Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following:


	For the Year Ended December 31,
	2023		2022		2021
Current expense:
United Kingdom	$	513	$	87	$	71
United States	541		(313)		4,924
Foreign	97		722		297
Total current expense	1,151		496		5,292
Deferred benefit:
United Kingdom	175		(1,231)		(5,198)
United States	(9,649)		(23,982)		(209)
Foreign	(833)		(558)		1,902
Total deferred benefit	(10,307)		(25,771)		(3,505)
Total provision for income taxes	$	(9,156)	$	(25,275)	$	1,787

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax expense calculated using the applicable federal statutory rate to the Company's actual income tax expense is as follows:


	For the Year Ended December 31,
	2023		2022		2021
Tax expense (benefit) at statutory rate (23.5% for 2023; 19% for 2022-21)	$	(11,042)	$	(511)	$	130
Effect of different tax rates in different jurisdictions	2,368		150		871
Permanent items	66		(1,024)		(1)
Effect of research and development credits	(900)		(1,831)		(270)
Change in tax rates	—		—		(3,572)
Change in valuation allowances	150		(21,928)		5,210
Other	202		(131)		(581)
	$	(9,156)	$	(25,275)	$	1,787

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets are as follows:


	For the Year Ended December 31,
	2023		2022
Deferred tax assets:
Accrued expense	$	5,669	$	4,967
Deferred revenue	4,070		3,240
Inventories	936		1,165
Intangible assets	1,263		642
Fixed assets	1,226		1,381
R&D Costs	6,480		—
Losses and credit carryforwards	49,102		46,784
Lease liability	214		315
Other	1,059		62
Less: valuation allowance	(1,019)		(1,828)
Total deferred tax asset	$	69,000	$	56,728
Deferred tax liability:
Intangible assets	(11,999)		(11,517)
Lease assets	(254)		(334)
Other	(367)		(250)
Total deferred tax liability	(12,620)		(12,101)
Net deferred tax assets	$	56,380	$	44,627