v3.26.1
Business Combination (Tables) - Spotlight Cinema Networks
 6 Months Ended
Jul. 02, 2026
Business Combination [Line Items]  
Summary of Consideration Transferred to Acquire Spotlight

The following table summarizes the consideration transferred to acquire Spotlight (in millions):

 

Fair Value of consideration transferred:

 

 

 

Cash

 

$

7.1

 

Contingent consideration

 

 

1.3

 

Less: Expected working capital adjustments

 

 

(0.2

)

Total

 

$

8.2

 
Summary of Assets Acquired and Liablilities Assumed

The following table summarizes the fair value of Spotlight and provisional fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions). The provisional allocation of the purchase price was based upon a preliminary valuation, and the Company's estimates and assumptions are subject to change as valuations are finalized within the measurement period, which cannot extend beyond one year from the acquisition date.

 

Fair value of assets acquired:

 

 

 

Cash, cash equivalents and restricted cash

 

$

1.2

 

Receivables, net (1)(3)

 

 

2.8

 

Prepaid expenses and other current assets

 

 

0.1

 

Property and equipment, net

 

 

2.0

 

Fair value of intangible assets

 

 

5.4

 

Goodwill (2)(3)

 

 

0.6

 

Total assets acquired

 

 

12.1

 

Fair value of liabilities assumed:

 

 

 

Accrued expenses

 

 

0.4

 

Accounts payable

 

 

2.4

 

Deferred revenue

 

 

1.1

 

Total liabilities assumed

 

 

3.9

 

Purchase Price

 

$

8.2

 

 

(1)

Receivables acquired:

Fair value of trade receivables acquired:

Contract value of receivables acquired:

Amount of contractual cash flows not expected to be collected:

Trade Receivables

$2.9

$2.9

$0.0

(2) The Goodwill balance recognized of $0.6 million is primarily related to the value of the assembled workforce which does not qualify for separate recognition as an intangible asset.

(3) Includes a working capital adjustment recorded during the three months ended July 2, 2026 that decreased accounts receivable, net by $0.1 million and increased goodwill by $0.1 million.
Summary of Pro Forma Financial Information

The following represents the pro forma Consolidated Statement of Operations as if the Spotlight acquisition had been included in the consolidated results of the Company for the entire period for the three and six months ended June 26, 2025.

 

Three Months Ended

 

 

Six Months Ended

 

 

June 26, 2025

 

 

June 26, 2025

 

Revenue

 

$

53.8

 

 

$

91.2

 

Net Loss

 

$

(11.5

)

 

$

(42.5

)