Annual report pursuant to Section 13 and 15(d)

Income Taxes and Tax Receivable Agreement (Tables)

v3.22.0.1
Income Taxes and Tax Receivable Agreement (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Summary of Loss Before Income Taxes

Loss before income taxes for the year ended December 31, 2021 is as follows:

 

U.S. loss before income taxes

 

$

(50,599

)

Foreign loss before income taxes

 

 

(58

)

Loss before income taxes

 

$

(50,657

)

 

Summary of Income Tax Expense (Benefit)

Income tax expense (benefit) for the year ended December 31, 2021 consists of the following:

 

Current tax provision:

 

 

 

Federal

 

$

322

 

State

 

 

274

 

Foreign

 

 

187

 

Total current tax provision

 

 

783

 

Deferred tax expense (benefit):

 

 

 

Federal

 

 

 

State

 

 

 

Foreign

 

 

 

Total deferred tax expense

 

 

 

Income tax provision

 

$

783

 

Summary of Reconciliation Between Company's Effective Tax Rate and Applicable U.S. federal Statutory Income Tax Rate

A reconciliation between the Company's effective tax rate and the applicable U.S. federal statutory income tax rate for the year ended December 31, 2021 is as follows:

 

Tax computed at federal statutory rate

 

 

21.00

%

State tax, net of federal tax benefit

 

 

(0.07

)%

Non-controlling interests

 

 

(2.10

)%

Income (loss) from pass-through entities

 

 

(5.34

)%

Permanent items

 

 

(1.48

)%

Contingent consideration

 

 

(10.41

)%

Preferred stock dividend

 

 

(1.50

)%

Other

 

 

(0.02

)%

Valuation allowance

 

 

(1.63

)%

Effective tax rate

 

 

(1.55

)%

Summary of Company's Net Deferred Tax Assets The components that comprise the Company's net deferred tax assets consist of the following as of December 31, 2021:

 

Deferred tax assets:

 

 

 

Investment in partnership

 

$

28,164

 

Net operating losses

 

 

28,844

 

Tax receivable agreement

 

 

59

 

Interest expense

 

 

3,055

 

Deferred revenue

 

 

1,111

 

Other

 

 

379

 

Total deferred tax assets

 

 

61,612

 

Valuation allowance for deferred tax assets

 

 

(61,592

)

Total deferred tax assets, net of valuation allowance

 

 

20

 

Deferred tax liabilities:

 

 

 

Property and equipment and intangible assets

 

 

(3

)

Other

 

 

(17

)

Total deferred tax liabilities

 

 

(20

)

Net deferred tax assets (liabilities)

 

$