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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) before the provision for (benefit from) income taxes consisted of the following:
(in millions) |  |  |  |  |  |
Year Ended December 31, |  | 2022 |  | 2021 |  | 2020
Domestic |  | $ | (16.3) |  |  | $ | (35.0) |  |  | $ | 1.9 |
Foreign |  | (3.7) |  |  | (2.7) |  |  | (1.0) |
Total |  | $ | (20.0) |  |  | $ | (37.7) |  |  | $ | 0.9 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for (benefit from) income taxes are as follows:
(in millions) |  |  |  |  |  |
Year Ended December 31, |  | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |  |
Federal |  | $ | 2.0 |  |  | $ | — |  |  | $ | (0.1) |
State |  | 1.9 |  |  | 0.7 |  |  | 0.3 |
Foreign |  | 0.1 |  |  | — |  |  | — |
Total |  | 4.0 |  |  | 0.7 |  |  | 0.2 |
Deferred: |  |  |  |  |  |
Federal |  | (12.3) |  |  | 4.9 |  |  | (4.0) |
State |  | (1.6) |  |  | (0.2) |  |  | (0.6) |
Foreign |  | 0.1 |  |  | (0.6) |  |  | — |
Total |  | (13.8) |  |  | 4.1 |  |  | (4.6) |
Provision for (benefit from) income taxes |  | $ | (9.8) |  |  | $ | 4.8 |  |  | $ | (4.4) |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:
(in millions) |  |  |  |  |  |
Year Ended December 31, |  | 2022 |  | 2021 |  | 2020
Tax at federal statutory rate |  | $ | (4.2) |  |  | $ | (7.9) |  |  | $ | 0.4 |
Permanent items |  | 0.3 |  |  | — |  |  | 0.5 |
Foreign rate differential |  | 0.9 |  |  | (0.2) |  |  | 0.2 |
Stock-based compensation |  | 1.0 |  |  | (2.0) |  |  | (3.1) |
Tax credits |  | (6.1) |  |  | (5.6) |  |  | (4.9) |
Change in valuation allowance |  | (3.7) |  |  | 15.1 |  |  | 1.1 |
Tax contingency and interest |  | 1.3 |  |  | 1.9 |  |  | 1.1 |
State taxes |  | (0.7) |  |  | (0.4) |  |  | 0.1 |
Non-deductible contingent consideration |  | 1.4 |  |  | 4.1 |  |  | — |
Other |  | — |  |  | (0.2) |  |  | 0.2 |
Tax at effective tax rate |  | $ | (9.8) |  |  | $ | 4.8 |  |  | $ | (4.4) |
Schedule of Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities are as follows:
(in millions) |  |  |  |
As of December 31, |  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Accruals and reserves |  | $ | 2.1 |  |  | $ | 0.6 |
Federal and state tax credits |  | 14.0 |  |  | 17.9 |
Stock-based compensation |  | 3.9 |  |  | 3.3 |
Capitalized research and development expenses |  | 22.2 |  |  | — |
Net operating loss carryforwards |  | 4.1 |  |  | 13.5 |
Lease liabilities |  | 3.1 |  |  | 3.7 |
Other |  | 0.1 |  |  | 1.2 |
Total gross deferred tax assets |  | 49.5 |  |  | 40.2 |
Deferred tax liabilities: |  |  |  |
Prepaid expense and other |  | (0.6) |  |  | (1.3) |
Right-of-use assets |  | (2.8) |  |  | (3.4) |
Basis difference for fixed assets and intangibles |  | (28.0) |  |  | (14.8) |
Total gross deferred tax liabilities |  | (31.4) |  |  | (19.6) |
Valuation allowance for deferred tax assets |  | (19.3) |  |  | (22.4) |
Net deferred tax liability |  | $ | (1.2) |  |  | $ | (1.8) |
Schedule of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits, excluding accrued interest and penalties, are as follows:
(in millions) |  |  |  |  |  |
Year Ended December 31, |  | 2022 |  | 2021 |  | 2020
Balance as of beginning of year |  | $ | 8.4 |  |  | $ | 6.3 |  |  | $ | 4.8 |
Increases related to prior year tax positions |  | — |  |  | 0.6 |  |  | 0.3 |
Decreases related to prior year tax positions |  | (0.2) |  |  | — |  |  | (0.1) |
Expiration of statute of limitations |  | — |  |  | — |  |  | (0.1) |
Current year increases |  | 1.7 |  |  | 1.5 |  |  | 1.4 |
Balance as of end of year |  | $ | 9.9 |  |  | $ | 8.4 |  |  | $ | 6.3 |

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