Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
Income Tax Disclosure [Abstract] |
|
Components of Income (Loss) Before Provision for Income Taxes |
The components of the Company’s income (loss) before provision for income taxes are as follows:
|
|
Years ended December 31,
|
|
(amounts in thousands)
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
United States
|
|
$
|
7,621
|
|
|
$
|
(6,464
|
)
|
|
$
|
22,553
|
|
Foreign
|
|
|
1,038
|
|
|
|
1,184
|
|
|
|
1,719
|
|
Income (loss) before provision for income taxes
|
|
$
|
8,659
|
|
|
$
|
(5,280
|
)
|
|
$
|
24,272
|
|
|
Components of Provisions for Income Taxes |
The provision for income taxes consists of the following:
|
|
Years ended December 31,
|
|
(amounts in thousands)
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
Current tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
—
|
|
|
$
|
(74
|
)
|
|
$
|
(330
|
)
|
State
|
|
|
271
|
|
|
|
198
|
|
|
|
136
|
|
Foreign
|
|
|
266
|
|
|
|
381
|
|
|
|
560
|
|
Total current tax expense
|
|
|
537
|
|
|
|
505
|
|
|
|
366
|
|
Deferred tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
10,263
|
|
|
|
309
|
|
|
|
3,497
|
|
State
|
|
|
4,194
|
|
|
|
(193
|
)
|
|
|
(396
|
)
|
Foreign
|
|
|
(22
|
)
|
|
|
(72
|
)
|
|
|
(145
|
)
|
Total deferred tax expense
|
|
|
14,435
|
|
|
|
44
|
|
|
|
2,956
|
|
Interest and penalties
|
|
|
20
|
|
|
|
—
|
|
|
|
—
|
|
Provision for income taxes
|
|
$
|
14,992
|
|
|
$
|
549
|
|
|
$
|
3,322
|
|
|
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)
|
|
2021
|
|
|
2020
|
|
Accrued expenses
|
|
$
|
10,575
|
|
|
$
|
8,346
|
|
Net operating loss and credit carryforward
|
|
|
21,138
|
|
|
|
20,145
|
|
Allowance, reserves and other
|
|
|
2,668
|
|
|
|
1,381
|
|
Stock-based compensation
|
|
|
2,665
|
|
|
|
3,379
|
|
Lease liability
|
|
|
6,507
|
|
|
|
2,427
|
|
Deferred tax assets
|
|
|
43,553
|
|
|
|
35,678
|
|
Property, plant, and equipment
|
|
|
(7,664
|
)
|
|
|
(4,805
|
)
|
Intangible amortization
|
|
|
(12,389
|
)
|
|
|
(14,292
|
)
|
Right-of-use asset
|
|
|
(6,077
|
)
|
|
|
(2,139
|
)
|
Deferred tax liabilities
|
|
|
(26,130
|
)
|
|
|
(21,236
|
)
|
Valuation allowance
|
|
|
(17,423
|
)
|
|
|
—
|
|
Total
|
|
$
|
—
|
|
|
$
|
14,442
|
|
|
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, 2021, 2020 and 2019 is as follows:
|
|
Years ended December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
U.S. Statutory rate
|
|
|
21.00
|
%
|
|
|
21.00
|
%
|
|
|
21.00
|
%
|
State income taxes, net of federal benefit
|
|
|
-1.39
|
%
|
|
|
-3.86
|
%
|
|
|
3.70
|
%
|
Stock-based compensation
|
|
|
-21.72
|
%
|
|
|
-16.80
|
%
|
|
|
-0.81
|
%
|
R&D credit, net of reserve
|
|
|
-5.95
|
%
|
|
|
-8.11
|
%
|
|
|
-8.97
|
%
|
Change in fair value
|
|
|
-28.19
|
%
|
|
|
-4.19
|
%
|
|
|
0.70
|
%
|
Nondeductible compensation
|
|
|
7.04
|
%
|
|
|
—
|
|
|
|
—
|
|
Valuation allowance
|
|
|
201.69
|
%
|
|
|
—
|
|
|
|
—
|
|
Other
|
|
|
0.63
|
%
|
|
|
1.57
|
%
|
|
|
-1.94
|
%
|
Effective income tax rate
|
|
|
173.11
|
%
|
|
|
-10.39
|
%
|
|
|
13.68
|
%
|
|
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
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
Balance at beginning of period
|
|
$
|
1,932
|
|
|
$
|
1,889
|
|
|
$
|
1,294
|
|
Additions based on tax positions related to current year
|
|
|
146
|
|
|
|
70
|
|
|
|
595
|
|
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
|
|
$
|
2,078
|
|
|
$
|
1,932
|
|
|
$
|
1,889
|
|
|