v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of The Components of Income Before Income Taxes | The components of income before income taxes were as follows:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
United States | $314,465 |  | $270,345 |  | $224,813 |
Foreign | (21,281) |  | 2,209 |  | 13,112 |
Income before income taxes | $293,184 |  | $272,554 |  | $237,925 |
Schedule of The Components of Income Tax Expense | The components of income tax expense were as follows:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
Current income tax expense (benefit) |  |  |  |  |  |
Federal | $(3,935) |  | $3,494 |  | $9,179 |
State | 3,353 |  | 3,704 |  | 3,338 |
Foreign | 4,965 |  | 9,126 |  | 5,438 |
Current income tax expense | $4,383 |  | $16,324 |  | $17,955 |
Deferred income tax expense (benefit) |  |  |  |  |  |
Federal | 67,371 |  | 20,497 |  | 31,941 |
State | 16,310 |  | 7,429 |  | (5,454) |
Foreign | (9,037) |  | (1,609) |  | (997) |
Deferred income tax expense | $74,644 |  | $26,317 |  | $25,490 |
Total income tax expense (benefit) |  |  |  |  |  |
Federal | 63,436 |  | 23,991 |  | 41,120 |
State | 19,663 |  | 11,133 |  | (2,116) |
Foreign | (4,072) |  | 7,517 |  | 4,441 |
Total income tax expense | $79,027 |  | $42,641 |  | $43,445 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense computed at the U.S. federal statutory income tax rate to the recognized income tax expense and the U.S. statutory income tax rate to the Company’s effective tax rates are as follows:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
Income taxes at U.S. federal statutory rate | $61,569 |  | 21.0% |  | $57,236 |  | 21.0% |  | $49,964 |  | 21.0% |
Nontaxable and nondeductible items |  |  |  |  |  |  |  |  |  |  |  |
Income attributable to non-controlling interests and nontaxable income | (33,937) |  | (11.6%) |  | (29,898) |  | (10.9%) |  | (27,265) |  | (11.6%) |
Nondeductible expenses | 3,960 |  | 1.4% |  | 2,579 |  | 0.9% |  | 2,286 |  | 1.0% |
Effect of cross-border tax laws | (1,636) |  | (0.6%) |  | (1,449) |  | (0.5%) |  | 256 |  | 0.1% |
Changes in valuation allowances | — |  | —% |  | 2,191 |  | 0.8% |  | 2,908 |  | 1.2% |
Equity-based compensation | (13,770) |  | (4.7%) |  | (11,209) |  | (4.1%) |  | (1,994) |  | (0.8%) |
Common Control Reorganizations 1 | 39,260 |  | 13.4% |  | 7,116 |  | 2.6% |  | 15,142 |  | 6.4% |
Change in fair value of contingent consideration 2 | 3,930 |  | 1.3% |  | — |  | —% |  | — |  | —% |
Other federal | (409) |  | (0.1%) |  | (2,106) |  | (0.8%) |  | 2,573 |  | 1.1% |
State and local income tax expense (benefit), net of federal benefit 3 | 19,663 |  | 6.7% |  | 11,133 |  | 4.1% |  | (2,116) |  | (0.9%) |
Foreign tax effects |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  |  |  |  |  |  |
Nondeductible acquisition expenses | 272 |  | 0.1% |  | 4,309 |  | 1.6% |  | — |  | —% |
Nontaxable dividends and profit distributions | — |  | —% |  | — |  | —% |  | (2,971) |  | (1.2%) |
Other | (2,074) |  | (0.7%) |  | 264 |  | 0.1% |  | 1,564 |  | 0.7% |
Spain |  |  |  |  |  |  |  |  |  |  |  |
Nondeductible profit distributions | — |  | —% |  | — |  | —% |  | 3,844 |  | 1.6% |
Other | 509 |  | 0.2% |  | 533 |  | 0.2% |  | (599) |  | (0.3%) |
Other foreign jurisdictions | 1,690 |  | 0.6% |  | 1,942 |  | 0.7% |  | (147) |  | (0.1%) |
Income tax expense | $79,027 |  | 27.0% |  | $42,641 |  | 15.7% |  | $43,445 |  | 18.2% |
1 The total non-cash deferred income tax expense resulting from CCRs for the years ended December 31, 2025, 2024, and 2023, was $48.6 million, $9.5 million, and $18.4 million, respectively, of which $39.3 million, $7.1 million, and $15.1 million, respectively, was included in Domestic federal, and the remaining $9.3 million, $2.4 million, and $3.3 million, respectively, was included in S tate and local income tax expense (benefit), net of federal benefit. Refer to the Common Control Reorganization section below for more information. 2 Represents the income tax expense impact from the change in fair value of contingent consideration recognized for acquisitions that resulted in CCRs. 3 For the year ended December 31, 2025, state and local income taxes in California, New York, New York City, and Texas comprised the majority of this category. For the year ended December 31, 2024, state and local income taxes in California, Illinois, New York, and New York City comprised the majority of this category. For the year ended December 31, 2023, state and local income taxes in California, Illinois, and New York comprised the majority of this category.
Schedule of the Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities were as follows:
| As of December 31, |
| 2025 |  | 2024 |
Deferred tax assets |  |  |  |
Net operating losses | $23,895 |  | $14,687 |
Investment in the LLC | 287,978 |  | 429,850 |
Start-up costs | 5,702 |  | 6,246 |
Equity-based compensation | 2,287 |  | 1,628 |
Tax credits | 4,239 |  | 5,491 |
Capitalized research and development | 874 |  | 890 |
Other accrued items | 786 |  | 151 |
Total deferred tax assets | $325,761 |  | $458,943 |
Valuation allowances | (11,162) |  | (7,759) |
Deferred tax assets, net of valuation allowances | $314,599 |  | $451,184 |
Deferred tax liabilities |  |  |  |
Intangibles | (54,237) |  | (42,817) |
Fixed assets | (58) |  | — |
Other accrued items | — |  | — |
Deferred tax liabilities | $(54,295) |  | $(42,817) |
Net Deferred tax assets | $260,304 |  | $408,367 |
Schedule of Cash Paid for Income Taxes, Net of Refunds | The cash paid for income taxes, net of refunds was as follows:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
Federal | $200 |  | $13,485 |  | $7,339 |
State and local |  |  |  |  |  |
Texas | 1,122 |  | — |  | — |
New York City | 1,026 |  | 1,268 |  | 1,399 |
Other state and local | 737 |  | 1,333 |  | 690 |
Foreign |  |  |  |  |  |
United Kingdom | 3,056 |  | 4,291 |  | 2,248 |
Netherlands | 2,250 |  | 570 |  | — |
Spain | 4,240 |  | 3,778 |  | 2,076 |
Sweden | 1,286 |  | 2,528 |  | 2,551 |
Other foreign | 427 |  | 78 |  | 98 |
Total cash paid for income taxes, net of refunds | $14,344 |  | $27,331 |  | $16,401 |
The following represents the supplemental cash flow information of the Company:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
Cash paid for: |  |  |  |  |  |
Interest, net 1 | $196,041 |  | $136,953 |  | $128,380 |
Non-cash investing and financing activities: |  |  |  |  |  |
Non-controlling interest holders’ tax distributions declared but unpaid | $478 |  | $2,109 |  | $35 |
Tax Receivable Agreement liabilities | 46,758 |  | 101,075 |  | 68,587 |
Dividend Equivalents and Declared Distributions liabilities | 1,770 |  | 4,246 |  | — |
Contingently returnable consideration | — |  | 4,868 |  | — |
Contingent consideration liabilities | 44,535 |  | 103,769 |  | 11,238 |
1 Interest paid is presented net of $15.2 million, $24.7 million, and $22.9 million of cash received in connection with the Company’s interest rate cap for the years ended December 31, 2025, 2024, and 2023, respectively. See Note 12, Derivatives, for further information on the interest rate cap.
Summary of Activity Related to the Tax Receivable Agreement Liabilities | The following summarizes activity related to the Tax Receivable Agreement liabilities:
| Exchange Tax Attributes |  | Pre-IPO M&A Tax Attributes |  | TRA Payment Tax Attributes |  | TRA Liabilities |
Balance at December 31, 2023 | $194,668 |  | $85,814 |  | $78,416 |  | $358,898 |
Exchange of LLC Common Units | 73,433 |  | 5,660 |  | 21,982 |  | 101,075 |
Remeasurement – change in state rate | (932) |  | (391) |  | (1,183) |  | (2,506) |
Remeasurement – foreign tax credits | (895) |  | — |  | — |  | (895) |
Interest expense | — |  | — |  | 1,302 |  | 1,302 |
Payments | (13,041) |  | (7,668) |  | (869) |  | (21,578) |
Balance at December 31, 2024 | $253,233 |  | $83,415 |  | $99,648 |  | $436,296 |
Exchange of LLC Common Units | 34,813 |  | 2,466 |  | 9,479 |  | 46,758 |
Interest expense | — |  | — |  | 1,112 |  | 1,112 |
Payments | (16,067) |  | (8,532) |  | (570) |  | (25,169) |
Balance at December 31, 2025 | $271,979 |  | $77,349 |  | $109,669 |  | $458,997 |
Schedule of Tax Effects on the Components of Other Comprehensive Income (Loss) | The following table summarizes the tax effects on the components of OCI:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
Gain on interest rate cap | $(1,359) |  | $(1,945) |  | $(1,628) |
Gain on interest rate cap reclassified to earnings | 1,867 |  | 3,101 |  | 2,734 |
Foreign currency translation adjustments | (5,901) |  | 1,370 |  | (272) |
Change in share of equity method investments’ other comprehensive income (loss) | (101) |  | (842) |  | 173 |

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