Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 30, 2022 |
Stockholders Equity Note [Abstract] |
|
Schedule of Share-based Compensation, Fair Value of Stock-Based Compensation Granted |
The following table represents the fair value of stock-based compensation granted during the year ended 2022 (in thousands):
|
|
Fair Value |
|
Stock options |
|
$ |
17,428 |
|
RSUs |
|
|
8,929 |
|
Performance stock units |
|
|
8,421 |
|
Restricted stock |
|
|
270 |
|
Total stock-based compensation expense |
|
$ |
35,048 |
|
|
Schedule of Compensation Cost |
The Company recorded stock-based compensation expense by award as follows (in thousands):
|
|
Years Ended |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Employee stock option |
|
$ |
10,403 |
|
|
$ |
10,373 |
|
|
$ |
9,577 |
|
Restricted stock |
|
|
686 |
|
|
|
616 |
|
|
|
428 |
|
RSUs |
|
|
4,512 |
|
|
|
2,667 |
|
|
|
1,732 |
|
PSUs |
|
|
3,525 |
|
|
|
371 |
|
|
|
147 |
|
Nonemployee stock options |
|
|
1,245 |
|
|
|
578 |
|
|
|
262 |
|
Total stock-based compensation expense |
|
$ |
20,371 |
|
|
$ |
14,605 |
|
|
$ |
12,146 |
|
|
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
The Company recorded stock-based compensation expense in the following categories (in thousands):
|
|
Years Ended |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Cost of sales |
|
$ |
501 |
|
|
$ |
215 |
|
|
$ |
112 |
|
General and administrative |
|
|
9,402 |
|
|
|
6,495 |
|
|
|
4,925 |
|
Selling and marketing |
|
|
4,795 |
|
|
|
3,454 |
|
|
|
3,471 |
|
Research and development |
|
|
5,673 |
|
|
|
4,441 |
|
|
|
3,638 |
|
Total stock-based compensation expense, net |
|
|
20,371 |
|
|
|
14,605 |
|
|
|
12,146 |
|
Amounts capitalized as part of inventory |
|
|
1,881 |
|
|
|
1,295 |
|
|
|
1,129 |
|
Total stock-based compensation expense, gross |
|
$ |
22,252 |
|
|
$ |
15,900 |
|
|
$ |
13,275 |
|
|
Schedule of Unrecognized Compensation Cost, Non-Vested Stock-Based Compensation Arrangements |
As of December 30, 2022, total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the Plan were as follows (in thousands):
|
|
2022 |
|
Stock options |
|
$ |
17,140 |
|
Restricted stock, RSUs and PSUs |
|
|
13,638 |
|
Total unrecognized stock-based compensation cost |
|
$ |
30,778 |
|
|
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant.
|
|
Years Ended |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
Expected volatility |
|
|
54 |
% |
|
|
53 |
% |
|
|
53 |
% |
Risk-free interest rate |
|
|
2.09 |
% |
|
|
0.84 |
% |
|
|
0.53 |
% |
Expected term (in years) |
|
|
5.10 |
|
|
|
5.38 |
|
|
|
5.72 |
|
|
Schedule of Share-based Compensation, Stock Options, Activity |
A summary of option activity under the Plan for the year ended December 30, 2022 was as follows:
|
|
Shares
(in 000’s) |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Term (years) |
|
|
Aggregate
Intrinsic
Value
(in 000’s) |
|
Outstanding at December 31, 2021 |
|
|
2,435 |
|
|
$ |
29.81 |
|
|
|
|
|
|
|
|
|
Granted |
|
|
488 |
|
|
|
73.51 |
|
|
|
|
|
|
|
|
|
Exercised |
|
|
(427 |
) |
|
|
19.71 |
|
|
|
|
|
|
|
|
|
Forfeited or expired |
|
|
(27 |
) |
|
|
82.29 |
|
|
|
|
|
|
|
|
|
Outstanding at December 30, 2022 |
|
|
2,469 |
|
|
$ |
39.63 |
|
|
|
5.03 |
|
|
$ |
45,104 |
|
Exercisable at December 30, 2022 |
|
|
1,836 |
|
|
$ |
27.97 |
|
|
|
4.07 |
|
|
$ |
44,137 |
|
|
Share-based Compensation, Performance Shares Award Unvested Activity |
A summary of unvested options activity under the Plan for the year ended December 30, 2022 was as follows:
|
|
Shares
(in 000’s) |
|
|
Weighted-Average
Grant-Date
Fair Value |
|
Unvested at December 31, 2021 |
|
|
572 |
|
|
$ |
28.63 |
|
Granted |
|
|
488 |
|
|
|
35.68 |
|
Forfeited or expired |
|
|
(27 |
) |
|
|
39.27 |
|
Vested |
|
|
(400 |
) |
|
|
25.72 |
|
Unvested at December 30, 2022 |
|
|
633 |
|
|
$ |
35.37 |
|
|
Summary of Weighted Average Grant Date Fair Value of Options Granted and Total intrinsic Value of options Exercised |
The weighted average grant date fair value of options granted and the total intrinsic value of options exercised were as follows:
|
|
Years Ended |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Weighted-average grant-date fair value |
|
$ |
35.68 |
|
|
$ |
45.08 |
|
|
$ |
13.85 |
|
Intrinsic value of options (in thousands) |
|
$ |
25,000 |
|
|
$ |
127,024 |
|
|
$ |
59,771 |
|
|
Schedule of Share-based Compensation, Restricted Stock, RSU and PSU Activity |
A summary of restricted stock, RSU and PSU activity under the Plan for the year ended December 30, 2022 was as follows:
|
|
Restricted Stock |
|
|
Restricted Stock Units |
|
|
Performance Stock Units |
|
|
|
Units
(in 000’s) |
|
|
Weighted-
Average Grant-
Date Fair Value |
|
|
Units
(in 000’s) |
|
|
Weighted-
Average Grant-
Date Fair Value |
|
|
Units
(in 000’s) |
|
|
Weighted-
Average Grant-
Date Fair Value |
|
Outstanding at December 31, 2021 |
|
|
3 |
|
|
$ |
154.96 |
|
|
|
131 |
|
|
$ |
66.94 |
|
|
|
10 |
|
|
$ |
51.42 |
|
Granted |
|
|
6 |
|
|
|
62.10 |
|
|
|
118 |
|
|
|
75.62 |
|
|
|
113 |
|
|
|
74.80 |
|
Vested |
|
|
(5 |
) |
|
|
154.96 |
|
|
|
(57 |
) |
|
|
63.73 |
|
|
|
(5 |
) |
|
|
51.42 |
|
Outstanding at December 30, 2022 |
|
|
4 |
|
|
$ |
62.10 |
|
|
|
192 |
|
|
$ |
73.25 |
|
|
|
118 |
|
|
$ |
73.78 |
|
|