diluted	$ 1.07			$ 0.73			$ 3.08	$ 1.84

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance - Beginning Balance	$ 1,736,535	$ 1,596,426
Balance - Ending Balance	1,903,525	1,696,142
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	270	(4,669)
Balance - Ending Balance	(8,394)	(11,784)
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	1,304	1,901
Balance - Ending Balance	2,069	(994)
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	(1,574)	(2,768)
Balance - Ending Balance	$ (6,325)	$ (12,778)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Loss [Abstract]
Tax Effect Marketable Securities	$ 358	$ (407)

Segment Reporting and Geograp_3

Segment Reporting and Geographic Information - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 28, 2024 Customer Segment	Dec. 30, 2023 Customer
Concentration Risk [Line Items]
Number of reportable segments | Segment	1
Customers Above 10% [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	43%	29%
Significant Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Number Of Major Customers | Customer	3	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		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 252,210	$ 207,185	$ 723,382	$ 597,012
Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	100%	100%	100%	100%
Systems and Software [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 217,135	$ 169,346	$ 622,400	$ 495,523
Systems and Software [Member] | Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	86%	82%	86%	83%
Parts Revenue [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 19,995	$ 20,100	$ 56,890	$ 58,665
Parts Revenue [Member] | Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	8%	10%	8%	10%
Service Revenue [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 15,080	$ 17,739	$ 44,092	$ 42,824
Service Revenue [Member] | Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	6%	8%	6%	7%

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		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 252,210	$ 207,185	$ 723,382	$ 597,012
South Korea [Member]
Segment Reporting Information [Line Items]
Total revenue	77,014	38,892	227,958	122,205
China [Member]
Segment Reporting Information [Line Items]
Total revenue	32,112	29,785	86,222	108,294
United States [Member]
Segment Reporting Information [Line Items]
Total revenue	21,979	29,805	61,763	103,756
Taiwan [Member]
Segment Reporting Information [Line Items]
Total revenue	78,273	28,084	209,006	85,802
Southeast Asia [Member]
Segment Reporting Information [Line Items]
Total revenue	15,589	25,060	55,796	68,040
Japan [Member]
Segment Reporting Information [Line Items]
Total revenue	12,559	32,597	45,172	60,832
Europe [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 14,684	$ 22,962	$ 37,465	$ 48,083

Segment Reporting and Geograp_6

Segment Reporting and Geographic Information - Schedule of Revenue by Major Customer by Reporting Segments (Details) - Customer Concentration Risk - Sales [Member]	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Customer A
Concentration Risk [Line Items]
Customer concentration risk percentage	20%	11%
Customer B
Concentration Risk [Line Items]
Customer concentration risk percentage	19%	20%
Customer C
Concentration Risk [Line Items]
Customer concentration risk percentage	13%

Share Repurchase Authorization

Share Repurchase Authorization - Textual (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Feb. 27, 2024
Share Repurchase Program [Line Items]
Share Repurchase Program, Authorized, Amount		$ 200
Stock Repurchased and Retired During Period, Shares	0
Share Repurchase Program, Remaining Authorized, Amount	$ 200

Disclosure - Restructuring (Add

Disclosure - Restructuring (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Restructuring Charges [Abstract]
Restructuring cost in cost of goods sold	$ 1,084	$ 0	$ 2,575	$ 2,279
RestructuringCost	3,251	0	5,621	5,505
Restructuring costs in operating expenses	$ 2,167	$ 0	$ 3,046	$ 3,226