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Income Taxes (Tables)

12 Months Ended

Sep. 28, 2024

Income Tax Disclosure [Abstract]

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

The Company’s income (loss) before provision for income taxes for fiscal 2024, 2023 and 2022 were as follows:

			September 28, 2024						September 30, 2023						October 1, 2022
(In thousands)
Domestic			$	(56,661)					$	(9,904)					$	54,609
Foreign			29,510						14,298						14,121
Income (loss) before provision for income taxes			$	(27,151)					$	4,394					$	68,730

Schedule of Provision For (Benefit From) Income Taxes

Components of the provision for income taxes consisted of the following:

			September 28, 2024						September 30, 2023						October 1, 2022
(In thousands)
Current:
U.S. Federal			$	8,094					$	7,507					$	—
U.S. State			4,023						4,947						483
Foreign			17,798						2,810						3,401
Total current			29,915						15,264						3,884
Deferred:
U.S. Federal			—						—						(1,459)
U.S. State			—						—						(21)
Foreign			(18,920)						(596)						(1,057)
Total deferred			(18,920)						(596)						(2,537)
Provision for income taxes			$	10,995					$	14,668					$	1,347

Schedule of Deferred Tax Assets and Liabilities

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

			September 28, 2024						September 30, 2023
(In thousands)
Deferred tax assets
Capitalized research & development			$	107,474					$	63,395
Research & development tax credit carryforwards			58,156						75,593
Accrued expenses and reserves			17,070						17,837
Deferred revenue			15,374						15,855
Operating lease liability			14,259						13,097
Other capitalized costs			12,030						5,364
Stock-based compensation			8,195						7,727
Foreign net operating loss carryforwards			5,783						7,606
Depreciation			2,991						2,700
U.S. net operating loss carryforwards			2,296						1,852
Other			592						494
Total deferred tax assets			244,220						211,520
Valuation allowance			(216,365)						(185,840)
Deferred tax assets, net of valuation allowance			27,855						25,680
Deferred tax liabilities
Right-of-use asset			(10,955)						(11,392)
Intangibles			(3,392)						(22,475)
Capitalized inventory			(3,254)						—
Total deferred tax liabilities			(17,601)						(33,867)
Net deferred tax assets (liabilities)			$	10,254					$	(8,187)
Reported as
Deferred tax assets			$	10,314					$	1,659
Deferred tax liabilities			(60)						(9,846)
Net deferred tax assets (liabilities)			$	10,254					$	(8,187)

Summary of Changes in Valuation Allowance

The following table summarizes changes in the valuation allowance for fiscal 2024, 2023 and 2022:

			September 28, 2024						September 30, 2023						October 1, 2022
(In thousands)
Beginning balance			$	185,840					$	162,267					$	155,978
Increase during the period			32,573						23,628						13,841
Decrease during the period			(2,048)						(55)						(7,552)
Ending balance			$	216,365					$	185,840					$	162,267

Schedule of Effective Income Tax Rate Reconciliation

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

			September 28, 2024						September 30, 2023						October 1, 2022
(In thousands)
U.S. federal income taxes at statutory rate			$	(5,702)					$	923					$	14,433
U.S. state and local income taxes, net of federal benefit and state credits			(2,496)						(841)						(2,594)
Foreign income tax rate differential			1,544						734						970
Stock-based compensation			2,726						104						(15,532)
Federal research and development tax credits			(8,240)						(7,591)						(8,983)
Unrecognized federal tax benefits			1,082						184						(2,482)
Change in tax rate			(188)						—						5,013
Global intangible low taxed income, net of foreign tax credits			944						1,234						290
Foreign -derived intangible income (FDII) deduction			(1,519)						(6,863)						—
Subpart F income			733						1,374						—
162(m) executive compensation limitation			1,496						2,513						2,574
Deferred adjustments			504						—						—
Intercompany IP sale			(10,412)						—						—
Other			(121)						(695)						1,079
Change in valuation allowance			30,644						23,592						6,579
Provision for income taxes			$	10,995					$	14,668					$	1,347

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 28, 2024						September 30, 2023						October 1, 2022
(In thousands)
Beginning balance			$	17,619					$	17,021					$	21,252
Increase (decrease) - tax positions in prior periods			147						(566)						(6,039)
Increase - tax positions in current periods			1,144						1,164						1,808
Ending balance			$	18,910					$	17,619					$	17,021

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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