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Income taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Major components of tax expense (income) [abstract]  
Components of income tax expense The components of income tax expense
The following table presents the details of income tax expenses for the periods presented (in thousands):
Year ended December 31,
20242023
Current taxes$14,107$529
Adjustments recognized related to prior period(41)—
Deferred taxes24,41829,563
Income tax expenses recognized directly to equity(43)125
Transition from US GAAP to IFRS —48
Income tax expense$38,441$30,265
Disclosure of reconciliation of accounting profit multiplied by applicable tax rates and average effective tax rate Reconciliation of profit before income tax
The following table presents a reconciliation of income before income tax at the statutory rate to our effective income tax rate for the periods presented (in thousands, %):
Year ended December 31,
20242023
Profit before income tax$162,880$131,347
Income tax expense using the statutory tax rate of each country39,04430,615
FDII foreign income deduction(536)(1)
Expenses not deductible for tax purposes(1)
1,67459
Tax credit(545)(473)
Changes in unrecognized deferred tax assets(1,193)446
Others(3)(381)
Income tax expenses$38,441$30,265
Effective income tax rate23.6%23.0%
(1) Non-deductible expenses include performance-based incentive plan for certain key employees of SuprNation.

The following table presents a statutory tax rate by country for the periods as follows:
Year ended December 31,
20242023
US(1)
23.78%23.76 %
Korea20.90 %20.90 %
Europe35.00 %35.00 %
(1) The statutory rate was adjusted to reflect annual changes in the U.S. state tax rate.
Income taxes recognized directly in capital Income taxes recognized directly in capital
The following table presents income tax recognized directly to equity as follows (in thousands):
Year ended December 31, 2024
Before-taxTax effectAfter-tax
Re-measurement of defined benefit plan$205 $(43)$162 
Year ended December 31, 2023
Before-taxTax effectAfter-tax
Re-measurement of defined benefit plan$(722)$125 $(597)
Disclosure of temporary difference, unused tax losses and unused tax credits Analysis of deferred tax assets and deferred tax liabilities
The following table presents analysis of deferred tax assets and deferred tax liabilities as follows (in thousands):
December 31, 2024December 31, 2023January 1, 2023
Deferred tax assets
Deferred tax assets to be recovered within 12 months$420 $578 $36,297 
Deferred tax assets to be recovered after more than 12 months20,349 34,811 44,124 
Sub-total$20,769 $35,389 $80,421 
Deferred tax liabilities
Deferred tax liabilities to be recovered within 12 months(303)(1,289)(460)
Deferred tax liabilities to be recovered after more than 12 months(17,093)(6,001)(20,610)
Sub-total$(17,396)$(7,290)$(21,070)
Net deferred tax assets(liabilities)$3,373 $28,099 $59,351 
Change in deferred tax assets and deferred tax liabilities
The following table presents analysis of deferred tax assets and deferred tax liabilities as follows (in thousands):
December 31, 2024
Beginning
balance		Profit
(loss)		Other
comprehensive
income (loss)		Changes in
foreign
currency
remeasurement		Ending
balance
Deferred income tax on temporary differences
Provision for retirement benefit$916 $(475)$(44)$16 $413 
Unconfirmed annual leave allowance77 — — (77)— 
Accrued expense1,930 (711)— (262)957 
Intangible assets12,816 (2,183)— (31)10,602 
Capitalized R&D costs1,123 1,830 — 1 2,954 
Lease liabilities1,411 (516)— 84 979 
Depreciation expense151 (12)— (47)92 
Accrued income(224)(463)— 61 (626)
Goodwill(5,571)(10,133)— — (15,704)
Right-of-use asset(1,522)447 — 60 (1,015)
Plan assets for retirement benefit(850)359 1 77 (413)
Others(1,244)1,174 — 77 7 
Sub-total$9,013 $(10,683)$(43)$(41)$(1,754)
Net operating loss carryforward 23,990 (14,377)— (749)8,864 
Tax credit carryforward13,844 (594)— (1,653)11,597 
Unrecognized deferred income tax (1)
(18,748)1,279 — 2,135 (15,334)
Total$28,099 $(24,375)$(43)$(308)$3,373 
Deferred tax assets28,947 (25,227)(43)(304)3,373 
Deferred tax liabilities(848)852 — (4)— 
(1)Deferred income tax on temporary differences has not been recognized due to that it is more likely than not that these deferred tax assets will not be realized.
December 31, 2023
Beginning
balance		Business
Combination		Profit
(loss)		Other
comprehensive
income (loss)		Changes in
foreign
currency
remeasurement		Ending
balance
Deferred income tax on temporary differences
Provision for retirement benefit$800 $— $1 $127 $(12)$916 
Unconfirmed annual leave allowance98 — (22)— 1 77 
Accrued expense36,176 — (34,237)— (9)1,930 
Intangible assets17,632 (5,459)643 — — 12,816 
Capitalized R&D costs— — 1,123 — — 1,123 
Lease liabilities1,120 67 216 — 8 1,411 
Depreciation expense— 137 14 — — 151 
Accrued income(6)— (215)— (3)(224)
Goodwill4,467 — (10,038)— — (5,571)
Right-of-use asset(977)(67)(465)— (13)(1,522)
Plan assets for retirement benefit(740)— (114)(2)6 (850)
Others(431)(82)(732)— 1 (1,244)
Sub-total$58,139 $(5,404)$(43,826)$125 $(21)$9,013 
Net operating loss carryforward 5,934 3,774 14,410 — (128)23,990 
Tax credit carryforward14,171 — (83)— (244)13,844 
Unrecognized deferred income tax (1)
(18,893)— (189)— 334 (18,748)
Total$59,351 $(1,630)$(29,688)$125 $(59)$28,099 
Deferred tax assets59,351 — (30,470)125 (59)28,947 
Deferred tax liabilities— (1,630)782 — — (848)
(1)Deferred income tax on temporary differences has not been recognized due to that it is more likely than not that these deferred tax assets will not be realized.
Summary of maturities of deficit carried forward and others The maturities of deficit carried forward and others
The following table presents the expected period of expiry for unused net operating loss and tax credit not recognized in deferred tax assets as follows (in thousands):
December 31, 2024December 31, 2023
Net operating loss (1)
Tax creditNet operating loss (1)Tax credit
FY2026$81 $— $92 $— 
FY2027430 — 2,898 1 
FY2028935 296 1,066 912 
FY20292,800 3,112 3,192 3,601 
FY2030— 2,427 — 2,767 
FY2031— 2,730 — 3,112 
FY2032— 2,696 — 3,074 
FY2033— 336 — 377 
FY2034— — — — 
FY20355,638 — 6,428 — 
FY20363,215 — 3,666 — 
FY203729 — 33 — 
FY203813 — 15 — 
FY203910 — — — 
Total$13,151 $11,597 $17,390 $13,844 
(1) The net operating loss with no expiration is $2,006 thousand and $0 thousand as of December 31, 2024, and 2023, respectively.