Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of Income Tax Expense And Effective Tax Rates
Income tax expense (recoveries) for the years ended December 31, 2022 and 2021 consisted of the following:
 
 
  
2022
 
  
2021
 
Current income tax expense
  
 
 
  
(Revised)
 
Federal
  
$
 
16,035
     $ 21,288  
State
    
2,438
       5,071  
    
 
 
    
 
 
 
Total current income tax expense
    
18,473
       26,359  
    
 
 
    
 
 
 
Deferred income tax recoveries
                 
Federal
    
(7,360
)
 
     (3,919
State
      
(422
)

     (704
 
 
 
 
 
 
 
 
 
Total deferred income tax recoveries
    
(7,782
)      (4,623
    
 
 
    
 
 
 
Net income tax expense
  
$
10,691
 
  
$
21,736
 
    
 
 
    
 
 
 
Summary of Effective Income Tax Rate Reconciliation
 
 
  
2022
 
  
2021
 
 
  
 
 
  
(Revised)
 
Pretax loss at federal statutory rate
  
$
(92,128

)

   $ (11,709
State income tax expense, net of federal expense
    
(512
)

     (1,580
Non-deductible
items
    
109,980
       18,573  
True-up of income taxes payable

    
(398
)
 
     1,257
Foreign deferred taxes with no benefit recognized
    
(24,663
)      (1,553 )
Other items
    
(31
)
     (123
Change in valuation allowance
    
18,443
       16,871  
    
 
 
    
 
 
 
Total income tax expense
  
$
10,691
    
$
21,736
 
    
 
 
    
 
 
 
Summary of Deferred Tax Assets and Liabilities  
 
  
2022
 
  
2021
 
Deferred income tax assets
  
  
Net operating loss carryforwards
   $
45,761
     $ 37,896  
Interest expense carryforwards
    
32,440
       29,038  
Stock based compensation
    
14,927
       9,082  
Intangible assets
    
3,901
       4,396  
Property, plant and equipment
    
4,898
       3,652  
Inventories
    
309
       670  
Other items
    
597
       772  
    
 
 
    
 
 
 
       102,833     
 
85,506
 
    
 
 
    
 
 
 
Valuation allowance
    
(98,519
)
     (80,070
    
 
 
    
 
 
 
Deferred income tax assets
  
 
4,314
 
  
 
5,436
 
    
 
 
    
 
 
 
Deferred income tax liabilities
                 
Intangibles resulting from acquisitions
    
(28,129
)

     (32,943
    
 
 
    
 
 
 
Deferred income tax liabilities
  
 
(28,129
)   
 
(32,943
    
 
 
    
 
 
 
Net deferred income tax liabilities
  
$
(23,815
)
 
  
$
(27,507