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Income Taxes (Tables)

12 Months Ended

Oct. 01, 2022

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 2022, 2021 and 2020 were as follows:

		October 1, 2022				October 2, 2021				October 3, 2020
(In thousands)
Domestic		$	54,609			$	126,810			$	(15,194	)
Foreign			14,121				30,115				(4,889	)
Income (loss) before provision for (benefit from) income taxes		$	68,730			$	156,925			$	(20,083	)

Schedule of Provision For (Benefit From) Income Taxes

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

		October 1, 2022				October 2, 2021				October 3, 2020
(In thousands)
Current:
U.S. Federal		$	—			$	—			$	(1,388	)
U.S. State			483				440				724
Foreign			3,401				6,216				1,220
Total current			3,884				6,656				556

Deferred:
U.S. Federal			(1,459	)			—				—
U.S. State			(21	)			—				—
Foreign			(1,057	)			(8,326	)			(524	)
Total deferred			(2,537	)			(8,326	)			(524	)
Provision for (benefit from) income taxes		$	1,347			$	(1,670	)		$	32

Schedule of Deferred Tax Assets and Liabilities

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

		October 1, 2022				October 2, 2021
(In thousands)
Deferred tax assets
Accrued expenses and reserves		$	8,872			$	18,601
Deferred revenue			14,170				13,915
U.S. net operating loss carryforwards			26,363				25,284
Foreign net operating loss carryforwards			7,702				13,240
Research & development tax credit carryforwards			92,487				77,607
Stock-based compensation			9,261				9,082
Operating lease liability			7,717				9,908
Capitalized research & development			9,420				3,409
Other capitalized costs			3,799				4,622
Depreciation			2,239				1,843
Other			182				428
Total deferred tax assets			182,212				177,939
Valuation allowance			(162,267	)			(155,978	)
Deferred tax assets, net of valuation allowance			19,945				21,961
Deferred tax liabilities
Tax accounting method change			—				(962	)
Right-of-use asset			(5,940	)			(7,388	)
Intangibles			(22,125	)			(5,833	)
Other			(14	)			(144	)
Total deferred tax liabilities			(28,079	)			(14,327	)
Net deferred tax assets (liabilities)		$	(8,134	)		$	7,634
Reported as
Deferred tax assets		$	1,508			$	10,028
Deferred tax liabilities			(9,642	)			(2,394	)
Net deferred tax assets (liabilities)		$	(8,134	)		$	7,634

Summary of Changes in Valuation Allowance

The following table summarizes changes in the valuation allowance for fiscal 2022, 2021 and 2020:

		October 1, 2022				October 2, 2021				October 3, 2020
(In thousands)
Beginning balance		$	155,978			$	113,939			$	95,088
Increase during the period			13,841				49,791				18,851
Decrease during the period			(7,552	)			(7,752	)			—
Ending balance		$	162,267			$	155,978			$	113,939

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 1, 2022				October 2, 2021				October 3, 2020
(In thousands)
U.S. federal income taxes at statutory rate		$	14,433			$	32,954			$	(4,217	)
U.S. state and local income taxes, net of federal benefit and state credits			(2,594	)			(9,473	)			(2,798	)
Foreign income tax rate differential			970				1,430				(75	)
Stock-based compensation			(15,532	)			(47,496	)			869
Federal research and development tax credits			(8,983	)			(21,535	)			(8,012	)
Unrecognized federal tax benefits			(2,482	)			4,041				815
Change in tax rate			5,013				(2,681	)			—
Global intangible low taxed income, net of foreign tax credits			290				—				—
162(m) executive compensation limitation			2,574				—				—
Base erosion and anti-abuse tax			—				—				(781	)
Other			1,079				(565	)			598
Change in valuation allowance			6,579				41,655				13,633
Provision for income taxes		$	1,347			$	(1,670	)		$	32

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 1, 2022				October 2, 2021				October 3, 2020
(In thousands)
Beginning balance		$	21,252			$	14,721			$	12,527
Decrease - tax positions in prior periods			(6,039	)			(4	)			(768	)
Increase - tax positions in current periods			1,808				6,535				2,962

Ending balance $ 17,021 $ 21,252 $ 14,721

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