Revenue

12 Months Ended

Dec. 28, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table represents a disaggregation of revenue by timing of revenue:

	Year Ended
	December 28, 2024		December 30, 2023		December 31, 2022
	(in thousands)
Point-in-time	$	927,368	$	761,797	$	958,409
Over-time		59,953		54,071		46,773
Total revenue	$	987,321	$	815,868	$	1,005,183

See Note 15 of the Notes to the Consolidated Financial Statements for additional discussion of the Company’s disaggregated revenue in detail.

Contract Assets and Contract Liabilities

Contract assets consist of amounts we have not invoiced but have completed the related performance obligation. These amounts generally arise from variances between the contractual payment terms and the transaction price assigned to the open performance obligations (e.g., we have recognized revenue in an amount greater than the amount that is billable under the contract). The contract assets amounts are recorded in “Accounts receivable” in the Consolidated Balance Sheets. As of December 28, 2024 and December 30, 2023, the Company had contract assets of $10.1 million and $8.0 million, respectively.

The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations primarily with respect to liabilities related to service contracts and installation. For contracts that have a duration of one year or less, these amounts are recorded as “Deferred revenue” in the Consolidated Balance Sheets. For contracts with a duration longer than one year, these amounts are recorded in “Other non-current liabilities” in the Consolidated Balance Sheets. As of December 28, 2024 and December 30, 2023, the Company carried a long-term deferred revenue balance of $4.0 million and $2.5 million, respectively.

Changes in deferred revenue were as follows:

	Year Ended
	December 28, 2024			December 30, 2023
	(in thousands)
Balance, beginning of the period	$	27,225		$	33,014
Deferral of revenue		76,584			75,602
Recognition of current year deferred revenue		(48,711	)		(55,825	)
Recognition of prior period deferred revenue		(17,262	)		(25,566	)
Balance, ending of the period	$	37,836		$	27,225