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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The current and deferred components of the income tax (benefit) provision included in the Consolidated Statements of Operations are as follows:

 

			Year Ended December 31,
			2022						2021						2020
Current:
Cayman Islands			$	—					$	—					$	—
United States:
Federal			522						$	1,850					$	(114)
State and local			1,687						$	760					$	—
Non-U.S.			443						$	(11)					$	537
Total current provision			2,652						$	2,599					$	423
Deferred:
Cayman Islands			—						$	—					$	—
United States:
Federal			1,305						$	126					$	(474)
State and local			242						$	122					$	(142)
Non-U.S.			1,101						$	279					$	(4,150)
Total deferred (benefit) provision			2,648						$	527					$	(4,766)
Provision for (benefit from) income taxes:
Continuing operations			5,300						$	3,126					$	(4,343)
Discontinued operations			8,227						$	(4,183)					$	(1,562)
Total			13,527						$	(1,057)					$	(5,905)

Schedule of Effective Income Tax Rate Reconciliation

			Year Ended December 31,
			2022						2021						2020
Income subject to tax in the United States			(6.9)		%				(7.2)		%				0.3		%
Foreign taxes			13.5		%				(8.7)		%				3.2		%
Change in valuation allowance			(11.6)		%				8.0		%				6.5		%
Provision for income taxes			(5.0)		%				(7.9)		%				10.0		%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

			December 31,
			2022						2021
Deferred tax assets:
Net operating loss carryforwards			$	43,116					$	27,154
Interest expense			2,754						1,530
Investment in Partnerships			963						1,519
Other			272						320
Total deferred tax assets			47,105						30,523
Less valuation allowance			(27,565)						(9,142)
Net deferred tax assets			19,540						21,381
Deferred tax liabilities:
Fixed assets			(22,794)						(20,072)
Net deferred tax liabilities			$	(3,254)					$	1,309

Summary of Valuation Allowance

A summary of the changes in the valuation allowance is as follows:

			December 31,
			2022						2021						2020
Valuation allowance at beginning of period			$	9,142					$	6,794					$	2,603
Change due to current year losses			22,094						2,356						4,191
Change due to current year releases			(3,671)						(8)						—
Valuation allowance at end of period			$	27,565					$	9,142					$	6,794

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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