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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense for Continuing Operations

The income tax expense (benefit) for the years ended December 31, 2024, 2023, and 2022 consisted of the following: 

			Year Ended December 31,
			2024						2023						2022
Current taxes:
Federal			$	18,345					$	15,229					$	7,130
State			7,645						5,816						2,987
Foreign			8,787						6,553						4,123
Total current expense			34,777						27,598						14,240
Deferred taxes:
Federal			2,385						(4,516)						14,645
State			468						(936)						4,039
Foreign			(240)						(730)						101
Total deferred expense (benefit)			2,613						(6,182)						18,785
Income tax expense			$	37,390					$	21,416					$	33,025

Components of Income from Continuing Operations Before Income Tax Expense

The components of income before taxes were as follows: 

			Year Ended December 31,
			2024						2023						2022
U.S.			$	122,080					$	63,935					$	90,907
Foreign			31,936						19,960						17,670
Total			$	154,016					$	83,895					$	108,577

Reconciliation of Statutory Income Tax Rate to Our Effective Tax Rate for Continuing Operations

A reconciliation of the U.S. statutory income tax rate to our effective tax rate is as follows: 

			Year Ended December 31,
			2024						2023						2022
Percent of pretax income:
At U.S. statutory tax rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			4.8						5.8						6.1
Disallowed executive compensation			1.7						3.7						1.9
Valuation allowance			0.6						0.4						2.6
Disallowed meals and entertainment			0.6						0.9						0.1
Stock-based compensation			(3.5)						(2.9)						0.1
Tax credits			(0.7)						(1.8)						(1.0)
Realized investment losses/gains			(0.6)						(1.2)						1.4
Foreign source income			(0.2)						0.2						1.2
Deferred tax adjustments			—						(0.3)						(2.7)
Other			0.6						(0.3)						(0.3)
Effective income tax rate			24.3		%				25.5		%				30.4		%

Net Deferred Tax Liabilities for Continuing Operations

The net deferred tax asset (liability) balance at December 31, 2024 and 2023 consisted of the following: 

			As of December 31,
			2024						2023
Deferred tax assets:
Share-based compensation			$	13,216					$	12,343
Operating lease liabilities			11,687						13,635
Deferred compensation liability			10,944						9,048
Accrued payroll and payroll related liabilities			10,086						4,541
Net operating loss carryforwards			3,553						3,508
Tax credits			2,164						1,609
Other			3,954						4,210
Total deferred tax assets			55,604						48,894
Valuation allowance			(6,561)						(5,679)
Net deferred tax assets			49,043						43,215
Deferred tax liabilities:
Intangibles and goodwill			(51,526)						(44,454)
Operating lease right-of-use assets			(5,756)						(6,898)
Convertible debt investment			(5,542)						(7,067)
Prepaid expenses			(4,811)						(2,917)
Property and equipment			(1,448)						(2,547)
Other			(5,860)						(5,204)
Total deferred tax liabilities			(74,943)						(69,087)
Net deferred tax liabilities			$	(25,900)					$	(25,872)

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of our beginning and ending amount of unrecognized tax benefits is as follows:

						Unrecognized Tax Benefits
Balance at January 1, 2022						$	744
Decrease due to lapse of statute of limitations						(101)
Decrease based on tax positions related to prior years						(50)
Balance at December 31, 2022						593
Decrease due to lapse of statute of limitations						(593)
Balance at December 31, 2023						—
Balance at December 31, 2024						$	—

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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.

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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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