v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 29, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates in one segment, machine vision technology. The Company has a single, company-wide management team that administers operations as a whole rather than as discrete operating segments. The Company’s chief operating decision maker is the chief executive officer, who assesses performance and allocates resources at the corporate level, as compared to the geography, product line, or end market levels. The Company offers a variety of machine vision products that have similar economic characteristics and are distributed by the same sales channels to the same types of customers.
The measure of segment profit or loss for the Company's single segment is net income. Segment expenses were disaggregated based on the information the chief operating decision maker uses to assess performance and allocate resources considering both quantitative and qualitative factors. The following table summarizes significant segment expenses, which represents the difference between segment revenue and segment net income (in thousands):
Three-months EndedSix-months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
Revenue$249,093 $239,292 $465,129 $450,089 
Less:
Cost of revenue (1)81,217 72,693 152,930 141,553 
Gross profit167,876 166,599 312,199 308,536 
Less:
Research, development, and engineering expenses
Salaries and fringe benefits19,557 20,337 37,831 40,054 
Incentive compensation (2)2,368 1,801 3,439 2,785 
Stock-based compensation3,443 3,540 8,139 7,929 
Depreciation and amortization737 795 1,492 1,618 
Other segment expenses (3)6,997 8,489 16,928 19,681 
Total research, development, and engineering expenses33,102 34,962 67,829 72,067 
Selling, general, and administrative expenses
Salaries and fringe benefits44,440 45,212 86,635 89,894 
Incentive compensation (2)13,858 12,006 24,740 23,066 
Stock-based compensation8,314 9,011 12,889 17,319 
Depreciation and amortization4,118 4,137 8,279 8,256 
Other segment expenses (3)20,611 22,814 42,302 45,273 
Total selling, general, and administrative expenses91,341 93,180 174,845 183,808 
Operating income43,433 38,457 69,525 52,661 
Foreign currency gain (loss)(1,503)(181)(3,956)(135)
Investment income4,040 3,116 8,030 6,236 
Other income (expense)2,092 176 2,261 372 
Income before income tax expense48,062 41,568 75,860 59,134 
Income tax expense7,551 5,356 11,746 10,900 
Net income$40,511 $36,212 $64,114 $48,234 
(1) Cost of revenue includes depreciation and amortization expense (including amortization of acquired technologies) of $3,144,000 and $6,162,000 for the three-month and six-month periods ended June 29, 2025, respectively, and $2,988,000 and $6,138,000 for the three-month and six-month periods ended June 30, 2024, respectively.
(2) Incentive compensation includes company bonus and sales commissions.
(3) Other segment expenses include outside services, prototyping materials, sales demonstration equipment, travel and entertainment, marketing programs, and rent, among other less significant expenses.
Segment assets amounted to $2,003,541 and $1,992,850 as of June 29, 2025 and December 31, 2024, respectively.