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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 27, 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 |  |  | Nine Months Ended |
|  | September 27, 2024 |  |  | September 29, 2023 |  |  | September 27, 2024 |  |  | September 29, 2023 |
Employee stock options |  | $ | 3,592 |  |  | $ | 3,517 |  |  | $ | 10,283 |  |  | $ | 9,973 |
Restricted stock |  |  | 156 |  |  |  | 201 |  |  |  | 354 |  |  |  | 347 |
RSUs |  |  | 3,160 |  |  |  | 2,214 |  |  |  | 8,556 |  |  |  | 5,963 |
PSUs |  |  | 115 |  |  |  | 2,449 |  |  |  | 2,919 |  |  |  | 5,958 |
Nonemployee stock options |  |  | 137 |  |  |  | 465 |  |  |  | 429 |  |  |  | 1,093 |
Total stock-based compensation expense |  | $ | 7,160 |  |  | $ | 8,846 |  |  | $ | 22,541 |  |  | $ | 23,334 |
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 |  |  | Nine Months Ended |
|  | September 27, 2024 |  |  | September 29, 2023 |  |  | September 27, 2024 |  |  | September 29, 2023 |
Cost of sales |  | $ | 303 |  |  | $ | 223 |  |  | $ | 964 |  |  | $ | 595 |
General and administrative |  |  | 3,621 |  |  |  | 4,049 |  |  |  | 11,677 |  |  |  | 11,107 |
Selling and marketing |  |  | 1,213 |  |  |  | 2,561 |  |  |  | 3,742 |  |  |  | 5,910 |
Research and development |  |  | 2,023 |  |  |  | 2,013 |  |  |  | 6,158 |  |  |  | 5,722 |
Total stock-based compensation expense, net |  |  | 7,160 |  |  |  | 8,846 |  |  |  | 22,541 |  |  |  | 23,334 |
Amounts capitalized as part of inventory |  |  | 361 |  |  |  | 534 |  |  |  | 1,138 |  |  |  | 1,431 |
Total stock-based compensation expense, gross |  | $ | 7,521 |  |  | $ | 9,380 |  |  | $ | 23,679 |  |  | $ | 24,765 |
Schedule of Unrecognized Compensation Cost, Non-Vested Stock-Based Compensation Arrangements | As of September 27, 2024, total unrecognized compensation cost related to non-vested stock-based compensation arrangements were as follows (in thousands):
|  | September 27, 2024 |
Stock options |  | $ | 22,076 |
Restricted stock, RSUs and PSUs |  |  | 28,545 |
Total unrecognized stock-based compensation cost |  | $ | 50,621 |
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 |  |  | Nine Months Ended |
|  | September 27, 2024 |  |  | September 29, 2023 |  |  | September 27, 2024 |  |  | September 29, 2023 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 59 | % |  |  | 60 | % |  |  | 59 | % |  |  | 60 | %
Risk-free interest rate |  |  | 3.70 | % |  |  | 4.18 | % |  |  | 4.17 | % |  |  | 3.91 | %
Expected term (in years) |  |  | 5.29 |  |  |  | 5.05 |  |  |  | 5.29 |  |  |  | 5.05 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the Equity Plan for the nine months ended September 27, 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 |  |  | 622 |  |  |  | 38.03 |  |  |  |  |  |  |
Exercised |  |  | (310 | ) |  |  | 23.76 |  |  |  |  |  |  |
Forfeited or expired |  |  | (144 | ) |  |  | 70.90 |  |  |  |  |  |  |
Outstanding at September 27, 2024 |  |  | 2,798 |  |  | $ | 45.76 |  |  |  | 6.81 |  |  | $ | 12,305 |
Exercisable at September 27, 2024 |  |  | 1,709 |  |  | $ | 46.54 |  |  |  | 5.43 |  |  | $ | 11,458 |
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 nine months ended September 27, 2024 is presented below (shares in thousands):
|  | Restricted Stock |  |  | RSUs |  |  | PSUs |
Unvested at December 29, 2023 |  |  | 14 |  |  |  | 401 |  |  |  | 56 |
Granted |  |  | 17 |  |  |  | 457 |  |  |  | 390 |
Vested |  |  | (10 | ) |  |  | (127 | ) |  |  | (24 | )
Forfeited or expired |  |  | (5 | ) |  |  | (18 | ) |  |  | (16 | )
Unvested at September 27, 2024 |  |  | 16 |  |  |  | 713 |  |  |  | 406 |

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