INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Taxes

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

	Year Ended December 31,
	2021		2020		2019
Current tax provision:
Foreign	$	212	$	224	$	201
Federal	11,702		8,080		4,668
State	3,824		2,780		1,591
Total Current	15,738		11,084		6,460
Deferred tax provision:
Federal	667		1,089		1,290
State	67		344		573
Total deferred	734		1,433		1,863
Total tax provision	$	16,472	$	12,517	$	8,323

Reconciliation Between Income Tax Provision (Benefit) at US Statutory Tax Rate

A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the consolidated statements of income and comprehensive income is below (in thousands):

	Year Ended December 31,
	2021			2020			2019
Income before income taxes	$	63,315		$	46,301		$	27,932
U.S. statutory tax rate	21		%	21		%	21		%
Income tax expense at statutory rate	13,296			9,723			5,866
State tax expense, net of federal	3,073			2,530			1,639
Foreign tax rates different from U.S. statutory rate	273			264			260
Non-deductible expenses	337			57			374
Change in tax rate	—			(9)			71
Other	(507)			(48)			113
Total tax provision	$	16,472		$	12,517		$	8,323

Deferred Tax Assets Liabilities

The following table outlines the principal components of the deferred tax assets and liabilities (in thousands):

	December 31,
	2021		2020
Deferred tax assets:
U.S. federal and state net operating losses	$	4,181	$	5,529
Foreign net operating losses	248		165
Allowance for credit losses	537		483
Share-based compensation	1,854		1,468
Accrued compensation	762		487
Deferred revenue	895		725
Other	827		—
Total deferred tax assets	9,304		8,857
Deferred tax liabilities
Depreciation	(3,176)		(2,460)
Intangible amortization	(6,914)		(6,924)
Debt origination costs	(392)		—
Total deferred tax liabilities	(10,482)		(9,384)
Valuation allowance	(248)		(165)
Net deferred tax liability	$	(1,426)	$	(692)