Leases

3 Months Ended

Apr. 03, 2026

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:


	April 3, 2026		December 31, 2025
Weighted average remaining lease term:
Operating leases	6.3 years		6.4 years
Financing leases	4.0 years		4.1 years
Weighted average discount rate:
Operating leases	4.4	%	4.4	%
Financing leases	4.9	%	4.8	%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:


	First Quarter
(in thousands)	2026		2025
Operating lease costs	$	7,034	$	6,594
Short-term and variable leases	2,268		2,087
Depreciation expense from financing leases	102		411
Interest expense on financing lease obligations	20		58
Total lease cost	$	9,424	$	9,150

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of April 3, 2026:


(in thousands)	Operating Leases		Financing Leases
Remainder of 2026	$	21,865	$	471
2027	24,989		338
2028	20,407		345
2029	19,095		352
2030	11,454		268
Thereafter	33,320		—
Total minimum lease payments including interest	$	131,130	$	1,774
Less: Amounts representing interest	17,021		167
Present value of minimum lease principal payments	114,109		1,607
Less: Current portion of lease liabilities	24,063		489
Noncurrent portion of lease liabilities	$	90,046	$	1,118

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2025:


(in thousands)	Operating Leases		Financing Leases
2026	$	28,530	$	627
2027	24,969		338
2028	20,403		345
2029	19,095		352
2030	11,447		268
Thereafter	33,290		—
Total minimum lease payments including interest	$	137,734	$	1,930
Less: Amounts representing interest	18,246		186
Present value of minimum lease principal payments	119,488		1,744
Less: Current portion of lease liabilities	24,412		556
Noncurrent portion of lease liabilities	$	95,076	$	1,188

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:


	First Quarter
(in thousands)	2026		2025
Cash flows from operating activities impact:
Operating leases	$	7,436	$	6,243
Interest payments on financing lease obligations	20		58
Total cash flows from operating activities impact	$	7,456	$	6,301

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	137	$	650
Total cash flows from financing activities impact	$	137	$	650

Leases

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:


	April 3, 2026		December 31, 2025
Weighted average remaining lease term:
Operating leases	6.3 years		6.4 years
Financing leases	4.0 years		4.1 years
Weighted average discount rate:
Operating leases	4.4	%	4.4	%
Financing leases	4.9	%	4.8	%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:


	First Quarter
(in thousands)	2026		2025
Operating lease costs	$	7,034	$	6,594
Short-term and variable leases	2,268		2,087
Depreciation expense from financing leases	102		411
Interest expense on financing lease obligations	20		58
Total lease cost	$	9,424	$	9,150


(in thousands)	Operating Leases		Financing Leases
Remainder of 2026	$	21,865	$	471
2027	24,989		338
2028	20,407		345
2029	19,095		352
2030	11,454		268
Thereafter	33,320		—
Total minimum lease payments including interest	$	131,130	$	1,774
Less: Amounts representing interest	17,021		167
Present value of minimum lease principal payments	114,109		1,607
Less: Current portion of lease liabilities	24,063		489
Noncurrent portion of lease liabilities	$	90,046	$	1,118

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2025:


(in thousands)	Operating Leases		Financing Leases
2026	$	28,530	$	627
2027	24,969		338
2028	20,403		345
2029	19,095		352
2030	11,447		268
Thereafter	33,290		—
Total minimum lease payments including interest	$	137,734	$	1,930
Less: Amounts representing interest	18,246		186
Present value of minimum lease principal payments	119,488		1,744
Less: Current portion of lease liabilities	24,412		556
Noncurrent portion of lease liabilities	$	95,076	$	1,188

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:


	First Quarter
(in thousands)	2026		2025
Cash flows from operating activities impact:
Operating leases	$	7,436	$	6,243
Interest payments on financing lease obligations	20		58
Total cash flows from operating activities impact	$	7,456	$	6,301

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	137	$	650
Total cash flows from financing activities impact	$	137	$	650