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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The provision for income taxes is based on income before income taxes reported for financial statement purposes. The components of income before income taxes are as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Domestic | $ | 39,386 |  |  | $ | 38,099 |  |  | $ | 33,731 |
Foreign | (14,714) |  |  | (10,147) |  |  | (131,608) |
Total | $ | 24,672 |  |  | $ | 27,952 |  |  | $ | (97,877) |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for income taxes for the following periods are as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 11,970 |  |  | $ | 15,717 |  |  | $ | 15,366 |
State | 1,451 |  |  | 2,418 |  |  | (393) |
Foreign | (165) |  |  | 34 |  |  | (99) |
Deferred |  |  |  |  |
Federal | (4,606) |  |  | (8,202) |  |  | (9,159) |
State | (1,291) |  |  | (385) |  |  | (723) |
Foreign | (3,736) |  |  | 1,379 |  |  | (4,641) |
Valuation Allowance | 4,456 |  |  | (229) |  |  | 5,234 |
Total | $ | 8,079 |  |  | $ | 10,732 |  |  | $ | 5,585 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Federal tax statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State tax (net of federal benefit) | 2.5 |  |  | 3.5 |  |  | (0.8) |
Share based compensation | 4.7 |  |  | 6.0 |  |  | (2.1) |
Valuation allowance against deferred tax assets | 16.6 |  |  | (2.4) |  |  | (5.0) |
Goodwill impairment | — |  |  | — |  |  | (24.4) |
Research and development credit | (4.1) |  |  | (3.8) |  |  | 1.2 |
Foreign rate differential | (3.7) |  |  | (1.6) |  |  | 2.9 |
Tax reserves | (0.2) |  |  | 1.9 |  |  | 1.0 |
Provision to return difference | (0.2) |  |  | (0.2) |  |  | — |
Unrealized foreign exchange losses | — |  |  | 2.9 |  |  | — |
Revaluation of deferred tax liability | (3.2) |  |  | 1.1 |  |  | — |
Closure of Japan branch net operating loss reversal | — |  |  | 11.1 |  |  | — |
Miscellaneous | (0.7) |  |  | (1.1) |  |  | 0.5 |
Total | 32.7 | % |  | 38.4 | % |  | (5.7 | %)
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows:
| December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Accrued expenses | $ | 1,658 |  |  | $ | 2,155 |
Section 174 expenses | 15,058 |  |  | 13,084 |
Leases | 897 |  |  | 1,186 |
Stock options and other equity | 5,402 |  |  | 4,588 |
Inventories | 216 |  |  | 275 |
Research and development credit | 2,760 |  |  | 2,327 |
Other assets | 1,212 |  |  | 1,094 |
Net operating loss | 19,738 |  |  | 16,237 |
Less valuation allowance | (21,782) |  |  | (17,667) |
Total deferred tax assets | 25,159 |  |  | 23,279 |
Deferred tax liabilities: |  |  |
Depreciation | (21,505) |  |  | (25,552) |
Goodwill | (14,449) |  |  | (12,921) |
Intangible assets | (1,873) |  |  | (2,362) |
Leases | (897) |  |  | (1,186) |
Total deferred tax liabilities | (38,724) |  |  | (42,021) |
Net deferred tax liability | $ | (13,565) |  |  | $ | (18,742) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| Year Ended December 31, |
| 2024 |  | 2023 |
Balance at beginning of period | $ | 3,616 |  |  | $ | 3,236 |  |
Additions for tax positions of current year | 533 |  |  | 632 |  |
Additions for tax positions of prior years | — |  |  | 86 |  |
Decrease related to the expiration of statutes of limitations | (395) |  |  | (338) |  |
Reduction for tax positions of prior years | (384) |  |  | — |  |
Balance at period end | $ | 3,370 |  |  | $ | 3,616 |  |

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