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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 (Successor), for the year ended December 31, 2021 (Successor), for the period from February 1, 2020 through December 31, 2020 (Successor), and for the period from January 1, 2020 through January 31, 2020 (Predecessor), respectively, were as follows (in thousands):

		Successor													Predecessor
		Year Ended December 31, 2022				Year Ended December 31, 2021				Period from February 1, 2020 through December 31, 2020					Period from January 1, 2020 through January 31, 2020
Income (loss) before provision for income taxes from United States operations		$	46,766			$	(7,791	)		$	(68,008	)			$	(38,181	)
Income before provision for income taxes from foreign operations			38,313				32,704				9,161					780
Income (loss) before provision for income taxes		$	85,079			$	24,913			$	(58,847	)			$	(37,401	)

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, 2022 (Successor), for the year ended December 31, 2021 (Successor), for the period from February 1, 2020 through December 31, 2020 (Successor), and for the period from January 1, 2020 through January 31, 2020 (Predecessor), respectively, were as follows (in thousands):

		Successor													Predecessor
		Year Ended December 31, 2022				Year Ended December 31, 2021				Period from February 1, 2020 through December 31, 2020					Period from January 1, 2020 through January 31, 2020
Current:
Federal		$	179			$	58			$	51				$	(2	)
State			4,593				4,003				1,994					(79	)
Foreign			9,817				7,618				3,818					128
Total Current		$	14,589			$	11,679			$	5,863				$	47
Deferred:
Federal		$	1,773			$	549			$	(16,144	)			$	(701	)
State			5,030				(4,495	)			(784	)				(149	)
Foreign			(917	)			1,129				(290	)				(68	)
Total Deferred		$	5,886			$	(2,817	)		$	(17,218	)			$	(918	)
Total		$	20,475			$	8,862			$	(11,355	)			$	(871	)

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

The following table reconciles the U.S. statutory federal tax rate of 21% to the Company’s effective income tax rate of 24.07%, 35.57%, 19.29%, and 2.33%, for the year ended December 31, 2022 (Successor), for the year ended December 31, 2021 (Successor), for the period from February 1, 2020 through December 31, 2020 (Successor), and for the period from January 1, 2020 through January 31, 2020 (Predecessor), respectively:

		Successor													Predecessor
		Year Ended December 31, 2022				Year Ended December 31, 2021				Period from February 1, 2020 through December 31, 2020					Period from January 1, 2020 through January 31, 2020
U.S. statutory federal tax rate			21.00	%			21.00	%			21.00	%				21.00	%
State and local income taxes – net of federal tax benefits			2.85				(5.32	)			(1.50	)				(0.99	)
Foreign rate difference			0.67				3.25				(0.14	)				0.06
Change in valuation allowances			(1.06	)			(2.72	)			0.00					(12.37	)
GILTI inclusion			1.41				7.92				2.71					(0.34	)
Transaction cost			—				5.21				(1.09	)				(3.14	)
Share-based compensation			0.62				5.82				(0.40	)				(2.23	)
Rate change impact			(0.43	)			2.23				—					—
US research and development credit			(1.44	)			(7.15	)			0.85					0.35
Withholding tax			0.38				5.34				(1.90	)				—
Other			0.07				(0.01	)			(0.24	)				(0.01	)
Effective tax rate			24.07	%			35.57	%			19.29	%				2.33	%

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, 2022 and 2021 (Successor) consist of the following (in thousands):

		Successor				Successor
		December 31, 2022				December 31, 2021
Deferred tax assets:
Federal net operating loss carryforwards		$	2,304			$	25,227
State net operating loss carryforwards			6,782				8,172
Foreign net operating loss carryforwards			4,888				5,556
Deferred revenues			205				172
Bad debt reserves			297				203
Employee benefits			1,563				3,118
Share-based compensation			546				586
Accrued expenses and loss reserves			1,802				2,346
Other deferred tax assets			5,890				9,382
Less: Valuation allowances			(1,467	)			(2,367	)
Total deferred tax asset		$	22,810			$	52,395
Deferred tax liabilities:
Trade name		$	(17,632	)		$	(19,809	)
Goodwill			(11,703	)			(7,340	)
Depreciable and other amortizable assets			(77,127	)			(107,080	)
Other deferred liabilities			(4,482	)			(1,406	)
Total deferred tax liability		$	(110,944	)		$	(135,635	)
Net deferred tax liability		$	(88,134	)		$	(83,240	)

Summary of Net Operating Loss Carryforwards

The net operating loss carryforward balances as of December 31, 2022 and 2021 (Successor), are as follows (in thousands):

		Successor				Successor
		December 31, 2022				December 31, 2021
Federal		$	10,970			$	120,130
State			125,989				147,539
Foreign			24,207				25,063
		$	161,166			$	292,732

Summary of Income Tax Contingencies

The aggregate changes in the balance of our gross unrecognized tax benefits, excluding accrued interest, for the year ended December 31, 2022 (Successor), for the year ended December 31, 2021 (Successor), for the period from February 1, 2020 through December 31, 2020 (Successor), and for the period from January 1, 2020 through January 31, 2020 (Predecessor), were as follows (in thousands):

		Successor													Predecessor
		Year Ended December 31, 2022				Year Ended December 31, 2021				Period from February 1, 2020 through December 31, 2022					Period from January 1, 2020 through January 31, 2020
Balance, beginning of period		$	1,399			$	1,341			$	1,290				$	1,296
Increases for tax positions related to prior years			28				58				51					4
Decreases for tax positions related to prior years			(455	)			—				—					(10	)
Balance, end of period		$	972			$	1,399			$	1,341				$	1,290

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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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