XML 32 R21.htm IDEA: XBRL DOCUMENT v3.25.1
Segment and Geographic Information
 3 Months Ended
Mar. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic 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 Ended
March 30, 2025March 31, 2024
Revenue$216,036 $210,797 
Less:
Cost of revenue (1)71,713 68,860 
Gross profit144,323 141,937 
Less:
Research, development, and engineering expenses
Salaries and fringe benefits18,274 19,717 
Incentive compensation (2)1,071 984 
Stock-based compensation4,696 4,389 
Depreciation and amortization755 823 
Other segment expenses (3)9,931 11,192 
Total research, development, and engineering expenses34,727 37,105 
Selling, general, and administrative expenses
Salaries and fringe benefits42,195 44,682 
Incentive compensation (2)10,882 11,060 
Stock-based compensation4,575 8,308 
Depreciation and amortization4,161 4,119 
Other segment expenses (3)21,691 22,459 
Total selling, general, and administrative expenses83,504 90,628 
Operating income26,092 14,204 
Foreign currency gain (loss)(2,453)46 
Investment income3,990 3,120 
Other income (expense)169 196 
Income before income tax expense27,798 17,566 
Income tax expense4,195 5,544 
Net income$23,603 $12,022 
(1) Cost of revenue includes depreciation and amortization expense (including amortization of acquired technologies) of $3,018,000 and $3,150,000 for March 30, 2025 and March 31, 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 $1,932,503 and $1,992,850 as of March 30, 2025 and December 31, 2024, respectively.