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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Domestic and Foreign Components | The domestic and foreign components of the Company's income (loss) before provision for income taxes were as follows:
| 2024 |  | 2023 |  | 2022
Domestic | $ | 266,060 |  |  | $ | 291,203 |  |  | $ | (151,551) |
Foreign | (71,010) |  |  | 546 |  |  | (1,113) |
Net income (loss) before provision for income taxes | $ | 195,050 |  |  | $ | 291,749 |  |  | $ | (152,664) |
Schedule of Provision for Income Taxes | The provision for income tax expense consisted of the following:
Current |  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | 43,321 |  |  | $ | 79,840 |  |  | $ | 10,498 |
State and local |  | 15,536 |  |  | 27,596 |  |  | 2,601 |
Foreign |  | 294 |  |  | 192 |  |  | — |
Current federal, state and local, tax expense |  | $ | 59,151 |  |  | $ | 107,628 |  |  | $ | 13,099 |
Deferred |  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | 1,000 |  |  | $ | (34,535) |  |  | $ | 18,558 |
State and local |  | (178) |  |  | (8,261) |  |  | 4,034 |
Foreign |  | (9,997) |  |  | 116 |  |  | (1,073) |
Deferred federal, state and local, tax expense |  | $ | (9,175) |  |  | $ | (42,680) |  |  | $ | 21,519 |
Provision for income taxes |  | $ | 49,976 |  |  | $ | 64,948 |  |  | $ | 34,618 |
Schedule of Effective Rate on Income Before Provision (Benefit) for Income Taxes | The reconciliation of the U.S. federal statutory rate to the effective rate on net income (loss) before taxes is as follows:
| 2024 |  | 2023 |  | 2022
U.S. Statutory federal rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 6.2 | % |  | 4.7 | % |  | (3.9) | %
Earnings in jurisdictions with tax rates differing from U.S. federal rate | 3.3 | % |  | 0.1 | % |  | — | %
Tax effect of Pepsi valuation premium | — | % |  | — | % |  | (38.9) | %
Stock based compensation | (5.2) | % |  | (3.4) | % |  | (0.9) | %
Change in valuation allowance | (0.7) | % |  | (0.3) | % |  | 0.4 | %
Change in deferred balances | 0.2 | % |  | 0.3 | % |  | — | %
Other | 0.9 | % |  | (0.2) | % |  | (0.4) | %
Effective tax rate | 25.7 | % |  | 22.2 | % |  | (22.7) | %
Schedule of Deferred Tax Assets | Deferred tax assets and liabilities consisted of the following:
| December 31, 2024 |  | December 31, 2023
Net operating loss carryforwards | $ | 10,869 |  |  | $ | 3,441 |
Foreign disallowed interest carryforwards | 739 |  |  | — |
Deferred revenue | 43,289 |  |  | 45,907 |
Fixed assets | (7,742) |  |  | (3,338) |
Pepsi valuation premium | (64,356) |  |  | (68,250) |
Right of use liability | 3,566 |  |  | 157 |
Right of use asset | (4,527) |  |  | (275) |
Distributor termination fees | 33,960 |  |  | 40,429 |
Stock-based compensation | 2,728 |  |  | 4,892 |
Accrued legal | 14,562 |  |  | 977 |
Inventory allowance | 6,033 |  |  | 8,244 |
Intangibles | (1,825) |  |  | (2,495) |
Total deferred tax assets | 37,296 |  |  | 29,689 |
Valuation allowance | (927) |  |  | (2,496) |
Net deferred tax assets | $ | 36,369 |  |  | $ | 27,193 |
Schedule of Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| 2024 |  | 2023
Gross unrecognized tax benefit, beginning of period | $ | 1,257 |  |  | $ | 702 |
Additions based on tax positions related to the current year | 410 |  |  | 555 |
Additions based on tax positions related to the prior years | — |  |  | — |
Reductions due to lapse in statute of limitations and settlements | (255) |  |  | — |
Gross unrecognized tax benefit, end of period | $ | 1,412 |  |  | $ | 1,257 |
Summary of the Filing Jurisdictions and Open Tax Years | The Company files U.S., state, and foreign income tax returns in jurisdictions with various statutes of limitations. Below is a summary of the filing jurisdictions and open tax years:
| Open Years
U.S. Federal | 2021-2023
U.S. State and local | 2020-2023
Non-U.S. | 2018-2023

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