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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

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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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