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Income Tax (FY)
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Income Tax [Abstract]    
Income Tax
3. Income Tax

In determining the quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date income (loss), adjusted for discrete items arising in that quarter. In addition, the effect of changes in enacted tax laws or rates and tax status is recognized in the interim period in which the change occurs.

The computation of the estimated annual effective income rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and tax in foreign jurisdictions and permanent and temporary differences. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained or the Company’s tax environment changes. To the extent that the estimated annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in the income tax provision in the quarter in which the change occurs.

For the three months ended September 30, 2022 and 2021, the Company recorded an income tax provision of $3,474 and $461, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded an income tax provision (benefit) of $3,727 and $(214) respectively. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate of 21% primarily as a result of state taxes, unit-based compensation, foreign derived intangible income deduction and other permanent differences.
7.  Income Tax

Net income (loss) before income tax includes the following components:
 
 ​ ​
Successor
 ​ ​
Predecessor
 
 ​ ​
Year ended
December 31,
2021
 ​ ​
From June 11,
2020 through
December 31,
2020
 ​ ​
From
January 1, 2020
through
June 10, 2020
 ​ ​
Year ended
December 31,
2019
United States
 ​ ​
$6,265
 ​ ​
$(12,917)
 ​ ​
$(2,729)
 ​ ​
$10,147
International
 ​ ​
35
 ​ ​
—
 ​ ​
—
 ​ ​
—
 
 ​ ​
$6,300
 ​ ​
$(12,917)
 ​ ​
$(2,729)
 ​ ​
$10,147

Income tax provision (benefit) for the year ended December 31, 2021 and the period from June 11, 2020 through December 31, 2020 for the Successor, and for the period from January 1, 2020 through June 10, 2020 and for the year ended December 31, 2019 for the Predecessor, consisted of the following:

 
 ​ ​
Successor
 ​ ​
Predecessor
 
 ​ ​
Year ended
December 31,
2021
 ​ ​
From June 11,
2020 through
December 31,
2020
 ​ ​
From
January 1, 2020
through
June 10, 2020
 ​ ​
Year ended
December 31,
2019
Current income tax provision (benefit):
​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
Federal
 ​ ​
$4,828
 ​ ​
$1,461
 ​ ​
$760
 ​ ​
$341
State
 ​ ​
711
 ​ ​
521
 ​ ​
193
 ​ ​
(73)
International
 ​ ​
9
 ​ ​
—
 ​ ​
—
 ​ ​
—
Total current tax provision (benefit):
 ​ ​
5,548
 ​ ​
1,982
 ​ ​
953
 ​ ​
268
Deferred income tax provision (benefit):
​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
Federal
 ​ ​
(4,436)
 ​ ​
(3,552)
 ​ ​
(1,304)
 ​ ​
2,170
State
 ​ ​
124
 ​ ​
(388)
 ​ ​
(264)
 ​ ​
3
International
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
Total deferred tax provision (benefit):
 ​ ​
(4,312)
 ​ ​
(3,940)
 ​ ​
(1,568)
 ​ ​
2,173
Total income tax provision (benefit)
 ​ ​
$1,236
 ​ ​
$(1,958)
 ​ ​
$(615)
 ​ ​
$2,441

The tax effects of temporary differences that give rise to portions of deferred tax assets and deferred tax liabilities are as follows:
 
 ​ ​
Successor
 
 ​ ​
December 31,
 
 ​ ​
2021
 ​ ​
2020
Deferred tax assets:
​ ​
 
 ​ ​
 
Accrued expenses
 ​ ​
$474
 ​ ​
$393
Net operating losses
 ​ ​
4
 ​ ​
10
General business credit
 ​ ​
300
 ​ ​
421
Deferred rent
 ​ ​
47
 ​ ​
—
Accrued compensation
 ​ ​
282
 ​ ​
591
Deferred revenue
 ​ ​
—
 ​ ​
204
Tax original issue discount
 ​ ​
491
 ​ ​
663
Capitalized interest carryforward
 ​ ​
195
 ​ ​
—
Gross deferred tax assets
 ​ ​
1,793
 ​ ​
2,282
Less: Valuation allowance
 ​ ​
—
 ​ ​
(78)
Total deferred tax assets
 ​ ​
1,793
 ​ ​
2,204
Deferred tax liabilities:
​ ​
 
 ​ ​
 
Intangible assets
 ​ ​
(22,551)
 ​ ​
(27,291)
Other
 ​ ​
(154)
 ​ ​
(137)
Total gross deferred tax liabilities:
 ​ ​
(22,705)
 ​ ​
(27,428)
Net deferred tax liabilities
 ​ ​
$(20,912)
 ​ ​
$(25,224)

ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as deferred tax asset (“DTA”) to the extent that management assesses that realization is “more likely than not.” The Company considers evidence, both positive and negative, that could affect future realization of DTAs. After considering all evidence, the Company determined a partial valuation allowance of $78 would be required on certain state deferred tax assets as of December 31, 2020 and no valuation allowance was needed as of December 31, 2021 to recognize the portion of the DTA that is more likely than not to be realized.

Tax credit carryforwards are as follows:
 
 ​ ​
Successor
 
 ​ ​
December 31, 2021
 
 ​ ​
Amount
 ​ ​
Expiration Years
Tax credits, state
 ​ ​
468
 ​ ​
Do Not Expire
 
 ​ ​
Successor
 
 ​ ​
December 31, 2020
 
 ​ ​
Amount
 ​ ​
Expiration Years
Tax credits, state
 ​ ​
603
 ​ ​
Do Not Expire

The reconciliation between the Company’s effective tax rate on income (loss) before income tax and the statutory tax rate is as follows:
 
 ​ ​
Successor
 ​ ​
Predecessor
 
 ​ ​
Year ended
December 31,
2021
 ​ ​
From June 11,
2020 through
December 31,
2020
 ​ ​
From January 1,
2020 through
June 10, 2020
 ​ ​
Year ended
December 31,
2019
Income tax provision at the federal statutory rate
 ​ ​
21.0%
 ​ ​
21.0%
 ​ ​
21.0%
 ​ ​
21.0%
State taxes
 ​ ​
9.6%
 ​ ​
(0.9)%
 ​ ​
2.4%
 ​ ​
1.4%
Equity compensation
 ​ ​
4.4%
 ​ ​
(0.8)%
 ​ ​
(1.2)%
 ​ ​
2.3%
Transaction costs
 ​ ​
—%
 ​ ​
(4.7)%
 ​ ​
(0.7)%
 ​ ​
—%
Foreign derived intangible income deduction
 ​ ​
(11.0)%
 ​ ​
2.1%
 ​ ​
9.8%
 ​ ​
(2.4)%
CARES Act
 ​ ​
—%
 ​ ​
—%
 ​ ​
(6.5)%
 ​ ​
—%
Change in valuation allowance
 ​ ​
(1.2)%
 ​ ​
(0.6)%
 ​ ​
—%
 ​ ​
—%
Other items
 ​ ​
(3.2)%
​ ​
(0.9)%
 ​ ​
(2.2)%
 ​ ​
1.8%
 
 ​ ​
19.6%
 ​ ​
15.2%
 ​ ​
22.6%
 ​ ​
24.1%

The following table summarized the activity related to the gross unrecognized tax benefits as of December 31, 2021 and for the period from June 11, 2020 through December 31, 2020 for the Successor, and for the period from January 1, 2020 and June 10, 2020 and as of December 31, 2019 for the Predecessor:
 
 ​ ​
Successor
 ​ ​
Predecessor
 
 ​ ​
Year ended
December 31,
2021
 ​ ​
From June 11,
2020 through
December 31, 2020
 ​ ​
From January 1,
2020 through
June 10, 2020
 ​ ​
Year ended
December 31,
2019
Balance at the beginning of the year
 ​ ​
$232
 ​ ​
$171
 ​ ​
$149
 ​ ​
$128
Increase related to current year tax positions
 ​ ​
109
 ​ ​
61
 ​ ​
22
 ​ ​
21
Balance at end of the year
 ​ ​
$341
 ​ ​
$232
 ​ ​
$171
 ​ ​
$149

All of the Company’s unrecognized tax benefits, if recognized, would change the effective rate. The Company does not expect any material changes to the unrecognized tax benefits over the next 12 months. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits, and uncertain income tax positions must meet a more likely than not recognition threshold to be recognized. The Company recognizes interest and penalties related to unrecognized tax benefits in “Income tax provision (benefit)” in the consolidated statements of operations and comprehensive income (loss). Interest and penalties are not material for each of the periods presented.

The Company believes it is more likely than not that all significant tax positions taken to date would be sustained by the relevant taxing authorities. As of December 31, 2021 and December 31, 2020 for the Successor, there were no active taxing authority examinations in any of the Company's major tax jurisdictions. The Company remains subject to examination for federal and state income tax purposes for the tax years ending 2017 through 2021.

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. The CARES Act includes many measures to assist companies, including temporary changes to income and non-income-based tax laws. One of the key tax provisions of the bill is allowing taxpayers with alternative minimum tax credits to claim a refund in 2020 for the entire amount of the credit instead of recovering the credit through refunds over a period of years, as originally enacted by the Tax Cuts and Jobs Act (“TCJA”) in 2017. On December 27, 2020 the Consolidated Appropriations Act, 2021 was signed into law, providing additional COVID-19 focused relief and extending certain provisions of the CARES Act.

At this time, the Company does not believe that the CARES Act or Consolidated Appropriations Act, 2021 has had or will have a material impact on the Company’s financial statements.