Balance Sheet Components

6 Months Ended

Aug. 03, 2025

Balance Sheet Components Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	At the End of
	Fiscal 2025		Second Quarter of Fiscal 2026
Raw materials	$	9,616	$	10,127
Finished goods	33,194		36,685
Inventory	$	42,810	$	46,812

Property and Equipment, Net

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


	At the End of
	Fiscal 2025		Second Quarter of Fiscal 2026
Test and infrastructure equipment (1)	$	457,033	$	491,186
Computer equipment and software	393,623		444,482
Furniture and fixtures	13,948		14,476
Leasehold improvements	102,002		106,761
Capitalized software development costs	65,824		81,111
Total property and equipment	1,032,430		1,138,016
Less: accumulated depreciation and amortization	(570,699)		(593,897)
Property and equipment, net	$	461,731	$	544,119

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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 $33.1 million and $32.6 million for the second quarter of fiscal 2025 and 2026, and $64.2 million and $62.9 million for the first two quarters of fiscal 2025 and 2026.

Intangible Assets, Net

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


	At the End of
	Fiscal 2025						Second Quarter of Fiscal 2026
	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount		Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Technology patents	$	20,875	$	(17,652)	$	3,223	$	20,875	$	(18,511)	$	2,364
Developed technology	83,211		(69,812)		13,399		83,211		(76,424)		6,787
Customer relationships	6,459		(4,007)		2,452		6,459		(4,467)		1,992
Intangible assets, net	$	110,545	$	(91,471)	$	19,074	$	110,545	$	(99,402)	$	11,143

Intangible assets amortization expense was $3.9 million and $4.0 million for the second quarter of fiscal 2025 and 2026, and $7.8 million and $8.0 million for the first two quarters of fiscal 2025 and 2026. At the end of the second quarter of fiscal 2026, the weighted-average remaining amortization period was 0.6 year for technology patents, 0.5 year for developed technology, and 2.2 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 second quarter of fiscal 2026, future expected amortization expense for intangible assets is as follows (in thousands):


Fiscal Years Ending	Estimated Future Amortization Expense
Remainder of 2026	$	5,336
2027	3,543
2028	1,498
2029	604
2030	162
Total	$	11,143

Goodwill

As of the end of fiscal 2025 and the second quarter of fiscal 2026, goodwill was $361.4 million. There were no impairments to goodwill for the second quarter and first two quarters of fiscal 2025 and 2026.

Accrued Expenses and Other Liabilities

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


	At the End of
	Fiscal 2025		Second Quarter of Fiscal 2026
Taxes payable	$	16,176	$	11,175
Accrued marketing	26,619		39,628
Engineering-related accruals (1)	12,802		6,308
Supply chain-related accruals (2)	19,927		23,858
Accrued service logistics and professional services	10,286		10,309
Finance lease liabilities, current	387		620
Customer deposits from contracts with customers	31,143		29,167
Other accrued liabilities	39,451		35,655
Total accrued expenses and other liabilities	$	156,791	$	156,720

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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.