Leases

3 Months Ended

Mar. 29, 2025

We lease real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as for a portion of our corporate headquarters located in Livermore, California. Our leases have remaining terms of one to nine years, and some leases include options to extend up to twenty years. We also have operating leases for automobiles with remaining lease terms of one year. 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 as of March 29, 2025 and the weighted-average discount rate was 4.7%.

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


	Three Months Ended
	March 29, 2025		March 30, 2024
Lease expense:
Operating lease expense	$	2,151	$	2,130
Short-term lease expense	104		60
Variable lease expense	780		810
	$	3,035	$	3,000

Future minimum payments under our non-cancelable operating leases were as follows as of March 29, 2025 (in thousands):


Fiscal Year	Amount
Remainder of 2025	$	6,834
2026	7,643
2027	7,212
2028	3,902
2029	241
Thereafter	1,161
Total minimum lease payments	26,993
Less: interest	(2,552)
Present value of net minimum lease payments	24,441
Less: current portion	(8,461)
Total long-term operating lease liabilities	$	15,980