Income Taxes

9 Months Ended

Mar. 28, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company recorded an income tax benefit of $2,648 and $12,643 on a loss before income taxes of $21,818 and $57,217 for the third quarters ended March 28, 2025 and March 29, 2024, respectively. The Company recorded an income tax benefit of $14,967 and $43,811 on a loss before income taxes of $69,241 and $170,674 for the nine months ended March 28, 2025, and March 29, 2024, respectively.

The effective tax rate for the third quarter and nine months ended March 28, 2025 differed from the federal statutory rate primarily due to federal and state research and development credits, return to provision adjustments, non-deductible compensation, and state taxes. The effective tax rate for the third quarter and nine months ended March 29, 2024 differed from the federal statutory rate primarily due to federal and state research and development credits, non-deductible compensation, stock compensation shortfalls, and state taxes.

The Company continues to maintain a valuation allowance on the majority of its foreign net operating loss carryforwards and state research and developmental tax credit carryforwards. Based on forecasted taxable income and the scheduled reversal of the remaining deferred tax assets, the Company believes it is more likely than not that all other deferred tax assets will be recognized.