Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule Of Components Of Income Tax Expense Or Benefit

The provision for income taxes for the years ended December 31, 2021 and 2020 is as follows (in thousands):

	December 31,
	2021			2020
Current income tax provision
Federal	$	17,790		$	9,087
State		5,357			5,738
Total current provision		23,147			14,825
Deferred income tax benefit
Federal		(3,014	)		(3,504	)
State		(718	)		(3,003	)
Total deferred benefit		(3,732	)		(6,507	)
Provision for income taxes	$	19,415		$	8,318

Schedule Of Effective Income Tax Reconciliation

A reconciliation from the income tax expense using the US statutory federal income tax rate to the provision for income taxes is as follows (in thousands):

	December 31,
	2021			2020			2019
Tax expense at U.S. statutory rate	$	2,083		$	12,196		$	23
State tax expense, net of federal benefit		606			4,176			—
Non-deductible expenses		344			(2,116	)		—
Stock-based compensation		(28,727	)		—			—
Excess compensation limitations		45,359			—			—
Foreign-derived intangible income deduction		(455	)		—			—
R&D tax credit benefit		(230	)		—			—
Unrecognized tax benefits		280			—			—
Change in valuation allowance		—			(5,994	)		(75	)
Other		155			56			52
Provision for income taxes	$	19,415		$	8,318		$	—

Schedule Of Components Of Deferred Income Taxes

Significant components of the deferred income taxes are as follows (in thousands):

	December 31,
	2021			2020
Deferred tax assets
Net operating losses	$	1,217		$	1,490
Uniform capitalization adjustment to inventory		2,808			1,135
Stock-based compensation		3,032			1,503
Accrued compensation and benefits		1,341			1,032
Tenant improvement allowance		386			459
Inventory reserve		1,063			991
Deferred rent		552			564
Returns reserve		731			469
Sales tax accrual		437			528
Other		417			148
Total deferred tax assets		11,984			8,319
Less: valuation allowance		—			—
Total net deferred tax assets		11,984			8,319
Deferred Tax Liabilities
Property and equipment		(1,745	)		(1,812	)
Total deferred tax liabilities		(1,745	)		(1,812	)
Net deferred tax assets	$	10,239		$	6,507

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits during the year ended December 31, 2021 (in thousands):

Balance as of December 31, 2020	$	—
Increases related to current year tax positions		50
Decreases related to current year tax positions		—
Increases related to prior year tax positions		117
Changes due to lapse of statute of limitations		—
Settlement with taxing authorities		—
Balance as of December 31, 2021	$	167