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Balance Sheet Components
 12 Months Ended
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
The following tables show the Company’s balance sheet component details.
Accounts Receivable Allowances
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 
Increases1,188 1,561 2,098 
Write-offs(1,280)(1,594)(901)
Ending balance$2,619 $2,711 $2,744 
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 revenue183,144 139,657 51,225 
Utilization of sales incentive allowance(163,097)(134,155)(46,812)
Ending balance$49,122 $29,075 $23,573 
Inventories
Inventories consist of the following:
September 28,
2024		September 30,
2023
(In thousands)
Finished goods$199,825 $281,571 
Components31,680 64,950 
Inventories$231,505 $346,521 
The Company writes down inventory as a result of excess and obsolete inventories, or when it believes that the net realizable value of inventories is less than the carrying value. As of September 28, 2024, and September 30, 2023, inventory write-downs were $33.3 million and $29.7 million, respectively.
Property and Equipment, Net
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 displays77,074 68,771 
Leasehold improvements52,112 53,648 
Computer hardware, equipment, and software
39,163 41,679 
Furniture and fixtures5,724 6,971 
Total property and equipment280,247 279,762 
Accumulated depreciation and amortization(178,099)(192,687)
Property and equipment, net$102,148 $87,075 
Depreciation expense was $46.4 million, $42.7 million and $33.3 million for fiscal 2024, 2023 and 2022, respectively. During fiscal 2024, 2023 and 2022, the Company abandoned and disposed of gross fixed assets of $59.9 million, $21.3 million and $18.9 million, with accumulated depreciation of $55.5 million, $21.1 million and $18.8 million, respectively. Disposals of fixed assets were recorded in operating expenses in the consolidated statements of operations and comprehensive income (loss) and resulted in losses of $4.4 million for fiscal 2024, and nominal losses for fiscal 2023 and 2022, respectively.
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 States32,647 30,430 
Other countries37,848 24,600 
Property and equipment, net$102,148 $87,075 
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 goodwill2,434 
Balance as of September 28, 2024$82,854 
Intangible Assets
As part of the acquisition of Mayht Holding BV ("Mayht") in fiscal 2022, the Company recognized $71.8 million in intangible assets related to in-process research and development activity, which is not subject to amortization for the current period. 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 ValueWeighted-Average Remaining Life
(In thousands, except weighted-average remaining life)
Tradename$451 $(188)$7 $270 3.50
Technology-based31,480 (17,484)- 13,996 4.52
Total finite-lived intangible assets31,931 (17,672)7 14,266 4.51
In-process research and development and other intangible assets not subject to amortization73,770 - - 73,770 
Total intangible assets$105,701 $(17,672)$7 $88,036 
The following table summarizes the estimated future amortization expense of the Company's intangible assets as September 28, 2024:
Fiscal years endingFuture Amortization Expense
(In thousands)
2025$3,372 
20263,043 
20273,027 
20282,910 
2029 and thereafter1,914 
Total future amortization expense$14,266 
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 amortization9,697 6,207 
Cloud computing implementation costs, net$15,341 $17,970 
Amortization expenses for implementation costs for cloud-based computing arrangements for the twelve months ended September 28, 2024 and September 30, 2023, were $3.5 million and $3.7 million, respectively.

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 taxes19,084 11,410 
Accrued advertising and marketing12,893 13,029 
Accrued general and administrative expenses10,870 9,924 
Accrued product development4,338 4,298 
Other accrued payables6,394 2,672 
Total accrued expenses$87,783 $89,717 
Deferred Revenue
Amounts invoiced in advance of revenue recognition are recorded as deferred revenue on the consolidated balance sheets. For the fiscal years ended September 28, 2024, and September 30, 2023, deferred revenue included revenue allocated to unspecified software upgrades and cloud-based services of $81.5 million and $80.0 million, respectively, as well as current deferred revenue related to newly launched products sold to resellers not recognized as revenue until the date of general availability was reached.
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 period21,150 24,425 35,410 
Deferred revenue, end of period$82,877 $80,838 $83,470 
The Company expects the following recognition of deferred revenue as of September 28, 2024:
For the fiscal years ending
20252026202720282029 and BeyondTotal
(In thousands)
Revenue expected to be recognized$21,802 $18,007 $15,318 $12,241 $15,509 $82,877 
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 liability10,565 7,466 
Short-term operating lease liabilities7,551 1,153 
Other7,857 4,172 
Total other current liabilities$46,277 $34,253 
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 period17,689 12,517 
Settlements of warranty claims during the period(14,590)(10,822)
Warranty liability, end of period$10,565 $7,466