Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The geographical breakdown of the Company’s income (loss) before provision for (benefit from) income taxes is as follows (in thousands):

	2023		2022		2021
Domestic	$	(16,899)	$	(1,347)	$	(1,870)
International	1,190		2,607		7,808
(Loss) income before income taxes	$	(15,709)	$	1,260	$	5,938

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense attributable to income from continuing operations consists of (in thousands):

	2023		2022		2021
Current provisions for income taxes:
Federal	$	4,142	$	7,280	$	3,666
State	798		1,339		440
Foreign	1,528		1,442		601
Total current	$	6,468	$	10,061	$	4,707
Deferred tax expense (benefit):
Federal	$	(8,777)	$	(9,164)	$	(2,529)
State	(1,170)		(1,910)		(579)
Foreign	(82)		(211)		1,312
Total deferred tax expense (benefit)	$	(10,029)	$	(11,285)	$	(1,796)
Total provision for (benefit from) income taxes	$	(3,561)	$	(1,224)	$	2,911

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the federal statutory rate to the Company’s effective tax rate:

	2023		2022		2021
U.S. federal tax benefit at statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.4		(60.0)		(3.9)
Foreign income taxed at different rates	(0.9)		(37.9)		(9.6)
Foreign-derived intangible income deduction	9.1		(39.2)		(3.9)
Research and development credits	12.9		(146.4)		(6.6)
Tax impact of foreign earnings and losses	(1.4)		89.4		7.8
Subpart F	(5.3)		67.2		23.1
Share-based compensation	(12.2)		7.1		21.7
Other permanent adjustments	(0.8)		1.9		1.0
Prior year true up due to tax rate change	1.6		(47.1)		(0.6)
Change in valuation allowance, net	(6.5)		60.6		1.1
162M compensation	(0.7)		4.4		—
Foreign tax credit	2.1		(19.6)		—
Other	0.4		1.5		(2.2)
Effective tax rate	22.7	%	(97.1)	%	48.9	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are presented below (in thousands):

	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	1,414	$	755
Foreign tax credit carryforward	854		492
Research and development credit carryforward	1,647		904
Stock based compensation	3,171		1,578
Legal settlement	4,458		4,050
Deferred revenue	6,061		4,415
Research and development capitalization	10,135		4,948
Inventory reserve	1,760		881
Accrued bonus	1,292		1,236
Lease liability	2,631		3,388
Other accruals	2,544		3,108
Gross deferred tax assets	35,967		25,755
Valuation allowance	(2,268)		(1,248)
Net deferred tax assets	$	33,699	$	24,507
Deferred tax liabilities
ROU assets	$	(2,392)	$	(3,053)
Depreciation and amortization	(820)		(995)
Net deferred tax liabilities	$	(3,212)	$	(4,048)
Net deferred tax assets (liabilities)	$	30,487	$	20,459

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):

	2023		2022		2021
Unrecognized tax benefits as of the beginning of the year	$	2,235	$	1,321	$	737
Increases related to prior year tax provisions	217		298		65
Increase related to current year tax provisions	1,183		616		519
Unrecognized tax benefits as of the end of the year	$	3,635	$	2,235	$	1,321