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Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 26, 2021Apr. 29, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 26,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Trading SymbolICHR
Entity Registrant NameICHOR HOLDINGS, LTD.
Entity Central Index Key0001652535
Current Fiscal Year End Date--12-31
Entity Filer CategoryAccelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companytrue
Entity Ex Transition Periodtrue
Entity Ordinary Shares Outstanding28,079,224
Title of 12(b) SecurityOrdinary Shares, par value $0.0001
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Shell Companyfalse
Entity File Number001-37961
Entity Tax Identification Number00-0000000
Entity Incorporation, State or Country CodeE9
Entity Address, Address Line One3185 Laurelview Ct.
Entity Address, City or TownFremont
Entity Address, State or ProvinceCA
Entity Address, Postal Zip Code94538
City Area Code510
Local Phone Number897-5200
Document Quarterly Reporttrue
Document Transition Reportfalse

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 26, 2021Dec. 25, 2020
Current assets:
Cash $ 242,946 $ 252,899
Accounts receivable, net108,674 100,977
Inventories144,062 134,756
Prepaid expenses and other current assets7,347 7,082
Total current assets503,029 495,714
Property and equipment, net46,849 41,811
Operating lease right-of-use assets9,378 10,088
Other noncurrent assets5,800 5,503
Deferred tax assets, net5,812 6,324
Intangible assets, net36,454 39,845
Goodwill174,887 174,887
Total assets782,209 774,172
Current liabilities:
Accounts payable140,669 116,664
Accrued liabilities16,992 20,792
Other current liabilities11,778 10,700
Current portion of long-term debt8,750 8,750
Current portion of lease liabilities4,895 5,128
Total current liabilities183,084 162,034
Long-term debt, less current portion, net159,576 191,522
Lease liabilities, less current portion4,804 5,272
Deferred tax liabilities, net109 109
Other non-current liabilities3,574 3,546
Total liabilities351,147 362,483
Shareholders’ equity:
Preferred shares ($0.0001 par value; 20,000,000 shares authorized; zero shares issued and outstanding)
Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 28,070,251 and 27,907,077 shares outstanding, respectively; 32,507,690 and 32,344,516 shares issued, respectively)3 3
Additional paid in capital404,046 399,311
Treasury shares at cost (4,437,439 shares)(91,578)(91,578)
Retained earnings118,591 103,953
Total shareholders’ equity431,062 411,689
Total liabilities and shareholders’ equity $ 782,209 $ 774,172

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / sharesMar. 26, 2021Dec. 25, 2020
Statement Of Financial Position [Abstract]
Preferred shares, par value $ 0.0001 $ 0.0001
Preferred shares, authorized20,000,000 20,000,000
Preferred shares, issued0 0
Preferred shares, outstanding0 0
Ordinary shares, par value $ 0.0001 $ 0.0001
Ordinary shares, authorized200,000,000 200,000,000
Ordinary shares, issued32,507,690 32,344,516
Ordinary shares, outstanding28,070,251 27,907,077
Treasury shares4,437,439 4,437,439

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Income Statement [Abstract]
Net sales $ 264,566 $ 220,028
Cost of sales225,054 191,254
Gross profit39,512 28,774
Operating expenses:
Research and development3,515 3,322
Selling, general, and administrative14,349 16,618
Amortization of intangible assets3,391 3,334
Total operating expenses21,255 23,274
Operating income18,257 5,500
Interest expense1,919 2,374
Other expense (income), net185 (31)
Income before income taxes16,153 3,157
Income tax expense (benefit)1,515 (242)
Net income $ 14,638 $ 3,399
Net income per share Basic $ 0.52 $ 0.15
Net income per share Diluted $ 0.51 $ 0.15
Shares used to compute net income per share:
Shares used to compute net income per share, Basic28,004,248 22,737,163
Shares used to compute net income per share, Diluted28,729,112 23,181,127

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in ThousandsTotalOrdinary SharesAdditional Paid-in CapitalTreasury SharesRetained Earnings
Balance at Dec. 27, 2019 $ 221,416 $ 2 $ 242,318 $ (91,578) $ 70,674
Balance, Shares at Dec. 27, 201922,618,708 4,437,439
Ordinary shares issued from exercise of stock options2,483 2,483
Ordinary shares issued from exercise of stock options, shares113,539
Ordinary shares issued from vesting of restricted share units(993)(993)
Ordinary shares issued from vesting of restricted share units, shares57,912
Ordinary shares issued from employee share purchase plan350 350
Ordinary shares issued from employee share purchase plan, shares16,520
Share-based compensation expense2,865 2,865
Net income3,399 3,399
Balance at Mar. 27, 2020229,520 $ 2 247,023 $ (91,578)74,073
Balance, Shares at Mar. 27, 202022,806,679 4,437,439
Balance at Dec. 25, 2020411,689 $ 3 399,311 $ (91,578)103,953
Balance, Shares at Dec. 25, 202027,907,077 4,437,439
Ordinary shares issued from exercise of stock options2,381 2,381
Ordinary shares issued from exercise of stock options, shares105,600
Ordinary shares issued from vesting of restricted share units(667)(667)
Ordinary shares issued from vesting of restricted share units, shares30,423
Ordinary shares issued from employee share purchase plan606 606
Ordinary shares issued from employee share purchase plan, shares27,151
Share-based compensation expense2,415 2,415
Net income14,638 14,638
Balance at Mar. 26, 2021 $ 431,062 $ 3 $ 404,046 $ (91,578) $ 118,591
Balance, Shares at Mar. 26, 202128,070,251 4,437,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Cash flows from operating activities:
Net income $ 14,638 $ 3,399
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization5,657 5,737
Share-based compensation2,415 2,865
Deferred income taxes512 722
Amortization of debt issuance costs242 243
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net(7,697)(2,724)
Inventories(9,306)(16,684)
Prepaid expenses and other assets512 (868)
Accounts payable22,101 (12,380)
Accrued liabilities(3,467)(568)
Other liabilities41 (778)
Net cash provided by (used in) operating activities25,648 (21,036)
Cash flows from investing activities:
Capital expenditures(5,400)(2,470)
Net cash used in investing activities(5,400)(2,470)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans2,654 2,658
Employees' taxes paid upon vesting of restricted share units(667)(993)
Borrowings on revolving credit facility5,000
Repayments on revolving credit facility(30,000)
Repayments on term loan(2,188)(2,188)
Net cash provided by (used in) financing activities(30,201)4,477
Net decrease in cash(9,953)(19,029)
Cash at beginning of period252,899 60,612
Cash at end of period242,946 41,583
Supplemental disclosures of cash flow information:
Cash paid during the period for interest1,842 2,136
Cash paid during the period for taxes, net of refunds667 34
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable2,273 652
Right-of-use assets obtained in exchange for new operating lease liabilities $ 364 $ 328

Basis of Presentation and Selec

Basis of Presentation and Selected Significant Accounting Policies3 Months Ended
Mar. 26, 2021
Accounting Policies [Abstract]
Basis of Presentation and Selected Significant Accounting PoliciesNote 1 – Basis of Presentation and Selected Significant Accounting Policies Basis of Presentation These consolidated unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation. All dollar figures presented in tables in the notes to consolidated financial statements are in thousands, except per share amounts. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted as permitted by the SEC's rules and regulations for interim reporting. These consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10‑K for the year ended December 25, 2020. Year End We use a 52- or 53-week fiscal year ending on the last Friday in December. The three months ended March 26, 2021 and March 27, 2020 were both 13 weeks. References to the first quarter of 2021 and 2020 refer to the three-month periods then ended . References to fiscal year 2021 and 2020 refer to our fiscal years ending December 31, 2021 and December 25, 2020, respectively. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include inventory valuation, uncertain tax positions, fair value assigned to stock options granted, and impairment analysis for both definite‑lived intangible assets and goodwill. Revenue Recognition We recognize revenue when control of promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. This amount is recorded as net sales in our consolidated statements of operations. Transaction price – In most of our contracts, prices are generally determined by a customer-issued purchase order and generally remain fixed over the duration of the contract. Certain contracts contain variable consideration, including early-payment discounts and rebates. When a contract includes variable consideration, we evaluate the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal will not occur. Variable consideration estimates are updated at each reporting date. Historically, we have not incurred significant costs to obtain a contract. All amounts billed to a customer relating to shipping and handling are classified as net sales, while all costs incurred by us for shipping and handling are classified as cost of sales. Performance obligations – Substantially all of our performance obligations pertain to promised goods (“products”), which are primarily comprised of fluid delivery subsystems, weldments, and other components. Most of our contracts contain a single performance obligation and are generally completed within twelve months. Product sales are recognized at a point-in-time, generally upon delivery, as such term is defined within the contract, as that is when control of the promised good has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one to two years depending on the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under ASC 460, Guarantees , and not as a separate performance obligation . Contract balances – Accounts receivable represents our unconditional right to receive consideration from our customers. Accounts receivable are carried at invoice price less an estimate for doubtful accounts and estimated payment discounts. Payment terms vary by customer but are generally due within 15‑60 days. Historically, we have not incurred significant payment issues with our customers. We had no significant contract assets or liabilities on our consolidated balance sheets in any of the periods presented Accounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU 2019‑12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU include removing exceptions to incremental intraperiod tax allocation of losses and gains from different financial statement components, exceptions to the method of recognizing income taxes on interim period losses, and exceptions to deferred tax liability recognition related to foreign subsidiary investments. In addition, the ASU requires that entities recognize franchise tax based on an incremental method and requires an entity to evaluate the accounting for step-ups in the tax basis of goodwill as inside or outside of a business combination. We adopted the standard on the first day of 2021, and it did not have a significant impact on our financial statements.

Inventories

Inventories3 Months Ended
Mar. 26, 2021
Inventory Disclosure [Abstract]
InventoriesNote 2 – Inventories Inventories consist of the following:
March 26, 2021
December 25, 2020
Raw materials
$
91,470
$
88,015
Work in process
43,869
38,184
Finished goods
20,932
21,299
Excess and obsolete adjustment
(12,209
)
(12,742
)
Total inventories
$
144,062
$
134,756

Property and Equipment and Othe

Property and Equipment and Other Noncurrent Assets3 Months Ended
Mar. 26, 2021
Property Plant And Equipment [Abstract]
Property and Equipment and Other Noncurrent AssetsNote 3 – Property and Equipment and Other Noncurrent Assets Property and equipment consist of the following:
March 26, 2021
December 25, 2020
Machinery
$
36,828
$
37,196
Leasehold improvements
29,612
29,616
Computer software, hardware, and equipment
6,531
6,501
Office furniture, fixtures and equipment
1,166
1,166
Vehicles
90
75
Construction-in-process
12,878
5,483
87,105
80,037
Less accumulated depreciation
(40,256
)
(38,226
)
Total property and equipment, net
$
46,849
$
41,811
Depreciation expense was $2.3 million and $2.4 million for the first quarter of 2021 and 2020, respectively. Cloud Computing Implementation Costs We capitalize implementation costs associated with hosting arrangement that are service contracts. These costs are recorded to prepaid expenses or other noncurrent assets. To-date, these costs are those incurred to implement a new company-wide ERP system. The following table summarizes capitalized cloud computing implementation costs:
Capitalized cloud computing implementation costs as of December 25, 2020
$
4,366
Costs capitalized during the period
325
Capitalized costs amortized during the period

Capitalized cloud computing implementation costs as of March 26, 2021
$
4,691

Intangible Assets

Intangible Assets3 Months Ended
Mar. 26, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible AssetsNote 4 – Intangible Assets Definite‑lived intangible assets consist of the following:
March 26, 2021
Gross value
Accumulated amortization
Accumulated impairment charges
Carrying amount
Weighted average useful life
Trademarks
$
9,690
$
(8,959
)
$

$
731
10.0 years
Customer relationships
84,169
(56,824
)

27,345
7.7 years
Developed technology
11,047
(2,669
)

8,378
10.0 years
Total intangible assets
$
104,906
$
(68,452
)
$

$
36,454
December 25, 2020
Gross value
Accumulated amortization
Accumulated impairment charges
Carrying amount
Weighted average useful life
Trademarks
$
9,690
$
(8,717
)
$

$
973
10.0 years
Customer relationships
84,169
(53,946
)

30,223
7.8 years
Developed technology
11,047
(2,398
)

8,649
10.0 years
Total intangible assets
$
104,906
$
(65,061
)
$

$
39,845

Leases

Leases3 Months Ended
Mar. 26, 2021
Leases [Abstract]
LeasesNote 5 – Leases Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and operating lease liabilities, we use the non-cancellable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We lease facilities under various non-cancellable operating leases expiring through 2026. In addition to base rental payments, we are generally responsible for our proportionate share of operating expenses, including facility maintenance, insurance, and property taxes. As these amounts are variable, they are not included in lease liabilities. As of March 26, 2021, we had one operating lease executed for which the rental period had not yet commenced. The components of lease expense are as follows:
Three Months Ended
March 26, 2021
March 27, 2020
Operating lease cost
$
1,381
$
1,320
Supplemental cash flow information related to leases is as follows:
Three Months Ended
March 26, 2021
March 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
1,376
$
1,284
Supplemental balance sheet information related to leases is as follows:
March 26, 2021
March 27, 2020
Weighted-average remaining lease term of operating leases
2.2 years
2.9 years
Weighted-average discount rate of operating leases
4.4%
4.5%
Future minimum lease payments under non-cancelable leases as of March 26, 2021 are as follows:
2021, remaining
$
3,786
2022
4,370
2023
1,395
2024
448
2025
225
Thereafter
49
Total future minimum lease payments
10,273
Less imputed interest
(574
)
Total lease liabilities
$
9,699

Income Taxes

Income Taxes3 Months Ended
Mar. 26, 2021
Income Tax Disclosure [Abstract]
Income TaxesNote 6 – Income Taxes Income tax information for the periods reported are as follows:
Three Months Ended
March 26, 2021
March 27, 2020
Income tax expense (benefit)
$
1,515
$
(242
)
Income before income taxes
$
16,153
$
3,157
Effective income tax rate
9.4
%
-7.7
% Our effective tax rate for the first quarter of 2021 differs from the statutory rate due to taxes on foreign income that differ from the U.S. tax rate, including a tax holiday in Singapore, and the impact of share-based compensation activity during the quarter. Our effective tax rate for first quarter of 2020 differs from the statutory rate due to taxes on foreign income that differ from the U.S. tax rate and the release of the certain tax reserves related to statute of limitation expirations and settlements, excess tax benefits from share-based compensation and the impact of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $3.0 million at March 26, 2021. The related interest and penalties were insignificant. The uncertain tax positions that are reasonably possible to decrease in the next twelve months are insignificant. As of March 26, 2021, we were not under examination by tax authorities.

Employee Benefit Programs

Employee Benefit Programs3 Months Ended
Mar. 26, 2021
Compensation And Retirement Disclosure [Abstract]
Employee Benefit ProgramsNote 7 – Employee Benefit Programs 401(k) Plan We sponsor a 401(k) plan available to employees of our U.S.‑based subsidiaries. Participants may make salary deferral contributions not to exceed 50% of a participant’s annual compensation or the maximum amount otherwise allowed by law. Eligible employees receive a discretionary matching contribution equal to 50% of a participant’s deferral, up to an annual maximum of 4% of a participant’s annual compensation. Matching contributions were $0.6 million and $0.5 million for the

Long-Term Debt

Long-Term Debt3 Months Ended
Mar. 26, 2021
Debt Disclosure [Abstract]
Long-Term DebtNote 8 – Long-Term Debt Long‑term debt consists of the following:
March 26, 2021
December 25, 2020
Term loan
$
150,937
$
153,125
Revolving credit facility
19,162
49,162
Total principal amount of long-term debt
170,099
202,287
Less unamortized debt issuance costs
(1,773
)
(2,015
)
Total long-term debt, net
168,326
200,272
Less current portion
(8,750
)
(8,750
)
Total long-term debt, less current portion, net
$
159,576
$
191,522
On February 15, 2018, we entered into an amended and restated credit agreement, which includes a $175.0 million term loan and a $125.0 million revolving credit facility. We incurred debt issuance costs of $2.1 million in connection with the amendment. The amendment did not meet the definition of an extinguishment and was accounted for as a modification. Term loan principal payments of $2.2 million are due on a quarterly basis. The credit facilities mature on February 15, 2023. Interest is charged at either the Base Rate or the Eurodollar rate (as such terms are defined in the credit agreement) at our option, plus an applicable margin. The Base Rate is equal to the higher of i) the Prime Rate, ii) the Federal Funds Rate plus 0.5%, or iii) the Eurodollar Rate plus 1.00%. The Eurodollar rate is equal to LIBOR, subject to a 1.00% floor for the term loan. The applicable margin on Base Rate and Eurodollar Rate loans is 0.75‑1.50% and 1.75‑2.50% per annum, respectively, depending on our leverage ratio. We are also charged a commitment fee of 0.20%-0.35% on the unused portion of our revolving credit facility. Base Rate interest payments and commitment fees are due quarterly. Eurodollar interest payments are due on the last day of the applicable interest period. At March 26, 2021, the term loan and revolving credit facility bore interest at the Eurodollar rate option of 3.25% and 2.50%, respectively

Share-Based Compensation

Share-Based Compensation3 Months Ended
Mar. 26, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based CompensationNote 9 – Share‑Based Compensation The 2016 Omnibus Incentive Plan (the “2016 Plan”) provides for grants of share‑based awards to employees, directors, and consultants. Forfeited or expired awards are returned to the incentive plan pool for future grants. Awards generally vest over four years, 25% on the first anniversary of the date of grant and quarterly thereafter over the remaining 3 years. Upon vesting of RSUs, employees may elect to have shares withheld to cover statutory minimum withholding taxes. Shares withheld are not reflected as an issuance of ordinary shares within our consolidated statements of shareholders’ equity, as the shares were never issued, and the associated tax payments are reflected as financing activities within our consolidated statements of cash flows. Share‑based compensation expense across all plans for options, RSUs, and employee share purchase rights was $2.4 million and $2.9 million for the first quarter of 2021 and 2020, respectively. Stock Options The following table summarizes option activity:
Number of Stock Options
Time vesting
Performance vesting
Weighted average exercise price per share
Weighted average remaining contractual term
Aggregate intrinsic value (in thousands)
Outstanding, December 25, 2020
1,325,826
65,908
$
22.22
Granted


$

Exercised
(105,600
)

$
22.55
Forfeited or expired
(22,958
)

$
19.24
Outstanding, March 26, 2021
1,197,268
65,908
$
22.25
4.4 years
$
37,097
Exercisable, March 26, 2021
579,671
65,908
$
21.00
3.6 years
$
19,770
Restricted Share Units The following table summarizes RSU activity:
Number of Restricted Share Units
Time vesting
Performance vesting
Weighted average grant date fair value per share
Unvested, December 25, 2020
564,626

$
24.09
Granted
18,227

$
35.39
Vested
(47,542
)

$
28.45
Forfeited
(11,726
)

$
22.07
Unvested, March 26, 2021
523,585

$
24.13
Employee Share Purchase Plan The 2017 Employee Stock Purchase Plan (the “2017 ESPP”) grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period. During the first quarter of 2021, 27,151 ordinary shares were purchased by eligible employees under the 2017 ESPP. As of March 26, 2021, approximately 2.4 million ordinary shares remain available for purchase under the 2017 ESPP.

Segment Information

Segment Information3 Months Ended
Mar. 26, 2021
Segment Reporting [Abstract]
Segment InformationNote 10 – Segment Information Our Chief Operating Decision Maker, the Chief Executive Officer, reviews our results of operations on a consolidated level and executive staff is structured by function rather than by product category. Therefore, we operate in one operating segment. Key resources, decisions, and assessment of performance are also analyzed on a company‑wide level. Foreign operations are conducted primarily through our wholly owned subsidiaries in Singapore and Malaysia. Our principal markets include North America, Asia and, to a lesser degree, Europe. Sales by geographic area represent sales to unaffiliated customers. All information on sales by geographic area is based upon the location to which the products were shipped. The following table sets forth sales by geographic area:
Three Months Ended
March 26, 2021
March 27, 2020
United States of America
$
139,134
$
120,841
Singapore
86,324
73,209
Europe
17,330
14,959
Other
21,778
11,019
Total net sales
$
264,566
$
220,028
Foreign long-lived assets, exclusive of deferred tax assets, were $34.8 million and $31.5 million at March 26, 2021 and December 25, 2020, respectively

Earnings per Share

Earnings per Share3 Months Ended
Mar. 26, 2021
Earnings Per Share [Abstract]
Earnings per ShareNote 11 – Earnings per Share The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the numerator and denominator used in the calculation:
Three Months Ended
March 26, 2021
March 27, 2020
Numerator:
Net income
$
14,638
$
3,399
Denominator:
Basic weighted average ordinary shares outstanding
28,004,248
22,737,163
Dilutive effect of options
449,656
322,469
Dilutive effect of RSUs
269,002
119,960
Dilutive effect of ESPP
6,206
1,535
Diluted weighted average ordinary shares outstanding
28,729,112
23,181,127
Earnings per share:
Net income:
Basic
$
0.52
$
0.15
Diluted
$
0.51
$
0.15
A combined total of approximately and potentially dilutive o ptions and RSUs were excluded from the calculation of net income per share for the first quarter of 2021 and 2020 , respectively, because including them would have been antidilutive under the treasury stock method .

Basis of Presentation and Sel_2

Basis of Presentation and Selected Significant Accounting Policies (Policies)3 Months Ended
Mar. 26, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation These consolidated unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation. All dollar figures presented in tables in the notes to consolidated financial statements are in thousands, except per share amounts. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted as permitted by the SEC's rules and regulations for interim reporting. These consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10‑K for the year ended December 25, 2020.
Year EndYear End We use a 52- or 53-week fiscal year ending on the last Friday in December. The three months ended March 26, 2021 and March 27, 2020 were both 13 weeks. References to the first quarter of 2021 and 2020 refer to the three-month periods then ended . References to fiscal year 2021 and 2020 refer to our fiscal years ending December 31, 2021 and December 25, 2020, respectively.
Use of EstimatesUse of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include inventory valuation, uncertain tax positions, fair value assigned to stock options granted, and impairment analysis for both definite‑lived intangible assets and goodwill.
Revenue RecognitionRevenue Recognition We recognize revenue when control of promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. This amount is recorded as net sales in our consolidated statements of operations. Transaction price – In most of our contracts, prices are generally determined by a customer-issued purchase order and generally remain fixed over the duration of the contract. Certain contracts contain variable consideration, including early-payment discounts and rebates. When a contract includes variable consideration, we evaluate the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal will not occur. Variable consideration estimates are updated at each reporting date. Historically, we have not incurred significant costs to obtain a contract. All amounts billed to a customer relating to shipping and handling are classified as net sales, while all costs incurred by us for shipping and handling are classified as cost of sales. Performance obligations – Substantially all of our performance obligations pertain to promised goods (“products”), which are primarily comprised of fluid delivery subsystems, weldments, and other components. Most of our contracts contain a single performance obligation and are generally completed within twelve months. Product sales are recognized at a point-in-time, generally upon delivery, as such term is defined within the contract, as that is when control of the promised good has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one to two years depending on the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under ASC 460, Guarantees , and not as a separate performance obligation . Contract balances – Accounts receivable represents our unconditional right to receive consideration from our customers. Accounts receivable are carried at invoice price less an estimate for doubtful accounts and estimated payment discounts. Payment terms vary by customer but are generally due within 15‑60 days. Historically, we have not incurred significant payment issues with our customers. We had no significant contract assets or liabilities on our consolidated balance sheets in any of the periods presented
Accounting Pronouncements Recently AdoptedAccounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU 2019‑12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU include removing exceptions to incremental intraperiod tax allocation of losses and gains from different financial statement components, exceptions to the method of recognizing income taxes on interim period losses, and exceptions to deferred tax liability recognition related to foreign subsidiary investments. In addition, the ASU requires that entities recognize franchise tax based on an incremental method and requires an entity to evaluate the accounting for step-ups in the tax basis of goodwill as inside or outside of a business combination. We adopted the standard on the first day of 2021, and it did not have a significant impact on our financial statements.

Inventories (Tables)

Inventories (Tables)3 Months Ended
Mar. 26, 2021
Inventory Disclosure [Abstract]
Schedule of InventoriesInventories consist of the following:
March 26, 2021
December 25, 2020
Raw materials
$
91,470
$
88,015
Work in process
43,869
38,184
Finished goods
20,932
21,299
Excess and obsolete adjustment
(12,209
)
(12,742
)
Total inventories
$
144,062
$
134,756

Property and Equipment and Ot_2

Property and Equipment and Other Noncurrent Assets (Tables)3 Months Ended
Mar. 26, 2021
Property Plant And Equipment [Abstract]
Summary of Property and EquipmentProperty and equipment consist of the following:
March 26, 2021
December 25, 2020
Machinery
$
36,828
$
37,196
Leasehold improvements
29,612
29,616
Computer software, hardware, and equipment
6,531
6,501
Office furniture, fixtures and equipment
1,166
1,166
Vehicles
90
75
Construction-in-process
12,878
5,483
87,105
80,037
Less accumulated depreciation
(40,256
)
(38,226
)
Total property and equipment, net
$
46,849
$
41,811
Summary of Capitalized Cloud Computing Implementation CostThe following table summarizes capitalized cloud computing implementation costs:
Capitalized cloud computing implementation costs as of December 25, 2020
$
4,366
Costs capitalized during the period
325
Capitalized costs amortized during the period

Capitalized cloud computing implementation costs as of March 26, 2021
$
4,691

Intangible Assets (Tables)

Intangible Assets (Tables)3 Months Ended
Mar. 26, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible AssetsDefinite‑lived intangible assets consist of the following:
March 26, 2021
Gross value
Accumulated amortization
Accumulated impairment charges
Carrying amount
Weighted average useful life
Trademarks
$
9,690
$
(8,959
)
$

$
731
10.0 years
Customer relationships
84,169
(56,824
)

27,345
7.7 years
Developed technology
11,047
(2,669
)

8,378
10.0 years
Total intangible assets
$
104,906
$
(68,452
)
$

$
36,454
December 25, 2020
Gross value
Accumulated amortization
Accumulated impairment charges
Carrying amount
Weighted average useful life
Trademarks
$
9,690
$
(8,717
)
$

$
973
10.0 years
Customer relationships
84,169
(53,946
)

30,223
7.8 years
Developed technology
11,047
(2,398
)

8,649
10.0 years
Total intangible assets
$
104,906
$
(65,061
)
$

$
39,845

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 26, 2021
Leases [Abstract]
Components of Lease ExpenseThe components of lease expense are as follows:
Three Months Ended
March 26, 2021
March 27, 2020
Operating lease cost
$
1,381
$
1,320
Supplemental Cash Flow Information Related to LeasesSupplemental cash flow information related to leases is as follows:
Three Months Ended
March 26, 2021
March 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
1,376
$
1,284
Supplemental Balance Sheet Information Related to LeasesSupplemental balance sheet information related to leases is as follows:
March 26, 2021
March 27, 2020
Weighted-average remaining lease term of operating leases
2.2 years
2.9 years
Weighted-average discount rate of operating leases
4.4%
4.5%
Future Minimum Lease Payments Under Non-Cancelable LeasesFuture minimum lease payments under non-cancelable leases as of March 26, 2021 are as follows:
2021, remaining
$
3,786
2022
4,370
2023
1,395
2024
448
2025
225
Thereafter
49
Total future minimum lease payments
10,273
Less imputed interest
(574
)
Total lease liabilities
$
9,699

Income Taxes (Tables)

Income Taxes (Tables)3 Months Ended
Mar. 26, 2021
Income Tax Disclosure [Abstract]
Schedule of Income TaxesIncome tax information for the periods reported are as follows:
Three Months Ended
March 26, 2021
March 27, 2020
Income tax expense (benefit)
$
1,515
$
(242
)
Income before income taxes
$
16,153
$
3,157
Effective income tax rate
9.4
%
-7.7
%

Long-Term Debt (Tables)

Long-Term Debt (Tables)3 Months Ended
Mar. 26, 2021
Debt Disclosure [Abstract]
Schedule of Long-term DebtLong‑term debt consists of the following:
March 26, 2021
December 25, 2020
Term loan
$
150,937
$
153,125
Revolving credit facility
19,162
49,162
Total principal amount of long-term debt
170,099
202,287
Less unamortized debt issuance costs
(1,773
)
(2,015
)
Total long-term debt, net
168,326
200,272
Less current portion
(8,750
)
(8,750
)
Total long-term debt, less current portion, net
$
159,576
$
191,522

Share-Based Compensation (Table

Share-Based Compensation (Tables)3 Months Ended
Mar. 26, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Option ActivityThe following table summarizes option activity:
Number of Stock Options
Time vesting
Performance vesting
Weighted average exercise price per share
Weighted average remaining contractual term
Aggregate intrinsic value (in thousands)
Outstanding, December 25, 2020
1,325,826
65,908
$
22.22
Granted


$

Exercised
(105,600
)

$
22.55
Forfeited or expired
(22,958
)

$
19.24
Outstanding, March 26, 2021
1,197,268
65,908
$
22.25
4.4 years
$
37,097
Exercisable, March 26, 2021
579,671
65,908
$
21.00
3.6 years
$
19,770
Schedule of RSU ActivityThe following table summarizes RSU activity:
Number of Restricted Share Units
Time vesting
Performance vesting
Weighted average grant date fair value per share
Unvested, December 25, 2020
564,626

$
24.09
Granted
18,227

$
35.39
Vested
(47,542
)

$
28.45
Forfeited
(11,726
)

$
22.07
Unvested, March 26, 2021
523,585

$
24.13

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Mar. 26, 2021
Segment Reporting [Abstract]
Schedule of Sales By Geographic AreaThe following table sets forth sales by geographic area:
Three Months Ended
March 26, 2021
March 27, 2020
United States of America
$
139,134
$
120,841
Singapore
86,324
73,209
Europe
17,330
14,959
Other
21,778
11,019
Total net sales
$
264,566
$
220,028

Earnings per Share (Tables)

Earnings per Share (Tables)3 Months Ended
Mar. 26, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per ShareThe following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the numerator and denominator used in the calculation:
Three Months Ended
March 26, 2021
March 27, 2020
Numerator:
Net income
$
14,638
$
3,399
Denominator:
Basic weighted average ordinary shares outstanding
28,004,248
22,737,163
Dilutive effect of options
449,656
322,469
Dilutive effect of RSUs
269,002
119,960
Dilutive effect of ESPP
6,206
1,535
Diluted weighted average ordinary shares outstanding
28,729,112
23,181,127
Earnings per share:
Net income:
Basic
$
0.52
$
0.15
Diluted
$
0.51
$
0.15

Basis of Presentation and Sel_3

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details)3 Months Ended
Mar. 26, 2021
Accounting Standards Update 2019-12
Basis Of Presentation [Line Items]
Change in accounting principle, accounting standards update, adoptedtrue
Change in accounting principle, accounting standards update, adoption dateJan. 1,
2021
Change in accounting principle, accounting standards update, immaterial effecttrue
Minimum
Basis Of Presentation [Line Items]
Extended product warranty period1 year
Payment terms, due period15 days
Maximum
Basis Of Presentation [Line Items]
Extended product warranty period2 years
Payment terms, due period60 days

Basis of Presentation and Sel_4

Basis of Presentation and Selected Significant Accounting Policies - Additional Information (Details 1)Mar. 26, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-03-27
Basis Of Presentation [Line Items]
Performance obligation satisfaction period12 months

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in ThousandsMar. 26, 2021Dec. 25, 2020
Inventory Disclosure [Abstract]
Raw materials $ 91,470 $ 88,015
Work in process43,869 38,184
Finished goods20,932 21,299
Excess and obsolete adjustment(12,209)(12,742)
Total inventories $ 144,062 $ 134,756

Property and Equipment and Ot_3

Property and Equipment and Other Noncurrent Assets - Summary of Property and Equipment (Details) - USD ($) $ in ThousandsMar. 26, 2021Dec. 25, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross $ 87,105 $ 80,037
Less accumulated depreciation(40,256)(38,226)
Total property and equipment, net46,849 41,811
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross36,828 37,196
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross29,612 29,616
Office Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross1,166 1,166
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross90 75
Construction-In-Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross12,878 5,483
Computer Software, Hardware and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross $ 6,531 $ 6,501

Property and Equipment and Ot_4

Property and Equipment and Other Noncurrent Assets - Additional Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 26, 2021Sep. 25, 2020
Property Plant And Equipment [Abstract]
Depreciation expense $ 2.3 $ 2.4

Property and Equipment and Ot_5

Property and Equipment and Other Noncurrent Assets - Summary of Capitalized Cloud Computing Implementation Cost (Details) $ in Thousands3 Months Ended
Mar. 26, 2021USD ($)
Property Plant And Equipment [Abstract]
Capitalized cloud computing implementation costs as of December 25, 2020 $ 4,366
Costs capitalized during the period325
Capitalized cloud computing implementation costs as of March 26, 2021 $ 4,691

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 26, 2021Dec. 25, 2020
Finite Lived Intangible Assets [Line Items]
Gross value $ 104,906 $ 104,906
Accumulated amortization(68,452)(65,061)
Carrying amount36,454 39,845
Trademarks
Finite Lived Intangible Assets [Line Items]
Gross value9,690 9,690
Accumulated amortization(8,959)(8,717)
Carrying amount $ 731 $ 973
Trademarks | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life10 years10 years
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross value $ 84,169 $ 84,169
Accumulated amortization(56,824)(53,946)
Carrying amount $ 27,345 $ 30,223
Customer Relationships | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life7 years 8 months 12 days7 years 9 months 18 days
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross value $ 11,047 $ 11,047
Accumulated amortization(2,669)(2,398)
Carrying amount $ 8,378 $ 8,649
Developed Technology | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life10 years10 years

Leases - Additional Information

Leases - Additional Information (Detail)3 Months Ended
Mar. 26, 2021Operatinglease
Leases [Abstract]
Non-cancellable net operating lease expiration year2026
Lessee, operating lease, not yet commenced, descriptionAs of March 26, 2021, we had one operating lease executed for which the rental period had not yet commenced.
Number of operating lease executed1

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Leases [Abstract]
Operating lease cost $ 1,381 $ 1,320

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Leases [Abstract]
Operating cash flows from operating leases $ 1,376 $ 1,284

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail)Mar. 26, 2021Mar. 27, 2020
Leases [Abstract]
Weighted-average remaining lease term of operating leases2 years 2 months 12 days2 years 10 months 24 days
Weighted-average discount rate of operating leases4.40%4.50%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in ThousandsMar. 26, 2021USD ($)
Leases [Abstract]
2021, remaining $ 3,786
20224,370
20231,395
2024448
2025225
Thereafter49
Total future minimum lease payments10,273
Less imputed interest(574)
Total lease liabilities $ 9,699

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Components Of Income Tax Expense Benefit Continuing Operations [Abstract]
Income tax expense (benefit) $ 1,515 $ (242)
Income before income taxes $ 16,153 $ 3,157
Effective income tax rate9.40%(7.70%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in MillionsMar. 26, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits for uncertain tax positions $ 3

Employee Benefit Programs - Add

Employee Benefit Programs - Additional Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee50.00%50.00%
Percentage of eligible employee receive discretionary matching contribution50.00%50.00%
Employee matching contributions $ 0.6 $ 0.5
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee4.00%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in ThousandsMar. 26, 2021Dec. 25, 2020
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt $ 170,099 $ 202,287
Less unamortized debt issuance costs(1,773)(2,015)
Total long-term debt, net168,326 200,272
Less current portion(8,750)(8,750)
Total long-term debt, less current portion, net159,576 191,522
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt150,937 153,125
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt $ 19,162 $ 49,162

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)Feb. 15, 2018Mar. 26, 2021Dec. 25, 2020
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt $ 170,099,000 $ 202,287,000
Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt150,937,000 153,125,000
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt $ 19,162,000 $ 49,162,000
Credit Agreement
Line Of Credit Facility [Line Items]
Debt issuance costs $ 2,100,000
Description of interest rateThe Base Rate is equal to the higher of i) the Prime Rate, ii) the Federal Funds Rate plus 0.5%, or iii) the Eurodollar Rate plus 1.00%. The Eurodollar rate is equal to LIBOR, subject to a 1.00% floor for the term loan. The applicable margin on Base Rate and Eurodollar Rate loans is 0.75‑1.50% and 1.75‑2.50% per annum, respectively, depending on our leverage ratio.
Credit Agreement | Floor Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate1.00%
Credit Agreement | Federal Funds Effective Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate0.50%
Credit Agreement | Eurodollar Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate1.00%
Frequency of interest paymentLast day of the applicable interest period
Credit Agreement | Eurodollar Rate | Minimum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate1.75%
Credit Agreement | Eurodollar Rate | Maximum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate2.50%
Credit Agreement | Base Rate
Line Of Credit Facility [Line Items]
Frequency of interest paymentQuarterly
Credit Agreement | Base Rate | Minimum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate0.75%
Credit Agreement | Base Rate | Maximum
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate1.50%
Credit Agreement | Term Loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt $ 175,000,000
Credit facility, periodic principal payments $ 2,200
Credit facility, frequency of principal paymentsquarterly
Credit Agreement | Term Loan | Eurodollar Rate
Line Of Credit Facility [Line Items]
Interest rate3.25%
Credit Agreement | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt $ 125,000,000
Credit Agreement | Revolving Credit Facility | Minimum
Line Of Credit Facility [Line Items]
Percentage of commitment fee on unused portion of revolver0.20%
Credit Agreement | Revolving Credit Facility | Maximum
Line Of Credit Facility [Line Items]
Percentage of commitment fee on unused portion of revolver0.35%
Credit Agreement | Revolving Credit Facility | Eurodollar Rate
Line Of Credit Facility [Line Items]
Interest rate2.50%
Credit Agreement | Credit Facilities
Line Of Credit Facility [Line Items]
Principal payments maturity dateFeb. 15,
2023

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense for Options, RSUs and employee share purchase rights across all plans $ 2.4 $ 2.9
The 2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting descriptionAwards generally vest over four years, 25% on the first anniversary of the date of grant and quarterly thereafter over the remaining 3 years.
Share-based compensation arrangement by share-based payment award, expiration period4 years
Awards vesting period3 years
Awards vesting percentage25.00%
2017 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price equal to percentage of fair market value of ordinary shares85.00%
Ordinary shares purchased by eligible employees during the period27,151
Ordinary shares remain available for purchase2,400,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Option Activity (Details) - Stock Options $ / shares in Units, $ in Thousands3 Months Ended
Mar. 26, 2021USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average exercise price per share, Outstanding, Beginning Balance | $ / shares $ 22.22
Weighted average exercise price per share, Exercised | $ / shares22.55
Weighted average exercise price per share, Forfeited or expired | $ / shares19.24
Weighted average exercise price per share, Outstanding, Ending Balance | $ / shares22.25
Weighted average exercise price per share, Exercisable | $ / shares $ 21
Weighted average remaining contractual term, Outstanding4 years 4 months 24 days
Weighted average remaining contractual term, Exercisable3 years 7 months 6 days
Aggregate intrinsic value, Outstanding | $ $ 37,097
Aggregate intrinsic value, Exercisable | $ $ 19,770
Time Vesting
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Outstanding, Beginning Balance1,325,826
Number of Stock Options, Exercised(105,600)
Number of Stock Options, Forfeited or expired(22,958)
Number of Stock Options, Outstanding, Ending Balance1,197,268
Number of Stock Options, Exercisable579,671
Performance Vesting
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Outstanding, Beginning Balance65,908
Number of Stock Options, Granted0
Number of Stock Options, Exercised0
Number of Stock Options, Forfeited or expired0
Number of Stock Options, Outstanding, Ending Balance65,908
Number of Stock Options, Exercisable65,908

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of RSU Activity (Details)3 Months Ended
Mar. 26, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share, Unvested, Beginning Balance | $ / shares $ 24.09
Weighted average grant date fair value per share, Granted | $ / shares35.39
Weighted average grant date fair value per share, Vested | $ / shares28.45
Weighted average grant date fair value per share, Forfeited | $ / shares22.07
Weighted average grant date fair value per share, Unvested, Ending Balance | $ / shares $ 24.13
Time Vesting Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Unvested, Beginning Balance | shares564,626
Number of Restricted Share Units, Granted | shares18,227
Number of Restricted Share Units, Vested | shares(47,542)
Number of Restricted Share Units, Forfeited | shares(11,726)
Number of Restricted Share Units, Unvested, Ending Balance | shares523,585

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions3 Months Ended
Mar. 26, 2021USD ($)SegmentDec. 25, 2020USD ($)
Segment Reporting [Abstract]
Number of operating segment | Segment1
Foreign long-lived assets, exclusive of deferred tax assets | $ $ 34.8 $ 31.5

Segment Information - Schedule

Segment Information - Schedule of Sales By Geographic Area (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Segment Reporting Information [Line Items]
Total net sales $ 264,566 $ 220,028
United States of America
Segment Reporting Information [Line Items]
Total net sales139,134 120,841
Singapore
Segment Reporting Information [Line Items]
Total net sales86,324 73,209
Europe
Segment Reporting Information [Line Items]
Total net sales17,330 14,959
Other
Segment Reporting Information [Line Items]
Total net sales $ 21,778 $ 11,019

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Earnings Per Share Basic And Diluted [Line Items]
Net income $ 14,638 $ 3,399
Basic weighted average ordinary shares outstanding28,004,248 22,737,163
Diluted weighted average ordinary shares outstanding28,729,112 23,181,127
Net income:
Basic $ 0.52 $ 0.15
Diluted $ 0.51 $ 0.15
Options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares449,656 322,469
RSUs
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares269,002 119,960
ESPP
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares6,206 1,535

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares3 Months Ended
Mar. 26, 2021Mar. 27, 2020
Earnings Per Share [Abstract]
Potential dilutive options and RSUs excluded from computation of net income (loss) per share75,000 720,000