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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income (Loss) Before Income Taxes

The following are the domestic and foreign components of the Company’s income (loss) before income taxes (in thousands):

		Year Ended December 31,
		2015				2016				2017
Domestic		$	29,224			$	45,904			$	66,148
International			631				(2,070	)			(2,523	)
Income before income taxes		$	29,855			$	43,834			$	63,625

Components of Provision for (Benefit from) Income Taxes

The following are the components of the provision for (benefit from) income taxes (in thousands):

		Year Ended December 31,
		2015				2016				2017
Current:
Federal		$	11,123			$	18,300			$	9,944
State and local			2,325				5,595				3,906
Foreign			140				64				558
Total current provision			13,588				23,959				14,408
Deferred:
Federal			197				(68	)			(172	)
State and local			141				(539	)			(1,382	)
Foreign			—				—				(27	)
Total deferred (benefit) provision			338				(607	)			(1,581	)
Total provision for income taxes		$	13,926			$	23,352			$	12,827

Reconciliation of Statutory Tax Rate to Effective Tax Rate

A reconciliation of the statutory tax rate to the effective tax rate for the periods presented is as follows:

		Year Ended December 31,
		2015				2016				2017
U.S. federal statutory income tax rate			35.0	%			35.0	%			35.0	%
State and local income taxes, net of federal benefit			5.4				7.5				2.6
Foreign income at other than U.S. rates			(0.3	)			1.1				2.7
Stock-based compensation			0.4				3.8				(19.0	)
Meals and entertainment			0.2				0.3				0.4
Change in value of preferred stock warrant liabilities			7.0				7.6				—
Research and development credit			(1.0	)			(3.1	)			(2.8	)
Federal deferred tax asset revaluation			—				—				0.9
Other permanent items			(0.1	)			0.4				0.9
Change in valuation allowance			—				0.7				(0.5	)
Effective income tax rate			46.6	%			53.3	%			20.2	%

Tax Effects of Temporary Differences that Give Rise to a Significant Portion of Deferred Tax Assets and Deferred Tax Liabilities

Set forth below are the tax effects of temporary differences that give rise to a significant portion of the deferred tax assets and deferred tax liabilities (in thousands):

		As of December 31,
		2016				2017
Deferred tax assets (liabilities):
Reserves and allowances		$	1,774			$	1,804
Accrued expenses			2,651				1,810
Net operating losses			326				—
Research and development tax credit			280				774
Stock-based compensation			126				1,722
Other			760				971
Prepaid expenses			(484	)			(580	)
Property and equipment			(2,254	)			(2,026	)
Capitalized software development costs			(1,075	)			(1,116	)
Valuation allowance			(326	)			—
Total deferred tax assets, net		$	1,778			$	3,359

Reconciliation of Beginning and Ending Amounts of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows (in thousands):

Balance at December 31, 2015		$	—
Increases related to current year tax positions			605
Increases related to prior year tax positions			402
Balance at December 31, 2016			1,007
Increases related to current year tax positions			1,971
Increases related to prior year tax positions			123
Balance at December 31, 2017		$	3,101

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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
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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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