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Revenue
 3 Months Ended
Mar. 29, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 8. Revenue

The following table represents a disaggregation of revenue by timing of revenue:

 

 

Three Months Ended

 

 

March 29,

 

 

March 30,

 

 

2025

 

 

2024

 

 

(in thousands)

 

Point-in-time

$

249,279

 

 

$

213,850

 

Over-time

 

17,328

 

 

 

14,996

 

Total revenue

$

266,607

 

 

$

228,846

 

See Note 14 for additional discussion of the Company’s disaggregated revenue in detail.

Contract Assets and Contract Liabilities

Contract assets consist of amounts we have not invoiced but have completed the related performance obligation. These amounts generally arise from variances between the contractual payment terms and the transaction price assigned to the open performance obligations (e.g., we have recognized revenue in an amount greater than the amount that is billable under the contract). The contract assets amounts are recorded in “Accounts receivable” in the Condensed Consolidated Balance Sheets. As of March 29, 2025 and December 28, 2024, the Company had contract assets of $8.2 million and $10.1 million, respectively.

The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations primarily with respect to liabilities related to service contracts and installation. For contracts that have a duration of one year or less, these amounts are recorded as “Deferred revenue” in the Condensed Consolidated Balance Sheets. For contracts with a duration longer than one year, these amounts are recorded in “Other non-current liabilities” in the Condensed Consolidated Balance Sheets. As of March 29, 2025 and December 28, 2024, the Company carried a long-term deferred revenue balance of $4.4 million and $4.0 million, respectively.

Changes in deferred revenue were as follows:

 

Three Months Ended

 

March 29,

 

 

March 30,

 

2025

 

 

2024

 

 

(in thousands)

 

Balance, beginning of the period

$

37,836

 

 

$

27,225

 

Deferral of revenue

 

28,982

 

 

 

17,303

 

Recognition of current year deferred revenue

 

(8,987

)

 

 

(6,123

)

Recognition of prior period deferred revenue

 

(14,232

)

 

 

(9,526

)

Balance, end of the period

$

43,599

 

 

$

28,879