Balance Sheet Components

12 Months Ended

Feb. 05, 2023

Balance Sheet Components Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	At the End of Fiscal
	2022		2023
Raw materials	$	15,734	$	24,896
Finished goods	23,208		25,256
Inventory	$	38,942	$	50,152

Property and Equipment, Net

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


	At the End of Fiscal
	2022		2023
Test equipment	$	266,672	$	315,290
Computer equipment and software	206,053		262,574
Furniture and fixtures	8,652		9,693
Leasehold improvements	47,443		71,235
Capitalized software development costs	8,528		15,806
Total property and equipment	537,348		674,598
Less: accumulated depreciation and amortization	(342,066)		(402,153)
Property and equipment, net	$	195,282	$	272,445

Depreciation and amortization expense related to property and equipment was $57.1 million, $65.9 million and $87.0 million for fiscal 2021, 2022 and 2023, respectively.

Intangible Assets, Net

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


	At the End of Fiscal
	2022						2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount		Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Technology patents	$	19,125	$	(13,544)	$	5,581	$	19,125	$	(14,826)	$	4,299
Developed technology	80,166		(30,304)		49,862		83,211		(43,366)		39,845
Customer relationships	6,459		(1,246)		5,213		6,459		(2,166)		4,293
Trade name	3,623		(1,633)		1,990		3,623		(2,838)		785
Intangible assets, net	$	109,373	$	(46,727)	$	62,646	$	112,418	$	(63,196)	$	49,222

Intangible assets amortization expense was $13.0 million, $16.8 million and $16.5 million for fiscal 2021, 2022 and 2023, respectively. At the end of fiscal 2023, the weighted-average remaining amortization period was 1.6 years for technology patents, 3.0 years for developed technology, 4.7 years for customer relationships, and 0.6 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 consolidated statements of operations.

At the end of fiscal 2023, future expected amortization expense for intangible assets is as follows (in thousands):


Fiscal Years Ending	Future Expected Amortization Expense
2024	$	16,210
2025	15,425
2026	12,830
2027	3,107
2028	1,054
Thereafter	596
Total	$	49,222

Goodwill

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


	Amount
Balance as of the end of fiscal 2022	$	358,736
Goodwill acquired	2,691
Balance as of the end of fiscal 2023	$	361,427

There were no impairments to goodwill during fiscal 2022 and 2023.

Accrued Expenses and Other Liabilities

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


	At the End of Fiscal
	2022		2023
Taxes payable	$	6,312	$	16,615
Accrued marketing	13,257		14,228
Accrued cloud and outside services	6,135		7,644
Supply chain-related accruals (1)	6,991		23,545
Accrued service logistics and professional services	6,244		7,927
Acquisition earn-out and deferred consideration	5,211		3,556
Finance lease liabilities, current	1,035		5,432
Customer deposits from contracts with customers	10,409		17,824

Other accrued liabilities	22,917		26,978
Total accrued expenses and other liabilities	$	78,511	$	123,749

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(1) Primarily consist of warranty reserves and accruals related to our inventory and inventory purchase commitments with our contract manufacturers.