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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of (Loss) Income Before Income Taxes | The components of loss before income taxes are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | 4,559 |  |  | $ | (24,658) |  |  | $ | (13,798) |
Foreign | (12,073) |  |  | 3,072 |  |  | (1,186) |
Loss before income taxes | $ | (7,514) |  |  | $ | (21,586) |  |  | $ | (14,984) |
Schedule of Income Tax Expense Benefit | Income tax expense consists of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 5,857 |  |  | $ | 5,573 |  |  | $ | 1,606 |
State | 834 |  |  | 1,004 |  |  | 367 |
Foreign | 665 |  |  | 3,851 |  |  | 3,120 |
| 7,356 |  |  | 10,428 |  |  | 5,093 |
Deferred: |  |  |  |  |
Federal | 538 |  |  | 222 |  |  | 236 |
State | 277 |  |  | 157 |  |  | 234 |
Foreign | (2,326) |  |  | (1,703) |  |  | (1,355) |
| (1,511) |  |  | (1,324) |  |  | (885) |
Income tax expense | $ | 5,845 |  |  | $ | 9,104 |  |  | $ | 4,208 |
Schedule of Effective Income Tax Rate Reconciliation | The income tax expense in the accompanying Consolidated Statements of Operations and Comprehensive Loss differs from the income tax benefit computed by applying the US federal statutory income tax rate of 21% to loss before income taxes due to the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income tax benefit at statutory rate | $ | (1,578) |  |  | $ | (4,533) |  |  | $ | (3,147) |
Increase (reduction) in income taxes resulting from: |  |  |  |  |
Valuation allowance change | 4,091 |  |  | 9,964 |  |  | 4,779 |
Nondeductible executive compensation | 1,432 |  |  | 989 |  |  | 878 |
State income taxes, net of federal benefit | 936 |  |  | 281 |  |  | 484 |
Equity compensation | 577 |  |  | 872 |  |  | 472 |
Provision to return adjustments | 536 |  |  | (937) |  |  | 336 |
Research and development credit | (425) |  |  | (800) |  |  | (961) |
Foreign income taxes | (323) |  |  | 2,969 |  |  | 415 |
Nondeductible entertainment expenses | 201 |  |  | 262 |  |  | 117 |
Foreign derived intangible income deduction | (60) |  |  | (501) |  |  | (133) |
Net change in uncertain tax positions | (56) |  |  | 652 |  |  | 527 |
Foreign interest disallowance | — |  |  | — |  |  | 151 |
Foreign deferred items | — |  |  | — |  |  | (112) |
Other | 514 |  |  | (114) |  |  | 402 |
Income tax expense | $ | 5,845 |  |  | $ | 9,104 |  |  | $ | 4,208 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences which give rise to deferred tax assets and liabilities are as follows (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Finance and operating leases | $ | 11,774 |  |  | $ | 13,254 |
Excess interest carryforward | 9,203 |  |  | 6,438 |
Loan revaluation | 5,240 |  |  | 3,859 |
Property | 2,974 |  |  | 1,786 |
Loss carryforwards | 2,880 |  |  | 3,205 |
Non-cash compensation | 2,545 |  |  | 2,761 |
Inventory and deferred preservation costs write-downs | 2,441 |  |  | 302 |
Deferred compensation | 2,055 |  |  | 1,790 |
Unrealized gains and losses | 1,119 |  |  | 5,424 |
Debt costs | 475 |  |  | — |
Credit carryforwards | 323 |  |  | 336 |
Accrued expenses | 165 |  |  | 2,567 |
Other | 672 |  |  | 1,422 |
Total deferred tax assets | 41,866 |  |  | 43,144 |
Less: Valuation allowance | (32,607) |  |  | (32,860) |
Total deferred tax assets, net | 9,259 |  |  | 10,284 |
Deferred tax liabilities: |  |  |
Intangible assets | (14,746) |  |  | (16,106) |
Finance and operating leases | (11,972) |  |  | (12,777) |
Prepaid items | (455) |  |  | (370) |
Debt costs | — |  |  | (626) |
Other | (1,201) |  |  | (1,169) |
Total deferred tax liabilities | (28,374) |  |  | (31,048) |
Total deferred tax liabilities, net | $ | (19,115) |  |  | $ | (20,764) |
Schedule of Valuation Allowance Deferred Tax Assets | The following table reflects changes in the valuation allowance (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 32,860 |  |  | $ | 17,942 |  |  | $ | 13,282 |
Additions charged to income tax expense | 4,091 |  |  | 9,964 |  |  | 4,779 |
(Reductions) additions related to Other comprehensive income, net | (4,081) |  |  | 5,109 |  |  | — |
Currency translation and other | (263) |  |  | (155) |  |  | (119) |
Ending balance | $ | 32,607 |  |  | $ | 32,860 |  |  | $ | 17,942 |
Schedule of Uncertain Tax Position Liability and Liability for Interest and Penalties on Uncertain Tax Positions | The following table reflects changes in our uncertain tax position liability, excluding interest and penalties (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 4,832 |  |  | $ | 4,508 |  |  | $ | 4,089 |
Decrease related to prior year tax positions | (467) |  |  | (508) |  |  | (103) |
Increase related to current year tax positions | 338 |  |  | 2,728 |  |  | 847 |
(Decrease) increase for foreign exchange differences | (267) |  |  | 116 |  |  | (145) |
Increase related to prior year tax positions | 199 |  |  | 26 |  |  | 20 |
Decrease due to the lapsing of statutes of limitations | (175) |  |  | (158) |  |  | (200) |
Decrease due to settlements of prior year tax positions | — |  |  | (1,880) |  |  | — |
Ending balance | $ | 4,460 |  |  | $ | 4,832 |  |  | $ | 4,508 |

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