MTSI MACOM Technology Solutions Holdings Inc

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Unaudited Interim Financial Information—The accompanying unaudited, condensed consolidated financial statements have been prepared according to the rules and regulations of the United States (the “U.S.”) Securities and Exchange Commission (the “SEC”) and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the condensed consolidated balance sheets, condensed consolidated statements of operations, comprehensive income, stockholders' equity and cash flows of MACOM Technology Solutions Holdings, Inc. (“MACOM,” the “Company,” “us,” “we” or “our”) for the periods presented. We prepare our interim financial information using the same accounting principles we use for our annual audited consolidated financial statements. Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted in accordance with prescribed SEC rules. We believe that the disclosures made in our condensed consolidated financial statements and the accompanying notes are adequate to make the information presented not misleading.

The condensed consolidated balance sheet as of September 29, 2023 is as reported in our audited consolidated financial statements as of that date. Our accounting policies are described in the notes to our September 29, 2023 consolidated financial statements, which were included in our Annual Report on Form 10-K for our fiscal year ended September 29, 2023 filed with the SEC on November 13, 2023 (the “2023 Annual Report on Form 10-K”). We recommend that the financial statements included in this Quarterly Report on Form 10-Q be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K.

Principles of Consolidation, Basis of Presentation and Reclassification—The accompanying condensed consolidated financial statements include our accounts and the accounts of our majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the condensed consolidated financial statements, Interest income has been reclassified to conform to the current year presentation.

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

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

Recent Accounting Pronouncements—Our Recent Accounting Pronouncements are described in our 2023 Annual Report on Form 10-K.

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 3 - 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 3 - 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 3 - Acquisitions for additional information.

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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.

Disaggregation of Revenue

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

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

			Three Months Ended												Nine Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Revenue by Market:
Industrial & Defense			$	90,908					$	83,549					$	258,792					$	237,911
Data Center			49,003						26,640						141,662						106,451
Telecom			50,575						38,333						128,414						153,670
Total			$	190,486					$	148,522					$	528,868					$	498,032

			Three Months Ended												Nine Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Revenue by Geographic Region:
United States			$	86,670					$	73,262					$	236,476					$	244,685
China			46,423						24,296						128,961						98,776
Asia Pacific, excluding China (1)			26,121						23,400						66,792						72,942
Other Countries (2)			31,272						27,564						96,639						81,629
Total			$	190,486					$	148,522					$	528,868					$	498,032

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

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

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The following table presents the changes in contract liabilities during the nine months ended June 28, 2024 (in thousands, except percentage):

			June 28, 2024						September 29, 2023						$ Change						% Change
Contract liabilities			$	5,422					$	2,762					$	2,660					96		%

During the three and nine months ended June 28, 2024, we recognized sales of less than $0.1 million and $2.5 million, respectively, that were included in the contract liabilities balance as of the beginning of the period. The increase in contract liabilities during the nine months ended June 28, 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.

RF Business of Wolfspeed, Inc.— On December 2, 2023, we completed the acquisition of certain assets and specified liabilities of the radio frequency (“RF”) business of Wolfspeed, Inc. (“Wolfspeed”) (the “RF Business,”), which was accounted for as a business combination (the “RF Business Acquisition”). The RF Business includes a portfolio of 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% of the share consideration. We funded the cash purchase price for the RF Business Acquisition through cash-on-hand.

During the three months ended June 28, 2024, we did not incur any acquisition-related transaction costs. During the nine months ended June 28, 2024, we incurred acquisition-related transaction costs of approximately $7.4 million, which are included in selling, general and administrative expense. During the three and nine months ended June 30, 2023, we incurred acquisition-related transaction costs of approximately $2.0 million, which are included in selling, general and administrative expense.

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 June 28, 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 three months ended June 28, 2024, the net working capital acquired was finalized, resulting in a refund of cash purchase consideration of $2.2 million. During the nine months ended June 28, 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):

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			At Acquisition Date as Reported December 29, 2023			Measurement Period Adjustments			At Acquisition Date as Reported June 28, 2024
Current assets			$	160		$	(121)		$	39
Inventory			23,574			8,402			31,976
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			(916)			5,819
Goodwill			—			9,107			9,107
Total assets acquired			145,334			(4,728)			140,606
Current liabilities			6,474			409			6,883
Long-term liabilities			3,088			100			3,188
Total liabilities assumed			9,562			509			10,071
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 nine months ended June 28, 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 $8.4 million, with an offsetting increase to Goodwill. Due to these adjustments, the condensed consolidated statement of operations for the three months ended June 28, 2024 includes a net benefit of less than $0.1 million for intangible asset and inventory step-up amortization related to the quarters ended March 29, 2024 and December 29, 2024.

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

The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 28, 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 three and nine months ended June 28, 2024, the RF Business contributed approximately $47.1 million and $89.0 million of our total revenue, respectively. During the three and nine months ended June 28, 2024, the RF Business did not materially impact our consolidated net income.

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

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			Three Months Ended												Nine Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Consolidated estimated pro forma unaudited revenue			$	190,486					$	181,703					$	555,705					$	609,763
Consolidated estimated pro forma unaudited net loss			$	21,517					$	(24,351)					$	24,728					$	(50,334)

Pro forma revenue and net 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 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 nine months ended June 28, 2024 were adjusted to exclude transaction costs incurred of $15.8 million, and pro forma earnings for the nine months ended June 30, 2023 were adjusted and include $42.0 million of transaction costs associated with the RF Business Acquisition.

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 three months ended June 28, 2024, we did not incur any acquisition-related transaction costs. During the nine months ended June 28, 2024, we incurred acquisition-related transaction costs of approximately $0.3 million, which are included in selling, general and administrative expense. During the three and nine months ended June 30, 2023, we incurred acquisition-related transaction costs of approximately $1.0 million and $2.6 million, respectively, which are included in selling, general and administrative expense. 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

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As part of the acquisition, we assumed a lease agreement for 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 expect to exercise this bargain purchase option and have recorded a right-of-use-asset of $24.7 million in Property and equipment. The real property was valued using a market approach.

Intangible assets consist of technology and customer relationships of $4.9 million and $1.1 million, respectively, and 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.

Linearizer Technology, Inc.— On March 3, 2023, we completed the acquisition of Linearizer Technology, Inc. (“Linearizer”), a developer of modules and subsystems, including 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. During the three and nine months ended June 28, 2024, we did not incur any acquisition-related transaction costs. During the three and nine months ended June 30, 2023, we incurred acquisition-related transaction costs of approximately $0.2 million and $2.1 million, respectively, which are included in selling, general and administrative expense. 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

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All investments are short-term in nature and are invested in certificates of deposit, corporate bonds, commercial paper, U.S. Treasuries and agency bonds and are classified as available-for-sale. These investments are owned directly by the Company and are segregated in brokerage custody accounts. The amortized cost, gross unrealized holding gains or losses and fair value of our available-for-sale investments by major investment type are summarized in the tables below (in thousands):

			June 28, 2024
			Amortized Cost						Gross Unrealized Holding Gains						Gross Unrealized Holding Losses						Aggregate Fair Value
Certificates of deposit			$	10,980					$	—					$	(1)					$	10,979
Corporate bonds			265,377						29						(1,587)						263,819
Commercial paper			72,951						—						(84)						72,867
U.S. Treasuries and agency bonds			56,561						10						(40)						56,531
Total short-term investments			$	405,869					$	39					$	(1,712)					$	404,196

			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. Treasuries and agency bonds			21,895						18						(4)						21,909
Total short-term investments			$	343,534					$	18					$	(2,978)					$	340,574

    

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

			June 28, 2024			September 29, 2023
Less than one year			$	262,355		$	265,591
Over one year			141,841			74,983
Total available-for-sale investments			$	404,196		$	340,574

We have determined that the gross unrealized losses on available for sale securities as of June 28, 2024 and September 29, 2023 are temporary in nature and/or do not relate to credit loss, and therefore there is no expense for credit losses recorded in our condensed consolidated statements of operations. Unrealized gains and losses on available-for-sale investments are reported as a separate component of stockholders’ equity within accumulated other comprehensive loss.

We group our financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. These levels are:

Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data.
Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by us.

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

We measure certain assets and liabilities at fair value on a recurring basis such as our financial instruments. There have been no transfers between Level 1, 2 or 3 assets or liabilities during the three and nine months ended June 28, 2024.

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

			June 28, 2024
			Fair Value						Active Markets for Identical Assets (Level 1)						Observable Inputs (Level 2)						Unobservable Inputs (Level 3)
Assets
U.S. Treasuries and agency bonds			$	56,531					$	51,536					$	4,995					$	—
Money market funds			54,675						54,675						—						—
Certificates of deposit			10,979						10,979						—						—
Corporate bonds			263,819						—						263,819						—
Commercial paper			72,867						—						72,867						—
Total assets measured at fair value			$	458,871					$	117,190					$	341,681					$	—

			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. Treasuries			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					$	—

Inventories consist of the following (in thousands):

			June 28, 2024						September 29, 2023
Raw materials			$	117,284					$	82,589
Work-in-process			15,375						14,280
Finished goods			58,056						39,431
Total inventory, net			$	190,715					$	136,300

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

			June 28, 2024						September 29, 2023
Construction in process			$	14,640					$	10,256
Machinery and equipment			280,196						238,037
Leasehold improvements			38,723						35,342
Furniture and fixtures			2,966						2,888
Computer equipment			19,962						18,824
Finance lease assets			64,523						64,126
Total property and equipment			421,010						369,473
Less accumulated depreciation and amortization			(242,035)						(219,977)
Property and equipment, net			$	178,975					$	149,496

In August 2022, the U.S. government enacted the CHIPS and Science Act of 2022 (CHIPS Act), which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain qualifying

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investments in U.S. semiconductor manufacturing equipment. As of June 28, 2024, we recognized a $4.4 million reduction to the carrying amounts of the qualifying manufacturing assets in the condensed consolidated balance sheet.

Depreciation and amortization expense related to property and equipment for the three and nine months ended June 28, 2024 was $7.9 million and $22.3 million, respectively. Depreciation and amortization expense related to property and equipment for the three and nine months ended June 30, 2023 was $5.9 million and $17.7 million, respectively. Accumulated amortization on finance lease assets as of June 28, 2024 and September 29, 2023 was $9.6 million and $7.8 million, respectively.

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

			Three Months Ended												Nine Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Cost of revenue			$	4,344					$	1,131					$	10,486					$	3,028
Research and development			1,340						—						3,426						—
Selling, general and administrative			4,337						5,976						13,257						17,644
Total			$	10,021					$	7,107					$	27,169					$	20,672

A summary of the activity in gross intangible assets as of June 28, 2024 and September 29, 2023 is as follows (in thousands):

			June 28, 2024
			Gross Carrying Amount												Accumulated Amortization						Net Carrying Amount
Acquired technology			$	212,448											$	(184,705)					$	27,743
Customer relationships			274,138												(238,884)						35,254
Favorable contract			14,500												(5,334)						9,166
Software licenses			11,950												(3,431)						8,519
Trade name (1)			5,200												(357)						4,843
Balance as of June 28, 2024 (2)			$	518,236											$	(432,711)					$	85,525

			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 June 28, 2024, our estimated amortization of our intangible assets in future fiscal years was as follows (in thousands):

			2024 Remaining			2025			2026			2027			2028			Thereafter			Total
Amortization expense			$	9,997		25,663			14,551			11,455			7,983			12,476			$	82,125

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A summary of the changes in goodwill as of June 28, 2024 is as follows (in thousands):

			June 28, 2024
Balance as of September 29, 2023			$	323,398
Acquired (1)			7,613
Foreign currency translation adjustment			(671)
Balance as of June 28, 2024			$	330,340

(1)     The acquired balance consists of an increase of $9.1 million to goodwill related to measurement period adjustments for 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 3 - Acquisitions.

The following represents the outstanding balances and effective interest rates of our borrowings as of June 28, 2024 and September 29, 2023, (in thousands, except percentages):

			June 28, 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 deferred financing costs			(2,006)									(2,866)
Total long-term debt, less current portion			$	447,994								$	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

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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.

For the three and nine months ended June 28, 2024 and June 30, 2023, total interest expense for the 2026 Convertible Notes was $0.3 million and $0.8 million, respectively.

The fair value of our 2026 Convertible Notes was $636.1 million and $512.5 million as of June 28, 2024 and September 29, 2023, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.

There are no future minimum principal payments under the notes as of June 28, 2024; the full amount of $450.0 million is due on March 15, 2026.

Term Loans

We are party to a power purchase agreement for the use of electric power and thermal energy producing systems at our fabrication facility in Lowell, Massachusetts. These systems are expected to reduce our consumption of energy while delivering sustainable, resilient energy for heating and cooling. We do not own these systems; however, we control the use of the assets during operation. As of June 28, 2024 and September 29, 2023, the net book value of the systems in Property and equipment, net was $8.4 million and $8.9 million, respectively, and the corresponding liability was $9.4 million and $9.6 million, respectively, primarily classified in Financing obligation on our condensed consolidated balance sheet. The initial 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 June 28, 2024 and September 29, 2023, we had $24.4 million and $25.5 million, respectively, in remaining fixed payments over a 14-year term associated with the power purchase agreement, of which $15.2 million and $15.9 million, respectively, is included in our consolidated balance sheets on a discounted basis.

As of June 28, 2024, expected future minimum payments for the financing obligation were as follows (in thousands):

Fiscal year ending:						Amount
2024						$	242
2025						982
2026						1,007
2027						1,031
2028						1,057
Thereafter						10,857
Total payments						$	15,176
Less: interest						5,805
Present value of liabilities						$	9,371

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

			Three Months Ended												Nine Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Numerator:
Net income attributable to common stockholders			$	19,939					$	11,853					$	47,445					$	67,127
Denominator:
Weighted average common shares outstanding-basic			72,143						70,937						71,881						70,739
Dilutive effect of stock options, restricted stock awards and restricted stock units			1,008						471						889						656
Dilutive effect of convertible debt (1)			1,066						—						488						—
Weighted average common shares outstanding-diluted			74,217						71,408						73,258						71,395
Net income to common stockholders per share-Basic:			$	0.28					$	0.17					$	0.66					$	0.95
Net income to common stockholders per share-Diluted:			$	0.27					$	0.17					$	0.65					$	0.94

From time to time, we may be subject to commercial disputes, employment issues, claims by other companies in the industry that we have infringed their intellectual property rights and other similar claims and litigation. Any such claims may lead to future litigation and material damages and defense costs. We were not involved in any material pending legal proceedings during the three and nine months ended June 28, 2024.

We have authorized 10 million shares of $0.001 par value preferred stock and 300 million shares of $0.001 par value common stock as of June 28, 2024.

Stock Plans

As of June 28, 2024, we had 3.9 million shares available for issuance under our 2021 Omnibus Incentive Plan (the “2021 Plan”), which replaced our 2012 Omnibus Incentive Plan (as amended and restated) (the “2012 Plan”), and 1.1 million shares available for issuance under our 2021 Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”), which replaced our 2012 Employee Stock Purchase Plan. We have outstanding awards under the 2021 Plan and the 2012 Plan. Following the adoption of the 2021 Plan, no additional awards have been or will be made under the 2012 Plan. Under the 2021 Plan, we have the ability to issue incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), stock appreciation rights (“SARs”), restricted stock awards (“RSAs”), unrestricted stock awards, stock units (including restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”)), performance awards, cash awards, and other share-based awards to employees, directors, consultants and advisors. The ISOs and NSOs must be granted at an exercise price, and the SARs must be granted at a base value, per share of not less than 100% of the closing price of a share of our common stock on the date of grant (or, if no closing price is reported on that date, the closing price on the immediately preceding date on which a closing price was reported) (110% in the case of certain ISOs). Options granted under the 2012 Plan primarily vested based on certain market-based and performance-based criteria and generally have a term of four years to seven years. Certain of the share-based awards granted and outstanding as of June 28, 2024 are subject to accelerated vesting upon a change in control of the Company.

Incentive Stock Units

Aside from the equity plans described above, we also grant incentive stock units (“ISUs”) to certain of our international employees which typically vest over three or four years and for which the fair value is determined by our underlying stock price, which are classified as liabilities and settled in cash upon vesting.

As of June 28, 2024 and September 29, 2023, the fair value of outstanding ISUs was $7.0 million and $5.0 million, respectively, and the associated accrued compensation liability was $4.0 million and $3.3 million, respectively. During the three

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and nine months ended June 28, 2024, we recorded an expense for ISU awards of $1.2 million and $2.6 million, respectively. During the three and nine months ended June 30, 2023, we recorded an expense for ISU awards of $0.3 million and $2.2 million, respectively. These expenses are not included in the share-based compensation expense totals below.

Share-Based Compensation

The following table shows a summary of share-based compensation expense included in the condensed consolidated statements of operations (in thousands):

			Three Months Ended												Nine Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Cost of revenue			$	1,522					$	1,078					$	4,392					$	3,239
Research and development			5,446						3,281						13,173						11,255
Selling, general and administrative			6,377						3,903						16,527						14,275
Total share-based compensation expense			$	13,345					$	8,262					$	34,092					$	28,769

As of June 28, 2024, the total unrecognized compensation costs related to RSUs and PRSUs was $74.1 million, which we expect to recognize over a weighted-average period of 2.0 years. As of June 28, 2024, total unrecognized compensation cost related to our Employee Stock Purchase Plan was $1.2 million.

Restricted Stock Units and Performance-Based Restricted Stock Units

A summary of stock award activity for the nine months ended June 28, 2024 is as follows:

			Number of shares (in thousands)						Weighted- Average Grant Date Fair Value
Balance as of September 29, 2023			1,501						$	60.90
Granted			763						80.14
Performance-based adjustment (1)			62						35.43
Vested and released			(547)						49.56
Forfeited, canceled or expired			(119)						65.80
Balance as of June 28, 2024			1,660						$	72.18

(1) The amount shown represents performance adjustments for performance-based awards. These were granted in prior fiscal years and vested during the nine months ended June 28, 2024 based on the Company’s achievement of adjusted earnings per share performance conditions.

Stock awards that vested during the nine months ended June 28, 2024 and June 30, 2023 had combined fair values of $41.8 million and $85.1 million, respectively, as of the vesting date. RSUs granted generally vest over a period of three or four years.

Market-based PRSUs

We granted 132,247 market-based PRSUs during the nine months ended June 28, 2024, at a weighted average grant date fair value of $88.88 per share. Recipients may earn between 0% and 200% of the target number of shares based on the Company’s achievement of total stockholder return in comparison to a peer group of companies in the PHLX Semiconductor Sector Index (^SOX) over a period of approximately three years. The fair value of the awards was estimated using a Monte Carlo simulation and compensation expense is recognized ratably over the service period based on the grant date fair value of the awards subject to the market condition. The expected volatility of the Company’s common stock was estimated based on the historical average volatility rate over the three-year period. The dividend yield assumption was based on historical and anticipated dividend payouts. The risk-free rate assumption was based on observed interest rates consistent with the three-year measurement period. The assumptions used to value the awards are as follows:

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			Nine Months Ended
			June 28, 2024
Grant date stock price			$	73.01
Average stock price at the start of the performance period			$	79.43
Risk free interest rate			4.6%
Years to maturity			2.9
Expected volatility rate			41.7%
Expected dividend yield			—

Stock Options

We are subject to income tax in the U.S. as well as other tax jurisdictions in which we conduct business. Earnings from non-U.S. activities are subject to local country income tax and may also be subject to current U.S. income tax. For interim periods, we record a tax provision or benefit based upon the estimated effective tax rate expected for the full fiscal year, adjusted for material discrete taxation matters arising during the interim periods. Our quarterly tax provision or benefit, and its quarterly estimate of the annual effective tax rate, are subject to significant variation due to several factors. These factors include items such as: variability in accurately predicting pre-tax income/loss, the mix of jurisdictions in which we operate, intercompany transactions, changes in how we do business, tax law developments, the realizability of our deferred tax assets and related valuation allowance and relative changes in permanent tax benefits or expenses.

The provision for income taxes and effective income tax rate are as follows (in thousands, except percentages):

			Three Months Ended												Nine Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Income tax expense			$	4,309					$	7,768					$	11,567					$	29,039
Effective income tax rate			17.8		%				39.6		%				19.6		%				30.2		%

The difference between the U.S. federal statutory income tax rate of 21% and our effective income tax rate for the three and nine months ended June 28, 2024 was primarily driven by favorable stock based compensation and research and development (“R&D”) tax credits, partially offset by global intangible low taxed income (“GILTI”). The difference between the U.S. federal statutory income tax rate of 21% and our effective income tax rate for the three and nine months ended June 30, 2023 was primarily driven by tax on GILTI including changes to IRC Section 174, non-deductible compensation and state income taxes partially offset by income taxed in foreign jurisdictions generally at lower tax rates and R&D tax credits.

During the nine months ended June 28, 2024, we determined the earnings of one of our entities in India are no longer permanently reinvested, and due to the change in our position, we recorded a foreign withholding tax expense of $1.0 million associated with undistributed earnings.

We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making this determination, we consider available positive and negative evidence. We look at factors that may impact the valuation of our deferred tax assets including results of recent operations, future reversals of existing taxable temporary differences, projected future taxable income and tax-planning strategies.

There were no unrecognized tax benefits as of June 28, 2024 and September 29, 2023. It is our policy to recognize any interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the fiscal quarter ended June 28, 2024, we did not make any accrual or payment of interest or penalties.

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

			Nine Months Ended
			June 28, 2024						June 30, 2023
Cash paid for interest			$	2,715					$	8,140
Cash paid for income taxes			$	4,385					$	2,771
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for new lease liabilities			$	7,596					$	4,434
Finance lease assets obtained in exchange for new lease liabilities			$	—					$	9,725
Additions to property and equipment, net included in liabilities			$	944					$	195
Purchase of software licenses included in liabilities			$	2,500					$	—

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

For information about our revenue in different geographic regions, based upon customer locations, see Note 2 - Revenue.

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

						June 28, 2024						September 29, 2023
United States						$	127,335					$	111,865
France						32,401						31,142
Other Countries (1)						19,239						6,489
Total						$	178,975					$	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 revenue and accounts receivable as of and for the periods presented:

			Three Months Ended												Nine Months Ended
Revenue			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Customer A			14		%				—						12		%				—

Customer Concentration

Customer A did not represent more than 10% of our revenue in the three and nine months ended June 30, 2023. No other customer represented more than 10% of revenue and none of our customers represented more than 10% of accounts receivable in the periods presented in the accompanying condensed consolidated financial statements. For the three and nine months ended June 28, 2024, our top ten customers represented 56% and 55%, respectively, of total revenue, and for the three and nine months ended June 30, 2023, our top ten customers represented 44% and 47%, respectively, of total revenue.

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During the nine months ended June 28, 2024, we purchased $0.3 million of machinery and equipment from Gallium Semiconductor, an affiliate of director Susan Ocampo.

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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 three months ended June 28, 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 three months ended June 28, 2024.

Name and Title

Action

Date

Expiration of Plan (1)

Potential Number of Shares to be Sold (2)

Stephen Daly President and Chief Executive Officer

Adoption

May 31, 2024

May 31, 2025

Sale of up to 100,000 shares

Robert Dennehy Senior Vice President, Operations

Adoption

May 22, 2024

December 31, 2025

Sale of up to 24,411 shares

Ambra Roth Senior Vice President, General Counsel and Secretary

Adoption

May 31, 2024

August 31, 2025

Sale of up to 18,738 shares

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

(2)    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 applicable performance metrics.

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v3.24.2.u1

Cover Page - shares	9 Months Ended
	Jun. 28, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
Document Transition Report	false
Entity File Number	001-35451
Entity Registrant Name	MACOM Technology Solutions Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0306875
Entity Address, Address Line One	100 Chelmsford Street
Entity Address, City or Town	Lowell
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01851
City Area Code	978
Local Phone Number	656-2500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MTSI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,191,208
Entity Central Index Key	0001493594
Amendment Flag	false
Current Fiscal Year End Date	--09-27
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024

v3.24.2.u1

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 117,304	$ 173,952
Short-term investments	404,196	340,574
Accounts Receivable, after Allowance for Credit Loss, Current	106,776	91,253
Inventories	190,715	136,300
Prepaid and other current assets	24,621	19,114
Total current assets	843,612	761,193
Property and equipment, net	178,975	149,496
Goodwill	330,340	323,398
Intangible assets, net	85,525	66,994
Deferred income taxes	211,507	218,107
Other long-term assets	55,253	34,056
Total assets	1,705,212	1,553,244
Current liabilities:
Finance lease liabilities	808	1,162
Accounts payable	40,288	24,966
Accrued liabilities	61,993	57,397
Total current liabilities	103,089	83,525
Finance lease liabilities	31,270	31,776
Financing obligation	9,092	9,307
Long-term debt	447,994	447,134
Other long-term liabilities	32,716	33,902
Total liabilities	624,161	605,644
Stockholders’ equity:
Common stock	72	71
Treasury stock, at cost	(330)	(330)
Accumulated other comprehensive loss	(2,082)	(3,635)
Additional paid-in capital	1,298,655	1,214,203
Accumulated deficit	(215,264)	(262,709)
Total stockholders’ equity	1,081,051	947,600
Total liabilities and stockholders’ equity	$ 1,705,212	$ 1,553,244

v3.24.2.u1

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 190,486	$ 148,522	$ 528,868	$ 498,032
Cost of revenue	89,077	62,396	244,937	198,861
Gross profit	101,409	86,126	283,931	299,171
Operating expenses:
Research and development	47,531	36,668	132,566	111,037
Selling, general and administrative	34,162	32,152	105,233	96,341
Total operating expenses	81,693	68,820	237,799	207,378
Income from operations	19,716	17,306	46,132	91,793
Other income (expense):
Interest income	5,820	6,001	16,742	14,750
Interest expense	(1,288)	(3,657)	(3,862)	(10,170)
Other expense, net	0	(29)	0	(207)
Total other income	4,532	2,315	12,880	4,373
Income before income taxes	24,248	19,621	59,012	96,166
Income tax expense	4,309	7,768	11,567	29,039
Net income	$ 19,939	$ 11,853	$ 47,445	$ 67,127
Net income per share:
Income (loss) per share - Basic (usd per share)	$ 0.28	$ 0.17	$ 0.66	$ 0.95
Income (loss) per share - Diluted (usd per share)	$ 0.27	$ 0.17	$ 0.65	$ 0.94
Weighted average shares used:
Basic (in shares)	72,143	70,937	71,881	70,739
Diluted (in shares)	74,217	71,408	73,258	71,395

v3.24.2.u1

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 19,939	$ 11,853	$ 47,445	$ 67,127
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	(23)	(409)	981	2,971
Foreign currency translation (loss) gain, net of tax	(124)	(1,041)	572	(3)
Other comprehensive (loss) income, net of tax	(147)	(1,450)	1,553	2,968
Total comprehensive income	$ 19,792	$ 10,403	$ 48,998	$ 70,095

v3.24.2.u1

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Accumulated Other Comprehensive Income	Additional Paid-in Capital	Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23
Balance at beginning of period, (in shares) at Sep. 30, 2022		70,022
Balance at beginning of period at Sep. 30, 2022	$ 842,748	$ 70	$ (330)	$ (5,851)	$ 1,203,145	$ (354,286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)		1,404
Vesting of restricted common stock and units	1	$ 1
Issuance of common stock pursuant to employee stock purchase plan (in shares)		121
Issuance of common stock pursuant to employee stock purchase plan	5,574				5,574
Shares repurchased for stock withholdings on restricted stock awards (in shares)		(536)
Shares withheld for taxes on equity awards	(32,479)				(32,479)
Share-based compensation	28,769				28,769
Other comprehensive income, net of tax	2,968			2,968
Net income	67,127					67,127
Balance at end of period, (in shares) at Jun. 30, 2023		71,011
Balance at end of period at Jun. 30, 2023	914,708	$ 71	$ (330)	(2,883)	1,205,009	(287,159)
Balance at end of period, treasury stock (in shares) at Jun. 30, 2023			(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23
Balance at beginning of period, (in shares) at Mar. 31, 2023		70,897
Balance at beginning of period at Mar. 31, 2023	894,015	$ 71	$ (330)	(1,433)	1,194,719	(299,012)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)		66
Issuance of common stock pursuant to employee stock purchase plan (in shares)		69
Issuance of common stock pursuant to employee stock purchase plan	3,254				3,254
Shares repurchased for stock withholdings on restricted stock awards (in shares)		(21)
Shares withheld for taxes on equity awards	(1,226)				(1,226)
Share-based compensation	8,262				8,262
Other comprehensive income, net of tax	(1,450)			(1,450)
Net income	11,853					11,853
Balance at end of period, (in shares) at Jun. 30, 2023		71,011
Balance at end of period at Jun. 30, 2023	914,708	$ 71	$ (330)	(2,883)	1,205,009	(287,159)
Balance at end of period, treasury stock (in shares) at Jun. 30, 2023			(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23
Balance at the beginning of the period, treasury stock (in shares)			23
Balance at beginning of period, (in shares) at Sep. 29, 2023		71,013
Balance at beginning of period at Sep. 29, 2023	947,600	$ 71	$ (330)	(3,635)	1,214,203	(262,709)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		5
Stock option exercises	80				80
Vesting of restricted common stock and units (in shares)		547
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 stock withholdings on restricted stock awards (in shares)		(185)
Shares withheld for taxes on equity awards	(13,877)				(13,877)
Share-based compensation	34,092				34,092
Issuance of common stock as consideration for acquisition (in shares)		712
Issuance of common stock as consideration for acquisition	57,733	$ 1			57,732
Other comprehensive income, net of tax	1,553			1,553
Net income	47,445					47,445
Balance at end of period, (in shares) at Jun. 28, 2024		72,208
Balance at end of period at Jun. 28, 2024	1,081,051	$ 72	$ (330)	(2,082)	1,298,655	(215,264)
Balance at end of period, treasury stock (in shares) at Jun. 28, 2024			(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23
Balance at beginning of period, (in shares) at Mar. 29, 2024		72,120
Balance at beginning of period at Mar. 29, 2024	1,045,613	$ 72	$ (330)	(1,935)	1,283,009	(235,203)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)		45
Issuance of common stock pursuant to employee stock purchase plan (in shares)		57
Issuance of common stock pursuant to employee stock purchase plan	3,656				3,656
Shares repurchased for stock withholdings on restricted stock awards (in shares)		(14)
Shares withheld for taxes on equity awards	(1,355)				(1,355)
Share-based compensation	13,345				13,345
Other comprehensive income, net of tax	(147)			(147)
Net income	19,939					19,939
Balance at end of period, (in shares) at Jun. 28, 2024		72,208
Balance at end of period at Jun. 28, 2024	$ 1,081,051	$ 72	$ (330)	$ (2,082)	$ 1,298,655	$ (215,264)
Balance at end of period, treasury stock (in shares) at Jun. 28, 2024			(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23

v3.24.2.u1

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 47,445	$ 67,127
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and intangibles amortization	49,419	38,415
Share-based compensation	34,092	28,769
Deferred income taxes	6,655	27,431
Amortization on marketable securities, net	5,731	8,627
Other adjustments, net	4,524	3,345
Change in operating assets and liabilities:
Accounts receivable	(17,882)	(2,387)
Inventories	(25,103)	(12,208)
Prepaid expenses and other assets	(972)	(2,923)
Accounts payable	14,732	(4,135)
Accrued and other liabilities	(6,072)	(16,607)
Income taxes	(796)	(1,637)
Net cash provided by operating activities	100,311	116,563
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of businesses, net of cash acquired	(72,615)	(87,692)
Purchases of property and equipment	(17,252)	(18,890)
Other investing	(2,144)	0
Proceeds from sale of property and equipment	0	8,005
Proceeds from sales and maturities of short-term investments	274,112	364,116
Purchases of short-term investments	(330,716)	(352,900)
Net cash used in investing activities	(148,615)	(87,361)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on finance leases and other	(1,062)	(890)
Proceeds from stock option exercises and employee stock purchases	6,505	5,574
Common stock withheld for taxes on employee equity awards	(13,877)	(32,479)
Net cash used in financing activities	(8,434)	(27,795)
Foreign currency effect on cash	90	161
NET CHANGE IN CASH AND CASH EQUIVALENTS	(56,648)	1,568
CASH AND CASH EQUIVALENTS — Beginning of period	173,952	119,952
CASH AND CASH EQUIVALENTS — End of period	117,304	121,520
Issuance of common stock in connection with the RF Business Acquisition (See Note 3 - Acquisitions)	$ 57,733	$ 0

v3.24.2.u1

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Financial Information—The accompanying unaudited, condensed consolidated financial statements have been prepared according to the rules and regulations of the United States (the “U.S.”) Securities and Exchange Commission (the “SEC”) and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the condensed consolidated balance sheets, condensed consolidated statements of operations, comprehensive income, stockholders' equity and cash flows of MACOM Technology Solutions Holdings, Inc. (“MACOM,” the “Company,” “us,” “we” or “our”) for the periods presented. We prepare our interim financial information using the same accounting principles we use for our annual audited consolidated financial statements. Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted in accordance with prescribed SEC rules. We believe that the disclosures made in our condensed consolidated financial statements and the accompanying notes are adequate to make the information presented not misleading. The condensed consolidated balance sheet as of September 29, 2023 is as reported in our audited consolidated financial statements as of that date. Our accounting policies are described in the notes to our September 29, 2023 consolidated financial statements, which were included in our Annual Report on Form 10-K for our fiscal year ended September 29, 2023 filed with the SEC on November 13, 2023 (the “2023 Annual Report on Form 10-K”). We recommend that the financial statements included in this Quarterly Report on Form 10-Q be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K. Principles of Consolidation, Basis of Presentation and Reclassification—The accompanying condensed consolidated financial statements include our accounts and the accounts of our majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the condensed consolidated financial statements, Interest income has been reclassified to conform to the current year presentation. We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal years 2024 and 2023 each include 52 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we include the extra week arising in such fiscal years in the first fiscal quarter. Use of Estimates—The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities during the reporting periods, the reported amounts of revenue and expenses during the reporting periods and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we base estimates and assumptions on historical experience, currently available information and various other factors that management believes to be reasonable under the circumstances. Actual results may differ materially from these estimates and assumptions. The accounting policies which our management believes involve the most significant application of judgment or involve complex estimation, are inventories and associated reserves; revenue reserves; business combinations; goodwill and intangible asset valuation; share-based compensation valuations and income taxes. Recent Accounting Pronouncements—Our Recent Accounting Pronouncements are described in our 2023 Annual Report on Form 10-K. 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 3 - 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 3 - 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 3 - 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.

v3.24.2.u1

REVENUE	9 Months Ended
	Jun. 28, 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): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Revenue by Market: Industrial & Defense $ 90,908  $ 83,549  $ 258,792  $ 237,911  Data Center 49,003  26,640  141,662  106,451  Telecom 50,575  38,333  128,414  153,670  Total $ 190,486  $ 148,522  $ 528,868  $ 498,032  Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Revenue by Geographic Region: United States $ 86,670  $ 73,262  $ 236,476  $ 244,685  China 46,423  24,296  128,961  98,776  Asia Pacific, excluding China (1) 26,121  23,400  66,792  72,942  Other Countries (2) 31,272  27,564  96,639  81,629  Total $ 190,486  $ 148,522  $ 528,868  $ 498,032  (1)Asia Pacific primarily represents Australia, India, Japan, Singapore, South Korea, Taiwan and Thailand. (2)No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China and 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. The following table presents the changes in contract liabilities during the nine months ended June 28, 2024 (in thousands, except percentage): June 28, 2024 September 29, 2023 $ Change % Change  Contract liabilities $ 5,422  $ 2,762  $ 2,660  96  % During the three and nine months ended June 28, 2024, we recognized sales of less than $0.1 million and $2.5 million, respectively, that were included in the contract liabilities balance as of the beginning of the period. The increase in contract liabilities during the nine months ended June 28, 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.

v3.24.2.u1

ACQUISITIONS	9 Months Ended
	Jun. 28, 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 radio frequency (“RF”) business of Wolfspeed, Inc. (“Wolfspeed”) (the “RF Business,”), which was accounted for as a business combination (the “RF Business Acquisition”). The RF Business includes a portfolio of 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% of the share consideration. We funded the cash purchase price for the RF Business Acquisition through cash-on-hand. During the three months ended June 28, 2024, we did not incur any acquisition-related transaction costs. During the nine months ended June 28, 2024, we incurred acquisition-related transaction costs of approximately $7.4 million, which are included in selling, general and administrative expense. During the three and nine months ended June 30, 2023, we incurred acquisition-related transaction costs of approximately $2.0 million, which are included in selling, general and administrative expense. 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 June 28, 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 three months ended June 28, 2024, the net working capital acquired was finalized, resulting in a refund of cash purchase consideration of $2.2 million. During the nine months ended June 28, 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 June 28, 2024 Current assets $ 160  $ (121) $ 39  Inventory 23,574  8,402  31,976  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  (916) 5,819  Goodwill —  9,107  9,107  Total assets acquired 145,334  (4,728) 140,606  Current liabilities 6,474  409  6,883  Long-term liabilities 3,088  100  3,188  Total liabilities assumed 9,562  509  10,071  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 nine months ended June 28, 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 $8.4 million, with an offsetting increase to Goodwill. Due to these adjustments, the condensed consolidated statement of operations for the three months ended June 28, 2024 includes a net benefit of less than $0.1 million for intangible asset and inventory step-up amortization related to the quarters ended March 29, 2024 and December 29, 2024. The prepayment of $16.3 million for the net assets associated with the RTP Fab Transfer, classified in Other long-term assets in our condensed consolidated balance sheet, relates to the estimated fair value of property and equipment, inventory and liabilities that we will assume control of at the time of the RTP Fab Transfer. The cost and market approaches were used in determining the fair value of $10.4 million for property and equipment expected to transfer at the RTP Fab Transfer date. The remaining prepayment relates to inventory and liabilities, net, that we will assume control of at the time of the RTP Fab Transfer. The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 28, 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 three and nine months ended June 28, 2024, the RF Business contributed approximately $47.1 million and $89.0 million of our total revenue, respectively. During the three and nine months ended June 28, 2024, the RF Business did not materially impact our consolidated net income. Consolidated estimated pro forma unaudited revenue and net income as if the RF Business Acquisition had occurred on October 1, 2022, is as follows (in thousands): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Consolidated estimated pro forma unaudited revenue $ 190,486  $ 181,703  $ 555,705  $ 609,763  Consolidated estimated pro forma unaudited net loss $ 21,517  $ (24,351) $ 24,728  $ (50,334) Pro forma revenue and net 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 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 nine months ended June 28, 2024 were adjusted to exclude transaction costs incurred of $15.8 million, and pro forma earnings for the nine months ended June 30, 2023 were adjusted and include $42.0 million of transaction costs associated with the RF Business Acquisition. 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 three months ended June 28, 2024, we did not incur any acquisition-related transaction costs. During the nine months ended June 28, 2024, we incurred acquisition-related transaction costs of approximately $0.3 million, which are included in selling, general and administrative expense. During the three and nine months ended June 30, 2023, we incurred acquisition-related transaction costs of approximately $1.0 million and $2.6 million, respectively, which are included in selling, general and administrative expense. 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 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 expect to exercise this bargain purchase option and have recorded a right-of-use-asset of $24.7 million in Property and equipment. The real property was valued using a market approach. Intangible assets consist of technology and customer relationships of $4.9 million and $1.1 million, respectively, and 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. Linearizer Technology, Inc.— On March 3, 2023, we completed the acquisition of Linearizer Technology, Inc. (“Linearizer”), a developer of modules and subsystems, including 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. During the three and nine months ended June 28, 2024, we did not incur any acquisition-related transaction costs. During the three and nine months ended June 30, 2023, we incurred acquisition-related transaction costs of approximately $0.2 million and $2.1 million, respectively, which are included in selling, general and administrative expense. 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 trade name with fair values of $20.7 million, $7.1 million and $1.8 million, respectively, and useful lives of 8.6 years, 7.6 years and 7.6 years, respectively. We used the income approach to determine the fair value of the definite-lived intangible assets and the cost and market approaches to determine the fair value of our property, plant and equipment. We amortize definite-lived assets based on the pattern over which we expect to receive the economic benefit from these assets. The intangible assets and goodwill acquired will be amortizable for tax purposes due to the Internal Revenue Code of 1986 (“IRC”) Section 338 election filed.

v3.24.2.u1

Investments	9 Months Ended
	Jun. 28, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS All investments are short-term in nature and are invested in certificates of deposit, corporate bonds, commercial paper, U.S. Treasuries and agency bonds and are classified as available-for-sale. These investments are owned directly by the Company and are segregated in brokerage custody accounts. The amortized cost, gross unrealized holding gains or losses and fair value of our available-for-sale investments by major investment type are summarized in the tables below (in thousands):   June 28, 2024   Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Certificates of deposit $ 10,980  $ —  $ (1) $ 10,979  Corporate bonds 265,377  29  (1,587) 263,819  Commercial paper 72,951  —  (84) 72,867  U.S. Treasuries and agency bonds 56,561  10  (40) 56,531  Total short-term investments $ 405,869  $ 39  $ (1,712) $ 404,196  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. Treasuries and agency bonds 21,895  18  (4) 21,909  Total short-term investments $ 343,534  $ 18  $ (2,978) $ 340,574       The contractual maturities of available-for-sale investments were as follows (in thousands):   June 28, 2024 September 29, 2023 Less than one year $ 262,355  $ 265,591  Over one year 141,841  74,983  Total available-for-sale investments $ 404,196  $ 340,574  We have determined that the gross unrealized losses on available for sale securities as of June 28, 2024 and September 29, 2023 are temporary in nature and/or do not relate to credit loss, and therefore there is no expense for credit losses recorded in our condensed consolidated statements of operations. Unrealized gains and losses on available-for-sale investments are reported as a separate component of stockholders’ equity within accumulated other comprehensive loss.

v3.24.2.u1

FAIR VALUE	9 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE We group our financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by us. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis We measure certain assets and liabilities at fair value on a recurring basis such as our financial instruments. There have been no transfers between Level 1, 2 or 3 assets or liabilities during the three and nine months ended June 28, 2024. Assets and liabilities measured at fair value on a recurring basis consist of the following (in thousands): June 28, 2024 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets U.S. Treasuries and agency bonds $ 56,531  $ 51,536  $ 4,995  $ —  Money market funds 54,675  54,675  —  —  Certificates of deposit 10,979  10,979  —  —  Corporate bonds 263,819  —  263,819  —  Commercial paper 72,867  —  72,867  —  Total assets measured at fair value $ 458,871  $ 117,190  $ 341,681  $ —  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. Treasuries 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  $ —

v3.24.2.u1

INVENTORIES	9 Months Ended
	Jun. 28, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in thousands): June 28, 2024 September 29, 2023 Raw materials $ 117,284  $ 82,589  Work-in-process 15,375  14,280  Finished goods 58,056  39,431  Total inventory, net $ 190,715  $ 136,300

v3.24.2.u1

PROPERTY AND EQUIPMENT	9 Months Ended
	Jun. 28, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands): June 28, 2024 September 29, 2023 Construction in process $ 14,640  $ 10,256  Machinery and equipment 280,196  238,037  Leasehold improvements 38,723  35,342  Furniture and fixtures 2,966  2,888  Computer equipment 19,962  18,824  Finance lease assets 64,523  64,126  Total property and equipment 421,010  369,473  Less accumulated depreciation and amortization (242,035) (219,977) Property and equipment, net $ 178,975  $ 149,496  In August 2022, the U.S. government enacted the CHIPS and Science Act of 2022 (CHIPS Act), which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain qualifying investments in U.S. semiconductor manufacturing equipment. As of June 28, 2024, we recognized a $4.4 million reduction to the carrying amounts of the qualifying manufacturing assets in the condensed consolidated balance sheet. Depreciation and amortization expense related to property and equipment for the three and nine months ended June 28, 2024 was $7.9 million and $22.3 million, respectively. Depreciation and amortization expense related to property and equipment for the three and nine months ended June 30, 2023 was $5.9 million and $17.7 million, respectively. Accumulated amortization on finance lease assets as of June 28, 2024 and September 29, 2023 was $9.6 million and $7.8 million, respectively.

v3.24.2.u1

INTANGIBLE ASSETS	9 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Amortization expense related to intangible assets is as follows (in thousands):   Three Months Ended Nine Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cost of revenue $ 4,344  $ 1,131  $ 10,486  $ 3,028  Research and development 1,340  —  3,426  —  Selling, general and administrative 4,337  5,976  13,257  17,644  Total $ 10,021  $ 7,107  $ 27,169  $ 20,672  A summary of the activity in gross intangible assets as of June 28, 2024 and September 29, 2023 is as follows (in thousands): June 28, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 212,448  $ (184,705) $ 27,743  Customer relationships 274,138  (238,884) 35,254  Favorable contract 14,500  (5,334) 9,166  Software licenses 11,950  (3,431) 8,519  Trade name (1) 5,200  (357) 4,843  Balance as of June 28, 2024 (2) $ 518,236  $ (432,711) $ 85,525  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 June 28, 2024, our estimated amortization of our intangible assets in future fiscal years was as follows (in thousands): 2024 Remaining 2025 2026 2027 2028 Thereafter Total Amortization expense $ 9,997  25,663  14,551  11,455  7,983  12,476  $ 82,125  A summary of the changes in goodwill as of June 28, 2024 is as follows (in thousands): June 28, 2024 Balance as of September 29, 2023 $ 323,398  Acquired (1) 7,613  Foreign currency translation adjustment (671) Balance as of June 28, 2024 $ 330,340  (1)     The acquired balance consists of an increase of $9.1 million to goodwill related to measurement period adjustments for 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 3 - Acquisitions.

v3.24.2.u1

Debt	9 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Debt	DEBT The following represents the outstanding balances and effective interest rates of our borrowings as of June 28, 2024 and September 29, 2023, (in thousands, except percentages): June 28, 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 deferred financing costs (2,006) (2,866) Total long-term debt, less current portion $ 447,994  $ 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. For the three and nine months ended June 28, 2024 and June 30, 2023, total interest expense for the 2026 Convertible Notes was $0.3 million and $0.8 million, respectively. The fair value of our 2026 Convertible Notes was $636.1 million and $512.5 million as of June 28, 2024 and September 29, 2023, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. There are no future minimum principal payments under the notes as of June 28, 2024; the full amount of $450.0 million is due on March 15, 2026. Term Loans As of June 30, 2023, 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 the three and nine months ended June 28, 2024. For the three and nine months ended June 30, 2023, total interest expense for the Term Loans was $2.2 million and $6.1 million, respectively

v3.24.2.u1

FINANCING OBLIGATION	9 Months Ended
	Jun. 28, 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. These systems are expected to reduce our consumption of energy while delivering sustainable, resilient energy for heating and cooling. We do not own these systems; however, we control the use of the assets during operation. As of June 28, 2024 and September 29, 2023, the net book value of the systems in Property and equipment, net was $8.4 million and $8.9 million, respectively, and the corresponding liability was $9.4 million and $9.6 million, respectively, primarily classified in Financing obligation on our condensed consolidated balance sheet. The initial 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 June 28, 2024 and September 29, 2023, we had $24.4 million and $25.5 million, respectively, in remaining fixed payments over a 14-year term associated with the power purchase agreement, of which $15.2 million and $15.9 million, respectively, is included in our consolidated balance sheets on a discounted basis. As of June 28, 2024, expected future minimum payments for the financing obligation were as follows (in thousands): Fiscal year ending: Amount 2024 $ 242  2025 982  2026 1,007  2027 1,031  2028 1,057  Thereafter 10,857  Total payments $ 15,176  Less: interest 5,805  Present value of liabilities $ 9,371

v3.24.2.u1

EARNINGS PER SHARE	9 Months Ended
	Jun. 28, 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): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Numerator: Net income attributable to common stockholders $ 19,939  $ 11,853  $ 47,445  $ 67,127  Denominator: Weighted average common shares outstanding-basic 72,143  70,937  71,881  70,739  Dilutive effect of stock options, restricted stock awards and restricted stock units 1,008  471  889  656  Dilutive effect of convertible debt (1) 1,066  —  488  —  Weighted average common shares outstanding-diluted 74,217  71,408  73,258  71,395  Net income to common stockholders per share-Basic: $ 0.28  $ 0.17  $ 0.66  $ 0.95  Net income to common stockholders per share-Diluted: $ 0.27  $ 0.17  $ 0.65  $ 0.94

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time, we may be subject to commercial disputes, employment issues, claims by other companies in the industry that we have infringed their intellectual property rights and other similar claims and litigation. Any such claims may lead to future litigation and material damages and defense costs. We were not involved in any material pending legal proceedings during the three and nine months ended June 28, 2024.

v3.24.2.u1

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION	9 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION	STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION We have authorized 10 million shares of $0.001 par value preferred stock and 300 million shares of $0.001 par value common stock as of June 28, 2024. Stock Plans As of June 28, 2024, we had 3.9 million shares available for issuance under our 2021 Omnibus Incentive Plan (the “2021 Plan”), which replaced our 2012 Omnibus Incentive Plan (as amended and restated) (the “2012 Plan”), and 1.1 million shares available for issuance under our 2021 Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”), which replaced our 2012 Employee Stock Purchase Plan. We have outstanding awards under the 2021 Plan and the 2012 Plan. Following the adoption of the 2021 Plan, no additional awards have been or will be made under the 2012 Plan. Under the 2021 Plan, we have the ability to issue incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), stock appreciation rights (“SARs”), restricted stock awards (“RSAs”), unrestricted stock awards, stock units (including restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”)), performance awards, cash awards, and other share-based awards to employees, directors, consultants and advisors. The ISOs and NSOs must be granted at an exercise price, and the SARs must be granted at a base value, per share of not less than 100% of the closing price of a share of our common stock on the date of grant (or, if no closing price is reported on that date, the closing price on the immediately preceding date on which a closing price was reported) (110% in the case of certain ISOs). Options granted under the 2012 Plan primarily vested based on certain market-based and performance-based criteria and generally have a term of four years to seven years. Certain of the share-based awards granted and outstanding as of June 28, 2024 are subject to accelerated vesting upon a change in control of the Company. Incentive Stock Units Aside from the equity plans described above, we also grant incentive stock units (“ISUs”) to certain of our international employees which typically vest over three or four years and for which the fair value is determined by our underlying stock price, which are classified as liabilities and settled in cash upon vesting. As of June 28, 2024 and September 29, 2023, the fair value of outstanding ISUs was $7.0 million and $5.0 million, respectively, and the associated accrued compensation liability was $4.0 million and $3.3 million, respectively. During the three and nine months ended June 28, 2024, we recorded an expense for ISU awards of $1.2 million and $2.6 million, respectively. During the three and nine months ended June 30, 2023, we recorded an expense for ISU awards of $0.3 million and $2.2 million, respectively. These expenses are not included in the share-based compensation expense totals below. Share-Based Compensation The following table shows a summary of share-based compensation expense included in the condensed consolidated statements of operations (in thousands):   Three Months Ended Nine Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cost of revenue $ 1,522  $ 1,078  $ 4,392  $ 3,239  Research and development 5,446  3,281  13,173  11,255  Selling, general and administrative 6,377  3,903  16,527  14,275  Total share-based compensation expense $ 13,345  $ 8,262  $ 34,092  $ 28,769  As of June 28, 2024, the total unrecognized compensation costs related to RSUs and PRSUs was $74.1 million, which we expect to recognize over a weighted-average period of 2.0 years. As of June 28, 2024, total unrecognized compensation cost related to our Employee Stock Purchase Plan was $1.2 million. Restricted Stock Units and Performance-Based Restricted Stock Units A summary of stock award activity for the nine months ended June 28, 2024 is as follows: Number of shares (in thousands) Weighted- Average Grant Date Fair Value  Balance as of September 29, 2023 1,501  $ 60.90  Granted 763  80.14  Performance-based adjustment (1) 62  35.43  Vested and released (547) 49.56  Forfeited, canceled or expired (119) 65.80  Balance as of June 28, 2024 1,660  $ 72.18  (1) The amount shown represents performance adjustments for performance-based awards. These were granted in prior fiscal years and vested during the nine months ended June 28, 2024 based on the Company’s achievement of adjusted earnings per share performance conditions. Stock awards that vested during the nine months ended June 28, 2024 and June 30, 2023 had combined fair values of $41.8 million and $85.1 million, respectively, as of the vesting date. RSUs granted generally vest over a period of three or four years. Market-based PRSUs We granted 132,247 market-based PRSUs during the nine months ended June 28, 2024, at a weighted average grant date fair value of $88.88 per share. Recipients may earn between 0% and 200% of the target number of shares based on the Company’s achievement of total stockholder return in comparison to a peer group of companies in the PHLX Semiconductor Sector Index (^SOX) over a period of approximately three years. The fair value of the awards was estimated using a Monte Carlo simulation and compensation expense is recognized ratably over the service period based on the grant date fair value of the awards subject to the market condition. The expected volatility of the Company’s common stock was estimated based on the historical average volatility rate over the three-year period. The dividend yield assumption was based on historical and anticipated dividend payouts. The risk-free rate assumption was based on observed interest rates consistent with the three-year measurement period. The assumptions used to value the awards are as follows: Nine Months Ended June 28, 2024 Grant date stock price $ 73.01 Average stock price at the start of the performance period $ 79.43 Risk free interest rate 4.6% Years to maturity 2.9 Expected volatility rate 41.7% Expected dividend yield — Stock Options As of June 28, 2024 and September 29, 2023 there were 10,000 and 15,000 stock options outstanding, respectively, with a weighted-average exercise price per share of $16.06. As of June 28, 2024, the weighted-average remaining contractual term was 1.36 years and the aggregate intrinsic value was $1.0 million. Aggregate intrinsic value is calculated using the difference between our closing stock price on June 28, 2024 and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised during the nine months ended June 28, 2024 was $0.3 million. There were no options exercised during the three and nine months ended June 30, 2023

v3.24.2.u1

INCOME TAXES	9 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We are subject to income tax in the U.S. as well as other tax jurisdictions in which we conduct business. Earnings from non-U.S. activities are subject to local country income tax and may also be subject to current U.S. income tax. For interim periods, we record a tax provision or benefit based upon the estimated effective tax rate expected for the full fiscal year, adjusted for material discrete taxation matters arising during the interim periods. Our quarterly tax provision or benefit, and its quarterly estimate of the annual effective tax rate, are subject to significant variation due to several factors. These factors include items such as: variability in accurately predicting pre-tax income/loss, the mix of jurisdictions in which we operate, intercompany transactions, changes in how we do business, tax law developments, the realizability of our deferred tax assets and related valuation allowance and relative changes in permanent tax benefits or expenses. The provision for income taxes and effective income tax rate are as follows (in thousands, except percentages): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Income tax expense $ 4,309  $ 7,768  $ 11,567  $ 29,039  Effective income tax rate 17.8  % 39.6  % 19.6  % 30.2  % The difference between the U.S. federal statutory income tax rate of 21% and our effective income tax rate for the three and nine months ended June 28, 2024 was primarily driven by favorable stock based compensation and research and development (“R&D”) tax credits, partially offset by global intangible low taxed income (“GILTI”). The difference between the U.S. federal statutory income tax rate of 21% and our effective income tax rate for the three and nine months ended June 30, 2023 was primarily driven by tax on GILTI including changes to IRC Section 174, non-deductible compensation and state income taxes partially offset by income taxed in foreign jurisdictions generally at lower tax rates and R&D tax credits. During the nine months ended June 28, 2024, we determined the earnings of one of our entities in India are no longer permanently reinvested, and due to the change in our position, we recorded a foreign withholding tax expense of $1.0 million associated with undistributed earnings. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making this determination, we consider available positive and negative evidence. We look at factors that may impact the valuation of our deferred tax assets including results of recent operations, future reversals of existing taxable temporary differences, projected future taxable income and tax-planning strategies. There were no unrecognized tax benefits as of June 28, 2024 and September 29, 2023. It is our policy to recognize any interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the fiscal quarter ended June 28, 2024, we did not make any accrual or payment of interest or penalties.

v3.24.2.u1

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Jun. 28, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION The following is a summary of supplemental cash flow information for the periods presented (in thousands): Nine Months Ended June 28, 2024 June 30, 2023 Cash paid for interest $ 2,715  $ 8,140  Cash paid for income taxes $ 4,385  $ 2,771  Non-cash activities: Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 7,596  $ 4,434  Finance lease assets obtained in exchange for new lease liabilities $ —  $ 9,725  Additions to property and equipment, net included in liabilities $ 944  $ 195  Purchase of software licenses included in liabilities $ 2,500  $ —  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. For additional information on the RF Business Acquisition, see Note 3 - Acquisitions.

v3.24.2.u1

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION	9 Months Ended
	Jun. 28, 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 the number of reportable operating segments is based on the chief operating decision maker’s (“CODM”) use of financial information provided for the purposes of assessing performance and making operating decisions. The Company's CODM is its President and Chief Executive Officer. In evaluating financial performance and making operating decisions, the CODM primarily uses consolidated metrics. The Company assesses its determination of operating segments at least annually. We continue to evaluate our internal reporting structure, changes to our business and the potential impact of these changes on our segment reporting. For information about our revenue in different geographic regions, based upon customer locations, see Note 2 - Revenue. Information about net property and equipment in different geographic regions is presented below (in thousands): June 28, 2024 September 29, 2023 United States $ 127,335  $ 111,865  France 32,401  31,142  Other Countries (1) 19,239  6,489  Total $ 178,975  $ 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 revenue and accounts receivable as of and for the periods presented:   Three Months Ended Nine Months Ended Revenue June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Customer A 14  % —  12  % —  Customer Concentration Customer A did not represent more than 10% of our revenue in the three and nine months ended June 30, 2023. No other customer represented more than 10% of revenue and none of our customers represented more than 10% of accounts receivable in the periods presented in the accompanying condensed consolidated financial statements. For the three and nine months ended June 28, 2024, our top ten customers represented 56% and 55%, respectively, of total revenue, and for the three and nine months ended June 30, 2023, our top ten customers represented 44% and 47%, respectively, of total revenue.

v3.24.2.u1

RELATED-PARTY TRANSACTIONS	9 Months Ended
	Jun. 28, 2024
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS During the nine months ended June 28, 2024, we purchased $0.3 million of machinery and equipment from Gallium Semiconductor, an affiliate of director Susan Ocampo.

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 19,939	$ 11,853	$ 47,445	$ 67,127

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Jun. 28, 2024 shares	Jun. 28, 2024 shares
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 three months ended June 28, 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 three months ended June 28, 2024. Name and Title Action Date Expiration of Plan (1) Potential Number of Shares to be Sold (2) Stephen Daly President and Chief Executive Officer Adoption May 31, 2024 May 31, 2025 Sale of up to 100,000 shares Robert Dennehy Senior Vice President, Operations Adoption May 22, 2024 December 31, 2025 Sale of up to 24,411 shares Ambra Roth Senior Vice President, General Counsel and Secretary Adoption May 31, 2024 August 31, 2025 Sale of up to 18,738 shares (1)    Date of plan termination or such earlier date upon which all transactions are completed or expire without execution. (2)    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 applicable performance metrics.
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	Stephen Daly
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 31, 2025
Arrangement Duration	365 days
Aggregate Available	100,000	100,000
Robert Dennehy [Member]
Trading Arrangements, by Individual
Name	Robert Dennehy
Title	Senior Vice President, Operations
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 22, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 31, 2025
Arrangement Duration	588 days
Aggregate Available	24,411	24,411
Ambra Roth [Member]
Trading Arrangements, by Individual
Name	Ambra Roth
Title	Senior Vice President, General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 31, 2025
Arrangement Duration	457 days
Aggregate Available	18,738	18,738

v3.24.2.u1

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation, Basis of Presentation and Reclassification—The accompanying condensed consolidated financial statements include our accounts and the accounts of our majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the condensed consolidated financial statements, Interest income has been reclassified to conform to the current year presentation.
Fiscal Period	We have a 52- or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal years 2024 and 2023 each include 52 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we include the extra week arising in such fiscal years in the first fiscal quarter.
Use of Estimates	Use of Estimates—The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities during the reporting periods, the reported amounts of revenue and expenses during the reporting periods and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we base estimates and assumptions on historical experience, currently available information and various other factors that management believes to be reasonable under the circumstances. Actual results may differ materially from these estimates and assumptions. The accounting policies which our management believes involve the most significant application of judgment or involve complex estimation, are inventories and associated reserves; revenue reserves; business combinations; goodwill and intangible asset valuation; share-based compensation valuations and income taxes.
Recent Accounting Pronouncements and Pronouncements for Adoption in Subsequent Periods	Recent Accounting Pronouncements—Our Recent Accounting Pronouncements are described in our 2023 Annual Report on Form 10-K. 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 3 - 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 3 - 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 3 - 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.

v3.24.2.u1

REVENUE (Tables)	9 Months Ended
	Jun. 28, 2024
Revenue [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by markets and geography (in thousands): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Revenue by Market: Industrial & Defense $ 90,908  $ 83,549  $ 258,792  $ 237,911  Data Center 49,003  26,640  141,662  106,451  Telecom 50,575  38,333  128,414  153,670  Total $ 190,486  $ 148,522  $ 528,868  $ 498,032  Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Revenue by Geographic Region: United States $ 86,670  $ 73,262  $ 236,476  $ 244,685  China 46,423  24,296  128,961  98,776  Asia Pacific, excluding China (1) 26,121  23,400  66,792  72,942  Other Countries (2) 31,272  27,564  96,639  81,629  Total $ 190,486  $ 148,522  $ 528,868  $ 498,032  (1)Asia Pacific primarily represents Australia, India, Japan, Singapore, South Korea, Taiwan and Thailand. (2)No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China and Asia Pacific region as presented above. Revenue by geographic region is aggregated by customer billing address.
Contract with Customer, Asset and Liability	The following table presents the changes in contract liabilities during the nine months ended June 28, 2024 (in thousands, except percentage): June 28, 2024 September 29, 2023 $ Change % Change  Contract liabilities $ 5,422  $ 2,762  $ 2,660  96  %

v3.24.2.u1

ACQUISITIONS (Tables)	9 Months Ended
	Jun. 28, 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 June 28, 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  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 June 28, 2024 Current assets $ 160  $ (121) $ 39  Inventory 23,574  8,402  31,976  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  (916) 5,819  Goodwill —  9,107  9,107  Total assets acquired 145,334  (4,728) 140,606  Current liabilities 6,474  409  6,883  Long-term liabilities 3,088  100  3,188  Total liabilities assumed 9,562  509  10,071  Purchase Price $ 135,772  $ (5,237) $ 130,535  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  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

v3.24.2.u1

Investments (Tables)	9 Months Ended
	Jun. 28, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Contractual Maturities of Investments	The contractual maturities of available-for-sale investments were as follows (in thousands):   June 28, 2024 September 29, 2023 Less than one year $ 262,355  $ 265,591  Over one year 141,841  74,983  Total available-for-sale investments $ 404,196  $ 340,574
Debt Securities, Available-for-sale	The amortized cost, gross unrealized holding gains or losses and fair value of our available-for-sale investments by major investment type are summarized in the tables below (in thousands):   June 28, 2024   Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Certificates of deposit $ 10,980  $ —  $ (1) $ 10,979  Corporate bonds 265,377  29  (1,587) 263,819  Commercial paper 72,951  —  (84) 72,867  U.S. Treasuries and agency bonds 56,561  10  (40) 56,531  Total short-term investments $ 405,869  $ 39  $ (1,712) $ 404,196  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. Treasuries and agency bonds 21,895  18  (4) 21,909  Total short-term investments $ 343,534  $ 18  $ (2,978) $ 340,574

v3.24.2.u1

FAIR VALUE (Tables)	9 Months Ended
	Jun. 28, 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): June 28, 2024 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets U.S. Treasuries and agency bonds $ 56,531  $ 51,536  $ 4,995  $ —  Money market funds 54,675  54,675  —  —  Certificates of deposit 10,979  10,979  —  —  Corporate bonds 263,819  —  263,819  —  Commercial paper 72,867  —  72,867  —  Total assets measured at fair value $ 458,871  $ 117,190  $ 341,681  $ —  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. Treasuries 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  $ —

v3.24.2.u1

INVENTORIES (Tables)	9 Months Ended
	Jun. 28, 2024
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following (in thousands): June 28, 2024 September 29, 2023 Raw materials $ 117,284  $ 82,589  Work-in-process 15,375  14,280  Finished goods 58,056  39,431  Total inventory, net $ 190,715  $ 136,300

v3.24.2.u1

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Jun. 28, 2024
Property, Plant and Equipment [Abstract]
Components of Property, Plant and Equipment	Property and equipment consists of the following (in thousands): June 28, 2024 September 29, 2023 Construction in process $ 14,640  $ 10,256  Machinery and equipment 280,196  238,037  Leasehold improvements 38,723  35,342  Furniture and fixtures 2,966  2,888  Computer equipment 19,962  18,824  Finance lease assets 64,523  64,126  Total property and equipment 421,010  369,473  Less accumulated depreciation and amortization (242,035) (219,977) Property and equipment, net $ 178,975  $ 149,496

v3.24.2.u1

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Amortization Expense of Intangible Assets	Amortization expense related to intangible assets is as follows (in thousands):   Three Months Ended Nine Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cost of revenue $ 4,344  $ 1,131  $ 10,486  $ 3,028  Research and development 1,340  —  3,426  —  Selling, general and administrative 4,337  5,976  13,257  17,644  Total $ 10,021  $ 7,107  $ 27,169  $ 20,672
Summary of Activity in Intangible Assets and Goodwill	A summary of the activity in gross intangible assets as of June 28, 2024 and September 29, 2023 is as follows (in thousands): June 28, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 212,448  $ (184,705) $ 27,743  Customer relationships 274,138  (238,884) 35,254  Favorable contract 14,500  (5,334) 9,166  Software licenses 11,950  (3,431) 8,519  Trade name (1) 5,200  (357) 4,843  Balance as of June 28, 2024 (2) $ 518,236  $ (432,711) $ 85,525  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 June 28, 2024, our estimated amortization of our intangible assets in future fiscal years was as follows (in thousands): 2024 Remaining 2025 2026 2027 2028 Thereafter Total Amortization expense $ 9,997  25,663  14,551  11,455  7,983  12,476  $ 82,125
Schedule of Goodwill	A summary of the changes in goodwill as of June 28, 2024 is as follows (in thousands): June 28, 2024 Balance as of September 29, 2023 $ 323,398  Acquired (1) 7,613  Foreign currency translation adjustment (671) Balance as of June 28, 2024 $ 330,340  (1)     The acquired balance consists of an increase of $9.1 million to goodwill related to measurement period adjustments for 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 3 - Acquisitions.

v3.24.2.u1

Debt (Tables)	9 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Schedule of Remained Outstanding on Term Loans	The following represents the outstanding balances and effective interest rates of our borrowings as of June 28, 2024 and September 29, 2023, (in thousands, except percentages): June 28, 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 deferred financing costs (2,006) (2,866) Total long-term debt, less current portion $ 447,994  $ 447,134

v3.24.2.u1

FINANCING OBLIGATION (Tables)	9 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Financing Obligation, Liability, Fiscal Year Maturity	As of June 28, 2024, expected future minimum payments for the financing obligation were as follows (in thousands): Fiscal year ending: Amount 2024 $ 242  2025 982  2026 1,007  2027 1,031  2028 1,057  Thereafter 10,857  Total payments $ 15,176  Less: interest 5,805  Present value of liabilities $ 9,371

v3.24.2.u1

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Computation for Basic and Diluted Net Loss Per Share of Common Stock	The following table sets forth the computation for basic and diluted net income per share of common stock (in thousands, except per share data): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Numerator: Net income attributable to common stockholders $ 19,939  $ 11,853  $ 47,445  $ 67,127  Denominator: Weighted average common shares outstanding-basic 72,143  70,937  71,881  70,739  Dilutive effect of stock options, restricted stock awards and restricted stock units 1,008  471  889  656  Dilutive effect of convertible debt (1) 1,066  —  488  —  Weighted average common shares outstanding-diluted 74,217  71,408  73,258  71,395  Net income to common stockholders per share-Basic: $ 0.28  $ 0.17  $ 0.66  $ 0.95  Net income to common stockholders per share-Diluted: $ 0.27  $ 0.17  $ 0.65  $ 0.94

v3.24.2.u1

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Jun. 28, 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 condensed consolidated statements of operations (in thousands):   Three Months Ended Nine Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cost of revenue $ 1,522  $ 1,078  $ 4,392  $ 3,239  Research and development 5,446  3,281  13,173  11,255  Selling, general and administrative 6,377  3,903  16,527  14,275  Total share-based compensation expense $ 13,345  $ 8,262  $ 34,092  $ 28,769
Summary of Restricted Stock, Restricted Stock Unit and Performance-based Restricted Stock Unit Activity	A summary of stock award activity for the nine months ended June 28, 2024 is as follows: Number of shares (in thousands) Weighted- Average Grant Date Fair Value  Balance as of September 29, 2023 1,501  $ 60.90  Granted 763  80.14  Performance-based adjustment (1) 62  35.43  Vested and released (547) 49.56  Forfeited, canceled or expired (119) 65.80  Balance as of June 28, 2024 1,660  $ 72.18  (1) The amount shown represents performance adjustments for performance-based awards. These were granted in prior fiscal years and vested during the nine months ended June 28, 2024 based on the Company’s achievement of adjusted earnings per share performance conditions.
Schedule of Share-Based Payment Award, Market Based Restricted Stock Awards, Valuation Assumptions	The assumptions used to value the awards are as follows: Nine Months Ended June 28, 2024 Grant date stock price $ 73.01 Average stock price at the start of the performance period $ 79.43 Risk free interest rate 4.6% Years to maturity 2.9 Expected volatility rate 41.7% Expected dividend yield —

v3.24.2.u1

INCOME TAXES (Tables)	9 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes and Effective Income Tax Rate	The provision for income taxes and effective income tax rate are as follows (in thousands, except percentages): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Income tax expense $ 4,309  $ 7,768  $ 11,567  $ 29,039  Effective income tax rate 17.8  % 39.6  % 19.6  % 30.2  %

v3.24.2.u1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Jun. 28, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information Regarding Non-cash Investing and Financing Activities	The following is a summary of supplemental cash flow information for the periods presented (in thousands): Nine Months Ended June 28, 2024 June 30, 2023 Cash paid for interest $ 2,715  $ 8,140  Cash paid for income taxes $ 4,385  $ 2,771  Non-cash activities: Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 7,596  $ 4,434  Finance lease assets obtained in exchange for new lease liabilities $ —  $ 9,725  Additions to property and equipment, net included in liabilities $ 944  $ 195  Purchase of software licenses included in liabilities $ 2,500  $ —

v3.24.2.u1

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Tables)	9 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Long-lived Assets by Geographic Areas	Information about net property and equipment in different geographic regions is presented below (in thousands): June 28, 2024 September 29, 2023 United States $ 127,335  $ 111,865  France 32,401  31,142  Other Countries (1) 19,239  6,489  Total $ 178,975  $ 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
Schedule of Revenue by Major Customers by Reporting Segments	The following is a summary of customer concentrations as a percentage of revenue and accounts receivable as of and for the periods presented:   Three Months Ended Nine Months Ended Revenue June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Customer A 14  % —  12  % —

v3.24.2.u1

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Sep. 29, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 190,486	$ 148,522	$ 528,868	$ 498,032
Contract liabilities	5,422		5,422		$ 2,762
Increase (decrease) in contract with customer liability			2,660
Amounts included in contract liabilities at the beginning of the period	100		$ 2,500
Net change in contract liabilities (percentage)			96.00%
Industrial & Defense
Disaggregation of Revenue [Line Items]
Revenue	49,003	26,640
Data Center
Disaggregation of Revenue [Line Items]
Revenue	50,575	38,333
Telecom
Disaggregation of Revenue [Line Items]
Revenue	90,908	83,549
United States
Disaggregation of Revenue [Line Items]
Revenue	86,670	73,262	$ 236,476	244,685
China
Disaggregation of Revenue [Line Items]
Revenue	46,423	24,296	128,961	98,776
Asia Pacific, excluding China
Disaggregation of Revenue [Line Items]
Revenue	26,121	23,400	66,792	72,942
Other Countries
Disaggregation of Revenue [Line Items]
Revenue	$ 31,272	$ 27,564	96,639	81,629
Industrial & Defense
Disaggregation of Revenue [Line Items]
Revenue			141,662	106,451
Data Center
Disaggregation of Revenue [Line Items]
Revenue			128,414	153,670
Telecom
Disaggregation of Revenue [Line Items]
Revenue			$ 258,792	$ 237,911

v3.24.2.u1

ACQUISITIONS - Narrative (Details) $ / shares in Units, $ in Thousands						3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 28, 2024 USD ($)	Dec. 29, 2023 USD ($)	Dec. 02, 2023 USD ($) $ / shares shares	May 31, 2023 USD ($)	Mar. 03, 2023 USD ($)	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($)	Mar. 29, 2024 USD ($)	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 29, 2023 USD ($)
Business Acquisition [Line Items]
Financing lease assets obtained in exchange for new lease liabilities										$ 0	$ 9,725
Intangible Asset and Inventory Step Up Amortization						$ 100
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)			0.25
Transaction costs										7,400	2,000
Share price of common stock (in dollars per share) | $ / shares			$ 81.14
Cash consideration	130,535	135,772
Intangible assets	42,000	60,000				42,000		$ 42,000		42,000
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						47,100				89,000
Pro forma revenue						190,486	$ 181,703			555,705	609,763
Pro forma net loss						(21,517)	24,351			(24,728)	50,334
Measurement adjustments, Equity purchase consideration										(3,039)
Measurement adjustment, Intangibles								18,000	$ 18,000
Measurement adjustment, inventory								8,402	8,400
RF Business of Wolfspeed, Inc | Acquisition-related Costs
Business Acquisition [Line Items]
Transaction costs										15,800	42,000
RF Business of Wolfspeed, Inc | 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 | 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
RF Business of Wolfspeed, Inc | Favorable Contracts
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
OMMIC SAS
Business Acquisition [Line Items]
Transaction costs							$ 1,000			$ 300	2,600
Cash consideration				$ 36,900
Intangible assets	$ 5,966					$ 5,966		$ 5,966		5,966
Financing lease assets obtained in exchange for new lease liabilities										24,700
OMMIC SAS | Technology
Business Acquisition [Line Items]
Intangible assets	4,900					4,900		4,900		4,900
OMMIC SAS | Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 1,100					$ 1,100		$ 1,100		$ 1,100
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
Linearizer Technology, Inc.
Business Acquisition [Line Items]
Transaction costs						$ 200					$ 2,100
Cash consideration					$ 51,400
Intangible assets	$ 29,600					29,600		$ 29,600		$ 29,600		$ 29,600
Measurement adjustment, inventory									$ 1,407
Linearizer Technology, Inc. | 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

v3.24.2.u1

ACQUISITIONS - RF Business of Wolfspeed, Inc. - Purchase Price Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended	9 Months Ended
	Jun. 28, 2024	Dec. 29, 2023	Dec. 02, 2023	Jun. 28, 2024	Jun. 28, 2024
Business Acquisition [Line Items]
Measurement adjustments, cash purchase consideration					$ (2,198)
RF Business of Wolfspeed, Inc
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, Equity purchase consideration					(3,039)
Measurement adjustments, total purchase consideration				$ (5,237)	$ (5,237)

v3.24.2.u1

ACQUISITIONS - Summary of Purchase Price For Acquisition, Allocations (Details) - USD ($) $ in Thousands	6 Months Ended		9 Months Ended
	Jun. 28, 2024	Mar. 29, 2024	Jun. 28, 2024	Dec. 29, 2023	Sep. 29, 2023
Business Acquisition [Line Items]
Goodwill	$ 330,340		$ 330,340		$ 323,398
Measurement adjustment, goodwill			7,613
RF Business of Wolfspeed, Inc
Business Acquisition [Line Items]
Current assets	39		39	$ 160
Inventory	31,976		31,976	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	5,819		5,819	6,735
Goodwill	9,107		9,107	0
Total assets acquired	140,606		140,606	145,334
Current liabilities	6,883		6,883	6,474
Long-term liabilities	3,188		3,188	3,088
Total liabilities assumed	10,071		10,071	9,562
Purchase Price	130,535		130,535	$ 135,772
Measurement adjustment, Current Assets	(121)
Measurement adjustment, inventory	8,402	$ 8,400
Measurement adjustment, Intangibles	(18,000)	(18,000)
Measurement adjustment, Prepayment	(3,200)
Measurement adjustment, Other Noncurrent Assets	(916)
Measurement adjustment, goodwill	9,107
Measurement adjustment, Assets	(4,728)
Measurement adjustment, Current Liabilities	409
Measurement adjustment, Long-Term Liabilities	100
Measurement adjustment, Liabilities	509
Measurement adjustments, total purchase consideration	(5,237)		(5,237)
OMMIC SAS
Business Acquisition [Line Items]
Current assets	297		297
Inventory	3,790		3,790
Property and equipment	30,538		30,538
Intangible assets	5,966		5,966
Total assets acquired	40,591		40,591
Current liabilities	3,734		3,734
Total liabilities assumed	3,734		3,734
Purchase Price	36,857		36,857
Linearizer Technology, Inc.
Business Acquisition [Line Items]
Current assets	2,719		2,719		2,819
Inventory	10,314		10,314		8,907
Property and equipment	5,485		5,485		5,485
Intangible assets	29,600		29,600		29,600
Goodwill	10,838		10,838		12,332
Total assets acquired	58,956		58,956		59,143
Current liabilities	7,544		7,544		7,544
Total liabilities assumed	7,544		7,544		7,544
Purchase Price	$ 51,412		$ 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)

v3.24.2.u1

ACQUISITIONS - Revenue from Acquisition, Accounted for Pro Forma (Details) - RF Business of Wolfspeed, Inc - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Asset Acquisition [Line Items]
Pro forma revenue	$ 190,486	$ 181,703	$ 555,705	$ 609,763
Pro forma net loss	$ 21,517	$ (24,351)	$ 24,728	$ (50,334)

v3.24.2.u1

INVESTMENTS - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 405,869	$ 343,534
Gross Unrealized Holding Gains	39	18
Gross Unrealized Holding Losses	1,712	2,978
Aggregate Fair Value	404,196	340,574
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,980
Gross Unrealized Holding Gains	0
Gross Unrealized Holding Losses	1
Aggregate Fair Value	10,979
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	265,377	145,234
Gross Unrealized Holding Gains	29	0
Gross Unrealized Holding Losses	1,587	2,845
Aggregate Fair Value	263,819	142,389
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	72,951	176,405
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	84	129
Aggregate Fair Value	72,867	176,276
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	56,561	21,895
Gross Unrealized Holding Gains	10	18
Gross Unrealized Holding Losses	40	4
Aggregate Fair Value	$ 56,531	$ 21,909

v3.24.2.u1

INVESTMENTS - Summary of Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Investments, Debt and Equity Securities [Abstract]
Less than one year	$ 262,355	$ 265,591
Over one year	141,841	74,983
Total available-for-sale investments	$ 404,196	$ 340,574

v3.24.2.u1

FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 458,871	$ 451,962
U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	56,531	21,910
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	10,979
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	263,819	142,388
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	54,675	111,388
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	72,867	176,276
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	117,190	133,298
Active Markets for Identical Assets (Level 1) | U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	51,536	21,910
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	10,979
Active Markets for Identical Assets (Level 1) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Active Markets for Identical Assets (Level 1) | 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	54,675	111,388
Active Markets for Identical Assets (Level 1) | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	341,681	318,664
Observable Inputs (Level 2) | U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	4,995	0
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
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	263,819	142,388
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	0	0
Observable Inputs (Level 2) | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	72,867	176,276
Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Unobservable Inputs (Level 3) | U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Unobservable Inputs (Level 3) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Unobservable Inputs (Level 3) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Unobservable Inputs (Level 3) | 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
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

v3.24.2.u1

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 117,284	$ 82,589
Work-in-process	15,375	14,280
Finished goods	58,056	39,431
Total inventory, net	$ 190,715	$ 136,300

v3.24.2.u1

PROPERTY AND EQUIPMENT - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 421,010	$ 369,473
Less accumulated depreciation and amortization	(242,035)	(219,977)
Property and equipment, net	178,975	149,496
Finance Lease, Right-of-Use Asset, Accumulated Amortization	9,600	7,800
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	14,640	10,256
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	280,196	238,037
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	38,723	35,342
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	2,966	2,888
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	19,962	18,824
Assets Held Under Finance Leases [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 64,523	$ 64,126

v3.24.2.u1

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Sep. 29, 2023
Property, Plant and Equipment [Abstract]
Grants Receivable	$ 4,400		$ 4,400
Depreciation and amortization expense	7,900	$ 5,900	22,300	$ 17,700
Accumulated depreciation	$ 242,035		$ 242,035		$ 219,977

v3.24.2.u1

INTANGIBLE ASSETS - Summary of Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Total	$ 10,021	$ 7,107	$ 27,169	$ 20,672
Net Carrying Amount	82,125		82,125
Cost of Revenue
Finite-Lived Intangible Assets [Line Items]
Total	4,344	1,131	10,486	3,028
Research and Development
Finite-Lived Intangible Assets [Line Items]
Total	1,340	0	3,426	0
Selling, General and Administrative
Finite-Lived Intangible Assets [Line Items]
Total	$ 4,337	$ 5,976	$ 13,257	$ 17,644

v3.24.2.u1

INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 518,236	$ 472,540
Intangible assets, net	85,525	66,994
Intangible assets	518,236	472,540
Accumulated Amortization	(432,711)	(405,546)
Intangible assets, total	85,525	66,994
Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible assets	5,200	5,200
Intangible assets, net	4,843	5,039
Intangible assets	5,200	5,200
Accumulated Amortization	(357)	(161)
Intangible assets, total	4,843	5,039
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	212,448	191,369
Accumulated Amortization	(184,705)	(179,558)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	274,138	267,621
Accumulated Amortization	$ (238,884)	$ (225,827)

v3.24.2.u1

INTANGIBLE ASSETS - Summary of Activity in Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (432,711)	$ (405,546)
Total	82,125
Intangible assets	518,236	472,540
Intangible assets, total	85,525	66,994
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(357)	(161)
Intangible assets	5,200	5,200
Intangible assets, total	4,843	5,039
Indefinite lived intangible assets	3,400	3,400
Acquired technology
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	212,448	191,369
Accumulated Amortization	(184,705)	(179,558)
Total	27,743	11,811
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	274,138	267,621
Accumulated Amortization	(238,884)	(225,827)
Total	35,254	41,794
Favorable Contracts
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	14,500
Accumulated Amortization	(5,334)
Total	9,166
Internal Use Software
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	11,950	8,350
Accumulated Amortization	(3,431)	0
Total	$ 8,519	$ 8,350

v3.24.2.u1

INTANGIBLE ASSETS - Summary of Estimated Amortization of Intangible Assets (Details) $ in Thousands	Jun. 28, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 Remaining	$ 9,997
2022	25,663
2023	14,551
2024	11,455
2025	7,983
Thereafter	12,476
Total	$ 82,125

v3.24.2.u1

INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	9 Months Ended
	Jun. 28, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 323,398
Measurement adjustment, goodwill reduction	(7,613)
Foreign currency translation adjustment	(671)
Balance at end of period	330,340
RF Business Acquisition
Business Acquisition [Line Items]
Goodwill, Period Increase (Decrease)	9,100
Linearizer Acquisition
Business Acquisition [Line Items]
Goodwill, Period Increase (Decrease)	$ (1,500)

v3.24.2.u1

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 432,711	$ 405,546
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	184,705	179,558
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 238,884	$ 225,827

v3.24.2.u1

Debt - Schedule of Remaining Outstanding Balances on Term Loans (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023	Aug. 02, 2023
Principal Balance
Long-term debt	$ 447,994	$ 447,134
Long-term Debt
Principal Balance
Long-term debt			$ 120,800
Unamortized discount on deferred financing costs	(2,006)	(2,866)
Convertible Debt
Principal Balance
Long-term debt	$ 450,000	$ 450,000
Effective Interest Rate
Effective interest rate	0.54%	0.54%

v3.24.2.u1

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 25, 2021 USD ($) renewal_option d $ / shares	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 29, 2023 USD ($)	Aug. 02, 2023 USD ($)	Apr. 06, 2021 USD ($)
Debt Instrument [Line Items]
Interest payable, current							$ 100
Long-term Debt
Debt Instrument [Line Items]
Long-term debt, remaining balance							$ 120,800
Convertible Notes Green Shoe
Debt Instrument [Line Items]
Principle amount								$ 50,000
Convertible Debt
Debt Instrument [Line Items]
Long-term debt, remaining balance		$ 450,000		$ 450,000		$ 450,000
Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Principle amount	$ 400,000	450,000		450,000
Conversion price (in USD per share) | $ / shares	$ 82,120,000
Redemption price percentage	100.00%
Interest expense debt		300		800
Future minimum principal payments		0		0
Convertible Senior Notes Due 2026 | Conversion Period One
Debt Instrument [Line Items]
Convertible threshold trading days | renewal_option	20,000,000
Threshold consecutive trading days | renewal_option	30,000,000
Convertible Senior Notes Due 2026 | Conversion Period Two
Debt Instrument [Line Items]
Convertible threshold trading days | d	5
Threshold consecutive trading days | d	5
Convertible Senior Notes Due 2026 | Conversion Price | Conversion Period One
Debt Instrument [Line Items]
Convertible threshold percentage of stock price trigger	130.00%
Convertible Senior Notes Due 2026 | Principal Trading Price | Conversion Period Two
Debt Instrument [Line Items]
Convertible threshold percentage of stock price trigger	98.00%
Convertible Senior Notes Due 2026 | Convertible Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Estimated fair value of Term Loans		$ 636,100		$ 636,100		$ 512,500
Term Loans
Debt Instrument [Line Items]
Interest expense debt			$ 2,200		$ 6,100

v3.24.2.u1

FINANCING OBLIGATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 28, 2024	Sep. 29, 2023
Long-term Purchase Commitment [Line Items]
Property and equipment, net capitalized	$ 8,400	$ 8,900
Financing obligation for property, plant and equipment	9,400	9,600
Future fixed payment	$ 16,800
Power generator life term	15 years
Implied discount rate	7.40%
Purchase commitment period	14 years
Total payments	$ 15,176	15,900
Purchase Commitment
Long-term Purchase Commitment [Line Items]
Contractual Obligation	$ 24,400	$ 25,500

v3.24.2.u1

FINANCING OBLIGATION - Summary of Expected Future Minimum Payments (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Debt Disclosure [Abstract]
2024	$ 242
2025	982
2026	1,007
2027	1,031
2028	1,057
Thereafter	10,857
Total payments	15,176	$ 15,900
Less: interest	5,805
Present value of liabilities	$ 9,371

v3.24.2.u1

Stockholders' Equity - Additional Information (Details)	Jun. 28, 2024 $ / shares shares
Equity [Abstract]
Preferred stock, shares authorized | shares	10,000,000
Preferred stock, par value (in usd per share) | $ / shares	$ 0.001
Common stock, shares authorized | shares	300,000,000
Common stock, par value (in usd per share) | $ / shares	$ 0.001

v3.24.2.u1

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Numerator:
Net income	$ 19,939	$ 11,853	$ 47,445	$ 67,127
Net income attributable to common stockholders	$ 19,939	$ 11,853	$ 47,445	$ 67,127
Denominator:
Weighted average common shares outstanding-basic	72,143	70,937	71,881	70,739
Dilutive effect of options and warrants (in shares)	1,008	471	889	656
Dilutive effect, potential common shares (in shares)	1,066	0	488	0
Weighted average common shares outstanding-diluted	74,217	71,408	73,258	71,395

v3.24.2.u1

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Sep. 29, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 34,092	$ 28,769
Compensation cost not yet recognized	$ 74,100		$ 74,100
Unrecognized compensation cost period for recognition			2 years
Share-based compensation expense	13,345	$ 8,262	$ 34,092	28,769
Intrinsic value of options exercised	300
Years to maturity			3 years
Aggregate intrinsic value stock options outstanding	$ 1,000		$ 1,000
Number of stock options outstanding (in shares) | shares	10,000		10,000		15,000
Weighted average exercise price per share (in dollars per share) | $ / shares	$ 16.06		$ 16.06
Weighted average remaining contractual term options outstanding			1 year 4 months 9 days
Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of outstanding awards	$ 7,000		$ 7,000		$ 5,000
Employee-related Liabilities	4,000		4,000		$ 3,300
Share-based compensation	$ 1,200	$ 300	$ 2,600	2,200
Restricted Stock Restricted Stock Units And Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vested (in shares) | shares			547,000
Vested in period fair value			$ 41,800	$ 85,100
Granted (in shares) | shares			763,000
Granted (in usd per share) | $ / shares			$ 80.14
Shares forfeited (in shares) | shares			119,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Years to maturity			2 years 10 months 24 days
Market Based Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares			132,247
Granted (in usd per share) | $ / shares			$ 88.88
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options granted			4 years
Percentage of number of shares earned by recipients (as a percent)	0		0
Minimum | Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Minimum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options granted			7 years
Percentage of number of shares earned by recipients (as a percent)	2		2
Maximum | Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Maximum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
2012 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares) | shares	3,900,000		3,900,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares) | shares	1,100,000		1,100,000
Unrecognized compensation cost	$ 1,200		$ 1,200

v3.24.2.u1

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Effects of Stock-Based Compensation Expense Related to Stock-Based Awards to Employees and Non-Employees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 13,345	$ 8,262	$ 34,092	$ 28,769
Cost of Revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,522	1,078	4,392	3,239
Research and Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	5,446	3,281	13,173	11,255
Selling, General and Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 6,377	$ 3,903	$ 16,527	$ 14,275

v3.24.2.u1

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Summary of Restricted Stock, Restricted Stock Unit and Performance-based Restricted Stock Unit Activity (Details) - Restricted Stock Restricted Stock Units And Performance Based Restricted Stock Units shares in Thousands	9 Months Ended
	Jun. 28, 2024 $ / shares shares
Number of shares (in thousands)
Balance at beginning of period (in shares) | shares	1,501
Granted (in shares) | shares	763
Vested and released (in shares) | shares	(547)
Performance-based adjustment (in shares) | shares	62
Forfeited, canceled or expired (in shares) | shares	(119)
Balance at end of period (in shares) | shares	1,660
Weighted- Average Grant Date Fair Value
Balance at beginning of period (in usd per share) | $ / shares	$ 60.90
Granted (in usd per share) | $ / shares	80.14
Vested and released (in usd per share) | $ / shares	49.56
Performance-based adjustment (in usd per share) | $ / shares	35.43
Forfeited, canceled or expired (in usd per share) | $ / shares	65.80
Balance at end of period (in usd per share) | $ / shares	$ 72.18

v3.24.2.u1

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Fair Value of Market-Based PRSUs (Details)	9 Months Ended
	Jun. 28, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Years to maturity	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date stock price	$ 73.01
Average stock price at the start of the performance period	$ 79.43
Risk free interest rate	4.60%
Years to maturity	2 years 10 months 24 days
Expected volatility rate	41.70%
Expected dividend yield	0.00%

v3.24.2.u1

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Jun. 28, 2024 USD ($) $ / shares shares
Number of Shares
Beginning Blance Stock options outstanding (in shares)	15,000
Ending Balance Stock options outstanding (in shares)	10,000
Weighted-Average Exercise Price per Share
Ending Balance weighted-average exercise price per share (in usd per share) | $ / shares	$ 16.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term options outstanding	1 year 4 months 9 days
Aggregate intrinsic value stock options outstanding | $	$ 1,000

v3.24.2.u1

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,309,000	$ 7,768,000	$ 11,567,000	$ 29,039,000
Effective income tax rate	17.80%	39.60%	19.60%	30.20%
Effective tax rate			21.00%
Foreign withholding tax expense			$ 1,000,000
Unrecognized tax benefit	$ 0		$ 0		$ 0

v3.24.2.u1

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information Regarding Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 2,715	$ 8,140
Cash paid for income taxes	4,385	2,771
Operating lease right-of-use assets obtained in exchange for new lease liabilities	7,596	4,434
Financing lease assets obtained in exchange for new lease liabilities	0	9,725
Additions to property and equipment, net included in liabilities	944	195
Purchase of software licenses included in liabilities	$ 2,500	$ 0

v3.24.2.u1

SUPPLEMENTAL CASH FLOW INFORMATION - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Operating lease right-of-use assets obtained in exchange for new lease liabilities	$ 7,596	$ 4,434
RF Business of Wolfspeed, Inc
Business Acquisition [Line Items]
Operating lease right-of-use assets obtained in exchange for new lease liabilities	$ 5,600

v3.24.2.u1

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION - Additional Information (Details) - segment	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Number of reportable operating segment			1
Top Ten Customers | Revenue | Customer Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk, percentage	56.00%	44.00%	55.00%	47.00%

v3.24.2.u1

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION - Summary of Different Geographic Regions (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 178,975	$ 149,496
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	127,335	111,865
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	32,401	31,142
Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 19,239	$ 6,489

v3.24.2.u1

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION - Summary of Customer Concentrations as Percentage of Revenue and Accounts Receivable (Details)	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Customer Concentration Risk | Revenue | Customer A
Revenue from External Customer [Line Items]
Concentration risk, percentage	14.00%	0.00%	12.00%	0.00%

v3.24.2.u1

RELATED-PARTY TRANSACTIONS (Details) $ in Millions	9 Months Ended
	Jun. 28, 2024 USD ($)
Related Party Transactions [Abstract]
Related Party Transaction, Amounts of Transaction	$ 0.3

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