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Income Taxes (Tables)

12 Months Ended

Jan. 26, 2025

Income Tax Disclosure [Abstract]

Schedule of regional income before income taxes

The Company's regional income before income taxes and equity in net gains (losses) of equity method investments was as follows:

			Fiscal Year Ended
(in thousands)			January 26, 2025						January 28, 2024						January 29, 2023
Domestic			$	(183,751)					$	(306,039)					$	(59,961)
Foreign			390						(735,516)						138,428
Total			$	(183,361)					$	(1,041,555)					$	78,467

Schedule of components of income tax expense

The provision for income taxes consisted of the following:

			Fiscal Year Ended
(in thousands)			January 26, 2025						January 28, 2024						January 29, 2023
Current income tax (benefit) provision
Federal			$	(10,416)					$	1,758					$	8,291
State			1,513						1						17
Foreign			9,949						8,750						24,231
Subtotal			1,046						10,509						32,539
Deferred income tax (benefit) provision
Federal			—						50,938						(23,730)
State			—						51						(28)
Foreign			(23,058)						(10,979)						8,563
Subtotal			(23,058)						40,010						(15,195)
Provision for income taxes			$	(22,012)					$	50,519					$	17,344

Schedule of income tax reconciliation

The provision for income taxes reconciles to the amount computed by applying the statutory federal rate to income before taxes as follows:

			Fiscal Year Ended
(in thousands)			January 26, 2025						January 28, 2024						January 29, 2023
Federal income tax at statutory rate			$	(38,506)					$	(218,726)					$	16,478
State income taxes, net of federal benefit			1,173						(9,989)						(4,134)
Foreign taxes differential, including withholding taxes			(1,027)						(36,408)						(11,636)
Tax credits generated			(9,436)						(6,054)						(6,922)
Changes in valuation allowance			23,847						149,209						6,500
Gain on intra-entity asset transfer of intangible assets			11,430						—						(8,735)
Changes in uncertain tax positions			(9,856)						1,877						826
True-up on impairment losses			(26,903)						—						—
Equity compensation			1,825						2,929						430
Nondeductible loss on debt extinguishment			30,384						—						—
Rate change on deferreds			(10,382)						(2,667)						—
GILTI and Subpart F income			7,227						—						7,385
Transaction costs			—						—						13,729
Goodwill impairment			2,019						193,699						—
Nondeductible officers compensation			1,650						741						1,326
Other			(5,457)						(24,092)						2,097
Provision for income taxes			$	(22,012)					$	50,519					$	17,344

Schedule of components of deferred tax assets and liabilities

The components of the net deferred income tax assets and liabilities at January 26, 2025 and January 28, 2024 were as follows:

(in thousands)			January 26, 2025						January 28, 2024
Non-current deferred tax assets:
Deferred revenue			$	2,351					—
Inventory reserve			7,501						$	8,091
Bad debt reserve			405						447
Foreign tax credits			1,790						1,737
Research credit carryforward			91,214						78,593
NOL carryforward			128,595						107,030
Payroll and related accruals			7,989						8,253
Share-based compensation			4,608						2,904
Foreign pension deferred			793						632
Accrued sales reserves			4,332						3,498
Research and development charges			20,374						20,274
Leasing deferred assets			5,930						7,001
OID interest			9,692						12,812
Other reserves			1,463						1,176
Section 163(J) Limitation			34,072						17,696
Other deferred assets			3,558						4,181
Intangibles			67,397						72,946
Valuation allowance			(328,203)						(304,355)
Total non-current deferred tax assets			63,861						42,916
Non-current deferred tax liabilities:
Property, plant and equipment			(7,135)						(7,937)
Goodwill and other intangibles			(7,700)						(7,406)
Leasing deferred liabilities			(5,334)						(5,866)
Other non-current deferred tax liabilities			(3,318)						(4,523)
Total non-current deferred tax liabilities			(23,487)						(25,732)
Net deferred tax assets			$	40,374					$	17,184

Summary of changes in the valuation allowance

Changes in the valuation allowance for the three years ended January 26, 2025 are summarized in the table below:

			Fiscal Year Ended
(in thousands)			January 26, 2025						January 28, 2024						January 29, 2023
Beginning balance			$	304,355					$	156,850					$	17,506
Assumed valuation allowance from Sierra Wireless Acquisition			—						—						116,528
Additions			35,071						147,505						22,816
Releases			(11,223)						—						—
Ending balance			$	328,203					$	304,355					$	156,850

Schedule of unrecognized tax benefits roll forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (before federal impact of state items) is as follows:

			Fiscal Year Ended
(in thousands)			January 26, 2025						January 28, 2024
Beginning balance			$	36,548					$	31,471
Net additions based on tax positions related to the current year			1,356						1,016
Additions based on tax positions related to prior years			646						5,227
Reductions as a result of lapsed statutes			(17,584)						(834)
Reductions for settlements with tax authorities			—						(332)
Ending balance			$	20,966					$	36,548

Schedule of liability for uncertain tax positions

The liability for UTP is reflected on the Balance Sheets as follows:

			Fiscal Year Ended
(in thousands)			January 26, 2025						January 28, 2024
Deferred tax assets - non-current			$	14,255					$	20,519
Other long-term liabilities			4,775						14,632
Total uncertain tax positions			$	19,030					$	35,151

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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