Post-effective amendment to a registration statement that is not immediately effective upon filing

INCOME TAXES (Tables)

v3.22.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income before income taxes by tax jurisdiction consists of the following:
Years Ended December 31,
2021 2020 2019
United States $ 25,181  $ 8,738  $ 11,164 
Foreign (14,702) 2,398  6,425 
Total income $ 10,479  $ 11,136  $ 17,589 
Schedule of Components of Income Tax Expense (Benefit)
Provision for current and deferred income taxes consists of the following:
            
Years Ended December 31,
2021 2020 2019
Current tax expense:
Federal $ 959  $ 945  $ 241 
State 731  297  720 
Foreign 396  791  665 
Total current tax expense $ 2,086  $ 2,033  $ 1,626 
Deferred tax expense:
Federal $ 1,443  $ (3,045) $ 1,997 
State (404) (748) 55 
Foreign (3,383) 89  297 
Total deferred tax expense $ (2,344) $ (3,704) $ 2,349 
Income tax expense (benefit) $ (258) $ (1,671) $ 3,975 
Schedule of Effective Income Tax Rate Reconciliation The difference between the actual rate and the federal statutory rate is as follows:
Years Ended December 31,
2021 2020 2019
Statutory rate 21.0  % 21.0  % 21.0  %
Foreign provision 0.6  (0.3) (6.5)
State/province income tax 4.0  0.1  5.6 
Stock compensation (1.6) (19.2) 7.5 
Unrecognized tax benefits 8.9  —  — 
Other effects of check-the-box election —  (6.2) 0.2 
Research credit (11.0) (11.5) (5.9)
Adjustment to carrying value 1.5  (4.0) (0.3)
Foreign tax credit (4.6) (9.1) (0.7)
Valuation allowance 3.2  9.0  — 
Foreign-derived intangible income deduction (FDII) —  (2.7) (1.1)
Non-deductible expenses-other 3.4  2.4  2.0 
Foreign branch income 1.3  4.5  1.0 
Fair value adjustment on warrants (27.9) —  — 
Other (1.3) 1.0  (0.2)
Effective tax rate (2.5) % (15.0) % 22.6  %
Schedule of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities consist of the following:
December 31,
2021 2020
Deferred tax assets:
Net operating loss carryforwards $ 10,384  $ — 
Tax credit carryforwards 4,929  6,882 
Accrued liabilities 785  5,576 
Stock compensation 2,221  1,457 
Charitable contribution 697  — 
Deferred rent 41  74 
Other 89  276 
Total gross deferred tax assets $ 19,146  $ 14,265 
Less: Valuation allowance (1,334) (1,002)
Total deferred tax assets $ 17,812  $ 13,263 
Deferred tax liabilities:
Intangibles 176  185 
Property and equipment 10,189  12,457 
Prepaid taxes 1,165  482 
Total deferred tax liabilities $ 11,530  $ 13,124 
Deferred tax assets (liability), net $ 6,282  $ 139 
Schedule of Deferred Tax Asset Valuation Allowances
The following is a tabular reconciliation of the total amounts of deferred tax asset valuation allowance:
            
Years Ended December 31,
2021 2020
Balance at beginning of period $ 1,002  $ — 
Charged to provision for income taxes 332  1,002 
Balance at end of period $ 1,334  $ 1,002 
Summary of Income Tax Contingencies The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:
Years Ended December 31,
2021 2020 2019
Balance at beginning of period $ —  $ —  $ — 
Increases for tax positions of prior years 609  —  — 
Increases for tax positions of current year 148  —  — 
Settlements (120) —  — 
Balance at end of period $ 637  $ —  $ —