Annual report pursuant to Section 13 and 15(d)

Stock-based Compensation (Tables)

v3.22.1
Stock-based Compensation (Tables)
12 Months Ended
Jan. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of total stock-based compensation expense, by operating expense category The following table summarizes the total stock-based compensation expense, by operating expense category, recognized in the Consolidated Statements of Operations for the periods presented below (in thousands).

 

 

 

Fiscal Years

 

 

 

2021

 

 

2020

 

Cost of revenue

 

$

274

 

 

$

102

 

Research and development

 

 

6,175

 

 

 

485

 

Selling, general and administrative

 

 

4,262

 

 

 

79

 

Total stock-based compensation expense

 

$

10,711

 

 

$

666

 

Summary of fair value assumptions used to determine fair value of estimated shares The Company uses the Black-Scholes option-pricing model to determine the fair value of estimated shares under the 2021 ESPP with the following assumptions for the fiscal year 2021.

 

 

2021

 

Risk-free interest rate

 

 

0.1

%

Expected term (years)

 

 

0.5

 

Dividend yield

 

 

%

Volatility

 

 

71.5

%

Schedule of common stock reserved for future issuance The following shares of common stock had been reserved for future issuance as of January 2, 2022:

 

Exercise of outstanding common stock options

 

 

5,753,005

 

Options and RSUs available for future grants

 

 

15,846,770

 

Outstanding restricted stock units for future vesting

 

 

535,449

 

Common stock employee purchase plan

 

 

5,625,000

 

 

 

 

27,760,224

 

 

Summary of Stock Option Activity

The following table summarized stock option activities for the fiscal years 2021 and 2020 (in thousands, except share and per share amount).

 

 

 

Number of
Options
Outstanding

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value
(1) (2)

 

Balances as of January 1, 2021

 

 

1,428,980

 

 

$

0.11

 

 

 

 

 

 

 

Granted

 

 

6,817,420

 

 

 

7.86

 

 

 

 

 

 

 

Exercised

 

 

(2,180,168

)

 

 

0.09

 

 

 

 

 

$

1,963

 

Forfeited

 

 

(313,227

)

 

 

7.77

 

 

 

 

 

 

 

Balances as of January 2, 2022

 

 

5,753,005

 

 

$

8.88

 

 

 

9.1

 

 

$

105,898

 

Vested and expected to vest at January 2, 2022

 

 

10,839,577

 

 

$

4.74

 

 

 

9.0

 

 

$

244,342

 

Vested and exercisable at January 2, 2022

 

 

716,777

 

 

$

5.23

 

 

 

7.9

 

 

$

15,806

 

Unvested and exercisable at January 2, 2022

 

 

4,630,961

 

 

$

8.75

 

 

 

9.3

 

 

$

85,790

 

 

 

 

Number of
Options
Outstanding

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value
(1) (2)

 

Balances as of January 1, 2020

 

 

971,332

 

 

$

0.16

 

 

 

 

 

 

 

Granted

 

 

5,779,591

 

 

 

0.06

 

 

 

 

 

 

 

Exercised

 

 

(5,318,139

)

 

 

0.07

 

 

 

 

 

$

6,889

 

Forfeited/expired

 

 

(3,804

)

 

 

0.59

 

 

 

 

 

 

 

Balances as of December 31, 2020

 

 

1,428,980

 

 

$

0.11

 

 

 

8.8

 

 

$

4,042

 

Vested and expected to vest at December 31, 2020

 

 

6,812,915

 

 

$

0.07

 

 

 

9.5

 

 

$

11,190

 

Vested and exercisable at December 31, 2020

 

 

251,492

 

 

$

0.34

 

 

 

5.8

 

 

$

2,028

 

Unvested and exercisable at December 31, 2020

 

 

1,024,478

 

 

$

0.06

 

 

 

9.8

 

 

$

494

 

 

(1)

The aggregate intrinsic value of options exercised is based upon the value of the Company’s stock at exercise.

(2)

The aggregate intrinsic value of the stock options outstanding as of December 31, 2021 represents the value of the Company’s closing stock price at $27.28 on December 31, 2021 in excess of the exercise price multiplied by the number of options outstanding.

Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted

The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock options with the following assumptions for the fiscal years 2021 and 2020.

 

 

Fiscal Years

 

 

 

2021

 

 

2020

 

Risk-free interest rate

 

0.5% - 1.3%

 

 

 

0.5

%

Expected term (years)

 

5.0 - 6.9

 

 

 

6.0

 

Dividend yield

 

 

%

 

 

%

Volatility

 

48.1% - 49.8%

 

 

 

37.8

%

Restricted Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of common stock reserved for future issuance The following table summarized RSUs activities for the fiscal year 2021 (in thousands, except share and per share amount).

 

 

Number of
Shares
Outstanding

 

 

Weighted Average
Grant Date Fair Value

 

Non-vested RSUs Balances as of January 1, 2021

 

 

 

 

$

 

Granted

 

 

608,168

 

 

 

23.12

 

Vested

 

 

(61,015

)

 

 

21.26

 

Forfeited

 

 

(11,704

)

 

 

20.56

 

Non-vested RSUs outstanding as of January 2, 2022

 

 

535,449

 

 

$

23.38