Balance Sheet Components

12 Months Ended

Feb. 04, 2024

Balance Sheet Components Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	At the End of Fiscal
	2023		2024
Raw materials	$	24,896	$	19,317
Finished goods	25,256		23,346
Inventory	$	50,152	$	42,663

Property and Equipment, Net

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


	At the End of Fiscal
	2023		2024
Test equipment	$	315,290	$	371,269
Computer equipment and software	262,574		319,636
Furniture and fixtures	9,693		12,547
Leasehold improvements	71,235		92,926
Capitalized software development costs	15,806		36,474
Total property and equipment	674,598		832,852
Less: accumulated depreciation and amortization	(402,153)		(480,248)
Property and equipment, net	$	272,445	$	352,604

Depreciation and amortization expense related to property and equipment was $65.9 million, $87.0 million and $112.6 million for fiscal 2022, 2023 and 2024, respectively.

Intangible Assets, Net

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


	At the End of Fiscal
	2023						2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount		Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Technology patents	$	19,125	$	(14,826)	$	4,299	$	19,125	$	(16,107)	$	3,018
Developed technology	83,211		(43,366)		39,845		83,211		(56,589)		26,622
Customer relationships	6,459		(2,166)		4,293		6,459		(3,087)		3,372
Trade name	3,623		(2,838)		785		3,623		(3,623)		—
Intangible assets, net	$	112,418	$	(63,196)	$	49,222	$	112,418	$	(79,406)	$	33,012

Intangible assets amortization expense was $16.8 million, $16.5 million and $16.2 million for fiscal 2022, 2023 and 2024, respectively. At the end of fiscal 2024, the weighted-average remaining amortization period was 1.1 years for technology patents, 2.0 years for developed technology, and 3.7 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 and trade name in sales and marketing expenses in the consolidated statements of operations.

At the end of fiscal 2024, future expected amortization expense for intangible assets is as follows (in thousands):


Fiscal Years Ending	Future Expected Amortization Expense
2025	$	15,425
2026	12,830
2027	3,107
2028	1,054
2029	434
Thereafter	162
Total	$	33,012

Goodwill

Goodwill was $361.4 million as of the end of fiscal 2023 and 2024. There were no impairments to goodwill during fiscal 2022, 2023 and 2024.

Accrued Expenses and Other Liabilities

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


	At the End of Fiscal
	2023		2024
Taxes payable	$	16,615	$	13,097
Accrued marketing	14,228		18,438
Accrued cloud and outside services	7,644		5,973
Supply chain-related accruals (1)	23,545		25,962
Accrued service logistics and professional services	7,927		9,636
Acquisition earn-out and deferred consideration	3,556		1,000
Finance lease liabilities, current	5,432		4,204
Customer deposits from contracts with customers	17,824		23,534

Other accrued liabilities	26,978		33,911
Total accrued expenses and other liabilities	$	123,749	$	135,755

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