Income Taxes (Tables)
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6 Months Ended |
11 Months Ended |
Jun. 30, 2021 |
Dec. 31, 2020 |
Income Taxes |
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|
Summary of effective income tax rate on pre-tax income from continuing operations |
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Successor |
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Predecessor |
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Six month |
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Period from |
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Period from |
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period ended |
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February 10, |
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January 1, |
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June 30, |
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2020 to June 30, |
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2020 to June 21, |
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2021 |
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2020 |
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2020 |
|
Effective tax rate |
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9.2 |
% |
20.5 |
% |
22.4 |
% |
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Successor |
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Predecessor |
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Period from |
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Period from |
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February 10, 2020 |
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January 1, 2020 |
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Year ended |
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to December 31, |
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to June 21, |
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December 31, |
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2020 |
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2020 |
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2019 |
Tax (benefit) at federal statutory rates |
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$ |
(3,787) |
|
|
$ |
(361) |
|
$ |
(703) |
State income tax (benefit), net of federal tax benefit |
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|
(595) |
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|
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29 |
|
|
(30) |
Research and development tax credits |
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(20) |
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|
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(460) |
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(636) |
Permanent differences |
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|
57 |
|
|
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(17) |
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44 |
Tax (benefits) /non-deductible expense related to stock compensation |
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— |
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(119) |
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458 |
Acquisition costs |
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|
685 |
|
|
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— |
|
|
— |
Reserves for unrecognized income tax benefits |
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|
1 |
|
|
|
386 |
|
|
644 |
Change in valuation allowance |
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— |
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|
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129 |
|
|
166 |
Other |
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— |
|
|
|
29 |
|
|
67 |
|
|
$ |
(3,659) |
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|
$ |
(384) |
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$ |
10 |
|
Schedule of components of income before income taxes and income tax expense |
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Successor |
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Predecessor |
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Period from |
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Period from |
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February 10, 2020 |
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January 1, 2020 |
|
Year ended |
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to December 31, |
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to June 21, |
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December 31, |
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|
2020 |
|
|
2020 |
|
2019 |
Income before income taxes: |
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|
|
|
|
|
|
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U.S. |
|
$ |
(18,017) |
|
|
$ |
(1,783) |
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$ |
(2,976) |
Foreign |
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(16) |
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|
65 |
|
|
(371) |
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|
$ |
(18,033) |
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|
$ |
(1,718) |
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$ |
(3,347) |
Income tax expense (benefit): |
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|
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Federal: |
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|
|
|
|
|
|
|
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Current |
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— |
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(387) |
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|
7 |
Deferred |
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(3,064) |
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— |
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— |
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(3,064) |
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(387) |
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7 |
State: |
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Current |
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— |
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3 |
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|
3 |
Deferred |
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(595) |
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— |
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— |
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(595) |
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3 |
|
|
3 |
Foreign: |
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Current |
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— |
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|
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— |
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— |
Deferred |
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— |
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— |
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— |
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— |
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— |
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— |
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|
$ |
(3,659) |
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|
$ |
(384) |
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$ |
10 |
|
Schedule of components of net deferred tax assets (liabilities) |
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Successor |
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Predecessor |
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December 31, |
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|
December 31, |
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|
2020 |
|
|
2019 |
Deferred tax assets: |
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Accrued expenses and reserves |
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$ |
493 |
|
|
$ |
5 |
Deferred rent |
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|
82 |
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|
50 |
Tax credit carryforwards |
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346 |
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|
|
6 |
Deferred revenue |
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1,168 |
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1,006 |
Net operating loss carryforwards |
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3,467 |
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|
325 |
Interest disallowance |
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271 |
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— |
Equity-based compensation |
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— |
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|
|
142 |
Total deferred tax assets |
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|
5,827 |
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1,534 |
Valuation allowance |
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|
(57) |
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|
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(1,505) |
Net deferred tax assets |
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|
5,770 |
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|
29 |
Deferred tax liabilities: |
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|
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Depreciation and amortization |
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|
(12,949) |
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(1) |
Other |
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(188) |
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|
|
(28) |
Total deferred tax liabilities |
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|
(13,137) |
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|
|
(29) |
As reported: |
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|
|
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Net deferred tax assets (liabilities) |
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$ |
(7,367) |
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|
$ |
— |
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Schedule of changes in valuation allowance |
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Provision |
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Balance |
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Balance at |
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Charged |
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at |
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Beginning |
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(Credited) |
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End of |
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of Year |
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to Expense |
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Acquired |
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Year |
Description |
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Successor period from February 10, 2020 to December 31, 2020 |
|
$ |
— |
|
$ |
(20) |
|
$ |
77 |
|
$ |
57 |
Predecessor period from January 1, 2020 to June 21, 2020 |
|
$ |
1,505 |
|
$ |
112 |
|
$ |
— |
|
$ |
1,617 |
Predecessor year ended December 31, 2019 |
|
$ |
1,244 |
|
$ |
261 |
|
$ |
— |
|
$ |
1,505 |
|
Schedule of changes in reserves for unrecognized income tax benefits |
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Successor |
|
|
Predecessor |
|
|
Period from |
|
|
|
|
|
|
|
|
|
February 10, |
|
|
Period from |
|
|
|
|
|
2020 to |
|
|
January 1, 2020 |
|
Year ended |
|
|
December 31, |
|
|
to June 21, |
|
December 31, |
|
|
2020 |
|
|
2020 |
|
2019 |
Unrecognized tax benefits, beginning of period |
|
$ |
1,671 |
|
|
$ |
1,275 |
|
$ |
639 |
Increases for tax positions taken related to a prior period |
|
|
— |
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|
|
105 |
|
|
— |
Increases for tax positions taken during the current period |
|
|
— |
|
|
|
291 |
|
|
636 |
Unrecognized tax benefits, end of period |
|
$ |
1,671 |
|
|
$ |
1,671 |
|
$ |
1,275 |
|