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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Schedule of income (loss) inclusive of equity-method earnings and before income taxes | Income (loss), inclusive of equity-method earnings (loss) and before income taxes, includes the following components (in thousands):
| Year Ended
| December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Domestic | $ | (33,032) |  |  | $ | (14,539) |  |  | $ | 32,088 |
Foreign | (121,781) |  |  | (12,034) |  |  | 97,764 |
| $ | (154,813) |  |  | $ | (26,573) |  |  | $ | 129,852 |
Schedule of provision (benefit) for income taxes | The provision (benefit) for income taxes consists of the following (in thousands):
| Year Ended
| December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Current: |  |  |  |  |
Domestic | $ | (252) |  |  | $ | 3,291 |  |  | $ | 52,834 |
Foreign | 6,978 |  |  | 15,599 |  |  | 3,856 |
Total Current | 6,726 |  |  | 18,890 |  |  | 56,690 |
Deferred: |  |  |  |  |
Domestic | 29,745 |  |  | (9,036) |  |  | (17,728) |
Foreign | (274) |  |  | (1,911) |  |  | (512) |
Total Deferred | 29,471 |  |  | (10,947) |  |  | (18,240) |
Provision for income taxes | $ | 36,197 |  |  | $ | 7,943 |  |  | $ | 38,450 |
Schedule of reconciliation of federal statutory tax rate to effective tax rate | The reconciliation of the federal statutory tax rate to the Company’s effective tax rate is as follows:
| Year Ended
| December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign tax rate benefit | (9.2) |  |  | (33.2) |  |  | (6.2) |
Current period valuation allowance | (18.9) |  |  | — |  |  | — |
Change in prior period valuation allowance | (12.9) |  |  | (1.5) |  |  | (0.3) |
GILTI and Subpart F income, net of foreign tax credits | (4.3) |  |  | (24.2) |  |  | 16.5 |
(Nondeductible) nontaxable foreign items | (3.1) |  |  | (26.0) |  |  | 4.5 |
(Nondeductible) nontaxable domestic items | (0.9) |  |  | (3.6) |  |  | 0.7 |
Nondeductible officer compensation | (0.8) |  |  | 1.3 |  |  | 2.0 |
Return to provision adjustments | (0.3) |  |  | 16.5 |  |  | (2.0) |
State tax expense | — |  |  | (1.5) |  |  | 1.2 |
Base erosion and anti-abuse tax | — |  |  | (7.4) |  |  | — |
Other tax effects of equity compensation | 0.1 |  |  | 1.1 |  |  | (0.3) |
Foreign withholding taxes | 0.3 |  |  | (2.2) |  |  | 0.4 |
Excess tax benefit of stock-based compensation | 0.6 |  |  | 4.0 |  |  | (1.1) |
Release of prior year unrecognized tax benefits | 1.2 |  |  | — |  |  | (0.4) |
Research and development tax credits | 4.2 |  |  | 26.9 |  |  | (5.5) |
Other | (0.4) |  |  | (1.1) |  |  | (0.9) |
Effective tax rate | (23.4) | % |  | (29.9) | % |  | 29.6 | %
Schedule of significant components of deferred taxes | Significant components of the Company’s deferred taxes as of December 28, 2024 and December 30, 2023 were as follows (in thousands):
| December 28, 2024 |  | December 30, 2023
Deferred tax assets: |  |  |
Capitalized research and development | $ | 28,613 |  |  | $ | 27,402 |
Tax credit carryforwards | 23,100 |  |  | 13,303 |
Net operating loss carryforwards | 17,484 |  |  | 6,911 |
Intangible assets | 6,447 |  |  | 7,188 |
Leases | 6,388 |  |  | 6,584 |
Deferred income on shipments to distributors | 2,153 |  |  | 6,465 |
Accrued liabilities | 2,063 |  |  | 2,859 |
Other | 6,130 |  |  | 3,072 |
| 92,378 |  |  | 73,784 |
Less: Valuation allowance | (60,760) |  |  | (10,530) |
| 31,618 |  |  | 63,254 |
Deferred tax liabilities: |  |  |
Intangible assets | 13,718 |  |  | 13,916 |
Fixed assets | 6,812 |  |  | 8,353 |
Leases | 6,053 |  |  | 6,238 |
Prepaid expenses and other | 3,555 |  |  | 4,534 |
Stock-based compensation | 1,001 |  |  | — |
| 31,139 |  |  | 33,041 |
Net deferred tax assets (liabilities) | $ | 479 |  |  | $ | 30,213 |
Schedule of valuation allowance | The following table summarizes the activity related to the valuation allowance for deferred tax assets (in thousands):
| Balance at Beginning of Period |  | Additions Charged to Expenses |  | Deductions |  | Balance at End of Period
Year ended December 28, 2024 | $ | 10,530 |  |  | $ | 50,230 |  |  | — |  |  | $ | 60,760 |
Year ended December 30, 2023 | $ | 9,409 |  |  | $ | 1,121 |  |  | $ | — |  |  | $ | 10,530 |
Year ended December 31, 2022 | $ | 9,529 |  |  | $ | 792 |  |  | $ | (912) |  |  | $ | 9,409 |
Schedule of activity related to gross unrecognized tax benefits | The following table summarizes the activity related to gross unrecognized tax benefits (in thousands):
| Year Ended
| December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Beginning balance | $ | 4,868 |  |  | $ | 4,109 |  |  | $ | 3,677 |
Additions based on tax positions related to current year | 970 |  |  | 737 |  |  | 872 |
Additions based on tax positions related to prior years | — |  |  | 22 |  |  | — |
Reductions based on tax positions related to prior years | (5) |  |  | — |  |  | (6) |
Reductions for tax positions as a result of a lapse of the applicable statute of limitations | (1,406) |  |  | — |  |  | (434) |
Ending balance | $ | 4,427 |  |  | $ | 4,868 |  |  | $ | 4,109 |

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