XML 34 R22.htm IDEA: XBRL DOCUMENT v3.25.2
Operating Segments and Enterprise-Wide Information
 6 Months Ended
Jun. 28, 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
June 28, 2025June 29, 2024
Probe CardsSystemsCorporate and OtherTotalProbe CardsSystemsCorporate and OtherTotal
Revenues$162,108 $33,690 $— $195,798 $166,792 $30,682 $— $197,474 
Cost of revenues100,040 20,419 (2,401)122,860 91,553 16,505 (2,516)110,574 
Gross profit62,068 13,271 (2,401)72,938 75,239 14,177 (2,516)86,900 
Gross margin38.3 %39.4 %37.3 %45.1 %46.2 %44.0 %
Research and development20,974 5,261 2,558 28,793 23,710 5,240 2,614 31,564 
Selling7,181 3,424 1,369 11,974 8,353 4,174 1,367 13,894 
Marketing1,598 1,882 1,327 4,807 2,907 1,824 1,761 6,492 
Net contribution$32,315 $2,704 $(7,655)27,364 $40,269 $2,939 $(8,258)34,950 
General and administrative15,058 17,488 
Gain on sale of business— 310 
Operating income12,306 17,772 
Interest income, net2,642 3,415 
Other income (expense), net(6)360 
Income before income taxes$14,942 $21,547 
Six Months Ended
June 28, 2025June 29, 2024
Probe CardsSystemsCorporate and OtherTotalProbe CardsSystemsCorporate and OtherTotal
Revenues$298,628 $68,526 $— $367,154 $303,493 $62,706 $— $366,199 
Cost of revenues184,945 39,740 (5,008)229,693 177,463 34,023 (5,075)216,561 
Gross profit113,683 28,786 (5,008)137,461 126,030 28,683 (5,075)149,638 
Gross margin38.1 %42.0 %37.4 %41.5 %45.7 %40.9 %
Research and development
42,030 9,229 5,334 56,593 44,558 10,406 5,227 60,191 
Selling
13,747 7,084 4,170 25,001 15,573 7,760 3,067 26,400 
Marketing
3,178 3,623 2,453 9,254 4,825 3,484 3,463 11,772 
Net contribution
$54,728 $8,850 $(16,965)46,613 $61,074 $7,033 $(16,832)51,275 
General and administrative
31,038 32,781 
Gain on sale of business— 20,581 
Operating income15,575 39,075 
Interest income, net5,959 6,571 
Other income (expense), net
884 880 
Income before income taxes$22,418 $46,526 

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
June 28, 2025June 29, 2024
Probe CardsSystemsTotalProbe CardsSystemsTotal
Market:
Foundry & Logic$99,513 $— $99,513 $103,660 $— $103,660 
DRAM57,057 — 57,057 58,042 — 58,042 
Flash5,538 — 5,538 5,090 — 5,090 
Systems— 33,690 33,690 — 30,682 30,682 
Total$162,108 $33,690 $195,798 $166,792 $30,682 $197,474 
Timing of revenue recognition:
Products transferred at a point in time$160,552 $30,243 $190,795 $165,492 $28,129 $193,621 
Products and services transferred over time1,556 3,447 5,003 1,300 2,553 3,853 
Total$162,108 $33,690 $195,798 $166,792 $30,682 $197,474 
Geographical region:
South Korea$55,836 $1,293 $57,129 $48,691 $416 $49,107 
Taiwan46,814 6,065 52,879 40,192 4,621 44,813 
United States32,849 8,075 40,924 39,435 8,456 47,891 
Japan7,080 7,586 14,666 4,513 3,098 7,611 
China4,633 4,767 9,400 20,311 4,776 25,087 
Europe3,224 4,024 7,248 3,250 5,565 8,815 
Singapore5,489 1,190 6,679 4,112 410 4,522 
Malaysia5,112 43 5,155 5,084 1,518 6,602 
Rest of World1,071 647 1,718 1,204 1,822 3,026 
Total$162,108 $33,690 $195,798 $166,792 $30,682 $197,474 
Six Months Ended
June 28, 2025June 29, 2024
Probe CardsSystemsTotalProbe CardsSystemsTotal
Market:
Foundry & Logic$184,785 $— $184,785 $190,428 $— $190,428 
DRAM105,915 — 105,915 103,938 — 103,938 
Flash7,928 — 7,928 9,127 — 9,127 
Systems— 68,526 68,526 — 62,706 62,706 
Total$298,628 $68,526 $367,154 $303,493 $62,706 $366,199 
Timing of revenue recognition:
Products transferred at a point in time$295,273 $61,578 $356,851 $301,133 $56,913 $358,046 
Products and services transferred over time3,355 6,948 10,303 2,360 5,793 8,153 
Total$298,628 $68,526 $367,154 $303,493 $62,706 $366,199 
Geographical region:
South Korea$98,045 $2,255 $100,300 $99,363 $461 $99,824 
Taiwan87,561 10,680 98,241 67,371 7,319 74,690 
United States60,633 20,616 81,249 75,031 18,626 93,657 
Japan12,259 12,726 24,985 8,860 7,293 16,153 
China12,785 10,230 23,015 28,997 11,703 40,700 
Europe6,759 8,270 15,029 6,778 10,886 17,664 
Singapore10,360 2,568 12,928 7,628 1,652 9,280 
Malaysia7,664 91 7,755 6,692 1,773 8,465 
Rest of the world2,562 1,090 3,652 2,773 2,993 5,766 
Total$298,628 $68,526 $367,154 $303,493 $62,706 $366,199