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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

Income (loss) before provision (benefit) for income taxes is as follows (in thousands):

 

			For the year ended December 31,
			2023						2022						2021
Income (loss) before provision (benefit) for income taxes from:
U.S. operations			$	(6,900)					$	439					$	1,527
Foreign operations			(11,765)						8,855						5,761
Income (loss) before provision (benefit) for income taxes			$	(18,665)					$	9,294					$	7,288

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consists of the following (in thousands):

 

			For the year ended December 31,
			2023						2022						2021
Current
Federal			$	1,372					$	(644)					$	(182)
States and local			705						464						246
Foreign			2,063						3,251						3,641
Reserve for uncertain tax positions			16						136						(186)
Total current provision (benefit)			$	4,156					$	3,207					$	3,519
Deferred
Federal			$	(2,005)					$	(435)					$	(309)
States and local			(122)						242						(138)
Foreign			(1,439)						(1,614)						(1,884)
Reserve for uncertain tax positions			—						—						155
Total deferred benefit			(3,566)						(1,807)						(2,176)
Net change in valuation allowance			(1,810)						1,320						2,052
Net deferred benefit			(5,376)						(487)						(124)
Total provision (benefit) for income taxes			$	(1,220)					$	2,720					$	3,395

Schedule of Provision (Benefit) for Income Taxes Computed by Applying Statutory Federal Tax Rate

The provision (benefit) for income taxes differs from the amount computed by applying the statutory federal tax rate to income tax as follows (in thousands):

			For the years ended December 31,
			2023												2022												2021
Federal tax at statutory rate			$	(3,920)					21.0		%				$	1,952					21.0		%				$	1,527					21.0		%
State taxes, net of federal benefit			611						(3.3)		%				622						6.7		%				75						1.0		%
Foreign tax			274						(1.5)		%				218						2.3		%				380						5.2		%
Goodwill impairment			2,901						(15.5)		%				—						—		%				—						—		%
Nondeductible compensation			716						(3.8)		%				—						—		%				119						1.6		%
US taxation of foreign earnings			98						(0.5)		%				100						1.1		%				(1,041)						(14.3)		%
Permanent differences			485						(2.6)		%				363						3.9		%				373						5.1		%
Research & Development Credit			(602)						3.2		%				(1,716)						(18.5)		%				(214)						(2.9)		%
Change in valuation allowance			(1,810)						9.7		%				1,320						14.2		%				2,052						28.2		%
Impact of foreign tax rate changes									—		%				(246)						(2.6)		%				49						0.7		%
Other			27						(0.1)		%				107						1.2		%				75						1.0		%
Total provision (benefit) for income taxes			$	(1,220)					6.5		%				$	2,720					29.3		%				$	3,395					46.6		%

Schedule of Net Deferred Income Tax Assets and Liabilities

Deferred income tax attributes resulting from differences between financial accounting amounts and income tax basis of assets and liabilities are as follows (in thousands):

			December 31,
			2023						2022
Deferred income tax assets
Allowance for doubtful accounts			$	298					$	826
Inventory			1,201						806
Intangible assets			1,036						1,178
Accrued expenses			4,085						4,365
Net operating loss carryforward			5,329						4,985
Finance lease obligations			275						463
Stock Options			187						—
Deferred stock based compensation			723						1,152
Interest carryforward			4,174						1,501
Right-of-use liability			8,984						9,886
R&D Expense			5,091						2,836
Credits			87						490
Other			1,694						1,495
Deferred income tax assets			33,164						29,983
Valuation allowance			(6,029)						(7,787)
Net deferred income tax assets			$	27,135					$	22,196
Deferred income tax liabilities
Property and equipment			$	(6,472)					$	(6,493)
Goodwill			(9,132)						(7,645)
Intangible assets			(2,822)						(3,601)
Right-of-use asset			(8,944)						(9,841)
Other			(2)						(122)
Deferred income tax liabilities			(27,372)						(27,702)
Net deferred income taxes			$	(237)					$	(5,506)

Schedule of Changes in Company's Gross Unrecognized Tax Benefits, Excluding Interest and Penalties

The following table summarizes the changes in the Company’s gross unrecognized tax benefits, excluding interest and penalties (in thousands):

			For the year ended December 31,
			2023						2022
Balance at beginning of period			$	258					$	300
Additions for tax positions related to the current fiscal period			—						—
Additions for tax positions related to prior years			—						1
Reductions related to the expiration of statutes of limitations			—						(43)
Balance at end of period			$	258					$	258

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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 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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