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Stockholders' Equity And Stock-Based Compensation (Tables)

3 Months Ended

Dec. 29, 2023

Stockholders' Equity And Stock-Based Compensation [Abstract]

Summary Of Stock Options Issued To Officers, Directors, And Employees Under 2000 Stock Incentive Plan And 2005 Stock Plan

The following table summarizes information about stock options, including PSOs, issued under our 2020 Stock Plan:

			Shares			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Life			Aggregate Intrinsic Value (1)
			(in thousands)						(in years)			(in thousands)
Options outstanding as of September 29, 2023			3,720			$	66.13
Grants			271			87.49
Exercises			(203)			52.25
Forfeitures and cancellations			(1)			53.72
Options outstanding as of December 29, 2023			3,787			68.45			5.29			$	70,079
Options vested and expected to vest as of December 29, 2023			3,625			68.11			5.20			69,672
Options exercisable as of December 29, 2023			2,913			$	64.43		4.44			65,763

(1)Aggregate intrinsic value is based on the closing stock price of our Class A common stock on December 29, 2023 of $86.18 and excludes the impact of options that were not in-the-money.

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The following table summarizes information on PSUs granted to our officers that have not vested as of December 29, 2023:

			Aggregate Shares Granted						Potential Shares at Vest Date (at 200% of Target)
December 15, 2021			60,301						120,602
December 15, 2022			90,613						181,226
December 15, 2023			77,283						154,566

Summary Of Restricted Stock Units Issued To Officers, Directors And Employees Under 2005 Stock Incentive Plan

The following table summarizes information about RSUs, including PSUs, issued under our 2020 Stock Plan:

			Shares			Weighted-Average Grant Date Fair Value
			(in thousands)
Non-vested as of September 29, 2023			3,747			$	78.62
Granted			1,590			84.24
Vested			(1,120)			78.58
Forfeitures			(190)			81.37
Non-vested as of December 29, 2023			4,027			$	80.72

Schedule Of Fair Value Of Stock-Based Awards Estimated Using Weighted-Average Assumptions

The weighted-average assumptions used in the determination of the fair value of our stock options were as follows:

			Fiscal Quarter Ended
			December 29, 2023			December 30, 2022
Expected term (in years)			4.86			4.82
Risk-free interest rate			3.9		%	3.6		%
Expected stock price volatility			29.4		%	29.4		%
Dividend yield			1.4		%	1.6		%

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The following two tables separately present stock-based compensation expense both by award type and classification in our unaudited interim condensed consolidated statements of operations (in thousands):

Expense - By Award Type

			Fiscal Quarter Ended
			December 29, 2023			December 30, 2022
Compensation expense
Stock options			$	2,125		$	2,405
Restricted stock units (1) (2)			29,016			27,552
Employee stock purchase plan			753			1,283
Total stock-based compensation			31,894			31,240
Estimated benefit from income taxes			(4,999)			(4,702)
Total stock-based compensation, net of tax			$	26,895		$	26,538

(1)Stock-based compensation expense incurred by restricted stock units includes expense from PSUs.

(2)Excludes $0.1 million and $0.3 million of capitalized stock-based compensation related to internal-use software in the first quarter of fiscal 2024 and in the first quarter of fiscal 2023, respectively.

Expense - By Income Statement Line Item Classification

			Fiscal Quarter Ended
			December 29, 2023			December 30, 2022
Compensation expense
Cost of products and services			$	410		$	503
Research and development			10,106			10,676
Sales and marketing			10,481			10,727
General and administrative			10,897			9,334
Total stock-based compensation			31,894			31,240
Estimated benefit from income taxes			(4,999)			(4,702)
Total stock-based compensation, net of tax			$	26,895		$	26,538

Schedule of Stock Repurchase Authorizations

The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors as of December 29, 2023 (in thousands):

Date of Authorization			Authorization Amount
Fiscal 2010: November 2009			$	250,000
Fiscal 2010: July 2010			300,000
Fiscal 2011: July 2011			250,000
Fiscal 2012: February 2012			100,000
Fiscal 2015: October 2014			200,000
Fiscal 2017: January 2017			200,000
Fiscal 2018: July 2018			350,000
Fiscal 2019: July 2019			350,000
Fiscal 2021: July 2021			350,000
Fiscal 2022: February 2022			250,000
Fiscal 2022: August 2022			350,000
Total			$	2,950,000

Schedule of Stock Repurchase Activity

The following table provides information regarding share repurchase activity under the program during fiscal 2024:

Quarterly Repurchase Activity			Shares Repurchased			Cost (1)			Average Price Paid Per Share (2)
						(in thousands)
Q1 - Quarter ended December 29, 2023			967,789			$	80,002		$	82.66
Total			967,789			$	80,002

(1)Cost of share repurchases includes the price paid per share, and excludes commission costs.

(2)Average price paid per share excludes commission costs.

Dividends Declared

The following table summarizes dividends declared under the program during fiscal 2024:

Fiscal Period

Announcement Date

Record Date

Payment Date

Cash Dividend Per Common Share

Dividend Payment

Q1 - Quarter ended December 29, 2023

February 1, 2024

February 13, 2024

February 22, 2024

$

0.30

$28.8 million

(1)

(1)The dividend payment amount for the dividend declared in the first quarter of fiscal 2024 is estimated based on the number of shares of our Class A and Class B common stock that we estimate will be outstanding as of the Record Date.

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