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Balance Sheet Components | 9 Months Ended
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Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | 6. Balance Sheet Components Accounts receivable, net Accounts receivable, net consist of the following:
| June 29, 2024 |  | September 30, 2023
(In thousands) |  |  |
Accounts receivable | $ | 178,713 |  |  | $ | 99,369 |
Allowance for credit losses | (2,565) |  |  | (2,711) |
Allowance for sales incentives | (44,567) |  |  | (29,075) |
Accounts receivable, net of allowances | $ | 131,581 |  |  | $ | 67,583 |
Inventories Inventories consist of the following:
| June 29, 2024 |  | September 30, 2023
(In thousands) |  |  |
Finished goods | $ | 102,403 |  |  | $ | 281,571 |
Component parts | 52,500 |  |  | 64,950 |
Inventories | $ | 154,903 |  |  | $ | 346,521 |
As of June 29, 2024 and September 30, 2023, inventory write-downs were $28.3 million and $29.7 million, respectively. Goodwill The following table presents the changes in carrying amount of goodwill during the nine months ended June 29, 2024:
(In thousands) |
Balance as of September 30, 2023 | $ | 80,420 |
Effect of exchange rate changes on goodwill | 560 |
Balance as of June 29, 2024 | $ | 80,980 |
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:
| June 29, 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 |  |  | $ | (167) |  |  | $ | (6) |  |  | $ | 278 |  |  | 3.75
Technology-based | 31,480 |  |  | (16,010) |  |  | — |  |  | 15,470 |  |  | 4.57
Total finite-lived intangible assets | 31,931 |  |  | (16,177) |  |  | (6) |  |  | 15,748 |  |  | 4.56
In-process research and development not subject to amortization | 71,759 |  |  | — |  |  | (1,053) |  |  | 70,706 |  |  |
Total intangible assets | $ | 103,690 |  |  | $ | (16,177) |  |  | $ | (1,059) |  |  | $ | 86,454 |  |  |
The following table summarizes the estimated future amortization expense of the Company's intangible assets as of June 29, 2024:
Fiscal years ending | Future Amortization Expense
(In thousands) |
Remainder of fiscal 2024 | $ | 1,493 |
2025 | 3,369 |
2026 | 3,040 |
2027 | 3,024 |
2028 | 2,908 |
2029 and thereafter | 1,914 |
Total future amortization expense | $ | 15,748 |
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:
| June 29, 2024 |  | September 30, 2023
Cloud computing implementation costs | $ | 24,601 |  |  | $ | 24,177 |
Less: accumulated amortization | 8,825 |  |  | 6,207 |
Cloud computing implementation costs, net | $ | 15,776 |  |  | $ | 17,970 |
Amortization expenses for implementation costs for cloud-based computing arrangements for the three and nine months ended June 29, 2024, were $0.9 million and $2.6 million, respectively. Amortization expenses for implementation costs for cloud-based computing arrangements for the three and nine months ended July 1, 2023, were $0.9 million and $2.8 million, respectively. Accrued expenses Accrued expenses consisted of the following:
| June 29, 2024 |  | September 30, 2023
(In thousands) |  |  |
Accrued inventory and supply chain costs | $ | 40,858 |  |  | $ | 48,384 |
Accrued taxes | 16,181 |  |  | 11,410 |
Accrued advertising and marketing | 13,208 |  |  | 13,029 |
Accrued general and administrative expenses | 10,109 |  |  | 9,924 |
Accrued product development | 2,845 |  |  | 4,298 |
Other accrued payables | 5,757 |  |  | 2,672 |
Total accrued expenses | $ | 88,958 |  |  | $ | 89,717 |
Deferred revenue Amounts invoiced in advance of revenue recognition are recorded as deferred revenue on the condensed consolidated balance sheets. Deferred revenue primarily relates to revenue allocated to unspecified software upgrades and cloud-based services. Recognition of revenue for the nine months ended July 1, 2023, includes $9.2 million of deferred revenue from the fourth quarter of fiscal 2022, related to newly launched products sold to resellers not recognized as revenue until the date general availability was reached, which was the first quarter of fiscal 2023. The following table presents the changes in the Company’s deferred revenue:
| Nine Months Ended
| June 29, 2024 |  | July 1, 2023
(In thousands) |  |  |
Deferred revenue, beginning of period | $ | 80,838 |  |  | $ | 83,470 |
Recognition of revenue included in beginning of period deferred revenue | (17,723) |  |  | (21,049) |
Revenue deferred, net of revenue recognized on contracts in the respective period | 19,871 |  |  | 19,844 |
Deferred revenue, end of period | $ | 82,986 |  |  | $ | 82,265 |
The Company expects the following recognition of deferred revenue as of June 29, 2024:
| For the fiscal years ending |  |
| Remainder of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 and Beyond |  | Total
(In thousands) |  |  |  |  |  |  |  |  |  |  |
Deferred revenue expected to be recognized | $ | 5,853 |  |  | $ | 19,668 |  |  | $ | 17,286 |  |  | $ | 14,640 |  |  | $ | 25,539 |  |  | $ | 82,986 |
Other current liabilities Other current liabilities consist of the following:
| June 29, 2024 |  | September 30, 2023
(In thousands) |  |  |
Reserve for returns | $ | 23,338 |  |  | $ | 21,462 |
Warranty liability | 8,790 |  |  | 7,466 |
Short-term operating lease liabilities | 7,722 |  |  | 1,153 |
Other | 4,891 |  |  | 4,172 |
Total other current liabilities | $ | 44,741 |  |  | $ | 34,253 |
The following table presents the changes in the Company’s warranty liability:
| June 29, 2024 |  | July 1, 2023
(In thousands) |  |  |
Warranty liability, beginning of period | $ | 7,466 |  |  | $ | 5,771 |
Provision for warranties issued during the period | 13,363 |  |  | 10,670 |
Settlements of warranty claims during the period | (12,039) |  |  | (7,472) |
Warranty liability, end of period | $ | 8,790 |  |  | $ | 8,969 |

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