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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Jun. 24, 2023

Jun. 25, 2022

Jun. 26, 2021

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

The following table summarizes information regarding the compensation for our principal executive officer (“

PEO

”) and other NEOs, excluding the CEO (the “

Non-PEO

NEOs

”), including CAP, as well as certain financial performance metrics during Fiscal 2023, 2022 and 2021.


										Value of Initial Fixed $100 Investment Based on:
Fiscal Year		Summary Compensation Table Total for PEO (1)(2)		Compensation Actually Paid to PEO (3)		Average Summary Compensation Table Total for Non-PEO NEOs (2)(4)		Average Compensation Actually Paid to Non-PEO NEOs (5)		Total Shareholder Return (6)		Peer Group Total Shareholder Return (7)		Net Income (in millions)		Non-GAAP Earnings Per Share (8)
2023		$19,577,634		($65,368,395)		$4,994,076		($2,111,995)		$144.26		$132.90		$73.60		$8.12
2022		$14,160,936		($56,484,103)		$4,057,648		$2,094,078		$228.90		$124.24		$257.50		$13.54
2021		$11,704,655		$140,626,141		$3,595,333		$16,493,865		$262.32		$164.25		$79.60		$8.26

(1)

Mr. Hurlston served as our PEO in each of Fiscal 2023, 2022, and 2021.

(2)

The amounts in these columns correspond with total compensation for our NEOs as reported in our Summary Compensation Table above for the covered fiscal years.

(3)

The amounts in this column represent CAP, calculated in accordance with Item 402(v) of Regulation

S-K

during the listed fiscal years, as set forth below. As noted above, CAP does not represent how the Company or Compensation Committee values compensation paid to or received by our PEO.


Reconciliation of Summary Compensation Table Total Compensation for CEO to Compensation Actually Paid

						Equity Award Adjustments
				Deduct:		Add:		Add/(Deduct):		Add/(Deduct):
Fiscal Year		Summary Compensation Table Total for PEO (1)(2)		Value of Equity Awards Reported in Summary Compensation Table (a)		Year End Fair Value of Awards Granted During the Year which were Unvested at Year End (b)		Year Over Year Change in Fair Value of Outstanding and Unvested Awards (b)		Change in Fair Value of Awards Granted in Prior Years which Vested During the Year (c)		Total Equity Award Adjustments		Compensation Actually Paid to PEO
2023		$19,577,634		($18,339,934)		$11,701,680		($38,181,102)		($40,126,673)		($66,606,095)		($65,368,395)
2022		$14,160,936		($11,997,489)		$19,705,417		($45,635,266)		($32,717,701)		($58,647,550)		($56,484,103)
2021		$11,704,655		($9,723,998)		$36,248,750		($13,803,718)		$116,200,452		$138,645,484		$140,626,141

(a)

The amounts in this column correspond with the full grant date fair value, calculated in accordance with FASB ASC Topic 718, of “Stock Awards” as reported in our Summary Compensation Table above for the covered fiscal years.

(b)

The equity award adjustments were calculated in accordance with the SEC methodology for determining CAP for each year shown. For PSU awards, the amounts in these columns were determined by reference to the closing price of our common stock on the applicable fiscal year end date. For MSU awards where the performance period was not yet complete as of the applicable fiscal year end date, the amounts in these columns were determined by reference to the fair values of the awards, as calculated by a Monte Carlo simulation model as of the applicable fiscal year end date.

(c)

The equity award adjustments were calculated in accordance with the SEC methodology for determining CAP for each year shown. For MSU awards where the performance period was complete during the applicable fiscal year, the amounts in this column were determined by reference to the grant date fair value of the awards, as calculated by a Monte Carlo simulation model as of the applicable fiscal year end date relative to the closing price of our common stock on the applicable vesting dates.

(4)

The individuals comprising the

Non-PEO

NEOs for each covered fiscal year are listed below:


2021		2022		2023
Dean Butler		Dean Butler		Dean Butler
Saleel Awsare		Saleel Awsare		Saleel Awsare
John McFarland		John McFarland		John McFarland
Philip Kumin		Craig Stein		Craig Stein

(5)

The amounts in this column represent the average CAP of our

Non-PEO

NEOs, calculated in accordance with Item 402(v) of Regulation

S-K

during the listed fiscal years, as set forth below. As noted above, CAP does not represent how the Company or Compensation Committee values compensation paid to or received by our NEOs.


Reconciliation of Summary Compensation Table Total Compensation for Non-PEO NEOs to Compensation Actually Paid

						Equity Award Adjustments
				Deduct:		Add:		Add/(Deduct):		Add/(Deduct):
Fiscal Year		Summary Compensation Table Total for Non-PEO NEOs 1)(2)		Value of Equity Awards Reported in Summary Compensation Table (a)		Year End Fair Value of Awards Granted During the Year which were Unvested at Year End (b)		Year Over Year Change in Fair Value of Outstanding and Unvested Awards (b)		Change in Fair Value of Awards Granted in Prior Years which Vested During the Year (c)		Total Equity Award Adjustments		Compensation Actually Paid to Non-PEO NEOs
2023		$4,994,076		($4,393,527)		$2,289,509		($1,944,152)		($3,057,901)		($2,712,544)		($2,111,995)
2022		$4,057,648		($3,175,582)		$5,215,729		($1,749,317)		($2,254,400)		$1,212,012		$2,094,078
2021		$3,595,333		($2,098,558)		$7,822,967		($100,419)		$7,274,542		$14,997,090		$16,493,865

(a)

The amounts in this column correspond with the full grant date fair value, calculated in accordance with FASB ASC Topic 718, of “Stock Awards” as reported in our Summary Compensation Table above for the covered fiscal years.

(b)

The equity award adjustments were calculated in accordance with the SEC methodology for determining CAP for each year shown. For PSU awards, the amounts in these columns were determined by reference to the closing price of our common stock on the applicable fiscal year end date. For MSU awards where the performance period was not yet complete as of the applicable fiscal year end date, the amounts in these columns were determined by reference to the fair values of the awards, as calculated by a Monte Carlo simulation model as of the applicable fiscal year end date.

(c)

The equity award adjustments were calculated in accordance with the SEC methodology for determining CAP for each year shown. For MSU awards where the performance period was complete during the applicable fiscal year, the amounts in this column were determined by reference to the grant date fair value of the awards, as calculated by a Monte Carlo simulation model as of the applicable fiscal year end date relative to the closing price of our common stock on the applicable vesting dates.

(6)

TSR for each of Fiscal 2023, 2022 and 2021 is cumulative, reflecting the value of a fixed $100 investment beginning with the market close on June 26, 2020, the last trading day before the first day of Fiscal 2021, through and including the end of the respective covered fiscal years.

(7)

The Russell 2000 Index is the industry peer group we use for purposes of Item 201(e) of Regulation

S-K.

The separate peer group referenced by the Compensation Committee for purposes of determining executive compensation is discussed above in the CD&A.

(8)

Our Company-Selected Measure, as required by Item 402(v) of Regulation

S-K,

is

Non-GAAP

EPS, which, in our assessment, represents the most important financial performance measure linking Fiscal 2023 NEO CAP to company performance. See Appendix A for a definition of

Non-GAAP

EPS and a reconciliation of

Non-GAAP

EPS to GAAP EPS.

Company Selected Measure Name

Non-GAAP EPS

Named Executive Officers, Footnote

(4)

The individuals comprising the

Non-PEO

NEOs for each covered fiscal year are listed below:


2021		2022		2023
Dean Butler		Dean Butler		Dean Butler
Saleel Awsare		Saleel Awsare		Saleel Awsare
John McFarland		John McFarland		John McFarland
Philip Kumin		Craig Stein		Craig Stein

Peer Group Issuers, Footnote

The Russell 2000 Index is the industry peer group we use for purposes of Item 201(e) of Regulation

S-K.

The separate peer group referenced by the Compensation Committee for purposes of determining executive compensation is discussed above in the CD&A.

PEO Total Compensation Amount

$ 19,577,634

$ 14,160,936

$ 11,704,655

PEO Actually Paid Compensation Amount

$ (65,368,395)

(56,484,103)

140,626,141

Adjustment To PEO Compensation, Footnote

(3)

The amounts in this column represent CAP, calculated in accordance with Item 402(v) of Regulation

S-K

during the listed fiscal years, as set forth below. As noted above, CAP does not represent how the Company or Compensation Committee values compensation paid to or received by our PEO.


Reconciliation of Summary Compensation Table Total Compensation for CEO to Compensation Actually Paid

						Equity Award Adjustments
				Deduct:		Add:		Add/(Deduct):		Add/(Deduct):
Fiscal Year		Summary Compensation Table Total for PEO (1)(2)		Value of Equity Awards Reported in Summary Compensation Table (a)		Year End Fair Value of Awards Granted During the Year which were Unvested at Year End (b)		Year Over Year Change in Fair Value of Outstanding and Unvested Awards (b)		Change in Fair Value of Awards Granted in Prior Years which Vested During the Year (c)		Total Equity Award Adjustments		Compensation Actually Paid to PEO
2023		$19,577,634		($18,339,934)		$11,701,680		($38,181,102)		($40,126,673)		($66,606,095)		($65,368,395)
2022		$14,160,936		($11,997,489)		$19,705,417		($45,635,266)		($32,717,701)		($58,647,550)		($56,484,103)
2021		$11,704,655		($9,723,998)		$36,248,750		($13,803,718)		$116,200,452		$138,645,484		$140,626,141

(a)

The amounts in this column correspond with the full grant date fair value, calculated in accordance with FASB ASC Topic 718, of “Stock Awards” as reported in our Summary Compensation Table above for the covered fiscal years.

(b)

The equity award adjustments were calculated in accordance with the SEC methodology for determining CAP for each year shown. For PSU awards, the amounts in these columns were determined by reference to the closing price of our common stock on the applicable fiscal year end date. For MSU awards where the performance period was not yet complete as of the applicable fiscal year end date, the amounts in these columns were determined by reference to the fair values of the awards, as calculated by a Monte Carlo simulation model as of the applicable fiscal year end date.

(c)

The equity award adjustments were calculated in accordance with the SEC methodology for determining CAP for each year shown. For MSU awards where the performance period was complete during the applicable fiscal year, the amounts in this column were determined by reference to the grant date fair value of the awards, as calculated by a Monte Carlo simulation model as of the applicable fiscal year end date relative to the closing price of our common stock on the applicable vesting dates.

Non-PEO NEO Average Total Compensation Amount

$ 4,994,076

4,057,648

3,595,333

Non-PEO NEO Average Compensation Actually Paid Amount

$ (2,111,995)

2,094,078

16,493,865

Adjustment to Non-PEO NEO Compensation Footnote

(5)

The amounts in this column represent the average CAP of our

Non-PEO

NEOs, calculated in accordance with Item 402(v) of Regulation

S-K

during the listed fiscal years, as set forth below. As noted above, CAP does not represent how the Company or Compensation Committee values compensation paid to or received by our NEOs.


Reconciliation of Summary Compensation Table Total Compensation for Non-PEO NEOs to Compensation Actually Paid

						Equity Award Adjustments
				Deduct:		Add:		Add/(Deduct):		Add/(Deduct):
Fiscal Year		Summary Compensation Table Total for Non-PEO NEOs 1)(2)		Value of Equity Awards Reported in Summary Compensation Table (a)		Year End Fair Value of Awards Granted During the Year which were Unvested at Year End (b)		Year Over Year Change in Fair Value of Outstanding and Unvested Awards (b)		Change in Fair Value of Awards Granted in Prior Years which Vested During the Year (c)		Total Equity Award Adjustments		Compensation Actually Paid to Non-PEO NEOs
2023		$4,994,076		($4,393,527)		$2,289,509		($1,944,152)		($3,057,901)		($2,712,544)		($2,111,995)
2022		$4,057,648		($3,175,582)		$5,215,729		($1,749,317)		($2,254,400)		$1,212,012		$2,094,078
2021		$3,595,333		($2,098,558)		$7,822,967		($100,419)		$7,274,542		$14,997,090		$16,493,865

(a)

The amounts in this column correspond with the full grant date fair value, calculated in accordance with FASB ASC Topic 718, of “Stock Awards” as reported in our Summary Compensation Table above for the covered fiscal years.

(b)

The equity award adjustments were calculated in accordance with the SEC methodology for determining CAP for each year shown. For PSU awards, the amounts in these columns were determined by reference to the closing price of our common stock on the applicable fiscal year end date. For MSU awards where the performance period was not yet complete as of the applicable fiscal year end date, the amounts in these columns were determined by reference to the fair values of the awards, as calculated by a Monte Carlo simulation model as of the applicable fiscal year end date.

(c)

The equity award adjustments were calculated in accordance with the SEC methodology for determining CAP for each year shown. For MSU awards where the performance period was complete during the applicable fiscal year, the amounts in this column were determined by reference to the grant date fair value of the awards, as calculated by a Monte Carlo simulation model as of the applicable fiscal year end date relative to the closing price of our common stock on the applicable vesting dates.

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid and TSR

Compensation Actually Paid vs. Net Income

Compensation Actually Paid and Net Income

Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid and

Non-GAAP

EPS

Total Shareholder Return Vs Peer Group

Compensation Actually Paid and TSR

Tabular List, Table

Required Tabular Disclosure of Most Important Financial Performance Measures

The following table is an unranked list of the most important financial performance measures linking Fiscal 2023 NEO CAP to Company performance:


Revenue
Non-GAAP Operating Profit
Non-GAAP EPS
Non-GAAP Gross Margin Percentage
Relative TSR compared to the peer companies in the Russell 2000 Index

Total Shareholder Return Amount

$ 144.26

228.9

262.32

Peer Group Total Shareholder Return Amount

132.9

124.24

164.25

Net Income (Loss)

$ 73,600,000

$ 257,500,000

$ 79,600,000

Company Selected Measure Amount

8.12

13.54

8.26

Mr. Hurlston

Pay vs Performance Disclosure

Revenue

Pay vs Performance Disclosure

Non-GAAP Operating Profit

Pay vs Performance Disclosure

Non-GAAP EPS

Non-GAAP Measure Description

Our Company-Selected Measure, as required by Item 402(v) of Regulation

S-K,

is

Non-GAAP

EPS, which, in our assessment, represents the most important financial performance measure linking Fiscal 2023 NEO CAP to company performance. See Appendix A for a definition of

Non-GAAP

EPS and a reconciliation of

Non-GAAP

EPS to GAAP EPS.

Pay vs Performance Disclosure

Non-GAAP Gross Margin Percentage

Pay vs Performance Disclosure

Relative TSR compared to the peer companies in the Russell 2000 Index

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (66,606,095)

$ (58,647,550)

$ 138,645,484

PEO | Value of Equity Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(18,339,934)

(11,997,489)

(9,723,998)

PEO | Year End Fair Value of Awards Granted During the Year which were Unvested at Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

11,701,680

19,705,417

36,248,750

PEO | Year Over Year Change in Fair Value of Outstanding and Unvested Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(38,181,102)

(45,635,266)

(13,803,718)

PEO | Change in Fair Value of Awards Granted in Prior Years which Vested During the Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(40,126,673)

(32,717,701)

116,200,452

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(2,712,544)

1,212,012

14,997,090

Non-PEO NEO | Value of Equity Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,393,527)

(3,175,582)

(2,098,558)

Non-PEO NEO | Year End Fair Value of Awards Granted During the Year which were Unvested at Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,289,509

5,215,729

7,822,967

Non-PEO NEO | Year Over Year Change in Fair Value of Outstanding and Unvested Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,944,152)

(1,749,317)

(100,419)

Non-PEO NEO | Change in Fair Value of Awards Granted in Prior Years which Vested During the Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (3,057,901)

$ (2,254,400)

$ 7,274,542