XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Balance Sheet Components | 3 Months Ended
--- | ---
Dec. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | 5. Balance Sheet Components Accounts receivable, net Accounts receivable, net consist of the following:
| December 28, 2024 |  | September 28, 2024
(In thousands) |  |  |
Accounts receivable | $ | 180,272 |  |  | $ | 96,254 |
Allowance for credit losses | (2,790) |  |  | (2,619) |
Allowance for sales incentives | (92,696) |  |  | (49,122) |
Accounts receivable, net of allowances | $ | 84,786 |  |  | $ | 44,513 |
Inventories Inventories consist of the following:
| December 28, 2024 |  | September 28, 2024
(In thousands) |  |  |
Finished goods | $ | 117,040 |  |  | $ | 199,825 |
Component parts | 23,852 |  |  | 31,680 |
Inventories | $ | 140,892 |  |  | $ | 231,505 |
As of December 28, 2024 and September 28, 2024, inventory write-downs were $32.0 million and $33.3 million, respectively. Property and equipment Property and equipment net of accumulated depreciation were as follows:
| December 28, 2024 |  | September 28, 2024
(In thousands) |  |  |
Property and equipment | $ | 284,166 |  |  | $ | 280,247 |
Less: accumulated depreciation | (189,138) |  |  | (178,099) |
Property and equipment, net | $ | 95,028 |  |  | $ | 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 will amortize 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:
| December 28, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation |  | Net Carrying Value |  | Weighted-Average Remaining Life (In years)
(In thousands, except weighted-average remaining life) |  |  |  |  |  |  |  |  |
Trade name | $ | 451 |  |  | $ | (206) |  |  | $ | (10) |  |  | $ | 235 |  |  | 3.25
Technology-based | 94,419 |  |  | (10,166) |  |  | — |  |  | 84,253 |  |  | 6.46
Total intangible assets | $ | 94,870 |  |  | $ | (10,372) |  |  | $ | (10) |  |  | $ | 84,488 |  |  | 6.45
| 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) |  |  |  |  |  |  |  |  |
Trade name | $ | 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 not subject to amortization | 73,770 |  |  | - |  |  | — |  |  | 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 of December 28, 2024:
Fiscal years ending | Future Amortization Expense
(In thousands) |
Remainder of fiscal 2025 | $ | 9,154 |
2026 | 13,576 |
2027 | 13,561 |
2028 | 13,446 |
2029 | 12,453 |
2030 and thereafter | 22,298 |
Total future amortization expense | $ | 84,488 |
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:
| December 28, 2024 |  | September 28, 2024
(In thousands) |  |  |
Cloud computing implementation costs | $ | 26,087 |  |  | $ | 25,038 |
Less: accumulated amortization | (10,569) |  |  | (9,697) |
Cloud computing implementation costs, net | $ | 15,518 |  |  | $ | 15,341 |
Amortization expense for implementation costs for cloud-based computing arrangements for the three months ended December 28, 2024 and December 30, 2023 was $0.9 million. Accrued expenses Accrued expenses consisted of the following:
| December 28, 2024 |  | September 28, 2024
(In thousands) |  |  |
Accrued inventory and supply chain costs | $ | 48,025 |  |  | $ | 34,204 |
Accrued taxes | 28,048 |  |  | 19,084 |
Accrued advertising and marketing | 18,905 |  |  | 12,893 |
Accrued general and administrative expenses | 7,911 |  |  | 10,870 |
Accrued product development | 3,045 |  |  | 4,338 |
Other accrued payables | 2,937 |  |  | 6,394 |
Total accrued expenses | $ | 108,871 |  |  | $ | 87,783 |
Deferred revenue Amounts invoiced in advance of revenue recognition are recorded as deferred revenue on the condensed consolidated balance sheets. For the three months ended December 28, 2024 and December 30, 2023, deferred revenue included revenue allocated to unspecified software upgrades and cloud-based services of $81.6 million and $85.3 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:
| Three Months Ended
| December 28, 2024 |  | December 30, 2023
(In thousands) |  |  |
Deferred revenue, beginning of period | $ | 82,877 |  |  | $ | 80,838 |
Recognition of revenue included in beginning of period deferred revenue | (8,221) |  |  | (4,023) |
Revenue deferred, net of revenue recognized on contracts in the respective period | 7,562 |  |  | 9,090 |
Deferred revenue, end of period | $ | 82,218 |  |  | $ | 85,905 |
The Company expects the following recognition of deferred revenue as of December 28, 2024:
| For the fiscal years ending |  |
| Remainder of 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 and Beyond |  | Total
(In thousands) |  |  |  |  |  |  |  |  |  |  |
Deferred revenue expected to be recognized | $ | 16,060 |  |  | $ | 18,589 |  |  | $ | 15,974 |  |  | $ | 12,981 |  |  | $ | 18,614 |  |  | $ | 82,218 |
Other current liabilities Other current liabilities consist of the following:
| December 28, 2024 |  | September 28, 2024
(In thousands) |  |  |
Reserve for returns | $ | 27,393 |  |  | $ | 20,304 |
Warranty liability | 10,921 |  |  | 10,565 |
Short-term operating lease liabilities | 7,369 |  |  | 7,551 |
Other | 6,398 |  |  | 7,857 |
Total other current liabilities | $ | 52,081 |  |  | $ | 46,277 |
The following table presents the changes in the Company’s warranty liability:
| December 28, 2024 |  | December 30, 2023
(In thousands) |  |  |
Warranty liability, beginning of period | $ | 10,565 |  |  | $ | 7,466 |
Provision for warranties issued during the period | 5,475 |  |  | 5,582 |
Settlements of warranty claims during the period | (5,119) |  |  | (4,276) |
Warranty liability, end of period | $ | 10,921 |  |  | $ | 8,772 |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration