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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 28, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of (Loss) Income before Income Taxes | The components of (loss) income before income taxes include the following:
|  | Fiscal Year Ended |
|  | March 28, 2025 |  |  | March 29, 2024 |  |  | March 31, 2023 |
(Loss) income before income taxes |  |  |  |  |  |  |  |  |
Domestic operations |  | $ | (106,576 | ) |  | $ | 183,524 |  |  | $ | 190,107 |
Foreign operations |  |  | 20,880 |  |  |  | 11,273 |  |  |  | 21,239 |
Total |  | $ | (85,696 | ) |  | $ | 194,797 |  |  | $ | 211,346 |
Schedule of Significant Components of Income Taxes (Benefit) Provision | Significant components of the income tax (benefit) provision are as follows:
|  | Fiscal Year Ended |
|  | March 28, 2025 |  |  | March 29, 2024 |  |  | March 31, 2023 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (2,047 | ) |  | $ | 16,086 |  |  | $ | 53,973 |
State |  |  | 325 |  |  |  | 1,319 |  |  |  | 472 |
Foreign |  |  | 5,090 |  |  |  | 43,117 |  |  |  | 9,523 |
Total current |  |  | 3,368 |  |  |  | 60,522 |  |  |  | 63,968 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (15,272 | ) |  |  | 10,721 |  |  |  | (36,276 | )
State |  |  | (231 | ) |  |  | (131 | ) |  |  | 310 |
Foreign |  |  | (798 | ) |  |  | (29,203 | ) |  |  | (4,150 | )
Total deferred |  |  | (16,301 | ) |  |  | (18,613 | ) |  |  | (40,116 | )
Total income tax (benefit) provision |  | $ | (12,933 | ) |  | $ | 41,909 |  |  | $ | 23,852 |
Schedule of Income Taxes Reconciliation | The difference between the income tax (benefit) provision at the statutory federal tax rate and the (benefit) provision for income taxes is as follows:
|  | Fiscal Year Ended |
|  | March 28, 2025 |  |  | March 29, 2024 |  |  | March 31, 2023 |
Tax (benefit) provision at U.S. statutory rate |  | $ | (17,996 | ) |  | $ | 40,907 |  |  | $ | 44,383 |
State income taxes, net of federal benefit |  |  | 266 |  |  |  | 1,106 |  |  |  | 1,027 |
Foreign derived intangible income |  |  | (2,037 | ) |  |  | (25,612 | ) |  |  | (25,391 | )
Research and development tax credit |  |  | (3,644 | ) |  |  | (6,188 | ) |  |  | (3,641 | )
Stock-based compensation |  |  | 2,094 |  |  |  | (956 | ) |  |  | (1,025 | )
Cumulative provision-to-return |  |  | (2,035 | ) |  |  | (1,147 | ) |  |  | (914 | )
Gain on contingent purchase price reduction |  |  | — |  |  |  | — |  |  |  | (588 | )
Subpart F and GILTI, net of credits |  |  | 640 |  |  |  | (168 | ) |  |  | (307 | )
Provision for uncertain tax positions |  |  | (586 | ) |  |  | 827 |  |  |  | (81 | )
162(m) limitation |  |  | 3,542 |  |  |  | 3,010 |  |  |  | 8,931 |
Foreign tax rate |  |  | (235 | ) |  |  | 2,632 |  |  |  | 954 |
Deferred tax remeasurement |  |  | — |  |  |  | — |  |  |  | 651 |
Transaction costs |  |  | 91 |  |  |  | 1,848 |  |  |  | 338 |
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 | ) |  |  | (485 | )
Total income tax (benefit) provision |  | $ | (12,933 | ) |  | $ | 41,909 |  |  | $ | 23,852 |
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:
|  | March 28, 2025 |  |  | March 29, 2024 |
Deferred income tax assets: |  |  |  |  |  |
Capitalized research and development costs |  | $ | 87,759 |  |  | $ | 62,651 |
Accrued bonuses, sales commissions and other compensation |  |  | 6,502 |  |  |  | 9,407 |
Inventory and sales related |  |  | 15,629 |  |  |  | 16,766 |
Stock-based compensation |  |  | 3,780 |  |  |  | 4,544 |
Tax credits |  |  | 3,154 |  |  |  | 3,290 |
Lease liabilities |  |  | 2,442 |  |  |  | 2,388 |
Property, plant and equipment, net |  |  | 1,918 |  |  |  | 157 |
Other accruals and reserves |  |  | 3,753 |  |  |  | 2,653 |
NOL carryforwards |  |  | 5,255 |  |  |  | 8,589 |
Gross deferred income tax assets |  |  | 130,192 |  |  |  | 110,445 |
Valuation allowance for deferred income tax assets |  |  | (4,250 | ) |  |  | (3,160 | )
Total deferred income tax assets |  |  | 125,942 |  |  |  | 107,285 |
Deferred income tax liabilities: |  |  |  |  |  |
Equity method and other investments |  |  | (641 | ) |  |  | (1,782 | )
Intangibles assets, net |  |  | (42,623 | ) |  |  | (48,875 | )
Property, plant and equipment, net |  |  | (12,108 | ) |  |  | — |
Right-of-use assets |  |  | (2,042 | ) |  |  | (2,132 | )
Total deferred income tax liabilities |  |  | (57,414 | ) |  |  | (52,789 | )
Net deferred income tax assets |  | $ | 68,528 |  |  | $ | 54,496 |
Schedule of Unrecognized Tax Benefits Roll Forward |
|  | Fiscal Year Ended |
|  | March 28, 2025 |  |  | March 29, 2024 |  |  | March 31, 2023 |
Beginning balance |  | $ | 4,980 |  |  | $ | 2,408 |  |  | $ | 2,459 |
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 |  |  | (332 | ) |  |  | (16 | ) |  |  | (51 | )
Ending balance |  | $ | 4,797 |  |  | $ | 4,980 |  |  | $ | 2,408 |

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