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Common Stock Share-Based Compensation
 3 Months Ended
Sep. 27, 2025
Share-Based Payment Arrangement [Abstract]  
Common Stock Share-Based Compensation Common Stock Share-Based Compensation
Stock Repurchase Program
We have a Board-approved stock repurchase program authorizing repurchases of up to $150.0 million of our common stock. This program does not have an expiration date; however, we will periodically review the authorization to assess its continued appropriateness in light of our capital allocation priorities and market conditions. The number of shares repurchased and the timing of repurchases depend on the level of our cash balances, general business and market conditions and other factors, including alternative investment opportunities.
During the three months ended September 2025, we repurchased $7.2 million of our common stock and $142.8 million remains available for future stock repurchases under the stock repurchase program.
Share-Based Compensation
Share-based compensation recognized in our condensed consolidated statements of operations was as follows:
Three Months Ended
September
20252024
Cost of revenue$0.4 $(2.7)
Research and development20.8 14.5 
Selling, general, and administrative15.5 15.4 
Total$36.7 $27.2 
Share-Based Compensation Plan Activity
Restricted Stock Units
RSUs granted generally vest ratably over two to three years from the vesting commencement date. RSU activity was as follows:
RSU
Awards
Outstanding 		Weighted-Average Grant Date Fair Value per Share
Balance as of June 20252,981,431$66.3 
Granted1,524,370$66.8 
Vested(479,511)$84.0 
Forfeited(75,665)$76.7 
Balance as of September 20253,950,625$64.1 
The unrecognized share-based compensation cost of our outstanding RSUs was approximately $223.8 million as of September 2025, which will be recognized over a weighted average period of approximately 2.06 years.
Market Stock Units
An MSU is a promise to deliver shares of our common stock at a future date based on the achievement of market-based performance requirements in accordance with the terms of the MSU grant agreement.
MSU activity was as follows:
MSU
Awards
Outstanding		Weighted-Average Grant Date Fair Value per Share
Balance as of June 2025104,975$179.1 
Granted102,750$103.1 
Delivered(3,545)$187.0 
Forfeited(42,959)$174.9 
Balance as of September 2025161,221$131.6 
We value MSUs using the Monte Carlo simulation model on the date of grant and amortize the compensation expense over the three-year performance and service period on a ratable basis by tranche. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $14.8 million as of September 2025, which will be recognized over a weighted average period of approximately 2.14 years.
Performance Stock Units
A PSU is a promise to deliver shares of our common stock at a future date based on the achievement of performance-based requirements in accordance with the terms of the PSU grant agreement.
PSU activity was as follows:
 PSU
Awards
Outstanding		Weighted-Average Grant Date Fair Value per Share
Balance as of June 2025191,386$81.5 
Granted208,327$73.9 
Delivered(91,181)$76.4 
Forfeited(23,187)$95.2 
Balance as of September 2025285,345$76.4 
We value PSUs using the aggregate intrinsic value on the date of grant adjusted for estimated performance achievement during the performance period and amortize the compensation expense over the three-year service period on a ratable basis. The amount of stock-based compensation expense recognized in any period related to PSUs can vary based on the achievement or anticipated achievement of the performance conditions. If the performance conditions are not met, or not expected to be met, no compensation cost would be recognized on the underlying PSUs, and any previously recognized compensation expense related to those PSUs would be reversed. The unrecognized share-based compensation cost of our outstanding PSUs was approximately $13.6 million as of September 2025, which will be recognized over a weighted average period of approximately 1.39 years.
Employee Stock Purchase Plan
On October 28, 2025, our stockholders approved our amended and restated 2019 Employee Stock Purchase Plan. Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases during the three months ended September 2025, were as follows (in millions, except for shares purchased and weighted average price):
Shares purchased139,507
Weighted average purchase price$53.4 
Cash received$7.4 
Aggregate intrinsic value$2.4