v3.26.1
Borrowings
 6 Months Ended
Jul. 05, 2026
Debt Disclosure [Abstract]  
Borrowings
Note 6. Borrowings
Short-Term Debt
Our asset secured loans have fixed and floating interest rates with various maturity dates. From time to time, we renew our short-term loans once they reach the maturity dates. The current portion of long-term loans is recorded as short-term debt based on time remaining until maturity. As of July 5, 2026, short-term debt was $10.6 million, which comprised of $10.4 million of short-term loans with less than one-year term, and $0.2 million of the current portion of long-term loans. As of December 28, 2025, short-term debt was $9.9 million, which comprised of $9.7 million of short-term loans with less than one-year term, and $0.2 million of the current portion of long-term loans. As of July 5, 2026 and December 28, 2025, the weighted average interest rates on the short-term loans were approximately 5.1% and 4.8%, respectively.
Long-Term Debt
Our long-term debt, net consists of the following (in thousands).
Annual Interest RateMaturity DateAs of July 5,
2026		As of December 28,
2025
2028 Convertible Senior Notes3.00 %May 1, 2028$172,500 $172,500 
2030 Convertible Senior Notes4.75 %September 15, 2030360,000 360,000 
Long-term loans
Floating rate3.40 %June 30, 2027108 173 
Floating rate3.40 %June 30, 2028216 287 
Total Convertible Senior Notes and other borrowings532,824 532,960 
Less: unamortized debt issuance costs(11,614)(13,459)
Long-term debt521,210 519,501 
Current portion of long-term debt(216)(230)
Long-term debt, net$520,994 $519,271 
Long-term Loans
As of July 5, 2026 and December 28, 2025, total long-term loans outstanding were $0.3 million and $0.5 million, respectively, including a current portion of the long-term loans of $0.2 million for both periods, respectively.
2030 Convertible Senior Notes
On September 10, 2025, we issued $360.0 million aggregate principal amount of convertible senior notes (the “2030 Convertible Senior Notes”), pursuant to an indenture, dated as of September 15, 2025 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The 2030 Convertible Senior Notes are unsecured obligations of the Company and bear interest at a rate of 4.75% per year from September 15, 2025, and are payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2026. The 2030 Convertible Senior Notes will mature on September 15, 2030, unless earlier converted, redeemed or repurchased. For both periods ended July 5, 2026 and December 28, 2025, the total principal amount outstanding of the 2030 Convertible Senior Notes was $360.0 million.
2028 Convertible Senior Notes
On April 20, 2023, we issued $172.5 million aggregate principal amount of 3.0% convertible senior notes due 2028 (the “2028 Convertible Senior Notes”), including $10.0 million principal amount of the 2028 Convertible Senior Notes (the “Affiliate Notes”) issued to an entity affiliated with Thurman John Rodgers, Chairman of our Board of Directors, in a concurrent private placement. As of both periods ended July 5, 2026 and December 28, 2025, the total principal amount outstanding of the 2028 Convertible Senior Notes was $172.5 million.
The 2028 Convertible Senior Notes are unsecured obligations of the Company and bear interest at a rate of 3.0% per year from April 20, 2023, and are payable semiannually in arrears on May 1 and November 1 of each year, beginning on November 1, 2023. The 2028 Convertible Senior Notes will mature on May 1, 2028 unless earlier converted, redeemed or repurchased.
The following table summarizes the interest expenses related to the convertible senior notes and loans, which are recorded within interest expense in the Condensed Consolidated Statements of Operations (in thousands).
Fiscal Quarters EndedFiscal Years-to-Date Ended
July 5,
2026		June 29,
2025		July 5, 2026June 29, 2025
Coupon interest$5,509 $1,294 $11,442 $2,588 
Amortization of debt issuance costs890 283 1,844 563 
Total interest expense on Convertible Senior Notes6,399 1,577 13,286 3,151 
Loan interest122 128 243 270 
Total interest expenses related to Convertible Senior Notes and loans$6,521 $1,705 $13,529 $3,421 
As of July 5, 2026 and December 28, 2025, we had $6.1 million and $5.8 million of accrued interest liability, respectively.
Debt Maturity
The following table summarizes our long-term debt maturities, based on outstanding principal by years (in thousands).
Debt Maturity
2026 (remaining six months)$108 
2027162 
2028172,554 
2029— 
2030360,000 
Total gross amount of long-term debt$532,824