Balance Sheet Components

3 Months Ended

Mar. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Note 4. Balance Sheet Components

Available-for-sale investments

Amortized cost and estimated fair market value of investments classified as available-for-sale, excluding cash equivalents, as of March 30, 2025 and December 31, 2024, were as follows:


	March 30, 2025
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. treasury securities	$	119,433	$	93	$	—	$	119,526
Total	$	119,433	$	93	$	—	$	119,526


	December 31, 2024
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. treasury securities	$	119,199	$	171	$	—	$	119,370
Total	$	119,199	$	171	$	—	$	119,370

The contractual maturities on the U.S. treasury securities as of March 30, 2025 are all due within one year. Accrued interest receivable as of March 30, 2025 was $1.3 million and was recorded within Prepaid expenses and other current assets on the unaudited condensed consolidated balance sheet.

There were no investments classified as available-for-sale in a continuous unrealized loss position for which an allowance for credit losses was not recorded as of March 30, 2025 and December 31, 2024.

In the three months ended March 30, 2025 and March 31, 2024, no unrealized losses on available-for-sale securities were recognized in income. The Company does not intend to sell, and it is unlikely that it will be required to sell the investments in an unrealized loss position prior to their anticipated recovery. There were no other-than-temporary impairments for these

securities during the three months ended March 30, 2025 and March 31, 2024. Refer to Note 12, Fair Value Measurements, for detailed disclosures regarding fair value measurements.

Inventories


(In thousands)	March 30, 2025		December 31, 2024
Raw materials	$	17,437	$	13,439
Finished goods		140,461		149,100
Total	$	157,898	$	162,539

The Company records provisions for excess and obsolete inventory based on assumptions about future demand and market conditions and the amounts incurred were $1.4 million and $1.1 million for the three months ended March 30, 2025 and March 31, 2024, respectively. While management believes the estimates and assumptions underlying its current forecasts are reasonable, there is a risk that additional charges may be necessary if current forecasts are greater than actual demand.

Property and equipment, net


(In thousands)	March 30, 2025			December 31, 2024
Machinery and equipment	$	54,700		$	54,355
Furniture, fixtures, and leasehold improvements		20,585			20,028
Software		24,737			24,610
Computer equipment		5,393			5,384
Total property and equipment, gross		105,415			104,377
Accumulated depreciation		(94,113	)		(93,089	)
Total	$	11,302		$	11,288

Other non-current assets


(In thousands)	March 30, 2025		December 31, 2024
Non-current deferred income taxes	$	2,503	$	2,332
Long-term investments		8,478		8,381
Restricted cash		2,112		2,107
Other		3,960		3,767
Total	$	17,053	$	16,587

Long-term equity investments

The Company’s long-term investments are primarily comprised of equity investments without readily determinable fair values and investments in limited partnership funds. The carrying value of the equity investments without readily determinable fair values was $6.1 million as of March 30, 2025 and March 31, 2024, respectively. For such equity investments without readily determinable fair value still held at March 30, 2025, there were no cumulative downward adjustments for price changes or impairment, and the cumulative upward adjustments for price changes was $0.3 million. Investments in limited partnership funds amounted to $2.4 million as of March 30, 2025, $2.2 million as of March 31, 2024, $2.3 million as of December 31, 2024, and $2.3 million as of December 31, 2023, respectively.

Other accrued liabilities


(In thousands)	March 30, 2025		December 31, 2024
Current operating lease liabilities	$	10,288	$	10,837
Sales and marketing		50,060		59,129
Warranty obligations		5,307		5,192
Sales returns(1)		27,100		31,711
Freight and duty		4,112		4,979
Other		31,158		36,230
Total	$	128,025	$	148,078

(1)

Inventory expected to be received from future sales returns amounted to $12.8 million and $15.1 million as of March 30, 2025 and December 31, 2024, respectively. Provisions to write down expected returned inventory to net realizable value amounted to $8.6 million and $9.0 million as of March 30, 2025 and December 31, 2024, respectively.