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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of (Loss) Income Before Income Tax Benefits

The domestic and foreign components of income before provision for income taxes for the years ended December 31, 2023, 2022, and 2021, respectively, were as follows (in thousands):

		Year Ended December 31,
		2023				2022				2021
Income (loss) before provision for income taxes from United States operations		$	25,250			$	46,766			$	(7,791	)
Income before provision for income taxes from foreign operations			23,226				38,313				32,704
Income before provision for income taxes		$	48,476			$	85,079			$	24,913

Summary of Current and Deferred Portions of Income Tax Benefits

The domestic and foreign components of the provision for income taxes for the years ended December 31, 2023, 2022, and 2021, respectively, were as follows (in thousands):

		Year Ended December 31,
		2023				2022				2021
Current:
Federal		$	18,486			$	179			$	58
State			5,772				4,593				4,003
Foreign			6,480				9,817				7,618
Total Current		$	30,738			$	14,589			$	11,679
Deferred:
Federal		$	(16,857	)		$	1,773			$	549
State			(2,313	)			5,030				(4,495	)
Foreign			(385	)			(917	)			1,129
Total Deferred		$	(19,555	)		$	5,886			$	(2,817	)
Total		$	11,183			$	20,475			$	8,862

Summary of Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Income Tax Rate

The following table reconciles the U.S. statutory federal tax rate of 21% to the Company’s effective income tax rate of 23.07%, 24.07%, and 35.57%, for the years ended December 31, 2023, 2022, and 2021, respectively:

		Year Ended December 31,
		2023				2022				2021
U.S. statutory federal tax rate			21.00	%			21.00	%			21.00	%
State and local income taxes – net of federal tax benefits			3.89				2.85				(5.32	)
Foreign rate difference			0.59				0.67				3.25
Change in valuation allowances			0.83				(1.06	)			(2.72	)
GILTI inclusion			—				1.41				7.92
Transaction cost			0.31				—				5.21
Share-based compensation			3.36				0.62				5.82
Rate change impact			(0.66	)			(0.43	)			2.23
US research and development credit			(3.96	)			(1.44	)			(7.15	)
Withholding tax			0.65				0.38				5.34
Return-to-provision adjustment			(3.56	)			—				—
Other			0.62				0.07				(0.01	)
Effective tax rate			23.07	%			24.07	%			35.57	%

Summary of Net Deferred Tax Assets

The primary components of temporary differences that give rise to the Company’s net deferred tax liability as of December 31, 2023 and 2022 consist of the following (in thousands):

		December 31,
		2023				2022
Deferred tax assets:
Federal net operating loss carryforwards		$	—			$	2,304
State net operating loss carryforwards			5,101				6,782
Foreign net operating loss carryforwards			5,653				4,888
Deferred revenues			394				205
Bad debt reserves			276				297
Employee benefits			1,237				1,563
Share-based compensation			660				546
Accrued expenses and loss reserves			2,460				1,802
Section 267 adjustment			3,742				—
Other deferred tax assets			653				5,890
Less: Valuation allowances			(1,863	)			(1,467	)
Total deferred tax asset		$	18,313			$	22,810
Deferred tax liabilities:
Trade names		$	(16,420	)		$	(17,632	)
Goodwill			(12,929	)			(11,703	)
Depreciable and other amortizable assets			(55,028	)			(77,127	)
Other deferred liabilities			(2,424	)			(4,482	)
Total deferred tax liability		$	(86,801	)		$	(110,944	)
Net deferred tax liability		$	(68,488	)		$	(88,134	)

Based upon the weight of all available evidence, the Company does not maintain a valuation allowance against its deferred tax assets in the United States.

Summary of Net Operating Loss Carryforwards

The net operating loss carryforward balances as of December 31, 2023 and 2022, are as follows (in thousands):

		December 31,
		2023				2022
Federal		$	—			$	10,970
State			97,659				125,989
Foreign			24,980				24,207
		$	122,639			$	161,166

Summary of Income Tax Contingencies

The aggregate changes in the balance of our gross unrecognized tax benefits, excluding accrued interest, for the years ended December 31, 2023, 2022, and 2021, were as follows (in thousands):

		Year Ended December 31,
		2023				2022				2021
Balance, beginning of period		$	972			$	1,399			$	1,341
Increases for tax positions related to prior years			39				28				58
Decreases for tax positions related to prior years			—				(455	)			—
Balance, end of period		$	1,011			$	972			$	1,399

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