Haemonetics Corp 10-K for FY2026

Haemonetics Corp (HAE)

10-K 2026-05-20 For: 2026-03-28

Added on May 20, 2026

About this 10-K

Haemonetics Corp filed this 10-K on May 20, 2026, covering the fiscal year ended March 28, 2026 (FY2026).

Headline figures

Fiscal year ended March 28, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.33B; down 2.0% from $1.36B a year earlier
Net income: $97.31M; down 42.0% from net income of $167.68M a year earlier
Diluted EPS: $2.05; down 38.1% from $3.31 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


		Page Number
Item 1.	Business	1
Item 1A.	Risk Factors	18
Item 1B.	Unresolved Staff Comments	33
Item 1C.	Cybersecurity	33
Item 2.	Properties	34
Item 3.	Legal Proceedings	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	35
Item 6.	Reserved	35
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	52
Item 8.	Financial Statements and Supplementary Data	56
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	114
Item 9A.	Control and Procedures	114
Item 9B.	Other Information	116
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	116
Item 10.	Directors and Executive Officers of the Registrant and Corporate Governance	116
Item 11.	Executive Compensation	117
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	117
Item 13.	Certain Relationships and Related Transactions and Director Independence	117
Item 14.	Principal Accounting Fees and Services	117
Item 15.	Exhibits, Financial Statement Schedules	118


	Owned	Leased	Total
U.S.	—	429,689	429,689
International	378,000	316,413	694,413
Total	378,000	746,102	1,124,102


	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program(1)(2)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
	(Dollars in Thousands, Except Per Share Data)
December 28, 2025 – January 24, 2026	131,937	$	69.97	131,937	$	415,768
January 25, 2026 – February 21, 2026	228,520	$	69.00	228,520	$	400,000
February 22, 2026 – March 28, 2026	1,218,798	$	61.54	1,218,798	$	325,000
Total	1,579,255			1,579,255


	Fiscal Year
	2026			2025			Reported change
	(Dollars in Thousands, Except Per Share Data)
Net revenues	$	1,334,027		$	1,360,824		(2.0)	%
Gross profit	$	787,586		$	748,958		5.2	%
% of net revenues	59.0		%	55.0		%
Operating expenses	$	630,852		$	527,141		19.7	%
Operating income	$	156,734		$	221,817		(29.3)	%
% of net revenues	11.7		%	16.3		%
Interest and other expense, net	$	(28,704)		$	(9,746)		194.5	%
Income before provision for income taxes	$	128,030		$	212,071		(39.6)	%
Provision for income taxes	$	30,722		$	44,392		(30.8)	%
% of pre-tax income	24.0		%	20.9		%
Net income	$	97,308		$	167,679		(42.0)	%
% of net revenues	7.3		%	12.3		%
Net income per share – basic	$	2.06		$	3.33		(38.1)	%
Net income per share – diluted	$	2.05		$	3.31		(38.1)	%


	Fiscal Year
	2026		2025		Reported growth		Currency impact		Constant currency growth(1)
	(Dollars in Thousands)
United States	$	982,176	$	1,010,918	(2.8)	%	—	%	(2.8)	%
International	351,851		349,906		0.6	%	3.2	%	(2.6)	%
Total net revenues	$	1,334,027	$	1,360,824	(2.0)	%	0.8	%	(2.8)	%


	March 28, 2026		March 29, 2025
	(Dollars in Thousands)
Cash and cash equivalents	$	245,440	$	306,763
Availability under revolving credit facilities(1)	$	448,697	$	748,697
Working capital	$	552,280	$	356,862
Current ratio	3.0		1.6
Net debt position(2)	$	(979,140)	$	(918,025)
Days sales outstanding	56		55
Inventory turnover	1.5		1.4


	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	(Dollars in Thousands)
Convertible senior notes	$	700,000	$	—	$	—	$	700,000	$	—
Contingent consideration	21,063		17,710		3,353		—		—
Debt	539,807		7,874		31,382		500,150		401
Interest payments(1)	35,498		12,275		22,381		842		—
Operating leases	60,004		11,631		17,188		14,290		16,895
Purchase commitments(2)	237,042		237,042		—		—		—
Expected retirement plan benefit payments	21,262		1,701		3,597		4,181		11,783
Total contractual obligations	$	1,614,676	$	288,233	$	77,901	$	1,219,463	$	29,079


			Business combination
Description of the Matter			As described in Note 3 to the consolidated financial statements, during fiscal year 2026, the Company completed the acquisition of Vivasure Medical Limited for a purchase price of $164.4 million, inclusive of contingent consideration with an initial fair value of $20.7 million. The acquisition was accounted for as a business combination. Auditing the Company’s accounting for the business combination was complex due to the significant estimation required by management to determine the $117.1 million fair value of the acquired developed technology intangible asset. The significant estimation was primarily due to the judgmental nature of the inputs to the valuation model used to measure the fair value of the developed technology intangible asset. The Company used the income approach to measure the fair value of the developed technology intangible asset. The significant assumptions used to estimate the fair value of the intangible asset included the discount rate and certain assumptions that form the basis of the forecasted results, specifically revenue growth rates and EBITDA margin.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over the Company’s accounting for the business combination. We tested controls over the valuation of intangible assets, including the valuation models and underlying assumptions used to develop such estimates. To test the fair value of the acquired developed technology intangible asset, our audit procedures included, among others, evaluating the significant assumptions used. We also tested the valuation model used. Our testing procedures over certain significant assumptions included, among others, comparing them to current industry and market trends and to the assumptions used by management to value similar assets in other acquisitions. We also performed sensitivity analyses of the significant assumptions to evaluate the change in the fair value resulting from changes in the assumptions. In addition, we involved valuation professionals to assist in our evaluation of the methodology, computations, and certain significant assumptions included in the fair value estimates.


			Valuation of goodwill
Description of the Matter			As described in Note 10 to the consolidated financial statements, the Company had approximately $656 million of goodwill allocated among its reporting units as of March 28, 2026. The Company performs its annual impairment analysis as of the first day of the fourth quarter, and more frequently if the Company believes indicators of impairment exist. For reporting units tested quantitatively, the Company estimates the fair value primarily utilizing the discounted cash flow income approach. Auditing the annual goodwill impairment test for the Interventional Technologies reporting unit was especially complex and judgmental due to the significant estimation required in the discounted cash flow income analysis utilized to determine the fair value. In particular, the fair value estimates involve judgmental assumptions including the amount and timing of expected future cash flows from revenue growth rates and the discount rate, which are affected by expectations about future market or economic conditions and reporting unit specific risk factors.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s goodwill impairment review process. For example, we tested controls over management's review of the significant inputs and assumptions used in determining the reporting unit fair value. To test the estimated fair value of the Interventional Technologies reporting unit, we performed audit procedures that included, among others, assessing fair value estimation methodologies, testing the significant assumptions discussed above and the completeness and accuracy of the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to historical financial results of the reporting unit and information generated by external parties. We considered the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting unit that would result from changes in the assumptions. In addition, we involved our valuation professionals to assist in our evaluation of the significant assumptions used to develop the fair value estimates.


	Year Ended
	March 28, 2026		March 29, 2025		March 30, 2024
	(Dollars in Thousands, except Per Share Data)
Net revenues	$	1,334,027	$	1,360,824	$	1,309,055
Cost of goods sold	546,441		611,866		617,507
Gross profit	787,586		748,958		691,548
Operating expenses:
Research and development	59,766		62,722		54,435
Selling, general and administrative	442,421		436,789		429,780
Amortization of acquired intangible assets	43,998		48,261		32,031
Remeasurement of contingent consideration	(1,879)		(23,022)		—

Impairment of intangible assets	86,546		2,391		10,419
Total operating expenses	630,852		527,141		526,665
Operating income	156,734		221,817		164,883
Interest and other expense, net	(28,704)		(9,746)		(13,018)
Income before provision for income taxes	128,030		212,071		151,865
Provision for income taxes	30,722		44,392		34,307
Net income	$	97,308	$	167,679	$	117,558

Net income per share:
Basic	$	2.06	$	3.33	$	2.32
Diluted	$	2.05	$	3.31	$	2.29

Weighted average shares outstanding
Basic	47,179		50,330		50,706
Diluted	47,354		50,730		51,397


	March 28, 2026		March 29, 2025
	(Dollars in Thousands, Except Share Data)
ASSETS
Current assets:
Cash and cash equivalents	$	245,440	$	306,763
Accounts receivable, less allowance for credit losses of $3,693 as of March 28, 2026 and $6,300 as of March 29, 2025	216,855		202,657
Inventories, net	306,370		365,141

Prepaid expenses and other current assets	66,214		60,414
Total current assets	834,879		934,975
Property, plant and equipment, net	305,761		284,052
Intangible assets, less accumulated amortization of $363,763 as of March 28, 2026 and $316,313 as of March 29, 2025	447,655		455,743
Goodwill	656,368		604,269
Deferred tax asset	9,521		7,803
Other long-term assets	141,741		164,106
Total assets	$	2,395,925	$	2,450,948
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable and current maturities of long-term debt	$	5,015	$	303,558
Accounts payable	51,056		66,999
Accrued payroll and related costs	68,191		59,423
Other current liabilities	158,337		148,133
Total current liabilities	282,599		578,113
Long-term debt, net of current maturities	1,219,565		921,230
Deferred tax liability	38,048		62,575
Other long-term liabilities	59,393		68,194
Stockholders’ equity:
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 45,252,667 shares as of March 28, 2026 and 48,215,899 shares as of March 29, 2025	453		482
Additional paid-in capital	554,137		523,264
Retained earnings	279,344		352,174
Accumulated other comprehensive loss	(37,614)		(55,084)
Total stockholders’ equity	796,320		820,836
Total liabilities and stockholders’ equity	$	2,395,925	$	2,450,948


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Par Value
	(Dollars in Thousands, Except Share Data)
Balance, April 1, 2023	50,448,519	$	504	$	594,706	$	253,168	$	(30,381)	$	817,997
Employee stock purchase plan	79,168	1		5,603		—		—		5,604
Exercise of stock options	163,064	2		6,816		(5,208)		—		1,610


Issuance of restricted stock, net of cancellations	166,193	2		(2)		—		—		—
Tax withholding on employee equity awards	(68,944)	(1)		(828)		(5,062)		—		(5,891)
Share-based compensation expense	—	—		28,332		—		—		28,332


Net income	—	—		—		117,558		—		117,558
Other comprehensive loss	—	—		—		—		(5,251)		(5,251)
Balance, March 30, 2024	50,788,000	$	508	$	634,627	$	360,456	$	(35,632)	$	959,959
Employee stock purchase plan	97,092	—		6,476		—		—		6,476
Exercise of stock options	91,735	1		6,637		(4,781)		—		1,857
Shares repurchased, including excise tax	(3,030,887)	(30)		(64,533)		(162,285)		—		(226,848)

Issuance of restricted stock, net of cancellations	305,806	3		(3)		—		—		—
Tax withholding on employee equity awards	(35,847)	—		(1,376)		(8,895)		—		(10,271)
Purchase of capped call related to convertible notes	—	—		(88,200)		—		—		(88,200)
Share-based compensation expense	—	—		29,636		—		—		29,636

Net income	—	—		—		167,679		—		167,679
Other comprehensive loss	—	—		—		—		(19,452)		(19,452)
Balance, March 29, 2025	48,215,899	$	482	$	523,264	$	352,174	$	(55,084)	$	820,836
Employee stock purchase plan	126,607	1		6,098		—		—		6,099
Exercise of stock options	31,727	—		2,061		(267)		—		1,794
Shares repurchased, including excise tax	(3,373,720)	(33)		(10,320)		(165,978)		—		(176,331)

Issuance of restricted stock, net of cancellations	270,400	3		(3)		—		—		—
Tax withholding on employee equity awards	(18,246)	—		(790)		(3,893)		—		(4,683)

Share-based compensation expense	—	—		33,827		—		—		33,827

Net income	—	—		—		97,308		—		97,308
Other comprehensive income	—	—		—		—		17,470		17,470
Balance, March 28, 2026	45,252,667	$	453	$	554,137	$	279,344	$	(37,614)	$	796,320


Asset Classification						Estimated Useful Lives
Building						30 – 40 Years
Building improvements						5 – 20 Years
Plant equipment and machinery						3 – 15 Years
Office equipment and information technology						3 – 10 Years
Haemonetics equipment						3 – 7 Years


	January 9, 2026
	(Dollars in Thousands)
Cash and cash equivalents	$	449
Accounts receivable	21
Inventories	1,056
Prepaid expenses and other current assets	1,736
Property, plant and equipment	575
Intangible assets	117,100
Goodwill	50,478
Other long-term assets	1,972
Total assets acquired	$	173,387
Accounts payable	$	1,186
Accrued payroll and related costs	2,889
Other current liabilities	4,741

Other long-term liabilities	199
Total liabilities assumed	9,015
Net assets acquired	$	164,372


	Amount		Weighted-Average Amortization Period	Risk-Adjusted Discount Rates used in Purchase Price Allocation
	(Dollars in Thousands)
Developed technology	$	117,100	16 years	16.5	%
Total	$	117,100


	Fiscal Year
	2026		2025
United States	73.6	%	74.3	%
Japan	5.1	%	4.6	%
Europe	13.9	%	12.9	%
Rest of Asia	6.5	%	6.8	%
Other	0.9	%	1.4	%
Total net revenues	100.0	%	100.0	%


	Fiscal Year
	2026		2025		Reported growth		Currency impact		Constant currency growth(1)
	(Dollars in Thousands)
Plasma
Plasma net revenues	$	524,456	$	535,431	(2.0)	%	0.7	%	(2.7)	%

Blood Center
Apheresis	220,861		213,134		3.6	%	1.4	%	2.2	%
Whole Blood	406		47,990		(99.2)	%	(0.1)	%	(99.1)	%
Blood Center net revenues	221,267		261,124		(15.3)	%	1.2	%	(16.5)	%

Hospital
Interventional Technologies(2)	234,007		255,019		(8.2)	%	0.5	%	(8.7)	%
Blood Management Technologies(3)	354,297		309,250		14.6	%	1.1	%	13.5	%
Hospital net revenues	588,304		564,269		4.3	%	0.8	%	3.5	%

Total net revenues	$	1,334,027	$	1,360,824	(2.0)	%	0.8	%	(2.8)	%


	Fiscal Year
	2026		2025
	(Dollars in Thousands)
Net cash provided by (used in):
Operating activities	$	293,221	$	181,725
Investing activities	(179,547)		(161,895)
Financing activities	(178,460)		108,818
Effect of exchange rate changes on cash and cash equivalents(1)	3,463		(685)
Net change in cash and cash equivalents	$	(61,323)	$	127,963


	Year Ended
	March 28, 2026		March 29, 2025		March 30, 2024
	(Dollars in Thousands)
Cash Flows from Operating Activities:
Net income	$	97,308	$	167,679	$	117,558
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	111,717		115,586		97,215
Amortization of fair value inventory step-up	5,814		14,956		3,347
Share-based compensation expense	33,827		29,636		28,332
Impairment of intangible assets	86,546		2,391		10,419

Gain on repurchase of convertible senior notes, net	—		(12,600)		—
Gains on sales of property, plant and equipment	(714)		(15,698)		(1,013)
Remeasurement of contingent consideration	(1,879)		(23,022)		—
Deferred income taxes	(26,471)		(5,219)		(11,039)



Other non-cash operating activities	10,726		9,978		11,633
Change in operating assets and liabilities:
Change in accounts receivable	(14,881)		6,956		(24,193)
Change in inventories	47,361		(64,704)		(60,061)
Change in prepaid income taxes	(4,534)		226		(983)
Change in other assets and other liabilities	(35,028)		(25,232)		(34,046)

Change in accounts payable and accrued expenses	(16,571)		(19,208)		44,582
Net cash provided by operating activities	293,221		181,725		181,751
Cash Flows from Investing Activities:
Capital expenditures	(32,780)		(39,278)		(38,125)
Proceeds from divestiture and sale of assets	—		43,291		1,500
Proceeds from sale of property, plant and equipment	1,375		23,253		1,810

Non-cash transfers from inventory to property, plant and equipment for Haemonetics equipment	(51,891)		(21,112)		(28,171)
Acquisitions	(60,180)		(150,906)		(243,852)
Other investments	(36,071)		(17,143)		(15,551)
Net cash used in investing activities	(179,547)		(161,895)		(322,389)
Cash Flows from Financing Activities:
Proceeds from issuance of convertible notes	—		700,000		—
Repayment and repurchase of convertible notes	(300,000)		(185,500)		—


	April 1, 2024
	(Dollars in Thousands)
Accounts receivable	$	3,784
Inventories	26,300
Prepaid expenses and other current assets	906
Property, plant and equipment	200
Intangible assets	105,800
Goodwill	70,256

Total assets acquired	$	207,246
Accounts payable	$	2,260
Accrued payroll and related costs	2,129
Other liabilities	496
Deferred tax liability	26,155

Total liabilities assumed	31,040
Net assets acquired	$	176,206


	December 12, 2023
	(Dollars in Thousands)
Accounts receivable	$	5,960
Inventories	12,075
Prepaid expenses and other current assets	2,062
Property, plant and equipment	3,028
Intangible assets	172,000
Goodwill	79,400
Other long-term assets	4,705
Total assets acquired	$	279,230
Accounts payable	$	3,251
Accrued payroll and related costs	1,723
Other liabilities	9,746
Deferred tax liability	14,805
Other long-term liabilities	5,853
Total liabilities assumed	35,378
Net assets acquired	$	243,852


	Prior Programs		2020 Program		Portfolio Rationalization Initiatives		Market and Regional Alignment Initiatives		Total
	(Dollars in Thousands)
Balance as of April 1, 2023	$	340	$	1,810	$	—	$	—	$	2,150
Costs incurred, net of reversals	(276)		450		13,915		—		14,089
Payments	(64)		(1,775)		(2,606)		—		(4,445)

Balance as of March 30, 2024	$	—	$	485	$	11,309	$	—	$	11,794
Costs incurred, net of reversals	—		566		12,797		550		13,913
Payments	—		(761)		(12,755)		(550)		(14,066)
Non-cash adjustments	—		—		(8,616)		—		(8,616)
Balance as of March 29, 2025	$	—	$	290	$	2,735	$	—	$	3,025
Costs incurred, net of reversals	—		(62)		(1,919)		5,095		3,114
Payments	—		(205)		(100)		(4,527)		(4,832)

Balance as of March 28, 2026	$	—	$	23	$	716	$	568	$	1,307


	Year Ended March 28, 2026
	(Dollars in Thousands)
Tax at federal statutory rate	$	26,886	21.0	%
State income taxes net of federal benefit(1)	4,610		3.6	%
Foreign tax effects
Switzerland
Statutory tax rate difference	(5,051)		(3.9)	%
Local income tax	2,246		1.8	%
Other items	21		—	%
Canada
Local income tax	(1,838)		(1.5)	%
Other items	(1,071)		(0.8)	%
Ireland	1,341		1.0	%
Other foreign jurisdictions	3,267		2.6	%
Effect of cross-border tax laws	(770)		(0.6)	%
Nontaxable or nondeductible items
Other nontaxable or nondeductible items	1,496		1.2	%
Limitation on executive compensation	3,434		2.7	%
Tax credits
Federal research credits	(3,089)		(2.4)	%
Other tax credits	(852)		(0.7)	%
Changes in valuation allowances	37		—	%
Changes in unrecognized tax benefits	54		—	%
Other, net	1		—	%
Income tax provision	$	30,722	24.0	%


		Year Ended
	2025			2024
		(Dollars in Thousands)
Tax at federal statutory rate		$	44,535	21.0	%	$	31,892	21.0	%

Impact of foreign operations		(732)		(0.3)	%	(3,631)		(2.4)	%
State income taxes net of federal benefit		7,505		3.5	%	7,037		4.6	%
Change in uncertain tax positions		(1,227)		(0.6)	%	(107)		(0.1)	%

Global intangible low taxed income		(1,380)		(0.7)	%	(555)		(0.4)	%
Unremitted earnings		163		0.1	%	171		0.1	%
Deferred statutory rate changes		543		0.3	%	(159)		(0.1)	%

Non-deductible executive compensation		5,130		2.4	%	3,256		2.1	%
Non-deductible expenses		2,845		1.3	%	2,355		1.6	%
Stock compensation benefits		(4,469)		(2.1)	%	(1,841)		(1.2)	%
Research credits		(2,411)		(1.1)	%	(1,378)		(0.9)	%
Contingent consideration		(4,774)		(2.3)	%	—		—	%
Impact of foreign tax law changes		(2,707)		(1.3)	%	(2,739)		(1.8)	%


Valuation allowance		1,744		0.9	%	(393)		(0.2)	%
Other, net		(373)		(0.2)	%	399		0.3	%
Income tax provision		$	44,392	20.9	%	$	34,307	22.6	%


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Life (Years)
March 28, 2026	(Dollars in Thousands)
Amortizable:
Developed technology	$	556,631	$	193,114	$	363,517	11.6
Customer contracts and related relationships	130,862		76,489		54,373		11.3
Capitalized software	95,880		82,284		13,596		2.9
Patents and other	7,422		4,613		2,809		5.5
Trade names	14,720		7,263		7,457		10.4
Total	$	805,515	$	363,763	$	441,752

Non-amortizable:

In-process software development	5,903

Total	$	5,903


	Amortization Expense
	(Dollars in Thousands)
Fiscal 2027	$	46,864
Fiscal 2028	$	44,781
Fiscal 2029	$	43,105
Fiscal 2030	$	41,836
Fiscal 2031	$	40,359


	Classification	March 28, 2026		March 29, 2025
		(Dollars in Thousands)
Assets
Operating lease right-of-use assets	Other long-term assets	$	39,619	$	47,492
Liabilities
Operating lease liabilities	Other current liabilities	$	9,243	$	8,107
Operating lease liabilities	Other long-term liabilities	$	40,898	$	50,454


	March 28, 2026		March 29, 2025
Weighted average remaining lease term (years)	6.7		7.5
Weighted average discount rate	4.6	%	5.0	%


	March 28, 2026		March 29, 2025		March 30, 2024
	(Dollars in Thousands)
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows used for operating leases	$	11,803	$	11,201	$	10,636
Right-of-use assets obtained in exchange for new operating lease liabilities	$	997	$	399	$	2,450


	Debt Maturities
	(Dollars in Thousands)
Fiscal 2027	$	7,874
Fiscal 2028	12,564
Fiscal 2029	18,818
Fiscal 2030	1,200,073
Fiscal 2031	77
Thereafter	401
Total debt maturities	$	1,239,807


Hedged Item	Original Notional Amount		Notional Amount as of March 28, 2026		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Fair Value Assets
	(Dollars in Thousands)
1-month USD Term SOFR	$	109,900	$	100,321	9/27/2024	9/30/2024	4/30/2029	3.3%	$	859
1-month USD Term SOFR	109,900		98,966		9/27/2024	9/30/2024	4/30/2029	3.3%	912
Total	$	219,800	$	199,287					$	1,771


	Allowance for Credit Losses (Recoveries)
	(Dollars in Thousands)
Balance as of April 1, 2023	$	4,932
Credit loss	840
Recoveries	(77)
Balance as of March 30, 2024	$	5,695
Credit loss	725
Recoveries	(120)
Balance as of March 29, 2025	$	6,300
Credit loss	615
Write-offs	(3,129)
Recoveries	(93)
Balance as of March 28, 2026	$	3,693


Derivative Instruments	Amount of Gain (Loss) Recognized in AOCL		Amount of Gain (Loss) Reclassified from AOCL into Earnings		Classification in Earnings	Amount of Gain (Loss) Excluded from Effectiveness Testing		Classification in Earnings
	(Dollars in Thousands)
Designated foreign currency hedge contracts, net of tax	$	2,540	$	1,145	Net revenues, COGS and SG&A	$	2,637	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	(5,111)	Interest and other expense, net
Designated interest rate swaps, net of tax	$	(443)	$	(5)	Interest and other expense, net	$	—


	As of March 28, 2026
	Level 1		Level 2		Level 3		Total
	(Dollars in Thousands)
Assets
Money market funds	$	90,716	$	—	$	—	$	90,716
Designated foreign currency hedge contracts	—		1,245		—		1,245
Non-designated foreign currency hedge contracts	—		330		—		330
Designated interest rate swaps	—		1,770		—		1,770

Total	$	90,716	$	3,345	$	—	$	94,061

Liabilities
Designated foreign currency hedge contracts	$	—	$	50	$	—	$	50
Non-designated foreign currency hedge contracts	—		63		—		63

Contingent consideration	—		—		21,063		21,063
Total	$	—	$	113	$	21,063	$	21,176


	As of March 29, 2025
	Level 1		Level 2		Level 3		Total
	(Dollars in Thousands)
Assets
Money market funds	$	158,916	$	—	$	—	$	158,916
Designated foreign currency hedge contracts	—		193		—		193
Non-designated foreign currency hedge contracts	—		85		—		85
Designated interest rate swaps	—		2,325		—		2,325
Total	$	158,916	$	2,603	$	—	$	161,519

Liabilities
Designated foreign currency hedge contracts	$	—	$	471	$	—	$	471
Non-designated foreign currency hedge contracts	—		25		—		25

Contingent consideration	—		—		2,278		2,278
Total	$	—	$	496	$	2,278	$	2,774


	Fair Value as of
	March 28, 2026		Valuation Technique	Unobservable Input	Range
	(Dollars in Thousands)
Revenue-based payments	$	3,076	Monte Carlo Simulation Model	Discount rate	3.4%
				Projected fiscal year of payments	2028 - 2030



Event-based payments	$	390	Monte Carlo Simulation Model	Discount rate	5.8%
				Projected fiscal year of payment	2027 - 2028
	$	17,597		Discount Rate	3.0%
				Projected fiscal year of payment	2027


	Estimated Future Benefit Payments
	(Dollars in Thousands)
Fiscal 2027	$	1,701
Fiscal 2028	$	1,681
Fiscal 2029	$	1,916
Fiscal 2030	$	2,320
Fiscal 2031	$	1,861
Fiscal 2032-2036	$	11,783


	Options Outstanding	Weighted Average Exercise Price per Share		Weighted Average Remaining Life (years)	Aggregate Intrinsic Value
	(Dollars in Thousands, Except Share and Per Share Data)
Outstanding as of March 29, 2025	993,587	$	81.75	3.5	$	2,249
Granted	227,425	70.05
Exercised	(36,267)	57.90
Forfeited/Canceled	(166,850)	89.42
Outstanding as of March 28, 2026	1,017,895	$	78.74	3.5	$	45
Exercisable as of March 28, 2026	599,839	$	79.67	2.2	$	33
Vested or expected to vest as of March 28, 2026	945,805	$	78.87	3.0	$	45


	Shares	Weighted Average Grant Date Fair Value
Unvested as of March 29, 2025	303,003	$	81.27
Granted	225,738	$	70.52
Vested	(157,290)	$	78.36
Forfeited	(41,633)	$	78.15
Unvested as of March 28, 2026	329,818	$	75.69