Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Income (Loss) Before Provision (Benefit) for Income Taxes |
The components of the Company’s income (loss) before provision (benefit) for income taxes are as follows:
|
|
|
Years ended December 31,
|
|
|
(amounts in thousands)
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
United States
|
|
$
|
(6,464
|
)
|
|
$
|
22,553
|
|
|
$
|
40,245
|
|
|
Foreign
|
|
|
1,184
|
|
|
|
1,719
|
|
|
|
210
|
|
|
Income (loss) before provision (benefit) for income taxes
|
|
$
|
(5,280
|
)
|
|
$
|
24,272
|
|
|
$
|
40,455
|
|
|
| Components of Provisions (Benefit) for Income Taxes |
The provision (benefit) for income taxes consists of the following:
|
|
|
Years ended December 31,
|
|
|
(amounts in thousands)
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Current tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
(74
|
)
|
|
$
|
(330
|
)
|
|
$
|
—
|
|
|
State
|
|
|
198
|
|
|
|
136
|
|
|
|
(40
|
)
|
|
Foreign
|
|
|
381
|
|
|
|
560
|
|
|
|
171
|
|
|
Total current tax expense
|
|
|
505
|
|
|
|
366
|
|
|
|
131
|
|
|
Deferred tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
309
|
|
|
|
3,497
|
|
|
|
(9,774
|
)
|
|
State
|
|
|
(193
|
)
|
|
|
(396
|
)
|
|
|
(1,630
|
)
|
|
Foreign
|
|
|
(72
|
)
|
|
|
(145
|
)
|
|
|
(117
|
)
|
|
Total deferred tax expense (benefit)
|
|
|
44
|
|
|
|
2,956
|
|
|
|
(11,521
|
)
|
|
Income tax expense (benefit)
|
|
$
|
549
|
|
|
$
|
3,322
|
|
|
$
|
(11,390
|
)
|
|
| 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)
|
|
2020
|
|
|
2019
|
|
|
Accrued expenses
|
|
$
|
8,346
|
|
|
$
|
7,981
|
|
|
Net operating loss and credit carryforward
|
|
|
20,145
|
|
|
|
20,087
|
|
|
Allowance, reserves and other
|
|
|
1,381
|
|
|
|
1,984
|
|
|
Stock-based compensation
|
|
|
3,379
|
|
|
|
3,257
|
|
|
Lease liability
|
|
|
2,427
|
|
|
|
1,627
|
|
|
Deferred tax assets
|
|
|
35,678
|
|
|
|
34,936
|
|
|
Property, plant, and equipment
|
|
|
(4,805
|
)
|
|
|
(2,961
|
)
|
|
Intangible amortization
|
|
|
(14,292
|
)
|
|
|
(16,192
|
)
|
|
Right-of-use asset
|
|
|
(2,139
|
)
|
|
|
(1,418
|
)
|
|
Deferred tax liabilities
|
|
|
(21,236
|
)
|
|
|
(20,571
|
)
|
|
Total
|
|
$
|
14,442
|
|
|
$
|
14,365
|
|
|
| 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, 2020, 2019 and 2018 is as follows:
|
|
|
Years ended December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
U.S. Statutory rate
|
|
|
21.00
|
%
|
|
|
21.00
|
%
|
|
|
21.00
|
%
|
|
State income taxes, net of federal benefit
|
|
|
(3.86
|
)
|
|
|
3.70
|
|
|
|
(3.73
|
)
|
|
Stock-based compensation
|
|
|
(16.80
|
)
|
|
|
(0.81
|
)
|
|
|
(45.01
|
)
|
|
R&D credit, net of reserve
|
|
|
(8.11
|
)
|
|
|
(8.97
|
)
|
|
|
(1.39
|
)
|
|
Other
|
|
|
(2.62
|
)
|
|
|
(1.24
|
)
|
|
|
0.98
|
|
|
Effective income tax rate
|
|
(10.39)%
|
|
|
|
13.68
|
%
|
|
(28.15)%
|
|
|
| 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
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Balance at beginning of period
|
|
$
|
1,889
|
|
|
$
|
1,294
|
|
|
$
|
1,062
|
|
|
Additions based on tax positions related to current year
|
|
|
70
|
|
|
|
595
|
|
|
|
232
|
|
|
Reductions based on tax positions related to prior year
|
|
|
(181
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Additions based on tax positions related to prior year
|
|
|
154
|
|
|
|
—
|
|
|
|
—
|
|
|
Balance at end of period
|
|
$
|
1,932
|
|
|
$
|
1,889
|
|
|
$
|
1,294
|
|
|