Balance Sheet Components

9 Months Ended

Nov. 02, 2025

Balance Sheet Components Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	At the End of
	Fiscal 2025		Third Quarter of Fiscal 2026
Raw materials	$	9,616	$	46,030
Finished goods	33,194		36,391
Inventory	$	42,810	$	82,421

Property and Equipment, Net

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


	At the End of
	Fiscal 2025		Third Quarter of Fiscal 2026
Test and infrastructure equipment (1)	$	457,033	$	494,798
Computer equipment and software	393,623		467,896
Furniture and fixtures	13,948		14,419
Leasehold improvements	102,002		109,499
Capitalized software development costs	65,824		88,526
Total property and equipment	1,032,430		1,175,138
Less: accumulated depreciation and amortization	(570,699)		(608,802)
Property and equipment, net	$	461,731	$	566,336

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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 $24.9 million and $35.3 million for the third quarter of fiscal 2025 and 2026, and $89.1 million and $98.2 million for the first three quarters of fiscal 2025 and 2026.

Intangible Assets, Net

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


	At the End of
	Fiscal 2025						Third 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	$	(18,941)	$	1,934
Developed technology	83,211		(69,812)		13,399		84,536		(78,825)		5,711
Customer relationships	6,459		(4,007)		2,452		6,459		(4,697)		1,762
Intangible assets, net	$	110,545	$	(91,471)	$	19,074	$	111,870	$	(102,463)	$	9,407

Intangible assets amortization expense was $3.9 million and $3.0 million for the third quarter of fiscal 2025 and 2026, and $11.7 million and $11.0 million for the first three quarters of fiscal 2025 and 2026. At the end of the third quarter of fiscal 2026, the weighted-average remaining amortization period was 0.5 year for technology patents, 0.4 year for developed technology, and 1.9 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 third 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	$	2,344
2027	3,807
2028	1,767
2029	868
2030	427
Thereafter	194
Total	$	9,407

Goodwill

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


	Amount
Balance at the end of fiscal 2025	$	361,427
Goodwill acquired	3,315
Balance at the end of the third quarter of 2026	$	364,742

There were no impairments to goodwill for the third quarter and first three 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		Third Quarter of Fiscal 2026
Taxes payable	$	16,176	$	20,283
Accrued marketing	26,619		34,553
Engineering-related accruals (1)	12,802		5,822
Supply chain-related accruals (2)	19,927		19,194
Accrued service logistics and professional services	10,286		12,021
Finance lease liabilities, current	387		564
Customer deposits from contracts with customers	31,143		29,212
Other accrued liabilities	39,451		38,178
Total accrued expenses and other liabilities	$	156,791	$	159,827

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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.