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Balance Sheet Components
 12 Months Ended
Sep. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
5. 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 2025, 2024 and 2023:
September 27,
2025		September 28,
2024		September 30,
2023
(In thousands)
Beginning balance$2,619 $2,711 $2,744 
Increases382 1,188 1,561 
Write-offs(101)(1,280)(1,594)
Ending balance$2,900 $2,619 $2,711 
The following table summarizes the changes in the allowance for sales incentives for fiscal 2025, 2024 and 2023:
September 27,
2025		September 28,
2024		September 30,
2023
(In thousands)
Beginning balance$49,122 $29,075 $23,573 
Charged to revenue198,759 183,144 139,657 
Utilization of sales incentive allowance(184,683)(163,097)(134,155)
Ending balance$63,198 $49,122 $29,075 
Inventories
Inventories consist of the following:
September 27,
2025		September 28,
2024
(In thousands)
Finished goods$153,485 $199,825 
Components17,535 31,680 
Inventories$171,020 $231,505 
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 27, 2025, and September 28, 2024, inventory write-downs were $41.2 million and $33.3 million, respectively.
Property and Equipment, Net
Property and equipment, net consist of the following:
September 27,
2025		September 28,
2024
(In thousands)
Tooling and production line test equipment$106,296 $106,174 
Product displays80,545 77,074 
Leasehold improvements45,842 52,112 
Computer hardware, equipment, and software
31,852 39,163 
Furniture and fixtures5,403 5,724 
Total property and equipment269,938 280,247 
Accumulated depreciation and amortization(197,661)(178,099)
Property and equipment, net$72,277 $102,148 
Depreciation expense was $49.6 million, $46.4 million and $42.7 million for fiscal 2025, 2024 and 2023, respectively. During fiscal 2025, 2024 and 2023, the Company abandoned and disposed of gross fixed assets of $35.6 million, $59.9 million and $21.3 million, with accumulated depreciation of $28.8 million, $55.5 million and $21.1 million, respectively. Disposals of fixed assets were recorded in cost of revenue and operating expenses in the consolidated statements of operations and comprehensive loss and resulted in losses of $6.8 million and $4.4 million for fiscal 2025 and 2024, respectively, and nominal losses for fiscal 2023.
Property and equipment, net by country as of September 27, 2025, and September 28, 2024 were as follows:
September 27,
2025		September 28,
2024
(In thousands)
China$22,320 $31,653 
United States21,988 32,647 
Other countries27,969 37,848 
Property and equipment, net$72,277 $102,148 
Intangible Assets
In the first quarter of fiscal year 2025, the Company determined that the underlying project related to the in-process research and development from the acquisition of Mayht Holding BV ("Mayht") was completed. As a result, the acquired $73.8 million of in-process research and development was reclassified as definite-lived developed technology and is being amortized over its estimated economic life of 7 years.
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 27, 2025
Gross Carrying Amount
Accumulated Amortization
Foreign Currency Translation
Net Carrying ValueWeighted-Average Remaining Life
(In thousands, except weighted-average remaining life)
Tradename$451 $(264)$16 $203 2.50
Technology-based94,419 (19,266)- 75,153 5.73
Total intangible assets$94,870 $(19,530)$16 $75,356 5.73
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 27, 2025:
Fiscal years endingFuture Amortization Expense
(In thousands)
2026$13,585 
202713,570 
202813,450 
202912,453 
2030 and thereafter22,298 
Total future amortization expense$75,356 
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 27,
2025		September 28,
2024
(In thousands)
Cloud computing implementation costs$27,411 $25,038 
Less: accumulated amortization13,320 9,697 
Cloud computing implementation costs, net$14,091 $15,341 
Amortization expenses for implementation costs for cloud-based computing arrangements for fiscal 2025, fiscal 2024 and fiscal 2023 were $3.6 million, $3.5 million and $3.7 million, respectively.
Accrued Expenses
Accrued expenses consisted of the following:
September 27,
2025		September 28,
2024
(In thousands)
Accrued inventory and supply chain costs$37,780 $34,204 
Accrued taxes10,133 19,084 
Accrued advertising and marketing12,429 12,893 
Accrued general and administrative expenses8,923 10,870 
Accrued product development5,912 4,338 
Other accrued payables3,917 6,394 
Total accrued expenses$79,094 $87,783 
Deferred Revenue
Amounts invoiced in advance of revenue recognition are recorded as deferred revenue on the consolidated balance sheets. For fiscal 2025, and fiscal 2024, deferred revenue included revenue allocated to unspecified software upgrades and cloud-based services of $80.5 million and $81.5 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 27, 2025, September 28, 2024, and September 30, 2023:
September 27,
2025		September 28,
2024		September 30,
2023
(In thousands)
Deferred revenue, beginning of period$82,877 $80,838 $83,470 
Recognition of revenue included in beginning of period deferred revenue(20,086)(19,111)(27,057)
Revenue deferred, net of revenue recognized on contracts in the respective period18,433 21,150 24,425 
Deferred revenue, end of period$81,224 $82,877 $80,838 
The Company expects the following recognition of deferred revenue as of fiscal year ending 2025:
For the fiscal years ending
20262027202820292030 and BeyondTotal
(In thousands)
Revenue expected to be recognized$21,771 $18,348 $15,226 $11,658 $14,221 $81,224 
Other Current Liabilities
Other current liabilities consist of the following:
September 27,
2025		September 28,
2024
(In thousands)
Reserve for returns$20,383 $20,304 
Warranty liability10,002 10,565 
Short-term operating lease liabilities6,335 7,551 
Other9,387 7,857 
Total other current liabilities$46,107 $46,277 
The following table presents the changes in the Company’s warranty liability for the fiscal years ended September 27, 2025, and September 28, 2024:
September 27,
2025		September 28,
2024
(In thousands)
Warranty liability, beginning of period$10,565 $7,466 
Provision for warranties issued during the period12,324 17,689 
Settlements of warranty claims during the period(12,887)(14,590)
Warranty liability, end of period$10,002 $10,565