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