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Stock-based Compensation
 6 Months Ended
Mar. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
10. Stock-based Compensation
2018 Equity Incentive Plan
In July 2018, the Board adopted the 2018 Equity Incentive Plan (the "2018 Plan"). The 2018 Plan became effective in connection with the Company's initial public offering ("IPO"). The number of shares reserved for issuance under the 2018 Plan increases automatically on January 1 of each year beginning in 2019 and continuing through 2028 by a number of shares of common stock equal to the lesser of (x) 5% of the total outstanding shares of the Company’s common stock and common stock equivalents as of the immediately preceding January 1 (rounded to the nearest whole share) and (y) a number of shares determined by the Company's Board.
Stock options
Pursuant to the 2018 Plan, the Company issued stock options to employees and directors. The option price, number of shares, and grant date are determined at the discretion of the Board. For so long as the option holder performs services for the Company, the options generally vest over 48 months, on a monthly or quarterly basis, with certain options subject to an initial annual cliff vest, and are exercisable for a period not to exceed ten years from the date of grant.
The summary of the Company’s stock option activity is as follows:
Number of Options
Weighted-Average Exercise PriceWeighted-Average Remaining
Contractual Term		Aggregate Intrinsic Value
(In years)(In thousands)
Outstanding at September 30, 20238,549,957$13.99 3.6$1,689 
Exercised(916,779)$12.99  
Forfeited(25,582)$14.37  
Outstanding at March 30, 20247,607,596$14.11 3.2$37,656 
As of March 30, 2024 and September 30, 2023, all outstanding stock options have vested and the Company had no unrecognized stock-based compensation expense related to stock options.
Restricted stock units ("RSU")
Pursuant to the 2018 Plan, the Company issues RSUs to employees and directors. RSUs vest quarterly over the service period, which is generally four years, with certain awards subject to an initial annual cliff vest. The summary of the Company’s RSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 30, 20237,662,035$19.42 $98,917 
Granted9,031,130$11.74  
Released(2,355,804)$16.96  
Forfeited(622,761)$16.10  
Outstanding at March 30, 202413,714,600$14.94 $261,400 
At March 30, 2024  
Units expected to vest11,445,428$15.03 $218,150 
As of March 30, 2024 and September 30, 2023, the Company had $155.2 million and $111.6 million of unrecognized stock-based compensation expense related to RSUs, which are expected to be recognized over weighted-average periods of 2.7 and 2.4 years, respectively.
Performance stock units ("PSU")
Pursuant to the 2018 Plan, the Company has issued and may issue certain PSUs that vest on the satisfaction of service and performance conditions. The number of outstanding PSUs is based on the target number of share awards. The number of shares vested at the end of the performance period is based on achievement of performance conditions and may include adjustments to reflect the extent to which the corresponding performance goals have been achieved. The number of shares released during the six months ended March 30, 2024, includes performance achievement adjustments of a net reduction of 25,057 units. The summary of the Company’s PSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 30, 2023265,191$21.27 $3,424 
Granted499,716$17.64 
Released(80,827)$23.35 
Outstanding at March 30, 2024684,080$18.37 $13,039 
As of March 30, 2024 and September 30, 2023, the Company had $8.4 million and $0.3 million of unrecognized stock-based compensation expense related to PSUs, which are expected to be recognized over weighted-average periods of 2.0 and 1.2 years, respectively.
Stock-based compensation
Total stock-based compensation expense by functional category was as follows:
Three Months EndedSix Months Ended
March 30,
2024		April 1,
2023		March 30,
2024		April 1,
2023
(In thousands)
Cost of revenue$686 $581 $1,340 $1,151 
Research and development10,419 9,565 19,398 18,716 
Sales and marketing4,972 4,475 8,787 8,588 
General and administrative7,596 6,404 13,506 12,765 
Total stock-based compensation expense$23,673 $21,025 $43,031 $41,220