0001039399-24-000028 | 10-Q | XBRL Viewer

Property, Plant, and Equipment, net (Tables)

6 Months Ended

Jun. 29, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment, net consisted of the following (in thousands):


	June 29, 2024		December 30, 2023
Land	$	17,124	$	17,124
Building and building improvements	46,375		46,526
Machinery and equipment	296,345		286,215
Computer equipment and software	47,241		46,866
Furniture and fixtures	7,489		7,490
Leasehold improvements	91,837		91,063
Sub-total	506,411		495,284
Less: Accumulated depreciation and amortization	(368,422)		(358,021)
Net property, plant and equipment	137,989		137,263
Construction-in-progress	66,113		67,136
Total	$	204,102	$	204,399

Net Income per Share

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Net Income per Share

The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands):


	Three Months Ended		Six Months Ended
	June 29, 2024	July 1, 2023	June 29, 2024	July 1, 2023



Weighted-average shares used in computing basic net income per share	77,235	77,159	77,343	77,112
Add potentially dilutive securities	1,482	457	1,403	338
Weighted-average shares used in computing diluted net income per share	78,717	77,616	78,746	77,450

Securities not included as they would have been antidilutive	64	486	32	343

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 215,348	$ 215,823
Accumulated Amortization	203,691	202,885
Net	11,657	12,938
Existing developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross	159,258	159,593
Accumulated Amortization	149,008	148,445
Net	10,250	11,148
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross	7,770	7,808
Accumulated Amortization	7,712	7,728
Net	58	80
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	47,920	48,022
Accumulated Amortization	46,971	46,712
Net	949	1,310
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Gross	400	400
Accumulated Amortization	0	0
Net	$ 400	$ 400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial information of FormFactor, Inc. is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 23, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. Fiscal Year We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December. Fiscal 2024 and 2023 each contain 52 weeks and the six months ended June 29, 2024 and July 1, 2023 each contained 26 weeks. Fiscal 2024 will end on December 28, 2024. Significant Accounting Policies Our significant accounting policies have not changed during the six months ended June 29, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023. New Accounting Pronouncements ASU 2023-09 In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate. The standard also requires that entities disclose income before income taxes and provision for income taxes disaggregated between domestic and foreign. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We have not yet determined the impact of this standard on our financial statements. ASU 2023-07 In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU includes requirements that an entity disclose the title of the chief operating decision maker (“CODM”) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. We have not yet determined the impact of this standard on our financial statements.

Warranty (Tables)

6 Months Ended

Jun. 29, 2024

Product Warranties Disclosures [Abstract]

Schedule of Reconciliation of Changes in Warranty Liability

Changes in our warranty liability were as follows (in thousands):


	Six Months Ended
	June 29, 2024		July 1, 2023
Balance at beginning of year	$	3,177	$	4,199
Accruals	4,361		2,934
Settlements	(4,179)		(3,627)

Balance at end of period	$	3,359	$	3,506

Fair Value and Derivative Instruments - Fair Value Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 139,490	$ 115,561
Marketable securities	161,710	150,507
Total assets	303,337	268,341
Total liabilities	(195)
Foreign exchange derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset		284
Derivative liability	(195)	(30)
Interest rate swap derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	2,137	1,989
Contingent Consideration Type [Domain] \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability		(30)
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	132,315	110,980
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	4,483
Marketable securities	13,289	13,317
Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	75,090	81,350
U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,698	4,581
Marketable securities	61,305	45,837
U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	12,026	10,003
U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	994
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	134,013	115,561
Marketable securities	61,305	45,837
Total assets	195,318	161,398
Total liabilities	0
Level 1 \| Foreign exchange derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset		0
Derivative liability	0	0
Level 1 \| Interest rate swap derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Level 1 \| Contingent Consideration Type [Domain] \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability		0
Level 1 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	132,315	110,980
Level 1 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0
Marketable securities	0	0
Level 1 \| Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Level 1 \| U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,698	4,581
Marketable securities	61,305	45,837
Level 1 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Level 1 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	5,477	0
Marketable securities	100,405	104,670
Total assets	108,019	106,943
Total liabilities	(195)
Level 2 \| Foreign exchange derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset		284
Derivative liability	(195)	(30)
Level 2 \| Interest rate swap derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	2,137	1,989
Level 2 \| Contingent Consideration Type [Domain] \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability		(30)
Level 2 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Level 2 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	4,483
Marketable securities	13,289	13,317
Level 2 \| Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	75,090	81,350
Level 2 \| U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Marketable securities	0	0
Level 2 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	12,026	$ 10,003
Level 2 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 994

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial information of FormFactor, Inc. is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 23, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
Fiscal Year	Fiscal Year We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December. Fiscal 2024 and 2023 each contain 52 weeks and the six months ended June 29, 2024 and July 1, 2023 each contained 26 weeks. Fiscal 2024 will end on December 28, 2024.
Fair Value	Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 valuations are obtained from real-time quotes for transactions in active exchange markets involving identical securities; •Level 2 valuations utilize significant observable inputs, such as quoted prices for similar assets or liabilities, quoted prices near the reporting date in markets that are less active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and •Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances. We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during the six months ended June 29, 2024 or the year ended December 30, 2023. The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, and Accrued liabilities approximate fair value due to their short maturities. No changes were made to our valuation techniques during the first six months of fiscal 2024. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition.

Operating Segments and Enterprise-Wide Information (Tables)

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Schedule of Operating Results by Segment

The following table summarizes the operating results by reportable segment (dollars in thousands):


	Three Months Ended
	June 29, 2024											July 1, 2023
	Probe Cards			Systems			Corporate and Other		Total			Probe Cards			Systems			Corporate and Other		Total
Revenues	$	166,792		$	30,682		$	—	$	197,474		$	115,303		$	40,613		$	—	$	155,916
Gross profit	75,239			14,177			(2,516)		86,900			42,112			21,124			(2,953)		60,283
Gross margin	45.1		%	46.2		%			44.0		%	36.5		%	52.0		%			38.7		%

	Six Months Ended
	June 29, 2024											July 1, 2023
	Probe Cards			Systems			Corporate and Other		Total			Probe Cards			Systems			Corporate and Other		Total
Revenues	$	303,493		$	62,706		$	—	$	366,199		$	242,631		$	80,733		$	—	$	323,364
Gross profit	126,030			28,683			(5,075)		149,638			85,735			41,870			(6,244)		121,361
Gross margin	41.5		%	45.7		%			40.9		%	35.3		%	51.9		%			37.5		%

Schedule of Disaggregation of Revenue by Segment

Certain revenue category information by reportable segment was as follows (in thousands):


	Three Months Ended
	June 29, 2024						July 1, 2023
	Probe Cards		Systems		Total		Probe Cards		Systems		Total
Market:
Foundry & Logic	$	103,660	$	—	$	103,660	$	81,967	$	—	$	81,967
DRAM	58,042		—		58,042		30,464		—		30,464
Flash	5,090		—		5,090		2,872		—		2,872
Systems	—		30,682		30,682		—		40,613		40,613
Total	$	166,792	$	30,682	$	197,474	$	115,303	$	40,613	$	155,916
Timing of revenue recognition:
Products transferred at a point in time	$	165,492	$	28,129	$	193,621	$	112,985	$	40,040	$	153,025
Products and services transferred over time	1,300		2,553		3,853		2,318		573		2,891
Total	$	166,792	$	30,682	$	197,474	$	115,303	$	40,613	$	155,916
Geographical region:
South Korea	$	48,691	$	416	$	49,107	$	26,455	$	1,408	$	27,863
United States	39,435		8,456		47,891		31,131		11,542		42,673
Taiwan	40,192		4,621		44,813		25,316		4,196		29,512
China	20,311		4,776		25,087		16,516		6,992		23,508
Europe	3,250		5,565		8,815		2,415		8,401		10,816
Japan	4,513		3,098		7,611		3,902		4,030		7,932
Malaysia	5,084		1,518		6,602		6,177		500		6,677
Singapore	4,112		410		4,522		1,718		1,105		2,823
Rest of World	1,204		1,822		3,026		1,673		2,439		4,112
Total	$	166,792	$	30,682	$	197,474	$	115,303	$	40,613	$	155,916


	Six Months Ended
	June 29, 2024						July 1, 2023
	Probe Cards		Systems		Total		Probe Cards		Systems		Total
Market:
Foundry & Logic	$	190,428	$	—	$	190,428	$	183,529	$	—	$	183,529
DRAM	103,938		—		103,938		50,354		—		50,354
Flash	9,127		—		9,127		8,748		—		8,748
Systems	—		62,706		62,706		—		80,733		80,733
Total	$	303,493	$	62,706	$	366,199	$	242,631	$	80,733	$	323,364
Timing of revenue recognition:
Products transferred at a point in time	$	301,133	$	56,913	$	358,046	$	236,903	$	79,510	$	316,413
Products and services transferred over time	2,360		5,793		8,153		5,728		1,223		6,951
Total	$	303,493	$	62,706	$	366,199	$	242,631	$	80,733	$	323,364
Geographical region:
South Korea	$	99,363	$	461	$	99,824	$	46,027	$	2,611	$	48,638
United States	75,031		18,626		93,657		55,772		24,632		80,404
Taiwan	67,371		7,319		74,690		64,213		5,628		69,841
China	28,997		11,703		40,700		34,992		15,615		50,607
Japan	8,860		7,293		16,153		11,038		7,871		18,909
Singapore	7,628		1,652		9,280		4,918		3,245		8,163
Europe	6,778		10,886		17,664		5,841		14,401		20,242
Malaysia	6,692		1,773		8,465		16,501		1,446		17,947
Rest of the world	2,773		2,993		5,766		3,329		5,284		8,613
Total	$	303,493	$	62,706	$	366,199	$	242,631	$	80,733	$	323,364

Divestures - Schedule of Assets and Liabilities Held-for-Sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Thousands	Feb. 26, 2024	Nov. 01, 2023
China Operations
ASSETS
Accounts receivable, net	$ 1,174
Inventories, net	3,729
Other current assets	391
Total current assets	5,294
Property, plant and equipment, net	1,283
Goodwill	1,117
Other assets	3,029
Total assets	10,723
LIABILITIES
Deferred Revenue	3,739
Other current liabilities	1,546
Other liabilities	4,283
Total liabilities	$ 9,568
FRT Metrology
ASSETS
Accounts receivable, net		$ 7,738
Inventories, net		6,446
Other current assets		635
Total current assets		14,819
Intangibles, net		6,897
Goodwill		10,660
Other assets		1,612
Total assets		33,988
LIABILITIES
Current liabilities		4,300
Other liabilities		2,856
Total liabilities		$ 7,156

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net income	$ 41,173	$ 2,170
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	14,563	15,121
Amortization	1,280	4,766
Reduction in the carrying amount of right-of-use assets	3,195	3,914
Stock-based compensation expense	20,614	18,494
Deferred income tax benefit	(10,181)	(3,639)
Provision for excess and obsolete inventories	6,277	8,628
Gain on sale of business	(20,581)	0
Other adjustments to reconcile net income to net cash provided by operating activities	344	1,801
Changes in assets and liabilities:
Accounts receivable	(10,833)	(6,830)
Inventories	(14,469)	(5,880)
Prepaid expenses and other current assets	2,094	(1,099)
Other assets	14	(83)
Accounts payable	2,317	3,578
Accrued liabilities	10,244	(10,606)
Other liabilities	7,316	456
Deferred revenues	4,940	(9,945)
Deferred grant	0
Operating lease liabilities	(3,417)	(4,065)
Net cash provided by operating activities	54,890	34,781
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Acquisition of property, plant and equipment	(21,834)	(40,177)
Proceeds from sale of business	21,585	0
Purchases of marketable securities	(78,524)	(66,650)
Proceeds from maturities and sales of marketable securities	68,813	58,363
Net cash used in investing activities	(9,960)	(48,464)
Cash flows from financing activities:
Proceeds from issuances of common stock	4,948	5,024
Purchase of common stock through stock repurchase program	(20,271)	0
Tax withholdings related to net share settlements of equity awards	(3,569)	(456)
Payments on term loan	(534)	(519)
Net cash provided by (used in) financing activities	(19,426)	4,049
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,826)	(1,958)
Net increase (decrease) in cash, cash equivalents and restricted cash	22,678	(11,592)
Cash, cash equivalents and restricted cash, beginning of year	181,273	112,982
Cash, cash equivalents and restricted cash, end of year	203,951	101,390
Non-cash investing and financing activities:
Decrease in accounts payable and accrued liabilities related to property, plant and equipment purchases	3,388	9,187
Operating lease, right-of-use assets obtained in exchange for lease obligations	0	3,635
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	6,924	9,427
Cash paid for interest	201	212
Operating cash outflows from operating leases	4,563	4,514
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	195,914	97,981
Restricted cash, current	5,939	1,144
Restricted cash	2,098	2,265
Total cash, cash equivalents and restricted cash	$ 203,951	$ 101,390

Accrued Liabilities (Tables)

6 Months Ended

Jun. 29, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 29, 2024		December 30, 2023
Accrued compensation and benefits	$	31,865	$	20,073
Accrued income and other taxes	5,877		8,205
Accrued employee stock purchase plan contributions withheld	4,727		4,263
Accrued warranty	3,359		3,177

Other accrued expenses	3,695		5,319
	$	49,523	$	41,037

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 640	$ 2,388	$ 1,280	$ 4,766
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
Remainder of 2024	1,280		1,280
2025	2,330		2,330
2026	1,630		1,630
2027	1,630		1,630
2028	1,630		1,630
Thereafter	2,757		2,757
Net	11,257		11,257
Cost of revenues
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	449	838	898	1,669
Selling, general and administrative
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 191	$ 1,550	$ 382	$ 3,097

Inventories, net (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 53,047	$ 50,808
Work-in-progress	41,349	39,336
Finished goods	20,418	21,541
Inventories	$ 114,814	$ 111,685

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 29, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	000-50307
Entity Registrant Name	FormFactor, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3711155
Entity Address, Address Line One	7005 Southfront Road
Entity Address, City or Town	Livermore
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94551
City Area Code	925
Local Phone Number	290-4000
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	FORM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		77,389,392
Amendment Flag	false
Entity Central Index Key	0001039399
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Revenues	$ 197,474	$ 155,916	$ 366,199	$ 323,364
Cost of revenues	110,574	95,633	216,561	202,003
Gross profit	86,900	60,283	149,638	121,361
Operating expenses:
Research and development	31,564	28,340	60,191	56,585
Selling, general and administrative	37,874	33,255	70,953	65,997
Total operating expenses	69,438	61,595	131,144	122,582
Gain (loss) on disposition of business	310	0	20,581	0
Operating income (loss)	17,772	(1,312)	39,075	(1,221)
Interest income, net	3,415	1,482	6,571	2,758
Other income, net	360	450	880	473
Income before income taxes	21,547	620	46,526	2,010
Provision (benefit) for income taxes	2,155	(208)	5,353	(160)
Net income	$ 19,392	$ 828	$ 41,173	$ 2,170
Net income per share:
Basic	$ 0.25	$ 0.01	$ 0.53	$ 0.03
Diluted	$ 0.25	$ 0.01	$ 0.52	$ 0.03
Weighted-average number of shares used in per share calculations:
Basic	77,235	77,159	77,343	77,112
Diluted	78,717	77,616	78,746	77,450

Inventories, net

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Inventories, net

Inventories are stated at the lower of cost (principally standard cost, which approximates actual cost on a first in, first out basis) or net realizable value.

Inventories, net, consisted of the following (in thousands):


	June 29, 2024		December 30, 2023
Raw materials	$	53,047	$	50,808
Work-in-progress	41,349		39,336
Finished goods	20,418		21,541
	$	114,814	$	111,685

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net income	$ 19,392	$ 828	$ 41,173	$ 2,170

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Reportable Segments

Goodwill by reportable segment was as follows (in thousands):


	Probe Cards		Systems		Total
Goodwill, as of December 31, 2022	$	178,424	$	33,020	$	211,444


Reduction - FRT divestiture	—		(10,660)		(10,660)
Foreign currency translation	—		306		306
Goodwill, as of December 30, 2023	178,424		22,666		201,090

Reduction - China divestiture	(1,055)		(62)		(1,117)
Foreign currency translation	—		(425)		(425)
Goodwill, as of June 29, 2024	$	177,369	$	22,179	$	199,548

Schedule of Intangible Assets

Intangible assets were as follows (in thousands):


	June 29, 2024						December 30, 2023
Intangible Assets	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Existing developed technologies	$	159,258	$	149,008	$	10,250	$	159,593	$	148,445	$	11,148
Trade name	7,770		7,712		58		7,808		7,728		80
Customer relationships	47,920		46,971		949		48,022		46,712		1,310

In-process research and development	400		—		400		400		—		400
	$	215,348	$	203,691	$	11,657	$	215,823	$	202,885	$	12,938

Schedule of Amortization Expense

Amortization expense was included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of revenues	$	449	$	838	$	898	$	1,669
Selling, general and administrative	191		1,550		382		3,097
	$	640	$	2,388	$	1,280	$	4,766

Schedule of Estimated Amortization of Intangible Assets

The estimated future amortization of definite-lived intangible assets, excluding in-process research and development, is as follows (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	1,280
2025	2,330
2026	1,630
2027	1,630
2028	1,630
Thereafter	2,757
	$	11,257

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Goodwill and Intangible Assets - Additional information (Details)	6 Months Ended
	Jun. 29, 2024 USD ($)
Goodwill [Line Items]
Goodwill, impairment loss	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stockholders’ Equity and Stock-Based Compensation - Restricted Stock Unit Activity (Details) - Equity Incentive Plan - Restricted Stock Units	6 Months Ended
	Jun. 29, 2024 $ / shares shares
Units
Beginning balance (in shares) \| shares	2,165,729
Awards granted (in shares) \| shares	149,829
Awards vested (in shares) \| shares	(266,910)
Awards canceled (in shares) \| shares	(22,393)
Ending balance (in shares) \| shares	2,026,255
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 35.85
Awards granted (in dollars per share) \| $ / shares	54.41
Awards vested (in dollars per share) \| $ / shares	31.30
Awards canceled (in dollars per share) \| $ / shares	33.36
Ending balance (in dollars per share) \| $ / shares	$ 37.79

Stockholders’ Equity and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Restricted Stock Unit Activity

Restricted stock unit (“RSU”) activity under our equity incentive plan was as follows:


	Units	Weighted Average Grant Date Fair Value
RSUs at December 30, 2023	2,165,729	$	35.85
Awards granted	149,829	54.41
Awards vested	(266,910)	31.30
Awards forfeited	(22,393)	33.36
RSUs at June 29, 2024	2,026,255	37.79

Schedule of ESPP Activity

Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows:


	Six Months Ended
	June 29, 2024
Shares issued	197,014
Weighted average per share purchase price	$	25.11
Weighted average per share discount from the fair value of our common stock on the date of issuance	$	(13.66)

Schedule of Stock-based Compensation

Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of revenues	$	1,932	$	1,515	$	3,860	$	3,425
Research and development	2,614		2,363		5,227		4,735
Selling, general and administrative	5,663		5,326		11,527		10,334
Total stock-based compensation	$	10,209	$	9,204	$	20,614	$	18,494

Schedule of Unrecognized Stock-based Compensation

At June 29, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands):


	Unrecognized Expense		Average Expected Recognition Period in Years
Restricted stock units	$	39,732	1.78
Performance restricted stock units	7,437		1.69
Employee stock purchase plan	264		0.09
Total unrecognized stock-based compensation expense	$	47,433	1.76

Concentration of Credit and Other Risks (Details) - Customer Concentration Risk	3 Months Ended			6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Revenue Benchmark \| Two Major Customers
Concentration Risk [Line Items]
Concentration risk percentage				10.00%	10.00%
Revenue from Contract with Customer Benchmark \| Intel Corporation
Concentration Risk [Line Items]
Concentration risk percentage	16.70%	14.20%		16.30%	17.20%
Revenue from Contract with Customer Benchmark \| SK hynix Inc.
Concentration Risk [Line Items]
Concentration risk percentage	19.50%			17.60%
Revenue from Contract with Customer Benchmark \| Customers Representing 10% or More of Total Revenues
Concentration Risk [Line Items]
Concentration risk percentage	36.20%	14.20%		33.90%	17.20%
Accounts Receivable \| Major Customer 1
Concentration Risk [Line Items]
Concentration risk percentage			17.80%	21.20%
Accounts Receivable \| Major Customer 2
Concentration Risk [Line Items]
Concentration risk percentage			11.00%	11.20%

Fair Value and Derivative Instruments - Foreign Currency Forward Contracts (Details) - Jun. 29, 2024 - Foreign Exchange Forward € in Thousands, ₩ in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands	USD ($)	EUR (€)	JPY (¥)	KRW (₩)	TWD ($)
Buy \| Euro
Derivative [Line Items]
Derivative, notional amount	$ 31,562	€ 29,118
Buy \| Korean Won
Derivative [Line Items]
Derivative, notional amount	2,890			₩ 3,986,488
Sell \| Japanese Yen
Derivative [Line Items]
Derivative, notional amount	15,125		¥ 2,422,207
Sell \| Taiwan Dollar
Derivative [Line Items]
Derivative, notional amount	$ 2,959				$ 96,108

Accrued Liabilities

6 Months Ended

Jun. 29, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 29, 2024		December 30, 2023
Accrued compensation and benefits	$	31,865	$	20,073
Accrued income and other taxes	5,877		8,205
Accrued employee stock purchase plan contributions withheld	4,727		4,263
Accrued warranty	3,359		3,177

Other accrued expenses	3,695		5,319
	$	49,523	$	41,037

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Income (Deficit)
Beginning balance (in shares) at Dec. 31, 2022		76,914,590
Beginning balance at Dec. 31, 2022	$ 808,285	$ 77	$ 844,842	$ (5,578)	$ (31,056)
Ending balance (in shares) at Apr. 01, 2023		77,142,023
Ending balance at Apr. 01, 2023	824,372	$ 77	858,195	(4,186)	(29,714)
Beginning balance (in shares) at Dec. 31, 2022		76,914,590
Beginning balance at Dec. 31, 2022	808,285	$ 77	844,842	(5,578)	(31,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		210,055
Issuance of common stock under the Employee Stock Purchase Plan	5,024		5,024
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares)		59,367
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax	(456)	$ 0	(456)
Additional Paid-in Capital	18,107		18,107
Accumulated Other Comprehensive Loss	1,133			1,133
Net income	2,170				2,170
Ending balance (in shares) at Jul. 01, 2023		77,184,012
Ending balance at Jul. 01, 2023	834,263	$ 77	867,517	(4,445)	(28,886)
Beginning balance (in shares) at Dec. 31, 2022		76,914,590
Beginning balance at Dec. 31, 2022	$ 808,285	$ 77	844,842	(5,578)	(31,056)
Ending balance (in shares) at Dec. 30, 2023	77,376,903	77,376,903
Ending balance at Dec. 30, 2023	$ 908,804	$ 77	861,448	(4,052)	51,331
Beginning balance (in shares) at Apr. 01, 2023		77,142,023
Beginning balance at Apr. 01, 2023	824,372	$ 77	858,195	(4,186)	(29,714)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares)		41,989
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax	(69)	$ 0	(69)
Additional Paid-in Capital	9,391		9,391
Accumulated Other Comprehensive Loss	(259)			(259)
Net income	828				828
Ending balance (in shares) at Jul. 01, 2023		77,184,012
Ending balance at Jul. 01, 2023	$ 834,263	$ 77	867,517	(4,445)	(28,886)
Beginning balance (in shares) at Dec. 30, 2023	77,376,903	77,376,903
Beginning balance at Dec. 30, 2023	$ 908,804	$ 77	861,448	(4,052)	51,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		197,014
Issuance of common stock under the Employee Stock Purchase Plan	4,948		4,948
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares)		191,086
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax	(3,569)	$ 0	(3,569)
Purchase and retirement of common stock through repurchase program		483,951
Purchase and retirement of common stock through repurchase program	(20,302)	$ 0	(20,302)
Additional Paid-in Capital	20,758		20,758
Accumulated Other Comprehensive Loss	(3,896)			(3,896)
Net income	$ 41,173				41,173
Ending balance (in shares) at Jun. 29, 2024	77,281,052	77,281,052
Ending balance at Jun. 29, 2024	$ 947,916	$ 77	863,283	(7,948)	92,504
Beginning balance (in shares) at Mar. 30, 2024		77,241,118
Beginning balance at Mar. 30, 2024	923,750	$ 77	857,326	(6,765)	73,112
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares)		112,129
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax	(1,729)	$ 0	(1,729)
Purchase and retirement of common stock through repurchase program		72,195
Purchase and retirement of common stock through repurchase program	(2,904)	$ 0	(2,904)
Additional Paid-in Capital	10,590		10,590
Accumulated Other Comprehensive Loss	(1,183)			(1,183)
Net income	$ 19,392				19,392
Ending balance (in shares) at Jun. 29, 2024	77,281,052	77,281,052
Ending balance at Jun. 29, 2024	$ 947,916	$ 77	$ 863,283	$ (7,948)	$ 92,504

Net Income per Share (Tables)

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands):


	Three Months Ended		Six Months Ended
	June 29, 2024	July 1, 2023	June 29, 2024	July 1, 2023



Weighted-average shares used in computing basic net income per share	77,235	77,159	77,343	77,112
Add potentially dilutive securities	1,482	457	1,403	338
Weighted-average shares used in computing diluted net income per share	78,717	77,616	78,746	77,450

Securities not included as they would have been antidilutive	64	486	32	343

Concentration of Credit and Other Risks (Tables)

6 Months Ended

Jun. 29, 2024

Risks and Uncertainties [Abstract]

Schedule of Customer Percentage of Revenue

Each of the following customers accounted for 10% or more of our revenues for the periods indicated:


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023


SK hynix Inc.	19.5	%	*		17.6	%	*
Intel Corporation	16.7	%	14.2	%	16.3	%	17.2	%

	36.2	%	14.2	%	33.9	%	17.2	%

Operating Segments and Enterprise-Wide Information

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Operating Segments and Enterprise-Wide Information

Our CODM is our Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. We operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. The following table summarizes the operating results by reportable segment (dollars in thousands):


	Three Months Ended
	June 29, 2024											July 1, 2023
	Probe Cards			Systems			Corporate and Other		Total			Probe Cards			Systems			Corporate and Other		Total
Revenues	$	166,792		$	30,682		$	—	$	197,474		$	115,303		$	40,613		$	—	$	155,916
Gross profit	75,239			14,177			(2,516)		86,900			42,112			21,124			(2,953)		60,283
Gross margin	45.1		%	46.2		%			44.0		%	36.5		%	52.0		%			38.7		%

	Six Months Ended
	June 29, 2024											July 1, 2023
	Probe Cards			Systems			Corporate and Other		Total			Probe Cards			Systems			Corporate and Other		Total
Revenues	$	303,493		$	62,706		$	—	$	366,199		$	242,631		$	80,733		$	—	$	323,364
Gross profit	126,030			28,683			(5,075)		149,638			85,735			41,870			(6,244)		121,361
Gross margin	41.5		%	45.7		%			40.9		%	35.3		%	51.9		%			37.5		%

Operating results provide useful information to our management for assessment of our performance and results of operations. Certain components of our operating results are utilized to determine compensation along with other measures.

Corporate and Other includes unallocated expenses relating to amortization of intangible assets, inventory and fixed asset fair value adjustments due to acquisitions, share-based compensation, and restructuring charges which are not used in evaluating the results of, or in allocating resources to, our reportable segments.

Certain revenue category information by reportable segment was as follows (in thousands):


	Three Months Ended
	June 29, 2024						July 1, 2023
	Probe Cards		Systems		Total		Probe Cards		Systems		Total
Market:
Foundry & Logic	$	103,660	$	—	$	103,660	$	81,967	$	—	$	81,967
DRAM	58,042		—		58,042		30,464		—		30,464
Flash	5,090		—		5,090		2,872		—		2,872
Systems	—		30,682		30,682		—		40,613		40,613
Total	$	166,792	$	30,682	$	197,474	$	115,303	$	40,613	$	155,916
Timing of revenue recognition:
Products transferred at a point in time	$	165,492	$	28,129	$	193,621	$	112,985	$	40,040	$	153,025
Products and services transferred over time	1,300		2,553		3,853		2,318		573		2,891
Total	$	166,792	$	30,682	$	197,474	$	115,303	$	40,613	$	155,916
Geographical region:
South Korea	$	48,691	$	416	$	49,107	$	26,455	$	1,408	$	27,863
United States	39,435		8,456		47,891		31,131		11,542		42,673
Taiwan	40,192		4,621		44,813		25,316		4,196		29,512
China	20,311		4,776		25,087		16,516		6,992		23,508
Europe	3,250		5,565		8,815		2,415		8,401		10,816
Japan	4,513		3,098		7,611		3,902		4,030		7,932
Malaysia	5,084		1,518		6,602		6,177		500		6,677
Singapore	4,112		410		4,522		1,718		1,105		2,823
Rest of World	1,204		1,822		3,026		1,673		2,439		4,112
Total	$	166,792	$	30,682	$	197,474	$	115,303	$	40,613	$	155,916


	Six Months Ended
	June 29, 2024						July 1, 2023
	Probe Cards		Systems		Total		Probe Cards		Systems		Total
Market:
Foundry & Logic	$	190,428	$	—	$	190,428	$	183,529	$	—	$	183,529
DRAM	103,938		—		103,938		50,354		—		50,354
Flash	9,127		—		9,127		8,748		—		8,748
Systems	—		62,706		62,706		—		80,733		80,733
Total	$	303,493	$	62,706	$	366,199	$	242,631	$	80,733	$	323,364
Timing of revenue recognition:
Products transferred at a point in time	$	301,133	$	56,913	$	358,046	$	236,903	$	79,510	$	316,413
Products and services transferred over time	2,360		5,793		8,153		5,728		1,223		6,951
Total	$	303,493	$	62,706	$	366,199	$	242,631	$	80,733	$	323,364
Geographical region:
South Korea	$	99,363	$	461	$	99,824	$	46,027	$	2,611	$	48,638
United States	75,031		18,626		93,657		55,772		24,632		80,404
Taiwan	67,371		7,319		74,690		64,213		5,628		69,841
China	28,997		11,703		40,700		34,992		15,615		50,607
Japan	8,860		7,293		16,153		11,038		7,871		18,909
Singapore	7,628		1,652		9,280		4,918		3,245		8,163
Europe	6,778		10,886		17,664		5,841		14,401		20,242
Malaysia	6,692		1,773		8,465		16,501		1,446		17,947
Rest of the world	2,773		2,993		5,766		3,329		5,284		8,613
Total	$	303,493	$	62,706	$	366,199	$	242,631	$	80,733	$	323,364

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Leases - Schedule of Future Minimum Payments Under Leases (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Leases [Abstract]
Remainder of 2024	$ 4,515
2025	9,043
2026	7,638
2027	7,208
2028	3,892
Thereafter	1,391
Total minimum lease payments	33,687
Less: interest	(4,006)
Present value of net minimum lease payments	29,681
Less: current portion	(8,240)	$ (8,422)
Total long-term operating lease liabilities	$ 21,441	$ 25,334

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases See Note 13, Leases. Contractual Obligations and Commitments Our contractual obligations and commitments have not materially changed as of June 29, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023. Legal Matters From time to time, we are subject to legal proceedings and claims in the ordinary course of business, the outcomes of which cannot be estimated with certainty. Our ability to estimate the outcomes may change in the near term and the effect of any such change could have a material adverse effect on our financial position, results of operations or cash flows.

Divestures

6 Months Ended

Jun. 29, 2024

Asset Retirement Obligation Disclosure [Abstract]

Divestures

Divestitures

China Operations Divestiture

On February 7, 2024, the Company entered into a definitive agreement to sell its China operations to Grand Junction Semiconductor Pte. Ltd. (“Grand Junction”) for $25.0 million in cash, subject to customary purchase price adjustments, and establish an exclusive distribution and partnership agreement to continue sales and support of our products in the region. The following subsidiaries were included as part of the divestiture: Microprobe Hong Kong Limited, FormFactor Technology (Suzhou) Co. Ltd., Cascade Microtech Singapore Pte, Ltd, and FormFactor International (Shanghai) Trading Co., Ltd. These entities supported both the Probe Cards and Systems segments.

On February 26, 2024, we closed on the sale of the operations in China to Grand Junction and received total consideration of $21.4 million, net of cash transferred and transaction expenses, and after customary adjustments for indebtedness and changes in net working capital. The disposition of the China operations did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):


	February 26, 2024
Gross purchase price	$	25,000
Working capital adjustment	159
Cash transferred to the buyer at closing	(2,743)
Direct costs to sell	(986)
Fair value of sale consideration, net	$	21,430

The carrying amount of net assets associated with the China operations was approximately $1.2 million. The major classes of assets and liabilities sold consisted of the following (in thousands):


	February 26, 2024
ASSETS
Accounts receivable, net	$	1,174
Inventories, net	3,729
Other current assets	391
Total current assets	5,294
Property, plant and equipment, net	1,283
Goodwill	1,117
Other assets	3,029
Total assets	$	10,723
LIABILITIES
Deferred Revenue	$	3,739
Other current liabilities	1,546
Other liabilities	4,283
Total liabilities	$	9,568

As a result of the divestiture, the Company recognized a pre-tax gain of $20.3 million. The Company recorded an income tax liability associated with the divestiture of approximately $3.3 million.

FRT Divestiture

On September 18, 2023, the Company announced entry into a definitive agreement to sell its FRT Metrology (“FRT”) business to Camtek Ltd. (“Camtek”) for $100 million in cash, subject to customary purchase price adjustments. The Company acquired FRT GmbH in fiscal 2019 for total consideration of $24.4 million, net of cash acquired. Headquartered in Bergisch Gladbach, Germany, the FRT business is a leading supplier of high-precision metrology solutions for the Advanced Packaging and Silicon Carbide markets, and was part of the Company's Systems segment.

On November 1, 2023, we closed on the sale of the FRT business to Camtek and received net cash proceeds of $100.1 million, net of cash transferred and transaction expenses, and after customary adjustments for indebtedness and changes in net working capital.

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):


	November 1, 2023
Gross purchase price	$	99,100
Estimated working capital adjustment	4,266
Cash transferred to the buyer at closing	(2,049)
Direct costs to sell	(1,225)
Fair value of sale consideration	$	100,092

The carrying amount of net assets associated with the FRT business was approximately $26.8 million. The major classes of assets and liabilities sold consisted of the following (in thousands):


	November 1, 2023
ASSETS
Accounts receivable, net	$	7,738
Inventories, net	6,446
Other current assets	635
Total current assets	14,819
Intangibles, net	6,897
Goodwill	10,660
Other assets	1,612
Total assets	$	33,988
LIABILITIES
Current liabilities	$	4,300
Other liabilities	2,856
Total liabilities	$	7,156

As a result of the divestiture, the Company recognized a pre-tax gain of $73.3 million. The Company recorded an income tax liability associated with the divestiture of approximately $6.0 million.

Inventories, net (Tables)

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory Components

Inventories, net, consisted of the following (in thousands):


	June 29, 2024		December 30, 2023
Raw materials	$	53,047	$	50,808
Work-in-progress	41,349		39,336
Finished goods	20,418		21,541
	$	114,814	$	111,685

Divestures (Tables)

6 Months Ended

Jun. 29, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Components Held-for Sale

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):


	February 26, 2024
Gross purchase price	$	25,000
Working capital adjustment	159
Cash transferred to the buyer at closing	(2,743)
Direct costs to sell	(986)
Fair value of sale consideration, net	$	21,430

The carrying amount of net assets associated with the China operations was approximately $1.2 million. The major classes of assets and liabilities sold consisted of the following (in thousands):


	February 26, 2024
ASSETS
Accounts receivable, net	$	1,174
Inventories, net	3,729
Other current assets	391
Total current assets	5,294
Property, plant and equipment, net	1,283
Goodwill	1,117
Other assets	3,029
Total assets	$	10,723
LIABILITIES
Deferred Revenue	$	3,739
Other current liabilities	1,546
Other liabilities	4,283
Total liabilities	$	9,568

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):


	November 1, 2023
Gross purchase price	$	99,100
Estimated working capital adjustment	4,266
Cash transferred to the buyer at closing	(2,049)
Direct costs to sell	(1,225)
Fair value of sale consideration	$	100,092

The carrying amount of net assets associated with the FRT business was approximately $26.8 million. The major classes of assets and liabilities sold consisted of the following (in thousands):


	November 1, 2023
ASSETS
Accounts receivable, net	$	7,738
Inventories, net	6,446
Other current assets	635
Total current assets	14,819
Intangibles, net	6,897
Goodwill	10,660
Other assets	1,612
Total assets	$	33,988
LIABILITIES
Current liabilities	$	4,300
Other liabilities	2,856
Total liabilities	$	7,156

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Net Income per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
Net Income per Share (Details) - shares shares in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Weighted-average shares used in computing basic net income per share (in shares)	77,235	77,159	77,343	77,112
Add potentially dilutive securities (in shares)	1,482	457	1,403	338
Weighted-average shares used in computing diluted net income per share (in shares)	78,717	77,616	78,746	77,450
Securities not included as they would have been antidilutive (in shares)	64	486	32	343

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 501	$ 501
Common stock, $0.001 par value:	$ 1.000	$ 1.000
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	77,281,052	77,376,903
Common stock, shares outstanding (in shares)	77,281,052	77,376,903

Divestures - Schedule of Fair Value (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Thousands	Feb. 26, 2024	Feb. 07, 2024	Nov. 01, 2023	Sep. 18, 2023	Oct. 09, 2019
China Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price	$ 25,000	$ 25,000
Estimated working capital adjustment	159
Cash transferred to the buyer at closing	(2,743)
Direct costs to sell	(986)
Fair value of sale consideration	$ 21,430
FRT Metrology
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price			$ 99,100	$ 100,000	$ 24,400
Estimated working capital adjustment			4,266
Cash transferred to the buyer at closing			(2,049)
Direct costs to sell			(1,225)
Fair value of sale consideration			$ 100,092

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 31,865	$ 20,073
Accrued income and other taxes	5,877	8,205
Accrued warranty	3,359	3,177
Accrued employee stock purchase plan contributions withheld	4,727	4,263
Other accrued expenses	3,695	5,319
Accrued liabilities	$ 49,523	$ 41,037

Fair Value and Derivative Instruments (Tables)

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


June 29, 2024	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	132,315	$	—	$	132,315
U.S. treasuries	1,698		—		1,698
Commercial paper	—		4,483		4,483
U.S. agency securities	—		994		994
	134,013		5,477		139,490
Marketable securities:
U.S. treasuries	61,305		—		61,305

U.S. agency securities	—		12,026		12,026
Corporate bonds	—		75,090		75,090
Commercial paper	—		13,289		13,289
	61,305		100,405		161,710


Interest rate swap derivative contracts	—		2,137		2,137
Total assets	$	195,318	$	108,019	$	303,337
Liabilities:
Foreign exchange derivative contracts	$	—	$	(195)	$	(195)


Total liabilities	$	—	$	(195)	$	(195)


December 30, 2023	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	110,980	$	—	$	110,980
U.S. treasuries	4,581		—		4,581


	115,561		—		115,561
Marketable securities:
U.S. treasuries	45,837		—		45,837

U.S. agency securities	—		10,003		10,003
Corporate bonds	—		81,350		81,350
Commercial paper	—		13,317		13,317
	45,837		104,670		150,507
Foreign exchange derivative contracts	—		284		284

Interest rate swap derivative contracts	—		1,989		1,989
Total assets	$	161,398	$	106,943	$	268,341
Liabilities:
Foreign exchange derivative contracts	$	—	$	(30)	$	(30)

Total liabilities	$	—	$	(30)	$	(30)

Schedule of Foreign Currency Forward Contracts

The following table provides information about our foreign currency forward contracts outstanding as of June 29, 2024 (in thousands):


Currency	Contract Position	Contract Amount (Local Currency)	Contract Amount (U.S. Dollars)
Euro	Buy	29,118	$	31,562

Japanese Yen	Sell	2,422,207	15,125
Korean Won	Buy	3,986,488	2,890
Taiwan Dollar	Sell	96,108	2,959

Leases (Tables)

6 Months Ended

Jun. 29, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Lease expense:
Operating lease expense	$	2,050	$	2,124	$	4,180	$	4,076
Short-term lease expense	85		136		145		293
Variable lease expense	1,052		483		1,862		1,229
	$	3,187	$	2,743	$	6,187	$	5,598

Schedule of Future Minimum Payments Under Leases

Future minimum payments under our non-cancelable operating leases were as follows as of June 29, 2024 (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	4,515
2025	9,043
2026	7,638
2027	7,208
2028	3,892
Thereafter	1,391
Total minimum lease payments	33,687
Less: interest	(4,006)
Present value of net minimum lease payments	29,681
Less: current portion	(8,240)
Total long-term operating lease liabilities	$	21,441

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Leases [Abstract]
Operating lease expense	$ 2,050	$ 2,124	$ 4,180	$ 4,076
Short-term lease expense	85	136	145	293
Variable lease expense	1,052	483	1,862	1,229
Total lease expense	$ 3,187	$ 2,743	$ 6,187	$ 5,598

Concentration of Credit and Other Risks

6 Months Ended

Jun. 29, 2024

Risks and Uncertainties [Abstract]

Concentration of Credit and Other Risks

Each of the following customers accounted for 10% or more of our revenues for the periods indicated:


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023


SK hynix Inc.	19.5	%	*		17.6	%	*
Intel Corporation	16.7	%	14.2	%	16.3	%	17.2	%

	36.2	%	14.2	%	33.9	%	17.2	%

* Less than 10% of revenues.

At June 29, 2024 and December 30, 2023, two customers accounted for 21.2% and 11.2% and two customers accounted for 17.8% and 11.0% of gross accounts receivable, respectively.

Fair Value and Derivative Instruments - Additional Information (Details) - USD ($)	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on non-recurring basis	$ 303,337,000	$ 268,341,000
Liabilities measured at fair value on non-recurring basis	195,000
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on non-recurring basis	0		$ 0
Liabilities measured at fair value on non-recurring basis	$ 0		$ 0

Leases

6 Months Ended

Jun. 29, 2024

Leases [Abstract]

Leases

We lease real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as for a portion of our corporate headquarters located in Livermore, California. Our leases have remaining terms of 1 year to 10 years, and some leases include options to extend up to 20 years. We also have operating leases for automobiles with remaining lease terms of 1 year to 2 years. We did not include any of our renewal options in our lease terms for calculating our lease liability as the renewal options allow us to maintain operational flexibility and we are not reasonably certain we will exercise these options at this time. The weighted-average remaining lease term for our operating leases was 4.2 years as of June 29, 2024 and the weighted-average discount rate was 4.65%.

The components of lease expense were as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Lease expense:
Operating lease expense	$	2,050	$	2,124	$	4,180	$	4,076
Short-term lease expense	85		136		145		293
Variable lease expense	1,052		483		1,862		1,229
	$	3,187	$	2,743	$	6,187	$	5,598

Future minimum payments under our non-cancelable operating leases were as follows as of June 29, 2024 (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	4,515
2025	9,043
2026	7,638
2027	7,208
2028	3,892
Thereafter	1,391
Total minimum lease payments	33,687
Less: interest	(4,006)
Present value of net minimum lease payments	29,681
Less: current portion	(8,240)
Total long-term operating lease liabilities	$	21,441

Revenue	6 Months Ended
Revenue	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Transaction price allocated to the remaining performance obligations: On June 29, 2024, we had $9.2 million of remaining performance obligations, which were comprised of deferred service contracts, extended warranty contracts, and contracts with overtime revenue recognition that are not yet delivered. We expect to recognize approximately 65.1% of our remaining performance obligations as revenue in the remainder of fiscal 2024, approximately 27.7% in fiscal 2025, and approximately 7.2% in fiscal 2026 and thereafter. The foregoing excludes the value of other remaining performance obligations as they have original durations of one year or less, and also excludes information about variable consideration allocated entirely to a wholly unsatisfied performance obligation. Contract balances: The timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable is recorded at the invoiced amount, net of an allowance for credit losses. A receivable is recognized in the period we deliver goods or provide services or when our right to consideration is unconditional. A contract asset is recorded when we have performed under the contract but our right to consideration is conditional on something other than the passage of time. Contract assets as of June 29, 2024 and December 30, 2023 were $5.1 million and $3.8 million, respectively, and are reported on the Condensed Consolidated Balance Sheets as a component of Prepaid expenses and other current assets. Contract liabilities include payments received and payments due in advance of performance under a contract and are satisfied as the associated revenue is recognized. Contract liabilities are reported on the Condensed Consolidated Balance Sheets at the end of each reporting period as a component of Deferred revenue and Other liabilities. Contract liabilities as of June 29, 2024 and December 30, 2023 were $19.1 million and $18.0 million, respectively. During the six months ended June 29, 2024, we recognized $10.5 million of revenue that was included in contract liabilities as of December 30, 2023. During the six months ended June 29, 2024, we divested contract liabilities of $1.7 million as of December 30, 2023 with the divestiture of our China operations. Costs to obtain a contract: We generally expense sales commissions when incurred as a component of Selling, general and administrative expense, as the amortization period is typically less than one year. Revenue by category: Refer to Note 15, Operating Segments and Enterprise-Wide Information, for further details.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Operating Segments and Enterprise-Wide Information - Revenue by Segment, Recognition Type, and Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 197,474	$ 155,916	$ 366,199	$ 323,364
Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	166,792	115,303	303,493	242,631
Systems
Disaggregation of Revenue [Line Items]
Revenues	30,682	40,613	62,706	80,733
Taiwan
Disaggregation of Revenue [Line Items]
Revenues	44,813	29,512	74,690	69,841
Taiwan \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	40,192	25,316	67,371	64,213
Taiwan \| Systems
Disaggregation of Revenue [Line Items]
Revenues	4,621	4,196	7,319	5,628
United States
Disaggregation of Revenue [Line Items]
Revenues	47,891	42,673	93,657	80,404
United States \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	39,435	31,131	75,031	55,772
United States \| Systems
Disaggregation of Revenue [Line Items]
Revenues	8,456	11,542	18,626	24,632
China
Disaggregation of Revenue [Line Items]
Revenues	25,087	23,508	40,700	50,607
China \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	20,311	16,516	28,997	34,992
China \| Systems
Disaggregation of Revenue [Line Items]
Revenues	4,776	6,992	11,703	15,615
South Korea
Disaggregation of Revenue [Line Items]
Revenues	49,107	27,863	99,824	48,638
South Korea \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	48,691	26,455	99,363	46,027
South Korea \| Systems
Disaggregation of Revenue [Line Items]
Revenues	416	1,408	461	2,611
Malaysia
Disaggregation of Revenue [Line Items]
Revenues	6,602	6,677	8,465	17,947
Malaysia \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	5,084	6,177	6,692	16,501
Malaysia \| Systems
Disaggregation of Revenue [Line Items]
Revenues	1,518	500	1,773	1,446
Japan
Disaggregation of Revenue [Line Items]
Revenues	7,611	7,932	16,153	18,909
Japan \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	4,513	3,902	8,860	11,038
Japan \| Systems
Disaggregation of Revenue [Line Items]
Revenues	3,098	4,030	7,293	7,871
Europe
Disaggregation of Revenue [Line Items]
Revenues	8,815	10,816	17,664	20,242
Europe \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	3,250	2,415	6,778	5,841
Europe \| Systems
Disaggregation of Revenue [Line Items]
Revenues	5,565	8,401	10,886	14,401
Singapore
Disaggregation of Revenue [Line Items]
Revenues	4,522	2,823	9,280	8,163
Singapore \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	4,112	1,718	7,628	4,918
Singapore \| Systems
Disaggregation of Revenue [Line Items]
Revenues	410	1,105	1,652	3,245
Rest of World
Disaggregation of Revenue [Line Items]
Revenues	3,026	4,112	5,766	8,613
Rest of World \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	1,204	1,673	2,773	3,329
Rest of World \| Systems
Disaggregation of Revenue [Line Items]
Revenues	1,822	2,439	2,993	5,284
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	193,621	153,025	358,046	316,413
Products transferred at a point in time \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	165,492	112,985	301,133	236,903
Products transferred at a point in time \| Systems
Disaggregation of Revenue [Line Items]
Revenues	28,129	40,040	56,913	79,510
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	3,853	2,891	8,153	6,951
Products and services transferred over time \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	1,300	2,318	2,360	5,728
Products and services transferred over time \| Systems
Disaggregation of Revenue [Line Items]
Revenues	2,553	573	5,793	1,223
Foundry & Logic
Disaggregation of Revenue [Line Items]
Revenues	103,660	81,967	190,428	183,529
Foundry & Logic \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	103,660	81,967	190,428	183,529
Foundry & Logic \| Systems
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
DRAM
Disaggregation of Revenue [Line Items]
Revenues	58,042	30,464	103,938	50,354
DRAM \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	58,042	30,464	103,938	50,354
DRAM \| Systems
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Flash
Disaggregation of Revenue [Line Items]
Revenues	5,090	2,872	9,127	8,748
Flash \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	5,090	2,872	9,127	8,748
Flash \| Systems
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Systems
Disaggregation of Revenue [Line Items]
Revenues	30,682	40,613	62,706	80,733
Systems \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Systems \| Systems
Disaggregation of Revenue [Line Items]
Revenues	$ 30,682	$ 40,613	$ 62,706	$ 80,733

Property, Plant, and Equipment, net

6 Months Ended

Jun. 29, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

Property, plant and equipment, net consisted of the following (in thousands):


	June 29, 2024		December 30, 2023
Land	$	17,124	$	17,124
Building and building improvements	46,375		46,526
Machinery and equipment	296,345		286,215
Computer equipment and software	47,241		46,866
Furniture and fixtures	7,489		7,490
Leasehold improvements	91,837		91,063
Sub-total	506,411		495,284
Less: Accumulated depreciation and amortization	(368,422)		(358,021)
Net property, plant and equipment	137,989		137,263
Construction-in-progress	66,113		67,136
Total	$	204,102	$	204,399

Operating Segments and Enterprise-Wide Information - Additional Information (Details)	6 Months Ended
	Jun. 29, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 19,392	$ 828	$ 41,173	$ 2,170
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1,075)	(122)	(3,358)	710
Unrealized gains (losses) on available-for-sale marketable securities	(39)	(85)	(237)	518
Unrealized losses on derivative instruments	(69)	(52)	(301)	(95)
Other comprehensive income (loss)	(1,183)	(259)	(3,896)	1,133
Comprehensive income	$ 18,209	$ 569	$ 37,277	$ 3,303

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

Revenue - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 9.2
Contract assets	5.1	$ 3.8
Contract with customer, liability	(19.1)	$ (18.0)
Revenue recognized included in contracts	10.5
Disposal Group, Held-for-Sale, Not Discontinued Operations \| FRT Metrology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Divesture of contract liability	$ 1.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	65.10%
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	27.70%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	7.20%
Revenue, remaining performance obligation, expected timing of satisfaction, period

Stockholders’ Equity and Stock-Based Compensation - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended			12 Months Ended
	Oct. 30, 2023	Jun. 29, 2024	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Jun. 25, 2022	Dec. 30, 2023	May 20, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock value retired through repurchase program		$ 2,904,000		$ 20,302,000
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				0
2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program duration	2 years
2023 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program duration	2 years
Common Stock \| 2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program authorized amount								$ 75,000,000
Purchase and retirement of common stock through repurchase program						1,700,893	504,352
Purchase of common stock value retired through repurchase program						$ 56,400,000	$ 18,600,000
Common Stock \| 2023 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program authorized amount	$ 75,000,000
Purchase and retirement of common stock through repurchase program			32,020	483,951
Purchase of common stock value retired through repurchase program				$ 20,300,000	$ 1,200,000
Amount remaining for future repurchases		$ 53,500,000		$ 53,500,000

Stockholders’ Equity and Stock-Based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 10,209	$ 9,204	$ 20,614	$ 18,494
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,932	1,515	3,860	3,425
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,614	2,363	5,227	4,735
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,663	$ 5,326	$ 11,527	$ 10,334

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 201,090	$ 211,444
Foreign currency translation	(425)	306
Goodwill, ending balance	199,548	201,090
FRT Metrology
Goodwill [Roll Forward]
Reduction - divesture		(10,660)
China Operations
Goodwill [Roll Forward]
Reduction - divesture	(1,117)
Probe Cards
Goodwill [Roll Forward]
Goodwill, beginning balance	178,424	178,424
Foreign currency translation	0	0
Goodwill, ending balance	177,369	178,424
Probe Cards \| FRT Metrology
Goodwill [Roll Forward]
Reduction - divesture		0
Probe Cards \| China Operations
Goodwill [Roll Forward]
Reduction - divesture	(1,055)
Systems
Goodwill [Roll Forward]
Goodwill, beginning balance	22,666	33,020
Foreign currency translation	(425)	306
Goodwill, ending balance	22,179	22,666
Systems \| FRT Metrology
Goodwill [Roll Forward]
Reduction - divesture		$ (10,660)
Systems \| China Operations
Goodwill [Roll Forward]
Reduction - divesture	$ (62)

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stockholders’ Equity and Stock-Based Compensation - ESPP Activity (Details) - Employee stock purchase plan	6 Months Ended
	Jun. 29, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) \| shares	197,014
Weighted average per share purchase price (in dollars per share)	$ 25.11
Weighted average per share discount from the fair value of our common stock on the date of issuance (in dollars per share)	$ (13.66)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Divestures - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
Divestures - Narrative (Details) - USD ($) $ in Thousands	Feb. 26, 2024	Nov. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Feb. 07, 2024	Dec. 30, 2023	Sep. 18, 2023	Oct. 09, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of business			$ 310	$ 0	$ 20,581	$ 0
Accrued liabilities			$ 49,523		$ 49,523			$ 41,037
Disposal Group, Held-for-Sale, Not Discontinued Operations \| China Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price	$ 25,000						$ 25,000
Fair value of sale consideration, net	21,430
Net assets	1,200
Gain (loss) on disposition of business	20,300
Accrued liabilities	3,300
Accounts receivable, net	1,174
Inventories, net	3,729
Other current assets	391
Total current assets	5,294
Property, plant and equipment, net	1,283
Goodwill	1,117
Other assets	3,029
Total assets	10,723
Disposal Group, Including Discontinued Operation, Deferred Revenue	3,739
Other current liabilities	1,546
Other liabilities	4,283
Total liabilities	$ 9,568
Disposal Group, Held-for-Sale, Not Discontinued Operations \| FRT Metrology
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price		$ 99,100							$ 100,000	$ 24,400
Fair value of sale consideration, net		100,092
Net assets		26,800
Gain (loss) on disposition of business		73,300
Accrued liabilities		6,000
Accounts receivable, net		7,738
Inventories, net		6,446
Other current assets		635
Total current assets		14,819
Goodwill		10,660
Other assets		1,612
Total assets		33,988
Other liabilities		2,856
Total liabilities		$ 7,156

Fair Value and Derivative Instruments

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value and Derivative Instruments

Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows:

•Level 1 valuations are obtained from real-time quotes for transactions in active exchange markets involving identical securities;

•Level 2 valuations utilize significant observable inputs, such as quoted prices for similar assets or liabilities, quoted prices near the reporting date in markets that are less active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

•Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.

We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during the six months ended June 29, 2024 or the year ended December 30, 2023.

The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, and Accrued liabilities approximate fair value due to their short maturities.

No changes were made to our valuation techniques during the first six months of fiscal 2024.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


June 29, 2024	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	132,315	$	—	$	132,315
U.S. treasuries	1,698		—		1,698
Commercial paper	—		4,483		4,483
U.S. agency securities	—		994		994
	134,013		5,477		139,490
Marketable securities:
U.S. treasuries	61,305		—		61,305

U.S. agency securities	—		12,026		12,026
Corporate bonds	—		75,090		75,090
Commercial paper	—		13,289		13,289
	61,305		100,405		161,710


Interest rate swap derivative contracts	—		2,137		2,137
Total assets	$	195,318	$	108,019	$	303,337
Liabilities:
Foreign exchange derivative contracts	$	—	$	(195)	$	(195)


Total liabilities	$	—	$	(195)	$	(195)


December 30, 2023	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	110,980	$	—	$	110,980
U.S. treasuries	4,581		—		4,581


	115,561		—		115,561
Marketable securities:
U.S. treasuries	45,837		—		45,837

U.S. agency securities	—		10,003		10,003
Corporate bonds	—		81,350		81,350
Commercial paper	—		13,317		13,317
	45,837		104,670		150,507
Foreign exchange derivative contracts	—		284		284

Interest rate swap derivative contracts	—		1,989		1,989
Total assets	$	161,398	$	106,943	$	268,341
Liabilities:
Foreign exchange derivative contracts	$	—	$	(30)	$	(30)

Total liabilities	$	—	$	(30)	$	(30)

Cash Equivalents

The fair value of our cash equivalents is determined based on quoted market prices for similar or identical securities.

Marketable Securities

We classify our marketable securities as available-for-sale and value them utilizing a market approach. Our investments are priced by pricing vendors who provide observable inputs for their pricing without applying significant judgment. Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors or when a broker price is more reflective of fair value. Our broker-priced investments are categorized as Level 2 investments because fair value is based on similar assets without applying significant judgments. In addition, all investments have a sufficient trading volume to demonstrate that the fair value is appropriate.

Unrealized gains and losses were immaterial and were recorded as a component of Accumulated other comprehensive loss in our Condensed Consolidated Balance Sheets. We did not have any other-than-temporary unrealized gains or losses at either period end included in these financial statements.

Interest Rate Swap

The fair value of our interest rate swap contract is determined at the end of each reporting period based on valuation models that use interest rate yield curves as inputs. For accounting purposes, our interest rate swap contract qualifies for, and is designated as a cash flow hedge. The hedged risk is the interest rate exposure to changes in interest payments attributable to changes in our variable-rate interest over the interest rate swap term. The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable-rate debt. Cash settlements, in the form of cash payments or cash receipts, are recognized as a component of interest expense. The cash flows associated with the interest rate swaps are reported in Net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows and the fair value of the interest rate swap contracts are recorded within Prepaid expenses and other current assets and Other assets in our Condensed Consolidated Balance Sheets.

Foreign Exchange Derivative Contracts

We operate and sell our products in various global markets. As a result, we are exposed to changes in foreign currency exchange rates. We utilize foreign currency forward contracts to hedge against future movements in foreign exchange rates that affect certain existing foreign currency denominated assets and liabilities and forecasted foreign currency revenue and expense transactions. Under this program, our strategy is to have increases or decreases in our foreign currency exposures mitigated by gains or losses on the foreign currency forward contracts in order to mitigate the risks and volatility associated with foreign currency transaction gains or losses.

We do not use derivative financial instruments for speculative or trading purposes. For accounting purposes, certain of our foreign currency forward contracts are not designated as hedging instruments and, accordingly, we record the fair value of these contracts as of the end of our reporting period in our Condensed Consolidated Balance Sheets with changes in fair value recorded within Other income, net in our Condensed Consolidated Statement of Income for both realized and unrealized gains and losses. Certain of our foreign currency forward contracts are designated as cash flow hedges, and, accordingly, we record the fair value of these contracts as of the end of our reporting period in our Condensed Consolidated Balance Sheets with changes in fair value recorded as a component of Accumulated other comprehensive loss and reclassified into earnings in the same period in which the hedged transaction affects earnings, and in the same line item on the Condensed Consolidated Statements of Income as the impact of the hedge transaction.

The fair value of our foreign exchange derivative contracts was determined based on current foreign currency exchange rates and forward points. All of our foreign exchange derivative contracts outstanding at June 29, 2024 will mature by the second quarter of fiscal 2025.

The following table provides information about our foreign currency forward contracts outstanding as of June 29, 2024 (in thousands):


Currency	Contract Position	Contract Amount (Local Currency)	Contract Amount (U.S. Dollars)
Euro	Buy	29,118	$	31,562

Japanese Yen	Sell	2,422,207	15,125
Korean Won	Buy	3,986,488	2,890
Taiwan Dollar	Sell	96,108	2,959

Our foreign currency contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that utilize observable market inputs.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition. There were no assets or liabilities measured at fair value on a nonrecurring basis during the three and six months ended June 29, 2024 or July 1, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Operating Segments and Enterprise-Wide Information - Operating Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Revenues	$ 197,474	$ 155,916	$ 366,199	$ 323,364
Gross profit	$ 86,900	$ 60,283	$ 149,638	$ 121,361
Gross margin	44.00%	38.70%	40.90%	37.50%
Systems
Segment Reporting Information [Line Items]
Revenues	$ 30,682	$ 40,613	$ 62,706	$ 80,733
Probe Cards
Segment Reporting Information [Line Items]
Revenues	166,792	115,303	303,493	242,631
Probe Cards \| Systems
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Systems
Segment Reporting Information [Line Items]
Revenues	30,682	40,613	62,706	80,733
Systems \| Systems
Segment Reporting Information [Line Items]
Revenues	30,682	40,613	62,706	80,733
Operating segments \| Probe Cards
Segment Reporting Information [Line Items]
Revenues	166,792	115,303	303,493	242,631
Gross profit	$ 75,239	$ 42,112	$ 126,030	$ 85,735
Gross margin	45.10%	36.50%	41.50%	35.30%
Operating segments \| Systems
Segment Reporting Information [Line Items]
Revenues	$ 30,682	$ 40,613
Gross profit	$ 14,177	$ 21,124	$ 28,683	$ 41,870
Gross margin	46.20%	52.00%	45.70%	51.90%
Operating segments \| Corporate and Other
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0
Gross profit	$ (2,516)	$ (2,953)	$ (5,075)	$ (6,244)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Stockholders’ Equity and Stock-Based Compensation - Unrecognized Compensation Costs (Details) $ in Thousands	6 Months Ended
	Jun. 29, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 47,433
Average Expected Recognition Period in Years	1 year 9 months 3 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 39,732
Average Expected Recognition Period in Years	1 year 9 months 10 days
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 7,437
Average Expected Recognition Period in Years	1 year 8 months 8 days
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 264
Average Expected Recognition Period in Years	1 month 2 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Total current assets
Cash and cash equivalents	$ 195,914	$ 177,812
161710000	161,710	150,507
Accounts receivable, net of allowance for credit losses of $501 and $501	113,277	102,957
Inventories, net	114,814	111,685
Restricted cash	5,939	1,152
Prepaid expenses and other current assets	28,964	29,667
Total current assets	620,618	573,780
Restricted cash	2,098	2,309
Operating lease, right-of-use-assets	26,650	30,519
Property, plant and equipment, net of accumulated depreciation	204,102	204,399
Goodwill	199,548	201,090
Intangibles, net	11,657	12,938
Deferred tax assets	88,841	78,964
Other assets	2,751	2,795
Total assets	1,156,265	1,106,794
Current liabilities:
Accounts payable	62,235	63,857
Accrued liabilities	49,523	41,037
Current portion of term loan, net of unamortized issuance costs	1,090	1,075
Deferred revenue	17,953	16,704
Operating lease liabilities	8,240	8,422
Total current liabilities	139,041	131,095
Term loan, less current portion, net of unamortized issuance costs	12,765	13,314
Long-term operating lease liabilities	21,441	25,334
Deferred grant	18,000	18,000
Other liabilities	17,102	10,247
Total liabilities	$ 208,349	$ 197,990
Common stock, $0.001 par value:	$ 1.000	$ 1.000
Common stock, shares issued (in shares)	77,281,052	77,376,903
Common stock, shares outstanding (in shares)	77,281,052	77,376,903
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Stockholders’ equity:
Common stock, $0.001 par value:	$ 77	$ 77
Additional paid-in capital	863,283	861,448
Accumulated other comprehensive loss	(7,948)	(4,052)
Accumulated income	92,504	51,331
Total stockholders’ equity	947,916	908,804
Total liabilities and stockholders’ equity	$ 1,156,265	$ 1,106,794

Warranty

6 Months Ended

Jun. 29, 2024

Product Warranties Disclosures [Abstract]

Warranty

We offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs. We regularly monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances. We provide for the estimated cost of product warranties at the time revenue is recognized as a component of Cost of revenues in our Condensed Consolidated Statement of Income.

Changes in our warranty liability were as follows (in thousands):


	Six Months Ended
	June 29, 2024		July 1, 2023
Balance at beginning of year	$	3,177	$	4,199
Accruals	4,361		2,934
Settlements	(4,179)		(3,627)

Balance at end of period	$	3,359	$	3,506

Warranty (Details) - USD ($) $ in Thousands	6 Months Ended
Warranty (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 3,177	$ 4,199
Accruals	4,361	2,934
Settlements	(4,179)	(3,627)
Balance at end of period	$ 3,359	$ 3,506

Property, Plant, and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Property, Plant and Equipment [Line Items]
Sub-total	$ 506,411	$ 495,284
Less: Accumulated depreciation and amortization	(368,422)	(358,021)
Net property, plant and equipment	137,989	137,263
Construction-in-progress	66,113	67,136
Total	204,102	204,399
Land
Property, Plant and Equipment [Line Items]
Sub-total	17,124	17,124
Building and building improvements
Property, Plant and Equipment [Line Items]
Sub-total	46,375	46,526
Machinery and equipment
Property, Plant and Equipment [Line Items]
Sub-total	296,345	286,215
Computer equipment and software
Property, Plant and Equipment [Line Items]
Sub-total	47,241	46,866
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Sub-total	7,489	7,490
Leasehold improvements
Property, Plant and Equipment [Line Items]
Sub-total	$ 91,837	$ 91,063

Leases - Narrative (Details)	Jun. 29, 2024
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	20 years
Operating lease, weighted average remaining lease term	4 years 2 months 12 days
Operating lease, weighted average discount rate	4.65%
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	10 years
Automobiles
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Automobiles \| Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	2 years

Goodwill and Intangible Assets

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill by reportable segment was as follows (in thousands):


	Probe Cards		Systems		Total
Goodwill, as of December 31, 2022	$	178,424	$	33,020	$	211,444


Reduction - FRT divestiture	—		(10,660)		(10,660)
Foreign currency translation	—		306		306
Goodwill, as of December 30, 2023	178,424		22,666		201,090

Reduction - China divestiture	(1,055)		(62)		(1,117)
Foreign currency translation	—		(425)		(425)
Goodwill, as of June 29, 2024	$	177,369	$	22,179	$	199,548

We have not recorded goodwill impairments for the six months ended June 29, 2024.

Intangible assets were as follows (in thousands):


	June 29, 2024						December 30, 2023
Intangible Assets	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Existing developed technologies	$	159,258	$	149,008	$	10,250	$	159,593	$	148,445	$	11,148
Trade name	7,770		7,712		58		7,808		7,728		80
Customer relationships	47,920		46,971		949		48,022		46,712		1,310

In-process research and development	400		—		400		400		—		400
	$	215,348	$	203,691	$	11,657	$	215,823	$	202,885	$	12,938

Amortization expense was included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of revenues	$	449	$	838	$	898	$	1,669
Selling, general and administrative	191		1,550		382		3,097
	$	640	$	2,388	$	1,280	$	4,766

The estimated future amortization of definite-lived intangible assets, excluding in-process research and development, is as follows (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	1,280
2025	2,330
2026	1,630
2027	1,630
2028	1,630
Thereafter	2,757
	$	11,257

Label	Element	Value
Increase (Decrease) in Deferred Government Grant	form_IncreaseDecreaseInDeferredGovernmentGrant	$ 18,000,000

Stockholders’ Equity and Stock-Based Compensation

3 Months Ended

Jun. 29, 2024

Equity [Abstract]

Stockholders’ Equity and Stock-Based Compensation

Common Stock Repurchase Programs

On May 20, 2022, our Board of Directors authorized a two-year program to repurchase up to $75.0 million of outstanding common stock to offset potential dilution from issuance of common stock under our stock-based compensation programs. During fiscal 2022 and fiscal 2023, we repurchased and retired 1,700,893 shares of common stock for $56.4 million and 504,352 shares of common stock for $18.6 million, respectively, utilizing the remaining shares available for repurchase under the program.

On October 30, 2023, our Board of Directors authorized an additional two-year program to repurchase up to $75.0 million of outstanding common stock, with the primary purpose of offsetting potential dilution from issuance of common stock under our stock-based compensation programs. This share repurchase program will expire on October 30, 2025. During fiscal 2023 we repurchased and retired 32,020 shares of common stock for $1.2 million. During the six months ended June 29, 2024, we repurchased and retired 483,951 shares of common stock for $20.3 million, and as of June 29, 2024, $53.5 million remained available for future repurchases.

Our policy related to repurchases of our common stock is to charge the excess of cost over par value to additional paid-in capital once the shares are retired. Share repurchases are subject to an excise tax enabled by the Inflation Reduction Act that is generally 1% of the fair market value of the shares repurchased at the time of the repurchase, net of the fair market value of certain new stock issuances during the same taxable year. Certain exceptions apply to the excise tax. The excise tax incurred reduces the amount available under the repurchase programs, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders Equity. All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Restricted Stock Units

Restricted stock unit (“RSU”) activity under our equity incentive plan was as follows:


	Units	Weighted Average Grant Date Fair Value
RSUs at December 30, 2023	2,165,729	$	35.85
Awards granted	149,829	54.41
Awards vested	(266,910)	31.30
Awards forfeited	(22,393)	33.36
RSUs at June 29, 2024	2,026,255	37.79

Performance Restricted Stock Units

We may grant Performance RSUs (“PRSUs”) to certain executives, which vest based upon us achieving certain market performance criteria. There were no market based PRSUs granted during the six months ended June 29, 2024. PRSUs are included as part of the RSU activity above.

Employee Stock Purchase Plan

Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows:


	Six Months Ended
	June 29, 2024
Shares issued	197,014
Weighted average per share purchase price	$	25.11
Weighted average per share discount from the fair value of our common stock on the date of issuance	$	(13.66)

Stock-Based Compensation

Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of revenues	$	1,932	$	1,515	$	3,860	$	3,425
Research and development	2,614		2,363		5,227		4,735
Selling, general and administrative	5,663		5,326		11,527		10,334
Total stock-based compensation	$	10,209	$	9,204	$	20,614	$	18,494

Unrecognized Compensation Costs

At June 29, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands):


	Unrecognized Expense		Average Expected Recognition Period in Years
Restricted stock units	$	39,732	1.78
Performance restricted stock units	7,437		1.69
Employee stock purchase plan	264		0.09
Total unrecognized stock-based compensation expense	$	47,433	1.76

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details