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ACQUISITION (Tables) | 6 Months Ended
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Jun. 29, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination, Recognized Asset Acquired and Liability Assumed | The following table reflects our preliminary allocation of the purchase price to our best estimate of the fair value of assets acquired and liabilities assumed using information available as of the acquisition date. Immaterial measurement period adjustments made to the fair value of assets acquired and liabilities assumed during the fiscal second quarter of 2025 have been reflected in the table below. Our preliminary purchase price allocation may be adjusted further as more information becomes available about facts and circumstances that existed as of the acquisition date, primarily related to the settlement of assets and liabilities acquired.
(in thousands) | Purchase price allocation
Purchase price allocated as follows: |
Cash and cash equivalents | $ | 5,042 |
Accounts receivable | 13,735 |
Prepaid expenses, deposits and other current assets | 216 |
Operating lease right-of-use assets | 97 |
Intangible assets | 14,950 |
Total assets acquired | 34,040 |
Accounts payable and other accrued expenses | 2,233 |
Accrued wages and benefits | 10,369 |
Income tax payable | 3,650 |
Operating lease liabilities | 97 |
Total liabilities assumed | 16,349 |
Net identifiable assets acquired | 17,691 |
Goodwill (1) | 17,491 |
Total cash consideration transferred | $ | 35,182 |
(1) Goodwill represents the expected synergies with our existing businesses, the acquired assembled workforce, potential new clients and future cash flows after the acquisition of HSP, and is deductible for income tax purposes.
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived | The following table sets forth the components of identifiable intangible assets acquired, including immaterial measurement period adjustments, as of January 31, 2025:
(in thousands, except percentages and estimated useful lives, in years) | Estimated fair value | Estimated useful life in years | Valuation method | Discount rate
Customer relationships | $ | 14,300 |  | 6 | Multi-period excess earnings | 17.0%
Trade names/trademarks | 650 |  | 7 | Relief from royalty | 17.0%
Total acquired identifiable intangible assets | $ | 14,950 |  |  |  |

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