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) |
|
|