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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Set forth below is a reconciliation of the components that caused our provision for income taxes to differ from amounts computed by applying the United States federal statutory rate for the years ended December 31, 2020, 2019, and 2018:  

			Year Ended December 31,
			2020						2019						2018
U.S. federal statutory income tax rate			21		%				21		%				21		%
State and local income taxes, net of federal benefit			3						(53)						(3)
Stock-based compensation expense			(3)						(88)						(7)
Meals and entertainment			—						7						1
Change in valuation allowance			—						(475)						(1)
Other permanent differences			1						—						—
Research and development tax credits			(2)						(64)						(9)
Provision for (benefit from) income taxes			20		%				(652)		%				2		%

Schedule of Components of Income Tax Expense (Benefit)

The provision for (benefit from) income tax consists of the following (in thousands):

			Year Ended December 31,
			2020						2019						2018
Current
Federal			$	3,982					$	—					$	—
State and local			5,444						(15)						339
Total current			9,426						(15)						339
Deferred
Federal			27,982						(18,761)						65
State and local			1,020						(12,683)						16
Total deferred			29,002						(31,444)						81
Total income tax provision (benefit)			$	38,428					$	(31,459)					$	420

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets (liabilities) were as follows (in thousands):

			December 31,
			2020						2019
Deferred income tax assets:
Net operating loss carryforwards			$	4,112					$	22,525
Research and development tax credits			9,467						17,700
Stock-based compensation			2,783						2,895
Lease asset			9,992						8,291
Other			2,196						1,692
Total deferred tax assets			28,550						53,103
Deferred tax liabilities:
Property, equipment and software			(13,412)						(7,965)
Intangible assets			(2,693)						(3,767)
Capitalized commissions			(2,708)						(2,492)
State taxes			(2,350)						(2,563)
Lease liability			(8,064)						(7,152)
Other			(751)						(1,590)
Total deferred tax liabilities			(29,978)						(25,529)
Total net deferred tax (liabilities) assets			$	(1,428)					$	27,574

Summary of Valuation Allowance

The change in the valuation allowance for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):

			Year Ended December 31,
			2020						2019						2018
Valuation allowance, at beginning of year			$	—					$	23,002					$	23,827
Decrease in valuation allowance			—						(23,002)						(825)
Valuation allowance, at end of year			$	—					$	—					$	23,002

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a reconciliation of the total amounts of reserves for unrecognized tax benefits from uncertain tax positions (in thousands):

			Year Ended December 31,
			2020						2019						2018
Unrecognized tax benefit beginning of year			$	4,421					$	2,977					$	2,105
Increases-tax positions in current year			1,720						1,444						872
Unrecognized tax benefit end of year			$	6,141					$	4,421					$	2,977

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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.

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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 the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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