Common Stock, Preferred Stock and Stockholders' Equity |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock, Preferred Stock and Stockholders' Equity | Common Stock, Preferred Stock and Stockholders’ Equity The Company is authorized to issue three classes of stock to be designated, respectively, Class A common stock, Class B common stock (together with Class A common stock, the “Common Stock”) and Series A preferred stock (the “Preferred Stock”). The total number of shares of capital stock which the Company shall have authority to issue is 2,400,000,000, divided into the following: Class A common stock: •Authorized: 2,000,000,000 shares, with a par value of $0.0001 per share as of March 29, 2026 and June 29, 2025. •Issued and Outstanding: 78,187,046 shares (inclusive of 1,574,946 shares contingent on certain stock price thresholds but excluding 44,780,469 shares held in treasury) as of March 29, 2026 and 81,684,310 shares (inclusive of 1,581,366 shares contingent on certain stock price thresholds but excluding 40,868,233 shares held in treasury) as of June 29, 2025. Class B common stock: •Authorized: 200,000,000 shares, with a par value of $0.0001 per share as of March 29, 2026 and June 29, 2025. •Issued and Outstanding: 58,519,437 shares as of March 29, 2026 and June 29, 2025. Preferred Stock: •Authorized: 200,000,000 shares, with a par value of $0.0001 per share as of March 29, 2026 and June 29, 2025. •Issued and Outstanding: 117,087 shares as of March 29, 2026 and June 29, 2025. Series A Preferred Stock Dividends accumulate on a cumulative basis on a 360-day year commencing from the issue date. The dividend rate is fixed at 5.5% per annum on a liquidation preference of $1,000 per share. Payment dates are June 30 and December 31 of each year with a record date of June 15 for the June 30 payment date and December 15 for the December 31 payment date. Declared dividends will be paid in cash if the Company declares the dividend to be paid in cash. If the Company does not pay all or any portion of the dividends that have accumulated as of any payment date, then the dollar amount of the dividends not paid in cash will be added to the liquidation preference and deemed to be declared and paid in-kind. For the nine months ended March 29, 2026, accumulated dividends in the amount of $7,099 were added to the liquidation preference and deemed to be declared and paid in-kind. For the nine months ended March 29, 2026, dividends in the amount of $5,445 were accumulated on the Preferred Stock. Stock Dividend Common stock dividends paid during the nine months ended March 29, 2026 is as follows:
(1)Amounts include dividends paid to holders of Series A preferred stock on an as-converted basis. The amounts do not reflect amounts paid for accrued dividends on previously unvested share-based awards or amounts accrued for currently unvested share-based awards. On May 5, 2026, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per share of common stock, which will be paid on June 5, 2026, to stockholders of record on May 22, 2026. Share Repurchase Program On February 7, 2022, the Company announced that its Board of Directors authorized a share repurchase program providing for repurchases of up to $200,000 of the Company’s outstanding Class A common stock through February 3, 2024. On each of May 15, 2023, September 6, 2023 and February 2, 2024, the Board of Directors authorized a replenishment of then-remaining balance of the share repurchase program to $200,000, which in aggregate increased the total amount that has been authorized under the share repurchase program to approximately $551,518. On February 2, 2024, the Board of Directors extended the share repurchase program indefinitely. Treasury stock purchases are stated at cost and presented as a reduction of equity on the condensed consolidated balance sheets. Repurchases of shares are made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases are based on a variety of factors, including stock price, regulatory limitations, debt agreement limitations, and other market and economic factors. The share repurchase program does not require the Company to repurchase any specific number of shares, and the Company may terminate the repurchase program at any time. For the nine months ended March 29, 2026, 3,912,236 shares of Class A common stock were repurchased for a total of $32,116, for an average purchase price per share of $8.21. As of March 29, 2026, the Company had $60,106 remaining under its current share repurchase authorization.
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