Balance Sheet Components

3 Months Ended

May 02, 2021

Balance Sheet Components Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	At the End of
	Fiscal 2021		First Quarter of Fiscal 2022
Raw materials	$	4,991	$	5,881
Finished goods	41,742		43,406
Inventory	$	46,733	$	49,287

Property and Equipment, Net

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


	At the End of
	Fiscal 2021		First Quarter of Fiscal 2022
Test equipment	$	238,069	$	243,564
Computer equipment and software	184,518		194,991
Furniture and fixtures	8,484		8,492
Leasehold improvements	44,444		44,675
Total property and equipment	475,515		491,722
Less: accumulated depreciation and amortization	(312,474)		(319,341)
Property and equipment, net	$	163,041	$	172,381

Depreciation and amortization expense related to property and equipment was $12.4 million and $14.5 million for the first quarter of fiscal 2021 and 2022. No amount of internal-use software development costs were capitalized during the first quarter of fiscal 2021 and the amount capitalized during the first quarter of fiscal 2022 was not material.

Intangible Assets, Net

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


	At the End of
	Fiscal 2021						First Quarter of Fiscal 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount		Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Technology patents	$	19,125	$	(11,722)	$	7,403	$	19,125	$	(12,420)	$	6,705
Developed technology	77,373		(17,499)		59,874		77,373		(20,567)		56,806
Customer relationships	6,459		(308)		6,151		6,459		(538)		5,921
Trade name	3,623		(403)		3,220		3,623		(704)		2,919
Intangible assets, net	$	106,580	$	(29,932)	$	76,648	$	106,580	$	(34,229)	$	72,351

Intangible assets amortization expense was $2.7 million and $4.3 million for the first quarter of fiscal 2021 and 2022. At the end of the first quarter of fiscal 2022, the weighted-average remaining amortization period was 2.5 years for technology patents, 4.7 years for developed technology, 6.4 years for customer relationships, and 2.4 years for trade name. We recorded amortization of technology patents in general and administrative expenses due to their defensive nature, developed technology in cost of product revenue, and customer relationships and trade name in sales and marketing expenses in the condensed consolidated statements of operations.

At the end of the first quarter of fiscal 2022, future expected amortization expense for intangible assets is as follows (in thousands):


Fiscal Years Ending	Estimated Future Amortization Expense
Remainder of 2022	$	11,934
2023	15,685
2024	15,282
2025	14,477
2026	11,924
Thereafter	3,049
Total	$	72,351

Goodwill

As of the end of fiscal 2021 and the first quarter of fiscal 2022, goodwill was $358.7 million. There were no impairments to goodwill during the first quarter of fiscal 2021 and 2022.

Accrued Expenses and Other Liabilities

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


	At the End of
	Fiscal 2021		First Quarter of Fiscal 2022
Taxes payable	$	4,097	$	3,637
Accrued marketing	15,638		11,685
Accrued travel and entertainment expenses	866		636
Acquisition consideration	9,600		4,108
Other accrued liabilities	31,553		32,757
Total accrued expenses and other liabilities	$	61,754	$	52,823