Acquisitions (Tables)

6 Months Ended

Jun. 29, 2024

Business Combinations [Abstract]

Summary of Purchase Price Allocation for Acquired Identifiable Assets, Liabilities Assumed and Goodwill

The following table shows the purchase price allocation for Sequence to the acquired identifiable assets, liabilities assumed and goodwill:

Total consideration:
Cash paid at closing	$	64,217
Cash paid on April 10, 2024		16,000
Cash to be paid on April 10, 2025 (1)		12,420
Total cash payments			$	92,637
Less stock-based compensation expense attributable to post combination vesting				(3,882	)
Common shares issued		7,996
Stock price as of April 10, 2023 (2)	$	4.12
Total stock issuance purchase price (2)				32,943
Aggregated merger consideration			$	121,698
Assets acquired:
Cash	$	25,776
Prepaid expenses and other current assets		2,220
Property, plant and equipment		34
Intangible assets		7,222
Total assets acquired				35,252
Liabilities assumed:
Accounts payable	$	70
Accrued liabilities		14
Deferred revenue		1,300
Deferred tax liability		1,912
Total liabilities assumed				3,296
Net assets acquired				31,956
Total goodwill			$	89,742

(1)Reflects $16,000 of cash payable on April 10, 2025 as Merger Consideration discounted using the Company’s weighted average cost of debt.

(2)Represents the fair value of the shares transferred to the sellers as Merger Consideration, based on the number of shares to be issued, 7,996, multiplied by the closing price of the Company’s shares on April 10, 2023 of $4.12 per share.