Equity Agreements and Incentive Equity Plans (Tables)

9 Months Ended

Sep. 24, 2021

Share-based Payment Arrangement [Abstract]

Summary of Restricted Stock Awards

	Restricted Stock Awards
	B-1 Incentive Units			B-2 Incentive Units
	Number of Units (in 000’s)	Weighted- Average Grant-Date Fair Value		Number of Units (in 000’s)	Weighted- Average Grant-Date Fair Value
Outstanding at December 25, 2020	—	$	—	—	$	—
Granted	833	18.00		807	18.00
Vested	—	—		—	—
Forfeited	4	18.00		—	—
Outstanding at September 24, 2021	829	$	18.00	807	$	18.00

Fair Value of Leverage Replacement Options

	Fair value at September 24, 2021	Valuation Technique	Unobservable Input	Volatility
Contingent Value Rights	$5,200	Monte Carlo	Volatility	50 -55%

The fair values of the stock options were derived using the following key assumptions:

	Time-based Options		Market-based Options
Expected term	3.1-7.0 years		2.5 years
Risk-free rate of return	0.4 -1.0%		0.6	%
Expected dividend yield	—	%	—	%
Expected volatility	45	%	45	%

Summary of Incentive Unit Activity

The summary of the Company’s option activity as of September 24, 2021 is as follows:

	Time-based Options					Market-based Options
	Number of Units (in 000’s)	Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value (a)		Number of Units (in 000’s)	Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value (a)
Outstanding at December 25, 2020	—	$	—	$	—	—	$	—	$	—
Granted	4,443	6.47		—		1,155	5.66		—
Exercised	—	—		—		—	—		—
Forfeited	21	6.78		—		—	—		—
Outstanding at September 24, 2021	4,422	$	6.47	$	—	1,155	$	5.66	$	—
Options exercisable at September 24, 2021	2,049	$	5.90	$	—	—	$	—	$	—

(a) The intrinsic value represents the amount by which the fair value of the Company’s stock exceeds the option exercise price as of September 24, 2021.

Summary of Stock Compensation Expense

Compensation expense for the three and nine months ended September 24, 2021 and unrecognized stock compensation expense and weighted average remaining expense period as of September 24, 2021 consisted of:

	Compensation Expense				As of September 24, 2021
	Three months ended		Nine months ended		Unrecognized Compensation Expense		Weighted-Average Remaining Contractual Term
2017 Plan
Incentive units	$	367	$	2,605	$	—	—
2021 Plan
Restricted stock awards	735		735		10,246		2.20
Time-based options	12,278		12,278		16,329		2.68
Market-based options	418		418		6,118		2.36
Restricted stock units	593		593		6,339		2.38
Total	$	14,391	$	16,629	$	39,032	2.44