v3.25.2
Income Taxes (Tables)
 12 Months Ended
Apr. 26, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The following tables reflect the significant components of our income tax provision. The pretax income (loss) attributable to domestic and foreign operations was as follows:
Year Ended
April 26, 2025April 27, 2024April 29, 2023
Domestic$(13,407)$46,763 $10,125 
Foreign7,556 7,288 3,132 
(Loss) Income before income taxes$(5,851)$54,051 $13,257 
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense (benefit) consisted of the following:
Year Ended
April 26, 2025April 27, 2024April 29, 2023
Current:
Federal$6,819 $21,174 $6,321 
State1,786 5,512 1,381 
Foreign1,965 1,813 2,273 
Deferred:
Federal(5,308)(8,101)(3,025)
State(946)(1,045)(456)
Foreign(46)77 (39)
$4,270 $19,430 $6,455 
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of the provision for income taxes and the amount computed by applying the federal statutory rate to income before income taxes is as follows:
Year Ended
April 26, 2025April 27, 2024April 29, 2023
Computed income tax expense at federal statutory rates$(1,229)$11,351 $2,784 
State taxes, net of federal benefit819 3,771 731 
Change in fair value on convertible debt4,729 3,476 — 
Change in valuation allowances655 2,076 2,078 
Research and development tax credit(1,025)(1,203)(684)
Foreign-Derived Intangible Income (FDII)(183)(322)(128)
Meals and entertainment318 282 149 
Stock compensation(853)(178)262 
Other, net288 114 288 
Write-down of Deferred Taxes499 — — 
Section 162(m)142 — — 
Effect of foreign tax rates different than statutory(81)79 417 
Change in uncertain tax positions112 (35)(86)
GILTI79 19 6 
Base Erosion Anti-Abuse Tax (BEAT)— — 87 
Goodwill Impairment— — 551 
$4,270 $19,430 $6,455 
Schedule of Deferred Tax Assets and Liabilities
The components of the net deferred tax assets were as follows:
April 26, 2025April 27, 2024
Deferred tax assets:
Accrued warranty obligations$8,819 $9,361 
Vacation accrual2,443 2,170 
Deferred maintenance revenue998 777 
Allowance for excess and obsolete inventory3,590 3,362 
General reserve628 — 
Equity compensation282 234 
Allowance for credit losses accounts4,242 1,015 
Inventory capitalization3,115 3,956 
Accrued compensation and benefits942 424 
Net operating loss carry forwards862 885 
Outside basis difference in equity method investments7,030 6,295 
Section 174 Capitalization12,840 9,878 
Research and development tax credit carry forwards76 72 
Lease accounting - lease liability1,250 1,038 
Other646 630 
Total deferred tax assets47,763 40,097 
Valuation allowance(7,887)(7,197)
Net deferred tax assets39,876 32,900 
Deferred tax liabilities:
Property and equipment(5,904)(5,506)
Lease accounting - right of use asset(1,250)(1,020)
Prepaid expenses(557)(477)
Unrealized gain on foreign currency exchange(146)(64)
Other— (114)
Total deferred tax liabilities(7,857)(7,181)
Net deferred tax asset$32,019 $25,719 
The classification of the net deferred tax assets in the accompanying Consolidated Balance Sheets is:
April 26, 2025April 27, 2024
Non-current assets$32,104 $25,862 
Non-current liabilities(85)(143)
$32,019 $25,719 
Schedule of Unrecognized Tax Benefits Roll Forward
The summary of changes in the amounts related to unrecognized uncertain tax benefits are:
April 26, 2025April 27, 2024
Balance at beginning of year$356 $392 
Gross increases related to prior period tax positions24 15 
Gross decreases related to prior period tax positions(22)(3)
Gross increases related to current period tax positions122 123 
Lapse of statute of limitations(34)(171)
Balance at end of year$446 $356