Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following assumptions apply to time-based options awarded during the thirty-nine weeks ended September 30, 2023 and October 1, 2022 under the Black-Scholes-Merton option pricing model:

	Thirty-Nine Weeks Ended
	September 30, 2023	October 1, 2022
Expected volatility	35.4% to 35.7%	32.7% to 39.8%
Risk-free interest rate	3.4% to 4.2%	1.8% to 3.0%
Expected term (in years)	6.5	6.5

The following assumptions were used to remeasure the fair value of performance-based options resulting from the October 2022 and May 2023 modifications under the Black-Scholes-Merton option pricing model:

	Thirty-Nine Weeks Ended
	September 30, 2023	October 1, 2022
Expected volatility	35.5%	35.1%
Risk-free interest rate	3.5%	3.8%
Expected term (in years)	6.5	6.5

The following assumptions were used to remeasure the fair value of performance-based options resulting from the July 2023 modifications under the Monte Carlo simulation:

	Thirty-Nine Weeks Ended
	September 30, 2023
Expected volatility	35.0%
Risk-free interest rate	3.55% to 3.74%
Expected term (in years)	3.1 to 6.6

Share-Based Payment Arrangement, Option, Activity

The following table summarizes the activity related to time-based options as of September 30, 2023:

(in thousands, except per share and remaining term amounts)	Number of options	Weighted average exercise price per share		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding at December 31, 2022	6,976	$	4.99	7.66	$	60,299
Granted	933	13.96
Exercised	(186)	1.52
Forfeited or expired	(100)	12.99
Outstanding at September 30, 2023	7,623	6.07		7.22	96,013
Exercisable at September 30, 2023	3,422	2.83		6.34	54,205

Share-Based Payment Arrangement, Performance Shares, Activity

The following table summarizes the activity related to performance-based options as of September 30, 2023:

(in thousands, except per share and remaining term amounts)	Number of Options	Weighted average exercise price per share		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding at December 31, 2022	7,948	$	2.05	7.02	$	90,339
Outstanding at September 30, 2023	7,948	2.05		6.28	132,004
Exercisable at September 30, 2023	1,987	2.05		6.28	33,001

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes the activity related to RSUs as of September 30, 2023:

(in thousands, except per share amounts)	Number of Units	Weighted Average Grant Date Fair Value per share
Unvested at December 31, 2022	—	$	—
Granted	554	22.91
Forfeited	(7)	22.91
Unvested at September 30, 2023	547	22.91