Unit-based Compensation and Warrant Units (Tables)

9 Months Ended

Jun. 25, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Units Outstanding and Vested

The following is a summary of Class C Units outstanding and vested immediately prior to the consummation of the Business Combination:

	Class C Units
Balance at September 25, 2021	428,571
Granted	18,107
Redeemed	—
Forfeited	(18,107)
Balance at June 7, 2022	428,571
Vested at June 7, 2022	375,930

The following is a summary of Value Appreciation Units (“VAP Units”) outstanding and vested:

	VAP Units
Balance at September 25, 2021	4,039,620
Granted	—
Exercised	(255,845)
Forfeited	(92,664)
Balance at June 25, 2022	3,691,111
Vested at June 25, 2022	3,629,643
Vested and exercisable at June 25, 2022	2,419,762

Summary of Class C Units, Valuation Assumptions

The fair value of each Class C Unit granted during for the period March 26, 2022 through June 7, 2022 and year ended September 25, 2021 was estimated on the date of the award using a combination of the market approach and income approach, which utilizes a Black-Scholes option pricing model with the following assumptions:

	June 7, 2022		September 25, 2021
Dividend yield	—	%	—	%
Volatility (a)	45.00	%	40.00	%
Risk-free interest rate (b)	2.30	%	0.29	%
Expected term (years) (c)	2.00		2.00

(a)The expected volatility is estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term that is consistent with the expected term of the Class C Units.

(b)The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected term of the Class C Units.

(c)The expected term is based on estimated liquidity event timing, which is based on a combination of scenarios with one being based on the probability of an initial public offering and the other based on the expected timing of a potential exit event under a remain private scenario.

Summary of Warrants, Valuation Assumptions

The assumptions made for purposes of estimating fair value under the Black-Scholes pricing model for the Warrants were as follows:

	Selected Assumption
Dividend yield	0%
Volatility (a)	43.00%
Risk-free interest rate (b)	1.65%
Expected term (years) (c)	10.00

(a)The expected volatility is estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term that is consistent with the expected term of the Warrants.

(b)The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected term of the Warrants.

(c)The expected term is based on the contractual term of the Warrants.

The assumptions made for purposes of estimating fair value under the Black-Scholes pricing model for the June 2022 Warrant were as follows:

	Selected Assumption
Dividend yield	0%
Volatility (a)	40.0%
Risk-free interest rate (b)	2.80%
Expected term (years) (c)	5.00

(a)The expected volatility is estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term that is consistent with the expected term of the June 2022 Warrant.

(b)The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected term of the June 2022 Warrant.

(c)The expected term is based on the contractual term of the June 2022 Warrant.