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Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 9. Income Taxes The provision for income taxes consists of the following:
| Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |  |  |
Federal | $ |  | 22,242 |  |  | $ |  | 48,337 |  |  | $ |  | 49,028 |
State and local |  |  | 41,240 |  |  |  |  | 9,695 |  |  |  |  | 4,047 |
Foreign |  |  | 34,582 |  |  |  |  | 32,211 |  |  |  |  | 27,385 |
Total current provision |  |  | 98,064 |  |  |  |  | 90,243 |  |  |  |  | 80,460 |
Deferred: |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 18,009 |  |  |  |  | (2,884 | ) |  |  |  | (2,823 | )
State and local |  |  | 4,575 |  |  |  |  | (573 | ) |  |  |  | (754 | )
Foreign |  |  | (565 | ) |  |  |  | (421 | ) |  |  |  | (2,238 | )
Total deferred provision |  |  | 22,019 |  |  |  |  | (3,878 | ) |  |  |  | (5,815 | )
Provision for income taxes | $ |  | 120,083 |  |  | $ |  | 86,365 |  |  | $ |  | 74,645 |
Pre-tax income from U.S. operations was $235.8 million, $235.8 million and $228.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Pre-tax income from foreign operations was $131.2 million, $124.7 million and $103.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
|  | Amount |  |  | Percent |  | Amount |  |  | Percent |  | Amount |  |  | Percent
|  | ($ in thousands)
U.S. federal statutory tax rate |  | $ | 77,069 |  |  |  | 21.0 |  | % |  | $ | 75,715 |  |  |  | 21.0 |  | % |  | $ | 69,867 |  |  |  | 21.0 |  | %
State and local taxes, net of federal benefit* |  |  | 9,505 |  |  |  | 2.6 |  |  |  |  | 6,911 |  |  |  | 1.9 |  |  |  |  | 2,737 |  |  |  | 0.8 |  |
Foreign Tax Effects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  | 4,273 |  |  |  | 1.2 |  |  |  |  | 4,298 |  |  |  | 1.2 |  |  |  |  | 1,935 |  |  |  | 0.5 |  |
Other foreign jurisdictions |  |  | 1,654 |  |  |  | 0.4 |  |  |  |  | 1,346 |  |  |  | 0.4 |  |  |  |  | 1,386 |  |  |  | 0.4 |  |
Effect of cross-border tax laws |  |  | 665 |  |  |  | 0.2 |  |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
Tax Credits |  |  | (4,369 | ) |  |  | (1.2 | ) |  |  |  | (4,941 | ) |  |  | (1.4 | ) |  |  |  | (3,652 | ) |  |  | (1.0 | ) |
Nontaxable or nondeductible items |  |  | 4,400 |  |  |  | 1.2 |  |  |  |  | 3,036 |  |  |  | 0.9 |  |  |  |  | 2,372 |  |  |  | 0.7 |  |
Changes in unrecognized tax benefits** |  |  | 26,886 |  |  |  | 7.3 |  |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
Effective tax rate |  | $ | 120,083 |  |  |  | 32.7 |  | % |  | $ | 86,365 |  |  |  | 24.0 |  | % |  | $ | 74,645 |  |  |  | 22.4 |  | %
*State taxes in New York State and New York City for the years ended December 31, 2025, 2024 and 2023 made up the majority (greater than 50%) of the tax effect in this category |  |
**The impact in the change in unrecognized tax benefits for the years ended December 31, 2024 and 2023 is immaterial |  |
The following is a summary of the Company’s net deferred tax assets:
|  | As of December 31, |
| 2025 |  |  | 2024 |
| (In thousands) |
Deferred tax assets: |  |  |  |  |  |  |
Stock compensation expense | $ |  | 4,962 |  |  | $ |  | 4,880 |
Operating lease liabilities |  |  | 15,267 |  |  |  |  | 15,753 |
Deferred compensation |  |  | 2,907 |  |  |  |  | 2,700 |
Capitalized software development |  |  | — |  |  |  |  | 3,130 |
Other |  |  | 110 |  |  |  |  | 1,096 |
Total deferred tax assets |  |  | 23,244 |  |  |  |  | 27,559 |
Valuation allowance |  |  | — |  |  |  |  | — |
Net deferred tax assets |  |  | 23,244 |  |  |  |  | 27,559 |
Deferred tax liabilities: |  |  |  |  |  |  |
Capitalized software development |  |  | (16,397 | ) |  |  |  | — |
Depreciation |  |  | (5,998 | ) |  |  |  | (6,990 | )
Goodwill and intangible assets |  |  | (6,667 | ) |  |  |  | (5,307 | )
Operating lease right-of-use assets |  |  | (12,098 | ) |  |  |  | (12,515 | )
Other deferred tax liabilities |  |  | (901 | ) |  |  |  | — |
Deferred tax asset/(liability), net | $ |  | (18,816 | ) |  | $ |  | 2,747 |
The following is a summary of the Company’s cash paid for income taxes, net of refunds:
| Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
| (in thousands) |
United Sates Federal | $ |  | 20,262 |  |  | $ |  | 48,902 |  |  | $ |  | 49,300 |
United States State and Local |  |  |  |  |  |  |  |  |  |  |
New York |  |  | 3,802 |  |  |  |  | 7,192 |  |  |  |  | 6,921 |
New York City |  |  | 3,406 |  |  |  |  | 8,420 |  |  |  |  | 6,478 |
Other |  |  | 3,141 |  |  |  |  | 433 |  |  |  |  | 494 |
Foreign |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  | 23,467 |  |  |  |  | 23,594 |  |  |  |  | 20,310 |
Netherlands |  |  | 6,813 |  |  |  |  | 7,524 |  |  |  |  | 10,828 |
Other |  |  | 1,943 |  |  |  |  | 867 |  |  |  |  | 483 |
Total cash paid for income taxes, net of refunds | $ |  | 62,834 |  |  | $ | $ | 96,932 |  |  | $ | $ | 94,814 |
The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. As of December 31, 2025, the Company was under a New York State income tax examination for tax years 2015 through 2020 and a New York City income tax examination for the tax years 2016 through 2018. Generally, other than New York City and State, the Company is no longer subject to tax examinations by tax authorities for years prior to 2021. Refer to Note 20, Subsequent Events. A reconciliation of the Company’s unrecognized tax benefits is as follows:
| Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
| (in thousands) |
Balance at beginning of year | $ |  | — |  |  | $ |  | 3,130 |  |  | $ |  | 9,835 |
Increase based on tax positions related to the current period |  |  | 2,454 |  |  |  |  | — |  |  |  |  | — |
Increase based on tax positions related to prior periods |  |  | 19,909 |  |  |  |  | — |  |  |  |  | — |
(Decrease) related to settlements with taxing authorities |  |  | — |  |  |  |  | (3,130 | ) |  |  |  | (6,705 | )
Balance at end of year | $ |  | 22,363 |  |  | $ |  | — |  |  | $ |  | 3,130 |
As of December 31, 2025, the Company had $22.4 unrecognized tax benefits recorded. During the years ended December 31, 2025, 2024 and 2023, the Company recognized gross expenses of $11.7 million, $0.3 million and $1.6 million, respectively, in penalties and interest. The Company had $11.7 million accrued balances for the payment of interest and penalties as of December 31, 2025, and no accrued balances for the payment of interest and penalties as of December 31, 2024.

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