Balance Sheet Components

9 Months Ended

Nov. 01, 2020

Balance Sheet Components Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	At the End of
	Fiscal 2020		Third Quarter of Fiscal 2021
Raw materials	$	2,974	$	4,400
Finished goods	35,544		38,752
Inventory	$	38,518	$	43,152

Property and Equipment, Net

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


	At the End of
	Fiscal 2020		Third Quarter of Fiscal 2021
Test equipment	$	205,555	$	231,406
Computer equipment and software	141,387		173,253
Furniture and fixtures	8,324		8,842
Leasehold improvements	40,356		44,976
Total property and equipment	395,622		458,477
Less: accumulated depreciation and amortization	(272,882)		(300,277)
Property and equipment, net	$	122,740	$	158,200

Depreciation and amortization expense related to property and equipment was $20.6 million and $14.9 million for the third quarter of fiscal 2020 and 2021, and $60.3 million and $41.1 million for the first three quarters of fiscal 2020 and 2021. The amount of internal-use software development costs capitalized during the third quarter and first three quarters was not material.

Intangible Assets, Net

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


	At the End of
	Fiscal 2020						Third 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	$	(11,025)	$	8,100
Developed technology	56,100		(8,035)		48,065		77,712		(14,438)		63,274
Customer relationships	—		—		—		6,116		(73)		6,043
Trade name	—		—		—		3,762		(104)		3,658
Intangible assets, net	$	75,225	$	(16,968)	$	58,257	$	106,715	$	(25,640)	$	81,075

Intangible assets amortization expense was $2.6 million and $3.3 million for the third quarter of fiscal 2020 and 2021, and $6.5 million and $8.7 million for the first three quarters of fiscal 2020 and 2021. At the end of the third quarter of fiscal 2021, the weighted-average remaining amortization period was 3.0 years for technology patents, 5.1 years for developed technology, 6.9 years for customer relationships, and 2.9 years for trade name. We recorded amortization of (i) technology patents in general and administrative expenses due to their defensive nature, (ii) developed technology in cost of product revenue, and (iii) customer relationships and trade name in sales and marketing expenses in the condensed consolidated statements of operations.

At the end of the third 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	$	4,313
2022	16,296
2023	15,750
2024	15,332
2025	14,496
Thereafter	14,888
Total	$	81,075

Goodwill

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


	Amount
Balance at the end of fiscal 2020	$	37,584
Goodwill acquired	323,413
Balance at the end of the third quarter of fiscal 2021	$	360,997

Accrued Expenses and Other Liabilities

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


	At the End of
	Fiscal 2020		Third Quarter of Fiscal 2021
Taxes payable	$	9,012	$	4,750
Accrued marketing	7,679		11,836
Accrued travel and entertainment expenses	3,829		1,054
Acquisition consideration	6,149		5,704
Other accrued liabilities	20,554		24,595
Total accrued expenses and other liabilities	$	47,223	$	47,939