Common Stock Share-Based Compensation

3 Months Ended

Sep. 26, 2026

Share-Based Payment Arrangement [Abstract]

Stock Repurchase Program

We have a Board-approved stock repurchase program authorizing repurchases of up to $150.0 million of our common stock and $57.3 million remains available as of September 2026. This program does not have an expiration date; however, we will periodically review the authorization to assess its continued appropriateness in light of our capital allocation priorities and market conditions. The number of shares repurchased and the timing of repurchases depend on the level of our cash balances, general business and market conditions and other factors, including alternative investment opportunities. All repurchased shares are held as treasury stock.

We did not repurchase any of our common stock during the three months ended September 2026. Following our June 25, 2026 announcement of the Merger, we suspended our share repurchase activity in accordance with the terms of the definitive agreement for the Merger; however, we may resume share repurchases in the future in accordance with the terms of the A&R Merger Agreement.

Share-Based Compensation

Share-based compensation recognized in our condensed consolidated statements of operations was as follows:


	Three Months Ended
	September
	2026		2025
Cost of revenue	$	0.2	$	0.4
Research and development	21.9		20.8
Selling, general, and administrative	14.9		15.5
Total	$	37.0	$	36.7

Share-Based Compensation Plan Activity

Restricted Stock Units (RSUs)

RSUs granted generally vest ratably over two to three years from the vesting commencement date. RSU activity was as follows:


	RSU Awards Outstanding	Weighted-Average Grant Date Fair Value per Share
Balance as of June 2026	2.8	$	67.6
Granted	1.0	$	110.5
Vested	(0.8)	$	65.9
Forfeited	(0.2)	$	67.1
Balance as of September 2026	2.8	$	83.3

The unrecognized share-based compensation cost of our outstanding RSUs was approximately $216.5 million as of September 2026, which will be recognized over a weighted average period of approximately 2.02 years.

Market Stock Units (MSUs)

MSU activity was as follows:


	MSU Awards Outstanding	Weighted-Average Grant Date Fair Value per Share
Balance as of June 2026	0.2	$	122.0
Granted	—	$	181.1
Delivered	—	$	208.3
Forfeited	—	$	—
Balance as of September 2026	0.2	$	128.7

The unrecognized share-based compensation cost of our outstanding MSUs was approximately $21.1 million as of September 2026, which will be recognized over a weighted average period of approximately 1.99 years.

Performance Stock Units (PSUs)

PSU activity was as follows:


	PSU Awards Outstanding	Weighted-Average Grant Date Fair Value per Share
Balance as of June 2026	0.2	$	70.3
Granted	0.1	$	97.7
Delivered	(0.1)	$	69.1
Forfeited	—	$	86.9
Balance as of September 2026	0.2	$	86.0

The unrecognized share-based compensation cost of our outstanding PSUs was approximately $13.3 million as of September 2026, which will be recognized over a weighted average period of approximately 1.18 years.

Employee Stock Purchase Plan

There were no employee stock purchase plan purchases during the three months ended September 2026