Income Taxes (Tables)

12 Months Ended

Aug. 28, 2026

Schedule of Income (Loss) before Income Taxes and Components of Income Tax Provision (Benefit)

Income (loss) before provision for income taxes consisted of the following:


Year ended	August 28, 2026		August 29, 2025		August 30, 2024
Income (loss) before income taxes:
U.S.	$	38,736	$	39,438	$	38,246
Foreign	113,187		9,463		(69,413)
	$	151,923	$	48,901	$	(31,167)

Income tax provision (benefit) consisted of the following:


Year ended	August 28, 2026		August 29, 2025		August 30, 2024
Income tax provision (benefit):
Current:
Federal	$	(39)	$	17,444	$	10,930
State	863		4,000		1,821
Foreign	27,620		12,768		9,253
	28,444		34,212		22,004
Deferred:
Federal	(61,755)		(12,227)		(6,815)
State	(1,014)		(1,099)		540
Foreign	460		(820)		(5,111)
	(62,309)		(14,146)		(11,386)
Income tax provision (benefit)	$	(33,865)	$	20,066	$	10,618

Schedule of Cash Flow, Supplemental Disclosures

ASU 2023-09 was adopted on a prospective basis for the year ended August 28, 2026, accordingly the following table has been included which discloses the amount of income taxes paid (net of refunds) disaggregated by jurisdiction:


Year ended	August 28, 2026
Federal	$	1,650
State and local	1,948





Foreign
Malaysia	13,455
Luxembourg	$	7,219
Hong Kong	1,883

All other foreign	$	2,660
	$	28,815

Effective Income Tax Rate Reconciliation

The Company adopted ASU 2023-09 on a prospective basis for the year ended August 28, 2026. Accordingly, the following table presents a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate. See “Recently Adopted Accounting Standards” for additional information regarding the adoption of ASU 2023-09.


Year ended	August 28, 2026
US federal statutory tax rate	$	31,904	21.0	%
State income tax, net of federal benefit (1)	(389)		(0.3)	%
Domestic federal tax effects:
Effects of cross-border tax laws:
Global Intangible Low-Taxed Income (GILTI)	3,860		2.5	%
US tax on foreign branches	(8,711)		(5.7)	%
Other effects of cross-border tax laws	(400)		(0.3)	%
Tax credits	(1,511)		(1.0)	%
Non-deductible expenses (non-taxable income)	313		0.2	%
Changes in valuation allowances	(63,868)		(42.0)	%
Other adjustments	(43)		—	%
Foreign tax effects
Brazil
Withholding tax	6,528		4.3	%
Cayman Islands
Statutory tax rate difference	8,712		5.7	%
Luxembourg
Gain/(Loss) on Investments	(7,310)		(4.8)	%
Changes in valuation allowances	6,231		4.1	%
Other	70		—	%
Malaysia
Statutory tax rate difference	3,775		2.5	%
Tax incentives	(17,475)		(11.5)	%
Global minimum tax	3,391		2.2	%
Other	617		0.5	%
Other Foreign Jurisdictions	919		0.6	%
Worldwide changes in unrecognized tax benefits	(478)		(0.3)	%
Effective Tax Rate	$	(33,865)	(22.3)	%
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include Arizona, California, Pennsylvania and Wisconsin for fiscal year 2026.

As previously disclosed for the years ended August 29, 2025, and August 30, 2024, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:


Year ended	August 29, 2025			August 30, 2024
Statutory tax rate		$	10,269	21.0	%	$	(6,545)	21.0	%
Foreign income taxes at different rates		6,665		13.6	%	15,870		(50.9)	%
State income tax, net of federal benefit		1,903		3.9	%	2,278		(7.3)	%

Tax on uncertain tax positions		313		0.6	%	(3,825)		12.3	%
Stock-based compensation		135		0.3	%	(100)		0.3	%
Change in valuation allowance		69,669		142.5	%	1,111		(3.6)	%
Non-deductible expenses (non-taxable income)		2,177		4.5	%	1,053		(3.4)	%
Foreign withholding tax		2,429		5.0	%	4,548		(14.6)	%
Tax credits		(1,814)		(3.7)	%	(3,337)		10.7	%
Effect of cross-border tax laws		1,409		2.9	%	—		—	%
U.S. Domestication		(75,126)		(153.6)	%	—		—	%
Return to Provision		2,283		4.7	%	—		—	%
Other		(246)		(0.7)	%	(435)		1.4	%
Effective tax rate		$	20,066	41.0	%	$	10,618	(34.1)	%

Net Tax Effects of Temporary Differences Between Bases of Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes as well as carryforwards. Deferred tax assets and liabilities consisted of the following:


As of	August 28, 2026		August 29, 2025
Deferred tax assets:
Accruals and allowances	$	19,766	$	16,868
Deferred revenue	518		371
Stock-based compensation	1,765		2,028
Research and other tax credit carryforwards	6,778		4,479
Capitalized research and development	21,839		29,584
Operating lease liabilities	14,573		15,823
Tax amortizable goodwill	12,062		13,370
Interest carryforward	90,003		91,125
Intangible assets	12,210		11,704
Original Issue Discount and Debt Issuance Costs	11,153		—
Unrealized Capital Loss	2,534		—
Loss carryforwards	15,475		10,690
Gross deferred tax assets	208,676		196,042
Valuation allowance	(14,315)		(73,443)
Net deferred tax assets	194,361		122,599

Deferred tax liabilities:
Operating right-of-use assets	12,293		13,531
Property and equipment	8,146		9,346


Other liabilities	1,079		922
Gross deferred tax liabilities	21,518		23,799
Net deferred tax assets	$	172,843	$	98,800

Reported as:
Deferred tax assets	$	173,389	$	99,107
Deferred tax liabilities (included in other noncurrent liabilities)	(546)		(307)
Net deferred tax assets	$	172,843	$	98,800

Summary of Deferred Tax Valuation Allowance

Activity related to our deferred tax valuation allowance was as follows:


Year ended	August 28, 2026		August 29, 2025		August 30, 2024
Balance at beginning of period	$	73,443	$	3,774	$	2,663
Charged (credited) to operations	(59,128)		69,669		1,111


Balance at end of period	$	14,315	$	73,443	$	3,774

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

Below is a reconciliation of our unrecognized tax benefits:


Year ended	August 28, 2026		August 29, 2025		August 30, 2024
Beginning unrecognized tax benefits	$	21,041	$	21,428	$	25,603

Increases related to prior year tax provisions	1,047		—		129
Increases related to current year tax provisions	518		495		1,099
Decreases related to prior year tax provisions	(944)		(602)		(5,348)
Lapse of statute of limitation	(759)		(280)		(55)
Ending unrecognized tax benefits	$	20,903	$	21,041	$	21,428