Share-Based Compensation

9 Months Ended

Sep. 27, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

Incentive Unit Awards

Beginning in the fourth quarter of 2022, pursuant to an incentive unit grant agreement, certain participants were granted incentive units in Camelot Return Ultimate, LP (the “Partnership” or “Camelot Return Ultimate”), an indirect parent of the Company. The incentive units provide the holder with the opportunity to receive, upon certain vesting events and subject to Partnership repurchase rights and conditions, a return based upon the appreciation of the Partnership’s equity value from the date of grant. The incentive units vest over a five-year period on a straight-line basis. For the nine months ended September 27, 2025, 383,900 incentive units were granted at a weighted average grant date fair value of $41.22 per incentive unit. The Company recognized expense from incentive units of $1.9 million in the three months ended September 27, 2025, and $1.7 million for the three months ended September 28, 2024. The Company recognized a gain from incentive units of $0.5 million in the nine months ended September 27, 2025 and expense from incentive units of $4.5 million in the nine months ended September 28, 2024. The gain during the nine months ended September 27, 2025 is due to the reversal of prior expense from terminations. The Company estimates that the unrecognized expense is expected to be recognized over a weighted-average period of 3.8 years totaling $27.7 million.