Income Taxes

6 Months Ended

Jul. 04, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents the Company’s provision for income taxes (in thousands):

	Fiscal Quarter Ended						Two Fiscal Quarters Ended
	July 4, 2023			June 28, 2022			July 4, 2023			June 28, 2022
(Benefit from) provision for income taxes	$	(30)		$	44		$	(103)		$	(39)
Effective tax rate	2.2		%	3.2		%	2.3		%	0.8		%

The effective tax rate for the second quarter and the first two quarters of 2023 and 2022, respectively, reflects the impact of the previously recorded valuation allowance. For the remainder of fiscal 2023, the Company does not anticipate material income tax expense or benefit as a result of the valuation allowance recorded. The Company will maintain the valuation allowance against deferred tax assets until there is sufficient evidence to support a full or partial reversal. The reversal of a previously recorded valuation allowance will generally result in a benefit from income tax.