v3.25.3
Stockholder's Equity
 9 Months Ended
Sep. 28, 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 555,000 shares at a total cost of $23,841,000 during the nine-month period ended September 29, 2024 and 3,594,000 shares at a total cost of $126,233,000 during the nine-month period ended September 28, 2025, leaving a remaining balance of $140,020,000 as of September 28, 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 nine-month periods ended September 28, 2025 and September 29, 2024:
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 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 options30 $17.03 21 $14.75 1,669 $12.14 1,641 $14.89 
Restricted stock units54 $43.51 41 $36.40 1,313 $32.77 838 $38.90 
Performance restricted stock units— $— — $— 184 $32.14 55 $39.05 
84 62 3,166 2,534 
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 nine-month periods ended September 28, 2025, the Company recorded $345,000 and $841,000 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 September 28, 2025, total unrecognized compensation expense, net of estimated forfeitures, related to non-vested equity awards, including stock options, RSUs, and PRSUs, was $59,613,000, which is expected to be recognized over a weighted-average period of 1.7 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 EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Cost of revenue$489 $442 $1,694 $1,460 
Research, development, and engineering3,794 3,707 11,933 11,636 
Selling, general, and administrative8,133 8,952 21,022 26,271 
Total stock-based compensation expense$12,416 $13,101 $34,649 $39,367 
No compensation expense was capitalized as of September 28, 2025 or December 31, 2024.