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Income Taxes
 3 Months Ended
Apr. 29, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

9. Income Taxes

In the first quarter of fiscal 2022, the Company’s effective tax rate was reduced from the statutory rate due to the utilization of the Company’s fully reserved net operating loss carryforwards. Then in the second quarter of fiscal 2022, the Company determined that it was more likely than not that it would be able to realize the benefits of substantially all of its deferred tax assets in the United States. Accordingly, in the second quarter of fiscal 2022, the Company released substantially all of its deferred tax valuation allowance. As a result of the valuation allowance being released, the Company has returned to a normal tax provision for fiscal 2023. For the first quarter of fiscal 2023, the Company’s effective tax rate was 26.6% compared to 0.8% for the first quarter of fiscal 2022.

The Company made no tax payments for the first three months of fiscal 2023 and fiscal 2022, respectively.