Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income tax (Benefit) Expense

The components of our income taxes are as follows:

	Year Ended December 31,
(in thousands)	2024	2023	2022
Current
Federal	$23,155	$16,588	$6,974
State	3,829	2,270	3,120
Total current income tax expense	26,984	18,858	10,094
Deferred
Federal	(9,415)	(41,856)	(421)
State	(2,499)	(23,706)	(76)
Total deferred income tax benefit	(11,914)	(65,562)	(497)
Total income tax expense (benefit)	$15,070	$(46,704)	$9,597

Schedule of Reconciliation of Income Tax (Benefit) Expense

The following is a reconciliation of the U.S. federal statutory rate of 21.0% to our effective income tax rate:

	Year Ended December 31,
(dollars in thousands)	2024	2023	2022
Income taxes computed at federal statutory rate	$6,607	$(11,670)	$(4,879)
State income taxes	1,050	(16,934)	2,465
Stock-based compensation	105	217	383
Excess tax related to stock-based compensation	3,163	6,131	4,565
Research and development credits, net of reserves	(4,589)	526	(6,401)
Nondeductible officers' compensation	6,997	10,641	12,295
Increase (decrease) in valuation allowance	533	(36,323)	68
Unrecognized tax benefits interest	532	259	133
Nondeductible penalties	3	2	318
Basis difference on disposition	—	—	659
Other	669	447	(9)
Income tax expense (benefit)	$15,070	$(46,704)	$9,597
Effective income tax rate	47.9%	84.0%	(41.3%)

Schedule of Components of Net Deferred Tax Assets

Deferred tax assets, net consist of the following:

	December 31,
(in thousands)	2024	2023
Deferred tax assets
Other assets	$5,404	$4,602
Operating lease liabilities	12,599	13,279
Stock-based compensation	12,254	10,804
Research and development credits, net of reserves	13,319	11,918
Tax credit carryforward	447	827
Charitable contribution carryforward	1,283	4,510
Goodwill	3,827	7,491
Capitalized research and development expenditures	27,289	14,935
Intangible assets	5,762	4,971
Accrued legal settlement	6,830	3,160
Net operating losses	9,966	10,458
Total deferred tax assets	98,980	86,955
Valuation allowance	(8,670)	(7,818)
Deferred tax assets, net of valuation allowance	90,310	79,137
Deferred tax liabilities
Other liabilities	(340)	(404)
Operating lease right-of-use assets, net	(6,774)	(7,265)
Property and equipment	(2,379)	(3,064)
Insurance recovery receivable	(3,635)	(3,136)
Total deferred tax liabilities	(13,128)	(13,869)
Total deferred tax assets, net	$77,182	$65,268

Schedule of Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits

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

(in thousands)
Gross unrecognized tax benefits at December 31, 2021	$14,796
Increases related to prior year tax positions	422
Increases related to current year tax positions	2,444
Decreases related to prior year tax positions	(1,160)
Lapse of statute of limitations	(1,804)
Gross unrecognized tax benefits at December 31, 2022	14,698
Increases related to prior year tax positions	409
Increases related to current year tax positions	746
Decreases related to prior year tax positions	(1,080)
Lapse of statute of limitations	(576)
Gross unrecognized tax benefits at December 31, 2023	14,197
Increases related to prior year tax positions	70
Increases related to current year tax positions	1,642
Lapse of statute of limitations	(2,479)
Gross unrecognized tax benefits at December 31, 2024	$13,430