XML 62 R27.htm IDEA: XBRL DOCUMENT
v3.19.3

Income Taxes (Tables) | 12 Months Ended
--- | ---
Aug. 03, 2019
Income Tax Disclosure [Abstract] |
Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes are as follows:
|  | For the Fiscal Year Ended
(in thousands) |  | August 3, 2019 |  | July 28, 2018 |  | July 29, 2017
Income (loss) before income taxes |  |  |  |  |  |
United States |  | $ | 31,657 |  |  | $ | 56,978 |  |  | $ | 12,801 |
Foreign |  | (836 | ) |  | (2,265 | ) |  | — |
Total |  | $ | 30,821 |  |  | $ | 54,713 |  |  | $ | 12,801 |
Components of Provision for Income Tax Expense | The components of the provision (benefit) for income tax expense are as follows:
|  | For the Fiscal Year Ended
(in thousands) |  | August 3, 2019 |  | July 28, 2018 |  | July 29, 2017
Current: |  |  |  |  |  |
Federal |  | $ | (221 | ) |  | $ | 2,732 |  |  | $ | 17,027 |
State |  | 2,431 |  |  | 493 |  |  | 3,096 |
Foreign |  | (67 | ) |  | — |  |  | — |
Total current |  | 2,143 |  |  | 3,225 |  |  | 20,123 |
Deferred: |  |  |  |  |  |
Federal |  | (5,464 | ) |  | 7,917 |  |  | (6,009 | )
State |  | (2,667 | ) |  | (1,329 | ) |  | (719 | )
Foreign |  | (72 | ) |  | — |  |  | — |
Total deferred |  | (8,203 | ) |  | 6,588 |  |  | (6,728 | )
Provision (benefit) for income taxes |  | $ | (6,060 | ) |  | $ | 9,813 |  |  | $ | 13,395 |
Reconciliation of Effective Tax Rate to the Statutory Federal Rate | The reconciliation of our effective tax rate to the statutory federal rate is as follows:
|  | For the Fiscal Year Ended
(in thousands, except percentages) |  | August 3, 2019 |  | July 28, 2018 |  | July 29, 2017
Tax at federal statutory rate |  | $ | 6,473 |  |  | 21.0 | % |  | $ | 14,752 |  |  | 27.0 | % |  | $ | 4,481 |  |  | 35.0 | %
State taxes, net of federal effect |  | (1,068 | ) |  | (3.5 | )% |  | (755 | ) |  | (1.4 | )% |  | 1,270 |  |  | 9.9 | %
Remeasurement of preferred stock warrant liability |  | — |  |  | 0.0 | % |  | (2,881 | ) |  | (5.3 | )% |  | 6,608 |  |  | 51.6 | %
Stock-based compensation |  | (7,114 | ) |  | (23.1 | )% |  | (5,454 | ) |  | (9.9 | )% |  | 229 |  |  | 1.8 | %
Tax Act impact |  | — |  |  | 0.0 | % |  | 6,670 |  |  | 12.2 | % |  | — |  |  | 0.0 | %
Research and development credits |  | (5,984 | ) |  | (19.4 | )% |  | (2,146 | ) |  | (3.9 | )% |  | — |  |  | 0.0 | %
Uncertain tax positions |  | 2,030 |  |  | 6.6 | % |  | 2,846 |  |  | 5.1 | % |  | 23 |  |  | 0.2 | %
Return to provision |  | (1,821 | ) |  | (5.9 | )% |  | (3,891 | ) |  | (7.1 | )% |  | — |  |  | 0.0 | %
Meals and entertainment |  | 765 |  |  | 2.5 | % |  | 652 |  |  | 1.2 | % |  | 1,188 |  |  | 9.3 | %
Other |  | 659 |  |  | 2.1 | % |  | 20 |  |  | 0.0 | % |  | (404 | ) |  | (3.2 | )%
Effective tax rate |  | $ | (6,060 | ) |  | (19.7 | )% |  | $ | 9,813 |  |  | 17.9 | % |  | $ | 13,395 |  |  | 104.6 | %
Components of Net Deferred Tax Assets | The components of net deferred tax assets are as follows:
(in thousands) |  | August 3, 2019 |  | July 28, 2018 |  | July 29, 2017
Deferred tax assets: |  |  |  |  |  |
Inventory reserve and uniform capitalization |  | $ | 11,696 |  |  | $ | 7,504 |  |  | $ | 13,378 |
Deferred rent |  | 232 |  |  | 202 |  |  | 4,858 |
Accruals and reserves |  | 6,623 |  |  | 8,274 |  |  | 6,215 |
Research and development credits |  | 4,778 |  |  | 754 |  |  | — |
Stock-based compensation |  | 6,195 |  |  | 2,210 |  |  | 308 |
Deferred revenue |  | 713 |  |  | 739 |  |  | 616 |
Other |  | 302 |  |  | 404 |  |  | 175 |
Gross deferred tax assets |  | 30,539 |  |  | 20,087 |  |  | 25,550 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation and amortization |  | (8,275 | ) |  | (5,860 | ) |  | (5,407 | )
Other |  | (89 | ) |  | (120 | ) |  | (152 | )
Gross deferred tax liabilities |  | (8,364 | ) |  | (5,980 | ) |  | (5,559 | )
Net deferred tax assets |  | $ | 22,175 |  |  | $ | 14,107 |  |  | $ | 19,991 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of our unrecognized tax benefits is as follows:
(in thousands) |  | August 3, 2019 |  | July 28, 2018 |  | July 29, 2017
Balance at the beginning of the year |  | $ | 5,503 |  |  | $ | 1,052 |  |  | $ | 846 |
Lapse of statute of limitations |  | (422 | ) |  | — |  |  | — |
Increase related to prior period tax positions |  | 2,602 |  |  | 2,334 |  |  | — |
Decrease related to prior period tax positions |  | (183 | ) |  | (241 | ) |  | (36 | )
Increase related to current year tax positions |  | 3,495 |  |  | 2,358 |  |  | 242 |
Balance at the end of the year |  | $ | 10,995 |  |  | $ | 5,503 |  |  | $ | 1,052 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration