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Balance Sheet Components (Tables)
6 Months Ended
Jul. 03, 2022
Balance Sheet Related Disclosures [Abstract]  
Schedule of Amortized Cost and Estimated Fair Market Value of Investments Classified as Available-for-Sale Excluding Cash Equivalents

Amortized cost and estimated fair market value of investments classified as available-for-sale, excluding cash equivalents, as of July 3, 2022, and December 31, 2021, were as follows:

 

 

July 3, 2022

 

(In thousands)

 

Amortized Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Estimated

Fair Value

 

U.S. treasury securities

 

$

94,506

 

 

$

12

 

 

$

 

 

$

94,518

 

Convertible debt (1)

 

 

518

 

 

 

 

 

 

 

 

 

518

 

Certificates of deposit

 

 

6

 

 

 

 

 

 

 

 

 

6

 

Total

 

$

95,030

 

 

$

12

 

 

$

 

 

$

95,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

(In thousands)

 

Amortized Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Estimated

Fair Value

 

Corporate equity securities

 

$

751

 

 

$

 

 

$

 

 

$

751

 

Convertible debt (1)

 

 

518

 

 

 

 

 

 

 

 

 

518

 

Certificates of deposit

 

 

6

 

 

 

 

 

 

 

 

 

6

 

Total

 

$

1,275

 

 

$

 

 

$

 

 

$

1,275

 

 

 

(1)$172,000 included in Short-term investments and $346,000 included in Other non-current assets on the Company’s unaudited condensed consolidated balance sheets as of July 3, 2022, and December 31, 2021, respectively.

Schedule of Inventories

Inventories

 

(In thousands)

 

July 3, 2022

 

 

December 31, 2021

 

Raw materials

 

$

9,158

 

 

$

12,269

 

Finished goods

 

 

291,638

 

 

 

303,398

 

Total

 

$

300,796

 

 

$

315,667

 

 

Schedule of Property and Equipment, Net

 

Property and equipment, net

 

(In thousands)

 

July 3, 2022

 

 

December 31, 2021

 

Computer equipment

 

$

10,055

 

 

$

9,979

 

Furniture, fixtures, and leasehold improvements

 

 

18,334

 

 

 

18,364

 

Software

 

 

30,505

 

 

 

30,280

 

Machinery and equipment

 

 

77,846

 

 

 

75,559

 

Total property and equipment, gross

 

 

136,740

 

 

 

134,182

 

Accumulated depreciation

 

 

(125,148

)

 

 

(120,847

)

Total

 

$

11,592

 

 

$

13,335

 

 

Schedule of Intangibles, Net

Intangibles, net

 

 

 

July 3, 2022

 

 

December 31, 2021

 

(In thousands)

 

Gross

 

 

Accumulated

Amortization

 

 

Net

 

 

Gross

 

 

Accumulated

Amortization

 

 

Net

 

Technology

 

$

59,799

 

 

$

(58,477

)

 

$

1,322

 

 

$

59,799

 

 

$

(58,263

)

 

$

1,536

 

Other

 

 

10,345

 

 

 

(10,081

)

 

 

264

 

 

 

10,345

 

 

 

(10,025

)

 

 

320

 

Total

 

$

70,144

 

 

$

(68,558

)

 

$

1,586

 

 

$

70,144

 

 

$

(68,288

)

 

$

1,856

 

 

 

Schedule of Goodwill

Goodwill

 

(In thousands)

 

Connected Home

 

 

SMB

 

 

Total

 

As of December 31, 2021

 

$

44,442

 

 

$

36,279

 

 

$

80,721

 

Goodwill impairment charge

 

 

(44,442

)

 

 

 

 

 

(44,442

)

As of July 3, 2022

 

$

 

 

$

36,279

 

 

$

36,279

 

Schedule of Other Non-Current Assets

Other non-current assets

 

(In thousands)

 

July 3, 2022

 

 

December 31, 2021

 

Non-current deferred income taxes

 

$

74,674

 

 

$

63,795

 

Long-term investments

 

 

7,772

 

 

 

7,575

 

Other

 

 

4,422

 

 

 

4,980

 

Total

 

$

86,868

 

 

$

76,350

 

 

 

Schedule of Changes in Carrying Value of Long-term Equity Investments

The Company's long-term investments are comprised of equity investments without readily determinable fair values, investments in convertible debt securities and investments in limited partnership funds. The changes in the carrying value of equity investments without readily determinable fair values were as follows:

 

Six Months Ended

 

(In thousands)

July 3, 2022

 

 

June 27, 2021

 

Carrying value as of the beginning of the period (1)

$

6,303

 

 

$

7,758

 

Additions from purchase of investments

 

 

 

 

340

 

Impairment

 

(250

)

 

 

 

Carrying value as of the end of the period (1)

$

6,053

 

 

$

8,098

 

 

(1)The balances excluded an investment in limited partnership funds of $1.4 million as of July 3, 2022, $0.6 million as of June 27, 2021, $0.9 million as of December 31, 2021, and $0.6 million as of December 31, 2020. Additionally, the balance excluded an investment in convertible debt securities of $0.3 million as of July 3, 2022, $1.3 million as of June 27, 2021, and $0.3 million as of December 31, 2021.

Schedule of Other Accrued Liabilities

Other accrued liabilities

 

(In thousands)

 

July 3, 2022

 

 

December 31, 2021

 

Current operating lease liabilities

 

$

9,337

 

 

$

9,220

 

Sales and marketing

 

 

87,403

 

 

 

104,549

 

Warranty obligations

 

 

6,523

 

 

 

6,861

 

Sales returns(1)

 

 

41,893

 

 

 

42,869

 

Freight and duty

 

 

9,348

 

 

 

22,126

 

Other

 

 

39,595

 

 

 

38,959

 

Total

 

$

194,099

 

 

$

224,584

 

 

 

(1)Inventory expected to be received from future sales returns amounted to $20.4 million and $21.8 million as of July 3, 2022 and December 31, 2021, respectively. Provisions to write down expected returned inventory to net realizable value amounted to $10.6 million and $13.2 million as of July 3, 2022, and December 31, 2021, respectively.