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Stock-based Compensation | 3 Months Ended
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Dec. 28, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 9. Stock-based Compensation 2018 Equity Incentive Plan In July 2018, the Board adopted the 2018 Equity Incentive Plan (the "2018 Plan"). Stock options 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 28, 2024 | 7,082,389 |  | $ | 14.24 |  |  | 2.8 |  | $ | 210 |
Exercised | (177,433) |  | $ | 13.60 |  |  |  |  |
Forfeited / expired | (137,698) |  | $ | 14.73 |  |  |  |  |
Outstanding at December 28, 2024 | 6,767,258 |  | $ | 14.24 |  |  | 2.6 |  | $ | 5,852 |
As of December 28, 2024 and September 28, 2024, 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. 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 28, 2024 | 10,763,098 |  | $ | 14.79 |  |  | $ | 130,772 |
Granted | 6,737,566 |  | $ | 12.38 |  |  |
Released | (1,919,356) |  | $ | 13.79 |  |  |
Forfeited | (492,848) |  | $ | 14.04 |  |  |
Outstanding at December 28, 2024 | 15,088,460 |  | $ | 13.87 |  |  | $ | 226,629 |
As of December 28, 2024 and September 28, 2024, the Company had $156.8 million and $115.4 million of unrecognized stock-based compensation expense related to RSUs, which are expected to be recognized over weighted-average periods of 2.6 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 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 28, 2024 | 684,080 |  | $ | 18.37 |  |  | $ | 8,312 |
Released | (7,194) |  | $ | 17.54 |  |  |
Performance adjustment(1) | (121,250) |  | $ | 21.80 |  |  |
Outstanding at December 28, 2024 | 555,636 |  | $ | 17.63 |  |  | $ | 8,346 |
(1) Represents adjustment based on actual achievement of performance-based awards.
As of December 28, 2024 and September 28, 2024, the Company had $0.1 million and $0.2 million of unrecognized stock-based compensation expense related to PSUs, which are expected to be recognized over weighted-average period of 1.5 years. Stock-based compensation Total stock-based compensation expense by functional category was as follows:
| Three Months Ended
| December 28, 2024 |  | December 30, 2023
(In thousands) |  |  |
Cost of revenue | $ | 1,349 |  |  | $ | 654 |
Research and development | 13,315 |  |  | 8,979 |
Sales and marketing | 5,632 |  |  | 3,815 |
General and administrative | 5,038 |  |  | 5,910 |
Total stock-based compensation expense | $ | 25,334 |  |  | $ | 19,358 |

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