Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of income before provision for income taxes

Income before provision for income taxes consisted of the following:

	For the years ended December 31,
	2023		2022		2021
	(in thousands)
United States	$	(6,107)	$	(23,490)	$	(11,530)
International	10,945		3,037		9,078
Total income/(loss) before provision for income taxes	$	4,838	$	(20,453)	$	(2,452)

Schedule of federal and state income tax provision/ (benefit)

The federal and state income tax provision/(benefit) is summarized as follows:

	For the years ended December 31,
	2023		2022		2021
	(in thousands)
Current
Federal	$	3,619	$	6,951	$	71
State	941		1,774		80
International	6,183		3,681		2,164
Total current tax expense	$	10,743	$	12,406	$	2,315
Deferred
Federal	$	(2,265)	$	(2,740)	$	2,752
State	(474)		(315)		(59)
International	(1,401)		(590)		240
Total deferred tax expense/(benefit)	$	(4,140)	$	(3,645)	$	2,933
Total tax expense/(benefit)	$	6,603	$	8,761	$	5,248

Schedule of deferred tax assets and liability

The tax effects of significant items comprising the Company’s deferred taxes as of December 31, 2023 and 2022 are as follows:

	As of December 31,
	2023		2022
	(in thousands)
Deferred tax assets
Capitalized R&D	$	3,968	$	1,056
Stock-based compensation	3,833		4,004
Accrued compensation	1,950		931
Lease liability	636		465
Net operating loss	267		401
State tax accrual	183		243
Allowance for bad debt	185		105
Total deferred tax assets	$	11,022	$	7,205
Deferred tax liabilities
Intangible assets	$	(6,908)	$	(5,207)
Lease right-of-use assets	(597)		(465)
Fixed asset basis	(373)		(291)
Total deferred tax liabilities	(7,878)		(5,963)
Net deferred taxes	$	3,144	$	1,242

Schedule of net operating losses and tax credit carryforwards

Net operating losses and tax credit carryforwards as of December 31, 2023 are as follows:

	Amount		Expiration years
	(in thousands)
Net operating losses, federal	$	891	N/A
Net operating losses, state	$	6,821	2040

Schedule of effective tax rate reconciliation

The effective tax rate of the Company differs from the federal statutory rate as follows:

	For the years ended December 31,
	2023		2022		2021
Statutory rate	21.0	%	21.0	%	21.0	%
State tax	10.1		(7.5)		(0.4)
Permanent and other items	(9.9)		(1.0)		(10.8)
Stock-based compensation	39.3		4.4		114.4
Tax credits	(120.0)		13.9		3.8
Foreign rate differential	7.2		(11.9)		(4.9)
Foreign inclusion adjustments	74.7		(10.8)		(75.7)
Foreign intangible amortization	10.2		(2.3)		(15.7)
162M limitation	103.9		(48.6)		(245.8)
Total	136.5	%	(42.8)	%	(214.1)	%

Schedule of unrecognized tax benefits

A reconciliation of beginning to ending amounts of unrecognized tax benefits is as follows:

	For the years ended December 31,
	2023		2022		2021
	(in thousands)
Unrecognized tax benefit as of January 1	$	1,151	$	780	$	654
Changes related to prior year tax positions	(101)		168		(50)
Changes related to current year tax positions	112		203		176
Unrecognized tax benefit as of December 31	$	1,162	$	1,151	$	780