Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) before Provision for Income Taxes

The components of income (loss) before provision for income taxes for the years ended December 31, 2021, 2020 and 2019 (in millions):

	2021		2020			2019
Domestic	$	35.9	$	2.0		$	(0.4	)
Foreign		18.0		(1.9	)		(10.9	)
Income (loss) before provision for income taxes	$	53.9	$	0.1		$	(11.3	)

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2021, 2020 and 2019 (in millions):

	2021			2020			2019
Current
Federal	$	1.8		$	1.2		$	(0.1	)
State		1.9			(1.2	)		9.4
Foreign		7.4			1.5			1.9
	$	11.1		$	1.5		$	11.2
Deferred
Federal	$	9.6		$	0.8		$	2.9
State		0.4			(1.0	)		(4.0	)
Foreign		(2.4	)		0.2			(1.9	)
		7.6			-			(3.0	)
Total provision for taxes	$	18.7		$	1.5		$	8.2

Schedule of Effective Income Tax Rate

The income tax provision (benefit) differs from the amount of income tax determined by applying the Company’s federal corporate income tax rate of 21% to pre-tax income for the years ended December 31, 2021, 2020 and 2019 due to the following (in millions):

	2021			2020			2019
Computed “expected” tax provision (benefit)	$	11.3		$	-		$	(2.4	)
Change in income tax resulting from:
State taxes, net of federal benefit		1.9			0.7			1.0
Change in fair value of earnout		2.7			-			(1.6	)
Non-deductible executive compensation		1.2			0.4			0.3
Non-deductible expenses		0.2			0.2			0.3
Foreign income		4.1			0.1			0.2
Foreign Permanent Differences including GAAP to Statutory Differences		2.8			-			-
Foreign Non-Territorial Income		(6.9	)		-			-
State tax impact of previously deferred gain from FCC auction for broadcast spectrum		-			(2.5	)		2.7
Transaction costs		0.2			0.1			-
Change in valuation allowance		0.2			1.7			-
Change in state tax rate		(0.1	)		0.5			0.4
Stock compensation		(0.8	)		0.2			0.4
Change in unrecognized tax benefits		(0.3	)		0.1			0.7
Impairment		-			0.2			6.3
Other		2.2			(0.2	)		(0.1	)
	$	18.7		$	1.5		$	8.2

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at December 31, 2021 and 2020 consist of the following (in millions):

		2021			2020
Deferred tax assets:
Accrued expenses	$	1.9		$	1.9
Accounts receivable		1.5			1.0
Net operating loss carryforward		4.8			16.4
Stock-based compensation		1.4			1.1
Credits		-			0.1
Lease obligations		7.2			10.1
Other comprehensive income		0.4			0.4
Other		1.1			0.6
Total deferred tax assets		18.3			31.6
Valuation allowance		(1.9	)		(1.7	)
Net deferred tax assets	$	16.4		$	29.9
Deferred tax liabilities:
Intangible assets	$	(70.3	)	$	(69.1	)
Property and equipment		(5.9	)		(7.2	)
Lease assets		(6.4	)		(8.4	)
Other		(0.5	)		(0.2	)
Total deferred tax liabilities		(83.1	)		(84.9	)
Net deferred tax liabilities	$	(66.7	)	$	(55.0	)

Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):

	Amount
Balance at December 31, 2019	$	6.7
Lapse of statute		(0.4	)
Interest accrued		0.1
Decrease in balances related to prior year tax positions		(2.1	)
Balance at December 31, 2020	$	4.3
Lapse of statute		(3.6	)
Interest accrued		0.1
Increase in balances related to prior year tax positions		2.4
Balance at December 31, 2021	$	3.2