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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Income Taxes | 22. Income Taxes Income before Income Tax Expense – Domestic and Foreign The U.S. and foreign components of income before income tax expense for the years ended December 31, 2024, 2023 and 2022 are as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
U.S. |  | $ | 27,638 |  |  | $ | 4,652 |  |  | $ | (4,067 | )
Foreign |  |  | 67,764 |  |  |  | 114,356 |  |  |  | 44,017 |
Total |  | $ | 95,402 |  |  | $ | 119,008 |  |  | $ | 39,950 |
Income Tax Expense/(Benefit) – By Jurisdiction The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2024, 2023 and 2022 are as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 13,377 |  |  | $ | 6,957 |  |  | $ | 4,685 |
State and local |  |  | 3,547 |  |  |  | 1,883 |  |  |  | 1,415 |
Foreign |  |  | 12,183 |  |  |  | 8,103 |  |  |  | (15,538 | )
|  | $ | 29,107 |  |  | $ | 16,943 |  |  | $ | (9,438 | )
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (581 | ) |  | $ | (494 | ) |  | $ | (6 | )
State and local |  |  | (120 | ) |  |  | (102 | ) |  |  | (1 | )
Foreign |  |  | 303 |  |  |  | 115 |  |  |  | (1,289 | )
|  |  | (398 | ) |  |  | (481 | ) |  |  | (1,296 | )
Income tax expense/(benefit) |  | $ | 28,709 |  |  | $ | 16,462 |  |  | $ | (10,734 | )
Reconciliation of Statutory Federal Income Tax Rate to the Effective Income Tax Rate Below is a tabular rate reconciliation pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2024:
|  | Year Ended December 31, 2024
|  | Amount |  | Percent
U.S. federal statutory income tax |  | $ | 20,034 |  |  |  | 21.0% |
State and local income taxes, net of federal benefit(1) |  |  | 909 |  |  |  | 1.0% |
Foreign tax effects: |  |  |  |  |  |  |  |
Jersey, Channel Islands: |  |  |  |  |  |  |  |
Statutory tax rate difference |  |  | (3,456 | ) |  |  | (3.6% | )
United Kingdom: |  |  |  |  |  |  |  |
Statutory tax rate difference |  |  | 1,822 |  |  |  | 1.9% |
Other |  |  | (96 | ) |  |  | (0.1% | )
Ireland: |  |  |  |  |  |  |  |
Statutory tax rate difference |  |  | (351 | ) |  |  | (0.4% | )
Other |  |  | 75 |  |  |  | 0.1% |
Other Foreign Jurisdictions |  |  | 226 |  |  |  | 0.2% |
Changes in valuation allowances |  |  | 290 |  |  |  | 0.3% |
Non-taxable or non-deductible items |  |  |  |  |  |  |  |
Loss on debt extinguishment |  |  | 6,219 |  |  |  | 6.5% |
Civil money penalty relating to SEC ESG Settlement |  |  | 972 |  |  |  | 1.0% |
Executive compensation |  |  | 901 |  |  |  | 1.0% |
Stock-based compensation tax shortfalls |  |  | 409 |  |  |  | 0.4% |
Other adjustments |  |  | 755 |  |  |  | 0.8% |
Income tax expense |  | $ | 28,709 |  |  |  | 30.1% |
| (1) | State and local taxes in New York and California comprise the majority of this category.
Below is a reconciliation of the statutory federal income tax expense and the Company’s total income tax expense for the years ended December 31, 2023 and 2022:
|  | Years Ended December 31,
|  | 2023 |  | 2022
U.S. federal statutory income tax |  | $ | 24,992 |  |  | $ | 8,386 |
Gain on revaluation/termination of deferred consideration(1) |  |  | (13,007 | ) |  |  | (5,842 | )
Non-deductible loss on extinguishment of convertible notes |  |  | 2,263 |  |  |  | — |
Foreign operations |  |  | (1,868 | ) |  |  | (2,919 | )
Non-deductible executive compensation |  |  | 1,833 |  |  |  | 789 |
Decrease in unrecognized tax benefits, net |  |  | (1,386 | ) |  |  | (19,871 | )
Change in valuation allowance – Capital losses |  |  | 1,340 |  |  |  | 4,761 |
Expiration of capital losses |  |  | 796 |  |  |  | — |
Stock-based compensation tax shortfalls |  |  | 373 |  |  |  | 507 |
Change in tax-related indemnification assets, net |  |  | 291 |  |  |  | 4,173 |
Change in foreign net operating losses (“NOLs”) |  |  | 174 |  |  |  | — |
State income tax rate, net of federal benefit |  |  | 153 |  |  |  | (134 | )
Change in valuation allowance—Foreign NOLs and interest carryforwards |  |  | — |  |  |  | (1,609 | )
GILTI |  |  | — |  |  |  | 499 |
Other differences, net |  |  | 508 |  |  |  | 526 |
Income tax expense/(benefit) |  | $ | 16,462 |  |  | $ | (10,734 | )
| (1) | The gain on revaluation of deferred consideration is not adjusted for income taxes as the obligation was assumed by a wholly-owned subsidiary that is based in Jersey, a jurisdiction where the Company is subject to a zero percent tax rate.
Income Tax Payments Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2024:
|  | Year Ended December 31, 2024
United States - Federal |  | $ | 16,139 |
United States - State and local |  |  | 4,005 |
United Kingdom |  |  | 11,485 |
Other |  |  | 589 |
|  | $ | 32,218 |
Disclosed below is a summary of income taxes paid by jurisdiction for the years ended December 31, 2023 and 2022:
|  | Years Ended December 31,
|  | 2023 |  | 2022
Federal |  | $ | 4,824 |  |  | $ | 6,424 |
State and local |  |  | 1,457 |  |  |  | 1,431 |
Foreign |  |  | 9,875 |  |  |  | 4,645 |
|  | $ | 16,156 |  |  | $ | 12,500 |
Deferred Tax Assets A summary of the components of the Company’s deferred tax assets at December 31, 2024 and 2023 is as follows:
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |  |  |  |  |
Capital losses |  | $ | 21,984 |  |  | $ | 22,489 |
Accrued expenses |  |  | 6,465 |  |  |  | 6,000 |
Stock-based compensation |  |  | 2,843 |  |  |  | 2,468 |
NOLs—Foreign |  |  | 1,024 |  |  |  | 1,502 |
Goodwill and intangible assets |  |  | 705 |  |  |  | 895 |
Foreign currency translation adjustment |  |  | 427 |  |  |  | 146 |
Software capitalization |  |  | 199 |  |  |  | — |
Operating lease liabilities |  |  | 95 |  |  |  | 96 |
NOLs—U.S. |  |  | — |  |  |  | 127 |
Unrealized losses |  |  | — |  |  |  | 335 |
Other |  |  | 332 |  |  |  | 401 |
Deferred tax assets |  |  | 34,073 |  |  |  | 34,459 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets and prepaid assets |  |  | 246 |  |  |  | 296 |
Right of use assets—operating leases |  |  | 95 |  |  |  | 96 |
Unremitted earnings—European subsidiaries |  |  | 92 |  |  |  | 186 |
Unrealized gains |  |  | 76 |  |  |  | — |
Deferred tax liabilities |  |  | 509 |  |  |  | 578 |
Total deferred tax assets less deferred tax liabilities |  |  | 33,564 |  |  |  | 33,881 |
Less: Valuation allowance |  |  | (21,908 | ) |  |  | (22,824 | )
Deferred tax assets, net |  | $ | 11,656 |  |  | $ | 11,057 |
Net Operating and Capital Losses – U.S. The Company’s tax effected capital losses at December 31, 2024 were $21,984. These capital losses expire between the years 2025 and 2028. During the years ended December 31, 2024 and 2023, tax effected capital losses in the amount of $0 and $3,278 expired, respectively. Net Operating Losses – Europe One of the Company’s European subsidiaries generated NOLs outside the U.S. These tax effected NOLs, all of which are carried forward indefinitely, were $1,024 at December 31, 2024. Valuation Allowance The Company’s valuation allowance has been established on its net capital losses (net of unrealized gains), as it is more-likely-than-not that these deferred tax assets will not be realized. Income Tax Examinations The Company is subject to U.S. federal income tax as well as income tax of multiple state, local and certain foreign jurisdictions. As of December 31, 2024, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for the years before 2020. Uncertain Tax Positions During the year ended December 31, 2023, $1,353 of unrecognized tax benefits lapsed due to the statute of limitations. There were no unrecognized tax benefits at December 31, 2024 and 2023. Undistributed Earnings of Foreign Subsidiaries ASC 740-30 Income Taxes provides guidance that U.S. companies do not need to recognize tax effects on foreign earnings that are indefinitely reinvested. The Company repatriates earnings of its foreign subsidiaries and therefore has recognized a deferred tax liability of $92 and $186 at December 31, 2024 and 2023, respectively.

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