Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense Benefits

The provision for income taxes consists of the following components:

 

 

Year ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

705

 

 

$

743

 

 

$

444

 

Ireland

 

 

 

 

 

 

 

 

 

Total Current

 

$

705

 

 

$

743

 

 

$

444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

 

 

$

 

 

$

 

Ireland

 

 

 

 

 

 

 

 

 

Total Deferred

 

$

 

 

$

 

 

$

 

Income Tax Provision

 

$

705

 

 

$

743

 

 

$

444

 

 

Summary of Components of Income (Loss) Before Provision for Income Taxes

Income taxes have been based on the following components of income (loss) before provision for income taxes:

 

 

 

 

Year ended December 31,

 

 

2021

 

2020

 

2019

U.S.

 

$(34)

 

$696

 

$484

Ireland

 

(90,825)

 

(51,959)

 

(103,170)

Total

 

$(90,859)

 

$(51,263)

 

$(102,686)

 

 

Summary of Effective Income Tax Rate

The Irish federal statutory rate is reconciled to the effective tax rate as follows:

 

 

 

Year ended

December 31, 2021

 

Year ended

December 31, 2020

 

Year ended

December 31, 2019

 

 

Statutory rate

 

12.50%

 

$(11,357)

 

12.50%

 

$(6,408)

 

12.50%

 

$(12,836)

Impact of U.S. tax rate

 

0.01%

 

(5)

 

(0.20)%

 

105

 

(0.07)%

 

72

Impact of valuation allowance

 

(3.64)%

 

3,304

 

(6.47)%

 

3,319

 

(12.91)%

 

13,258

Research and development tax credit

 

0.00%

 

 

0.14%

 

(71)

 

0.23%

 

(232)

Adjustments for current tax of prior periods

 

0.14%

 

(131)

 

(1.94)%

 

995

 

(0.24)%

 

241

Fair value movements on derivative financial instruments

 

(8.37)%

 

7,603

 

(4.34)%

 

2,227

 

0.00%

 

Other, net

 

(1.42)%

 

1,292

 

(1.13)%

 

577

 

0.06%

 

(59)

Effective tax rate

 

(0.77)%

 

$705

 

(1.44)%

 

$743

 

(0.43)%

 

$444

Summary of Significant Components of Deferred Tax Assets and Liabilities

 

The significant components of the Company’s deferred tax assets and liabilities are as follows:

 

 

 

Year ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Deferred tax assets

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

$

822

 

 

$

650

 

 

$

679

 

Depreciation

 

 

127

 

 

 

31

 

 

 

(24

)

Net operating loss carryforwards

 

 

33,218

 

 

 

30,261

 

 

 

26,195

 

163(j) interest expense limitation

 

 

 

 

 

 

 

 

730

 

Other

 

 

120

 

 

 

41

 

 

 

84

 

Valuation allowance

 

 

(34,287

)

 

 

(30,983

)

 

 

(27,664

)

Total deferred tax assets

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

 

Net deferred tax asset

 

$

 

 

$

 

 

$

 

 

Summary of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

 

 

2021

 

 

2020

 

Balance at January 1

 

$

3,024

 

 

$

2,461

 

Additions

 

 

276

 

 

 

563

 

Balance at December 31

 

$

3,300

 

 

$

3,024