0001493594-24-000060 | 10-K | XBRL Viewer | Macom Technology Solutions Holdings INC

Investments

12 Months Ended

Sep. 27, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

All short-term investments are invested in certificates of deposit, corporate bonds, commercial paper, U.S. Treasury securities and agency bonds, and are classified as available-for-sale. The amortized cost, gross unrealized holding gains or losses and fair value of our available-for-sale investments by major investments type are summarized in the tables below (in thousands):


	September 27, 2024
	Amortized Cost			Gross Unrealized Holding Gains			Gross Unrealized Holding Losses			Aggregate Fair Value
Certificates of deposit		$	980		$	—		$	—		$	980
Corporate bonds		303,296			2,047			(193)			305,150
Commercial paper		73,641			149			—			73,790
U.S. Treasuries and agency bonds		54,931			248			(17)			55,162

Total investments		$	432,848		$	2,444		$	(210)		$	435,082


	September 29, 2023
	Amortized Cost			Gross Unrealized Holding Gains			Gross Unrealized Holding Losses			Aggregate Fair Value

Corporate bonds		$	145,234		$	—		$	(2,845)		$	142,389
Commercial paper		176,405			—			(129)			176,276
U.S. Treasury securities		21,895			18			(4)			21,909
Total investments		$	343,534		$	18		$	(2,978)		$	340,574

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


	September 27, 2024
Less than 1 year	$	284,479
Over 1 year	150,603
Total investments	$	435,082

We have determined that the gross unrealized losses on available for sale securities at September 27, 2024 and September 29, 2023 are temporary in nature and/or do not relate to credit loss, therefore there is no expense for credit losses recorded in our Consolidated Statements of Operations. The techniques used to measure the fair value of our investments are described in Note 2 - Summary of Significant Accounting Policies. We review our investments to identify and evaluate investments that have indications of possible impairment due to credit loss. Factors considered in determining whether a loss is due to credit loss include the extent to which fair value has been less than the cost basis, adverse conditions, the financial condition and near-term prospects of the investee, and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. All of our fixed income securities are rated investment grade as of September 27, 2024.

During the fiscal years ended September 27, 2024, September 29, 2023 and September 30, 2022, we received proceeds from sales and maturities of available-for-sale securities of $344.8 million, $515.8 million and $244.6 million, respectively. The gross realized gains and losses of available-for-sale investments were immaterial in fiscal years 2024, 2023 and 2022 and were recorded within Other income (expense), net in each period presented in our Consolidated Statement of Operations.

During the fiscal year ended September 27, 2024, September 29, 2023 and September 30, 2022, Interest income on cash equivalents and short-term investments was $23.0 million, $20.8 million and $4.3 million, respectively.

Other Investments—On December 23, 2021, we sold our investment in 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 a result of this transaction, during fiscal year 2022 we recorded a gain of $118.2 million in Other (expense) income, net in our Consolidated Statements of Operations.

This investment’s carrying value was updated quarterly based on our proportionate share of the gains or losses, as well as any changes in the private company’s equity, utilizing the equity method. During fiscal year 2022, we recorded $3.3 million of non-cash net losses associated with this equity method investment in Other (expense) income, net in our Consolidated Statements of Operations.

Commitments and Contingencies - Additional Information (Detail) $ in Millions		12 Months Ended
	Sep. 27, 2024 USD ($)	Sep. 27, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Asset retirement obligation in other long-term liabilities	$ 1.9	$ 1.9
Long-term purchase commitment	138.7
Long term purchase commitment, period (in years)		13 years
Purchase Commitment
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment	23.9
Accounts payable	$ 6.7	$ 6.7
Long term purchase commitment, period (in years)		2 years

Accrued Liabilities

12 Months Ended

Sep. 27, 2024

Other Liabilities Disclosure [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consist of the following (in thousands):


	September 27, 2024		September 29, 2023
Compensation and benefits	$	30,769	$	26,926
Distribution costs	7,494		5,156

Current portion of operating leases	7,727		7,258
Internal-use software	5,425		4,175
Product warranty	725		1,016
Deferred revenue	5,281		2,762

Professional fees	1,335		1,368


Other	5,580		8,736
Total accrued liabilities	$	64,336	$	57,397

Earnings Per Share (Tables)

12 Months Ended

Sep. 27, 2024

Earnings Per Share [Abstract]

Computation for Basic and Diluted Net Income (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):


	Fiscal Years
	2024		2023		2022
Numerator:




Net income attributable to common stockholders	$	76,859	$	91,577	$	439,955

Denominator:
Weighted average common shares outstanding-basic	71,959		70,801		69,783
Dilutive effect of stock options, restricted stock awards and restricted stock units (1)	954		702		1,383
Dilutive effect of convertible debt (2)	662		—		—
Weighted average common shares outstanding-diluted	73,575		71,503		71,166



Net income to common stockholders per share-basic	$	1.07	$	1.29	$	6.30



Net income to common stockholders per share-diluted	$	1.04	$	1.28	$	6.18

Share-Based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 27, 2024 USD ($) plan tranche $ / shares shares	Sep. 29, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans \| plan	4
Number of shares available for future issuance (in shares)	3,900,000
Total fair value of restricted stock awards and units vesting \| $	$ 7,900	$ 18,100	$ 39,100
Compensation and benefits \| $	30,769	26,926
Share-based compensation \| $	$ 45,644	$ 38,103	41,185
Common stock, issued (in shares)	72,219,000	71,013,000
Unrecognized compensation costs \| $	$ 59,400
Weighted average period for recognition of unrecognized compensation costs	1 year 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other	47,692
Weighted-average years to maturity	3 years
Number of shares outstanding (in shares)	5,000
Weighted average exercise price (in dollars per share) \| $ / shares	$ 16.06	$ 16.06
Weighted average remaining contractual term (in years)	1 year 1 month 9 days
Intrinsic value of options recognized \| $	$ 500	$ 800	$ 11,000
Exercise Price, Rate	110.00%
Target Stock Price, Term	7 years
Award requisite service period	3 years
PRSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock awards and units vesting \| $		$ 19,000
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price, Rate	100.00%
Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,200,000	1,800,000	1,800,000
Total fair value of restricted stock awards and units vesting \| $	$ 2,000	$ 3,500	$ 4,000
Compensation and benefits \| $	6,800	5,000
Employee-related Liabilities \| $	4,600	3,300
Share-based compensation \| $	$ 3,300	3,400	1,100
Restricted Stock Awards and Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	772,000
Total fair value of restricted stock awards and units vesting \| $	$ 42,800	$ 85,500	$ 92,900
Granted (in USD per share) \| $ / shares	$ 80.42	$ 63.53	$ 64.51
Forfeited, canceled or expired (in shares)	144,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	557,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average years to maturity	2 years 10 months 24 days	2 years 10 months 24 days	3 years
PRSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	65,262
Number of tranches \| tranche	3
Earnings percentage of targeted shares	121.00%
Granted (in USD per share) \| $ / shares	$ 73.01	$ 56.15	$ 66.34
Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited, canceled or expired (in shares)	29,808
Market Based Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	132,247
Granted (in USD per share) \| $ / shares	$ 88.88	$ 80.37	$ 89.82
Forfeited, canceled or expired (in shares)	27,667
Incremental PRSU that could vest if all performance criteria are achieved	869,542
Stock Options with Performance-based Vesting Criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0	0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	1,100,000
Unrecognized compensation expense \| $	$ 400
Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum ESPP payroll deductions	15.00%
Common stock, issued (in shares)	116,346	120,774	121,697
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award term	4 years
Minimum \| Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum \| PRSU awards \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earnings percentage of targeted shares	0.00%
Minimum \| Market Based Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earnings percentage of targeted shares	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award term	7 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	109,392
Maximum \| Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| PRSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earnings percentage of targeted shares	300.00%
Incremental PRSU that could vest if all performance criteria are achieved	383,133
Maximum \| Market Based Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earnings percentage of targeted shares	200.00%

Revenue - Contract Liabilities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer liability	$ 5.3	$ 2.8	$ 3.9

Lease - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Lease - Narrative (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Operating lease ROU assets obtained in exchange for new lease liabilities	$ 10,643	$ 6,758	$ 2,536
RF Business of Wolfspeed, Inc.
Lessee, Lease, Description [Line Items]
Operating lease ROU assets obtained in exchange for new lease liabilities	$ 5,600

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 76,859	$ 91,577	$ 439,955
Unrealized gain (loss) on short-term investments, net of tax	3,960	3,644	(5,895)
Foreign currency translation gain (loss), net of tax	2,180	(1,428)	(4,106)
Other comprehensive income (loss), net of tax	6,140	2,216	(10,001)
Total comprehensive income	$ 82,999	$ 93,793	$ 429,954

- Definition

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

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+ Details

Financing Obligation

12 Months Ended

Sep. 27, 2024

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. This system is 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 construction and operation. As of September 27, 2024 and September 29, 2023, the asset in Property and equipment, net was $8.2 million and $8.9 million, respectively, and the corresponding liability was $9.3 million and $9.6 million, respectively, classified primarily in Financing obligation on our Consolidated Balance Sheets. 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. As of September 27, 2024, we have $23.9 million in remaining fixed payments over a remaining 13-year term, of which $14.9 million is included in our consolidated balance sheets.

As of September 27, 2024, expected future minimum payments for the financing obligation were as follows (in thousands):


Fiscal year ending:	Amount
2025	$	982
2026	1,007
2027	1,031
2028	1,057
2029	1,084
Thereafter	9,773
Total payments	$	14,934
Less: interest	5,627
Present value of financing obligation	$	9,307

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Sep. 27, 2024

Equity [Abstract]

Summary of Accumulated Other Comprehensive Income, Net of Income Taxes

The components of accumulated other comprehensive income (loss), net of income taxes, are as follows (in thousands):


	Foreign Currency Items		Other Items		Total
Balance - September 30, 2022	$	21	$	(5,872)	$	(5,851)
Foreign currency translation loss, net of tax	(1,428)		—		(1,428)

Unrealized gain on short-term investments, net of tax	—		3,644		3,644
Balance - September 29, 2023	(1,407)		(2,228)		(3,635)
Foreign currency translation gain, net of tax	2,180		—		2,180

Unrealized gain on short-term investments, net of tax	—		3,960		3,960
Balance - September 27, 2024	$	773	$	1,732	$	2,505

Geographic and Significant Customer Information

12 Months Ended

Sep. 27, 2024

Segment Reporting [Abstract]

Geographic and Significant Customer Information

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

We have one reportable operating segment that designs, develops, manufactures and markets semiconductors and modules. The determination of reportable operating segments is based on the chief operating decision maker’s (“CODM”) use of financial information provided for the purposes of assessing performance and making operating decisions. The Company's CODM is its President and Chief Executive Officer and Chair of the Board. In evaluating financial performance and making operating decisions, the CODM primarily uses consolidated metrics. The Company assesses its determination of operating segments at least annually. We continue to evaluate our internal reporting structure and the potential impact of any changes on our segment reporting.

For information regarding revenue by geographic regions, based upon customer locations, see Note 3 - Revenue. Information regarding net property and equipment in different geographic regions is presented below (in thousands):


	As of
	September 27, 2024		September 29, 2023
Net Property and Equipment by Geographic Region
United States	$	123,618	$	111,865
France	33,934		31,142
Other Countries (1)	18,465		6,489
Total	$	176,017	$	149,496

(1) Other than the United States and France, no country or region represented greater than 10% of the total net property and equipment as of the dates presented.

The following is a summary of customer concentrations as a percentage of total sales and accounts receivable as of and for the periods presented:


	Fiscal Years
Revenue	2024		2023	2022
Customer A	11	%	—	—

Customer A did not represent more than 10% of revenue in fiscal years ended 2023 or 2022. Customer A did not represent more than 10% of accounts receivable in the periods presented in the accompanying Consolidated Financial Statements. No other customer represented more than 10% of revenue or accounts receivable in the periods presented in the accompanying Consolidated Financial Statements. In fiscal years 2024, 2023 and 2022, our top ten customers represented an aggregate of 56%, 48% and 48% of total revenue, respectively.

- 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.

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+ Details

Share-Based Compensation Plans - Effects of Stock-Based Compensation Expense Related to Stock-Based Awards to Employees and Non-Employees (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 45,644	$ 38,103	$ 41,185
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	5,938	4,325	4,038
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	18,072	14,808	14,940
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 21,634	$ 18,970	$ 22,207

- 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

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+ Details

Investments - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Dec. 23, 2021	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Proceeds from sales and maturities of short-term investments		$ 344,812	$ 515,823	$ 244,644
Investment income, interest		23,000	20,800	4,300
Proceeds from sale of equity method investment	$ 127,800	0	0	127,750
Gain on equity investments, net		$ 0	$ 0	(114,908)
Ampere
Debt Securities, Available-for-sale [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal				118,200
Gain on equity investments, net				$ (3,300)

- 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.

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+ Details

Acquisitions - Summary of Purchase Price For Acquisition, Allocations (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 29, 2024	Sep. 27, 2024	Sep. 27, 2024	Jun. 28, 2024	Dec. 29, 2023	Sep. 29, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Goodwill		$ 332,201	$ 332,201			$ 323,398	$ 311,417
RF Business of Wolfspeed, Inc.
Business Acquisition [Line Items]
Current assets		39	39		$ 160
Inventory		31,097	31,097		23,574
Property and equipment		35,415	35,415		35,415
Intangible assets		42,000	42,000		60,000
Prepayment for net assets associated with the RTP Fab Transfer		16,250	16,250		19,450
Other non-current assets		5,837	5,837		6,735
Goodwill		9,967	9,967		0
Total assets acquired		140,605	140,605		145,334
Current liabilities		6,882	6,882		6,474
Long-term liabilities		3,188	3,188		3,088
Total liabilities assumed		10,070	10,070		9,562
Purchase Price		130,535	130,535		$ 135,772
Measurement adjustment, Current Assets		(121)
Measurement adjustment, Inventory		7,523
Measurement adjustment, Intangibles		(18,000)
Measurement adjustment, Prepayment		(3,200)
Measurement adjustment, Other Noncurrent Assets		(898)
Measurement adjustment, goodwill		9,967
Measurement adjustment, Assets		(4,729)
Measurement adjustment, Current Liabilities		408
Measurement adjustment, Long-Term Liabilities		100
Measurement adjustment, Liabilities		508
Measurement adjustments, total purchase consideration		$ (5,237)	$ (5,237)
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
Linearizer Technology, Inc.
Business Acquisition [Line Items]
Current assets	$ 2,719					2,819
Inventory	10,314					8,907
Property and equipment	5,485					5,485
Intangible assets	29,600					29,600
Goodwill	10,838					12,332
Total assets acquired	58,956					59,143
Current liabilities	7,544					7,544
Total liabilities assumed	7,544					7,544
Purchase Price	51,412					$ 51,599
Measurement adjustment, Current Assets	(100)
Measurement adjustment, Inventory	1,407
Measurement adjustment, goodwill	(1,494)
Measurement adjustment, Assets	(187)
Measurement adjustments, total purchase consideration	$ (187)

Inventories

12 Months Ended

Sep. 27, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consist of the following (in thousands):


	September 27, 2024		September 29, 2023
Raw materials	$	121,231	$	82,589
Work-in-process	12,412		14,280
Finished goods	60,847		39,431
Total	$	194,490	$	136,300

Investments (Tables)

12 Months Ended

Sep. 27, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The amortized cost, gross unrealized holding gains or losses and fair value of our available-for-sale investments by major investments type are summarized in the tables below (in thousands):


	September 27, 2024
	Amortized Cost			Gross Unrealized Holding Gains			Gross Unrealized Holding Losses			Aggregate Fair Value
Certificates of deposit		$	980		$	—		$	—		$	980
Corporate bonds		303,296			2,047			(193)			305,150
Commercial paper		73,641			149			—			73,790
U.S. Treasuries and agency bonds		54,931			248			(17)			55,162

Total investments		$	432,848		$	2,444		$	(210)		$	435,082


	September 29, 2023
	Amortized Cost			Gross Unrealized Holding Gains			Gross Unrealized Holding Losses			Aggregate Fair Value

Corporate bonds		$	145,234		$	—		$	(2,845)		$	142,389
Commercial paper		176,405			—			(129)			176,276
U.S. Treasury securities		21,895			18			(4)			21,909
Total investments		$	343,534		$	18		$	(2,978)		$	340,574

Summary of Contractual Maturities of Investments

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


	September 27, 2024
Less than 1 year	$	284,479
Over 1 year	150,603
Total investments	$	435,082

- 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)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Acquisitions - Revenue from Acquisition, Accounted for Pro Forma (Details) - RF Business of Wolfspeed, Inc. - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Asset Acquisition [Line Items]
Consolidated estimated pro forma unaudited net income (loss)	$ 756,415	$ 793,017
Consolidated estimated pro forma unaudited net income (loss)	$ 55,991	$ (72,728)

Acquisitions

12 Months Ended

Sep. 27, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

RF Business of Wolfspeed, Inc.—On December 2, 2023, we completed the acquisition of certain assets and specified liabilities of the RF business of Wolfspeed, Inc. (“Wolfspeed”) (the “RF Business,”), which was accounted for as a business combination (the “RF Business Acquisition”). The RF Business includes a portfolio of gallium nitride (“GaN”) on Silicon Carbide products used in high-performance RF and microwave applications. In connection with the RF Business Acquisition, we expect to assume control of a wafer fabrication facility in Research Triangle Park, North Carolina (the “RTP Fab”) approximately two years following the closing of the RF Business Acquisition (the “RTP Fab Transfer”). Prior to the RTP Fab Transfer, Wolfspeed will continue to operate the facility and supply wafer product and other fabrication services to us pursuant to various agreements entered into between the parties concurrently with the closing of the RF Business Acquisition.

The purchase price for the RF Business Acquisition consisted of $75.0 million payable in cash, subject to customary purchase price adjustments, and 711,528 shares of our common stock, with a fair value of $57.7 million, which were issued at the closing of the RF Business Acquisition. The shares of our common stock issued in connection with the RF Business Acquisition are subject to restrictions on the sale of shares until transfer of the RTP Fab to the Company is complete. In addition, if the RTP Fab has not transferred by the fourth anniversary of the closing date of the RF Business Acquisition, Wolfspeed will forfeit 25.0% of the share consideration. We funded the cash purchase price for the RF Business Acquisition through cash-on-hand.

During the fiscal years ended September 27, 2024 and September 29, 2023, we incurred acquisition-related transaction costs of approximately $7.4 million and $4.2 million, respectively, which are included in selling, general and administrative expense in our Consolidated Statement of Operations.

The following table summarizes the preliminary estimate of the purchase price (in thousands, except shares and closing share price amount):


			At Acquisition Date as Reported December 29, 2023		Measurement Period Adjustments		At Acquisition Date as Reported September 27, 2024

Cash purchase consideration			$	75,000	$	(2,198)	$	72,802
Number of shares of MACOM common stock issued at closing	711,528
Fair value of shares issued	$	81.14
Equity purchase consideration			60,772		(3,039)		57,733

Total purchase consideration			$	135,772	$	(5,237)	$	130,535

During the fiscal year ended September 27, 2024, the net working capital acquired was finalized, resulting in a refund of cash purchase consideration of $2.2 million. During the fiscal year ended September 27, 2024, we reduced the fair value of our common stock issued at the closing of the RF Business Acquisition by $3.0 million, representing the discount for lack of marketability as the shares were unregistered.

The purchase price for the RF Business 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 December 29, 2023		Measurement Period Adjustments		At Acquisition Date as Reported September 27, 2024

Current assets	$	160	$	(121)	$	39
Inventory	23,574		7,523		31,097
Property and equipment	35,415		—		35,415
Intangible assets	60,000		(18,000)		42,000
Prepayment for net assets associated with the RTP Fab Transfer	19,450		(3,200)		16,250
Other non-current assets	6,735		(898)		5,837
Goodwill	—		9,967		9,967
Total assets acquired	145,334		(4,729)		140,605
Current liabilities	6,474		408		6,882
Long-term liabilities	3,088		100		3,188
Total liabilities assumed	9,562		508		10,070
Purchase Price	$	135,772	$	(5,237)	$	130,535

Intangible assets consist of technology, a favorable contract and customer relationships with fair values of $21.0 million, $14.5 million and $6.5 million, respectively, and useful lives of 4.8 years, 2.0 years and 8.8 years, respectively. We used variations of income approaches with estimates and assumptions developed by us to determine the fair values of technology, the favorable contract and customer relationships. We valued technology by using the relief-from-royalty method, the favorable contract by using the discounted cash flow method and customer relationships by using the multi-period excess earnings method. We valued backlog using the multi-period excess earnings method and determined that the value for backlog is zero. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including revenue growth rates, royalty rates, operating margin and discount rates. We used the cost and market approaches to determine the fair value of our property and equipment. We amortize definite-lived assets based on the pattern over which we expect to receive the economic benefit from these assets. During the fiscal year ended September 27, 2024, based on additional information, we updated inputs and assumptions used to calculate the fair value of certain assets and liabilities, primarily resulting in a decrease to the fair value of intangible assets of $18.0 million, an increase to the fair value of inventory of $7.5 million, with an offsetting increase to Goodwill. The goodwill acquired will be deductible for tax purposes.

The prepayment of $16.3 million for the net assets associated with the RTP Fab Transfer, classified in Other long-term assets in our consolidated balance sheet, relates to the estimated fair value of property and equipment, inventory and liabilities that we will assume control of at the time of the RTP Fab Transfer. The cost and market approaches were used in determining the fair value of $10.4 million for property and equipment expected to transfer at the RTP Fab Transfer date. The remaining prepayment relates to inventory and liabilities, net, that we will assume control of at the time of the RTP Fab Transfer. We expect to enter into a 15-year lease for the RTP Fab after the RTP Fab Transfer occurs.

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 September 27, 2024, the purchase price allocation for the RF Business remains open as we gather additional information regarding the fair value of consideration transferred, the assets acquired and the liabilities assumed, primarily in relation to the valuation of intangibles, inventory, property and equipment, leases, the prepayment for the assets and liabilities to be conveyed with the RTP Fab Transfer and contingencies.

The RF Business has been included in our consolidated financial statements since the date of acquisition. During the fiscal year ended September 27, 2024, the RF Business contributed $138.7 million of our total revenue. During the fiscal year ended September 27, 2024, the RF Business did not materially impact our consolidated net income.

Consolidated estimated pro forma unaudited revenue and net income (loss) as if the RF Business Acquisition had occurred on October 1, 2022, is as follows (in thousands):


	Fiscal Years
	2024		2023
Consolidated estimated pro forma unaudited revenue	$	756,415	$	793,017
Consolidated estimated pro forma unaudited net income (loss)	$	55,991	$	(72,728)

Pro forma revenue and net income (loss) was prepared for comparative purposes only and is not indicative of what would have occurred had the acquisition actually occurred on October 1, 2022, or of the results that may occur in the future. Pro forma net income (loss) includes business combination accounting effects from the RF Business Acquisition, primarily amortization expense from acquired intangible assets, acquisition transaction costs and tax-related effects. Pro forma earnings for the fiscal year ended September 27, 2024 were adjusted to exclude transaction costs incurred of $15.8 million, and pro forma earnings for the fiscal year ended September 29, 2023 were adjusted and include $42.0 million of transaction costs associated with the RF Business Acquisition. MACOM incurred total transaction costs of $11.5 million and the remaining $30.5 million was incurred by Wolfspeed.

MESC—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 acquisition as the MACOM European Semiconductor Center Acquisition (the “MESC Acquisition”) and it was accounted for as a business combination. We completed the MESC Acquisition to expand our European footprint and to enable us to offer higher frequency gallium arsenide (“GaAs”) and GaN MMICs. Total cash consideration paid for the MESC Acquisition was approximately $36.9 million and was funded with cash-on-hand. During the fiscal year ended September 27, 2024 and September 29, 2023, we incurred acquisition-related transaction costs of approximately $0.3 million and $2.8 million, respectively, which are included in selling, general and administrative expense in our Consolidated Statement of Operations. The MESC Acquisition was accounted for as a business combination and the operations of MESC have been included in our consolidated financial statements since the date of acquisition.

We finalized the MESC Acquisition purchase accounting during the fiscal quarter ended June 28, 2024. The final purchase price has been allocated as follows (in thousands):


	At Acquisition Date as Reported June 28, 2024

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 provides us with the option to purchase the real property for one Euro at the end of the lease term; in October 2024 we exercised this option and purchased the real property. As of September 27, 2024, there was a finance lease right-of-use-asset of $24.7 million in Property and equipment for this lease, originally valued at acquisition using a market approach.

Intangible assets consist of technology and customer relationships of $4.9 million and $1.1 million, respectively, both having useful lives of 8.3 years. 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.

Pro forma financial information for the fiscal years ended September 29, 2023 and September 30, 2022 is not material to our consolidated financial statements.

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 power amplifiers (SSPAs), microwave predistortion linearizers and microwave photonics based in Hamilton, New Jersey (the “Linearizer Acquisition”), which was accounted for as a business combination. 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 $51.4 million. We funded the Linearizer Acquisition with cash-on-hand. There were no transaction costs for the fiscal year ended September 27, 2024 associated with this acquisition. During the fiscal year ended September 29, 2023, we incurred acquisition-related transaction costs of approximately $2.1 million, which are included in selling, general and administrative expenses in our Consolidated Statement of Operations. 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.

We finalized the Linearizer Acquisition purchase accounting during the fiscal quarter ended March 29, 2024. The final purchase price has been allocated as follows (in thousands):


	At Acquisition Date as Reported September 29, 2023		Measurement Period Adjustments		At Acquisition Date as Reported March 29, 2024

Current assets	$	2,819	$	(100)	$	2,719
Inventory	8,907		1,407		10,314
Property and equipment	5,485		—		5,485

Intangible assets	29,600		—		29,600
Goodwill	12,332		(1,494)		10,838
Total assets acquired	59,143		(187)		58,956

Current liabilities	7,544		—		7,544
Total liabilities assumed	7,544		—		7,544
Purchase Price	$	51,599	$	(187)	$	51,412

Intangible assets consist of customer relationships, technology and a 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 the 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 IRC Section 338 election filed.

Pro forma financial information for the fiscal years ended September 29, 2023 and September 30, 2022 is not material to our consolidated financial statements.

Share - Based Compensation Plans (Tables)

12 Months Ended

Sep. 27, 2024

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 Consolidated Statements of Operations during the periods presented (in thousands):


	Fiscal Years
	2024		2023		2022
Cost of revenue	$	5,938	$	4,325	$	4,038
Research and development	18,072		14,808		14,940
Selling, general and administrative	21,634		18,970		22,207
Total	$	45,644	$	38,103	$	41,185

Summary of Restricted Stock Awards and Unit Activity

A summary of RSU, PRSU and RSA activity for fiscal year 2024 is as follows (in thousands, except per share amounts):


	Number of Shares	Weighted-Average Grant Date Fair Value
Issued and unvested - September 29, 2023	1,501	$	60.90

Granted	772	80.42
Performance-based adjustment (1)	62	35.43
Vested	(557)	49.80
Forfeited, canceled or expired	(144)	67.36
Issued and unvested - September 27, 2024	1,634	$	72.37

(1) The amount shown represents performance adjustments for performance-based awards. These were granted in prior fiscal years and vested during 2024 based on the Company’s achievement of adjusted earnings per share.

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

The weighted-average assumptions used to value the awards are as follows:


	Fiscal Years
	2024		2023		2022
Weighted-average grant date fair value	$	88.88	$	80.37	$	89.82
Assumptions:
Weighted-average grant date stock price	$	73.01	$	56.65	$	66.12
Weighted-average stock price at the start of the performance period	$	79.43	$	54.12	$	64.11
Weighted-average risk free interest rate	4.6%		4.2%		0.8%
Weighted-average years to maturity	2.9		2.9		3.0
Weighted-average expected volatility rate	41.7%		51.8%		57.8%
Weighted-average expected dividend yield	—		—		—

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Sep. 27, 2024
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY We have authorized 10.0 million shares of $0.001 par value preferred stock and 300.0 million shares of $0.001 par value common stock as of September 27, 2024 and September 29, 2023. The outstanding shares of common stock as of September 27, 2024, presented in the accompanying Consolidated Statements of Stockholders’ Equity, exclude 2,138 unvested shares of restricted stock awards issued as compensation to employees that were subject to forfeiture.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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+ Details

Intangible Assets

12 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

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


	Fiscal Years
	2024		2023		2022
Cost of revenue	$	14,790	$	4,369	$	7,839
Research and development	4,763		—		—
Selling, general and administrative	17,612		23,735		25,592
Total	$	37,165	$	28,104	$	33,431

A summary of the activity in gross intangible assets as of September 27, 2024 and September 29, 2023 is as follows (in thousands):


	September 27, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	33,226	$	(7,320)	$	25,906

Customer relationships	180,214		(149,206)		31,008
Favorable contract	14,500		(7,620)		6,880
Software licenses	12,292		(4,775)		7,517
Trade name (1)	5,200		(423)		4,777
Balance as of September 27, 2024 (2)	$	245,432	$	(169,344)	$	76,088

Fully amortized intangible assets of $273.4 million were eliminated from both gross and accumulated amortization amounts in the fourth quarter of fiscal year 2024.


	September 29, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	191,369	$	(179,558)	$	11,811

Customer relationships	267,621		(225,827)		41,794

Software licenses	8,350		—		8,350
Trade name (1)	5,200		(161)		5,039
Balance as of September 29, 2023 (2)	$	472,540	$	(405,546)	$	66,994

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

(2) Foreign intangible asset carrying amounts include foreign currency translation adjustments.

As of September 27, 2024, our estimated amortization of our intangible assets in future fiscal years, was as follows (in thousands):


	2025		2026	2027	2028	2029	Thereafter
Amortization expense	$	25,274	14,705	11,506	7,989	4,735	8,479

The weighted-average amortization period for total intangible assets acquired during fiscal year 2024 is 4.5 years.

The following table presents a summary of the changes in goodwill during fiscal years 2024 and 2023 (in thousands):


	2024		2023
Balance at beginning of year	$	323,398	$	311,417
Acquired (1)	8,473		12,332
Foreign currency translation adjustment	330		(351)
Balance at end of year	$	332,201	$	323,398

(1) The acquired balance consists of an increase of $10.0 million to goodwill related to the RF Business Acquisition and a reduction of $1.5 million to goodwill related to measurement period adjustments for the Linearizer Acquisition. For additional information refer to Note 4 - Acquisitions.

Supplemental Cash Flow Information

12 Months Ended

Sep. 27, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION

The following is supplemental cash flow information for the periods presented (in thousands):


	Fiscal Years
	2024		2023		2022
Cash paid for interest	$	3,985	$	10,780	$	6,739
Cash paid for income taxes	$	5,997	$	2,870	$	2,194
Non-cash activities:
Non-cash capital expenditures	$	311	$	363	$	1,000
Purchase of software licenses included in liabilities	$	2,500	$	8,350	$	—

Purchase of software licenses included in liabilities relates to a commitment to purchase and pay for software over a two year period.

Leases Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases Lease Cost (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Leases [Abstract]
Finance Lease, Right-of-Use Asset, Amortization	$ 2,332	$ 2,106	$ 2,032
Finance Lease, Interest Expense	2,160	2,089	1,878
Lease, Cost	4,492	4,195	3,910
Operating Lease, Cost	10,280	7,965	8,415
Variable Lease, Cost	3,604	2,572	3,524
Short-term Lease, Cost	36	25	21
Sublease Income	$ 1,324	$ 1,340	$ 912

Inventories (Tables)

12 Months Ended

Sep. 27, 2024

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consist of the following (in thousands):


	September 27, 2024		September 29, 2023
Raw materials	$	121,231	$	82,589
Work-in-process	12,412		14,280
Finished goods	60,847		39,431
Total	$	194,490	$	136,300

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer liability	$ 5.3	$ 2.8	$ 3.9
Contract with customer, liability, revenue recognized	$ 2.5	$ 3.8	$ 1.6

Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 947,600	$ 842,748
Ending balance	1,126,343	947,600
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,635)	(5,851)
Ending balance	2,505	(3,635)
Foreign currency translation loss, net of tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,407)	21
Other comprehensive income	2,180	(1,428)
Ending balance	773	(1,407)
Unrealized gain on short-term investments, net of tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,228)	(5,872)
Other comprehensive income	3,960	3,644
Ending balance	$ 1,732	$ (2,228)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 76,859	$ 91,577	$ 439,955

- Definition

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

+ References

+ Details

Fair Value and Financial Instruments (Tables)

12 Months Ended

Sep. 27, 2024

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):


	September 27, 2024
	Fair Value		Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets
Money market funds	$	74,760	$	74,760	$	—	$	—
Certificates of deposit	980		980		—		—
U.S. Treasuries and agency bonds	55,162		50,163		4,999		—
Corporate bonds	305,150		—		305,150		—
Commercial paper	73,790		—		73,790		—
Total assets measured at fair value	$	509,842	$	125,903	$	383,939	$	—
Liabilities
Non-designated foreign currency hedge contracts	$	100	$	—	$	100	$	—

Total liabilities measured at fair value	$	100	$	—	$	100	$	—


	September 29, 2023
	Fair Value		Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets
Money market funds	$	111,388	$	111,388	$	—	$	—
U.S. Treasury securities	21,910		21,910		—		—
Commercial paper	176,276		—		176,276		—
Corporate bonds	142,388		—		142,388		—
Total assets measured at fair value	$	451,962	$	133,298	$	318,664	$	—

Income Taxes

12 Months Ended

Sep. 27, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The domestic and foreign income from operations before taxes were as follows (in thousands):


	Fiscal Years
	2024		2023		2022
United States	$	58,090	$	82,297	$	215,140
Foreign	33,436		32,861		27,980
Income from operations before income taxes	$	91,526	$	115,158	$	243,120

The components of the provision (benefit) for income taxes are as follows (in thousands):


	Fiscal Years
	2024		2023		2022
Current:
Federal	$	4,530	$	80	$	72
State	1,588		781		644
Foreign	3,710		2,570		2,890
Current provision	9,828		3,431		3,606
Deferred:
Federal	11,165		30,608		34,616
State	(1,417)		(405)		285
Foreign	(1,294)		1,998		2,211
Change in valuation allowance	(3,615)		(12,051)		(237,553)
Deferred provision (benefit)	4,839		20,150		(200,441)
Total provision (benefit)	$	14,667	$	23,581	$	(196,835)

We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making this determination, we consider available positive and negative evidence and factors that may impact the valuation of our deferred tax asset including results of recent operations, future reversals of existing taxable temporary differences, projected future taxable income, and tax-planning strategies. In the fiscal fourth quarter of 2022, we reassessed our valuation allowances and considered positive evidence including significant cumulative income, continued revenue growth and expectations regarding financial forecasts over the three years ended September 30, 2022, and negative evidence, including the uncertainty posed by the current economic and geopolitical environment and the global supply chain. After assessing the evidence, we released the valuation allowance on the majority of our domestic NOLs and R&D tax credit carryforwards and other deferred tax assets as of September 30, 2022, resulting in a benefit from income taxes of $202.8 million. In the fiscal fourth quarter of 2023, based upon an increase in our estimated future taxable income, we reduced our partial valuation allowance by $12.1 million, primarily related to California NOL and tax credit carryforwards resulting in a benefit from income taxes. During the fiscal year ended September 27, 2024, we reassessed the valuation allowance related to certain state NOLs as a result of the deferral and extension of the NOL carryforward period. This resulted in a benefit from income taxes of $3.6 million.

We had a $15.0 million valuation allowance as of September 27, 2024 on deferred tax assets whose recovery is not considered more likely than not. The major components are partial valuation allowances of $8.3 million and $6.3 million related to U.S. state NOL carryforwards and Canadian tax credits, respectively. We had a $18.7 million valuation allowance as of September 29, 2023, on deferred tax assets whose recovery is not considered more likely than not. The major components are partial valuation allowances of $11.3 million and $6.9 million related to U.S. state NOL carryforwards and Canadian tax credits, respectively.

Our effective tax rates differ from the federal and statutory rate as follows:


	Fiscal Years
	2024	2023	2022
Federal statutory rate	21.0%	21.0%	21.0%
Benefit from income taxes attributable to valuation allowances	(4.0)	(10.6)	(97.5)
Global intangible low taxed income	12.7	15.7	2.5
Foreign-derived intangible income deduction	(4.5)	—	—
Research and development credits	(9.4)	(4.8)	(3.7)

Foreign rate differential	(4.5)	(2.8)	(1.6)
Share-based compensation	0.1	(1.3)	(1.1)
Provision to return adjustments	0.2	0.8	(0.5)
State taxes net of federal benefit	3.0	2.2	0.6




Other permanent differences	1.4	0.3	(0.7)
Effective income tax rate	16.0%	20.5%	(81)%

For fiscal years 2024, 2023 and 2022, the effective tax rates on $91.5 million, $115.2 million and $243.1 million, respectively, of pre-tax income from continuing operations were 16.0%, 20.5% and (81.0)%, respectively. The effective income tax rates for fiscal years 2024, 2023 and 2022 were primarily impacted by a lower income tax rate in many foreign jurisdictions in which our foreign subsidiaries operate, changes in valuation allowance, research and development tax credits and the inclusion of Global Intangible Low Taxed Income.

In fiscal year 2022, the change in the “Benefit from income taxes attributable to valuation allowances” on deferred tax assets in the tax rate reconciliation table above was primarily related to the release of our valuation allowances on the majority of our domestic NOLs and R&D tax credit carryforwards and other deferred tax assets related to the U.S. jurisdiction.

Deferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The components of our deferred tax assets and liabilities are as follows (in thousands):


	September 27, 2024		September 29, 2023
Deferred tax assets:
Net operating loss and credit carryforward	$	151,397	$	178,743
Intangible assets	27,022		24,786
Section 174 R&D Cost Capitalization	35,465		19,706
Accrued expenses	20,309		19,442
Lease obligations	13,791		13,931
Minority equity investments	576		594


Gross deferred tax asset	248,560		257,202
Less valuation allowance	(15,038)		(18,653)
Deferred tax asset, net of valuation allowance	$	233,522	$	238,549

Deferred tax liabilities:
Convertible notes	$	—	$	—
Right of use lease asset	(14,507)		(14,663)
Property and equipment	(6,520)		(5,779)
Deferred tax liabilities	(21,027)		(20,442)
Net deferred tax asset	$	212,495	$	218,107

As of September 27, 2024, we had $265.1 million of gross federal NOL carryforwards, primarily related to acquisitions made in prior fiscal years. The federal NOL carryforwards will expire at various dates through 2036 for losses generated prior to the tax period ended September 27, 2019. For losses generated during the tax period ended September 27, 2019 and future years, the NOL carryforward period is indefinite but the loss utilization will be limited to 80% of taxable income. The reported NOL carryforward includes any limitation under Sections 382 and 383 of the Internal Revenue Code (“IRC”) of 1986, as amended, which applies to an ownership change as defined under Section 382.

As of September 27, 2024, we had $33.6 million tax-effected state NOL carryforwards which will expire starting in fiscal year 2029 through fiscal year 2044, offset primarily by a partial valuation allowance of $8.3 million and $6.3 million related to U.S. state NOL carryforwards and Canadian tax credits, respectively. As of September 27, 2024, we had federal R&D tax credit carryforwards of $33.2 million and state R&D tax credit carryforwards of $22.6 million. Federal and state credits will expire starting in fiscal year 2024 through fiscal year 2044. California R&D tax credit carryforwards of $17.0 million have an indefinite life.

IRC Section 174 R&D amortization rules, amended as part of the Tax Cuts and Jobs Act of 2017, require capitalization and amortization of all R&D costs incurred in tax years beginning after December 31, 2021. This change was effective for the Company beginning in fiscal year 2023. Capitalized costs relating to R&D performed within the U.S. are to be amortized over five years. Costs relating to R&D performed outside the U.S. are to be amortized over 15 years. As of September 27, 2024 and September 29, 2023, the deferred tax asset related to IRC Section 174 was $35.5 million and $19.7 million, respectively.

The liability for unrecognized tax benefits was zero as of September 27, 2024, September 29, 2023 and September 30, 2022, respectively. During the fiscal years ending September 27, 2024, September 29, 2023 and September 30, 2022, we reported no change in unrecognized tax benefits.

A summary of the fiscal tax years that remain subject to examination, as of September 27, 2024, for the Company’s significant tax jurisdictions are:


Jurisdiction			Fiscal Years Subject to Examination
United States—federal			Fiscal Year 2021- forward
United States—various states			Fiscal Year 2020 - forward
Ireland			Fiscal Year 2019 - forward

We are no longer subject to federal income tax examinations for fiscal years before 2020, except to the extent of loss and tax credit carryforwards from those years.

- 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

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Sep. 27, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation—We have one reportable operating segment that designs, develops, manufactures and markets semiconductors and modules. The accompanying consolidated financial statements include our accounts and the accounts of our majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal years 2024, 2023 and 2022 each included 52 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we typically include the extra week arising in our fiscal years in the first quarter.

Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities during the reporting periods, the reported amounts of revenue and expenses during the reporting periods and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we base estimates and assumptions on historical experience, currently available information and various other factors that management believes to be reasonable under the circumstances. Actual results may differ materially from these estimates and assumptions. The accounting policies which our management believes involve the most significant application of judgment or involve complex estimation, are inventories and associated reserves; revenue reserves; business combinations; goodwill and intangible asset valuation; share-based compensation valuations and income taxes.

Foreign Currency Translation and Remeasurement—Our consolidated financial statements are presented in U.S. dollars. While the majority of our foreign operations use the U.S. dollar as the functional currency, the financial statements of our foreign operations for which the functional currency is not the U.S. dollar are translated into U.S. dollars at the exchange rates in effect at the balance sheet dates (for assets and liabilities), historical rates for equity and at average exchange rates (for revenue and expenses). The unrealized translation gains and losses on the net investment in these foreign operations are accumulated as a component of other comprehensive income (loss).

The financial statements of our foreign operations where the functional currency is the U.S. dollar, but where the underlying transactions are transacted in a different currency, are remeasured at the exchange rate in effect at the balance sheet date with respect to monetary assets and liabilities. Nonmonetary assets and liabilities, such as inventories and property and equipment and related statements of operations accounts, such as cost of revenue and depreciation, are remeasured at historical exchange rates. Revenue and expenses, other than cost of revenue, amortization and depreciation, are translated at the average exchange rate for the period in which the transaction occurred. The net gains and losses on foreign currency remeasurement are reflected in selling, general and administrative expense in the accompanying Consolidated Statements of Operations. Net foreign exchange transaction gains and losses for all periods presented were not material.

Cash and Cash Equivalents—Cash equivalents are primarily composed of short-term, highly-liquid instruments with an original maturity of 90 days or less and consist primarily of money market funds.

Investments— Short-term investments: We classify our short-term investments as available-for-sale. Our investments classified as available-for-sale are recorded at fair value at period end. Unrealized gains and losses that are deemed to be unrelated to credit losses are recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity.

A decline in the fair value of any debt security below cost that is deemed to be attributable to credit loss results in a charge to earnings and the corresponding establishment of an allowance for credit losses against the cost basis of the security. Premiums and discounts are amortized (accreted) over the life of the related security as an adjustment to its yield. Dividend and interest income are recognized when earned. Realized gains and losses are included in Other income (expense), net in our Consolidated Statements of Operations and are derived using the specific identification method for determining the cost of investments sold.

Other investments: We use the equity method to account for investments in companies if the investment provides us with the ability to exercise significant influence over operating and financial policies of the investee. Our proportionate share of the net income (loss) resulting from these investments are reported within the Other income (expense), net line in our Consolidated Statements of Operations.

Our equity method investment, prior to its sale in fiscal year 2022, was reported at cost and adjusted each period for our share of the investee’s income or loss and dividends paid, if any, as well as any changes attributable to the equity of the investee that would impact our ownership.

Refer to Note 5 - Investments, for additional information.

Inventories—Inventories are stated at the lower of cost or net realizable value. We use a combination of standard cost and moving weighted-average cost methodologies to determine the cost basis for our inventories, approximating a first-in, first-out basis. The standard cost of finished goods and work-in-process inventory is composed of material, labor and manufacturing overhead, which approximates actual cost. In addition to stating inventory at the lower of cost or net realizable value, we also evaluate inventory each reporting period for excess quantities and obsolescence, and establish reserves when necessary based upon historical experience, assessment of economic conditions and expected demand. Once recorded, these reserves are considered permanent adjustments to the carrying value of inventory.

Property and Equipment—Property and equipment is stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements that significantly extend the useful life of the assets are capitalized as additions to property and equipment.

Property and equipment are depreciated or amortized using the straight-line method over the following estimated useful lives:


Asset Classification			Estimated Useful Life (In Years)
Buildings and improvements			20 - 40
Computer equipment and software			2 - 5
Furniture and fixtures			7 - 10
Finance lease assets and leasehold improvements			Shorter of useful life or term of lease
Machinery and equipment			2 - 7

Business Combinations — Business combinations are accounted for under the acquisition method of accounting. Amounts paid for an acquisition are allocated to the assets acquired and liabilities assumed based on their fair values at the date of acquisition. The accounting for business combinations requires estimates and judgment in determining the fair value of assets acquired and liabilities assumed, regarding expectations of future cash flows of the acquired business, and the allocation of those cash flows to the identifiable intangible assets. The determination of fair value is based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. If actual results differ from these estimates, the amounts recorded in the financial statements could be impaired.

Acquisition costs are expensed as incurred and recorded in selling, general and administrative expenses.

Goodwill and Indefinite-Lived Intangible Assets—We have goodwill and certain intangible assets with indefinite lives which are not subject to amortization. These are reviewed for impairment annually as of the end of our fiscal August month end and more frequently if events or changes in circumstances indicate that the assets may be impaired. For our assessment of goodwill impairment, we compare the fair value to the carrying value of the reporting unit. For our assessment of indefinite-lived assets we compare the carrying value of the asset to the estimated fair value of the asset. If impairment exists, a loss is recorded to write down the value of the assets to their fair values. We performed our annual impairment tests of our goodwill and indefinite-lived intangible assets and the results of these tests indicated that our goodwill and indefinite-lived intangible assets were not impaired in any of the three fiscal years ended September 27, 2024.

Long-Lived Asset Valuation and Impairment Assessment—Long-lived assets include property and equipment and definite-lived intangible assets subject to amortization. We evaluate long-lived assets for recoverability when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Circumstances which could trigger a review include, but are not limited to, significant decreases in the market price of the asset or asset group, significant adverse changes in the business climate or legal factors, the accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset, current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset and a current expectation that the asset will more likely than not, be sold or disposed of significantly before the end of its previously estimated useful life.

In evaluating a long-lived asset for recoverability, we estimate the undiscounted cash flows expected to result from our use and eventual disposition of the asset. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized.

Other Intangible Assets—Our other intangible assets, including acquired technology, customer relationships, certain trade names and internal-use software, are definite-lived assets and are subject to amortization. We amortize definite-lived assets over their estimated useful lives, which range from two to fourteen years, generally based on the pattern over which we expect to receive the economic benefit from these assets.

Leases—We have operating leases for certain facilities. We have financing leases for our corporate headquarters, our fabrication facility in France and to a lesser extent, various manufacturing equipment. These leases expire at various dates through 2043, and certain of these leases have renewal options with the longest ranging up to two ten-year periods.

We determine that a contract contains a lease at lease inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether the right to control an identified asset exists, we assess whether we have the right to direct the use of the identified asset and obtain substantially all of the economic benefit from the use of the identified asset. Leases with a term greater than one year are recognized on the balance sheet as right-of-use (“ROU”) assets and lease liabilities. For leases with a term of one year or less, categorized as short-term leases, we elected not to recognize the lease liability for these arrangements and the lease payments are recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. ROU assets and lease liabilities are recognized at the present value of future minimum lease payments over the lease term on the commencement date. ROU assets are initially measured as the amount of the initial lease liability, adjusted for initial direct costs, lease payments made at or before the commencement date, and reduced by lease incentives received. We include options to renew or terminate when determining the lease term when it is reasonably certain that the option will be exercised. Our lease agreements do not contain any material residual value guarantees or restrictive covenants.

Our leases may contain lease and non-lease components. We elected to account for lease and non-lease components in a contract as part of a single lease component. Fixed payments are considered part of the single lease component and included in the ROU assets and lease liabilities. Additionally, lease contracts typically include variable payments and other costs that do not transfer a separate good or service, such as reimbursement for real estate taxes and insurance, which are expensed as incurred.

Our leases generally do not provide an implicit interest rate. As a result, we utilize current industry borrowing rates for similar companies with similar ratings.

Revenue Recognition—Our revenue is derived primarily from sales of high-performance RF, microwave, millimeter wave, optical and photonic semiconductor products into three primary markets: I&D, Data Center and Telecom.

We recognize revenue within the scope of ASC 606, Revenue from Contracts with Customers. Revenue is recognized when a customer obtains control of products or services in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, we perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) we satisfy performance obligations. Sales, value add and other taxes collected on behalf of third parties are excluded from revenue. Our revenue arrangements do not contain significant financing components.

Contracts with our customers principally contain only one distinct performance obligation, which is the sale of products. However, due to multiple products potentially being sold on a single order, we are required to allocate consideration based on the estimated relative standalone selling prices of the promised products.

Periodically, we enter into non-product development and license contracts with certain customers. We generally recognize revenue from these contracts over-time as services are provided based on the terms of the contract. Non-product development and license revenue is not significant to our Revenue or Consolidated Statements of Operations for the periods presented. Revenue is deferred for amounts billed or received prior to delivery of the services. Certain contracts may contain multiple performance obligations for which we allocate revenue to each performance obligation based on the relative standalone selling price.

Our product revenue is recognized when the customer obtains control of the product, which generally occurs at a point in time, and is based on the contractual shipping terms of a contract. For each contract, the promise to transfer the control of the products or services, each of which is individually distinct, is considered to be the identified performance obligation. We provide an assurance type warranty which is not sold separately and does not represent a separate performance obligation. Therefore, we account for such warranties under ASC 460, Guarantees, and the estimated costs of warranty claims are generally accrued as cost of revenue in the period the related revenue is recorded.

We have agreements with certain distribution customers which may include certain rights of return and pricing programs, including returns for aged inventory, stock rotation and price protection which affect the transaction price. Sales to these customers and programs offered are in accordance with terms set forth in written agreements, which require us to assess the potential revenue effects of this variable consideration utilizing the expected value method. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. As such, revenue on sales to customers that include rights of return and pricing programs are recorded net of estimated variable consideration, utilizing the expected value method based on historical sales data. We believe that the judgments and estimates we utilize are reasonable based upon current facts and circumstances, however utilizing different judgments and estimates could result in different amounts.

Practical Expedients and Elections—ASC 606 requires that we disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of the reporting periods presented. The guidance provides certain practical expedients that limit this requirement and, therefore, we do not disclose the value of unsatisfied performance

obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which we have the right to invoice for services performed. We have elected not to disclose the aggregate amount of transaction prices associated with unsatisfied or partially unsatisfied performance obligations for contracts where these criteria are met.

Our policy is to capitalize any incremental costs incurred to obtain a customer contract, only to the extent that the benefit associated with the costs is expected to be longer than one year. Capitalizable contract costs were not significant as of September 27, 2024 and September 29, 2023.

We account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. When shipping and handling costs are incurred after a customer obtains control of the products, we have elected to account for these as costs to fulfill the promise and not as a separate performance obligation. Shipping and handling costs associated with the distribution of products to customers are recorded in costs of revenue generally when the related product is shipped to the customer.

Research and Development Costs—Costs incurred in the research and development of products are expensed as incurred.

Income Taxes—Deferred tax assets and liabilities are recognized based on temporary differences between the financial reporting and income tax bases of assets and liabilities, using rates anticipated to be in effect when such temporary differences reverse. A valuation allowance against net deferred tax assets is required if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. On a periodic basis, we reassess the valuation allowance on our deferred income tax assets weighing positive and negative evidence, including both historical and prospective information, with greater weight given to evidence that is objectively verifiable, to assess the recoverability of our deferred tax assets. The periodic assessments include, among other things, our recent financial performance and our future projections.

We provide reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit is taken by us in our tax filings or positions that are more likely than not to be realized following an examination by taxing authorities. We recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense.

Earnings Per Share—Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period, excluding the dilutive effect of common stock equivalents. Diluted net income per share reflects the dilutive effect of common stock equivalents, such as stock options, restricted stock units using the treasury stock method and convertible debt using the if-converted method.

Fair Value Measurements—Financial assets and liabilities are measured at fair value. Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability at the measurement date under current market conditions in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we group financial assets and liabilities in a three-tier fair value hierarchy, according to the inputs used in measuring fair value as follows:

•Level 1—observable inputs such as quoted prices in active markets for identical assets and liabilities;

•Level 2—inputs other than quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical assets and liabilities in markets that are not active and model-based valuation techniques for which significant assumptions are observable in active markets; and,

•Level 3—unobservable inputs for which there is little or no market data, requiring us to develop our own assumptions for model-based valuation techniques.

This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period.

Money market funds are actively traded and consist of highly liquid investments with original maturities of 90 days or less. They are measured at their fair value and classified as Level 1. Certificates of deposit consist of investments that mature in less than 1 year and are classified as Level 1. U.S. Treasury securities consist of U.S. Treasury Notes and U.S. Treasury T-Bills that mature in less than 1 year and are classified as Level 1. Corporate and agency bonds and commercial paper are categorized as Level 2 assets except where sufficient quoted prices exist in active markets, in which case such securities are categorized as Level 1 assets. These securities are valued using third-party pricing services. These services may use, for example, model-based pricing methods that utilize observable market data as inputs. We generally use quoted prices for recent trading activity of assets with similar characteristics to the

debt security or bond being valued. The securities and bonds priced using such methods are generally classified as Level 2. Broker dealer bids or quotes on securities with similar characteristics may also be used.

For forward foreign currency contracts, the significant inputs are over-the-counter quoted market prices for similar instruments and exchange rate curves of the foreign currency for translating future cash flows. These derivatives are classified as Level 2 as the fair value determination was based on observable inputs.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these assets and liabilities.

Share-Based Compensation—We account for all share-based compensation arrangements using the fair value method. We recognize compensation expense using the straight-line method for service-based awards and the accelerated method for performance-based awards, and providing that the minimum amount of compensation recorded is equal to the vested portion of the award. We record the expense in the Consolidated Statements of Operations in the same manner in which the award recipients’ salary costs are classified. For restricted stock unit awards, we use the closing stock price on the date of grant to estimate the fair value of the awards. For restricted stock units with both service and performance conditions, this grant-date fair value is also impacted by the number of units that are expected to vest during the performance period and is adjusted through the related stock-based compensation expense at each reporting period based on the probability of achievement of that performance condition. If we determine that an award is unlikely to vest, any previously recorded stock-based compensation expense is reversed in the period of that determination. We use the Monte Carlo Simulation analysis to estimate the fair value of restricted stock units and stock options with market conditions, inclusive of assumptions for risk free interest rates, expected term, expected volatility and the target price. We derive the risk-free interest rate assumption from the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to the expected term of the award being valued. We base the assumed dividend yield on our expectation of not paying dividends in the foreseeable future. We calculate the weighted-average expected term of the options using historical data. In addition, we calculate our estimated volatility using our historical stock price volatility data. We use the Black-Scholes option-pricing model to estimate the fair value of stock options with service and performance conditions, inclusive of assumptions for risk-free interest rates, dividends, expected terms and estimated volatility. We account for forfeitures when they occur.

Share-based awards that are settled in cash are recorded as liabilities. The measurement of the liability and compensation cost for these awards is based on the fair value of the award as of each period end date, which is equivalent to the closing price of a share of our common stock on the period end date multiplied by the number of units earned, and is recorded in operating income over the award’s vesting period. Changes in our payment obligation prior to the settlement date of a stock-based award are recorded as compensation expense in operating income in the period of the change. The final payment amount for such awards is established on the date of vesting.

Guarantees and Indemnification Obligations—We enter into agreements in the ordinary course of business with, among others, customers, distributors and OEMs. Most of these agreements require us to indemnify the other party against third-party claims alleging that a Company product infringes a patent and/or copyright. Certain agreements in which we grant limited licenses to Company intellectual property require us to indemnify the other party against third-party claims alleging that the use of the licensed intellectual property infringes a third-party's intellectual property. Certain of these agreements require us to indemnify the other party against certain claims relating to property damage, personal injury or the acts or omissions, its employees, agents or representatives. In addition, from time to time, we have made certain guarantees in the form of warranties regarding the performance of Company products to customers.

We have agreements with certain vendors, creditors, lessors and service providers pursuant to which we have agreed to indemnify the other party for specified matters, such as acts and omissions, its employees, agents or representatives.

We have procurement or license agreements with respect to technology used in our products and agreements in which we obtain rights to a product from an OEM. Under some of these agreements, we have agreed to indemnify the supplier for certain claims that may be brought against such party with respect to our acts or omissions relating to the supplied products or technologies.

Our certificate of incorporation and agreements with certain of our directors and officers and certain of our subsidiaries’ directors and officers provide them indemnification rights, to the extent legally permissible, against liabilities incurred by them in connection with legal actions in which they may become involved by reason of their service as a director or officer. As a matter of practice, we maintain director and officer liability insurance coverage, including coverage for directors and officers of acquired companies.

We have not experienced any losses related to these indemnification obligations in any period presented and no claims with respect thereto were outstanding as of September 27, 2024 and September 29, 2023. We do not expect significant claims related to these indemnification obligations and, consequently, have concluded that the fair value of these obligations is negligible. No liabilities related to indemnification liabilities have been established.

Recent Accounting Pronouncements

In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends Account Standards Codification Topic 820, Fair Value Measurement (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. We elected to early adopt ASU 2022-03 on September 30, 2023, and applied the amendment in measuring consideration transferred in the RF Business Acquisition (as defined in Note 4 - Acquisitions). As a result, we have not applied a discount for lack of marketability related to the RF Business Acquisition stockholder restrictions set forth in the asset purchase agreement (discussed in Note 4 - Acquisitions). However, the fair value of the shares was discounted for lack of marketability as the shares that were transferred were unregistered and legally restricted from being sold. See Note 4 - Acquisitions for additional information.

Pronouncements for Adoption in Subsequent Periods

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU should be applied on a retrospective basis. The amendments in this update are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the future effect the adoption of this ASU will have on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which require greater disaggregation of income tax disclosures. The amendments in this update improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Other amendments in this update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. This ASU should be applied on a prospective basis, with retrospective application permitted. The guidance in this update is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the future effect of the adoption of this ASU will have on our consolidated financial statements and related disclosures.

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Sep. 27, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	RELATED-PARTY TRANSACTIONS

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Leases (Tables)

12 Months Ended

Sep. 27, 2024

Leases [Abstract]

Assets and Liabilities, Lessee

Included in our Consolidated Balance Sheets were the following amounts related to operating and finance lease assets and liabilities (in thousands):


	September 27, 2024		September 29, 2023		Consolidated Balance Sheets Classification
Assets:
Operating lease ROU assets	$	29,279	$	25,572	Other long-term assets
Finance lease assets	55,389		56,282		Property and equipment, net

Total lease assets	$	84,668	$	81,854
Liabilities:
Current:
Operating lease liabilities	$	7,727	$	7,258	Accrued liabilities
Finance lease liabilities	646		1,162		Current portion of finance lease obligations

Long-term:
Operating lease liabilities	24,173		22,756		Other long-term liabilities
Finance lease liabilities	31,130		31,776		Finance lease obligations, less current portion

Total lease liabilities	$	63,676	$	62,952

Leases, Weighted-Average Lease Term and Discount Rate

The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows:


	September 27, 2024		September 29, 2023
Weighted-average remaining lease term (in years):
Operating leases	4.7		5.1
Finance leases	19.0		19.6
Weighted-average discount rate:
Operating leases	6.4	%	5.6	%
Finance leases	6.7	%	6.7	%

Lease, Cost

The components of lease expense were as follows (in thousands):


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Finance lease cost:
Amortization of lease assets	$	2,332	$	2,106	$	2,032
Interest on lease liabilities	2,160		2,089		1,878
Total finance lease cost	4,492		4,195		3,910

Operating lease cost	10,280		7,965		8,415
Variable lease cost	3,604		2,572		3,524
Short-term lease cost	36		25		21
Sublease income	1,324		1,340		912

Leases, Supplemental Cash Flow Information

Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands):


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	10,567	$	8,644	$	9,427
Operating cash flows from finance leases	$	2,160	$	2,089	$	1,878
Financing cash flows from finance leases	$	1,175	$	1,012	$	957

Non-cash activities:
Operating lease ROU assets obtained in exchange for new lease liabilities	$	10,643	$	6,758	$	2,536
Financing lease assets obtained in exchange for new lease liabilities	$	—	$	5,905	$	—

Finance Lease, Liability, Maturity

As of September 27, 2024, maturities of lease payments by fiscal year were as follows (in thousands):


Fiscal year ending:	Operating Leases		Finance Leases
2025	$	9,542	$	2,783
2026	8,085		2,680
2027	6,750		2,718
2028	5,249		2,754
2029	4,626		2,803
Thereafter	2,971		44,061
Total lease payments	$	37,223	$	57,799
Less: interest	(5,323)		(26,023)
Present value of lease liabilities	$	31,900	$	31,776

Lessee, Operating Lease, Liability, Maturity

As of September 27, 2024, maturities of lease payments by fiscal year were as follows (in thousands):


Fiscal year ending:	Operating Leases		Finance Leases
2025	$	9,542	$	2,783
2026	8,085		2,680
2027	6,750		2,718
2028	5,249		2,754
2029	4,626		2,803
Thereafter	2,971		44,061
Total lease payments	$	37,223	$	57,799
Less: interest	(5,323)		(26,023)
Present value of lease liabilities	$	31,900	$	31,776

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 729,578	$ 648,407	$ 675,170
United States
Disaggregation of Revenue [Line Items]
Revenues	327,682	313,353	315,276
China
Disaggregation of Revenue [Line Items]
Revenues	177,696	129,875	175,978
Asia Pacific, excluding China
Disaggregation of Revenue [Line Items]
Revenues	89,294	90,673	107,112
Other Countries
Disaggregation of Revenue [Line Items]
Revenues	134,906	114,506	76,804
Industrial & Defense
Disaggregation of Revenue [Line Items]
Revenues	351,639	317,128	242,702
Data Center
Disaggregation of Revenue [Line Items]
Revenues	197,875	146,982	294,341
Telecom
Disaggregation of Revenue [Line Items]
Revenues	$ 180,064	$ 184,297	$ 138,127

- 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 + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Leases

12 Months Ended

Sep. 27, 2024

Leases [Abstract]

Leases

LEASES

Included in our Consolidated Balance Sheets were the following amounts related to operating and finance lease assets and liabilities (in thousands):


	September 27, 2024		September 29, 2023		Consolidated Balance Sheets Classification
Assets:
Operating lease ROU assets	$	29,279	$	25,572	Other long-term assets
Finance lease assets	55,389		56,282		Property and equipment, net

Total lease assets	$	84,668	$	81,854
Liabilities:
Current:
Operating lease liabilities	$	7,727	$	7,258	Accrued liabilities
Finance lease liabilities	646		1,162		Current portion of finance lease obligations

Long-term:
Operating lease liabilities	24,173		22,756		Other long-term liabilities
Finance lease liabilities	31,130		31,776		Finance lease obligations, less current portion

Total lease liabilities	$	63,676	$	62,952

Operating lease right-of-use assets obtained in exchange for new lease liabilities includes $5.6 million operating lease right-of-use assets acquired as part of the RF Business Acquisition.

The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows:


	September 27, 2024		September 29, 2023
Weighted-average remaining lease term (in years):
Operating leases	4.7		5.1
Finance leases	19.0		19.6
Weighted-average discount rate:
Operating leases	6.4	%	5.6	%
Finance leases	6.7	%	6.7	%

The components of lease expense were as follows (in thousands):


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Finance lease cost:
Amortization of lease assets	$	2,332	$	2,106	$	2,032
Interest on lease liabilities	2,160		2,089		1,878
Total finance lease cost	4,492		4,195		3,910

Operating lease cost	10,280		7,965		8,415
Variable lease cost	3,604		2,572		3,524
Short-term lease cost	36		25		21
Sublease income	1,324		1,340		912

Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands):


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	10,567	$	8,644	$	9,427
Operating cash flows from finance leases	$	2,160	$	2,089	$	1,878
Financing cash flows from finance leases	$	1,175	$	1,012	$	957

Non-cash activities:
Operating lease ROU assets obtained in exchange for new lease liabilities	$	10,643	$	6,758	$	2,536
Financing lease assets obtained in exchange for new lease liabilities	$	—	$	5,905	$	—

As of September 27, 2024, maturities of lease payments by fiscal year were as follows (in thousands):


Fiscal year ending:	Operating Leases		Finance Leases
2025	$	9,542	$	2,783
2026	8,085		2,680
2027	6,750		2,718
2028	5,249		2,754
2029	4,626		2,803
Thereafter	2,971		44,061
Total lease payments	$	37,223	$	57,799
Less: interest	(5,323)		(26,023)
Present value of lease liabilities	$	31,900	$	31,776

Leases

LEASES

Included in our Consolidated Balance Sheets were the following amounts related to operating and finance lease assets and liabilities (in thousands):


	September 27, 2024		September 29, 2023		Consolidated Balance Sheets Classification
Assets:
Operating lease ROU assets	$	29,279	$	25,572	Other long-term assets
Finance lease assets	55,389		56,282		Property and equipment, net

Total lease assets	$	84,668	$	81,854
Liabilities:
Current:
Operating lease liabilities	$	7,727	$	7,258	Accrued liabilities
Finance lease liabilities	646		1,162		Current portion of finance lease obligations

Long-term:
Operating lease liabilities	24,173		22,756		Other long-term liabilities
Finance lease liabilities	31,130		31,776		Finance lease obligations, less current portion

Total lease liabilities	$	63,676	$	62,952

Operating lease right-of-use assets obtained in exchange for new lease liabilities includes $5.6 million operating lease right-of-use assets acquired as part of the RF Business Acquisition.

The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows:


	September 27, 2024		September 29, 2023
Weighted-average remaining lease term (in years):
Operating leases	4.7		5.1
Finance leases	19.0		19.6
Weighted-average discount rate:
Operating leases	6.4	%	5.6	%
Finance leases	6.7	%	6.7	%

The components of lease expense were as follows (in thousands):


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Finance lease cost:
Amortization of lease assets	$	2,332	$	2,106	$	2,032
Interest on lease liabilities	2,160		2,089		1,878
Total finance lease cost	4,492		4,195		3,910

Operating lease cost	10,280		7,965		8,415
Variable lease cost	3,604		2,572		3,524
Short-term lease cost	36		25		21
Sublease income	1,324		1,340		912

Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands):


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	10,567	$	8,644	$	9,427
Operating cash flows from finance leases	$	2,160	$	2,089	$	1,878
Financing cash flows from finance leases	$	1,175	$	1,012	$	957

Non-cash activities:
Operating lease ROU assets obtained in exchange for new lease liabilities	$	10,643	$	6,758	$	2,536
Financing lease assets obtained in exchange for new lease liabilities	$	—	$	5,905	$	—

As of September 27, 2024, maturities of lease payments by fiscal year were as follows (in thousands):


Fiscal year ending:	Operating Leases		Finance Leases
2025	$	9,542	$	2,783
2026	8,085		2,680
2027	6,750		2,718
2028	5,249		2,754
2029	4,626		2,803
Thereafter	2,971		44,061
Total lease payments	$	37,223	$	57,799
Less: interest	(5,323)		(26,023)
Present value of lease liabilities	$	31,900	$	31,776

Geographic and Significant Customer Information - Summary of Customer Concentrations as Percentage of Total Sales and Accounts Receivable (Detail)	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Total Sales \| Customer A \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	11.00%	0.00%	0.00%

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
Current assets:
Cash and cash equivalents	$ 146,806	$ 173,952
Short-term investments	435,082	340,574
Accounts receivable, net	105,700	91,253
Inventories	194,490	136,300
Prepaid and other current assets	21,000	19,114
Total current assets	903,078	761,193
Property and equipment, net	176,017	149,496
Goodwill	332,201	323,398
Intangible assets, net	76,088	66,994
Deferred income taxes	212,495	218,107
Other long-term assets	55,761	34,056
Total assets	1,755,640	1,553,244
Current liabilities:
Current portion of finance lease obligations	646	1,162
Accounts payable	43,202	24,966
Accrued liabilities	64,336	57,397
Total current liabilities	108,184	83,525
Finance lease obligations, less current portion	31,130	31,776
Financing obligation	9,006	9,307
Long-term debt	448,281	447,134
Other long-term liabilities	32,696	33,902
Total liabilities	629,297	605,644
Stockholders' equity:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	72	71
Treasury Stock, Value	(330)	(330)
Accumulated other comprehensive income (loss)	2,505	(3,635)
Additional paid-in capital	1,309,946	1,214,203
Accumulated deficit	(185,850)	(262,709)
Total stockholders' equity	1,126,343	947,600
Total liabilities and stockholders' equity	$ 1,755,640	$ 1,553,244

Intangible Assets (Tables)

12 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Amortization Expense Related to Amortizable Intangible Assets

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


	Fiscal Years
	2024		2023		2022
Cost of revenue	$	14,790	$	4,369	$	7,839
Research and development	4,763		—		—
Selling, general and administrative	17,612		23,735		25,592
Total	$	37,165	$	28,104	$	33,431

Summary of Intangible Assets

A summary of the activity in gross intangible assets as of September 27, 2024 and September 29, 2023 is as follows (in thousands):


	September 27, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	33,226	$	(7,320)	$	25,906

Customer relationships	180,214		(149,206)		31,008
Favorable contract	14,500		(7,620)		6,880
Software licenses	12,292		(4,775)		7,517
Trade name (1)	5,200		(423)		4,777
Balance as of September 27, 2024 (2)	$	245,432	$	(169,344)	$	76,088

Fully amortized intangible assets of $273.4 million were eliminated from both gross and accumulated amortization amounts in the fourth quarter of fiscal year 2024.


	September 29, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	191,369	$	(179,558)	$	11,811

Customer relationships	267,621		(225,827)		41,794

Software licenses	8,350		—		8,350
Trade name (1)	5,200		(161)		5,039
Balance as of September 29, 2023 (2)	$	472,540	$	(405,546)	$	66,994

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

(2) Foreign intangible asset carrying amounts include foreign currency translation adjustments.

Summary of Estimated Amortization of Intangible Assets in Future Fiscal Years

As of September 27, 2024, our estimated amortization of our intangible assets in future fiscal years, was as follows (in thousands):


	2025		2026	2027	2028	2029	Thereafter
Amortization expense	$	25,274	14,705	11,506	7,989	4,735	8,479

Summary of Activity in Intangible Assets and Goodwill


	2024		2023
Balance at beginning of year	$	323,398	$	311,417
Acquired (1)	8,473		12,332
Foreign currency translation adjustment	330		(351)
Balance at end of year	$	332,201	$	323,398

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 27, 2024	Sep. 29, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	300,000,000	300,000,000.0
Common stock, issued (in shares)	72,219,000	71,013,000
Common stock, outstanding (in shares)	72,196,000	70,990,000
Treasury stock (in shares)	23,000	23,000

Financing Obligation (Tables)

12 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

Schedule of Expected Future Minimum Payments for Financing Obligation

As of September 27, 2024, expected future minimum payments for the financing obligation were as follows (in thousands):


Fiscal year ending:	Amount
2025	$	982
2026	1,007
2027	1,031
2028	1,057
2029	1,084
Thereafter	9,773
Total payments	$	14,934
Less: interest	5,627
Present value of financing obligation	$	9,307

Earnings Per Share

12 Months Ended

Sep. 27, 2024

Earnings Per Share [Abstract]

Earnings 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):


	Fiscal Years
	2024		2023		2022
Numerator:




Net income attributable to common stockholders	$	76,859	$	91,577	$	439,955

Denominator:
Weighted average common shares outstanding-basic	71,959		70,801		69,783
Dilutive effect of stock options, restricted stock awards and restricted stock units (1)	954		702		1,383
Dilutive effect of convertible debt (2)	662		—		—
Weighted average common shares outstanding-diluted	73,575		71,503		71,166



Net income to common stockholders per share-basic	$	1.07	$	1.29	$	6.30



Net income to common stockholders per share-diluted	$	1.04	$	1.28	$	6.18

(1) Excludes the effects of 29,719, 140,466 and 254,717 shares for fiscal years 2024, 2023 and 2022, respectively, of potential shares of common stock issuable upon vesting of restricted stock and restricted stock units as the inclusion would be anti-dilutive, but they could become dilutive in the future.

(2) Each amount shown represents the number of shares that would be necessary to settle the conversion premium for the 2026 Convertible Notes as of the corresponding reporting period. For additional information on the 2026 Convertible Notes, see Note 15 - Debt.

Acquisitions - RF Business of Wolfspeed, Inc. - Purchase Price Adjustments (Details) - RF Business of Wolfspeed, Inc. - USD ($) $ / shares in Units, $ in Thousands				9 Months Ended	12 Months Ended
	Sep. 27, 2024	Dec. 29, 2023	Dec. 02, 2023	Sep. 27, 2024	Sep. 27, 2024
Business Acquisition [Line Items]
Acquisition, number of shares issued (in shares)			711,528
Share price of common stock (in dollars per share)			$ 81.14
Cash purchase consideration	$ 72,802	$ 75,000	$ 75,000
Equity purchase consideration	57,733	60,772	$ 57,700
Total purchase consideration	$ 130,535	$ 135,772
Measurement adjustments, cash purchase consideration					$ (2,198)
Measurement adjustments, Equity purchase consideration					(3,039)
Measurement adjustments, total purchase consideration				$ (5,237)	$ (5,237)

Stockholders' Equity - Additional Information (Detail) - $ / shares	Sep. 27, 2024	Sep. 29, 2023
Equity [Abstract]
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	300,000,000	300,000,000.0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, subject to forfeiture (in shares)	2,138

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Sep. 27, 2024

Accounting Policies [Abstract]

Principles of Consolidation, Basis of Presentation and Reclassification

Use of Estimates

Foreign Currency Translation and Remeasurement

Cash and Cash Equivalents

Cash and Cash Equivalents—Cash equivalents are primarily composed of short-term, highly-liquid instruments with an original maturity of 90 days or less and consist primarily of money market funds.

Investments

Inventories

Property and Equipment

Property and equipment are depreciated or amortized using the straight-line method over the following estimated useful lives:


Asset Classification			Estimated Useful Life (In Years)
Buildings and improvements			20 - 40
Computer equipment and software			2 - 5
Furniture and fixtures			7 - 10
Finance lease assets and leasehold improvements			Shorter of useful life or term of lease
Machinery and equipment			2 - 7

Goodwill and Indefinite-lived Intangible Assets

Impairment of Long-Lived Assets

Other Intangible Assets

Revenue Recognition

Research and Development Costs

Research and Development Costs—Costs incurred in the research and development of products are expensed as incurred.

Income Taxes

Earnings Per Share

Fair Value Measurements

•Level 1—observable inputs such as quoted prices in active markets for identical assets and liabilities;

•Level 3—unobservable inputs for which there is little or no market data, requiring us to develop our own assumptions for model-based valuation techniques.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these assets and liabilities

Share-Based Compensation

Guarantees and Indemnification Obligations

Recent Accounting Pronouncements

Pronouncements for Adoption in Subsequent Periods

Lessee, Leases

Our leases generally do not provide an implicit interest rate. As a result, we utilize current industry borrowing rates for similar companies with similar ratings.

Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 323,398	$ 311,417
Acquired	8,473	12,332
Foreign currency translation adjustment	330	(351)
Goodwill, Ending Balance	332,201	$ 323,398
RF Business Acquisition
Goodwill [Line Items]
Goodwill, Period Increase (Decrease)	10,000
Linearizer Acquisition
Goodwill [Line Items]
Goodwill, Period Increase (Decrease)	$ (1,500)

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- 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 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Earnings Per Share - Common Equivalent Shares Excluded from Calculation from Net Income Per Share (Detail) - shares	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	29,719	140,466	254,717

Accounts Receivables Allowances- Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance - beginning of year	$ 2,004	$ 2,446	$ 2,795
Provision, net	5,404	3,600	7,097
Charge-offs	(4,746)	(4,042)	(7,446)
Balance - end of year	2,662	2,004	2,446
Compensation Credits and Customer Returns Allowance
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance - beginning of year	1,800	2,100
Balance - end of year	$ 2,400	$ 1,800	$ 2,100

Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Mar. 03, 2023
Related Party Transaction [Line Items]
Related party, amounts of transactions		$ 0.4
Sale of Commercial Products
Related Party Transaction [Line Items]
Related party, amounts of transactions	$ 0.2
Purchase of Machinery and Equipment
Related Party Transaction [Line Items]
Related party, amounts of transactions	$ 0.3
Linearizer Technology, Inc.
Related Party Transaction [Line Items]
Related party, amounts of transactions		$ 0.5
Lessee, Operating Lease, Remaining Lease Term			7 years

Share-Based Compensation Plans - Weighted Average Assumptions used for Calculating Fair Value of Stock Options Granted (Detail) - USD ($)	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average years to maturity	3 years
Market Based Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	132,247
Granted (in USD per share)	$ 88.88	$ 80.37	$ 89.82
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date stock price	$ 73.01	$ 56.65	$ 66.12
Weighted-average stock price at the start of the performance period	$ 79.43	$ 54.12	$ 64.11
Weighted-average risk free interest rate	4.60%	4.20%	0.80%
Weighted-average years to maturity	2 years 10 months 24 days	2 years 10 months 24 days	3 years
Weighted-average expected volatility rate	41.70%	51.80%	57.80%
Weighted-average expected dividend yield	0.00%	0.00%	0.00%

Debt Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023	Aug. 02, 2023
Debt Instrument [Line Items]
Long-term debt	$ 448,281	$ 447,134
Long-term Debt
Debt Instrument [Line Items]
Principal balance			$ 120,800
Debt Instrument, Unamortized Discount	(1,719)	(2,866)
Convertible Debt
Debt Instrument [Line Items]
Principal balance	450,000
Convertible Debt \| Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Principal balance	$ 450,000	$ 450,000
Debt Instrument, Interest Rate, Effective Percentage	0.54%	0.54%

- 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
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+ Details

Product Warranties (Tables)

12 Months Ended

Sep. 27, 2024

Guarantees [Abstract]

Schedule of Product Warranty Liability Activity

Product warranty liability activity is as follows (in thousands):


			Fiscal Years
	2024		2023		2022
Balance — beginning of year	$	1,016	$	1,898	$	2,225
Acquired	—		231		—
Provisions	1,429		908		4,567
(Payments)	(1,720)		(2,021)		(4,894)
Balance — end of year	$	725	$	1,016	$	1,898

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Sep. 27, 2024	Nov. 06, 2024	Mar. 29, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 27, 2024
Current Fiscal Year End Date	--09-27
Document Transition Report	false
Entity File Number	001-35451
Entity Registrant Name	MACOM Technology Solutions Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0306875
Entity Address, Address Line One	100 Chelmsford Street
Entity Address, City or Town	Lowell
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01851
City Area Code	978
Local Phone Number	656-2500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MTSI
Security Exchange Name	NASDAQ
Entity Well-known Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 5.4
Entity Common Stock, Share Outstanding		72,399,645
Documents Incorporated by Reference [Text Block]	Part III incorporates certain information by reference from the registrant's definitive proxy statement for the 2025 Annual Meeting of Stockholders, which will be filed no later than 120 days after the close of the registrant's fiscal year ended September 27, 2024.
Entity Central Index Key	0001493594
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment flag	false
Document Financial Statement Error Correction [Flag]	false

Earnings Per Share - Computation for Basic and Diluted Net Income (Loss) Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Numerator:
Net income attributable to common stockholders	$ 76,859	$ 91,577	$ 439,955
Denominator:
Weighted average common shares outstanding-basic (in shares)	71,959	70,801	69,783
Dilutive effect of stock options, restricted stock awards and restricted stock units (in shares)	954	702	1,383
Dilutive effect of convertible debt (in shares)	662	0	0
Weighted average common shares outstanding-diluted (in shares)	73,575	71,503	71,166
Basic loss per share:
Income (loss) per share-basic (in USD per share)	$ 1.07	$ 1.29	$ 6.30
Diluted loss per share:
Income (loss) per share-diluted (in USD per share)	$ 1.04	$ 1.28	$ 6.18

Income Taxes - Summary of Domestic and Foreign Income (Loss) from Continuing Operations Before Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
United States	$ 58,090	$ 82,297	$ 215,140
Foreign	33,436	32,861	27,980
Income from operations before income taxes	$ 91,526	$ 115,158	$ 243,120

Debt

12 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

Debt

DEBT

The following represents the outstanding balances and effective interest rates (in thousands, except percentages):


	September 27, 2024				September 29, 2023
	Principal Balance		Effective Interest Rate		Principal Balance		Effective Interest Rate

0.25% convertible notes due March 2026	450,000		0.54	%	450,000		0.54	%

Unamortized discount on term loans and deferred financing costs	(1,719)				(2,866)


Total long-term debt	$	448,281			$	447,134

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 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, 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 in our Consolidated Balance Sheets as of October 2, 2021.

For each of fiscal years 2024, 2023 and 2022 total interest expense for the 2026 Convertible Notes was $1.1 million.

The fair values of the 2026 Convertible Notes, including the conversion feature, were $640.6 million and $512.5 million as of September 27, 2024 and September 29, 2023, respectively, and were 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 September 27, 2024; the full amount of $450.0 million is due on March 15, 2026.

Term Loans

We were 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”). On August 2, 2023, the Credit Agreement was terminated when 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. There was no interest expense for the Term Loans for fiscal year 2024. For fiscal years 2023 and 2022, total interest expense for the Term Loans was $6.9 million and $3.7 million, respectively.

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 121,231	$ 82,589
Work-in-process	12,412	14,280
Finished goods	60,847	39,431
Total	$ 194,490	$ 136,300

Fair Value and Financial Instruments

12 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

Fair Value and Financial Instruments

FAIR VALUE AND FINANCIAL INSTRUMENTS

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

We measure certain assets and liabilities at fair value on a recurring basis such as our financial instruments. There have been no transfers between Level 1, 2 or 3 assets or liabilities during the fiscal year ended September 27, 2024 and September 29, 2023.

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


	September 27, 2024
	Fair Value		Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets
Money market funds	$	74,760	$	74,760	$	—	$	—
Certificates of deposit	980		980		—		—
U.S. Treasuries and agency bonds	55,162		50,163		4,999		—
Corporate bonds	305,150		—		305,150		—
Commercial paper	73,790		—		73,790		—
Total assets measured at fair value	$	509,842	$	125,903	$	383,939	$	—
Liabilities
Non-designated foreign currency hedge contracts	$	100	$	—	$	100	$	—

Total liabilities measured at fair value	$	100	$	—	$	100	$	—


	September 29, 2023
	Fair Value		Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets
Money market funds	$	111,388	$	111,388	$	—	$	—
U.S. Treasury securities	21,910		21,910		—		—
Commercial paper	176,276		—		176,276		—
Corporate bonds	142,388		—		142,388		—
Total assets measured at fair value	$	451,962	$	133,298	$	318,664	$	—

Derivatives

We have foreign currency exposure arising from certain intercompany foreign currency denominated debt. We have entered into foreign currency exchange hedging contracts to partially mitigate the impact of the Euro and Yen currency rate changes on certain of our Euro and Yen denominated intercompany debt. They are not designated as cash flow or fair value hedges under ASC 815. Changes in fair value are reported in current period earnings. These gains and losses are intended to offset the gains and losses recorded on certain intercompany debt that are denominated in the Euro and Yen. We do not use derivative financial instruments for trading or speculation purposes.

As of September 27, 2024, we had $34.4 million in notional forward foreign currency contracts, which were denominated in Euro and Yen. As of September 27, 2024, the fair value of derivative instruments not designated as hedges was $0.1 million and was presented in Accrued liabilities on the Consolidated Balance Sheets.

- 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

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Sep. 27, 2024
Postemployment Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS We established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended on October 1, 2009 (“401(k) Plan”). The 401(k) Plan follows a calendar year, covers substantially all U.S. employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis, subject to legal limitations. Our contributions to the 401(k) Plan may be made at the discretion of the board of directors. During the fiscal years ended September 27, 2024, September 29, 2023 and September 30, 2022, we contributed $5.9 million, $2.7 million and $2.5 million to our 401(k) Plan for calendar years 2024, 2023 and 2022, respectively. Our employees located in foreign jurisdictions meeting minimum age and service requirements participate in defined contribution plans whereby participants may defer a portion of their annual compensation on a pretax basis, subject to legal limitations. We expensed contributions of $2.1 million, $1.7 million and $1.6 million for fiscal years 2024, 2023 and 2022, respectively.

Leases Assets and Liabilities of Lessee (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
ASSETS
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other long-term assets	Other long-term assets
Operating lease right of use asset	$ 29,279	$ 25,572
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net
Finance Lease, Right-of-Use Asset	$ 55,389	$ 56,282
Operating Lease and Finance Lease, Right-Of-Use Asset	$ 84,668	$ 81,854
Current liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Current portion of operating leases	$ 7,727	$ 7,258
Current portion of finance lease obligations	$ 646	$ 1,162
Long-term:
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Operating Lease, Liability, Noncurrent	$ 24,173	$ 22,756
Finance lease obligations, less current portion	31,130	31,776
Operating Lease and Finance Lease, Liability	$ 63,676	$ 62,952

Geographic and Significant Customer Information (Tables)

12 Months Ended

Sep. 27, 2024

Segment Reporting [Abstract]

Summary of Different Geographic Regions

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


	As of
	September 27, 2024		September 29, 2023
Net Property and Equipment by Geographic Region
United States	$	123,618	$	111,865
France	33,934		31,142
Other Countries (1)	18,465		6,489
Total	$	176,017	$	149,496

(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.

Summary of Customer Concentrations as Percentage of Total Sales and Accounts Receivable

The following is a summary of customer concentrations as a percentage of total sales and accounts receivable as of and for the periods presented:


	Fiscal Years
Revenue	2024		2023	2022
Customer A	11	%	—	—

Investments - Summary of Available for Sale Investments (Detail) - USD ($)	Sep. 27, 2024	Sep. 29, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 432,848,000	$ 343,534,000
Gross Unrealized Holding Gains	2,444,000	18,000
Gross Unrealized Holding Losses	(210,000)	(2,978,000)
Aggregate Fair Value	435,082,000	340,574,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	980,000
Gross Unrealized Holding Gains	0
Aggregate Fair Value	980,000
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	303,296,000	145,234,000
Gross Unrealized Holding Gains	2,047,000	0
Gross Unrealized Holding Losses	(193,000)	(2,845,000)
Aggregate Fair Value	305,150,000	142,389,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	73,641,000	176,405,000
Gross Unrealized Holding Gains	149,000	0
Gross Unrealized Holding Losses	0	(129,000)
Aggregate Fair Value	73,790,000	176,276,000
U.S. Treasuries and agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	54,931,000	21,895,000
Gross Unrealized Holding Gains	248,000	18,000
Gross Unrealized Holding Losses	(17,000)	(4,000)
Aggregate Fair Value	$ 55,162,000	$ 21,909,000

- 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

+ Details

Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance (in shares) at Oct. 01, 2021			68,877
Beginning balance at Oct. 01, 2021	$ 471,736		$ 69	$ (330)	$ 4,150	$ 1,269,601		$ (801,754)
Beginning Balance Treasury stock (in shares) at Oct. 01, 2021				(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercise (in shares)			190
Stock option exercises	2,688					2,688
Vesting of restricted common stock and units (in shares)			1,355
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	5,364					5,364
Shares repurchased for tax withholdings on restricted stock awards (in shares)			(521)
Common stock withheld for taxes on employee equity awards	(36,003)					(36,003)
Share-based compensation	41,185					41,185
Other comprehensive loss, net of tax	(10,001)				(10,001)
Net income	439,955							439,955
Ending Balance (in shares) at Sep. 30, 2022			70,022
Ending balance at Sep. 30, 2022	842,748	$ (72,177)	$ 70	$ (330)	(5,851)	1,203,145	$ (79,690)	(354,286)	$ 7,513
Ending Balance Treasury stock (in shares) at Sep. 30, 2022				(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)			1,408
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 tax withholdings on restricted stock awards (in shares)			(538)
Common stock withheld for taxes on employee equity awards	(32,619)					(32,619)
Share-based compensation	38,103					38,103
Other comprehensive loss, net of tax	2,216				2,216
Net income	91,577							91,577
Ending Balance (in shares) at Sep. 29, 2023			71,013
Ending balance at Sep. 29, 2023	$ 947,600		$ 71	$ (330)	(3,635)	1,214,203		(262,709)
Ending Balance Treasury stock (in shares) at Sep. 29, 2023	(23)			(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercise (in shares)			10
Stock option exercises	$ 161					161
Vesting of restricted common stock and units (in shares)			557
Vesting of restricted common stock and units	0		$ 0
Issuance of common stock pursuant to employee stock purchase plan (in shares)			116
Issuance of common stock pursuant to employee stock purchase plan	6,425					6,425
Shares repurchased for tax withholdings on restricted stock awards (in shares)			(189)
Common stock withheld for taxes on employee equity awards	(14,219)					(14,219)
Share-based compensation	45,644					45,644
Other comprehensive loss, net of tax	6,140				6,140
Issuance of common stock for the cashless exercise of warrants (in shares)			712
Issuance of common stock for the cashless exercise of warrants	57,733		$ 1			57,732
Net income	76,859							76,859
Ending Balance (in shares) at Sep. 27, 2024			72,219
Ending balance at Sep. 27, 2024	$ 1,126,343		$ 72	$ (330)	$ 2,505	$ 1,309,946		$ (185,850)
Ending Balance Treasury stock (in shares) at Sep. 27, 2024	(23)			(23)

Financing Obligation - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 27, 2024	Sep. 27, 2024	Sep. 29, 2023
Debt Disclosure [Abstract]
Property and equipment, net capitalized	$ 8,200	$ 8,200	$ 8,900
Financing Obligation for Property and equipment	$ 9,300	9,300	$ 9,600
Future Fixed Payment		$ 16,800
Power Generator Life Term	15 years	15 years
Implied Discount Rate		7.40%
Long-term purchase commitment	$ 138,700
Long term purchase commitment, period (in years)		13 years
Financing Obligation, Liability, Payment, Due	$ 14,934	$ 14,934

Accrued Liabilities (Tables)

12 Months Ended

Sep. 27, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	September 27, 2024		September 29, 2023
Compensation and benefits	$	30,769	$	26,926
Distribution costs	7,494		5,156

Current portion of operating leases	7,727		7,258
Internal-use software	5,425		4,175
Product warranty	725		1,016
Deferred revenue	5,281		2,762

Professional fees	1,335		1,368


Other	5,580		8,736
Total accrued liabilities	$	64,336	$	57,397

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands		12 Months Ended
	Mar. 25, 2021	Sep. 27, 2024 USD ($) segment renewal_option market	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)
Description Of Business And Basis Of Presentation [Line Items]
Number of reportable operating segments \| segment		1
Number of primary markets \| market		3
Accounts Receivable, Allowance for Credit Loss		$ 2,662	$ 2,004	$ 2,446	$ 2,795
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		$ (210)	$ (2,978)
Number of renewal options \| renewal_option		2
Minimum
Description Of Business And Basis Of Presentation [Line Items]
Definite-lived intangible asset useful life		2 years
Maximum
Description Of Business And Basis Of Presentation [Line Items]
Definite-lived intangible asset useful life		14 years
Convertible Senior Notes Due 2026 \| Convertible Notes Payable
Description Of Business And Basis Of Presentation [Line Items]
Basis spread on variable rate	0.25%
Convertible Senior Notes Due 2026 \| Convertible Debt
Description Of Business And Basis Of Presentation [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		0.54%	0.54%

Property, Plant and Equipment (Tables)

12 Months Ended

Sep. 27, 2024

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment

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


	September 27, 2024		September 29, 2023

Construction in process	$	15,179	$	10,256
Machinery and equipment	282,920		238,037
Leasehold improvements	38,979		35,342
Furniture and fixtures	3,539		2,888
Computer equipment	19,809		18,824

Finance lease assets	65,596		64,126
Total property and equipment	426,022		369,473
Less accumulated depreciation and amortization	(250,005)		(219,977)
Property and equipment — net	$	176,017	$	149,496

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Sep. 27, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes actions by our directors and Section 16 officers with respect to plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the fourth quarter of fiscal year 2024. None of our directors or Section 16 officers terminated a Rule 10b5-1 trading arrangement or took actions with respect to a “non-Rule 10b5-1 trading arrangement,” as such term is defined in Item 408(c) of Regulation S-K, during the fourth quarter of fiscal year 2024.

Name and Title

Action

Date

Expiration of Plan (2)

Potential Number of Shares to be Sold (1)

John Kober

Senior Vice President and Chief Financial Officer

Adoption

August 21, 2024

November 21, 2025

46,692

(1) Represents the gross number of shares subject to the Rule 10b5-1 plan, excluding the potential effect of shares withheld for taxes. Amounts may include shares to be earned as PRSUs and are presented at their target amounts. The actual number of PRSUs earned following the end of the applicable performance period, if any, will depend on the relative attainment of the performance metrics.

(2) Date of plan termination or such earlier date upon which all transactions are completed or expire without execution.

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

Stephen Daly [Member]

Trading Arrangements, by Individual

Name

John Kober

Title

Senior Vice President and Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 21, 2024

Aggregate Available

46,692

John Kober [Member]

Trading Arrangements, by Individual

Arrangement Duration

448 days

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Sep. 27, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of accumulated other comprehensive income (loss), net of income taxes, are as follows (in thousands):


	Foreign Currency Items		Other Items		Total
Balance - September 30, 2022	$	21	$	(5,872)	$	(5,851)
Foreign currency translation loss, net of tax	(1,428)		—		(1,428)

Unrealized gain on short-term investments, net of tax	—		3,644		3,644
Balance - September 29, 2023	(1,407)		(2,228)		(3,635)
Foreign currency translation gain, net of tax	2,180		—		2,180

Unrealized gain on short-term investments, net of tax	—		3,960		3,960
Balance - September 27, 2024	$	773	$	1,732	$	2,505

Audit Information	12 Months Ended
Audit Information	Sep. 27, 2024
Auditor Information [Abstract]
Auditor Location	Boston, Massachusetts
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34

Accounts Receivables Allowances (Tables)

12 Months Ended

Sep. 27, 2024

Receivables [Abstract]

Rollforward of Accounts Receivable Allowances

Summarized below is the activity in our accounts receivable allowances, including compensation credits and doubtful accounts as follows (in thousands):


	Fiscal Years
	2024		2023		2022
Balance - beginning of year	$	2,004	$	2,446	$	2,795
Provision, net	5,404		3,600		7,097
Charge-offs	(4,746)		(4,042)		(7,446)
Balance - end of year	$	2,662	$	2,004	$	2,446

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 245,432	$ 472,540
Finite-Lived Intangible Assets, Accumulated Amortization	(169,344)	(405,546)
Finite-Lived Intangible Assets, Net	76,088	66,994
Fully Amortized Intangible Assets	273,400
Indefinite-Lived Trade Names	3,400
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	33,226	191,369
Finite-Lived Intangible Assets, Accumulated Amortization	(7,320)	(179,558)
Finite-Lived Intangible Assets, Net	25,906	11,811
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	180,214	267,621
Finite-Lived Intangible Assets, Accumulated Amortization	(149,206)	(225,827)
Finite-Lived Intangible Assets, Net	31,008	41,794
Favorable contract
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	14,500
Finite-Lived Intangible Assets, Accumulated Amortization	(7,620)
Finite-Lived Intangible Assets, Net	6,880
Software licenses
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	12,292	8,350
Finite-Lived Intangible Assets, Accumulated Amortization	(4,775)	0
Finite-Lived Intangible Assets, Net	7,517	8,350
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	5,200	5,200
Finite-Lived Intangible Assets, Accumulated Amortization	(423)	(161)
Finite-Lived Intangible Assets, Net	$ 4,777	$ 5,039

Geographic and Significant Customer Information - Summary of Different Geographic Regions (Detail) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
Segment Reporting Information [Line Items]
Long-lived assets	$ 176,017	$ 149,496
United States
Segment Reporting Information [Line Items]
Long-lived assets	123,618	111,865
France
Segment Reporting Information [Line Items]
Long-lived assets	33,934	31,142
Other Countries
Segment Reporting Information [Line Items]
Long-lived assets	$ 18,465	$ 6,489

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 27, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Life

Property and equipment are depreciated or amortized using the straight-line method over the following estimated useful lives:


Asset Classification			Estimated Useful Life (In Years)
Buildings and improvements			20 - 40
Computer equipment and software			2 - 5
Furniture and fixtures			7 - 10
Finance lease assets and leasehold improvements			Shorter of useful life or term of lease
Machinery and equipment			2 - 7

Leases Weighted-average Lease Term and Discount Rate (Details)	Sep. 27, 2024	Sep. 29, 2023
Weighted-average Remaining Lease Term [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	4 years 8 months 12 days	5 years 1 month 6 days
Finance Lease, Weighted Average Remaining Lease Term	19 years	19 years 7 months 6 days
Weighted-average discount rate [Abstract]
Operating Lease, Weighted Average Discount Rate, Percent	6.40%	5.60%
Finance Lease, Weighted Average Discount Rate, Percent	6.70%	6.70%

Investments - Summary of Contractual Maturities of Investments (Detail) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
Investments, Debt and Equity Securities [Abstract]
Less than 1 year	$ 284,479
Over 1 year	150,603
Total investments	$ 435,082	$ 340,574

Product Warranties - Schedule of Product Warranty Liability Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance — beginning of year	$ 1,016	$ 1,898	$ 2,225
Acquired	0	231	0
Provisions	1,429	908	4,567
(Payments)	(1,720)	(2,021)	(4,894)
Balance — end of year	$ 725	$ 1,016	$ 1,898

Debt (Tables)

12 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

Schedule of Remained Outstanding on Term Loans

The following represents the outstanding balances and effective interest rates (in thousands, except percentages):


	September 27, 2024				September 29, 2023
	Principal Balance		Effective Interest Rate		Principal Balance		Effective Interest Rate

0.25% convertible notes due March 2026	450,000		0.54	%	450,000		0.54	%

Unamortized discount on term loans and deferred financing costs	(1,719)				(2,866)


Total long-term debt	$	448,281			$	447,134

Geographic and Significant Customer Information - Additional Information (Detail)	12 Months Ended
	Sep. 27, 2024 segment customer	Sep. 29, 2023 customer	Sep. 30, 2022 customer
Segment Reporting Information [Line Items]
Number of reportable operating segments \| segment	1
Total Revenue \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of major customers \| customer	10	10	10
Total Revenue \| Customer Concentration Risk \| Top Ten Customers
Segment Reporting Information [Line Items]
Concentration risk, percentage	56.00%	48.00%	48.00%

Income Taxes - Reconciliation of Effective Tax Rates (Detail)	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
Benefit from income taxes attributable to valuation allowances	(4.00%)	(10.60%)	(97.50%)
Global intangible low taxed income	12.70%	15.70%	2.50%
Foreign-derived intangible income deduction	(4.50%)	0.00%	0.00%
Research and development credits	(9.40%)	(4.80%)	(3.70%)
Foreign rate differential	(4.50%)	(2.80%)	(1.60%)
Share-based compensation	0.10%	(1.30%)	(1.10%)
Provision to return adjustments	0.20%	0.80%	(0.50%)
State taxes net of federal benefit	3.00%	2.20%	0.60%
Other permanent differences	1.40%	0.30%	(0.70%)
Effective income tax rate	16.00%	20.50%	(81.00%)

Revenue

12 Months Ended

Sep. 27, 2024

Revenue [Abstract]

Revenue

REVENUE

Disaggregation of Revenue

We disaggregate revenue from contracts with customers by markets and geography, as we believe it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

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


	Fiscal Years
	2024		2023		2022
Industrial & Defense	$	351,639	$	317,128	$	294,341
Data Center	197,875		146,982		138,127
Telecom	180,064		184,297		242,702
Total	$	729,578	$	648,407	$	675,170


	Fiscal Years
Revenue by Geographic Region	2024		2023		2022
United States	$	327,682	$	313,353	$	315,276
China	177,696		129,875		175,978
Asia Pacific, excluding China (1)	89,294		90,673		107,112
Other Countries (2)	134,906		114,506		76,804
Total	$	729,578	$	648,407	$	675,170

(1)Asia Pacific primarily represents Japan, Singapore, South Korea and Taiwan.

(2)No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China and the Asia Pacific region as presented above.

Revenue by geographic region is aggregated by customer billing address.

Contract Balances

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

As of September 27, 2024, September 29, 2023 and September 30, 2022 our contract liabilities were $5.3 million, $2.8 million and $3.9 million, respectively. During the fiscal years ended September 27, 2024, September 29, 2023 and September 30, 2022, we recognized net sales of $2.5 million, $3.8 million and $1.6 million, respectively, that were included in the contract liabilities balance at the beginning of the period. The increase in contract liabilities during the fiscal year ended September 27, 2024 was primarily related to deferral of revenue for invoiced products and services prior to when certain of our customers obtained control of the product 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Share-Based Compensation Plans - Summary of Restricted Stock Awards and Units Activity (Detail) - Restricted Stock Awards and Units - $ / shares shares in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Number of Shares
Beginning balance- unvested (in shares)	1,501
Granted (in shares)	772
Performance-based adjustment (in shares)	62
Vested (in shares)	(557)
Forfeited, canceled or expired (in shares)	(144)
Ending balance- unvested (in shares)	1,634	1,501
Weighted-Average Grant Date Fair Value
Beginning balance- unvested (in USD per share)	$ 60.90
Granted (in USD per share)	80.42	$ 63.53	$ 64.51
Performance-based adjustment (in USD per share)	35.43
Vested (in USD per share)	49.80
Forfeited, canceled or expired (in USD per share)	67.36
Ending balance- unvested (in USD per share)	$ 72.37	$ 60.90

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Domestic Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 5.9	$ 2.7	$ 2.5
Foreign Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 2.1	$ 1.7	$ 1.6

Leases Lease Maturity Under Topic 842 (Details) $ in Thousands	Sep. 27, 2024 USD ($)
Operating Leases
2025	$ 9,542
2026	8,085
2027	6,750
2028	5,249
2029	4,626
Thereafter	2,971
Total lease payments	37,223
Less: interest	(5,323)
Operating lease liability	31,900
Finance Leases
2025	2,783
2026	2,680
2027	2,718
2028	2,754
2029	2,803
Thereafter	44,061
Total lease payments	57,799
Less: interest	(26,023)
Present value of lease liabilities	$ 31,776

Income Taxes (Tables)

12 Months Ended

Sep. 27, 2024

Income Tax Disclosure [Abstract]

Summary of Domestic and Foreign Income (Loss) from Continuing Operations Before Taxes

The domestic and foreign income from operations before taxes were as follows (in thousands):


	Fiscal Years
	2024		2023		2022
United States	$	58,090	$	82,297	$	215,140
Foreign	33,436		32,861		27,980
Income from operations before income taxes	$	91,526	$	115,158	$	243,120

Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes are as follows (in thousands):


	Fiscal Years
	2024		2023		2022
Current:
Federal	$	4,530	$	80	$	72
State	1,588		781		644
Foreign	3,710		2,570		2,890
Current provision	9,828		3,431		3,606
Deferred:
Federal	11,165		30,608		34,616
State	(1,417)		(405)		285
Foreign	(1,294)		1,998		2,211
Change in valuation allowance	(3,615)		(12,051)		(237,553)
Deferred provision (benefit)	4,839		20,150		(200,441)
Total provision (benefit)	$	14,667	$	23,581	$	(196,835)

Reconciliation of Effective Tax Rates

Our effective tax rates differ from the federal and statutory rate as follows:


	Fiscal Years
	2024	2023	2022
Federal statutory rate	21.0%	21.0%	21.0%
Benefit from income taxes attributable to valuation allowances	(4.0)	(10.6)	(97.5)
Global intangible low taxed income	12.7	15.7	2.5
Foreign-derived intangible income deduction	(4.5)	—	—
Research and development credits	(9.4)	(4.8)	(3.7)

Foreign rate differential	(4.5)	(2.8)	(1.6)
Share-based compensation	0.1	(1.3)	(1.1)
Provision to return adjustments	0.2	0.8	(0.5)
State taxes net of federal benefit	3.0	2.2	0.6




Other permanent differences	1.4	0.3	(0.7)
Effective income tax rate	16.0%	20.5%	(81)%

Components of Deferred Tax Assets and Liabilities


	September 27, 2024		September 29, 2023
Deferred tax assets:
Net operating loss and credit carryforward	$	151,397	$	178,743
Intangible assets	27,022		24,786
Section 174 R&D Cost Capitalization	35,465		19,706
Accrued expenses	20,309		19,442
Lease obligations	13,791		13,931
Minority equity investments	576		594


Gross deferred tax asset	248,560		257,202
Less valuation allowance	(15,038)		(18,653)
Deferred tax asset, net of valuation allowance	$	233,522	$	238,549

Deferred tax liabilities:
Convertible notes	$	—	$	—
Right of use lease asset	(14,507)		(14,663)
Property and equipment	(6,520)		(5,779)
Deferred tax liabilities	(21,027)		(20,442)
Net deferred tax asset	$	212,495	$	218,107

Summary of Fiscal Tax Years Examination by Jurisdictions

A summary of the fiscal tax years that remain subject to examination, as of September 27, 2024, for the Company’s significant tax jurisdictions are:


Jurisdiction			Fiscal Years Subject to Examination
United States—federal			Fiscal Year 2021- forward
United States—various states			Fiscal Year 2020 - forward
Ireland			Fiscal Year 2019 - forward

Summary of Significant Accounting policies - Schedule of Estimated Useful Life (Detail)	Sep. 27, 2024
Property Plant And Equipment Estimated Useful Lives [Line Items]
Estimated Useful Life (In Years)	15 years
Minimum \| Buildings and improvements
Property Plant And Equipment Estimated Useful Lives [Line Items]
Estimated Useful Life (In Years)	20 years
Minimum \| Computer equipment and software
Property Plant And Equipment Estimated Useful Lives [Line Items]
Estimated Useful Life (In Years)	2 years
Minimum \| Furniture and fixtures
Property Plant And Equipment Estimated Useful Lives [Line Items]
Estimated Useful Life (In Years)	7 years
Minimum \| Machinery and equipment
Property Plant And Equipment Estimated Useful Lives [Line Items]
Estimated Useful Life (In Years)	2 years
Maximum \| Buildings and improvements
Property Plant And Equipment Estimated Useful Lives [Line Items]
Estimated Useful Life (In Years)	40 years
Maximum \| Computer equipment and software
Property Plant And Equipment Estimated Useful Lives [Line Items]
Estimated Useful Life (In Years)	5 years
Maximum \| Furniture and fixtures
Property Plant And Equipment Estimated Useful Lives [Line Items]
Estimated Useful Life (In Years)	10 years
Maximum \| Machinery and equipment
Property Plant And Equipment Estimated Useful Lives [Line Items]
Estimated Useful Life (In Years)	7 years

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Taxes [Line Items]
Income tax expense (benefit)		$ 14,667	$ 23,581	$ (196,835)
Change in valuation allowance	$ 12,100	3,615	12,051	237,553
Deferred Tax Assets, Valuation Allowance	18,653	15,038	18,653
Tax Credit Carryforward, Amount	11,300	8,300	11,300
Tax Credit Carryforward, Valuation Allowance	6,900	6,300	6,900
Income (loss) from operations before income taxes		$ 91,526	$ 115,158	$ 243,120
Effective income tax rate		16.00%	20.50%	(81.00%)
Section 174 R&D Cost Capitalization	19,706	$ 35,465	$ 19,706
Unrecognized tax benefits	$ 0	0	$ 0	$ 0
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions		0
Domestic Net Operating Loss And Research And Development Tax Credit Carryforwards
Income Taxes [Line Items]
Income tax expense (benefit)				$ 202,800
Federal
Income Taxes [Line Items]
Operating loss carryforwards		265,100
State and Local Jurisdiction
Income Taxes [Line Items]
Tax Credit Carryforward, Valuation Allowance		8,300
Operating loss carryforwards		33,600
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Taxes [Line Items]
Tax Credit Carryforward, Amount		22,600
Domestic And State Tax Authority \| Research Tax Credit Carryforward \| Indefinite Life
Income Taxes [Line Items]
Tax Credit Carryforward, Amount		17,000
Federal Tax Authority \| Research Tax Credit Carryforward
Income Taxes [Line Items]
Tax Credit Carryforward, Amount		$ 33,200

Product Warranties

12 Months Ended

Sep. 27, 2024

Guarantees [Abstract]

Product Warranties

PRODUCT WARRANTIES

We establish a product warranty liability at the time of revenue recognition. Product warranties generally have terms of 12 months and cover nonconformance with specifications and defects in material or workmanship. For sales to distributors, our warranty generally begins when the product is resold by the distributor. The liability is based on estimated costs to fulfill customer product warranty obligations and utilizes historical product failure rates. Should actual warranty obligations differ from estimates, revisions to the warranty liability may be required.

Product warranty liability activity is as follows (in thousands):


			Fiscal Years
	2024		2023		2022
Balance — beginning of year	$	1,016	$	1,898	$	2,225
Acquired	—		231		—
Provisions	1,429		908		4,567
(Payments)	(1,720)		(2,021)		(4,894)
Balance — end of year	$	725	$	1,016	$	1,898

Revenue (Tables)

12 Months Ended

Sep. 27, 2024

Revenue [Abstract]

Disaggregation of Revenue

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


	Fiscal Years
	2024		2023		2022
Industrial & Defense	$	351,639	$	317,128	$	294,341
Data Center	197,875		146,982		138,127
Telecom	180,064		184,297		242,702
Total	$	729,578	$	648,407	$	675,170


	Fiscal Years
Revenue by Geographic Region	2024		2023		2022
United States	$	327,682	$	313,353	$	315,276
China	177,696		129,875		175,978
Asia Pacific, excluding China (1)	89,294		90,673		107,112
Other Countries (2)	134,906		114,506		76,804
Total	$	729,578	$	648,407	$	675,170

(1)Asia Pacific primarily represents Japan, Singapore, South Korea and Taiwan.

(2)No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China and the Asia Pacific region as presented above.

Revenue by geographic region is aggregated by customer billing address.

Intangible Assets - Summary of Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Total	$ 37,165	$ 28,104	$ 33,431
Cost of revenue
Finite-Lived Intangible Assets [Line Items]
Total	14,790	4,369	7,839
Research and development
Finite-Lived Intangible Assets [Line Items]
Total	4,763	0	0
Selling, general and administrative
Finite-Lived Intangible Assets [Line Items]
Total	$ 17,612	$ 23,735	$ 25,592

Acquisitions (Tables)

12 Months Ended

Sep. 27, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the preliminary estimate of the purchase price (in thousands, except shares and closing share price amount):


			At Acquisition Date as Reported December 29, 2023		Measurement Period Adjustments		At Acquisition Date as Reported September 27, 2024

Cash purchase consideration			$	75,000	$	(2,198)	$	72,802
Number of shares of MACOM common stock issued at closing	711,528
Fair value of shares issued	$	81.14
Equity purchase consideration			60,772		(3,039)		57,733

Total purchase consideration			$	135,772	$	(5,237)	$	130,535


	At Acquisition Date as Reported December 29, 2023		Measurement Period Adjustments		At Acquisition Date as Reported September 27, 2024

Current assets	$	160	$	(121)	$	39
Inventory	23,574		7,523		31,097
Property and equipment	35,415		—		35,415
Intangible assets	60,000		(18,000)		42,000
Prepayment for net assets associated with the RTP Fab Transfer	19,450		(3,200)		16,250
Other non-current assets	6,735		(898)		5,837
Goodwill	—		9,967		9,967
Total assets acquired	145,334		(4,729)		140,605
Current liabilities	6,474		408		6,882
Long-term liabilities	3,088		100		3,188
Total liabilities assumed	9,562		508		10,070
Purchase Price	$	135,772	$	(5,237)	$	130,535

We finalized the MESC Acquisition purchase accounting during the fiscal quarter ended June 28, 2024. The final purchase price has been allocated as follows (in thousands):


	At Acquisition Date as Reported June 28, 2024

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

We finalized the Linearizer Acquisition purchase accounting during the fiscal quarter ended March 29, 2024. The final purchase price has been allocated as follows (in thousands):


	At Acquisition Date as Reported September 29, 2023		Measurement Period Adjustments		At Acquisition Date as Reported March 29, 2024

Current assets	$	2,819	$	(100)	$	2,719
Inventory	8,907		1,407		10,314
Property and equipment	5,485		—		5,485

Intangible assets	29,600		—		29,600
Goodwill	12,332		(1,494)		10,838
Total assets acquired	59,143		(187)		58,956

Current liabilities	7,544		—		7,544
Total liabilities assumed	7,544		—		7,544
Purchase Price	$	51,599	$	(187)	$	51,412

Summary of Unaudited Supplemental Pro Forma Data

Consolidated estimated pro forma unaudited revenue and net income (loss) as if the RF Business Acquisition had occurred on October 1, 2022, is as follows (in thousands):


	Fiscal Years
	2024		2023
Consolidated estimated pro forma unaudited revenue	$	756,415	$	793,017
Consolidated estimated pro forma unaudited net income (loss)	$	55,991	$	(72,728)

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Sep. 27, 2024	Sep. 29, 2023
Deferred tax assets:
Net operating loss and credit carryforward	$ 151,397,000	$ 178,743,000
Intangible assets	27,022,000	24,786,000
Section 174 R&D Cost Capitalization	35,465,000	19,706,000
Accrued expenses	20,309,000	19,442,000
Lease obligations	13,791,000	13,931,000
Minority equity investments	576,000	594,000
Gross deferred tax asset	248,560,000	257,202,000
Less valuation allowance	(15,038,000)	(18,653,000)
Deferred tax asset, net of valuation allowance	233,522,000	238,549,000
Deferred tax liabilities:
Convertible notes	0	0
Right of use lease asset	(14,507,000)	(14,663,000)
Property and equipment	(6,520,000)	(5,779,000)
Deferred tax liabilities	(21,027,000)	(20,442,000)
Deferred tax liabilities	$ 212,495,000	$ 218,107,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 76,859	$ 91,577	$ 439,955
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and intangible amortization	67,249	52,153	57,229
Share-based compensation	45,644	38,103	41,185
Deferred financing costs amortization and write-offs	1,146	1,980	1,692
Deferred income taxes	4,947	19,798	(200,431)
Amortization on marketable securities, net	7,562	11,780	(11)
Gain on equity investments, net	0	0	(114,908)
Other adjustments, net	5,387	2,852	(1,059)
Change in operating assets and liabilities:
Accounts receivable	(16,805)	12,253	(16,981)
Inventories	(30,225)	(10,570)	(32,261)
Prepaid expenses and other assets	3,407	(928)	5,567
Accounts payable	18,230	(6,730)	2,383
Accrued and other liabilities	(7,325)	(21,315)	(5,643)
Income taxes	1,688	(476)	243
Net cash provided by operating activities	162,640	166,917	176,982
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of businesses, net of cash acquired	(72,615)	(87,692)	0
Proceeds from sale of equity method investment	0	0	127,750
Purchases of property and equipment	(22,440)	(24,699)	(26,513)
Proceeds from sale of property and equipment	0	8,005	23
Other investing	(4,326)	0	0
Proceeds from sales and maturities of short-term investments	344,812	515,823	244,644
Purchases of short-term investments	(426,564)	(375,096)	(528,765)
Net cash (used in) provided by investing activities	(181,133)	36,341	(182,861)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt	0	(120,766)	0
Payments for finance leases and other	(1,431)	(1,209)	(957)
Proceeds from stock option exercises and employee stock purchases	6,586	5,574	8,052
Common stock withheld for taxes on employee equity awards	(14,219)	(32,619)	(36,003)
Net cash used in financing activities	(9,064)	(149,020)	(28,908)
Foreign currency effect on cash	411	(238)	(1,798)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(27,146)	54,000	(36,585)
CASH AND CASH EQUIVALENTS — Beginning of year	173,952	119,952	156,537
CASH AND CASH EQUIVALENTS — End of year	146,806	173,952	119,952
Supplemental disclosure of non-cash activities (See Note 23 - Supplemental Cash Flow Information)
Issuance of common stock in connection with the RF Business Acquisition (See Note 4 - Acquisitions	$ 57,733	$ 0	$ 0

Property Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 426,022	$ 369,473
Less accumulated depreciation and amortization	(250,005)	(219,977)
Property and equipment — net	176,017	149,496
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	15,179	10,256
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	282,920	238,037
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	38,979	35,342
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	3,539	2,888
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	19,809	18,824
Finance lease assets
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 65,596	$ 64,126

Acquisitions - Narrative (Details) $ in Thousands						3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Sep. 27, 2024 USD ($)	Dec. 29, 2023 USD ($)	Dec. 02, 2023 USD ($) shares	May 31, 2023 USD ($)	Mar. 03, 2023 USD ($)	Sep. 27, 2024 USD ($)	Mar. 29, 2024 USD ($)	Sep. 27, 2024 USD ($)	Sep. 27, 2024 USD ($)	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 28, 2024 USD ($)
Business Acquisition [Line Items]
Financing lease assets obtained in exchange for new lease liabilities									$ 0	$ 5,905	$ 0
RF Business of Wolfspeed, Inc.
Business Acquisition [Line Items]
Cash purchase consideration	$ 72,802	$ 75,000	$ 75,000
Acquisition, number of shares issued (in shares) \| shares			711,528
Equity purchase consideration	57,733	60,772	$ 57,700
Percent of share consideration forfeited (as a percent)			0.250
Transaction costs									7,400	4,200
Measurement adjustments, cash purchase consideration									(2,198)
Measurement adjustments, Equity purchase consideration									3,039
Intangible assets	42,000	60,000				$ 42,000		$ 42,000	42,000
Measurement adjustment, Intangibles								18,000
Measurement adjustment, Inventory								7,523
Prepayment for net assets associated with the RTP Fab Transfer	16,250	19,450				16,250		16,250	16,250
Upfront payment for net assets assumed, fair value	10,400					10,400		10,400	10,400
Acquisition revenue recognized									138,700
Cash consideration	130,535	$ 135,772
Business Combination, Provisional Information [Abstract]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred								5,237	5,237
RF Business of Wolfspeed, Inc. \| Acquisition-related Costs
Business Acquisition [Line Items]
Transaction costs									15,800	42,000
RF Business of Wolfspeed, Inc. \| Acquisition-related Costs \| Wolfspeed
Business Acquisition [Line Items]
Transaction costs										30,500
RF Business of Wolfspeed, Inc. \| Acquisition-related Costs \| Macom
Business Acquisition [Line Items]
Transaction costs										11,500
RF Business of Wolfspeed, Inc. \| Acquired technology
Business Acquisition [Line Items]
Intangible assets	$ 21,000					$ 21,000		$ 21,000	$ 21,000
Useful life of intangible assets (in years)	4 years 9 months 18 days					4 years 9 months 18 days		4 years 9 months 18 days	4 years 9 months 18 days
RF Business of Wolfspeed, Inc. \| Favorable contract
Business Acquisition [Line Items]
Intangible assets	$ 14,500					$ 14,500		$ 14,500	$ 14,500
Useful life of intangible assets (in years)	2 years					2 years		2 years	2 years
RF Business of Wolfspeed, Inc. \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 6,500					$ 6,500		$ 6,500	$ 6,500
Useful life of intangible assets (in years)	8 years 9 months 18 days					8 years 9 months 18 days		8 years 9 months 18 days	8 years 9 months 18 days
OMMIC SAS
Business Acquisition [Line Items]
Transaction costs						$ 300			$ 2,800
Intangible assets												$ 5,966
Cash consideration				$ 36,900
Financing lease assets obtained in exchange for new lease liabilities									24,700
OMMIC SAS \| Acquired technology
Business Acquisition [Line Items]
Intangible assets	$ 4,900					$ 4,900		$ 4,900	$ 4,900
Useful life of intangible assets (in years)	8 years 3 months 18 days					8 years 3 months 18 days		8 years 3 months 18 days	8 years 3 months 18 days
OMMIC SAS \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 1,100					$ 1,100		$ 1,100	$ 1,100
Linearizer Technology, Inc.
Business Acquisition [Line Items]
Transaction costs										2,100
Intangible assets							$ 29,600			$ 29,600
Measurement adjustment, Inventory							1,407
Cash consideration					$ 51,400
Business Combination, Provisional Information [Abstract]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred							$ 187
Linearizer Technology, Inc. \| Acquired technology
Business Acquisition [Line Items]
Intangible assets	$ 7,100					$ 7,100		$ 7,100	$ 7,100
Useful life of intangible assets (in years)	7 years 7 months 6 days					7 years 7 months 6 days		7 years 7 months 6 days	7 years 7 months 6 days
Linearizer Technology, Inc. \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 20,700					$ 20,700		$ 20,700	$ 20,700
Useful life of intangible assets (in years)	8 years 7 months 6 days					8 years 7 months 6 days		8 years 7 months 6 days	8 years 7 months 6 days
Linearizer Technology, Inc. \| Trade Names
Business Acquisition [Line Items]
Intangible assets	$ 1,800					$ 1,800		$ 1,800	$ 1,800
Useful life of intangible assets (in years)	7 years 7 months 6 days					7 years 7 months 6 days		7 years 7 months 6 days	7 years 7 months 6 days

Income Taxes - Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Current:
Federal		$ 4,530	$ 80	$ 72
State		1,588	781	644
Foreign		3,710	2,570	2,890
Current provision		9,828	3,431	3,606
Deferred:
Federal		11,165	30,608	34,616
State		(1,417)	(405)	285
Foreign		(1,294)	1,998	2,211
Change in valuation allowance	$ (12,100)	(3,615)	(12,051)	(237,553)
Deferred provision (benefit)		4,839	20,150	(200,441)
Total provision (benefit)		$ 14,667	$ 23,581	$ (196,835)

Debt - Additional Information (Details)			12 Months Ended
Debt - Additional Information (Details)	Oct. 02, 2021 USD ($)	Mar. 25, 2021 USD ($) renewal_option d $ / shares $ / ₫	Sep. 27, 2024 USD ($)	Sep. 29, 2023 USD ($)	Aug. 02, 2023 USD ($)	Sep. 30, 2022 USD ($)	Apr. 06, 2021 USD ($)
Debt Instrument [Line Items]
Interest payable, current					$ 100,000
Unamortized deferred financing costs				$ 6,900,000		$ 3,700,000
Long-term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross					$ 120,800,000
Convertible Notes Green Shoe
Debt Instrument [Line Items]
Debt instrument face amount							$ 50,000,000
Convertible Debt
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 450,000,000
Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Debt instrument face amount		$ 400,000,000
Conversion price (in USD per share) \| $ / shares		$ 82.12
Redemption price percentage		100.00%
Interest expense debt			1,100,000
Future minimum principal payments			0
Equity component of convertible notes, net of deferred financing costs	$ 72,200,000
Debt Instrument, Convertible, Conversion Ratio \| $ / ₫		12.1767
Convertible Senior Notes Due 2026 \| Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Debt instrument face amount	73,100,000
Convertible Senior Notes Due 2026 \| Conversion Period One
Debt Instrument [Line Items]
Convertible threshold trading days \| renewal_option		20
Threshold consecutive trading days \| renewal_option		30
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			640,600,000	512,500,000
Convertible Senior Notes Due 2026 \| Convertible Debt
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 450,000,000	$ 450,000,000
Convertible Senior Notes Due 2026 \| Convertible Debt \| Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 900,000

Fair Value and Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	$ 34,400
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	509,842	$ 451,962
Non-designated foreign currency hedge contracts	100
Total liabilities measured at fair value	100
Fair Value, Measurements, Recurring \| U.S. Treasuries and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	55,162	21,910
Fair Value, Measurements, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	305,150	142,388
Fair Value, Measurements, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	74,760	111,388
Fair Value, Measurements, Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	73,790	176,276
Fair Value, Measurements, Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	980
Fair Value, Measurements, Recurring \| 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	125,903	133,298
Non-designated foreign currency hedge contracts	0
Total liabilities measured at fair value	0
Fair Value, Measurements, Recurring \| Active Markets for Identical Assets (Level 1) \| U.S. Treasuries and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	50,163	21,910
Fair Value, Measurements, Recurring \| Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Fair Value, Measurements, Recurring \| Active Markets for Identical Assets (Level 1) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	74,760	111,388
Fair Value, Measurements, Recurring \| Active Markets for Identical Assets (Level 1) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Fair Value, Measurements, Recurring \| Active Markets for Identical Assets (Level 1) \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	980
Fair Value, Measurements, Recurring \| Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	383,939	318,664
Non-designated foreign currency hedge contracts	100
Total liabilities measured at fair value	100
Fair Value, Measurements, Recurring \| Observable Inputs (Level 2) \| U.S. Treasuries and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	4,999	0
Fair Value, Measurements, Recurring \| Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	305,150	142,388
Fair Value, Measurements, Recurring \| Observable Inputs (Level 2) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Fair Value, Measurements, Recurring \| Observable Inputs (Level 2) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	73,790	176,276
Fair Value, Measurements, Recurring \| Observable Inputs (Level 2) \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Non-designated foreign currency hedge contracts	0
Total liabilities measured at fair value	0
Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3) \| U.S. Treasuries and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	$ 0
Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3) \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 0

Product Warranties - Additional Information (Detail)	12 Months Ended
Product Warranties - Additional Information (Detail)	Sep. 27, 2024
Guarantees [Abstract]
Term of product warranties	12 months

Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
Other Liabilities Disclosure [Abstract]
Compensation and benefits	$ 30,769	$ 26,926
Distribution costs	7,494	5,156
Current portion of operating leases	7,727	7,258
Internal-use software Accrual	5,425	4,175
Product warranty	725	1,016
Deferred revenue	5,281	2,762
Professional fees	1,335	1,368
Other	5,580	8,736
Total accrued liabilities	$ 64,336	$ 57,397

Leases Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$ 10,567	$ 8,644	$ 9,427
Operating cash flows from finance leases	2,160	2,089	1,878
Financing cash flows from finance leases	1,175	1,012	957
Non-cash activities:
Operating lease ROU assets obtained in exchange for new lease liabilities	10,643	6,758	2,536
Financing lease assets obtained in exchange for new lease liabilities	0	5,905	0
Sublease Income	$ 1,324	$ 1,340	$ 912

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information Regarding Noncash Investing and Financing Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 3,985	$ 10,780	$ 6,739
Cash paid for income taxes	5,997	2,870	2,194
Non-cash capital expenditures	311	363	1,000
Purchase of software licenses included in liabilities	$ 2,500	$ 8,350	$ 0

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Sep. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Asset Retirement Obligations—We are obligated under certain facility leases to restore those facilities to the condition in which we or our predecessors first occupied the facilities. We are required to remove leasehold improvements and equipment installed in these facilities prior to termination of the leases. As of September 27, 2024 and September 29, 2023, the estimated cost for the removal of these assets that are recorded as asset retirement obligations in other long-term liabilities in our Consolidated Balance Sheets was $1.9 million. Purchase Commitments—As of September 27, 2024, we had outstanding non-cancelable purchase commitments of $138.7 million primarily for purchases of services and inventory supply arrangements. In addition, we have $23.9 million in remaining fixed payments associated with a power purchase agreement that commenced in fiscal 2023 and has a remaining 13-year term. See Note 16- Financing Obligation for additional detail on the power purchase agreement. We have $6.7 million in remaining amounts payable for software over a two-year period. Litigation—From time to time we may be subject to commercial disputes, employment issues, claims by other companies in the industry that we have infringed their intellectual property rights and other similar claims and litigation. Any such claims may lead to future litigation and material damages and defense costs. We were not involved in any material legal proceedings during the year ended September 27, 2024

Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 30.1	$ 24.0	$ 23.8
Finance Lease, Right-of-Use Asset, Accumulated Amortization	10.2	$ 7.8
Grants Receivable	$ 5.2

Financing Obligation - Expected Future Minimum Payments for Financing Obligation (Details) $ in Thousands	Sep. 27, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 982
2026	1,007
2027	1,031
2028	1,057
2029	1,084
Thereafter	9,773
Total payments	14,934
Less: interest	5,627
Present value of financing obligation	$ 9,307

Property, Plant and Equipment

12 Months Ended

Sep. 27, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY AND EQUIPMENT

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


	September 27, 2024		September 29, 2023

Construction in process	$	15,179	$	10,256
Machinery and equipment	282,920		238,037
Leasehold improvements	38,979		35,342
Furniture and fixtures	3,539		2,888
Computer equipment	19,809		18,824

Finance lease assets	65,596		64,126
Total property and equipment	426,022		369,473
Less accumulated depreciation and amortization	(250,005)		(219,977)
Property and equipment — net	$	176,017	$	149,496

Depreciation and amortization expense related to property and equipment for fiscal years 2024, 2023 and 2022 was $30.1 million, $24.0 million and $23.8 million, respectively. Accumulated amortization on finance lease assets as of September 27, 2024 and September 29, 2023 was $10.2 million and $7.8 million, respectively.

In August 2022, the U.S. government enacted the CHIPS and Science Act of 2022 (the “CHIPS Act”), which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain qualifying investments in U.S. semiconductor manufacturing equipment. As of September 27, 2024, we have reduced property and equipment, net in the Consolidated Balance Sheet by $5.2 million as a result of expected tax credits in connection with the CHIPS Act.

Share - Based Compensation Plans

12 Months Ended

Sep. 27, 2024

Share-Based Payment Arrangement [Abstract]

Share - Based Compensation Plans

SHARE-BASED COMPENSATION PLANS

Stock Plans

We have four equity incentive plans: the 2012 Omnibus Incentive Plan, as amended (“2012 Plan”), the 2021 Omnibus Incentive Plan (“2021 Plan”), the 2012 Employee Stock Purchase Plan, as amended and restated (“2012 ESPP”) and the 2021 Employee Stock Purchase Plan (“2021 ESPP”).

The 2021 Plan replaced the 2012 Plan and, following the adoption of the 2021 Plan on March 4, 2021, no additional awards have been or will be made under the 2012 Plan. We have outstanding awards under the 2021 Plan, as well as the 2012 Plan. Under the 2021 Plan, we have the ability to issue incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), stock appreciation rights (“SARS”), restricted stock awards (“RSAs”), unrestricted stock awards, stock units (including restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”)), performance awards, cash awards, and other share-based awards to employees, directors, consultants and advisors. The ISOs and NSOs must be granted at an exercise price, and the SARS must be granted at a base value, per share of not less than 100% of the closing price of a share of our common stock on the date of grant (or, if no closing price is reported on that date, the closing price on the immediately preceding date on which a closing price was reported) (110% in the case of certain ISOs). Options granted primarily vested based on certain market-based and performance-based criteria as described below and generally have a term of four to seven years. Certain of the share-based awards granted and outstanding as of September 27, 2024, are subject to accelerated vesting upon a sale of the Company or similar changes in control.

As of September 27, 2024, we had 3.9 million shares available for future issuance under the 2021 Plan and 1.1 million shares available for issuance under our 2021 ESPP.

Incentive Stock Units

Outside of the four 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.

During fiscal years 2024, 2023 and 2022, the fair value of awards granted were $2.2 million, $1.8 million and $1.8 million, respectively. ISU awards were paid out at a fair value of $2.0 million, $3.5 million and $4.0 million for the fiscal years 2024, 2023 and 2022, respectively. As of September 27, 2024 and September 29, 2023, the fair value of outstanding awards was $6.8 million and $5.0 million, respectively, and the associated accrued compensation liability was $4.6 million and $3.3 million, respectively.

During fiscal years 2024, 2023 and 2022, we recorded an expense for these ISU awards of $3.3 million, $3.4 million and $1.1 million, respectively. These expenses are not included in the share-based compensation expense totals below.

Employee Stock Purchase Plan

The 2021 ESPP allows eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. In administering the 2021 ESPP, the board of directors has limited discretion to set the length of the offering periods thereunder. In fiscal years 2024, 2023 and 2022, 116,346, 120,774 and 121,697 shares of common stock were issued under the 2021 ESPP, respectively.

Share-Based Compensation

The following table shows a summary of share-based compensation expense included in the Consolidated Statements of Operations during the periods presented (in thousands):


	Fiscal Years
	2024		2023		2022
Cost of revenue	$	5,938	$	4,325	$	4,038
Research and development	18,072		14,808		14,940
Selling, general and administrative	21,634		18,970		22,207
Total	$	45,644	$	38,103	$	41,185

As of September 27, 2024, the total unrecognized compensation costs related to outstanding stock options, restricted stock awards and units including awards with time-based, performance-based, and market-based vesting was $59.4 million, which we expect to recognize over a weighted-average period of 1.8 years. As of September 27, 2024, total unrecognized compensation cost related to the 2021 ESPP was $0.4 million.

Restricted Stock Awards and Units

A summary of RSU, PRSU and RSA activity for fiscal year 2024 is as follows (in thousands, except per share amounts):


	Number of Shares	Weighted-Average Grant Date Fair Value
Issued and unvested - September 29, 2023	1,501	$	60.90

Granted	772	80.42
Performance-based adjustment (1)	62	35.43
Vested	(557)	49.80
Forfeited, canceled or expired	(144)	67.36
Issued and unvested - September 27, 2024	1,634	$	72.37

The weighted-average grant date fair value per share for restricted stock awards and units, inclusive of PRSUs, granted during the fiscal years 2024, 2023 and 2022, was $80.42, $63.53 and $64.51, respectively. The total fair value of restricted stock awards and units vested, inclusive of PRSUs, was $42.8 million, $85.5 million and $92.9 million for fiscal years 2024, 2023 and 2022, respectively. RSUs granted generally vest over a period of three or four years.

Performance-Based Equity Incentives

We issue PRSUs with specific performance vesting criteria. These PRSUs have both a service and performance-based vesting condition and awards are typically divided into three equal tranches and vest based on achieving certain adjusted earnings per share growth metrics. The service condition requires participants to be employed in November following the performance period in which the performance condition was met, when the Company's annual financial performance is announced to the financial markets.

Depending on the actual performance achieved, a participant may earn between 0% to 300% of the target number of shares for each tranche, which is determined based on a straight-line interpolation applied for the achievement between the specified performance ranges.

During fiscal year 2024 we granted 65,262 PRSUs and 29,808 PRSUs were forfeited. The weighted-average grant date fair value per share for PRSUs granted during the fiscal years 2024, 2023 and 2022 was $73.01, $56.15 and $66.34, respectively. During fiscal year 2024, the performance condition for 47,692 target shares issued in prior years were earned at 300% and 121%, and as a result a total of 109,392 shares vested in November 2023 when the service condition was achieved. The total fair value of PRSUs vested was $7.9 million, $19.0 million and $39.1 million in fiscal years 2024, 2023 and 2022, respectively. As of September 27, 2024, the total amount of PRSU awards that could ultimately vest if all performance criteria are achieved would be 383,133 shares assuming a maximum of 300% of the target shares.

Market-based PRSUs

We also issue PRSUs with specific market-based performance vesting criteria. 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 Nasdaq composite index over a period of approximately three years. The fair value of the awards was estimated using a Monte Carlo simulation and compensation expense is recognized ratably over the service period based on the grant date fair value of the awards 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 weighted-average assumptions used to value the awards are as follows:


	Fiscal Years
	2024		2023		2022
Weighted-average grant date fair value	$	88.88	$	80.37	$	89.82
Assumptions:
Weighted-average grant date stock price	$	73.01	$	56.65	$	66.12
Weighted-average stock price at the start of the performance period	$	79.43	$	54.12	$	64.11
Weighted-average risk free interest rate	4.6%		4.2%		0.8%
Weighted-average years to maturity	2.9		2.9		3.0
Weighted-average expected volatility rate	41.7%		51.8%		57.8%
Weighted-average expected dividend yield	—		—		—

During fiscal year 2024, we granted 132,247 market-based PRSUs and 27,667 market-based PRSUs were forfeited. The total fair value of market-based PRSUs vested was $18.1 million in fiscal year 2023. No market-based PRSUs vested in fiscal years 2024 and 2022. As of September 27, 2024, the total amount of market-based PRSU awards that could ultimately vest if all performance criteria are achieved would be 869,542 shares assuming a maximum of 200% of the target shares.

Stock Options

As of September 27, 2024, there were 5,000 stock options outstanding and exercisable with a weighted-average exercise price per share of $16.06. As of September 27, 2024, the weighted-average remaining contractual term was 1.11 years and the aggregate intrinsic value was $0.5 million. Aggregate intrinsic value is calculated using the difference between our closing stock price on September 27, 2024 and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was $0.8 million and $11.0 million for fiscal years 2024 and 2022, respectively. There were no options exercised during the fiscal year ended September 29, 2023. There were no stock options granted for fiscal years 2024, 2023 and 2022.

Stock options with Market-based Vesting Criteria

We granted NSOs that were subject to vesting only upon the market price of our underlying public stock closing above a certain price target within seven years of the date of grant. Share-based compensation expense is recognized regardless of the number of awards that are earned based on the market condition and is recognized on a straight-line basis over the estimated service period of approximately three years. If the required service period is not met for these options, then the share-based compensation expense would be reversed.

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 729,578	$ 648,407	$ 675,170
Cost of revenue	335,805	262,610	268,989
Gross profit	393,773	385,797	406,181
Operating expenses:
Research and development	182,158	148,545	148,228
Selling, general and administrative	137,949	129,852	125,279
Total operating expenses	320,107	278,397	273,507
Income from operations	73,666	107,400	132,674
Other income (expense):
Interest income	22,986	20,807	4,251
Interest expense	(5,136)	(12,384)	(8,551)
Other income (expense), net	10	(665)	114,746
Total other income, net	17,860	7,758	110,446
Income before income taxes	91,526	115,158	243,120
Income tax expense (benefit)	14,667	23,581	(196,835)
Net income	$ 76,859	$ 91,577	$ 439,955
Net income per share:
Income (loss) per share-basic (in USD per share)	$ 1.07	$ 1.29	$ 6.30
Income (loss) per share-diluted (in USD per share)	$ 1.04	$ 1.28	$ 6.18
Shares used:
Basic (in shares)	71,959	70,801	69,783
Diluted (in shares)	73,575	71,503	71,166

Supplemental Cash Flow Information

12 Months Ended

Sep. 27, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information Regarding Noncash Investing and Financing Activities

The following is supplemental cash flow information for the periods presented (in thousands):


	Fiscal Years
	2024		2023		2022
Cash paid for interest	$	3,985	$	10,780	$	6,739
Cash paid for income taxes	$	5,997	$	2,870	$	2,194
Non-cash activities:
Non-cash capital expenditures	$	311	$	363	$	1,000
Purchase of software licenses included in liabilities	$	2,500	$	8,350	$	—

Accounts Receivables Allowances

12 Months Ended

Sep. 27, 2024

Receivables [Abstract]

Accounts Receivables Allowances

ACCOUNTS RECEIVABLES ALLOWANCES

Summarized below is the activity in our accounts receivable allowances, including compensation credits and doubtful accounts as follows (in thousands):


	Fiscal Years
	2024		2023		2022
Balance - beginning of year	$	2,004	$	2,446	$	2,795
Provision, net	5,404		3,600		7,097
Charge-offs	(4,746)		(4,042)		(7,446)
Balance - end of year	$	2,662	$	2,004	$	2,446

The balances at the end of fiscal years 2024, 2023 and 2022 are comprised primarily of compensation credits of $2.4 million, $1.8 million and $2.1 million, respectively.

The allowance for doubtful accounts is immaterial as of September 27, 2024, September 29, 2023 and September 30, 2022. We generate accounts receivable from customers and they are classified as short-term. We monitor collections and maintain a provision for expected credit losses based on historical trends, current conditions, and relevant forecasted information, in addition to provisions established for any specific collection issues that have been identified.

Description of Business	12 Months Ended
Description of Business	Sep. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESSMACOM Technology Solutions Holdings, Inc. (the “Company”) was incorporated in Delaware on March 25, 2009. We design, develop and manufacture differentiated semiconductor products and solutions for the I&D, Data Center and Telecom industries for customers who demand high performance, quality and reliability. We are h

Intangible Assets - Summary of Estimated Amortization of Intangible Assets (Detail) $ in Thousands	12 Months Ended
	Sep. 27, 2024 USD ($)
Amortization expense
2021	$ 25,274
2022	14,705
2023	11,506
2024	7,989
2025	4,735
Thereafter	$ 8,479
Weighted average useful life	4 years 6 months