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Income Taxes (Tables)

12 Months Ended

Oct. 02, 2021

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision For (Benefit From) Income Taxes

The Company’s income (loss) before provision for (benefit from) income taxes for fiscal 2021, 2020 and 2019 were as follows: 

			October 2, 2021						October 3, 2020						September 28, 2019
(In thousands)
Domestic			$	126,810					$	(15,194)					$	(858)
Foreign			30,115						(4,889)						(218)
Income (loss) before provision for (benefit from) income taxes			$	156,925					$	(20,083)					$	(1,076)

Schedule of Provision For (Benefit From) Income Taxes

Components of the provision for (benefit from) income taxes consisted of the following:

 

			October 2, 2021						October 3, 2020						September 28, 2019
(In thousands)
Current:
U.S. Federal			$	—					$	(1,388)					$	1,366
U.S. State			440						724						1,132
Foreign			6,216						1,220						1,463
Total current			6,656						556						3,961
Deferred:
U.S. Federal			—						—						—
U.S. State			—						—						—
Foreign			(8,326)						(524)						(271)
Total deferred			(8,326)						(524)						(271)
Provision for (benefit from) income taxes			$	(1,670)					$	32					$	3,690

Schedule of Deferred Tax Assets and Liabilities

Components of the Company’s deferred income tax assets and liabilities are as follows: 

			October 2, 2021						October 3, 2020
(In thousands)
Deferred tax assets
Accrued expenses and reserves			$	18,601					$	12,014
Deferred revenue			13,915						11,831
U.S. net operating loss carryforwards			25,284						8,242
Foreign net operating loss carryforwards			13,240						12,183
Research & development tax credit carryforwards			77,607						53,543
Stock-based compensation			9,082						11,018
Operating lease liability			9,908						14,377
U.S. amortization			8,031						7,648
Depreciation			1,875						1,101
Other			428						603
Total deferred tax assets			177,971						132,560
Valuation allowance			(155,978)						(113,939)
Deferred tax assets, net of valuation allowance			21,993						18,621
Deferred tax liabilities
Tax accounting method change			(962)						(2,946)
Right-of-use asset			(7,388)						(9,914)
Foreign amortization			(5,833)						(6,093)
Depreciation			(32)						(187)
Other			(144)						(115)
Total deferred tax liabilities			(14,359)						(19,255)
Net deferred tax assets (liabilities)			$	7,634					$	(634)
Reported as
Deferred tax assets			$	10,028					$	1,800
Deferred tax liabilities			(2,394)						(2,434)
Net deferred tax assets (liabilities)			$	7,634					$	(634)

Summary of Changes in Valuation Allowance

The following table summarizes changes in the valuation allowance for fiscal 2021, 2020 and 2019:

			October 2, 2021						October 3, 2020						September 28, 2019
(In thousands)
Beginning balance			$	113,939					$	95,088					$	72,380
Increase during the period			49,791						18,851						22,708
Decrease during the period			(7,752)						—						—
Ending balance			$	155,978					$	113,939					$	95,088

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation of U.S. statutory federal income taxes to the Company’s provision for (benefit from) income taxes is as follows:

 

			October 2, 2021						October 3, 2020						September 28, 2019
(In thousands)
U.S. federal income taxes at statutory rate			$	32,954					$	(4,217)					$	(226)
U.S. state and local income taxes, net of federal benefit and state credits			(9,473)						(2,798)						(9,315)
Foreign income tax rate differential			1,430						(75)						129
Stock-based compensation			(47,496)						869						(2,399)
Federal research and development tax credits			(21,535)						(8,012)						(8,418)
Unrecognized federal tax benefits			4,041						815						(2,806)
Change in tax rate			(2,681)						—						1,161
Global intangible low taxed income, net of foreign tax credits			—						—						239
Base erosion and anti-abuse tax			—						(781)						781
Other			(565)						598						822
Change in valuation allowance			41,655						13,633						23,722
Provision for income taxes			$	(1,670)					$	32					$	3,690

Schedule of Changes in Unrecognized Tax Benefits

Change in gross unrecognized tax benefits, excluding interest and penalties, as a result of uncertain tax positions are as follows:

			October 2, 2021						October 3, 2020						September 28, 2019
(In thousands)
Beginning balance			$	14,721					$	12,527					$	17,794
Decrease - tax positions in prior periods			(4)						(768)						(8,226)
Increase - tax positions in current periods			6,535						2,962						2,959
Ending balance			$	21,252					$	14,721					$	12,527

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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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