XML 53 R38.htm IDEA: XBRL DOCUMENT v3.22.4
Taxation (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes

The components of loss before income taxes are as follows:

 

 

 

Year Ended December 31,

 

($ in thousands)

 

2022

 

 

2021

 

 

2020

 

Domestic

 

$

13,305

 

 

$

(87,353

)

 

$

(129,267

)

Foreign

 

 

1,610

 

 

 

625

 

 

 

(457

)

Income (loss) before income tax expense (benefit)

 

$

14,915

 

 

$

(86,728

)

 

$

(129,724

)

Schedule of Provision for Income Tax

The Company recorded a provision for income tax as follows:

 

 

 

Year Ended December 31,

 

($ in thousands)

 

2022

 

 

2021

 

 

2020

 

Current expense

 

 

 

 

 

 

 

 

 

Federal

 

$

1,300

 

 

$

35

 

 

$

 

State

 

 

263

 

 

 

2

 

 

 

 

Foreign

 

 

419

 

 

 

 

 

 

 

Total current expense

 

$

1,982

 

 

$

37

 

 

$

 

Deferred expense

 

 

 

 

 

 

 

 

 

Federal

 

$

1,421

 

 

$

(18,113

)

 

$

(10,524

)

State

 

 

2,755

 

 

 

(12,800

)

 

 

(1,709

)

Foreign

 

 

16

 

 

 

185

 

 

 

(125

)

Total deferred expense (benefit)

 

 

4,192

 

 

 

(30,728

)

 

 

(12,358

)

Income tax expense (benefit)

 

$

6,174

 

 

$

(30,691

)

 

$

(12,358

)

Schedule of Reconciliation of United States Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the United States statutory income tax rate to the Company’s effective income tax rate is as follows for the years indicated:

 

 

 

Year Ended December 31,

 

 

2022

 

2021

 

2020

Federal income tax expense

 

21.0%

 

21.0%

 

21.0%

State taxes, net of federal benefit

 

0.8%

 

5.2%

 

1.3%

Income attributable to noncontrolling interest

 

5.8%

 

(1.4%)

 

(1.8%)

Excess tax benefit related to share-based compensation

 

5.6%

 

0.6%

 

0.4%

Change in fair value of warrant liabilities

 

0.0%

 

0.0%

 

(11.5%)

Change in fair value of contingent consideration

 

(4.0%)

 

0.0%

 

0.0%

Foreign rate differential

 

1.4%

 

0.0%

 

0.0%

R&D credit - Federal

 

(4.8%)

 

0.0%

 

0.0%

Provision to return - Federal

 

(3.8%)

 

0.0%

 

0.0%

State rate change impact on deferred taxes

 

19.0%

 

9.5%

 

0.0%

Other, net

 

0.5%

 

0.5%

 

0.1%

Effective tax rate

 

41.4%

 

35.4%

 

9.5%

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Details of the Company’s deferred tax assets and liabilities are as follows:

 

($ in thousands)

 

December 31, 2022

 

 

December 31, 2021

 

Deferred tax assets

 

 

 

 

 

 

Tax Credits

 

$

3,140

 

 

$

1,547

 

Section 163(j) Limitation Carryover

 

 

354

 

 

 

27

 

Acquisition Costs

 

 

313

 

 

 

348

 

Federal Net Operating Losses

 

 

31,160

 

 

 

25,284

 

State Net Operating Losses

 

 

6,308

 

 

 

4,908

 

Foreign Net Operating Losses

 

 

 

 

 

17

 

Other Assets

 

 

66

 

 

 

6,795

 

Partnership basis tax differences

 

 

126,806

 

 

 

130,440

 

Total deferred tax asset

 

 

168,147

 

 

 

169,366

 

Valuation allowance

 

 

(15,468

)

 

 

(16,394

)

Total deferred tax asset, net of valuation allowance

 

 

152,679

 

 

 

152,972

 

Deferred tax liabilities

 

 

 

 

 

 

Other intangibles - Payix

 

 

(6,230

)

 

 

(7,712

)

Other liabilities

 

 

(10,079

)

 

 

 

Total deferred tax liabilities

 

 

(16,309

)

 

 

(7,712

)

Net deferred tax assets

 

$

136,370

 

 

$

145,260