Leases

6 Months Ended

Jun. 28, 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 June 28, 2025 and the weighted-average discount rate was 4.9%.

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


	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Lease expense:
Operating lease expense	$	2,186	$	2,050	$	4,337	$	4,180
Short-term lease expense	132		85		236		145
Variable lease expense	932		1,052		1,712		1,862
	$	3,250	$	3,187	$	6,285	$	6,187

Future minimum payments under our non-cancelable operating leases were as follows as of June 28, 2025 (in thousands):


Fiscal Year	Amount
Remainder of 2025	$	4,653
2026	8,093
2027	7,659
2028	4,097
2029	311
Thereafter	1,256
Total minimum lease payments	26,069
Less: interest	(2,919)
Present value of net minimum lease payments	23,150
Less: current portion	(7,919)
Total long-term operating lease liabilities	$	15,231