Share Incentive Plan

12 Months Ended

Apr. 27, 2024

Share-Based Payment Arrangement [Abstract]

2015 Stock Plan

The Company adopted the 2015 Stock Plan (the “2015 Plan”) in February 2015. The 2015 Plan was an equity incentive program under which employees of the Company or its subsidiary corporations (including officers), non-employee members of the Company’s board of directors, and consultants to the Company or its subsidiary corporations were offered an opportunity to acquire the Company’s ordinary shares. The 2015 Plan provided both for the direct award or sale of ordinary shares (RSAs) and for the grant of options to purchase ordinary shares. Options granted under the 2015 Plan were Incentive Stock Options (ISOs) intended to qualify under Title 26 U.S. Code Section 422 or Non-qualified Stock Options (NSOs) which were not intended to so qualify. Only employees, outside directors and consultants of either the Company or a subsidiary of the Company, were eligible for the grant of NSO or the direct award or sale of ordinary shares. Only employees of either the Company or of a subsidiary of the Company, were eligible for the grant of ISOs.

As of January 27, 2022, the 2015 Plan has ceased to be available for grants of new awards. Prior to the aforementioned cessation of the 2015 Plan for new grants and as of April 30, 2022, 26,000 thousand ordinary shares were authorized for issuance under the 2015 Plan. Options under the 2015 Plan may be granted for periods of up to ten years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the Company’s Board of Directors. Both RSAs and options granted generally vest over four years and vest at a rate of 25% upon the first anniversary of the issuance date and 1/48th per month thereafter.

A summary of information related to share option activity, excluding options early exercised, is as follows:


	Outstanding Share Options (in thousands)	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balances as of April 30, 2021	14,120	$1.57	7.87	$	62.6
Options granted	702
Options exercised and vested	(2,924)
Options canceled/ forfeited	(537)
Balances as of April 30, 2022	11,361	$1.94	7.12	$	103.4
Options exercised and vested	(2,246)	$1.48
Options canceled/ forfeited	(245)	$3.34
Balances as of April 29, 2023	8,870	$2.02	6.22	$	0.1
Options exercised and vested	(2,291)	$1.98
Options canceled/ forfeited	(158)	$4.64
Balances as of April 27, 2024	6,421	$1.97	5.30	$	106.5
Vested or expected to vest as of April 27, 2024	6,421	$1.97	5.30	$	106.5
Exercisable as of April 27, 2024	6,404	$1.97	5.30	$	106.2

During the years ended April 27, 2024, April 29, 2023 and April 30, 2022, the total intrinsic value of options exercised, including options early exercised, was $36.2 million, $22.2 million and $28.4 million, respectively. The weighted-average grant date fair value of options vested was $1.52, $1.41 and $1.36 per share for the years ended April 27, 2024, April 29, 2023 and April 30, 2022, respectively.

The total grant date fair value of share options that vested was $13.3 million, $15.6 million and $4.5 million as of April 27, 2024, April 29, 2023 and April 30, 2022, respectively. As of April 27, 2024, the total unrecognized compensation cost was $2.0 million related to share options, which are expected to be recognized over a weighted-average period of 0.72 years.

The Company estimated the fair value of share options using the Black-Scholes option-pricing model. The fair value of employee share options is amortized on a straight-line basis over the requisite service period of the awards. The fair values of the employee share options granted in the years presented were estimated using the following weighted-average assumptions:


			Year Ended
			April 30, 2022
Expected volatility			41.29% - 42.31%
Weighted-average expected term (in years)			5.96
Risk-free interest rate			0.69% - 1.23%
Dividend yield			—%
Weighted-average grant date fair value per share			$6.26

2021 Long-Term Incentive Plan

In December 2021, the Company adopted the 2021 long-term incentive plan (the “2021 Plan”). Upon the adoption, the 2021 Plan had 19,907 thousand ordinary shares reserved for issuance. Awards granted under the 2021 Plan may include, but are not limited to, options and restricted share units (RSU). Options granted under the 2021 Plan generally have a term of 10 years and generally must be issued at prices equal to the fair market value of the share on the date of grant. RSU awards are denominated in ordinary

shares, but may be settled in cash or shares upon vesting, as determined by the Company at the time of grant. None of the awards granted under the 2021 Plan as of April 27, 2024 allowed cash settlement. Awards under the 2021 Plan generally vest over 4 years.

A summary of RSU activity is as follows:


	Number of shares (in thousands)	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balances as of 4/30/2022	4,134	$	10.26	1.65	$	45.6
Granted	5,474	$	12.34
Vested	(1,396)	$	10.17
Canceled/ forfeited	(414)	$	10.80
Balances as of 4/29/2023	7,798	$	11.66	1.65	$	63.2
Granted	5,393	$	20.08
Vested	(2,642)	$	11.98
Canceled/ forfeited	(411)	$	11.49
Balances as of 4/27/2024	10,139	$	16.11	1.52	$	188.2
Expected to vest as of April 27, 2024	10,139	$	16.11	1.52	$	188.2

As of April 27, 2024, 22,309 thousand shares remained available for future issuance under the 2021 Plan.

As of April 27, 2024, unamortized compensation expense related to RSUs was $151.9 million. The unamortized compensation expense for RSUs will be amortized on a straight-line basis and is expected to be recognized over a weighted-average period of 2.93 years.

Employee Stock Purchase Plan

In January 2022, the Company adopted the Employee Stock Purchase Plan (ESPP). Under the ESPP, a total of 3,801 thousand shares have been authorized for the grant of shares and participants can purchase the Company’s ordinary shares using payroll deductions, which may not exceed 15% of their total cash compensation. Pursuant to the terms of the ESPP, the “look-back” period for the share purchase price is 24 months. Offering and purchase periods begin on January 1 and July 1 of each year. Participants will be granted the right to purchase ordinary shares at a price per share that is 85% of the lesser of the fair market value of the shares at (i) the participant’s entry date into the two-year offering period or (ii) the end of each six-month purchase period within the offering period.

During the years ended April 27, 2024 and April 29, 2023, 281 thousand and 247 thousand shares were issued under the ESPP, respectively. No shares were issued during the year ended April 30, 2022. As of April 27, 2024, 6,207 thousand shares remained available for future issuance under the ESPP.

The following weighted-average assumptions to calculate the fair value of ordinary shares to be issued under the ESPP on the date of grant using the Black-Scholes option pricing model in the periods presented:


	Year Ended
	April 27, 2024	April 29, 2023	April 30, 2022
Estimated fair value	6.04	4.27	4.56
Expected volatility	56.13%	34.00%	33.00%
Expected term (in years)	1.33	0.93	1.17
Risk-free interest rate	3.40%	1.54%	1.41%
Expected dividend yield	—%	—%	—%

Summary of Share-based Compensation Expense

The following table summarizes share-based compensation cost included in the consolidated statements of operations (in thousands).


	Year Ended
	April 27, 2024		April 29, 2023		April 30, 2022
Cost of revenue	$	1,131	$	634	$	220
Research and development	21,359		13,326		5,021
Selling, general and administrative	16,532		9,556		3,947
	$	39,022	$	23,516	$	9,188