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Income Taxes
 6 Months Ended
Jun. 30, 2022
Income Tax [Abstract]  
Income Taxes

Note 16 — Income Taxes

 

The Company’s effective income tax rate was 0.1% and 0.0% for the three months ended June 30, 2022 and 2021, respectively. The income tax benefit was $(62) thousand and $0 for the three months ended June 30, 2022 and 2021, respectively. The difference between the Company’s effective tax rates for the 2022 and 2021 periods and the U.S. statutory tax rate of 21% was primarily due to a valuation allowance recorded against certain deferred tax assets. The change in income tax benefit for the three months ended June 30, 2022 compared to the three months ended June 30, 2021 was primarily due to a goodwill impairment charge recorded during the second quarter of 2022 which resulted in a $(62) thousand benefit related to the reversal of the Company’s deferred tax liability on indefinite-lived assets.

 

The Company’s effective income tax rate was 0.3% and 0.0% for the six months ended June 30, 2022 and 2021, respectively. The income tax benefit was $(262) thousand and $0 for the six months ended June 30, 2022 and 2021, respectively. The difference between the Company’s effective tax rates for the 2022 and 2021 periods and the U.S. statutory tax rate of 21% was primarily due to a valuation allowance recorded against certain deferred tax assets. The change in the income tax benefit for the six months ended June 30, 2022 compared to the six months ended June 30, 2021 was primarily due to a discrete income tax benefit of $(200) thousand recorded during the first quarter of 2022, which is attributable to a non-recurring partial release of the Company’s U.S. valuation allowance as a result of the Lab Society acquisition. Additionally, as a result of the goodwill impairment charge recorded during the second quarter of 2022, the Company recognized a small benefit related to the reversal of its opening deferred tax liability on indefinite-lived assets.