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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income tax benefit recognized

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	2023		​	2022		​	2021
Current provision:	​	​		​	​		​	​
Federal	​	$	21,504	​	$	166	​	$	—
State	​	​	8,227	​	​	4,540	​	​	3,142
​	​	​	29,731	​	​	4,706	​	​	3,142
Deferred benefit:	​	​	​	​	​	​	​	​	​
Federal	​	$	(1,401)	​	$	(4,631)	​	$	(61,445)
State	​	​	(752)	​	​	(3,920)	​	​	(16,588)
​	​	​	(2,153)	​	​	(8,551)	​	​	(78,033)
Provision for (benefit from) income taxes	​	$	27,578	​	$	(3,845)	​	$	(74,891)

​

Schedule of reconciliation of income tax expense (benefit) at statutory federal income tax rate to income taxes

​

​	​	​	​	​	​	​	​
​		Years Ended December 31,					​
​		2023		2022		2021
Federal income tax expense at statutory rate		21.0	%	21.0	%	21.0	%
Change resulting from:	​	​	​	​	​	​	​
State income tax, net of federal benefit	​	4.9	​	5.0	​	2.9	​
Permanent difference - debt extinguishment	​	7.1	​	—	​	—	​
Permanent differences - all other	​	1.3	​	(1.9)	​	(3.9)	​
Stock compensation	​	1.0	​	(5.1)	​	(18.8)	​
Research and development credit		—	​	0.7	​	16.3	​
Transaction costs		—	​	(4.4)	​	—	​
Change in tax rates and other		0.4	​	(2.0)	​	—	​
Change in valuation allowance		0.7	​	—	​	2,202.5	​
Effective income tax rate		36.4	%	13.3	%	2,220.0	%

Schedule of significant components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	2023			2022
Deferred tax assets:		​			​
U.S. and state net operating loss carryforwards	​	$	33,800	​	$	56,982
Research and development credits	​		1,769	​		5,036
Operating lease liabilities	​	​	1,803	​	​	2,131
Returns and discounts	​	​	18,528	​	​	19,423
Stock-based compensation	​	​	7,570	​	​	6,776
Accruals and other	​	​	6,257	​	​	5,228
163(j) Carryforward	​	​	—	​	​	3,647
Capitalized R&D	​	​	707	​	​	929
Intangible assets	​	​	32,771	​	​	23,592
Gross deferred tax assets:	​		103,205	​		123,744
Valuation allowance	​		(5,781)	​		(5,254)
Total deferred tax assets:	​		97,424	​		118,490
Deferred tax liabilities:	​	​	​	​	​	​
Debt discount	​	​	(344)	​	​	(406)
Operating lease assets	​	​	(1,529)	​	​	(1,778)
Inventory	​	​	—	​	​	(3,918)
Intangible assets	​	​	(65,774)	​	​	(84,167)
Property and equipment	​	​	(3,518)	​	​	(4,271)
Total deferred tax liabilities:	​	​	(71,165)	​	​	(94,540)
Net deferred tax assets	​	$	26,259	​	$	23,950

​

Schedule of reconciliation of gross unrecognized tax benefits

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	2023			2022		​	2021
Gross UTB Balance as of January 1		$	11,400		$	654	​	$	586
Additions based on tax positions related to the current year	​	​	—	​	​	—	​	​	67
Additions for tax positions related to acquisitions	​		—	​		10,930	​		—
(Reductions) additions for tax positions of prior years	​	​	(94)	​	​	(184)	​	​	1
Gross UTB Balance as of December 31	​	$	11,306	​	$	11,400	​	$	654
​	​		​	​		​	​		​
Net UTB impacting the effective tax rate as of December 31 excluding valuation allowance impacts, if any	​	$	11,275	​	$	11,368	​	$	500

​

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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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