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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income (loss) from continuing operations before income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2023			2022			2021
​	​	(in thousands)
Domestic	​	$	(33,383)	​	$	47,368	​	$	23,561
Foreign	​		5,045	​		3,617	​		2,119
Total	​	$	(28,338)	​	$	50,985	​	$	25,680
​	​	​	​	​	​	​	​	​	​

Schedule of components of the expense (benefit) for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2023			2022			2021
​	​	(in thousands)
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	3,299	​	$	—	​	$	—
Foreign	​		1,136	​		1,506	​		183
State and local	​		(194)	​		577	​		110
Total current expense (benefit) for income taxes	​		4,241	​		2,083	​		293
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​		(3,026)	​		(96,811)	​		119
Foreign	​		512	​		(484)	​		(507)
State and local	​		303	​		(20,745)	​		(263)
Total deferred expense (benefit) for income taxes	​		(2,211)	​		(118,040)	​		(651)
Total expense (benefit) for income taxes	​	$	2,030	​	$	(115,957)	​	$	(358)

Schedule of reconciliation of the income tax expense computed using the Federal statutory rate to actual income tax provision

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2023			2022			2021
​	​	(in thousands)
Income tax expense (benefit) at U.S. statutory rates	​	$	(5,951)	​	$	10,706	​	$	5,393
State taxes, net of U.S. federal impact	​		1,073	​		1,101	​		(607)
Effect of international operations	​		(7,668)	​		(11,149)	​		609
Research and development tax credit	​		(7,287)	​		(6,470)	​		(3,964)
Net change in valuation allowance	​		662	​		(104,972)	​		(2,389)
Change in accrual for unrecognized tax benefits	​		(369)	​		3,349	​		398
Share-based compensation	​	​	2,084	​	​	606	​	​	1,208
Extinguishment of debt	​	​	19,289	​	​	—	​	​	(1,090)
Adoption of new accounting standard	​	​	—	​	​	(9,295)	​	​	—
Other	​		197	​		167	​		84
Total expense (benefit) for income taxes	​	$	2,030	​	$	(115,957)	​	$	(358)

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	December 31,
​		2023			2022
​	​	(in thousands)
Deferred tax assets:	​	​	​	​	​	​
Inventory valuation		$	12,682	​	$	11,931
Net operating losses	​	​	5,841	​		5,647
Credit carry forwards	​	​	49,086	​	​	59,988
Warranty and installation accruals	​	​	1,766	​		1,862
Share-based compensation	​	​	4,637	​		5,267
Contract liabilities	​	​	19,785	​	​	24,504
Operating leases	​	​	8,034	​	​	8,349
Research and experimental ("R&E") capitalization	​	​	34,504	​	​	19,071
Other	​	​	4,885	​		6,553
Total deferred tax assets	​	​	141,220	​		143,172
Valuation allowance	​	​	(11,745)	​		(11,083)
Net deferred tax assets	​	​	129,475	​		132,089
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Purchased intangible assets	​	​	14,166	​		8,724
Convertible Senior Notes	​	​	—	​	​	(39)
Operating leases	​	​	5,548	​	​	5,994
Depreciation	​	​	(1,588)	​		2,346
Total deferred tax liabilities	​	​	18,126	​		17,025
Net deferred taxes		$	111,349	​	$	115,064

Schedule of reconciliation of beginning and ending amount of uncertain tax positions

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​		2023			2022			2021
​	​	(in thousands)
Balance at beginning of year	​	$	16,110	​	$	12,761	​	$	12,363
Additions for tax positions related to current year	​		2,596	​		4,180	​		2,642
Additions for tax positions related to prior years	​		83	​		—	​		50
Reductions for tax positions related to prior years	​		(3,048)	​		(731)	​		(1,196)
Settlements	​		—	​		(100)	​		(1,098)
Balance at end of year	​	$	15,741	​	$	16,110	​	$	12,761

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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 income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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