Share-Based Compensation (Tables)
|
12 Months Ended |
Jun. 28, 2026 |
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of stock options outstanding |
A summary of the 2017 Plan stock options outstanding at June 28, 2026 and June 29, 2025, and changes during the years then ended is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price Per Share | | Weighted Average Remaining Contractual Term | | Aggregate Intrinsic Value | | Outstanding at June 30, 2024 | 19,965,344 | | | $ | 7.22 | | | 7.51 | | | | Exercised - stock | (4,082,100) | | | 7.92 | | | | | $ | 11,809 | | | Outstanding at June 29, 2025 | 15,883,244 | | | $ | 7.05 | | | 6.51 | | | | Exercised - stock | (16,317) | | | 3.22 | | | | | $ | 91 | | | Forfeited and canceled | (3,428) | | | 3.13 | | | | | | | Outstanding at June 28, 2026 | 15,863,499 | | | $ | 7.05 | | | 5.52 | | $ | 13,316 | | | Vested as of June 28, 2026 | 15,863,499 | | | $ | 7.05 | | | 5.52 | | $ | 13,316 | | | Exercisable as of June 28, 2026 | 15,863,499 | | | $ | 7.05 | | | 5.52 | | $ | 13,316 | |
A summary of stock options outstanding under the 2021 Plan at June 28, 2026 and June 29, 2025, and changes during the period then ended is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price Per Share | | Weighted Average Remaining Contractual Term | | Aggregate Intrinsic Value | | Outstanding at June 30, 2024 | 9,153,103 | | | $ | 13.91 | | | 7.83 | | | | Granted | 509,622 | | | 10.38 | | | | | | | Settled - cash | (773,753) | | | 10.51 | | | | | | | Forfeited and cancelled | (53,300) | | | 15.59 | | | | | | | Outstanding at June 29, 2025 | 8,835,672 | | | $ | 13.99 | | | 6.94 | | | | Granted | 482,996 | | | 8.92 | | | | | | | Forfeited and cancelled | (471,916) | | | 13.84 | | | | | | | Outstanding at June 28, 2026 | 8,846,752 | | | $ | 13.72 | | | 6.03 | | $ | — | | | Vested as of June 28, 2026 | 5,368,633 | | | $ | 12.66 | | | 5.92 | | $ | — | | | Exercisable as of June 28, 2026 | 5,368,633 | | | $ | 12.66 | | | 5.92 | | $ | — | |
|
| Schedule of fair value of options at the date of grant was estimated using the Black-Scholes |
The following table presents the significant assumptions used in the Black-Scholes model with the following range of weighted average assumptions for options granted in the fiscal years ended June 28, 2026 and June 29, 2025: | | | | | | | | | | | | | June 28, 2026 | | June 29, 2025 | | Expected term in years | 10.00 | | 10.00 | | Interest rate | 4.12 | % | | 4.31 | % | | Volatility | 45.0 | % | | 50.0 | % | | Dividend yield | 2.65 | % | | 2.12 | % |
|
| Schedule of RSU activity |
The following table presents a summary of RSUs subject to time-based service conditions and changes during the period then ended as of June 28, 2026 and June 29, 2025: | | | | | | | | | | | | | Number of Units | | Weighted Average Grant Date Fair Value Per Share | | Outstanding at June 30, 2024 | 676,064 | | | $ | 11.44 | | | Granted | 471,474 | | | 10.66 | | | Vested | (393,393) | | | 10.95 | | | Forfeited | (56,781) | | | 11.57 | | | Outstanding at June 29, 2025 | 697,364 | | | $ | 11.18 | | | Granted | 555,609 | | | 8.87 | | | Vested | (360,201) | | | 11.47 | | | Forfeited | (163,148) | | | 10.26 | | | Outstanding at June 28, 2026 | 729,624 | | | $ | 9.48 | |
The following table presents a summary of the earnout RSUs subject to market conditions and changes during the period then ended as of June 28, 2026 and June 29, 2025: | | | | | | | | | | | | | Number of Units | | Weighted Average Grant Date Fair Value Per Share | | Outstanding at June 30, 2024 | 43,465 | | | $ | 7.86 | | | Forfeited | (3,545) | | | 7.86 | | | Outstanding at June 29, 2025 | 39,920 | | | $ | 7.86 | | | Forfeited | (7,743) | | | 7.86 | | | Outstanding at June 28, 2026 | 32,177 | | | $ | 7.86 | |
The following table presents a summary those RSUs subject to market and service conditions, and changes during the period then ended as of June 28, 2026 and June 29, 2025: | | | | | | | | | | | | | Number of Units | | Weighted Average Grant Date Fair Value Per Share | | Outstanding at June 30, 2024 | 243,379 | | | $ | 7.48 | | | Granted | 509,861 | | | 15.07 | | | Vested | (183,075) | | | 6.64 | | | Forfeited | (19,300) | | | 11.85 | | | Outstanding at June 29, 2025 | 550,865 | | | $ | 14.63 | | | Granted | 624,555 | | | 12.93 | | | Vested | (2,250) | | | 8.50 | | | Cancelled - market condition not achieved | (301,544) | | | 14.18 | | | Outstanding at June 28, 2026 | 871,626 | | | $ | 13.58 | |
|
| Schedule of total compensation cost by plan |
As of June 28, 2026, the total share-based compensation cost not yet recognized is as follows:
| | | | | | | | | | | | | | | | | | | Award Plan | | Unrecognized Compensation Cost | | Weighted Average Remaining Period of Recognition | | Stock options | 2021 Plan | | $ | 6,725 | | | 1.82 | | Service based RSUs | 2021 Plan | | 4,405 | | | 1.64 | | Market and service based RSUs | 2021 Plan | | 8,634 | | | 2.19 | | Earnout RSUs | 2021 Plan | | 24 | | | 0.46 | | ESPP | ESPP | | 213 | | | 0.50 | | Total unrecognized share-based compensation cost | | | $ | 20,001 | | | 1.95 |
Share-based compensation recognized in the consolidated statements of operations is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | Award Plan | | June 28, 2026 | | June 29, 2025 | | June 30, 2024 | | Stock options | 2021 Plan | | $ | 5,688 | | | $ | 9,486 | | | $ | 8,702 | | | Service based RSUs | 2021 Plan | | 4,151 | | | 4,478 | | | 4,062 | | | Market and service based RSUs | 2021 Plan | | 2,500 | | | 1,967 | | | 482 | | | Earnout RSUs | 2021 Plan | | 7 | | | 48 | | | 40 | | Other stock-based awards & settlements (1) | 2021 Plan | | — | | | 5,249 | | | — | | | ESPP | ESPP | | 281 | | | 404 | | | 489 | | | Total share-based compensation expense | | | $ | 12,627 | | | $ | 21,632 | | | $ | 13,775 | |
(1) Consists of the impact of the $21,053 cash settlement of 1,747,434 shares of Class A common stock and 773,753 stock options as part of an employment separation agreement with a long-time executive and Director of the Company during fiscal 2025, which resulted in an equity charge of $16,244 within Additional paid-in capital and share-based compensation expense within Selling, general, and administrative expenses of $4,809. The settled Class A common stock and stock options were then cancelled.
|