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Balance Sheet Components (Tables) | 6 Months Ended
--- | ---
Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Accounts Receivable | Accounts receivable, net Accounts receivable, net consist of the following:
| March 30, 2024 |  | September 30, 2023
(In thousands) |  |  |
Accounts receivable | $ | 97,748 |  |  | $ | 99,369 |
Allowance for credit losses | (2,245) |  |  | (2,711) |
Allowance for sales incentives | (25,778) |  |  | (29,075) |
Accounts receivable, net of allowances | $ | 69,725 |  |  | $ | 67,583 |
Schedule of Inventories | Inventories consist of the following:
| March 30, 2024 |  | September 30, 2023
(In thousands) |  |  |
Finished goods | $ | 114,222 |  |  | $ | 281,571 |
Component parts | 65,323 |  |  | 64,950 |
Inventories | $ | 179,545 |  |  | $ | 346,521 |
Schedule of Goodwill | The following table presents the changes in carrying amount of goodwill during the six months ended March 30, 2024:
(In thousands) |
Balance as of September 30, 2023 | $ | 80,420 |
Effect of exchange rate changes on goodwill | 883 |
Balance as of March 30, 2024 | $ | 81,303 |
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:
| March 30, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation |  | Net Carrying Value |  | Weighted-Average Remaining Life
(In thousands, except weighted-average remaining life) |  |  |  |  |  |  |  |  |
Trade name | $ | 451 |  |  | $ | (149) |  |  | $ | (3) |  |  | $ | 299 |  |  | 4.00
Technology-based | 31,480 |  |  | (14,536) |  |  | — |  |  | 16,944 |  |  | 4.65
Total finite-lived intangible assets | 31,931 |  |  | (14,685) |  |  | (3) |  |  | 17,243 |  |  | 4.64
In-process research and development not subject to amortization | 71,759 |  |  | — |  |  | (524) |  |  | 71,235 |  |  |
Total intangible assets | $ | 103,690 |  |  | $ | (14,685) |  |  | $ | (527) |  |  | $ | 88,478 |  |  |
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:
| March 30, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation |  | Net Carrying Value |  | Weighted-Average Remaining Life
(In thousands, except weighted-average remaining life) |  |  |  |  |  |  |  |  |
Trade name | $ | 451 |  |  | $ | (149) |  |  | $ | (3) |  |  | $ | 299 |  |  | 4.00
Technology-based | 31,480 |  |  | (14,536) |  |  | — |  |  | 16,944 |  |  | 4.65
Total finite-lived intangible assets | 31,931 |  |  | (14,685) |  |  | (3) |  |  | 17,243 |  |  | 4.64
In-process research and development not subject to amortization | 71,759 |  |  | — |  |  | (524) |  |  | 71,235 |  |  |
Total intangible assets | $ | 103,690 |  |  | $ | (14,685) |  |  | $ | (527) |  |  | $ | 88,478 |  |  |
Summary of Estimated Future Amortization Expense | The following table summarizes the estimated future amortization expense of the Company's intangible assets as of March 30, 2024:
Fiscal years ending | Future Amortization Expense
(In thousands) |
Remainder of fiscal 2024 | $ | 2,985 |
2025 | 3,369 |
2026 | 3,040 |
2027 | 3,025 |
2028 | 2,909 |
2029 and thereafter | 1,915 |
Total future amortization expense | $ | 17,243 |
Summary of 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 condensed consolidated balance sheets and were as follows:
| March 30, 2024 |  | September 30, 2023
Cloud computing implementation costs | $ | 24,177 |  |  | $ | 24,177 |
Less: accumulated amortization | 7,952 |  |  | 6,207 |
Cloud computing implementation costs, net | $ | 16,225 |  |  | $ | 17,970 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following:
| March 30, 2024 |  | September 30, 2023
(In thousands) |  |  |
Accrued inventory and supply chain costs | $ | 37,444 |  |  | $ | 48,384 |
Accrued general and administrative expenses | 10,969 |  |  | 9,924 |
Accrued taxes | 7,565 |  |  | 11,410 |
Accrued advertising and marketing | 6,431 |  |  | 13,029 |
Accrued product development | 4,017 |  |  | 4,298 |
Other accrued payables | 5,815 |  |  | 2,672 |
Total accrued expenses | $ | 72,241 |  |  | $ | 89,717 |
Changes in Deferred Balances and Expected Revenue Recognition | The following table presents the changes in the Company’s deferred revenue:
| Six Months Ended
| March 30, 2024 |  | April 1, 2023
(In thousands) |  |  |
Deferred revenue, beginning of period | $ | 80,838 |  |  | $ | 83,470 |
Recognition of revenue included in beginning of period deferred revenue | (12,775) |  |  | (16,186) |
Revenue deferred, net of revenue recognized on contracts in the respective period | 15,245 |  |  | 14,443 |
Deferred revenue, end of period | $ | 83,308 |  |  | $ | 81,727 |
Remaining Performance Obligation | The Company expects the following recognition of deferred revenue as of March 30, 2024:
| For the fiscal years ending |  |
| Remainder of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 and Beyond |  | Total
(In thousands) |  |  |  |  |  |  |  |  |  |  |
Deferred revenue expected to be recognized | $ | 10,919 |  |  | $ | 18,987 |  |  | $ | 16,600 |  |  | $ | 13,949 |  |  | $ | 22,853 |  |  | $ | 83,308 |
Schedule of Other Current Liabilities | Other current liabilities consist of the following:
| March 30, 2024 |  | September 30, 2023
(In thousands) |  |  |
Reserve for returns | $ | 26,565 |  |  | $ | 21,462 |
Short-term operating lease liabilities | 7,283 |  |  | 1,153 |
Warranty liability | 6,900 |  |  | 7,466 |
Other | 9,569 |  |  | 4,172 |
Total other current liabilities | $ | 50,317 |  |  | $ | 34,253 |
Schedule of Product Warranty Liability | The following table presents the changes in the Company’s warranty liability:
| March 30, 2024 |  | April 1, 2023
(In thousands) |  |  |
Warranty liability, beginning of period | $ | 7,466 |  |  | $ | 5,771 |
Provision for warranties issued during the period | 8,126 |  |  | 7,892 |
Settlements of warranty claims during the period | (8,692) |  |  | (4,670) |
Warranty liability, end of period | $ | 6,900 |  |  | $ | 8,993 |

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