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]  
Summary of Income Tax Expense And Effective Tax Rates
Income tax expense (recoveries) for the years ended December 31, 2021 and 2020 consisted of the following:
 
 
  
2021
 
  
2020
 
Current income tax expense
  
 
 
  
(Revised)
 
Federal
 
$
21,656    
$
18,799  
State
     5,216        4,371  
    
 
 
    
 
 
 
Total current income tax expense
     26,872        23,170  
    
 
 
    
 
 
 
Deferred
income
 
tax
 
recoveries
                 
Federal
     (3,919 )      (3,625 )
State
     (704 )      (912 )
    
 
 
    
 
 
 
Total deferred income tax recoveries
     (4,623 )      (4,537 )
    
 
 
    
 
 
 
Tot
al
 income tax expense
 
 
$
22,249
 
 
$
18,633
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Effective Income Tax Rate Reconciliation
 
  
2021
 
  
2020
 
 
  
 
 
  
(Revised)
 
Pretax loss at federal statutory rate
 
$
(11,339 )
 
$
(61,893
State income tax expense, net of federal expense
     (1,435 )
     (2,946 )
Non-deductible
items
     16,516        53,554  
True-up of income taxes payable
     1,236        1,939  
Foreign deferred taxes with no benefit recognized
    
502
       (265 )
Other items
     (139 )
     (409 )
Change in valuation allowance
     16,908        28,653  
    
 
 
    
 
 
 
Total income
 ta
x
 expense
 
$
22,249
 
 
$
18,633
 
    
 
 
    
 
 
 
Summary of Deferred Tax Assets and Liabilities
 
 
  
2021
 
  
2020
 
Deferred
income
tax assets
                 
Net operating loss carryforwards
 
$
37,896    
$
33,788  
Interest expense carryforwards
     29,038        20,413  
Stock based compensation
     9,082        7,377  
Intangible assets
     4,396        4,617  
Property, plant and equipment
     3,652        1,823  
Inventories
     670        88  
Other items
     772        557  
    
 
 
    
 
 
 
    
 
85,506
 
  
 
68,663
 
    
 
 
    
 
 
 
Valuation allowance
     (80,070 )      (63,162 )
    
 
 
    
 
 
 
Deferred
 income
tax assets
  
 
5,436
 
  
 
5,501
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred
income
tax liabilities
                 
Intangibles resulting from acquisitions
     (32,943 )      (37,623 )
    
 
 
    
 
 
 
Deferred
income
tax liabilities
  
 
(32,943
)   
 
(37,623
)
    
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
Net deferred
inc
ome
tax liabilities
 
$
(27,507
)
 
$
(32,122
)