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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 28, 2024
Stockholders' Equity Note [Abstract] |
Schedule of Compensation Cost | The cost that has been charged against income for stock-based compensation is set forth below (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, 2024 |  |  | June 30, 2023 |  |  | June 28, 2024 |  |  | June 30, 2023 |
Employee stock options |  | $ | 3,518 |  |  | $ | 3,479 |  |  | $ | 6,691 |  |  | $ | 6,456 |
Restricted stock |  |  | 170 |  |  |  | 79 |  |  |  | 198 |  |  |  | 146 |
RSUs |  |  | 3,084 |  |  |  | 2,148 |  |  |  | 5,396 |  |  |  | 3,749 |
PSUs |  |  | 2,119 |  |  |  | 2,403 |  |  |  | 2,804 |  |  |  | 3,509 |
Nonemployee stock options |  |  | 151 |  |  |  | 314 |  |  |  | 292 |  |  |  | 628 |
Total stock-based compensation expense |  | $ | 9,042 |  |  | $ | 8,423 |  |  | $ | 15,381 |  |  | $ | 14,488 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The Company recorded stock-based compensation costs in the following categories (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, 2024 |  |  | June 30, 2023 |  |  | June 28, 2024 |  |  | June 30, 2023 |
Cost of sales |  | $ | 363 |  |  | $ | 223 |  |  | $ | 661 |  |  | $ | 372 |
General and administrative |  |  | 4,981 |  |  |  | 3,695 |  |  |  | 8,056 |  |  |  | 7,058 |
Selling and marketing |  |  | 1,319 |  |  |  | 2,492 |  |  |  | 2,529 |  |  |  | 3,349 |
Research and development |  |  | 2,379 |  |  |  | 2,013 |  |  |  | 4,135 |  |  |  | 3,709 |
Total stock-based compensation expense, net |  |  | 9,042 |  |  |  | 8,423 |  |  |  | 15,381 |  |  |  | 14,488 |
Amounts capitalized as part of inventory |  |  | 440 |  |  |  | 528 |  |  |  | 777 |  |  |  | 897 |
Total stock-based compensation expense, gross |  | $ | 9,482 |  |  | $ | 8,951 |  |  | $ | 16,158 |  |  | $ | 15,385 |
Schedule of Unrecognized Compensation Cost, Non-Vested Stock-Based Compensation Arrangements | As of June 28, 2024, total unrecognized compensation cost related to non-vested stock-based compensation arrangements were as follows (in thousands):
|  | June 28, 2024 |
Stock options |  | $ | 25,633 |
Restricted stock, RSUs and PSUs |  |  | 38,796 |
Total unrecognized stock-based compensation cost |  | $ | 64,429 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, 2024 |  |  | June 30, 2023 |  |  | June 28, 2024 |  |  | June 30, 2023 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 59 | % |  |  | 58 | % |  |  | 59 | % |  |  | 59 | %
Risk-free interest rate |  |  | 4.45 | % |  |  | 3.41 | % |  |  | 4.19 | % |  |  | 3.87 | %
Expected term (in years) |  |  | 5.29 |  |  |  | 4.87 |  |  |  | 5.29 |  |  |  | 5.02 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the Equity Plan for six months ended June 28, 2024 is presented below:
|  | Stock Options (in 000’s) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in 000’s) |
Outstanding at December 29, 2023 |  |  | 2,630 |  |  | $ | 46.38 |  |  |  |  |  |  |
Granted |  |  | 597 |  |  |  | 38.14 |  |  |  |  |  |  |
Exercised |  |  | (205 | ) |  |  | 27.83 |  |  |  |  |  |  |
Forfeited or expired |  |  | (114 | ) |  |  | 69.44 |  |  |  |  |  |  |
Outstanding at June 28, 2024 |  |  | 2,908 |  |  | $ | 45.08 |  |  |  | 6.81 |  |  | $ | 31,731 |
Exercisable at June 28, 2024 |  |  | 1,760 |  |  | $ | 44.45 |  |  |  | 5.29 |  |  | $ | 24,251 |
Schedule of Share-based Compensation, Restricted Stock, RSU and PSU Activity | A summary of restricted stock, RSU and PSU activity under the Equity Plan for the six months ended June 28, 2024 is presented below (shares in thousands):
|  | Restricted Stock |  |  | RSUs |  |  | PSUs |
Unvested at December 29, 2023 |  |  | 14 |  |  |  | 401 |  |  |  | 56 |
Granted |  |  | 17 |  |  |  | 443 |  |  |  | 390 |
Vested |  |  | (10 | ) |  |  | (122 | ) |  |  | (24 | )
Forfeited or expired |  |  | (5 | ) |  |  | (18 | ) |  |  | (16 | )
Unvested at June 28, 2024 |  |  | 16 |  |  |  | 704 |  |  |  | 406 |

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