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Income Taxes (Tables)

3 Months Ended

Jul. 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 three-month periods ending July 28, 2024, and July 30, 2023:

		July 28,				July 30,
		2024				2023
U.S. federal income tax rate			21.0	%			21.0	%
U.S. valuation allowance			(23.5	)			(34.1	)
Withholding taxes associated with foreign jurisdictions			(1.0	)			(9.7	)
Foreign income tax rate differential			0.7				(6.0	)
Stock-based compensation			(0.9	)			—
Tax effects of local currency foreign exchange gains			(0.4	)			2.3
Uncertain income tax positions			1.2				(0.1	)
Other			(0.5	)			0.1
		(3.4)%				(26.5)%

Summary of Valuation Allowances Against Net Deferred Income Tax Assets

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

(dollars in thousands)		July 28, 2024				July 30, 2023				April 28, 2024
U.S. federal and state net deferred income tax assets		$	21,326			$	17,246			$	19,674
U.S. capital loss carryforward			2,330				2,330				2,330
		$	23,656			$	19,576			$	22,004

Summary of Taxes Paid

The following table sets forth taxes paid by jurisdiction:

		Three Months				Three Months
		Ended				Ended
		July 28,				July 30,
(dollars in thousands)		2024				2023
China Income Taxes, Net of Refunds			561				915
Canada - Income Taxes, Net of Refunds			—				197
		$	561			$	1,112

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Summary of income taxes paid (refunded) by jurisdiction.

+ References

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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