Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income (Loss) before Income Tax, Domestic and Foreign |
The following table sets forth the income (loss) before income taxes and the total income tax (benefit) expense.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
|
|
(in thousands) |
| Income (loss) before income taxes: |
|
|
|
|
| U.S. |
|
$ |
(12,385) |
|
|
$ |
65,786 |
|
|
$ |
(11,100) |
|
| Foreign |
|
860 |
|
|
(264) |
|
|
(7,517) |
|
| Income (loss) before income taxes |
|
$ |
(11,525) |
|
|
$ |
65,522 |
|
|
$ |
(18,617) |
|
|
|
|
|
|
|
|
| Income tax expense (benefit): |
|
|
|
|
|
|
| Current income taxes: |
|
|
|
|
|
|
| U.S. federal |
|
$ |
69 |
|
|
$ |
— |
|
|
$ |
— |
|
| U.S. state |
|
1,559 |
|
|
1,769 |
|
|
445 |
|
| Foreign |
|
2,307 |
|
|
1,837 |
|
|
756 |
|
| Total current income tax expense |
|
3,935 |
|
|
3,606 |
|
|
1,201 |
|
| Deferred income taxes: |
|
|
|
|
|
|
| U.S. federal |
|
(698) |
|
|
(56,754) |
|
|
545 |
|
| U.S. state |
|
(1,613) |
|
|
(24,780) |
|
|
1,653 |
|
| Foreign |
|
(1,480) |
|
|
(1,124) |
|
|
(713) |
|
| Total deferred income tax (benefit) expense |
|
(3,791) |
|
|
(82,658) |
|
|
1,485 |
|
| Total income tax (benefit) expense |
|
$ |
144 |
|
|
$ |
(79,052) |
|
|
$ |
2,686 |
|
|
| Schedule of Reconciliation of Statutory to Effective Income Tax Rate |
The following table sets forth the reconciliations of the statutory federal income tax rate to actual rates based upon the income (loss) before income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
| 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 |
|
(0.6) |
% |
|
4.9 |
% |
|
2.3 |
% |
Foreign rate differential |
|
2.7 |
% |
|
0.3 |
% |
|
0.4 |
% |
| Change in valuation allowances |
|
(1.1) |
% |
|
(147.5) |
% |
|
(0.4) |
% |
| U.S. tax on foreign operations |
|
16.6 |
% |
|
0.2 |
% |
|
19.4 |
% |
| Change in tax rates |
|
(0.6) |
% |
|
— |
% |
|
6.6 |
% |
| Non-deductible IPO costs |
|
— |
% |
|
— |
% |
|
5.6 |
% |
| Non-deductible stock compensation |
|
19.8 |
% |
|
3.1 |
% |
|
— |
% |
|
|
|
|
|
|
|
| Research and development tax credits |
|
(1.6) |
% |
|
(1.3) |
% |
|
— |
% |
|
|
|
|
|
|
|
| Recognition of stranded deferred tax balances in accumulated other comprehensive income (loss) |
|
(16.1) |
% |
|
(1.3) |
% |
|
— |
% |
| Other |
|
3.2 |
% |
|
— |
% |
|
1.5 |
% |
| Effective income tax rate |
|
1.3 |
% |
|
(120.6) |
% |
|
14.4 |
% |
|
|
|
|
|
|
|
|
| Schedule of Components of Deferred Tax Assets & Liabilities |
Significant components of the Company’s deferred tax assets for federal and state income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2023 |
|
2022 |
|
(in thousands) |
| Deferred tax assets: |
|
|
|
| Income tax loss carryforwards |
$ |
53,685 |
|
|
$ |
66,135 |
|
| Accrued expenses and other liabilities |
5,539 |
|
|
5,485 |
|
| Interest expense carryovers |
49,901 |
|
|
38,449 |
|
Property and equipment |
247 |
|
|
— |
|
| Stock-based compensation |
4,543 |
|
|
3,497 |
|
| Other |
569 |
|
|
1,225 |
|
| Total deferred tax assets |
114,484 |
|
|
114,791 |
|
| Valuation allowances |
(1,458) |
|
|
(1,455) |
|
| Net deferred tax assets |
113,026 |
|
|
113,336 |
|
| Deferred tax liabilities: |
|
|
|
| Property and equipment |
— |
|
|
(2,073) |
|
| Capitalized expenses |
(5,148) |
|
|
(4,618) |
|
| Intangible assets |
(41,960) |
|
|
(38,157) |
|
| Total deferred tax liabilities |
(47,108) |
|
|
(44,848) |
|
| Net deferred tax assets (liabilities) |
$ |
65,918 |
|
|
$ |
68,488 |
|
|