v3.25.2
Balance Sheet Components
 9 Months Ended
Jun. 28, 2025
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:
June 28,
2025		September 28,
2024
(In thousands)
Accounts receivable$147,287 $96,254 
Allowance for credit losses(2,904)(2,619)
Allowance for sales incentives(50,182)(49,122)
Accounts receivable, net of allowances$94,201 $44,513 
Inventories
Inventories consist of the following:
June 28,
2025		September 28,
2024
(In thousands)  
Finished goods$93,264 $199,825 
Component parts22,163 31,680 
Inventories$115,427 $231,505 
As of June 28, 2025 and September 28, 2024, inventory write-downs were $39.0 million and $33.3 million, respectively.
Property and equipment
Property and equipment net of accumulated depreciation were as follows:
June 28,
2025		September 28,
2024
(In thousands)
Property and equipment
$296,833 $280,247 
Less: accumulated depreciation
(216,107)(178,099)
Property and equipment, net$80,726 $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:
June 28, 2025
Gross Carrying AmountAccumulated Amortization Foreign Currency TranslationNet Carrying Value
Weighted-Average Remaining Life
(In years)
(In thousands, except weighted-average remaining life)
Trade name$451 $(244)$16 $223 2.75
Technology-based94,419 (16,634)- 77,785 5.97
Total intangible assets$94,870 $(16,878)$16 $78,008 5.96
September 28, 2024
Gross Carrying AmountAccumulated Amortization Foreign Currency Translation Net Carrying Value
Weighted-Average Remaining Life
(In years)
(In thousands, except weighted-average remaining life)
Trade name
$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 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 June 28, 2025:
Fiscal years endingFuture Amortization Expense
(In thousands)
Remainder of fiscal 2025$2,651 
202613,585 
202713,570 
202813,451 
202912,453 
2030 and thereafter22,298 
Total future amortization expense$78,008 
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 28,
2025		September 28,
2024
(In thousands)
Cloud computing implementation costs$26,844 $25,038 
Less: accumulated amortization(12,314)(9,697)
Cloud computing implementation costs, net$14,530 $15,341 
Amortization expense for implementation costs for cloud-based computing arrangements for the three months ended June 28, 2025 and June 29, 2024, were $0.9 million. Amortization expense for implementation costs for cloud-based computing arrangements for the nine months ended June 28, 2025 and June 29, 2024, were $2.6 million.
Accrued expenses
Accrued expenses included the following:
June 28,
2025		September 28,
2024
(In thousands)
Accrued inventory and supply chain costs$36,773 $34,204 
Accrued taxes10,668 19,084 
Accrued advertising and marketing10,562 12,893 
Accrued general and administrative expenses8,969 10,870 
Accrued product development4,928 4,338 
Other accrued payables3,972 6,394 
Total accrued expenses$75,872 $87,783 
Deferred revenue
Amounts invoiced in advance of revenue recognition are recorded as deferred revenue on the condensed consolidated balance sheets. For the nine months ended June 28, 2025 and June 29, 2024, deferred revenue included revenue allocated to unspecified software upgrades and cloud-based services of $82.3 million and $82.4 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:
Nine Months Ended
June 28,
2025		June 29,
2024
(In thousands)
Deferred revenue, beginning of period$82,877 $80,838 
Recognition of revenue included in beginning of period deferred revenue(15,041)(17,723)
Revenue deferred, net of revenue recognized on contracts in the respective period15,129 19,871 
Deferred revenue, end of period$82,965 $82,986 
The Company expects the following recognition of deferred revenue as of June 28, 2025:
 For the fiscal years ending
 Remainder of 20252026202720282029 and
Beyond		Total
(In thousands)
Deferred revenue expected to be recognized$6,225 $20,546 $17,813 $14,690 $23,691 $82,965 
Other current liabilities
Other current liabilities consist of the following:
June 28,
2025		September 28,
2024
(In thousands)
Reserve for returns$23,108 $20,304 
Warranty liability9,708 10,565 
Short-term operating lease liabilities7,023 7,551 
Other 7,625 7,857 
Total other current liabilities$47,464 $46,277 
The following table presents the changes in the Company’s warranty liability:
June 28,
2025		June 29,
2024
(In thousands)
Warranty liability, beginning of period$10,565 $7,466 
Provision for warranties issued during the period10,312 13,363 
Settlements of warranty claims during the period(11,169)(12,039)
Warranty liability, end of period$9,708 $8,790