Income Taxes (Tables)

12 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Summary of Income Tax Benefit (Expense)

During the years ended September 30, 2019, 2018, and 2017, the Company recorded income tax benefit (expense) as follows:

	Years Ended September 30,
	2019			2018			2017
	(in thousands)
Current income tax benefit (expense):
Federal	$	(1,841	)	$	(16,449	)	$	(10,078	)
State		(372	)		(2,858	)		(813	)
Deferred income tax benefit (expense):
Federal		2,431			(2,245	)		1,503
State		608			387			151
	$	826		$	(21,165	)	$	(9,237	)

Reconciliation of Income Tax Provision at Federal Statutory Income Tax Rate and Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:

	Years Ended September 30,
	2019			2018			2017
Federal statutory income tax rate		21.0	%		24.5	%		35.0	%
State taxes, net of federal benefit		1.8			2.6			2.7
Federal research and development tax credit		(12.8	)		(5.2	)		(7.4	)
Remeasurement of net deferred tax assets		—			4.2			—
Share-based compensation		(6.7	)		(2.8	)		4.5
Foreign-derived intangible income		(3.2	)		—			—
Other		(1.9	)		(0.6	)		(0.5	)
Effective income tax rate		(1.8	%)		22.7	%		34.3	%

Net Deferred Tax Assets and Liabilities

Net deferred tax assets as of September 30, 2019 and 2018 consisted of the following:

	September 30,
	2019			2018
	(in thousands)
Deferred tax assets:
Share-based compensation	$	9,901		$	7,372
Other temporary differences		915			828
Accrued compensation		821			696
Tax credit carryforwards		763			—
Accrued expenses		150			60
Capitalized research and development expenses		—			223
Unrealized loss		—			139
Total deferred tax assets		12,550			9,318
Valuation allowance		—			—
Net deferred tax assets		12,550			9,318
Deferred tax liabilities:
Depreciation		(1,027	)		(798	)
Prepaid expenses		(148	)		(145	)
Unrealized gain		(34	)		—
Total deferred tax liabilities		(1,209	)		(943	)
Net deferred income tax assets (liabilities)	$	11,341		$	8,375

Schedule of Reconciliation of Uncertain Tax Positions

A reconciliation of the beginning and ending amount of uncertain tax positions is summarized as follows:

	September 30,
	2019			2018
	(in thousands)
Beginning Balance	$	1,679		$	1,175
Additions based on tax positions for the current period		156			563
Reductions for tax positions due to lapse of statute of limitations		(87	)		—
Reductions for tax positions of prior periods		(98	)		(59	)
Ending Balance	$	1,650		$	1,679