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Income Taxes (Tables)

9 Months Ended

Jan. 28, 2024

Income Tax Disclosure [Abstract]

Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate

The following schedule summarizes the principal differences between income tax expense at the U.S. federal income tax rate and the effective income tax rate reflected in the consolidated financial statements for the nine-month periods ending January 28, 2024, and January 29, 2023:

		January 28,				January 29,
		2024				2023
U.S. federal income tax rate			21.0	%			21.0	%
U.S. valuation allowance			(42.0	)			(29.3	)
Withholding taxes associated with foreign jurisdictions			(8.1	)			(2.0	)
Capital expenditure deduction - Quebec, Canada			—				(1.6	)
Foreign income tax rate differential			(5.2	)			1.4
Stock-based compensation			(2.9	)			(0.4	)
Tax effects of local currency foreign exchange gains			3.8				1.3
Other			—				0.1
		(33.4)%				(9.5)%

Summary of Valuation Allowances Against Net Deferred Income Tax Assets

Based on our assessments as of January 28, 2024, January 29, 2023, and April 30, 2023, valuation allowances against our net deferred income tax assets pertain to the following:

(dollars in thousands)		January 28, 2024				January 29, 2023				April 30, 2023
U.S. federal and state net deferred income tax assets		$	19,162			$	15,741			$	16,345
U.S. capital loss carryforward			2,330				2,330				2,330
		$	21,492			$	18,071			$	18,675

Summary of Income Taxes Paid

The following table sets forth income taxes paid by jurisdiction:

		Nine Months				Nine Months
		Ended				Ended
		January 28,				January 29,
(dollars in thousands)		2024				2023
United States Transition Tax Payment		$	499			$	265
China Income Taxes, Net of Refunds			1,803				1,680
Canada - Income Taxes, Net of Refunds			468				(9	)
		$	2,770			$	1,936

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Summary of income taxes paid (refunded) by jurisdiction.

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- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
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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.

+ References

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
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