XML 52 R36.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of provision (benefit) for income tax expense

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(In thousands)		2022			2021			2020
Current income taxes, Federal	​	$	1,838	​	$	(1,274)	​	$	(653)
Current income taxes, State	​	​	637	​	​	214	​	​	294
​	​	​	2,475	​	​	(1,060)	​	​	(359)
​	​	​	​	​	​	​	​	​	​
Deferred income taxes, Federal	​		(32)	​		7,874	​		(833)
Deferred income taxes, State	​	​	—	​	​	2,356	​	​	(395)
​	​	​	(32)	​	​	10,230	​	​	(1,228)
​	​	​	​	​	​	​	​	​	​
Unrecognized tax benefit, Federal	​		(50)	​		348	​		—
Unrecognized tax benefit, State	​	​	—	​	​	—	​	​	(54)
​	​	​	(50)	​	​	348	​	​	(54)
​	​	​	​	​	​	​	​	​	​
Total provision (benefit) for income taxes	​	$	2,393	​	$	9,518	​	$	(1,641)

​

Schedule of components of the Company's deferred tax assets

​

​	​	​	​	​	​	​
​	​	At December 31,
(In thousands)		2022			2021
Deferred tax assets:	​	​	​	​	​	​
Operating lease liability	​	$	5,945	​	$	6,490
Net operating loss carryforwards	​	​	179	​	​	671
Accounts receivable and inventory reserves	​	​	6,013	​	​	4,658
Stock-based compensation	​	​	4,886	​	​	3,777
Accrued liabilities	​		1,914	​		1,104
Warranty reserves	​	​	1,071	​	​	1,245
Intangible assets	​	​	2,947	​	​	579
Business credits	​	​	536	​	​	682
R&D expenses	​	​	1,103	​	​	—
Other	​		183	​		199
Total deferred tax assets	​	​	24,777	​	​	19,405
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Right-of-use asset	​		(5,425)	​		(6,019)
Fixed assets	​	​	(1,080)	​	​	(914)
Prepaid expenses	​	​	(251)	​	​	(378)
Other	​	​	(186)	​	​	(87)
Total deferred tax liabilities	​	​	(6,942)	​	​	(7,398)
​	​	​	​	​	​	​
Valuation allowance	​	​	(17,835)	​	​	(12,039)
​	​	​	​	​	​	​
Net deferred tax assets	​	$	—	​	$	(32)

​

Schedule of reconciliation of income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022		​	2021		​	2020
Tax expense at statutory rate		21.0	%	​	21.0	%	​	21.0	%
State income taxes, net of federal benefit	​	4.1	​	​	(1.1)	​	​	(7.9)	​
Executive compensation	​	—	​	​	(14.2)	​	​	(5.5)	​
Meals and entertainment	​	—	​	​	—	​	​	(10.6)	​
Incentive stock options		—		​	—		​	(0.4)	​
Employee Stock Purchase Plan	​	(1.0)	​	​	(7.5)	​	​	(8.6)	​
Federal business credits	​	1.6	​	​	10.9	​	​	—	​
Valuation allowance	​	(37.4)	​	​	(525.0)	​	​	8.0	​
Return to provision	​	(0.2)	​	​	(6.5)	​	​	3.6	​
Research and development credits	​	—	​	​	60.2	​	​	—	​
IRS exam		—	​	​	—	​	​	2.5	​
Deferred reprice - state		0.9		​	3.3		​	—	​
Federal carryback claim deferred rate differential	​	—	​	​	—	​	​	38.5	​
Unrecognized tax benefits	​	(0.3)	​	​	(2.2)	​	​	2.3	​
Excess benefit on non-qualified stock options and RSUs	​	(3.7)	​	​	47.2	​	​	28.0	​
Interest and penalties	​	—	​	​	(0.7)	​	​	1.9	​
Other		(0.5)		​	(0.5)		​	(0.2)	​
Net effective rate		(15.5)	%	​	(415.1)	%	​	72.6	%

​

Schedule of unrecognized tax benefits ("UTB")

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
(In thousands)		2022			2021			2020
Balance beginning of the year	​	$	522	​	$	—	​	$	54
Gross change — tax positions in prior year	​	​	90	​	​	522	​	​	(54)
Balance end of the year	​	$	612	​	$	522	​	$	—

​

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ 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 the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration