Income Taxes

3 Months Ended

Jul. 30, 2022

Income Taxes

Income Taxes

15. Income Taxes

For the three months ended July 30, 2022, the Company recorded a provision for income taxes of $2,606,000 yielding an effective tax rate of (49.3)%. For the three months ended July 31, 2021, the Company recorded a benefit from income taxes of $(957,000) yielding an effective tax rate of 7.0%. The variance from statutory rates for the three months ended July 30, 2022 was primarily due to a combination of federal R&D credits and the foreign-derived intangible income deduction and projected fiscal 2023 pre-tax income. The variance from statutory rates for the three months ended July 31, 2021 was primarily due to federal R&D credits, foreign derived intangible income deductions and the recording of discrete excess tax benefits resulting from the vesting of restricted stock awards and exercises of stock options.