v3.25.2
Stockholder's Equity
 6 Months Ended
Jun. 29, 2025
Equity [Abstract]  
Stockholder's Equity Stockholders' Equity
Stock Repurchase Program
In March 2022, the Company's Board of Directors (the "Board") authorized a program providing for the repurchase of $500,000,000 of the Company's common stock (the "Program"). Under the Program, in addition to repurchases made in other periods, the Company repurchased 473,000 shares at a total cost of $19,879,000 during the six-month period ended June 30, 2024 and 3,047,000 shares at a total cost of $102,233,000 during the six-month period ended June 29, 2025, leaving a remaining balance of $164,020,000 as of June 29, 2025. The Company may repurchase shares under the Program in future periods depending on a variety of factors, including, among other things, the impact of dilution from employee stock awards, stock price, share availability, and cash requirements. The Company is authorized to make repurchases of its common stock through open market purchases, pursuant to Rule 10b5-1 trading plans, or in privately negotiated transactions.
Stock-Based Compensation Expense
The Company’s stock-based awards that result in compensation expense consist of stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs").
The following table summarizes the number of stock-based awards granted by the Company and the weighted-average grant-date fair value per unit for the three-month and six-month periods ended June 29, 2025 and June 30, 2024:
Three-months EndedSix-months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in
 thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value
Stock options279 $10.75 97 $18.46 1,639 $12.05 1,620 $14.89 
Restricted stock units11 $28.51 32 $43.97 1,259 $32.31 797 $39.03 
Performance restricted stock units— $— — $— 184 $32.14 55 $39.05 
290 129 3,082 2,472 
During the first quarter of 2025, the Company granted PRSUs that vest upon the achievement of (1) a service condition of three years of continuous employment and (2) a performance condition established by the Compensation Committee of the Board as of the grant date. The number of shares earned could range between 0% and 120% based on achievement of the performance condition, which includes certain financial targets over the three-year measurement period. The fair value of these PRSUs is calculated based on the observable market price of the Company's stock on the grant date less the present value of expected future dividends. Compensation expense for these PRSUs is recognized based on the probable outcome of the performance condition with a cumulative catch-up adjustment for prior periods in the period that the probable outcome changes. During the three-month and six-month periods ended June 29, 2025, the Company recorded $344,000 and $496,000 in compensation expense based on the probable three-year financial target outcome for the PRSUs granted during the first quarter of 2025.
The Company stratifies its employee population into two groups: one consisting of senior management and another consisting of all other employees. The Company currently applies an estimated annual forfeiture rate of 11% to all stock-based awards for senior management and a rate of 13% for all other employees. Each year during the first quarter, the Company revises its forfeiture rate based on updated estimates of employee turnover. Credits of $4,789,000 and $1,832,000 were recorded in 2025 and 2024, respectively, to true up previously recorded compensation expense for this forfeiture rate revision.
As of June 29, 2025, total unrecognized compensation expense, net of estimated forfeitures, related to non-vested equity awards, including stock options, RSUs, and PRSUs, was $69,681,000, which is expected to be recognized over a weighted-average period of 1.9 years.
The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
 Three-months EndedSix-months Ended
 June 29, 2025June 30, 2024June 29, 2025June 30, 2024
Cost of revenue$537 $413 $1,205 $1,018 
Research, development, and engineering3,443 3,540 8,139 7,929 
Selling, general, and administrative8,314 9,011 12,889 17,319 
Total stock-based compensation expense$12,294 $12,964 $22,233 $26,266 
No compensation expense was capitalized as of June 29, 2025 or December 31, 2024.