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Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Income (Loss) Before Income Tax

Income (loss) before income tax consisted of the following (in thousands):

		Years Ended December 31,
		2020				2019
US		$	89,416			$	62,706
Korea			(14,199	)			(12,839	)
Total income before income taxes		$	75,217			$	49,867

Summary of the Detail of Income Tax Expense for the Periods

The following table presents the detail of income tax expense for the periods presented (in thousands):

		Years Ended December 31,
		2020				2019
Current:
US		$	15,244			$	8,469
Korea			1,928				2,367
Total Current Taxes		$	17,172			$	10,836
Deferred:
US		$	5,105			$	5,278
Korea			(683	)			(2,572	)
Total Deferred Taxes		$	4,422			$	2,706
Total Income Tax Expense		$	21,594			$	13,542

Summary of Reconciliation of the Statutory Rate and Our Effective Tax Rate for the Periods

The following table presents a reconciliation of the statutory rate and our effective tax rate for the periods presented:

		Years Ended December 31,
		2020				2019
Statutory Tax Rate			20.0%				20.0%
Foreign Jurisdiction Rate Differential			3.8%				3.4%
Non-deductible interest			1.5%				—
Withholding Taxes			2.3%				4.6%
Tax Credits			(3.5)%				(7.3)%
Valuation Allowance			5.0%				7.6%
Other			(0.5)%				(1.1)%
Total Tax Rate			28.6%				27.2%

Summary of Deferred Tax Assets and Liabilities as of the Dates

The following table presents the significant components of our deferred tax assets and liabilities as of the dates presented (in thousands):

		As of December 31,
		2020				2019
Deferred income tax assets:
Net Operating Loss Carryforward		$	8,206			$	6,173
Tax Credit Carryforward			9,529				6,286
Accruals and Reserves			1,762				976
Intangibles			14,158				9,476
Lease liability			2,565				2,736
Deferred tax assets		$	36,220			$	25,647
Less: valuation allowance			(17,936	)			(12,921	)
Net deferred tax assets		$	18,284			$	12,726
Deferred tax liabilities
Goodwill		$	(35,096	)		$	(25,015	)
Accrued Interest			—				(8,531	)
Right-of-use-asset			(2,424	)			(2,561	)
Other			(359	)			(627	)
Deferred tax liabilities		$	(37,879	)		$	(36,734	)
Net deferred tax assets /(liabilities)		$	(19,595	)		$	(24,008	)

X

- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
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