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Stock-Based Compensation | 12 Months Ended
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Mar. 27, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 18. Stock-Based Compensation The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees over the related requisite service period, including PSUs and RSUs (all part of our 2020 Omnibus Incentive Compensation Plan). Upon meeting the time-based vesting and, if applicable, any performance conditions, common shares of the Company (net of applicable tax withholding) are issued to the employee in exchange for each share-based unit. RSUs generally have time-based vesting requirements with equal and annual graded vesting over approximately three years subsequent to the grant date. Upon voluntary termination of employment by any employee who is “retirement eligible” as of his or her termination date, the next vesting after the termination of employment will continue to vest. In order to be retirement eligible, an employee must be at least 62 years old, have completed a minimum of five years of service with the Company, and have provided at least three months’ prior written notice of termination of employment. All outstanding employee and director RSU awards are eligible for dividend equivalents regardless of vesting status. Restricted Stock Units The following table summarizes RSU activity for the fiscal year ended March 27, 2026:
|  | Number of Shares |  |  | Weighted-Average Grant-Date Fair Value |  |  | Weighted-Average Remaining Contractual Life (In years) |  |  | Aggregate Intrinsic Value |
Outstanding - March 28, 2025 |  |  | 2,330,344 |  |  | $ | 28.88 |  |  |  | 0.95 |  |  | $ | 57,932 |
Granted |  |  | 2,080,783 |  |  |  | 27.29 |  |  |  |  |  |  |
Issued |  |  | (1,109,483 | ) |  |  | 28.98 |  |  |  |  |  |  |
Forfeited |  |  | (209,201 | ) |  |  | 28.09 |  |  |  |  |  |  |
Outstanding - March 27, 2026 |  |  | 3,092,443 |  |  | $ | 27.83 |  |  |  | 0.92 |  |  | $ | 93,144 |
The weighted-average grant fair value per share for RSUs granted during the fiscal years ended March 27, 2026, March 28, 2025 and March 29, 2024 was $27.29, $27.54, $36.14, respectively. The stock-based compensation expense related to non-vested awards not yet recorded at March 27, 2026 was $52,736, which is expected to be recognized over a weighted-average of 1.9 years. The total fair value of vested RSUs was $32,156, $30,072 and $23,032 during the fiscal years ended March 27, 2026, March 28, 2025 and March 29, 2024, respectively. Performance Stock Units The Company also awards PSUs to its senior personnel based on achievement of metrics tied to financial plans and strategic objectives approved by its Board of Directors for establishing target performances. Each award reflects a target number of shares (“Target Shares”) that may be issued to the award recipient. PSU awards are generally earned upon the completion of a multi-year performance period. Whether units are earned at the end of the performance period is determined based on the achievement of certain performance objectives over the performance period. The performance objectives include achieving various metrics such as revenue targets and cumulative earnings before income taxes, depreciation and amortization levels for the performance period, and relative total stockholder return. Depending on the results achieved over the multi-year performance period, the actual number of shares that a grant recipient may receive during and at the end of the period ranges from 0% to 200% of the Target Shares granted. The weighted-average fair value of the PSUs granted during the year was determined using the Monte Carlo simulation model incorporating the following weighted-average assumptions:
|  | Fiscal Year Ended
|  | March 27, 2026 |  | March 28, 2025 |  | March 29, 2024
Performance term |  | 2.88 years |  | 2.79 years |  | 2.87 years
Volatility |  | 51.13% |  | 43.46% |  | 47.70%
Risk-free rate of return |  | 3.91% |  | 4.57% |  | 3.68%
Dividend yield |  | —% |  | —% |  | —%
Weighted-average fair value per share |  | $29.57 |  | $31.83 |  | $43.83
The following table summarizes PSU activity for the fiscal year ended March 27, 2026:
|  | Number of Shares |  |  | Weighted-Average Grant-Date Fair Value |  |  | Weighted-Average Remaining Contractual Life (In years) |  |  | Aggregate Intrinsic Value |
Outstanding - March 28, 2025 |  |  | 2,145,781 |  |  | $ | 24.86 |  |  |  | 1.80 |  |  | $ | 53,344 |
Granted |  |  | 533,437 |  |  |  | 29.44 |  |  |  |  |  |  |
Cancelled |  |  | (153,650 | ) |  |  | 24.32 |  |  |  |  |  |  |
Issued |  |  | (231,653 | ) |  |  | 27.80 |  |  |  |  |  |  |
Forfeited |  |  | (958,266 | ) |  |  | 22.54 |  |  |  |  |  |  |
Outstanding - March 27, 2026 |  |  | 1,335,649 |  |  | $ | 27.90 |  |  |  | 1.48 |  |  | $ | 40,230 |
PSUs are included at 0% - 200% of target goals. The total compensation cost related to unvested awards not yet recorded at March 27, 2026 was $12,109, which is expected to be recognized over a weighted-average of 2.0 years. The total grant date fair value of vested PSUs was $6,439, $15,615 and $22,777 during the fiscal years ended March 27, 2026, March 28, 2025 and March 29, 2024, respectively. Employee Stock Purchase Plan 4,323,711 shares of the Company’s common stock are available for future issuance under the ESPP. The ESPP allows employees to purchase the Company’s common stock at 85% of the lesser of the stock price at the beginning or end of the offering period. Each offering period is six months. The weighted-average fair value of the ESPP shares was determined using the Black-Scholes model incorporating the following weighted-average assumptions:
|  | Fiscal Year Ended |
|  | March 27, 2026 |  |  | March 28, 2025 |  |  | March 29, 2024 |
Expected performance term |  | 0.50 years |  |  | 0.50 years |  |  | 0.50 years |
Volatility |  |  | 53.93 | % |  |  | 45.44 | % |  |  | 40.97 | %
Risk-free rate of return |  |  | 3.87 | % |  |  | 4.70 | % |  |  | 5.35 | %
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Weighted-average fair value per share |  | $ | 9.34 |  |  | $ | 7.07 |  |  | $ | 9.51 |
The Company recorded stock-based compensation expense on its consolidated statements of operations as follows:
|  | Fiscal Year Ended |
|  | March 27, 2026 |  |  | March 28, 2025 |  |  | March 29, 2024 |
RSUs |  | $ | 41,309 |  |  | $ | 32,144 |  |  | $ | 28,162 |
PSUs |  |  | 5,120 |  |  |  | 8,561 |  |  |  | 12,825 |
ESPP |  |  | 1,384 |  |  |  | 1,099 |  |  |  | 1,438 |
Other |  |  | 97 |  |  |  | 64 |  |  |  | 32 |
Total |  | $ | 47,910 |  |  | $ | 41,868 |  |  | $ | 42,457 |
|  | Fiscal Year Ended |
|  | March 27, 2026 |  |  | March 28, 2025 |  |  | March 29, 2024 |
Cost of sales |  | $ | 3,955 |  |  | $ | 2,877 |  |  | $ | 5,359 |
Research and development |  |  | 15,799 |  |  |  | 14,624 |  |  |  | 13,894 |
Selling, general and administrative |  |  | 28,156 |  |  |  | 24,367 |  |  |  | 23,204 |
Stock-based compensation expense |  |  | 47,910 |  |  |  | 41,868 |  |  |  | 42,457 |
Income tax benefit |  |  | (5,074 | ) |  |  | (4,049 | ) |  |  | (4,379 | )
Total stock-based compensation expense, net of taxes |  | $ | 42,836 |  |  | $ | 37,819 |  |  | $ | 38,078 |

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