Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The provision for income taxes is based on income before income taxes reported for financial statement purposes. The components of income before income taxes are as follows:

	Year Ended December 31,
(in thousands)	2023		2022		2021
Domestic	$	38,099	$	33,731	$	42,449
Foreign	(10,147)		(131,608)		(2,265)
Total	$	27,952	$	(97,877)	$	40,184

Schedule of Components of Income Tax Expense (Benefit)

Significant components of the provision for income taxes for the following periods are as follows:

	Year Ended December 31,
(in thousands)	2023		2022		2021
Current:
Federal	$	15,717	$	15,366	$	5,552
State	2,418		(393)		975
Foreign	34		(99)		(64)
Deferred
Federal	(8,202)		(9,159)		(377)
State	(385)		(723)		(814)
Foreign	1,379		(4,641)		(1,181)
Valuation Allowance	(229)		5,234		2,721
Total	$	10,732	$	5,585	$	6,812

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:

	Year Ended December 31,
	2023		2022		2021
Federal tax statutory rate	21.0	%	21.0	%	21.0	%
State tax (net of federal benefit)	3.5		(0.8)		2.1
Share based compensation	6.0		(2.1)		(2.3)
Valuation allowance against deferred tax assets	(2.4)		(5.0)		8.9
Goodwill impairment	—		(24.4)		—
Contingent consideration reduction	—		—		(7.0)
Research and development credit	(3.8)		1.2		(4.0)
Foreign rate differential	(1.6)		2.9		(2.2)
Tax reserves	1.9		1.0		(1.0)
Provision to return difference	(0.2)		—		(0.7)
Unrealized foreign exchange losses	2.9		—		—
Revaluation of deferred tax liability	1.1		—		—
Closure of Japan branch net operating loss reversal	11.1		—		—
Miscellaneous	(1.1)		0.5		2.2
Total	38.4	%	(5.7	%)	17.0	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows:

	December 31,
(in thousands)	2023		2022
Deferred tax assets:
Accrued expenses	$	2,155	$	2,254
Section 174 expenses	13,084		8,119
Leases	1,186		4,822
Warrants and stock options	4,588		4,087
Inventories	275		198
Research and development credit	2,327		2,374
Other assets	1,094		838
Net operating loss	16,237		16,586
Less valuation allowance	(17,667)		(17,562)
Total deferred tax assets	23,279		21,716
Deferred tax liabilities:
Depreciation	(25,552)		(29,397)
Goodwill	(12,921)		(10,716)
Intangible assets	(2,362)		(3,103)
Leases	(1,186)		(4,822)
Total deferred tax liabilities	(42,021)		(48,038)
Net deferred tax liability	$	(18,742)	$	(26,322)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Year Ended December 31,
	2023		2022
Balance at beginning of period	$	3,236	$	4,364
Additions for tax positions of current year	632		634
Additions for tax positions of prior years	86		23
Decrease related to the expiration of statutes of limitations	(338)		—
Reduction for tax positions of prior years	—		(1,785)
Balance at period end	$	3,616	$	3,236