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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Schedule of income before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in thousands) |
United States | ​ | $ | 270,842 | ​ | $ | 198,028 | ​ | $ | 116,380 | ​
Foreign | ​ |  | 7,757 | ​ |  | 6,857 | ​ |  | 4,048 | ​
Income before income taxes | ​ | $ | 278,599 | ​ | $ | 204,885 | ​ | $ | 120,428 | ​
Schedule of provision for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in thousands) |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 46,871 | ​ | $ | 8,430 | ​ | $ | — | ​
State | ​ |  | 1,985 | ​ |  | 1,716 | ​ |  | 82 | ​
Foreign | ​ |  | 3,498 | ​ |  | 3,124 | ​ |  | 1,439 | ​
Total current | ​ |  | 52,354 | ​ |  | 13,270 | ​ |  | 1,521 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (18,526) | ​ | ​ | 9,097 | ​ | ​ | 20,521 | ​
State | ​ | ​ | (440) | ​ | ​ | (102) | ​ | ​ | 406 | ​
Foreign | ​ |  | (1,052) | ​ |  | (459) | ​ |  | (670) | ​
Total deferred | ​ |  | (20,018) | ​ |  | 8,536 | ​ |  | 20,257 | ​
Income tax provision | ​ | $ | 32,336 | ​ | $ | 21,806 | ​ | $ | 21,778 | ​
Schedule of reconciliation of income taxes at the United States Federal statutory rate to the effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in thousands) |
Income taxes at the United States statutory rate | ​ | $ | 58,506 | ​ | $ | 43,026 | ​ | $ | 25,290 | ​
State income taxes | ​ |  | 1,033 | ​ |  | 1,075 | ​ |  | 387 | ​
Effect of change in valuation allowance | ​ |  | 1,978 | ​ |  | 680 | ​ |  | (1,443) | ​
Foreign income tax rate differentials | ​ |  | 329 | ​ |  | 289 | ​ |  | 152 | ​
Stock-based compensation | ​ |  | (6,718) | ​ |  | (3,818) | ​ |  | (3,658) | ​
Internal revenue code section 162(m) limitation | ​ | ​ | 4,488 | ​ | ​ | 2,692 | ​ | ​ | 1,481 | ​
Credit expirations | ​ | ​ | 784 | ​ | ​ | 1,181 | ​ | ​ | 2,342 | ​
Rate change | ​ | ​ | 44 | ​ | ​ | 94 | ​ | ​ | 159 | ​
Credit generation | ​ | ​ | (6,900) | ​ | ​ | (4,764) | ​ | ​ | (3,096) | ​
Discrete items, net | ​ | ​ | 2,161 | ​ | ​ | 206 | ​ | ​ | 72 | ​
GILTI inclusion | ​ | ​ | 45 | ​ | ​ | 69 | ​ | ​ | 301 | ​
Foreign-derived intangible income | ​ | ​ | (24,052) | ​ | ​ | (20,526) | ​ | ​ | — | ​
Other, net | ​ |  | 638 | ​ |  | 1,602 | ​ |  | (209) | ​
Income tax provision | ​ | $ | 32,336 | ​ | $ | 21,806 | ​ | $ | 21,778 | ​
Schedule of significant components of current and long-term deferred income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ | ​ | 2023 | ​ | 2022 |
​ |  | (in thousands) |
Deferred tax assets: | ​ | ​ |
State net operating loss carryforwards | ​ | $ | 96 | ​ | $ | 291 | ​
Foreign net operating loss carryforwards | ​ |  | 182 | ​ |  | 276 | ​
Federal tax credit carryforwards | ​ |  | 1,999 | ​ |  | — | ​
State tax credit carryforwards | ​ |  | 9,560 | ​ |  | 8,683 | ​
Property, plant and equipment | ​ |  | 6,979 | ​ |  | 8,755 | ​
Operating lease liability | ​ | ​ | 5,564 | ​ | ​ | 1,564 | ​
Accrued compensation | ​ | ​ | 242 | ​ | ​ | 276 | ​
Inventories | ​ | ​ | 804 | ​ | ​ | 1,613 | ​
Stock compensation | ​ |  | 1,790 | ​ |  | 1,620 | ​
Warranty | ​ |  | 3,108 | ​ |  | 1,993 | ​
Deferred revenue | ​ | ​ | 6,389 | ​ | ​ | 4,501 | ​
Capitalized research and development costs | ​ | ​ | 38,036 | ​ | ​ | 18,067 | ​
Gross deferred tax assets | ​ | ​ | 74,749 | ​ | ​ | 47,639 | ​
Valuation allowance | ​ |  | (10,963) | ​ |  | (8,370) | ​
Net deferred tax assets | ​ | ​ | 63,786 | ​ | ​ | 39,269 | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intangible assets | ​ |  | — | ​ |  | (176) | ​
Right-of-use asset | ​ | ​ | (9,155) | ​ | ​ | (5,400) | ​
Other | ​ |  | (1,203) | ​ |  | (1,992) | ​
Gross deferred tax liabilities | ​ |  | (10,358) | ​ |  | (7,568) | ​
Deferred taxes, net | ​ | $ | 53,428 | ​ | $ | 31,701 | ​
Schedule of reconciliation of the beginning and ending balance of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | Year ended December 31, |
​ | ​ | 2023 | ​ | 2022 |  | 2021 |
​ | ​ | (in thousands) | ​
Balance at beginning of year | ​ | $ | 10,443 | ​ | $ | 9,961 | ​ | $ | 10,044 | ​
Decrease in unrecognized tax benefits as a result of tax positions taken during a prior period | ​ |  | (271) | ​ |  | (122) | ​ |  | (546) | ​
Decreases in unrecognized tax benefits related to settlements with tax authorities | ​ |  | — | ​ |  | (708) | ​ |  | — | ​
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (472) | ​
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | ​ |  | 1,754 | ​ |  | 1,312 | ​ |  | 935 | ​
Balance at end of year | ​ | $ | 11,926 | ​ | $ | 10,443 | ​ | $ | 9,961 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recorded as other long-term liability | ​ | $ | 8,344 | ​ | $ | 7,190 | ​ | $ | — | ​
Recorded as a decrease in deferred tax assets | ​ |  | 3,582 | ​ |  | 3,253 | ​ |  | 9,961 | ​
Balance at end of year | ​ | $ | 11,926 | ​ | $ | 10,443 | ​ | $ | 9,961 | ​
​

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