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Stock-Based Compensation

12 Months Ended

Dec. 28, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Stock-Based Compensation Expense

Certain information regarding our stock-based compensation was as follows (in thousands, except per share amounts):

			Fiscal Year Ended
			December 28, 2024						December 30, 2023						December 31, 2022
Weighted average grant date per share fair value of RSUs granted			$	44.13					$	33.85					$	34.83
Fair value of RSUs vested			53,990						32,820						42,324

Pre-tax stock-based compensation expense by financial statement line and related tax benefit in the Consolidated Statements of Income are as follows (in thousands):

			Fiscal Year Ended
			December 28, 2024						December 30, 2023						December 31, 2022
Stock-based compensation expense included in:
Cost of revenues			$	7,738					$	6,854					$	3,807
Research and development			10,721						10,652						8,217
Selling, general and administrative			21,304						21,110						19,313
Total stock-based compensation			$	39,763					$	38,616					$	31,337
Stock-based compensation tax benefit (expense)			$	2,833					$	(1,424)					$	2,772

Unrecognized Stock-Based Compensation Expense

Unrecognized stock-based compensation expense at December 28, 2024 consisted of the following (in thousands):

						Unrecognized Expense						Weighted Average Recognition Period (Years)
Restricted stock units						$	43,768					1.9
Performance restricted stock units						9,357						1.9
Employee stock purchase plan						474						0.1
Total unrecognized stock-based compensation expense						$	53,599					1.9

Valuation Assumptions

The following assumptions were used in estimating the fair value of PRSUs:

			Fiscal Year Ended
			December 28, 2024						December 30, 2023						December 31, 2022
PRSUs:
Dividend yield			—		%				—		%				—		%
Expected volatility			50.8		%				50.7		%				53.0		%
Risk-free interest rate			3.7		%				4.4		%				2.8		%
Expected life (in years)			2.9						2.9						2.9

The following assumptions were used in estimating the fair value of shares under the Employee Stock Purchase Plan:

			Fiscal Year Ended
			December 28, 2024						December 30, 2023						December 31, 2022
Employee Stock Purchase Plan:
Dividend yield			—		%				—		%				—		%
Expected volatility			40.4% - 58.7%						40.6% - 60.2%						42.6% - 60.8%
Risk-free interest rate			4.7% - 5.5%						0.8% - 5.5%						0.1% - 3.0%
Expected life (in years)			0.5 - 1.0						0.5 - 1.0						0.5 - 1.0

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- References

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- Definition

The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

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