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SEGMENT INFORMATION | 6 Months Ended
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Mar. 30, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 14. SEGMENT INFORMATION Reportable segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer is the CODM. The CODM does not review discrete asset information. As discussed in Note 1, during the third quarter of fiscal year 2023, the Company reconsidered the guidance under ASC 280, Segment Reporting, and determined that certain prior period conclusions about the Company’s operating and reportable segments were erroneous. As a result, the Company had incorrectly presented certain segment-related disclosures in the notes to our previously issued consolidated financial statements, included in our Original Form 10-K. The Company has revised the prior period presentation to reflect its four reportable segments as follows: (1) Ball Bonding Equipment, (2) Wedge Bonding Equipment, (3) Advanced Solutions, and (4) Aftermarket Products and Services (“APS”). The four reportable segments are disclosed below: Ball Bonding Equipment: Reflects the results of the Company from the design, development, manufacture and sale of ball bonding equipment and wafer level bonding equipment. Wedge Bonding Equipment: Reflects the results of the Company from the design, development, manufacture and sale of wedge bonding equipment. Advanced Solutions: Reflects the results of the Company from the design, development, manufacture and sale of certain advanced display, die-attach and thermocompression systems and solutions. APS: Reflects the results of the Company from the design, development, manufacture and sale of a variety of tools, spares and services for our equipment. Any other operating segments that have not been aggregated within the reportable segments described above which do not meet the quantitative threshold to be disclosed as a separate reportable segment have been grouped within an “All Others” category. This group is reflective of the results of the Company from the design, development, manufacture and sale of certain advanced display, advanced dispense, electronics assembly, die-attach and lithography systems and solutions. Results for the “All Others” category and other corporate expenses are included as a reconciling item between the Company’s reportable segments and its consolidated results of operations. The following table reflects operating information by segment for the three and six months ended March 30, 2024 and April 1, 2023:
| Three months ended |  | Six months ended
(in thousands) | March 30, 2024 |  | April 1, 2023 |  | March 30, 2024 |  | April 1, 2023
Net revenue: |  |  |  |  |  |  |
Ball Bonding Equipment | $ | 81,908 |  |  | $ | 53,535 |  |  | $ | 168,178 |  |  | $ | 107,184 |
Wedge Bonding Equipment | 22,761 |  |  | 48,586 |  |  | 46,220 |  |  | 103,242 |
Advanced Solutions | 14,124 |  |  | 20,432 |  |  | 25,448 |  |  | 35,139 |
APS | 40,667 |  |  | 39,294 |  |  | 81,908 |  |  | 80,155 |
All Others | 12,614 |  |  | 11,174 |  |  | 21,509 |  |  | 23,534 |
Net revenue | 172,074 |  |  | 173,021 |  |  | 343,263 |  |  | 349,254 |
Income/(loss) from operations: |  |  |  |  |  |  |
Ball Bonding Equipment | 25,152 |  |  | 13,744 |  |  | 52,866 |  |  | 30,803 |
Wedge Bonding Equipment | 4,253 |  |  | 18,557 |  |  | $ | 8,547 |  |  | $ | 37,984 |
Advanced Solutions | (116,981) |  |  | (7,853) |  |  | $ | (130,416) |  |  | $ | (18,588) |
APS | 12,586 |  |  | 11,978 |  |  | 24,832 |  |  | 23,273 |
All Others | (9,554) |  |  | (6,711) |  |  | (17,628) |  |  | (11,174) |
Corporate Expenses | (20,611) |  |  | (17,086) |  |  | (41,663) |  |  | (37,847) |
Income from operations | $ | (105,155) |  |  | $ | 12,629 |  |  | $ | (103,462) |  |  | $ | 24,451 |
We have considered: (1) information that is regularly reviewed by our CODM in evaluating financial performance and how to allocate resources; and (2) other financial data, including information that we include in our earnings releases but which is not included in our financial statements, to disaggregate revenues by end markets served. The principal category we use to disaggregate revenues is by the end markets served. The following table reflects net revenue by end markets served for the three and six months ended March 30, 2024 and April 1, 2023:
| Three months ended |  | Six months ended
(in thousands) | March 30, 2024 |  | April 1, 2023 |  | March 30, 2024 |  | April 1, 2023
General Semiconductor | $ | 90,137 |  |  | $ | 71,064 |  |  | $ | 161,085 |  |  | $ | 139,436 |
Automotive & Industrial | 25,368 |  |  | 51,455 |  |  | 48,889 |  |  | 104,635 |
LED | 5,575 |  |  | 5,894 |  |  | 11,307 |  |  | 15,087 |
Memory | 10,327 |  |  | 5,314 |  |  | 40,074 |  |  | 9,941 |
APS | 40,667 |  |  | 39,294 |  |  | 81,908 |  |  | 80,155 |
Total revenue | $ | 172,074 |  |  | $ | 173,021 |  |  | $ | 343,263 |  |  | $ | 349,254 |
The following table reflects capital expenditures, depreciation expense and amortization expense for the three and six months ended March 30, 2024 and April 1, 2023:
| Three months ended |  | Six months ended
(in thousands) | March 30, 2024 |  | April 1, 2023 |  | March 30, 2024 |  | April 1, 2023
Capital expenditures: |  |  |  |  |  |  |
Ball Bonding Equipment | $ | 158 |  |  | $ | 305 |  |  | $ | 554 |  |  | $ | 489 |
Wedge Bonding Equipment | 121 |  |  | 136 |  |  | 135 |  |  | 321 |
Advanced Solutions | 74 |  |  | 11,284 |  |  | 318 |  |  | 22,991 |
APS | 245 |  |  | 1,867 |  |  | 670 |  |  | 3,192 |
All Others | 286 |  |  | 82 |  |  | 427 |  |  | 248 |
Corporate Expenses | 2,962 |  |  | 3,709 |  |  | 5,275 |  |  | 5,793 |
| $ | 3,846 |  |  | $ | 17,383 |  |  | $ | 7,379 |  |  | $ | 33,034 |
Depreciation expense: |  |  |  |  |  |  |
Ball Bonding Equipment | $ | 326 |  |  | $ | 409 |  |  | $ | 647 |  |  | $ | 785 |
Wedge Bonding Equipment | 252 |  |  | 300 |  |  | 536 |  |  | 575 |
Advanced Solutions | 2,321 |  |  | 1,214 |  |  | 5,368 |  |  | 1,832 |
APS | 1,302 |  |  | 1,616 |  |  | 2,625 |  |  | 3,225 |
All Others | 386 |  |  | 333 |  |  | 766 |  |  | 602 |
Corporate Expenses | 1,055 |  |  | 1,107 |  |  | 2,338 |  |  | 2,179 |
| $ | 5,642 |  |  | $ | 4,979 |  |  | $ | 12,280 |  |  | $ | 9,198 |
Amortization expense: |  |  |  |  |  |  |
Ball Bonding Equipment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Wedge Bonding Equipment | — |  |  | — |  |  | — |  |  | — |
Advanced Solutions | — |  |  | — |  |  | — |  |  | — |
APS | 231 |  |  | 377 |  |  | 457 |  |  | 736 |
All Others | 1,003 |  |  | 1,095 |  |  | 2,032 |  |  | 2,038 |
Corporate Expenses | 91 |  |  | 91 |  |  | 183 |  |  | 183 |
| $ | 1,325 |  |  | $ | 1,563 |  |  | $ | 2,672 |  |  | $ | 2,957 |

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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 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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