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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities were comprised of the following at December 31, 2023 and 2022:
(In thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Accounts receivable and financing receivables | $ | 871 |  |  | $ | 877 |
Stock-based compensation | 1,275 |  |  | 1,909 |
Deferred revenue | 367 |  |  | 1,002 |
Research expenditures | 16,496 |  |  | 9,779 |
Accrued severance | 890 |  |  | 490 |
Right of use asset | 952 |  |  | 1,848 |
Other | 2,770 |  |  | 814 |
Net operating loss | 3,656 |  |  | 3,738 |
Deferred tax assets | 27,277 |  |  | 20,457 |
Less: Valuation allowance | 604 |  |  | 604 |
Total deferred tax assets | $ | 26,673 |  |  | $ | 19,853 |
Deferred tax liabilities: |  |  |
Intangible assets | $ | 14,477 |  |  | $ | 20,941 |
Accrued liabilities and other | 12,127 |  |  | 9,259 |
Fixed assets | 254 |  |  | 527 |
Right of use liability | 1,045 |  |  | $ | 1,884 |
Total deferred tax liabilities | $ | 27,903 |  |  | $ | 32,611 |
Total net deferred tax liability | $ | (1,230) |  |  | $ | (12,758) |
Components of Income Tax (benefit) Provision | Significant components of the income tax (benefit) provision for the years ended December 31, 2023, 2022 and 2021 were as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Current provision: |  |  |  |  |
Federal | $ | 2,392 |  |  | $ | 6,482 |  |  | $ | 731 |
State | 322 |  |  | 2,420 |  |  | 413 |
Deferred provision: |  |  |  |  |
Federal | (8,884) |  |  | (4,769) |  |  | 3,331 |
State | (2,421) |  |  | (1,919) |  |  | 171 |
Total income tax (benefit) provision | $ | (8,591) |  |  | $ | 2,214 |  |  | $ | 4,646 |
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, 2023, 2022 and 2021, and those reported in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 are as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Income taxes at U.S. federal statutory rate | $ | (11,420) |  |  | $ | 3,797 |  |  | $ | 4,846 |
Provision-to-return adjustments | (999) |  |  | (539) |  |  | 117 |
State income tax, net of federal tax effect | (2,157) |  |  | 428 |  |  | 509 |
Tax credits | (2,481) |  |  | (1,254) |  |  | (1,274) |
Contingent consideration | — |  |  | (406) |  |  | — |
Goodwill impairment | 7,542 |  |  | — |  |  | — |
Stock-based compensation | 65 |  |  | (112) |  |  | (74) |
Non-deductible compensation - 162(m) | 15 |  |  | 306 |  |  | 510 |
Other | 844 |  |  | (6) |  |  | 12 |
Total income tax (benefit) provision | $ | (8,591) |  |  | $ | 2,214 |  |  | $ | 4,646 |

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