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Equity-Based Compensation (Tables) | 12 Months Ended
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Oct. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Weighted Average Assumptions Used for Incentive Awards/ Stock Options | The following table summarizes the weighted average assumptions used for Stock Options granted during the year ended October 2, 2021:
Expected volatility |  |  | 28.9 | %
Risk-free interest rate |  |  | 0.7 | %
Dividend yield |  |  | 0.0 | %
Expected term (in years) |  |  | 6.3 |
Summary of Incentive Awards/ Stock Options Activity | The following tables summarize our Stock Option activity under the Plan for the fiscal years ended (in thousands, except per share amounts):
|  | Year Ended |
|  | October 1, 2022 |  |  | October 2, 2021 |
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Number of Options |  |  | Weighted Average Exercise Price |
Outstanding, Beginning |  |  | 4,877 |  |  | $ | 18.22 |  |  |  | — |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | 5,372 |  |  |  | 18.43 |
Exercised |  |  | (81 | ) |  |  | 17.00 |  |  |  | — |  |  |  | — |
Forfeited/Expired |  |  | (1,016 | ) |  |  | 18.22 |  |  |  | (495 | ) |  |  | 17.26 |
Balance, Ending |  |  | 3,780 |  |  | $ | 18.24 |  |  |  | 4,877 |  |  | $ | 18.22 |
Vested and exercisable as of year-end |  |  | 1,349 |  |  | $ | 18.28 |  |  |  | — |  |  | $ | — |
|  | As of October 1, 2022 |
Aggregate intrinsic value of Stock Options outstanding |  | $ | — |
Unamortized value of unvested Stock Options |  | $ | 9,477 |
Weighted average years that expense is expected to be recognized |  |  | 1.8 |
Weighted average remaining contractual years outstanding |  |  | 8.6 |
Summary of RSU Activity under Plan | The following table summarizes our RSU activity under the Plan for the fiscal years ended (in thousands, except per share amounts):
|  | Year Ended |
|  | October 1, 2022 |  |  | October 2, 2021 |
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |
Outstanding, Beginning |  |  | 3,135 |  |  | $ | 6.90 |  |  |  | — |  |  | $ | — |
Converted from Incentive Awards(1) |  |  | — |  |  |  | — |  |  |  | 6,038 |  |  |  | 1.43 |
Granted |  |  | 631 |  |  |  | 18.57 |  |  |  | 725 |  |  |  | 25.95 |
Vested(2) |  |  | (1,079 | ) |  |  | 5.99 |  |  |  | (3,321 | ) |  |  | 1.10 |
Cancelled/forfeited |  |  | (390 | ) |  |  | 9.82 |  |  |  | (307 | ) |  |  | 4.64 |
Balance, Ending |  |  | 2,297 |  |  | $ | 10.04 |  |  |  | 3,135 |  |  | $ | 6.90 |
(1) Represents approximately 4.8 million Service and Performance Incentive Awards converted to RSUs in connection with the IPO and adoption of the Plan during fiscal 2021. (2) RSUs that vested during the year ended October 2, 2021 inclu des RSUs that were issued in connection with the IPO that vest only upon achievement of volume weighted average price (“VWAP”) targets established by the compensation committee of the board of directors (Performance RSUs). The VWAP target was measured over rolling 20-day trading periods commencing on the six-month anniversary of the consummation of the IPO.
|  | As of October 1, 2022 |
Unamortized value of unvested RSUs |  | $ | 19,622 |
Weighted average period (years) expense is expected to be recognized |  |  | 2.8 |
Incentive Awards |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Weighted Average Assumptions Used for Incentive Awards/ Stock Options | The following table summarizes the assumptions and fair value used for Incentive Awards for the fiscal year ended October 3, 2020:
Expected volatility |  |  | 23.5 | %
Risk-free interest rate |  |  | 1.4 | %
Dividend yield |  |  | 0.0 | %
Expected term (in years) |  |  | 4.0 |
Summary of Incentive Awards/ Stock Options Activity | The following table summarizes our Incentive Awards activity for the fiscal year ended (in thousands, except per share amounts):
|  | October 2, 2021 |  | October 3, 2020 |
|  | Number of Awards |  |  | Weighted Average Exercise Price |  | Number of Awards |  |  | Weighted Average Exercise Price |
Outstanding, Beginning |  |  | 13,267 |  |  |  |  |  | 10,263 |  |  |  |
Cancelled upon IPO |  |  | (8,450 | ) |  |  |  |  | — |  |  |  |
Converted to RSUs |  |  | (4,817 | ) |  |  |  |  | — |  |  |  |
Granted |  |  | — |  |  |  |  |  | 5,980 |  |  | $ | 1.87 |
Cancelled/forfeited |  |  | — |  |  |  |  |  | (2,976 | ) |  |  |
Balance, Ending |  |  | — |  |  |  |  |  | 13,267 |  |  |  |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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