Summary of Property and Equipment and Depreciation Expense |
Property and equipment are depreciated or amortized using the straight-line method over the estimated useful lives of the following assets below.
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Estimated Useful Life (in Years) |
Machinery and equipment |
2 |
- |
10 |
Office equipment and software |
3 |
- |
5 |
Furniture and fixtures |
3 |
- |
5 |
Leasehold improvements |
Shorter of the economic life or the remaining lease term |
Property and equipment as of October 2, 2022 and January 2, 2022, consisted of the following (in thousands):
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October 2, 2022 |
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January 2, 2022 |
Machinery and equipment |
$ |
47,884 |
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$ |
6,636 |
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Office equipment and software |
1,236 |
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918 |
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Furniture and fixtures |
721 |
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639 |
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Leasehold improvements |
23,297 |
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1,878 |
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Construction in process |
39,832 |
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71,133 |
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Total property and equipment |
112,970 |
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81,204 |
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Less: accumulated depreciation |
(8,979) |
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(4,591) |
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Property and equipment, net |
$ |
103,991 |
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$ |
76,613 |
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The following table summarizes the depreciation and amortization expenses related to property and equipment, which are recorded within cost of revenue, research and development expense and selling, general and administrative expense in the Condensed Consolidated Statements of Operations (in thousands).
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Quarters Ended |
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Fiscal Years-to-Date Ended |
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October 2, 2022 |
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October 3, 2021 |
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October 2, 2022 |
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October 3, 2021 |
Depreciation expense |
$ |
2,857 |
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$ |
299 |
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$ |
4,388 |
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$ |
674 |
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