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v3.23.1

Balance Sheet Components (Tables) | 6 Months Ended
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Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of accounts receivable | Accounts receivable, net of allowances Accounts receivable, net of allowances, consist of the following:
|  | April 1, 2023 |  |  | October 1, 2022 |
(In thousands) |  |  |  |  |  |
Accounts receivable |  | $ | 112,019 |  |  | $ | 127,523 |
Allowance for credit losses |  |  | (3,171 | ) |  |  | (2,744 | )
Allowance for sales incentives |  |  | (24,645 | ) |  |  | (23,573 | )
Accounts receivable, net of allowances |  | $ | 84,203 |  |  | $ | 101,206 |
Schedule of inventories | Inventories, net, consist of the following:
|  | April 1, 2023 |  |  | October 1, 2022 |
(In thousands) |  |  |  |  |  |
Finished goods |  | $ | 274,459 |  |  | $ | 406,657 |
Component parts |  |  | 51,830 |  |  |  | 47,631 |
Inventories |  | $ | 326,289 |  |  | $ | 454,288 |
Schedule of goodwill | The following table presents the changes in carrying amount of goodwill during the six months ended April 1, 2023:
(In thousands) |  |  |
Balance as of October 1, 2022 |  | $ | 77,300 |
Effect of exchange rate changes on goodwill |  |  | 4,201 |
Balance as of April 1, 2023 |  | $ | 81,501 |
Schedule of finite-lived intangible assets, future amortization expense | The following table reflects the changes in the net carrying amount of the components of intangible assets associated with the Company's acquisition activity:
|  | April 1, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Impact of FX |  |  | Net Carrying Value |  |  | Weighted-Average Remaining Life |
(In thousands, except weighted-average remaining life) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade name |  | $ | 451 |  |  | $ | (71 | ) |  | $ | (1 | ) |  | $ | 379 |  |  |  | 5.00 |
Technology-based |  |  | 31,480 |  |  |  | (8,640 | ) |  |  | — |  |  |  | 22,840 |  |  |  | 5.19 |
Total finite-lived intangible assets |  |  | 31,931 |  |  |  | (8,711 | ) |  |  | (1 | ) |  |  | 23,219 |  |  |  | 5.19 |
In-process research and development not subject to amortization |  |  | 71,759 |  |  |  | — |  |  |  | (205 | ) |  |  | 71,554 |  |  |  |
Total intangible assets |  | $ | 103,690 |  |  | $ | (8,711 | ) |  | $ | (206 | ) |  | $ | 94,773 |  |  |  |
The following table summarizes the estimated future amortization expense of the Company's intangible assets as of April 1, 2023:
Fiscal years ending |  | Future Amortization Expense |
(In thousands) |  |  |
Remainder of fiscal 2023 |  | $ | 2,986 |
2024 |  |  | 5,971 |
2025 |  |  | 3,371 |
2026 |  |  | 3,041 |
2027 |  |  | 3,026 |
2028 and there after |  |  | 4,824 |
Total future amortization expense |  | $ | 23,219 |
Schedule of accrued expenses | Accrued expenses consisted of the following:
|  | April 1, 2023 |  |  | October 1, 2022 |
(In thousands) |  |  |  |  |  |
Accrued inventory and supply chain costs |  | $ | 40,213 |  |  | $ | 51,011 |
Accrued general and administrative expenses |  |  | 14,811 |  |  |  | 21,634 |
Accrued advertising and marketing |  |  | 10,982 |  |  |  | 21,292 |
Accrued taxes |  |  | 5,076 |  |  |  | 7,081 |
Accrued product development |  |  | 3,313 |  |  |  | 8,168 |
Other accrued payables |  |  | 1,992 |  |  |  | 104 |
Total accrued expenses |  | $ | 76,387 |  |  | $ | 109,290 |
Changes in deferred balances and expected revenue recognition | The following table presents the changes in the Company’s deferred revenue for the six months ended April 1, 2023, and April 2, 2022:
|  | April 1, 2023 |  |  | April 2, 2022 |
(In thousands) |  |  |  |  |  |
Deferred revenue, beginning of period |  | $ | 83,470 |  |  | $ | 89,498 |
Recognition of revenue included in beginning of period deferred revenue |  |  | (16,186 | ) |  |  | (28,927 | )
Revenue deferred, net of revenue recognized on contracts in the respective period |  |  | 14,443 |  |  |  | 16,063 |
Deferred revenue, end of period |  | $ | 81,727 |  |  | $ | 76,634 |
Remaining performance obligation | The Company expects the following recognition of deferred revenue as of April 1, 2023:
|  | For the fiscal years ending |  |  |  |
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 and Beyond |  |  | Total |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue expected to be recognized |  | $ | 10,391 |  |  | $ | 18,190 |  |  | $ | 15,892 |  |  | $ | 13,497 |  |  | $ | 23,757 |  |  | $ | 81,727 |
Schedule of other current liabilities | Other current liabilities consist of the following:
|  | April 1, 2023 |  |  | October 1, 2022 |
(In thousands) |  |  |  |  |  |
Reserve for returns |  | $ | 15,674 |  |  | $ | 18,263 |
Short-term operating lease liabilities |  |  | 10,949 |  |  |  | 10,532 |
Warranty liability |  |  | 8,993 |  |  |  | 5,771 |
Other |  |  | 6,250 |  |  |  | 5,083 |
Total other current liabilities |  | $ | 41,866 |  |  | $ | 39,649 |
Schedule of product warranty liability | The following table presents the changes in the Company’s warranty liability for the six months ended April 1, 2023, and April 2, 2022:
|  | April 1, 2023 |  |  | April 2, 2022 |
(In thousands) |  |  |  |  |  |
Warranty liability, beginning of period |  | $ | 5,771 |  |  | $ | 5,604 |
Provision for warranties issued during the period |  |  | 7,892 |  |  |  | 7,082 |
Settlements of warranty claims during the period |  |  | (4,670 | ) |  |  | (3,930 | )
Warranty liability, end of period |  | $ | 8,993 |  |  | $ | 8,756 |

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