XML 51 R35.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Taxes [Abstract] |
Schedule of Income Tax Provision Expense | The components of the Company’s income tax provision expense are as follows (in thousands):
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current provision: |  |  |  |  |  |  |  |  |
Federal |  | $ | (1,112 | ) |  | $ | (68 | ) |  | $ | 2,536 |
State and local |  |  | (309 | ) |  |  | 268 |  |  |  | 795 |
Foreign |  |  | (582 | ) |  |  | 1,402 |  |  |  | 3,572 |
|  |  | (2,003 | ) |  |  | 1,602 |  |  |  | 6,903 |
Deferred expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | 8,882 |  |  |  | (9,013 | )
State and local |  |  | (159 | ) |  |  | 3,552 |  |  |  | (3,472 | )
Foreign |  |  | (520 | ) |  |  | 65 |  |  |  | (213 | )
|  |  | (679 | ) |  |  | 12,499 |  |  |  | (12,698 | )
Provision for (benefit from) income taxes |  | $ | (2,682 | ) |  | $ | 14,101 |  |  | $ | (5,795 | )
Schedule of Income (Loss) Before Provision for Income Taxes | Income (loss) before provision for income taxes consisted of the following (in thousands):
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
United States |  | $ | (63,831 | ) |  | $ | (52,598 | ) |  | $ | 17,018 |
International |  |  | 2,159 |  |  |  | 9,270 |  |  |  | 13,449 |
Total |  | $ | (61,672 | ) |  | $ | (43,328 | ) |  | $ | 30,467 |
Schedule of Deferred Income Tax Assets and Liabilities | The Company’s deferred income tax assets and liabilities consisted of the following (in thousands):
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Accounts receivable |  | $ | 2,473 |  |  |  | 5,123 |
Inventories |  |  | 2,139 |  |  |  | 2,807 |
Property and equipment |  |  | 2,207 |  |  |  | 296 |
Reserves and other accruals |  |  | 64 |  |  |  | 389 |
Stock based compensation |  |  | 1,942 |  |  |  | 2,673 |
Lease liabilities |  |  | 18,684 |  |  |  | 20,668 |
Section 174 Costs |  |  | 3,138 |  |  |  | 2,601 |
Credits and other |  |  | 2,834 |  |  |  | 1,669 |
Net operating losses |  |  | 13,191 |  |  |  | 9,921 |
Gross deferred tax assets |  |  | 46,672 |  |  |  | 46,147 |
Valuation allowance |  |  | (25,670 | ) |  |  | (24,128 | )
Total deferred tax assets, net |  |  | 21,002 |  |  |  | 22,019 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Prepaid expenses |  |  | (1,606 | ) |  |  | (864 | )
Other |  |  | (233 | ) |  |  | (773 | )
Right of Use of Asset |  |  | (17,556 | ) |  |  | (19,514 | )
Total deferred tax liabilities |  |  | (19,395 | ) |  |  | (21,151 | )
Net deferred tax assets |  | $ | 1,607 |  |  | $ | 868 |
Schedule of U.S. Federal Statutory Tax Rate | A reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal taxes at statutory rate |  |  | 21.00 | % |  |  | 21.00 | % |  |  | 21.00 | %
State taxes, net of federal benefit |  |  | 2.50 |  |  |  | 2.48 |  |  |  | (6.85 | )
Permanent items: |  |  |  |  |  |  |  |  |  |  |  |
Other nondeductible items |  |  | (0.35 | ) |  |  | (0.30 | ) |  |  | 0.48 |
Subpart F income |  |  | (1.55 | ) |  |  | (0.80 | ) |  |  | — |
Stock-based compensation |  |  | (10.94 | ) |  |  | (10.88 | ) |  |  | 0.74 |
Foreign withholding tax |  |  | (0.82 | ) |  |  | — |  |  |  | — |
Research & development credit |  |  | 0.34 |  |  |  | 1.57 |  |  |  | — |
Global intangible low-taxed income |  |  | (0.46 | ) |  |  | — |  |  |  | — |
Foreign rate differential and foreign tax credits |  |  | (1.39 | ) |  |  | (0.74 | ) |  |  | 2.15 |
Canada Provision |  |  | 1.92 |  |  |  |  |  |  |  |  |
Change in valuation allowance – U.S. Federal |  |  | (5.61 | ) |  |  | (34.09 | ) |  |  | (33.11 | )
Change in valuation allowance – U.S. States |  |  | (0.07 | ) |  |  | (11.17 | ) |  |  | — |
Change in valuation allowance – Foreign |  |  | 3.18 |  |  |  | 0.96 |  |  |  | — |
Change in uncertainty tax position (“FIN48”) |  |  | (2.54 | ) |  |  | (0.10 | ) |  |  | — |
Other |  |  | (0.86 | ) |  |  | (0.01 | ) |  |  | (3.43 | )
Effective tax rate |  |  | 4.35 | % |  |  | (32.08 | )% |  |  | (19.02 | )%
Schedule of Uncertain Tax Positions | A reconciliation of the beginning and ending amounts of uncertain tax positions is as follows (in thousands):
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 1,606 |  |  | $ | 1,563 |
Additions based on tax positions related to the prior year |  |  | 2,592 |  |  |  | 43 |
Additions based on tax positions related to the current year |  |  | 126 |  |  |  | — |
Reduction based on tax position related to settlements with taxing authorities |  |  | (62 | ) |  |  | — |
Reductions based on tax position related to a lapse of the applicable statute of limitation |  |  | (20 | ) |  |  | — |
Ending balance |  | $ | 4,242 |  |  | $ | 1,606 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration