v3.25.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Summary of the Loss Before Income Taxes | The components of loss before income taxes were as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Domestic | $ | (37,688) |  |  | $ | (1,860) |  |  | $ | (11,383) |
Foreign | (11,984) |  |  | (28,203) |  |  | (11,483) |
Total | $ | (49,672) |  |  | $ | (30,063) |  |  | $ | (22,866) |
Schedule of Provision for (Benefit from) Income Taxes | The components of provision for (benefit from) income taxes for all periods presented were as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 209 |  |  | 336 |  |  | 761 |
International | 3,104 |  |  | 2,048 |  |  | 1,121 |
Total current income tax expense | $ | 3,313 |  |  | $ | 2,384 |  |  | $ | 1,882 |
Federal | $ | (369) |  |  | $ | (350,567) |  |  | $ | — |
State | (10,742) |  |  | (105,060) |  |  | (7) |
International | (1,620) |  |  | (4,405) |  |  | (1,658) |
Total deferred income tax benefit | $ | (12,731) |  |  | $ | (460,032) |  |  | $ | (1,665) |
Federal | (369) |  |  | (350,567) |  |  | — |
State | (10,533) |  |  | (104,725) |  |  | 754 |
International | 1,484 |  |  | (2,356) |  |  | (537) |
Total provision for (benefit from) income taxes | $ | (9,418) |  |  | $ | (457,648) |  |  | $ | 217 |
Schedule of Provision for Income Taxes Differs from Amount Computed by Statutory Federal Rate | A reconciliation of the provision for (benefit from) income taxes to the amount computed by applying the 21% U.S. federal income tax rate to income (loss) before income taxes after the adoption of ASU 2023-09 is as follows (in thousands, except percentages):
|  | Year Ended December 31,
|  | 2025
Tax at U.S. federal statutory rate |  | $ | (10,431) |  |  | 21.0 | %
Domestic federal reconciling Items |  |  |  |
Tax credits |  |  |  |
Research and development credits |  | (1,519) |  |  | 3.1 | %
Nontaxable and nondeductible items, net |  |  |  |
Executive compensation deduction limitations |  | 17,627 |  |  | (35.5 | %)
Share-based payment awards |  | (6,142) |  |  | 12.4 | %
Non-controlling interest |  | 329 |  |  | (0.7 | %)
Other |  | 867 |  |  | (1.7 | %)
Other reconciling items |  | (122) |  |  | 0.2 | %
Domestic state and local income taxes, net of federal effect(1) |  | (10,227) |  |  | 20.6 | %
Foreign reconciling items |  |  |  |
France |  |  |  |
Foreign rate differential |  | (351) |  |  | 0.7 | %
Changes in valuation allowance |  | 1,847 |  |  | (3.7 | %)
Other |  | (288) |  |  | 0.5 | %
United Kingdom |  |  |  |
Share-based payment awards |  | (771) |  |  | 1.6 | %
Other |  | 18 |  |  | 0.0 | %
Other foreign jurisdictions |  | 435 |  |  | (0.9 | %)
Worldwide changes in prior year unrecognized tax benefits |  | (690) |  |  | 1.4 | %
Effective tax rate |  | $ | (9,418) |  |  | 19.0 | %
(1) The state and local jurisdictions that contribute to the majority of the tax effect in this category include New York State, New York City, and California. A reconciliation of the provision for (benefit from) income taxes to the amount computed by applying the 21% U.S. federal income tax rate to income (loss) before income taxes for years prior to the adoption of ASU 2023-09 is as follows (in thousands, except percentages):
|  | Year Ended December 31,
|  | 2024 |  | 2023
Tax at U.S. federal statutory rate |  | $ | (6,313) |  |  | $ | (4,802) |
Non-controlling interest |  | (768) |  |  | 349 |
State taxes |  | 1,498 |  |  | (1,583) |
Foreign rate differential |  | (320) |  |  | 16 |
Executive compensation deduction limitations |  | 10,876 |  |  | 10,985 |
Share-based payment awards |  | (3,860) |  |  | (1,604) |
Permanent items |  | (9) |  |  | 185 |
Nondeductible TRA payments |  | 6,983 |  |  | — |
Tax credits and incentives |  | (2,749) |  |  | (3,442) |
Return to provision |  | 1,393 |  |  | 70 |
Changes in tax law |  | 6,552 |  |  | (3,303) |
Changes in prior year unrecognized tax benefits |  | (2,260) |  |  | (487) |
Valuation allowance |  | (468,549) |  |  | 3,804 |
Other |  | (122) |  |  | 29 |
Total |  | $ | (457,648) |  |  | $ | 217 |
Effective tax rate |  | 1522.3 | % |  | (0.9 | %)
Schedule of Significant Components of Deferred Income Tax Assets | Deferred income taxes result from differences in the recognition of amounts for tax and financial reporting purposes, as well as operating loss and tax credit carryforwards. Significant components of our deferred income tax assets and liabilities are as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024
Investment in Partnership | $ | 485,193 |  |  | $ | 513,945 |
Loss and tax credit carryforwards | 214,059 |  |  | 92,670 |
Equity-based compensation | 14,813 |  |  | 12,465 |
Lease liability | 5,305 |  |  | 4,061 |
Other | 1,271 |  |  | 1,938 |
Total deferred tax assets | $ | 720,641 |  |  | $ | 625,079 |
Valuation allowance | (14,110) |  |  | (13,973) |
Net deferred tax asset | $ | 706,531 |  |  | $ | 611,106 |
Intangible assets | $ | (4,756) |  |  | $ | (5,171) |
Right of use asset | (5,203) |  |  | (3,964) |
Revenue | (829) |  |  | (735) |
Other | — |  |  | (46) |
Total deferred tax liabilities | $ | (10,788) |  |  | $ | (9,916) |
Net deferred tax assets | $ | 695,743 |  |  | $ | 601,190 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Balance - Beginning of Year | $ | 7,032 |  |  | $ | 6,865 |  |  | $ | 3,932 |
Increases related to current year's tax positions | 1,929 |  |  | 2,497 |  |  | 2,423 |
Increases related to business combinations | 3,194 |  |  | — |  |  | 666 |
Increases (decreases) related to prior year's tax positions | (93) |  |  | (39) |  |  | 182 |
Decreases related to lapse of statute | (617) |  |  | (2,291) |  |  | (487) |
Increases related to exchanges | — |  |  | — |  |  | 149 |
Balance - End of Year | $ | 11,445 |  |  | $ | 7,032 |  |  | $ | 6,865 |
Schedule of Amounts of Cash Income Taxes Paid | The amounts of cash income taxes paid by the Company after the adoption of ASU 2023-09 were as follows (in thousands):
|  | Year Ended December 31, 2025
U.S. Federal |  | $ | — |
Domestic state and local |  |
New York City, New York |  | 175
Other |  | 254
Foreign |  |
India |  | 1,943 |
Hong Kong |  | 680
United Kingdom |  | 319
Other |  | 115
Total |  | $ | 3,486 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration