Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Composition of the income tax (benefit) provision

The benefit from income taxes is composed of the following (in thousands):

	Year Ended December 31,
	2022		2021		2020
Current
Federal	$	—	$	—	$	—
State	(695)		31		(191)
Total current benefit (provision) from income taxes	(695)		31		(191)
Deferred:
Federal	6,880		25,154		28,852
State	(268)		8,149		9,119
Total deferred benefit from income taxes	6,612		33,303		37,971
Total benefit from income taxes	$	5,917	$	33,334	$	37,780

Reconciliation of the statutory income tax rate to the effective tax rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2022		2021		2020
Income tax provision at statutory rate	21	%	21	%	21	%
State income taxes, net of federal benefit	3		(25)		(38)
Stock-based compensation	(48)		(99)		(100)
Change in valuation allowance	—		—		(317)
Other	—		—		(2)
Effective tax rate	(24)	%	(103)	%	(436)	%

Components of net deferred tax assets and liabilities

The components of the Company’s net deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	41,106	$	55,180
Capitalized start‑up costs	6		8
Research and development credits	1,039		1,039
Stock-based compensation	26,996		9,133
Accruals and reserves	9,373		5,916
Operating lease liabilities	2,062		2,297
Property and equipment	—		164
Intangibles	547		414
Total deferred tax assets	81,129		74,151
Valuation allowance	(224)		(224)
Deferred tax assets after valuation allowance	$	80,905	$	73,927
Deferred tax liabilities:
Property and equipment	(461)		—
Goodwill	(709)		(581)
Operating lease right-of-use assets	(1,846)		(2,072)
Total deferred tax liabilities	(3,016)		(2,653)
Net deferred tax assets	$	77,889	$	71,274

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	December 31,
	2022		2021		2020
Balance at the beginning of the year	$	390	$	390	$	390
Reductions based upon tax positions related to the current year	—		—		—
Balance at the end of the year	$	390	$	390	$	390