What changed in this filing

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Item 1. Financial Statements

2023-08-08 compared with 2023-05-09 · 156 added, 73 removed, 463 unchanged (33% of the section changed)

48 unchanged sentences

(In thousands, except per share amounts)

Three Months Ended

2023 March 26,

Three Months Ended Six Months Ended

2023 June 25,

Revenues $ 155,916 $ 203,907 $ 323,364 $ 401,081

5 unchanged sentences

Total operating expenses 61,595 61,723 122,582 121,763

Operating income 91 34,184

Interest income (expense), net 1,276 ( 54 )

Operating income (loss) ( 1,312 ) 32,646 ( 1,221 ) 66,830

Interest income, net 1,482 181 2,758 127

Other income, net 450 551 473 743

Income before income taxes 620 33,378 2,010 67,700

Provision for income taxes 48 4,450

Provision (benefit) for income taxes ( 208 ) 3,136 ( 160 ) 7,586

Net income $ 828 $ 30,242 $ 2,170 $ 60,114

9 unchanged sentences

(In thousands)

Three Months Ended

2023 March 26,

Three Months Ended Six Months Ended

2023 June 25,

Net income $ 828 $ 30,242 $ 2,170 $ 60,114

13 unchanged sentences

Comprehensive

Income (Loss) Accumulated

Loss Accumulated

Deficit Total

Three Months Ended April 1, 2023

Six Months Ended July 1, 2023

Balances, December 31, 2022 76,914,590 $ 77 $ 844,842 $ ( 5,578 ) $ ( 31,056 ) $ 808,285

4 unchanged sentences

Net income — — — — 2,170 2,170

Balances, July 1, 2023 77,184,012 $ 77 $ 867,517 $ ( 4,445 ) $ ( 28,886 ) $ 834,263

Three Months Ended July 1, 2023

Balances, April 1, 2023 77,142,023 $ 77 $ 858,195 $ ( 4,186 ) $ ( 29,714 ) $ 824,372

Three Months Ended March 26, 2022

Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax 41,989 — ( 69 ) — — ( 69 )

Stock-based compensation — — 9,391 — — 9,391

Other comprehensive loss — — — ( 259 ) — ( 259 )

Net income — — — — 828 828

Balances, July 1, 2023 77,184,012 $ 77 $ 867,517 $ ( 4,445 ) $ ( 28,886 ) $ 834,263

Six Months Ended June 25, 2022

Balances, December 25, 2021 78,240,506 $ 78 $ 898,945 $ ( 1,449 ) $ ( 81,794 ) $ 815,780

6 unchanged sentences

Net income — — — — 60,114 60,114

Balances, June 25, 2022 77,194,733 $ 77 $ 860,584 $ ( 8,996 ) $ ( 21,680 ) $ 829,985

Three Months Ended June 25, 2022

Balances, March 26, 2022 78,166,212 $ 78 $ 902,994 $ ( 4,477 ) $ ( 51,922 ) $ 846,673

Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax 231,464 — ( 4,171 ) — — ( 4,171 )

Purchase and retirement of common stock through repurchase program ( 1,202,943 ) ( 1 ) ( 44,930 ) — — ( 44,931 )

Stock-based compensation — — 6,691 — — 6,691

Other comprehensive loss — — — ( 4,519 ) — ( 4,519 )

Net income — — — — 30,242 30,242

Balances, June 25, 2022 77,194,733 $ 77 $ 860,584 $ ( 8,996 ) $ ( 21,680 ) $ 829,985

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Three Months Ended

2023 March 26,

Six Months Ended

2023 June 25,

Cash flows from operating activities:

5 unchanged sentences

Stock-based compensation expense 18,494 13,878

Deferred income tax benefit ( 3,639 ) ( 3,703 )

Provision for excess and obsolete inventories 8,628 4,726

14 unchanged sentences

Acquisition of property, plant and equipment ( 40,177 ) ( 30,116 )

Acquisition of business — ( 3,121 )

Purchases of marketable securities ( 66,650 ) ( 52,344 )

Purchase of promissory note receivable — ( 1,000 )

Proceeds from maturities and sales of marketable securities 58,363 45,470

7 unchanged sentences

Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 1,958 ) ( 3,470 )

Net increase in cash, cash equivalents and restricted cash 2,872 15,919

Net decrease in cash, cash equivalents and restricted cash ( 11,592 ) ( 15,043 )

Cash, cash equivalents and restricted cash, beginning of period 112,982 155,342

4 unchanged sentences

(In thousands)

Three Months Ended

2023 March 26,

Six Months Ended

2023 June 25,

Non-cash investing and financing activities:

21 unchanged sentences

We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December.

Fiscal 2023 and 2022 contain 52 weeks and 53 weeks, respectively, and the three months ended April 1, 2023 and March 26, 2022 each contained 13 weeks.

Fiscal 2023 and 2022 contain 52 weeks and 53 weeks, respectively, and the six months ended July 1, 2023 and June 25, 2022 each contained 26 weeks.

Fiscal 2023 will end on December 30, 2023.

Significant Accounting Policies

Our significant accounting policies have not changed during the three months ended April 1, 2023 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022, except for:

Our significant accounting policies have not changed during the six months ended July 1, 2023 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022, except for:

Government Assistance

2 unchanged sentences

If we do not meet the requirements of the Grant, we will be required to repay all or a portion of the Grant.

The Grant is included in our Condensed Consolidated Balance Sheets within Deferred grant and we have elected to recognize when earned as an offset to Cost of revenues and Operating expenses within our Condensed Consolidated Statements of Income.

The Grant is included in our Condensed Consolidated Balance Sheets within Deferred grant and we have elected to recognize the Grant when earned as an offset to Cost of revenues and Operating expenses within our Condensed Consolidated Statements of Income.

We have elected to present the proceeds from the Grant as cash provided by operating activities within our Condensed Consolidated Statements of Cash Flows as the Grant is to offset operations.

New Accounting Pronouncements

Reference Rate Reform

In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848):

Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides temporary optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate (“LIBOR“) or another reference rate expected to be discontinued.

In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848):

Deferral of the Sunset Date of Topic 848,” extending the relief offered in Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients in Topic 848.

In May 2023, the Company entered into a rate replacement amendment to its credit facility loan agreement to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”) and concurrently signed an amendment to modify the floating rate option on its interest rate swap to match that of the debt.

The Company applied practical expedients provided in Topic 848 allowing the modified instrument to be accounted for and presented in the same manner as the instrument existing before the modification.

These modifications had no significant impact on our financial statements.

Refer to Note 6, Debt for further information regarding the terms of the credit facility loan agreement and interest rate swap agreement.

Reclassifications

Certain immaterial reclassifications were made to the prior year financial statements to conform to the current year presentation.

Note 2 — 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

2023 March 26,

The following customer accounted for 10 % or more of our revenues for the periods indicated:

Three Months Ended Six Months Ended

2023 June 25,

Intel Corporation 14.2 % 20.9 % 17.2 % 20.9 %

Taiwan Semiconductor Manufacturing Co., LTD.

20.0 % 31.5 %

At April 1, 2023, two customers accounted for 17.9 % and 15.9 % of gross accounts receivable, respectively.

At December 31, 2022, one customer accounted for 13.8 % of gross accounts receivable.

At July 1, 2023 and December 31, 2022, one customer accounted for 15.3 % and 13.8 % of gross accounts receivable, respectively.

Note 3 — Inventories, net

14 unchanged sentences

Foreign currency translation — 485 485

Goodwill, as of April 1, 2023 $ 178,424 $ 33,349 $ 211,773

We have no t recorded goodwill impairments for the three months ended April 1, 2023.

Goodwill, as of July 1, 2023 $ 178,424 $ 33,505 $ 211,929

We have no t recorded goodwill impairments for the six months ended July 1, 2023.

Intangible assets were as follows (in thousands):

April 1, 2023 December 31, 2022

July 1, 2023 December 31, 2022

Intangible Assets Gross Accumulated

7 unchanged sentences

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

Three Months Ended

2023 March 26,

Three Months Ended Six Months Ended

2023 June 25,

Cost of revenues $ 838 $ 788 $ 1,669 $ 1,596

9 unchanged sentences

Accrued compensation and benefits $ 17,386 $ 15,864

Employee stock purchase plan contributions withheld 4,142 4,585

Accrued income and other taxes 3,944 12,817

Accrued warranty 3,506 4,199

Employee stock purchase plan contributions withheld 1,533 4,585

Accrued restructuring charges 207 1,249

1 unchanged sentence

$ 31,413 $ 42,115

Note 6 — Debt

On June 22, 2020, we entered into an $ 18.0 million 15-year credit facility loan agreement (the “Building Term Loan”) with MUFG Union Bank, National Association (“Union Bank”).

The proceeds of the Building Term Loan were used to purchase a building adjacent to our leased facilities in Livermore, California.

On May 19, 2023, we amended the Building Term Loan, replacing the benchmark reference rate LIBOR with the term SOFR, with no change to the amount or timing of contractual cash flows.

The Building Term Loan bears interest at a rate equal to the applicable SOFR rate, plus 0.1148 %, plus 1.75 % per annum.

Interest payments are payable in monthly installments over a fifteen-year period.

The interest rate at July 1, 2023 was 5.17 %.

On March 17, 2020, we entered into an interest rate swap agreement with Union Bank to hedge the interest payment on the Building Term Loan for the notional amount of $ 18.0 million.

As future levels of LIBOR over the life of the loan were uncertain, we entered into this interest-rate swap agreement to hedge the exposure in interest rate risks associated with movement in LIBOR rates.

By entering into the agreement, we converted a floating-rate interest at one-month LIBOR plus 1.75 % into a fixed-rate interest at 2.75 %.

This agreement was amended on May 19, 2023 to replace the benchmark reference rate LIBOR with the term SOFR to match the Building Term Loan agreement (as amended).

After the amendment, the interest rate swap continues to convert our floating-rate interest into a fixed-rate at 2.75 %.

Note 7 — Restructuring Charges

9 unchanged sentences

Additionally, as part of these plans we have undertaken actions to adjust capacity for certain product offerings, which included contract termination costs to satisfy contract obligations.

The Company has recognized 2021 restructuring plans charges of approximately $ 12.7 million, with $ 9.9 million within the Probe Cards segment and $ 2.8 million within the Systems segment, and were comprised of $ 1.3 million of severance and employee-related costs, $ 1.8 million in contract and lease termination costs, $ 9.1 million in inventory impairments and other inventory related costs, and $ 0.5 million of cost related to impairment of leasehold improvements, facility exits and fixed asset related costs.

The Company has recognized 2021 restructuring plans charges of approximately $ 13.3 million, with $ 10.1 million within the Probe Cards segment and $ 3.2 million within the Systems segment, which were comprised of $ 1.4 million of severance and employee-related costs, $ 2.0 million in contract and lease termination costs, $ 9.4 million in inventory impairments and other inventory related costs, and $ 0.5 million of cost related to impairment of leasehold improvements, facility exits and fixed asset related costs.

We do not expect additional material costs related to the 2021 restructuring plan.

1 unchanged sentence

Three Months Ended

April 1, 2023 March 26, 2022

July 1, 2023 June 25, 2022

Probe Cards Systems Total Probe Cards Systems Total

3 unchanged sentences

$ 223 $ 395 $ 618 $ 227 $ 354 $ 581

Changes to the restructuring accrual in the three months ended April 1, 2023 were as follows (in thousands):

Six Months Ended

July 1, 2023 June 25, 2022

Probe Cards Systems Total Probe Cards Systems Total

Cost of revenues $ 106 $ 251 $ 357 $ 266 $ 327 $ 593

Research and development 182 109 291 — 199 199

Selling, general and administrative 1,069 118 1,187 3 99 102

$ 1,357 $ 478 $ 1,835 $ 269 $ 625 $ 894

Changes to the restructuring accrual in the six months ended July 1, 2023 were as follows (in thousands):

Employee Severance

2 unchanged sentences

Other Inventory

Related Costs Total

Related Costs Contract

Termination &

Other Costs Total

December 31, 2022 $ 1,249 $ — $ — $ — $ 1,249

2 unchanged sentences

Non-cash settlement — ( 295 ) ( 301 ) — ( 596 )

April 1, 2023 $ 376 $ — $ — $ 376

July 1, 2023 $ 207 $ — $ — $ — $ 207

Note 8 — Fair Value and Derivative Instruments

4 unchanged sentences

• 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 three months ended April 1, 2023 or the year ended December 31, 2022.

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 three and six months ended July 1, 2023 or the year ended December 31, 2022.

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 three months of fiscal 2023.

No changes were made to our valuation techniques during the first six months of fiscal 2023.

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):

April 1, 2023 Level 1 Level 2 Level 3 Total

July 1, 2023 Level 1 Level 2 Level 3 Total

Cash equivalents:

Money market funds $ 30,179 $ — $ — $ 30,179

Commercial paper — 4,475 — 4,475

treasuries 1,691 — — 1,691

31,870 — — 31,870

10 unchanged sentences

Total assets $ 78,673 $ 94,952 $ 926 $ 174,551

Interest rate swap derivative contracts $ — $ ( 2 ) $ — $ ( 2 )

Foreign exchange derivative contracts $ — $ ( 60 ) $ — $ ( 60 )

Total liabilities $ — $ ( 60 ) $ — $ ( 60 )

42 unchanged sentences

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 April 1, 2023 will mature by the first quarter of fiscal 2024.

The following table provides information about our foreign currency forward contracts outstanding as of April 1, 2023 (in thousands):

All of our foreign exchange derivative contracts outstanding at July 1, 2023 will mature by the second quarter of fiscal 2024.

The following table provides information about our foreign currency forward contracts outstanding as of July 1, 2023 (in thousands):

Currency Contract Position Contract Amount

8 unchanged sentences

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

Other than as discussed in Note 6, Restructuring Charges, there were no assets or liabilities measured at fair value on a nonrecurring basis during the three months ended April 1, 2023 or March 26, 2022.

Other than as discussed in Note 7, Restructuring Charges, there were no assets or liabilities measured at fair value on a nonrecurring basis during the three and six months ended July 1, 2023 or June 25, 2022.

Note 9 — Warranty

7 unchanged sentences

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

Three Months Ended

2023 March 26,

Six Months Ended

2023 June 25,

Balance at beginning of period $ 4,199 $ 2,805

19 unchanged sentences

On October 26, 2020, our Board of Directors authorized a two-year program to repurchase up to $ 50 million of outstanding common stock to offset potential dilution from issuances of common stock under our stock-based compensation programs.

During the three months ended March 26, 2022, we repurchased 240,548 shares of common stock for $ 9.4 million.

During the six months ended June 25, 2022, we repurchased 676,408 shares of common stock for $ 26.0 million.

We utilized the remaining funds available for repurchase under this program during fiscal 2022.

1 unchanged sentence

The share repurchase program will expire on May 20, 2024.

During the three months ended April 1, 2023, we did no t repurchase any common stock.

As of April 1, 2023, $ 18.6 million remained available for future repurchases.

During the six months ended July 1, 2023, we did no t repurchase any common stock.

As of July 1, 2023, $ 18.6 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.

7 unchanged sentences

Awards forfeited ( 122,881 ) 35.09

RSUs at April 1, 2023 2,192,827 34.94

RSUs at July 1, 2023 3,043,675 33.78

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 three months ended April 1, 2023.

There were no market based PRSUs granted during the six months ended July 1, 2023.

PRSUs are included as part of the RSU activity above.

1 unchanged sentence

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

Three Months Ended

April 1, 2023

Six Months Ended

Shares issued 210,055

3 unchanged sentences

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

Three Months Ended

April 1, 2023 March 26, 2022

Three Months Ended Six Months Ended

2023 June 25,

Cost of revenues $ 1,515 $ 734 $ 3,425 $ 1,812

3 unchanged sentences

Unrecognized Compensation Costs

At April 1, 2023, the unrecognized stock-based compensation was as follows (dollars in thousands):

At July 1, 2023, the unrecognized stock-based compensation was as follows (dollars in thousands):

Unrecognized Expense Average Expected

6 unchanged sentences

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

April 1, 2023 March 26, 2022

Three Months Ended Six Months Ended

2023 June 25,

Weighted-average shares used in computing basic net income per share 77,159 77,897 77,112 78,071

5 unchanged sentences

Contractual Obligations and Commitments

Our contractual obligations and commitments have not materially changed as of April 1, 2023 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.

Our contractual obligations and commitments have not materially changed as of July 1, 2023 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.

Legal Matters

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business.

As of April 1, 2023, and as of the filing of this Quarterly Report on Form 10-Q, we were not involved in any material legal proceedings.

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.

Note 14 — Leases

3 unchanged sentences

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 5 years as of April 1, 2023 and the weighted-average discount rate was 3.92 %.

The weighted-average remaining lease term for our operating leases was 5 years as of July 1, 2023 and the weighted-average discount rate was 4.28 %.

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

Three Months Ended

April 1, 2023 March 26, 2022

Three Months Ended Six Months Ended

2023 June 25,

Lease expense:

3 unchanged sentences

$ 2,743 $ 2,936 $ 5,598 $ 5,655

Future minimum payments under our non-cancelable operating leases were as follows as of April 1, 2023 (in thousands):

Future minimum payments under our non-cancelable operating leases were as follows as of July 1, 2023 (in thousands):

Fiscal Year Amount

8 unchanged sentences

Transaction price allocated to the remaining performance obligations:

On April 1, 2023, we had $ 9.8 million of remaining performance obligations, which were comprised of deferred service contracts and extended warranty contracts and contracts with overtime revenue recognition that are not yet delivered.

On July 1, 2023, we had $ 9.4 million of remaining performance obligations, which were comprised of deferred service contracts and extended warranty contracts and contracts with overtime revenue recognition that are not yet delivered.

We expect to recognize approximately 46.7 % of our remaining performance obligations as revenue in the remainder of fiscal 2023, approximately 45.8 % in fiscal 2024, and approximately 7.5 % in fiscal 2025 and thereafter.

5 unchanged sentences

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 April 1, 2023 and December 31, 2022 were $ 2.9 million and $ 1.9 million, respectively, and are reported on the Condensed Consolidated Balance Sheets as a component of Prepaid expenses and other current assets.

Contract assets as of July 1, 2023 and December 31, 2022 were $ 4.1 million and $ 1.9 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 April 1, 2023 and December 31, 2022 were $ 24.9 million and $ 30.9 million, respectively.

During the three months ended April 1, 2023, we recognized $ 14.0 million of revenue that was included in contract liabilities as of December 31, 2022.

Contract liabilities as of July 1, 2023 and December 31, 2022 were $ 21.0 million and $ 30.9 million, respectively.

During the six months ended July 1, 2023, we recognized $ 21.5 million of revenue that was included in contract liabilities as of December 31, 2022.

Costs to obtain a contract:

8 unchanged sentences

Three Months Ended

April 1, 2023 March 26, 2022

July 1, 2023 June 25, 2022

Probe Cards Systems Corporate and Other Total Probe Cards Systems Corporate and Other Total

2 unchanged sentences

Gross margin 36.5 % 52.0 % 38.7 % 46.8 % 50.5 % 46.3 %

Six Months Ended

July 1, 2023 June 25, 2022

Probe Cards Systems Corporate and Other Total Probe Cards Systems Corporate and Other Total

Revenues $ 242,631 $ 80,733 $ — $ 323,364 $ 327,691 $ 73,390 $ — $ 401,081

Gross profit 85,735 41,870 ( 6,244 ) 121,361 155,622 37,683 ( 4,712 ) 188,593

Gross margin 35.3 % 51.9 % 37.5 % 47.5 % 51.3 % 47.0 %

Operating results provide useful information to our management for assessment of our performance and results of operations.

3 unchanged sentences

Three Months Ended

April 1, 2023 March 26, 2022

July 1, 2023 June 25, 2022

Probe Cards Systems Total Probe Cards Systems Total

9 unchanged sentences

Geographical region:

United States $ 31,131 $ 11,542 $ 42,673 $ 21,539 $ 9,703 $ 31,242

Taiwan 25,316 4,196 29,512 45,188 4,832 50,020

South Korea 26,455 1,408 27,863 27,418 1,337 28,755

China 16,516 6,992 23,508 40,578 9,157 49,735

Europe 2,415 8,401 10,816 3,824 4,267 8,091

Japan 3,902 4,030 7,932 6,716 3,221 9,937

Malaysia 6,177 500 6,677 16,157 87 16,244

Singapore 1,718 1,105 2,823 5,131 1,977 7,108

Rest of the world 1,673 2,439 4,112 1,157 1,618 2,775

Total $ 115,303 $ 40,613 $ 155,916 $ 167,708 $ 36,199 $ 203,907

Six Months Ended

July 1, 2023 June 25, 2022

Probe Cards Systems Total Probe Cards Systems Total

Foundry & Logic $ 183,529 $ — $ 183,529 $ 236,501 $ — $ 236,501

DRAM 50,354 — 50,354 71,280 — 71,280

Flash 8,748 — 8,748 19,910 — 19,910

Systems — 80,733 80,733 — 73,390 73,390

Total $ 242,631 $ 80,733 $ 323,364 $ 327,691 $ 73,390 $ 401,081

Timing of revenue recognition:

Products transferred at a point in time $ 236,903 $ 79,510 $ 316,413 $ 325,537 $ 68,497 $ 394,034

Products and services transferred over time 5,728 1,223 6,951 2,154 4,893 7,047

Total $ 242,631 $ 80,733 $ 323,364 $ 327,691 $ 73,390 $ 401,081

Geographical region:

United States $ 55,772 $ 24,632 $ 80,404 $ 41,515 $ 15,374 $ 56,889

Taiwan 64,213 5,628 69,841 87,710 15,379 103,089

China 34,992 15,615 50,607 73,369 14,765 88,134

South Korea 46,027 2,611 48,638 52,299 3,957 56,256

Malaysia 10,324 946 11,270 21,517 682 22,199

Japan 7,136 3,841 10,977 4,785 4,597 9,382

Europe 5,841 14,401 20,242 6,206 10,280 16,486

Japan 11,038 7,871 18,909 11,501 7,818 19,319

Malaysia 16,501 1,446 17,947 37,674 769 38,443

Singapore 4,918 3,245 8,163 15,415 2,589 18,004

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements