Stock-based Compensation (Tables)
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6 Months Ended |
Jul. 02, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Total Stock-based Compensation Expense |
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).
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Quarters Ended |
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Fiscal Years-to-Date Ended |
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July 2, 2023 |
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July 3, 2022 |
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July 2, 2023 |
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July 3, 2022 |
| Cost of revenue |
$ |
1,654 |
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$ |
250 |
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$ |
2,605 |
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$ |
250 |
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| Research and development |
5,456 |
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3,821 |
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17,123 |
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6,333 |
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| Selling, general and administrative |
7,932 |
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4,109 |
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24,471 |
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6,835 |
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| Total stock-based compensation expense |
$ |
15,042 |
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$ |
8,180 |
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$ |
44,199 |
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$ |
13,418 |
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| Schedule of Stock Option Activity |
The following table summarizes stock option activities for the fiscal year-to-date ended July 2, 2023 (in thousands, except share and per share amount).
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Number of
Options
Outstanding |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Life (Years) |
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Aggregate
Intrinsic
Value (1) (2)
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| Balances as of January 1, 2023 |
5,034,282 |
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$ |
9.07 |
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| Exercised |
(180,575) |
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5.38 |
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$ |
1,570 |
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| Forfeited |
(428,693) |
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9.69 |
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| Balances as of July 2, 2023 |
4,425,014 |
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$ |
9.17 |
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7.7 |
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$ |
39,584 |
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| (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 July 2, 2023 represents the value of the Company’s closing stock price at $18.04 on July 2, 2023 in excess of the exercise price multiplied by the number of options outstanding. |
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| Schedule of RSUs and PRSUs Activity |
The following table summarizes RSUs and PRSUs activities for the fiscal year-to-date ended July 2, 2023 (in thousands, except share and per share amount).
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RSUs |
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PRSUs |
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Number of
Shares
Outstanding |
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Weighted Average
Grant Date Fair Value |
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Number of
Shares
Outstanding |
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Weighted Average
Grant Date Fair Value |
| Issued and unvested shares balances as of January 1, 2023 |
5,910,097 |
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$ |
14.11 |
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1,461,061 |
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$ |
13.41 |
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| Granted |
8,950,531 |
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10.65 |
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769,006 |
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13.13 |
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| Vested |
(1,289,924) |
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13.08 |
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(166,716) |
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13.41 |
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| Forfeited |
(548,343) |
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13.32 |
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(1,187,540) |
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13.41 |
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| Issued and unvested shares outstanding as of July 2, 2023 |
13,022,361 |
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$ |
11.86 |
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875,811 |
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$ |
13.17 |
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