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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023, and 2022, respectively, were as follows (in thousands):

		Year Ended December 31,
		2024				2023				2022
(Loss) income before provision for income taxes from United States operations		$	(144,187	)		$	25,250			$	46,766
Income before provision for income taxes from foreign operations			29,572				23,226				38,313
(Loss) income before provision for income taxes		$	(114,615	)		$	48,476			$	85,079

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, 2024, 2023, and 2022, respectively, were as follows (in thousands):

		Year Ended December 31,
		2024				2023				2022
Current:
Federal		$	14,859			$	18,486			$	179
State			3,350				5,772				4,593
Foreign			7,385				6,480				9,817
Total Current		$	25,594			$	30,738			$	14,589
Deferred:
Federal		$	(26,129	)		$	(16,857	)		$	1,773
State			(2,447	)			(2,313	)			5,030
Foreign			(1,360	)			(385	)			(917	)
Total Deferred		$	(29,936	)		$	(19,555	)		$	5,886
Total		$	(4,342	)		$	11,183			$	20,475

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 3.79%, 23.07%, and 24.07%, for the years ended December 31, 2024, 2023, and 2022, respectively:

		Year Ended December 31,
		2024				2023				2022
U.S. statutory federal tax rate			21.00	%			21.00	%			21.00	%
State and local income taxes – net of federal tax benefits			1.16				3.89				2.85
Foreign rate difference			(0.61	)			0.59				0.67
Change in valuation allowances			(0.75	)			0.83				(1.06	)
GILTI inclusion			(0.25	)			—				1.41
Transaction cost			(6.26	)			0.31				—
Share-based and other compensation			(8.74	)			3.36				0.62
Rate change impact			(1.49	)			(0.66	)			(0.43	)
US research and development credit			1.22				(3.96	)			(1.44	)
Withholding tax			(1.02	)			0.65				0.38
Return-to-provision adjustment			0.14				(3.56	)			—
Other			(0.61	)			0.62				0.07
Effective tax rate			3.79	%			23.07	%			24.07	%

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, 2024 and 2023 consist of the following (in thousands):

		December 31,
		2024				2023
Deferred tax assets:
Federal net operating loss carryforwards		$	3,219			$	—
State net operating loss carryforwards			7,952				5,101
Foreign net operating loss carryforwards			7,613				5,653
Deferred revenues			481				394
Disallowed interest			21,815				—
Bad debt reserves			476				276
Employee benefits			5,565				1,237
Share-based compensation			3,473				660
Accrued expenses and loss reserves			5,569				2,460
Section 267 adjustment			5,272				3,742
Other deferred tax assets			895				653
Less: Valuation allowances			(5,635	)			(1,863	)
Total deferred tax asset		$	56,695			$	18,313
Deferred tax liabilities:
Customer lists		$	(191,705	)		$	(54,777	)
Trade names			(28,903	)			(16,420	)
Prepaid assets			(3,351	)			—
Goodwill			(17,615	)			(12,929	)
Operating lease asset			(2,823	)			—
Depreciable and other amortizable assets			(27,104	)			(251	)
Other deferred liabilities			(2,250	)			(2,424	)
Total deferred tax liability		$	(273,751	)		$	(86,801	)
Net deferred tax liability		$	(217,056	)		$	(68,488	)

Summary of Net Operating Loss Carryforwards

As of December 31, 2024 and 2023, the Company believes that federal, state, and foreign net operating loss carryforwards will be available to reduce future taxable income after taking into account various federal and foreign limitations on the utilization of such net operating loss carryforwards. The net operating loss carryforward balances as of December 31, 2024 and 2023, are as follows (in thousands):

		December 31,
		2024				2023
Federal		$	15,329			$	—
State			91,612				97,659
Foreign			32,296				24,980
		$	139,237			$	122,639

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, 2024, 2023, and 2022, were as follows (in thousands):

		Year Ended December 31,
		2024				2023				2022
Balance, beginning of period		$	1,011			$	972			$	1,399
Increases for tax positions related to prior years			139				39				28
Decreases for tax positions related to prior years			(446	)			—				(455	)
Acquired tax positions related to prior years			6,259				—				—
Effects of foreign currency			(80	)			—				—
Balance, end of period		$	6,883			$	1,011			$	972

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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.

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