Leases

12 Months Ended

Sep. 28, 2024

In July 2023, as part of the Company's ongoing evaluation of real estate needs and overall lease consolidation initiatives, the Company entered into a lease agreement for a new headquarters location for approximately 50,000 square feet of office space located in Goleta, California. The lease expires in May 2031, with no option to extend. The Company took possession of the leased premises in October 2023, resulting in an increase in right-of-use assets and lease liabilities totaling $7.4 million and $7.8 million, respectively. The Company relocated to this space on June 20, 2024.

The components of lease expense for the fiscal year ended September 28, 2024, was as follows:


	Year Ended September 28, 2024
(In thousands)
Operating lease cost	$	13,565
Short-term lease cost	873
Variable lease cost	5,193
Total lease cost	$	19,631

For the fiscal years ended September 28, 2024, and September 30, 2023, rent expense, including leases for offices and facilities as well as auto leases, was $14.4 million and $12.7 million, respectively, and common area maintenance expense was $5.2 million and $5.5 million, respectively.

The following table summarizes the maturity of lease liabilities under operating leases as of September 28, 2024:


Fiscal years ending	Operating leases
(In thousands)
2025	$	8,701
2026	9,768
2027	8,344
2028	7,857
2029	7,830
Thereafter	41,105
Total lease payments	83,605
Less imputed interest	(19,469)
Total lease liabilities	$	64,136