Balance Sheet Components

3 Months Ended

May 03, 2026

Balance Sheet Components Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	At the End of
	Fiscal 2026		First Quarter of Fiscal 2027
Raw materials	$	39,970	$	46,120
Finished goods	35,965		31,820
Inventory	$	75,935	$	77,940

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	At the End of
	Fiscal 2026		First Quarter of Fiscal 2027
Prepaid expenses	$	80,283	$	95,457
Other receivables (1)	249,990		301,511
Other current assets	25,742		40,049
Total prepaid expenses and other current assets	$	356,015	$	437,017

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(1) Primarily consists of receivables from our contract manufacturers.

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	At the End of
	Fiscal 2026		First Quarter of Fiscal 2027
Test and infrastructure equipment (1)	$	499,903	$	495,088
Computer equipment and software	488,355		523,227
Furniture and fixtures	14,609		16,932
Leasehold improvements	114,510		117,664
Capitalized software development costs	95,301		101,824
Total property and equipment	1,212,678		1,254,735
Less: accumulated depreciation and amortization	(625,656)		(640,818)
Property and equipment, net	$	587,022	$	613,917

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(1) Includes finance lease right-of-use assets. Refer to Note 8.

Depreciation and amortization expense related to property and equipment was $30.3 million and $38.8 million for the first quarter of fiscal 2026 and 2027.

Intangible Assets, Net

Intangible assets, net consist of the following (in thousands):


	At the End of
	Fiscal 2026						First Quarter of Fiscal 2027
	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount		Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Technology patents	$	20,875	$	(19,370)	$	1,505	$	20,875	$	(19,800)	$	1,075
Developed technology	84,536		(80,506)		4,030		84,536		(81,841)		2,695
Customer relationships	6,459		(4,928)		1,531		6,459		(5,157)		1,302
Trade name and trademarks (1)	3,903		(3,623)		280		3,893		(3,623)		270
Intangible assets, net	$	115,773	$	(108,427)	$	7,346	$	115,763	$	(110,421)	$	5,342

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(1) Includes direct costs to obtain these indefinite-lived assets in connection with our name change in February 2026.

Intangible assets amortization expense was $4.0 million and $2.0 million for the first quarter of fiscal 2026 and 2027. At the end of the first quarter of fiscal 2027, the weighted-average remaining amortization period was 0.2 year for technology patents, 0.2 year for developed technology, and 1.4 years for customer relationships. We record amortization of technology patents in general and administrative expenses due to their defensive nature, developed technology in cost of product revenue, and customer relationships in sales and marketing expenses in the condensed consolidated statements of operations.

At the end of the first quarter of fiscal 2027, future expected amortization expense for intangible assets is as follows (in thousands):


Fiscal Years Ending	Estimated Future Amortization Expense
Remainder of 2027	$	1,813
2028	1,767
2029	868
2030	427
2031	197

Total	$	5,072

Goodwill

As of the end of fiscal 2026 and the first quarter of fiscal 2027, goodwill was $365.1 million. There were no impairments to goodwill for the first quarter of fiscal 2026 and 2027.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following (in thousands):


	At the End of
	Fiscal 2026		First Quarter of Fiscal 2027
Taxes payable	$	14,044	$	14,992
Accrued sales, marketing and partner liabilities	67,563		56,746
Engineering-related accruals (1)	6,352		6,955
Supply chain-related accruals (2)	12,961		8,842
Accrued service logistics and professional services	13,570		14,734

Customer deposits from contracts with customers	32,905		33,356
Other accrued liabilities	36,943		46,317
Total accrued expenses and other liabilities	$	184,338	$	181,942

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(1) Primarily consists of subscription cloud services and outside services costs.

(2) Primarily consists of accruals related to our inventory and inventory purchase commitments with our contract manufacturers.