Balance Sheet Components

6 Months Ended

Jun. 29, 2025

Balance Sheet Related Disclosures [Abstract]

Note 5. 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 June 29, 2025 and December 31, 2024, were as follows:


	June 29, 2025
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. treasury securities	$	119,665	$	37	$	—	$	119,702
Total	$	119,665	$	37	$	—	$	119,702


	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 June 29, 2025 are all due within one year. Accrued interest receivable as of June 29, 2025 was $1.4 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 June 29, 2025 and December 31, 2024.

In the three and six months ended June 29, 2025 and June 30, 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 and six months ended June 29, 2025 and June 30, 2024. Refer to Note 13, Fair Value Measurements, for detailed disclosures regarding fair value measurements.

Inventories


(In thousands)	June 29, 2025		December 31, 2024
Raw materials	$	11,544	$	13,439
Finished goods		145,761		149,100
Total	$	157,305	$	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 $0.8 million and $2.2 million for the three and six months ended June 29, 2025, respectively, and $1.9 million and $3.0 million for the three and six months ended June 30, 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)	June 29, 2025			December 31, 2024
Machinery and equipment	$	55,534		$	54,355
Furniture, fixtures, and leasehold improvements		22,973			20,028
Software		24,654			24,610
Computer equipment		5,554			5,384
Total property and equipment, gross		108,715			104,377
Accumulated depreciation		(95,038	)		(93,089	)
Total	$	13,677		$	11,288

Other non-current assets


(In thousands)	June 29, 2025		December 31, 2024
Non-current deferred income taxes	$	2,455	$	2,332
Long-term investments		8,699		8,381
Restricted cash		2,100		2,107
Other		4,639		3,767
Total	$	17,893	$	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 June 29, 2025 and June 30, 2024, respectively. For such equity investments without readily determinable fair value still held at June 29, 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 $2.6 million as of June 29, 2025, and $2.3 million as of June 30, 2024, December 31, 2024, and December 31, 2023, respectively.

Other accrued liabilities


(In thousands)	June 29, 2025		December 31, 2024
Current operating lease liabilities	$	9,426	$	10,837
Sales and marketing		53,183		59,129
Warranty obligations		5,565		5,192
Sales returns(1)		22,758		31,711
Freight and duty		4,807		4,979
Other		31,625		36,230
Total	$	127,364	$	148,078

(1)

Inventory expected to be received from future sales returns amounted to $10.6 million and $15.1 million as of June 29, 2025 and December 31, 2024, respectively. Provisions to write down expected returned inventory to net realizable value amounted to $7.4 million and $9.0 million as of June 29, 2025 and December 31, 2024, respectively.