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LEASES | 6 Months Ended
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Jul. 04, 2025
LEASES |
LEASES | 7. LEASES The Company leases certain office facilities under long-term, non-cancellable operating leases that expire at various dates through 2030. In addition, the Company is obligated under finance leases for certain furniture and office equipment that expire at various dates through 2030. From time to time, the Company enters into non-cancelable leases for some of its facility and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities and equipment rather than purchasing them. The Company’s leases typically have remaining terms ranging from one to eight years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases within one year. Currently, all of the Company’s leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case the Company is typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company’s month-to-month leases are cancelable by the Company or the lessor, at any time, and are not included in the Company’s right-of-use asset or lease liability. As of July 4, 2025, the Company had no leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases. The Company may exercise some of these purchase options when the need for equipment is on-going and the purchase option price is attractive. Nonperformance-related default covenants, cross-default provisions, subjective default provisions and material adverse change clauses contained in material lease agreements, if any, are also evaluated to determine whether those clauses affect lease classification in accordance with ASC Topic 842-10-25. Leases are accounted for as operating or financing leases, depending on the terms of the lease. Financing Leases The Company leases certain equipment under financing leases. The economic substance of the leases is a financing transaction for acquisition of equipment and leasehold improvements. Accordingly, the right-of-use assets for these leases are included in the balance sheets in equipment and leasehold improvements, net of accumulated depreciation, with a corresponding amount recorded in current portion of financing lease obligations or noncurrent portion of financing lease obligations, as appropriate. The financing lease assets are amortized over the life of the lease or, if shorter, the life of the leased asset, on a straight-line basis and included in depreciation expense. The interest associated with financing lease obligations is included in interest expense. Right-of-use assets Operating leases are included in right-of-use assets, and current portion of lease liability and noncurrent portion of lease liability, as appropriate. Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate to calculate present value, the Company determines this rate by estimating the Company’s incremental borrowing rate at the lease commencement date. The right-of-use asset also includes any lease payments made and initial direct costs incurred at lease commencement and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. ​ ​ The following is a summary of the Company’s lease expense: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Six Months Ended
​ | July 4, | ​ | June 28, | ​ | July 4, | ​ | June 28,
​ | 2025 |  | 2024 |  | 2025 |  | 2024
​ | (in thousands) | ​ | (in thousands)
Operating lease cost | $ | 1,502 | ​ | $ | 1,530 | ​ | $ | 3,117 | ​ | $ | 3,057
Sublease Income | ​ | (14) | ​ | ​ | (14) | ​ | ​ | (28) | ​ | ​ | (28)
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of assets | ​ | 363 | ​ | ​ | 367 | ​ | ​ | 722 | ​ | ​ | 722
Interest on lease liabilities | ​ | 45 | ​ | ​ | 35 | ​ | ​ | 92 | ​ | ​ | 66
Total net lease cost | $ | 1,896 | ​ | $ | 1,918 | ​ | $ | 3,903 | ​ | $ | 3,817
​ The following is a summary of lease information presented on the Company’s consolidated balance sheet: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | July 4, |  | December 27, | ​
​ | ​ | 2025 | ​ | 2024 | ​
​ | ​ | (in thousands) | ​
Operating leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets | ​ | $ | 11,044 | ​ | $ | 14,035 | ​
​ | ​ |  | ​ | ​ |  | ​ | ​
Lease liability | ​ | $ | 5,723 | ​ | $ | 5,804 | ​
Lease liability, less current portion | ​ |  | 7,474 | ​ |  | 9,939 | ​
Total lease liabilities | ​ | $ | 13,197 | ​ | $ | 15,743 | ​
​ | ​ |  | ​ | ​ |  | ​ | ​
Finance leases (included in equipment and leasehold improvements, net): | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equipment and leasehold improvements, net | ​ | $ | 7,231 | ​ | $ | 7,052 | ​
Accumulated depreciation | ​ |  | (4,709) | ​ |  | (4,662) | ​
Total equipment and leasehold improvements, net | ​ | $ | 2,522 | ​ | $ | 2,390 | ​
​ | ​ |  | ​ | ​ | ​ | ​ | ​
Finance lease obligations | ​ | $ | 1,259 | ​ | $ | 1,138 | ​
Finance lease obligations, less current portion | ​ | ​ | 1,376 | ​ | ​ | 1,379 | ​
Total finance lease obligations | ​ | $ | 2,635 | ​ | $ | 2,517 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years): | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Leases | ​ | ​ | 2.69 | ​ | ​ | 3.03 | ​
Finance Leases | ​ | ​ | 2.24 | ​ | ​ | 2.42 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average discount rate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Leases | ​ | ​ | 6.99 | % | ​ | 6.97 | %
Finance Leases | ​ | ​ | 6.63 | % | ​ | 6.87 | %
​ Rent expense was $1.7 million and $3.5 million for the three and six months ended July 4, 2025 respectively, as compared to $1.8 million and $3.5 million for the three and six months ended June 28, 2024, respectively. ​ The following is a summary of other information and supplemental cash flow information related to finance and operating leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended
​ | ​ | July 4, | ​ | June 28,
​ | ​ | 2025 |  | 2024
​ | ​ | (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flow from operating leases | ​ | $ | 3,440 | ​ | $ | 3,139
Operating cash flow from finance leases | ​ | ​ | 92 | ​ | ​ | 66
Financing cash flow from finance leases | ​ | ​ | 737 | ​ | ​ | 698
​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 408 | ​ | $ | 2,813
​ The following is a summary of the Company’s maturities of lease liabilities as of July 4, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating |  | Finance |
​ | ​ | (in thousands) | ​
Fiscal year: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Remainder of 2025 | ​ | $ | 3,280 | ​ | $ | 748 | ​
2026 | ​ |  | 5,700 | ​ |  | 1,231 | ​
2027 | ​ |  | 3,132 | ​ | ​ | 696 | ​
2028 | ​ | ​ | 1,776 | ​ | ​ | 121 | ​
2029 | ​ | ​ | 759 | ​ |  | 31 | ​
2030 and thereafter | ​ |  | 2 | ​ |  | 1 | ​
Total lease payments | ​ | ​ | 14,649 | ​ | ​ | 2,828 | ​
Less: Imputed interest | ​ |  | (1,452) | ​ | ​ | (193) | ​
Total lease obligations | ​ |  | 13,197 | ​ | ​ | 2,635 | ​
Less: Current obligations | ​ |  | 5,723 | ​ | ​ | 1,259 | ​
Noncurrent lease obligations | ​ | $ | 7,474 | ​ | $ | 1,376 | ​
​ The imputed interest for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the operating lease payments to their present value. ​

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