Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income (loss) Before Income Tax
Income (loss) from continuing operations before income taxes consisted of the following:
Year Ended December 31,
2021 2020 2019
United States
$ (245) $ 8,360  $ 589 
Foreign
(4,994) 13,295  1,865 
Income (loss) from continuing operations before income taxes
$ (5,239) $ 21,655  $ 2,454 
Schedule of Components of Income Tax Expense
The components of the provision for income taxes consisted of the following:
Year Ended December 31,
2021 2020 2019
Current:
Federal
$ 2,631  $ 2,108  $ 257 
State
733  310  47 
Foreign
7,828  7,099  2,642 
Total
11,192  9,517  2,946 
Deferred:
Federal
(579) 117  105 
State
(42) (17) (1)
Foreign
(9,719) (2,767) (2,038)
Total (10,340) (2,667) (1,934)
Income tax expense
$ 852  $ 6,850  $ 1,012 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes differs from the tax computed using the statutory U.S. federal income tax rate of 21% as a result of the following items:
Year Ended December 31,
2021 2020 2019
Tax expense (benefit) at U.S. statutory rate
$ (1,100) $ 4,548  $ 515 
State income taxes, net of federal income tax benefit
546  246  36 
Permanent differences
1,121  467  2,802 
Foreign tax rate differential
(886) 1,536  210 
Transaction costs
(477) —  — 
Equity-based compensation
1,689  —  — 
Other
(41) 53  (2,551)
Income tax expense $ 852  $ 6,850  $ 1,012 
Schedule of Deferred Tax Assets and Liabilities
The components of net deferred tax assets (liabilities) were as follows:
Year Ended December 31,
2021 2020
Deferred tax assets:
Transaction costs $ 2,129  $ 466 
Property and equipment
439  — 
Accruals and reserves 4,397  1,962 
Lease liabilities 7,005  894 
State taxes —  64 
Inventory
1,653  — 
Foreign exchange gains / losses 92  373 
Net operating loss carryforwards —  135 
Subtotal 15,715  3,894 
Less: Valuation allowance —  (144)
Total deferred tax assets 15,715  3,750 
Deferred tax liabilities:
Property and equipment
—  (439)
Intangible assets (11,557) (8,378)
Right-of-use assets
(7,041) (745)
Inventory —  (70)
Other (37) (22)
Total deferred tax liabilities (18,635) (9,654)
Net deferred liabilities $ (2,920) $ (5,904)