Leases

12 Months Ended

Dec. 28, 2024

Our operating lease, right-of-use assets relate to real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as for our corporate headquarters located in Livermore, California. Our leases have remaining terms of one to ten, and some leases include options to extend up to twenty years. We did not include any of our renewal options in our lease terms for calculating our lease liability as the renewal options allow us to maintain operational flexibility and we are not reasonably certain we will exercise these options at this time. The weighted-average remaining lease term for our operating leases was four years at December 28, 2024 and the weighted-average discount rate was 4.72%.

The components of lease expense were as follows (in thousands):


	Lease Expense
	December 28, 2024		December 30, 2023		December 31, 2022
Operating lease expense	$	8,457	$	8,453	$	8,595
Short-term lease expense	341		524		385
Variable lease expense	4,194		2,389		2,393
	$	12,992	$	11,366	$	11,373

Future minimum payments under our non-cancelable operating leases were as follows as of December 28, 2024 (in thousands):


Fiscal Year	Amount
2025	$	9,080
2026	7,610
2027	7,181
2028	3,872
2029	232
Thereafter	1,118
Total minimum lease payments	29,093
Less: interest	(3,180)
Present value of net minimum lease payments	25,913
Less: current portion	(8,363)
Total long-term operating lease liabilities	$	17,550