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Income Taxes (Tables)

12 Months Ended

Oct. 31, 2023

Income Taxes

Summary of Income Tax Provision (Benefit)

​

​	​	​	​	​	​	​	​	​	​	​
​		2023			2022			2021
​	​	​	​		​	​	​	​	​	​
Current:	​	​	​	​	​	​	​	​	​	​
Federal	​	$	(387)	​	$	2,012	​	$	(3,449)	​
State	​		280	​		147	​		323	​
Foreign	​		1,143	​		1,209	​		16,703	​
Total current	​		1,036	​		3,368	​		13,577	​
​	​	​	​	​	​	​	​	​	​	​
Deferred:	​	​	​	​	​	​	​	​	​	​
Federal	​		(468)	​		(162)	​		790	​
State	​		(337)	​		746	​		(343)	​
Foreign	​		2,656	​		(701)	​		(3,934)	​
Total deferred	​		1,851	​		(117)	​		(3,487)	​
Change in valuation allowance	​	​	3,055	​	​	—	​	​	657	​
Total income tax provision	​	$	5,942	​	$	3,251	​	$	10,747	​

Schedule of loss before income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	2023		​	2022		​	2021
Domestic	​	$	(8,741)	​	$	(1,411)	​	$	(4,959)
Foreign	​	​	6,716	​	​	(1,940)	​	​	3,784
Income (loss) before taxes	​	$	(2,025)	​	$	(3,351)	​	$	(1,175)

Components of Deferred Taxes

Significant components of our deferred tax assets (liabilities) as of October 31, are as follows (in thousands):

​

​	​	​	​	​	​	​	​
​		2023			2022
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Intangible assets	​	$	941	​	$	2,828	​
Stock-based compensation	​		316	​		715	​
State taxes	​		7	​		6	​
Allowance for accounts receivable	​	​	1,276	​	​	936	​
Inventories	​	​	591	​	​	442	​
Accrued liabilities	​	​	2,238	​	​	1,143	​
Operating lease liabilities	​	​	14,444	​	​	14,861	​
Net operating loss	​	​	4,109	​	​	549	​
Capital loss carryover	​	​	806	​	​	804	​
Credits and incentives	​		1,099	​		1,194	​
Total deferred income tax assets	​	​	25,827	​	​	23,478	​
​	​	​	​	​	​	​	​
Property, plant, and equipment	​		(6,340)	​		(2,002)	​
Operating lease - right of use assets	​	​	(12,111)	​	​	(13,723)	​
Other	​		(227)	​		(490)	​
Total deferred income tax liabilities	​	​	(18,678)	​	​	(16,215)	​
Valuation allowance	​	​	(4,885)	​	​	(1,830)	​
Net deferred income tax assets	​	$	2,264	​	$	5,433	​

​

The Company’s net deferred income tax assets as presented in the consolidated balance sheets consists of the following items as of October 31, (in thousands):

​

​	​	​	​	​	​	​
​		Year Ended October 31,
​	​	2023		​	2022
Deferred income tax assets	​	$	3,010	​	$	5,433
Deferred income tax liabilities	​	​	(746)	​	​	—
Net deferred income tax assets	​	$	2,264	​	$	5,433

Reconciliation of effective tax rate

​

​	​	​	​	​	​	​	​
​		2023		2022		2021
​	​	​	​	​	​	​	​
Federal statutory tax rate		21.0	%	21.0	%	21.0	%
State taxes, net of federal effects		0.9	​	(1.3)	​	11.6	​
Rate differential on NOL carryback	​	—	​	—	​	125.8	​
Foreign tax rate differential		(29.8)	​	5.2	​	16.1	​
Uncertain tax positions		—	​	5.1	​	(1,059.9)	​
Stock based compensation		(26.3)	​	(6.1)	​	(16.7)	​
Provision to return	​	(12.3)	​	(59.9)	​	39.2	​
US tax on foreign income, net	​	(15.8)	​	—	​	—	​
State rate change		0.9	​	(2.5)	​	9.2	​
Valuation allowance	​	(150.7)	​	(24.2)	​	(44.1)	​
Limits on executive compensation	​	(21.6)	​	—	​	—	​
Other permanent differences	​	(19.1)	​	(33.8)	​	—	​
Other		(40.6)	​	(0.5)	​	(15.5)	​
​		(293.4)	%	(97.0)	%	(913.3)	%

Reconciliation of unrecognized taxes

A reconciliation of the beginning and ending amount of gross unrecognized taxes (exclusive of interest and penalties) was as follows (in thousands):

​

​	​	​	​	​	​	​
​		Year Ended October 31,
​	​	2023		​	2022
Beginning balance	​	$	11,131	​	$	11,303
Reductions based on tax positions related to prior periods	​	​	—	​	​	(172)
Gross increase - Tax positions in prior periods	​		—	​		—
Gross increase - Tax positions in current period	​		—	​		—
Ending balance	​	$	11,131	​	$	11,131

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