in the past two decades , oems have outsourced most of their gas delivery systems to suppliers such as us . oems have also started to outsource their chemical delivery systems in recent years . our results will be affected by the degree to which outsourcing of these fluid delivery systems by oems continues to grow . cyclicality of semiconductor capital equipment industry our business is subject to the cyclicality of the capital expenditures of the semiconductor industry , which drives cyclicality in the semiconductor capital equipment industry in which we operate . in 2020 , we derived over 95 % of our sales from the semiconductor capital equipment industry . demand for semiconductor capital equipment can fluctuate significantly based on changes in general economic conditions , including consumer spending , demand for semiconductor products , pricing , and other factors . in the past , these fluctuations have resulted in significant variations in the levels of spending within the semiconductor capital equipment industry , and as a result , our results of operations . the cyclicality of the semiconductor industry will continue to impact our results of operations in the future . customer concentration the number of capital equipment manufacturers for the semiconductor device industry is significantly consolidated , resulting in a small number of large manufacturers . our customers are a significant component of this consolidation , resulting in our sales being concentrated in a few customers . in 2020 , our top two customers were lam research and applied material , with lam research and applied materials accounting for approximately 52 % and 35 % of sales , respectively . the sales we generated from these customers in 2020 were spread across 42 different product lines utilized in 13 unique manufacturing process steps . we believe the diversity of products that we provide to these customers , combined with the fact that our customers use our products on numerous types of process equipment , lessens the impact of the inherent concentration in the industry . our customers often require reduced prices or other pricing , quality , or delivery commitments as a condition to their purchasing from us in any given period or increasing their purchase volume , which can , among other things , result in reduced gross margins in order to maintain or expand our market share . although we do not have any long-term contracts that require customers to place orders with us , lam research and applied materials have been our customers for over 10 years . 32 acquisitions we acquired cal‑weld , a california-based leader in the design and fabrication of precision , high purity industrial components , subsystems , and systems , in july 2017 for $ 56.2 million . we also acquired talon , a minnesota-based leader in the design and manufacturing of high precision machined parts used in leading edge semiconductor tools , in december 2017 for $ 137.8 million . on a combined basis , these acquisitions contributed approximately $ 57.5 million to sales in 2017. we acquired ian , a seoul-based leader in providing locally-sourced design and manufacturing of gas delivery systems to customers in korea , for $ 6.5 million , which contributed $ 7.7 million to sales in 2018. these acquisitions continue to have a significant impact on our financial position and results of operations . in december 2020 , we acquired certain operating assets and assumed the operations of a business in nogales , mexico for $ 5.0 million to increase our precision machined component manufacturing capacity . we intend to continue to evaluate opportunistic acquisitions to supplement our organic growth , and any such acquisitions could have a material impact on our business and results of operations . covid-19 pandemic and market conditions update the covid‑19 pandemic and related economic repercussions have created , and are expected to continue to create , significant volatility , uncertainty , and turmoil in our industry . while our facilities are currently not subject to any site-wide government shutdowns , “ social distancing ” guidelines are resulting , and will continue to result in , reduced factory output . in addition , an increase in direct costs within our factories associated with employee personal protective equipment ( “ ppe ” ) , facility cleaning and layout changes , together with increases in logistics costs and employee labor costs , as well as other operating inefficiencies have resulted in , and may continue to result in , lower revenues and operating margins . the extent and duration of these impacts can not be specifically quantified given the dynamic nature and breadth of the pandemic 's impact on our operations and that of our customers and suppliers . components of our results of operations the following discussion sets forth certain components of our statements of operations as well as significant factors that impact those items . sales we generate sales primarily from the design , manufacture , and sale of subsystems and components for semiconductor capital equipment . sales are recognized when control of promised goods or services is transferred to our customers , in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services . our shipping terms are generally “ shipping point . ” accordingly , control transfers , and sales are recognized , at this point-in-time . cost of sales and gross profit cost of sales consists primarily of purchased materials , direct labor , indirect labor , factory overhead cost , and depreciation expense for our manufacturing facilities and equipment , as well as certain engineering costs that are related to non-recurring engineering services that we provide to , and for which we invoice , our customers in connection with their product development activities . our business has a highly variable cost structure with a low fixed overhead structure as a percentage of cost of sales . story_separator_special_tag key leadership roles . included in this amount for 2019 are primarily ( i ) acquisition-related expenses associated with a charge to expense from the extinguishment of an indemnification asset related to our acquisition of cal‑weld in 2017 and expense associated with a two-year retention agreement between the company and key management personnel of ian ( the “ ian retention agreement ” ) , ( ii ) costs associated with restructuring and transitioning key leadership roles , and ( iii ) non-capitalized costs incurred in connection with our implementation of a new erp system and a sox compliance program . included in this amount for fiscal year 2018 are ( i ) expenses associated with separation benefits for a former officer that became effective in january 2018 , ( ii ) a gain on the extinguishment of the ian earn-out liability , and ( iii ) acquisition-related expenses , comprised primarily of expense associated with the ian retention agreement . 38 ( 2 ) during the first quarter of 2020 , we reached a mutual settlement with the counterparty of a contract dispute and , accordingly , recorded a $ 1.4 million contract settlement loss to cost of sales . ( 3 ) during the second quarter of 2020 , we announced the closure of our manufacturing facility in union city , california , which we expect to complete by the end of the first quarter of 2021. included in this amount are ( i ) inventory write-off costs of $ 1.3 million amount for the year ended december 25 , 2020 ; ( ii ) severance costs associated with affected employees of $ 0.1 million , $ 0.2 million , and $ 0.5 million for the fourth quarter of 2020 , the third quarter of 2020 , and the year ended december 25 , 2020 , respectively ; and ( iii ) accelerated depreciation charges in excess of pre-shutdown decision run-rate associated with property and equipment expected to be abandoned at the time of facility closure of $ 0.3 million , $ 0.3 million , and $ 0.6 million for the fourth quarter of 2020 , the third quarter of 2020 , and the year ended december 25 , 2020 . ( 4 ) as part of our purchase price allocations for our acquisitions of cal‑weld in july 2017 , talon in december 2017 , and ian in april 2018 , we recorded acquired-inventory at fair value , resulting in a fair value step-up of $ 3.6 million , $ 6.2 million , and $ 0.3 million , respectively . these amounts were subsequently released to cost of sales as acquired-inventory was sold . ( 5 ) adjusts u.s. gaap income tax expense ( benefit ) for impact of our non-gaap adjustments , as defined , including the impacts of excluding share-based compensation , amortization of intangible assets , and other non-recurring expenses . this adjustment also excludes the impact of non-recurring discrete tax items . ( 6 ) represents the release of a valuation allowance against our foreign tax credit carryforwards we now expect to realize as a result of additional analysis of the tax cuts and jobs act . non-gaap results have limitations as an analytical tool , and you should not consider them in isolation or as a substitute for our results reported under gaap . other companies may calculate non-gaap results differently or may use other measures to evaluate their performance , both of which could reduce the usefulness of our non-gaap results as a tool for comparison . because of these limitations , you should consider non-gaap results alongside other financial performance measures and results presented in accordance with gaap . in addition , in evaluating non-gaap results , you should be aware that in the future we will incur expenses such as those that are the subject of adjustments in deriving non-gaap results and you should not infer from our presentation of non-gaap results that our future results will not be affected by these expenses or any unusual or non-recurring items . unaudited quarterly financial results the following table set forth statement of operations data for the periods indicated . the information for each of these periods is unaudited and has been prepared on the same basis as our audited consolidated financial statements included herein and includes all adjustments , consisting only of normal recurring adjustments that we consider necessary for a fair presentation of our unaudited operations data for the periods presented . historical results are not necessarily indicative of the results to be expected in the future . replace_table_token_10_th 39 the following table sets forth our unaudited quarterly consolidated statement of operations data as a percentage of sales for the periods indicated . replace_table_token_11_th seasonality we have not historically experienced meaningful seasonality with respect to our business or results of operations . story_separator_special_tag roman ; font-size:10pt ; font-weight : normal ; font-style : normal ; text-transform : none ; font-variant : normal ; `` > 41 contractual obligations and commitments the following summarizes our contractual obligations and commitments as of december 25 , 2020 : replace_table_token_13_th ( 1 ) represents the contractually required principal payments under our credit facilities in accordance with the required principal payment schedule . ( 2 ) represents the contractually required interest payments under our credit facilities in accordance with the required interest payment schedule . interest costs have been estimated based on interest rates in effect for such indebtedness as of december 25 , 2020. the table above does not include amounts related to uncertain tax positions because we can not reliably estimate the timing of the settlement of such liabilities . critical accounting policies and estimates our consolidated financial statements have been prepared in accordance with u.s. generally accepted accounting principles . the preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets , liabilities , sales , expenses , and related disclosures . we

liquidity and capital resources we had cash of $ 252.9 million as of december 25 , 2020 , compared to $ 60.6 million as of december 27 , 2019. our principal uses of liquidity are to fund our working capital needs , purchase new capital equipment , and acquisitions . the increase was primarily due to net proceeds of $ 139.4 million from our issuance of 4.6 million ordinary shares on december 14 , 2020 , cash provided by operating activities of $ 38.3 million , net proceeds from our credit facilities of $ 21.3 million , and net proceeds from the issuance of shares under our share-based compensation plans of $ 8.0 million , partially offset by capital expenditures of $ 10.3 million and by cash paid to acquire a precision machining operation in sonora , mexico of $ 5.0 million . we believe that our cash , the amounts available under our revolving credit facility , and our cash flows from operations will be sufficient to meet our anticipated cash needs for at least the next 12 months . cash flow analysis the following table sets forth a summary of operating , investing , and financing activities for the periods presented : replace_table_token_12_th 40 operating activities cash generated by operating activities of $ 38.3 million during 2020 was due to net income of $ 33.3 million and net non-cash charges of $ 37.0 million , offset by an increase in our net operating assets and liabilities of $ 32.0 million . net non-cash charges primarily consisted of depreciation and amortization of $ 24.2 million , share-based compensation of $ 9.9 million , and a loss on the sale of equipment and inventory from our tampa , florida facility of $ 3.6 million , partially offset by deferred taxes of $ 1.7 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources we had cash of $ 252.9 million as of december 25 , 2020 , compared to $ 60.6 million as of december 27 , 2019. our principal uses of liquidity are to fund our working capital needs , purchase new capital equipment , and acquisitions . the increase was primarily due to net proceeds of $ 139.4 million from our issuance of 4.6 million ordinary shares on december 14 , 2020 , cash provided by operating activities of $ 38.3 million , net proceeds from our credit facilities of $ 21.3 million , and net proceeds from the issuance of shares under our share-based compensation plans of $ 8.0 million , partially offset by capital expenditures of $ 10.3 million and by cash paid to acquire a precision machining operation in sonora , mexico of $ 5.0 million . we believe that our cash , the amounts available under our revolving credit facility , and our cash flows from operations will be sufficient to meet our anticipated cash needs for at least the next 12 months . cash flow analysis the following table sets forth a summary of operating , investing , and financing activities for the periods presented : replace_table_token_12_th 40 operating activities cash generated by operating activities of $ 38.3 million during 2020 was due to net income of $ 33.3 million and net non-cash charges of $ 37.0 million , offset by an increase in our net operating assets and liabilities of $ 32.0 million . net non-cash charges primarily consisted of depreciation and amortization of $ 24.2 million , share-based compensation of $ 9.9 million , and a loss on the sale of equipment and inventory from our tampa , florida facility of $ 3.6 million , partially offset by deferred taxes of $ 1.7 million .
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 Suspicious Activity Report : in the past two decades , oems have outsourced most of their gas delivery systems to suppliers such as us . oems have also started to outsource their chemical delivery systems in recent years . our results will be affected by the degree to which outsourcing of these fluid delivery systems by oems continues to grow . cyclicality of semiconductor capital equipment industry our business is subject to the cyclicality of the capital expenditures of the semiconductor industry , which drives cyclicality in the semiconductor capital equipment industry in which we operate . in 2020 , we derived over 95 % of our sales from the semiconductor capital equipment industry . demand for semiconductor capital equipment can fluctuate significantly based on changes in general economic conditions , including consumer spending , demand for semiconductor products , pricing , and other factors . in the past , these fluctuations have resulted in significant variations in the levels of spending within the semiconductor capital equipment industry , and as a result , our results of operations . the cyclicality of the semiconductor industry will continue to impact our results of operations in the future . customer concentration the number of capital equipment manufacturers for the semiconductor device industry is significantly consolidated , resulting in a small number of large manufacturers . our customers are a significant component of this consolidation , resulting in our sales being concentrated in a few customers . in 2020 , our top two customers were lam research and applied material , with lam research and applied materials accounting for approximately 52 % and 35 % of sales , respectively . the sales we generated from these customers in 2020 were spread across 42 different product lines utilized in 13 unique manufacturing process steps . we believe the diversity of products that we provide to these customers , combined with the fact that our customers use our products on numerous types of process equipment , lessens the impact of the inherent concentration in the industry . our customers often require reduced prices or other pricing , quality , or delivery commitments as a condition to their purchasing from us in any given period or increasing their purchase volume , which can , among other things , result in reduced gross margins in order to maintain or expand our market share . although we do not have any long-term contracts that require customers to place orders with us , lam research and applied materials have been our customers for over 10 years . 32 acquisitions we acquired cal‑weld , a california-based leader in the design and fabrication of precision , high purity industrial components , subsystems , and systems , in july 2017 for $ 56.2 million . we also acquired talon , a minnesota-based leader in the design and manufacturing of high precision machined parts used in leading edge semiconductor tools , in december 2017 for $ 137.8 million . on a combined basis , these acquisitions contributed approximately $ 57.5 million to sales in 2017. we acquired ian , a seoul-based leader in providing locally-sourced design and manufacturing of gas delivery systems to customers in korea , for $ 6.5 million , which contributed $ 7.7 million to sales in 2018. these acquisitions continue to have a significant impact on our financial position and results of operations . in december 2020 , we acquired certain operating assets and assumed the operations of a business in nogales , mexico for $ 5.0 million to increase our precision machined component manufacturing capacity . we intend to continue to evaluate opportunistic acquisitions to supplement our organic growth , and any such acquisitions could have a material impact on our business and results of operations . covid-19 pandemic and market conditions update the covid‑19 pandemic and related economic repercussions have created , and are expected to continue to create , significant volatility , uncertainty , and turmoil in our industry . while our facilities are currently not subject to any site-wide government shutdowns , “ social distancing ” guidelines are resulting , and will continue to result in , reduced factory output . in addition , an increase in direct costs within our factories associated with employee personal protective equipment ( “ ppe ” ) , facility cleaning and layout changes , together with increases in logistics costs and employee labor costs , as well as other operating inefficiencies have resulted in , and may continue to result in , lower revenues and operating margins . the extent and duration of these impacts can not be specifically quantified given the dynamic nature and breadth of the pandemic 's impact on our operations and that of our customers and suppliers . components of our results of operations the following discussion sets forth certain components of our statements of operations as well as significant factors that impact those items . sales we generate sales primarily from the design , manufacture , and sale of subsystems and components for semiconductor capital equipment . sales are recognized when control of promised goods or services is transferred to our customers , in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services . our shipping terms are generally “ shipping point . ” accordingly , control transfers , and sales are recognized , at this point-in-time . cost of sales and gross profit cost of sales consists primarily of purchased materials , direct labor , indirect labor , factory overhead cost , and depreciation expense for our manufacturing facilities and equipment , as well as certain engineering costs that are related to non-recurring engineering services that we provide to , and for which we invoice , our customers in connection with their product development activities . our business has a highly variable cost structure with a low fixed overhead structure as a percentage of cost of sales . story_separator_special_tag key leadership roles . included in this amount for 2019 are primarily ( i ) acquisition-related expenses associated with a charge to expense from the extinguishment of an indemnification asset related to our acquisition of cal‑weld in 2017 and expense associated with a two-year retention agreement between the company and key management personnel of ian ( the “ ian retention agreement ” ) , ( ii ) costs associated with restructuring and transitioning key leadership roles , and ( iii ) non-capitalized costs incurred in connection with our implementation of a new erp system and a sox compliance program . included in this amount for fiscal year 2018 are ( i ) expenses associated with separation benefits for a former officer that became effective in january 2018 , ( ii ) a gain on the extinguishment of the ian earn-out liability , and ( iii ) acquisition-related expenses , comprised primarily of expense associated with the ian retention agreement . 38 ( 2 ) during the first quarter of 2020 , we reached a mutual settlement with the counterparty of a contract dispute and , accordingly , recorded a $ 1.4 million contract settlement loss to cost of sales . ( 3 ) during the second quarter of 2020 , we announced the closure of our manufacturing facility in union city , california , which we expect to complete by the end of the first quarter of 2021. included in this amount are ( i ) inventory write-off costs of $ 1.3 million amount for the year ended december 25 , 2020 ; ( ii ) severance costs associated with affected employees of $ 0.1 million , $ 0.2 million , and $ 0.5 million for the fourth quarter of 2020 , the third quarter of 2020 , and the year ended december 25 , 2020 , respectively ; and ( iii ) accelerated depreciation charges in excess of pre-shutdown decision run-rate associated with property and equipment expected to be abandoned at the time of facility closure of $ 0.3 million , $ 0.3 million , and $ 0.6 million for the fourth quarter of 2020 , the third quarter of 2020 , and the year ended december 25 , 2020 . ( 4 ) as part of our purchase price allocations for our acquisitions of cal‑weld in july 2017 , talon in december 2017 , and ian in april 2018 , we recorded acquired-inventory at fair value , resulting in a fair value step-up of $ 3.6 million , $ 6.2 million , and $ 0.3 million , respectively . these amounts were subsequently released to cost of sales as acquired-inventory was sold . ( 5 ) adjusts u.s. gaap income tax expense ( benefit ) for impact of our non-gaap adjustments , as defined , including the impacts of excluding share-based compensation , amortization of intangible assets , and other non-recurring expenses . this adjustment also excludes the impact of non-recurring discrete tax items . ( 6 ) represents the release of a valuation allowance against our foreign tax credit carryforwards we now expect to realize as a result of additional analysis of the tax cuts and jobs act . non-gaap results have limitations as an analytical tool , and you should not consider them in isolation or as a substitute for our results reported under gaap . other companies may calculate non-gaap results differently or may use other measures to evaluate their performance , both of which could reduce the usefulness of our non-gaap results as a tool for comparison . because of these limitations , you should consider non-gaap results alongside other financial performance measures and results presented in accordance with gaap . in addition , in evaluating non-gaap results , you should be aware that in the future we will incur expenses such as those that are the subject of adjustments in deriving non-gaap results and you should not infer from our presentation of non-gaap results that our future results will not be affected by these expenses or any unusual or non-recurring items . unaudited quarterly financial results the following table set forth statement of operations data for the periods indicated . the information for each of these periods is unaudited and has been prepared on the same basis as our audited consolidated financial statements included herein and includes all adjustments , consisting only of normal recurring adjustments that we consider necessary for a fair presentation of our unaudited operations data for the periods presented . historical results are not necessarily indicative of the results to be expected in the future . replace_table_token_10_th 39 the following table sets forth our unaudited quarterly consolidated statement of operations data as a percentage of sales for the periods indicated . replace_table_token_11_th seasonality we have not historically experienced meaningful seasonality with respect to our business or results of operations . story_separator_special_tag roman ; font-size:10pt ; font-weight : normal ; font-style : normal ; text-transform : none ; font-variant : normal ; `` > 41 contractual obligations and commitments the following summarizes our contractual obligations and commitments as of december 25 , 2020 : replace_table_token_13_th ( 1 ) represents the contractually required principal payments under our credit facilities in accordance with the required principal payment schedule . ( 2 ) represents the contractually required interest payments under our credit facilities in accordance with the required interest payment schedule . interest costs have been estimated based on interest rates in effect for such indebtedness as of december 25 , 2020. the table above does not include amounts related to uncertain tax positions because we can not reliably estimate the timing of the settlement of such liabilities . critical accounting policies and estimates our consolidated financial statements have been prepared in accordance with u.s. generally accepted accounting principles . the preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets , liabilities , sales , expenses , and related disclosures . we

