Balance Sheet Components

6 Months Ended

Aug. 02, 2026

Balance Sheet Components Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	At the End of
	Fiscal 2026		Second Quarter of Fiscal 2027
Raw materials	$	39,970	$	81,933
Finished goods	35,965		24,367
Inventory	$	75,935	$	106,300

Prepaid Expenses and Other Current Assets

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


	At the End of
	Fiscal 2026		Second Quarter of Fiscal 2027
Prepaid expenses	$	80,283	$	83,044


Other receivables (1)	249,990		903,723
Other current assets	25,742		38,878
Total prepaid expenses and other current assets	$	356,015	$	1,025,645

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(1) Primarily consists of receivables from our contract manufacturers for component purchases made and sold to our contract manufacturers and tax-related receivables.

Property and Equipment, Net

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


	At the End of
	Fiscal 2026		Second Quarter of Fiscal 2027
Test and infrastructure equipment (1)	$	499,903	$	509,562
Computer equipment and software	488,355		599,292
Furniture and fixtures	14,609		17,093
Leasehold improvements	114,510		123,243
Capitalized software development costs	95,301		108,934
Total property and equipment	1,212,678		1,358,124
Less: accumulated depreciation and amortization	(625,656)		(670,174)
Property and equipment, net	$	587,022	$	687,950

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(1) Includes finance lease right-of-use assets. Refer to Note 9.

Depreciation and amortization expense related to property and equipment was $32.6 million and $41.0 million for the second quarter of fiscal 2026 and 2027, and $62.9 million and $79.8 million for the first two quarters of fiscal 2026 and 2027.

Intangible Assets, Net

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


	At the End of
	Fiscal 2026						Second 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	$	(20,043)	$	832
Developed technology	84,536		(80,506)		4,030		93,736		(82,522)		11,214
Customer relationships	6,459		(4,928)		1,531		11,959		(5,576)		6,383
In-progress research and development	—		—		—		2,800		—		2,800
Customer contract backlog	—		—		—		2,000		(161)		1,839
Trade name and trademarks (1)	3,903		(3,623)		280		3,893		(3,623)		270
Intangible assets, net	$	115,773	$	(108,427)	$	7,346	$	135,263	$	(111,925)	$	23,338

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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 $1.5 million for the second quarter of fiscal 2026 and 2027, and $8.0 million and $3.5 million for the first two quarters of fiscal 2026 and 2027. At the end of the second quarter of fiscal 2027, the weighted-average remaining amortization period was 0.2 year for technology patents, 0.7 year for developed technology, 3.7 years for customer relationships, and 2.8 years for customer contract backlog. 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 and customer contract backlog in sales and marketing expenses in the condensed consolidated statements of operations.

At the end of the second 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	$	2,514
2028	4,800
2029	3,843
2030	2,904
2031	2,504
Thereafter	3,703
Total	$	20,268

Goodwill

The change in the carrying amount of goodwill is as follows (in thousands):


	Amount
Balance at the end of fiscal 2026	$	365,075
Goodwill acquired	101,238
Balance at the end of the second quarter of fiscal 2027	$	466,313

There were no impairments to goodwill for the second quarter and first two quarters 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		Second Quarter of Fiscal 2027
Taxes payable	$	14,044	$	17,118
Accrued sales, marketing and partner liabilities	67,563		69,653
Engineering-related accruals (1)	6,352		7,655
Supply chain-related accruals (2)	12,961		17,256
Accrued service logistics and professional services	13,570		16,095
Customer deposits from contracts with customers	32,905		28,555
Other accrued liabilities	36,943		36,245
Total accrued expenses and other liabilities	$	184,338	$	192,577

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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.