|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Income Taxes |
|
| Schedule of domestic and foreign components of net income (loss) before income tax expense |
The domestic and foreign components of net income (loss) before income tax expense consists of the following for the periods shown below (in thousands):
|
|
|
Years Ended December 31,
|
|
|
|
|
2012
|
|
2013
|
|
2014
|
|
|
Income (loss) before income taxes:
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
|
(4,055
|
)
|
$
|
3,633
|
|
$
|
7,464
|
|
|
Foreign
|
|
473
|
|
118
|
|
1,103
|
|
|
Total income (loss) before income taxes
|
|
$
|
(3,582
|
)
|
$
|
3,751
|
|
$
|
8,567
|
|
|
| Schedule of components of provision for income taxes |
The provision for income taxes consisted of the following components (in thousands):
|
|
|
Years Ended December 31,
|
|
|
|
|
2012
|
|
2013
|
|
2014
|
|
|
Current:
|
|
|
|
|
|
|
|
|
Domestic
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
15
|
|
$
|
64
|
|
$
|
76
|
|
|
State
|
|
57
|
|
53
|
|
52
|
|
|
Foreign
|
|
69
|
|
147
|
|
288
|
|
|
Total current tax expense
|
|
141
|
|
264
|
|
416
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
Domestic
|
|
|
|
|
|
|
|
|
Federal
|
|
(710
|
)
|
1,572
|
|
1,761
|
|
|
State
|
|
(65
|
)
|
44
|
|
30
|
|
|
Foreign
|
|
88
|
|
(16
|
)
|
(5
|
)
|
|
Valuation allowance
|
|
687
|
|
(1,616
|
)
|
(1,791
|
)
|
|
Total deferred tax benefit
|
|
—
|
|
(16
|
)
|
(5
|
)
|
|
Total income tax expense
|
|
$
|
141
|
|
$
|
248
|
|
$
|
411
|
|
|
| Schedule of reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate |
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate follows:
|
|
|
Years Ended December 31,
|
|
|
|
|
2012
|
|
2013
|
|
2014
|
|
|
Federal income tax rate
|
|
(34.0
|
)%
|
34.0
|
%
|
34.0
|
%
|
|
State taxes, net of federal benefit
|
|
1.1
|
|
1.1
|
|
0.4
|
|
|
Stock-based compensation
|
|
15.0
|
|
22.7
|
|
(2.1
|
)
|
|
Stock warrant
|
|
—
|
|
6.4
|
|
—
|
|
|
Research and development credits
|
|
—
|
|
(18.3
|
)
|
(8.1
|
)
|
|
Change in valuation allowance
|
|
17.3
|
|
(42.0
|
)
|
(20.6
|
)
|
|
Other, net
|
|
4.5
|
|
2.7
|
|
1.2
|
|
|
Effective income tax rate
|
|
3.9
|
%
|
6.6
|
%
|
4.8
|
%
|
|
| Schedule of deferred tax assets and (liabilities) |
Deferred tax assets and (liabilities) are comprised of the following (in thousands):
|
|
|
December 31,
|
|
|
|
|
2013
|
|
2014
|
|
|
Deferred Tax Assets:
|
|
|
|
|
|
|
Reserves and accruals
|
|
$
|
2,146
|
|
$
|
1,449
|
|
|
Inventories
|
|
1,059
|
|
1,063
|
|
|
Net operating loss carryforwards
|
|
27,865
|
|
25,007
|
|
|
Property, plant and equipment
|
|
1,327
|
|
1,831
|
|
|
Stock-based compensation
|
|
1,233
|
|
1,540
|
|
|
Research and development credit carryforwards
|
|
4,091
|
|
5,243
|
|
|
Other
|
|
163
|
|
—
|
|
|
Total deferred tax assets
|
|
37,884
|
|
36,133
|
|
|
Valuation allowance
|
|
(37,842
|
)
|
(36,050
|
)
|
|
Total deferred tax assets
|
|
$
|
42
|
|
$
|
83
|
|
|
Deferred Tax Liabilities:
|
|
|
|
|
|
|
Undistributed earnings of foreign subsidiaries
|
|
$
|
(15
|
)
|
$
|
(56
|
)
|
|
Intangible assets
|
|
—
|
|
(116
|
)
|
|
Property and equipment
|
|
(11
|
)
|
(16
|
)
|
|
Total deferred tax liabilities
|
|
$
|
(26
|
)
|
$
|
(188
|
)
|
|
Net deferred tax asset (liability)
|
|
$
|
16
|
|
$
|
(105
|
)
|
|
| Schedule of net operating loss and tax credit carryforwards |
Net operating loss and tax credit carryforwards as of December 31, 2014 are as follows (in thousands):
|
|
|
Amount
|
|
Expiration Years
|
|
|
Net operating losses, federal
|
|
$
|
85,577
|
|
2024 – 2034
|
|
|
Net operating losses, state
|
|
86,064
|
|
2018 – 2032
|
|
|
Tax credit carryforwards, federal
|
|
3,789
|
|
2023 – 2034
|
|
|
Tax credit carryforwards, state
|
|
2,799
|
|
2018 – 2029
|
|
|
Net operating losses, foreign
|
|
20
|
|
None
|
|
|
| Schedule of reconciliation of the changes in the gross balance of unrecognized tax benefits, excluding interest and penalties |
The following is a reconciliation of the changes in the gross balance of unrecognized tax benefits, excluding interest and penalties (in thousands):
|
|
|
Years Ended December 31,
|
|
|
|
|
2012
|
|
2013
|
|
2014
|
|
|
Balance at the beginning of the period
|
|
$
|
2,318
|
|
$
|
2,318
|
|
$
|
2,943
|
|
|
Current year additions
|
|
—
|
|
625
|
|
640
|
|
|
Balance at the end of the period
|
|
$
|
2,318
|
|
$
|
2,943
|
|
$
|
3,583
|
|
|