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Operating Segments and Enterprise-Wide Information | 3 Months Ended
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Mar. 29, 2025
Segment Reporting [Abstract] |
Operating Segments and Enterprise-Wide Information | Operating Segments and Enterprise-Wide Information We operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer, who assesses the reportable segments' performance by using each reportable segment's net contribution to make decisions about allocating resources and assessing performance for the entire company. The CODM uses net contribution for each reportable segment predominantly in the annual budget and forecasting process, as well as consideration of budget-to-actual variances on a quarterly basis when making decisions for assessment of our performance and results of operations. Certain components of net contribution are utilized to determine executive compensation along with other measures. The following table provides net contribution by reportable segment and includes a reconciliation to net income before income taxes (dollars in thousands):
| Three Months Ended
| March 29, 2025 |  | March 30, 2024
| Probe Cards |  | Systems |  | Corporate and Other |  | Total |  | Probe Cards |  | Systems |  | Corporate and Other |  | Total
Revenues | $ | 136,520 |  |  | $ | 34,836 |  |  | $ | — |  |  | $ | 171,356 |  |  | $ | 136,701 |  |  | $ | 32,024 |  |  | $ | — |  |  | $ | 168,725 |
Cost of revenues | 84,905 |  |  | 19,321 |  |  | (2,607) |  |  | 106,833 |  |  | 85,910 |  |  | 17,518 |  |  | (2,559) |  |  | 105,987 |
Gross profit | 51,615 |  |  | 15,515 |  |  | (2,607) |  |  | 64,523 |  |  | 50,791 |  |  | 14,506 |  |  | (2,559) |  |  | 62,738 |
Gross margin | 37.8 | % |  | 44.5 | % |  |  |  | 37.7 | % |  | 37.2 | % |  | 45.3 | % |  |  |  | 37.2 | %
Research and development | 21,056 |  |  | 3,968 |  |  | 2,776 |  |  | 27,800 |  |  | 20,848 |  |  | 5,166 |  |  | 2,613 |  |  | 28,627 |
Selling | 6,566 |  |  | 3,660 |  |  | 2,801 |  |  | 13,027 |  |  | 7,220 |  |  | 3,586 |  |  | 1,700 |  |  | 12,506 |
Marketing | 1,580 |  |  | 1,741 |  |  | 1,126 |  |  | 4,447 |  |  | 1,918 |  |  | 1,660 |  |  | 1,702 |  |  | 5,280 |
Net contribution | $ | 22,413 |  |  | $ | 6,146 |  |  | $ | (9,310) |  |  | 19,249 |  |  | $ | 20,805 |  |  | $ | 4,094 |  |  | $ | (8,574) |  |  | 16,325 |
General and administrative |  |  |  |  |  | 15,980 |  |  |  |  |  |  |  |  | 15,293 |
Gain on sale of business |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 20,271 |
Operating income |  |  |  |  |  | 3,269 |  |  |  |  |  |  |  |  | 21,303 |
Interest income |  |  |  |  |  | 3,416 |  |  |  |  |  |  |  |  | 3,258 |
Interest expense |  |  |  |  |  | (99) |  |  |  |  |  |  |  |  | (102) |
Other income, net |  |  |  |  |  | 890 |  |  |  |  |  |  |  |  | 520 |
Income before income taxes |  |  |  |  |  | $ | 7,476 |  |  |  |  |  |  |  |  | $ | 24,979 |
Corporate and Other includes unallocated expenses relating to amortization of stock-based compensation expense, intangible assets, acquisition-related costs, including charges related to fixed assets stepped up to fair value, restructuring charges, and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments. Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses. Net contribution represents Operating income excluding general and administrative expenses and gains on sale of business, 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
| March 29, 2025 |  | March 30, 2024
| Probe Cards |  | Systems |  | Total |  | Probe Cards |  | Systems |  | Total
Market: |  |  |  |  |  |  |  |  |  |  |
Foundry & Logic | $ | 85,272 |  |  | $ | — |  |  | $ | 85,272 |  |  | $ | 86,768 |  |  | $ | — |  |  | $ | 86,768 |
DRAM | 48,858 |  |  | — |  |  | 48,858 |  |  | 45,896 |  |  | — |  |  | 45,896 |
Flash | 2,390 |  |  | — |  |  | 2,390 |  |  | 4,037 |  |  | — |  |  | 4,037 |
Systems | — |  |  | 34,836 |  |  | 34,836 |  |  | — |  |  | 32,024 |  |  | 32,024 |
Total | $ | 136,520 |  |  | $ | 34,836 |  |  | $ | 171,356 |  |  | $ | 136,701 |  |  | $ | 32,024 |  |  | $ | 168,725 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time | $ | 134,721 |  |  | $ | 31,335 |  |  | $ | 166,056 |  |  | $ | 135,641 |  |  | $ | 28,784 |  |  | $ | 164,425 |
Products and services transferred over time | 1,799 |  |  | 3,501 |  |  | 5,300 |  |  | 1,060 |  |  | 3,240 |  |  | 4,300 |
Total | $ | 136,520 |  |  | $ | 34,836 |  |  | $ | 171,356 |  |  | $ | 136,701 |  |  | $ | 32,024 |  |  | $ | 168,725 |
Geographical region: |  |  |  |  |  |  |  |  |  |  |
Taiwan | $ | 40,747 |  |  | $ | 4,615 |  |  | $ | 45,362 |  |  | $ | 27,179 |  |  | $ | 2,698 |  |  | $ | 29,877 |
South Korea | 42,209 |  |  | 962 |  |  | 43,171 |  |  | 50,672 |  |  | 45 |  |  | 50,717 |
United States | 27,784 |  |  | 12,541 |  |  | 40,325 |  |  | 35,596 |  |  | 10,170 |  |  | 45,766 |
China | 8,152 |  |  | 5,463 |  |  | 13,615 |  |  | 8,686 |  |  | 6,927 |  |  | 15,613 |
Japan | 5,179 |  |  | 5,140 |  |  | 10,319 |  |  | 4,347 |  |  | 4,195 |  |  | 8,542 |
Europe | 3,535 |  |  | 4,246 |  |  | 7,781 |  |  | 3,528 |  |  | 5,321 |  |  | 8,849 |
Singapore | 4,871 |  |  | 1,378 |  |  | 6,249 |  |  | 3,516 |  |  | 1,242 |  |  | 4,758 |
Malaysia | 2,552 |  |  | 48 |  |  | 2,600 |  |  | 1,608 |  |  | 255 |  |  | 1,863 |
Rest of World | 1,491 |  |  | 443 |  |  | 1,934 |  |  | 1,569 |  |  | 1,171 |  |  | 2,740 |
Total | $ | 136,520 |  |  | $ | 34,836 |  |  | $ | 171,356 |  |  | $ | 136,701 |  |  | $ | 32,024 |  |  | $ | 168,725 |

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- Definition The entire disclosure for reporting segments including data and tables. 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