Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit) and Effective Tax Rates
The following table sets forth the loss before income taxes and the total income tax expense.
Year Ended December 31,
2021 2020 2019
(in thousands)
Loss before income taxes:
U.S. $ (11,100) $ (85,223) $ (66,379)
Foreign (7,517) (2,916) (3,164)
Loss before income taxes $ (18,617) $ (88,139) $ (69,543)
Income tax expense (benefit):
Current income taxes:
U.S. federal $ —  $ (85) $ (78)
U.S. state 445  672  251 
Foreign 756  448  64 
Total current income tax expense 1,201  1,035  237 
Deferred income taxes:
U.S. federal 545  1,669  — 
U.S. state 1,653  1,901  1,147 
Foreign (713) (667) (464)
Total deferred income tax expense 1,485  2,903  683 
Total income tax expense $ 2,686  $ 3,938  $ 920 
Schedule of Income before Income Tax, Domestic and Foreign
The following table sets forth the loss before income taxes and the total income tax expense.
Year Ended December 31,
2021 2020 2019
(in thousands)
Loss before income taxes:
U.S. $ (11,100) $ (85,223) $ (66,379)
Foreign (7,517) (2,916) (3,164)
Loss before income taxes $ (18,617) $ (88,139) $ (69,543)
Income tax expense (benefit):
Current income taxes:
U.S. federal $ —  $ (85) $ (78)
U.S. state 445  672  251 
Foreign 756  448  64 
Total current income tax expense 1,201  1,035  237 
Deferred income taxes:
U.S. federal 545  1,669  — 
U.S. state 1,653  1,901  1,147 
Foreign (713) (667) (464)
Total deferred income tax expense 1,485  2,903  683 
Total income tax expense $ 2,686  $ 3,938  $ 920 
Schedule of Effective Income Tax Rate Reconciliation
The following table sets forth the reconciliations of the statutory federal income tax rate to actual rates based upon the loss before income taxes:
Year Ended December 31,
2021 2020 2019
Income tax expense (benefit) and rate attributable to: % % %
U.S. federal income tax (21.0) % (21.0) % (21.0) %
U.S. state income tax, net of federal benefit 2.3  % (1.5) % (4.8) %
Change in valuation allowances (0.4) % 25.5  % 25.9  %
U.S. tax on foreign operations 19.4  % 0.8  % 0.9  %
Change in tax rates 6.6  % 0.8  % —  %
Non-deductible IPO costs 5.6  % —  % —  %
Other 1.9  % (0.1) % 0.4  %
Effective income tax expense and rate 14.4  % 4.5  % 1.4  %
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets for federal and state income taxes are as follows:
December 31,
2021 2020
(in thousands)
Deferred tax assets:
Income tax loss carryforwards $ 83,342  $ 86,359 
Accrued expenses and other liabilities 10,770  12,191 
Interest expense carryovers 38,444  31,530 
Interest rate swap 2,188  11,235 
Other 581  853 
135,325  142,168 
Valuation allowances (100,339) (107,109)
Net deferred tax assets 34,986  35,059 
Deferred tax liabilities:
Property and equipment (5,120) (6,180)
Capitalized expenses (4,414) (3,938)
Intangible assets (40,217) (38,508)
Total deferred tax liabilities (49,751) (48,626)
Net deferred tax liabilities $ (14,765) $ (13,567)