Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.19.3
Income Taxes
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

Our provision for income taxes is comprised of the following:

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

(in thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

 

$

 

 

$

 

State

 

 

 

 

 

 

 

 

 

 

 

 

Total current

 

 

 

 

 

 

 

 

 

 

 

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

3

 

 

 

 

 

 

45

 

 

 

(1,818

)

State

 

 

 

 

 

 

 

 

 

 

 

(8

)

Total deferred

 

 

3

 

 

 

 

 

 

45

 

 

 

(1,826

)

Total income tax expense (benefit)

 

$

3

 

 

$

 

 

$

45

 

 

$

(1,826

)

The income tax benefit recorded during 2018 is a result of our historical alternative minimum tax payments becoming fully refundable in 2018. The income tax expense recorded in 2019 is a result of the amortization of goodwill over 15 years for tax purposes. Periodically, we perform assessments of the realization of our net deferred tax assets considering all available evidence, both positive and negative. Based on our historical operating losses, combined with our plans to continue to invest in our revenue growth and generate losses through 2019, we have a full valuation allowance on our deferred tax assets. As of September 30, 2019, our net operating loss carryforwards on a gross basis were $90.8 million and $25.6 million for federal and state, respectively.