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Income Taxes (Tables) | 12 Months Ended
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Jun. 28, 2024
Income Tax Disclosure [Abstract] |
Components of Income Before Income Taxes and Income Tax Expense (Benefit) | The components of (loss) income before income taxes and income tax (benefit) provision were as follows:
| Fiscal Years
| 2024 |  | 2023 |  | 2022
(Loss) income before income taxes: |  |  |  |  |
United States | $ | (183,263) |  |  | $ | (42,864) |  |  | $ | 24,286 |
Foreign | (6,012) |  |  | (5,678) |  |  | (5,891) |
| $ | (189,275) |  |  | $ | (48,542) |  |  | $ | 18,395 |
Tax (benefit) provision: |  |  |  |  |
Federal: |  |  |  |  |
Current | $ | (19,791) |  |  | $ | 33,898 |  |  | $ | 3,857 |
Deferred | (21,274) |  |  | (54,010) |  |  | (230) |
| (41,065) |  |  | (20,112) |  |  | 3,627 |
State: |  |  |  |  |
Current | (3,016) |  |  | 10,054 |  |  | 3,626 |
Deferred | (7,937) |  |  | (10,200) |  |  | (2,721) |
| (10,953) |  |  | (146) |  |  | 905 |
Foreign: |  |  |  |  |
Current | 95 |  |  | 104 |  |  | 2,535 |
Deferred | 288 |  |  | (53) |  |  | 53 |
| 383 |  |  | 51 |  |  | 2,588 |
| $ | (51,635) |  |  | $ | (20,207) |  |  | $ | 7,120 |
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations | The following is the reconciliation between the federal statutory income tax rate and the Company’s effective income tax rate:
| Fiscal Years
| 2024 |  | 2023 |  | 2022
Tax (benefit) provision at federal statutory rates | (21.0) | % |  | (21.0) | % |  | 21.0 | %
State income tax, net of federal tax benefit | (5.9) |  |  | (5.4) |  |  | 8.1 |
Research and development tax credits | (3.7) |  |  | (15.1) |  |  | (39.5) |
Provision to return | (0.1) |  |  | (0.7) |  |  | 10.3 |
Excess tax provision related to stock compensation | 1.4 |  |  | 2.6 |  |  | 5.3 |
Foreign income tax rate differential | 0.2 |  |  | 0.2 |  |  | 2.3 |
Non-deductible compensation | 0.9 |  |  | 1.0 |  |  | 20.9 |
Acquisition costs | — |  |  | — |  |  | 1.2 |
Reserves for unrecognized income tax benefits | 0.2 |  |  | (6.9) |  |  | 5.4 |
Valuation allowance | 0.7 |  |  | 3.8 |  |  | 4.3 |
Foreign derived intangible income | — |  |  | (1.4) |  |  | (1.6) |
Other | — |  |  | 1.3 |  |  | 1.0 |
| (27.3) | % |  | (41.6) | % |  | 38.7 | %
Components of Net Deferred Tax Assets (Liabilities) | The components of the Company’s net deferred tax assets (liabilities) were as follows:
| As of
| June 28, 2024 |  | June 30, 2023
Deferred tax assets: |  |  |
Inventory valuation and receivable allowances | $ | 23,799 |  |  | $ | 18,095 |
Accruals | 10,852 |  |  | 6,762 |
Stock compensation | 6,700 |  |  | 5,149 |
Federal and state research and development tax credit carryforwards | 17,762 |  |  | 14,287 |
Research and development expenditures | 68,728 |  |  | 63,114 |
Interest expense carryforward | 5,289 |  |  | — |
Federal and state net operating loss carryforward | 2,357 |  |  | 774 |
Foreign net operating loss carryforward | 4,004 |  |  | 3,166 |
Operating lease liabilities | 20,107 |  |  | 19,968 |
Other | 1,339 |  |  | 2,325 |
| 160,937 |  |  | 133,640 |
Valuation allowance | (17,575) |  |  | (14,785) |
Total deferred tax assets | 143,362 |  |  | 118,855 |
Deferred tax liabilities: |  |  |
Property and equipment | (13,647) |  |  | (15,798) |
Intangible assets | (50,935) |  |  | (54,550) |
Operating lease right-of-use assets, net | (16,493) |  |  | (17,077) |
Other | (3,675) |  |  | (4,331) |
Total deferred tax liabilities | (84,750) |  |  | (91,756) |
Net deferred tax assets | $ | 58,612 |  |  | $ | 27,099 |
Summary of Reserves for Unrecognized Income Tax Benefits | The changes in the Company’s income tax reserves for gross unrecognized income tax benefits, including interest and penalties, are summarized as follows:
| Fiscal Years
| 2024 |  | 2023
Unrecognized tax benefits, beginning of period | $ | 5,165 |  |  | $ | 9,112 |
Increases for tax positions taken related to a prior period | 3,371 |  |  | — |
Increases for tax positions taken during the current period | 3,083 |  |  | 1,260 |
Decreases for tax positions taken by an acquired company | — |  |  | (2,679) |
Decreases for tax positions taken related to a prior period | (2,971) |  |  | (191) |
Decreases for settlements of previously recognized positions | — |  |  | (93) |
Decreases as a result of a lapse of the applicable statute of limitations | (935) |  |  | (2,244) |
Unrecognized tax benefits, end of period | $ | 7,713 |  |  | $ | 5,165 |

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