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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

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

The Company’s income before provision for (benefit from) income taxes for fiscal 2023, 2022 and 2021 were as follows:

		September 30, 2023				October 1, 2022				October 2, 2021
(In thousands)
Domestic		$	(9,904	)		$	54,609			$	126,810
Foreign			14,298				14,121				30,115
Income before provision for (benefit from) income taxes		$	4,394			$	68,730			$	156,925

Schedule of Provision For (Benefit From) Income Taxes

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

		September 30, 2023				October 1, 2022				October 2, 2021
(In thousands)
Current:
U.S. Federal		$	7,507			$	—			$	—
U.S. State			4,947				483				440
Foreign			2,810				3,401				6,216
Total current			15,264				3,884				6,656
Deferred:
U.S. Federal			—				(1,459	)			—
U.S. State			—				(21	)			—
Foreign			(596	)			(1,057	)			(8,326	)
Total deferred			(596	)			(2,537	)			(8,326	)
Provision for (benefit from) income taxes		$	14,668			$	1,347			$	(1,670	)

Schedule of Deferred Tax Assets and Liabilities

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

		September 30, 2023				October 1, 2022
(In thousands)
Deferred tax assets
Research & development tax credit carryforwards		$	75,593			$	92,487
Capitalized research & development			63,395				9,420
Accrued expenses and reserves			17,837				8,872
Deferred revenue			15,855				14,170
Operating lease liability			13,097				7,717
Stock-based compensation			7,727				9,261
Foreign net operating loss carryforwards			7,606				7,702
Other capitalized costs			5,364				3,799
Depreciation			2,700				2,239
U.S. net operating loss carryforwards			1,852				26,363
Other			494				182
Total deferred tax assets			211,520				182,212
Valuation allowance			(185,840	)			(162,267	)
Deferred tax assets, net of valuation allowance			25,680				19,945
Deferred tax liabilities
Intangibles			(22,475	)			(22,125	)
Right-of-use asset			(11,392	)			(5,940	)
Other			—				(14	)
Total deferred tax liabilities			(33,867	)			(28,079	)
Net deferred tax assets (liabilities)		$	(8,187	)		$	(8,134	)
Reported as
Deferred tax assets		$	1,659			$	1,508
Deferred tax liabilities			(9,846	)			(9,642	)
Net deferred tax assets (liabilities)		$	(8,187	)		$	(8,134	)

Summary of Changes in Valuation Allowance

The following table summarizes changes in the valuation allowance for fiscal 2023, 2022 and 2021:

		September 30, 2023				October 1, 2022				October 2, 2021
(In thousands)
Beginning balance		$	162,267			$	155,978			$	113,939
Increase during the period			23,628				13,841				49,791
Decrease during the period			(55	)			(7,552	)			(7,752	)
Ending balance		$	185,840			$	162,267			$	155,978

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:

		September 30, 2023				October 1, 2022				October 2, 2021
(In thousands)
U.S. federal income taxes at statutory rate		$	923			$	14,433			$	32,954
U.S. state and local income taxes, net of federal benefit and state credits			(841	)			(2,594	)			(9,473	)
Foreign income tax rate differential			734				970				1,430
Stock-based compensation			104				(15,532	)			(47,496	)
Federal research and development tax credits			(7,591	)			(8,983	)			(21,535	)
Unrecognized federal tax benefits			184				(2,482	)			4,041
Change in tax rate			—				5,013				(2,681	)
Global intangible low taxed income, net of foreign tax credits			1,234				290				—
Foreign -derived intangible income (FDII) deduction			(6,863	)			—				—
Subpart F income			1,374				—				—
162(m) executive compensation limitation			2,513				2,574				—
Other			(695	)			1,079				(565	)
Change in valuation allowance			23,592				6,579				41,655
Provision for income taxes		$	14,668			$	1,347			$	(1,670	)

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:

		September 30, 2023				October 1, 2022				October 2, 2021
(In thousands)
Beginning balance		$	17,021			$	21,252			$	14,721
Decrease - tax positions in prior periods			(566	)			(6,039	)			(4	)
Increase - tax positions in current periods			1,164				1,808				6,535
Ending balance		$	17,619			$	17,021			$	21,252

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