Income taxes (Tables)
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12 Months Ended |
Apr. 01, 2023 |
Income taxes |
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Schedule of components of the provision (benefit) for income taxes |
| | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | | | April 1, | | April 2, | | April 3, | | | | 2023 | | 2022 | | 2021 | | Income before income taxes: | | | | | | | | | | | U.S. | | $ | (149,604) | | $ | 98,389 | | $ | 61,703 | | Foreign | | | 5,838 | | | 14,305 | | | 19,140 | | | | $ | (143,766) | | $ | 112,694 | | $ | 80,843 | | Current | | | | | | | | | | | Federal | | $ | 10,942 | | $ | 18,510 | | $ | 17,727 | | State | | | 3,758 | | | 6,194 | | | 5,738 | | Foreign | | | 741 | | | 2,651 | | | 3,835 | | Total current provision | | | 15,441 | | | 27,355 | | | 27,300 | | Deferred | | | | | | | | | | | Federal | | | (490) | | | 2,998 | | | (3,733) | | State | | | (228) | | | 326 | | | (1,029) | | Foreign | | | 367 | | | 297 | | | 22 | | Total deferred (benefit) provision | | | (351) | | | 3,621 | | | (4,740) | | Total provision for income taxes | | $ | 15,090 | | $ | 30,976 | | $ | 22,560 | |
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Schedule of differences between the actual provision for income taxes and the amounts computed by applying the statutory federal tax rate to income before taxes |
| | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | | | April 1, | | April 2, | | April 3, | | | | 2023 | | 2022 | | 2021 | | Provision computed at federal statutory rate | | $ | (30,191) | | $ | 23,666 | | $ | 16,977 | | Permanent differences | | | 42,283 | | | 1,460 | | | 1,326 | | Change in valuation allowance | | | 422 | | | 80 | | | (25) | | State income taxes, net of federal benefit | | | 2,810 | | | 5,189 | | | 3,720 | | Effect of foreign income taxes | | | (31) | | | (75) | | | 7 | | Other, net | | | (203) | | | 656 | | | 555 | | | | $ | 15,090 | | $ | 30,976 | | $ | 22,560 | |
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Schedule of components of deferred tax assets and liabilities |
| | | | | | | | | | April 1, | | April 2, | | | | 2023 | | 2022 | | Deferred tax assets: | | | | | | | | Inventory | | $ | 2,422 | | $ | 2,257 | | Loss and credit carryforwards | | | 5,619 | | | 5,474 | | Stock-based compensation | | | 4,129 | | | 4,701 | | Accrued liabilities | | | 4,346 | | | 6,006 | | Operating lease liabilities | | | 96,232 | | | 94,811 | | Capital assets | | | 73 | | | 94 | | Other | | | 31 | | | — | | | | | 112,852 | | | 113,343 | | Valuation allowance | | | (5,402) | | | (4,991) | | Total deferred tax assets | | | 107,450 | | | 108,352 | | Deferred tax liabilities: | | | | | | | | Intangibles | | | (56,990) | | | (57,269) | | Operating lease assets | | | (88,325) | | | (87,092) | | Capital assets | | | (10,905) | | | (12,908) | | Other | | | — | | | (711) | | Total deferred tax liabilities | | | (156,220) | | | (157,980) | | Net deferred tax liabilities | | $ | (48,770) | | $ | (49,628) | |
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