Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.19.1
Income Tax (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Components of Income (Loss) Before Income Taxes From Continuing Operations
The domestic and foreign components of loss before income taxes from operations for the years ended December 31, 2018, 2017 and 2016 are as follows:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(in thousands)
Domestic
$
29,110

 
$
17,120

 
$
1,097

Foreign
(320
)
 
(469
)
 
(744
)
 
$
28,790

 
$
16,651

 
$
353

Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income tax for the years ended December 31, 2018, 2017 and 2016, consist of the following:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(in thousands)
Federal:
 
 
 
 
 
Current
$
4,010

 
$

 
$

Deferred
2,231

 
7,694

 
416

 
 
 
 
 
 
State:
 
 
 
 
 
Current
1,329

 
43

 
3

Deferred
482

 
269

 
(380
)
 
 
 
 
 
 
Foreign:
 
 
 
 
 
Current

 

 

Deferred
73

 
(129
)
 
(174
)
 
 
 
 
 
 
 
8,125

 
7,877

 
(135
)
 
 
 
 
 
 
Change in valuation allowance
(73
)
 
(14,037
)
 
138

Income tax provision (benefit)
$
8,052

 
$
(6,160
)
 
$
3

Schedule of Effective Income Tax Rate Reconciliation
The expected tax expense (benefit) based on the statutory rate is reconciled with actual tax expense (benefit) as follows:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
U.S. Federal statutory rate
21.0
 %
 
34.0
 %
 
34.0
 %
State rate, net of federal benefit
5.0
 %
 
2.8
 %
 
7.8
 %
Permanent differences:
 
 
 
 
 
Change in tax rate
 %
 
16.4
 %
 
(113.0
)%
Impact of tax reform
 %
 
(16.4
)%
 
 %
Deferred tax adjustment
0.5
 %
 
(0.3
)%
 
(19.1
)%
Stock based compensation
(0.4
)%
 
0.1
 %
 
28.9
 %
§162(m) limited compensation
1.1
 %
 
 %
 
 %
Foreign tax rate difference
 %
 
0.3
 %
 
19.3
 %
Fair value measurement of warrants
2.5
 %
 
(4.5
)%
 
 %
Other
(2.0
)%
 
(1.6
)%
 
3.0
 %
Change in valuation allowance
0.3
 %
 
(67.9
)%
 
40.0
 %
Income tax provision (benefit)
28.0
 %
 
(37.1
)%
 
0.9
 %
Schedule of Deferred Tax Assets and Liabilities
The approximate tax effects of temporary differences, which give rise to significant deferred tax assets and liabilities, are as follows:
 
As of December 31,
 
2018
 
2017
 
2016
 
(in thousands)
Deferred tax assets
 
 
 
 
 
Net operating losses
$
535

 
$
3,912

 
$
10,032

Stock-based compensation
736

 
572

 
949

Intangible assets
2,412

 
2,190

 
3,748

Other
340

 
115

 
77

Total deferred tax assets
4,023

 
6,789

 
14,806

Valuation allowance
(535
)
 
(462
)
 
(14,497
)
Deferred tax asset, net of valuation allowance
3,488

 
6,327

 
309

Deferred tax liability
(677
)
 
(126
)
 
(309
)
Net deferred tax assets
$
2,811

 
$
6,201

 
$