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Business Acquisitions | 9 Months Ended
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Jun. 28, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Acquisitions | Business Acquisitions Business acquisition-related costs during the three and nine months ended June 28, 2025 were $0.4 million and $7.5 million, respectively, and are included in general and administrative expenses in the interim condensed consolidated statements of operations. Separate financial results and pro forma financial information for ASR (defined below) have not been presented as the effect of this acquisition was not material to the Company’s financial results. Advanced Systems & Robotics Inc. On January 27, 2025, the Company acquired all of the outstanding equity interests of Walmart’s Advanced Systems & Robotics Inc. (“ASR”) for $200.0 million in cash (the “ASR Acquisition) pursuant to a Purchase and Sale Agreement with Walmart (the “ASR Purchase Agreement”). ASR is intended to expand the long-standing relationship between Walmart and the Company with the aim of developing an integrated automated supply chain, which is expected to broaden the Company’s product offering beyond the traditional warehouse to eCommerce settings for last mile delivery. As of June 28, 2025, the purchase price allocation is preliminary, pending finalization of valuations and the impact of income taxes. The preliminary allocation of the purchase price for ASR and fair values of the assets acquired and liabilities assumed were as follows (in thousands):
Total purchase consideration | $ | 200,000 |
Allocation of the purchase consideration: |
Inventories | 14,702 |
Prepaid expenses and other current assets | 36,189 |
Property and equipment, net | 4,261 |
Intangible assets | 78,000 |
Other assets | 47,223 |
Total assets acquired | 180,375 |
Accrued expenses and other current assets | 38,298 |
Other liabilities | 2,611 |
Total liabilities assumed | 40,909 |
Identifiable net assets acquired | 139,466 |
Goodwill | 60,534 |
Total purchase price allocation | $ | 200,000 |
In the quarter ended June 28, 2025, the Company recorded a $45.0 million contract asset related to consideration payable to a customer under the 2025 MAA as part of the allocation of purchase price, which will be amortized as a reduction of future revenues under the 2025 MAA. The change in the intangible asset value from the period ended March 29, 2025, to the period ended June 28, 2025, is attributable to finalization of the valuation of acquired intangible assets. The value of the goodwill can be attributed to a number of business factors, including a trained technical workforce, and revenue and cost synergies expected to be realized. The Company expects that most of the goodwill related to the ASR Acquisition will not be deductible for tax purposes. The identified intangible asset acquired is developed technology, which has a gross carrying amount of $78.0 million and has an estimated useful life of 7 years. The Company applied the multi-period excess earnings method to estimate the fair value of the intangible asset. The total weighted average amortization period for the developed technology intangible asset acquired from Walmart is 7 years. The intangible asset began amortization on the date of acquisition and is amortized on a straight-line basis over its useful life.

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