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Income Taxes | 6 Months Ended
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Nov. 01, 2025
Income Taxes |
Income Taxes | 15. Income Taxes ​ For the three and six months ended November 1, 2025, the Company recorded an income tax benefit of $(2,305,000) and $(17,474,000) yielding an effective tax rate of (11.2)% and (16.7%), respectively. For the three and six months ended October 26, 2024, the Company recorded an income tax benefit of $(221,000) and a provision for income taxes of $1,264,000 yielding an effective tax rate of (3.5)% and 4.4%, respectively. The variance from statutory rates for the three and six months ended November 1, 2025 was primarily due to the loss before income taxes for the three months ended November 1, 2025. The variance from statutory rates for the three and six months ended October 26, 2024 was primarily due to foreign-derived intangible income (“FDII”) deductions, federal R&D credits and excess tax benefits from the exercise of stock options and vesting of equity awards. ​ On July 4, 2025, the reconciliation bill, commonly known as the One Big Beautiful Bill Act (“OBBBA”), was enacted into law. The OBBBA, among other things, eliminates the requirement to capitalize U.S. R&D expenses, permanently extends certain provisions of the Tax Cuts & Jobs Act of 2017 and modifies certain international tax provisions, including changes to the Global Intangible Low-Taxed Income (“GILTI”) and the FDII regimes, with effective dates beginning in calendar year 2025 and extending through calendar year 2027. As the OBBBA was enacted during the Company’s fiscal quarter ended August 2, 2025, the Company reflected the impacts of the OBBBA on the condensed consolidated financial statements. The Company is in the process of evaluating the financial statement impact of these provisions in future periods. Each of these changes may result in accelerated tax deductions during the current and future tax years. Cash tax payments for the fiscal year ending April 30, 2026 are expected to be significantly reduced as a result of the accelerated tax deductions. However, the Company's total income tax expense and effective tax rate are not expected to materially change as a result of the new legislation.

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