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v3.21.2

Taxes (Tables) | 5 Months Ended | 12 Months Ended
--- | --- | ---
Jan. 31, 2021 | Dec. 31, 2020
Schedule of significant components of the income tax benefit (provision) |  | The income tax provision consists of the following:
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
Federal |  |  |  |  |  |
Current expense |  | $ | 495,442 |  | $ | 1,237,860
Deferred (benefit) expense |  |  | (157,029) |  |  | 9,657
State and Local |  |  |  |  |  |
Current |  |  | — |  |  | —
Deferred |  |  | — |  |  | —
Change in valuation allowance |  |  | 148,348 |  |  | —
Income tax provision |  | $ | 486,761 |  | $ | 1,247,517
Schedule of reconciliation of the relevant statutory rate to the effective tax rate |  | A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:
|  | December 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal tax benefit |  | 0.0 | % |  | 0.0 | %
Transaction costs attributable to Initial Public Offering |  | 0.0 | % |  | (1.8) | %
Loss on conversion option liability |  | (0.5) | % |  | 0.0 | %
Loss on warrant liability |  | (6.3) | % |  | (28.5) | %
Loss on Prosus agreement |  | (14.7) | % |  | 0.0 | %
Valuation allowance |  | (0.2) | % |  | 0.0 | %
Income tax provision |  | (0.7) | % |  | (9.3) | %
Schedule of deferred tax assets and liabilities |  | The following is a summary of the Company's net deferred tax asset (liability):
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
Deferred tax asset (liability) |  |  |  |  |  |
Startup and organizational expenses |  | $ | 148,348 |  | $ | —
Unrealized gain on marketable securities |  |  | (976) |  |  | (9,657)
Total deferred tax asset (liability) |  |  | 147,372 |  |  | (9,657)
Valuation Allowance |  |  | (148,348) |  |  | —
Deferred tax asset (liability), net of allowance |  | $ | (976) |  | $ | (9,657)
SOFTWARE LUXEMBOURG HOLDING S.A. (SUCCESSOR) AND POINTWELL LIMITED (PREDECESSOR) |  |
Schedule of significant components of the income tax benefit (provision) | Significant components of the income tax benefit (provision) consist of the following (in thousands):
|  | Successor |  |  | Predecessor
|  | August 28, 2020 |  |  | February 1, 2020 |  | Year Ended |  | Year Ended
|  | through January 31, |  |  | through August 27, |  | January 31, |  | January 31,
|  | 2021 |  |  | 2020 |  | 2020 |  | 2019
CURRENT: |  |  |  |  |  |  |  |  |  |  |  |  |
Luxembourg |  | $ | — |  |  | $ | — |  | $ | — |  | $ | —
Ireland |  |  | (268) |  |  |  | 333 |  |  | 1,099 |  |  | 1,559
United States |  |  | 1,012 |  |  |  | 588 |  |  | 2,405 |  |  | 652
Other foreign locations |  |  | 462 |  |  |  | 1,300 |  |  | 1,949 |  |  | 3,231
Current tax provision |  |  | 1,206 |  |  |  | 2,221 |  |  | 5,453 |  |  | 5,442
DEFERRED: |  |  |  |  |  |  |  |  |  |  |  |  |
Luxembourg |  |  | 2,594 |  |  |  | — |  |  | — |  |  | —
Ireland |  |  | (1,856) |  |  |  | 43,483 |  |  | 8,533 |  |  | 1,517
United States |  |  | (19,265) |  |  |  | 17,256 |  |  | (2,693) |  |  | (1,906)
Other foreign locations |  |  | (4,613) |  |  |  | 5,495 |  |  | (81) |  |  | (26)
Deferred tax (benefit) / provision |  |  | (23,140) |  |  |  | 66,234 |  |  | 5,759 |  |  | (415)
Income tax (benefit) / provision |  | $ | (21,934) |  |  | $ | 68,455 |  | $ | 11,212 |  | $ | 5,027
Schedule of U.S. and foreign components of (loss) income before income taxes | The following table presents the U.S. and foreign components of (loss) income before income taxes (in thousands):
|  | Successor |  |  | Predecessor
|  | August 28, 2020 |  |  | February 1, 2020 |  | Year Ended |  | Year Ended
|  | through January 31, |  |  | through August 27, |  | January 31, |  | January 31,
|  | 2021 |  |  | 2020 |  | 2020 |  | 2019
Luxembourg |  | $ | 9,220 |  |  | $ | — |  | $ | — |  | $ | —
Ireland |  |  | (3,741) |  |  |  | 2,437,738 |  |  | (645,360) |  |  | (336,002)
United States |  |  | (86,333) |  |  |  | 364,827 |  |  | (197,600) |  |  | (62,805)
Other foreign locations |  |  | (34,802) |  |  |  | 29,902 |  |  | 4,967 |  |  | 3,995
(Loss) income before income taxes |  | $ | (115,656) |  |  | $ | 2,832,467 |  | $ | (837,993) |  | $ | (394,812)
Schedule of reconciliation of the relevant statutory rate to the effective tax rate |
|  | Successor |  |  | Predecessor |
|  | August 28, 2020 |  |  | February 1, 2020 |  | Year Ended |  | Year Ended |
|  | through January 31, |  |  | through August 27, |  | January 31, |  | January 31, |
|  | 2021 |  |  | 2020 |  | 2020 |  | 2019 |
Income tax provision (benefit) at |  |  |  |  |  |  |  |  |  |
Luxembourg (24.9%) / Irish statutory rate (12.5%) |  | (24.9) | % |  | 12.5 | % | (12.5) | % | (12.5) | %
Increase (decrease) in tax resulting from: |  |  |  |  |  |  |  |  |  |
US State income taxes, net of federal benefit |  | (5.7) |  |  | (0.2) |  | (0.2) |  | (0.8) |
Foreign rate differential |  | 6.1 |  |  | (0.2) |  | (1.9) |  | (1.2) |
Other permanent items |  | (0.1) |  |  | 0.7 |  | 1.2 |  | 2.5 |
Transaction costs |  | (7.6) |  |  | 0.2 |  |  |  |  |
Unrecognized tax benefit |  | (0.4) |  |  | — |  | 0.2 |  | 0.3 |
Change in valuation allowance |  | 3.5 |  |  | (4.2) |  | 5.5 |  | 9.6 |
Impairment of goodwill |  | — |  |  | 0.8 |  | 7.9 |  | — |
Reorganization and fresh start adjustments |  | 9.6 |  |  | (7.3) |  | — |  | — |
Other |  | 0.5 |  |  | 0.1 |  | 1.2 |  | 3.4 |
Effective tax rate – provision (benefit) |  | (19.0) | % |  | 2.4 | % | 1.4 | % | 1.3 | %
Schedule of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities as of the periods presented were as follows (in thousands):
|  | Successor |  |  | Predecessor
|  | January 31, 2021 |  |  | January 31, 2020
ASSETS: |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 13,517 |  |  | $ | 29,753
Deferred interest expense |  |  | 35,852 |  |  |  | 145,399
Customer relationships |  |  | — |  |  |  | 6,888
Reserves and accruals |  |  | 9,038 |  |  |  | 7,204
Lease liabilities |  |  | 3,862 |  |  |  | —
Tax credits |  |  | 99 |  |  |  | 5,893
Transaction costs |  |  | 19,532 |  |  |  | 4,216
Other intangibles |  |  | 3,505 |  |  |  | 7,237
Gross deferred tax assets |  |  | 85,405 |  |  |  | 206,590
Less: Valuation allowance |  |  | (45,567) |  |  |  | (160,531)
Net deferred tax assets |  | $ | 39,838 |  |  | $ | 46,059
LIABILITIES: |  |  |  |  |  |  |
Intangibles |  | $ | (99,587) |  |  | $ | (78,017)
Property and equipment, net |  |  | (2,971) |  |  |  | (5,665)
Accrued Interest |  |  | (4,522) |  |  |  | —
Right-of-use asset |  |  | (3,141) |  |  |  | —
Deferred revenue |  |  | (6,199) |  |  |  | —
Other |  |  | (4,426) |  |  |  | —
Gross deferred tax liabilities |  |  | (120,846) |  |  |  | (83,682)
Total net deferred tax liabilities, net |  | $ | (81,008) |  |  | $ | (37,623)
Schedule of unrecognized tax benefits |
|  | Successor |  |  | Predecessor
|  | August 28, 2020 |  |  | February 1, 2020 |  | Year Ended |  | Year Ended
|  | through January 31, |  |  | through August 27, |  | January 31, |  | January 31,
|  | 2021 |  |  | 2020 |  | 2020 |  | 2019
Unrecognized tax benefits, beginning balances |  | $ | 3,768 |  |  | $ | 3,773 |  | $ | 2,081 |  | $ | 5,035
Increases for tax positions taken during the current period |  |  | — |  |  |  | — |  |  | — |  |  | —
Increases for tax positions taken during a prior period |  |  | 37 |  |  |  | 35 |  |  | 1,987 |  |  | 915
Decreases for tax positions taken during a prior period |  |  | — |  |  |  | (40) |  |  | (295) |  |  | (3,736)
Other |  |  | 452 |  |  |  | — |  |  | — |  |  | —
Decreases resulting from the expiration of statute of limitations |  |  | (339) |  |  |  | — |  |  | — |  |  | (133)
Unrecognized tax benefits, ending balance |  | $ | 3,918 |  |  | $ | 3,768 |  | $ | 3,773 |  | $ | 2,081

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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