Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| 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) |
|
2022 |
|
|
2021 |
|
|
2020 |
|
United States |
|
$ |
(84,422 |
) |
|
$ |
7,621 |
|
|
$ |
(6,464 |
) |
Foreign |
|
|
1,154 |
|
|
|
1,038 |
|
|
|
1,184 |
|
Income (loss) before provision for income taxes |
|
$ |
(83,268 |
) |
|
$ |
8,659 |
|
|
$ |
(5,280 |
) |
|
| Components of Provisions for Income Taxes |
The provision for income taxes consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
(amounts in thousands) |
|
Years ended December 31, |
|
Current tax expense (benefit) |
|
2022 |
|
|
2021 |
|
|
2020 |
|
Federal |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(74 |
) |
State |
|
|
201 |
|
|
|
271 |
|
|
|
198 |
|
Foreign |
|
|
303 |
|
|
|
266 |
|
|
|
381 |
|
Total current tax expense |
|
|
504 |
|
|
|
537 |
|
|
|
505 |
|
Deferred tax expense (benefit) |
|
|
|
|
|
|
|
|
|
Federal |
|
|
— |
|
|
|
10,263 |
|
|
|
309 |
|
State |
|
|
— |
|
|
|
4,194 |
|
|
|
(193 |
) |
Foreign |
|
|
— |
|
|
|
(22 |
) |
|
|
(72 |
) |
Total deferred tax expense |
|
|
— |
|
|
|
14,435 |
|
|
|
44 |
|
Interest and penalties |
|
|
— |
|
|
|
20 |
|
|
|
— |
|
Provision for income taxes |
|
$ |
504 |
|
|
$ |
14,992 |
|
|
$ |
549 |
|
|
| 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) |
|
2022 |
|
|
2021 |
|
Accrued expenses |
|
$ |
10,600 |
|
|
$ |
10,575 |
|
Net operating loss and credit carryforward |
|
|
27,824 |
|
|
|
21,138 |
|
Allowance, reserves and other |
|
|
2,784 |
|
|
|
2,668 |
|
Stock-based compensation |
|
|
4,042 |
|
|
|
2,665 |
|
Intangible amortization |
|
|
2,045 |
|
|
|
— |
|
Lease liability |
|
|
5,674 |
|
|
|
6,507 |
|
Capitalized R&D under Sec 174 |
|
|
2,915 |
|
|
|
— |
|
Deferred tax assets |
|
|
55,884 |
|
|
|
43,553 |
|
Property, plant, and equipment |
|
|
(8,674 |
) |
|
|
(7,664 |
) |
Intangible amortization |
|
|
— |
|
|
|
(12,389 |
) |
Right-of-use asset |
|
|
(5,277 |
) |
|
|
(6,077 |
) |
Deferred tax liabilities |
|
|
(13,951 |
) |
|
|
(26,130 |
) |
Valuation allowance |
|
|
(41,933 |
) |
|
|
(17,423 |
) |
Total |
|
$ |
— |
|
|
$ |
— |
|
|
| 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, 2022, 2021 and 2020 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
U.S. Statutory rate |
|
|
21.00 |
% |
|
|
21.00 |
% |
|
|
21.00 |
% |
State income taxes, net of federal benefit |
|
|
3.53 |
% |
|
|
-1.39 |
% |
|
|
-3.86 |
% |
Stock-based compensation |
|
|
-1.02 |
% |
|
|
-21.72 |
% |
|
|
-16.80 |
% |
R&D credit, net of reserve |
|
|
1.32 |
% |
|
|
-5.95 |
% |
|
|
-8.11 |
% |
Change in fair value |
|
|
3.88 |
% |
|
|
-28.19 |
% |
|
|
-4.19 |
% |
Nondeductible compensation |
|
|
-1.50 |
% |
|
|
7.04 |
% |
|
|
— |
|
Valuation allowance |
|
|
-27.75 |
% |
|
|
201.69 |
% |
|
|
— |
|
Other |
|
|
-0.07 |
% |
|
|
0.63 |
% |
|
|
1.57 |
% |
Effective income tax rate |
|
|
-0.61 |
% |
|
|
173.11 |
% |
|
|
-10.39 |
% |
|
| 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 |
|
2022 |
|
|
2021 |
|
|
2020 |
|
Balance at beginning of period |
|
$ |
2,078 |
|
|
$ |
1,932 |
|
|
$ |
1,889 |
|
Additions based on tax positions related to current year |
|
|
242 |
|
|
|
146 |
|
|
|
70 |
|
Reductions based on tax positions related to prior year |
|
|
— |
|
|
|
— |
|
|
|
(181 |
) |
Additions based on tax positions related to prior year |
|
|
46 |
|
|
|
— |
|
|
|
154 |
|
Balance at end of period |
|
$ |
2,366 |
|
|
$ |
2,078 |
|
|
$ |
1,932 |
|
|