MACOM Technology Solutions (MTSI) 10-Q2 May 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Mar. 29, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 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		72,106,577
Entity Central Index Key	0001493594
Amendment Flag	false
Current Fiscal Year End Date	--09-27
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 114,990	$ 173,952
Short-term investments	361,423	340,574
Accounts Receivable, after Allowance for Credit Loss, Current	120,222	91,253
Inventories	177,806	136,300
Prepaid and other current assets	23,997	19,114
Total current assets	798,438	761,193
Property and equipment, net	180,229	149,496
Goodwill	330,373	323,398
Intangible assets, net	93,013	66,994
Deferred income taxes	214,061	218,107
Other long-term assets	60,274	34,056
Total assets	1,676,388	1,553,244
Current liabilities:
Finance lease liabilities	948	1,162
Accounts payable	44,341	24,966
Accrued liabilities	63,564	57,397
Total current liabilities	108,853	83,525
Finance lease liabilities	31,427	31,776
Financing obligation	9,156	9,307
Long-term debt	447,707	447,134
Other long-term liabilities	33,632	33,902
Total liabilities	630,775	605,644
Stockholders’ equity:
Common stock	72	71
Treasury stock, at cost	(330)	(330)
Accumulated other comprehensive loss	(1,935)	(3,635)
Additional paid-in capital	1,283,009	1,214,203
Accumulated deficit	(235,203)	(262,709)
Total stockholders’ equity	1,045,613	947,600
Total liabilities and stockholders' equity	$ 1,676,388	$ 1,553,244

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 181,234	$ 169,406	$ 338,382	$ 349,510
Cost of revenue	86,022	66,716	155,860	136,465
Gross profit	95,212	102,690	182,522	213,045
Operating expenses:
Research and development	45,621	35,537	85,034	74,369
Selling, general and administrative	34,184	31,249	71,071	64,189
Total operating expenses	79,805	66,786	156,105	138,558
Income from operations	15,407	35,904	26,417	74,487
Other income (expense):
Interest income	5,366	5,064	10,921	8,749
Interest expense	(1,285)	(3,430)	(2,574)	(6,513)
Other expense, net	0	(123)	0	(178)
Total other income	4,081	1,511	8,347	2,058
Income before income taxes	19,488	37,415	34,764	76,545
Income tax expense	4,508	11,660	7,258	21,271
Net income	$ 14,980	$ 25,755	$ 27,506	$ 55,274
Net income per share:
Income (loss) per share - Basic (usd per share)	$ 0.21	$ 0.36	$ 0.38	$ 0.78
Income (loss) per share - Diluted (usd per share)	$ 0.20	$ 0.36	$ 0.38	$ 0.77
Weighted average shares used:
Basic (in shares)	72,076	70,799	71,750	70,640
Diluted (in shares)	73,272	71,402	72,779	71,388

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 14,980	$ 25,755	$ 27,506	$ 55,274
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	(291)	833	1,004	3,380
Foreign currency translation (loss) gain, net of tax	(1,248)	301	696	1,038
Other comprehensive (loss) income, net of tax	(1,539)	1,134	1,700	4,418
Total comprehensive income	$ 13,441	$ 26,889	$ 29,206	$ 59,692

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Accumulated Other Comprehensive Income	Additional Paid-in Capital	Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23
Balance at beginning of period, (in shares) at Sep. 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)		1,338
Vesting of restricted common stock and units	1	$ 1
Issuance of common stock pursuant to employee stock purchase plan (in shares)		52
Issuance of common stock pursuant to employee stock purchase plan	2,320				2,320
Shares repurchased for stock withholdings on restricted stock awards (in shares)		(515)
Shares withheld for taxes on equity awards	(31,253)				(31,253)
Share-based compensation	20,507				20,507
Other comprehensive income, net of tax	4,418			4,418
Net income	55,274					55,274
Balance at end of period, (in shares) at Mar. 31, 2023		70,897
Balance at end of period at Mar. 31, 2023	894,015	$ 71	$ (330)	(1,433)	1,194,719	(299,012)
Balance at end of period, treasury stock (in shares) at Mar. 31, 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 Dec. 30, 2022		70,757
Balance at beginning of period at Dec. 30, 2022	862,544	$ 71	$ (330)	(2,567)	1,190,137	(324,767)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)		212
Shares repurchased for stock withholdings on restricted stock awards (in shares)		(72)
Shares withheld for taxes on equity awards	(4,878)				(4,878)
Share-based compensation	9,460				9,460
Other comprehensive income, net of tax	1,134			1,134
Net income	25,755					25,755
Balance at end of period, (in shares) at Mar. 31, 2023		70,897
Balance at end of period at Mar. 31, 2023	894,015	$ 71	$ (330)	(1,433)	1,194,719	(299,012)
Balance at end of period, treasury stock (in shares) at Mar. 31, 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)		502
Issuance of common stock pursuant to employee stock purchase plan (in shares)		59
Issuance of common stock pursuant to employee stock purchase plan	2,769				2,769
Shares repurchased for stock withholdings on restricted stock awards (in shares)		(171)
Shares withheld for taxes on equity awards	(12,522)				(12,522)
Share-based compensation	20,747				20,747
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	1,700			1,700
Net income	27,506					27,506
Balance at end of period, (in shares) at Mar. 29, 2024		72,120
Balance at end of period at Mar. 29, 2024	1,045,613	$ 72	$ (330)	(1,935)	1,283,009	(235,203)
Balance at end of period, treasury stock (in shares) at Mar. 29, 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 Dec. 29, 2023		72,088
Balance at beginning of period at Dec. 29, 2023	1,024,091	$ 72	$ (330)	(396)	1,274,928	(250,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock and units (in shares)		43
Shares repurchased for stock withholdings on restricted stock awards (in shares)		(11)
Shares withheld for taxes on equity awards	(970)				(970)
Share-based compensation	12,090				12,090
Issuance of common stock as consideration for acquisition	(3,039)				(3,039)
Other comprehensive income, net of tax	(1,539)			(1,539)
Net income	14,980					14,980
Balance at end of period, (in shares) at Mar. 29, 2024		72,120
Balance at end of period at Mar. 29, 2024	$ 1,045,613	$ 72	$ (330)	$ (1,935)	$ 1,283,009	$ (235,203)
Balance at end of period, treasury stock (in shares) at Mar. 29, 2024			(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period, treasury stock (in shares)			23

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 27,506	$ 55,274
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and intangibles amortization	31,486	25,365
Share-based compensation	20,747	20,507
Deferred income taxes	3,706	20,233
Other adjustments, net	(1,497)	(2,784)
Change in operating assets and liabilities:
Accounts receivable	(31,327)	(18,316)
Inventories	(12,325)	(8,236)
Prepaid expenses and other assets	(3,955)	(2,857)
Accounts payable	19,240	(253)
Accrued and other liabilities	(2,301)	(17,471)
Income taxes	22	(715)
Net cash provided by operating activities	51,302	70,747
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of businesses, net of cash acquired	(74,813)	(50,835)
Purchases of property and equipment	(9,782)	(15,614)
Proceeds from sale of property and equipment	0	8,000
Proceeds from sales and maturities of short-term investments	215,112	261,634
Purchases of short-term investments	(230,590)	(228,157)
Net cash used in investing activities	(100,073)	(24,972)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on finance leases and other	(703)	(591)
Proceeds from stock option exercises and employee stock purchases	2,849	2,320
Common stock withheld for taxes on employee equity awards	(12,522)	(31,253)
Net cash used in financing activities	(10,376)	(29,524)
Foreign currency effect on cash	185	370
NET CHANGE IN CASH AND CASH EQUIVALENTS	(58,962)	16,621
CASH AND CASH EQUIVALENTS — Beginning of period	173,952	119,952
CASH AND CASH EQUIVALENTS — End of period	114,990	136,573
Issuance of common stock in connection with the RF Business Acquisition (See Note 3 - Acquisitions)	$ 57,733	$ 0

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Mar. 29, 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 due to the unregistered shares being transferred 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 potential effect of the adoption of this ASU will have on our consolidated financial statements and related disclosures.

REVENUE

REVENUE	6 Months Ended
REVENUE	Mar. 29, 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 Six Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023 Revenue by Market: Industrial & Defense $ 90,887 $ 77,194 $ 167,885 $ 154,363 Data Center 43,147 38,324 92,659 79,810 Telecom 47,200 53,888 77,838 115,337 Total $ 181,234 $ 169,406 $ 338,382 $ 349,510 Three Months Ended Six Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023 Revenue by Geographic Region: United States $ 80,161 $ 82,835 $ 149,806 $ 171,423 China 46,190 33,325 82,538 74,481 Asia Pacific, excluding China (1) 26,663 28,008 40,671 49,542 Other Countries (2) 28,220 25,238 65,367 54,064 Total $ 181,234 $ 169,406 $ 338,382 $ 349,510 (1) Asia Pacific primarily represents Australia, Japan, Malaysia, Singapore, South Korea, Taiwan and Thailand. (2) No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China and Asia Pacific region as presented above. 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 six months ended March 29, 2024 (in thousands, except percentage): March 29, 2024 September 29, 2023 $ Change % Change Contract liabilities $ 5,214 $ 2,762 $ 2,452 89 % During the three and six months ended March 29, 2024, we recognized sales of $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 six months ended March 29, 2024 was primarily related to invoicing prior to when our customers obtain control of such products and or services.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Mar. 29, 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 (“SiC”) 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 and six months ended March 29, 2024, we incurred acquisition-related transaction costs of approximately $0.3 million and $7.4 million, respectively, which are included in selling, general and administrative expense. During the three and six months ended March 31, 2023, we incurred acquisition-related transaction costs of approximately less than $0.1 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 Measurement Period Adjustments At Acquisition Date as Reported March 29, 2024 Cash purchase consideration $ 75,000 $ — $ 75,000 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 $ (3,039) $ 132,733 During the six months ended March 29, 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 Measurement Period Adjustments At Acquisition Date as Reported March 29, 2024 Current assets $ 160 $ (121) $ 39 Inventory 23,574 6,358 29,932 Property and equipment 35,415 — 35,415 Intangible assets 60,000 (17,000) 43,000 Prepayment for net assets associated with the RTP Fab Transfer 19,450 500 19,950 Other non-current assets 6,735 (1,101) 5,634 Goodwill — 8,584 8,584 Total assets acquired 145,334 (2,780) 142,554 Current liabilities 6,474 159 6,633 Long-term liabilities 3,088 100 3,188 Total liabilities assumed 9,562 259 9,821 Purchase Price $ 135,772 $ (3,039) $ 132,733 Intangible assets consist of technology, a favorable contract and customer relationships with fair values of $21.5 million, $14.5 million and $7.0 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, customer relationships and the favorable contract. We valued technology by using the relief-from-royalty method, customer relationships by using the multi-period excess earnings method and the favorable contract by using the discounted cash flow method. We valued backlog using the multi-period excess earnings method and determined that the value for backlog is zero. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including revenue growth rates, royalty rates, operating margin and discount rates. We used the cost and market approaches to determine the fair value of our property and equipment. We amortize definite-lived assets based on the pattern over which we expect to receive the economic benefit from these assets. During the three months ended March 29, 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 $17.0 million, an increase to the fair value of inventory of $6.4 million, with an offsetting increase to Goodwill. Due to these adjustments, the statement of operations for the three months ended March 29, 2024 includes a net benefit of $0.1 million for intangible asset and inventory step-up amortization related to the quarter ended December 29, 2023. The prepayment of $20.0 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 $14.1 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 March 29, 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 six months ended March 29, 2024, the RF Business contributed approximately $35.7 million and $41.9 million of our total revenue, respectively. The RF Business did not materially impact our consolidated net income for the three and six months ended March 29, 2024. 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 Six Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023 Consolidated estimated pro forma unaudited revenue $ 181,234 $ 205,610 $ 365,219 $ 428,060 Consolidated estimated pro forma unaudited net income (loss) $ 15,222 $ (1,566) $ 1,297 $ (32,842) Pro forma revenue and net income (loss) was prepared for comparative purposes only and is not indicative of what would have occurred had the acquisition actually occurred on October 1, 2022, or of the results that may occur in the future. Pro forma net income (loss) includes business combination accounting effects from the RF Business Acquisition, primarily amortization expense from acquired intangible assets, acquisition transaction costs and tax-related effects. Pro forma earnings for the three and six months ended March 29, 2024 were adjusted to exclude transaction costs incurred of $0.3 million and $15.8 million, respectively, and pro forma earnings for the three and six months ended March 31, 2023 were adjusted and include $3.1 million and $42.0 million, respectively, 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 March 29, 2024, we did not incur any acquisition-related transaction costs. During the six months ended March 29, 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 six months ended March 31, 2023, we incurred acquisition-related transaction costs of approximately $0.9 million and $1.6 million, respectively, which are included in selling, general and administrative expense. The purchase price for the MESC Acquisition has been allocated based on preliminary estimates of fair values of the acquired assets and assumed liabilities at the date of acquisition as follows (in thousands): At Acquisition Date as Reported 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 an immaterial price 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. 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 March 29, 2024, the purchase price allocation for the MESC Acquisition remains open as we gather additional information regarding the assets acquired and the liabilities assumed, primarily in relation to the valuation of intangibles, inventory, property and equipment, leases, liabilities and contingencies. We did not recognize goodwill associated with this acquisition and there were no measurement period adjustments recognized during the quarter ended March 29, 2024. 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 six months ended March 29, 2024, we did not incur any acquisition-related transaction costs. During the three and six months ended March 31, 2023, we incurred acquisition-related transaction costs of approximately $1.9 million, 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 Measurement Period Adjustments At Acquisition Date as Reported 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

Investments

Investments	6 Months Ended
Investments	Mar. 29, 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, and U.S. Treasuries and agency bonds and are classified as available-for-sale. These certificates of deposit, corporate bonds, commercial paper and U.S. Treasuries and agency bonds 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): March 29, 2024 Amortized Gross Gross Aggregate Fair Certificates of deposit $ 10,980 $ 1 $ — $ 10,981 Corporate bonds 243,039 36 (1,615) 241,460 Commercial paper 48,589 — (60) 48,529 U.S. Treasuries and agency bonds 60,460 75 (82) 60,453 Total short-term investments $ 363,068 $ 112 $ (1,757) $ 361,423 September 29, 2023 Amortized Gross Gross Aggregate Fair 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): March 29, 2024 September 29, 2023 Less than one year $ 219,861 $ 265,591 Over one year 141,562 74,983 Total available-for-sale investments $ 361,423 $ 340,574 We have determined that the gross unrealized losses on available for sale securities as of March 29, 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.

FAIR VALUE

FAIR VALUE	6 Months Ended
FAIR VALUE	Mar. 29, 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 six months ended March 29, 2024. Assets and liabilities measured at fair value on a recurring basis consist of the following (in thousands): March 29, 2024 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets Money market funds $ 54,614 $ 54,614 $ — $ — U.S. Treasuries and agency bonds 60,453 60,453 — — Certificates of deposit 10,981 10,981 — — Cash equivalents (1) 7,177 — 7,177 — Commercial paper 48,529 — 48,529 — Corporate bonds 241,460 — 241,460 — Total assets measured at fair value $ 423,214 $ 126,048 $ 297,166 $ — (1) Cash equivalents represent highly liquid investments with original maturities of 90 days or less, primarily in corporate bonds and U.S. Treasuries. September 29, 2023 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets Money market funds $ 111,388 $ 111,388 $ — $ — U.S. Treasury securities 21,910 21,910 — — Commercial paper 176,276 — 176,276 — Corporate bonds 142,388 — 142,388 — Total assets measured at fair value $ 451,962 $ 133,298 $ 318,664 $ —

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Mar. 29, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in thousands): March 29, September 29, Raw materials $ 110,005 $ 82,589 Work-in-process 13,973 14,280 Finished goods 53,828 39,431 Total inventory, net $ 177,806 $ 136,300

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
PROPERTY AND EQUIPMENT	Mar. 29, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands): March 29, September 29, Construction in process $ 9,658 $ 10,256 Machinery and equipment 278,937 238,037 Leasehold improvements 38,292 35,342 Furniture and fixtures 2,967 2,888 Computer equipment and software 19,812 18,824 Finance lease assets 64,845 64,126 Total property and equipment 414,511 369,473 Less accumulated depreciation and amortization (234,282) (219,977) Property and equipment, net $ 180,229 $ 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 March 29, 2024, we recognized $3.6 million in Prepaid and other current assets with a corresponding 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 six months ended March 29, 2024 was $7.8 million and $14.3 million, respectively. Depreciation and amortization expense related to property and equipment for the three and six months ended March 31, 2023 was $5.8 million and $11.8 million, respectively. Accumulated amortization on finance lease assets as of March 29, 2024 and September 29, 2023 was $9.0 million and $7.8 million, respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
INTANGIBLE ASSETS	Mar. 29, 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 Six Months Ended March 29, March 31, March 29, March 31, Cost of revenue $ 4,200 $ 988 $ 6,142 $ 1,898 Research and development 1,043 — 2,087 — Selling, general and administrative 4,121 5,764 8,919 11,667 Total $ 9,364 $ 6,752 $ 17,148 $ 13,565 A summary of the activity in gross intangible assets as of March 29, 2024 and September 29, 2023 is as follows (in thousands): March 29, Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 213,012 $ (182,670) $ 30,342 Customer relationships 274,652 (234,626) 40,026 Favorable contract 14,500 (3,026) 11,474 Internal-use software 8,350 (2,087) 6,263 Trade name (1) 5,200 (292) 4,908 Balance as of March 29, 2024 (2) $ 515,714 $ (422,701) $ 93,013 September 29, Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 191,369 $ (179,558) $ 11,811 Customer relationships 267,621 (225,827) 41,794 Internal-use software 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 were affected by foreign currency translation. As of March 29, 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 $ 19,419 24,716 13,530 11,045 8,172 12,731 $ 89,613 A summary of the changes in goodwill as of March 29, 2024 is as follows (in thousands): March 29, Balance as of September 29, 2023 $ 323,398 Acquired (1) 7,089 Foreign currency translation adjustment (114) Balance as of March 29, 2024 $ 330,373 (1) The balance consists of an increase of $8.6 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.

Debt

Debt	6 Months Ended
Debt	Mar. 29, 2024
Debt Disclosure [Abstract]
Debt	DEBT The following represents the outstanding balances and effective interest rates of our borrowings as of March 29, 2024 and September 29, 2023, (in thousands, except percentages): March 29, 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 (2,293) (2,866) Total long-term debt, less current portion $ 447,707 $ 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 six months ended March 29, 2024, total interest expense for the 2026 Convertible Notes was $0.3 million and $0.6 million, respectively. For the three and six months ended March 31, 2023, total interest expense for the 2026 Convertible Notes was $0.3 million and $0.6 million, respectively. The fair value of our 2026 Convertible Notes was $566.5 million and $512.5 million as of March 29, 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 March 29, 2024; the full amount of $450.0 million is due on March 15, 2026. Term Loans As of March 31, 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.

FINANCING OBLIGATION

FINANCING OBLIGATION	6 Months Ended
FINANCING OBLIGATION	Mar. 29, 2024
Debt Disclosure [Abstract]
FINANCING OBLIGATION	F INANCING OBLIGATION We are party to a power purchase agreement for the use of electric power and thermal energy producing systems at our fabrication facility in Lowell, Massachusetts. T hese 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 March 29, 2024 and September 29, 2023 , the net book value of the systems in Property and equipment, net was $8.5 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 March 29, 2024 and September 29, 2023 , we have $24.8 million and $25.5 million, respectively, in remaining fixed payments over a 14-year term associated with the power purchase agreement, of which $15.4 million and $15.9 million, respectively, is included in our consolidated balance sheets on a discounted basis. As of March 29, 2024, expected future minimum payments for the financing obligation were as follows (in thousands): Fiscal year ending: Amount 2024 $ 481 2025 982 2026 1,007 2027 1,031 2028 1,057 Thereafter 10,858 Total payments $ 15,416 Less: interest 5,980 Present value of liabilities $ 9,436

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Mar. 29, 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 Six Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023 Numerator: Net income attributable to common stockholders $ 14,980 $ 25,755 $ 27,506 $ 55,274 Denominator: Weighted average common shares outstanding-basic 72,076 70,799 71,750 70,640 Dilutive effect of stock options, restricted stock and restricted stock units 807 603 831 748 Dilutive effect of convertible debt 389 — 198 — Weighted average common shares outstanding-diluted 73,272 71,402 72,779 71,388 Net income to common stockholders per share-Basic: $ 0.21 $ 0.36 $ 0.38 $ 0.78 Net income to common stockholders per share-Diluted: $ 0.20 $ 0.36 $ 0.38 $ 0.77

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 29, 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 six months ended March 29, 2024.

STOCKHOLDERS_ EQUITY AND SHARE-

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION	6 Months Ended
STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION	Mar. 29, 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 March 29, 2024. Stock Plans As of March 29, 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 1.2 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 March 29, 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 As of March 29, 2024 and September 29, 2023, the fair value of outstanding ISUs was $6.1 million and $5.0 million, respectively, and the associated accrued compensation liability was $3.0 million and $3.3 million, respectively. During the three and six months ended March 29, 2024, we recorded an expense for ISU awards of $0.9 million and $1.4 million, respectively. During the three and six months ended March 31, 2023, we recorded an expense for ISU awards of $0.5 million and $1.8 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 Six Months Ended March 29, March 31, March 29, March 31, Cost of revenue $ 1,600 $ 1,011 $ 2,870 $ 2,161 Research and development 4,962 3,742 7,727 7,974 Selling, general and administrative 5,528 4,707 10,150 10,372 Total share-based compensation expense $ 12,090 $ 9,460 $ 20,747 $ 20,507 As of March 29, 2024, the total unrecognized compensation costs related to RSUs and PRSUs was $80.9 million, which we expect to recognize over a weighted-average period of 2.1 years. As of March 29, 2024, total unrecognized compensation cost related to our Employee Stock Purchase Plan was $0.3 million. Restricted Stock Units and Performance-Based Restricted Stock Units A summary of stock award activity for the six months ended March 29, 2024 is as follows: Number of shares Weighted- Balance as of September 29, 2023 1,501 $ 60.90 Granted 715 78.62 Performance-based adjustment (1) 62 35.43 Vested and released (502) 50.11 Forfeited, canceled or expired (100) 65.07 Balance as of March 29, 2024 1,676 $ 70.51 (1) The amount shown represents performance adjustments for performance-based awards. These were granted in prior fiscal years and vested during the six months ended March 29, 2024 based on the Company’s achievement of adjusted earnings per share performance conditions. Stock awards that vested during the six months ended March 29, 2024 and March 31, 2023 had combined fair values of $37.2 million and $81.3 million, respectively, as of the vesting date. RSUs granted generally vest over a period of three Market-based PRSUs We granted 132,247 market-based PRSUs during the six months ended March 29, 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: Six Months Ended March 29, 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

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Mar. 29, 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 Six Months Ended March 29, March 31, March 29, March 31, Income tax expense $ 4,508 $ 11,660 $ 7,258 $ 21,271 Effective income tax rate 23.1 % 31.2 % 20.9 % 27.8 % The difference between the U.S. federal statutory income tax rate of 21% and our effective income tax rate for the three and six months ended March 29, 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 six months ended March 31, 2023 was primarily driven by tax on GILTI including changes to 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 six months ended March 29, 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 March 29, 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 March 29, 2024, we did not make any accrual or payment of interest or penalties.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Mar. 29, 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): Six Months Ended March 29, March 31, Cash paid for interest $ 2,003 $ 5,367 Cash paid for income taxes $ 2,655 $ 1,701 Non-cash activities: Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 6,866 $ 3,920 Finance lease assets obtained in exchange for new lease liabilities $ — $ 3,821 Additions to property and equipment, net included in liabilities $ 483 $ — 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

GEOGRAPHIC AND SIGNIFICANT CUST

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION	6 Months Ended
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION	Mar. 29, 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): March 29, September 29, United States $ 127,735 $ 111,865 France 32,422 31,142 Asia Pacific (1) 18,018 4,610 Other Countries (2) 2,054 1,879 Total $ 180,229 $ 149,496 (1) Asia Pacific represents China, Japan, Malaysia, South Korea, Taiwan and Thailand. (2) Other than the United States, France and Asia Pacific region, 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 Six Months Ended Revenue March 29, March 31, March 29, March 31, Customer A 12 % — 11 % — Accounts Receivable March 29, September 29, Customer A 16 % — Customer Concentration Customer A did not represent more than 10% of our revenue in the three and six months ended March 31, 2023. No other customer represented more than 10% of revenue or accounts receivable in the periods presented in the accompanying condensed consolidated financial statements. For the three and six months ended March 29, 2024, our top ten customers represented 57% and 56%, respectively, of total revenue, and for the three and six months ended March 31, 2023, our top ten customers represented 48% and 49%, respectively, of total revenue.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
RELATED-PARTY TRANSACTIONS	Mar. 29, 2024
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS During the six months ended March 29, 2024, we purchased $0.1 million of machinery and equipment from Gallium Semiconductor, an affiliate of director Susan Ocampo.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 14,980	$ 25,755	$ 27,506	$ 55,274

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Mar. 29, 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 due to the unregistered shares being transferred 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 potential effect of the adoption of this ASU will have on our consolidated financial statements and related disclosures.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Mar. 29, 2024
Revenue [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by markets and geography (in thousands): Three Months Ended Six Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023 Revenue by Market: Industrial & Defense $ 90,887 $ 77,194 $ 167,885 $ 154,363 Data Center 43,147 38,324 92,659 79,810 Telecom 47,200 53,888 77,838 115,337 Total $ 181,234 $ 169,406 $ 338,382 $ 349,510 Three Months Ended Six Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023 Revenue by Geographic Region: United States $ 80,161 $ 82,835 $ 149,806 $ 171,423 China 46,190 33,325 82,538 74,481 Asia Pacific, excluding China (1) 26,663 28,008 40,671 49,542 Other Countries (2) 28,220 25,238 65,367 54,064 Total $ 181,234 $ 169,406 $ 338,382 $ 349,510 (1) Asia Pacific primarily represents Australia, Japan, Malaysia, Singapore, South Korea, Taiwan and Thailand. (2) No country or region represented greater than 10% of our total revenue as of the dates presented, other than the United States, China and Asia Pacific region as presented above. 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 six months ended March 29, 2024 (in thousands, except percentage): March 29, 2024 September 29, 2023 $ Change % Change Contract liabilities $ 5,214 $ 2,762 $ 2,452 89 %

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
ACQUISITIONS (Tables)	Mar. 29, 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 Measurement Period Adjustments At Acquisition Date as Reported March 29, 2024 Cash purchase consideration $ 75,000 $ — $ 75,000 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 $ (3,039) $ 132,733 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 Measurement Period Adjustments At Acquisition Date as Reported March 29, 2024 Current assets $ 160 $ (121) $ 39 Inventory 23,574 6,358 29,932 Property and equipment 35,415 — 35,415 Intangible assets 60,000 (17,000) 43,000 Prepayment for net assets associated with the RTP Fab Transfer 19,450 500 19,950 Other non-current assets 6,735 (1,101) 5,634 Goodwill — 8,584 8,584 Total assets acquired 145,334 (2,780) 142,554 Current liabilities 6,474 159 6,633 Long-term liabilities 3,088 100 3,188 Total liabilities assumed 9,562 259 9,821 Purchase Price $ 135,772 $ (3,039) $ 132,733 The purchase price for the MESC Acquisition has been allocated based on preliminary estimates of fair values of the acquired assets and assumed liabilities at the date of acquisition as follows (in thousands): At Acquisition Date as Reported 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 At Acquisition Date as Reported Measurement Period Adjustments At Acquisition Date as Reported 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

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Mar. 29, 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): March 29, 2024 September 29, 2023 Less than one year $ 219,861 $ 265,591 Over one year 141,562 74,983 Total available-for-sale investments $ 361,423 $ 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): March 29, 2024 Amortized Gross Gross Aggregate Fair Certificates of deposit $ 10,980 $ 1 $ — $ 10,981 Corporate bonds 243,039 36 (1,615) 241,460 Commercial paper 48,589 — (60) 48,529 U.S. Treasuries and agency bonds 60,460 75 (82) 60,453 Total short-term investments $ 363,068 $ 112 $ (1,757) $ 361,423 September 29, 2023 Amortized Gross Gross Aggregate Fair 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

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Mar. 29, 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): March 29, 2024 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets Money market funds $ 54,614 $ 54,614 $ — $ — U.S. Treasuries and agency bonds 60,453 60,453 — — Certificates of deposit 10,981 10,981 — — Cash equivalents (1) 7,177 — 7,177 — Commercial paper 48,529 — 48,529 — Corporate bonds 241,460 — 241,460 — Total assets measured at fair value $ 423,214 $ 126,048 $ 297,166 $ — (1) Cash equivalents represent highly liquid investments with original maturities of 90 days or less, primarily in corporate bonds and U.S. Treasuries. September 29, 2023 Fair Value Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets Money market funds $ 111,388 $ 111,388 $ — $ — U.S. Treasury securities 21,910 21,910 — — Commercial paper 176,276 — 176,276 — Corporate bonds 142,388 — 142,388 — Total assets measured at fair value $ 451,962 $ 133,298 $ 318,664 $ —

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Mar. 29, 2024
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following (in thousands): March 29, September 29, Raw materials $ 110,005 $ 82,589 Work-in-process 13,973 14,280 Finished goods 53,828 39,431 Total inventory, net $ 177,806 $ 136,300

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Mar. 29, 2024
Property, Plant and Equipment [Abstract]
Components of Property, Plant and Equipment	Property and equipment consists of the following (in thousands): March 29, September 29, Construction in process $ 9,658 $ 10,256 Machinery and equipment 278,937 238,037 Leasehold improvements 38,292 35,342 Furniture and fixtures 2,967 2,888 Computer equipment and software 19,812 18,824 Finance lease assets 64,845 64,126 Total property and equipment 414,511 369,473 Less accumulated depreciation and amortization (234,282) (219,977) Property and equipment, net $ 180,229 $ 149,496

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
INTANGIBLE ASSETS (Tables)	Mar. 29, 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 Six Months Ended March 29, March 31, March 29, March 31, Cost of revenue $ 4,200 $ 988 $ 6,142 $ 1,898 Research and development 1,043 — 2,087 — Selling, general and administrative 4,121 5,764 8,919 11,667 Total $ 9,364 $ 6,752 $ 17,148 $ 13,565
Summary of Activity in Intangible Assets and Goodwill	A summary of the activity in gross intangible assets as of March 29, 2024 and September 29, 2023 is as follows (in thousands): March 29, Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 213,012 $ (182,670) $ 30,342 Customer relationships 274,652 (234,626) 40,026 Favorable contract 14,500 (3,026) 11,474 Internal-use software 8,350 (2,087) 6,263 Trade name (1) 5,200 (292) 4,908 Balance as of March 29, 2024 (2) $ 515,714 $ (422,701) $ 93,013 September 29, Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology $ 191,369 $ (179,558) $ 11,811 Customer relationships 267,621 (225,827) 41,794 Internal-use software 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 were affected by foreign currency translation.
Summary of Estimated Amortization of Intangible Assets in Future Fiscal Years	As of March 29, 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 $ 19,419 24,716 13,530 11,045 8,172 12,731 $ 89,613
Schedule of Goodwill	A summary of the changes in goodwill as of March 29, 2024 is as follows (in thousands): March 29, Balance as of September 29, 2023 $ 323,398 Acquired (1) 7,089 Foreign currency translation adjustment (114) Balance as of March 29, 2024 $ 330,373 (1) The balance consists of an increase of $8.6 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.

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Mar. 29, 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 March 29, 2024 and September 29, 2023, (in thousands, except percentages): March 29, 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 (2,293) (2,866) Total long-term debt, less current portion $ 447,707 $ 447,134

FINANCING OBLIGATION (Tables)

FINANCING OBLIGATION (Tables)	6 Months Ended
FINANCING OBLIGATION (Tables)	Mar. 29, 2024
Debt Disclosure [Abstract]
Financing Obligation, Liability, Fiscal Year Maturity	As of March 29, 2024, expected future minimum payments for the financing obligation were as follows (in thousands): Fiscal year ending: Amount 2024 $ 481 2025 982 2026 1,007 2027 1,031 2028 1,057 Thereafter 10,858 Total payments $ 15,416 Less: interest 5,980 Present value of liabilities $ 9,436

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 29, 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 Six Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023 Numerator: Net income attributable to common stockholders $ 14,980 $ 25,755 $ 27,506 $ 55,274 Denominator: Weighted average common shares outstanding-basic 72,076 70,799 71,750 70,640 Dilutive effect of stock options, restricted stock and restricted stock units 807 603 831 748 Dilutive effect of convertible debt 389 — 198 — Weighted average common shares outstanding-diluted 73,272 71,402 72,779 71,388 Net income to common stockholders per share-Basic: $ 0.21 $ 0.36 $ 0.38 $ 0.78 Net income to common stockholders per share-Diluted: $ 0.20 $ 0.36 $ 0.38 $ 0.77

STOCKHOLDERS_ EQUITY AND SHAR_2

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)	6 Months Ended
STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)	Mar. 29, 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 Six Months Ended March 29, March 31, March 29, March 31, Cost of revenue $ 1,600 $ 1,011 $ 2,870 $ 2,161 Research and development 4,962 3,742 7,727 7,974 Selling, general and administrative 5,528 4,707 10,150 10,372 Total share-based compensation expense $ 12,090 $ 9,460 $ 20,747 $ 20,507
Summary of Restricted Stock, Restricted Stock Unit and Performance-based Restricted Stock Unit Activity	A summary of stock award activity for the six months ended March 29, 2024 is as follows: Number of shares Weighted- Balance as of September 29, 2023 1,501 $ 60.90 Granted 715 78.62 Performance-based adjustment (1) 62 35.43 Vested and released (502) 50.11 Forfeited, canceled or expired (100) 65.07 Balance as of March 29, 2024 1,676 $ 70.51 (1) The amount shown represents performance adjustments for performance-based awards. These were granted in prior fiscal years and vested during the six months ended March 29, 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: Six Months Ended March 29, 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 —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
INCOME TAXES (Tables)	Mar. 29, 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 Six Months Ended March 29, March 31, March 29, March 31, Income tax expense $ 4,508 $ 11,660 $ 7,258 $ 21,271 Effective income tax rate 23.1 % 31.2 % 20.9 % 27.8 %

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Mar. 29, 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): Six Months Ended March 29, March 31, Cash paid for interest $ 2,003 $ 5,367 Cash paid for income taxes $ 2,655 $ 1,701 Non-cash activities: Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 6,866 $ 3,920 Finance lease assets obtained in exchange for new lease liabilities $ — $ 3,821 Additions to property and equipment, net included in liabilities $ 483 $ —

GEOGRAPHIC AND SIGNIFICANT CU_2

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Tables)	6 Months Ended
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Tables)	Mar. 29, 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): March 29, September 29, United States $ 127,735 $ 111,865 France 32,422 31,142 Asia Pacific (1) 18,018 4,610 Other Countries (2) 2,054 1,879 Total $ 180,229 $ 149,496 (1) Asia Pacific represents China, Japan, Malaysia, South Korea, Taiwan and Thailand. (2)
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 Six Months Ended Revenue March 29, March 31, March 29, March 31, Customer A 12 % — 11 % — Accounts Receivable March 29, September 29, Customer A 16 % —

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023	Sep. 29, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 181,234	$ 169,406	$ 338,382	$ 349,510
Contract liabilities	5,214		5,214		$ 2,762
Increase (decrease) in contract with customer liability			2,452
Amounts included in contract liabilities at the beginning of the period	100		$ 2,500
Net change in contract liabilities (percentage)			89%
Industrial & Defense
Disaggregation of Revenue [Line Items]
Revenue	43,147	38,324
Data Center
Disaggregation of Revenue [Line Items]
Revenue	47,200	53,888
Telecom
Disaggregation of Revenue [Line Items]
Revenue	90,887	77,194
United States
Disaggregation of Revenue [Line Items]
Revenue	80,161	82,835	$ 149,806	171,423
China
Disaggregation of Revenue [Line Items]
Revenue	46,190	33,325	82,538	74,481
Asia Pacific, excluding China
Disaggregation of Revenue [Line Items]
Revenue	26,663	28,008	40,671	49,542
Other Countries
Disaggregation of Revenue [Line Items]
Revenue	$ 28,220	$ 25,238	65,367	54,064
Industrial & Defense
Disaggregation of Revenue [Line Items]
Revenue			92,659	79,810
Data Center
Disaggregation of Revenue [Line Items]
Revenue			77,838	115,337
Telecom
Disaggregation of Revenue [Line Items]
Revenue			$ 167,885	$ 154,363

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ / shares in Units, $ in Thousands						3 Months Ended		6 Months Ended
	Mar. 29, 2024 USD ($)	Dec. 29, 2023 USD ($)	Dec. 02, 2023 USD ($) $ / shares shares	May 31, 2023 USD ($)	Mar. 03, 2023 USD ($)	Mar. 29, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 29, 2024 USD ($)	Mar. 29, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 29, 2023 USD ($)
Business Acquisition [Line Items]
Financing lease assets obtained in exchange for new lease liabilities									$ 0	$ 3,821
Intangible Asset and Inventory Step Up Amortization						$ 100
RF Business of Wolfspeed, Inc
Business Acquisition [Line Items]
Cash purchase consideration	$ 75,000	$ 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						300			7,400	100
Share price of common stock (in dollars per share) \| $ / shares			$ 81.14
Cash consideration	132,733	135,772
Intangible assets	43,000	60,000				43,000		$ 43,000	43,000
Prepayment for net assets associated with the RTP Fab Transfer	19,950	$ 19,450				19,950		19,950	19,950
Upfront payment for net assets assumed, fair value	14,100					14,100		14,100	14,100
Acquisition revenue recognized						35,700			41,900
Pro forma revenue						181,234	$ 205,610		365,219	428,060
Pro forma net loss						(15,222)	1,566		(1,297)	32,842
Measurement adjustments, Equity purchase consideration								(3,039)
Measurement adjustment, Intangibles								17,000
Measurement adjustment, inventory								6,358
RF Business of Wolfspeed, Inc \| Acquisition-related Costs
Business Acquisition [Line Items]
Transaction costs						300	3,100		15,800	42,000
RF Business of Wolfspeed, Inc \| Technology
Business Acquisition [Line Items]
Intangible assets	$ 21,500					$ 21,500		$ 21,500	$ 21,500
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	$ 7,000					$ 7,000		$ 7,000	$ 7,000
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							$ 900		$ 300	1,600
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										$ 1,900
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

ACQUISITIONS - RF Business of W

ACQUISITIONS - RF Business of Wolfspeed, Inc. - Purchase Price Adjustments (Details) - RF Business of Wolfspeed, Inc - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended
	Mar. 29, 2024	Dec. 29, 2023	Dec. 02, 2023	Mar. 29, 2024
Business Acquisition [Line Items]
Acquisition, number of shares issued (in shares)			711,528
Share price of common stock (in dollars per share)			$ 81.14
Cash purchase consideration	$ 75,000	$ 75,000	$ 75,000
Equity purchase consideration	57,733	60,772	$ 57,700
Total purchase consideration	$ 132,733	$ 135,772
Measurement adjustments, Equity purchase consideration				$ (3,039)
Measurement adjustments, total purchase consideration				$ (3,039)

ACQUISITIONS - Summary of Purch

ACQUISITIONS - Summary of Purchase Price For Acquisition, Allocations (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 29, 2024	Mar. 29, 2024	Dec. 29, 2023	Sep. 29, 2023
Business Acquisition [Line Items]
Goodwill	$ 330,373	$ 330,373		$ 323,398
Measurement adjustment, goodwill		7,089
RF Business of Wolfspeed, Inc
Business Acquisition [Line Items]
Current assets	39	39	$ 160
Inventory	29,932	29,932	23,574
Property and equipment	35,415	35,415	35,415
Intangible assets	43,000	43,000	60,000
Prepayment for net assets associated with the RTP Fab Transfer	19,950	19,950	19,450
Other non-current assets	5,634	5,634	6,735
Goodwill	8,584	8,584	0
Total assets acquired	142,554	142,554	145,334
Current liabilities	6,633	6,633	6,474
Long-term liabilities	3,188	3,188	3,088
Total liabilities assumed	9,821	9,821	9,562
Purchase Price	132,733	132,733	$ 135,772
Measurement adjustment, Current Assets	(121)
Measurement adjustment, inventory	6,358
Measurement adjustment, Intangibles	(17,000)
Measurement adjustment, Prepayment	500
Measurement adjustment, Other Noncurrent Assets	(1,101)
Measurement adjustment, goodwill	8,584
Measurement adjustment, Assets	(2,780)
Measurement adjustment, Current Liabilities	159
Measurement adjustment, Long-Term Liabilities	100
Measurement adjustment, Liabilities	259
Measurement adjustments, total purchase consideration	(3,039)
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)

ACQUISITIONS - Revenue from Acq

ACQUISITIONS - Revenue from Acquisition, Accounted for Pro Forma (Details) - RF Business of Wolfspeed, Inc - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Asset Acquisition [Line Items]
Pro forma revenue	$ 181,234	$ 205,610	$ 365,219	$ 428,060
Pro forma net loss	$ 15,222	$ (1,566)	$ 1,297	$ (32,842)

INVESTMENTS - Summary of Availa

INVESTMENTS - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 363,068	$ 343,534
Gross Unrealized Holding Gains	112	18
Gross Unrealized Holding Losses	1,757	2,978
Aggregate Fair Value	361,423	340,574
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,980
Gross Unrealized Holding Gains	1
Gross Unrealized Holding Losses	0
Aggregate Fair Value	10,981
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	243,039	145,234
Gross Unrealized Holding Gains	36	0
Gross Unrealized Holding Losses	1,615	2,845
Aggregate Fair Value	241,460	142,389
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	48,589	176,405
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	60	129
Aggregate Fair Value	48,529	176,276
U.S. Treasuries and agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	60,460	21,895
Gross Unrealized Holding Gains	75	18
Gross Unrealized Holding Losses	82	4
Aggregate Fair Value	$ 60,453	$ 21,909

INVESTMENTS - Summary of Contra

INVESTMENTS - Summary of Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Investments, Debt and Equity Securities [Abstract]
Less than one year	$ 219,861	$ 265,591
Over one year	141,562	74,983
Total available-for-sale investments	$ 361,423	$ 340,574

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($) $ in Millions	Mar. 29, 2024	Sep. 29, 2023
Privately Held Manufacturing Company
Debt Securities, Available-for-sale [Line Items]
Investment without readily determinable fair value	$ 2.5	$ 2.5

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 423,214	$ 451,962
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	60,453	21,910
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	10,981
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	7,177
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	241,460	142,388
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	54,614	111,388
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	48,529	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	126,048	133,298
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	60,453	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	10,981
Active Markets for Identical Assets (Level 1) \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
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) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	54,614	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	297,166	318,664
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) \| 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) \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	7,177
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	241,460	142,388
Observable Inputs (Level 2) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Observable Inputs (Level 2) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	48,529	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 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) \| 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) \| Cash Equivalents
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) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Unobservable Inputs (Level 3) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 110,005	$ 82,589
Work-in-process	13,973	14,280
Finished goods	53,828	39,431
Total inventory, net	$ 177,806	$ 136,300

PROPERTY AND EQUIPMENT - Compon

PROPERTY AND EQUIPMENT - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 414,511	$ 369,473
Less accumulated depreciation and amortization	(234,282)	(219,977)
Property and equipment, net	180,229	149,496
Finance Lease, Right-of-Use Asset, Accumulated Amortization	9,000	7,800
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	9,658	10,256
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	278,937	238,037
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	38,292	35,342
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	2,967	2,888
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	19,812	18,824
Assets Held Under Finance Leases [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 64,845	$ 64,126

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023	Sep. 29, 2023
Property, Plant and Equipment [Abstract]
Grants Receivable	$ 3,600		$ 3,600
Depreciation and amortization expense	7,800	$ 5,800	14,300	$ 11,800
Accumulated depreciation	$ 234,282		$ 234,282		$ 219,977

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total	$ 9,364	$ 6,752	$ 17,148	$ 13,565
Net Carrying Amount	89,613		89,613
Cost of Revenue
Finite-Lived Intangible Assets [Line Items]
Total	4,200	988	6,142	1,898
Research and Development
Finite-Lived Intangible Assets [Line Items]
Total	1,043	0	2,087	0
Selling, General and Administrative
Finite-Lived Intangible Assets [Line Items]
Total	$ 4,121	$ 5,764	$ 8,919	$ 11,667

INTANGIBLE ASSETS - Summary o_2

INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 515,714	$ 472,540
Intangible assets, net	93,013	66,994
Intangible assets	515,714	472,540
Accumulated Amortization	(422,701)	(405,546)
Intangible assets, total	93,013	66,994
Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible assets	5,200	5,200
Intangible assets, net	4,908	5,039
Intangible assets	5,200	5,200
Accumulated Amortization	(292)	(161)
Intangible assets, total	4,908	5,039
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	213,012	191,369
Accumulated Amortization	(182,670)	(179,558)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	274,652	267,621
Accumulated Amortization	$ (234,626)	$ (225,827)

INTANGIBLE ASSETS - Summary o_3

INTANGIBLE ASSETS - Summary of Activity in Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (422,701)	$ (405,546)
Total	89,613
Intangible assets	515,714	472,540
Intangible assets, total	93,013	66,994
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(292)	(161)
Intangible assets	5,200	5,200
Intangible assets, total	4,908	5,039
Indefinite lived intangible assets	3,400	3,400
Acquired technology
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	213,012	191,369
Accumulated Amortization	(182,670)	(179,558)
Total	30,342	11,811
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	274,652	267,621
Accumulated Amortization	(234,626)	(225,827)
Total	40,026	41,794
Favorable Contracts
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	14,500
Accumulated Amortization	(3,026)
Total	11,474
Internal Use Software
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	8,350	8,350
Accumulated Amortization	(2,087)	0
Total	$ 6,263	$ 8,350

INTANGIBLE ASSETS - Summary o_4

INTANGIBLE ASSETS - Summary of Estimated Amortization of Intangible Assets (Details) $ in Thousands	Mar. 29, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 Remaining	$ 19,419
2022	24,716
2023	13,530
2024	11,045
2025	8,172
Thereafter	12,731
Total	$ 89,613

INTANGIBLE ASSETS - Goodwill (D

INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	6 Months Ended
INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	Mar. 29, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 323,398
Measurement adjustment, goodwill reduction	(7,089)
Foreign currency translation adjustment	(114)
Balance at end of period	330,373
RF Business Acquisition
Business Acquisition [Line Items]
Goodwill, Period Increase (Decrease)	8,600
Linearizer Acquisition
Business Acquisition [Line Items]
Goodwill, Period Increase (Decrease)	$ (1,500)

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 422,701	$ 405,546
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	182,670	179,558
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 234,626	$ 225,827

Debt - Schedule of Remaining Ou

Debt - Schedule of Remaining Outstanding Balances on Term Loans (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023	Aug. 02, 2023
Principal Balance
Long-term debt	$ 447,707	$ 447,134
Long-term Debt
Principal Balance
Long-term debt			$ 120,800
Unamortized discount on deferred financing costs	(2,293)	(2,866)
Convertible Debt
Principal Balance
Long-term debt	$ 450,000	$ 450,000
Effective Interest Rate
Effective interest rate	0.54%	0.54%

Debt - Additional Information (

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 25, 2021 USD ($) d renewal_option $ / shares	Mar. 29, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 29, 2024 USD ($)	Mar. 31, 2023 USD ($)	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%
Interest expense debt		300	$ 300	600	$ 600
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%
Convertible Senior Notes Due 2026 \| Principal Trading Price \| Conversion Period Two
Debt Instrument [Line Items]
Convertible threshold percentage of stock price trigger	98%
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		$ 566,500		$ 566,500		$ 512,500
Term Loans
Debt Instrument [Line Items]
Interest expense debt			$ 2,100		$ 3,900

FINANCING OBLIGATION (Details)

FINANCING OBLIGATION (Details) - USD ($) $ in Thousands	6 Months Ended
FINANCING OBLIGATION (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Long-term Purchase Commitment [Line Items]
Property and equipment, net capitalized	$ 8,500	$ 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	$ 15,416	15,900
Purchase Commitment
Long-term Purchase Commitment [Line Items]
Contractual Obligation	$ 24,800	$ 25,500

FINANCING OBLIGATION - Summary

FINANCING OBLIGATION - Summary of Expected Future Minimum Payments (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Debt Disclosure [Abstract]
2024	$ 481
2025	982
2026	1,007
2027	1,031
2028	1,057
Thereafter	10,858
Total payments	15,416	$ 15,900
Less: interest	5,980
Present value of liabilities	$ 9,436

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	Mar. 29, 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

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Numerator:
Net income	$ 14,980	$ 25,755	$ 27,506	$ 55,274
Net income attributable to common stockholders	$ 14,980	$ 25,755	$ 27,506	$ 55,274
Denominator:
Weighted average common shares outstanding-basic	72,076	70,799	71,750	70,640
Dilutive effect of options and warrants (in shares)	807	603	831	748
Dilutive effect, potential common shares (in shares)	389	0	198	0
Weighted average common shares outstanding-diluted	73,272	71,402	72,779	71,388

STOCKHOLDERS_ EQUITY AND SHAR_3

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Mar. 29, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Sep. 29, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 20,747	$ 20,507
Compensation cost not yet recognized	$ 80,900		$ 80,900
Unrecognized compensation cost period for recognition			2 years 1 month 6 days
Share-based compensation expense	12,090	$ 9,460	$ 20,747	20,507
Intrinsic value of options exercised	300
Years to maturity			3 years
Aggregate intrinsic value stock options outstanding	$ 800		$ 800
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 7 months 9 days
Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of outstanding awards	$ 6,100		$ 6,100		$ 5,000
Employee-related Liabilities	3,000		3,000		$ 3,300
Share-based compensation	$ 900	$ 500	$ 1,400	1,800
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			502,000
Vested in period fair value			$ 37,200	$ 81,300
Granted (in shares) \| shares			715,000
Granted (in usd per share) \| $ / shares			$ 78.62
Shares forfeited (in shares) \| shares			100,000
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	1,200,000		1,200,000
Unrecognized compensation cost	$ 300		$ 300

STOCKHOLDERS_ EQUITY AND SHAR_4

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Effects of Stock-Based Compensation Expense Related to Stock-Based Awards to Employees and Non-Employees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 12,090	$ 9,460	$ 20,747	$ 20,507
Cost of Revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,600	1,011	2,870	2,161
Research and Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	4,962	3,742	7,727	7,974
Selling, General and Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 5,528	$ 4,707	$ 10,150	$ 10,372

STOCKHOLDERS_ EQUITY AND SHAR_5

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Summary of Restricted Stock, Restricted Stock Unit and Performance-based Restricted Stock Unit Activity (Details) - Restricted Stock Restricted Stock Units And Performance Based Restricted Stock Units shares in Thousands	6 Months Ended
	Mar. 29, 2024 $ / shares shares
Number of shares (in thousands)
Balance at beginning of period (in shares) \| shares	1,501
Granted (in shares) \| shares	715
Vested and released (in shares) \| shares	(502)
Performance-based adjustment (in shares) \| shares	62
Forfeited, canceled or expired (in shares) \| shares	(100)
Balance at end of period (in shares) \| shares	1,676
Weighted- Average Grant Date Fair Value
Balance at beginning of period (in usd per share) \| $ / shares	$ 60.90
Granted (in usd per share) \| $ / shares	78.62
Vested and released (in usd per share) \| $ / shares	50.11
Performance-based adjustment (in usd per share) \| $ / shares	35.43
Forfeited, canceled or expired (in usd per share) \| $ / shares	65.07
Balance at end of period (in usd per share) \| $ / shares	$ 70.51

STOCKHOLDERS_ EQUITY AND SHAR_6

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Fair Value of Market-Based PRSUs (Details)	6 Months Ended
	Mar. 29, 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%

STOCKHOLDERS_ EQUITY AND SHAR_7

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Mar. 29, 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 7 months 9 days
Aggregate intrinsic value stock options outstanding \| $	$ 800

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($)	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,508,000	$ 11,660,000	$ 7,258,000	$ 21,271,000
Effective income tax rate	23.10%	31.20%	20.90%	27.80%
Effective tax rate			21%
Foreign withholding tax expense			$ 1,000,000
Unrecognized tax benefit	$ 0		$ 0		$ 0

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information Regarding Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Cash paid for interest	$ 2,003	$ 5,367
Cash paid for income taxes	2,655	1,701
Operating lease right-of-use assets obtained in exchange for new lease liabilities	6,866	3,920
Additions to property and equipment, net included in liabilities	483	$ 0
RF Business of Wolfspeed, Inc
Business Acquisition [Line Items]
Operating lease right-of-use assets obtained in exchange for new lease liabilities	$ 5,600

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Operating lease right-of-use assets obtained in exchange for new lease liabilities	$ 6,866	$ 3,920
RF Business of Wolfspeed, Inc
Business Acquisition [Line Items]
Operating lease right-of-use assets obtained in exchange for new lease liabilities	$ 5,600

GEOGRAPHIC AND SIGNIFICANT CU_3

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION - Additional Information (Details) - segment	3 Months Ended		6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 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	57%	48%	56%	49%

GEOGRAPHIC AND SIGNIFICANT CU_4

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION - Summary of Different Geographic Regions (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Sep. 29, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 180,229	$ 149,496
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	127,735	111,865
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	32,422	31,142
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	18,018	4,610
Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 2,054	$ 1,879

GEOGRAPHIC AND SIGNIFICANT CU_5

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION - Summary of Customer Concentrations as Percentage of Revenue and Accounts Receivable (Details) - Customer Concentration Risk - Customer A	3 Months Ended		6 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Revenue
Revenue from External Customer [Line Items]
Concentration risk, percentage	12%	0%	11%	0%
Accounts Receivable
Revenue from External Customer [Line Items]
Concentration risk, percentage			16%	0%

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) $ in Millions	6 Months Ended
RELATED-PARTY TRANSACTIONS (Details) $ in Millions	Mar. 29, 2024 USD ($)
Related Party Transactions [Abstract]
Related Party Transaction, Amounts of Transaction	$ 0.1