MACOM Technology Solutions (MTSI) 10-Q 6 Feb 25 2025 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jan. 03, 2025	Feb. 03, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 03, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,339,819
Entity Central Index Key	0001493594
Amendment Flag	false
Current Fiscal Year End Date	--10-03
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Assets, Current [Abstract]
Cash and cash equivalents	$ 232,699	$ 146,806
Short-term investments	423,820	435,082
Accounts Receivable, after Allowance for Credit Loss, Current	91,752	105,700
Inventories	198,382	194,490
Prepaid and other current assets	35,782	21,000
Total current assets	982,435	903,078
Property and equipment, net	174,110	176,017
Goodwill	335,656	332,201
Intangible assets, net	89,193	76,088
Deferred income taxes	216,950	212,495
Other long-term assets	45,286	55,761
Total assets	1,843,630	1,755,640
Current liabilities:
Short-term debt	160,639	0
Accounts payable	44,631	43,202
Accrued liabilities	66,493	64,336
Finance lease liabilities	644	646
Total current liabilities	272,407	108,184
Finance lease liabilities	30,980	31,130
Financing obligation	8,918	9,006
Long-term debt	338,755	448,281
Other long-term liabilities	41,681	32,696
Total liabilities	692,741	629,297
Stockholders’ equity:
Common stock	74	72
Treasury stock, at cost	(330)	(330)
Accumulated other comprehensive (loss) income	(1,120)	2,505
Additional paid-in capital	1,505,645	1,309,946
Accumulated deficit	(353,380)	(185,850)
Total stockholders’ equity	1,150,889	1,126,343
Total liabilities and stockholders’ equity	$ 1,843,630	$ 1,755,640

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Income Statement [Abstract]
Revenue	$ 218,122	$ 157,148
Cost of revenue	101,013	69,838
Gross profit	117,109	87,310
Operating expenses:
Research and development	60,369	39,413
Selling, general and administrative	39,213	36,887
Total operating expenses	99,582	76,300
Income from operations	17,527	11,010
Other (expense) income:
Interest income	7,000	5,556
Interest expense	(1,366)	(1,290)
Loss on extinguishment of debt	(193,098)	0
Total other (expense) income	(187,464)	4,266
(Loss) income before income taxes	(169,937)	15,276
Income tax (benefit) expense	(2,407)	2,750
Net (loss) income	$ (167,530)	$ 12,526
Net (loss) income per share:
Income (loss) per share - Basic (usd per share)	$ (2.30)	$ 0.18
Income (loss) per share - Diluted (usd per share)	$ (2.30)	$ 0.17
Weighted average shares used:
Basic (in shares)	72,780	71,425
Diluted (in shares)	72,780	72,286

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (167,530)	$ 12,526
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	(1,682)	1,295
Foreign currency translation (loss) gain, net of tax	(1,943)	1,944
Other comprehensive (loss) income, net of tax	(3,625)	3,239
Total comprehensive (loss) income	$ (171,155)	$ 15,765

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Accumulated Other Comprehensive Income	Additional Paid-in Capital	Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23
Balance at beginning of period, (in shares) at Sep. 29, 2023		71,013
Balance at beginning of period at Sep. 29, 2023	$ 947,600	$ 71	$ (330)	$ (3,635)	$ 1,214,203	$ (262,709)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		5
Stock option exercises	80				80
Vesting of restricted common stock and units (in shares)		459
Issuance of common stock pursuant to employee stock purchase plan (in shares)		59
Issuance of common stock pursuant to employee stock purchase plan	2,769				2,769
Shares repurchased for stock withholdings on restricted stock awards (in shares)		(160)
Shares withheld for taxes on equity awards	(11,552)				(11,552)
Share-based compensation	8,657				8,657
Issuance of common stock for convertible debt exchange (in shares)		712
Issuance of common stock for convertible debt exchange	60,772	$ 1			60,771
Other comprehensive loss, net of tax	3,239			3,239
Net loss	12,526					12,526
Balance at end of period, (in shares) at Dec. 29, 2023		72,088
Balance at end of period at Dec. 29, 2023	1,024,091	$ 72	$ (330)	(396)	1,274,928	(250,183)
Balance at end of period, treasury stock (in shares) at Dec. 29, 2023			(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23
Balance at the beginning of the period, treasury stock (in shares)			23
Balance at beginning of period, (in shares) at Sep. 27, 2024		72,219
Balance at beginning of period at Sep. 27, 2024	1,126,343	$ 72	$ (330)	2,505	1,309,946	(185,850)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)		811
Issuance of common stock pursuant to employee stock purchase plan (in shares)		52
Issuance of common stock pursuant to employee stock purchase plan	4,537				4,537
Shares repurchased for stock withholdings on restricted stock awards (in shares)		(304)
Shares withheld for taxes on equity awards	(40,273)				(40,273)
Share-based compensation	25,520				25,520
Issuance of common stock for convertible debt exchange (in shares)		1,583
Issuance of common stock for convertible debt exchange	205,917	$ 2			205,915
Other comprehensive loss, net of tax	(3,625)			(3,625)
Net loss	(167,530)					(167,530)
Balance at end of period, (in shares) at Jan. 03, 2025		74,361
Balance at end of period at Jan. 03, 2025	$ 1,150,889	$ 74	$ (330)	$ (1,120)	$ 1,505,645	$ (353,380)
Balance at end of period, treasury stock (in shares) at Jan. 03, 2025			(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (167,530)	$ 12,526
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and intangibles amortization	15,995	14,289
Share-based compensation	25,520	8,657
Deferred income taxes	(6,266)	294
Loss on extinguishment of debt	(193,098)	0
Other adjustments, net	(3,029)	(1,755)
Change in operating assets and liabilities:
Accounts receivable	14,946	(12,180)
Inventories	(4,610)	1,555
Prepaid expenses and other assets	(300)	(510)
Accounts payable	1,052	2,122
Accrued and other liabilities	(5,033)	6,612
Income taxes	2,816	1,489
Net cash provided by operating activities	66,659	33,099
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of businesses, net of cash acquired	(12,474)	(75,000)
Purchases of property and equipment	(5,340)	(4,652)
Other investing	(3,400)	0
Proceeds from sales and maturities of short-term investments	72,403	100,265
Purchases of short-term investments	(61,416)	(55,387)
Net cash used in investing activities	(10,227)	(34,774)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible notes	86,629	0
Payments for fee on convertible note exchange and debt issuance costs	(22,905)	0
Payments on finance leases and other	(228)	(349)
Proceeds from stock option exercises and employee stock purchases	4,537	2,848
Common stock withheld for taxes on employee equity awards	(37,908)	(11,552)
Net cash provided by (used in) financing activities	30,125	(9,053)
Foreign currency effect on cash	(664)	362
NET CHANGE IN CASH AND CASH EQUIVALENTS	85,893	(10,366)
CASH AND CASH EQUIVALENTS — Beginning of period	146,806	173,952
CASH AND CASH EQUIVALENTS — End of period	232,699	163,586
Issuance of common stock in connection with the RF Business Acquisition (See Note 3 - Acquisitions)	$ 0	$ 60,772

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jan. 03, 2025
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Financial Information —The accompanying unaudited, condensed consolidated financial statements have been prepared according to the rules and regulations of the United States (the “U.S.”) Securities and Exchange Commission (the “SEC”) and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the condensed consolidated balance sheets, condensed consolidated statements of operations, comprehensive (loss) income, stockholders' equity and cash flows of MACOM Technology Solutions Holdings, Inc. (“MACOM,” the “Company,” “us,” “we” or “our”) for the periods presented. We prepare our interim financial information using the same accounting principles we use for our annual audited consolidated financial statements. Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted in accordance with prescribed SEC rules. We believe that the disclosures made in our condensed consolidated financial statements and the accompanying notes are adequate to make the information presented not misleading. The condensed consolidated balance sheet as of September 27, 2024 is as reported in our audited consolidated financial statements as of that date. Our accounting policies are described in the notes to our September 27, 2024 consolidated financial statements, which were included in our Annual Report on Form 10-K for our fiscal year ended September 27, 2024 filed with the SEC on November 12, 2024 (the “2024 Annual Report on Form 10-K”). We recommend that the financial statements included in this Quarterly Report on Form 10-Q be read in conjunction with the consolidated financial statements and notes included in our 2024 Annual Report on Form 10-K. Principles of Consolidation, Basis of Presentation and Reclassification —The accompanying condensed consolidated financial statements include our accounts and the accounts of our majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal year 2025 includes 53 weeks and fiscal year 2024 included 52 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we include the extra week arising in such fiscal years in the first fiscal quarter. Our quarter ended January 3, 2025 includes 14 weeks. Use of Estimates —The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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 materially from these estimates and assumptions. The accounting policies which our management believes involve the most significant application of judgment or involve complex estimation, are inventories and associated reserves; revenue reserves; business combinations; goodwill and intangible asset valuation; share-based compensation valuations and income taxes. 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. As of September 28, 2024, the Company changed its accounting estimate for the expected useful lives of certain fabrication-related machinery and equipment. The Company evaluated its current asset base and reassessed the estimated useful lives of certain machinery and equipment in connection with its recent usage of older equipment, including considering the technological and physical obsolescence of such machinery and equipment. Based on our ability to re-use equipment across generations of process technologies and historical usage trends, the Company determined that the expected useful lives for certain fabrication-related machinery and equipment should be increased to ten years to reflect more closely the estimated economic lives of those assets. This change in estimate was applied prospectively effective for the first quarter of fiscal year 2025 and resulted in a decrease in depreciation expense of $0.7 million for the three months ended January 3, 2025, to cost of revenue. This benefit increased income from operations by $0.7 million and earnings per share by $0.01 for the three months ended January 3, 2025. Recent Accounting Pronouncements —Our Recent Accounting Pronouncements are described in our 2024 Annual Report on Form 10-K. In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20) Induced Conversions of Convertible Debt Instruments , which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. We elected to early adopt ASU 2024-04 in November 2024 and applied the amendment when assessing the accounting treatment for our debt extinguishment (discussed in Note 9 - Debt ). Pronouncements for Adoption in Subsequent Periods In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures , which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU should be applied on a retrospective basis. The amendments in this update are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures , which requires greater disaggregation of income tax disclosures. The amendments in this update improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Other amendments in this update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. This ASU should be applied on a prospective basis, with retrospective application permitted. The guidance in this update is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures , which requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU should be applied on a prospective basis, with retrospective application permitted. The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures.

REVENUE

REVENUE	3 Months Ended
	Jan. 03, 2025
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): Three Months Ended January 3, 2025 December 29, 2023 Revenue by Market: Industrial & Defense $ 97,400 $ 76,998 Data Center 65,284 49,512 Telecom 55,438 30,638 Total $ 218,122 $ 157,148 Three Months Ended January 3, 2025 December 29, 2023 Revenue by Geographic Region: United States $ 97,272 $ 69,645 China 62,728 36,348 Asia Pacific, excluding China (1) 20,538 14,008 Cayman Islands 11,963 18,600 Other Countries (2) 25,621 18,547 Total $ 218,122 $ 157,148 (1) Asia Pacific primarily represents India, Japan, Singapore, South Korea, Taiwan and Thailand. (2) No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China, Asia Pacific region and Cayman Islands as presented above. Revenue by geographic region is aggregated by customer billing address. 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. The following table presents the changes in contract liabilities during the three months ended January 3, 2025 (in thousands, except percentage): January 3, 2025 September 27, 2024 $ Change % Change Contract liabilities $ 4,976 $ 5,281 $ (305) (6) % During the three months ended January 3, 2025, we recognized sales of $0.9 million, that were included in the contract liabilities balance as of the beginning of the period. The decrease in contract liabilities during the three months ended January 3, 2025 was primarily related to recognition of revenue that was previously deferred for products and services invoiced prior to when certain of our customers obtained control of such products and/or services, offset by additional invoicing prior to when our customers obtain control of such products and/or services.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Jan. 03, 2025
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS ENGIN-IC, Inc.— On November 5, 2024, we completed the acquisition of ENGIN-IC, Inc. (“ENGIN-IC”), a fabless semiconductor company that designs advanced gallium arsenide (“GaAs”) and gallium nitride (“GaN”) monolithic microwave integrated circuits (“MMICs”) and integrated microwave assemblies located in Plano, Texas and San Diego, California (the “ENGIN-IC Acquisition”). We acquired ENGIN-IC to further expand and strengthen our MMIC and module design capabilities. In connection with the ENGIN-IC Acquisition, we acquired all of the outstanding shares of ENGIN-IC for a total purchase price of approximately $14.2 million and was acquired with cash consideration of $12.5 million, net of cash acquired of $0.2 million, and consideration payable of $1.5 million, subject to customary purchase price adjustments. The ENGIN-IC Acquisition was accounted for as a business combination and the operations of ENGIN-IC have been included in our consolidated financial statements since the date of acquisition. We have recorded a preliminary allocation of the purchase price for ENGIN-IC, which primarily resulted in intangible assets, including acquired technology and customer relationships, of $9.7 million and goodwill of $5.1 million. C onsolidated estimated pro forma unaudited revenue and consolidated estimated pro forma net loss for the fiscal quarter ended January 3, 2025 and the actual results of operations for ENGIN-IC since the acquisition date are not material to our condensed consolidated financial statements for the periods presented. RF Business of Wolfspeed, Inc.— On December 2, 2023, we completed the acquisition of certain assets and specified liabilities of the radio frequency (“RF”) business of Wolfspeed, Inc. (“Wolfspeed”) (the “RF Business,”), which was accounted for as a business combination (the “RF Business Acquisition”). The RF Business includes a portfolio of GaN on Silicon Carbide products used in high-performance RF and microwave applications. In connection with the RF Business Acquisition, we expect to assume control of a wafer fabrication facility in Research Triangle Park, North Carolina (the “RTP Fab”) approximately two years following the closing of the RF Business Acquisition (the “RTP Fab Transfer”). Prior to the RTP Fab Transfer, Wolfspeed will continue to operate the facility and supply wafer product and other fabrication services to us pursuant to various agreements entered into between the parties concurrently with the closing of the RF Business Acquisition. The purchase price for the RF Business Acquisition consisted of $75.0 million payable in cash and 711,528 shares of our common stock. The fair value of our common stock issued as consideration for the RF Business Acquisition was $60.8 million as of December 29, 2023 and during the quarter ended March 29, 2024, we reduced the fair value to $57.7 million. The fair value of the shares were discounted for the lack of marketability as the shares that were transferred were unregistered and legally restricted from being sold. The shares of our common stock issued in connection with the RF Business Acquisition are subject to restrictions on the sale of shares until transfer of the RTP Fab to the Company is complete. In addition, if the RTP Fab has not transferred by the fourth anniversary of the closing date of the RF Business Acquisition, Wolfspeed will forfeit 25% of the share consideration. We funded the cash purchase price for the RF Business Acquisition through cash-on-hand. During the three months ended January 3, 2025, we did not incur any acquisition-related transaction costs. During the three months ended December 29, 2023, we incurred acquisition-related transaction costs of approximately $7.1 million, which are included in selling, general and administrative expense. We finalized the RF Business Acquisition purchase accounting during the fiscal quarter ended January 3, 2025. The following table summarize the final purchase price (in thousands, except shares and closing share price amount): At Acquisition Date as Reported Measurement Period Adjustments At Acquisition Date as Reported Cash purchase consideration $ 72,802 $ — $ 72,802 Number of shares of MACOM common stock issued at closing 711,528 Fair value of shares issued $ 81.14 Equity purchase consideration 57,733 — 57,733 Total purchase consideration $ 130,535 $ — $ 130,535 The final purchase price has been allocated as follows (in thousands): At Acquisition Date as Reported Measurement Period Adjustments At Acquisition Date as Reported Current assets $ 39 $ — $ 39 Inventory 31,097 649 31,746 Property and equipment 35,415 — 35,415 Intangible assets 42,000 1,800 43,800 Prepayment for net assets associated with the RTP Fab Transfer 16,250 — 16,250 Other non-current assets 5,837 — 5,837 Goodwill 9,967 (859) 9,108 Total assets acquired 140,605 1,590 142,195 Current liabilities 6,882 1,590 8,472 Long-term liabilities 3,188 — 3,188 Total liabilities assumed 10,070 1,590 11,660 Purchase Price $ 130,535 $ — $ 130,535 Intangible assets consist of technology, a favorable contract and customer relationships with fair values of $21.0 million, $14.5 million and $8.3 million, respectively, and useful lives of 4.8 years, 2.0 years and 8.8 years, respectively. We used variations of income approaches with estimates and assumptions developed by us to determine the fair values of technology, the favorable contract and customer relationships. We valued technology by using the relief-from-royalty method, the favorable contract by using the discounted cash flow method and customer relationships by using the multi-period excess earnings method. We valued backlog using the multi-period excess earnings method and determined that the value for backlog is zero. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including revenue growth rates, royalty rates, operating margin and discount rates. We used the cost and market approaches to determine the fair value of our property and equipment. We amortize definite-lived assets based on the pattern over which we expect to receive the economic benefit from these assets. During the three months ended January 3, 2025, based on additional information, we updated inputs and assumptions used to calculate the fair value of certain assets and liabilities, primarily resulting in an increase to the fair value of intangible assets of $1.8 million, an increase to the fair value of inventory of $0.6 million and an increase to the fair value of current liabilities of $1.6 million, with an offsetting decrease to goodwill. The goodwill acquired will be deductible for tax purpo ses. Due to these adjustments, the condensed consolidated statement of operations for the three months ended January 3, 2025 includes an expense of $0.4 million for intangible asset and inventory step-up amortization related to prior periods. The prepayment of $16.3 million for the net assets associated with the RTP Fab Transfer, classified in Prepaid and other current assets as of January 3, 2025 in our condensed consolidated balance sheet, relates to the estimated fair value of property and equipment, inventory and liabilities that we will assume control of at the time of the RTP Fab Transfer. The cost and market approaches were used in determining the fair value of $10.4 million for property and equipment expected to transfer at the RTP Fab Transfer date. The remaining prepayment relates to inventory and liabilities, net, that we will assume control of at the time of the RTP Fab Transfer. The RF Business has been included in our consolidated financial statements since the date of acquisition. C onsolidated estimated pro forma unaudited revenue for the fiscal quarter ended December 29, 2023 was $184.0 million. Consolidated pro forma net loss for the fiscal quarter ended December 29, 2023 is not material to understanding our condensed consolidated financial statements due to the business combination effects from the RF Business Acquisition, primarily acquisition transaction costs. Pro forma revenue was prepared for comparative purposes only and is not indicative of what would have occurred had the acquisition actually occurred on October 1, 2022, or of the results that may occur in the future.

Investments

Investments	3 Months Ended
	Jan. 03, 2025
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS All investments are short-term in nature and are invested in certificates of deposit, corporate bonds, commercial paper, U.S. Treasuries and agency bonds, and are classified as available-for-sale. These investments are owned directly by the Company and are segregated in brokerage custody accounts. The amortized cost, gross unrealized holding gains or losses and fair value of our available-for-sale investments by major investment type are summarized in the tables below (in thousands): January 3, 2025 Amortized Gross Gross Aggregate Fair Corporate bonds 302,449 521 (617) 302,353 Commercial paper 69,236 40 (16) 69,260 U.S. Treasuries and agency bonds 52,107 121 (21) 52,207 Total short-term investments $ 423,792 $ 682 $ (654) $ 423,820 September 27, 2024 Amortized Gross Gross Aggregate Fair Certificates of deposit $ 980 $ — $ — $ 980 Corporate bonds 303,296 2,047 (193) 305,150 Commercial paper 73,641 149 — 73,790 U.S. Treasuries and agency bonds 54,931 248 (17) 55,162 Total short-term investments $ 432,848 $ 2,444 $ (210) $ 435,082 The contractual maturities of available-for-sale investments were as follows (in thousands): January 3, 2025 September 27, 2024 Less than one year $ 258,622 $ 284,479 Over one year 165,198 150,603 Total available-for-sale investments $ 423,820 $ 435,082 We have determined that the gross unrealized losses on available for sale securities as of January 3, 2025 and September 27, 2024 are temporary in nature and/or do not relate to credit loss, and therefore there is no expense for credit losses recorded in our condensed consolidated statements of operations. Unrealized gains and losses on available-for-sale investments are reported as a separate component of stockholders’ equity within accumulated other comprehensive income (loss).

FAIR VALUE AND FINANCIAL INSTRU

FAIR VALUE AND FINANCIAL INSTRUMENTS	3 Months Ended
	Jan. 03, 2025
Fair Value Disclosures [Abstract]
FAIR VALUE AND FINANCIAL INSTRUMENTS	FAIR VALUE AND FINANCIAL INSTRUMENTS We group our financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by us. 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 three months ended January 3, 2025. Assets and liabilities measured at fair value on a recurring basis consist of the following (in thousands): January 3, 2025 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets Money market funds 152,886 152,886 — — U.S. Treasuries and agency bonds $ 52,207 $ 47,208 $ 4,999 $ — Corporate bonds 302,353 — 302,353 — Commercial paper 69,260 — 69,260 — Total assets measured at fair value $ 576,706 $ 200,094 $ 376,612 $ — September 27, 2024 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets Money market funds $ 74,760 $ 74,760 $ — $ — Certificates of deposit 980 980 — — U.S. Treasuries and agency bonds 55,162 50,163 4,999 — Corporate bonds 305,150 — 305,150 — Commercial paper 73,790 — 73,790 — Total assets measured at fair value $ 509,842 $ 125,903 $ 383,939 $ — Liabilities Non-designated foreign currency hedge contracts $ 100 $ — $ 100 $ — Total Liabilities measured at fair value $ 100 $ — $ 100 $ —

INVENTORIES

INVENTORIES	3 Months Ended
	Jan. 03, 2025
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in thousands): January 3, September 27, Raw materials $ 122,106 $ 121,231 Work-in-process 14,001 12,412 Finished goods 62,275 60,847 Total inventory, net $ 198,382 $ 194,490

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Jan. 03, 2025
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands): January 3, September 27, Buildings $ 11,024 $ — Computer equipment 19,968 19,809 Construction in process 17,713 15,179 Finance lease assets 39,743 65,596 Furniture and fixtures 3,550 3,539 Land 12,453 — Leasehold improvements 38,884 38,979 Machinery and equipment 286,852 282,920 Total property and equipment 430,187 426,022 Less accumulated depreciation and amortization (256,077) (250,005) Property and equipment, net $ 174,110 $ 176,017 During the three months ended January 3, 2025, we exercised an option to purchase manufacturing facilities that we leased in France for €1 (one Euro). This lease was acquired in May 2023 in connection with a prior year asset acquisition and was valued as part of purchase accounting using a market approach. During the three months ended January 3, 2025, we reclassified the finance lease asset to land and buildings. In August 2022, the U.S. government enacted the CHIPS and Science Act of 2022 (“CHIPS Act”), which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain qualifying investments in U.S. semiconductor manufacturing equipment. As of January 3, 2025 and September 27, 2024, there was a $4.6 million and $5.2 million reduction to the carrying amounts of the qualifying assets, respectively, in the condensed consolidated balance sheet. Depreciation and amortization expense related to property and equipment for the three months ended January 3, 2025 and December 29, 2023 was $7.3 million and $6.5 million, respectively. Accumulated amortization on finance lease assets as of January 3, 2025 and September 27, 2024 was $9.8 million and $10.2 million, respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Jan. 03, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Amortization expense related to intangible assets is as follows (in thousands): Three Months Ended January 3, December 29, Cost of revenue $ 3,332 $ 1,942 Research and development 2,065 1,044 Selling, general and administrative 3,260 4,798 Total $ 8,657 $ 7,784 A summary of the activity in gross intangible assets as of January 3, 2025 and September 27, 2024 is as follows (in thousands): January 3, 2025 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 34,374 $ (9,106) $ 25,268 Customer relationships 190,138 (152,306) 37,832 Favorable contract 14,500 (9,102) 5,398 Software licenses 22,900 (6,919) 15,981 Trade name (1) 5,200 (486) 4,714 Balance as of January 3, 2025 (2) $ 267,112 $ (177,919) $ 89,193 September 27, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 33,226 $ (7,320) $ 25,906 Customer relationships 180,214 (149,206) 31,008 Favorable contract 14,500 (7,620) 6,880 Software licenses 12,292 (4,775) 7,517 Trade name (1) 5,200 (423) 4,777 Balance as of September 27, 2024 (2) $ 245,432 $ (169,344) $ 76,088 (1) Includes an indefinite-lived trade name of $3.4 million that is not amortized. (2) Foreign intangible asset carrying amounts include foreign currency translation adjustments. As of January 3, 2025, our estimated amortization of our intangible assets in future fiscal years is as follows (in thousands): 2025 Remaining 2026 2027 2028 2029 Thereafter Total Amortization expense $ 22,018 19,422 15,358 9,197 5,685 14,113 $ 85,793 A summary of the changes in goodwill as of January 3, 2025 is as follows (in thousands): January 3, Balance as of September 27, 2024 $ 332,201 Acquired (1) 4,243 Foreign currency translation adjustment (788) Balance as of January 3, 2025 $ 335,656 (1) The acquired balance consists of an increase of $5.1 million related to the ENGIN-IC Acquisition, partially offset by a decrease of $0.9 million related to measurement period adjustments for the RF Business Acquisition. For additional information refer to Note 3 - Acquisitions.

Debt

Debt	3 Months Ended
	Jan. 03, 2025
Debt Disclosure [Abstract]
Debt	DEBT The following represents the outstanding balances and effective interest rates of our borrowings as of January 3, 2025 and September 27, 2024, (in thousands, except percentages): January 3, 2025 September 27, 2024 Principal Balance Effective Interest Rate Principal Balance Effective Interest Rate 0.25% convertible notes due March 2026 $ 161,151 0.54 % $ 450,000 0.54 % 0.00% convertible notes due December 2029 344,316 0.33 % — Total principal amount outstanding 505,467 450,000 Less: Short-term debt 160,639 — Unamortized discount on deferred financing costs (6,073) (1,719) Total long-term debt $ 338,755 $ 448,281 2026 Convertible Notes On March 25, 2021, we issued 0.25% convertible senior notes due in fiscal year 2026, pursuant to an indenture dated as of such date (the “2021 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”). 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. On December 12, 2024, we entered into separate, privately negotiated exchange and subscription agreements (the “Exchange and Subscription Agreements”) with a limited number of holders of the 2026 Convertible Notes. Under the terms of the Exchange and Subscription Agreements, the holders exchanged $288.8 million in aggregate principal amount of 2026 Convertible Notes held by them for $257.7 million of our 2029 Convertible Notes (defined below), 1,582,958 newly-issued shares of the Company’s common stock, par value $0.001 per share, issued at a fair value of $205.9 million, and $17.6 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $193.1 million. The Company also issued approximately $86.6 million in additional aggregate principal amount of the 2029 Convertible Notes in a private placement to certain investors (the “Subscription” and, together with the Exchange, the “Transactions”). The Transactions closed on December 19, 2024. Following the closing of the Transactions , the aggregate principal balance of the 2026 Convertible Notes is $161.2 million and the terms of the 2021 Indenture are unchanged. The 2026 Convertible Notes will mature on March 15, 2026, unless earlier converted, redeemed or repurchased. 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 2021 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 2021 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 2021 Indenture. In November 2021, we made an irrevocable election to pay cash for the aggregate principal amount of notes to be converted. Upon conversion of the 2026 Convertible Notes, we are required 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 2021 Indenture). 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 2021 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. During the fiscal quarter ended January 3, 2025, our common stock price met the price trigger defined above, and therefore, holders of our 2026 Convertible Notes may convert their notes at their option at any time during our second fiscal quarter ended April 4, 2025. Therefore, the 2026 Convertible Notes balance of $160.6 million, net of deferred financing costs, is classified as short-term debt in our condensed consolidated balance sheet. For the three months ended January 3, 2025 and December 29, 2023, total interest expense for the 2026 Convertible Notes was $0.3 million and $0.3 million, respectively. The fair value of our 2026 Convertible Notes was $267.5 million and $640.6 million as of January 3, 2025 and September 27, 2024, respectively, 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 January 3, 2025; the full amount of $161.2 million is due on March 15, 2026. 2029 Convertible Notes On December 19, 2024, we issued 0.00% convertible senior notes due in fiscal year 2030, pursuant to an indenture dated as of such date (the “2024 Indenture”), between the Company and U.S. Bank National Association, as trustee with an aggregate principal amount of $344.3 million (the “2029 Convertible Notes”). Holders of the 2029 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2029 in multiples of $1,000 principal amount, only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on April 4, 2025 (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 calendar 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 2024 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 redemption date; or (iv) upon the occurrence of specified corporate events described in the 2024 Indenture. On or after September 15, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date, the holders may convert their notes, in multiples of $1,000 principal amount, regardless of the foregoing circumstances. The initial conversion rate for the Notes is 5.7463 shares of common stock (subject to adjustment as provided for in the 2024 Indenture) per $1,000 principal amount of the notes, which is equal to an initial conversion price of approximately $174.03 per share of common stock. The 2029 Convertible Notes do not bear regular interest, and the principal amount of the notes does not accrete. The notes are senior unsecured obligations of the Company and will mature on December 15, 2029, unless earlier redeemed, repurchased or converted. Upon conversion of the 2029 Convertible Notes, we are required 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 2024 Indenture). We may redeem for cash all or any portion of the notes, at our option, on or after December 20, 2027 and prior to September 15, 2029 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 2024 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 fair value of our 2029 Convertible Notes was $351.3 million as of January 3, 2025 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 January 3, 2025; the full amount of $344.3 million is due on December 15, 2029.

FINANCING OBLIGATION

FINANCING OBLIGATION	3 Months Ended
	Jan. 03, 2025
Debt Disclosure [Abstract]
FINANCING OBLIGATION	F INANCING OBLIGATION We are party to a power purchase agreement for the use of electric power and thermal energy producing systems at our fabrication facility in Lowell, Massachusetts. We do not own these systems; however, we control the use of the assets during operation. As of January 3, 2025 and September 27, 2024 , the net book value of the systems in Property and equipment, net was $8.0 million and $8.2 million, respectively, and the corresponding liability was $9.2 million and $9.3 million, respectively, primarily classified in Financing obligation on our condensed consolidated balance sheet.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jan. 03, 2025
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation for basic and diluted net (loss) income per share of common stock (in thousands, except per share data): Three Months Ended January 3, 2025 December 29, 2023 Numerator: Net (loss) income attributable to common stockholders $ (167,530) $ 12,526 Denominator: Weighted average common shares outstanding-basic 72,780 71,425 Dilutive effect of convertible debt, stock options, restricted stock and restricted stock units (1) — 861 Weighted average common shares outstanding-diluted 72,780 72,286 Net (loss) income to common stockholders per share-basic: $ (2.30) $ 0.18 Net (loss) income to common stockholders per share-diluted: $ (2.30) $ 0.17 (1) Excludes the effects of 2,914,956 and 112,021 shares for the three months ended January 3, 2025 and December 29, 2023, respectively, of the assumed issuance of common stock associated with a conversion premium for the 2026 Convertible Notes, the assumed exercise of outstanding stock options and potential shares of common stock issuable upon vesting of restricted stock and restricted stock units, as the inclusion would be anti-dilutive, but they could become dilutive in the future. The three months ended January 3, 2025 excludes 1,696,940 potential shares of common stock associated with a conversion premium for the 2026 Convertible Notes, as the inclusion would be anti-dilutive. Potentially dilutive shares of common stock from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding restricted stock and restricted stock units. The potentially dilutive impact from the assumed issuance of common stock associated with a conversion premium for our convertible notes is determined by applying the if-converted method to the assumed exercise of the outstanding conversion premium.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jan. 03, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time, we may be subject to commercial disputes, employment issues, claims by other companies in the industry that we have infringed their intellectual property rights and other similar claims and litigation. Any such claims may lead to future litigation and material damages and defense costs. We were not involved in any material pending legal proceedings during the three months ended January 3, 2025.

STOCKHOLDERS_ EQUITY AND SHARE-

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION	3 Months Ended
	Jan. 03, 2025
Share-Based Payment Arrangement [Abstract]
STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION	STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION 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 January 3, 2025. Stock Plans As of January 3, 2025, we had 3.2 million shares available for issuance under our 2021 Omnibus Incentive Plan (the “2021 Plan”), which replaced our 2012 Omnibus Incentive Plan (as amended and restated) (the “2012 Plan”), and 1.1 million shares available for issuance under our 2021 Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”), which replaced our 2012 Employee Stock Purchase Plan. We have outstanding awards under the 2021 Plan and the 2012 Plan. Following the adoption of the 2021 Plan, no additional awards have been or will be made under 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 under the 2012 Plan primarily vested based on certain market-based and performance-based criteria and generally have a term of four years to seven years. Certain of the share-based awards granted and outstanding as of January 3, 2025 are subject to accelerated vesting upon a change in control of the Company. Incentive Stock Units Aside from the equity plans described above, we also grant incentive stock units (“ISUs”) to certain of our international employees which typically vest over three As of January 3, 2025 and September 27, 2024, the fair value of outstanding ISUs was $5.9 million and $6.8 million, respectively, and the associated accrued compensation liability was $2.5 million and $4.6 million, respectively. During the three months ended January 3, 2025 and December 29, 2023, we recorded an expense for ISU awards of $1.5 million and $0.5 million, respectively. These expenses are not included in the share-based compensation expense totals below. Share-Based Compensation The following table shows a summary of share-based compensation expense included in the condensed consolidated statements of operations (in thousands): Three Months Ended January 3, December 29, Cost of revenue $ 2,945 $ 1,270 Research and development 11,251 2,765 Selling, general and administrative 11,324 4,622 Total share-based compensation expense $ 25,520 $ 8,657 As of January 3, 2025, the total unrecognized compensation costs related to RSUs and PRSUs was $120.9 million, which we expect to recognize over a weighted-average period of 2.2 years. As of January 3, 2025, total unrecognized compensation cost related to our Employee Stock Purchase Plan was $1.5 million. Restricted Stock Units and Performance-Based Restricted Stock Units A summary of RSU and PRSU activity for the three months ended January 3, 2025 is as follows: Number of shares Weighted- Balance as of September 27, 2024 1,634 $ 72.37 Granted 595 $ 127.77 Performance-based adjustment (1) 144 $ 89.82 Vested and released (811) $ 75.48 Forfeited, canceled or expired (60) $ 66.84 Balance as of January 3, 2025 1,502 $ 94.56 (1) The amount shown represents performance adjustments for market-based performance awards. These were granted in prior fiscal years and vested during the three months ended January 3, 2025 based on the Company’s achievement of total stockholder return. Stock awards that vested during the three months ended January 3, 2025 and December 29, 2023 had combined fair values of $106.7 million and $33.3 million, respectively, as of the vesting date. RSUs granted generally vest over a period of three Market-based PRSUs We granted 106,166 market-based PRSUs during the three months ended January 3, 2025, at a weighted average grant date fair value of $168.01 per share. Recipients may earn between 0% and 200% 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 PHLX Semiconductor Sector Index (^SOX) 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 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: Three Months Ended January 3, Grant date stock price $ 115.57 Average stock price at the start of the performance period $ 103.09 Risk free interest rate 4.0% Years to maturity 2.9 Expected volatility rate 39.2% Expected dividend yield — Stock Options

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jan. 03, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We are subject to income tax in the U.S. as well as other tax jurisdictions in which we conduct business. Earnings from non-U.S. activities are subject to local country income tax and may also be subject to U.S. income tax. For interim periods, we record a tax provision or benefit based upon the estimated effective tax rate expected for the full fiscal year, adjusted for material discrete taxation matters arising during the interim periods. Our quarterly tax provision or benefit, and our quarterly estimate of the annual effective tax rate, are subject to significant variation due to several factors. These factors include items such as: variability in accurately predicting pre-tax income/loss, the mix of jurisdictions in which we operate, intercompany transactions, changes in how we do business, tax law developments, the realizability of our deferred tax assets, any related valuation allowance and relative changes in permanent tax benefits or expenses. The provision for income taxes and effective income tax rate are as follows (in thousands, except percentages): Three Months Ended January 3, December 29, Income tax (benefit) expense $ (2,407) $ 2,750 Effective income tax rate 1.4 % 18.0 % The difference between the U.S. federal statutory income tax rate of 21% and our effective income tax rate for the three months ended January 3, 2025 was primarily driven by the non-deductibility of the loss on extinguishment of debt and favorable stock based compensation and research and development (“R&D”) tax credits, partially offset by global intangible low taxed income (“GILTI”). The difference between the U.S. federal statutory income tax rate of 21% and our effective income tax rate for the three months ended December 29, 2023 was primarily driven by favorable stock based compensation and R&D tax credits, partially offset by foreign withholding taxes and GILTI. During the three months ended December 29, 2023, we determined the earnings of one of our entities in India are no longer permanently reinvested, and due to the change in our position, we recorded a foreign withholding tax expense of $1.0 million associated with undistributed earnings. 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. We look at factors that may impact the valuation of our deferred tax assets including results of recent operations, future reversals of existing taxable temporary differences, projected future taxable income and tax-planning strategies. There were no unrecognized tax benefits as of January 3, 2025 and September 27, 2024. It is our policy to recognize any interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the fiscal quarters ended January 3, 2025 and December 29, 2023 , we did not make any accrual or payment of interest or penalties.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Jan. 03, 2025
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION The following is a summary of supplemental cash flow information for the periods presented (in thousands): Three Months Ended January 3, December 29, Cash paid for interest $ 739 $ 722 Cash paid for income taxes $ 1,050 $ 923 Non-cash activities: Issuance of common stock for convertible debt exchange $ 205,915 $ — Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 7,921 $ 6,321 Additions to property and equipment, net included in liabilities $ 607 $ 379 Purchase of software licenses included in liabilities $ 5,578 $ — Operating lease right-of-use assets obtained in exchange for new lease liabilities for the three months ended December 29, 2023 includes $5.6 million operating lease right-of-use assets acquired as part of the RF Business Acquisition. For additional information on the RF Business Acquisition, see Note 3 - Acquisitions

GEOGRAPHIC AND SIGNIFICANT CUST

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION	3 Months Ended
	Jan. 03, 2025
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 the number 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 and Chair of the Board. 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, changes to our business and the potential impact of these changes on our segment reporting. For information about our revenue in different geographic regions, based upon customer locations, see Note 2 - Revenue . Information about net property and equipment in different geographic regions is presented below (in thousands): January 3, September 27, United States $ 123,930 $ 123,618 France 32,143 33,934 Other Countries (1) 18,037 18,465 Total $ 174,110 $ 176,017 (1) Other than the United States and France, 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 revenue and accounts receivable as of and for the periods presented: Three Months Ended Revenue January 3, December 29, Customer A — % 13 % Customer B 14 % — % Customer C 11 % — % Accounts Receivable January 3, September 27, Customer B 15 % — % Customer Concentration

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Jan. 03, 2025
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS During the three months ended January 3, 2025, [placeholder].

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (167,530)	$ 12,526

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jan. 03, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jan. 03, 2025
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation, Basis of Presentation and Reclassification —The accompanying condensed consolidated financial statements include our accounts and the accounts of our majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Fiscal Period	We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal year 2025 includes 53 weeks and fiscal year 2024 included 52 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we include the extra week arising in such fiscal years in the first fiscal quarter. Our quarter ended January 3, 2025 includes 14 weeks.
Use of Estimates	Use of Estimates —The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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 materially from these estimates and assumptions. The accounting policies which our management believes involve the most significant application of judgment or involve complex estimation, are inventories and associated reserves; revenue reserves; business combinations; goodwill and intangible asset valuation; share-based compensation valuations and income taxes.
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.
Recent Accounting Pronouncements and Pronouncements for Adoption in Subsequent Periods	Recent Accounting Pronouncements —Our Recent Accounting Pronouncements are described in our 2024 Annual Report on Form 10-K. In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20) Induced Conversions of Convertible Debt Instruments , which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. We elected to early adopt ASU 2024-04 in November 2024 and applied the amendment when assessing the accounting treatment for our debt extinguishment (discussed in Note 9 - Debt ). Pronouncements for Adoption in Subsequent Periods In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures , which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU should be applied on a retrospective basis. The amendments in this update are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures , which requires greater disaggregation of income tax disclosures. The amendments in this update improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Other amendments in this update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. This ASU should be applied on a prospective basis, with retrospective application permitted. The guidance in this update is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures , which requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU should be applied on a prospective basis, with retrospective application permitted. The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Jan. 03, 2025
Revenue [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by markets and geography (in thousands): Three Months Ended January 3, 2025 December 29, 2023 Revenue by Market: Industrial & Defense $ 97,400 $ 76,998 Data Center 65,284 49,512 Telecom 55,438 30,638 Total $ 218,122 $ 157,148 Three Months Ended January 3, 2025 December 29, 2023 Revenue by Geographic Region: United States $ 97,272 $ 69,645 China 62,728 36,348 Asia Pacific, excluding China (1) 20,538 14,008 Cayman Islands 11,963 18,600 Other Countries (2) 25,621 18,547 Total $ 218,122 $ 157,148 (1) Asia Pacific primarily represents India, Japan, Singapore, South Korea, Taiwan and Thailand. (2) No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China, Asia Pacific region and Cayman Islands as presented above.
Contract with Customer, Asset and Liability	The following table presents the changes in contract liabilities during the three months ended January 3, 2025 (in thousands, except percentage): January 3, 2025 September 27, 2024 $ Change % Change Contract liabilities $ 4,976 $ 5,281 $ (305) (6) %

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Jan. 03, 2025
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	We finalized the RF Business Acquisition purchase accounting during the fiscal quarter ended January 3, 2025. The following table summarize the final purchase price (in thousands, except shares and closing share price amount): At Acquisition Date as Reported Measurement Period Adjustments At Acquisition Date as Reported Cash purchase consideration $ 72,802 $ — $ 72,802 Number of shares of MACOM common stock issued at closing 711,528 Fair value of shares issued $ 81.14 Equity purchase consideration 57,733 — 57,733 Total purchase consideration $ 130,535 $ — $ 130,535 At Acquisition Date as Reported Measurement Period Adjustments At Acquisition Date as Reported Current assets $ 39 $ — $ 39 Inventory 31,097 649 31,746 Property and equipment 35,415 — 35,415 Intangible assets 42,000 1,800 43,800 Prepayment for net assets associated with the RTP Fab Transfer 16,250 — 16,250 Other non-current assets 5,837 — 5,837 Goodwill 9,967 (859) 9,108 Total assets acquired 140,605 1,590 142,195 Current liabilities 6,882 1,590 8,472 Long-term liabilities 3,188 — 3,188 Total liabilities assumed 10,070 1,590 11,660 Purchase Price $ 130,535 $ — $ 130,535

Investments (Tables)

Investments (Tables)	3 Months Ended
	Jan. 03, 2025
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): January 3, 2025 September 27, 2024 Less than one year $ 258,622 $ 284,479 Over one year 165,198 150,603 Total available-for-sale investments $ 423,820 $ 435,082
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 investment type are summarized in the tables below (in thousands): January 3, 2025 Amortized Gross Gross Aggregate Fair Corporate bonds 302,449 521 (617) 302,353 Commercial paper 69,236 40 (16) 69,260 U.S. Treasuries and agency bonds 52,107 121 (21) 52,207 Total short-term investments $ 423,792 $ 682 $ (654) $ 423,820 September 27, 2024 Amortized Gross Gross Aggregate Fair Certificates of deposit $ 980 $ — $ — $ 980 Corporate bonds 303,296 2,047 (193) 305,150 Commercial paper 73,641 149 — 73,790 U.S. Treasuries and agency bonds 54,931 248 (17) 55,162 Total short-term investments $ 432,848 $ 2,444 $ (210) $ 435,082

FAIR VALUE AND FINANCIAL INST_2

FAIR VALUE AND FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jan. 03, 2025
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): January 3, 2025 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets Money market funds 152,886 152,886 — — U.S. Treasuries and agency bonds $ 52,207 $ 47,208 $ 4,999 $ — Corporate bonds 302,353 — 302,353 — Commercial paper 69,260 — 69,260 — Total assets measured at fair value $ 576,706 $ 200,094 $ 376,612 $ — September 27, 2024 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets Money market funds $ 74,760 $ 74,760 $ — $ — Certificates of deposit 980 980 — — U.S. Treasuries and agency bonds 55,162 50,163 4,999 — Corporate bonds 305,150 — 305,150 — Commercial paper 73,790 — 73,790 — Total assets measured at fair value $ 509,842 $ 125,903 $ 383,939 $ — Liabilities Non-designated foreign currency hedge contracts $ 100 $ — $ 100 $ — Total Liabilities measured at fair value $ 100 $ — $ 100 $ —

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jan. 03, 2025
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following (in thousands): January 3, September 27, Raw materials $ 122,106 $ 121,231 Work-in-process 14,001 12,412 Finished goods 62,275 60,847 Total inventory, net $ 198,382 $ 194,490

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Jan. 03, 2025
Property, Plant and Equipment [Abstract]
Components of Property, Plant and Equipment	Property and equipment consists of the following (in thousands): January 3, September 27, Buildings $ 11,024 $ — Computer equipment 19,968 19,809 Construction in process 17,713 15,179 Finance lease assets 39,743 65,596 Furniture and fixtures 3,550 3,539 Land 12,453 — Leasehold improvements 38,884 38,979 Machinery and equipment 286,852 282,920 Total property and equipment 430,187 426,022 Less accumulated depreciation and amortization (256,077) (250,005) Property and equipment, net $ 174,110 $ 176,017

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jan. 03, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Amortization Expense of Intangible Assets	Amortization expense related to intangible assets is as follows (in thousands): Three Months Ended January 3, December 29, Cost of revenue $ 3,332 $ 1,942 Research and development 2,065 1,044 Selling, general and administrative 3,260 4,798 Total $ 8,657 $ 7,784
Summary of Activity in Intangible Assets and Goodwill	A summary of the activity in gross intangible assets as of January 3, 2025 and September 27, 2024 is as follows (in thousands): January 3, 2025 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 34,374 $ (9,106) $ 25,268 Customer relationships 190,138 (152,306) 37,832 Favorable contract 14,500 (9,102) 5,398 Software licenses 22,900 (6,919) 15,981 Trade name (1) 5,200 (486) 4,714 Balance as of January 3, 2025 (2) $ 267,112 $ (177,919) $ 89,193 September 27, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 33,226 $ (7,320) $ 25,906 Customer relationships 180,214 (149,206) 31,008 Favorable contract 14,500 (7,620) 6,880 Software licenses 12,292 (4,775) 7,517 Trade name (1) 5,200 (423) 4,777 Balance as of September 27, 2024 (2) $ 245,432 $ (169,344) $ 76,088 (1) Includes an indefinite-lived trade name of $3.4 million that is not amortized. (2) Foreign intangible asset carrying amounts include foreign currency translation adjustments.
Summary of Estimated Amortization of Intangible Assets in Future Fiscal Years	As of January 3, 2025, our estimated amortization of our intangible assets in future fiscal years is as follows (in thousands): 2025 Remaining 2026 2027 2028 2029 Thereafter Total Amortization expense $ 22,018 19,422 15,358 9,197 5,685 14,113 $ 85,793
Schedule of Goodwill	A summary of the changes in goodwill as of January 3, 2025 is as follows (in thousands): January 3, Balance as of September 27, 2024 $ 332,201 Acquired (1) 4,243 Foreign currency translation adjustment (788) Balance as of January 3, 2025 $ 335,656 (1) The acquired balance consists of an increase of $5.1 million related to the ENGIN-IC Acquisition, partially offset by a decrease of $0.9 million related to measurement period adjustments for the RF Business Acquisition. For additional information refer to Note 3 - Acquisitions.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jan. 03, 2025
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 January 3, 2025 and September 27, 2024, (in thousands, except percentages): January 3, 2025 September 27, 2024 Principal Balance Effective Interest Rate Principal Balance Effective Interest Rate 0.25% convertible notes due March 2026 $ 161,151 0.54 % $ 450,000 0.54 % 0.00% convertible notes due December 2029 344,316 0.33 % — Total principal amount outstanding 505,467 450,000 Less: Short-term debt 160,639 — Unamortized discount on deferred financing costs (6,073) (1,719) Total long-term debt $ 338,755 $ 448,281

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jan. 03, 2025
Earnings Per Share [Abstract]
Computation for Basic and Diluted Net Loss Per Share of Common Stock	The following table sets forth the computation for basic and diluted net (loss) income per share of common stock (in thousands, except per share data): Three Months Ended January 3, 2025 December 29, 2023 Numerator: Net (loss) income attributable to common stockholders $ (167,530) $ 12,526 Denominator: Weighted average common shares outstanding-basic 72,780 71,425 Dilutive effect of convertible debt, stock options, restricted stock and restricted stock units (1) — 861 Weighted average common shares outstanding-diluted 72,780 72,286 Net (loss) income to common stockholders per share-basic: $ (2.30) $ 0.18 Net (loss) income to common stockholders per share-diluted: $ (2.30) $ 0.17

STOCKHOLDERS_ EQUITY AND SHAR_2

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Jan. 03, 2025
Share-Based Payment Arrangement [Abstract]
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 condensed consolidated statements of operations (in thousands): Three Months Ended January 3, December 29, Cost of revenue $ 2,945 $ 1,270 Research and development 11,251 2,765 Selling, general and administrative 11,324 4,622 Total share-based compensation expense $ 25,520 $ 8,657
Summary of Restricted Stock, Restricted Stock Unit and Performance-based Restricted Stock Unit Activity	A summary of RSU and PRSU activity for the three months ended January 3, 2025 is as follows: Number of shares Weighted- Balance as of September 27, 2024 1,634 $ 72.37 Granted 595 $ 127.77 Performance-based adjustment (1) 144 $ 89.82 Vested and released (811) $ 75.48 Forfeited, canceled or expired (60) $ 66.84 Balance as of January 3, 2025 1,502 $ 94.56 (1) The amount shown represents performance adjustments for market-based performance awards. These were granted in prior fiscal years and vested during the three months ended January 3, 2025 based on the Company’s achievement of total stockholder return.
Schedule of Share-Based Payment Award, Market Based Restricted Stock Awards, Valuation Assumptions	The assumptions used to value the awards are as follows: Three Months Ended January 3, Grant date stock price $ 115.57 Average stock price at the start of the performance period $ 103.09 Risk free interest rate 4.0% Years to maturity 2.9 Expected volatility rate 39.2% Expected dividend yield —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Jan. 03, 2025
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes and Effective Income Tax Rate	The provision for income taxes and effective income tax rate are as follows (in thousands, except percentages): Three Months Ended January 3, December 29, Income tax (benefit) expense $ (2,407) $ 2,750 Effective income tax rate 1.4 % 18.0 %

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Jan. 03, 2025
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information Regarding Non-cash Investing and Financing Activities	The following is a summary of supplemental cash flow information for the periods presented (in thousands): Three Months Ended January 3, December 29, Cash paid for interest $ 739 $ 722 Cash paid for income taxes $ 1,050 $ 923 Non-cash activities: Issuance of common stock for convertible debt exchange $ 205,915 $ — Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 7,921 $ 6,321 Additions to property and equipment, net included in liabilities $ 607 $ 379 Purchase of software licenses included in liabilities $ 5,578 $ —

GEOGRAPHIC AND SIGNIFICANT CU_2

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Tables)	3 Months Ended
	Jan. 03, 2025
Segment Reporting [Abstract]
Long-lived Assets by Geographic Areas	Information about net property and equipment in different geographic regions is presented below (in thousands): January 3, September 27, United States $ 123,930 $ 123,618 France 32,143 33,934 Other Countries (1) 18,037 18,465 Total $ 174,110 $ 176,017 (1)
Schedule of Revenue by Major Customers by Reporting Segments	The following is a summary of customer concentrations as a percentage of revenue and accounts receivable as of and for the periods presented: Three Months Ended Revenue January 3, December 29, Customer A — % 13 % Customer B 14 % — % Customer C 11 % — % Accounts Receivable January 3, September 27, Customer B 15 % — %

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in operating income	$ 17,527	$ 11,010
Income (loss) per share - Basic (usd per share)	$ (2.30)	$ 0.18
Accounting Estimate Change, Property And Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Depreciation decrease	$ 700
Increase in operating income	$ 700
Income (loss) per share - Basic (usd per share)	$ 0.01

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Sep. 27, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 218,122	$ 157,148
Contract liabilities	4,976		$ 5,281
Increase (decrease) in contract with customer liability	(305)
Amounts included in contract liabilities at the beginning of the period	$ 900
Net change in contract liabilities (percentage)	(6.00%)
Industrial & Defense
Disaggregation of Revenue [Line Items]
Revenue	$ 65,284	49,512
Data Center
Disaggregation of Revenue [Line Items]
Revenue	55,438	30,638
Telecom
Disaggregation of Revenue [Line Items]
Revenue	97,400	76,998
United States
Disaggregation of Revenue [Line Items]
Revenue	97,272	69,645
China
Disaggregation of Revenue [Line Items]
Revenue	62,728	36,348
Asia Pacific, excluding China
Disaggregation of Revenue [Line Items]
Revenue	20,538	14,008
Cayman Islands
Disaggregation of Revenue [Line Items]
Revenue	11,963	18,600
Other Countries
Disaggregation of Revenue [Line Items]
Revenue	$ 25,621	$ 18,547

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands					3 Months Ended
	Nov. 05, 2024 USD ($)	Sep. 27, 2024 USD ($)	Dec. 29, 2023 USD ($)	Dec. 02, 2023 USD ($) shares	Jan. 03, 2025 USD ($)	Dec. 29, 2023 USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired					$ 12,474	$ 75,000
Goodwill		$ 332,201			335,656
ENGIN-IC, Inc.
Business Acquisition [Line Items]
Cash consideration	$ 14,200
Payments to Acquire Businesses, Net of Cash Acquired	12,500
Cash Acquired in Excess of Payments to Acquire Business	200
Business Combination, Contingent Consideration, Liability	1,500
Intangible assets	9,700
Goodwill	$ 5,100
RF Business of Wolfspeed, Inc
Business Acquisition [Line Items]
Cash consideration		130,535			130,535
Intangible assets		42,000			43,800
Goodwill		9,967			9,108
Cash purchase consideration		72,802		$ 75,000	72,802
Acquisition, number of shares issued (in shares) | shares				711,528
Equity purchase consideration		57,733	$ 60,800		57,733
Transaction costs					7,100
Percent of share consideration forfeited (as a percent)				0.25
Measurement adjustment, Intangibles					(1,800)
Measurement adjustment, inventory					649
Measurement adjustment, Current Liabilities					1,590
Intangible Asset and Inventory Step Up Amortization					400
Prepayment for net assets associated with the RTP Fab Transfer		$ 16,250			16,250
Upfront payment for net assets assumed, fair value					10,400
Pro forma revenue						$ 184,000
RF Business of Wolfspeed, Inc | Customer relationships
Business Acquisition [Line Items]
Intangible assets					$ 8,300
Useful life of intangible assets (in years)					8 years 9 months 18 days
RF Business of Wolfspeed, Inc | Technology
Business Acquisition [Line Items]
Intangible assets					$ 21,000
Useful life of intangible assets (in years)					4 years 9 months 18 days
RF Business of Wolfspeed, Inc | Favorable Contracts
Business Acquisition [Line Items]
Intangible assets					$ 14,500
Useful life of intangible assets (in years)					2 years

ACQUISITIONS - Assets and Liabi

ACQUISITIONS - Assets and Liabilities Assumed (Details) $ in Thousands	Nov. 05, 2024 USD ($)
ENGIN-IC, Inc.
Business Acquisition [Line Items]
Intangible assets	$ 9,700

ACQUISITIONS - RF Business of W

ACQUISITIONS - RF Business of Wolfspeed, Inc. - Purchase Price Adjustments (Details) - RF Business of Wolfspeed, Inc - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Sep. 27, 2024	Dec. 29, 2023	Dec. 02, 2023	Jan. 03, 2025
Business Acquisition [Line Items]
Acquisition, number of shares issued (in shares)			711,528
Share price of common stock (in dollars per share)			$ 81.14
Cash purchase consideration	$ 72,802		$ 75,000	$ 72,802
Equity purchase consideration	57,733	$ 60,800		57,733
Total purchase consideration	$ 130,535			130,535
Measurement adjustments, cash purchase consideration				0
Measurement adjustments, Equity purchase consideration				0
Measurement adjustments, total purchase consideration				$ 0

ACQUISITIONS - Summary of Purch

ACQUISITIONS - Summary of Purchase Price For Acquisition, Allocations (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2025	Sep. 27, 2024
Business Acquisition [Line Items]
Goodwill	$ 335,656	$ 332,201
Measurement adjustment, goodwill	4,243
RF Business of Wolfspeed, Inc
Business Acquisition [Line Items]
Current assets	39	39
Inventory	31,746	31,097
Property and equipment	35,415	35,415
Intangible assets	43,800	42,000
Prepayment for net assets associated with the RTP Fab Transfer	16,250	16,250
Other non-current assets	5,837	5,837
Goodwill	9,108	9,967
Total assets acquired	142,195	140,605
Current liabilities	8,472	6,882
Long-term liabilities	3,188	3,188
Total liabilities assumed	11,660	10,070
Purchase Price	130,535	$ 130,535
Measurement adjustment, inventory	649
Measurement adjustment, Intangibles	1,800
Measurement adjustment, goodwill	(859)
Measurement adjustment, Assets	1,590
Measurement adjustment, Current Liabilities	1,590
Measurement adjustment, Liabilities	1,590
Measurement adjustments, total purchase consideration	$ 0

INVESTMENTS - Summary of Availa

INVESTMENTS - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 423,792	$ 432,848
Gross Unrealized Holding Gains	682	2,444
Gross Unrealized Holding Losses	654	210
Aggregate Fair Value	423,820	435,082
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		980
Gross Unrealized Holding Gains		0
Gross Unrealized Holding Losses		0
Aggregate Fair Value		980
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	302,449	303,296
Gross Unrealized Holding Gains	521	2,047
Gross Unrealized Holding Losses	617	193
Aggregate Fair Value	302,353	305,150
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	69,236	73,641
Gross Unrealized Holding Gains	40	149
Gross Unrealized Holding Losses	16	0
Aggregate Fair Value	69,260	73,790
U.S. Treasuries and agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,107	54,931
Gross Unrealized Holding Gains	121	248
Gross Unrealized Holding Losses	21	17
Aggregate Fair Value	$ 52,207	$ 55,162

INVESTMENTS - Summary of Contra

INVESTMENTS - Summary of Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Investments, Debt and Equity Securities [Abstract]
Less than one year	$ 258,622	$ 284,479
Over one year	165,198	150,603
Total available-for-sale investments	$ 423,820	$ 435,082

FAIR VALUE AND FINANCIAL INST_3

FAIR VALUE AND FINANCIAL INSTRUMENTS - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-designated foreign currency hedge contracts		$ 100
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 576,706	509,842
Non-designated foreign currency hedge contracts		100
Total liabilities measured at fair value		100
Fair Value, Measurements, Recurring | U.S. Treasuries and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	52,207	55,162
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	302,353	305,150
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	152,886	74,760
Fair Value, Measurements, Recurring | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		980
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	69,260	73,790
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	200,094	125,903
Non-designated foreign currency hedge contracts		0
Total liabilities measured at fair value		0
Fair Value, Measurements, Recurring | Active Markets for Identical Assets (Level 1) | U.S. Treasuries and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	47,208	50,163
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	152,886	74,760
Fair Value, Measurements, Recurring | Active Markets for Identical Assets (Level 1) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		980
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	376,612	383,939
Non-designated foreign currency hedge contracts		100
Total liabilities measured at fair value		100
Fair Value, Measurements, Recurring | Observable Inputs (Level 2) | U.S. Treasuries and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	4,999	4,999
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	302,353	305,150
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) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		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	69,260	73,790
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
Non-designated foreign currency hedge contracts		0
Total liabilities measured at fair value		0
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | U.S. Treasuries and agency 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) | 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) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		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 AND FINANCIAL INST_4

FAIR VALUE AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Jan. 03, 2025	Sep. 27, 2024
Fair Value Disclosures [Abstract]
Derivative, Notional Amount	$ 37.3	$ 34.4
Non-designated foreign currency hedge contracts		$ 0.1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 122,106	$ 121,231
Work-in-process	14,001	12,412
Finished goods	62,275	60,847
Total inventory, net	$ 198,382	$ 194,490

PROPERTY AND EQUIPMENT - Compon

PROPERTY AND EQUIPMENT - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 430,187	$ 426,022
Less accumulated depreciation and amortization	(256,077)	(250,005)
Property and equipment, net	174,110	176,017
Building
Property, Plant and Equipment [Line Items]
Total property and equipment	11,024	0
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	19,968	19,809
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	17,713	15,179
Finance lease assets
Property, Plant and Equipment [Line Items]
Total property and equipment	39,743	65,596
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	3,550	3,539
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	12,453	0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	38,884	38,979
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 286,852	$ 282,920

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Sep. 27, 2024
Property, Plant and Equipment [Line Items]
Grants Receivable	$ 4.6		$ 5.2
Depreciation and amortization expense	7.3	$ 6.5
Accumulated amortization on finance lease assets	$ 9.8		$ 10.2

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Total	$ 8,657	$ 7,784
Net Carrying Amount	85,793
Cost of Revenue
Finite-Lived Intangible Assets [Line Items]
Total	3,332	1,942
Research and Development
Finite-Lived Intangible Assets [Line Items]
Total	2,065	1,044
Selling, General and Administrative
Finite-Lived Intangible Assets [Line Items]
Total	$ 3,260	$ 4,798

INTANGIBLE ASSETS - Summary o_2

INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 267,112	$ 245,432
Intangible assets, net	89,193	76,088
Intangible assets	267,112	245,432
Accumulated Amortization	(177,919)	(169,344)
Intangible assets, total	89,193	76,088
Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible assets	5,200	5,200
Intangible assets, net	4,714	4,777
Intangible assets	5,200	5,200
Accumulated Amortization	(486)	(423)
Intangible assets, total	4,714	4,777
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	34,374	33,226
Accumulated Amortization	(9,106)	(7,320)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	190,138	180,214
Accumulated Amortization	$ (152,306)	$ (149,206)

INTANGIBLE ASSETS - Summary o_3

INTANGIBLE ASSETS - Summary of Activity in Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (177,919)	$ (169,344)
Total	85,793
Intangible assets	267,112	245,432
Intangible assets, total	89,193	76,088
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(486)	(423)
Intangible assets	5,200	5,200
Intangible assets, total	4,714	4,777
Indefinite lived intangible assets	3,400	3,400
Acquired technology
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	34,374	33,226
Accumulated Amortization	(9,106)	(7,320)
Total	25,268	25,906
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	190,138	180,214
Accumulated Amortization	(152,306)	(149,206)
Total	37,832	31,008
Favorable Contracts
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	14,500	14,500
Accumulated Amortization	(9,102)	(7,620)
Total	5,398	6,880
Internal Use Software
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	22,900	12,292
Accumulated Amortization	(6,919)	(4,775)
Total	$ 15,981	$ 7,517

INTANGIBLE ASSETS - Summary o_4

INTANGIBLE ASSETS - Summary of Estimated Amortization of Intangible Assets (Details) $ in Thousands	Jan. 03, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025 Remaining	$ 22,018
2022	19,422
2023	15,358
2024	9,197
2025	5,685
Thereafter	14,113
Total	$ 85,793

INTANGIBLE ASSETS - Goodwill (D

INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	3 Months Ended
	Jan. 03, 2025 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 332,201
Measurement adjustment, goodwill reduction	(4,243)
Foreign currency translation adjustment	(788)
Balance at end of period	335,656
ENGIN-IC, Inc.
Business Acquisition [Line Items]
Goodwill, Period Increase (Decrease)	5,100
RF Business of Wolfspeed, Inc
Goodwill [Roll Forward]
Balance at beginning of period	9,967
Measurement adjustment, goodwill reduction	859
Balance at end of period	9,108
Business Acquisition [Line Items]
Goodwill, Period Increase (Decrease)	$ (900)

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 177,919	$ 169,344
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	9,106	7,320
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 152,306	$ 149,206

Debt - Schedule of Remaining Ou

Debt - Schedule of Remaining Outstanding Balances on Term Loans (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024	Mar. 25, 2021
Principal Balance
Long-term debt	$ 505,467	$ 450,000
Less: Short-term debt	160,639	0
Unamortized discount on deferred financing costs	(6,073)	(1,719)
Long-term debt	338,755	448,281
Convertible Senior Notes Due 2026 | Convertible Notes Payable
Debt Instrument [Line Items]
Stated rate			0.25%
Principal Balance
Long-term debt	$ 161,151	$ 450,000
Effective Interest Rate
Effective interest rate	0.54%	0.54%
2029 Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Stated rate			0%
Principal Balance
Long-term debt	$ 344,316
Effective Interest Rate
Effective interest rate	0.33%

Debt - Additional Information (

Debt - Additional Information (Details)			3 Months Ended
	Dec. 19, 2024 USD ($) $ / shares shares	Mar. 25, 2021 USD ($) tradingDay day $ / shares	Jan. 03, 2025 USD ($)	Dec. 29, 2023 USD ($)	Sep. 27, 2024 USD ($)	Apr. 06, 2021 USD ($)
Debt Instrument [Line Items]
Debt Conversion, Converted Instrument, Amount			$ 205,915,000	$ 0
Loss on extinguishment of debt			193,098,000	0
Long-term debt, remaining balance			505,467,000		$ 450,000,000
Convertible Senior Notes Due 2026 | Convertible Notes Payable
Debt Instrument [Line Items]
Stated rate		0.25%
Principle amount		$ 400,000,000				$ 50,000,000
Debt Conversion, Converted Instrument, Amount	$ 288,800,000
Long-term debt, remaining balance			161,151,000		450,000,000
Debt Instrument, Convertible, Conversion Ratio		0.0121767
Conversion price (in USD per share) | $ / shares		$ 82,120,000
Redemption price percentage		100%
Interest expense debt			300,000	$ 300,000
Long-Term Debt, Fair Value			267,500,000		$ 640,600,000
Convertible Senior Notes Due 2026 | Convertible Notes Payable | Conversion Period One
Debt Instrument [Line Items]
Convertible threshold trading days | tradingDay		20,000,000
Threshold consecutive trading days | tradingDay		30,000,000
Convertible Senior Notes Due 2026 | Convertible Notes Payable | Conversion Period Two
Debt Instrument [Line Items]
Convertible threshold trading days | day		5
Threshold consecutive trading days | tradingDay		5
Convertible Senior Notes Due 2026 | Convertible Notes Payable | Conversion Price | Conversion Period One
Debt Instrument [Line Items]
Convertible threshold percentage of stock price trigger		130%
Convertible Senior Notes Due 2026 | Convertible Notes Payable | Principal Trading Price | Conversion Period Two
Debt Instrument [Line Items]
Convertible threshold percentage of stock price trigger		98%
2029 Convertible Notes
Debt Instrument [Line Items]
Long-Term Debt, Fair Value			351,300,000
2029 Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Stated rate		0%
Principle amount	$ 257,700,000	$ 344,300,000
Debt Conversion, Converted Instrument, Shares Issued | shares	1,582,958
Debt Instrument, Convertible, Liquidation Preference, Per Share | $ / shares	$ 0.001
Issuance of common stock for convertible debt exchange	$ 205,900,000
Debt Conversion, Converted Instrument, Cash Amount	17,600,000
Loss on extinguishment of debt	$ 193,100,000
Long-term debt, remaining balance			344,316,000
Debt Instrument, Convertible, Conversion Ratio	0.0057463
Conversion price (in USD per share) | $ / shares		$ 174.03
Future minimum principal payments			$ 0
2029 Convertible Notes | Convertible Notes Payable | Conversion Period One
Debt Instrument [Line Items]
Convertible threshold trading days | tradingDay		20
Threshold consecutive trading days | tradingDay		30
2029 Convertible Notes | Convertible Notes Payable | Conversion Period Two
Debt Instrument [Line Items]
Convertible threshold trading days | day		5
Threshold consecutive trading days | tradingDay		5
2029 Convertible Notes | Convertible Notes Payable | Conversion Price | Conversion Period One
Debt Instrument [Line Items]
Convertible threshold percentage of stock price trigger		130%
2029 Convertible Notes | Convertible Notes Payable | Principal Trading Price | Conversion Period Two
Debt Instrument [Line Items]
Convertible threshold percentage of stock price trigger		98%
Private Placement of 2029 Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Principle amount	$ 86,600,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	Jan. 03, 2025 $ / shares shares
Equity [Abstract]
Preferred stock, shares authorized | shares	10,000,000
Preferred stock, par value (in usd per share) | $ / shares	$ 0.001
Common stock, shares authorized | shares	300,000,000
Common stock, par value (in usd per share) | $ / shares	$ 0.001

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Numerator:
Net (loss) income attributable to common stockholders	$ (167,530)	$ 12,526
Denominator:
Weighted average common shares outstanding-basic	72,780,000	71,425,000
Dilutive effect of options and warrants (in shares)	0	861,000
Weighted average common shares outstanding-diluted	72,780,000	72,286,000
Income (loss) per share - Basic (usd per share)	$ (2.30)	$ 0.18
Income (loss) per share - Diluted (usd per share)	$ (2.30)	$ 0.17
Convertible Senior Notes Due 2026
Denominator:
Dilutive effect, potential common shares (in shares)	2,914,956	112,021
Conversion Premium 2026 Convertible Notes
Denominator:
Dilutive effect, potential common shares (in shares)	1,696,940

STOCKHOLDERS_ EQUITY AND SHAR_3

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 03, 2025 USD ($) $ / shares shares	Dec. 29, 2023 USD ($)	Sep. 27, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 25,520	$ 8,657
Compensation cost not yet recognized	$ 120,900
Unrecognized compensation cost period for recognition	2 years 2 months 12 days
Share-based compensation expense	$ 25,520	8,657
Years to maturity	3 years
Aggregate intrinsic value stock options outstanding	$ 600	300
Number of stock options outstanding (in shares) | shares	5,000
Weighted average exercise price per share (in dollars per share) | $ / shares	$ 16.06
Weighted average remaining contractual term options outstanding	10 months 2 days
Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of outstanding awards	$ 5,900		$ 6,800
Employee-related Liabilities	2,500		$ 4,600
Share-based compensation	$ 1,500	500
Restricted Stock Restricted Stock Units And Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vested (in shares) | shares	811,000
Vested in period fair value	$ 106,700	$ 33,300
Granted (in shares) | shares	595,000
Granted (in usd per share) | $ / shares	$ 127.77
Shares forfeited (in shares) | shares	60,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Years to maturity	2 years 10 months 24 days
Market Based Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	106,166
Granted (in usd per share) | $ / shares	$ 168.01
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options granted	4 years
Percentage of number of shares earned by recipients (as a percent)	0
Minimum | Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Minimum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options granted	7 years
Percentage of number of shares earned by recipients (as a percent)	2
Maximum | Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Maximum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
2012 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares) | shares	3,200,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares) | shares	1,100,000
Unrecognized compensation cost	$ 1,500

STOCKHOLDERS_ EQUITY AND SHAR_4

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Effects of Stock-Based Compensation Expense Related to Stock-Based Awards to Employees and Non-Employees (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 25,520	$ 8,657
Cost of Revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,945	1,270
Research and Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	11,251	2,765
Selling, General and Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 11,324	$ 4,622

STOCKHOLDERS_ EQUITY AND SHAR_5

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Summary of Restricted Stock, Restricted Stock Unit and Performance-based Restricted Stock Unit Activity (Details) - Restricted Stock Restricted Stock Units And Performance Based Restricted Stock Units shares in Thousands	3 Months Ended
	Jan. 03, 2025 $ / shares shares
Number of shares (in thousands)
Balance at beginning of period (in shares) | shares	1,634
Granted (in shares) | shares	595
Vested and released (in shares) | shares	(811)
Performance-based adjustment (in shares) | shares	144
Forfeited, canceled or expired (in shares) | shares	(60)
Balance at end of period (in shares) | shares	1,502
Weighted- Average Grant Date Fair Value
Balance at beginning of period (in usd per share) | $ / shares	$ 72.37
Granted (in usd per share) | $ / shares	127.77
Vested and released (in usd per share) | $ / shares	75.48
Performance-based adjustment (in usd per share) | $ / shares	89.82
Forfeited, canceled or expired (in usd per share) | $ / shares	66.84
Balance at end of period (in usd per share) | $ / shares	$ 94.56

STOCKHOLDERS_ EQUITY AND SHAR_6

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Fair Value of Market-Based PRSUs (Details)	3 Months Ended
	Jan. 03, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Years to maturity	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date stock price	$ 115.57
Average stock price at the start of the performance period	$ 103.09
Risk free interest rate	4%
Years to maturity	2 years 10 months 24 days
Expected volatility rate	39.20%
Expected dividend yield	0%

STOCKHOLDERS_ EQUITY AND SHAR_7

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Number of Shares
Ending Balance Stock options outstanding (in shares)	5,000
Weighted-Average Exercise Price per Share
Ending Balance weighted-average exercise price per share (in usd per share)	$ 16.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term options outstanding	10 months 2 days
Aggregate intrinsic value stock options outstanding	$ 600	$ 300

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Sep. 27, 2024
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (2,407,000)	$ 2,750,000
Effective income tax rate	1.40%	18%
Effective tax rate	21%
Foreign withholding tax expense		$ 1,000,000
Unrecognized tax benefit	$ 0		$ 0

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information Regarding Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 739	$ 722
Cash paid for income taxes	1,050	923
Debt Conversion, Converted Instrument, Amount	205,915	0
Operating lease right-of-use assets obtained in exchange for new lease liabilities	7,921	6,321
Additions to property and equipment, net included in liabilities	607	379
Purchase of software licenses included in liabilities	$ 5,578	$ 0

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Business Acquisition [Line Items]
Operating lease right-of-use assets obtained in exchange for new lease liabilities	$ 7,921	$ 6,321
RF Business of Wolfspeed, Inc
Business Acquisition [Line Items]
Operating lease right-of-use assets obtained in exchange for new lease liabilities		$ 5,600

GEOGRAPHIC AND SIGNIFICANT CU_3

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION - Additional Information (Details) - segment	3 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Revenue from External Customer [Line Items]
Number of reportable operating segment	1
Top Ten Customers | Revenue | Customer Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk, percentage	60%	57%

GEOGRAPHIC AND SIGNIFICANT CU_4

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION - Summary of Different Geographic Regions (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Sep. 27, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 174,110	$ 176,017
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	123,930	123,618
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	32,143	33,934
Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 18,037	$ 18,465

GEOGRAPHIC AND SIGNIFICANT CU_5

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION - Summary of Customer Concentrations as Percentage of Revenue and Accounts Receivable (Details) - Customer Concentration Risk	3 Months Ended
	Jan. 03, 2025	Sep. 27, 2024	Dec. 29, 2023
Revenue | Customer A
Revenue from External Customer [Line Items]
Concentration risk, percentage	0%		13%
Revenue | Customer B
Revenue from External Customer [Line Items]
Concentration risk, percentage	14%		0%
Revenue | Customer C
Revenue from External Customer [Line Items]
Concentration risk, percentage	11%		0%
Accounts Receivable | Customer B
Revenue from External Customer [Line Items]
Concentration risk, percentage	15%	0%