Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Summary of Income Tax Expense And Effective Tax Rates

Income tax (benefit) expense for the years ended December 31, 2024 and 2023 consisted of the following:

 

 

 

2024

 

 

2023

 

Current income (benefit) tax expense

 

 

 

 

 

 

Federal

 

$

 

(9,215

)

 

$

 

25,242

 

State

 

 

 

11,811

 

 

 

 

5,352

 

Total current income tax expense

 

 

 

2,596

 

 

 

 

30,594

 

 

 

 

 

 

 

 

 

 

Deferred income tax recoveries

 

 

 

 

 

 

 

 

Federal

 

 

 

(16,053

)

 

 

 

(2,787

)

State

 

 

 

(4,221

)

 

 

 

(644

)

Total deferred income tax benefit

 

 

 

(20,274

)

 

 

 

(3,431

)

 

 

 

 

 

 

 

 

 

Income tax (benefit) expense

 

$

 

(17,678

)

 

$

 

27,163

 

Summary of Effective Income Tax Rate Reconciliation

Income tax expense differed from the amount computed by applying the federal statutory tax rate of 21.0% for the years ended December 31, 2024 and 2023 due to the following:

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

Pretax loss at federal statutory rate

 

$

 

(5,316

)

 

$

 

(12,583

)

State income taxes, net of federal expense

 

 

 

(244

)

 

 

 

(1,249

)

Foreign income taxes

 

 

 

(848

)

 

 

 

 

Non-deductible items

 

 

 

1,065

 

 

 

 

16,443

 

True-up of income taxes payable

 

 

 

(6,573

)

 

 

 

10,359

 

Uncertain tax positions

 

 

 

5,363

 

 

 

 

 

Other items

 

 

 

(20

)

 

 

 

(40

)

Change in valuation allowance

 

 

 

(11,105

)

 

 

 

14,233

 

Income tax (benefit) expense

 

$

 

(17,678

)

 

$

 

27,163

 

Summary of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities as of December 31, 2024 and 2023 are presented below:

 

 

 

2024

 

 

2023

 

Deferred income tax assets:

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

 

52,183

 

 

$

 

47,431

 

Interest expense carryforwards

 

 

 

35,596

 

 

 

 

37,014

 

Stock based compensation

 

 

 

12,486

 

 

 

 

16,209

 

Intangible assets

 

 

 

6,650

 

 

 

 

2,916

 

Property, plant and equipment

 

 

 

6,696

 

 

 

 

5,391

 

Inventories

 

 

 

166

 

 

 

 

139

 

Other items

 

 

 

1,103

 

 

 

 

638

 

 

 

 

 

114,880

 

 

 

 

109,738

 

Valuation allowance

 

 

 

(94,151

)

 

 

 

(105,257

)

Deferred income tax assets

 

$

 

20,729

 

 

$

 

4,481

 

 

 

 

 

 

 

 

 

 

Deferred income tax liabilities:

 

 

 

 

 

 

 

 

Intangibles resulting from acquisitions

 

 

 

(20,729

)

 

 

 

(24,893

)

Deferred income tax liabilities

 

 

 

(20,729

)

 

 

 

(24,893

)

 

 

 

 

 

 

 

 

 

Net deferred income tax liabilities

 

$

 

 

 

$

 

(20,412

)