General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
Schedule of Current and Deferred Components of Income Tax Expense (Benefit)  
The table below presents the current and deferred components of income tax expense (benefit) for the following periods:
Successor Predecessor
Year Ended December 31, 2021 Period from February 10, 2020 to December 31, 2020 Period from January 1, 2020 to June 21, 2020
Current:
Federal $ —  $ —  $ (387)
State —  —  3 
Foreign —  —  — 
Total current income tax expense (benefit) —  —  (384)
Deferred:
Federal (9,376) (3,064) — 
State (1,893) (595) — 
Foreign —  —  — 
Total deferred income tax expense (benefit) (11,269) (3,659) — 
Total income tax expense (benefit) $ (11,269) $ (3,659) $ (384)
Schedule of Effective Income Tax Rate
A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense is as follows:
Three Months Ended
March 31, 2022 March 31, 2021
Effective tax rate 14.3  % 11.8  %
A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense is as follows:
Successor Predecessor
Year Ended December 31, 2021 Period from February 10, 2020 to December 31, 2020 Period from January 1, 2020 to June 21, 2020
Income (loss) before income taxes $ (72,806) $ (18,033) $ (1,718)
Federal statutory income tax rate 21.0  % 21.0  % 21.0  %
Expected federal provision (benefit) for income taxes at the federal statutory income tax rate (15,289) (3,787) (361)
State income tax (benefit), net of federal tax benefit (1,946) (595) 29 
Research and development tax credits 324  (20) (460)
Permanent differences 1,931  57  (17)
Tax (benefits) / non-deductible expenses related to equity-based compensation 5,228  —  (119)
Acquisition costs (1,106) 685  — 
Reserves for unrecognized income tax benefits (273) 1  386 
Change in valuation allowance 458  —  129 
Other (596) —  29 
Total tax expense (benefit) $ (11,269) $ (3,659) $ (384)
Effective tax rate 15.5  % 20.3  % 22.4  %
Schedule of Deferred Tax Assets and Liabilities  
The table below presents the components of the deferred tax assets, net and deferred tax liabilities:
Successor as of
December 31, 2021 December 31, 2020
Deferred tax assets:
Accrued expenses and reserves $ 1,106  $ 493 
Deferred rent 58  82 
Tax credit carryforwards 226  346 
Deferred revenue 636  1,168 
Net operating loss carryforwards 12,052  3,467 
Interest disallowance 1,921  271 
Equity-based compensation 566  — 
Other assets 14  — 
Total deferred tax assets 16,579  5,827 
Less: valuation allowance (515) (57)
Deferred tax assets, net of valuation allowance 16,064  5,770 
Deferred tax liabilities:
Depreciation and amortization (23,922) (12,949)
Other (743) (188)
Deferred tax liabilities (24,665) (13,137)
Total net deferred tax assets (liabilities) $ (8,601) $ (7,367)
Schedule of Unrecognized Tax Benefits Roll Forward  
The table below presents changes in reserves for unrecognized income tax benefits for the periods presented:
Successor Predecessor
Year Ended December 31, 2021 Period from February 10, 2020 to December 31, 2020 Period from January 1, 2020 to June 21, 2020
Unrecognized tax benefits, beginning of period $ 1,671  $ 1,671  $ 1,275 
Increase (decrease) for tax positions taken related to a prior period (291) —  105 
Increase (decrease) for tax positions taken during the current period —  —  291 
Unrecognized tax benefits, end of period $ 1,380  $ 1,671  $ 1,671