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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Net Income from Continuing Operations Before Income Taxes | Income Tax Provision. The components of net income before income taxes are as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | 72,769 |  |  | $ | 53,251 |  |  | $ | 98,261 |
Australia |  |  | 854 |  |  |  | (5,851 | ) |  |  | (3,429 | )
India |  |  | 10,008 |  |  |  | 9,517 |  |  |  | 5,873 |
Ireland |  |  | (236 | ) |  |  | (3,391 | ) |  |  | 1,627 |
United Kingdom |  |  | 2,029 |  |  |  | 2,533 |  |  |  | (5,734 | )
Foreign other |  |  | 6,927 |  |  |  | 4,722 |  |  |  | 4,348 |
Total |  | $ | 92,351 |  |  | $ | 60,781 |  |  | $ | 100,946 |
Schedule of Components of Income Tax Expense (Benefit) | The income tax provision consists of the following (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 34,438 |  |  | $ | 30,012 |  |  | $ | 17,012 |
State |  |  | 8,230 |  |  |  | 6,517 |  |  |  | 5,835 |
Australia |  |  | (333 | ) |  |  | 55 |  |  |  | 118 |
India |  |  | 3,601 |  |  |  | 4,370 |  |  |  | 959 |
Ireland |  |  | 336 |  |  |  | 273 |  |  |  | 561 |
United Kingdom |  |  | 1,002 |  |  |  | 349 |  |  |  | 426 |
Foreign other |  |  | 2,391 |  |  |  | 2,772 |  |  |  | 1,338 |
|  |  | 49,665 |  |  |  | 44,348 |  |  |  | 26,249 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (19,687 | ) |  |  | (21,962 | ) |  |  | 2,294 |
State |  |  | (1,982 | ) |  |  | (3,073 | ) |  |  | 344 |
Australia |  |  | (896 | ) |  |  | (890 | ) |  |  | (180 | )
India |  |  | (1,231 | ) |  |  | (1,388 | ) |  |  | 368 |
Ireland |  |  | (205 | ) |  |  | (341 | ) |  |  | (150 | )
United Kingdom |  |  | (233 | ) |  |  | 469 |  |  |  | (558 | )
Foreign other |  |  | 674 |  |  |  | (442 | ) |  |  | 248 |
|  |  | (23,560 | ) |  |  | (27,627 | ) |  |  | 2,366 |
Total income tax provision |  | $ | 26,105 |  |  | $ | 16,721 |  |  | $ | 28,615 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between our income tax provision computed at the statutory Federal income tax rate and our financial statement income tax provision is summarized as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Provision at Federal rate of 21% |  | $ | 19,394 |  |  | $ | 12,764 |  |  | $ | 21,199 |
State income taxes, net of Federal impact |  |  | 4,485 |  |  |  | 2,079 |  |  |  | 4,882 |
Research and experimentation credits |  |  | (1,053 | ) |  |  | (1,560 | ) |  |  | (2,062 | )
Stock award vesting |  |  | (554 | ) |  |  | (1,355 | ) |  |  | (538 | )
Tax uncertainties |  |  | (289 | ) |  |  | (227 | ) |  |  | 69 |
Section 162(m) compensation limitation |  |  | 2,955 |  |  |  | 2,326 |  |  |  | 1,610 |
Foreign rate differential |  |  | 987 |  |  |  | 571 |  |  |  | 592 |
Valuation allowance for deferred tax assets |  |  | (1,655 | ) |  |  | 638 |  |  |  | 1,427 |
Withholding tax |  |  | 2,728 |  |  |  | 1,948 |  |  |  | 2,305 |
Convertible debt premium |  |  | - |  |  |  | (1,017 | ) |  |  | - |
Other |  |  | (893 | ) |  |  | 554 |  |  |  | (869 | )
Total income tax provision |  | $ | 26,105 |  |  | $ | 16,721 |  |  | $ | 28,615 |
Net Deferred Income Tax Assets | Deferred Income Taxes. Net deferred income tax assets as of December 31, 2023 and 2022 are as follows (in thousands):
|  | 2023 |  |  | 2022 |
Deferred income tax assets |  | $ | 109,536 |  |  | $ | 81,747 |
Deferred income tax liabilities |  |  | (25,351 | ) |  |  | (27,733 | )
Valuation allowance |  |  | (26,453 | ) |  |  | (27,925 | )
Net deferred income tax assets |  | $ | 57,732 |  |  | $ | 26,089 |
The Components of Net Deferred Income Tax Assets (Liabilities) | The components of our net deferred income tax assets (liabilities) as of December 31, 2023 and 2022 are as follows (in thousands):
|  | 2023 |  |  | 2022 |
Net deferred income tax assets (liabilities): |  |  |  |  |  |
Accrued expenses and reserves |  | $ | 10,907 |  |  | $ | 6,206 |
Stock-based compensation |  |  | 5,643 |  |  |  | 5,321 |
Software |  |  | 80 |  |  |  | (855 | )
Client contracts and related intangibles |  |  | (7,536 | ) |  |  | (9,577 | )
Goodwill |  |  | (14,874 | ) |  |  | (13,424 | )
Net operating loss carryforwards |  |  | 25,379 |  |  |  | 27,820 |
Property and equipment |  |  | (2,941 | ) |  |  | (3,789 | )
Deferred revenue |  |  | 6,539 |  |  |  | 4,882 |
Debt financing |  |  | 7,396 |  |  |  | (88 | )
Foreign exchange gain/loss |  |  | 2,010 |  |  |  | 1,791 |
Operating lease right-of-use assets and lease liabilities |  |  | 3,555 |  |  |  | 5,872 |
R&D |  |  | 46,817 |  |  |  | 28,733 |
Unrecognized tax benefit |  |  | 326 |  |  |  | 408 |
Credits and incentives |  |  | 384 |  |  |  | 374 |
Other |  |  | 500 |  |  |  | 340 |
Total net deferred income tax assets |  |  | 84,185 |  |  |  | 54,014 |
Less: valuation allowance |  |  | (26,453 | ) |  |  | (27,925 | )
Net deferred income tax assets |  | $ | 57,732 |  |  | $ | 26,089 |
Reconciliation of Beginning and Ending Balances of Liability for Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of our liability for unrecognized tax benefits is as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Balance, beginning of year |  | $ | 2,562 |  |  | $ | 2,929 |  |  | $ | 1,393 |
Additions related to prior acquisitions |  |  | - |  |  |  | 2 |  |  |  | 1,508 |
Lapse of statute of limitations |  |  | (409 | ) |  |  | 5 |  |  |  | (151 | )
Additions for tax positions of prior years |  |  | 100 |  |  |  | 8 |  |  |  | 36 |
Reductions for tax positions of prior years |  |  | (395 | ) |  |  | (382 | ) |  |  | (62 | )
Additions for tax positions of current year |  |  | - |  |  |  | - |  |  |  | 205 |
Balance, end of year |  | $ | 1,858 |  |  | $ | 2,562 |  |  | $ | 2,929 |

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