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Stockholders' Equity | 12 Months Ended
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Dec. 27, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 11 — Stockholders’ Equity Incentive Plan The Company maintains an Amended and Restated Omnibus Equity Incentive Plan, as amended (the “Equity Plan”). The Equity Plan allows for awards of stock options, stock appreciation rights, restricted stock, RSUs, and other stock- and cash-based awards, including awards that are subject to service-based and performance-based vesting conditions. As of December 27, 2024, the Company had outstanding grants of stock options, restricted stock awards, RSUs and PSUs. Stock options 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, 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 15, 2023, the Company’s stockholders approved a proposal to increase the number of shares that may be issued pursuant to stock-based awards granted under the Equity Plan, which increased the share pool by 2,170,000 shares. On June 19, 2024, the Company’s stockholders approved a proposal to increase the number of shares that may be issued pursuant to stock-based awards granted under the Equity Plan, which increased the share pool by 2,600,000 shares. As a result of such increases, a total of 22,805,000 shares may be issued pursuant to stock-based awards granted under the Equity Plan. As of December 27, 2024, there were 3,438,028 shares available for grants of stock-based awards under the Equity Plan. Stock-Based Compensation The following table represents the fair value of stock-based compensation granted during the year ended 2024 (in thousands):
|  | Fair Value |
Stock options |  | $ | 13,522 |
RSUs |  |  | 17,496 |
PSUs |  |  | 14,665 |
Restricted stock |  |  | 703 |
Total stock-based compensation expense |  | $ | 46,386 |
The Company recorded stock-based compensation expense by award as follows (in thousands):
|  | Years Ended |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Employee stock options |  | $ | 13,824 |  |  | $ | 12,842 |  |  | $ | 10,403 |
Restricted stock |  |  | 512 |  |  |  | 548 |  |  |  | 686 |
RSUs |  |  | 11,739 |  |  |  | 7,987 |  |  |  | 4,512 |
PSUs |  |  | 568 |  |  |  | 1,270 |  |  |  | 3,525 |
Nonemployee stock options |  |  | 567 |  |  |  | 869 |  |  |  | 1,245 |
Total stock-based compensation expense |  | $ | 27,210 |  |  | $ | 23,516 |  |  | $ | 20,371 |
The Company recorded stock-based compensation expense in the following categories (in thousands):
|  | Years Ended |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cost of sales |  | $ | 1,192 |  |  | $ | 716 |  |  | $ | 501 |
General and administrative |  |  | 14,122 |  |  |  | 12,125 |  |  |  | 9,402 |
Selling and marketing |  |  | 4,583 |  |  |  | 4,083 |  |  |  | 4,795 |
Research and development |  |  | 7,313 |  |  |  | 6,592 |  |  |  | 5,673 |
Total stock-based compensation expense, net |  |  | 27,210 |  |  |  | 23,516 |  |  |  | 20,371 |
Amounts capitalized as part of inventory |  |  | 1,408 |  |  |  | 1,672 |  |  |  | 1,881 |
Total stock-based compensation expense, gross |  | $ | 28,618 |  |  | $ | 25,188 |  |  | $ | 22,252 |
Note 11 — Stockholders’ Equity (Continued) Stock-Based Compensation (Continued) As of December 27, 2024, total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the Equity Plan were as follows (in thousands):
|  | 2024 |
Stock options |  | $ | 18,474 |
Restricted stock, RSUs and PSUs |  |  | 20,512 |
Total unrecognized stock-based compensation cost |  | $ | 38,986 |
This cost is expected to be recognized over a weighted-average period of approximately two years. 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.
|  | Years Ended |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 59 | % |  |  | 60 | % |  |  | 54 | %
Risk-free interest rate |  |  | 4.17 | % |  |  | 3.98 | % |  |  | 2.09 | %
Expected term (in years) |  |  | 5.29 |  |  |  | 5.05 |  |  |  | 5.10 |
Stock Options A summary of stock option activity under the Equity Plan for the year ended December 27, 2024 was as follows:
|  | Shares (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 |  |  | 640 |  |  |  | 37.81 |  |  |  |  |  |  |
Exercised |  |  | (315 | ) |  |  | 23.52 |  |  |  |  |  |  |
Forfeited or expired |  |  | (147 | ) |  |  | 70.43 |  |  |  |  |  |  |
Outstanding at December 27, 2024 |  |  | 2,808 |  |  | $ | 45.72 |  |  |  | 6.59 |  |  | $ | 3,961 |
Exercisable at December 27, 2024 |  |  | 1,826 |  |  | $ | 47.03 |  |  |  | 5.38 |  |  | $ | 3,961 |
Note 11 — Stockholders’ Equity (Continued) Stock Options (Continued) A summary of unvested stock options activity under the Equity Plan for the year ended December 27, 2024 was as follows:
|  | Shares (in 000’s) |  |  | Weighted-Average Grant-Date Fair Value |
Unvested at December 29, 2023 |  |  | 926 |  |  | $ | 30.09 |
Granted |  |  | 640 |  |  |  | 21.12 |
Forfeited or expired |  |  | (147 | ) |  |  | 34.39 |
Vested |  |  | (437 | ) |  |  | 29.66 |
Unvested at December 27, 2024 |  |  | 982 |  |  | $ | 23.62 |
The weighted average grant date fair value of stock options granted under the Equity Plan and the total intrinsic value of stock options exercised were as follows:
|  | Years Ended |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Weighted-average grant-date fair value |  | $ | 21.12 |  |  | $ | 28.36 |  |  | $ | 35.68 |
Intrinsic value of options exercised (in thousands) |  | $ | 4,150 |  |  | $ | 17,041 |  |  | $ | 25,000 |
Restricted Stock, Restricted Stock Units and Performance Stock Units A summary of restricted stock, RSU and PSU activity under the Equity Plan for the year ended December 27, 2024 was as follows:
|  | Restricted Stock |  |  | Restricted Stock Units |  |  | Performance Stock Units |
|  | Units (in 000’s) |  |  | Weighted-Average Grant-Date Fair Value |  |  | Units (in 000’s) |  |  | Weighted-Average Grant-Date Fair Value |  |  | Units (in 000’s) |  |  | Weighted-Average Grant-Date Fair Value |
Outstanding at December 29, 2023 |  |  | 14 |  |  | $ | 47.61 |  |  |  | 401 |  |  | $ | 55.75 |  |  |  | 56 |  |  | $ | 74.80 |
Granted |  |  | 17 |  |  |  | 39.84 |  |  |  | 464 |  |  |  | 37.72 |  |  |  | 390 |  |  |  | 37.64 |
Vested |  |  | (10 | ) |  |  | 46.88 |  |  |  | (149 | ) |  |  | 58.56 |  |  |  | (24 | ) |  |  | 74.80 |
Forfeited |  |  | (5 | ) |  |  | 52.67 |  |  |  | (21 | ) |  |  | 47.20 |  |  |  | (16 | ) |  |  | 52.76 |
Outstanding at December 27, 2024 |  |  | 16 |  |  | $ | 40.11 |  |  |  | 695 |  |  | $ | 43.33 |  |  |  | 406 |  |  | $ | 39.99 |
The weighted average grant date fair value of restricted stock, RSU and PSU awards granted under the Equity Plan and the total fair value of awards vested were as follows:
|  | Years Ended |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Weighted-average grant-date fair value |  | $ | 37.73 |  |  | $ | 52.98 |  |  | $ | 74.98 |
Fair value of awards vested (in thousands) |  | $ | 6,283 |  |  | $ | 7,715 |  |  | $ | 5,023 |

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