Balance Sheet Components

3 Months Ended

May 03, 2020

Balance Sheet Components Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	At the End of
	Fiscal 2020		First Quarter of Fiscal 2021
Raw materials	$	2,974	$	5,687
Finished goods	35,544		33,579
Inventory	$	38,518	$	39,266

Property and Equipment, Net

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


	At the End of
	Fiscal 2020		First Quarter of Fiscal 2021
Test equipment	$	205,555	$	216,184
Computer equipment and software	141,387		150,012
Furniture and fixtures	8,324		8,800
Leasehold improvements	40,356		43,032
Total property and equipment	395,622		418,028
Less: accumulated depreciation and amortization	(272,882)		(281,820)
Property and equipment, net	$	122,740	$	136,208

Depreciation and amortization expense related to property and equipment was $19.8 million and $12.4 million for the first quarter of fiscal 2020 and 2021.

Intangible Assets, Net

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


	At the End of
	Fiscal 2020										First Quarter of Fiscal 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount		Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Technology patents	$	19,125	$	(8,933)	$	10,192	$	19,125	$	(9,630)	$	9,495
Developed technology	56,100		(8,035)		48,065		56,100		(10,039)		46,061
Intangible assets, net	$	75,225	$	(16,968)	$	58,257	$	75,225	$	(19,669)	$	55,556

Intangible assets amortization expense was $1.3 million and $2.7 million for the first quarter of fiscal 2020 and 2021. At the end of the first quarter of fiscal 2021, the weighted-average remaining amortization period was 3.4 years for technology patents and 5.7 years for developed technology. Amortization of the technology patents is included in general and administrative expenses due to their defensive nature and amortization of developed technology is included in cost of product revenue in the condensed consolidated statements of operations.

At the end of the first quarter of fiscal 2021, future expected amortization expense for intangible assets is as follows (in thousands):


Fiscal Years Ending	Estimated Future Amortization Expense
Remainder of 2021	$	8,103
2022	9,846
2023	9,300
2024	9,300
2025	9,300
Thereafter	9,707
Total	$	55,556

Goodwill

As of the end of fiscal 2020 and the first quarter of fiscal 2021, goodwill was $37.6 million. There were no impairments to goodwill during the first quarter of fiscal 2020 and 2021.

Accrued Expenses and Other Liabilities

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


	At the End of
	Fiscal 2020		First Quarter of Fiscal 2021
Taxes payable	$	9,012	$	7,459
Accrued marketing	7,679		7,767
Accrued travel and entertainment expenses	3,829		1,126
Acquisition consideration⁽¹⁾	6,149		470
Other accrued liabilities	20,554		22,059
Total accrued expenses and other liabilities	$	47,223	$	38,881

⁽¹⁾Payment in the amount of $7.3 million was made in April 2020.