Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.22.4
Income Tax (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Net loss from operations before income taxes for the years ended December 31, 2022, 2021 and 2020 including the following components:
For the Year Ended December 31,
2022 2021 2020
$’000 $’000 $’000
U.K. 6,638  113,826  (162,325)
U.S. (223,286) (194,407) (44,066)
Rest of world (4,867) (4,300) (1,998)
Total loss before income taxes (221,515) (84,881) (208,389)
Schedule of Components of Income Tax Expense (Benefit)
Tax benefit / (provision) for income taxes was comprised of the following components:
For the Year Ended December 31,
2022 2021 2020
$’000 $’000 $’000
Current
U.K. (850) (784) (4,639)
U.S. federal —  —  — 
U.S. state (141) (77) — 
Rest of world (13) (2) — 
Total (1,004) (863) (4,639)
Deferred
U.K. —  —  — 
U.S. federal 939  1,827  — 
U.S. state 131  479  — 
Rest of world —  —  — 
Total 1,070  2,306  — 
Tax benefit (provision)
66  1,443  (4,639)
Schedule of Deferred Tax Assets and Liabilities
The Deferred tax liability consisted of the following:
As of December 31,
2022 2021
$’000 $’000
Deferred tax assets:
Net operating loss carryforwards 233,585  167,123 
Other intangibles assets 3,688  6,016 
Capitalized start-up costs 5,552  5,291 
Stock-based compensation 25,445  16,525 
Tax credit carryforwards 2,777  1,872 
Premium deficiency reserve 5,865  13,043 
Research expenditures 7,063  — 
Other 12,113  7,185 
Total deferred tax assets 296,088  217,055 
Less: valuation allowance (287,343) (208,525)
Total deferred tax assets, net 8,745  8,530 
Deferred tax liabilities:
Property, plant and equipment 38  3,085 
Other intangible assets(1)
4,423  6,342 
Other 4,284  168 
Total deferred tax liabilities 8,745  9,595 
Net of deferred tax assets and liabilities   1,065 
(1) Other intangible assets includes goodwill
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of the U.K. statutory income tax rate, to the Company’s effective tax rate, done on the basis that the company is a UK domicile income tax payer, consisted of the following:
For the Year Ended December 31,
2022 2021 2020
Tax at statutory income tax rate (19.0) % (19.0) % (19.0) %
Benefit of foreign operations (2.2) % (0.3) % —  %
Change in valuation allowance 32.1  % 57.8  % 17.3  %
Expenses not deductible for tax purposes 4.1  % 6.9  % 2.0  %
Non-taxable income —  % (1.2) % —  %
Change in fair value of Earnout liabilities (15.7) % (46.3) % —  %
Impairments 3.5  % —  % —  %
All other, net (2.8) % 0.4  % 1.9  %
Benefit / (provision) for income taxes   % (1.7) % 2.2  %