0001493594-23-000057 | 10-Q | XBRL Viewer | Macom Technology Solutions Holdings INC

Property, Plant and Equipment (Tables)

9 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment

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


	June 30, 2023		September 30, 2022
Construction in process	$	8,502	$	10,837
Machinery and equipment	237,856		227,844
Leasehold improvements	35,359		35,651
Furniture and fixtures	3,017		2,535
Computer equipment and software	18,014		18,347
Finance lease assets	68,858		34,417
Total property and equipment	371,606		329,631
Less accumulated depreciation and amortization	(216,230)		(205,930)
Property and equipment, net	$	155,376	$	123,701

Intangible Assets

9 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

Amortization expense related to intangible assets is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Cost of revenue	$	1,131	$	1,779	$	3,028	$	6,062
Selling, general and administrative	5,976		6,276		17,644		19,334
Total	$	7,107	$	8,055	$	20,672	$	25,396

Intangible assets consist of the following (in thousands):


	June 30, 2023		September 30, 2022
Acquired technology	$	191,550	$	179,434
Customer relationships	267,660		245,870
Trade name (1)	5,200		3,400
Total	464,410		428,704
Less accumulated amortization	(398,122)		(377,450)
Intangible assets — net	$	66,288	$	51,254

(1) Includes an indefinite-lived trade name of $3.4 million that is not amortized.

A summary of the activity in gross intangible assets and goodwill is as follows (in thousands):


	Intangible Assets
	Total Intangible Assets		Acquired Technology		Customer Relationships		Trade Name		Goodwill
Balance as of September 30, 2022	$	428,704	$	179,434	$	245,870	$	3,400	$	311,417
Acquired	35,566		12,001		21,765		1,800		12,333
Currency translation adjustment	140		115		25		—		(16)

Balance as of June 30, 2023	$	464,410	$	191,550	$	267,660	$	5,200	$	323,734

As of June 30, 2023, our estimated amortization of our intangible assets in future fiscal years was as follows (in thousands):


	2023 Remaining		2024	2025	2026	2027	Thereafter	Total
Amortization expense	$	7,433	19,376	8,114	7,130	6,573	14,262	$	62,888

Accumulated amortization for acquired technology and customer relationships were $178.2 million and $219.8 million, respectively, as of June 30, 2023, and $175.2 million and $202.3 million, respectively, as of September 30, 2022.

Supplemental Cash Flow Information - Additional Information (Details) $ in Millions	Jul. 01, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capitalized Costs, Uncompleted Wells, Equipment and Facilities	$ 0.9

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 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 30, 2022 is as reported in our audited consolidated financial statements as of that date. Our accounting policies are described in the notes to our September 30, 2022 consolidated financial statements, which were included in our Annual Report on Form 10-K for our fiscal year ended September 30, 2022 filed with the SEC on November 14, 2022 (the “2022 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 2022 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. In the condensed consolidated financial statements, certain balances have been reclassified to conform to the current year presentation. We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal years 2023 and 2022 each include 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. 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; goodwill and intangible asset valuation; share-based compensation valuations and income taxes. Recent Accounting Pronouncements—Our Recent Accounting Pronouncements are described in our 2022 Annual Report on Form 10-K. Pronouncements for Adoption in Subsequent Periods The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, amended by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance in this update was effective upon its issuance. If elected, the guidance is to be applied prospectively through December 31, 2024. We do not expect to adopt this standard in relation to our Credit Agreement (defined below), and, therefore, we do not expect this standard to have a material effect on our financial position or results of operations. For additional information regarding our Credit Agreement, refer to Note 9 - Debt.

Debt - Schedule of Remaining Outstanding Balances on Term Loans (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Principal Balance
Long-term debt	$ 570,766	$ 570,766
Less: Current portion of long-term debt	120,307	0
Long-term debt, less current portion	446,848	565,920
Term Loans
Principal Balance
Less: Current portion of long-term debt	$ 120,307	0
Long-term Debt
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Principal Balance
Long-term debt	$ 120,766	120,766
Unamortized discount on term loans and deferred financing costs	$ (3,611)	$ (4,846)
Effective Interest Rate
Effective interest rate	7.40%	4.77%
Convertible Debt
Principal Balance
Long-term debt	$ 450,000	$ 450,000
Effective Interest Rate
Effective interest rate	0.54%	0.54%

Acquisitions - Summary of Purchase Price For Acquisition, Allocations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Goodwill	$ 323,734	$ 311,417
Linearizer Technology, Inc.
Business Acquisition [Line Items]
Current assets	2,819
Inventory	8,907
Property and equipment	5,485
Intangible assets	29,600
Goodwill	12,332
Total assets acquired	59,143
Current liabilities	7,544
Total liabilities assumed	7,544
Purchase Price	51,599
OMMIC SAS
Business Acquisition [Line Items]
Current assets	297
Inventory	3,790
Property and equipment	30,538
Intangible assets	5,966
Total assets acquired	40,591
Current liabilities	3,734
Total liabilities assumed	3,734
Purchase Price	$ 36,857

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 7,768,000	$ 2,937,000	$ 29,039,000	$ 5,962,000
Effective income tax rate	39.60%	8.40%	30.20%	2.90%
Effective tax rate			21.00%
Unrecognized tax benefit	$ 0		$ 0		$ 0
Effective Income Tax Rate Reconciliation, GILTI, Percent			16.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stockholders' Equity - Additional Information (Details)	Jun. 30, 2023 $ / 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

Intangible Assets (Tables)

9 Months Ended

Jun. 30, 2023

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				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Cost of revenue	$	1,131	$	1,779	$	3,028	$	6,062
Selling, general and administrative	5,976		6,276		17,644		19,334
Total	$	7,107	$	8,055	$	20,672	$	25,396

Summary of Intangible Assets

Intangible assets consist of the following (in thousands):


	June 30, 2023		September 30, 2022
Acquired technology	$	191,550	$	179,434
Customer relationships	267,660		245,870
Trade name (1)	5,200		3,400
Total	464,410		428,704
Less accumulated amortization	(398,122)		(377,450)
Intangible assets — net	$	66,288	$	51,254

Summary of Activity in Intangible Assets and Goodwill

A summary of the activity in gross intangible assets and goodwill is as follows (in thousands):


	Intangible Assets
	Total Intangible Assets		Acquired Technology		Customer Relationships		Trade Name		Goodwill
Balance as of September 30, 2022	$	428,704	$	179,434	$	245,870	$	3,400	$	311,417
Acquired	35,566		12,001		21,765		1,800		12,333
Currency translation adjustment	140		115		25		—		(16)

Balance as of June 30, 2023	$	464,410	$	191,550	$	267,660	$	5,200	$	323,734

Summary of Estimated Amortization of Intangible Assets in Future Fiscal Years

As of June 30, 2023, our estimated amortization of our intangible assets in future fiscal years was as follows (in thousands):


	2023 Remaining		2024	2025	2026	2027	Thereafter	Total
Amortization expense	$	7,433	19,376	8,114	7,130	6,573	14,262	$	62,888

Geographic and Significant Customer Information - Additional Information (Details) - segment	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Revenue from External Customer [Line Items]
Number of reportable operating segment			1
Top Ten Customers \| Revenue Benchmark [Member] \| Customer Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk, percentage	44.00%	51.00%	47.00%	47.00%
Customer -A- [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk, percentage		11.00%

Income Taxes (Tables)

9 Months Ended

Jun. 30, 2023

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						Nine Months Ended
	June 30, 2023			July 1, 2022			June 30, 2023			July 1, 2022
Income tax expense	$	7,768		$	2,937		$	29,039		$	5,962
Effective income tax rate	39.6		%	8.4		%	30.2		%	2.9		%

Geographic and Significant Customer Information - Summary of Different Geographic Regions (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 155,376	$ 123,701
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	116,993	108,569
Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	6,454	14,357
FRANCE
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 31,929	$ 775

Financing Obligation

9 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Financing Obligation

FINANCING 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. These systems are expected to reduce our consumption of energy while delivering sustainable, resilient energy for heating and cooling. We do not own these systems; however, we control the use of the assets during operation. As of June 30, 2023 and September 30, 2022, the net book value of the systems in Property and equipment, net was $9.0 million and $9.8 million, respectively, and the corresponding liability was $9.6 million and $9.8 million, respectively, primarily classified in Financing obligation on our condensed consolidated balance sheet. The financing obligation was calculated based on future fixed payments allocated to the power generator of $16.8 million over the 15-year term, discounted at an implied discount rate of 7.4%, and the remaining future minimum payments are for power purchases. In total, we have $27.2 million in fixed payments associated with the power purchase agreement, which has a 15-year term.

As of June 30, 2023, expected future minimum payments for the financing obligation were as follows (in thousands):


Fiscal year ending:	Amount
2023	$	235
2024	958
2025	982
2026	1,007
2027	1,031
Thereafter	11,914
Total payments	$	16,127
Less: interest	6,509
Present value of liabilities	$	9,618

Financing Obligation (Details) - USD ($) $ in Thousands	9 Months Ended
Financing Obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Long-term Purchase Commitment [Line Items]
Property and equipment, net capitalized	$ 9,000	$ 9,800
Financing obligation for property, plant and equipment	9,600	$ 9,800
Future fixed payment	$ 16,800
Power generator life term	15 years
Implied discount rate	7.40%
2023	$ 235
Purchase Commitment
Long-term Purchase Commitment [Line Items]
Fixed payments	$ 27,200

Geographic and Significant Customer Information

9 Months Ended

Jun. 30, 2023

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. In evaluating financial performance and making operating decisions, the CODM primarily uses consolidated metrics. The Company assesses its determination of operating segments at least annually. We continue to evaluate our internal reporting structure and the potential impact of any changes on our segment reporting.

For information 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):


	June 30, 2023		September 30, 2022
United States	$	116,993	$	108,569
France	31,929		775
Other Countries (1)	6,454		14,357
Total	$	155,376	$	123,701

(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.

Customer Concentration

Customer A represented 11% of revenue in the three months ended July 1, 2022. Customer A did not represent more than 10% of revenue for the three and nine months ended June 30, 2023 and nine months ended July 1, 2022. No other customer represented more than 10% of revenue and none of our customers represented more than 10% of accounts receivable in the periods presented in the accompanying condensed consolidated financial statements. For the three and nine months ended June 30, 2023, our top ten customers represented 44% and 47%, respectively, of total revenue, and for the three and nine months ended July 1, 2022, our top ten customers represented 51% and 47%, respectively, of total revenue

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 15
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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-Paragraph 40
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Fair Value

9 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

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 and nine months ended June 30, 2023.

Assets and liabilities measured at fair value on a recurring basis consist of the following (in thousands):


	June 30, 2023
	Fair Value		Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets
Money market funds	$	70,161	$	70,161	$	—	$	—
U.S. Treasury securities	12,112		12,112		—		—
Commercial paper	303,780		—		303,780		—
Corporate bonds	150,180		—		150,180		—
Total assets measured at fair value	$	536,233	$	82,273	$	453,960	$	—


	September 30, 2022
	Fair Value		Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets
Money market funds	$	1,392	$	1,392	$	—	$	—
Commercial paper	324,904		—		324,904		—


Corporate bonds	141,676		—		141,676		—
Total assets measured at fair value	$	467,972	$	1,392	$	466,580	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 5,900	$ 5,900	$ 17,700	$ 17,700
Accumulated depreciation	$ 216,230		$ 216,230		$ 205,930

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	9 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of shares (in thousands)
Balance at beginning of period (in shares) \| shares	1,872
Granted (in shares) \| shares	783
Vested and released (in shares) \| shares	(1,404)
Performance-based adjustment (in shares) \| shares	311
Forfeited, canceled or expired (in shares) \| shares	(62)
Balance at end of period (in shares) \| shares	1,500
Weighted- Average Grant Date Fair Value
Balance at beginning of period (in usd per share) \| $ / shares	$ 40.44
Granted (in usd per share) \| $ / shares	63.19
Vested and released (in usd per share) \| $ / shares	28.23
Performance-based adjustment (in usd per share) \| $ / shares	27.13
Forfeited, canceled or expired (in usd per share) \| $ / shares	49.83
Balance at end of period (in usd per share) \| $ / shares	$ 60.60

Investments

9 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

All investments are short-term in nature and are invested in corporate bonds, commercial paper, and U.S. Treasury securities and are classified as available-for-sale. These corporate bonds, commercial paper and U.S. Treasury securities 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):


	June 30, 2023
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Corporate bonds	$	153,572	$	—	$	(3,392)	$	150,180
Commercial paper	304,204		—		(424)		303,780
U.S. Treasury securities	12,116		—		(4)		12,112
Total short-term investments	$	469,892	$	—	$	(3,820)	$	466,072


	September 30, 2022
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Corporate bonds	$	146,163	$	5	$	(4,492)	$	141,676

Commercial paper	326,318		—		(1,414)		324,904
Total short-term investments	$	472,481	$	5	$	(5,906)	$	466,580

The contractual maturities of available-for-sale investments were as follows (in thousands):


	June 30, 2023		September 30, 2022
Less than one year	$	377,103	$	368,141
Over one year	88,969		98,439
Total available-for-sale investments	$	466,072	$	466,580

We have determined that the gross unrealized losses on available for sale securities as of June 30, 2023 and September 30, 2022 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.

During the three months ended June 30, 2023 and July 1, 2022, Interest income (expense), net included interest income on short-term investments of $6.0 million and $1.3 million, respectively. During the nine months ended June 30, 2023 and July 1, 2022, Interest income (expense), net included interest income on short-term investments of $14.8 million and $2.1 million, respectively.

Other Investments—As of June 30, 2023, we held a non-marketable equity investment in Series B preferred stock of a privately held manufacturing corporation with preferred liquidation rights over other equity shares. As the equity securities do not have a readily determinable fair value and do not qualify for the practical expedient under Accounting Standards Codification 820, Fair Value Measurement, we have elected to account for this investment at cost less any impairment. We evaluate this investment for impairment at each balance sheet date. As of June 30, 2023 and September 30, 2022, the carrying value of this investment was $2.5 million and it was classified as a long-term investment.

On December 23, 2021, we sold our non-controlling investment of less than 10% in the outstanding equity of a private company to one of the other limited liability company members, pursuant to the terms of a previously negotiated call option included in the private company’s limited liability company agreement, as amended and restated (the “LLC Agreement”), in exchange for a predetermined fixed price as set forth in the LLC Agreement of approximately $127.8 million in cash consideration. As of December 23, 2021, the carrying value of this investment was approximately $9.5 million. As a result of this transaction, during the three months ended December 31, 2021, we recorded a gain of $118.2 million in Other (expense) income, net in our condensed consolidated statements of operations. The nine months ended July 1, 2022 includes a gain on the sale of our equity method investment of $118.2 million, and we recorded net losses of $3.3 million associated with such equity method investment.

Intangible Assets - Summary of Activity in Intangible Assets and Goodwill (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets [Roll Forward]
Beginning Balance	$ 428,704
Acquired	35,566
Currency translation adjustment	140
Ending Balance	464,410
Finite-lived Intangible Assets [Roll Forward]
Acquired	35,566
Indefinite Lived Intangible Assets Rollforward [Roll Forward]
Beginning Balance	428,704
Acquired	35,566
Currency translation adjustment	140
Ending Balance	464,410
Goodwill [Roll Forward]
Balance at beginning of period	311,417
Acquired	12,333
Currency translation adjustment	(16)
Balance at end of period	323,734
Developed technology
Goodwill and Intangible Assets [Roll Forward]
Acquired	12,001
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	179,434
Acquired	12,001
Currency translation adjustment	115
Ending Balance	191,550
Indefinite Lived Intangible Assets Rollforward [Roll Forward]
Acquired	12,001
Customer relationships
Goodwill and Intangible Assets [Roll Forward]
Acquired	21,765
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	245,870
Acquired	21,765
Currency translation adjustment	25
Ending Balance	267,660
Indefinite Lived Intangible Assets Rollforward [Roll Forward]
Acquired	21,765
Trade Names
Goodwill and Intangible Assets [Roll Forward]
Ending Balance	3,400
Indefinite Lived Intangible Assets Rollforward [Roll Forward]
Ending Balance	3,400
Trade Names \| Trade Names
Goodwill and Intangible Assets [Roll Forward]
Beginning Balance	3,400
Acquired	1,800
Currency translation adjustment	0
Ending Balance	5,200
Finite-lived Intangible Assets [Roll Forward]
Acquired	1,800
Indefinite Lived Intangible Assets Rollforward [Roll Forward]
Beginning Balance	3,400
Acquired	1,800
Currency translation adjustment	0
Ending Balance	$ 5,200

Fair Value (Tables)

9 Months Ended

Jun. 30, 2023

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):


	June 30, 2023
	Fair Value		Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets
Money market funds	$	70,161	$	70,161	$	—	$	—
U.S. Treasury securities	12,112		12,112		—		—
Commercial paper	303,780		—		303,780		—
Corporate bonds	150,180		—		150,180		—
Total assets measured at fair value	$	536,233	$	82,273	$	453,960	$	—


	September 30, 2022
	Fair Value		Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets
Money market funds	$	1,392	$	1,392	$	—	$	—
Commercial paper	324,904		—		324,904		—


Corporate bonds	141,676		—		141,676		—
Total assets measured at fair value	$	467,972	$	1,392	$	466,580	$	—

Earnings (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Numerator:
Net income	$ 11,853	$ 32,234	$ 67,127	$ 200,619
Net income attributable to common stockholders	$ 11,853	$ 32,234	$ 67,127	$ 200,619
Denominator:
Weighted average common shares outstanding-basic	70,937	69,946	70,739	69,712
Dilutive effect of options and warrants (in shares)	471	1,114	656	1,418
Weighted average common shares outstanding-diluted	71,408	71,060	71,395	71,130

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Revenue

9 Months Ended

Jun. 30, 2023

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				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Revenue by Market:
Telecommunications	$	38,333	$	61,988	$	153,670	$	180,738
Industrial & Defense	83,549		75,509		237,911		215,794
Data Center	26,640		34,762		106,451		100,495
Total	$	148,522	$	172,259	$	498,032	$	497,027


	Three Months Ended				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Revenue by Geographic Region:
United States	$	73,262	$	77,434	$	244,685	$	226,407
China	24,296		47,613		98,776		129,705
Asia Pacific, excluding China (1)	23,400		27,225		72,942		83,756
Other Countries (2)	27,564		19,987		81,629		57,159
Total	$	148,522	$	172,259	$	498,032	$	497,027

(1)Asia Pacific primarily represents Australia, Japan, Malaysia, 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 and Asia Pacific region as presented above.

Contract Balances

We record contract assets or contract liabilities depending on the timing of revenue recognition, billings and cash collections on a contract-by-contract basis. Our contract liabilities primarily relate to deferred revenue, including advanced consideration received from customers for contracts prior to the transfer of control to the customer, and, therefore, revenue is subsequently recognized upon delivery of products and services.

The following table presents the changes in contract liabilities during the nine months ended June 30, 2023 (in thousands, except percentage):


	June 30, 2023		September 30, 2022		$ Change		% Change
Contract liabilities	$	3,600	$	3,916	$	(316)	(8)	%

During the three and nine months ended June 30, 2023, we recognized sales of $0.6 million and $3.5 million, respectively, that were included in the contract liabilities balance as of the beginning of the period. The decrease in contract liabilities during the nine months ended June 30, 2023 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

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 67,127	$ 200,619
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and intangibles amortization	38,415	43,052
Share-based compensation	28,769	30,260
Deferred income taxes	27,431	2,110
Amortization on marketable securities, net	(8,627)	790
Gain on equity method investment, net	0	(114,908)
Other adjustments, net	3,345	406
Change in operating assets and liabilities:
Accounts receivable	(2,387)	(22,024)
Inventories	(12,208)	(27,529)
Prepaid expenses and other assets	(2,923)	897
Accounts payable	(4,135)	14,128
Accrued and other liabilities	(16,607)	(12,657)
Income taxes	(1,637)	1,845
Net cash provided by operating activities	116,563	116,989
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of businesses, net of cash acquired	(87,692)	0
Proceeds from sale of equity method investment	0	127,750
Purchases of property and equipment	(18,890)	(18,818)
Proceeds from sales and maturities of short-term investments	364,116	165,998
Purchases of short-term investments	(352,900)	(386,762)
Proceeds from sale of property and equipment	8,005	23
Net cash used in investing activities	(87,361)	(111,809)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on finance leases and other	(890)	(726)
Proceeds from stock option exercises and employee stock purchases	5,574	8,052
Repurchase of common stock - tax withholdings on equity awards	(32,479)	(35,935)
Net cash used in financing activities	(27,795)	(28,609)
Foreign currency effect on cash	161	(938)
NET CHANGE IN CASH AND CASH EQUIVALENTS	1,568	(24,367)
CASH AND CASH EQUIVALENTS — Beginning of period	119,952	156,537
CASH AND CASH EQUIVALENTS — End of period	$ 121,520	$ 132,170

Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Total	$ 464,410	$ 428,704
Total	464,410	428,704
Less accumulated amortization	(398,122)	(377,450)
Intangible assets — net	66,288	51,254
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	191,550	179,434
Less accumulated amortization	(178,200)	(175,200)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	267,660	245,870
Less accumulated amortization	(219,800)	(202,300)
Trade Names
Finite-Lived Intangible Assets [Line Items]
Total	3,400
Total	3,400
Trade Names \| Trade Names
Finite-Lived Intangible Assets [Line Items]
Total	5,200	3,400
Total	$ 5,200	$ 3,400

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIESFrom 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 and nine months ended June 30, 2023.

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 398,122	$ 377,450
Developed technology
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	178,200	175,200
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 219,800	$ 202,300

Financing Obligations - Summary of Expected Future Minimum Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 235
2024	958
2025	982
2026	1,007
2027	1,031
Thereafter	11,914
Total payments	16,127
Less: interest	6,509
Present value of liabilities	$ 9,618

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 148,522	$ 172,259	$ 498,032	$ 497,027
Contract liabilities	3,600		3,600		$ 3,916
Increase (decrease) in contract with customer liability			(316)
Amounts included in contract liabilities at the beginning of the period	600		$ 3,500
Net change in contract liabilities (percentage)			(8.00%)
Industrial & Defense
Disaggregation of Revenue [Line Items]
Revenue	83,549	75,509
Data Center
Disaggregation of Revenue [Line Items]
Revenue	26,640	34,762
Telecom
Disaggregation of Revenue [Line Items]
Revenue	38,333	61,988
United States
Disaggregation of Revenue [Line Items]
Revenue	73,262	77,434	$ 244,685	226,407
China
Disaggregation of Revenue [Line Items]
Revenue	24,296	47,613	98,776	129,705
Asia Pacific, excluding China
Disaggregation of Revenue [Line Items]
Revenue	23,400	27,225	72,942	83,756
Other Countries
Disaggregation of Revenue [Line Items]
Revenue	$ 27,564	$ 19,987	81,629	57,159
Industrial & Defense
Disaggregation of Revenue [Line Items]
Revenue			237,911	215,794
Data Center
Disaggregation of Revenue [Line Items]
Revenue			106,451	100,495
Telecom
Disaggregation of Revenue [Line Items]
Revenue			$ 153,670	$ 180,738

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Pay vs Performance Disclosure
Net income	$ 11,853	$ 32,234	$ 67,127	$ 200,619

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Inventories

9 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consist of the following (in thousands):


	June 30, 2023		September 30, 2022
Raw materials	$	82,395	$	72,595
Work-in-process	18,317		12,455
Finished goods	38,296		29,910
Total inventory, net	$	139,008	$	114,960

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 11,853	$ 32,234	$ 67,127	$ 200,619
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	(409)	(1,219)	2,971	(4,171)
Foreign currency translation loss, net of tax	(1,041)	(1,742)	(3)	(2,745)
Other comprehensive (loss) income, net of tax	(1,450)	(2,961)	2,968	(6,916)
Total comprehensive income	$ 10,403	$ 29,273	$ 70,095	$ 193,703

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended	9 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	May 31, 2023	Mar. 03, 2023	Jun. 30, 2023	Jun. 30, 2023	Jul. 01, 2022
Business Acquisition [Line Items]
Financing cash flows from finance leases				$ 890	$ 726
Financing lease assets obtained in exchange for new lease liabilities				9,725	$ 0
Trade Names
Business Acquisition [Line Items]
Intangible assets			$ 1,800	$ 1,800
Useful life of intangible assets (in years)			7 years 7 months 6 days	7 years 7 months 6 days
Linearizer Technology, Inc.
Business Acquisition [Line Items]
Cash consideration		$ 51,600
Transaction costs			$ 200	$ 2,100
Intangible assets			29,600	29,600
Option to purchase underlying asset		$ 3,800
Financing cash flows from finance leases				400
Property and equipment			5,485	5,485
Linearizer Technology, Inc. \| Customer relationships
Business Acquisition [Line Items]
Intangible assets			$ 20,700	$ 20,700
Useful life of intangible assets (in years)			8 years 7 months 6 days	8 years 7 months 6 days
Linearizer Technology, Inc. \| Technology
Business Acquisition [Line Items]
Intangible assets			$ 7,100	$ 7,100
Useful life of intangible assets (in years)			7 years 7 months 6 days	7 years 7 months 6 days
OMMIC SAS
Business Acquisition [Line Items]
Cash consideration	$ 36,900
Transaction costs			$ 1,000	$ 2,600
Cumulative transaction costs			3,400	3,400
Intangible assets			5,966	5,966
Property and equipment			30,538	30,538
Financing lease assets obtained in exchange for new lease liabilities				24,700
OMMIC SAS \| Customer relationships
Business Acquisition [Line Items]
Intangible assets			$ 1,100	$ 1,100
Useful life of intangible assets (in years)			8 years 3 months 18 days	8 years 3 months 18 days
OMMIC SAS \| Technology
Business Acquisition [Line Items]
Intangible assets			$ 4,900	$ 4,900
Useful life of intangible assets (in years)			8 years 3 months 18 days	8 years 3 months 18 days

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
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

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 82,395	$ 72,595
Work-in-process	18,317	12,455
Finished goods	38,296	29,910
Total inventory, net	$ 139,008	$ 114,960

Supplemental Cash Flow Information (Tables)

9 Months Ended

Jun. 30, 2023

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):


	Nine Months Ended
	June 30, 2023		July 1, 2022
Cash paid for interest	$	8,140	$	4,332
Cash paid for income taxes	$	2,771	$	1,792
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease liabilities	$	4,434	$	2,367
Finance lease assets obtained in exchange for new lease liabilities	$	9,725	$	—
Additions to property and equipment, net included in liabilities	$	195	$	1,241

Geographic and Significant Customer Information (Tables)

9 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Long-lived Assets by Geographic Areas

Information about net property and equipment in different geographic regions is presented below (in thousands):


	June 30, 2023		September 30, 2022
United States	$	116,993	$	108,569
France	31,929		775
Other Countries (1)	6,454		14,357
Total	$	155,376	$	123,701

(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

Inventories (Tables)

9 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consist of the following (in thousands):


	June 30, 2023		September 30, 2022
Raw materials	$	82,395	$	72,595
Work-in-process	18,317		12,455
Finished goods	38,296		29,910
Total inventory, net	$	139,008	$	114,960

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		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 8,262	$ 10,345	$ 28,769	$ 30,260
Cost of Revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,078	929	3,239	3,035
Research and Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	3,281	3,709	11,255	10,818
Selling, General and Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,903	$ 5,707	$ 14,275	$ 16,407

Acquisitions (Tables)

9 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The purchase price for the Linearizer Acquisition has been allocated based on preliminary estimates of fair values of the acquired assets and assumed liabilities at the date of acquisition as follows (in thousands):


	At Acquisition Date as Reported June 30, 2023

Current assets	$	2,819
Inventory	8,907
Property and equipment	5,485
Intangible assets	29,600
Goodwill	12,332
Total assets acquired	59,143
Current liabilities	7,544
Total liabilities assumed	7,544
Purchase Price	$	51,599

The purchase price for the MESC Acquisition has been allocated based on preliminary estimates of fair values of the acquired assets and assumed liabilities at the date of acquisition as follows (in thousands):


	At Acquisition Date as Reported June 30, 2023

Current assets	$	297
Inventory	3,790
Property and equipment	30,538
Intangible assets	5,966

Total assets acquired	40,591
Current liabilities	3,734
Total liabilities assumed	3,734
Purchase Price	$	36,857

Financing Obligations (Tables)

9 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Financing Obligation, Liability, Fiscal Year Maturity

As of June 30, 2023, expected future minimum payments for the financing obligation were as follows (in thousands):


Fiscal year ending:	Amount
2023	$	235
2024	958
2025	982
2026	1,007
2027	1,031
Thereafter	11,914
Total payments	$	16,127
Less: interest	6,509
Present value of liabilities	$	9,618

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Assets, Current [Abstract]
Cash and cash equivalents	$ 121,520	$ 119,952
Short-term investments	466,072	466,580
Accounts Receivable, after Allowance for Credit Loss, Current	105,893	101,551
Inventories	139,008	114,960
Prepaid and other current assets	19,558	10,040
Total current assets	852,051	813,083
Property and equipment, net	155,376	123,701
Goodwill	323,734	311,417
Intangible assets, net	66,288	51,254
Deferred income taxes	210,675	237,415
Other long-term assets	34,587	34,947
Total assets	1,642,711	1,571,817
Less: Current portion of long-term debt	120,307	0
Current liabilities:
Finance lease liabilities	4,935	1,006
Accounts payable	27,409	30,733
Accrued liabilities	57,986	65,475
Total current liabilities	210,637	97,214
Finance lease liabilities	32,081	27,032
Financing obligation	9,371	9,544
Long-term debt, less current portion	446,848	565,920
Other long-term liabilities	29,066	29,359
Total liabilities	728,003	729,069
Stockholders’ equity:
Common stock	71	70
Treasury stock, at cost	(330)	(330)
Accumulated other comprehensive loss	(2,883)	(5,851)
Additional paid-in capital	1,205,009	1,203,145
Accumulated deficit	(287,159)	(354,286)
Total stockholders’ equity	914,708	842,748
Total liabilities and stockholders' equity	$ 1,642,711	$ 1,571,817

Property, Plant and Equipment

9 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY AND EQUIPMENT

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


	June 30, 2023		September 30, 2022
Construction in process	$	8,502	$	10,837
Machinery and equipment	237,856		227,844
Leasehold improvements	35,359		35,651
Furniture and fixtures	3,017		2,535
Computer equipment and software	18,014		18,347
Finance lease assets	68,858		34,417
Total property and equipment	371,606		329,631
Less accumulated depreciation and amortization	(216,230)		(205,930)
Property and equipment, net	$	155,376	$	123,701

The increase in Finance lease assets between September 30, 2022 and June 30, 2023 is primarily related to a lease acquired as part of the MESC Acquisition. For additional information regarding the MESC Acquisition, refer to Note 3 - Acquisitions.

Depreciation and amortization expense related to property and equipment for the three and nine months ended June 30, 2023 was $5.9 million and $17.7 million, respectively. Depreciation and amortization expense related to property and equipment for the three and nine months ended July 1, 2022 was $5.9 million and $17.7 million, respectively. Accumulated

amortization on finance lease assets as of June 30, 2023 and September 30, 2022 was $7.3 million and $5.8 million, respectively.

Intangible Assets - Summary of Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Finite-Lived Intangible Assets [Line Items]
Total	$ 7,107	$ 8,055	$ 20,672	$ 25,396
Cost of Revenue
Finite-Lived Intangible Assets [Line Items]
Total	1,131	1,779	3,028	6,062
Selling, General and Administrative
Finite-Lived Intangible Assets [Line Items]
Total	$ 5,976	$ 6,276	$ 17,644	$ 19,334

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Aug. 02, 2023 USD ($)	Oct. 02, 2021 USD ($)	Mar. 25, 2021 USD ($) renewal_option d $ / shares	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Sep. 30, 2022 USD ($)	Apr. 06, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, remaining balance				$ 570,766		$ 570,766		$ 570,766
Accumulated deficit				(287,159)		(287,159)		(354,286)
Subsequent Event
Debt Instrument [Line Items]
Repayments of Short-Term Debt	$ 120,800
Interest Payable, Current	$ 100
Accumulated Deficit \| Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Accumulated deficit		$ 7,500
Long-term Debt
Debt Instrument [Line Items]
Principle amount				700,000		$ 700,000
Basis spread on variable rate						2.25%
Long-term debt, remaining balance				120,766		$ 120,766		120,766
Estimated fair value of Term Loans				120,300		120,300		120,200
Unamortized deferred financing costs				300		300
Convertible Notes Green Shoe
Debt Instrument [Line Items]
Principle amount									$ 50,000
Convertible Debt
Debt Instrument [Line Items]
Long-term debt, remaining balance				450,000		450,000		450,000
Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Principle amount			$ 400,000	450,000		450,000
Conversion price (in USD per share) \| $ / shares			$ 82,120,000
Redemption price percentage			100.00%
Equity component of convertible notes, net		72,200
Interest expense debt				300	$ 300	800	$ 900
Future minimum principal payments				0		0
Convertible Senior Notes Due 2026 \| Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Principle amount		73,100
Convertible Senior Notes Due 2026 \| Conversion Period One
Debt Instrument [Line Items]
Convertible threshold trading days \| renewal_option			20,000,000
Threshold consecutive trading days \| renewal_option			30,000,000
Convertible Senior Notes Due 2026 \| Conversion Period Two
Debt Instrument [Line Items]
Convertible threshold trading days \| d			5
Threshold consecutive trading days \| d			5
Convertible Senior Notes Due 2026 \| Conversion Price \| Conversion Period One
Debt Instrument [Line Items]
Convertible threshold percentage of stock price trigger			130.00%
Convertible Senior Notes Due 2026 \| Principal Trading Price \| Conversion Period Two
Debt Instrument [Line Items]
Convertible threshold percentage of stock price trigger			98.00%
Convertible Senior Notes Due 2026 \| Convertible Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate			0.25%
Estimated fair value of Term Loans				448,700		$ 448,700		$ 411,400
Convertible Senior Notes Due 2026 \| Convertible Debt
Debt Instrument [Line Items]
Conversion ratio						0.0121767
Convertible Senior Notes Due 2026 \| Convertible Debt \| Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 900
Term Loans
Debt Instrument [Line Items]
Interest expense debt				$ 2,200	$ 900	$ 6,100	$ 2,400
Fed Funds Effective Rate Overnight Index Swap Rate \| Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate						0.50%
One Month London Interbank Offered Rate (LIBOR) \| Long-term Debt
Debt Instrument [Line Items]
Basis spread on variable rate						1.00%
Minimum \| Base Rate \| Long-term Debt
Debt Instrument [Line Items]
Basis spread on variable rate						1.25%

Share-Based Compensation Share-Based Compensation Plans - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Number of Shares
Ending Balance Stock options outstanding (in shares) \| shares	15,000
Weighted-Average Exercise Price per Share
Ending Balance weighted-average exercise price per share (in usd per share) \| $ / shares	$ 16.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term options outstanding	2 years 4 months 6 days
Aggregate intrinsic value stock options outstanding \| $	$ 700

Income Taxes

9 Months Ended

Jun. 30, 2023

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 current 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 its 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 and 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						Nine Months Ended
	June 30, 2023			July 1, 2022			June 30, 2023			July 1, 2022
Income tax expense	$	7,768		$	2,937		$	29,039		$	5,962
Effective income tax rate	39.6		%	8.4		%	30.2		%	2.9		%

The difference between the U.S. federal statutory income tax rate of 21% and our effective income tax rate for the three and nine months ended June 30, 2023 was primarily driven by tax on global intangible low-taxed income (“GILTI”) including changes to Section 174 requiring the capitalization of certain R&D expenses, resulting in a 16% increase from the statutory income tax rate for both periods, non-deductible compensation and state income taxes partially offset by income taxed in foreign jurisdictions generally at lower tax rates and research and development (“R&D”) tax credits. The difference between the U.S. federal statutory income tax rate of 21% and our effective income tax rate for the three and nine months ended July 1, 2022 was primarily driven by the full valuation allowance against any expense associated with income in the U.S. and income taxed in foreign jurisdictions generally at lower tax rates, where a valuation allowance does not apply.

On September 30, 2022, we released the majority of the valuation allowances against U.S. federal and state deferred tax assets including operating loss (“NOL”) carryforwards, R&D tax credit carryforwards and other deferred tax items relating to temporary differences. We continued our ongoing assessment of the realizability of our deferred tax assets and did not note any significant changes from our assessment on September 30, 2022. We continue to maintain a partial valuation allowance against certain of our deferred tax assets primarily relating to state NOLs and R&D tax credit carryforwards which are not expected to be realized. 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 June 30, 2023 and September 30, 2022. It is our policy to recognize any interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the fiscal quarter ended June 30, 2023, we did not make any accrual or payment of interest or penalties.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 28,769	$ 30,260
Compensation cost not yet recognized	$ 62,100		$ 62,100
Unrecognized compensation cost period for recognition			2 years
Share-based compensation expense	8,262	$ 10,345	$ 28,769	30,260
Intrinsic value of options exercised	0			11,000
Years to maturity			3 years
Aggregate intrinsic value stock options outstanding	$ 700		$ 700
Number of stock options outstanding (in shares)	15,000		15,000
Weighted average exercise price per share (in dollars per share)	$ 16.06		$ 16.06
Weighted average remaining contractual term options outstanding			2 years 4 months 6 days
Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of outstanding awards	$ 4,200		$ 4,200		$ 4,900
Employee-related Liabilities	2,400		2,400		$ 3,600
Share-based compensation	$ 300	$ 400	$ 2,200	200
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)			1,404,000
Vested in period fair value			$ 85,100	$ 92,700
Granted (in shares)			783,000
Granted (in usd per share)			$ 63.19
Shares forfeited (in shares)			62,000
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)			166,452
Granted (in usd per share)			$ 80.38
Shares forfeited (in shares)			0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options granted			4 years
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
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)	4,500,000		4,500,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	1,300,000		1,300,000
Unrecognized compensation cost	$ 800		$ 800

Investments - Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Sep. 30, 2022	Dec. 23, 2021
Equity Securities without Readily Determinable Fair Value [Line Items]
Loss on equity method investment			$ 0	$ 114,908
Proceeds from sale of equity method investment			0	$ 127,750
Preferred Stock \| Privately Held Manufacturing Company
Equity Securities without Readily Determinable Fair Value [Line Items]
Investment without readily determinable fair value	$ 2,500		$ 2,500		$ 2,500
Equity Securities \| Private Company
Equity Securities without Readily Determinable Fair Value [Line Items]
Carrying value of investment						$ 9,500
Gain on sale of investment	$ 118,200
Equity Securities \| Compute
Equity Securities without Readily Determinable Fair Value [Line Items]
Loss on equity method investment		$ 3,300
Private Company \| Equity Securities
Equity Securities without Readily Determinable Fair Value [Line Items]
Noncontrolling interest ownership percentage		10.00%		10.00%

Investments (Tables)

9 Months Ended

Jun. 30, 2023

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):


	June 30, 2023		September 30, 2022
Less than one year	$	377,103	$	368,141
Over one year	88,969		98,439
Total available-for-sale investments	$	466,072	$	466,580

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):


	June 30, 2023
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Corporate bonds	$	153,572	$	—	$	(3,392)	$	150,180
Commercial paper	304,204		—		(424)		303,780
U.S. Treasury securities	12,116		—		(4)		12,112
Total short-term investments	$	469,892	$	—	$	(3,820)	$	466,072


	September 30, 2022
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Corporate bonds	$	146,163	$	5	$	(4,492)	$	141,676

Commercial paper	326,318		—		(1,414)		324,904
Total short-term investments	$	472,481	$	5	$	(5,906)	$	466,580

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Sep. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 469,892		$ 469,892		$ 472,481
Gross Unrealized Holding Gains	0		0		5
Gross Unrealized Holding Losses	3,820		3,820		5,906
Aggregate Fair Value	466,072		466,072		466,580
Investment Income, Interest	6,000	$ 1,300	14,800	$ 2,100
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	153,572		153,572		146,163
Gross Unrealized Holding Gains	0		0		5
Gross Unrealized Holding Losses	3,392		3,392		4,492
Aggregate Fair Value	150,180		150,180		141,676
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	304,204		304,204		326,318
Gross Unrealized Holding Gains	0		0		0
Gross Unrealized Holding Losses	424		424		1,414
Aggregate Fair Value	303,780		303,780		$ 324,904
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,116		12,116
Gross Unrealized Holding Gains	0		0
Gross Unrealized Holding Losses	4		4
Aggregate Fair Value	$ 12,112		$ 12,112

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt

9 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

DEBT

The following represents the outstanding balances and effective interest rates of our borrowings as of June 30, 2023 and September 30, 2022, (in thousands, except percentages):


	June 30, 2023				September 30, 2022
	Principal Balance		Effective Interest Rate		Principal Balance		Effective Interest Rate
LIBOR plus 2.25% term loans due May 2024	$	120,766	7.40	%	$	120,766	4.77	%
0.25% convertible notes due March 2026	450,000		0.54	%	450,000		0.54	%
Total principal amount outstanding	570,766				570,766
Less: Current portion of long-term debt	120,307				—

Unamortized discount on term loans and deferred financing costs	(3,611)				(4,846)
Total long-term debt, less current portion	$	446,848			$	565,920

Term Loans

As of June 30, 2023, we are party to a credit agreement, dated as of May 8, 2014, with a syndicate of lenders and Goldman Sachs Bank USA, as administrative agent (as amended on February 13, 2015, August 31, 2016, March 10, 2017, May 19, 2017, May 2, 2018 and May 9, 2018, the “Credit Agreement”).

As of June 30, 2023, the Credit Agreement consisted of term loans with an initial aggregate principal amount of $700.0 million (the “Term Loans”) that will mature in May 2024 and bear interest at: (i) for LIBOR loans for any interest period, a rate per annum equal to the LIBOR rate as determined by the administrative agent, plus an applicable margin of 2.25%; and (ii) for base rate loans, a rate per annum equal to the greater of (a) the prime rate quoted in the print edition of the Wall Street Journal, Money Rates Section, (b) the federal funds rate plus one-half of 1.00% and (c) the LIBOR rate applicable to a one-month interest period plus 1.00% (but, in each case, not less than 1.00%), plus an applicable margin of 1.25%. Effective July 1, 2023, the LIBOR rate is no longer published and our interest rate will be calculated using synthetic USD LIBOR during the fourth quarter of fiscal 2023. The change to synthetic USD LIBOR did not require an amendment to the Credit Agreement.

As of June 30, 2023, there are no minimum principal repayments on the Term Loans until May 2024 when the remaining principal balance of $120.8 million becomes due. The fair value of the Term Loans was estimated to be approximately $120.3 million and $120.2 million as of June 30, 2023 and September 30, 2022, respectively, and was determined using Level 2 inputs, including a quoted price from a financial institution.

For the three and nine months ended June 30, 2023, total interest expense for the Term Loans was $2.2 million and $6.1 million, respectively. For the three and nine months ended July 1, 2022, total interest expense for the Term Loans was $0.9 million and $2.4 million, respectively.

As of June 30, 2023, approximately $0.3 million of deferred financing costs remain unamortized related to the Term Loans and is recorded as a direct reduction of the recognized debt liabilities in our accompanying condensed consolidated balance sheet.

The Term Loans are secured by a first priority lien on substantially all of our assets and provide that we must comply with certain financial and non-financial covenants.

On August 2, 2023, we paid the total outstanding principal balance on our Term Loans of $120.8 million and accrued interest of less than $0.1 million with cash-on-hand.

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 “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 aggregate principal balance of the 2026 Convertible Notes is $450.0 million. The 2026 Convertible Notes will mature on March 15, 2026, unless earlier converted, redeemed or repurchased.

The Additional Notes were issued and sold to the initial purchaser of the Initial Notes, pursuant to the option to purchase the Additional Notes granted by the Company to the initial purchaser and have the same terms as the Initial Notes.

Holders of the 2026 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2025 in multiples of $1,000 principal amount, only under the following

circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on July 2, 2021 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the notes on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the “Measurement Period”) in which the “trading price” (as defined in the Indenture) per $1,000 principal amount of the notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate for the notes on each such trading day; (iii) if we call such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events described in the Indenture. On or after December 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes in multiples of $1,000 principal amount, regardless of the foregoing circumstances.

The initial conversion rate for the 2026 Convertible Notes is 12.1767 shares of common stock per $1,000 principal amount of the notes, equivalent to an initial conversion price of approximately $82.12 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain specified events in the Indenture.

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 Indenture). We may not redeem the notes prior to March 20, 2024. We may redeem for cash all or any portion of the notes, at our option, on or after March 20, 2024 if the last reported sale price per share of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, to, but not including, the redemption date.

The Indenture does not contain any financial or operating covenants or restrictions on the payments of dividends, the making of investments, the incurrence of indebtedness or the purchase or prepayment of securities by us or any of our subsidiaries.

In connection with the adoption of ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, on October 2, 2021 we reclassified $72.2 million, consisting of $73.1 million of principal and issuance costs of $0.9 million, previously allocated to the conversion feature, from additional paid-in capital to long-term debt on our condensed consolidated balance sheet as of October 2, 2021. The reclassification was recorded to combine the two legacy units of account into a single instrument classified as a liability. We also recognized a cumulative effect adjustment of $7.5 million to accumulated deficit on our condensed consolidated balance sheet as of October 2, 2021, that was primarily driven by the derecognition of interest expense related to the accretion of the Debt Discount as required under the legacy accounting guidance. Under ASU 2020-06, we will no longer incur non-cash interest expense related to the accretion of the debt discount associated with the embedded conversion option.

For the three and nine months ended June 30, 2023, total interest expense for the 2026 Convertible Notes was $0.3 million and $0.8 million, respectively. For the three and nine months ended July 1, 2022, total interest expense for the 2026 Convertible Notes was $0.3 million and $0.9 million, respectively.

The fair value of our 2026 Convertible Notes was $448.7 million and $411.4 million as of June 30, 2023 and September 30, 2022, 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 June 30, 2023; the full amount of $450.0 million is due in fiscal year 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Investments - Summary of Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Less than one year	$ 377,103	$ 368,141
Over one year	88,969	98,439
Total available-for-sale investments	$ 466,072	$ 466,580

Share-Based Compensation (Tables)

9 Months Ended

Jun. 30, 2023

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				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Cost of revenue	$	1,078	$	929	$	3,239	$	3,035
Research and development	3,281		3,709		11,255		10,818
Selling, general and administrative	3,903		5,707		14,275		16,407
Total share-based compensation expense	$	8,262	$	10,345	$	28,769	$	30,260

Summary of Restricted Stock, Restricted Stock Unit and Performance-based Restricted Stock Unit Activity

A summary of stock award activity for the nine months ended June 30, 2023 is as follows:


	Number of shares (in thousands)	Weighted- Average Grant Date Fair Value
Balance as of September 30, 2022	1,872	$	40.44
Granted	783	63.19
Performance-based adjustment (1)	311	27.13
Vested and released	(1,404)	28.23
Forfeited, canceled or expired	(62)	49.83
Balance as of June 30, 2023	1,500	$	60.60

(1) The amount shown represents performance adjustments for performance-based awards. These were granted in prior fiscal years and vested during the nine months ended June 30, 2023 based on the Company’s achievement of adjusted earnings per share performance conditions.

Schedule of Share-Based Payment Award, Market Based Restricted Stock Awards, Valuation Assumptions

The assumptions used to value the awards are as follows:


	Nine Months Ended
	June 30, 2023
Grant date stock price	$	56.15
Average stock price at the start of the performance period	$	54.12
Risk free interest rate	4.2%
Years to maturity	2.90
Expected volatility rate	52.4%
Expected dividend yield	—

Acquisitions

9 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

Linearizer Technology, Inc.—On March 3, 2023, we completed the acquisition of Linearizer Technology, Inc. (“Linearizer”), a developer of modules and subsystems, including solid state amplifiers (SSPAs), microwave predistortion linearizers and microwave photonics based in Hamilton, New Jersey (the “Linearizer Acquisition”). We acquired Linearizer to further strengthen our component and subsystem design expertise in our target markets. In connection with the Linearizer Acquisition, we acquired all of the outstanding shares of Linearizer for total cash consideration of approximately $51.6 million, subject to customary purchase price adjustments. We funded the Linearizer Acquisition with cash-on-hand. During the three and nine months ended June 30, 2023, we incurred acquisition-related transaction costs of approximately $0.2 million and $2.1 million, respectively, which are included in selling, general and administrative expense. There were no transaction costs for the three and nine months ended July 1, 2022. The Linearizer Acquisition was accounted for as a business combination and the operations of Linearizer have been included in our consolidated financial statements since the date of acquisition.


	At Acquisition Date as Reported June 30, 2023

Current assets	$	2,819
Inventory	8,907
Property and equipment	5,485
Intangible assets	29,600
Goodwill	12,332
Total assets acquired	59,143
Current liabilities	7,544
Total liabilities assumed	7,544
Purchase Price	$	51,599

Intangible assets consist of customer relationships, technology and trade name with fair values of $20.7 million, $7.1 million and $1.8 million, respectively, and useful lives of 8.6 years, 7.6 years and 7.6 years, respectively. We used the income approach to determine the fair value of the definite-lived intangible assets and the cost and market approaches to determine the fair value of our property, plant and equipment. We amortize definite-lived assets based on the pattern over which we expect to receive the economic benefit from these assets. The intangible assets and goodwill acquired will be amortizable for tax purposes due to the Section 338 election filed.

The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 30, 2023, the purchase price allocation for Linearizer remains open as we gather additional information regarding the assets acquired and the liabilities assumed, primarily in relation to the valuation of intangibles, inventory, fixed assets, leases and contingencies.

On March 3, 2023, we entered into a lease agreement with an entity that is majority-owned by certain former Linearizer employees, which is deemed to be a related party agreement. We have the option to purchase the facility for $3.8 million. As of the date of this Quarterly Report on Form 10-Q, we have not exercised such right. During the nine months ended June 30, 2023, we made lease-related payments of $0.4 million. This lease is classified as a finance lease on our condensed consolidated balance sheet and the lease asset is included in property and equipment of $5.5 million in the purchase price allocation table above.

Pro forma financial information for the three and nine months ended June 30, 2023 and July 1, 2022 and the actual results of operations for Linearizer since the acquisition date are not material to our condensed consolidated financial statements for the periods presented.

OMMIC SAS—On May 31, 2023, we completed the acquisition of the key manufacturing facilities, capabilities, technologies and other assets and certain specified liabilities of OMMIC SAS, a semiconductor manufacturer based in Limeil-Brévannes, France with expertise in wafer fabrication, epitaxial growth and monolithic microwave integrated circuit (“MMIC”) processing and design. We are referring to this asset acquisition as the MACOM European Semiconductor Center Acquisition (the “MESC Acquisition”). We completed the MESC Acquisition to expand our European footprint and to enable us to offer higher frequency Gallium Arsenide and Gallium Nitride MMICs. Total cash consideration paid for the MESC Acquisition was approximately $36.9 million and was funded with cash-on-hand. During the three and nine months ended June 30, 2023, we incurred acquisition-related transaction costs of approximately $1.0 million and $2.6 million, respectively, which are included in selling, general and administrative expense. As of June 30, 2023, cumulative acquisition-related transaction cost expense incurred is $3.4 million. There were no transaction costs for the three and nine months ended July 1, 2022.


	At Acquisition Date as Reported June 30, 2023

Current assets	$	297
Inventory	3,790
Property and equipment	30,538
Intangible assets	5,966

Total assets acquired	40,591
Current liabilities	3,734
Total liabilities assumed	3,734
Purchase Price	$	36,857

As part of the acquisition, we assumed a lease agreement for the manufacturing facilities in France that gives us the option to purchase the real property at the end of the lease term, in October 2024. We expect to exercise this bargain purchase option and have recorded a right-of-use-asset of $24.7 million in Property and equipment. The real property was valued using a market approach.

Intangible assets consist of customer relationships and technology of $1.1 million and $4.9 million, respectively, and useful lives of 8.3 years and 8.3 years, respectively. We used the income approach to determine the fair value of the definite-lived intangible assets and the cost and market approaches to determine the fair value of our property, plant and equipment. We amortize definite-lived assets based on the pattern over which we expect to receive the economic benefit from these assets.

The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 30, 2023, the purchase price allocation for the MESC Acquisition remains open as we gather additional information regarding the assets acquired and the liabilities assumed, primarily in relation to the valuation of intangibles, inventory, property and equipment, leases, liabilities and contingencies.

Pro forma financial information for the three and nine months ended June 30, 2023 and July 1, 2022 and the actual results of operations for MESC since the acquisition date are not material to our condensed consolidated financial statements for the periods presented.

Supplemental Cash Flow Information

9 Months Ended

Jun. 30, 2023

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):


	Nine Months Ended
	June 30, 2023		July 1, 2022
Cash paid for interest	$	8,140	$	4,332
Cash paid for income taxes	$	2,771	$	1,792
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease liabilities	$	4,434	$	2,367
Finance lease assets obtained in exchange for new lease liabilities	$	9,725	$	—
Additions to property and equipment, net included in liabilities	$	195	$	1,241

During the nine months ended July 1, 2022, we capitalized $0.9 million of non-cash costs to property and equipment associated with construction of a power generator that were paid by our service provider and is included in Additions to property and equipment, net included in liabilities above. See Note 10 - Financing Obligation.

Earnings (Loss) Per Share (Tables)

9 Months Ended

Jun. 30, 2023

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 income per share of common stock (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Numerator:


Net income attributable to common stockholders	$	11,853	$	32,234	$	67,127	$	200,619
Denominator:
Weighted average common shares outstanding-basic	70,937		69,946		70,739		69,712
Dilutive effect of stock options, restricted stock and restricted stock units	471		1,114		656		1,418
Weighted average common shares outstanding-diluted	71,408		71,060		71,395		71,130

Net income to common stockholders per share-Basic:	$	0.17	$	0.46	$	0.95	$	2.88
Net income to common stockholders per share-Diluted:	$	0.17	$	0.45	$	0.94	$	2.82

Share-Based Compensation - Fair Value of Market-Based PRSUs (Details)	9 Months Ended
	Jun. 30, 2023 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	$ 56.15
Average stock price at the start of the performance period	$ 54.12
Risk free interest rate	4.20%
Years to maturity	2 years 10 months 24 days
Expected volatility rate	52.40%
Expected dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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+ Details

Share-Based Compensation

9 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

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 June 30, 2023.

Stock Plans

As of June 30, 2023, we had 4.5 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 1.3 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 June 30, 2023 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 or four years and for which the fair value is determined by our underlying stock price, which are classified as liabilities and settled in cash upon vesting.

As of June 30, 2023 and September 30, 2022, the fair value of outstanding ISUs was $4.2 million and $4.9 million, respectively, and the associated accrued compensation liability was $2.4 million and $3.6 million, respectively. During the three and nine months ended June 30, 2023, we recorded an expense for ISU awards of $0.3 million and $2.2 million, respectively. During the three and nine months ended July 1, 2022, we recorded a benefit for ISU awards of $0.4 million and expense of $0.2 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				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Cost of revenue	$	1,078	$	929	$	3,239	$	3,035
Research and development	3,281		3,709		11,255		10,818
Selling, general and administrative	3,903		5,707		14,275		16,407
Total share-based compensation expense	$	8,262	$	10,345	$	28,769	$	30,260

As of June 30, 2023, the total unrecognized compensation costs related to RSAs, RSUs and PRSUs was $62.1 million, which we expect to recognize over a weighted-average period of 2.0 years. As of June 30, 2023, total unrecognized compensation cost related to our Employee Stock Purchase Plan was $0.8 million.

Restricted Stock, Restricted Stock Units and Performance-Based Restricted Stock Unit Awards

A summary of stock award activity for the nine months ended June 30, 2023 is as follows:


	Number of shares (in thousands)	Weighted- Average Grant Date Fair Value
Balance as of September 30, 2022	1,872	$	40.44
Granted	783	63.19
Performance-based adjustment (1)	311	27.13
Vested and released	(1,404)	28.23
Forfeited, canceled or expired	(62)	49.83
Balance as of June 30, 2023	1,500	$	60.60

Stock awards that vested during the nine months ended June 30, 2023 and July 1, 2022 had combined fair values of $85.1 million and $92.7 million, respectively, as of the vesting date. RSUs granted generally vest over a period of three or four years.

We granted 166,452 market-based PRSUs during the nine months ended June 30, 2023, at a weighted average grant date fair value of $80.38 per share, and none were forfeited. 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 3 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:


	Nine Months Ended
	June 30, 2023
Grant date stock price	$	56.15
Average stock price at the start of the performance period	$	54.12
Risk free interest rate	4.2%
Years to maturity	2.90
Expected volatility rate	52.4%
Expected dividend yield	—

Stock Options

As of June 30, 2023 and September 30, 2022, there were 15,000 stock options outstanding with a weighted-average exercise price per share of $16.06. As of June 30, 2023, the weighted-average remaining contractual term was 2.35 years and the aggregate intrinsic value was $0.7 million. Aggregate intrinsic value is calculated using the difference between our closing stock price on June 30, 2023 and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised during the nine months ended July 1, 2022 was $11.0 million. There were no options exercised during the three and nine months ended June 30, 2023 and three months ended July 1, 2022, respectively.

Revenue (Tables)

9 Months Ended

Jun. 30, 2023

Revenue [Abstract]

Disaggregation of Revenue

The following tables present our revenue disaggregated by markets and geography (in thousands):


	Three Months Ended				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Revenue by Market:
Telecommunications	$	38,333	$	61,988	$	153,670	$	180,738
Industrial & Defense	83,549		75,509		237,911		215,794
Data Center	26,640		34,762		106,451		100,495
Total	$	148,522	$	172,259	$	498,032	$	497,027


	Three Months Ended				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Revenue by Geographic Region:
United States	$	73,262	$	77,434	$	244,685	$	226,407
China	24,296		47,613		98,776		129,705
Asia Pacific, excluding China (1)	23,400		27,225		72,942		83,756
Other Countries (2)	27,564		19,987		81,629		57,159
Total	$	148,522	$	172,259	$	498,032	$	497,027

(1)Asia Pacific primarily represents Australia, Japan, Malaysia, 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 and Asia Pacific region as presented above.

Contract with Customer, Asset and Liability

The following table presents the changes in contract liabilities during the nine months ended June 30, 2023 (in thousands, except percentage):


	June 30, 2023		September 30, 2022		$ Change		% Change
Contract liabilities	$	3,600	$	3,916	$	(316)	(8)	%

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury Stock	Accumulated Other Comprehensive Income	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
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 Oct. 01, 2021			68,877
Balance at beginning of period at Oct. 01, 2021	$ 471,736	$ (72,177)	$ 69	$ (330)	$ 4,150	$ 1,269,601	$ (79,690)	$ (801,754)	$ 7,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)			190
Stock option exercises	2,688					2,688
Vesting of restricted common stock and units (in shares)			1,351
Vesting of restricted common stock and units	1		$ 1
Issuance of common stock pursuant to employee stock purchase plan (in shares)			122
Issuance of common stock pursuant to employee stock purchase plan	5,364					5,364
Shares repurchased for stock withholdings on restricted stock awards (in shares)			(520)
Shares repurchased for tax withholdings on equity awards	(35,935)					(35,935)
Share-based compensation	30,260					30,260
Other comprehensive income, net of tax	(6,916)				(6,916)
Net income	200,619							200,619
Balance at end of period, (in shares) at Jul. 01, 2022			70,020
Balance at end of period at Jul. 01, 2022	595,640		$ 70	$ (330)	(2,766)	1,192,288		(593,622)
Balance at end of period, treasury stock (in shares) at Jul. 01, 2022				(23)
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 Apr. 01, 2022			69,910
Balance at beginning of period at Apr. 01, 2022	554,283		$ 70	$ (330)	195	1,180,204		(625,856)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)			67
Vesting of restricted common stock and units	0		$ 0
Issuance of common stock pursuant to employee stock purchase plan (in shares)			66
Issuance of common stock pursuant to employee stock purchase plan	2,917					2,917
Shares repurchased for stock withholdings on restricted stock awards (in shares)			(23)
Shares repurchased for tax withholdings on equity awards	(1,178)					(1,178)
Share-based compensation	10,345					10,345
Other comprehensive income, net of tax	(2,961)				(2,961)
Net income	32,234							32,234
Balance at end of period, (in shares) at Jul. 01, 2022			70,020
Balance at end of period at Jul. 01, 2022	595,640		$ 70	$ (330)	(2,766)	1,192,288		(593,622)
Balance at end of period, treasury stock (in shares) at Jul. 01, 2022				(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. 30, 2022			70,022
Balance at beginning of period at Sep. 30, 2022	842,748		$ 70	$ (330)	(5,851)	1,203,145		(354,286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)			1,404
Vesting of restricted common stock and units	1		$ 1
Issuance of common stock pursuant to employee stock purchase plan (in shares)			121
Issuance of common stock pursuant to employee stock purchase plan	5,574					5,574
Shares repurchased for stock withholdings on restricted stock awards (in shares)			(536)
Shares repurchased for tax withholdings on equity awards	(32,479)					(32,479)
Share-based compensation	28,769					28,769
Other comprehensive income, net of tax	2,968				2,968
Net income	67,127							67,127
Balance at end of period, (in shares) at Jun. 30, 2023			71,011
Balance at end of period at Jun. 30, 2023	914,708		$ 71	$ (330)	(2,883)	1,205,009		(287,159)
Balance at end of period, treasury stock (in shares) at Jun. 30, 2023				(23)
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 Mar. 31, 2023			70,897
Balance at beginning of period at Mar. 31, 2023	894,015		$ 71	$ (330)	(1,433)	1,194,719		(299,012)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)			66
Vesting of restricted common stock and units	0		$ 0
Issuance of common stock pursuant to employee stock purchase plan (in shares)			69
Issuance of common stock pursuant to employee stock purchase plan	3,254					3,254
Shares repurchased for stock withholdings on restricted stock awards (in shares)			(21)
Shares repurchased for tax withholdings on equity awards	(1,226)					(1,226)
Share-based compensation	8,262					8,262
Other comprehensive income, net of tax	(1,450)				(1,450)
Net income	11,853							11,853
Balance at end of period, (in shares) at Jun. 30, 2023			71,011
Balance at end of period at Jun. 30, 2023	$ 914,708		$ 71	$ (330)	$ (2,883)	$ 1,205,009		$ (287,159)
Balance at end of period, treasury stock (in shares) at Jun. 30, 2023				(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)				23

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information Regarding Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 8,140	$ 4,332
Cash paid for income taxes	2,771	1,792
Operating lease right-of-use assets obtained in exchange for new lease liabilities	4,434	2,367
Financing lease assets obtained in exchange for new lease liabilities	9,725	0
Additions to property and equipment, net included in liabilities	$ 195	$ 1,241

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
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. In the condensed consolidated financial statements, certain balances have been reclassified to conform to the current year presentation.
Fiscal Period	We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal years 2023 and 2022 each include 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.
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; goodwill and intangible asset valuation; share-based compensation valuations and income taxes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements—Our Recent Accounting Pronouncements are described in our 2022 Annual Report on Form 10-K. Pronouncements for Adoption in Subsequent Periods The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, amended by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance in this update was effective upon its issuance. If elected, the guidance is to be applied prospectively through December 31, 2024. We do not expect to adopt this standard in relation to our Credit Agreement (defined below), and, therefore, we do not expect this standard to have a material effect on our financial position or results of operations. For additional information regarding our Credit Agreement, refer to Note 9 - Debt.

Cover Page - USD ($) $ in Thousands	9 Months Ended
Cover Page - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 31, 2023	Sep. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		70,987,756
Entity Central Index Key	0001493594
Amendment Flag	false
Current Fiscal Year End Date	--09-29
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$ (3,820)		$ (5,906)

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Statement [Abstract]
Revenue	$ 148,522	$ 172,259	$ 498,032	$ 497,027
Cost of revenue	62,396	67,717	198,861	199,353
Gross profit	86,126	104,542	299,171	297,674
Operating expenses:
Research and development	36,668	37,625	111,037	108,550
Selling, general and administrative	32,152	30,914	96,341	93,481
Total operating expenses	68,820	68,539	207,378	202,031
Income from operations	17,306	36,003	91,793	95,643
Other income (expense):
Interest income (expense), net	2,344	(845)	4,580	(3,928)
Other (expense) income, net	(29)	13	(207)	114,866
Total other income (expense), net	2,315	(832)	4,373	110,938
Income before income taxes	19,621	35,171	96,166	206,581
Income tax expense	7,768	2,937	29,039	5,962
Net income	$ 11,853	$ 32,234	$ 67,127	$ 200,619
Net income per share:
Income (loss) per share - Basic (usd per share)	$ 0.17	$ 0.46	$ 0.95	$ 2.88
Income (loss) per share - Diluted (usd per share)	$ 0.17	$ 0.45	$ 0.94	$ 2.82
Weighted average shares used:
Basic (in shares)	70,937	69,946	70,739	69,712
Diluted (in shares)	71,408	71,060	71,395	71,130

Debt (Tables)

9 Months Ended

Jun. 30, 2023

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 June 30, 2023 and September 30, 2022, (in thousands, except percentages):


	June 30, 2023				September 30, 2022
	Principal Balance		Effective Interest Rate		Principal Balance		Effective Interest Rate
LIBOR plus 2.25% term loans due May 2024	$	120,766	7.40	%	$	120,766	4.77	%
0.25% convertible notes due March 2026	450,000		0.54	%	450,000		0.54	%
Total principal amount outstanding	570,766				570,766
Less: Current portion of long-term debt	120,307				—

Unamortized discount on term loans and deferred financing costs	(3,611)				(4,846)
Total long-term debt, less current portion	$	446,848			$	565,920

Property Plant and Equipment - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 371,606	$ 329,631
Less accumulated depreciation and amortization	(216,230)	(205,930)
Property and equipment, net	155,376	123,701
Finance Lease, Right-of-Use Asset, Accumulated Amortization	7,300	5,800
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	8,502	10,837
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	237,856	227,844
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	35,359	35,651
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	3,017	2,535
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	18,014	18,347
Assets Held Under Finance Leases [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 68,858	$ 34,417

Intangible Assets - Summary of Estimated Amortization of Intangible Assets (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 Remaining	$ 7,433
2022	19,376
2023	8,114
2024	7,130
2025	6,573
Thereafter	14,262
Total	$ 62,888

Earnings (Loss) Per Share

9 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

EARNINGS PER SHARE

The following table sets forth the computation for basic and diluted net income per share of common stock (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Numerator:


Net income attributable to common stockholders	$	11,853	$	32,234	$	67,127	$	200,619
Denominator:
Weighted average common shares outstanding-basic	70,937		69,946		70,739		69,712
Dilutive effect of stock options, restricted stock and restricted stock units	471		1,114		656		1,418
Weighted average common shares outstanding-diluted	71,408		71,060		71,395		71,130

Net income to common stockholders per share-Basic:	$	0.17	$	0.46	$	0.95	$	2.88
Net income to common stockholders per share-Diluted:	$	0.17	$	0.45	$	0.94	$	2.82

The 2026 Convertible Notes did not have an impact on diluted net income per share for the three and nine months ended June 30, 2023 or July 1, 2022.

Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 536,233	$ 467,972
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	150,180	141,676
US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	12,112
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	70,161	1,392
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	303,780	324,904
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	82,273	1,392
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
Active Markets for Identical Assets (Level 1) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	12,112
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	70,161	1,392
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
Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	453,960	466,580
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	150,180	141,676
Observable Inputs (Level 2) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
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
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	303,780	324,904
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
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
Unobservable Inputs (Level 3) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
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
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