Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consisted of the following for the periods shown below:



Year Ended December 31,	2015		2014		2013
Current:
Federal	$	—	$	—	$	—
State	720		56		—
Total current tax expense	$	720	$	56	$	—

Deferred:
Federal	$	1,405	$	1,185	$	—
State	708		149		—
Total deferred tax expense	$	2,113	$	1,334	$	—
Income tax expense	$	2,833	$	1,390	$	—

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income taxes expected at the statutory federal income tax rate and the income tax expense for the years ended December 31, 2015, 2014 and 2013, is as follows:



Year Ended December 31,	2015			2014			2013
Tax at federal statutory rate	$	(738	)	$	(10,711	)	$	2,485
State tax, net of federal tax benefit	1,277			98			563
Stock-based compensation expense	549			5,040			(593		)
Research and development tax credits	(1,068		)	—			(459		)
Change in valuation allowance	2,686			6,858			(2,534		)
Change in unrecognized tax benefit	(62		)	—			518
Other	189			105			20
Income tax expense	$	2,833		$	1,390		$	—

Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 were:



December 31,	2015			2014
Deferred tax assets:
Stock-based compensation	$	19,696		$	8,491
Reserves and accruals	11,506			6,249
Net operating loss carryforwards	5,621			13,510
Intangible assets	2,693			1,161
Tax credit carryforwards	1,810			552
Other	697			10
Servicing fees	—			1,428
Total deferred tax assets	42,023			31,401
Valuation allowance	(25,348		)	(26,788		)
Deferred tax assets – net of valuation allowance	$	16,675		$	4,613

Deferred tax liabilities:
Internally developed software	$	(11,353	)	$	(2,967	)
Depreciation and amortization	(4,089		)	(1,798		)
Goodwill	(3,163		)	(1,180		)
Servicing fees	(1,516		)	—
Total deferred tax liabilities	$	(20,121	)	$	(5,945	)
Deferred tax (liability) asset – net	$	(3,446	)	$	(1,332	)

Changes in Unrecognized Tax Benefit

A reconciliation of the beginning and ending balance of total unrecognized tax benefits for the years ended December 31, 2015, 2014 and 2013, is as follows:



Year Ended December 31,	2015			2014			2013
Beginning balance	$	491		$	1,080		$	367
Gross increase (decrease) for tax positions related to prior years	(310		)	(589		)	523
Gross increase for tax positions related to the current year	248			—			190
Ending balance	$	429		$	491		$	1,080