XML 51 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of provision (benefit) for income tax expense

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(In thousands)		2023			2022			2021
Current income taxes, Federal	​	$	5,045	​	$	1,838	​	$	(1,274)
Current income taxes, State	​	​	1,440	​	​	637	​	​	214
​	​	​	6,485	​	​	2,475	​	​	(1,060)
​	​	​	​	​	​	​	​	​	​
Deferred income taxes, Federal	​		(19,046)	​		(32)	​		7,874
Deferred income taxes, State	​	​	(332)	​	​	—	​	​	2,356
​	​	​	(19,378)	​	​	(32)	​	​	10,230
​	​	​	​	​	​	​	​	​	​
Unrecognized tax benefit, Federal	​		148	​		(50)	​		348
Unrecognized tax benefit, State	​	​	—	​	​	—	​	​	—
​	​	​	148	​	​	(50)	​	​	348
​	​	​	​	​	​	​	​	​	​
Total (benefit) provision for income taxes	​	$	(12,745)	​	$	2,393	​	$	9,518

Schedule of components of the Company's deferred tax assets

​

​	​	​	​	​	​	​
​	​	At December 31,
(In thousands)		2023			2022
Deferred tax assets:	​	​	​	​	​	​
Operating lease liability	​	$	5,394	​	$	5,945
Net operating loss carryforwards	​	​	50	​	​	179
Accounts receivable and inventory reserves	​	​	7,065	​	​	6,013
Stock-based compensation	​	​	5,144	​	​	4,886
Accrued liabilities	​		2,056	​		1,914
Warranty reserves	​	​	1,025	​	​	1,071
Intangible assets	​	​	1,645	​	​	2,947
Business credits	​	​	630	​	​	536
R&D expenses	​	​	2,189	​	​	1,103
Other	​		309	​		183
Total deferred tax assets	​	​	25,507	​	​	24,777
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Right-of-use asset	​		(4,799)	​		(5,425)
Fixed assets	​	​	(975)	​	​	(1,080)
Prepaid expenses	​	​	(232)	​	​	(251)
Other	​	​	(123)	​	​	(186)
Total deferred tax liabilities	​	​	(6,129)	​	​	(6,942)
​	​	​	​	​	​	​
Valuation allowance	​	​	—	​	​	(17,835)
​	​	​	​	​	​	​
Net deferred tax assets	​	$	19,378	​	$	—

Schedule of reconciliation of income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023		​	2022		​	2021
Tax expense at statutory rate		21.0	%	​	21.0	%	​	21.0	%
State income taxes, net of federal benefit	​	5.2	​	​	4.1	​	​	(1.1)	​
Executive compensation	​	0.9	​	​	—	​	​	(14.2)	​
Meals and entertainment	​	2.1	​	​	—	​	​	—	​
Employee Stock Purchase Plan	​	0.9	​	​	(1.0)	​	​	(7.5)	​
Federal business credits	​	(1.5)	​	​	1.6	​	​	10.9	​
Valuation allowance	​	(113.3)	​	​	(37.4)	​	​	(525.0)	​
Return to provision	​	0.5	​	​	(0.2)	​	​	(6.5)	​
Research and development credits	​	—	​	​	—	​	​	60.2	​
Deferred reprice - state		0.2		​	0.9		​	3.3	​
Unrecognized tax benefits	​	0.3	​	​	(0.3)	​	​	(2.2)	​
Excess benefit on non-qualified stock options and RSUs	​	2.3	​	​	(3.7)	​	​	47.2	​
Interest and penalties	​	0.1	​	​	—	​	​	(0.7)	​
162(m) write down	​	1.6	​	​	—	​	​	—	​
Other		(1.1)		​	(0.5)		​	(0.5)	​
Net effective rate		(80.8)	%	​	(15.5)	%	​	(415.1)	%

Schedule of unrecognized tax benefits ("UTB")

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
(In thousands)		2023			2022			2021
Balance beginning of the year	​	$	612	​	$	522	​	$	—
Gross change — tax positions in prior year	​	​	90	​	​	90	​	​	522
Balance end of the year	​	$	702	​	$	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
-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 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