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Balance Sheet Components (Tables) | 12 Months Ended
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Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Accounts Receivable, Allowance for Credit Loss | The following table summarizes changes in the allowance for credit losses for fiscal 2024, 2023 and 2022:
| September 28, 2024 |  | September 30, 2023 |  | October 1, 2022
(In thousands) |  |  |  |  |
Beginning balance | $ | 2,711 |  |  | $ | 2,744 |  |  | $ | 1,547 |
Increases | 1,188 |  |  | 1,561 |  |  | 2,098 |
Write-offs | (1,280) |  |  | (1,594) |  |  | (901) |
Ending balance | $ | 2,619 |  |  | $ | 2,711 |  |  | $ | 2,744 |
Summary of Changes In Allowance for Sales Incentives | The following table summarizes the changes in the allowance for sales incentives for fiscal 2024, 2023 and 2022:
| September 28, 2024 |  | September 30, 2023 |  | October 1, 2022
(In thousands) |  |  |  |  |
Beginning balance | $ | 29,075 |  |  | $ | 23,573 |  |  | $ | 19,160 |
Charged to revenue | 183,144 |  |  | 139,657 |  |  | 51,225 |
Utilization of sales incentive allowance | (163,097) |  |  | (134,155) |  |  | (46,812) |
Ending balance | $ | 49,122 |  |  | $ | 29,075 |  |  | $ | 23,573 |
Schedule of Inventories, Net | Inventories consist of the following:
| September 28, 2024 |  | September 30, 2023
(In thousands) |  |  |
Finished goods | $ | 199,825 |  |  | $ | 281,571 |
Components | 31,680 |  |  | 64,950 |
Inventories | $ | 231,505 |  |  | $ | 346,521 |
Schedule of Property and Equipment | Property and equipment are stated at historical cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows:
Computer hardware, equipment, and software | 3 years
Furniture and fixtures | 5 years
Tooling and production line test equipment | 2-4 years
Leasehold improvements | 2-15 years
Product displays | 1-4 years
Property and equipment, net consist of the following:
| September 28, 2024 |  | September 30, 2023
(In thousands) |  |  |
Tooling and production line test equipment | $ | 106,174 |  |  | $ | 108,693 |
Product displays | 77,074 |  |  | 68,771 |
Leasehold improvements | 52,112 |  |  | 53,648 |
Computer hardware, equipment, and software | 39,163 |  |  | 41,679 |
Furniture and fixtures | 5,724 |  |  | 6,971 |
Total property and equipment | 280,247 |  |  | 279,762 |
Accumulated depreciation and amortization | (178,099) |  |  | (192,687) |
Property and equipment, net | $ | 102,148 |  |  | $ | 87,075 |
Property and equipment, net by country as of September 28, 2024, and September 30, 2023 were as follows:
| September 28, 2024 |  | September 30, 2023
(In thousands) |  |  |
China | $ | 31,653 |  |  | $ | 32,045 |
United States | 32,647 |  |  | 30,430 |
Other countries | 37,848 |  |  | 24,600 |
Property and equipment, net | $ | 102,148 |  |  | $ | 87,075 |
Schedule of Goodwill | The following table presents the changes in carrying amount of goodwill for the fiscal year ended September 28, 2024:
(In thousands) |
Balance as of September 30, 2023 | $ | 80,420 |
Effect of exchange rate changes on goodwill | 2,434 |
Balance as of September 28, 2024 | $ | 82,854 |
Schedule of Intangible Assets | The following table reflects the changes in the net carrying amount of the components of intangible assets associated with the Company's acquisition activity:
| September 28, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation |  | Net Carrying Value |  | Weighted-Average Remaining Life
(In thousands, except weighted-average remaining life) |  |  |  |  |  |  |  |  |
Tradename | $ | 451 |  |  | $ | (188) |  |  | $ | 7 |  |  | $ | 270 |  |  | 3.50
Technology-based | 31,480 |  |  | (17,484) |  |  | - |  |  | 13,996 |  |  | 4.52
Total finite-lived intangible assets | 31,931 |  |  | (17,672) |  |  | 7 |  |  | 14,266 |  |  | 4.51
In-process research and development and other intangible assets not subject to amortization | 73,770 |  |  | - |  |  | - |  |  | 73,770 |  |  |
Total intangible assets | $ | 105,701 |  |  | $ | (17,672) |  |  | $ | 7 |  |  | $ | 88,036 |  |  |
Schedule of Intangible Assets | The following table reflects the changes in the net carrying amount of the components of intangible assets associated with the Company's acquisition activity:
| September 28, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation |  | Net Carrying Value |  | Weighted-Average Remaining Life
(In thousands, except weighted-average remaining life) |  |  |  |  |  |  |  |  |
Tradename | $ | 451 |  |  | $ | (188) |  |  | $ | 7 |  |  | $ | 270 |  |  | 3.50
Technology-based | 31,480 |  |  | (17,484) |  |  | - |  |  | 13,996 |  |  | 4.52
Total finite-lived intangible assets | 31,931 |  |  | (17,672) |  |  | 7 |  |  | 14,266 |  |  | 4.51
In-process research and development and other intangible assets not subject to amortization | 73,770 |  |  | - |  |  | - |  |  | 73,770 |  |  |
Total intangible assets | $ | 105,701 |  |  | $ | (17,672) |  |  | $ | 7 |  |  | $ | 88,036 |  |  |
Summary of Estimated Future Amortization Expense | The following table summarizes the estimated future amortization expense of the Company's intangible assets as September 28, 2024:
Fiscal years ending | Future Amortization Expense
(In thousands) |
2025 | $ | 3,372 |
2026 | 3,043 |
2027 | 3,027 |
2028 | 2,910 |
2029 and thereafter | 1,914 |
Total future amortization expense | $ | 14,266 |
Summary of Cloud Computing Arrangements | Cloud Computing Arrangements Capitalized costs to implement cloud computing arrangements net of accumulated amortization are reported as a component of other noncurrent assets on the Company's consolidated balance sheets and were as follows:
| September 28, 2024 |  | September 30, 2023
(In thousands) |  |  |
Cloud computing implementation costs | $ | 25,038 |  |  | $ | 24,177 |
Less: accumulated amortization | 9,697 |  |  | 6,207 |
Cloud computing implementation costs, net | $ | 15,341 |  |  | $ | 17,970 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following:
| September 28, 2024 |  | September 30, 2023
(In thousands) |  |  |
Accrued inventory and supply chain costs | $ | 34,204 |  |  | $ | 48,384 |
Accrued taxes | 19,084 |  |  | 11,410 |
Accrued advertising and marketing | 12,893 |  |  | 13,029 |
Accrued general and administrative expenses | 10,870 |  |  | 9,924 |
Accrued product development | 4,338 |  |  | 4,298 |
Other accrued payables | 6,394 |  |  | 2,672 |
Total accrued expenses | $ | 87,783 |  |  | $ | 89,717 |
Changes in Deferred Balances and Expected Revenue Recognition | The following table presents the changes in the Company's deferred revenue balances for the fiscal years ended September 28, 2024, September 30, 2023, and October 1, 2022:
| September 28, 2024 |  | September 30, 2023 |  | October 1, 2022
(In thousands) |  |  |  |  |
Deferred revenue, beginning of period | $ | 80,838 |  |  | $ | 83,470 |  |  | $ | 89,498 |
Recognition of revenue included in beginning of period deferred revenue | (19,111) |  |  | (27,057) |  |  | (41,438) |
Revenue deferred, net of revenue recognized on contracts in the respective period | 21,150 |  |  | 24,425 |  |  | 35,410 |
Deferred revenue, end of period | $ | 82,877 |  |  | $ | 80,838 |  |  | $ | 83,470 |
Remaining Performance Obligation | The Company expects the following recognition of deferred revenue as of September 28, 2024:
| For the fiscal years ending |  |
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 and Beyond |  | Total
(In thousands) |  |  |  |  |  |  |  |  |  |  |
Revenue expected to be recognized | $ | 21,802 |  |  | $ | 18,007 |  |  | $ | 15,318 |  |  | $ | 12,241 |  |  | $ | 15,509 |  |  | $ | 82,877 |
Schedule of Other Current Liabilities | Other current liabilities consist of the following:
| September 28, 2024 |  | September 30, 2023
(In thousands) |  |  |
Reserve for returns | $ | 20,304 |  |  | $ | 21,462 |
Warranty liability | 10,565 |  |  | 7,466 |
Short-term operating lease liabilities | 7,551 |  |  | 1,153 |
Other | 7,857 |  |  | 4,172 |
Total other current liabilities | $ | 46,277 |  |  | $ | 34,253 |
Schedule of Product Warranty Liability | The following table presents the changes in the Company’s warranty liability for the fiscal years ended September 28, 2024, and September 30, 2023:
| September 28, 2024 |  | September 30, 2023
(In thousands) |  |  |
Warranty liability, beginning of period | $ | 7,466 |  |  | $ | 5,771 |
Provision for warranties issued during the period | 17,689 |  |  | 12,517 |
Settlements of warranty claims during the period | (14,590) |  |  | (10,822) |
Warranty liability, end of period | $ | 10,565 |  |  | $ | 7,466 |

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