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Intangible Assets and Goodwill

6 Months Ended

Mar. 29, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

In connection with asset acquisitions in July and December 2024, and the ASR Acquisition in January 2025, the Company acquired developed technology intangible assets of $130.9 million. The intangible assets will be amortized over a useful life of 3 to 7 years on a straight-line basis. The estimated weighted average useful life of the intangible assets is 6.5 years.

The following table presents acquired intangible assets that are subject to amortization as of March 29, 2025 (in thousands). There were no acquired intangible assets that are subject to amortization as of March 30, 2024.


		March 29, 2025
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Developed technology	6.5	$	130,861	$	(5,068)	$	125,793
Total		$	130,861	$	(5,068)	$	125,793

For the three and six months ended March 29, 2025, amortization expense was $4.2 million and $4.8 million, respectively.

The following table presents the estimated future annual pre-tax amortization expense of definite-lived intangible assets as of the date indicated (in thousands):


	Developed Technology
Remaining fiscal year 2025	$	10,831
Fiscal year 2026	21,662
Fiscal year 2027	21,414
Fiscal year 2028	17,401
Fiscal year 2029 and thereafter	54,485
Total	$	125,793

The carrying amount of goodwill at March 29, 2025 was $68.7 million. As a result of the ASR Acquisition, the Company recorded $68.7 million of goodwill. Prior to the ASR Acquisition, the Company did not have goodwill on its consolidated balance sheets. No other changes to the carrying amount of goodwill were noted for the six months ended March 29, 2025. The Company tests goodwill for impairment at least annually. Through the date the interim condensed consolidated financial statements were issued, no triggering events have occurred that would indicate that a potential impairment exists.