Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 26, 2021 | Jul. 12, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | ONTO INNOVATION INC. | |
Trading Symbol | ONTO | |
Entity Central Index Key | 0000704532 | |
Current Fiscal Year End Date | --01-01 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 26, 2021 | |
Document Fiscal Year Focus | 2021 | |
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, $0.001 par value per share | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 49,267,758 | |
Entity File Number | 001-39110 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-2276314 | |
Entity Address, Address Line One | 16 Jonspin Road | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01887 | |
City Area Code | 978 | |
Local Phone Number | 253-6200 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 193,387 | $ 134,948 | $ 362,666 | $ 274,876 |
Cost of revenue | 87,931 | 63,363 | 166,741 | 140,660 |
Gross profit | 105,456 | 71,585 | 195,925 | 134,216 |
Operating expenses: | ||||
Research and development | 25,507 | 22,167 | 47,471 | 43,094 |
Sales and marketing | 15,429 | 11,869 | 28,533 | 24,940 |
General and administrative | 16,255 | 15,916 | 31,814 | 36,063 |
Amortization | 12,324 | 13,703 | 24,681 | 27,435 |
Total operating expenses | 69,515 | 63,655 | 132,499 | 131,532 |
Operating income | 35,941 | 7,930 | 63,426 | 2,684 |
Interest income, net | 304 | 686 | 665 | 1,896 |
Other expense, net | (289) | (1,198) | (1,533) | (1,166) |
Income before provision for income taxes | 35,956 | 7,418 | 62,558 | 3,414 |
Provision (benefit) for income taxes | 905 | (6) | 3,394 | 394 |
Net income | $ 35,051 | $ 7,424 | $ 59,164 | $ 3,020 |
Earnings per share: | ||||
Basic | $ 0.71 | $ 0.15 | $ 1.20 | $ 0.06 |
Diluted | $ 0.71 | $ 0.15 | $ 1.19 | $ 0.06 |
Weighted average shares outstanding: | ||||
Basic | 49,193 | 48,736 | 49,105 | 49,417 |
Diluted | 49,701 | 49,014 | 49,645 | 49,782 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 35,051 | $ 7,424 | $ 59,164 | $ 3,020 |
Other comprehensive (loss) gain, net of tax: | ||||
Change in net unrealized (losses) gains on available-for-sale marketable securities | (567) | 795 | (698) | 269 |
Change in currency translation adjustments | 537 | 2,495 | (1,362) | 264 |
Total other comprehensive (loss) gain, net of tax | (30) | 3,290 | (2,060) | 533 |
Total comprehensive income | $ 35,021 | $ 10,714 | $ 57,104 | $ 3,553 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 134,218 | $ 136,720 |
Marketable securities | 276,621 | 237,002 |
Accounts receivable, less allowance of $720 and $784 | 174,662 | 149,251 |
Inventories, net | 206,981 | 191,217 |
Prepaid expenses and other current assets | 19,147 | 17,471 |
Total current assets | 811,629 | 731,661 |
Property, plant and equipment, net | 88,015 | 87,950 |
Goodwill | 313,891 | 306,632 |
Identifiable intangible assets, net | 305,886 | 318,357 |
Deferred income taxes | 2,263 | 2,235 |
Other assets | 24,809 | 21,337 |
Total assets | 1,546,493 | 1,468,172 |
Current liabilities: | ||
Accounts payable | 46,685 | 40,183 |
Accrued liabilities | 40,957 | 37,075 |
Deferred revenue | 21,190 | 14,334 |
Other current liabilities | 24,336 | 28,499 |
Total current liabilities | 133,168 | 120,091 |
Deferred and other tax liabilities | 55,867 | 55,623 |
Other non-current liabilities | 27,895 | 27,712 |
Total liabilities | 216,930 | 203,426 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock | 49 | 49 |
Additional paid-in capital | 1,241,680 | 1,233,967 |
Accumulated other comprehensive income | 2,508 | 4,568 |
Retained earnings | 85,326 | 26,162 |
Total stockholders’ equity | 1,329,563 | 1,264,746 |
Total liabilities and stockholders’ equity | $ 1,546,493 | $ 1,468,172 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Statement Of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 720 | $ 784 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 59,164 | $ 3,020 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Amortization of intangibles | 24,681 | 27,435 |
Depreciation | 7,484 | 6,240 |
Share-based compensation | 10,997 | 8,730 |
Acquired inventory step-up amortization | 252 | 10,173 |
Provision for inventory valuation | 3,706 | 3,108 |
Other, net | 1,892 | 1,102 |
Changes in operating assets and liabilities, net of effects of business acquired | (31,748) | (12,937) |
Net cash and cash equivalents provided by operating activities | 76,428 | 46,871 |
Cash flows from investing activities: | ||
Purchases of marketable securities | (142,072) | (140,364) |
Proceeds from sales of marketable securities | 102,027 | 147,473 |
Cash received from convertible note receivable | 2,848 | |
Purchase of business, net of cash acquired | (26,795) | |
Purchases of property, plant and equipment | (9,558) | (2,609) |
Net cash and cash equivalents (used in) provided by investing activities | (76,398) | 7,348 |
Cash flows from financing activities: | ||
Purchase of common stock | (52,000) | |
Tax payments related to shares withheld for share-based compensation plans | (6,499) | (3,279) |
Payment of contingent consideration for acquired business | (435) | |
Issuance of shares through share-based compensation plans | 3,215 | 179 |
Net cash and cash equivalents used in financing activities | (3,284) | (55,535) |
Effect of exchange rate changes on cash and cash equivalents | 752 | 31 |
Net decrease in cash and cash equivalents | (2,502) | (1,285) |
Cash and cash equivalents at beginning of period | 136,720 | 130,673 |
Cash and cash equivalents at end of period | 134,218 | 129,388 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | $ 4,980 | $ 3,463 |
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 (Accumulated Deficit) [Member] |
Balance at Dec. 31, 2019 | $ 1,264,026 | $ 50 | $ 1,269,437 | $ (598) | $ (4,863) |
Balance, Shares at Dec. 31, 2019 | 50,184 | ||||
Repurchase of common stock | (33,614) | $ (1) | (33,613) | ||
Repurchase of common stock, Shares | (1,250) | ||||
Net income (loss) | (4,404) | (4,404) | |||
Share-based compensation | 3,955 | 3,955 | |||
Issuance of shares through share-based compensation plans | 164 | 164 | |||
Issuance of shares through share-based compensation plans, Shares | 240 | ||||
Share-based compensation plan withholdings | (1,565) | (1,565) | |||
Share-based compensation plan withholdings, Shares | (42) | ||||
Currency translation | (2,231) | (2,231) | |||
Unrealized gain (loss) on investments | (526) | (526) | |||
Balance at Mar. 28, 2020 | 1,225,805 | $ 49 | 1,238,378 | (3,355) | (9,267) |
Balance, shares at Mar. 28, 2020 | 49,132 | ||||
Balance at Dec. 31, 2019 | 1,264,026 | $ 50 | 1,269,437 | (598) | (4,863) |
Balance, Shares at Dec. 31, 2019 | 50,184 | ||||
Net income (loss) | 3,020 | ||||
Currency translation | 264 | ||||
Balance at Jun. 27, 2020 | 1,221,209 | $ 49 | 1,223,068 | (65) | (1,843) |
Balance, shares at Jun. 27, 2020 | 48,724 | ||||
Balance at Mar. 28, 2020 | 1,225,805 | $ 49 | 1,238,378 | (3,355) | (9,267) |
Balance, Shares at Mar. 28, 2020 | 49,132 | ||||
Repurchase of common stock | (18,385) | (18,385) | |||
Repurchase of common stock, Shares | (632) | ||||
Net income (loss) | 7,424 | 7,424 | |||
Share-based compensation | 4,775 | 4,775 | |||
Issuance of shares through share-based compensation plans | 15 | 15 | |||
Issuance of shares through share-based compensation plans, Shares | 279 | ||||
Share-based compensation plan withholdings | (1,715) | (1,715) | |||
Share-based compensation plan withholdings, Shares | 55 | ||||
Currency translation | 2,495 | 2,495 | |||
Unrealized gain (loss) on investments | 795 | 795 | |||
Balance at Jun. 27, 2020 | 1,221,209 | $ 49 | 1,223,068 | (65) | (1,843) |
Balance, shares at Jun. 27, 2020 | 48,724 | ||||
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 (loss) | 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 (loss) | 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 (loss) | 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 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 26, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1. Basis of Presentation The Company operates on a 52- or 53-week fiscal year ending on the Saturday closest to December 31 st 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 June 26, 2021 are not necessarily indicative of results to be expected for the entire year or any future periods. This interim financial information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 26, 2020 (the “2020 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”) on February 19, 2021. The accompanying Condensed Consolidated Balance Sheet at December 26, 2020 has been derived from the audited consolidated financial statements included in the 2020 Form 10-K. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management that are evaluated on an ongoing basis include the allowances 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 and contingencies, including litigation reserves, 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, fair value of assets acquired and liabilities assumed in a business combination and stock awards. 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. The Company also assessed the impacts of COVID-19 on the above accounting matters as of June 26, 2021 and through the date of this report. While there was not a material impact as of and for the quarter ended June 26, 2021 and through the date of this report, future actual magnitude and duration of the COVID-19 pandemic, as well as other associated factors, could result in material negative impacts to the Company’s condensed consolidated financial statements in future reporting periods. Recent Accounting Pronouncements Recently Adopted Effective December 27, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This standard simplified the accounting for income taxes by eliminating certain exceptions to the guidance in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplified aspects of the accounting for franchise 2019-12 did not have a significant impact on the Company’s consolidated financial position, results of operations, and cash flows. |
Business Combination
Business Combination | 6 Months Ended |
Jun. 26, 2021 | |
Business Combinations [Abstract] | |
Business Combination | NOTE 2. Business Combination Inspectrology, LLC On December 31, 2020, the Company acquired Inspectrology, LLC (“Inspectrology”), a leading supplier of overlay metrology for controlling lithography and etch processes in the compound semiconductor market for $27,015 in cash and a potential earnout of $10,000, subject to achievement of certain revenue targets earned for fiscal 2021 and 2022. As of June 26, 2021, the Company does not believe the earnout criteria will be met. Certain payments, including the earnout, are subject to the principals remaining with the Company for a period of one to three years. The following table summarizes the preliminary fair values of assets acquired and liabilities assumed at the date of acquisition: Cash and cash equivalents $ 220 Account receivables 4,071 Inventories 2,587 Prepaid expenses and other current assets 104 Property, plant and equipment 86 Identifiable intangible assets 12,210 Other assets 3,000 Total assets acquired 22,278 Accounts payable (1,048 ) Payroll and related expenses (512 ) Deferred revenue (386 ) Other current liabilities (576 ) Net assets acquired 19,756 Goodwill 7,259 Total purchase consideration $ 27,015 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 26, 2021 | |
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 June 26, 2021 and December 26, 2020: 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) June 26, 2021 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 142,931 $ — $ 142,931 $ — Asset-backed securities 4,094 — 4,094 — Certificates of deposit 44,021 — 44,021 — Commercial paper 50,979 — 50,979 — Corporate bonds 34,596 — 34,596 — Foreign currency forward contracts 27 — 27 — Total assets $ 276,648 $ — $ 276,648 $ — December 26, 2020 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 124,640 $ — $ 124,640 $ — Asset-backed securities 11,708 — 11,708 — Certificates of deposit 36,373 — 36,373 — Commercial paper 32,699 — 32,699 — Corporate bonds 31,582 — 31,582 — Total assets $ 237,002 $ — $ 237,002 $ — Liabilities: Foreign currency forward contracts 36 — 36 — Total liabilities $ 36 $ — $ 36 $ — Available-for-sale debt securities classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Investment prices are obtained from third party pricing providers, which model prices utilizing the above observable inputs, for each asset class. See Note 4 for additional discussion regarding the fair value of the Company’s marketable securities. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 26, 2021 | |
Marketable Securities [Abstract] | |
Marketable Securities | NOTE 4. Marketable Securities At June 26, 2021 and December 26, 2020, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value June 26, 2021 Municipal notes and bonds $ 142,821 $ 128 $ 19 $ 142,930 Asset-backed securities 4,090 4 — 4,094 Certificates of deposit 44,003 19 1 44,021 Commercial paper 50,961 19 — 50,980 Corporate bonds 34,651 6 61 34,596 Total marketable securities $ 276,526 $ 176 $ 81 $ 276,621 December 26, 2020 Municipal notes and bonds $ 124,387 $ 257 $ 4 $ 124,640 Asset-backed securities 11,679 29 — 11,708 Certificates of deposit 36,349 24 — 36,373 Commercial paper 32,690 12 3 32,699 Corporate bonds 31,544 50 12 31,582 Total marketable securities $ 236,649 $ 372 $ 19 $ 237,002 The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at June 26, 2021 and December 26, 2020: June 26, 2021 December 26, 2020 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 195,632 $ 195,733 $ 170,099 $ 170,321 Due after one through five years 80,894 80,888 66,550 66,681 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 276,526 $ 276,621 $ 236,649 $ 237,002 The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at June 26, 2021 and December 26, 2020: 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 June 26, 2021 Municipal notes and bonds $ 30,626 $ 19 $ — $ — Certificate of deposit 4,603 1 — — Corporate bonds 24,485 61 — — Total $ 59,714 $ 81 $ — $ — December 26, 2020 Municipal notes and bonds $ 8,641 $ 4 $ — $ — Commercial paper 8,862 3 — — Corporate bonds 14,947 12 — — Total $ 32,450 $ 19 $ — $ — 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 |
Jun. 26, 2021 | |
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 June 26, 2021 and December 26, 2020, these contracts included the future sale of British pound sterling, 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 June 26, 2021 and December 26, 2020 were as follows: June 26, 2021 December 26, 2020 Notional amount $ 11,397 $ 37,580 Fair value of asset (liability) $ 27 $ (36 ) |
Goodwill and Purchased Intangib
Goodwill and Purchased Intangible Assets | 6 Months Ended |
Jun. 26, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Purchased Intangible Assets | NOTE 6. Goodwill and Purchased Intangible Assets Goodwill The changes in the carrying amount of goodwill are as follows: Balance at December 26, 2020 $ 306,632 Goodwill acquired during the period (Note 2) 7,259 Balance at June 26, 2021 $ 313,891 Intangible Assets Purchased intangible assets as of June 26, 2021 and December 26, 2020 are as follows: Gross Carrying Amount Accumulated Amortization Net June 26, 2021 Finite-lived intangibles: Developed technology $ 331,747 $ 132,270 $ 199,477 Customer and distributor relationships 74,701 23,267 51,434 Trademarks and trade names 14,361 5,986 8,375 Total finite-lived intangible assets 420,809 161,523 259,286 In-process research and development 46,600 — 46,600 Total identifiable intangible assets $ 467,409 $ 161,523 $ 305,886 December 26, 2020 Finite-lived intangibles: Developed technology $ 326,877 $ 110,851 $ 216,026 Customer and distributor relationships 69,261 20,654 48,607 Trademarks and trade names 12,461 5,337 7,124 Total finite-lived intangible assets 408,599 136,842 271,757 In-process research and development 46,600 — 46,600 Total identifiable intangible assets $ 455,199 $ 136,842 $ 318,357 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 2021 (remainder) $ 24,548 2022 48,830 2023 48,355 2024 42,669 2025 26,119 2026 24,926 Thereafter 43,839 Total $ 259,286 |
Balance Sheet Details
Balance Sheet Details | 6 Months Ended |
Jun. 26, 2021 | |
Balance Sheet Detail [Abstract] | |
Balance Sheet Details | NOTE 7. Balance Sheet Details Inventories Inventories, net are comprised of the following: June 26, 2021 December 26, 2020 Materials $ 128,389 $ 124,926 Work-in-process 54,706 44,829 Finished goods 23,886 21,462 Total inventories, net $ 206,981 $ 191,217 Property, Plant and Equipment Property, plant and equipment, net is comprised of the following: June 26, 2021 December 26, 2020 Machinery and equipment $ 57,061 $ 52,833 Land and building 48,188 47,544 Computer equipment and software 15,651 15,549 Leasehold improvements 13,759 12,927 Furniture and fixtures 3,985 4,013 138,644 132,866 Accumulated depreciation and amortization (50,629 ) (44,916 ) Total property, plant and equipment, net $ 88,015 $ 87,950 Other assets Other assets is comprised of the following: June 26, 2021 December 26, 2020 Operating lease right-of-use assets $ 20,449 $ 19,669 Other 4,360 1,668 Total other assets $ 24,809 $ 21,337 Accrued liabilities Accrued liabilities is comprised of the following: June 26, 2021 December 26, 2020 Payroll and related expenses $ 32,026 $ 30,270 Warranty 7,611 6,062 Other 1,320 743 Total accrued liabilities $ 40,957 $ 37,075 Other current liabilities Other current liabilities is comprised of the following: June 26, 2021 December 26, 2020 Customer deposits $ 10,949 $ 15,177 Current operating lease obligations 5,121 4,470 Income tax payable 1,076 4,109 Accrued professional fees 1,259 1,184 Other 5,931 3,559 Total other current liabilities $ 24,336 $ 28,499 Other non-current liabilities Other non-current liabilities is comprised of the following: June 26, 2021 December 26, 2020 Non-current operating lease obligations $ 16,365 $ 16,455 Unrecognized tax benefits (including interest) 2,765 3,812 Deferred revenue 1,716 1,292 Other 7,049 6,153 Total other non-current liabilities $ 27,895 $ 27,712 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 26, 2021 | |
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 $6,226 of receivables during the six months ended June 26, 2021. 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 June 26, 2021. 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 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. Settlements of warranty reserves are generally associated with sales that occurred during the 12 to 14 months prior to the period-end and warranty accruals are related to sales during the same year. Changes in the Company’s warranty reserves are as follows: Six Months Ended June 26, June 27, 2021 2020 Balance, beginning of the period $ 6,485 $ 6,348 Accruals 3,560 2,794 Warranty liability assumed in acquisition 407 — Usage (2,229 ) (2,327 ) Balance, end of the period $ 8,223 $ 6,815 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. 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 discovery cutoff is September 3, 2022 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 June 26, 2021 was approximately $99.4 million with an available interest rate of 1.8%. 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 |
Jun. 26, 2021 | |
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 June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Point-in-time $ 182,133 $ 131,796 $ 343,294 $ 265,541 Over-time 11,254 3,152 19,372 9,335 Total revenue $ 193,387 $ 134,948 $ 362,666 $ 274,876 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. These amounts are recorded as deferred revenue in the Condensed Consolidated Balance Sheets. Changes in deferred revenue were as follows: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Balance, beginning of the period $ 22,429 $ 18,032 $ 15,626 $ 15,093 Deferred revenue assumed in acquisition — — 386 — Deferral of revenue 15,117 8,818 34,348 23,252 Recognition of deferred revenue (14,640 ) (8,956 ) (27,454 ) (20,451 ) Balance, end of the period $ 22,906 $ 17,894 $ 22,906 $ 17,894 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 26, 2021 | |
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 June 26, 2021 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 26, 2020 964 $ 31.37 Granted 285 $ 69.47 Vested (404 ) $ 30.74 Forfeited (46 ) $ 37.61 Nonvested at June 26, 2021 799 $ 45.67 As of June 26, 2021 and December 26, 2020, there was $27,391 and $19,135 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 1.8 years and 1.7 years for June 26, 2021 and December 26, 2020, respectively. |
Other Expense, Net
Other Expense, Net | 6 Months Ended |
Jun. 26, 2021 | |
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 June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Foreign currency exchange losses, net $ (328 ) $ (1,271 ) $ (1,599 ) $ (1,305 ) Other 39 73 66 139 Total other expense, net $ (289 ) $ (1,198 ) $ (1,533 ) $ (1,166 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 26, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12. Income Taxes The following table provides details of income taxes: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Income before income taxes $ 35,956 $ 7,418 $ 62,558 $ 3,414 Provision (benefit) for income taxes $ 905 $ (6 ) $ 3,394 $ 394 Effective tax rate 3 % 0 % 5 % 12 % The income tax provision for the three and six months ended June 26, 2021 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year. The increase in the Company’s income tax provision for the three and six months ended June 26, 2021 as compared to the three and six months ended June 27, 2020 is primarily due to an increase in quarterly earnings, offset by (i) an increase in the Foreign Derived Intangible Income (“FDII”) deduction, (ii) an increase in the excess tax benefit associated with equity compensation, and (iii) 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 and federal research and development tax credits. 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 $14,254 and $14,238 as of June 26, 2021 and December 26, 2020, respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 26, 2021 | |
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 June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Numerator: Net income $ 35,051 $ 7,424 $ 59,164 $ 3,020 Denominator: Basic earnings per share - weighted average shares outstanding 49,193 48,736 49,105 49,417 Effect of potential dilutive securities: Employee stock options, employee stock purchase grants and restricted stock units - dilutive shares 508 278 540 365 Diluted earnings per share - weighted average shares outstanding 49,701 49,014 49,645 49,782 Earnings per share: Basic $ 0.71 $ 0.15 $ 1.20 $ 0.06 Diluted $ 0.71 $ 0.15 $ 1.19 $ 0.06 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 26, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income | NOTE 14. Accumulated Other Comprehensive Income The components of accumulated other comprehensive income, net of tax, at June 26, 2021, as well as the activity for the six months ended June 26, 2021, were as follows: Foreign currency translation adjustments Net unrealized gains (losses) on available-for-sale marketable securities Accumulated other comprehensive income Balance at December 26, 2020 $ 4,479 $ 89 $ 4,568 Net current period other comprehensive loss (1,362 ) (698 ) (2,060 ) Reclassifications — — — Balance at June 26, 2021 $ 3,117 $ (609 ) $ 2,508 |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 6 Months Ended |
Jun. 26, 2021 | |
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 June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Systems and software $ 162,898 84 % $ 108,247 80 % $ 304,407 84 % $ 222,577 81 % Parts 18,697 10 % 16,329 12 % 36,115 10 % 29,904 11 % Services 11,792 6 % 10,372 8 % 22,144 6 % 22,395 8 % Total revenue $ 193,387 100 % $ 134,948 100 % $ 362,666 100 % $ 274,876 100 % The Company’s significant operations outside the United States include sales, service and application offices in Asia and Europe. For geographical revenue reporting, revenue is attributed to the geographic location to which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Revenue from third parties: South Korea $ 41,299 $ 22,964 $ 91,828 $ 43,721 Taiwan 48,501 31,997 84,793 67,178 China 42,274 27,001 68,053 58,384 United States 25,700 22,378 51,180 42,026 Europe 14,446 10,089 31,832 25,158 Japan 17,386 13,908 25,251 28,935 Southeast Asia 3,781 6,611 9,729 9,474 Total revenue $ 193,387 $ 134,948 $ 362,666 $ 274,876 The following customers accounted for 10% or more of total revenue for the indicated periods: Six Months Ended June 26, June 27, 2021 2020 Samsung Semiconductor 22 % 18 % Taiwan Semiconductor Manufacturing Co. Ltd. 16 % 17 % |
Share Repurchase Authorization
Share Repurchase Authorization | 6 Months Ended |
Jun. 26, 2021 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Authorization | NOTE 16. Share Repurchase Authorization In November 2020, the Onto Innovation Board of Directors approved a new share repurchase authorization, which allows the Company to repurchase up to $100,000 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. At June 26, 2021, there was $100,000 available for future share repurchases under this share repurchase authorization. The following table summarizes the Company’s share repurchases for the periods indicated: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Shares of common stock repurchased — 632 — 1,882 Cost of shares repurchased $ — $ 18,385 $ — $ 52,000 Average price paid per share $ — $ 29.08 $ — $ 27.62 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 26, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management that are evaluated on an ongoing basis include the allowances 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 and contingencies, including litigation reserves, 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, fair value of assets acquired and liabilities assumed in a business combination and stock awards. 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. The Company also assessed the impacts of COVID-19 on the above accounting matters as of June 26, 2021 and through the date of this report. While there was not a material impact as of and for the quarter ended June 26, 2021 and through the date of this report, future actual magnitude and duration of the COVID-19 pandemic, as well as other associated factors, could result in material negative impacts to the Company’s condensed consolidated financial statements in future reporting periods. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Effective December 27, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This standard simplified the accounting for income taxes by eliminating certain exceptions to the guidance in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplified aspects of the accounting for franchise 2019-12 did not have a significant impact on the Company’s consolidated financial position, results of operations, and cash flows. |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Business Combinations [Abstract] | |
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of assets acquired and liabilities assumed at the date of acquisition: Cash and cash equivalents $ 220 Account receivables 4,071 Inventories 2,587 Prepaid expenses and other current assets 104 Property, plant and equipment 86 Identifiable intangible assets 12,210 Other assets 3,000 Total assets acquired 22,278 Accounts payable (1,048 ) Payroll and related expenses (512 ) Deferred revenue (386 ) Other current liabilities (576 ) Net assets acquired 19,756 Goodwill 7,259 Total purchase consideration $ 27,015 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis | The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at June 26, 2021 and December 26, 2020: 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) June 26, 2021 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 142,931 $ — $ 142,931 $ — Asset-backed securities 4,094 — 4,094 — Certificates of deposit 44,021 — 44,021 — Commercial paper 50,979 — 50,979 — Corporate bonds 34,596 — 34,596 — Foreign currency forward contracts 27 — 27 — Total assets $ 276,648 $ — $ 276,648 $ — December 26, 2020 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 124,640 $ — $ 124,640 $ — Asset-backed securities 11,708 — 11,708 — Certificates of deposit 36,373 — 36,373 — Commercial paper 32,699 — 32,699 — Corporate bonds 31,582 — 31,582 — Total assets $ 237,002 $ — $ 237,002 $ — Liabilities: Foreign currency forward contracts 36 — 36 — Total liabilities $ 36 $ — $ 36 $ — |
Marketable Securities - (Tables
Marketable Securities - (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Marketable Securities [Abstract] | |
Schedule of Marketable Securities by Category | At June 26, 2021 and December 26, 2020, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value June 26, 2021 Municipal notes and bonds $ 142,821 $ 128 $ 19 $ 142,930 Asset-backed securities 4,090 4 — 4,094 Certificates of deposit 44,003 19 1 44,021 Commercial paper 50,961 19 — 50,980 Corporate bonds 34,651 6 61 34,596 Total marketable securities $ 276,526 $ 176 $ 81 $ 276,621 December 26, 2020 Municipal notes and bonds $ 124,387 $ 257 $ 4 $ 124,640 Asset-backed securities 11,679 29 — 11,708 Certificates of deposit 36,349 24 — 36,373 Commercial paper 32,690 12 3 32,699 Corporate bonds 31,544 50 12 31,582 Total marketable securities $ 236,649 $ 372 $ 19 $ 237,002 |
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities Classified by Maturity Date | The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at June 26, 2021 and December 26, 2020: June 26, 2021 December 26, 2020 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 195,632 $ 195,733 $ 170,099 $ 170,321 Due after one through five years 80,894 80,888 66,550 66,681 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 276,526 $ 276,621 $ 236,649 $ 237,002 |
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 June 26, 2021 and December 26, 2020: 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 June 26, 2021 Municipal notes and bonds $ 30,626 $ 19 $ — $ — Certificate of deposit 4,603 1 — — Corporate bonds 24,485 61 — — Total $ 59,714 $ 81 $ — $ — December 26, 2020 Municipal notes and bonds $ 8,641 $ 4 $ — $ — Commercial paper 8,862 3 — — Corporate bonds 14,947 12 — — Total $ 32,450 $ 19 $ — $ — |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Forward Contracts and Related Fair Values | The dollar equivalent of the U.S. dollar forward contracts and related fair values as of June 26, 2021 and December 26, 2020 were as follows: June 26, 2021 December 26, 2020 Notional amount $ 11,397 $ 37,580 Fair value of asset (liability) $ 27 $ (36 ) |
Goodwill and Purchased Intang_2
Goodwill and Purchased Intangible Assets (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill are as follows: Balance at December 26, 2020 $ 306,632 Goodwill acquired during the period (Note 2) 7,259 Balance at June 26, 2021 $ 313,891 |
Schedule of Purchased Intangible Assets | Intangible Assets Purchased intangible assets as of June 26, 2021 and December 26, 2020 are as follows: Gross Carrying Amount Accumulated Amortization Net June 26, 2021 Finite-lived intangibles: Developed technology $ 331,747 $ 132,270 $ 199,477 Customer and distributor relationships 74,701 23,267 51,434 Trademarks and trade names 14,361 5,986 8,375 Total finite-lived intangible assets 420,809 161,523 259,286 In-process research and development 46,600 — 46,600 Total identifiable intangible assets $ 467,409 $ 161,523 $ 305,886 December 26, 2020 Finite-lived intangibles: Developed technology $ 326,877 $ 110,851 $ 216,026 Customer and distributor relationships 69,261 20,654 48,607 Trademarks and trade names 12,461 5,337 7,124 Total finite-lived intangible assets 408,599 136,842 271,757 In-process research and development 46,600 — 46,600 Total identifiable intangible assets $ 455,199 $ 136,842 $ 318,357 |
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 2021 (remainder) $ 24,548 2022 48,830 2023 48,355 2024 42,669 2025 26,119 2026 24,926 Thereafter 43,839 Total $ 259,286 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Balance Sheet Detail [Abstract] | |
Schedule of Inventories | Inventories, net are comprised of the following: June 26, 2021 December 26, 2020 Materials $ 128,389 $ 124,926 Work-in-process 54,706 44,829 Finished goods 23,886 21,462 Total inventories, net $ 206,981 $ 191,217 |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net is comprised of the following: June 26, 2021 December 26, 2020 Machinery and equipment $ 57,061 $ 52,833 Land and building 48,188 47,544 Computer equipment and software 15,651 15,549 Leasehold improvements 13,759 12,927 Furniture and fixtures 3,985 4,013 138,644 132,866 Accumulated depreciation and amortization (50,629 ) (44,916 ) Total property, plant and equipment, net $ 88,015 $ 87,950 |
Schedule of Other Assets | Other assets is comprised of the following: June 26, 2021 December 26, 2020 Operating lease right-of-use assets $ 20,449 $ 19,669 Other 4,360 1,668 Total other assets $ 24,809 $ 21,337 |
Schedule of Accrued Liabilities | Accrued liabilities is comprised of the following: June 26, 2021 December 26, 2020 Payroll and related expenses $ 32,026 $ 30,270 Warranty 7,611 6,062 Other 1,320 743 Total accrued liabilities $ 40,957 $ 37,075 |
Schedule of Other Current Liabilities | Other current liabilities is comprised of the following: June 26, 2021 December 26, 2020 Customer deposits $ 10,949 $ 15,177 Current operating lease obligations 5,121 4,470 Income tax payable 1,076 4,109 Accrued professional fees 1,259 1,184 Other 5,931 3,559 Total other current liabilities $ 24,336 $ 28,499 |
Schedule of Other Non-Current Liabilities | Other non-current liabilities is comprised of the following: June 26, 2021 December 26, 2020 Non-current operating lease obligations $ 16,365 $ 16,455 Unrecognized tax benefits (including interest) 2,765 3,812 Deferred revenue 1,716 1,292 Other 7,049 6,153 Total other non-current liabilities $ 27,895 $ 27,712 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Changes in Warranty Reserves | Changes in the Company’s warranty reserves are as follows: Six Months Ended June 26, June 27, 2021 2020 Balance, beginning of the period $ 6,485 $ 6,348 Accruals 3,560 2,794 Warranty liability assumed in acquisition 407 — Usage (2,229 ) (2,327 ) Balance, end of the period $ 8,223 $ 6,815 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table represents a disaggregation of revenue by timing of revenue: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Point-in-time $ 182,133 $ 131,796 $ 343,294 $ 265,541 Over-time 11,254 3,152 19,372 9,335 Total revenue $ 193,387 $ 134,948 $ 362,666 $ 274,876 |
Schedule of Changes in Deferred Revenue | Changes in deferred revenue were as follows: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Balance, beginning of the period $ 22,429 $ 18,032 $ 15,626 $ 15,093 Deferred revenue assumed in acquisition — — 386 — Deferral of revenue 15,117 8,818 34,348 23,252 Recognition of deferred revenue (14,640 ) (8,956 ) (27,454 ) (20,451 ) Balance, end of the period $ 22,906 $ 17,894 $ 22,906 $ 17,894 |
Share-Based Compensation - (Tab
Share-Based Compensation - (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
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 June 26, 2021 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 26, 2020 964 $ 31.37 Granted 285 $ 69.47 Vested (404 ) $ 30.74 Forfeited (46 ) $ 37.61 Nonvested at June 26, 2021 799 $ 45.67 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Other Income Expense [Abstract] | |
Schedule of Other Expense, Net | Other expense, net, is comprised of the following: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Foreign currency exchange losses, net $ (328 ) $ (1,271 ) $ (1,599 ) $ (1,305 ) Other 39 73 66 139 Total other expense, net $ (289 ) $ (1,198 ) $ (1,533 ) $ (1,166 ) |
Income Taxes - (Tables)
Income Taxes - (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Income Tax Disclosure [Abstract] | |
Details of Income Tax | The following table provides details of income taxes: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Income before income taxes $ 35,956 $ 7,418 $ 62,558 $ 3,414 Provision (benefit) for income taxes $ 905 $ (6 ) $ 3,394 $ 394 Effective tax rate 3 % 0 % 5 % 12 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The Company’s basic and diluted earnings per share amounts are as follows: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Numerator: Net income $ 35,051 $ 7,424 $ 59,164 $ 3,020 Denominator: Basic earnings per share - weighted average shares outstanding 49,193 48,736 49,105 49,417 Effect of potential dilutive securities: Employee stock options, employee stock purchase grants and restricted stock units - dilutive shares 508 278 540 365 Diluted earnings per share - weighted average shares outstanding 49,701 49,014 49,645 49,782 Earnings per share: Basic $ 0.71 $ 0.15 $ 1.20 $ 0.06 Diluted $ 0.71 $ 0.15 $ 1.19 $ 0.06 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income, Net of Tax | The components of accumulated other comprehensive income, net of tax, at June 26, 2021, as well as the activity for the six months ended June 26, 2021, were as follows: Foreign currency translation adjustments Net unrealized gains (losses) on available-for-sale marketable securities Accumulated other comprehensive income Balance at December 26, 2020 $ 4,479 $ 89 $ 4,568 Net current period other comprehensive loss (1,362 ) (698 ) (2,060 ) Reclassifications — — — Balance at June 26, 2021 $ 3,117 $ (609 ) $ 2,508 |
Segment Reporting and Geograp_2
Segment Reporting and Geographic Information - (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers by Products and Services | The following table lists the different sources of revenue: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Systems and software $ 162,898 84 % $ 108,247 80 % $ 304,407 84 % $ 222,577 81 % Parts 18,697 10 % 16,329 12 % 36,115 10 % 29,904 11 % Services 11,792 6 % 10,372 8 % 22,144 6 % 22,395 8 % Total revenue $ 193,387 100 % $ 134,948 100 % $ 362,666 100 % $ 274,876 100 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | For geographical revenue reporting, revenue is attributed to the geographic location to which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Revenue from third parties: South Korea $ 41,299 $ 22,964 $ 91,828 $ 43,721 Taiwan 48,501 31,997 84,793 67,178 China 42,274 27,001 68,053 58,384 United States 25,700 22,378 51,180 42,026 Europe 14,446 10,089 31,832 25,158 Japan 17,386 13,908 25,251 28,935 Southeast Asia 3,781 6,611 9,729 9,474 Total revenue $ 193,387 $ 134,948 $ 362,666 $ 274,876 |
Schedule of Revenue by Major Customer by Reporting Segments | The following customers accounted for 10% or more of total revenue for the indicated periods: Six Months Ended June 26, June 27, 2021 2020 Samsung Semiconductor 22 % 18 % Taiwan Semiconductor Manufacturing Co. Ltd. 16 % 17 % |
Share Repurchase Authorization
Share Repurchase Authorization (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Share Repurchase Program [Abstract] | |
Summary of Share Repurchases | The following table summarizes the Company’s share repurchases for the periods indicated: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Shares of common stock repurchased — 632 — 1,882 Cost of shares repurchased $ — $ 18,385 $ — $ 52,000 Average price paid per share $ — $ 29.08 $ — $ 27.62 |
Business Combination - Textual
Business Combination - Textual (Details) - Inspectrology, LLC [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 26, 2021 |
Business Acquisition [Line Items] | ||
Business acquisition, date of acquisition | Dec. 31, 2020 | |
Business acquisition, cash consideration | $ 27,015 | |
Business combination potential earnout payment | $ 10,000 | |
Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Business combination potential earnout subject to principal remaining period | 1 year | |
Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Business combination potential earnout subject to principal remaining period | 3 years |
Business Combination - Summary
Business Combination - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Mar. 27, 2021 | Dec. 31, 2020 | Dec. 26, 2020 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 313,891 | $ 313,891 | $ 306,632 | |
Inspectrology, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 220 | |||
Account receivables | 4,071 | |||
Inventories | 2,587 | |||
Prepaid expenses and other current assets | 104 | |||
Property, plant and equipment | 86 | |||
Identifiable intangible assets | 12,210 | |||
Other assets | 3,000 | |||
Total assets acquired | 22,278 | |||
Accounts payable | (1,048) | |||
Payroll and related expenses | (512) | |||
Deferred revenue | (386) | |||
Other current liabilities | (576) | |||
Net assets acquired | 19,756 | |||
Goodwill | 7,259 | |||
Total purchase consideration | $ 27,015 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | $ 276,621 | $ 237,002 |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | 27 | |
Total assets | 276,648 | 237,002 |
Foreign currency forward contracts | 36 | |
Total liabilities | 36 | |
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 | 142,931 | 124,640 |
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 | 4,094 | 11,708 |
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 | 44,021 | 36,373 |
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 | 50,979 | 32,699 |
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 | 34,596 | 31,582 |
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] | ||
Foreign currency forward contracts | 0 | |
Total assets | 0 | 0 |
Foreign currency forward contracts | 0 | |
Total liabilities | 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] | ||
Foreign currency forward contracts | 27 | |
Total assets | 276,648 | 237,002 |
Foreign currency forward contracts | 36 | |
Total liabilities | 36 | |
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 | 142,931 | 124,640 |
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 | 4,094 | 11,708 |
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 | 44,021 | 36,373 |
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 | 50,979 | 32,699 |
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 | 34,596 | 31,582 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | 0 | |
Total assets | 0 | 0 |
Foreign currency forward contracts | 0 | |
Total liabilities | 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 | Jun. 26, 2021 | Dec. 26, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 276,526 | $ 236,649 |
Gross Unrealized Holding Gains | 176 | 372 |
Gross Unrealized Holding Losses | 81 | 19 |
Fair Value | 276,621 | 237,002 |
Municipal notes and bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 142,821 | 124,387 |
Gross Unrealized Holding Gains | 128 | 257 |
Gross Unrealized Holding Losses | 19 | 4 |
Fair Value | 142,930 | 124,640 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,090 | 11,679 |
Gross Unrealized Holding Gains | 4 | 29 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 4,094 | 11,708 |
Certificates of deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 44,003 | 36,349 |
Gross Unrealized Holding Gains | 19 | 24 |
Gross Unrealized Holding Losses | 1 | 0 |
Fair Value | 44,021 | 36,373 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 50,961 | 32,690 |
Gross Unrealized Holding Gains | 19 | 12 |
Gross Unrealized Holding Losses | 0 | 3 |
Fair Value | 50,980 | 32,699 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 34,651 | 31,544 |
Gross Unrealized Holding Gains | 6 | 50 |
Gross Unrealized Holding Losses | 61 | 12 |
Fair Value | $ 34,596 | $ 31,582 |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities Classified by Maturity Date (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Available For Sale Securities Debt Maturities Fair Value [Abstract] | ||
Amortized Cost, Due within one year | $ 195,632 | $ 170,099 |
Amortized Cost, Due after one through five years | 80,894 | 66,550 |
Amortized Cost, Due after five through ten years | 0 | 0 |
Amortized Cost, Due after ten years | 0 | 0 |
Amortized Cost | 276,526 | 236,649 |
Fair Value, Due within one year | 195,733 | 170,321 |
Fair Value, Due after one through five years | 80,888 | 66,681 |
Fair Value, Due after five through ten years | 0 | 0 |
Fair Value, Due after ten years | 0 | 0 |
Fair Value, Total marketable securities | $ 276,621 | $ 237,002 |
Marketable Securities - Summary
Marketable Securities - Summary of Estimated Fair Value and Gross Unrealized Holding Losses of Marketable Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
In Unrealized Loss Position For Less Than 12 Months, Fair Value | $ 59,714 | $ 32,450 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses | 81 | 19 |
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 |
Municipal notes and bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
In Unrealized Loss Position For Less Than 12 Months, Fair Value | 30,626 | 8,641 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses | 19 | 4 |
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 |
Certificates of deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
In Unrealized Loss Position For Less Than 12 Months, Fair Value | 4,603 | |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses | 1 | |
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 | |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
In Unrealized Loss Position For Less Than 12 Months, Fair Value | 8,862 | |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses | 3 | |
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 | |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
In Unrealized Loss Position For Less Than 12 Months, Fair Value | 24,485 | 14,947 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses | 61 | 12 |
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 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Forward Contracts and Related Fair Values (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Notional amount | $ 11,397 | $ 37,580 |
Fair value of asset (liability) | $ 27 | $ (36) |
Goodwill and Purchased Intang_3
Goodwill and Purchased Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 26, 2021USD ($) | |
Goodwill Roll Forward | |
Beginning balance | $ 306,632 |
Goodwill acquired during the period (Note 2) | 7,259 |
Ending balance | $ 313,891 |
Goodwill and Purchased Intang_4
Goodwill and Purchased Intangible Assets - Schedule of Purchased Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles assets, Gross Carrying Amount | $ 420,809 | $ 408,599 |
Finite-lived intangibles assets, Accumulated Amortization | 161,523 | 136,842 |
Finite-lived intangibles assets, Net | 259,286 | 271,757 |
Identifiable intangibles assets, Gross Carrying Amount | 467,409 | 455,199 |
Identifiable intangibles assets, Accumulated Amortization | 161,523 | 136,842 |
Identifiable intangibles assets, Net | 305,886 | 318,357 |
Developed technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles assets, Gross Carrying Amount | 331,747 | 326,877 |
Finite-lived intangibles assets, Accumulated Amortization | 132,270 | 110,851 |
Finite-lived intangibles assets, Net | 199,477 | 216,026 |
Customer and distributor relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles assets, Gross Carrying Amount | 74,701 | 69,261 |
Finite-lived intangibles assets, Accumulated Amortization | 23,267 | 20,654 |
Finite-lived intangibles assets, Net | 51,434 | 48,607 |
Trademarks and trade names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles assets, Gross Carrying Amount | 14,361 | 12,461 |
Finite-lived intangibles assets, Accumulated Amortization | 5,986 | 5,337 |
Finite-lived intangibles assets, Net | 8,375 | 7,124 |
In-process research and development [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Identifiable intangibles assets, Gross Carrying Amount | 46,600 | 46,600 |
Identifiable intangibles assets, Net | $ 46,600 | $ 46,600 |
Goodwill and Purchased Intang_5
Goodwill and Purchased Intangible Assets - Schedule of Estimated Future Amortization Expenses (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2021 (remainder) | $ 24,548 | |
2022 | 48,830 | |
2023 | 48,355 | |
2024 | 42,669 | |
2025 | 26,119 | |
2026 | 24,926 | |
Thereafter | 43,839 | |
Finite-lived intangibles assets, Net | $ 259,286 | $ 271,757 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Inventory Details [Abstract] | ||
Materials | $ 128,389 | $ 124,926 |
Work-in-process | 54,706 | 44,829 |
Finished goods | 23,886 | 21,462 |
Total inventories, net | $ 206,981 | $ 191,217 |
Balance Sheet Details - Sched_2
Balance Sheet Details - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 138,644 | $ 132,866 |
Accumulated depreciation and amortization | (50,629) | (44,916) |
Total property, plant and equipment, net | 88,015 | 87,950 |
Land and building [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 48,188 | 47,544 |
Machinery and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 57,061 | 52,833 |
Furniture and fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,985 | 4,013 |
Computer equipment and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,651 | 15,549 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,759 | $ 12,927 |
Balance Sheet Details - Sched_3
Balance Sheet Details - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Other Assets [Abstract] | ||
Operating lease right-of-use assets | $ 20,449 | $ 19,669 |
Other | 4,360 | 1,668 |
Total other assets | $ 24,809 | $ 21,337 |
Balance Sheet Details - Sched_4
Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Accrued Liabilities Current [Abstract] | ||
Payroll and related expenses | $ 32,026 | $ 30,270 |
Warranty | 7,611 | 6,062 |
Other | 1,320 | 743 |
Total accrued liabilities | $ 40,957 | $ 37,075 |
Balance Sheet Details - Sched_5
Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Other Liabilities Current [Abstract] | ||
Customer deposits | $ 10,949 | $ 15,177 |
Current operating lease obligations | $ 5,121 | $ 4,470 |
Operating Lease Liability Current Statement Of Financial Position [Extensible List] | onto:OperatingLeaseLiabilityCurrentMember | onto:OperatingLeaseLiabilityCurrentMember |
Income tax payable | $ 1,076 | $ 4,109 |
Accrued professional fees | 1,259 | 1,184 |
Other | 5,931 | 3,559 |
Total other current liabilities | $ 24,336 | $ 28,499 |
Balance Sheet Details - Sched_6
Balance Sheet Details - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Other Liabilities Noncurrent [Abstract] | ||
Non-current operating lease obligations | $ 16,365 | $ 16,455 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | onto:OperatingLeaseLiabilityNonCurrentMember | onto:OperatingLeaseLiabilityNonCurrentMember |
Unrecognized tax benefits (including interest) | $ 2,765 | $ 3,812 |
Deferred revenue | 1,716 | 1,292 |
Other | 7,049 | 6,153 |
Total other non-current liabilities | $ 27,895 | $ 27,712 |
Commitments and Contingencies -
Commitments and Contingencies - Textual (Details) | 6 Months Ended |
Jun. 26, 2021USD ($) | |
Commitments And Contingencies [Line Items] | |
Sold receivables amount | $ 6,226,000 |
Due from unrelated third parties | 0 |
Liabilities recorded for obligations | $ 0 |
Percentage of maximum borrowing capacity of value of eligible securities | 70.00% |
Available line of credit | $ 99,400,000 |
Available interest rate on line of credit | 1.80% |
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 | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Balance, beginning of the period | $ 6,485 | $ 6,348 |
Accruals | 3,560 | 2,794 |
Warranty liability assumed in acquisition | 407 | |
Usage | (2,229) | (2,327) |
Balance, end of the period | $ 8,223 | $ 6,815 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Timing of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 193,387 | $ 134,948 | $ 362,666 | $ 274,876 |
Transferred at Point in Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 182,133 | 131,796 | 343,294 | 265,541 |
Transferred over Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 11,254 | $ 3,152 | $ 19,372 | $ 9,335 |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Deferred Revenue Disclosure [Abstract] | ||||
Balance, beginning of the period | $ 22,429 | $ 18,032 | $ 15,626 | $ 15,093 |
Deferred revenue assumed in acquisition | 386 | |||
Deferral of revenue | 15,117 | 8,818 | 34,348 | 23,252 |
Recognition of deferred revenue | (14,640) | (8,956) | (27,454) | (20,451) |
Balance, end of the period | $ 22,906 | $ 17,894 | $ 22,906 | $ 17,894 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 26, 2021$ / sharesshares | |
Activity for RSUs [Roll Forward] | |
Number of Shares, Beginning balance (in shares) | shares | 964,000 |
Number of Shares, Granted (in shares) | shares | 285,000 |
Number of Shares, Vested (in shares) | shares | (404,000) |
Number of Shares, Forfeited (in shares) | shares | (46,000) |
Number of Shares, Ending balance (in shares) | shares | 799,000 |
Weighted Average Grant Date Fair Value for RSUs [Roll Forward] | |
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares | $ 31.37 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 69.47 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 30.74 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 37.61 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares | $ 45.67 |
Share-Based Compensation - Text
Share-Based Compensation - Textual (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 26, 2021 | Dec. 26, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total unrecognized compensation cost related to restricted stock units granted | $ 27,391 | $ 19,135 |
Unrecognized compensation cost related to restricted stock units, weighted average period | 1 year 9 months 18 days | 1 year 8 months 12 days |
Other Expense, Net - Schedule o
Other Expense, Net - Schedule of Other Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Other Income Expense [Abstract] | ||||
Foreign currency exchange losses, net | $ (328) | $ (1,271) | $ (1,599) | $ (1,305) |
Other | 39 | 73 | 66 | 139 |
Total other expense, net | $ (289) | $ (1,198) | $ (1,533) | $ (1,166) |
Income Taxes - Details of Incom
Income Taxes - Details of Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 35,956 | $ 7,418 | $ 62,558 | $ 3,414 |
Provision (benefit) for income taxes | $ 905 | $ (6) | $ 3,394 | $ 394 |
Effective tax rate | 3.00% | 0.00% | 5.00% | 12.00% |
Income Taxes - Textual (Details
Income Taxes - Textual (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, valuation allowance | $ 14,254 | $ 14,238 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 26, 2021 | Mar. 27, 2021 | Jun. 27, 2020 | Mar. 28, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 35,051 | $ 24,113 | $ 7,424 | $ (4,404) | $ 59,164 | $ 3,020 |
Basic earnings per share - weighted average shares outstanding | 49,193 | 48,736 | 49,105 | 49,417 | ||
Employee stock options, employee stock purchase grants and restricted stock units - dilutive shares | 508 | 278 | 540 | 365 | ||
Diluted earnings per share - weighted average shares outstanding | 49,701 | 49,014 | 49,645 | 49,782 | ||
Earnings per share: | ||||||
Basic | $ 0.71 | $ 0.15 | $ 1.20 | $ 0.06 | ||
Diluted | $ 0.71 | $ 0.15 | $ 1.19 | $ 0.06 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) $ in Thousands | 6 Months Ended |
Jun. 26, 2021USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | $ 1,264,746 |
Balance | 1,329,563 |
Accumulated Foreign Currency Translation Adjustments [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | 4,479 |
Net current period other comprehensive loss | (1,362) |
Reclassifications | 0 |
Balance | 3,117 |
Accumulated Net Unrealized Gains (Losses) on Available-for-sale Marketable Securities [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | 89 |
Net current period other comprehensive loss | (698) |
Reclassifications | 0 |
Balance | (609) |
Accumulated Other Comprehensive Income (Loss) [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance | 4,568 |
Net current period other comprehensive loss | (2,060) |
Reclassifications | 0 |
Balance | $ 2,508 |
Segment Reporting and Geograp_3
Segment Reporting and Geographic Information - Additional Information (Details) | 6 Months Ended |
Jun. 26, 2021Segment | |
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 | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 193,387 | $ 134,948 | $ 362,666 | $ 274,876 |
Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Systems and Software [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 162,898 | $ 108,247 | $ 304,407 | $ 222,577 |
Systems and Software [Member] | Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 84.00% | 80.00% | 84.00% | 81.00% |
Parts Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 18,697 | $ 16,329 | $ 36,115 | $ 29,904 |
Parts Revenue [Member] | Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 10.00% | 12.00% | 10.00% | 11.00% |
Service Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 11,792 | $ 10,372 | $ 22,144 | $ 22,395 |
Service Revenue [Member] | Sales [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 6.00% | 8.00% | 6.00% | 8.00% |
Segment Reporting and Geograp_5
Segment Reporting and Geographic Information - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 193,387 | $ 134,948 | $ 362,666 | $ 274,876 |
South Korea [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 41,299 | 22,964 | 91,828 | 43,721 |
Taiwan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 48,501 | 31,997 | 84,793 | 67,178 |
China [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 42,274 | 27,001 | 68,053 | 58,384 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 25,700 | 22,378 | 51,180 | 42,026 |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 14,446 | 10,089 | 31,832 | 25,158 |
Japan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 17,386 | 13,908 | 25,251 | 28,935 |
Southeast Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 3,781 | $ 6,611 | $ 9,729 | $ 9,474 |
Segment Reporting and Geograp_6
Segment Reporting and Geographic Information - Schedule of Revenue by Major Customer by Reporting Segments (Details) - Customer Concentration Risk [Member] - Sales [Member] | 6 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Samsung Semiconductor [Member] | ||
Concentration Risk [Line Items] | ||
Customer concentration risk percentage | 22.00% | 18.00% |
Taiwan Semiconductor Manufacturing Co. Ltd. [Member] | ||
Concentration Risk [Line Items] | ||
Customer concentration risk percentage | 16.00% | 17.00% |
Share Repurchase Authorizatio_2
Share Repurchase Authorization - Textual (Details) - USD ($) | Jun. 26, 2021 | Nov. 30, 2020 |
Shares Repurchase Authorization [Line Items] | ||
Amount available for future repurchase | $ 100,000,000 | |
Maximum [Member] | ||
Shares Repurchase Authorization [Line Items] | ||
Stock repurchase, authorized amount | $ 100,000,000 |
Share Repurchase Authorizatio_3
Share Repurchase Authorization - Summary of Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 27, 2020 | Jun. 27, 2020 | |
Disclosure Share Repurchase Authorization Summary Of Stock Repurchases Details [Abstract] | ||
Shares of common stock repurchased | 632,000 | 1,882,000 |
Cost of shares repurchased | $ 18,385 | $ 52,000 |
Average price paid per share | $ 29.08 | $ 27.62 |