XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Stock-based Compensation | 9 Months Ended
--- | ---
Jun. 29, 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 Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
|  |  |  |  | (In years) |  | (In thousands)
Outstanding at September 30, 2023 | 8,549,957 |  | $ | 13.99 |  |  | 3.6 |  | $ | 1,689 |
Exercised | (1,282,266) |  | $ | 12.72 |  |  |  |  |
Forfeited | (25,582) |  | $ | 14.37 |  |  |  |  |
Outstanding at June 29, 2024 | 7,242,109 |  | $ | 14.21 |  |  | 3.1 |  | $ | 5,424 |
As of June 29, 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, 2023 | 7,662,035 |  | $ | 19.42 |  |  | $ | 98,917 |
Granted | 9,294,757 |  | $ | 11.90 |  |  |
Released | (3,573,089) |  | $ | 16.34 |  |  |
Forfeited | (926,096) |  | $ | 15.84 |  |  |
Outstanding at June 29, 2024 | 12,457,607 |  | $ | 14.96 |  |  | $ | 183,874 |
At June 29, 2024 |  |  |  |  |
Units expected to vest | 10,483,861 |  | $ | 15.06 |  |  | $ | 154,742 |
As of June 29, 2024 and September 30, 2023, the Company had $137.6 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 2.5 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 nine months ended June 29, 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, 2023 | 265,191 |  | $ | 21.27 |  |  | $ | 3,424 |
Granted | 499,716 |  | $ | 17.64 |  |  |
Released | (80,827) |  | $ | 23.35 |  |  |
Outstanding at June 29, 2024 | 684,080 |  | $ | 18.37 |  |  | $ | 10,097 |
As of June 29, 2024 and September 30, 2023, the Company had $3.8 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 1.7 and 1.2 years, respectively. Stock-based compensation Total stock-based compensation expense by functional category was as follows:
| Three Months Ended |  | Nine Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
(In thousands) |  |  |  |  |  |  |
Cost of revenue | $ | 655 |  |  | $ | 450 |  |  | $ | 1,995 |  |  | $ | 1,601 |
Research and development | 9,735 |  |  | 8,637 |  |  | 29,133 |  |  | 27,353 |
Sales and marketing | 4,510 |  |  | 3,590 |  |  | 13,297 |  |  | 12,178 |
General and administrative | 7,030 |  |  | 5,652 |  |  | 20,536 |  |  | 18,417 |
Total stock-based compensation expense | $ | 21,930 |  |  | $ | 18,329 |  |  | $ | 64,961 |  |  | $ | 59,549 |

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration