Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation (Tables)

v3.23.1
Stock-based Compensation (Tables)
 3 Months Ended
Apr. 02, 2023
Share-Based Payment Arrangement [Abstract]  
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 Condensed Consolidated Statements of Operations for the periods presented below (in thousands).
Quarters Ended
April 2, 2023 April 3, 2022
Cost of revenue $ 951  $ — 
Research and development 11,667  2,512 
Selling, general and administrative 16,539  2,726 
Total stock-based compensation expense $ 29,157  $ 5,238 
Summary of Stock Option Activity
The following table summarized stock option activities for the fiscal quarter ended April 2, 2023 (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, 2023 5,034,282 $ 9.07 
Exercised (86,654) 3.79  $ 845 
Forfeited (338,804) 9.79 
Balances as of April 2, 2023 4,608,824 $ 9.12  8.0 $ 27,382 
(1) The 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 April 2, 2023 represents the value of the Company’s closing stock price at $14.91 on April 2, 2023 in excess of the exercise price multiplied by the number of options outstanding.
RSUs and PRSUs Activity
The following table summarized RSUs and PRSUs activities for the fiscal quarter ended April 2, 2023 (in thousands, except share and per share amount).
RSUs PRSUs
Number of
Shares
Outstanding		 Weighted Average
Grant Date Fair Value 		Number of
Shares
Outstanding		 Weighted Average
Grant Date Fair Value
Issued and unvested shares balances as of January 1, 2023 5,910,097  $ 14.11  1,461,061  $ 13.41 
Granted 4,640,958  8.37  —  — 
Vested (606,139) 13.10  (166,716) 13.41 
Forfeited (257,662) 13.16  (1,159,977) 13.41 
Issued and unvested shares outstanding as of April 2, 2023 9,687,254  $ 11.44  134,368  $ 13.41