Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2021 | Nov. 11, 2021 | Apr. 02, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Oct. 1, 2021 | ||
Current Fiscal Year End Date | --10-01 | ||
Document Transition Report | false | ||
Entity File Number | 001-35451 | ||
Entity Registrant Name | MACOM Technology Solutions Holdings, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-0306875 | ||
Entity Address, Address Line One | 100 Chelmsford Street | ||
Entity Address, City or Town | Lowell | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01851 | ||
City Area Code | 978 | ||
Local Phone Number | 656-2500 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | MTSI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,800 | ||
Entity Common Stock, Share Outstanding | 69,611,633 | ||
Documents Incorporated by Reference [Text Block] | Part III incorporates certain information by reference from the registrant's definitive proxy statement for the 2022 Annual Meeting of Stockholders, which will be filed no later than 120 days after the close of the registrant's fiscal year ended October 1, 2021. | ||
Entity Central Index Key | 0001493594 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 156,537 | $ 129,441 |
Short-term investments | 188,365 | 203,711 |
Accounts receivable, net | 84,570 | 45,884 |
Inventories | 82,699 | 91,584 |
Prepaid and other current assets | 9,365 | 10,899 |
Total current assets | 521,536 | 481,519 |
Property and equipment, net | 120,526 | 118,866 |
Goodwill | 314,240 | 315,012 |
Intangible assets, net | 84,685 | 130,898 |
Deferred income taxes | 39,516 | 41,935 |
Other investments | 15,342 | 17,745 |
Other long-term assets | 38,300 | 40,453 |
Total assets | 1,134,145 | 1,146,428 |
Current liabilities: | ||
Accounts payable | 28,712 | 23,043 |
Accrued liabilities | 63,374 | 63,654 |
Total current liabilities | 93,044 | 94,950 |
Financing obligation | 8,720 | 0 |
Long-term debt, less current portion | 492,097 | 652,172 |
Warrant liability | 0 | 25,312 |
Other long-term liabilities | 40,511 | 44,854 |
Total liabilities | 662,409 | 846,282 |
Stockholders' equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 69 | 67 |
Treasury Stock, Value | (330) | (330) |
Accumulated other comprehensive income | 4,150 | 5,009 |
Additional paid-in capital | 1,269,601 | 1,135,127 |
Accumulated deficit | (801,754) | (839,727) |
Total stockholders' equity | 471,736 | 300,146 |
Total liabilities and stockholders' equity | 1,134,145 | 1,146,428 |
Finance Lease, Liability, Current | 958 | 1,368 |
Finance Lease, Liability, Noncurrent | $ 28,037 | $ 28,994 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, issued (in shares) | 68,877,000 | 66,921,000 |
Common stock, outstanding (in shares) | 68,854,000 | 66,898,000 |
Common stock, subject to forfeiture (in shares) | 2,093 | 5,414 |
Treasury stock (in shares) | 23,000 | 23,000 |
Financing obligation | $ 8,720 | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 606,920 | $ 530,037 | $ 499,708 |
Cost of revenue | 265,065 | 259,871 | 279,000 |
Gross profit | 341,855 | 270,166 | 220,708 |
Operating expenses: | |||
Research and development | 138,844 | 141,333 | 163,469 |
Selling, general and administrative | 122,009 | 124,306 | 153,286 |
Impairment charges | 0 | 0 | 264,786 |
Restructuring charges | 0 | 1,139 | 19,543 |
Total operating expenses | 260,853 | 266,778 | 601,084 |
Income (loss) from operations | 81,002 | 3,388 | (380,376) |
Other (expense) income: | |||
Warrant liability (expense) gain | (11,130) | (12,948) | 765 |
Interest expense, net | (20,593) | (27,380) | (35,803) |
Other expense, net | (6,334) | (4,622) | (7,739) |
Total other expense, net | (38,057) | (44,950) | (42,777) |
Income (loss) before income taxes | 42,945 | (41,562) | (423,153) |
Income tax expense (benefit) | 4,972 | 4,516 | (39,355) |
Net income (loss) | $ 37,973 | $ (46,078) | $ (383,798) |
Basic loss per share: | |||
Loss per share-basic (in USD per share) | $ 0.55 | $ (0.69) | $ (5.84) |
Diluted loss per share: | |||
Loss per share-diluted (in USD per share) | $ 0.54 | $ (0.69) | $ (5.84) |
Shares used: | |||
Basic (in shares) | 68,449 | 66,606 | 65,686 |
Diluted (in shares) | 70,474 | 66,606 | 65,686 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 37,973 | $ (46,078) | $ (383,798) |
Unrealized (loss) gain on short-term investments | (198) | 193 | 477 |
Foreign currency translation (loss) gain, net of tax | (661) | 458 | 1,693 |
Other comprehensive (loss) income, net of tax | (859) | 651 | 2,170 |
Total comprehensive income (loss) | $ 37,114 | $ (45,427) | $ (381,628) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Additional Paid-In Capital | Additional Paid-In CapitalCumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Beginning Balance (in shares) at Sep. 28, 2018 | 65,202 | ||||||||
Beginning balance at Sep. 28, 2018 | $ 668,675 | $ 65 | $ (330) | $ 2,188 | $ 1,074,728 | $ (407,976) | |||
Beginning Balance Treasury stock (in shares) at Sep. 28, 2018 | (23) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercise (in shares) | 119 | ||||||||
Stock option exercises | 1,608 | 1,608 | |||||||
Vesting of restricted common stock and units (in shares) | 673 | ||||||||
Vesting of restricted common stock and units | 1 | $ 1 | |||||||
Issuance of common stock pursuant to employee stock purchase plan (in shares) | 422 | ||||||||
Issuance of common stock pursuant to employee stock purchase plan | 5,585 | 5,585 | |||||||
Shares repurchased for tax withholdings on restricted stock awards (in shares) | (239) | ||||||||
Shares repurchased for tax withholdings on restricted stock awards | (4,137) | $ 0 | (4,137) | ||||||
Share-based compensation | 23,792 | 23,792 | |||||||
Other comprehensive income, net of tax | 2,170 | 2,170 | |||||||
Net income (loss) | (383,798) | (383,798) | |||||||
Ending Balance (in shares) at Sep. 27, 2019 | 66,177 | ||||||||
Ending balance at Sep. 27, 2019 | 313,896 | $ 66 | $ (330) | 4,358 | 1,101,576 | (791,774) | |||
Ending Balance Treasury stock (in shares) at Sep. 27, 2019 | (23) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercise (in shares) | 51 | ||||||||
Stock option exercises | 188 | 188 | |||||||
Vesting of restricted common stock and units (in shares) | 648 | ||||||||
Vesting of restricted common stock and units | 1 | $ 1 | |||||||
Issuance of common stock pursuant to employee stock purchase plan (in shares) | 272 | ||||||||
Issuance of common stock pursuant to employee stock purchase plan | 4,397 | 4,397 | |||||||
Shares repurchased for tax withholdings on restricted stock awards (in shares) | (227) | ||||||||
Shares repurchased for tax withholdings on restricted stock awards | (6,708) | (6,708) | |||||||
Share-based compensation | 35,674 | 35,674 | |||||||
Other comprehensive income, net of tax | 651 | 651 | |||||||
Net income (loss) | (46,078) | (46,078) | |||||||
Ending Balance (in shares) at Oct. 02, 2020 | 66,921 | ||||||||
Ending balance at Oct. 02, 2020 | $ 300,146 | $ (1,875) | $ 67 | $ (330) | 5,009 | 1,135,127 | $ 0 | (839,727) | $ (1,875) |
Ending Balance Treasury stock (in shares) at Oct. 02, 2020 | 23 | (23) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||||||
Stock option exercise (in shares) | 120 | 120 | |||||||
Stock option exercises | $ 1,985 | $ 0 | 1,985 | ||||||
Vesting of restricted common stock and units (in shares) | 1,285 | ||||||||
Vesting of restricted common stock and units | 1 | $ 1 | |||||||
Issuance of common stock pursuant to employee stock purchase plan (in shares) | 166 | ||||||||
Issuance of common stock pursuant to employee stock purchase plan | 4,796 | 4,796 | |||||||
Shares repurchased for tax withholdings on restricted stock awards (in shares) | (473) | ||||||||
Shares repurchased for tax withholdings on restricted stock awards | (23,436) | $ 0 | (23,436) | ||||||
Share-based compensation | 34,998 | 34,998 | |||||||
Other comprehensive income, net of tax | (859) | (859) | |||||||
Net income (loss) | 37,973 | 37,973 | |||||||
Ending Balance (in shares) at Oct. 01, 2021 | 68,877 | ||||||||
Ending balance at Oct. 01, 2021 | $ 471,736 | $ 69 | $ (330) | $ 4,150 | 1,269,601 | $ (801,754) | |||
Ending Balance Treasury stock (in shares) at Oct. 01, 2021 | 23 | (23) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Issued During Period, Shares, Warrants Exercised | 858 | ||||||||
Stock Issued During Period, Value, Warrants Exercised | $ 36,442 | $ 1 | 36,441 | ||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 79,690 | $ 79,690 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 37,973 | $ (46,078) | $ (383,798) |
Adjustments to reconcile net loss to net cash from operating activities: | |||
Depreciation and intangible amortization | 69,953 | 78,826 | 104,418 |
Share-based compensation | 34,998 | 35,674 | 23,792 |
Warrant liability expense (gain) | 11,130 | 12,948 | (765) |
Deferred financing costs amortization and write-offs | 6,458 | 4,061 | 4,061 |
Accretion of discount on convertible notes | 7,619 | 0 | 0 |
Deferred income taxes | 2,520 | 3,340 | (41,297) |
Impairment and restructuring related charges | 0 | 0 | 273,572 |
Net loss on and impairment of minority equity investments | 2,403 | 5,867 | 7,481 |
Other adjustments, net | 1,284 | 1,241 | 194 |
Change in operating assets and liabilities: | |||
Accounts receivable | (38,686) | 23,906 | 27,585 |
Inventories | 8,886 | 16,296 | 14,964 |
Prepaid expenses and other assets | (560) | 18,077 | 3,419 |
Accounts payable | 5,810 | (1,603) | (12,220) |
Accrued and other liabilities | (1,481) | 3,915 | (2,486) |
Income taxes | 105 | 14,927 | 1,780 |
Net cash from operating activities | 148,412 | 171,397 | 20,700 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (17,954) | (17,573) | (37,963) |
Proceeds from sale of assets | 284 | 419 | 5,541 |
Proceeds from sales and maturities of short-term investments | 209,306 | 183,874 | 173,020 |
Purchases of short-term investments | (194,219) | (284,918) | (174,114) |
Proceeds from divested business | 0 | 11,003 | 0 |
Acquisition of businesses, net | 0 | 0 | (375) |
Net cash used in investing activities | (2,583) | (107,195) | (33,891) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from convertible notes | 450,000 | 0 | 0 |
Payment of issuance costs in connection with convertible notes | (5,751) | 0 | 0 |
Payments on long-term debt | (545,321) | (6,885) | (6,885) |
Payments for finance leases and other | (1,368) | (1,708) | (1,421) |
Proceeds from stock option exercises and employee stock purchases | 6,781 | 4,585 | 7,193 |
Repurchase of common stock for tax withholdings on equity awards | (23,436) | (6,708) | (4,137) |
Other adjustments, net | 0 | 0 | (578) |
Net cash used in financing activities | (119,095) | (10,716) | (5,828) |
Foreign currency effect on cash | 362 | 436 | (138) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 27,096 | 53,922 | (19,157) |
CASH AND CASH EQUIVALENTS — Beginning of year | 129,441 | 75,519 | 94,676 |
CASH AND CASH EQUIVALENTS — End of year | $ 156,537 | $ 129,441 | $ 75,519 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Oct. 01, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The following is supplemental cash flow information for the periods presented (in thousands): Fiscal Years 2021 2020 2019 Cash paid for interest $ 11,836 $ 24,672 $ 34,157 Cash paid (refunded) for income taxes $ 1,621 $ (17,465) $ (1,931) Non-cash activities: Non-cash capital expenditures $ 9,398 $ 636 $ 840 Issuance of common stock for the cashless exercise of warrants $ 36,442 $ — $ — During fiscal year 2021, we capitalized $8.9 million of non-cash costs to property and equipment associated with construction of a power generator that are paid by our service provider and is included in non-cash capital expenditures above. See Note 17- Financing Obligation . Durin g fiscal year 2019, we capitalized $1.5 million of net construction costs relating to the facility in Lowell, Massachusetts, of which $0.3 million was accounted for as a non-cash transaction as the costs were paid by the developer. For additional information on the issuance of common stock for the cashless exercise of warrants, see Note 19- Stockholders’ Equity. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information | 12 Months Ended |
Oct. 01, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information Regarding Noncash Investing and Financing Activities | The following is supplemental cash flow information for the periods presented (in thousands): Fiscal Years 2021 2020 2019 Cash paid for interest $ 11,836 $ 24,672 $ 34,157 Cash paid (refunded) for income taxes $ 1,621 $ (17,465) $ (1,931) Non-cash activities: Non-cash capital expenditures $ 9,398 $ 636 $ 840 Issuance of common stock for the cashless exercise of warrants $ 36,442 $ — $ — |
Description of Business
Description of Business | 12 Months Ended |
Oct. 01, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | DESCRIPTION OF BUSINESSMACOM Technology Solutions Holdings, Inc. (the “Company”) was incorporated in Delaware on March 25, 2009. We are a leading provider of high-performance analog semiconductor solutions that enable next-generation Internet applications, the cloud connected apps economy, and the modern, networked battlefield across the RF, microwave, millimeter wave and lightwave spectrum. We design, develop, manufacture and have manufactured differentiated, high-value products for customers who demand high performance, quality and reliability. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 01, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation, Basis of Presentation and Reclassification —We have one reportable operating segment that designs, develops, manufactures and markets semiconductors and modules. The accompanying consolidated financial statements include our accounts and the accounts of our majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the Consolidated Balance Sheets and Notes Consolidated Financial Statements, certain prior year balances have been reclassified to conform to the current year presentation. We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal years 2021 and 2019 included 52 weeks, and fiscal year 2020 included 53 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we typically include the extra week arising in our fiscal years in the first quarter. Our first quarter of fiscal year 2020, ended January 3, 2020, included 14 weeks. Use of Estimates —The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities during the reporting periods, the reported amounts of revenue and expenses during the reporting periods and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we base estimates and assumptions on historical experience, currently available information and various other factors that management believes to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions. Foreign Currency Translation and Remeasurement —Our consolidated financial statements are presented in U.S. dollars. While the majority of our foreign operations use the U.S. dollar as the functional currency, the financial statements of our foreign operations for which the functional currency is not the U.S. dollar are translated into U.S. dollars at the exchange rates in effect at the balance sheet dates (for assets and liabilities) and at average exchange rates (for revenue and expenses). The unrealized translation gains and losses on the net investment in these foreign operations are accumulated as a component of other comprehensive (loss) income. The financial statements of our foreign operations where the functional currency is the U.S. dollar, but where the underlying transactions are transacted in a different currency, are remeasured at the exchange rate in effect at the balance sheet date with respect to monetary assets and liabilities. Nonmonetary assets and liabilities, such as inventories and property and equipment and related statements of operations accounts, such as cost of revenue and depreciation, are remeasured at historical exchange rates. Revenue and expenses, other than cost of revenue, amortization and depreciation, are translated at the average exchange rate for the period in which the transaction occurred. The net gains and losses on foreign currency remeasurement are reflected in selling, general and administrative expense in the accompanying Consolidated Statements of Operations. Net foreign exchange transaction gains and losses for all periods presented were not material. Cash and Cash Equivalents —Cash equivalents are primarily composed of short-term, highly-liquid instruments with an original maturity of 90 days or less and consist primarily of money market funds. Investments — Short-term investments: We classify our short-term investments as available-for-sale. Our investments classified as available-for-sale are recorded at fair value at period end. Unrealized gains and losses that are deemed to be unrelated to credit losses are recorded in accumulated other comprehensive income and loss as a separate component of stockholders’ equity. A decline in the fair value of any debt security below cost that is deemed to be attributable to credit loss results in a charge to earnings and the corresponding establishment of an allowance for credit losses against the cost basis of the security. Premiums and discounts are amortized (accreted) over the life of the related security as an adjustment to its yield. Dividend and interest income are recognized when earned. Realized gains and losses are included in Other expense, net in our Consolidated Statements of Operations and are derived using the specific identification method for determining the cost of investments sold. Other investments: We use the equity method to account for investments in companies if the investment provides us with the ability to exercise significant influence over operating and financial policies of the investee. Our proportionate share of the net income (loss) resulting from these investments are reported within the Other expense, net line in our Consolidated Statements of Operations. The carrying value of our equity method investment is reported in Other investments in our Consolidated Balance Sheets. Our equity method investment is reported at cost and adjusted each period for our share of the investee’s income or loss and dividends paid, if any, as well as any changes attributable to the equity of the investee that would impact our ownership. Other investments that are not controlled, and over which we do not have the ability to exercise significant influence, are accounted for as an equity security and reported in Other investments in our Consolidated Balance Sheets. We have elected to measure our equity security, which does not have a readily determinable fair value and does not qualify for the practical expedient under Accounting Standards Codification (“ASC”) 820, Fair Value Measurement , at cost less any impairment. The investment is periodically evaluated for impairment. An impairment loss is recorded whenever there is a decline in value of an investment below its carrying amount that is determined to be other than temporary. Refer to Note 4 - Investments, for additional information. Inventories —Inventories are stated at the lower of cost or net realizable value. We use a combination of standard cost and moving weighted-average cost methodologies to determine the cost basis for our inventories, approximating a first-in, first-out basis. The standard cost of finished goods and work-in-process inventory is composed of material, labor and manufacturing overhead, which approximates actual cost. In addition to stating inventory at the lower of cost or net realizable value, we also evaluate inventory each reporting period for excess quantities and obsolescence, establishing reserves when necessary based upon historical experience, assessment of economic conditions and expected demand. Once recorded, these reserves are considered permanent adjustments to the carrying value of inventory. Property and Equipment —Property and equipment is stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements that significantly extend the useful life of the assets are capitalized as additions to property and equipment. Property and equipment are depreciated or amortized using the straight-line method over the following estimated useful lives: Asset Classification Estimated Useful Life Buildings and improvements 20 - 40 Computer equipment and software 2 - 5 Furniture and fixtures 7 - 10 Finance lease assets and leasehold improvements Shorter of useful life or term of lease Machinery and equipment 2 - 7 Goodwill and Indefinite-Lived Intangible Assets —We have goodwill and certain intangible assets with indefinite lives which are not subject to amortization. These are reviewed for impairment annually as of the end of our fiscal August month end and more frequently if events or changes in circumstances indicate that the assets may be impaired. For our assessment of goodwill impairment, we compare the fair value to the carrying value of the reporting unit. For our assessment of indefinite-lived assets we compare the carrying value of the asset to the estimated fair value of the asset. If impairment exists, a loss is recorded to write down the value of the assets to their fair values. We performed our annual impairment tests of our goodwill and indefinite-lived intangible assets and the results of these tests indicated that our goodwill and indefinite-lived intangible assets were not impaired as of August 27, 2021 or August 28, 2020. Long-Lived Asset Valuation and Impairment Assessment —Long-lived assets include property and equipment and definite-lived intangible assets subject to amortization. We evaluate long-lived assets for recoverability when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Circumstances which could trigger a review include, but are not limited to, significant decreases in the market price of the asset or asset group, significant adverse changes in the business climate or legal factors, the accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset, current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset and a current expectation that the asset will more likely than not, be sold or disposed of significantly before the end of its previously estimated useful life. In evaluating a long-lived asset for recoverability, we estimate the undiscounted cash flows expected to result from our use and eventual disposition of the asset. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. In fiscal year 2019 we recorded impairment charges, s ee Note 10 - Impairments , for further detail. Other Intangible Assets —Our other intangible assets, including acquired technology and customer relationships, are definite-lived assets and are subject to amortization. We amortize definite-lived assets over their estimated useful lives, which range from five Leases —We have operating leases for certain facilities, as well as manufacturing and office equipment. We have financing leases for our corporate headquarters, including our fabrication facility, and to a lesser extent, various manufacturing equipment. These leases expire at various dates through 2038, and certain of these leases have renewal options with the longest ranging up to two ten-year periods. We determine that a contract contains a lease at lease inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether the right to control an identified asset exists, we assess whether we have the right to direct the use of the identified asset and obtain substantially all of the economic benefit from the use of the identified asset. Leases with a term greater than one year are recognized on the balance sheet as right-of-use (“ROU”) assets and lease liabilities. For leases with a term of one year or less, categorized as short-term leases, we elected not to recognize the lease liability for these arrangements and the lease payments are recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. ROU assets and lease liabilities are recognized at the present value of future minimum lease payments over the lease term on the commencement date. ROU assets are initially measured as the amount of the initial lease liability, adjusted for initial direct costs, lease payments made at or before the commencement date, and reduced by lease incentives received. We include options to renew or terminate when determining the lease term when it is reasonably certain that the option will be exercised. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. Our leases may contain lease and non-lease components. We elected to account for lease and non-lease components in a contract as part of a single lease component. Fixed payments are considered part of the single lease component and included in the ROU assets and lease liabilities. Additionally, lease contracts typically include variable payments and other costs that do not transfer a separate good or service, such as reimbursement for real estate taxes and insurance, which are expensed as incurred. Our leases generally do not provide an implicit interest rate. As a result, we utilize our incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. Revenue Recognition —Substantially all of our revenue is derived from sales of high-performance RF, microwave, millimeter wave and lightwave semiconductor solutions into three primary markets: Telecom, I&D and Data Center. We recognize revenue within the scope of ASC 606, Revenue from Contracts with Customers. Revenue is recognized when a customer obtains control of products or services in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, we perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) we satisfy performance obligations. Sales, value add and other taxes collected on behalf of third parties are excluded from revenue. Our revenue arrangements do not contain significant financing components. Contracts with our customers principally contain only one distinct performance obligation, which is the sale of products. However, due to multiple products potentially being sold on a single order, we are required to allocate consideration based on the estimated relative standalone selling prices of the promised products. Periodically, we enter into non-product development and license contracts with certain customers. We generally recognize revenue from these contracts over-time as services are provided based on the terms of the contract. Non-product development and license revenue is not significant to our Revenue or Consolidated Statements of Operations for the periods presented. Revenue is deferred for amounts billed or received prior to delivery of the services. Certain contracts may contain multiple performance obligations for which we allocate revenue to each performance obligation based on the relative stand-alone selling price. Our product revenue is recognized when the customer obtains control of the product, which generally occurs at a point in time, and is based on the contractual shipping terms of a contract. Non-product revenue is generally recognized over time. For each contract, the promise to transfer the control of the products or services, each of which is individually distinct, is considered to be the identified performance obligation. We provide an assurance type warranty which is not sold separately and does not represent a separate performance obligation. Therefore, we account for such warranties under ASC 460, Guarantees , and the estimated costs of warranty claims are generally accrued as cost of revenue in the period the related revenue is recorded. We have agreements with certain distribution customers which may include certain rights of return and pricing programs, including returns for aged inventory, stock rotation and price protection which affect the transaction price. Sales to these customers and programs offered are in accordance with terms set forth in written agreements, which require us to assess the potential revenue effects of this variable consideration utilizing the expected value method. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. As such, revenue on sales to customers that include rights of return and pricing programs are recorded net of estimated variable consideration, utilizing the expected value method based on historical sales data. We believe that the judgments and estimates we utilize are reasonable based upon current facts and circumstances, however utilizing different judgments and estimates could result in different amounts. Practical Expedients and Elections — ASC 606 requires that we disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of the reporting periods presented. The guidance provides certain practical expedients that limit this requirement and, therefore, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which we have the right to invoice for services performed. We have elected not to disclose the aggregate amount of transaction prices associated with unsatisfied or partially unsatisfied performance obligations for contracts where these criteria are met. Our policy is to capitalize any incremental costs incurred to obtain a customer contract, only to the extent that the benefit associated with the costs is expected to be longer than one year. Capitalizable contract costs were not significant as of October 1, 2021 and October 2, 2020. We account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. When shipping and handling costs are incurred after a customer obtains control of the products, we have elected to account for these as costs to fulfill the promise and not as a separate performance obligation. Shipping and handling costs associated with the distribution of products to customers are recorded in costs of revenue generally when the related product is shipped to the customer. Research and Development Costs —Costs incurred in the research and development of products are expensed as incurred. Income Taxes —Deferred tax assets and liabilities are recognized based on temporary differences between the financial reporting and income tax bases of assets and liabilities, using rates anticipated to be in effect when such temporary differences reverse. A valuation allowance against net deferred tax assets is required if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We provide reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit is taken by us in our tax filings or positions that are more likely than not to be realized following an examination by taxing authorities. We recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. Earnings Per Share —Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period, excluding the dilutive effect of common stock equivalents. Diluted net income (loss) per s hare reflects the dilutive effect of common stock equivalents, such as stock options, warrants, restricted stock units and convertible debt, using the treasury stock method. Fair Value Measurements —Financial assets and liabilities are measured at fair value. Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability at the measurement date under current market conditions in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we group financial assets and liabilities in a three-tier fair value hierarchy, according to the inputs used in measuring fair value as follows: • Level 1 —observable inputs such as quoted prices in active markets for identical assets and liabilities; • Level 2 —inputs other than quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical assets and liabilities in markets that are not active and model-based valuation techniques for which significant assumptions are observable in active markets; and, • Level 3 —unobservable inputs for which there is little or no market data, requiring us to develop our own assumptions for model-based valuation techniques. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period. Money market funds are actively traded and consist of highly liquid investments with original maturities of 90 days or less. They are measured at their fair value and classified as Level 1. Corporate and agency bonds and commercial paper are categorized as Level 2 assets except where sufficient quoted prices exist in active markets, in which case such securities are categorized as Level 1 assets. These securities are valued using third-party pricing services. These services may use, for example, model-based pricing methods that utilize observable market data as inputs. We generally use quoted prices for recent trading activity of assets with similar characteristics to the debt security or bond being valued. The securities and bonds priced using such methods are generally classified as Level 2. Broker dealer bids or quotes on securities with similar characteristics may also be used. Our common stock warrants were classified as Level 3 due to unobservable inputs. We used the Black-Scholes option-pricing model to estimate the fair value of our common stock warrants, inclusive of assumptions for the risk-free interest rate, dividends, expected term and estimated volatility. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these assets and liabilities. Share-Based Compensation —We account for all share-based compensation arrangements using the fair value method. We recognize compensation expense using the straight-line method for service-based awards and the accelerated method for performance-based awards, and providing that the minimum amount of compensation recorded is equal to the vested portion of the award. We record the expense in the Consolidated Statements of Operations in the same manner in which the award recipients’ salary costs are classified. For restricted stock awards, we use the closing stock price on the date of grant to estimate the fair value of the awards. We use the Black-Scholes option-pricing model to estimate the fair value of stock options with service and performance conditions, inclusive of assumptions for risk-free interest rates, dividends, expected terms and estimated volatility. We use the Monte Carlo Simulation analysis to estimate the fair value of stock options and awards with market conditions, inclusive of assumptions for risk free interest rates, expected term, expected volatility and the target price. We derive the risk-free interest rate assumption from the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to the expected term of the award being valued. We base the assumed dividend yield on our expectation of not paying dividends in the foreseeable future. We calculate the weighted-average expected term of the options using historical data. In addition, we calculate our estimated volatility using our historical stock price volatility data. We account for forfeitures when they occur. Share-based awards that are settled in cash are recorded as liabilities. The measurement of the liability and compensation cost for these awards is based on the fair value of the award as of each period end date, which is equivalent to the closing price of a share of our common stock on the period end date multiplied by the number of units earned, and is recorded in operating income over the award’s vesting period. Changes in our payment obligation prior to the settlement date of a stock-based award are recorded as compensation expense in operating income in the period of the change. The final payment amount for such awards is established on the date of vesting. Guarantees and Indemnification Obligations —We enter into agreements in the ordinary course of business with, among others, customers, distributors and OEMs. Most of these agreements require us to indemnify the other party against third-party claims alleging that a Company product infringes a patent and/or copyright. Certain agreements in which we grant limited licenses to Company intellectual property require us to indemnify the other party against third-party claims alleging that the use of the licensed intellectual property infringes a third-party's intellectual property. Certain of these agreements require us to indemnify the other party against certain claims relating to property damage, personal injury or the acts or omissions, its employees, agents or representatives. In addition, from time to time, we have made certain guarantees in the form of warranties regarding the performance of Company products to customers. We have agreements with certain vendors, creditors, lessors and service providers pursuant to which we have agreed to indemnify the other party for specified matters, such as acts and omissions, its employees, agents or representatives. We have procurement or license agreements with respect to technology used in our products and agreements in which we obtain rights to a product from an OEM. Under some of these agreements, we have agreed to indemnify the supplier for certain claims that may be brought against such party with respect to our acts or omissions relating to the supplied products or technologies. Our certificate of incorporation and agreements with certain of our directors and officers and certain of our subsidiaries’ directors and officers provide them indemnification rights, to the extent legally permissible, against liabilities incurred by them in connection with legal actions in which they may become involved by reason of their service as a director or officer. As a matter of practice, we maintain director and officer liability insurance coverage, including coverage for directors and officers of acquired companies. We have not experienced any losses related to these indemnification obligations in any period presented and no claims with respect thereto were outstanding as of October 1, 2021 and October 2, 2020. We do not expect significant claims related to these indemnification obligations and, consequently, have concluded that the fair value of these obligations is negligible. No liabilities related to indemnification liabilities have been established. Recent Accounting Pronouncements Pronouncements Adopted in Fiscal Year 2021 On the first day of fiscal year 2021, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU introduces a new accounting model known as Credit Expected Credit Losses (“CECL”), which requires earlier recognition of credit losses. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for receivables at the time the financial asset is originated or acquired, replacing the current incurred loss methodology that delays recognition of credit losses until a probable loss has been incurred. There are other provisions within the standard affecting how impairments of other financial assets may be recorded and presented, as well as expanded disclosures. There was no impact to our consolidated financial statements from the adoption of this guidance. In January 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, a one-step quantitative impairment test calculates goodwill impairment as the excess of the carrying value of a reporting unit over its fair value, up to the carrying value of the goodwill. This ASU should be applied on a prospective basis. We adopted this ASU in the first quarter of fiscal year 2021 and the adoption of this update did not have an impact on our consolidated financial statements and related disclosures. Pronouncements for Adoption in Subsequent Periods In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance in this Update was effective upon its issuance. If elected, the guidance is to be applied prospectively through December 31, 2022. We are currently evaluating the effect the potential adoption of this ASU will have on our consolidated financial statements, including but not limited to our Credit Agreement, as defined in Note 16, Debt . In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity’s own equity. The standard reduces the number of models used to account for convertible instruments, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and requires the if-converted method for calculation of diluted earnings per share for all convertible instruments. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, and we plan to adopt this amendment as of October 2, 2021, the first day of fiscal year 2022. We expect the resulting impact will be to reclassify $72.2 million of the equity component of our 2026 Convertible Notes, as defined in Note 16 - Debt , from additional paid-in capital to long-term debt, with the remaining $7.5 million to accumulated deficit. On a prospective basis, there will be a reduction of our reported effective interest rate of 4.25% on our 2026 Convertible Notes to their stated 0.25% coupon rate. For additional information regarding our debt, refer to Note 16 - Debt. |
Revenue
Revenue | 12 Months Ended |
Oct. 01, 2021 | |
Revenue [Abstract] | |
Revenue | REVENUE Disaggregation of Revenue We disaggregate revenue from contracts with customers by markets and geography, as we believe it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following tables present our revenue disaggregated by markets and geography (in thousands): Fiscal Years 2021 2020 2019 Telecom $ 188,391 $ 209,477 $ 180,938 Industrial & Defense 280,221 194,506 204,638 Data Center 138,308 126,054 114,132 Total $ 606,920 $ 530,037 $ 499,708 Fiscal Years Revenue by Geographic Region 2021 2020 2019 United States $ 277,850 $ 217,474 $ 239,510 China 165,931 192,989 132,329 Asia Pacific, excluding China (1) 93,572 84,997 80,136 Other Countries (2) 69,567 34,577 47,733 Total $ 606,920 $ 530,037 $ 499,708 (1) Asia Pacific primarily represents Taiwan, Japan, Singapore, Thailand, South Korea, Australia and Malaysia. (2) No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China and the Asia Pacific region as presented above. Contract Balances We record contract assets or contract liabilities depending on the timing of revenue recognition, billings and cash collections on a contract-by-contract basis. Our contract liabilities primarily relate to deferred revenue, including advanced consideration received from customers for contracts prior to the transfer of control to the customer, and therefore revenue is subsequently recognized upon delivery of products and services. As of October 1, 2021, October 2, 2020 and September 27, 2019 our contract liabilities were $2.8 million, $9.9 million and $10.7 million, respectively. During the fiscal years ended October 1, 2021 and October 2, 2020, we recognized net sales of $9.4 million and $1.9 million, respectively, that were included in the contract liabilities balance at the beginning of the period. The decrease in contract liabilities during the fiscal year ended October 1, 2021 was primarily related to recognition of license and non-product development revenue, partially offset by the deferral of revenue for invoiced products and services prior to when certain of our customers obtained control of the product and or services. |
Investments
Investments | 12 Months Ended |
Oct. 01, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS All investments are short-term in nature and are invested in corporate bonds and commercial paper, and are classified as available-for-sale. The amortized cost, gross unrealized holding gains or losses and fair value of our available-for-sale investments by major investments type are summarized in the tables below (in thousands): October 1, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Corporate bonds $ 73,653 $ 151 $ (171) $ 73,633 Commercial paper 114,718 21 (7) 114,732 Total investments $ 188,371 $ 172 $ (178) $ 188,365 October 2, 2020 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Corporate bonds $ 68,605 $ 348 $ (333) $ 68,620 Commercial paper 134,913 192 (14) 135,091 Total investments $ 203,518 $ 540 $ (347) $ 203,711 The contractual maturities of available-for-sale investments were as follows (in thousands): October 1, 2021 Less than 1 year $ 120,590 Over 1 year 67,775 Total investments $ 188,365 We have determined that the gross unrealized losses on available for sale securities at October 1, 2021 and October 2, 2020 are temporary in nature and/or do not relate to credit loss, therefore there is no expense for credit losses recorded in our Consolidated Statements of Operations. We review our investments to identify and evaluate investments that have indications of possible impairment due to credit loss. The techniques used to measure the fair value of our investments are described in Note 2 - S ummary of Significant Accounting Policies . Factors considered in determining whether a loss is due to credit loss include the extent to which fair value has been less than the cost basis, adverse conditions, the financial condition and near-term prospects of the investee, and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Substantially all of our fixed income securities are rated investment grade. During the fiscal years ended October 1, 2021, October 2, 2020 and September 27, 2019, we received proceeds from sales and maturities of available-for-sale securities of $209.3 million, $183.9 million and $173.0 million, respectively. During the fiscal years ended October 1, 2021, October 2, 2020 and September 27, 2019, gross realized gains were $0.5 million, $0.3 million and $0.2 million, respectively. During the fiscal years ended October 1, 2021, October 2, 2020 and September 27, 2019, gross realized losses were less than $0.1 million, $0.1 million and $0.2 million, respectively. Gross realized gains and losses were recorded within other expense in each period presented. Other Investments — As of October 1, 2021 and October 2, 2020, we held two no n-marketable equity investments classified as other long-term investments, which includes an investment in a Series B preferred stock ownership of a privately held manufacturing corporation with preferred liquidation rights over other equity shares. As the equity securities do not have a readily determinable fair value and do not qualify for the practical expedient under ASC 820, Fair Value Measurement, we have elected to account for this investment at cost less any impairment. During the fiscal quarter ended October 2, 2020, we identified impairment indicators for this investment and recorded an impairment charge of $2.5 million to Other expense. As of October 1, 2021 and October 2, 2020, the carrying value of this investment was $2.5 million. Also included in long-term investments, is a non-controlling investment of less than 10% of the outstanding equity of a private company, Ampere Computing Holdings LLC (“Ampere”), that was acquired in conjunction with our divestiture of the Compute business during our fiscal year 2018. This investment’s carrying value is updated quarterly based on our proportionate share of the |
Fair Value
Fair Value | 12 Months Ended |
Oct. 01, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis We measure certain assets and liabilities at fair value on a recurring basis such as our financial instruments. There have been no transfers between Level 1, 2 or 3 assets or liabilities during the fiscal year ended October 1, 2021. Assets and liabilities measured at fair value on a recurring basis consist of the following (in thousands): October 1, 2021 Fair Value Active Markets for Identical Assets Observable Inputs Unobservable Inputs Assets Money market funds $ 26,363 $ 26,363 $ — $ — Commercial paper 114,732 — 114,732 — Corporate bonds 73,633 — 73,633 — Total assets measured at fair value $ 214,728 $ 26,363 $ 188,365 $ — October 2, 2020 Fair Value Active Markets for Identical Assets Observable Inputs Unobservable Inputs Assets Money market funds $ 20,139 $ 20,139 $ — $ — Commercial paper 135,091 — 135,091 — Corporate bonds 68,620 — 68,620 — Total assets measured at fair value $ 223,850 $ 20,139 $ 203,711 $ — Liabilities Warrant liability 25,312 — — 25,312 Total liabilities measured at fair value $ 25,312 $ — $ — $ 25,312 The quantitative information utilized in the fair value calculation of our Level 3 liabilities as of October 2, 2020, are as follows: Liabilities Valuation Technique Unobservable Input October 2, 2020 Warrant liability Black-Scholes model Volatility 61.8% Discount rate 0.09% Expected life 0.2 years Exercise price $14.05 Stock price $33.80 Dividend rate —% The changes in assets and liabilities with inputs classified within Level 3 of the fair value hierarchy consist of the following (in thousands): Fiscal Year Warrant Liability 2021 2020 2019 Balance - beginning of year $ 25,312 $ 12,364 $ 13,129 Net Realized/Unrealized Losses (Gains) Included in Earnings 11,130 12,948 (765) Settlements (36,442) — — Balance - end of year $ — $ 25,312 $ 12,364 Fiscal Year Contingent Consideration 2019 Balance - beginning of year $ 585 Net Realized/Unrealized Losses (Gains) Included in Earnings 65 Settlements (650) Balance - end of year $ — |
Accounts Receivables Allowances
Accounts Receivables Allowances | 12 Months Ended |
Oct. 01, 2021 | |
Receivables [Abstract] | |
Accounts Receivables Allowances | ACCOUNTS RECEIVABLES ALLOWANCES We generate accounts receivable from customers and they are classified as short-term. We monitor collections and maintain a provision for expected credit losses based on historical trends, current conditions, and relevant forecasted information, in addition to provisions established for any specific collection issues that have been identified. Summarized below is the activity in our accounts receivable allowances including compensation credits and doubtful accounts as follows (in thousands): Fiscal Year 2021 2020 2019 Balance - beginning of year $ 2,893 $ 5,047 $ 6,795 Provision, net 16,213 10,774 11,989 Charge-offs (16,311) (12,928) (13,737) Balance - end of year $ 2,795 $ 2,893 $ 5,047 |
Inventories
Inventories | 12 Months Ended |
Oct. 01, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following (in thousands): October 1, 2021 October 2, 2020 Raw materials $ 50,950 $ 46,954 Work-in-process 9,201 9,324 Finished goods 22,548 35,306 Total $ 82,699 $ 91,584 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Oct. 01, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands): October 1, October 2, Construction in process $ 24,086 $ 16,174 Machinery and equipment 200,843 191,953 Leasehold improvements 24,347 19,854 Furniture and fixtures 2,377 2,659 Computer equipment and software 17,749 18,487 Finance lease assets 35,589 35,589 Total property and equipment 304,991 284,716 Less accumulated depreciation and amortization (184,465) (165,850) Property and equipment — net $ 120,526 $ 118,866 Depreciation and amortization expense related to property and equipment for fiscal years 2021, 2020 and 2019 was $23.7 million, $28.5 million and $29.7 million, respectively. Accumulated amortization on finance lease assets as of October 1, 2021 and October 2, 2020 was $4.9 million and $2.5 million, respectively. |
Debt
Debt | 12 Months Ended |
Oct. 01, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following represents the outstanding balances and effective interest rates of our borrowings as of October 1, 2021 and October 2, 2020, (in thousands, except percentages): October 1, 2021 October 2, 2020 Principal Balance Effective Interest Rate Principal Balance Effective Interest Rate LIBOR plus 2.25% term loans due May 2024 $ 120,766 2.33 % $ 666,087 2.40 % 0.25% convertible notes due March 2026 450,000 4.25 % — — % Total principal amount outstanding 570,766 666,087 Less: Unamortized discount on term loans and deferred financing costs (5,567) (7,030) Less: Unamortized discount on convertible notes (73,102) — Less: Current portion of long term debt — 6,885 Total long-term debt $ 492,097 $ 652,172 Term Loans As of October 1, 2021, we are party to a credit agreement dated as of May 8, 2014 with a syndicate of lenders and Goldman Sachs Bank USA, as administrative agent (as amended on February 13, 2015, August 31, 2016, March 10, 2017, May 19, 2017, May 2, 2018 and May 9, 2018, the “Credit Agreement”). The Credit Agreement consists of term loans with an original principal amount of $700.0 million (“Term Loans”) and a revolving credit facility with an aggregate, undrawn borrowing capacity of $160.0 million (“Revolving Facility”). The Revolving Facility expired on November 8, 2021 and the Term Loans will mature in May 2024 and bear interest at: (i) for LIBOR loans for any interest period, a rate per annum equal to the LIBOR rate as determined by the administrative agent, plus an applicable margin of 2.25%; and (ii) for base rate loans, a rate per annum equal to the greater of (a) the prime rate quoted in the print edition of the Wall Street Journal, Money Rates Section, (b) the federal funds rate plus one-half of 1.00% and (c) the LIBOR rate applicable to a one-month interest period plus 1.00% (but, in each case, not less than 1.00%), plus an applicable margin of 1.25%. During fiscal year 2021, we repaid $543.6 million in principal under the Term Loans using $443.6 million of the net proceeds from our 2026 Convertible Notes offering, described below, as well as existing cash and short-term investments. In connection with these prepayments, during fiscal year 2021, we expensed unamortized deferred financing costs and recognized losses on extinguishment of debt of $4.4 million within the Other expense, net line in our Consolidated Statements of Operations . The loss on extinguishment is a non-cash adjustment to cash flows from operating activities in our Consolidated Statements of Cash Flows for the fiscal year 2021. As of October 1, 2021, there are no minimum principal repayments on the Term Loans until 2024 when the remaining principal balance of $120.8 million becomes due. The fair value of the Term Loans was estimated to be approximately $120.2 million as of October 1, 2021 and was determined using Level 2 inputs, including a quoted price from a financial institution. As of October 1, 2021, approximately $1.0 million of deferred financing costs remain unamortized, of which $0.9 million is related to the Term Loans and is recorded as a direct reduction of the recognized debt liabilities in our accompanying Consolidated Balance Sheet, and less than $0.1 million is related to the Revolving Facility and is recorded in other long-term assets in our accompanying Consolidated Balance Sheet. The Term Loans and Revolving Facility are secured by a first priority lien on substantially all of our assets and provide that we must comply with certain financial and non-financial covenants. 2026 Convertible Notes On March 25, 2021, we issued 0.25% convertible senior notes due in 2026, pursuant to an indenture dated as of such date (the “Indenture”), between the Company and U.S. Bank National Association, as trustee, with an aggregate principal amount of $400.0 million (the “Initial Notes”), and on April 6, 2021, we issued an additional $50.0 million aggregate principal amount (the “Additional Notes”) (together, the “2026 Convertible Notes”). No additional 2026 Convertible Notes will be issued and the aggregate principal balance is $450.0 million. The 2026 Convertible Notes will mature on March 15, 2026, unless earlier converted, redeemed or repurchased. The Additional Notes were issued and sold to the initial purchaser of the Initial Notes, pursuant to the option to purchase the Additional Notes granted by the Company to the initial purchaser and have the same terms as the Initial Notes. Holders of the 2026 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2025 in multiples of $1,000 principal amount, only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on July 2, 2021 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the notes on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the “Measurement Period”) in which the “trading price” (as defined in the Indenture) per $1,000 principal amount of the notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate for the notes on each such trading day; (iii) if we call such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events described in the Indenture. On or after December 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes in multiples of $1,000 principal amount, regardless of the foregoing circumstances. The initial conversion rate for the 2026 Convertible Notes is 12.1767 shares of common stock per $1,000 principal amount of the notes, equivalent to an initial conversion price of approximately $82.12 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain specified events in the Indenture. Upon conversion of the 2026 Convertible Notes, we had the option to pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election (subject to, and in accordance with, the settlement provisions of the Indenture). In November 2021, we made an irrevocable election to pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the notes being converted (subject to, and in accordance with, the settlement provisions of the Indenture). We may not redeem the notes prior to March 20, 2024. We may redeem for cash all or any portion of the notes, at our option, on or after March 20, 2024 if the last reported sale price per share of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, to, but not including, the redemption date. The Indenture does not contain any financial or operating covenants or restrictions on the payments of dividends, the making of investments, the incurrence of indebtedness or the purchase or prepayment of securities by us or any of our subsidiaries. The proceeds from the issuance of the 2026 Convertible Notes have been allocated between the conversion feature recorded as equity and the liability for the notes themselves. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the 2026 Convertible Notes. The difference of $80.7 million between the principal amount of the 2026 Convertible Notes and the liability component (the “Debt Discount”) is amortized to interest expense using the effective interest method over the term of the 2026 Convertible Notes. The equity component of the 2026 Convertible Notes is included in additional paid-in capital in the consolidated balance sheet and is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the transaction costs related to the 2026 Convertible Notes, we allocated the total amount incurred of approximately $5.7 million to the liability and equity components of the 2026 Convertible Notes based on the proportion of the proceeds allocated to the debt and equity components. Issuance costs attributable to the liability component were approximately $4.7 million, were recorded as additional Debt Discount and are amortized to interest expense over the contractual terms of the 2026 Convertible Notes. Issuance costs attributable to the equity component were approximately $1.0 million and are recorded as a reduction of additional paid in capital in stockholders’ equity. For fiscal year 2021, accretion of the Debt Discount included in interest expense was $7.6 million, and as of October 1, 2021, the unamortized discount on the 2026 Convertible Notes was $73.1 million. For fiscal year 2021, total interest expense for the 2026 Convertible Notes was $8.2 million. The fair value of our 2026 Convertible Notes, including the conversion feature, was $479.4 million as of October 1, 2021 and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. There are no future minimum principal payments under the notes as of October 1, 2021; the full amount of $450.0 million is due in fiscal 2026. |
Financing Obligation
Financing Obligation | 12 Months Ended |
Oct. 01, 2021 | |
Debt Disclosure [Abstract] | |
Financing Obligation | FINANCING OBLIGATION On July 17, 2020, we entered into a power purchase agreement, which includes installation of electric power and thermal energy producing systems at our fabrication facility in Lowell, Massachusetts. This system is expected to reduce our consumption of energy while delivering sustainable, resilient energy for heating and cooling. Despite not being the legal owner of these systems, for accounting purposes only we are deemed to be the owner of the power generator during construction since we control the use of the asset. As of October 1, 2021, we capitalized $8.9 million of construction in process to Property and equipment, net and recorded a corresponding liability of $8.9 million primarily to Financing obligation on our consolidated balance sheet. The financing obligation was calculated based on future fixed payments allocated to the power generator of $16.8 million over the 15-year term, discounted at an implied discount rate of 7.7%, and the remaining future minimum payments are for power purchases . In total, we have $27.2 million in fixed payments associated with the power purchase agreement which is expected to commence in fiscal 2022 and has a 15-year term. |
Leases
Leases | 12 Months Ended |
Oct. 01, 2021 | |
Leases [Abstract] | |
Leases | LEASES Included in our Consolidated Balance Sheets were the following amounts related to operating and finance lease assets and liabilities (in thousands): October 1, 2021 October 2, 2020 Consolidated Balance Sheet Classification Assets: Operating lease ROU assets $ 29,946 $ 33,307 Other long-term assets Finance lease assets 30,664 33,127 Property and equipment, net Total lease assets $ 60,610 $ 66,434 Liabilities: Current: Operating lease liabilities $ 7,457 $ 7,601 Accrued liabilities Finance lease liabilities 958 1,368 Current portion of finance lease obligations Long-term: Operating lease liabilities 28,607 31,837 Other long-term liabilities Finance lease liabilities 28,037 28,994 Finance lease obligations, less current portion Total lease liabilities $ 65,059 $ 69,800 The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows: October 1, 2021 October 2, 2020 Weighted-average remaining lease term (in years): Operating leases 6.0 6.4 Finance leases 16.4 17.0 Weighted-average discount rate: Operating leases 5.9 % 6.2 % Finance leases 6.6 % 6.7 % The components of lease expense were as follows (in thousands): Fiscal Year Fiscal Year October 1, 2021 October 2, 2020 Finance lease cost: Amortization of lease assets $ 2,462 $ 3,022 Interest on lease liabilities 1,979 2,155 Total finance lease cost $ 4,441 $ 5,177 Operating lease cost $ 9,732 $ 9,815 Variable lease cost $ 3,091 $ 2,645 Short-term lease cost $ 217 $ 368 Sublease income $ 694 $ 592 Rent expense incurred under non-cancelable operating leases was $9.7 million in fiscal year 2019. Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands): Fiscal Year Ended Fiscal Year Ended October 1, 2021 October 2, 2020 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 10,383 $ 9,562 Operating cash flows from finance leases $ 1,979 $ 2,155 Financing cash flows from finance leases $ 1,368 $ 1,708 Non-cash activities: Operating lease ROU assets obtained in exchange for new lease liabilities $ 4,890 $ 3,788 Financing lease assets obtained in exchange for new lease liabilities $ — $ 586 As of October 1, 2021, maturities of lease payments by fiscal year were as follows (in thousands): Fiscal year ending: Operating Leases Finance Leases 2022 $ 9,353 $ 2,836 2023 7,762 2,820 2024 6,877 2,855 2025 4,783 2,783 2026 3,847 2,680 Thereafter 10,447 34,472 Total lease payments $ 43,069 $ 48,446 Less: interest (7,005) (19,451) Present value of lease liabilities $ 36,064 $ 28,995 |
Leases | LEASES Included in our Consolidated Balance Sheets were the following amounts related to operating and finance lease assets and liabilities (in thousands): October 1, 2021 October 2, 2020 Consolidated Balance Sheet Classification Assets: Operating lease ROU assets $ 29,946 $ 33,307 Other long-term assets Finance lease assets 30,664 33,127 Property and equipment, net Total lease assets $ 60,610 $ 66,434 Liabilities: Current: Operating lease liabilities $ 7,457 $ 7,601 Accrued liabilities Finance lease liabilities 958 1,368 Current portion of finance lease obligations Long-term: Operating lease liabilities 28,607 31,837 Other long-term liabilities Finance lease liabilities 28,037 28,994 Finance lease obligations, less current portion Total lease liabilities $ 65,059 $ 69,800 The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows: October 1, 2021 October 2, 2020 Weighted-average remaining lease term (in years): Operating leases 6.0 6.4 Finance leases 16.4 17.0 Weighted-average discount rate: Operating leases 5.9 % 6.2 % Finance leases 6.6 % 6.7 % The components of lease expense were as follows (in thousands): Fiscal Year Fiscal Year October 1, 2021 October 2, 2020 Finance lease cost: Amortization of lease assets $ 2,462 $ 3,022 Interest on lease liabilities 1,979 2,155 Total finance lease cost $ 4,441 $ 5,177 Operating lease cost $ 9,732 $ 9,815 Variable lease cost $ 3,091 $ 2,645 Short-term lease cost $ 217 $ 368 Sublease income $ 694 $ 592 Rent expense incurred under non-cancelable operating leases was $9.7 million in fiscal year 2019. Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands): Fiscal Year Ended Fiscal Year Ended October 1, 2021 October 2, 2020 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 10,383 $ 9,562 Operating cash flows from finance leases $ 1,979 $ 2,155 Financing cash flows from finance leases $ 1,368 $ 1,708 Non-cash activities: Operating lease ROU assets obtained in exchange for new lease liabilities $ 4,890 $ 3,788 Financing lease assets obtained in exchange for new lease liabilities $ — $ 586 As of October 1, 2021, maturities of lease payments by fiscal year were as follows (in thousands): Fiscal year ending: Operating Leases Finance Leases 2022 $ 9,353 $ 2,836 2023 7,762 2,820 2024 6,877 2,855 2025 4,783 2,783 2026 3,847 2,680 Thereafter 10,447 34,472 Total lease payments $ 43,069 $ 48,446 Less: interest (7,005) (19,451) Present value of lease liabilities $ 36,064 $ 28,995 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Oct. 01, 2021 | |
Postemployment Benefits [Abstract] | |
Compensation and Employee Benefit Plans | EMPLOYEE BENEFIT PLANSWe established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended on October 1, 2009 (“401(k) Plan”). The 401(k) Plan follows a calendar year, covers substantially all U.S. employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis, subject to legal limitations. Our contributions to the 401(k) Plan may be made at the discretion of the board of directors. During the fiscal years ended October 1, 2021, October 2, 2020 and September 27, 2019, we contributed $2.3 million, $2.3 million and $2.6 million to our 401(k) Plan for calendar years 2020, 2019 and 2018, respectively.Our employees located in foreign jurisdictions meeting minimum age and service requirements participate in defined contribution plans whereby participants may defer a portion of their annual compensation on a pretax basis, subject to legal limitations. Company contributions to these plans are discretionary and vary per region. We expensed contributions of $1.3 million, $1.0 million and $1.1 million for fiscal years 2021, 2020 and 2019, respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Oct. 01, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following (in thousands): October 1, October 2, Compensation and benefits $ 33,468 $ 32,254 Distribution costs 8,444 8,889 Current portion of operating leases 7,457 7,601 Product warranty 2,225 1,858 Deferred revenue 1,904 6,346 Professional fees 1,188 1,300 Other 8,688 5,406 Total accrued liabilities $ 63,374 $ 63,654 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Oct. 01, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES Asset Retirement Obligations —We are obligated under certain facility leases to restore those facilities to the condition in which we or our predecessors first occupied the facilities. We are required to remove leasehold improvements and equipment installed in these facilities prior to termination of the leases. As of the end of fiscal years 2021 and 2020, the estimated costs for the removal of these assets are recorded as asset retirement obligations in other long-term liabilities were $1.9 million and $1.9 million, respectively. Purchase Commitments —As of October 1, 2021, we had outstanding non-cancelable purchase commitments of $82.7 million primarily for purchases of services and inventory supply arrangements. In addition, we have $27.2 million in fixed payments associated with a power purchase agreement that is expected to commence in fiscal 2022 and has a 15-year term. See Note 17- Financing Obligation for additional detail on the power purchase agreement. |
Restructurings
Restructurings | 12 Months Ended |
Oct. 01, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructurings | RESTRUCTURINGSWe have periodically implemented restructuring actions in connection with broader plans to reduce staffing, our internal manufacturing footprint and overall operating costs. The restructuring expenses are primarily comprised of direct and incremental costs related to headcount reductions including severance and outplacement fees for the terminated employees, as well as facility closure costs. There were no restructuring charges incurred during fiscal year 2021. The following is a summary of the restructuring charges incurred for the periods presented (in thousands): Fiscal Years 2020 2019 Employee-related expenses $ 378 $ 8,084 Facility-related expenses 761 11,459 Total restructuring expenses $ 1,139 $ 19,543 The following is a summary of the costs incurred and remaining balances included in accrued expenses related to restructuring actions taken (in thousands): Employee-Related Expense (1) Facility-Related Expense (2) Total Balance - September 28, 2018 $ 89 $ — $ 89 Charges 8,084 11,459 19,543 Charges paid/settled (6,624) (10,481) (17,105) Balance - September 27, 2019 $ 1,549 $ 978 $ 2,527 Charges 378 761 1,139 Charges paid/settled (1,692) (1,713) (3,405) Balance - October 2, 2020 $ 235 $ 26 $ 261 Charges and adjustments — — — Charges paid/settled (235) (26) (261) Balance - October 1, 2021 $ — $ — $ — (1) Primarily includes severance charges associated with the reduction of our workforce in certain facilities. (2) Primarily includes activities associated with the closure of certain facilities, including any associated asset impairments and contract termination costs. 2019 Plan During the fiscal quarter ended June 28, 2019, we committed to a plan to strategically realign, streamline and improve certain of our business and operations, including reducing our workforce by approximately 250 employees and exiting six development facilities in France, Japan, the Netherlands, Florida, Massachusetts and Rhode Island, reducing certain development activities for one of our product lines and no longer investing in the design and development of optical modules and subsystems for Data Center applications (the “2019 Plan”). During the fiscal year ended October 2, 2020, we incurred restructuring expenses of $1.2 million under the 2019 Plan, including $0.8 million of facility-related costs and $0.4 million of employee-related costs. We incurred restructuring charges of $11.6 million in the fiscal year ended September 27, 2019, including $6.3 million of employee-related costs, $4.0 million of impairment expense for fixed assets and $1.3 million of other facility-related costs. This action was completed during fiscal 2020 and we do not expect to incur further costs. The remaining charges were paid during fiscal year 2021. The following is a summary of the costs incurred and remaining balances included in accrued expenses related to the 2019 Plan actions taken (in thousands): Employee-Related Expense Facility-Related Expense Total Balance - September 28, 2018 $ — $ — $ — Charges 6,265 5,300 11,565 Charges paid/settled (4,729) (4,843) (9,572) Balance - September 27, 2019 $ 1,536 $ 457 $ 1,993 Charges and adjustments 378 819 1,197 Charges paid/settled (1,679) (1,250) (2,929) Balance - October 2, 2020 $ 235 $ 26 $ 261 Charges paid/settled (235) (26) (261) Balance - October 1, 2021 $ — $ — $ — Design Facilities Plan During the fiscal quarter ended March 29, 2019, we committed to a plan to exit certain design facilities and activities (the “Design Facilities Plan”). We incurred restructuring charges of $2.5 million in the fiscal year ended September 27, 2019, including $0.3 million of employee-related costs and $2.2 million of facility-related costs. This action was complete in fiscal 2019 and no further costs will be incurred. The remaining charges were paid during fiscal year 2020. The following is a summary of the costs incurred and remaining balances included in accrued expenses related to the Design Facilities Plan actions taken (in thousands): Employee-Related Expense Facility-Related Expense Total Balance - September 28, 2018 $ — $ — $ — Charges 338 2,190 2,528 Charges paid/settled (338) (1,739) (2,077) Balance - September 27, 2019 $ — $ 451 $ 451 Charges and adjustments — (18) (18) Charges paid/settled — (433) (433) Balance - October 2, 2020 $ — $ — $ — Ithaca Plan During the fiscal quarter ended December 28, 2018, we commenced a plan to exit certain production and product lines, primarily related to certain production facilities located in Ithaca, New York (the “Ithaca Plan”). For these facilities, we incurred $5.5 million of restructuring charges in the fiscal year ended September 27, 2019, including $1.5 million of employee-related costs and $4.0 million of facility-related costs. This action was complete in fiscal 2019 and the remaining charges were paid during fiscal year 2020. The following is a summary of the costs incurred and remaining balances included in accrued expenses related to the Ithaca Plan actions taken (in thousands): Employee-Related Expense Facility-Related Expense Total Balance - September 28, 2018 $ — $ — $ — Charges 1,481 3,969 5,450 Charges paid/settled (1,468) (3,899) (5,367) Balance - September 27, 2019 $ 13 $ 70 $ 83 Charges and adjustments — (40) (40) Charges paid/settled (13) (30) (43) Balance - October 2, 2020 $ — $ — $ — |
Product Warranties
Product Warranties | 12 Months Ended |
Oct. 01, 2021 | |
Guarantees [Abstract] | |
Product Warranties | PRODUCT WARRANTIES We establish a product warranty liability at the time of revenue recognition. Product warranties generally have terms of 12 months and cover nonconformance with specifications and defects in material or workmanship. For sales to distributors, our warranty generally begins when the product is resold by the distributor. The liability is based on estimated costs to fulfill customer product warranty obligations and utilizes historical product failure rates. Should actual warranty obligations differ from estimates, revisions to the warranty liability may be required. Product warranty liability activity is as follows (in thousands): Fiscal Years 2021 2020 2019 Balance — beginning of year $ 1,858 $ 3,273 $ 5,756 Provisions (benefit) 5,677 2,271 (3,053) (Payments) direct charges (5,310) (3,686) 570 Balance — end of year $ 2,225 $ 1,858 $ 3,273 |
Impairments
Impairments | 12 Months Ended |
Oct. 01, 2021 | |
Impairments [Abstract] | |
Impairments | IMPAIRMENTS During fiscal year 2019, we initiated a plan to strategically realign, streamline and improve our operations, including reducing our workforce and exiting certain product offerings and research and development facilities. See Note 12 - Restructurings , for additional information about the 2019 Plan. These activities led us to reassess our previous estimates for expected future revenue growth. We performed impairment analyses to determine whether our goodwill and long-lived assets, comprised of definite-lived intangible assets and property and equipment, were recoverable. We performed a goodwill impairment test for our consolidated reporting unit. We calculated the fair value of our reporting unit using market capitalization and compared its fair value to its carrying amount, including goodwill. The fair value exceeded the carrying amount, therefore we determined that goodwill of the reporting unit was not impaired. Based on the estimated undiscounted cash flow assessment for long-lived assets, we determined that for an asset group, the cash flows were not sufficient to recover the carrying value of the long-lived assets over their remaining useful lives. Accordingly, we recorded impairment charges of $217.5 million and $33.2 million to our customer relationship and technology intangible assets, respectively, in fiscal year 2019, based on the difference between the fair value and the carrying value of the long-lived assets. We will continue to monitor for events or changes in business circumstances that may indicate that the remaining carrying value of the asset group may not be recoverable. We used the income approach to determine the fair value of the definite-lived intangible assets and the cost approach to determine the fair value of our property and equipment. Additionally, in connection with the 2019 Plan, we determined that certain intangible assets were abandoned and would not have a future benefit. Accordingly, we recorded impairment charges of $2.4 million and $3.9 million to our customer relationship and technology intangible assets, respectively, during fiscal year 2019. During fiscal year 2019, we also abandoned equipment recorded as construction in process. Accordingly, we recorded impairment charges of $7.8 million to reflect the estimated salvage value of the equipment. Total impairment charges recorded to intangible assets and assets recorded as construction in process for fiscal year 2019 were $264.8 million. See Note 12 - Restructurings |
Intangible Assets
Intangible Assets | 12 Months Ended |
Oct. 01, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Amortization expense related to intangible assets is as follows (in thousands): Fiscal Years 2021 2020 2019 Cost of revenue $ 15,296 $ 17,462 $ 29,847 Selling, general and administrative 30,917 32,868 44,872 Total $ 46,213 $ 50,330 $ 74,719 Intangible assets consist of the following (in thousands): October 1, October 2, Acquired technology $ 179,434 $ 179,434 Customer relationships 245,870 245,870 Trade name, indefinite lived 3,400 3,400 Total 428,704 428,704 Less accumulated amortization (344,019) (297,806) Intangible assets — net $ 84,685 $ 130,898 As of October 1, 2021, our estimated amortization of our intangible assets in future fiscal years, was as follows (in thousands): 2022 2023 2024 2025 2026 Thereafter Amortization expense $ 33,433 26,048 15,410 3,490 1,644 1,260 Accumulated amortization for the acquired technology and customer relationships was $167.3 million and $176.7 million, respectively, as of October 1, 2021, and $152.1 million and $145.7 million, respectively, as of October 2, 2020. A summary of the activity in intangible assets and goodwill follows (in thousands): Gross Intangible Assets Total Intangibles Acquired Customer Trade Name Total Goodwill Balance as of September 27, 2019 $ 428,952 $ 179,682 $ 245,870 $ 3,400 $ 314,727 Currency translation adjustments — — — — 285 Disposals of intangible assets (248) (248) — — — Balance as of October 2, 2020 428,704 179,434 245,870 3,400 315,012 Currency translation adjustments — — — — (772) Balance as of October 1, 2021 $ 428,704 $ 179,434 $ 245,870 $ 3,400 $ 314,240 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Deferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The components of our deferred tax assets and liabilities are as follows (in thousands): October 1, October 2, Deferred tax assets: Net operating loss and credit carryforward $ 268,450 $ 278,418 Intangible assets 20,853 15,880 Accrued expenses 17,938 14,564 Lease obligations 13,481 12,732 Minority equity investments 1,564 1,010 Property and equipment — 3,274 Interest — 5,471 Gross deferred tax asset 322,286 331,349 Less valuation allowance (250,287) (277,442) Deferred tax asset, net of valuation allowance $ 71,999 $ 53,907 Deferred tax liabilities: Convertible notes $ (17,734) $ — Right of use lease asset (14,680) (14,057) Property and equipment (2,307) — Deferred tax liabilities (34,721) (14,057) Net deferred tax asset $ 37,278 $ 39,850 As of October 1, 2021 and October 2, 2020, our Consolidated Balance Sheets included $39.5 million and $41.9 million, respectively, of deferred income taxes recorded as long-term assets and $2.2 million and $2.1 million, respectively, of deferred income taxes recorded in Other long-term liabilities. As of October 1, 2021, we had $855.8 million of gross federal net operating loss (“NOL”) carryforwards, primarily related to acquisitions made in prior fiscal years. The federal NOL carryforwards will expire at various dates through 2038 for losses generated prior to the tax period ended September 27, 2019. For losses generated during the tax period ended September 27, 2019 and future years, the NOL carryforward period is indefinite. The reported net operating loss carryforward includes any limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, which applies to an ownership change as defined under Section 382. The domestic and foreign (loss) income from continuing operations before taxes were as follows (in thousands): Fiscal Years 2021 2020 2019 United States $ 15,984 $ (65,915) $ (458,617) Foreign 26,961 24,353 35,464 Income (loss) from operations before income taxes $ 42,945 $ (41,562) $ (423,153) The components of the provision (benefit) for income taxes are as follows (in thousands): Fiscal Years 2021 2020 2019 Current: Federal $ 32 $ (834) $ 70 State 73 48 36 Foreign 2,403 1,958 876 Current provision (benefit) 2,508 1,172 982 Deferred: Federal 9,596 (8,635) (21,560) State (2,379) (22,613) 12,907 Foreign 3,177 9,686 (41,108) Change in valuation allowance (7,930) 24,906 9,424 Deferred provision (benefit) 2,464 3,344 (40,337) Total provision (benefit) $ 4,972 $ 4,516 $ (39,355) We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making this determination, we consider available positive and negative evidence and factors that may impact the valuation of our deferred tax asset including results of recent operations, future reversals of existing taxable temporary differences, projected future taxable income, and tax-planning strategies. We have significant negative objective evidence in the form of adjusted cumulative losses in the U.S. over the three-year period ended October 1, 2021 that resulted in our continued determination that there was not sufficient objectively verifiable positive evidence to offset this negative objective evidence and we concluded that a full valuation allowance was still appropriate for our U.S. deferred tax assets. The $250.3 million of valuation allowance as of October 1, 2021 relates primarily to federal and state NOLs, tax credit carryforwards and a partial valuation allowance on tax credits in Canada of $7.1 million whose recovery is not considered more likely than not. The $277.4 million of valuation allowance as of October 2, 2020 related primarily to federal and state NOLs, tax credit carryforwards and a partial valuation allowance on tax credits in Canada of $8.0 million, for which recovery is not considered likely. The change during the fiscal year ended October 1, 2021 of $27.1 million primarily relates to the initial recognition of a deferred tax liability relating to our newly issued convertible debt which is offset by a reduction in our valuation allowance, and a reduction in our net NOL and credit carryforwards. Our effective tax rates differ from the federal and statutory rate as follows: Fiscal Years 2021 2020 2019 Federal statutory rate 21.0% 21.0% 21.0% Change in valuation allowance (19.4) (60.5) (2.4) Global intangible low taxed income 17.0 (11.4) (2.9) Research and development credits (8.3) 20.7 1.4 Warrant liability 5.4 (6.5) — Foreign rate differential (5.0) 9.1 1.6 Stock compensation (5.0) (4.1) (0.6) Provision to return adjustments 2.7 25.4 0.3 State taxes net of federal benefit 2.0 0.9 0.9 Intra-entity license transfer — (4.6) 9.4 Section 382 adjustment — — (19.3) Other permanent differences 1.2 (0.9) (0.1) Effective income tax rate 11.6% (10.9)% 9.3% For fiscal years 2021, 2020 and 2019, the effective tax rates on $42.9 million, $(41.6) million and $(423.2) million, respectively, of pre-tax income (loss) from continuing operations were 11.6%, (10.9)% and 9.3%, respectively. The effective income tax rates for fiscal years 2021, 2020 and 2019 were impacted by a lower income tax rate in many foreign jurisdictions in which our foreign subsidiaries operate, changes in valuation allowance, research and development tax credits, a fair market value adjustment of our warrant liability and the inclusion of Global Intangible Low Taxed Income. For fiscal year 2020, the effective tax rate was also impacted by an adjustment in our Section 382 limitation which increased our California NOL carryforwards. For fiscal year 2019, the effective tax rate was impacted by a change in our NOL carryforward due to an adjustment in our Section 382 limitation from a prior period acquisition and was also impacted by the immediate recognition of the current and deferred income tax effects totaling $39.8 million from an intra-entity transfer of a license for intellectual property to a higher taxed jurisdiction that received a tax basis step-up. On March 27, 2020, the U.S. Congress enacted the Coronavirus Aid Relief & Economic Security Act (“CARES Act”). The CARES Act made a technical correction to the Tax Act impacting the Company’s NOL carryforward for the fiscal year ending September 29, 2018 by limiting it to a 20-year carryforward period, rather than having an indefinite life carryforward without the 80% limitation. This technical correction resulted in the Company increasing its indefinite lived deferred tax liability by $1.4 million during fiscal year 2020, with an offsetting adjustment to tax expense. The liability for unrecognized tax benefits was zero as of October 1, 2021 and $0.3 million as of October 2, 2020 and September 27, 2019. During the fiscal year ending October 1, 2021, we reported a reduction of $0.3 million in unrecognized tax benefits due to closure of the related audit periods. The full reduction in unrecognized tax benefits reduced our income tax expense. A summary of the fiscal tax years that remain subject to examination, as of October 1, 2021, for the Company’s significant tax jurisdictions are: Jurisdiction Fiscal Years Subject to Examination United States—federal Fiscal Year 2018 - forward United States—various states Fiscal Year 2017 - forward Ireland Fiscal Year 2016 - forward Generally, we are no longer subject to federal income tax examinations for fiscal years before 2018, except to the extent of loss and tax credit carryforwards from those years. |
Share - Based Compensation Plan
Share - Based Compensation Plans | 12 Months Ended |
Oct. 01, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share - Based Compensation Plans | SHARE-BASED COMPENSATION PLANS Stock Plans We have five equity incentive plans: the Amended and Restated 2009 Omnibus Stock Plan (“2009 Plan”), the 2012 Omnibus Incentive Plan, as amended (“2012 Plan”), the 2021 Omnibus Incentive Plan (“2021 Plan”), the 2012 Employee Stock Purchase Plan, as amended and restated (“2012 ESPP”) and the 2021 Employee Stock Purchase Plan (“2021 ESPP”). Upon the closing of our initial public offering, all shares that were reserved under the 2009 Plan but not awarded were assumed by the 2012 Plan. No additional awards will be made under the 2009 Plan. The 2021 Plan replaced the 2012 Plan and, following the adoption of the 2021 Plan on March 4, 2021, no additional awards have been or will be made under the 2012 Plan. We have outstanding awards under the 2021 Plan, as well as the 2012 Plan. Under the 2021 Plan, we have the ability to issue incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), stock appreciation rights (“SARS”), restricted stock awards (“RSAs”), unrestricted stock awards, stock units (including restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”)), performance awards, cash awards, and other share-based awards to employees, directors, consultants and advisors. The ISOs and NSOs must be granted at an exercise price, and the SARS must be granted at a base value, per share of not less than 100% of the closing price of a share of our common stock on the date of grant (or, if no closing price is reported on that date, the closing price on the immediately preceding date on which a closing price was reported) (110% in the case of certain ISOs). Options granted primarily vest based on certain market-based and performance-based criteria as described below and generally have a term of four As of October 1, 2021, we had 5.9 million shares available for future issuance under the 2021 Plan and 1.5 million shares available for issuance under our 2021 ESPP. Incentive Stock Units Outside of the five equity plans described above, we also grant incentive stock units (“ISUs”) to certain of our international employees which typically vest over four years and for which the fair value is determined by our underlying stock price, which are classified as liabilities and settled in cash upon vesting. A summary of ISU activity for fiscal year 2021 is as follows (in thousands, except per unit amounts): Number of Units Weighted-Average Grant Date Fair Value Issued and unvested - October 2, 2020 226 $ 21.83 Granted 44 36.91 Vested (77) 23.40 Forfeited, canceled or expired (57) 23.66 Issued and unvested - October 1, 2021 136 $ 25.06 As of October 1, 2021 and October 2, 2020, the fair value of outstanding awards was $8.9 million and $7.6 million, respectively, and the associated accrued compensation liability was $6.2 million and $4.6 million, respectively. During fiscal years 2021, 2020 and 2019, 76,894, 62,344 and 69,035 ISU awards vested, respectively, and were paid at a fair value of $4.2 million, $1.9 million and $1.2 million, respectively. During fiscal years 2021, 2020 and 2019, we recorded an expense for these ISU awards of $5.8 million, $4.4 million and $1.3 million, respectively. These expenses are not included in the share-based compensation expense totals below. Employee Stock Purchase Plan The 2021 ESPP allows eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. In administering the 2021 ESPP, the board of directors has limited discretion to set the length of the offering periods thereunder. As of October 1, 2021, no purchases have been made under the 2021 ESPP Plan. In fiscal years 2021, 2020 and 2019, 166,275, 272,469 and 421,777 shares of common stock were issued under the 2012 ESPP, respectively. Share-Based Compensation The following table shows a summary of share-based compensation expense included in the Consolidated Statements of Operations during the periods presented (in thousands): Fiscal Years 2021 2020 2019 Cost of revenue $ 3,298 $ 3,609 $ 2,936 Research and development 13,332 12,794 8,551 Selling, general and administrative 18,368 19,271 12,305 Total $ 34,998 $ 35,674 $ 23,792 As of October 1, 2021, the total unrecognized compensation costs related to outstanding stock options, restricted stock awards and units including awards with time-based, performance-based, and market-based vesting was $39.7 million, which we expect to recognize over a weighted-average period of 2.0 years. As of October 1, 2021, total unrecognized compensation cost related to the 2021 ESPP was $0.2 million. Restricted Stock Awards and Units A summary of RSU, PRSU and RSA activity for fiscal year 2021 is as follows (in thousands, except per share amounts): Number of Shares Weighted-Average Grant Date Fair Value Issued and unvested - October 2, 2020 2,788 $ 20.84 Granted 968 31.32 Vested (1,285) 21.38 Forfeited, canceled or expired (120) 26.51 Issued and unvested - October 1, 2021 2,351 $ 24.57 The total fair value of restricted stock awards and units vested was $64.1 million, $19.1 million and $11.7 million for the fiscal years 2021, 2020 and 2019, respectively. RSUs granted generally vest over a period of three or four years. In addition to RSUs, we also issue PRSUs with specific performance vesting criteria. These PRSUs have both a service and performance-based vesting condition and awards are typically divided into three equal tranches and vest based on achieving certain adjusted earnings per share growth metrics. The service condition requires participants to be employed in November following the performance period in which the performance condition was met, when the Company's annual financial performance is announced to the financial markets. Depending on the actual performance achieved, a participant may earn between 0% to 300% of the targeted shares for each tranche, which is determined based on a straight-line interpolation applied for the achievement between the specified performance ranges. During fiscal year 2021, the performance condition for 143,485 target shares were earned at 300%, and therefore 430,455 shares with a total grant date fair value of $7.7 million vested in November 2020 when the service condition was achieved. During fiscal year 2021, we granted 94,832 PRSUs and 10,644 were forfeited. The amount of incremental PRSU awards that could ultimately vest if all performance criteria are achieved would be 1,197,675 shares assuming a maximum of 300% of the targeted shares. We granted 200,000 market-based PRSUs during fiscal year 2019, at a weighted average grant date fair value of $17.65 per share, and a total fair value of $3.5 million. Recipients may earn between 0% and 150% of the target number of shares based on the Company's achievement of total stockholder return in comparison to a peer group of companies in the Nasdaq composite index over a period of approximately three years. The fair value of the awards was estimated using a Monte Carlo simulation and compensation expense is recognized ratably over the service period based on the grant date fair value of the awards of $3.5 million subject to the market condition. The expected volatility of the Company's common stock was estimated based on the historical average volatility rate over the three-year period. The dividend yield assumption was based on historical and anticipated dividend payouts. The risk-free rate assumption was based on observed interest rates consistent with the three-year measurement period. The assumptions used to value the awards are as follows: Fiscal Year 2019 Risk free interest rate 1.9 % Years to maturity 3.33 Expected volatility rate 61.5 % Dividend yield — Stock Options A summary of stock option activity for fiscal year 2021 is as follows (in thousands, except per share amounts and contractual term): Number of Shares Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Options outstanding - October 2, 2020 325 $ 15.12 Granted — — Exercised (120) 16.54 Forfeited, canceled or expired — — Options outstanding - October 1, 2021 205 $ 14.29 7.40 $ 10,465 Options vested - October 1, 2021 205 $ 14.29 7.40 $ 10,465 Options exercisable - October 1, 2021 205 $ 14.29 7.40 $ 10,465 Aggregate intrinsic value represents the difference between our closing stock price on October 1, 2021, and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was $5.3 million, $1.4 million and $0.7 million for fiscal years 2021, 2020 and 2019, respectively. Stock Options with Market-based Vesting Criteria We grant NSOs that are subject to vesting only upon the market price of our underlying public stock closing above a certain price target within seven years of the date of grant. Share-based compensation expense is recognized regardless of the number of awards that are earned based on the market condition and is recognized on a straight-line basis over the estimated service period of approximately three years. If the required service period is not met for these options, then the share-based compensation expense would be reversed. As of October 1, 2021, all stock options with market-based vesting criteria have vested and no unrecognized compensation cost remains to be recognized. There were no stock options with market-based vesting criteria granted for fiscal years 2021 and 2020, respectively. Stock options with market-based vesting criteria granted for fiscal year 2019 was 585,000 at weighted average grant date fair value of $7.47 per share, or total grant date fair value of $2.4 million. These NSOs with market-based vesting criteria were valued using a Monte Carlo simulation model. The weighted average Monte Carlo input assumptions used for calculating the fair value of these market-based stock options are as follows: Fiscal Year 2019 Risk-free interest rate 2.8 % Expected term (years) 3.90 Expected volatility 51.9 % Target price $53.87 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Oct. 01, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY We have authorized 10 million shares of $0.001 par value preferred stock and 300 million shares of $0.001 par value common stock as of October 1, 2021 and October 2, 2020. The outstanding shares of common stock as of October 1, 2021 presented in the accompanying Consolidated Statements of Stockholders’ Equity, excludes 2,093 unvested shares of restricted stock awards, issued as compensation to employees that were subject to forfeiture. There were 5,414 unvested shares of restricted stock awards that were subject to forfeiture as of October 2, 2020. Common Stock Warrants —In March 2012, we issued warrants to purchase 1,281,358 shares of common stock for $14.05 per share. During November 2020, Summit Partners Private Equity Fund VII-A, L.P., Summit Partners Private Equity Fund VII-B, L.P., |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Oct. 01, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | RELATED-PARTY TRANSACTIONSDuring fiscal year 2020, we sold $0.4 million of commercial products to Mission Microwave Technologies, LLC (“Mission”), a MACOM customer and an affiliate of directors John and Susan Ocampo. Together, Mr. and Mrs. Ocampo are MACOM's largest stockholders. Stephen G. Daly, the Company's President and Chief Executive Officer, has an equity interest of less than 1% in Mission. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 01, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table set forth the computation for basic and diluted net income (loss) per share of common stock (in thousands, except per share data): Fiscal Years 2021 2020 2019 Numerator: Net income (loss) attributable to common stockholders $ 37,973 $ (46,078) $ (383,798) Denominator: Weighted average common shares outstanding-basic 68,449 66,606 65,686 Dilutive effect of equity awards 2,025 — — Weighted average common shares outstanding-diluted 70,474 66,606 65,686 Common stock earnings per share-basic: Net common stock earnings per share-basic $ 0.55 $ (0.69) $ (5.84) Common stock earnings per share-diluted: Net common stock earnings per share-diluted $ 0.54 $ (0.69) $ (5.84) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Oct. 01, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive income (loss), net of income taxes, are as follows (in thousands): Foreign Currency Items Other Items Total Balance - September 27, 2019 $ 4,330 $ 28 $ 4,358 Foreign currency translation loss, net of tax 458 — 458 Unrealized loss on short-term investments, net of tax — 193 193 Balance - October 2, 2020 4,788 221 5,009 Foreign currency translation gain, net of tax (661) — (661) Unrealized gain on short-term investments, net of tax — (198) (198) Balance - October 1, 2021 $ 4,127 $ 23 $ 4,150 |
Geographic and Significant Cust
Geographic and Significant Customer Information | 12 Months Ended |
Oct. 01, 2021 | |
Segment Reporting [Abstract] | |
Geographic and Significant Customer Information | GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION We have one reportable operating segment that designs, develops, manufactures and markets semiconductors and modules. The determination of reportable operating segments is based on the chief operating decision maker’s (“CODM”) use of financial information provided for the purposes of assessing performance and making operating decisions. The Company's CODM is its President and Chief Executive Officer. In evaluating financial performance and making operating decisions, the CODM primarily uses consolidated metrics. The Company assesses its determination of operating segments at least annually. We continue to evaluate our internal reporting structure and the potential impact of any changes on our segment reporting. For information regarding revenue by geographic regions, based upon customer locations, see Note 3 - Revenue . Information regarding net property and equipment in different geographic regions is presented below (in thousands): As of October 1, October 2, Net Property and Equipment by Geographic Region United States $ 103,527 $ 99,118 Europe (1) 12,766 13,129 Other Countries (2) 4,233 6,619 Total $ 120,526 $ 118,866 (1) Europe represents Finland, France, Germany, Ireland and Italy. (2) Other than the United States and Europe, no country or region represented greater than 10% of the total net property and equipment as of the dates presented. The following is a summary of customer concentrations as a percentage of total sales and accounts receivable as of and for the periods presented: Fiscal Years Revenue 2021 2020 2019 Customer A 11 % 14 % 16 % Customer B — 12 % — Customer C — 12 % — October 1, October 2, Accounts Receivable Customer A — 20 % Customers B and C did not represent more than 10% of revenue in fiscal year ended 2021 and Customer A did not represent more than 10% of accounts receivable as of October 1, 2021 . No |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 01, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation, Basis of Presentation and Reclassification | Principles of Consolidation, Basis of Presentation and Reclassification —We have one reportable operating segment that designs, develops, manufactures and markets semiconductors and modules. The accompanying consolidated financial statements include our accounts and the accounts of our majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the Consolidated Balance Sheets and Notes Consolidated Financial Statements, certain prior year balances have been reclassified to conform to the current year presentation. We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal years 2021 and 2019 included 52 weeks, and fiscal year 2020 included 53 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we typically include the extra week arising in our fiscal years in the first quarter. Our first quarter of fiscal year 2020, ended January 3, 2020, included 14 weeks. |
Use of Estimates | Use of Estimates —The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities during the reporting periods, the reported amounts of revenue and expenses during the reporting periods and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we base estimates and assumptions on historical experience, currently available information and various other factors that management believes to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions. |
Foreign Currency Translation and Remeasurement | Foreign Currency Translation and Remeasurement —Our consolidated financial statements are presented in U.S. dollars. While the majority of our foreign operations use the U.S. dollar as the functional currency, the financial statements of our foreign operations for which the functional currency is not the U.S. dollar are translated into U.S. dollars at the exchange rates in effect at the balance sheet dates (for assets and liabilities) and at average exchange rates (for revenue and expenses). The unrealized translation gains and losses on the net investment in these foreign operations are accumulated as a component of other comprehensive (loss) income. The financial statements of our foreign operations where the functional currency is the U.S. dollar, but where the underlying transactions are transacted in a different currency, are remeasured at the exchange rate in effect at the balance sheet date with respect to monetary assets and liabilities. Nonmonetary assets and liabilities, such as inventories and property and equipment and related statements of operations accounts, such as cost of revenue and depreciation, are remeasured at historical exchange rates. Revenue and expenses, other than cost of revenue, amortization and depreciation, are translated at the average exchange rate for the period in which the transaction occurred. The net gains and losses on foreign currency remeasurement are reflected in selling, general and administrative expense in the accompanying Consolidated Statements of Operations. Net foreign exchange transaction gains and losses for all periods presented were not material. |
Cash and Cash Equivalents | Cash and Cash Equivalents—Cash equivalents are primarily composed of short-term, highly-liquid instruments with an original maturity of 90 days or less and consist primarily of money market funds. |
Investments | Investments — Short-term investments: We classify our short-term investments as available-for-sale. Our investments classified as available-for-sale are recorded at fair value at period end. Unrealized gains and losses that are deemed to be unrelated to credit losses are recorded in accumulated other comprehensive income and loss as a separate component of stockholders’ equity. A decline in the fair value of any debt security below cost that is deemed to be attributable to credit loss results in a charge to earnings and the corresponding establishment of an allowance for credit losses against the cost basis of the security. Premiums and discounts are amortized (accreted) over the life of the related security as an adjustment to its yield. Dividend and interest income are recognized when earned. Realized gains and losses are included in Other expense, net in our Consolidated Statements of Operations and are derived using the specific identification method for determining the cost of investments sold. Other investments: We use the equity method to account for investments in companies if the investment provides us with the ability to exercise significant influence over operating and financial policies of the investee. Our proportionate share of the net income (loss) resulting from these investments are reported within the Other expense, net line in our Consolidated Statements of Operations. The carrying value of our equity method investment is reported in Other investments in our Consolidated Balance Sheets. Our equity method investment is reported at cost and adjusted each period for our share of the investee’s income or loss and dividends paid, if any, as well as any changes attributable to the equity of the investee that would impact our ownership. Other investments that are not controlled, and over which we do not have the ability to exercise significant influence, are accounted for as an equity security and reported in Other investments in our Consolidated Balance Sheets. We have elected to measure our equity security, which does not have a readily determinable fair value and does not qualify for the practical expedient under Accounting Standards Codification (“ASC”) 820, Fair Value Measurement , at cost less any impairment. The investment is periodically evaluated for impairment. An impairment loss is recorded whenever there is a decline in value of an investment below its carrying amount that is determined to be other than temporary. |
Inventories | Inventories —Inventories are stated at the lower of cost or net realizable value. We use a combination of standard cost and moving weighted-average cost methodologies to determine the cost basis for our inventories, approximating a first-in, first-out basis. The standard cost of finished goods and work-in-process inventory is composed of material, labor and manufacturing overhead, which approximates actual cost. In addition to stating inventory at the lower of cost or net realizable value, we also evaluate inventory each reporting period for excess quantities and obsolescence, establishing reserves when necessary based upon historical experience, assessment of economic conditions and expected demand. Once recorded, these reserves are considered permanent adjustments to the carrying value of inventory. |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements that significantly extend the useful life of the assets are capitalized as additions to property and equipment. Property and equipment are depreciated or amortized using the straight-line method over the following estimated useful lives: Asset Classification Estimated Useful Life Buildings and improvements 20 - 40 Computer equipment and software 2 - 5 Furniture and fixtures 7 - 10 Finance lease assets and leasehold improvements Shorter of useful life or term of lease Machinery and equipment 2 - 7 |
Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets —We have goodwill and certain intangible assets with indefinite lives which are not subject to amortization. These are reviewed for impairment annually as of the end of our fiscal August month end and more frequently if events or changes in circumstances indicate that the assets may be impaired. For our assessment of goodwill impairment, we compare the fair value to the carrying value of the reporting unit. For our assessment of indefinite-lived assets we compare the carrying value of the asset to the estimated fair value of the asset. If impairment exists, a loss is recorded to write down the value of the assets to their fair values. We performed our annual impairment tests of our goodwill and indefinite-lived intangible assets and the results of these tests indicated that our goodwill and indefinite-lived intangible assets were not impaired as of August 27, 2021 or August 28, 2020. |
Impairment of Long-Lived Assets | Long-Lived Asset Valuation and Impairment Assessment —Long-lived assets include property and equipment and definite-lived intangible assets subject to amortization. We evaluate long-lived assets for recoverability when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Circumstances which could trigger a review include, but are not limited to, significant decreases in the market price of the asset or asset group, significant adverse changes in the business climate or legal factors, the accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset, current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset and a current expectation that the asset will more likely than not, be sold or disposed of significantly before the end of its previously estimated useful life. In evaluating a long-lived asset for recoverability, we estimate the undiscounted cash flows expected to result from our use and eventual disposition of the asset. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. In fiscal year 2019 we recorded impairment charges, s ee Note 10 - Impairments , for further detail. |
Other Intangible Assets | Other Intangible Assets —Our other intangible assets, including acquired technology and customer relationships, are definite-lived assets and are subject to amortization. We amortize definite-lived assets over their estimated useful lives, which range from five |
Revenue Recognition | Revenue Recognition —Substantially all of our revenue is derived from sales of high-performance RF, microwave, millimeter wave and lightwave semiconductor solutions into three primary markets: Telecom, I&D and Data Center. We recognize revenue within the scope of ASC 606, Revenue from Contracts with Customers. Revenue is recognized when a customer obtains control of products or services in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, we perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) we satisfy performance obligations. Sales, value add and other taxes collected on behalf of third parties are excluded from revenue. Our revenue arrangements do not contain significant financing components. Contracts with our customers principally contain only one distinct performance obligation, which is the sale of products. However, due to multiple products potentially being sold on a single order, we are required to allocate consideration based on the estimated relative standalone selling prices of the promised products. Periodically, we enter into non-product development and license contracts with certain customers. We generally recognize revenue from these contracts over-time as services are provided based on the terms of the contract. Non-product development and license revenue is not significant to our Revenue or Consolidated Statements of Operations for the periods presented. Revenue is deferred for amounts billed or received prior to delivery of the services. Certain contracts may contain multiple performance obligations for which we allocate revenue to each performance obligation based on the relative stand-alone selling price. Our product revenue is recognized when the customer obtains control of the product, which generally occurs at a point in time, and is based on the contractual shipping terms of a contract. Non-product revenue is generally recognized over time. For each contract, the promise to transfer the control of the products or services, each of which is individually distinct, is considered to be the identified performance obligation. We provide an assurance type warranty which is not sold separately and does not represent a separate performance obligation. Therefore, we account for such warranties under ASC 460, Guarantees , and the estimated costs of warranty claims are generally accrued as cost of revenue in the period the related revenue is recorded. We have agreements with certain distribution customers which may include certain rights of return and pricing programs, including returns for aged inventory, stock rotation and price protection which affect the transaction price. Sales to these customers and programs offered are in accordance with terms set forth in written agreements, which require us to assess the potential revenue effects of this variable consideration utilizing the expected value method. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. As such, revenue on sales to customers that include rights of return and pricing programs are recorded net of estimated variable consideration, utilizing the expected value method based on historical sales data. We believe that the judgments and estimates we utilize are reasonable based upon current facts and circumstances, however utilizing different judgments and estimates could result in different amounts. Practical Expedients and Elections — ASC 606 requires that we disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of the reporting periods presented. The guidance provides certain practical expedients that limit this requirement and, therefore, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which we have the right to invoice for services performed. We have elected not to disclose the aggregate amount of transaction prices associated with unsatisfied or partially unsatisfied performance obligations for contracts where these criteria are met. Our policy is to capitalize any incremental costs incurred to obtain a customer contract, only to the extent that the benefit associated with the costs is expected to be longer than one year. Capitalizable contract costs were not significant as of October 1, 2021 and October 2, 2020. We account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. When shipping and handling costs are incurred after a customer obtains control of the products, we have elected to account for these as costs to fulfill the promise and not as a separate performance obligation. Shipping and handling costs associated with the distribution of products to customers are recorded in costs of revenue generally when the related product is shipped to the customer. |
Research and Development Costs | Research and Development Costs —Costs incurred in the research and development of products are expensed as incurred. |
Income Taxes | Income Taxes —Deferred tax assets and liabilities are recognized based on temporary differences between the financial reporting and income tax bases of assets and liabilities, using rates anticipated to be in effect when such temporary differences reverse. A valuation allowance against net deferred tax assets is required if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We provide reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit is taken by us in our tax filings or positions that are more likely than not to be realized following an examination by taxing authorities. We recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. |
Earnings Per Share | Earnings Per Share —Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period, excluding the dilutive effect of common stock equivalents. Diluted net income (loss) per s |
Fair Value Measurements | Fair Value Measurements —Financial assets and liabilities are measured at fair value. Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability at the measurement date under current market conditions in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we group financial assets and liabilities in a three-tier fair value hierarchy, according to the inputs used in measuring fair value as follows: • Level 1 —observable inputs such as quoted prices in active markets for identical assets and liabilities; • Level 2 —inputs other than quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical assets and liabilities in markets that are not active and model-based valuation techniques for which significant assumptions are observable in active markets; and, • Level 3 —unobservable inputs for which there is little or no market data, requiring us to develop our own assumptions for model-based valuation techniques. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period. Money market funds are actively traded and consist of highly liquid investments with original maturities of 90 days or less. They are measured at their fair value and classified as Level 1. Corporate and agency bonds and commercial paper are categorized as Level 2 assets except where sufficient quoted prices exist in active markets, in which case such securities are categorized as Level 1 assets. These securities are valued using third-party pricing services. These services may use, for example, model-based pricing methods that utilize observable market data as inputs. We generally use quoted prices for recent trading activity of assets with similar characteristics to the debt security or bond being valued. The securities and bonds priced using such methods are generally classified as Level 2. Broker dealer bids or quotes on securities with similar characteristics may also be used. Our common stock warrants were classified as Level 3 due to unobservable inputs. We used the Black-Scholes option-pricing model to estimate the fair value of our common stock warrants, inclusive of assumptions for the risk-free interest rate, dividends, expected term and estimated volatility. |
Share-Based Compensation | Share-Based Compensation—We account for all share-based compensation arrangements using the fair value method. We recognize compensation expense using the straight-line method for service-based awards and the accelerated method for performance-based awards, and providing that the minimum amount of compensation recorded is equal to the vested portion of the award. We record the expense in the Consolidated Statements of Operations in the same manner in which the award recipients’ salary costs are classified. For restricted stock awards, we use the closing stock price on the date of grant to estimate the fair value of the awards. We use the Black-Scholes option-pricing model to estimate the fair value of stock options with service and performance conditions, inclusive of assumptions for risk-free interest rates, dividends, expected terms and estimated volatility. We use the Monte Carlo Simulation analysis to estimate the fair value of stock options and awards with market conditions, inclusive of assumptions for risk free interest rates, expected term, expected volatility and the target price. We derive the risk-free interest rate assumption from the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to the expected term of the award being valued. We base the assumed dividend yield on our expectation of not paying dividends in the foreseeable future. We calculate the weighted-average expected term of the options using historical data. In addition, we calculate our estimated volatility using our historical stock price volatility data. We account for forfeitures when they occur. Share-based awards that are settled in cash are recorded as liabilities. The measurement of the liability and compensation cost for these awards is based on the fair value of the award as of each period end date, which is equivalent to the closing price of a share of our common stock on the period end date multiplied by the number of units earned, and is recorded in operating income over the award’s vesting period. Changes in our payment obligation prior to the settlement date of a stock-based award are recorded as compensation expense in operating income in the period of the change. The final payment amount for such awards is established on the date of vesting |
Guarantees and Indemnification Obligations | Guarantees and Indemnification Obligations —We enter into agreements in the ordinary course of business with, among others, customers, distributors and OEMs. Most of these agreements require us to indemnify the other party against third-party claims alleging that a Company product infringes a patent and/or copyright. Certain agreements in which we grant limited licenses to Company intellectual property require us to indemnify the other party against third-party claims alleging that the use of the licensed intellectual property infringes a third-party's intellectual property. Certain of these agreements require us to indemnify the other party against certain claims relating to property damage, personal injury or the acts or omissions, its employees, agents or representatives. In addition, from time to time, we have made certain guarantees in the form of warranties regarding the performance of Company products to customers. We have agreements with certain vendors, creditors, lessors and service providers pursuant to which we have agreed to indemnify the other party for specified matters, such as acts and omissions, its employees, agents or representatives. We have procurement or license agreements with respect to technology used in our products and agreements in which we obtain rights to a product from an OEM. Under some of these agreements, we have agreed to indemnify the supplier for certain claims that may be brought against such party with respect to our acts or omissions relating to the supplied products or technologies. Our certificate of incorporation and agreements with certain of our directors and officers and certain of our subsidiaries’ directors and officers provide them indemnification rights, to the extent legally permissible, against liabilities incurred by them in connection with legal actions in which they may become involved by reason of their service as a director or officer. As a matter of practice, we maintain director and officer liability insurance coverage, including coverage for directors and officers of acquired companies. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Pronouncements Adopted in Fiscal Year 2021 On the first day of fiscal year 2021, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU introduces a new accounting model known as Credit Expected Credit Losses (“CECL”), which requires earlier recognition of credit losses. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for receivables at the time the financial asset is originated or acquired, replacing the current incurred loss methodology that delays recognition of credit losses until a probable loss has been incurred. There are other provisions within the standard affecting how impairments of other financial assets may be recorded and presented, as well as expanded disclosures. There was no impact to our consolidated financial statements from the adoption of this guidance. In January 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, a one-step quantitative impairment test calculates goodwill impairment as the excess of the carrying value of a reporting unit over its fair value, up to the carrying value of the goodwill. This ASU should be applied on a prospective basis. We adopted this ASU in the first quarter of fiscal year 2021 and the adoption of this update did not have an impact on our consolidated financial statements and related disclosures. Pronouncements for Adoption in Subsequent Periods In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance in this Update was effective upon its issuance. If elected, the guidance is to be applied prospectively through December 31, 2022. We are currently evaluating the effect the potential adoption of this ASU will have on our consolidated financial statements, including but not limited to our Credit Agreement, as defined in Note 16, Debt . In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity’s own equity. The standard reduces the number of models used to account for convertible instruments, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and requires the if-converted method for calculation of diluted earnings per share for all convertible instruments. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, and we plan to adopt this amendment as of October 2, 2021, the first day of fiscal year 2022. We expect the resulting impact will be to reclassify $72.2 million of the equity component of our 2026 Convertible Notes, as defined in Note 16 - Debt , from additional paid-in capital to long-term debt, with the remaining $7.5 million to accumulated deficit. On a prospective basis, there will be a reduction of our reported effective interest rate of 4.25% on our 2026 Convertible Notes to their stated 0.25% coupon rate. For additional information regarding our debt, refer to Note 16 - Debt. |
Lessee, Leases | Leases —We have operating leases for certain facilities, as well as manufacturing and office equipment. We have financing leases for our corporate headquarters, including our fabrication facility, and to a lesser extent, various manufacturing equipment. These leases expire at various dates through 2038, and certain of these leases have renewal options with the longest ranging up to two ten-year periods. We determine that a contract contains a lease at lease inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether the right to control an identified asset exists, we assess whether we have the right to direct the use of the identified asset and obtain substantially all of the economic benefit from the use of the identified asset. Leases with a term greater than one year are recognized on the balance sheet as right-of-use (“ROU”) assets and lease liabilities. For leases with a term of one year or less, categorized as short-term leases, we elected not to recognize the lease liability for these arrangements and the lease payments are recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. ROU assets and lease liabilities are recognized at the present value of future minimum lease payments over the lease term on the commencement date. ROU assets are initially measured as the amount of the initial lease liability, adjusted for initial direct costs, lease payments made at or before the commencement date, and reduced by lease incentives received. We include options to renew or terminate when determining the lease term when it is reasonably certain that the option will be exercised. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. Our leases may contain lease and non-lease components. We elected to account for lease and non-lease components in a contract as part of a single lease component. Fixed payments are considered part of the single lease component and included in the ROU assets and lease liabilities. Additionally, lease contracts typically include variable payments and other costs that do not transfer a separate good or service, such as reimbursement for real estate taxes and insurance, which are expensed as incurred. Our leases generally do not provide an implicit interest rate. As a result, we utilize our incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life | Property and equipment are depreciated or amortized using the straight-line method over the following estimated useful lives: Asset Classification Estimated Useful Life Buildings and improvements 20 - 40 Computer equipment and software 2 - 5 Furniture and fixtures 7 - 10 Finance lease assets and leasehold improvements Shorter of useful life or term of lease Machinery and equipment 2 - 7 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Revenue [Abstract] | |
Disaggregation of Revenue | The following tables present our revenue disaggregated by markets and geography (in thousands): Fiscal Years 2021 2020 2019 Telecom $ 188,391 $ 209,477 $ 180,938 Industrial & Defense 280,221 194,506 204,638 Data Center 138,308 126,054 114,132 Total $ 606,920 $ 530,037 $ 499,708 Fiscal Years Revenue by Geographic Region 2021 2020 2019 United States $ 277,850 $ 217,474 $ 239,510 China 165,931 192,989 132,329 Asia Pacific, excluding China (1) 93,572 84,997 80,136 Other Countries (2) 69,567 34,577 47,733 Total $ 606,920 $ 530,037 $ 499,708 (1) Asia Pacific primarily represents Taiwan, Japan, Singapore, Thailand, South Korea, Australia and Malaysia. (2) No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China and the Asia Pacific region as presented above. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Contractual Maturities of Investments | The contractual maturities of available-for-sale investments were as follows (in thousands): October 1, 2021 Less than 1 year $ 120,590 Over 1 year 67,775 Total investments $ 188,365 |
Debt Securities, Available-for-sale | The amortized cost, gross unrealized holding gains or losses and fair value of our available-for-sale investments by major investments type are summarized in the tables below (in thousands): October 1, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Corporate bonds $ 73,653 $ 151 $ (171) $ 73,633 Commercial paper 114,718 21 (7) 114,732 Total investments $ 188,371 $ 172 $ (178) $ 188,365 October 2, 2020 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Corporate bonds $ 68,605 $ 348 $ (333) $ 68,620 Commercial paper 134,913 192 (14) 135,091 Total investments $ 203,518 $ 540 $ (347) $ 203,711 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis consist of the following (in thousands): October 1, 2021 Fair Value Active Markets for Identical Assets Observable Inputs Unobservable Inputs Assets Money market funds $ 26,363 $ 26,363 $ — $ — Commercial paper 114,732 — 114,732 — Corporate bonds 73,633 — 73,633 — Total assets measured at fair value $ 214,728 $ 26,363 $ 188,365 $ — October 2, 2020 Fair Value Active Markets for Identical Assets Observable Inputs Unobservable Inputs Assets Money market funds $ 20,139 $ 20,139 $ — $ — Commercial paper 135,091 — 135,091 — Corporate bonds 68,620 — 68,620 — Total assets measured at fair value $ 223,850 $ 20,139 $ 203,711 $ — Liabilities Warrant liability 25,312 — — 25,312 Total liabilities measured at fair value $ 25,312 $ — $ — $ 25,312 |
Quantitative Information Used in Fair Value Calculation of Level 3 Liabilities | The quantitative information utilized in the fair value calculation of our Level 3 liabilities as of October 2, 2020, are as follows: Liabilities Valuation Technique Unobservable Input October 2, 2020 Warrant liability Black-Scholes model Volatility 61.8% Discount rate 0.09% Expected life 0.2 years Exercise price $14.05 Stock price $33.80 Dividend rate —% |
Changes in Assets with Inputs Classified within Level 3 of Fair Value | The changes in assets and liabilities with inputs classified within Level 3 of the fair value hierarchy consist of the following (in thousands): Fiscal Year Warrant Liability 2021 2020 2019 Balance - beginning of year $ 25,312 $ 12,364 $ 13,129 Net Realized/Unrealized Losses (Gains) Included in Earnings 11,130 12,948 (765) Settlements (36,442) — — Balance - end of year $ — $ 25,312 $ 12,364 Fiscal Year Contingent Consideration 2019 Balance - beginning of year $ 585 Net Realized/Unrealized Losses (Gains) Included in Earnings 65 Settlements (650) Balance - end of year $ — |
Changes in Liabilities with Inputs Classified within Level 3 of Fair Value | The changes in assets and liabilities with inputs classified within Level 3 of the fair value hierarchy consist of the following (in thousands): Fiscal Year Warrant Liability 2021 2020 2019 Balance - beginning of year $ 25,312 $ 12,364 $ 13,129 Net Realized/Unrealized Losses (Gains) Included in Earnings 11,130 12,948 (765) Settlements (36,442) — — Balance - end of year $ — $ 25,312 $ 12,364 Fiscal Year Contingent Consideration 2019 Balance - beginning of year $ 585 Net Realized/Unrealized Losses (Gains) Included in Earnings 65 Settlements (650) Balance - end of year $ — |
Accounts Receivables Allowanc_2
Accounts Receivables Allowances (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Receivables [Abstract] | |
Rollforward of Accounts Receivable Allowances | Summarized below is the activity in our accounts receivable allowances including compensation credits and doubtful accounts as follows (in thousands): Fiscal Year 2021 2020 2019 Balance - beginning of year $ 2,893 $ 5,047 $ 6,795 Provision, net 16,213 10,774 11,989 Charge-offs (16,311) (12,928) (13,737) Balance - end of year $ 2,795 $ 2,893 $ 5,047 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following (in thousands): October 1, 2021 October 2, 2020 Raw materials $ 50,950 $ 46,954 Work-in-process 9,201 9,324 Finished goods 22,548 35,306 Total $ 82,699 $ 91,584 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property and equipment consists of the following (in thousands): October 1, October 2, Construction in process $ 24,086 $ 16,174 Machinery and equipment 200,843 191,953 Leasehold improvements 24,347 19,854 Furniture and fixtures 2,377 2,659 Computer equipment and software 17,749 18,487 Finance lease assets 35,589 35,589 Total property and equipment 304,991 284,716 Less accumulated depreciation and amortization (184,465) (165,850) Property and equipment — net $ 120,526 $ 118,866 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Remained Outstanding on Term Loans | The following represents the outstanding balances and effective interest rates of our borrowings as of October 1, 2021 and October 2, 2020, (in thousands, except percentages): October 1, 2021 October 2, 2020 Principal Balance Effective Interest Rate Principal Balance Effective Interest Rate LIBOR plus 2.25% term loans due May 2024 $ 120,766 2.33 % $ 666,087 2.40 % 0.25% convertible notes due March 2026 450,000 4.25 % — — % Total principal amount outstanding 570,766 666,087 Less: Unamortized discount on term loans and deferred financing costs (5,567) (7,030) Less: Unamortized discount on convertible notes (73,102) — Less: Current portion of long term debt — 6,885 Total long-term debt $ 492,097 $ 652,172 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | Included in our Consolidated Balance Sheets were the following amounts related to operating and finance lease assets and liabilities (in thousands): October 1, 2021 October 2, 2020 Consolidated Balance Sheet Classification Assets: Operating lease ROU assets $ 29,946 $ 33,307 Other long-term assets Finance lease assets 30,664 33,127 Property and equipment, net Total lease assets $ 60,610 $ 66,434 Liabilities: Current: Operating lease liabilities $ 7,457 $ 7,601 Accrued liabilities Finance lease liabilities 958 1,368 Current portion of finance lease obligations Long-term: Operating lease liabilities 28,607 31,837 Other long-term liabilities Finance lease liabilities 28,037 28,994 Finance lease obligations, less current portion Total lease liabilities $ 65,059 $ 69,800 |
Leases, Weighted-Average Lease Term and Discount Rate | The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows: October 1, 2021 October 2, 2020 Weighted-average remaining lease term (in years): Operating leases 6.0 6.4 Finance leases 16.4 17.0 Weighted-average discount rate: Operating leases 5.9 % 6.2 % Finance leases 6.6 % 6.7 % |
Lease, Cost | The components of lease expense were as follows (in thousands): Fiscal Year Fiscal Year October 1, 2021 October 2, 2020 Finance lease cost: Amortization of lease assets $ 2,462 $ 3,022 Interest on lease liabilities 1,979 2,155 Total finance lease cost $ 4,441 $ 5,177 Operating lease cost $ 9,732 $ 9,815 Variable lease cost $ 3,091 $ 2,645 Short-term lease cost $ 217 $ 368 Sublease income $ 694 $ 592 Rent expense incurred under non-cancelable operating leases was $9.7 million in fiscal year 2019. |
Leases, Supplemental Cash Flow Information | Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands): Fiscal Year Ended Fiscal Year Ended October 1, 2021 October 2, 2020 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 10,383 $ 9,562 Operating cash flows from finance leases $ 1,979 $ 2,155 Financing cash flows from finance leases $ 1,368 $ 1,708 Non-cash activities: Operating lease ROU assets obtained in exchange for new lease liabilities $ 4,890 $ 3,788 Financing lease assets obtained in exchange for new lease liabilities $ — $ 586 |
Finance Lease, Liability, Maturity | As of October 1, 2021, maturities of lease payments by fiscal year were as follows (in thousands): Fiscal year ending: Operating Leases Finance Leases 2022 $ 9,353 $ 2,836 2023 7,762 2,820 2024 6,877 2,855 2025 4,783 2,783 2026 3,847 2,680 Thereafter 10,447 34,472 Total lease payments $ 43,069 $ 48,446 Less: interest (7,005) (19,451) Present value of lease liabilities $ 36,064 $ 28,995 |
Lessee, Operating Lease, Liability, Maturity | As of October 1, 2021, maturities of lease payments by fiscal year were as follows (in thousands): Fiscal year ending: Operating Leases Finance Leases 2022 $ 9,353 $ 2,836 2023 7,762 2,820 2024 6,877 2,855 2025 4,783 2,783 2026 3,847 2,680 Thereafter 10,447 34,472 Total lease payments $ 43,069 $ 48,446 Less: interest (7,005) (19,451) Present value of lease liabilities $ 36,064 $ 28,995 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): October 1, October 2, Compensation and benefits $ 33,468 $ 32,254 Distribution costs 8,444 8,889 Current portion of operating leases 7,457 7,601 Product warranty 2,225 1,858 Deferred revenue 1,904 6,346 Professional fees 1,188 1,300 Other 8,688 5,406 Total accrued liabilities $ 63,374 $ 63,654 |
Restructurings (Tables)
Restructurings (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Restructuring and Related Activities [Abstract] | |
Summary of Costs Related to Restructuring Actions | There were no restructuring charges incurred during fiscal year 2021. The following is a summary of the restructuring charges incurred for the periods presented (in thousands): Fiscal Years 2020 2019 Employee-related expenses $ 378 $ 8,084 Facility-related expenses 761 11,459 Total restructuring expenses $ 1,139 $ 19,543 The following is a summary of the costs incurred and remaining balances included in accrued expenses related to restructuring actions taken (in thousands): Employee-Related Expense (1) Facility-Related Expense (2) Total Balance - September 28, 2018 $ 89 $ — $ 89 Charges 8,084 11,459 19,543 Charges paid/settled (6,624) (10,481) (17,105) Balance - September 27, 2019 $ 1,549 $ 978 $ 2,527 Charges 378 761 1,139 Charges paid/settled (1,692) (1,713) (3,405) Balance - October 2, 2020 $ 235 $ 26 $ 261 Charges and adjustments — — — Charges paid/settled (235) (26) (261) Balance - October 1, 2021 $ — $ — $ — (1) Primarily includes severance charges associated with the reduction of our workforce in certain facilities. (2) Primarily includes activities associated with the closure of certain facilities, including any associated asset impairments and contract termination costs. The following is a summary of the costs incurred and remaining balances included in accrued expenses related to the 2019 Plan actions taken (in thousands): Employee-Related Expense Facility-Related Expense Total Balance - September 28, 2018 $ — $ — $ — Charges 6,265 5,300 11,565 Charges paid/settled (4,729) (4,843) (9,572) Balance - September 27, 2019 $ 1,536 $ 457 $ 1,993 Charges and adjustments 378 819 1,197 Charges paid/settled (1,679) (1,250) (2,929) Balance - October 2, 2020 $ 235 $ 26 $ 261 Charges paid/settled (235) (26) (261) Balance - October 1, 2021 $ — $ — $ — The following is a summary of the costs incurred and remaining balances included in accrued expenses related to the Design Facilities Plan actions taken (in thousands): Employee-Related Expense Facility-Related Expense Total Balance - September 28, 2018 $ — $ — $ — Charges 338 2,190 2,528 Charges paid/settled (338) (1,739) (2,077) Balance - September 27, 2019 $ — $ 451 $ 451 Charges and adjustments — (18) (18) Charges paid/settled — (433) (433) Balance - October 2, 2020 $ — $ — $ — The following is a summary of the costs incurred and remaining balances included in accrued expenses related to the Ithaca Plan actions taken (in thousands): Employee-Related Expense Facility-Related Expense Total Balance - September 28, 2018 $ — $ — $ — Charges 1,481 3,969 5,450 Charges paid/settled (1,468) (3,899) (5,367) Balance - September 27, 2019 $ 13 $ 70 $ 83 Charges and adjustments — (40) (40) Charges paid/settled (13) (30) (43) Balance - October 2, 2020 $ — $ — $ — |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Guarantees [Abstract] | |
Schedule of Product Warranty Liability Activity | Product warranty liability activity is as follows (in thousands): Fiscal Years 2021 2020 2019 Balance — beginning of year $ 1,858 $ 3,273 $ 5,756 Provisions (benefit) 5,677 2,271 (3,053) (Payments) direct charges (5,310) (3,686) 570 Balance — end of year $ 2,225 $ 1,858 $ 3,273 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Amortization Expense Related to Amortizable Intangible Assets | Amortization expense related to intangible assets is as follows (in thousands): Fiscal Years 2021 2020 2019 Cost of revenue $ 15,296 $ 17,462 $ 29,847 Selling, general and administrative 30,917 32,868 44,872 Total $ 46,213 $ 50,330 $ 74,719 |
Summary of Intangible Assets | Intangible assets consist of the following (in thousands): October 1, October 2, Acquired technology $ 179,434 $ 179,434 Customer relationships 245,870 245,870 Trade name, indefinite lived 3,400 3,400 Total 428,704 428,704 Less accumulated amortization (344,019) (297,806) Intangible assets — net $ 84,685 $ 130,898 |
Summary of Estimated Amortization of Intangible Assets in Future Fiscal Years | As of October 1, 2021, our estimated amortization of our intangible assets in future fiscal years, was as follows (in thousands): 2022 2023 2024 2025 2026 Thereafter Amortization expense $ 33,433 26,048 15,410 3,490 1,644 1,260 |
Summary of Activity in Intangible Assets and Goodwill | A summary of the activity in intangible assets and goodwill follows (in thousands): Gross Intangible Assets Total Intangibles Acquired Customer Trade Name Total Goodwill Balance as of September 27, 2019 $ 428,952 $ 179,682 $ 245,870 $ 3,400 $ 314,727 Currency translation adjustments — — — — 285 Disposals of intangible assets (248) (248) — — — Balance as of October 2, 2020 428,704 179,434 245,870 3,400 315,012 Currency translation adjustments — — — — (772) Balance as of October 1, 2021 $ 428,704 $ 179,434 $ 245,870 $ 3,400 $ 314,240 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Deferred Tax Assets and Liabilities | The components of our deferred tax assets and liabilities are as follows (in thousands): October 1, October 2, Deferred tax assets: Net operating loss and credit carryforward $ 268,450 $ 278,418 Intangible assets 20,853 15,880 Accrued expenses 17,938 14,564 Lease obligations 13,481 12,732 Minority equity investments 1,564 1,010 Property and equipment — 3,274 Interest — 5,471 Gross deferred tax asset 322,286 331,349 Less valuation allowance (250,287) (277,442) Deferred tax asset, net of valuation allowance $ 71,999 $ 53,907 Deferred tax liabilities: Convertible notes $ (17,734) $ — Right of use lease asset (14,680) (14,057) Property and equipment (2,307) — Deferred tax liabilities (34,721) (14,057) Net deferred tax asset $ 37,278 $ 39,850 |
Summary of Domestic and Foreign Income (Loss) from Continuing Operations Before Taxes | The domestic and foreign (loss) income from continuing operations before taxes were as follows (in thousands): Fiscal Years 2021 2020 2019 United States $ 15,984 $ (65,915) $ (458,617) Foreign 26,961 24,353 35,464 Income (loss) from operations before income taxes $ 42,945 $ (41,562) $ (423,153) |
Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes are as follows (in thousands): Fiscal Years 2021 2020 2019 Current: Federal $ 32 $ (834) $ 70 State 73 48 36 Foreign 2,403 1,958 876 Current provision (benefit) 2,508 1,172 982 Deferred: Federal 9,596 (8,635) (21,560) State (2,379) (22,613) 12,907 Foreign 3,177 9,686 (41,108) Change in valuation allowance (7,930) 24,906 9,424 Deferred provision (benefit) 2,464 3,344 (40,337) Total provision (benefit) $ 4,972 $ 4,516 $ (39,355) |
Reconciliation of Effective Tax Rates | Our effective tax rates differ from the federal and statutory rate as follows: Fiscal Years 2021 2020 2019 Federal statutory rate 21.0% 21.0% 21.0% Change in valuation allowance (19.4) (60.5) (2.4) Global intangible low taxed income 17.0 (11.4) (2.9) Research and development credits (8.3) 20.7 1.4 Warrant liability 5.4 (6.5) — Foreign rate differential (5.0) 9.1 1.6 Stock compensation (5.0) (4.1) (0.6) Provision to return adjustments 2.7 25.4 0.3 State taxes net of federal benefit 2.0 0.9 0.9 Intra-entity license transfer — (4.6) 9.4 Section 382 adjustment — — (19.3) Other permanent differences 1.2 (0.9) (0.1) Effective income tax rate 11.6% (10.9)% 9.3% |
Summary of Fiscal Tax Years Examination by Jurisdictions | A summary of the fiscal tax years that remain subject to examination, as of October 1, 2021, for the Company’s significant tax jurisdictions are: Jurisdiction Fiscal Years Subject to Examination United States—federal Fiscal Year 2018 - forward United States—various states Fiscal Year 2017 - forward Ireland Fiscal Year 2016 - forward |
Share - Based Compensation Pl_2
Share - Based Compensation Plans (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Incentive Stock Unit Activity | A summary of ISU activity for fiscal year 2021 is as follows (in thousands, except per unit amounts): Number of Units Weighted-Average Grant Date Fair Value Issued and unvested - October 2, 2020 226 $ 21.83 Granted 44 36.91 Vested (77) 23.40 Forfeited, canceled or expired (57) 23.66 Issued and unvested - October 1, 2021 136 $ 25.06 |
Effects of Stock-Based Compensation Expense Related to Stock-Based Awards to Employees and Nonemployees | The following table shows a summary of share-based compensation expense included in the Consolidated Statements of Operations during the periods presented (in thousands): Fiscal Years 2021 2020 2019 Cost of revenue $ 3,298 $ 3,609 $ 2,936 Research and development 13,332 12,794 8,551 Selling, general and administrative 18,368 19,271 12,305 Total $ 34,998 $ 35,674 $ 23,792 |
Summary of Stock Option Activity | A summary of stock option activity for fiscal year 2021 is as follows (in thousands, except per share amounts and contractual term): Number of Shares Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Options outstanding - October 2, 2020 325 $ 15.12 Granted — — Exercised (120) 16.54 Forfeited, canceled or expired — — Options outstanding - October 1, 2021 205 $ 14.29 7.40 $ 10,465 Options vested - October 1, 2021 205 $ 14.29 7.40 $ 10,465 Options exercisable - October 1, 2021 205 $ 14.29 7.40 $ 10,465 |
Weighted Average Assumptions used for Calculating Fair Value of Stock Options Granted | The weighted average Monte Carlo input assumptions used for calculating the fair value of these market-based stock options are as follows: Fiscal Year 2019 Risk-free interest rate 2.8 % Expected term (years) 3.90 Expected volatility 51.9 % Target price $53.87 |
Summary of Restricted Stock Awards and Unit Activity | A summary of RSU, PRSU and RSA activity for fiscal year 2021 is as follows (in thousands, except per share amounts): Number of Shares Weighted-Average Grant Date Fair Value Issued and unvested - October 2, 2020 2,788 $ 20.84 Granted 968 31.32 Vested (1,285) 21.38 Forfeited, canceled or expired (120) 26.51 Issued and unvested - October 1, 2021 2,351 $ 24.57 |
Schedule of Share-based Payment Award, Market Based Restricted Stock Awards, Valuation Assumptions | The assumptions used to value the awards are as follows: Fiscal Year 2019 Risk free interest rate 1.9 % Years to maturity 3.33 Expected volatility rate 61.5 % Dividend yield — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Earnings Per Share [Abstract] | |
Computation for Basic and Diluted Net Income (Loss) Per Share of Common Stock | The following table set forth the computation for basic and diluted net income (loss) per share of common stock (in thousands, except per share data): Fiscal Years 2021 2020 2019 Numerator: Net income (loss) attributable to common stockholders $ 37,973 $ (46,078) $ (383,798) Denominator: Weighted average common shares outstanding-basic 68,449 66,606 65,686 Dilutive effect of equity awards 2,025 — — Weighted average common shares outstanding-diluted 70,474 66,606 65,686 Common stock earnings per share-basic: Net common stock earnings per share-basic $ 0.55 $ (0.69) $ (5.84) Common stock earnings per share-diluted: Net common stock earnings per share-diluted $ 0.54 $ (0.69) $ (5.84) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Income, Net of Income Taxes | The components of accumulated other comprehensive income (loss), net of income taxes, are as follows (in thousands): Foreign Currency Items Other Items Total Balance - September 27, 2019 $ 4,330 $ 28 $ 4,358 Foreign currency translation loss, net of tax 458 — 458 Unrealized loss on short-term investments, net of tax — 193 193 Balance - October 2, 2020 4,788 221 5,009 Foreign currency translation gain, net of tax (661) — (661) Unrealized gain on short-term investments, net of tax — (198) (198) Balance - October 1, 2021 $ 4,127 $ 23 $ 4,150 |
Geographic and Significant Cu_2
Geographic and Significant Customer Information (Tables) | 12 Months Ended |
Oct. 01, 2021 | |
Segment Reporting [Abstract] | |
Summary of Different Geographic Regions | Information regarding net property and equipment in different geographic regions is presented below (in thousands): As of October 1, October 2, Net Property and Equipment by Geographic Region United States $ 103,527 $ 99,118 Europe (1) 12,766 13,129 Other Countries (2) 4,233 6,619 Total $ 120,526 $ 118,866 (1) Europe represents Finland, France, Germany, Ireland and Italy. (2) Other than the United States and Europe, no country or region represented greater than 10% of the total net property and equipment as of the dates presented. |
Summary of Customer Concentrations as Percentage of Total Sales and Accounts Receivable | The following is a summary of customer concentrations as a percentage of total sales and accounts receivable as of and for the periods presented: Fiscal Years Revenue 2021 2020 2019 Customer A 11 % 14 % 16 % Customer B — 12 % — Customer C — 12 % — October 1, October 2, Accounts Receivable Customer A — 20 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Mar. 25, 2021 | Oct. 01, 2021USD ($)renewal_optionmarketsegment | Oct. 02, 2020USD ($) | Sep. 27, 2019USD ($) | Sep. 28, 2018USD ($) |
Description Of Business And Basis Of Presentation [Line Items] | |||||
Number of reportable operating segments | segment | 1 | ||||
Number of primary markets | market | 3 | ||||
Accounts Receivable, Allowance for Credit Loss | $ 2,795 | $ 2,893 | $ 5,047 | $ 6,795 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (178) | $ (347) | |||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 79,690 | ||||
Number of renewal options | renewal_option | 2 | ||||
Minimum | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Definite-lived intangible asset useful life | 5 years | ||||
Maximum | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Definite-lived intangible asset useful life | 14 years | ||||
Convertible Senior Notes Due 2026 | Convertible Notes Payable | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Convertible Senior Notes Due 2026 | Convertible Debt | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | 0.00% | |||
Additional Paid-In Capital | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 79,690 | ||||
Pro Forma | Convertible Senior Notes Due 2026 | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 72,200 | ||||
Pro Forma | Accumulated Deficit | Convertible Senior Notes Due 2026 | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments | $ 7,500 |
Summary of Significant Accoun_5
Summary of Significant Accounting policies - Schedule of Estimated Useful Life (Detail) | 12 Months Ended |
Oct. 01, 2021 | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Estimated Useful Life (In Years) | 15 years |
Minimum | Buildings and improvements | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Estimated Useful Life (In Years) | 20 years |
Minimum | Computer equipment and software | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Estimated Useful Life (In Years) | 2 years |
Minimum | Furniture and fixtures | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Estimated Useful Life (In Years) | 7 years |
Minimum | Machinery and equipment | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Estimated Useful Life (In Years) | 2 years |
Maximum | Buildings and improvements | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Estimated Useful Life (In Years) | 40 years |
Maximum | Computer equipment and software | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Estimated Useful Life (In Years) | 5 years |
Maximum | Furniture and fixtures | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Estimated Useful Life (In Years) | 10 years |
Maximum | Machinery and equipment | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Estimated Useful Life (In Years) | 7 years |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 606,920 | $ 530,037 | $ 499,708 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 277,850 | 217,474 | 239,510 |
China | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 165,931 | 192,989 | 132,329 |
Asia Pacific, excluding China | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 93,572 | 84,997 | 80,136 |
Other Countries | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 69,567 | 34,577 | 47,733 |
Telecom | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 188,391 | 209,477 | 180,938 |
Industrial & Defense | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 280,221 | 194,506 | 204,638 |
Data Center | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 138,308 | $ 126,054 | $ 114,132 |
Revenue - Contract Liabilities
Revenue - Contract Liabilities (Details) - USD ($) $ in Millions | Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Liability | $ 2.8 | $ 9.9 | $ 10.7 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 01, 2021 | Oct. 02, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with customer long-term liability | $ 0.9 | $ 3.5 |
Contract with customer, liability, revenue recognized | $ 9.4 | $ 1.9 |
Investments - Summary of Availa
Investments - Summary of Available for Sale Investments (Detail) - USD ($) | Oct. 01, 2021 | Oct. 02, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 188,371,000 | $ 203,518,000 |
Gross Unrealized Holding Gains | 172,000 | 540,000 |
Gross Unrealized Holding Losses | (178,000) | (347,000) |
Aggregate Fair Value | 188,365,000 | 203,711,000 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 73,653,000 | 68,605,000 |
Gross Unrealized Holding Gains | 151,000 | 348,000 |
Gross Unrealized Holding Losses | (171,000) | (333,000) |
Aggregate Fair Value | 73,633,000 | 68,620,000 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 114,718,000 | 134,913,000 |
Gross Unrealized Holding Gains | 21,000 | 192,000 |
Gross Unrealized Holding Losses | (7,000) | (14,000) |
Aggregate Fair Value | $ 114,732,000 | $ 135,091,000 |
Investments - Summary of Contra
Investments - Summary of Contractual Maturities of Investments (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Less than 1 year | $ 120,590 | |
Over 1 year | 67,775 | |
Total investments | $ 188,365 | $ 203,711 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2021USD ($)investment | Oct. 02, 2020USD ($) | Sep. 27, 2019USD ($) | Oct. 27, 2021USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales and maturities of short-term investments | $ 209,306 | $ 183,874 | $ 173,020 | |
Number of equity investments | investment | 2 | |||
Net loss on and impairment of minority equity investments | $ 2,403 | 5,867 | 7,481 | |
Impairment on investment without readily determinable fair value | 2,500 | |||
Gain (Loss) on Sale of Previously Unissued Stock by Subsidiary or Equity Investee, Nonoperating Income | (9,800) | (16,600) | (10,800) | |
Debt Securities, Available-for-sale, Realized Loss | 100 | 100 | 200 | |
Debt Securities, Available-for-sale, Realized Gain | 500 | 300 | 200 | |
Scenario, Forecast | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity Method Investment, Call Option, Maximum Potential Proceeds | $ 128,000 | |||
Preferred Stock | Privately Held Manufacturing Company | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying value of cost method investment | $ 2,500 | 2,500 | ||
Equity Securities | Ampere | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Minority investment (as a percent) | 10.00% | |||
Equity Securities | Ampere | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Net loss on and impairment of minority equity investments | $ (2,400) | (3,400) | $ (7,500) | |
Carrying value | $ 12,800 | $ 15,200 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Contingent consideration | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 0 | $ 585 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 65 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales And Settlement | (650) | |||
Warrant liability | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 0 | $ 25,312 | 12,364 | $ 13,129 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 11,130 | 12,948 | (765) | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales And Settlement | (36,442) | 0 | $ 0 | |
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 214,728 | 223,850 | ||
Total liabilities measured at fair value | 25,312 | |||
Fair Value, Measurements, Recurring | Warrant liability | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities measured at fair value | 25,312 | |||
Fair Value, Measurements, Recurring | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 73,633 | 68,620 | ||
Fair Value, Measurements, Recurring | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 26,363 | 20,139 | ||
Fair Value, Measurements, Recurring | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 114,732 | 135,091 | ||
Fair Value, Measurements, Recurring | Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 26,363 | 20,139 | ||
Total liabilities measured at fair value | 0 | |||
Fair Value, Measurements, Recurring | Active Markets for Identical Assets (Level 1) | Warrant liability | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities measured at fair value | 0 | |||
Fair Value, Measurements, Recurring | Active Markets for Identical Assets (Level 1) | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Active Markets for Identical Assets (Level 1) | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 26,363 | 20,139 | ||
Fair Value, Measurements, Recurring | Active Markets for Identical Assets (Level 1) | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 188,365 | 203,711 | ||
Total liabilities measured at fair value | 0 | |||
Fair Value, Measurements, Recurring | Observable Inputs (Level 2) | Warrant liability | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities measured at fair value | 0 | |||
Fair Value, Measurements, Recurring | Observable Inputs (Level 2) | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 73,633 | 68,620 | ||
Fair Value, Measurements, Recurring | Observable Inputs (Level 2) | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Observable Inputs (Level 2) | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 114,732 | 135,091 | ||
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 0 | 0 | ||
Total liabilities measured at fair value | 25,312 | |||
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | Warrant liability | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities measured at fair value | 25,312 | |||
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value | $ 0 | $ 0 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information Used in Fair Value Calculation of Level 3 Liabilities (Details) - Black-Scholes model - Warrant liability | Oct. 02, 2020$ / shares |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Warrant liability term | 2 months 12 days |
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Share price (in USD per share) | $ 33.80 |
Volatility | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Warrants and Rights Outstanding, Measurement Input | 0.618 |
Discount rate | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Warrants and Rights Outstanding, Measurement Input | 0.0009 |
Exercise price | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Warrants and Rights Outstanding, Measurement Input | 14.05 |
Dividend rate | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Warrants and Rights Outstanding, Measurement Input | 0 |
Fair Value - Changes in Assets
Fair Value - Changes in Assets and Liabilities with Inputs Classified within Level 3 of Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Warrant liability | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 25,312 | $ 12,364 | $ 13,129 |
Net Realized/Unrealized Losses (Gains) Included in Earnings | 11,130 | 12,948 | (765) |
Settlements | (36,442) | 0 | 0 |
Ending balance | $ 0 | 25,312 | 12,364 |
Contingent consideration | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 0 | 585 | |
Net Realized/Unrealized Losses (Gains) Included in Earnings | 65 | ||
Settlements | (650) | ||
Ending balance | $ 0 |
Accounts Receivables Allowanc_3
Accounts Receivables Allowances- Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance - beginning of year | $ 2,893 | $ 5,047 | $ 6,795 |
Provision, net | 16,213 | 10,774 | 11,989 |
Charge-offs | (16,311) | (12,928) | (13,737) |
Balance - end of year | 2,795 | 2,893 | 5,047 |
Compensation Credits and Customer Returns Allowance | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance - beginning of year | 2,800 | 4,500 | |
Balance - end of year | $ 2,600 | $ 2,800 | $ 4,500 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 50,950 | $ 46,954 |
Work-in-process | 9,201 | 9,324 |
Finished goods | 22,548 | 35,306 |
Total | $ 82,699 | $ 91,584 |
Property Plant and Equipment -
Property Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 304,991 | $ 284,716 |
Less accumulated depreciation and amortization | (184,465) | (165,850) |
Property and equipment — net | 120,526 | 118,866 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 24,086 | 16,174 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 200,843 | 191,953 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 24,347 | 19,854 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,377 | 2,659 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 17,749 | 18,487 |
Finance lease assets | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 35,589 | $ 35,589 |
Property Plant and Equipment _2
Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 23,700 | $ 28,500 | $ 29,700 |
Accumulated depreciation | 184,465 | 165,850 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 4,900 | $ 2,500 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Apr. 06, 2021USD ($) | Mar. 25, 2021USD ($)renewal_optiond$ / shares | Oct. 01, 2021USD ($) | Oct. 02, 2020USD ($) | Sep. 27, 2019USD ($) |
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 700,000,000 | ||||
Unamortized deferred financing costs | 1,000,000 | ||||
Repayments of Debt | 543,600,000 | ||||
Proceeds from Debt, Net of Issuance Costs | 443,600,000 | ||||
Gain (Loss) on Extinguishment of Debt | 4,400,000 | ||||
Principal balance | 570,766,000 | $ 666,087,000 | |||
Accretion of discount on convertible notes | 7,619,000 | 0 | $ 0 | ||
Long-term Debt | |||||
Debt Instrument [Line Items] | |||||
Principal balance | 120,766,000 | 666,087,000 | |||
Convertible Notes Green Shoe | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 50,000,000 | ||||
Convertible Debt | |||||
Debt Instrument [Line Items] | |||||
Principal balance | 450,000,000 | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | 100,000 | ||||
Term Loans | |||||
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | 900,000 | ||||
Estimated fair value of term loans | $ 120,200,000 | ||||
Term Loans | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
Term Loans | Federal Funds Effective Swap Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Term Loans | One Month LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Term Loans | Minimum | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Credit Agreement | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 160,000,000 | ||||
Convertible Senior Notes Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 400,000,000 | 450,000,000 | |||
Convertible Debt, Current | 0 | ||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 82.12 | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Interest Costs Capitalized | 80,700,000 | ||||
Interest Expense, Debt | 8,200,000 | ||||
Accretion of discount on convertible notes | 7,600,000 | ||||
Convertible Senior Notes Due 2026 | Conversion Period One | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Convertible, Threshold Trading Days | renewal_option | 20 | ||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | renewal_option | 30 | ||||
Convertible Senior Notes Due 2026 | Conversion Period One | Conversion Price | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||||
Convertible Senior Notes Due 2026 | Conversion Period Two | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Convertible, Threshold Trading Days | d | 5 | ||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | d | 5 | ||||
Convertible Senior Notes Due 2026 | Conversion Period Two | Principal Trading Price | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 98.00% | ||||
Convertible Senior Notes Due 2026 | Convertible Notes Payable | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Estimated fair value of term loans | 479,400,000 | ||||
Convertible Senior Notes Due 2026 | Convertible Debt | |||||
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | 5,700,000 | ||||
Principal balance | $ 450,000,000 | $ 0 | |||
Convertible Senior Notes Due 2026 | Convertible Debt | APIC Portion | |||||
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | 1,000,000 | ||||
Convertible Senior Notes Due 2026 Additional Notes | Convertible Debt | Liability Portion | |||||
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | $ 4,700,000 |
Debt Debt - Schedule of Long-Te
Debt Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2021 | Oct. 02, 2020 | |
Debt Instrument [Line Items] | ||
Principal balance | $ 570,766 | $ 666,087 |
Long-term debt, less current portion | 492,097 | 652,172 |
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 120,766 | $ 666,087 |
Debt Instrument, Interest Rate, Effective Percentage | 2.33% | 2.40% |
Debt Instrument, Unamortized Discount | $ (5,567) | $ (7,030) |
Convertible Debt | ||
Debt Instrument [Line Items] | ||
Principal balance | 450,000 | |
Debt Instrument, Unamortized Discount | (73,102) | 0 |
Convertible Debt | Convertible Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 450,000 | $ 0 |
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | 0.00% |
Term Loans | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | $ 0 | $ 6,885 |
Term Loans | Base Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% |
Financing Obligation (Details)
Financing Obligation (Details) $ in Millions | 12 Months Ended |
Oct. 01, 2021USD ($) | |
Debt Disclosure [Abstract] | |
Property and equipment, net capitalized | $ 8.9 |
Financing Obligation for Property and equipment | 8.9 |
Future Fixed Payment | $ 16.8 |
Power Generator Life Term | 15 years |
Implied Discount Rate | 7.70% |
Lease Narrative (Details)
Lease Narrative (Details) | 12 Months Ended |
Oct. 01, 2021renewal_option | |
Leases [Abstract] | |
Number of renewal options | 2 |
Leases Assets and Liabilities o
Leases Assets and Liabilities of Lessee (Details) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
ASSETS | ||
Operating lease right of use asset | $ 29,946 | $ 33,307 |
Finance Lease, Right-of-Use Asset | 30,664 | 33,127 |
Operating Lease and Finance Lease, Right-Of-Use Asset | 60,610 | 66,434 |
Current liabilities: | ||
Current portion of operating leases | 7,457 | 7,601 |
Finance Lease, Liability, Current | 958 | 1,368 |
Operating Lease, Liability, Noncurrent | 28,607 | 31,837 |
Finance Lease, Liability, Noncurrent | 28,037 | 28,994 |
Operating Lease and Finance Lease, Liability | $ 65,059 | $ 69,800 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other long-term assets | Other long-term assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property and equipment, net | Property and equipment, net |
Leases Weighted-average Lease T
Leases Weighted-average Lease Term and Discount Rate (Details) | Oct. 01, 2021 | Oct. 02, 2020 |
Weighted-average Remaining Lease Term [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 6 years 4 months 24 days |
Finance Lease, Weighted Average Remaining Lease Term | 16 years 4 months 24 days | 17 years |
Weighted-average discount rate [Abstract] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.90% | 6.20% |
Finance Lease, Weighted Average Discount Rate, Percent | 6.60% | 6.70% |
Leases Lease Cost (Details)
Leases Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2021 | Oct. 02, 2020 | |
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 2,462 | $ 3,022 |
Finance Lease, Interest Expense | 1,979 | 2,155 |
Lease, Cost | 4,441 | 5,177 |
Operating Lease, Cost | 9,732 | 9,815 |
Variable Lease, Cost | 3,091 | 2,645 |
Short-term Lease, Cost | 217 | 368 |
Sublease Income | $ 694 | 592 |
Rent Expense | $ 9,700 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Cash paid for amounts included in measurement of lease liabilities: | |||
Operating Lease, Payments | $ 10,383 | $ 9,562 | |
Finance Lease, Interest Payment on Liability | 1,979 | 2,155 | |
Finance Lease, Principal Payments | 1,368 | 1,708 | $ 1,421 |
Non-cash activities: | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 4,890 | 3,788 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0 | $ 586 |
Leases Lease Maturity Under Top
Leases Lease Maturity Under Topic 842 (Details) $ in Thousands | Oct. 01, 2021USD ($) |
Operating Leases | |
lessee, operating lease, liability, payments due, current | $ 9,353 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 7,762 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 6,877 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 4,783 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 3,847 |
Lessee, Operating Lease, Liability, Payments, Due After Year FIve | 10,447 |
Lessee, Operating Lease, Liability, Payments, Due | 43,069 |
Less: interest | (7,005) |
Operating lease liability | 36,064 |
Finance Leases | |
Lessee, Finance Lease, Liability, Payments Due, Current | 2,836 |
Finance Lease, Liability, Payments, Due Year Two | 2,820 |
Finance Lease, Liability, Payments, Due Year Three | 2,855 |
Finance Lease, Liability, Payments, Due Year Four | 2,783 |
Finance Lease, Liability, Payments, Due Year Five | 2,680 |
Lessee, Finance Lease, Liability, Payments, Due After Year FIve | 34,472 |
Finance Lease, Liability, Payment, Due | 48,446 |
Finance Lease, Liability, Undiscounted Excess Amount | (19,451) |
Finance Lease, Liability | $ 28,995 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Domestic Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2.3 | $ 2.3 | $ 2.6 |
Foreign Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1.3 | $ 1 | $ 1.1 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 33,468 | $ 32,254 |
Distribution costs | 8,444 | 8,889 |
Current portion of operating leases | 7,457 | 7,601 |
Product warranty | 2,225 | 1,858 |
Deferred revenue | 1,904 | 6,346 |
Professional fees | 1,188 | 1,300 |
Other | 8,688 | 5,406 |
Total accrued liabilities | $ 63,374 | $ 63,654 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Oct. 01, 2021 | Oct. 02, 2020 |
Long-term Purchase Commitment [Line Items] | ||
Asset retirement obligation in other long-term liabilities | $ 1.9 | $ 1.9 |
Long-term purchase commitment | 82.7 | |
Purchase Commitment | ||
Long-term Purchase Commitment [Line Items] | ||
Long-term purchase commitment | $ 27.2 |
Restructurings- Additional Deta
Restructurings- Additional Details (Details) | 9 Months Ended | 12 Months Ended | ||
Jun. 28, 2019employeefacility | Oct. 01, 2021USD ($) | Oct. 02, 2020USD ($) | Sep. 27, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | $ 0 | $ 1,139,000 | $ 19,543,000 | |
Payments for Restructuring | (261,000) | (3,405,000) | (17,105,000) | |
Employee related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 0 | 378,000 | 8,084,000 | |
Payments for Restructuring | (235,000) | (1,692,000) | (6,624,000) | |
Facility related expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 0 | 761,000 | 11,459,000 | |
Payments for Restructuring | (26,000) | (1,713,000) | (10,481,000) | |
2019 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of positions eliminated | employee | 250 | |||
Number of facilities | facility | 6 | |||
Restructuring cost | 1,197,000 | 11,565,000 | ||
Payments for Restructuring | (261,000) | (2,929,000) | (9,572,000) | |
2019 Restructuring Plan | Employee related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 378,000 | 6,265,000 | ||
Payments for Restructuring | (235,000) | (1,679,000) | (4,729,000) | |
2019 Restructuring Plan | Facility related expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 819,000 | 5,300,000 | ||
Payments for Restructuring | $ (26,000) | (1,250,000) | (4,843,000) | |
2019 Restructuring Plan | Fixed Asset Impairment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 4,000,000 | |||
2019 Restructuring Plan | Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 1,300,000 | |||
Design Facility Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 18,000 | 2,528,000 | ||
Payments for Restructuring | (433,000) | (2,077,000) | ||
Design Facility Restructuring Plan | Employee related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 0 | 338,000 | ||
Payments for Restructuring | 0 | (338,000) | ||
Design Facility Restructuring Plan | Facility related expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 18,000 | 2,190,000 | ||
Payments for Restructuring | (433,000) | (1,739,000) | ||
Ithaca Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 40,000 | 5,450,000 | ||
Payments for Restructuring | (43,000) | (5,367,000) | ||
Ithaca Restructuring Plan | Employee related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 0 | 1,481,000 | ||
Payments for Restructuring | (13,000) | (1,468,000) | ||
Ithaca Restructuring Plan | Facility related expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring cost | 40,000 | 3,969,000 | ||
Payments for Restructuring | $ (30,000) | $ (3,899,000) |
Restructurings - Summary of Cos
Restructurings - Summary of Costs Related to Restructuring Actions (Detail) - USD ($) | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 261,000 | $ 2,527,000 | $ 89,000 |
Restructuring cost | 0 | 1,139,000 | 19,543,000 |
Charges paid/settled | (261,000) | (3,405,000) | (17,105,000) |
Ending balance | 0 | 261,000 | 2,527,000 |
2019 Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 1,993,000 | 0 | |
Restructuring cost | 1,197,000 | 11,565,000 | |
Charges paid/settled | (261,000) | (2,929,000) | (9,572,000) |
Ending balance | 261,000 | 1,993,000 | |
Design Facility Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 451,000 | 0 |
Restructuring cost | 18,000 | 2,528,000 | |
Charges paid/settled | (433,000) | (2,077,000) | |
Ending balance | 0 | 451,000 | |
Ithaca Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 83,000 | 0 |
Restructuring cost | 40,000 | 5,450,000 | |
Charges paid/settled | (43,000) | (5,367,000) | |
Ending balance | 0 | 83,000 | |
Employee related costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 235,000 | 1,549,000 | 89,000 |
Restructuring cost | 0 | 378,000 | 8,084,000 |
Charges paid/settled | (235,000) | (1,692,000) | (6,624,000) |
Ending balance | 0 | 235,000 | 1,549,000 |
Employee related costs | 2019 Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 1,536,000 | 0 | |
Restructuring cost | 378,000 | 6,265,000 | |
Charges paid/settled | (235,000) | (1,679,000) | (4,729,000) |
Ending balance | 235,000 | 1,536,000 | |
Employee related costs | Design Facility Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Restructuring cost | 0 | 338,000 | |
Charges paid/settled | 0 | (338,000) | |
Ending balance | 0 | 0 | |
Employee related costs | Ithaca Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 13,000 | 0 |
Restructuring cost | 0 | 1,481,000 | |
Charges paid/settled | (13,000) | (1,468,000) | |
Ending balance | 0 | 13,000 | |
Facility related expenses | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 26,000 | 978,000 | 0 |
Restructuring cost | 0 | 761,000 | 11,459,000 |
Charges paid/settled | (26,000) | (1,713,000) | (10,481,000) |
Ending balance | 0 | 26,000 | 978,000 |
Facility related expenses | 2019 Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 457,000 | 0 | |
Restructuring cost | 819,000 | 5,300,000 | |
Charges paid/settled | (26,000) | (1,250,000) | (4,843,000) |
Ending balance | 26,000 | 457,000 | |
Facility related expenses | Design Facility Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 451,000 | 0 |
Restructuring cost | 18,000 | 2,190,000 | |
Charges paid/settled | (433,000) | (1,739,000) | |
Ending balance | 0 | 451,000 | |
Facility related expenses | Ithaca Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 0 | 70,000 | 0 |
Restructuring cost | 40,000 | 3,969,000 | |
Charges paid/settled | (30,000) | (3,899,000) | |
Ending balance | $ 0 | $ 70,000 |
Product Warranties - Additional
Product Warranties - Additional Information (Detail) | 12 Months Ended |
Oct. 01, 2021 | |
Guarantees [Abstract] | |
Term of product warranties | 12 months |
Product Warranties - Schedule o
Product Warranties - Schedule of Product Warranty Liability Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance — beginning of year | $ 1,858 | $ 3,273 | $ 5,756 |
Provisions (benefit) | 5,677 | 2,271 | (3,053) |
(Payments) direct charges | (5,310) | (3,686) | 570 |
Balance — end of year | $ 2,225 | $ 1,858 | $ 3,273 |
Impairments (Detail)
Impairments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 28, 2019 | Mar. 29, 2019 | Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment charges | $ 0 | $ 0 | $ 264,786 | ||
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of intangible assets | $ 217,500 | ||||
Technology-Based Intangible Assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of intangible assets | $ 33,200 | ||||
2019 Restructuring Plan | Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of intangible assets | $ 2,400 | ||||
2019 Restructuring Plan | Technology-Based Intangible Assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of intangible assets | $ 3,900 | ||||
Construction in process | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Tangible asset impairment charges | $ 7,800 |
Intangible Assets - Summary of
Intangible Assets - Summary of Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 46,213 | $ 50,330 | $ 74,719 |
Cost of revenue | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 15,296 | 17,462 | 29,847 |
Selling, general and administrative | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 30,917 | $ 32,868 | $ 44,872 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 428,704 | $ 428,704 |
Less accumulated amortization | (344,019) | (297,806) |
Intangible assets — net | 84,685 | 130,898 |
Trade name, indefinite lived | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 3,400 | 3,400 |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 179,434 | 179,434 |
Less accumulated amortization | (167,300) | (152,100) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 245,870 | 245,870 |
Less accumulated amortization | $ (176,700) | $ (145,700) |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Estimated Amortization of Intangible Assets (Detail) $ in Thousands | Oct. 01, 2021USD ($) |
Amortization expense | |
2021 | $ 33,433 |
2022 | 26,048 |
2023 | 15,410 |
2024 | 3,490 |
2025 | 1,644 |
Thereafter | $ 1,260 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ 344,019 | $ 297,806 |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | 167,300 | 152,100 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ 176,700 | $ 145,700 |
Intangible Assets - Summary o_4
Intangible Assets - Summary of Activity in Intangible Assets and Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2021 | Oct. 02, 2020 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning balance | $ 428,704 | $ 428,952 |
Currency translation adjustments | 0 | 0 |
Disposals of intangible assets | (248) | |
Ending balance | 428,704 | 428,704 |
Trade name, indefinite lived | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning balance | 3,400 | 3,400 |
Currency translation adjustments | 0 | 0 |
Disposals of intangible assets | 0 | |
Ending balance | 3,400 | 3,400 |
Total Goodwill | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning balance | 315,012 | 314,727 |
Currency translation adjustments | (772) | 285 |
Disposals of intangible assets | 0 | |
Ending balance | 314,240 | 315,012 |
Developed technology | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning balance | 179,434 | 179,682 |
Currency translation adjustments | 0 | 0 |
Disposals of intangible assets | (248) | |
Ending balance | 179,434 | 179,434 |
Customer relationships | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning balance | 245,870 | 245,870 |
Currency translation adjustments | 0 | 0 |
Disposals of intangible assets | 0 | |
Ending balance | $ 245,870 | $ 245,870 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Oct. 01, 2021 | Oct. 02, 2020 |
Deferred tax assets: | ||
Net operating loss and credit carryforward | $ 268,450,000 | $ 278,418,000 |
Intangible assets | 20,853,000 | 15,880,000 |
Property and equipment | 0 | 3,274,000 |
Accrued expenses | 17,938,000 | 14,564,000 |
Minority equity investments | 1,564,000 | 1,010,000 |
Lease obligations | 13,481,000 | 12,732,000 |
Interest | 0 | 5,471,000 |
Gross deferred tax asset | 322,286,000 | 331,349,000 |
Less valuation allowance | (250,287,000) | (277,442,000) |
Deferred tax asset, net of valuation allowance | 71,999,000 | 53,907,000 |
Deferred Tax Liabilities, Debt Restructuring | (17,734,000) | 0 |
Deferred tax liabilities: | ||
Property and equipment | (2,307,000) | 0 |
Right of use lease asset | (14,680,000) | (14,057,000) |
Deferred tax liabilities | (34,721,000) | (14,057,000) |
Net deferred tax asset | $ 37,278,000 | $ 39,850,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands, $ in Millions | 12 Months Ended | |||
Oct. 01, 2021USD ($) | Oct. 02, 2020USD ($) | Sep. 27, 2019USD ($) | Oct. 02, 2020CAD ($) | |
Income Taxes [Line Items] | ||||
Less valuation allowance | $ 250,287 | $ 277,442 | ||
Valuation allowance change | (7,930) | 24,906 | $ 9,424 | |
Income (loss) from operations before income taxes | $ 42,945 | $ (41,562) | $ (423,153) | |
Effective income tax rate | 11.60% | (10.90%) | 9.30% | |
Deferred tax asset, intra-entity transfer, asset other than inventory | $ 39,800 | |||
Unrecognized tax benefits | 0 | $ 300 | $ 300 | |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 300 | |||
Deferred income taxes | 39,516 | 41,935 | ||
Other Noncurrent Liabilities | ||||
Income Taxes [Line Items] | ||||
Deferred income taxes | 2,200 | $ 2,100 | ||
Deferred Tax Asset, Net Operating Loss Carryforward | ||||
Income Taxes [Line Items] | ||||
Valuation allowance change | (1,400) | |||
CANADA | ||||
Income Taxes [Line Items] | ||||
Less valuation allowance | 7,100 | $ 8 | ||
United States | ||||
Income Taxes [Line Items] | ||||
Valuation allowance change | (27,100) | |||
Federal | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | $ 855,800 |
Income Taxes - Summary of Domes
Income Taxes - Summary of Domestic and Foreign Income (Loss) from Continuing Operations Before Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 15,984 | $ (65,915) | $ (458,617) |
Foreign | 26,961 | 24,353 | 35,464 |
Income (loss) from operations before income taxes | $ 42,945 | $ (41,562) | $ (423,153) |
Income Taxes - Components of Pr
Income Taxes - Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Current: | |||
Federal | $ 32 | $ (834) | $ 70 |
State | 73 | 48 | 36 |
Foreign | 2,403 | 1,958 | 876 |
Current provision (benefit) | 2,508 | 1,172 | 982 |
Deferred: | |||
Federal | 9,596 | (8,635) | (21,560) |
State | (2,379) | (22,613) | 12,907 |
Foreign | 3,177 | 9,686 | (41,108) |
Change in valuation allowance | (7,930) | 24,906 | 9,424 |
Deferred provision (benefit) | 2,464 | 3,344 | (40,337) |
Total provision (benefit) | $ 4,972 | $ 4,516 | $ (39,355) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rates (Detail) | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Change in valuation allowance | (19.40%) | (60.50%) | (2.40%) |
Global intangible low taxed income | 17.00% | (11.40%) | (2.90%) |
Research and development credits | (8.30%) | 20.70% | 1.40% |
Warrant liability | 5.40% | (6.50%) | 0.00% |
Foreign rate differential | (5.00%) | 9.10% | 1.60% |
Stock compensation | (5.00%) | (4.10%) | (0.60%) |
Provision to return adjustments | 2.70% | 25.40% | 0.30% |
State taxes net of federal benefit | 2.00% | 0.90% | 0.90% |
Intra-entity license transfer | 0.00% | (4.60%) | 9.40% |
Section 382 adjustment | 0.00% | 0.00% | (19.30%) |
Other permanent differences | 1.20% | (0.90%) | (0.10%) |
Effective income tax rate | 11.60% | (10.90%) | 9.30% |
Income Taxes - Activity Related
Income Taxes - Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | Oct. 01, 2021 | Oct. 02, 2020 |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ (0.3) | $ (0.3) |
Ending balance | $ 0 | $ (0.3) |
Share-Based Compensation Plans
Share-Based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 02, 2021shares | Oct. 01, 2021USD ($)plantranche$ / sharesshares | Oct. 02, 2020USD ($)$ / sharesshares | Sep. 27, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of equity incentive plans | plan | 5 | |||
Number of shares available for future issuance (in shares) | 5,900,000 | |||
Compensation and benefits | $ | $ 33,468 | $ 32,254 | ||
Total fair value of restricted stock awards and units vesting | $ | 7,700 | |||
Share-based compensation expense | $ | $ 34,998 | $ 35,674 | $ 23,792 | |
Common stock, issued (in shares) | 68,877,000 | 66,921,000 | ||
Unrecognized compensation costs | $ | $ 39,700 | |||
Weighted average period for recognition of unrecognized compensation costs | 2 years | |||
Intrinsic value of options recognized | $ | $ 5,300 | $ 1,400 | 700 | |
Options granted (in shares) | 0 | |||
Plan modification incremental compensation cost | $ | $ 8,200 | |||
Unamortized compensation on share-based compensation modification | $ | $ 100 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other | 143,485 | |||
Granted (in shares) | 748,328 | |||
Expected term (years) | 3 years | |||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant (in shares) | 1,500,000 | |||
Unrecognized compensation expense | $ | $ 200 | |||
Incentive Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
ISU awards outstanding (in shares) | 136,000 | 226,000 | ||
Compensation and benefits | $ | $ 8,900 | $ 7,600 | ||
Employee-related Liabilities | $ | $ 6,200 | $ 4,600 | ||
ISU awards exercised (in shares) | 76,894 | 62,344 | 69,035 | |
Forfeited, canceled or expired (in shares) | 57,000 | |||
Total fair value of restricted stock awards and units vesting | $ | $ 4,200 | $ 1,900 | $ 1,200 | |
Share-based compensation expense | $ | $ 5,800 | $ 4,400 | $ 1,300 | |
Granted (in shares) | 44,000 | |||
Granted (in USD per share) | $ / shares | $ 36.91 | |||
Vested (in USD per share) | $ / shares | 23.40 | |||
Forfeited, canceled or expired (in USD per share) | $ / shares | 23.66 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 25.06 | $ 21.83 | ||
Stock Options with Market-based Vesting Criteria | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award term | 7 years | |||
Weighted average period for recognition of unrecognized compensation costs | 3 years | |||
Grant date fair value of options (in USD per share) | $ / shares | $ 7.47 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 51.90% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.80% | |||
Expected term (years) | 3 years 10 months 24 days | |||
Stock Options with Performance-based Vesting Criteria | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted (in shares) | 0 | 585,000 | ||
Options, aggregate grant date fair value | $ | $ 2,400 | |||
Performance Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeited, canceled or expired (in shares) | 10,644 | |||
Restricted Stock Awards and Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total fair value of restricted stock awards and units vesting | $ | $ 64,100 | $ 19,100 | $ 11,700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,285,000 | |||
Granted (in shares) | 968,000 | |||
Forfeited, canceled or expired (in shares) | 120,000 | |||
Granted (in USD per share) | $ / shares | $ 31.32 | |||
Vested (in USD per share) | $ / shares | 21.38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 24.57 | $ 20.84 | ||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 61.50% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.90% | |||
Expected term (years) | 3 years 3 months 29 days | |||
PRSU awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of tranches | tranche | 3 | |||
Granted (in shares) | 94,832 | |||
Employee Stock | Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum ESPP payroll deductions | 15.00% | |||
Common stock, issued (in shares) | 166,275 | 272,469 | 421,777 | |
Market Based Performance Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 200,000 | |||
Granted (in USD per share) | $ / shares | $ 17.65 | |||
Aggregate grant date fair value | $ | $ 3,500 | |||
Allocated compensation expense | $ | $ 3,500 | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award term | 4 years | |||
Minimum | PRSU awards | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Earnings percentage of targeted shares | 0.00% | |||
Minimum | Market Based Performance Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Earnings percentage of targeted shares | 0.00% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award term | 7 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 430,455 | |||
Maximum | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Maximum | PRSU awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Earnings percentage of targeted shares | 300.00% | |||
Incremental PRSU that could vest if all performance criteria are achieved | 1,197,675 | |||
Maximum | Market Based Performance Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Earnings percentage of targeted shares | 150.00% |
Share - Based Compensation Pl_3
Share - Based Compensation Plans - Summary of Incentive Stock Units Activity (Details) - $ / shares | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Number of Shares | |||
Granted (in shares) | 748,328 | ||
Incentive Stock Units | |||
Number of Shares | |||
Beginning balance (in shares) | 226,000 | ||
Granted (in shares) | 44,000 | ||
Vested (in shares) | (76,894) | (62,344) | (69,035) |
Forfeited, canceled or expired (in shares) | (57,000) | ||
Ending balance (in shares) | 136,000 | 226,000 | |
Weighted-Average Grant Date Fair Value | |||
Beginning balance- unvested (in USD per share) | $ 21.83 | ||
Granted (in USD per share) | 36.91 | ||
Vested (in USD per share) | 23.40 | ||
Forfeited, canceled or expired (in USD per share) | 23.66 | ||
Ending balance- unvested (in USD per share) | $ 25.06 | $ 21.83 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Effects of Stock-Based Compensation Expense Related to Stock-Based Awards to Employees and Non-Employees (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 34,998 | $ 35,674 | $ 23,792 |
Cost of revenue | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 3,298 | 3,609 | 2,936 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 13,332 | 12,794 | 8,551 |
Selling, general and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 18,368 | $ 19,271 | $ 12,305 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Oct. 01, 2021 | Sep. 27, 2019 | |
Number of Shares | ||
Beginning balance (in shares) | 325,000 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (120,000) | |
Forfeited, canceled or expired (in shares) | 0 | |
Ending balance (in shares) | 205,000 | |
Weighted-Average Exercise Price per Share | ||
Beginning balance (in USD per share) | $ 15.12 | |
Granted (in USD per share) | 0 | |
Exercised (in USD per share) | 16.54 | |
Forfeited, canceled or expired (in USD per share) | 0 | |
Ending balance (in USD per share) | $ 14.29 | |
Options Outstanding, Additional Disclosures | ||
Weighted-Average Remaining Contractual Term (in Years) | 7 years 4 months 24 days | |
Aggregate Intrinsic Value | $ 10,465 | |
Options Vested and Expected to Vest | ||
Number of shares (in shares) | 205,000 | |
Weighted-Average Exercise Price Per Share (in USD per share) | $ 14.29 | |
Weighted-Average Remaining Contractual Term (in Years) | 7 years 4 months 24 days | |
Aggregate Intrinsic Value | $ 10,465 | |
Options Exercisable | ||
Number of Shares (in shares) | 205,000 | |
Weighted-Average Exercise Price per Share (in USD per share) | $ 14.29 | |
Weighted-Average Remaining Contractual Term (in Years) | 7 years 4 months 24 days | |
Aggregate Intrinsic Value | $ 10,465 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,122,500 | |
Plan modification incremental compensation cost | $ 8,200 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Weighted Average Assumptions used for Calculating Fair Value of Stock Options Granted (Detail) - $ / shares | 12 Months Ended | |
Oct. 01, 2021 | Sep. 27, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 3 years | |
Stock Options with Market-based Vesting Criteria | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 3 years 10 months 24 days | |
Target price | $ 53.87 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 3 years 3 months 29 days | |
Expected dividends | 0.00% |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Summary of Restricted Stock Awards and Units Activity (Detail) - $ / shares | 12 Months Ended | |
Oct. 01, 2021 | Sep. 27, 2019 | |
Number of Shares | ||
Granted (in shares) | 748,328 | |
Maximum | ||
Number of Shares | ||
Vested (in shares) | (430,455) | |
Restricted Stock Awards and Units | ||
Number of Shares | ||
Beginning balance- unvested (in shares) | 2,788,000 | |
Granted (in shares) | 968,000 | |
Vested (in shares) | (1,285,000) | |
Forfeited, canceled or expired (in shares) | (120,000) | |
Ending balance- unvested (in shares) | 2,351,000 | |
Weighted-Average Grant Date Fair Value | ||
Beginning balance- unvested (in USD per share) | $ 20.84 | |
Granted (in USD per share) | 31.32 | |
Vested (in USD per share) | 21.38 | |
Forfeited, canceled or expired (in USD per share) | 26.51 | |
Ending balance- unvested (in USD per share) | $ 24.57 | |
RSUs | Maximum | ||
Weighted-Average Grant Date Fair Value | ||
Award vesting period | 4 years |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Mar. 31, 2012 | |
Class of Warrant or Right [Line Items] | |||
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | |
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 | |
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 | |
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 | |
Common stock, subject to forfeiture (in shares) | 2,093 | 5,414 | |
Common stock warrants price per share (in USD per share) | $ 14.05 | ||
Common stock, issued (in shares) | 68,877,000 | 66,921,000 | |
Conversion of shares issued (in shares) | 857,631 | ||
Common Stock | |||
Class of Warrant or Right [Line Items] | |||
Common stock warrants (in shares) | 0 | 1,281,358 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) $ in Millions | 12 Months Ended |
Oct. 02, 2020USD ($) | |
Mission Microwave | |
Related Party Transaction [Line Items] | |
Expenses from transactions with related party | $ 0.4 |
Earnings Per Share - Computatio
Earnings Per Share - Computation for Basic and Diluted Net Income (Loss) Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Numerator: | |||
Net income (loss) attributable to common stockholders | $ 37,973 | $ (46,078) | $ (383,798) |
Denominator: | |||
Weighted average common shares outstanding-basic (in shares) | 68,449 | 66,606 | 65,686 |
Dilutive effect of warrants (in shares) | 2,025 | 0 | 0 |
Weighted average common shares outstanding-diluted (in shares) | 70,474 | 66,606 | 65,686 |
Basic loss per share: | |||
Loss per share-basic (in USD per share) | $ 0.55 | $ (0.69) | $ (5.84) |
Diluted loss per share: | |||
Loss per share-diluted (in USD per share) | $ 0.54 | $ (0.69) | $ (5.84) |
Earnings Per Share - Common Equ
Earnings Per Share - Common Equivalent Shares Excluded from Calculation from Net Income Per Share (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Warrant liability expense (gain) | $ (11,130) | $ (12,948) | $ 765 |
Antidilutive securities excluded from earnings per share (in shares) | 87,494 | 1,755,973 | 386,552 |
Dilutive effect of warrants (in shares) | 2,025,000 | 0 | 0 |
Warrant | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from earnings per share (in shares) | 87,494 | 639,133 | 214,303 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Business Acquisition [Line Items] | |||
Unpaid amounts related to purchase of assets | $ 9,398,000 | $ 636,000 | $ 840,000 |
Fixed assets acquired | $ 1,500,000 | ||
Capitalized Costs, Uncompleted Wells, Equipment and Facilities | $ 8,900,000 | ||
Developer Funded | |||
Business Acquisition [Line Items] | |||
Fixed assets acquired | $ 300,000 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information Regarding Noncash Investing and Financing Activities (Detail) - USD ($) | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 11,836,000 | $ 24,672,000 | $ 34,157,000 |
Cash paid (refunded) for income taxes | 1,621,000 | (17,465,000) | (1,931,000) |
Unpaid amounts related to purchase of assets | 9,398,000 | 636,000 | 840,000 |
Class Of Warrants Or Rights, Exercises Of Cashless Warrants | $ 36,442,000 | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2021 | Oct. 02, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 300,146 | $ 313,896 |
Ending balance | 471,736 | 300,146 |
Foreign currency translation loss, net of tax | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 4,788 | 4,330 |
Other comprehensive income | (661) | 458 |
Ending balance | 4,127 | 4,788 |
Other Items | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 221 | 28 |
Ending balance | 23 | 221 |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 5,009 | 4,358 |
Ending balance | 4,150 | 5,009 |
Unrealized loss on short-term investments, net of tax | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income | $ (198) | $ 193 |
Geographic and Significant Cu_3
Geographic and Significant Customer Information - Additional Information (Detail) | 12 Months Ended | ||
Oct. 01, 2021segmentcustomer | Oct. 02, 2020customer | Sep. 27, 2019customer | |
Segment Reporting Information [Line Items] | |||
Number of reportable operating segments | segment | 1 | ||
Total Revenue | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Number of major customers | customer | 10 | 10 | 10 |
Total Revenue | Customer Concentration Risk | Top Ten Customers | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 49.00% | 61.00% | 54.00% |
Geographic and Significant Cu_4
Geographic and Significant Customer Information - Summary of Different Geographic Regions (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 02, 2020 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 120,526 | $ 118,866 |
United States | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 103,527 | 99,118 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 12,766 | 13,129 |
Other Countries | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 4,233 | $ 6,619 |
Geographic and Significant Cu_5
Geographic and Significant Customer Information - Summary of Customer Concentrations as Percentage of Total Sales and Accounts Receivable (Detail) - Customer Concentration Risk | 12 Months Ended | ||
Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Total Sales | Customer A | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 11.00% | 14.00% | 16.00% |
Total Sales | Customer B | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 0.00% | 12.00% | 0.00% |
Total Sales | Customer C | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 0.00% | 12.00% | 0.00% |
Accounts Receivable | Customer A | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 0.00% | 20.00% |