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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes were as follows (in thousands):

						Year Ended
						December 31, 2025
Domestic						$	100,601
Foreign						(5,169)
Income before income taxes						$	95,432

Schedule of Composition of the Income Tax (Benefit) Provision

The provision for income taxes is composed of the following (in thousands):

			Year Ended December 31,
			2025						2024						2023
Current:
Federal			$	32,652					$	27,342					$	2,311
State and local			12,375						11,980						2,598
Total current provision for income taxes			45,027						39,322						4,909
Deferred:
Federal			(6,903)						(6,836)						4,433
State and local			(1,212)						(3,620)						(688)
Total deferred (benefit) provision for income taxes			(8,115)						(10,456)						3,745
Total provision for income taxes			$	36,912					$	28,866					$	8,654

Schedule of Reconciliation of the Statutory Income Tax Rate to the Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate after the adoption of ASU No. 2023-09 is as follows (in thousands, except for percentages):

						Year Ended
						December 31, 2025
						Amount						Percent
U.S. federal statutory income tax rate						$	20,041					21.0		%
State and local income tax, net of federal income tax effect(1)						8,565						9.0
Foreign tax effects
Germany
Change in valuation allowance						1,522						1.6
Other						(457)						(0.5)
Other foreign jurisdictions						(145)						(0.2)
Tax credits
Research and development tax credits						(2,057)						(2.2)
Nontaxable or nondeductible items
Share-based payment awards						5,774						6.1
Executive compensation						4,022						4.2
Changes in unrecognized tax benefits						267						0.3
Other adjustments						(620)						(0.6)
Effective tax rate						$	36,912					38.7		%

(1) State taxes in New York and California made up the majority (greater than 50 percent) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate prior to the adoption of ASU No. 2023-09 is as follows (in percentages):

						Year Ended December 31,
						2024						2023
Income tax provision at statutory rate						21		%				21		%
State income taxes, net of federal benefit						7						2
Stock-based compensation						2						(18)
Section 162(m) compensation limitation						4						6
Other						1						1
Effective tax rate						35		%				12		%

Schedule of Components of Net Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

			Year Ended December 31,
			2025						2024
Deferred tax assets:
Net operating loss carryforwards			$	7,064					$	5,577
Research and development capitalization			295						1,989
Stock-based compensation			73,300						60,738
Accruals and reserves			15,817						18,354
Operating lease liabilities			7,143						4,918
Depreciation and amortization			—						185
Total deferred tax assets			103,619						91,761
Valuation allowance			(3,121)						(1,779)
Deferred tax assets after valuation allowance			$	100,498					$	89,982
Deferred tax liabilities:
Goodwill			$	(746)					$	(683)
Operating lease right-of-use assets			(6,396)						(4,352)
Unrealized gain on marketable securities			(50)						(14)
Depreciation and amortization			(293)						—
Total deferred tax liabilities			(7,485)						(5,049)
Net deferred tax assets			$	93,013					$	84,933

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

			Year Ended December 31,
			2025						2024						2023
Balance at the beginning of the year			$	603					$	390					$	390
Additions based upon tax positions related to the current year			277						213						—
Reductions based upon tax positions related to the prior year			(54)						—						—
Balance at the end of the year			$	826					$	603					$	390

Schedule of Cash Paid for Income Taxes

Cash paid for income taxes, net of refunds received, were as follows (in thousands):

						Year Ended
						December 31, 2025
Federal						$	40,530
State
California						2,900
New York						2,920
Other states						9,140
Total cash paid for income taxes, net of refunds received						$	55,490

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