Onto Innovation (ONTO) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jul. 02, 2022	Jul. 19, 2022
Cover [Abstract]
Entity Registrant Name	ONTO INNOVATION INC.
Trading Symbol	ONTO
Entity Central Index Key	0000704532
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 02, 2022
Document Fiscal Year Focus	2022
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		49,680,837
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
	Jul. 02, 2022	Jun. 26, 2021	Jul. 02, 2022	Jun. 26, 2021
Income Statement [Abstract]
Revenue	$ 256,310	$ 193,387	$ 497,660	$ 362,666
Cost of revenue	124,183	87,931	234,510	166,741
Gross profit	132,127	105,456	263,150	195,925
Operating expenses:
Research and development	25,637	25,507	51,978	47,471
Sales and marketing	16,913	15,429	32,545	28,533
General and administrative	18,306	16,255	34,793	31,814
Amortization	13,820	12,324	27,639	24,681
Total operating expenses	74,676	69,515	146,955	132,499
Operating income	57,451	35,941	116,195	63,426
Interest income, net	661	304	1,038	665
Other expense, net	(859)	(289)	(1,063)	(1,533)
Income before provision for income taxes	57,253	35,956	116,170	62,558
Provision for income taxes	5,678	905	11,265	3,394
Net income	$ 51,575	$ 35,051	$ 104,905	$ 59,164
Earnings per share:
Basic	$ 1.04	$ 0.71	$ 2.12	$ 1.20
Diluted	$ 1.03	$ 0.71	$ 2.10	$ 1.19
Weighted average shares outstanding:
Basic	49,617	49,193	49,525	49,105
Diluted	49,907	49,701	49,909	49,645

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jun. 26, 2021	Jul. 02, 2022	Jun. 26, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 51,575	$ 35,051	$ 104,905	$ 59,164
Other comprehensive loss, net of tax:
Change in net unrealized gains (losses) on available-for-sale marketable securities	552	(567)	(2,449)	(698)
Change in currency translation adjustments	(5,934)	537	(9,546)	(1,362)
Total other comprehensive loss, net of tax	(5,382)	(30)	(11,995)	(2,060)
Total comprehensive income	$ 46,193	$ 35,021	$ 92,910	$ 57,104

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 02, 2022
Current Assets:
Cash and cash equivalents	$ 180,175	$ 169,602
Marketable securities	364,825	341,741
Accounts receivable, less allowance of $1,439 and $1,303	234,731	177,205
Inventories, net	280,613	243,108
Prepaid expenses and other current assets	25,287	16,433
Total current assets	1,085,631	948,089
Property, plant and equipment, net	82,986	82,094
Goodwill	315,811	315,811
Identifiable intangible assets, net	249,742	277,281
Deferred income taxes	4,461	4,822
Other assets	22,829	21,716
Total assets	1,761,460	1,649,813
Current liabilities:
Accounts payable	72,248	53,345
Accrued liabilities	38,957	43,042
Deferred revenue	32,121	29,979
Other current liabilities	33,341	28,160
Total current liabilities	176,667	154,526
Deferred income taxes	25,422	40,281
Other non-current liabilities	31,428	28,951
Total liabilities	233,517	223,758
Commitments and contingencies
Stockholders’ equity:
Common stock	50	49
Additional paid-in capital	1,265,156	1,256,179
Accumulated other comprehensive (loss) income	(10,679)	1,316
Retained earnings	273,416	168,511
Total stockholders’ equity	1,527,943	1,426,055
Total liabilities and stockholders’ equity	$ 1,761,460	$ 1,649,813

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 02, 2022
Statement Of Financial Position [Abstract]
Allowances for doubtful accounts	$ 1,439	$ 1,303

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2022	Jun. 26, 2021
Cash flows from operating activities:
Net income	$ 104,905	$ 59,164
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Amortization of intangibles	27,639	24,681
Depreciation	4,666	7,484
Share-based compensation	12,815	10,997
Acquired inventory step-up amortization		252
Provision for inventory valuation	4,494	3,706
Deferred income taxes	(13,962)
Other, net	2,415	1,892
Changes in operating assets and liabilities, net of effects of business acquired	(87,584)	(31,748)
Net cash and cash equivalents provided by operating activities	55,388	76,428
Cash flows from investing activities:
Purchases of marketable securities	(174,730)	(142,072)
Proceeds from maturities and sales of marketable securities	148,426	102,027
Purchase of business, net of cash acquired		(26,795)
Purchases of property, plant and equipment	(6,902)	(9,558)
Net cash and cash equivalents used in investing activities	(33,206)	(76,398)
Cash flows from financing activities:
Tax payments related to shares withheld for share-based compensation plans	(8,337)	(6,499)
Payment of contingent consideration for acquired business	(2,287)
Issuance of shares through share-based compensation plans	4,499	3,215
Net cash and cash equivalents used in financing activities	(6,125)	(3,284)
Effect of exchange rate changes on cash and cash equivalents	(5,484)	752
Net increase (decrease) in cash and cash equivalents	10,573	(2,502)
Cash and cash equivalents at beginning of period	169,602	136,720
Cash and cash equivalents at end of period	180,175	134,218
Supplemental disclosure of cash flow information:
Income taxes paid (net of refunds)	$ 32,945	$ 4,980

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balance at Dec. 26, 2020	$ 1,264,746	$ 49	$ 1,233,967	$ 4,568	$ 26,162
Balance, Shares at Dec. 26, 2020		48,758
Net income	24,113				24,113
Share-based compensation	4,890		4,890
Issuance of shares through share-based compensation plans	3,085		3,085
Issuance of shares through share-based compensation plans, Shares		240
Share-based compensation plan withholdings	(2,492)		(2,492)
Share-based compensation plan withholdings, Shares		(41)
Currency translation	(1,899)			(1,899)
Unrealized gain (loss) on investments	(131)			(131)
Balance at Mar. 27, 2021	1,292,312	$ 49	1,239,450	2,538	50,275
Balance, shares at Mar. 27, 2021		48,957
Balance at Dec. 26, 2020	1,264,746	$ 49	1,233,967	4,568	26,162
Balance, Shares at Dec. 26, 2020		48,758
Net income	59,164
Currency translation	(1,362)
Balance at Jun. 26, 2021	1,329,563	$ 49	1,241,680	2,508	85,326
Balance, shares at Jun. 26, 2021		49,189
Balance at Mar. 27, 2021	1,292,312	$ 49	1,239,450	2,538	50,275
Balance, Shares at Mar. 27, 2021		48,957
Net income	35,051				35,051
Share-based compensation	6,107		6,107
Issuance of shares through share-based compensation plans	130		130
Issuance of shares through share-based compensation plans, Shares		288
Share-based compensation plan withholdings	(4,007)		(4,007)
Share-based compensation plan withholdings, Shares		(56)
Currency translation	537			537
Unrealized gain (loss) on investments	(567)			(567)
Balance at Jun. 26, 2021	1,329,563	$ 49	1,241,680	2,508	85,326
Balance, shares at Jun. 26, 2021		49,189
Balance at Jan. 01, 2022	1,426,055	$ 49	1,256,179	1,316	168,511
Balance, Shares at Jan. 01, 2022		49,300
Net income	53,330				53,330
Share-based compensation	4,832		4,832
Issuance of shares through share-based compensation plans	6		6
Issuance of shares through share-based compensation plans, Shares		184
Share-based compensation plan withholdings	(5,289)		(5,289)
Share-based compensation plan withholdings, Shares		(46)
Currency translation	(3,612)			(3,612)
Unrealized gain (loss) on investments	(3,001)			(3,001)
Balance at Apr. 02, 2022	1,472,321	$ 49	1,255,728	(5,297)	221,841
Balance, shares at Apr. 02, 2022		49,438
Balance at Jan. 01, 2022	1,426,055	$ 49	1,256,179	1,316	168,511
Balance, Shares at Jan. 01, 2022		49,300
Net income	104,905
Currency translation	(9,546)
Balance at Jul. 02, 2022	1,527,943	$ 50	1,265,156	(10,679)	273,416
Balance, shares at Jul. 02, 2022		49,604
Balance at Apr. 02, 2022	1,472,321	$ 49	1,255,728	(5,297)	221,841
Balance, Shares at Apr. 02, 2022		49,438
Net income	51,575				51,575
Share-based compensation	7,983		7,983
Issuance of shares through share-based compensation plans	4,494	$ 1	4,493
Issuance of shares through share-based compensation plans, Shares		219
Share-based compensation plan withholdings	(3,048)		(3,048)
Share-based compensation plan withholdings, Shares		(53)
Currency translation	(5,934)			(5,934)
Unrealized gain (loss) on investments	552			552
Balance at Jul. 02, 2022	$ 1,527,943	$ 50	$ 1,265,156	$ (10,679)	$ 273,416
Balance, shares at Jul. 02, 2022		49,604

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 02, 2022
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,” or “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 July 2, 2022 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 January 1, 2022 (the “2021 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”) on February 25, 2022. The accompanying Condensed Consolidated Balance Sheet at January 1, 2022 has been derived from the audited consolidated financial statements included in the 2021 Form 10-K. The Company operates on a 52- or 53-week fiscal year ending on the Saturday closest to December 31 st Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Significant estimates made by management include the allowance for credit losses, 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, liabilities for product warranty, contingencies, including litigation reserves and 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 There have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended July 2, 2022, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2022, that are of significance, or potential significance to the Company.

Business Combination

Business Combination	6 Months Ended
	Jul. 02, 2022
Business Combinations [Abstract]
Business Combination	NOTE 2. Business Combination Inspectrology, LLC During the first quarter of 2021, the Company acquired Inspectrology, LLC (“Inspectrology”), a supplier of overlay metrology for controlling lithography and etch processes in the compound semiconductor market, for $24,015 in cash and an earnout subject to achievement of certain revenue targets earned for fiscal year 2021 and fiscal year 2022. As of January 1, 2022, $2,287 of the earnout has been achieved and was recorded in operating expenses. There is potential earnout for up to an additional payment of $ 5,000 based on fiscal year 2022 results. As of July 2, 2022, the Company has accrued $ 2,178 for the potential earnout. Certain payments, including the earnout, are subject to the principals remaining with the Company for a period of one to three years .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 02, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 3. 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 July 2, 2022 and January 1, 2022: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) July 2, 2022 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 178,365 $ — $ 178,365 $ — Asset-backed securities 1,910 — 1,910 — Certificates of deposit 27,110 — 27,110 — Commercial paper 89,716 — 89,716 — Corporate bonds 67,724 — 67,724 — Total assets $ 364,825 $ — $ 364,825 $ — Liabilities: Foreign currency forward contracts $ 157 $ — $ 157 $ — Contingent consideration - acquisitions 2,178 — — 2,178 Total liabilities $ 2,335 $ — $ 157 $ 2,178 January 1, 2022 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 170,980 $ — $ 170,980 $ — Asset-backed securities 2,009 — 2,009 — Certificates of deposit 33,192 — 33,192 — Commercial paper 73,113 — 73,113 — Corporate bonds 62,447 — 62,447 — Total assets $ 341,741 $ — $ 341,741 $ — Liabilities: Foreign currency forward contracts $ 26 $ — $ 26 $ — Total liabilities $ 26 $ — $ 26 $ — 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. Level 3 investments consisted of contingent consideration related to an acquisition for which the Company uses revenue projections to value this liability. See Note 4 for additional discussion regarding the fair value of the Company’s marketable securities.

Marketable Securities

Marketable Securities	6 Months Ended
	Jul. 02, 2022
Marketable Securities [Abstract]
Marketable Securities	NOTE 4. Marketable Securities At July 2, 2022 and January 1, 2022, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value July 2, 2022 Municipal notes and bonds $ 180,552 $ 28 $ 2,215 $ 178,365 Asset-backed securities 1,939 — 29 1,910 Certificates of deposit 27,200 — 90 27,110 Commercial paper 89,920 5 209 89,716 Corporate bonds 68,798 — 1,074 67,724 Total marketable securities $ 368,409 $ 33 $ 3,617 $ 364,825 January 1, 2022 Municipal notes and bonds $ 171,203 $ 38 $ 261 $ 170,980 Asset-backed securities 2,009 — — 2,009 Certificates of deposit 33,200 2 10 33,192 Commercial paper 73,152 2 41 73,113 Corporate bonds 62,634 29 216 62,447 Total marketable securities $ 342,198 $ 71 $ 528 $ 341,741 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 July 2, 2022 and January 1, 2022: July 2, 2022 January 1, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 286,174 $ 284,096 $ 219,353 $ 219,211 Due after one through five years 82,235 80,729 122,845 122,530 Due after five years — — — — Total marketable securities $ 368,409 $ 364,825 $ 342,198 $ 341,741 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 income (loss).” Gross realized gains and losses on available-for-sale securities are included in “Other expense (income)” on the Condensed Consolidated Statements of Operations and were not material during the three and six months ended July 2, 2022 and January 1, 2022. 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 July 2, 2022 and January 1, 2022 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 July 2, 2022 and January 1, 2022: In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses July 2, 2022 Municipal notes and bonds $ 173,915 $ 2,120 $ 6,636 $ 95 Asset-backed securities 1,939 29 — — Certificates of deposit 27,200 90 — — Commercial paper 89,920 209 — — Corporate bonds 66,653 1,028 2,145 46 Total $ 359,627 $ 3,476 $ 8,781 $ 141 January 1, 2022 Municipal notes and bonds $ 113,790 $ 262 $ — $ — Certificates of deposit 16,300 10 — — Commercial paper 58,681 40 — — Corporate bonds 53,661 150 2,587 66 Total $ 242,432 $ 462 $ 2,587 $ 66 See Note 3 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
	Jul. 02, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	NOTE 5. 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 July 2, 2022 and January 1, 2022, these contracts included the future sale of euro, Israeli shekel, Japanese yen, Korean won, Singapore dollar, Taiwanese dollar, and Chinese renminbi to purchase U.S. 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, 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 July 2, 2022 and January 1, 2022 were as follows: July 2, 2022 January 1, 2022 Notional amount $ 28,013 $ 32,293 Fair value of liability $ 157 $ 26

Purchased Intangible Assets

Purchased Intangible Assets	6 Months Ended
	Jul. 02, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Purchased Intangible Assets	NOTE 6. Purchased Intangible Assets Intangible Assets Purchased intangible assets as of July 2, 2022 and January 1, 2022 are as follows: Gross Carrying Amount Accumulated Amortization Net July 2, 2022 Finite-lived intangibles: Developed technology $ 378,097 $ 180,678 $ 197,419 Customer and distributor relationships 73,321 27,902 45,419 Trademarks and trade names 14,171 7,267 6,904 Total identifiable intangible assets $ 465,589 $ 215,847 $ 249,742 January 1, 2022 Finite-lived intangibles: Developed technology $ 377,997 $ 155,976 $ 222,021 Customer and distributor relationships 73,321 25,608 47,713 Trademarks and trade names 14,171 6,624 7,547 Total identifiable intangible assets $ 465,489 $ 188,208 $ 277,281 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 2022 (remainder) $ 27,642 2023 54,810 2024 49,125 2025 32,575 2026 31,382 2027 23,160 Thereafter 31,048 Total $ 249,742

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jul. 02, 2022
Balance Sheet Detail [Abstract]
Balance Sheet Details	NOTE 7. Balance Sheet Details Inventories Inventories, net are comprised of the following: July 2, 2022 January 1, 2022 Materials $ 187,723 $ 157,343 Work-in-process 70,330 60,415 Finished goods 22,560 25,350 Total inventories, net $ 280,613 $ 243,108 Property, Plant and Equipment Property, plant and equipment, net is comprised of the following: July 2, 2022 January 1, 2022 Machinery and equipment $ 52,534 $ 50,226 Land and building 48,534 48,297 Computer equipment and software 14,650 13,856 Leasehold improvements 14,250 13,710 Furniture and fixtures 2,599 2,534 132,567 128,623 Accumulated depreciation and amortization (49,581 ) (46,529 ) Total property, plant and equipment, net $ 82,986 $ 82,094 Other assets Other assets is comprised of the following: July 2, 2022 January 1, 2022 Operating lease right-of-use assets $ 18,481 $ 17,488 Other 4,348 4,228 Total other assets $ 22,829 $ 21,716 Accrued liabilities Accrued liabilities is comprised of the following: July 2, 2022 January 1, 2022 Payroll and related expenses $ 27,115 $ 32,581 Warranty 10,537 9,093 Other 1,305 1,368 Total accrued liabilities $ 38,957 $ 43,042 Other current liabilities Other current liabilities is comprised of the following: July 2, 2022 January 1, 2022 Customer deposits $ 18,139 $ 9,459 Current operating lease obligations 4,566 3,968 Income tax payable 1,376 6,315 Accrued professional fees 1,533 912 Other 7,727 7,506 Total other current liabilities $ 33,341 $ 28,160 Other non-current liabilities Other non-current liabilities is comprised of the following: July 2, 2022 January 1, 2022 Non-current operating lease obligations $ 15,059 $ 13,754 Unrecognized tax benefits (including interest) 8,254 7,861 Deferred revenue 2,310 1,693 Other 5,805 5,643 Total other non-current liabilities $ 31,428 $ 28,951

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 02, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8. Commitments and Contingencies Factoring The Company maintains arrangements under which eligible accounts receivable in Japan are sold without recourse to unrelated third-party financial institutions. The Company sold $16,710 of receivables during the six months ended July 2, 2022. These receivables were not included in the Condensed Consolidated Balance Sheets as the criteria for sale treatment had been met. There were no material gains or losses on the sale of such receivables. There were no amounts due from such third-party financial institutions at July 2, 2022. 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 July 2, June 26, 2022 2021 Balance, beginning of the period $ 9,682 $ 6,485 Accruals 7,392 3,560 Warranty liability assumed in acquisition — 407 Usage (5,859 ) (2,229 ) Balance, end of the period $ 11,215 $ 8,223 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. The following reflects an overview of the material developments with regard to the Company’s pending material legal proceedings. Optical Solutions Inc. v. Nanometrics Incorporated (Case No. 18-cv-00417-BLF): On August 2, 2017, Nanometrics was named as defendant in a complaint filed in New Hampshire Superior Court (the “Complaint”). The Complaint, brought by Optical Solutions, Inc. (“OSI”), alleges claims arising from a purported exclusive purchase contract between OSI and Nanometrics pertaining to certain products. The relief sought is the award of damages in an amount to be proven at trial, attorney’s fees and cost as well as other relief the court deems just and proper. On September 18, 2017, Nanometrics removed the action to the United States District Court for the District of New Hampshire (the “District of New Hampshire”). On September 25, 2017, Nanometrics moved to transfer the Complaint to the United States District Court for the Northern District of California (the “Northern District of California”). On December 20, 2017, Nanometrics filed its complaint against OSI in the California Superior Court for the County of Santa Clara alleging claims arising from OSI’s breach of certain purchase orders. The relief sought is the award of damages in an amount to be proven at trial including pre- and post-judgment interest, punitive damages, restitution for benefits unjustly received by OSI, attorney’s fees and cost as well as other relief the court deems just and proper. Nanometrics’ complaint was later removed by OSI to the Northern District of California. On May 29, 2018, the District of New Hampshire issued an order granting Nanometrics’ motion to transfer the Complaint to the Northern District of California and denying Nanometrics’ motion to dismiss the Complaint without prejudice. On June 14, 2018, the Complaint was consolidated with Nanometrics’ complaint against OSI. On August 9, 2018, OSI filed an Amended Complaint. On September 19, 2018, Nanometrics filed a motion to dismiss OSI’s Amended Complaint for failure to state a claim. Nanometrics’ motion to dismiss was heard on February 28, 2019. On March 5, 2019, the Northern District of California granted Nanometrics’ motion to dismiss with leave to amend. OSI filed a Second Amended Complaint on March 29, 2019. Nanometrics filed a motion to dismiss OSI’s Second Amended Complaint on May 31, 2019. In October 2019, Nanometrics was renamed Onto Innovation Inc. as a result of the merger between Nanometrics and Rudolph Technologies, Inc. Thereafter, the Company’s second motion to dismiss was heard on November 14, 2019. On November 26, 2019, the Northern District of California granted the Company’s motion to dismiss with leave to amend. OSI filed a Third Amended Complaint on January 21, 2020. On March 2, 2020, the Company filed a motion to dismiss OSI’s Third Amended Complaint and a hearing on the motion was held on June 11, 2020. On June 23, 2020, the Northern District of California granted the Company’s motion to dismiss with prejudice with regard to two claims asserted by OSI and dismissed two other claims asserted by OSI with leave to amend. Thereafter, on July 7, 2020, OSI filed a Fourth Amended Complaint. On August 14, 2020, the Company filed a motion to dismiss with regard to one of the two remaining claims. On December 1, 2020, the Northern District of California denied this final motion to dismiss and as a result the Company filed its Answer in this matter on December 22, 2020. This matter is currently in discovery. The Northern District of California granted a joint stipulation that the discovery cutoff is January 12, 2023 and the trial date is set for December 4, 2023. At this time, the loss contingency in this matter is remote and the Company does not anticipate the outcome of the matter to have a material impact on its financial position, results of operations, or cash flows. 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. The available line of credit as of July 2, 2022 was approximately $125.2 million with an available interest rate of 3.3%. 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 to date.

Revenue

Revenue	6 Months Ended
	Jul. 02, 2022
Revenue From Contract With Customer [Abstract]
Revenue	NOTE 9. Revenue The following table represents a disaggregation of revenue by timing of revenue: Three Months Ended Six Months Ended July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Point-in-time $ 244,466 $ 182,133 $ 474,436 $ 343,294 Over-time 11,844 11,254 23,224 19,372 Total revenue $ 256,310 $ 193,387 $ 497,660 $ 362,666 See Note 15 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 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. As of July 2, 2022 and January 1, 2022, the Company carried a long-term deferred revenue balance of $2,310 and $1,693, respectively, in other non-current liabilities on the Condensed Consolidated Balance Sheets. Changes in deferred revenue were as follows: Three Months Ended Six Months Ended July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Balance, beginning of the period $ 38,599 $ 22,429 $ 31,672 $ 15,626 Deferred revenue assumed in acquisition — — — 386 Deferral of revenue 21,557 15,117 45,057 34,348 Recognition of deferred revenue (25,725 ) (14,640 ) (42,298 ) (27,454 ) Balance, end of the period $ 34,431 $ 22,906 $ 34,431 $ 22,906

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 02, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	NOTE 10. Share-Based Compensation Restricted Stock Unit Activity A summary of the Company’s restricted stock unit activity with respect to the six months ended July 2, 2022 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2022 765 $ 48.25 Granted 373 $ 83.74 Vested (345 ) $ 41.86 Forfeited (47 ) $ 55.19 Nonvested at July 2, 2022 746 $ 68.52 Of the 746 nonvested shares outstanding at July 2, 2022, 647 are service-based RSUs and 99 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 2022 and 2021 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 $85.49 and $80.04, respectively. As of July 2, 2022 and January 1 2022, there was $37,531 and $21,019 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 1.9 years and 1.5 years for July 2, 2022 and January 1, 2022, respectively.

Other Expense, Net

Other Expense, Net	6 Months Ended
	Jul. 02, 2022
Other Income Expense [Abstract]
Other Expense, Net	NOTE 11. Other Expense, Net Other expense, net, is comprised of the following: Three Months Ended Six Months Ended July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Foreign currency exchange losses, net $ (811 ) $ (328 ) $ (1,025 ) $ (1,599 ) Other (48 ) 39 (38 ) 66 Total other expense, net $ (859 ) $ (289 ) $ (1,063 ) $ (1,533 )

Income Taxes

Income Taxes	6 Months Ended
	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 12. Income Taxes The following table provides details of income taxes: Three Months Ended Six Months Ended July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Income before income taxes $ 57,253 $ 35,956 $ 116,170 $ 62,558 Provision for income taxes $ 5,678 $ 905 $ 11,265 $ 3,394 Effective tax rate 10 % 3 % 10 % 5 % The income tax provision for the three and six months ended July 2, 2022 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year. The income tax provision in the 2022 periods reflected the impact of a change in U.S. tax law effective January 1, 2022, which requires the capitalization and amortization of research and development expenditures incurred after December 31, 2021. The increase in the Company’s income tax provision for the three and six months ended July 2, 2022 as compared to the three and six months ended June 26, 2021 is primarily due to an increase in quarterly earnings, offset by an increase in the Foreign Derived Intangible Income (“FDII”) deduction, and a one-time benefit recorded for the six months ended June 26, 2021 for a release of reserves due to expiration of the applicable statute of limitations. The Company’s recorded effective tax rate is less than the U.S. statutory rate primarily due to projected FDII 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 realizability of such deferred tax assets is substantially in doubt. 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 $ 10,948 for both July 2, 2022 and January 1, 2022.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 02, 2022
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 13. 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 July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Numerator: Net income $ 51,575 $ 35,051 $ 104,905 $ 59,164 Denominator: Basic earnings per share - weighted average shares outstanding 49,617 49,193 49,525 49,105 Effect of potential dilutive securities: Employee stock options, employee stock purchase grants and restricted stock units - dilutive shares 290 508 384 540 Diluted earnings per share - weighted average shares outstanding 49,907 49,701 49,909 49,645 Earnings per share: Basic $ 1.04 $ 0.71 $ 2.12 $ 1.20 Diluted $ 1.03 $ 0.71 $ 2.10 $ 1.19

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jul. 02, 2022
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	NOTE 14. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive loss, net of tax, at July 2, 2022, as well as the activity for the six months ended July 2, 2022, were as follows: Foreign currency translation adjustments Net unrealized losses on available-for-sale marketable securities Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ 1,764 $ (448 ) $ 1,316 Net current period other comprehensive loss (9,546 ) (2,449 ) (11,995 ) Reclassifications — — — Balance at July 2, 2022 $ (7,782 ) $ (2,897 ) $ (10,679 )

Segment Reporting and Geographi

Segment Reporting and Geographic Information	6 Months Ended
	Jul. 02, 2022
Segment Reporting [Abstract]
Segment Reporting and Geographic Information	NOTE 15. 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 July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Systems and software $ 220,786 86 % $ 162,898 84 % $ 430,170 86 % $ 304,407 84 % Parts 22,756 9 % 18,697 10 % 42,613 9 % 36,115 10 % Services 12,768 5 % 11,792 6 % 24,877 5 % 22,144 6 % Total revenue $ 256,310 100 % $ 193,387 100 % $ 497,660 100 % $ 362,666 100 % 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 July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Revenue from third parties: China $ 67,619 $ 42,274 $ 131,013 $ 68,053 South Korea 68,881 41,299 130,016 91,828 Taiwan 48,456 48,501 101,848 84,793 United States 31,073 25,700 57,874 51,180 Europe 19,048 14,446 37,476 31,832 Southeast Asia 10,444 3,781 19,669 9,729 Japan 10,789 17,386 19,764 25,251 Total revenue $ 256,310 $ 193,387 $ 497,660 $ 362,666 The following customers accounted for 10% or more of total revenue for the indicated periods: Six Months Ended July 2, June 26, 2022 2021 SK Hynix Inc. 17 % 9 % Taiwan Semiconductor Manufacturing Co. Ltd. 15 % 16 % Samsung Semiconductor 11 % 22 %

Share Repurchase Authorization

Share Repurchase Authorization	6 Months Ended
	Jul. 02, 2022
Share Repurchase Program [Abstract]
Share Repurchase Authorization	NOTE 16. Share Repurchase Authorization In November 2020, the Onto Innovation Board of Directors approved a share repurchase authorization, which allows the Company to repurchase up to $100 million worth of shares of its common stock. Repurchases may be made through both public market and private transactions from time to time with shares purchased being subsequently retired. No shares were purchased in the three and six months ended July 2, 2022. At July 2, 2022, there was $100 million available for future share repurchases under this share repurchase authorization.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jul. 02, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Significant estimates made by management include the allowance for credit losses, 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, liabilities for product warranty, contingencies, including litigation reserves and 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 There have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended July 2, 2022, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2022, that are of significance, or potential significance to the Company.

Fair Value Measurements - (Tabl

Fair Value Measurements - (Tables)	6 Months Ended
	Jul. 02, 2022
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 July 2, 2022 and January 1, 2022: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) July 2, 2022 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 178,365 $ — $ 178,365 $ — Asset-backed securities 1,910 — 1,910 — Certificates of deposit 27,110 — 27,110 — Commercial paper 89,716 — 89,716 — Corporate bonds 67,724 — 67,724 — Total assets $ 364,825 $ — $ 364,825 $ — Liabilities: Foreign currency forward contracts $ 157 $ — $ 157 $ — Contingent consideration - acquisitions 2,178 — — 2,178 Total liabilities $ 2,335 $ — $ 157 $ 2,178 January 1, 2022 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 170,980 $ — $ 170,980 $ — Asset-backed securities 2,009 — 2,009 — Certificates of deposit 33,192 — 33,192 — Commercial paper 73,113 — 73,113 — Corporate bonds 62,447 — 62,447 — Total assets $ 341,741 $ — $ 341,741 $ — Liabilities: Foreign currency forward contracts $ 26 $ — $ 26 $ — Total liabilities $ 26 $ — $ 26 $ —

Marketable Securities - (Tables

Marketable Securities - (Tables)	6 Months Ended
	Jul. 02, 2022
Marketable Securities [Abstract]
Schedule of Marketable Securities by Category	At July 2, 2022 and January 1, 2022, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value July 2, 2022 Municipal notes and bonds $ 180,552 $ 28 $ 2,215 $ 178,365 Asset-backed securities 1,939 — 29 1,910 Certificates of deposit 27,200 — 90 27,110 Commercial paper 89,920 5 209 89,716 Corporate bonds 68,798 — 1,074 67,724 Total marketable securities $ 368,409 $ 33 $ 3,617 $ 364,825 January 1, 2022 Municipal notes and bonds $ 171,203 $ 38 $ 261 $ 170,980 Asset-backed securities 2,009 — — 2,009 Certificates of deposit 33,200 2 10 33,192 Commercial paper 73,152 2 41 73,113 Corporate bonds 62,634 29 216 62,447 Total marketable securities $ 342,198 $ 71 $ 528 $ 341,741
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 July 2, 2022 and January 1, 2022: July 2, 2022 January 1, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 286,174 $ 284,096 $ 219,353 $ 219,211 Due after one through five years 82,235 80,729 122,845 122,530 Due after five years — — — — Total marketable securities $ 368,409 $ 364,825 $ 342,198 $ 341,741
Summary of Estimated Fair Value and Gross Unrealized Holding Losses of Marketable Securities in Unrealized Loss Position	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 July 2, 2022 and January 1, 2022: In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses July 2, 2022 Municipal notes and bonds $ 173,915 $ 2,120 $ 6,636 $ 95 Asset-backed securities 1,939 29 — — Certificates of deposit 27,200 90 — — Commercial paper 89,920 209 — — Corporate bonds 66,653 1,028 2,145 46 Total $ 359,627 $ 3,476 $ 8,781 $ 141 January 1, 2022 Municipal notes and bonds $ 113,790 $ 262 $ — $ — Certificates of deposit 16,300 10 — — Commercial paper 58,681 40 — — Corporate bonds 53,661 150 2,587 66 Total $ 242,432 $ 462 $ 2,587 $ 66

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jul. 02, 2022
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 July 2, 2022 and January 1, 2022 were as follows: July 2, 2022 January 1, 2022 Notional amount $ 28,013 $ 32,293 Fair value of liability $ 157 $ 26

Purchased Intangible Assets (Ta

Purchased Intangible Assets (Tables)	6 Months Ended
	Jul. 02, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Purchased Intangible Assets	Intangible Assets Purchased intangible assets as of July 2, 2022 and January 1, 2022 are as follows: Gross Carrying Amount Accumulated Amortization Net July 2, 2022 Finite-lived intangibles: Developed technology $ 378,097 $ 180,678 $ 197,419 Customer and distributor relationships 73,321 27,902 45,419 Trademarks and trade names 14,171 7,267 6,904 Total identifiable intangible assets $ 465,589 $ 215,847 $ 249,742 January 1, 2022 Finite-lived intangibles: Developed technology $ 377,997 $ 155,976 $ 222,021 Customer and distributor relationships 73,321 25,608 47,713 Trademarks and trade names 14,171 6,624 7,547 Total identifiable intangible assets $ 465,489 $ 188,208 $ 277,281
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 2022 (remainder) $ 27,642 2023 54,810 2024 49,125 2025 32,575 2026 31,382 2027 23,160 Thereafter 31,048 Total $ 249,742

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jul. 02, 2022
Balance Sheet Detail [Abstract]
Schedule of Inventories	Inventories, net are comprised of the following: July 2, 2022 January 1, 2022 Materials $ 187,723 $ 157,343 Work-in-process 70,330 60,415 Finished goods 22,560 25,350 Total inventories, net $ 280,613 $ 243,108
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment, net is comprised of the following: July 2, 2022 January 1, 2022 Machinery and equipment $ 52,534 $ 50,226 Land and building 48,534 48,297 Computer equipment and software 14,650 13,856 Leasehold improvements 14,250 13,710 Furniture and fixtures 2,599 2,534 132,567 128,623 Accumulated depreciation and amortization (49,581 ) (46,529 ) Total property, plant and equipment, net $ 82,986 $ 82,094
Schedule of Other Assets	Other assets is comprised of the following: July 2, 2022 January 1, 2022 Operating lease right-of-use assets $ 18,481 $ 17,488 Other 4,348 4,228 Total other assets $ 22,829 $ 21,716
Schedule of Accrued Liabilities	Accrued liabilities is comprised of the following: July 2, 2022 January 1, 2022 Payroll and related expenses $ 27,115 $ 32,581 Warranty 10,537 9,093 Other 1,305 1,368 Total accrued liabilities $ 38,957 $ 43,042
Schedule of Other Current Liabilities	Other current liabilities is comprised of the following: July 2, 2022 January 1, 2022 Customer deposits $ 18,139 $ 9,459 Current operating lease obligations 4,566 3,968 Income tax payable 1,376 6,315 Accrued professional fees 1,533 912 Other 7,727 7,506 Total other current liabilities $ 33,341 $ 28,160
Schedule of Other Non-Current Liabilities	Other non-current liabilities is comprised of the following: July 2, 2022 January 1, 2022 Non-current operating lease obligations $ 15,059 $ 13,754 Unrecognized tax benefits (including interest) 8,254 7,861 Deferred revenue 2,310 1,693 Other 5,805 5,643 Total other non-current liabilities $ 31,428 $ 28,951

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jul. 02, 2022
Commitments And Contingencies Disclosure [Abstract]
Schedule of Changes in Warranty Reserves	Changes in the Company’s warranty reserves are as follows: Six Months Ended July 2, June 26, 2022 2021 Balance, beginning of the period $ 9,682 $ 6,485 Accruals 7,392 3,560 Warranty liability assumed in acquisition — 407 Usage (5,859 ) (2,229 ) Balance, end of the period $ 11,215 $ 8,223

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 02, 2022
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 July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Point-in-time $ 244,466 $ 182,133 $ 474,436 $ 343,294 Over-time 11,844 11,254 23,224 19,372 Total revenue $ 256,310 $ 193,387 $ 497,660 $ 362,666
Schedule of Changes in Deferred Revenue	Changes in deferred revenue were as follows: Three Months Ended Six Months Ended July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Balance, beginning of the period $ 38,599 $ 22,429 $ 31,672 $ 15,626 Deferred revenue assumed in acquisition — — — 386 Deferral of revenue 21,557 15,117 45,057 34,348 Recognition of deferred revenue (25,725 ) (14,640 ) (42,298 ) (27,454 ) Balance, end of the period $ 34,431 $ 22,906 $ 34,431 $ 22,906

Share-Based Compensation - (Tab

Share-Based Compensation - (Tables)	6 Months Ended
	Jul. 02, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Unit Activity	A summary of the Company’s restricted stock unit activity with respect to the six months ended July 2, 2022 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2022 765 $ 48.25 Granted 373 $ 83.74 Vested (345 ) $ 41.86 Forfeited (47 ) $ 55.19 Nonvested at July 2, 2022 746 $ 68.52

Other Expense, Net (Tables)

Other Expense, Net (Tables)	6 Months Ended
	Jul. 02, 2022
Other Income Expense [Abstract]
Schedule of Other Expense, Net	Other expense, net, is comprised of the following: Three Months Ended Six Months Ended July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Foreign currency exchange losses, net $ (811 ) $ (328 ) $ (1,025 ) $ (1,599 ) Other (48 ) 39 (38 ) 66 Total other expense, net $ (859 ) $ (289 ) $ (1,063 ) $ (1,533 )

Income Taxes - (Tables)

Income Taxes - (Tables)	6 Months Ended
	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Details of Income Tax	The following table provides details of income taxes: Three Months Ended Six Months Ended July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Income before income taxes $ 57,253 $ 35,956 $ 116,170 $ 62,558 Provision for income taxes $ 5,678 $ 905 $ 11,265 $ 3,394 Effective tax rate 10 % 3 % 10 % 5 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 02, 2022
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 July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Numerator: Net income $ 51,575 $ 35,051 $ 104,905 $ 59,164 Denominator: Basic earnings per share - weighted average shares outstanding 49,617 49,193 49,525 49,105 Effect of potential dilutive securities: Employee stock options, employee stock purchase grants and restricted stock units - dilutive shares 290 508 384 540 Diluted earnings per share - weighted average shares outstanding 49,907 49,701 49,909 49,645 Earnings per share: Basic $ 1.04 $ 0.71 $ 2.12 $ 1.20 Diluted $ 1.03 $ 0.71 $ 2.10 $ 1.19

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jul. 02, 2022
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, at July 2, 2022, as well as the activity for the six months ended July 2, 2022, were as follows: Foreign currency translation adjustments Net unrealized losses on available-for-sale marketable securities Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ 1,764 $ (448 ) $ 1,316 Net current period other comprehensive loss (9,546 ) (2,449 ) (11,995 ) Reclassifications — — — Balance at July 2, 2022 $ (7,782 ) $ (2,897 ) $ (10,679 )

Segment Reporting and Geograp_2

Segment Reporting and Geographic Information - (Tables)	6 Months Ended
	Jul. 02, 2022
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 July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Systems and software $ 220,786 86 % $ 162,898 84 % $ 430,170 86 % $ 304,407 84 % Parts 22,756 9 % 18,697 10 % 42,613 9 % 36,115 10 % Services 12,768 5 % 11,792 6 % 24,877 5 % 22,144 6 % Total revenue $ 256,310 100 % $ 193,387 100 % $ 497,660 100 % $ 362,666 100 %
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 July 2, June 26, July 2, June 26, 2022 2021 2022 2021 Revenue from third parties: China $ 67,619 $ 42,274 $ 131,013 $ 68,053 South Korea 68,881 41,299 130,016 91,828 Taiwan 48,456 48,501 101,848 84,793 United States 31,073 25,700 57,874 51,180 Europe 19,048 14,446 37,476 31,832 Southeast Asia 10,444 3,781 19,669 9,729 Japan 10,789 17,386 19,764 25,251 Total revenue $ 256,310 $ 193,387 $ 497,660 $ 362,666
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 July 2, June 26, 2022 2021 SK Hynix Inc. 17 % 9 % Taiwan Semiconductor Manufacturing Co. Ltd. 15 % 16 % Samsung Semiconductor 11 % 22 %

Business Combination - Textual

Business Combination - Textual (Details) - Inspectrology, LLC [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 27, 2021	Jul. 02, 2022	Jan. 01, 2022
Business Acquisition [Line Items]
Business acquisition, cash consideration	$ 24,015
Business acquisition, achieved earnout payment			$ 2,287
Business combination potential earnout accrued		$ 2,178
Maximum [Member]
Business Acquisition [Line Items]
Business combination potential earnout additional payment		$ 5,000
Business combination potential earnout subject to principal remaining period		3 years
Minimum [Member]
Business Acquisition [Line Items]
Business combination potential earnout subject to principal remaining period		1 year

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 01, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 364,825	$ 341,741
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	364,825	341,741
Foreign currency forward contracts	157	26
Contingent consideration - acquisitions	2,178
Total liabilities	2,335	26
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Municipal notes and bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	178,365	170,980
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	1,910	2,009
Carrying Value [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	27,110	33,192
Carrying Value [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	89,716	73,113
Carrying Value [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	67,724	62,447
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Foreign currency forward contracts	0	0
Contingent consideration - acquisitions	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Municipal notes and bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [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	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [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	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [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	0	0
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	364,825	341,741
Foreign currency forward contracts	157	26
Contingent consideration - acquisitions	0
Total liabilities	157	26
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Municipal notes and bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	178,365	170,980
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	1,910	2,009
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	27,110	33,192
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	89,716	73,113
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	67,724	62,447
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Foreign currency forward contracts	0	0
Contingent consideration - acquisitions	2,178
Total liabilities	2,178	0
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Municipal notes and bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Significant Unobservable Inputs (Level 3) [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	0	0
Significant Unobservable Inputs (Level 3) [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	0	0
Significant Unobservable Inputs (Level 3) [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	$ 0	$ 0

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities by Category (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 01, 2022
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 368,409	$ 342,198
Gross Unrealized Holding Gains	33	71
Gross Unrealized Holding Losses	3,617	528
Fair Value	364,825	341,741
Municipal notes and bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	180,552	171,203
Gross Unrealized Holding Gains	28	38
Gross Unrealized Holding Losses	2,215	261
Fair Value	178,365	170,980
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,939	2,009
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	29	0
Fair Value	1,910	2,009
Certificates of deposits [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	27,200	33,200
Gross Unrealized Holding Gains	0	2
Gross Unrealized Holding Losses	90	10
Fair Value	27,110	33,192
Commercial paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	89,920	73,152
Gross Unrealized Holding Gains	5	2
Gross Unrealized Holding Losses	209	41
Fair Value	89,716	73,113
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	68,798	62,634
Gross Unrealized Holding Gains	0	29
Gross Unrealized Holding Losses	1,074	216
Fair Value	$ 67,724	$ 62,447

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	Jul. 02, 2022	Jan. 01, 2022
Available For Sale Securities Debt Maturities Fair Value [Abstract]
Amortized Cost, Due within one year	$ 286,174	$ 219,353
Amortized Cost, Due after one through five years	82,235	122,845
Amortized Cost, Due after five years	0	0
Amortized Cost	368,409	342,198
Fair Value, Due within one year	284,096	219,211
Fair Value, Due after one through five years	80,729	122,530
Fair Value, Due after five years	0	0
Fair Value, Total marketable securities	$ 364,825	$ 341,741

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	Jul. 02, 2022	Jan. 01, 2022
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	$ 359,627	$ 242,432
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	3,476	462
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	8,781	2,587
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	141	66
Municipal notes and bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	173,915	113,790
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	2,120	262
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	6,636	0
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	95	0
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	1,939
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	29
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	0
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	0
Certificates of deposits [Member]
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	27,200	16,300
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	90	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
Commercial paper [Member]
Schedule of Available-for-sale Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	89,920	58,681
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	209	40
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	66,653	53,661
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses	1,028	150
In Unrealized Loss Position For Greater Than 12 Months, Fair Value	2,145	2,587
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses	$ 46	$ 66

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Forward Contracts and Related Fair Values (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 01, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Notional amount	$ 28,013	$ 32,293
Fair value of liability	$ 157	$ 26

Purchased Intangible Assets - S

Purchased Intangible Assets - Schedule of Purchased Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 02, 2022	Jan. 01, 2022
Finite Lived Intangible Assets [Line Items]
Finite-lived intangibles assets, Net	$ 249,742
Identifiable intangibles assets, Gross Carrying Amount	465,589		$ 465,489
Identifiable intangibles assets, Accumulated Amortization	215,847		188,208
Identifiable intangibles assets, Net	249,742	$ 277,281	277,281
Developed technology [Member]
Finite Lived Intangible Assets [Line Items]
Finite-lived intangibles assets, Gross Carrying Amount	378,097		377,997
Finite-lived intangibles assets, Accumulated Amortization	180,678		155,976
Finite-lived intangibles assets, Net	197,419		222,021
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	27,902		25,608
Finite-lived intangibles assets, Net	45,419		47,713
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	7,267		6,624
Finite-lived intangibles assets, Net	$ 6,904		$ 7,547

Purchased Intangible Assets -_2

Purchased Intangible Assets - Schedule of Estimated Future Amortization Expenses (Details) $ in Thousands	Jul. 02, 2022 USD ($)
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2022 (remainder)	$ 27,642
2023	54,810
2024	49,125
2025	32,575
2026	31,382
2027	23,160
Thereafter	31,048
Finite-lived intangibles assets, Net	$ 249,742

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 02, 2022	Jan. 01, 2022
Inventory Details [Abstract]
Materials	$ 187,723		$ 157,343
Work-in-process	70,330		60,415
Finished goods	22,560		25,350
Total inventories, net	$ 280,613	$ 243,108	$ 243,108

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 02, 2022	Jan. 01, 2022
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 132,567		$ 128,623
Accumulated depreciation and amortization	(49,581)		(46,529)
Total property, plant and equipment, net	82,986	$ 82,094	82,094
Land and building [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	48,534		48,297
Machinery and equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	52,534		50,226
Furniture and fixtures [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	2,599		2,534
Computer equipment and software [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	14,650		13,856
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 14,250		$ 13,710

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 02, 2022	Jan. 01, 2022
Other Assets [Abstract]
Operating lease right-of-use assets	$ 18,481		$ 17,488
Other	4,348		4,228
Total other assets	$ 22,829	$ 21,716	$ 21,716

Balance Sheet Details - Sched_4

Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 02, 2022	Jan. 01, 2022
Accrued Liabilities Current [Abstract]
Payroll and related expenses	$ 27,115		$ 32,581
Warranty	10,537		9,093
Other	1,305		1,368
Total accrued liabilities	$ 38,957	$ 43,042	$ 43,042

Balance Sheet Details - Sched_5

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 02, 2022	Jan. 01, 2022
Other Liabilities Current [Abstract]
Customer deposits	$ 18,139		$ 9,459
Current operating lease obligations	4,566		3,968
Income tax payable	1,376		6,315
Accrued professional fees	1,533		912
Other	7,727		7,506
Total other current liabilities	$ 33,341	$ 28,160	$ 28,160

Balance Sheet Details - Sched_6

Balance Sheet Details - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 02, 2022	Jan. 01, 2022
Other Liabilities Noncurrent [Abstract]
Non-current operating lease obligations	$ 15,059		$ 13,754
Unrecognized tax benefits (including interest)	$ 8,254		$ 7,861
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total other non-current liabilities		Total other non-current liabilities
Deferred revenue	$ 2,310		$ 1,693
Other	5,805		5,643
Total other non-current liabilities	$ 31,428	$ 28,951	$ 28,951

Commitments and Contingencies -

Commitments and Contingencies - Textual (Details)	6 Months Ended
	Jul. 02, 2022 USD ($)
Commitments And Contingencies [Line Items]
Sold receivables amount	$ 16,710,000
Due from unrelated third parties	0
Liabilities recorded for obligations	$ 0
Percentage of maximum borrowing capacity of value of eligible securities	70%
Available line of credit	$ 125,200,000
Available interest rate on line of credit	3.30%
Minimum [Member]
Commitments And Contingencies [Line Items]
Warranty period	12 months
Maximum [Member]
Commitments And Contingencies [Line Items]
Warranty period	14 months

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Changes in Warranty Reserves (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2022	Jun. 26, 2021
Commitments And Contingencies Disclosure [Abstract]
Balance, beginning of the period	$ 9,682	$ 6,485
Accruals	7,392	3,560
Warranty liability assumed in acquisition		407
Usage	(5,859)	(2,229)
Balance, end of the period	$ 11,215	$ 8,223

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Timing of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jun. 26, 2021	Jul. 02, 2022	Jun. 26, 2021
Disaggregation Of Revenue [Line Items]
Total revenue	$ 256,310	$ 193,387	$ 497,660	$ 362,666
Transferred at Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	244,466	182,133	474,436	343,294
Transferred over Time [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 11,844	$ 11,254	$ 23,224	$ 19,372

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 01, 2022
Revenue From Contract With Customer [Abstract]
Long-term deferred revenue	$ 2,310	$ 1,693

Revenue - Schedule of Changes i

Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jun. 26, 2021	Jul. 02, 2022	Jun. 26, 2021
Deferred Revenue Disclosure [Abstract]
Balance, beginning of the period	$ 38,599	$ 22,429	$ 31,672	$ 15,626
Deferred revenue assumed in acquisition				386
Deferral of revenue	21,557	15,117	45,057	34,348
Recognition of deferred revenue	(25,725)	(14,640)	(42,298)	(27,454)
Balance, end of the period	$ 34,431	$ 22,906	$ 34,431	$ 22,906

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jul. 02, 2022 $ / shares shares
Activity for RSUs [Roll Forward]
Number of Shares, Beginning balance (in shares)	765,000
Number of Shares, Granted (in shares)	373,000
Number of Shares, Vested (in shares)	(345,000)
Number of Shares, Forfeited (in shares)	(47,000)
Number of Shares, Ending balance (in shares)	746,000
Weighted Average Grant Date Fair Value for RSUs [Roll Forward]
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares	$ 48.25
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares	83.74
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	41.86
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	$ 55.19

Share-Based Compensation - Text

Share-Based Compensation - Textual (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 02, 2022	Jan. 01, 2022	Apr. 02, 2022
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of nonvested shares outstanding	746,000	765,000	746,000
Weighted average grant-date fair value per share		$ 48.25	$ 68.52
Total unrecognized compensation cost related to restricted stock units granted	$ 37,531	$ 21,019
Unrecognized compensation cost related to restricted stock units, weighted average period	1 year 10 months 24 days	1 year 6 months
Restricted Stock Units, Service-Based RSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of nonvested shares outstanding	647,000
Performance Restricted Stock Units (PRSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of nonvested shares outstanding	99,000
Weighted average grant-date fair value per share	$ 85.49	$ 80.04

Other Expense, Net - Schedule o

Other Expense, Net - Schedule of Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jun. 26, 2021	Jul. 02, 2022	Jun. 26, 2021
Other Income Expense [Abstract]
Foreign currency exchange losses, net	$ (811)	$ (328)	$ (1,025)	$ (1,599)
Other	(48)	39	(38)	66
Total other expense, net	$ (859)	$ (289)	$ (1,063)	$ (1,533)

Income Taxes - Details of Incom

Income Taxes - Details of Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jun. 26, 2021	Jul. 02, 2022	Jun. 26, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 57,253	$ 35,956	$ 116,170	$ 62,558
Provision for income taxes	$ 5,678	$ 905	$ 11,265	$ 3,394
Effective tax rate	10%	3%	10%	5%

Income Taxes - Textual (Details

Income Taxes - Textual (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 10,948	$ 10,948

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
	Jul. 02, 2022	Apr. 02, 2022	Jun. 26, 2021	Mar. 27, 2021	Jul. 02, 2022	Jun. 26, 2021
Earnings Per Share [Abstract]
Net income	$ 51,575	$ 53,330	$ 35,051	$ 24,113	$ 104,905	$ 59,164
Basic earnings per share - weighted average shares outstanding	49,617		49,193		49,525	49,105
Employee stock options, employee stock purchase grants and restricted stock units - dilutive shares	290		508		384	540
Diluted earnings per share - weighted average shares outstanding	49,907		49,701		49,909	49,645
Earnings per share:
Basic	$ 1.04		$ 0.71		$ 2.12	$ 1.20
Diluted	$ 1.03		$ 0.71		$ 2.10	$ 1.19

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) $ in Thousands	6 Months Ended
	Jul. 02, 2022 USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 1,426,055
Balance	1,527,943
Accumulated Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	1,764
Net current period other comprehensive loss	(9,546)
Reclassifications	0
Balance	(7,782)
Accumulated Net Unrealized Losses on Available-for-sale Marketable Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(448)
Net current period other comprehensive loss	(2,449)
Reclassifications	0
Balance	(2,897)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	1,316
Net current period other comprehensive loss	(11,995)
Reclassifications	0
Balance	$ (10,679)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) $ in Thousands	6 Months Ended
	Jul. 02, 2022 USD ($)
Accumulated Other Comprehensive Loss [Abstract]
Tax Effect Marketable Securities	$ 681
Tax Effect Foreign Currency Translation	$ 0

Segment Reporting and Geograp_3

Segment Reporting and Geographic Information - Additional Information (Details)	6 Months Ended
	Jul. 02, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

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
	Jul. 02, 2022	Jun. 26, 2021	Jul. 02, 2022	Jun. 26, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 256,310	$ 193,387	$ 497,660	$ 362,666
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	$ 220,786	$ 162,898	$ 430,170	$ 304,407
Systems and Software [Member] | Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	86%	84%	86%	84%
Parts Revenue [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 22,756	$ 18,697	$ 42,613	$ 36,115
Parts Revenue [Member] | Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	9%	10%	9%	10%
Service Revenue [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 12,768	$ 11,792	$ 24,877	$ 22,144
Service Revenue [Member] | Sales [Member] | Product [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	5%	6%	5%	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
	Jul. 02, 2022	Jun. 26, 2021	Jul. 02, 2022	Jun. 26, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 256,310	$ 193,387	$ 497,660	$ 362,666
China [Member]
Segment Reporting Information [Line Items]
Total revenue	67,619	42,274	131,013	68,053
South Korea [Member]
Segment Reporting Information [Line Items]
Total revenue	68,881	41,299	130,016	91,828
Taiwan [Member]
Segment Reporting Information [Line Items]
Total revenue	48,456	48,501	101,848	84,793
United States [Member]
Segment Reporting Information [Line Items]
Total revenue	31,073	25,700	57,874	51,180
Europe [Member]
Segment Reporting Information [Line Items]
Total revenue	19,048	14,446	37,476	31,832
Southeast Asia [Member]
Segment Reporting Information [Line Items]
Total revenue	10,444	3,781	19,669	9,729
Japan [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 10,789	$ 17,386	$ 19,764	$ 25,251

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]	6 Months Ended
	Jul. 02, 2022	Jun. 26, 2021
SK Hynix Inc. [Member]
Concentration Risk [Line Items]
Customer concentration risk percentage	17%	9%
Taiwan Semiconductor Manufacturing Co. Ltd. [Member]
Concentration Risk [Line Items]
Customer concentration risk percentage	15%	16%
Samsung Semiconductor [Member]
Concentration Risk [Line Items]
Customer concentration risk percentage	11%	22%

Share Repurchase Authorization

Share Repurchase Authorization - Textual (Details) - USD ($)	3 Months Ended	6 Months Ended
	Apr. 02, 2022	Jul. 02, 2022	Nov. 30, 2020
Shares Repurchase Authorization [Line Items]
Shares purchased	0	0
Amount available for future repurchase		$ 100,000,000
Maximum [Member]
Shares Repurchase Authorization [Line Items]
Stock repurchase, authorized amount			$ 100,000,000