Share Incentive Plan

9 Months Ended

Jan. 27, 2024

Share-Based Payment Arrangement [Abstract]

Share Issuances Subject to Repurchase

The Company has issued ordinary shares to certain employees that are subject to vesting periods pursuant to the respective share purchase agreements (“Restricted Share Awards” or “RSAs”). In addition, the Company allows early exercise for unvested ordinary share options granted under its 2015 Stock Plan. In regard to the ordinary shares purchased, but not vested, the Company has the right to repurchase shares at the original issue price in the event of termination of services. As of January 27, 2024 and April 29, 2023, 35,297 shares and 98,631 shares, respectively, from share option early exercises remained subject to the Company’s repurchase rights. These shares are excluded from ordinary shares outstanding.

Restricted Stock Unit (“RSU”) Awards

A summary of information related to RSU activity during the nine months ended January 27, 2024 is as follows:


	RSUs Outstanding
	Number of Shares	Weighted-Average Grant Date Fair Value	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Balances as of April 29, 2023	7,798,349	$11.66
Granted	1,150,949	$14.30
Vested	(1,947,362)	$11.73
Canceled/ forfeited	(316,813)	$11.47
Balances and expected to vest as of January 27, 2024	6,685,123	$12.11	1.36	$	139,318

Share Option Awards

A summary of information related to share option activity during the nine months ended January 27, 2024 is as follows:


	Options Outstanding
	Outstanding Share Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Balance as of April 29, 2023	8,869,655	$2.02
Options exercised and vested	(1,689,216)	$2.00
Options canceled/ forfeited	(140,244)	$4.93
Balance and expected to vest as of January 27, 2024	7,040,195	$1.97	5.43	$	132,856
Exercisable as of January 27, 2024	7,004,898	$1.97	5.43	$	132,190

Employee Stock Purchase Plan (“ESPP”)

The Company issued 75,873 and 280,634 shares during the three and nine months ended January 27, 2024 respectively and 92,607 and 246,660 shares during the three and nine months ended January 28, 2023, under the ESPP, respectively.

Summary of Share-based Compensation Expense

The following table summarizes share-based compensation expense included in the unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended				Nine Months Ended
	January 27, 2024		January 28, 2023		January 27, 2024		January 28, 2023
Cost of revenue	$	458	$	98	$	897	$	551
Research and development	4,697		3,046		14,093		8,664
Selling, general and administrative	3,177		2,025		9,454		6,391
	$	8,332	$	5,169	$	24,444	$	15,606