v3.25.2
Stock-based Compensation
 9 Months Ended
Jun. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation
9. Stock-based Compensation
2018 Equity Incentive Plan
In July 2018, the Board adopted the 2018 Equity Incentive Plan (the "2018 Plan").
Stock options
The summary of the Company’s stock option activity is as follows:
Number of Options Weighted-Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate Intrinsic Value
(In years)(In thousands)
Outstanding at September 28, 20247,082,389$14.24 2.8$210 
Exercised(195,479)$13.59  
Forfeited / expired(1,010,510)$14.24  
Outstanding at June 28, 20255,876,400$14.26 1.7$— 
As of June 28, 2025 and September 28, 2024, all outstanding stock options have vested and the Company had no unrecognized stock-based compensation expense related to stock options.
Restricted stock units ("RSU")
Pursuant to the 2018 Plan, the Company issues RSUs to employees and directors. The summary of the Company’s RSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 28, 202410,763,098$14.79 $130,772 
Granted7,252,030$12.41  
Released(4,603,993)$15.17  
Forfeited(3,322,526)$13.66  
Outstanding at June 28, 202510,088,609$13.28 $108,251 
As of June 28, 2025 and September 28, 2024, the Company had $94.7 million and $115.4 million of unrecognized stock-based compensation expense related to RSUs, which are expected to be recognized over weighted-average periods of 2.3 years and 2.4 years, respectively.
Performance stock units ("PSU")
Pursuant to the 2018 Plan, the Company has issued and may issue certain PSUs that vest on the satisfaction of service and performance conditions. The number of outstanding PSUs is based on the target number of share awards. The number of shares vested at the end of the performance period is based on achievement of performance conditions and includes a performance adjustment to reflect the extent to which the corresponding performance goals have been achieved. The summary of the Company’s PSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 28, 2024684,080$18.37 $8,312 
Granted339,837$11.53 
Released(7,194)$17.54 
Performance adjustment
(121,250)$21.80 
Forfeited(137,914)$17.40 
Outstanding at June 28, 2025757,559$14.93 $8,129 
As of June 28, 2025 and September 28, 2024, the Company had $4.3 million and $0.2 million of unrecognized stock-based compensation expense related to PSUs, which are expected to be recognized over weighted-average periods of 1.3 years and 1.5 years, respectively.
Stock-based compensation
Total stock-based compensation expense by functional category was as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Cost of revenue$1,633 $655 $4,588 $1,995 
Research and development7,944 9,735 29,816 29,133 
Sales and marketing3,568 4,510 13,227 13,297 
General and administrative7,639 7,030 21,733 20,536 
Total stock-based compensation expense$20,784 $21,930 $69,364 $64,961 
For the three and nine months ended June 28, 2025, the Company incurred non-recurring stock-based compensation expenses related to restructuring activities.