Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes  
Summary of income before income tax provision

 

                                                                                                                                                                                    

 

 

Year ended December 31,

 

 

 

2014

 

2013

 

2012

 

Current:

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

21,437 

 

$

4,074 

 

$

2,702 

 

Foreign

 

 

1,070 

 

 

1,638 

 

 

366 

 

​  

​  

​  

​  

​  

​  

 

 

$

22,507 

 

$

5,712 

 

$

3,068 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of components of the income tax provision charged to operations

 

                                                                                                                                                                                    

 

 

Year ended December 31,

 

 

 

2014

 

2013

 

2012

 

Current:

 

 

 

 

 

 

 

 

 

 

Federal

 

$

11,244

 

$

3,432

 

$

1,280

 

State

 

 

1,389

 

 

699

 

 

235

 

Foreign

 

 

535

 

 

468

 

 

946

 

​  

​  

​  

​  

​  

​  

 

 

 

13,168

 

 

4,599

 

 

2,461

 

​  

​  

​  

​  

​  

​  

Deferred:

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(3,662

)

$

(2,059

)

$

(48

)

State

 

 

(858

)

 

(492

)

 

170

 

Foreign

 

 

(120

)

 

4

 

 

20

 

​  

​  

​  

​  

​  

​  

 

 

 

(4,640

)

 

(2,547

)

 

142

 

​  

​  

​  

​  

​  

​  

Total

 

$

8,528

 

$

2,052

 

$

2,603

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of net deferred tax assets (liabilities)

 

                                                                                                                                                                                    

 

 

At December 31,

 

 

 

2014

 

2013

 

Current:

 

 

 

 

 

 

 

Deferred revenue

 

$

440

 

$

 

Prepaid expenses and accruals

 

 

95

 

 

135

 

Net operating loss and tax credit carryforwards

 

 

4,119

 

 

2,702

 

​  

​  

​  

​  

Total current deferred tax assets

 

 

4,654

 

 

2,837

 

Less valuation allowance—current

 

 

 

 

(375

)

​  

​  

​  

​  

Net current deferred tax assets

 

 

4,654

 

 

2,462

 

​  

​  

​  

​  

Non-current:

 

 

 

 

 

 

 

Deferred rent and lease incentives

 

 

3,412

 

 

2,017

 

Net operating loss and tax credit carryforwards

 

 

18,844

 

 

14,210

 

Property and equipment and intangible assets

 

 

(20,033

)

 

(10,193

)

Stock-based compensation expense

 

 

8,175

 

 

5,004

 

Convertible notes

 

 

(10,255

)

 

 

Other

 

 

422

 

 

(294

)

​  

​  

​  

​  

Total long-term deferred tax assets

 

 

565

 

 

10,744

 

Less valuation allowance—non-current

 

 

 

 

(2,377

)

​  

​  

​  

​  

Net long-term deferred tax assets

 

 

565

 

 

8,367

 

​  

​  

​  

​  

Total deferred tax assets

 

$

5,219

 

$

10,829

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of expected tax provision

 

                                                                                                                                                                                    

 

 

Year ended December 31,

 

 

 

2014

 

2013

 

2012

 

Tax provision, at U.S. federal statutory tax rate

 

$

7,878

 

$

1,942

 

$

1,043

 

State income tax, net of federal tax benefit

 

 

648

 

 

149

 

 

64

 

Effect of permanent items

 

 

552

 

 

581

 

 

414

 

Effect of return to provision adjustment

 

 

(127

)

 

(733

)

 

(81

)

Change in valuation allowance

 

 

(2,085

)

 

 

 

(620

)

Capital loss write-off due to carryforward period expiration

 

 

2,085

 

 

 

 

 

Effect of change in federal and state income tax rate

 

 

(54

)

 

 

 

691

 

Uncertain tax positions

 

 

138

 

 

1,016

 

 

1,105

 

Foreign income taxes

 

 

 

 

(328

)

 

(93

)

Effect of repatriation of foreign earnings

 

 

 

 

582

 

 

 

Research and development credits

 

 

(1,564

)

 

(1,246

)

 

 

Federal and state NOL adjustments, net of valuation allowance impact

 

 

745

 

 

 

 

 

Other

 

 

312

 

 

89

 

 

80

 

​  

​  

​  

​  

​  

​  

Income tax provision

 

$

8,528

 

$

2,052

 

$

2,603

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefit

 

                                                                                                                                                                                    

 

 

Year ended December 31,

 

 

 

2014

 

2013

 

2012

 

Unrecognized tax benefits balance at beginning of year

 

$

2,058

 

$

1,097

 

$

364

 

Additions based on tax positions related to the current year

 

 

365

 

 

181

 

 

517

 

Additions based on tax positions related to prior years

 

 

142

 

 

1,045

 

 

474

 

Reductions for settlements with taxing authorities related to prior years

 

 

(261

)

 

(56

)

 

 

Reductions for lapses of statute of limitations

 

 

(212

)

 

(209

)

 

(258

)

​  

​  

​  

​  

​  

​  

Unrecognized tax benefits balance at end of year

 

$

2,092

 

$

2,058

 

$

1,097

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​