XML 25 R19.htm IDEA: XBRL DOCUMENT
v3.24.3

Stockholders' Equity | 9 Months Ended
--- | ---
Sep. 27, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 10 — Stockholders’ Equity Incentive Plan The Company maintains an Amended and Restated Omnibus Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for awards of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and performance stock units (“PSUs”) and other stock- and cash-based awards, including awards that are subject to service-based and performance-based vesting conditions. As of September 27, 2024, the Company had outstanding grants of stock options, restricted stock awards, RSUs and PSUs. Stock option awards granted under the Equity Plan are granted at fair market value on the date of grant, become exercisable generally over a three-year period, or as determined by the Board of Directors, and expire over periods not exceeding 10 years from the date of grant. Certain stock options and stock-based awards provide for accelerated vesting if there is a change in control and pre-established financial metrics are met (as defined in the Equity Plan). Grants of restricted stock outstanding under the Equity Plan generally vest over periods of one to three years. Grants of RSUs and PSUs outstanding under the Equity Plan generally vest based on service, performance, or a combination of both. On June 20, 2024, stockholders approved a proposal to increase the number of shares under the Equity Plan by 2,600,000 shares, for a total of 22,805,000 shares. As of September 27, 2024, there were 3,464,552 shares available for grant under the Equity Plan. Stock-Based Compensation 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 |
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 |
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 |
The cost is expected to be recognized over a weighted-average period of approximately two years. Note 10 — Stockholders’ Equity (Continued) Assumptions The fair value of each stock option award is estimated on the date of grant using a Black-Scholes option valuation model applying the weighted-average assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The expected term of stock options granted is derived from the historical exercises and post-vesting cancellations and represents the period of time that stock options granted are expected to be outstanding. The Company has calculated a 8% estimated forfeiture rate based on historical forfeiture experience. 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 |
Stock Options 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 |
Restricted Stock, Restricted Stock Units and Performance Stock Units 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 |

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

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration