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Segment Reporting and Geographic Information | 6 Months Ended
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Jun. 28, 2025
Segment Reporting [Abstract] |
Segment Reporting and Geographic Information | NOTE 15. Segment Reporting and Geographic Information The Company is engaged in the design, development, manufacture and support of high-performance control metrology, defect inspection, lithography and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment: the design, development, manufacture and support of high-performance process control defect inspection and metrology, lithography and process control software systems used by microelectronics device manufacturers. Therefore, the Company has one reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The CEO allocates resources and assesses performance of the business and other activities at the reportable segment level. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as “Total assets.” The CEO does not review segment assets at a level other than that presented in the Company’s Condensed Consolidated Balance Sheets. The table below presents the Company’s consolidated operating results including significant segment expenses:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, |  |  | June 29, |  |  | June 28, |  |  | June 29, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |
Revenue |  | $ | 253,597 |  |  | $ | 242,327 |  |  | $ | 520,204 |  |  | $ | 471,172 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Adjusted cost of revenue (1) |  |  | 115,284 |  |  |  | 113,353 |  |  |  | 235,023 |  |  |  | 223,090 |
Adjusted research and development (2) |  |  | 35,292 |  |  |  | 27,083 |  |  |  | 64,012 |  |  |  | 53,441 |
Adjusted sales and marketing (2) |  |  | 14,910 |  |  |  | 18,881 |  |  |  | 34,626 |  |  |  | 37,104 |
Adjusted general and administrative (3) |  |  | 22,496 |  |  |  | 18,480 |  |  |  | 44,432 |  |  |  | 35,708 |
Other segment items: |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and other (4) |  |  | 22,415 |  |  |  | 1,324 |  |  |  | 27,174 |  |  |  | 2,370 |
Merger and acquisitions related (4) |  |  | 2,507 |  |  |  | 1,264 |  |  |  | 2,665 |  |  |  | 1,638 |
Litigation (4) |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | 27 |
Amortization |  |  | 8,446 |  |  |  | 13,112 |  |  |  | 16,891 |  |  |  | 26,224 |
Operating income |  |  | 32,247 |  |  |  | 48,833 |  |  |  | 95,381 |  |  |  | 91,570 |
Interest income, net |  |  | 8,631 |  |  |  | 8,496 |  |  |  | 17,897 |  |  |  | 15,857 |
Other (expense) income, net |  |  | (1,137 | ) |  |  | (60 | ) |  |  | (1,880 | ) |  |  | 734 |
Provision for income taxes |  |  | 5,830 |  |  |  | 4,320 |  |  |  | 13,392 |  |  |  | 8,359 |
Net income |  | $ | 33,911 |  |  | $ | 52,949 |  |  | $ | 98,006 |  |  | $ | 99,802 |
(1) Excludes restructuring and other expenses and merger and acquisition related expenses |  |  |  |  |  |  |  |  |  |  |  |
(2) Excludes merger and acquisition related expenses |  |  |  |  |  |  |  |  |  |  |  |
(3) Excludes litigation expenses and merger and acquisition related expenses |  |  |  |  |  |  |  |  |  |  |  |
(4) The Company excludes these expenses in order to provide better comparability between periods as they are not representative of the Company's ongoing operations. |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expense is a significant expense related to research and development expenses, sales and marketing expenses and general and administrative expenses as shown above. For the six-months ended June 28, 2025 and June 29, 2024, depreciation expense was $10.2 million and $6.9 million, respectively. The following table lists the different sources of revenue:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, |  |  | June 29, |  |  | June 28, |  |  | June 29, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands, except for percentages) |  |  |  |  |  |  |
Systems and software |  | $ | 214,506 |  |  |  | 84 | % |  | $ | 210,428 |  |  |  | 87 | % |  | $ | 445,656 |  |  |  | 86 | % |  | $ | 405,264 |  |  |  | 86 | %
Parts |  |  | 19,849 |  |  |  | 8 | % |  |  | 16,788 |  |  |  | 7 | % |  |  | 38,025 |  |  |  | 8 | % |  |  | 36,896 |  |  |  | 8 | %
Services |  |  | 19,242 |  |  |  | 8 | % |  |  | 15,111 |  |  |  | 6 | % |  |  | 36,523 |  |  |  | 6 | % |  |  | 29,012 |  |  |  | 6 | %
Total revenue |  | $ | 253,597 |  |  |  | 100 | % |  | $ | 242,327 |  |  |  | 100 | % |  | $ | 520,204 |  |  |  | 100 | % |  | $ | 471,172 |  |  |  | 100 | %
The Company’s significant operations outside the United States include sales, service and application offices in Asia and Europe. For geographical revenue reporting, revenue is attributed to the geographic location to which the product is shipped. Revenue by geographic region is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, |  |  | June 29, |  |  | June 28, |  |  | June 29, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |  |  |  |
Revenue from third parties: |  |  |  |  |  |  |  |  |  |  |  |
South Korea |  | $ | 82,650 |  |  | $ | 70,705 |  |  | $ | 175,964 |  |  | $ | 150,943 |
Taiwan |  |  | 65,616 |  |  |  | 59,630 |  |  |  | 168,197 |  |  |  | 130,733 |
United States |  |  | 27,556 |  |  |  | 18,916 |  |  |  | 53,153 |  |  |  | 39,784 |
Japan |  |  | 33,768 |  |  |  | 19,278 |  |  |  | 42,137 |  |  |  | 32,613 |
China |  |  | 17,337 |  |  |  | 33,115 |  |  |  | 29,513 |  |  |  | 54,110 |
Europe |  |  | 12,846 |  |  |  | 16,553 |  |  |  | 29,390 |  |  |  | 22,782 |
Southeast Asia |  |  | 13,824 |  |  |  | 24,130 |  |  |  | 21,850 |  |  |  | 40,207 |
Total revenue |  | $ | 253,597 |  |  | $ | 242,327 |  |  | $ | 520,204 |  |  | $ | 471,172 |
The following customers accounted for 10% or more of total revenue for the indicated periods:
|  | Six Months Ended |
|  | June 28, |  |  | June 29, |
|  | 2025 |  |  | 2024 |
Customer A |  |  | 22 | % |  |  | 23 | %
Customer B |  |  | 18 | % |  |  | 20 | %
Customer C |  |  | 17 | % |  |  | 13 | %
Two customers’ net accounts receivable balances were individually greater than 10% of net accounts receivable at June 28, 2025, representing, in the aggregate approximately 37% of the Company’s total net accounts receivable. Two customers’ net accounts receivable balances were individually greater than 10% of net accounts receivable at December 28, 2024, representing, in the aggregate, approximately 47% of the Company’s total net accounts receivable. Substantially all of the Company’s long-lived assets are located within the United States of America.

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- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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