v3.25.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 29, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of shares available for grant
The following table summarizes the shares available for issuance under the 2018 Equity Incentive Plan:
Shares Available for Issuance
Balance - December 31, 20247,489,593 
Authorized2,144,521 
Granted(1)
(206,663)
Shares withheld to cover taxes70,338 
Forfeited(2)
562,368 
Balance - March 29, 202510,060,157 
____________
(1) Includes 145,660 shares reserved for issuance pursuant to PSUs if 200% of the applicable performance target is achieved.
(2) Includes forfeiture of an additional 80,307 shares reserved for issuance for a potential 200% achievement of the Tranche I award. See Performance Stock Units below.
The following valuation assumptions were used in the Monte Carlo valuation model for the PSUs granted on March 1, 2024:
AssumptionAs of March 1, 2024
Expected term (years)2.8
Expected volatility78.7%
Average correlation21.4%
Risk-free interest rate4.36%
Dividend yield0%
Measurement date stock price$9.77
Schedule of fair value assumptions
Following are the assumptions used in the Black-Scholes valuation model for options granted during the periods shown below:
Three Months Ended
March 29, 2025March 30, 2024
Risk-free interest rateN/A4.3%
Average expected term (years)N/A7.0
Expected volatilityN/A55.0%
Dividend yield——
Schedule of stock option activity
The following table summarizes the Company’s stock option activity during the three months ended March 29, 2025:
Number
of
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value (in thousands)(1)
Outstanding at December 31, 20244,392,460 $24.44 6.5$1,168 
Granted— $— —$— 
Exercised— $— —$— 
Canceled/Forfeited(180,513)$12.68 —$— 
Outstanding at March 29, 20254,211,947 $24.94 6.1$742 
Vested and exercisable at March 29, 20252,878,851 $30.30 5.0$742 
Vested and expected to vest at March 29, 20253,896,959 $26.17 5.9$742 
____________
(1) Aggregate intrinsic value is calculated as the difference between the value of common stock on the transaction date and the exercise price multiplied by the number of shares issuable under the stock option. Aggregate intrinsic value of shares outstanding at the beginning and end of the reporting period is calculated as the difference between the value of common stock on the beginning and end dates, respectively, and the exercise price multiplied by the number of shares outstanding.
Schedule of RSU activity
The following table summarizes the Company’s RSU activity during the three months ended March 29, 2025:
Number of UnitsWeighted Average
Grant Date Fair Value Per Unit
Unvested at December 31, 20242,241,231 $11.89 
Granted206,663 $3.08 
Vested(1)
(423,665)$12.13 
Canceled/Forfeited(218,551)$12.01 
Unvested at March 29, 20251,805,678 $10.81 
____________
(1) Includes 70,338 shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future issuance pursuant to the 2018 Equity Incentive Plan.
Schedule of Share-Based Payment Arrangement, Performance Shares, Outstanding Activity
Number of UnitsGrant Date Fair Value Per UnitPerformance Period
Tranche I80,307 $13.49 January 1, 2024 - December 31, 2024
Tranche II74,714 $14.50 January 1, 2024 - December 31, 2025
Tranche III70,946 $15.27 January 1, 2024 - December 31, 2026
The shares subject to the Tranche I Performance Period (the “Tranche I Target PSUs”) were to vest on the last day of the Tranche I Performance Period in an amount equal to the applicable percentage set forth below for the Relative TSR Performance for the Tranche I Performance Period, so long as the applicable executive remained a service provider through such date:
Relative TSR Performance(1)
Percentage Applicable to the
Relative TSR Performance
Less than 30th percentile
0%
30th percentile
50%
50th percentile
100%
80th percentile and above
200%
____________
(1)Straight-line interpolation shall determine the Percentage Applicable to the Relative TSR Performance when Relative TSR Performance is between the 30th and 50th percentiles or between the 50th and 80th percentiles.
Share-Based Payment Arrangement, Performance Shares, Activity
The following table summarizes the Company’s PSU activity during the three months ended March 29, 2025 :
Number of UnitsWeighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2024225,967 $14.38 
Granted— $— 
Vested— $— 
Canceled/Forfeited(80,307)$13.49 
Unvested at March 29, 2025145,660 $14.88