STOCK - BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity for the fiscal years ended December 31, 2023 and December 25, 2022, including options assumed pursuant to the Spyce Plan, as described above: | | | | | | | | | | | | | | | | | | | | | | | | | | (dollar amounts in thousands except share and per share amounts) | Number of
Shares | | | | Weighted- Average Exercise Price Per Share | | Weighted-Average
Remaining
Contractual Term
(In Years) | | Aggregate Intrinsic Value | Balance—December 26, 2021 | 13,773,414 | | | | | $ | 6.87 | | | 7.42 | | $ | 337,269 | | Options granted | 1,482,632 | | | | | 16.63 | | | | | | Options exercised | (957,617) | | | | | 4.97 | | | | | | Options forfeited | (437,993) | | | | | 12.83 | | | | | | Options expired | (46,514) | | | | | 8.20 | | | | | | Balance—December 25, 2022 | 13,813,922 | | | | | $ | 7.86 | | | 6.63 | | $ | 34,454 | | | | | | | | | | | | Options granted | 1,588,094 | | | | | 8.66 | | | | | | Options exercised | (929,963) | | | | | 5.79 | | | | | | Options forfeited | (1,081,299) | | | | | 11.25 | | | | | | Options expired | (171,366) | | | | | 11.71 | | | | | | Balance—December 31, 2023 | 13,219,388 | | | | | 7.77 | | | 5.97 | | $ | 53,758 | | Exercisable—December 31, 2023 | 10,308,519 | | | | | 6.81 | | | 5.26 | | $ | 49,544 | | Vested and expected to vest—December 31, 2023 | 13,219,388 | | | | | 7.77 | | | 5.97 | | $ | 53,758 | |
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| Schedule of Fair Value Assumptions |
The fair value of each option granted has been estimated as of the date of the grant using the Black-Scholes option-pricing model with the assumptions during the fiscal years ended December 31, 2023, December 25, 2022 and December 26, 2021 included in the table below. The Company has elected to account for forfeitures as they occur. | | | | | | | | | | | | | Input | Fiscal Year Ended December 31, 2023 | Fiscal Year Ended December 25, 2022 | Fiscal Year Ended December 26, 2021 | Risk-free interest rate | 3.50%-4.90% | 1.59%-3.95% | 0.46%-1.08% | Expected term | 5.81-6.22 years | 5.08-6.60 years | 5.00-6.08 years | Expected Volatility | 45.11% | 44.25 | % | 41.00 | % | Dividend yield | 0% | 0 | % | 0 | % |
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| Summary of RSU Activity |
The following table summarizes the Company’s RSU activity for fiscal years ended December 31, 2023 and December 25, 2022:
| | | | | | | | | | | | | (dollar amounts in thousands except per share amounts) | Number of
Shares | | Weighted- Average Grant Date Fair Value | Balance—December. 27, 2020 | — | | | $ | — | | | Granted | 2,418,793 | | | 24.20 | | Released | (15,000) | | | 23.00 | | Forfeited, cancelled, or expired | (11,367) | | | 29.51 | | | Balance—December. 26, 2021 | 2,392,426 | | | $ | 24.18 | | | Granted | 724,077 | | | 19.45 | | Released | (838,106) | | | 23.29 | | Forfeited, cancelled, or expired | (497,716) | | | 25.12 | | | Balance—December. 25, 2022 | 1,780,681 | | | 23.40 | | | Granted | 428,428 | | | 9.07 | | Released | (587,078) | | | 22.08 | | Forfeited, cancelled, or expired | (670,514) | | | 21.19 | | | Balance—December. 31, 2023 | 951,517 | | | $ | 17.41 | |
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| Schedule of Exercise Price Range |
The founder PSUs are comprised of seven tranches that are eligible to vest based on the achievement of stock price goals, ranging from $30.0 - $75.0 per share, measured over a consecutive 90-calendar day trailing trading period during the performance period as set forth below. | | | | | | | | | | Company Stock Price Target | Number of PSUs Eligible to Vest | | 1 | $ | 30.00 | | 900,000 | | | 2 | $ | 37.50 | | 900,000 | | | 3 | $ | 45.00 | | 900,000 | | | 4 | $ | 52.50 | | 900,000 | | | 5 | $ | 60.00 | | 900,000 | | | 6 | $ | 67.50 | | 900,000 | | | 7 | $ | 75.00 | | 900,000 | |
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| Summary of Stock-based Compensation Expense |
A summary of stock-based compensation expense recognized fiscal years ended December 31, 2023, December 25, 2022 and December 26, 2021 is as follows:
| | | | | | | | | | | | | (dollar amounts in thousands) | Fiscal Year Ended December 31, 2023 | Fiscal Year Ended December 25, 2022 | Fiscal Year Ended December 26, 2021 | Stock-options | $8,878 | $10,505 | $15,414 | Restricted stock units | 8,557 | 32,037 | 7,219 | Performance stock units | 32,097 | 36,194 | 6,264 | Total stock-based compensation | $49,532 | $78,736 | $28,897 |
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