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Income Taxes (Tables)

11 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of (Loss) Income Before Income Tax Benefits

The domestic and foreign components of income (loss) before provision for income taxes for the year ended December 31, 2019 (Predecessor), the period from January 1, 2020 through January 31, 2020 (Predecessor), and for the period from February 1, 2020 through December 31, 2020 (Successor), respectively, were as follows (in thousands):

		Predecessor												Successor
		Year Ended December 31, 2019				Period from January 1, 2020 through January 31, 2020								Period from February 1, 2020 through December 31, 2020
Income (loss) before provision for income taxes from United States operations		$	29,196			$	(38,181	)						$	(68,008	)
Income before provision for income taxes from foreign operations			11,952				780								9,161
Net income (loss) before provision for income taxes		$	41,148			$	(37,401	)						$	(58,847	)

Summary of Current and Deferred Portions of Income Tax Benefits

The domestic and foreign components of the provision for income taxes for the year ended December 31, 2019 (Predecessor), the period from January 1, 2020 through January 31, 2020 (Predecessor), and for the period from February 1, 2020 through December 31, 2020 (Successor), respectively, were as follows (in thousands):

		Predecessor												Successor
		Year Ended December 31, 2019				Period from January 1, 2020 through January 31, 2020								Period from February 1, 2020 through December 31, 2020
Current:
Federal		$	(96	)		$	(2	)						$	51
State			784				(79	)							1, 994
Foreign			4,161				128								3,818
Total Current		$	4,849			$	47							$	5,863
Deferred:
Federal		$	1,778			$	(701	)						$	(16,144	)
State			389				(149	)							(784	)
Foreign			(118	)			(68	)							(290	)
Total Deferred		$	2,049			$	(918	)						$	(17,218	)
Total		$	6,898			$	(871	)						$	(11,355	)

Summary of Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Income Tax Rate

Summary of Net Deferred Tax Assets

The primary components of temporary differences that give rise to the Company’s net deferred tax liability as of December 31, 2019 (Predecessor) and December 31, 2020 (Successor) consisted of the following (in thousands):

		Predecessor								Successor
		December 31, 2019								December 31, 2020
Deferred tax assets:
Federal net operating loss carryforwards		$	36,550							$	41,498
State net operating loss carryforwards			9,754								9,200
Foreign net operating loss carryforwards			8,277								8,808
Deferred revenue			205								109
Bad debt reserves			290								277
Employee benefits			2,128								2,211
Share-based compensation			561								195
Accrued expenses and loss reserves			1,381								3,997
Interest subject to IRC Section 163(j)			8,861								—
Other deferred tax assets			5,633								8,679
Depreciable and other amortizable assets			11,317								—
Less: Valuation allowance			(61,349	)							(4,560	)
Total deferred tax asset		$	23,608							$	70,414
Deferred tax liabilities:
Trade name		$	(2,179	)						$	(22,124	)
Goodwill			(33,200	)							(3,600	)
Depreciable and other amortizable assets			—								(130,523	)
Other deferred liabilities			(64	)							(130	)
Total deferred tax liability		$	(35,443	)						$	(156,377	)
Net deferred tax liability		$	(11,835	)						$	(85,963	)

Summary of Operating Loss Carryforwards

The net operating loss carryforward balances as of December 31, 2019 (Predecessor) and December 31, 2020 (Successor), are as follows (in thousands):

		Predecessor								Successor
		December 31, 2019								December 31, 2020
Federal		$	175,488							$	197,607
State			172,905								166,196
Foreign			36,242								35,992
		$	384,635							$	399,795

Summary of Income Tax Contingencies

The aggregate changes in the balance of our gross unrecognized tax benefits, excluding accrued interest, were as follows for the year ended December 31, 2019 (Predecessor), the period from January 1, 2020, through January 31, 2020 (Predecessor), and for the period from February 1, 2020 through December 31, 2020 (Successor) were as follows (in thousands):

		Predecessor												Successor
		Year Ended December 31, 2019				Period from January 1, 2020 through January 31, 2020								Period from February 1, 2020 through December 31, 2020
Balance, beginning of period		$	1,384			$	1,296							$	1,290
Increases for tax positions related to prior years			48				4								51
Decreases for tax positions related to prior years			(136	)			(10	)							—
Balance, end of period		$	1,296			$	1,290							$	1,341

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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.

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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 income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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