Income Taxes (Tables)
|
12 Months Ended |
Mar. 27, 2026 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of (Loss) Income before Income Taxes |
The components of (loss) income before income taxes include the following:
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|
|
|
|
|
|
|
|
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|
|
|
Fiscal Year Ended |
|
|
|
March 27,
2026 |
|
|
March 28,
2025 |
|
|
March 29,
2024 |
|
(Loss) income before income taxes |
|
|
|
|
|
|
|
|
|
Domestic operations |
|
$ |
(28,405 |
) |
|
$ |
(106,576 |
) |
|
$ |
183,524 |
|
Foreign operations |
|
|
13,504 |
|
|
|
20,880 |
|
|
|
11,273 |
|
Total |
|
$ |
(14,901 |
) |
|
$ |
(85,696 |
) |
|
$ |
194,797 |
|
|
| Schedule of Significant Components of Income Taxes (Benefit) Provision |
Significant components of the income tax (benefit) provision are as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
|
March 27,
2026 |
|
|
March 28,
2025 |
|
|
March 29,
2024 |
|
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
5,569 |
|
|
$ |
(2,047 |
) |
|
$ |
16,086 |
|
State |
|
|
650 |
|
|
|
325 |
|
|
|
1,319 |
|
Foreign |
|
|
5,527 |
|
|
|
5,090 |
|
|
|
43,117 |
|
Total current |
|
|
11,746 |
|
|
|
3,368 |
|
|
|
60,522 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
(10,406 |
) |
|
|
(15,272 |
) |
|
|
10,721 |
|
State |
|
|
(140 |
) |
|
|
(231 |
) |
|
|
(131 |
) |
Foreign |
|
|
(1,448 |
) |
|
|
(798 |
) |
|
|
(29,203 |
) |
Total deferred |
|
|
(11,994 |
) |
|
|
(16,301 |
) |
|
|
(18,613 |
) |
Total income tax (benefit) provision |
|
$ |
(248 |
) |
|
$ |
(12,933 |
) |
|
$ |
41,909 |
|
|
| Schedule of Income Taxes Reconciliation |
As detailed in Note 2 “Summary of Significant Accounting Policies” the Company elected to prospectively adopt the guidance in ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate for the fiscal year ended March 27, 2026 in accordance with the guidance in ASU 2023-09:
|
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|
|
|
|
|
|
|
|
|
March 27,
2026 |
|
|
|
$ |
|
|
% |
|
U.S. federal statutory tax rate |
|
$ |
(3,129 |
) |
|
|
21.0 |
% |
State and local income tax, net of federal income tax effect1 |
|
|
364 |
|
|
|
(2.4 |
)% |
Foreign tax effects |
|
|
1,714 |
|
|
|
(11.5 |
)% |
Effect of cross-border tax laws: |
|
|
|
|
|
|
Foreign-derived intangible income benefit |
|
|
(3,903 |
) |
|
|
26.2 |
% |
Subpart F, GILTI and other inclusions, net of foreign tax credits |
|
|
(122 |
) |
|
|
0.8 |
% |
Other |
|
|
867 |
|
|
|
(5.8 |
)% |
Tax credits |
|
|
|
|
|
|
R&D credits |
|
|
(2,179 |
) |
|
|
14.6 |
% |
Changes in valuation allowances |
|
|
1,339 |
|
|
|
(9.0 |
)% |
Nontaxable or nondeductible items: |
|
|
|
|
|
|
Stock-based compensation |
|
|
2,438 |
|
|
|
(16.4 |
)% |
162(m) limitation |
|
|
2,626 |
|
|
|
(17.6 |
)% |
Other |
|
|
173 |
|
|
|
(1.1 |
)% |
Changes in unrecognized tax benefits |
|
|
(436 |
) |
|
|
2.9 |
% |
Effective tax rate |
|
$ |
(248 |
) |
|
|
1.7 |
% |
1.During the fiscal year ended March 27, 2026, New Hampshire state taxes made up the majority of this category. The following table shows the difference between the income tax (benefit) provision at the statutory federal tax rate and the (benefit) provision for income taxes for the fiscal years ended March 28, 2025 and March 29, 2024, using the methodology in place prior to the adoption of ASU 2023-09:
|
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|
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|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
|
March 28,
2025 |
|
|
March 29,
2024 |
|
Income tax (benefit) provision at U.S. statutory rate |
|
$ |
(17,996 |
) |
|
$ |
40,907 |
|
State income taxes, net of federal benefit |
|
|
266 |
|
|
|
1,106 |
|
Foreign derived intangible income |
|
|
(2,037 |
) |
|
|
(25,612 |
) |
Research and development tax credit |
|
|
(3,644 |
) |
|
|
(6,188 |
) |
Stock-based compensation |
|
|
2,094 |
|
|
|
(956 |
) |
Cumulative provision-to-return |
|
|
(2,035 |
) |
|
|
(1,147 |
) |
Subpart F and GILTI, net of credits |
|
|
640 |
|
|
|
(168 |
) |
Provision for uncertain tax positions |
|
|
(586 |
) |
|
|
827 |
|
162(m) limitation |
|
|
3,542 |
|
|
|
3,010 |
|
Foreign tax rate |
|
|
(235 |
) |
|
|
2,632 |
|
Transaction costs |
|
|
91 |
|
|
|
1,848 |
|
BEAT alternative minimum tax |
|
|
1,454 |
|
|
|
— |
|
Entity restructuring |
|
|
(1,188 |
) |
|
|
25,921 |
|
Nondeductible - loss on forward repurchase contract |
|
|
7,298 |
|
|
|
— |
|
Refund interest and other |
|
|
(597 |
) |
|
|
(271 |
) |
Total income tax (benefit) provision |
|
$ |
(12,933 |
) |
|
$ |
41,909 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:
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|
|
|
|
|
|
|
|
|
March 27,
2026 |
|
|
March 28,
2025 |
|
Deferred income tax assets: |
|
|
|
|
|
|
Capitalized research and development costs |
|
$ |
92,034 |
|
|
$ |
87,759 |
|
Accrued bonuses, sales commissions and other compensation |
|
|
10,456 |
|
|
|
6,502 |
|
Inventory and sales related |
|
|
18,574 |
|
|
|
15,629 |
|
Stock-based compensation |
|
|
4,651 |
|
|
|
3,780 |
|
Tax credits |
|
|
3,290 |
|
|
|
3,154 |
|
Lease liabilities |
|
|
3,960 |
|
|
|
2,442 |
|
Property, plant and equipment, net |
|
|
1,923 |
|
|
|
1,918 |
|
Other accruals and reserves |
|
|
1,359 |
|
|
|
3,753 |
|
NOL carryforwards |
|
|
4,314 |
|
|
|
5,255 |
|
Equity method and other investments |
|
|
1,352 |
|
|
|
— |
|
Gross deferred income tax assets |
|
|
141,913 |
|
|
|
130,192 |
|
Valuation allowance for deferred income tax assets |
|
|
(5,779 |
) |
|
|
(4,250 |
) |
Total deferred income tax assets |
|
|
136,134 |
|
|
|
125,942 |
|
Deferred income tax liabilities: |
|
|
|
|
|
|
Equity method and other investments |
|
|
— |
|
|
|
(641 |
) |
Intangibles assets, net |
|
|
(38,349 |
) |
|
|
(42,623 |
) |
Property, plant and equipment, net |
|
|
(15,099 |
) |
|
|
(12,108 |
) |
Right-of-use assets |
|
|
(2,465 |
) |
|
|
(2,042 |
) |
Total deferred income tax liabilities |
|
|
(55,913 |
) |
|
|
(57,414 |
) |
Net deferred income tax assets |
|
$ |
80,221 |
|
|
$ |
68,528 |
|
|
| Schedule of Unrecognized Tax Benefits Roll Forward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
|
March 27,
2026 |
|
|
March 28,
2025 |
|
|
March 29,
2024 |
|
Beginning balance |
|
$ |
4,797 |
|
|
$ |
4,980 |
|
|
$ |
2,408 |
|
Gross increases - tax positions for prior periods |
|
|
— |
|
|
|
— |
|
|
|
2,210 |
|
Gross increases - tax positions for current period |
|
|
— |
|
|
|
149 |
|
|
|
378 |
|
Gross decreases lapse of applicable statutes of limitations |
|
|
(118 |
) |
|
|
(332 |
) |
|
|
(16 |
) |
Ending balance |
|
$ |
4,679 |
|
|
$ |
4,797 |
|
|
$ |
4,980 |
|
|