Stock-based Compensation (Tables)
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9 Months Ended |
Oct. 01, 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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October 1, 2023 |
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October 2, 2022 |
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October 1, 2023 |
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October 2, 2022 |
| Cost of revenue |
$ |
2,396 |
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$ |
1,067 |
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$ |
5,001 |
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$ |
1,317 |
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| Research and development |
4,949 |
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3,372 |
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22,072 |
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9,705 |
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| Selling, general and administrative |
5,929 |
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4,260 |
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30,400 |
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11,095 |
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| Restructuring cost |
359 |
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— |
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359 |
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— |
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| Total stock-based compensation expense |
$ |
13,633 |
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$ |
8,699 |
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$ |
57,832 |
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$ |
22,117 |
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| Schedule of Stock Option Activity |
The following table summarizes stock option activities for the fiscal year-to-date ended October 1, 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 |
(1,135,249) |
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8.13 |
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$ |
13,446 |
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| Forfeited |
(823,895) |
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9.20 |
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| Balances as of October 1, 2023 |
3,075,138 |
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$ |
9.39 |
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7.5 |
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$ |
11,166 |
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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 October 1, 2023 represents the value of the Company’s closing stock price at $12.55 on the last trading day of the quarter ended October 1, 2023 in excess of the exercise price multiplied by the number of options outstanding. |
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| Schedule of RSUs and PRSUs Activity |
The following table summarizes RSUs and PRSUs activities for the fiscal year-to-date ended October 1, 2023 (in thousands, except share and per share amount).
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RSUs |
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PRSUs |
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Number of
Shares
Outstanding |
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Weighted Average
Grant Date Fair Value |
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Number of
Shares
Outstanding |
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Weighted Average
Grant Date Fair Value |
| Issued and unvested shares balances as of January 1, 2023 |
5,910,097 |
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$ |
14.11 |
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1,461,061 |
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$ |
13.41 |
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| Granted |
9,417,880 |
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10.98 |
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769,006 |
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13.13 |
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| Vested |
(2,018,296) |
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13.29 |
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(189,251) |
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13.41 |
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| Forfeited |
(1,245,122) |
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13.16 |
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(1,503,136) |
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13.35 |
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| Issued and unvested shares outstanding as of October 1, 2023 |
12,064,559 |
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$ |
11.90 |
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537,680 |
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$ |
13.17 |
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