Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Provision (Benefit)
The components of income tax (benefit) provision attributable to the Company for the year ended December 31, 2024, 2023 and 2022, respectively, are as follows (in thousands):
Year Ended December 31,
2024 2023 2022
U.S. current income tax expense $ 474  $ 715  $ 61 
U.S. deferred income tax expense (benefit) 2,500  —  (207)
Foreign current income tax (benefit) expense (15,913) 13,269  5,846 
Foreign deferred income tax expense (benefit) 1,735  (1,687) 7,907 
Total $ (11,204) $ 12,297  $ 13,607 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory federal income tax amount to the recorded expense is as follows (in thousands):
Year Ended December 31,
2024 2023 2022
(Loss) income before income taxes $ (218,530) $ 9,134  $ 12,988 
Statutory income tax rate 21  % 21  % 21  %
Expected income tax (benefit) expense (45,891) 1,918  2,727 
Interest and penalties 3,493  2,269  1,677 
Foreign income tax rate differential (28,291) 3,416  4,311 
Foreign (loss) earnings not in reported income (35,996) 5,188  1,565 
Foreign tax credits (166) (11,193) (3,646)
Withholding taxes (19,899) 1,340  1,677 
Other permanent differences 1,007  1,011  322 
State tax benefit (5,983) 227  (1,129)
Return to provision (27) (11) (116)
Change in valuation allowance 120,549  8,132  6,219 
Total $ (11,204) $ 12,297  $ 13,607 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax liabilities attributable to the Company consisted of the following (in thousands):
Year Ended December 31,
2024 2023
Deferred tax assets:
Section 163(j) interest limitation $ 5,090  $ — 
Lease asset 3,660  3,249 
Intangible assets 1,050  997 
Accrued liabilities 3,605  3,712 
Net operating loss carryover 114,506  4,334 
Foreign tax credits 76,570  96,303 
Other 1,442  1,315 
Valuation allowance (187,087) (86,432)
Deferred tax assets 18,836  23,478 
Deferred tax liabilities:
Property and equipment $ (14,140) $ (14,708)
Lease liability (3,583) (3,160)
Prepaid expenses (2,306) (2,586)
Other (1,828) (1,808)
Deferred tax liabilities (21,857) (22,262)
Net deferred tax (liability) asset $ (3,021) $ 1,216 
Reflected in accompanying balance sheet as:
Deferred income tax asset $ —  $ 1,844 
Deferred income tax liability (3,021) (628)
Total $ (3,021) $ 1,216