Income Taxes (Tables)

12 Months Ended

Mar. 28, 2026

Income (loss) before income taxes consisted of (in thousands):

The provision (benefit) for income taxes consists of (in thousands):

The effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages):


	Fiscal Year Ended
	March 28, 2026
	Amount		Percent
U.S. federal tax at statutory rate	$	104,314	21.0	%
State and local income taxes, net of federal income tax effect (1)	227		0.1	%
Foreign tax effects:
United Kingdom
Statutory tax rate difference	19,761		4.0	%
Patent box incentive benefit	(42,066)		(8.5)	%
Stock-based compensation	(7,352)		(1.5)	%
Other	191		—	%
Other foreign jurisdictions	1,433		0.3	%

Effect of cross-border tax laws:
GILTI and Subpart F income, net of foreign tax credit	1,765		0.4	%



Nontaxable or nondeductible items	3,239		0.7	%
Changes in unrecognized tax benefits	2,681		0.5	%
Other adjustments	(1,867)		(0.4)	%
Effective Tax Rate	$	82,326	16.6	%

(1) State income taxes in California comprise the majority of the effect of the state and local income tax category.


	Fiscal Years Ended
	March 29, 2025		March 30, 2024
U.S. federal statutory rate	21.0	%	21.0	%
Foreign income taxed at different rates	(3.5)	%	(7.1)	%
Stock-based compensation	(1.7)	%	(0.1)	%
Foreign-derived intangible income deduction	—	%	(0.2)	%
GILTI and Subpart F income	14.1	%	14.6	%
Foreign tax credits	(5.6)	%	(4.1)	%

Release of prior year unrecognized tax benefits	—	%	(0.2)	%
Interest related to unrecognized tax benefits	0.6	%	0.7	%
U.S. research and development credit	—	%	(0.7)	%
Other	0.6	%	0.7	%
Effective tax rate	25.5	%	24.6	%

Cash paid for income taxes (net of refunds) consisted of the following (in thousands):


	Fiscal Year Ended
	March 28, 2026
U.S. Federal	$	14,381
U.S. State and Local	171
Foreign:
United Kingdom	34,819
Other	250
Cash paid for income taxes (net of refunds)	$	49,621

Significant components of our deferred tax assets and liabilities as of March 28, 2026 and March 29, 2025 were as follows (in thousands):


	March 28, 2026		March 29, 2025
Deferred tax assets:
Accrued expenses and allowances	$	3,622	$	3,939
Net operating loss carryforwards	609		889
Research and development tax credit carryforwards	11,867		12,024
Stock-based compensation	22,757		23,099
Lease liabilities	22,563		23,562
Capitalized research and development	8,482		10,461
Depreciation and amortization	11,896		6,823
Other	766		714
Total deferred tax assets	$	82,562	$	81,511
Valuation allowance for deferred tax assets	(12,445)		(12,475)
Net deferred tax assets	$	70,117	$	69,036
Deferred tax liabilities:
Right of use asset	20,072		20,302
Acquisition intangibles	—		134
Other	221		450
Total deferred tax liabilities	$	20,293	$	20,886
Total net deferred tax assets	$	49,824	$	48,150

The following table summarizes the changes in the unrecognized tax benefits (in thousands):