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Income Taxes | 6 Months Ended
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Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | 20. Income Taxes Effective Income Tax Rate – Three and Six Months Ended June 30, 2 023 T he Company’s effective income tax rate during the three months ended June 30, 2023 was 6.1%, resulting in income tax expense of $3,555. The effective income tax rate differs from the federal statutory tax rate of 21% primarily due to a non-taxable gain on revaluation/termination of deferred consideration—gold payments and a decrease in the deferred tax asset valuation allowance on losses recognized on the Company’s investments. These items were partly offset by non-deductible executive compensation. The Comp any’s effective income tax rate during the six months ended June 30, 2023 of 6.5%, resulting in income tax expense of $4,938. The effective income tax rate differs from the federal statutory tax rate of 21% primarily due to a non-taxable gain on revaluation/termination of deferred consideration—gold payments, a $1,353 reduction in unrecognized tax benefits (including interest and penalties) and a lower tax rate on foreign earnings. These items were partly offset by a non-deductible loss on extinguishment of our convertible notes, non-deductible executive compensation and an increase in the deferred tax asset valuation allowance on losses recognized on our investments. Effective Income Tax Rate – Three and Six Months Ended June 30, 2022 Th e Company’s effective income tax rate during the three months ended June 30, 2022 of 25.0% resulted in income tax expense of $2,673. The effective income tax rate differs from the federal statutory tax rate of 21% primarily due a valuation allowance on losses recognized on securities owned and non-deductible executive compensation. These items were partly offset by a non-taxable gain on revaluation of deferred consideration—gold payments and a lower tax rate on foreign earnings. The Compan y’s effective income tax rate benefit during the six months ended June 30, 2022 of 86.2% resulted in an income tax benefit of $14,040. The Company’s effective income tax rate differs from the federal statutory tax rate of 21% primarily due to a $19,897 reduction in unrecognized tax benefits (including interest and penalties) and a lower tax rate on foreign earnings. These items were partly offset by a non-taxable loss on revaluation of deferred consideration—gold payments and an increase in the deferred tax asset valuation allowance on losses recognized on financial instruments owned. Deferred Tax Assets A summary of the components of the Company’s deferred tax assets at June 30, 2023 and December 31, 2022 is as follows:
|  | June 30, 2023 |  |  | December 31, 2022
Deferred tax assets: |  |  |  |  |  |  |
Capital losses |  | $ | 19,061 |  |  | $ | 17,541
Unrealized losses |  |  | 3,054 |  |  |  | 3,821
Accrued expenses |  |  | 2,669 |  |  |  | 6,030
NOLs—Foreign |  |  | 1,583 |  |  |  | 1,609
Stock-based compensation |  |  | 1,289 |  |  |  | 1,526
Interest carryforwards |  |  | 1,209 |  |  |  | —
Goodwill and intangible assets |  |  | 990 |  |  |  | 1,085
Operating lease liabilities |  |  | 206 |  |  |  | 313
Foreign currency translation adjustment |  |  | 184 |  |  |  | 173
NOLs—U.S. |  |  | 127 |  |  |  | 255
Outside basis differences |  |  | 122 |  |  |  | 122
Other |  |  | 362 |  |  |  | 341
Deferred tax assets |  |  | 30,856 |  |  |  | 32,816
|  | June 30, 2023 |  |  | December 31, 2022 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets and prepaid assets |  |  | 577 |  |  |  | 278 |
Unremitted earnings—European subsidiaries |  |  | 210 |  |  |  | 205 |
Right of use assets—operating leases |  |  | 206 |  |  |  | 313 |
Deferred tax liabilities |  |  | 993 |  |  |  | 796 |
Total deferred tax assets less deferred tax liabilities |  |  | 29,863 |  |  |  | 32,020 |
Less: Valuation allowance |  |  | (22,237) |  |  |  | (21,484) |
Deferred tax assets, net |  |  | $ 7,626 |  |  |  | $ 10,536 |
Capital Losses – U.S. The Company’s tax effected capital losses at June 30, 2023 were $ 19,061 . These capital losses expire between the years 2023 and 2028. Net Operating Losses – Europe One of the Company’s European subsidiaries generated NOLs outside the U.S. These tax effected NOLs, all of which are carried forward indefinitely, were $ 1,583 at June 30, 2023. Valuation Allowance The Company’s valuation allowance has been established on its net capital losses, unrealized losses and outside basis differences, as it is more-likely-than-not that these deferred tax assets will not be realized. Income Tax Examinations The Company is subject to U.S. federal income tax as well as income tax of multiple state, local and certain foreign jurisdictions. As of June 30, 2023, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for the years before 2018. Undistributed Earnings of Foreign Subsidiaries ASC 7 40-30 Income Taxes provides guidance that U.S. companies do not need to recognize tax effects on foreign earnings that are indefinitely reinvested. The Company repatriates earnings of its foreign subsidiaries and therefore has recognized a deferred tax liability of $210 and $205 at June 30, 2023 and December 31, 2022, respectively.

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