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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities were comprised of the following at December 31, 2022 and 2021: 

(In thousands)			2022						2021
Deferred tax assets:
Accounts receivable and financing receivables			$	877					$	625
Accrued vacation			907						678
Stock-based compensation			1,909						1,905
Deferred revenue			1,002						988
Research expenditures			9,779						—
Accrued severance			490						44
Right of use asset			1,848						1,740
Credits			—						2,472
Other			(93)						15
Net operating loss			3,738						3,560
Deferred tax assets			20,457						12,027
Less: Valuation allowance			604						622
Total deferred tax assets			$	19,853					$	11,405
Deferred tax liabilities:
Intangible assets			$	20,941					$	18,002
Accrued liabilities and other			9,259						4,668
Fixed assets			527						875
Right of use liability			1,884						$	1,740
Total deferred tax liabilities			$	32,611					$	25,285
Total net deferred tax liability			$	(12,758)					$	(13,880)

Components of Income Tax Provision

Significant components of the income tax provision for the years ended December 31, 2022, 2021 and 2020 were as follows:

(In thousands)			2022						2021						2020
Current provision:
Federal			$	6,482					$	731					$	244
State			2,420						413						1,539
Deferred provision:
Federal			(4,769)						3,331						2,766
State			(1,919)						171						(11)
Total income tax provision			$	2,214					$	4,646					$	4,538

Reconciliation to Federal Statutory Income Tax Rate

The difference between income taxes at the U.S. federal statutory income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020, and those reported in the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 are as follows:

(In thousands)			2022						2021						2020
Income taxes at U.S. federal statutory rate			$	3,797					$	4,846					$	3,945
Provision-to-return adjustments			(539)						117						455
State income tax, net of federal tax effect			428						509						908
Tax credits			(1,254)						(1,274)						(958)
Contingent consideration			(406)						—						—
Stock-based compensation			(112)						(74)						255
Non-deductible compensation - 162(m)			306						510						—
Other			(6)						12						(67)
Total income tax provision			$	2,214					$	4,646					$	4,538

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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