Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Income Before Provision for Income Taxes |
The components of the Company’s income before provision for income taxes are as follows:
|
|
|
Years ended December 31,
|
|
|
(amounts in thousands)
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
United States
|
|
$
|
22,553
|
|
|
$
|
40,245
|
|
|
$
|
29,121
|
|
|
Foreign
|
|
|
1,719
|
|
|
|
210
|
|
|
|
535
|
|
|
Income before provision for income taxes
|
|
$
|
24,272
|
|
|
$
|
40,455
|
|
|
$
|
29,656
|
|
|
| Components of Provisions for Income Taxes |
The provision for income taxes consists of the following:
|
|
|
Years ended December 31,
|
|
|
(amounts in thousands)
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
Current tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
(330
|
)
|
|
$
|
—
|
|
|
$
|
245
|
|
|
State
|
|
|
136
|
|
|
|
(40
|
)
|
|
|
240
|
|
|
Foreign
|
|
|
560
|
|
|
|
171
|
|
|
|
206
|
|
|
Total current tax expense
|
|
|
366
|
|
|
|
131
|
|
|
|
691
|
|
|
Deferred tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
3,497
|
|
|
|
(9,774
|
)
|
|
|
8,709
|
|
|
State
|
|
|
(396
|
)
|
|
|
(1,630
|
)
|
|
|
92
|
|
|
Foreign
|
|
|
(145
|
)
|
|
|
(117
|
)
|
|
|
(71
|
)
|
|
Total deferred tax expense (benefit)
|
|
|
2,956
|
|
|
|
(11,521
|
)
|
|
|
8,730
|
|
|
Tax benefit for change in valuation allowance
|
|
|
—
|
|
|
|
—
|
|
|
|
(767
|
)
|
|
Total deferred tax expense (benefit), net
|
|
|
2,956
|
|
|
|
(11,521
|
)
|
|
|
7,963
|
|
|
Income tax expense (benefit)
|
|
$
|
3,322
|
|
|
$
|
(11,390
|
)
|
|
$
|
8,654
|
|
|
| Components of Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities consist of the following:
|
(amounts in thousands)
|
|
As of December 31,
|
|
|
Deferred tax assets (liabilities)
|
|
2019
|
|
|
2018
|
|
|
Accrued expenses
|
|
$
|
7,981
|
|
|
$
|
8,033
|
|
|
Net operating loss and credit carryforward
|
|
|
20,087
|
|
|
|
19,805
|
|
|
Allowance, reserves and other
|
|
|
1,984
|
|
|
|
3,490
|
|
|
Stock-based compensation
|
|
|
3,257
|
|
|
|
3,253
|
|
|
Lease liability
|
|
|
1,627
|
|
|
|
—
|
|
|
Deferred tax assets
|
|
|
34,936
|
|
|
|
34,581
|
|
|
Property, plant, and equipment
|
|
|
(2,961
|
)
|
|
|
(4,683
|
)
|
|
Intangible amortization
|
|
|
(16,192
|
)
|
|
|
—
|
|
|
Right-of-use asset
|
|
|
(1,418
|
)
|
|
|
—
|
|
|
Deferred tax liabilities
|
|
|
(20,571
|
)
|
|
|
(4,683
|
)
|
|
Total
|
|
$
|
14,365
|
|
|
$
|
29,898
|
|
|
| Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate |
Reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, 2019, 2018 and 2017 is as follows:
|
|
|
Years ended December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
U.S. Statutory rate
|
|
|
21.00
|
%
|
|
|
21.00
|
%
|
|
|
34.00
|
%
|
|
State income taxes, net of federal benefit
|
|
|
3.70
|
|
|
|
(3.73
|
)
|
|
|
0.37
|
|
|
Stock-based compensation
|
|
|
(0.81
|
)
|
|
|
(45.01
|
)
|
|
|
(30.40
|
)
|
|
Change in valuation allowance
|
|
|
—
|
|
|
|
—
|
|
|
|
(2.59
|
)
|
|
R&D credit, net of reserve
|
|
|
(8.97
|
)
|
|
|
(1.39
|
)
|
|
|
(1.43
|
)
|
|
Expiration of net operating losses
|
|
|
—
|
|
|
|
—
|
|
|
|
2.76
|
|
|
Effect of U.S tax law change
|
|
|
—
|
|
|
|
—
|
|
|
|
25.55
|
|
|
Other
|
|
|
(1.24
|
)
|
|
|
0.98
|
|
|
|
0.92
|
|
|
Effective income tax rate
|
|
|
13.68
|
%
|
|
(28.15)%
|
|
|
|
29.18
|
%
|
|
| Summary of Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:
|
(amounts in thousands)
|
|
December 31,
|
|
|
Reconciliation of liability for unrecognized tax benefits
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
Balance at beginning of period
|
|
$
|
1,294
|
|
|
$
|
1,062
|
|
|
$
|
934
|
|
|
Additions based on tax positions related to current year
|
|
|
595
|
|
|
|
232
|
|
|
|
128
|
|
|
Balance at end of period
|
|
$
|
1,889
|
|
|
$
|
1,294
|
|
|
$
|
1,062
|
|
|