Income Taxes

3 Months Ended

Apr. 02, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

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

	Fiscal Quarter Ended
	April 2, 2024			April 4, 2023
Provision for (benefit from) income taxes	$	65		$	(73)
Effective tax rate	(1.1)		%	2.3		%

The effective tax rate for the first quarter of 2024 and 2023, respectively, reflects the impact of the previously recorded valuation allowance. For the remainder of fiscal 2024, 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.