Stock-Based Compensation (Tables)
|
12 Months Ended |
Mar. 29, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Restricted Stock Units Activity |
The following table summarizes RSU activity for the fiscal year ended March 29, 2024:
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Number of
Shares |
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|
Weighted-Average Grant-Date Fair Value |
|
|
Weighted-Average Remaining Contractual Life
(In years) |
|
|
Aggregate
Intrinsic
Value |
|
Outstanding - March 31, 2023 |
|
|
2,251,224 |
|
|
$ |
23.85 |
|
|
|
1.27 |
|
|
$ |
108,036 |
|
Granted |
|
|
1,112,545 |
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|
|
36.14 |
|
|
|
|
|
|
|
Issued |
|
|
(979,332 |
) |
|
|
23.57 |
|
|
|
|
|
|
|
Forfeited |
|
|
(168,816 |
) |
|
|
28.52 |
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|
|
|
|
|
|
Outstanding - March 29, 2024 |
|
|
2,215,621 |
|
|
$ |
29.82 |
|
|
1.03 |
|
|
$ |
59,733 |
|
|
| Schedule of Performance Units Fair Value Assumptions |
The weighted-average fair value of the PSUs granted during the year was determined using the Monte Carlo simulation model incorporating the following weighted-average assumptions:
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|
Fiscal Year Ended |
|
|
March 29,
2024 |
|
March 31,
2023 |
Performance term |
|
2.87 years |
|
2.81 years |
Volatility |
|
47.70% |
|
51.30% |
Risk-free rate of return |
|
3.68% |
|
2.76% |
Dividend yield |
|
—% |
|
—% |
Weighted-average fair value per share |
|
$43.83 |
|
$30.69 |
|
| Summary of Performance Stock Units Activity |
The following table summarizes PSU activity for the fiscal year ended March 29, 2024:
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|
Number of
Shares |
|
|
Weighted-Average Grant-Date Fair Value |
|
|
Weighted-Average Remaining Contractual Life
(In years) |
|
|
Aggregate
Intrinsic
Value |
|
Outstanding - March 31, 2023 |
|
|
2,748,347 |
|
|
$ |
23.47 |
|
|
|
2.63 |
|
|
$ |
131,893 |
|
Granted |
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|
333,857 |
|
|
|
39.04 |
|
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|
|
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|
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Excess shares issued due to achievement of performance conditions |
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|
500,451 |
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|
17.65 |
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|
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|
Issued |
|
|
(1,062,884 |
) |
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|
21.43 |
|
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|
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|
Forfeited |
|
|
(90,378 |
) |
|
|
23.87 |
|
|
|
|
|
|
|
Outstanding - March 29, 2024 |
|
|
2,429,393 |
|
|
$ |
25.64 |
|
|
2.32 |
|
|
$ |
65,496 |
|
|
| Schedule of Stock-Based Compensation Expense |
The Company recorded stock-based compensation expense on its consolidated statements of operations as follows:
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Fiscal Year Ended |
|
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|
March 29,
2024 |
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|
March 31,
2023 |
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|
March 25,
2022 |
|
RSUs |
|
$ |
28,162 |
|
|
$ |
33,708 |
|
|
$ |
19,918 |
|
PSUs |
|
|
12,825 |
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|
|
26,890 |
|
|
|
11,997 |
|
ESPP |
|
|
1,438 |
|
|
|
921 |
|
|
|
1,099 |
|
Other |
|
|
32 |
|
|
|
279 |
|
|
|
534 |
|
Total |
|
$ |
42,457 |
|
|
$ |
61,798 |
|
|
$ |
33,548 |
|
|
|
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|
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|
Fiscal Year Ended |
|
|
|
March 29,
2024 |
|
|
March 31,
2023 |
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|
March 25,
2022 |
|
Cost of sales |
|
$ |
5,359 |
|
|
$ |
5,090 |
|
|
$ |
3,176 |
|
Research and development |
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|
13,894 |
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|
9,496 |
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|
|
3,933 |
|
Selling, general and administrative |
|
|
23,204 |
|
|
|
47,212 |
|
|
|
26,439 |
|
Total stock-based compensation |
|
$ |
42,457 |
|
|
$ |
61,798 |
|
|
$ |
33,548 |
|
|
| Schedule of ESPP Fair Value Assumptions |
The weighted-average fair value of the ESPP shares was determined using the Black-Scholes model incorporating the following weighted-average assumptions:
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|
Fiscal Year Ended |
|
|
|
March 29,
2024 |
|
|
March 31,
2023 |
|
|
March 25,
2022 |
|
Expected performance term |
|
0.50 years |
|
|
0.50 years |
|
|
0.50 years |
|
Volatility |
|
|
40.97 |
% |
|
|
44.99 |
% |
|
|
48.10 |
% |
Risk-free rate of return |
|
|
5.35 |
% |
|
|
3.58 |
% |
|
|
0.10 |
% |
Dividend yield |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Weighted-average fair value per share |
|
$ |
9.51 |
|
|
$ |
6.83 |
|
|
$ |
8.25 |
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|