Corporate Conversion and Initial Public Offering

Factors and Trends Affecting our Business and Results of Operations

?Macroeconomic and competitive conditions, including cyclicality and consolidation, affecting the semiconductor industry.

performance. See "Risk Factors-Vaccination or testing mandates could have a material adverse impact on our business and results of operations" in our Annual Report on Form 10-K for discussion of risks associated with the potential adverse effects on our business.

?Identification and pursuit of specific product and geographic market opportunities that we find attractive both within and outside the United States. We will continue to more effectively address these opportunities through research and development and allocation of additional revenue and marketing resources.

Our senior management team regularly reviews certain key financial performance metrics within our business, including:

?revenue and gross profit; and

Second Quarter of 2022 Compared to the Second Quarter of 2021

The following table summarizes certain financial information relating to our operating results for the second quarter of 2022 and 2021.

Six Months Ended July 3, 2022 Compared to the Six Months Ended July 4,2021

The following table shows revenue by services type for the second quarters of 2022 and 2021 and the first six months of 2022 and 2021:

Selling, general and administrative expenses

Net income attributable to non-controlling interests

economic interest in the profits and losses of Oxbow Realty that the owners of our shareholders' equity do not legally have rights or obligations to.

Capital expenditures are a significant use of our capital resources. These investments are intended to enable revenue growth in new and expanding markets, help us meet product demand and increase our manufacturing efficiencies and capacity.

Critical Accounting Policies and Estimates

There have been no material changes to our critical accounting policies and estimates disclosed in our Annual Report on Form 10-K for the year ended January 2, 2022, except as set forth below.

Revenue Recognition of New Wafer Services Contract

For a description of our recently adopted accounting pronouncements and recently issued accounting standards not yet adopted, see "Note 3 - Summary of Significant Accounting Policies" to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

This non-GAAP financial measure should not be considered as an alternative to, or more meaningful than, net income determined in accordance with U.S. GAAP.

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