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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | Income before income taxes consisted of:
|  | For the Year Ended December 31, |  |
($ in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |  |
U.S. |  | $ | 77,101 |  |  | $ | 6,429 |  |  | $ | 33,655 |  |
Foreign |  |  | (9,200 | ) |  |  | (5,576 | ) |  |  | (2,998 | ) |
Total income before incomes taxes |  | $ | 67,901 |  |  | $ | 853 |  |  | $ | 30,657 |  |
Schedule of Income Tax Provision | The income tax provision consisted of the following items:
|  | For the Year Ended December 31, |
($ in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 25,361 |  |  | $ | 4,169 |  |  | $ | 16,901 |
State |  |  | 10,523 |  |  |  | 5,399 |  |  |  | 7,316 |
Foreign |  |  | 160 |  |  |  | 652 |  |  |  | 673 |
Total current |  |  | 36,044 |  |  |  | 10,220 |  |  |  | 24,890 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | (7,434 | ) |  |  | (1,308 | ) |  |  | (8,542 | )
State |  |  | (1,627 | ) |  |  | (2,615 | ) |  |  | (2,092 | )
Foreign |  |  | (531 | ) |  |  | (866 | ) |  |  | (675 | )
Total deferred |  |  | (9,592 | ) |  |  | (4,789 | ) |  |  | (11,309 | )
Income tax provision |  | $ | 26,452 |  |  | $ | 5,431 |  |  | $ | 13,581 |
Schedule of Reconciliation to Income Tax Provision | A reconciliation to the income tax provision from the amounts computed by applying the statutory U.S. federal income tax rate is as follows:
|  | For the Year Ended December 31, |
($ in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Income tax provision at statutory rate |  | $ | 14,259 |  |  | $ | 179 |  |  | $ | 6,438 |
State income taxes, net of federal income tax effect |  |  | 6,748 |  |  |  | 1,188 |  |  |  | 2,360 |
Tax rate changes/ valuation of deferred tax items |  |  | 586 |  |  |  | 1,353 |  |  |  | 998 |
162(m) limitation |  |  | 1,325 |  |  |  | 1,179 |  |  |  | 1,289 |
Non-deductible expenses |  |  | 174 |  |  |  | 1,786 |  |  |  | 450 |
Stock-based compensation |  |  | (752 | ) |  |  | (38 | ) |  |  | (716 | )
Unrecognized tax benefits |  |  | 174 |  |  |  | (929 | ) |  |  | (741 | )
Tax impact for change in fair value of warrants |  |  | 1,596 |  |  |  | 237 |  |  |  | 3,416 |
Change in valuation allowance |  |  | 1,435 |  |  |  | 924 |  |  |  | 317 |
Non-deductible transaction costs |  |  | 1,078 |  |  |  | 19 |  |  |  | 270 |
Research and development credits |  |  | (125 | ) |  |  | (121 | ) |  |  | (232 | )
Other |  |  | (46 | ) |  |  | (346 | ) |  |  | (268 | )
Total income tax provision |  | $ | 26,452 |  |  | $ | 5,431 |  |  | $ | 13,581 |
Components of Deferred Income Tax Assets and Liabilities | Significant components of the Company’s deferred income tax assets and liabilities consist of the following at December 31:
($ in thousands) |  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Accrued expenses and other |  | $ | 7,334 |  |  | $ | 1,027 |
Allowance for credit losses |  |  | 4,927 |  |  |  | 4,838 |
Net operating loss carryforward |  |  | 18,193 |  |  |  | 3,626 |
Interest expense limitation carryforward |  |  | 5,935 |  |  |  | 1,070 |
Federal and state income tax credits |  |  | 5,295 |  |  |  | 1,132 |
ASC 842 operating lease liabilities |  |  | 9,578 |  |  |  | 8,679 |
Transaction costs |  |  | 446 |  |  |  | 319 |
Other |  |  | 1,042 |  |  |  | 1,210 |
Gross deferred tax assets |  |  | 52,750 |  |  |  | 21,901 |
Valuation allowance |  |  | (3,785 | ) |  |  | (3,422 | )
Deferred tax assets, net of valuation allowance |  |  | 48,965 |  |  |  | 18,479 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible assets and transaction costs |  |  | (62,116 | ) |  |  | (16,358 | )
Property and equipment |  |  | (13,562 | ) |  |  | (10,285 | )
Financing costs |  |  | (3,077 | ) |  |  | (3,730 | )
Prepaid assets |  |  | (1,235 | ) |  |  | (957 | )
ASC 842 operating lease assets |  |  | (9,104 | ) |  |  | (8,297 | )
481(a) adjustment, net |  |  | (857 | ) |  |  | — |
Gross deferred tax liabilities |  |  | (89,951 | ) |  |  | (39,627 | )
Total deferred tax liabilities, net |  | $ | (40,986 | ) |  | $ | (21,148 | )
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits as of December 31:
($ in thousands) |  | 2021 |  |  | 2020 |
Balance at the beginning of the year |  | $ | 953 |  |  | $ | 1,735 |
Increases/(decreases) related to current year tax positions |  |  | 447 |  |  |  | 126 |
Increases/(decreases) related to prior year tax positions |  |  | 1,478 |  |  |  | 299 |
Expiration due to statute of limitations |  |  | — |  |  |  | (1,207 | )
Balance at the end of the year |  | $ | 2,878 |  |  | $ | 953 |

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