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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Provision for Income Tax | The continuing operations income tax (expense) benefit consisted of the following (in thousands):
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (33,333) |  |  | $ | (29,040) |  |  | $ | (42,698) |
State | (8,625) |  |  | (8,179) |  |  | (12,184) |
Foreign | (18,234) |  |  | (16,940) |  |  | (16,066) |
Total current | (60,192) |  |  | (54,159) |  |  | (70,948) |
Deferred: |  |  |  |  |
Federal | 14,684 |  |  | 20,817 |  |  | 12,667 |
State | 2,144 |  |  | 7,177 |  |  | (1,577) |
Foreign | 1,994 |  |  | 2,023 |  |  | 1,901 |
Total deferred | 18,822 |  |  | 30,017 |  |  | 12,991 |
Income tax expense from continuing operations | $ | (41,370) |  |  | $ | (24,142) |  |  | $ | (57,957) |
Reconciliation of Statutory Federal Income Tax Rate with Effective Income Tax Rate | A reconciliation of the statutory federal income tax rate with the Company’s continuing operations effective income tax rate is as follows:
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net | 5.9 |  |  | 6.5 |  |  | 5.0 |
Foreign rate differential | 4.3 |  |  | 3.1 |  |  | 1.0 |
Foreign income inclusion | 3.1 |  |  | 6.0 |  |  | 5.4 |
Foreign tax credit | (3.1) |  |  | (4.7) |  |  | (5.1) |
Reserve for uncertain tax positions | (6.1) |  |  | (5.9) |  |  | (3.2) |
Valuation allowance | 6.3 |  |  | — |  |  | — |
Impact on deferred taxes of enacted tax law and rate changes | — |  |  | 0.6 |  |  | 1.4 |
Tax credits and incentives | (6.5) |  |  | (8.4) |  |  | (5.0) |
Impairment of goodwill | 19.2 |  |  | 16.0 |  |  | — |
Mark-to market on investment in Consensus | — |  |  | — |  |  | 22.1 |
Return to provision adjustments | (2.3) |  |  | (5.1) |  |  | 1.1 |
Executive compensation | 3.2 |  |  | 2.4 |  |  | 1.5 |
Other | (0.6) |  |  | 0.7 |  |  | (1.0) |
Effective tax rates | 44.4 | % |  | 32.2 | % |  | 44.2 | %
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities result from differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Temporary differences and carryforwards which give rise to deferred tax assets and liabilities from continuing operations are as follows (in thousands):
| Years ended December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss and other carryforwards | $ | 14,923 |  |  | $ | 15,762 |
Tax credit carryforwards | 3,727 |  |  | 4,743 |
Accrued expenses | 12,019 |  |  | 14,629 |
Allowance for bad debt | 2,514 |  |  | 2,003 |
Share-based compensation expense | 8,634 |  |  | 6,097 |
Operating lease liabilities | 5,717 |  |  | 6,320 |
Basis difference in fixed assets | 39,242 |  |  | 22,191 |
Deferred revenue | 3,413 |  |  | 2,420 |
Convertible debt | 2,952 |  |  | — |
State taxes | 2,526 |  |  | 1,974 |
Other | 1,675 |  |  | 2,468 |
| 97,342 |  |  | 78,607 |
Less: valuation allowance | (7,669) |  |  | (1,720) |
Total deferred tax assets | $ | 89,673 |  |  | $ | 76,887 |
Deferred tax liabilities: |  |  |
Operating lease right-of-use assets | (5,040) |  |  | (4,618) |
Basis difference in intangible assets | (103,676) |  |  | (86,712) |
Unrealized gains on investments | (13,364) |  |  | (13,512) |
Prepaid insurance | (2,111) |  |  | (2,835) |
Other | (4,014) |  |  | (5,982) |
Total deferred tax liabilities | (128,205) |  |  | (113,659) |
Net deferred tax liabilities | $ | (38,532) |  |  | $ | (36,772) |
Summary of Valuation Allowance on Deferred Tax Assets From Continuing Operations | The rollforward of the valuation allowance on the deferred tax assets from continuing operations is as follows (in thousands):
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 1,720 |  |  | $ | 1,699 |  |  | $ | 1,812 |
Charges to costs and expenses | 5,949 |  |  | 21 |  |  | — |
Write-offs and recoveries | — |  |  | — |  |  | (113) |
Ending balance | $ | 7,669 |  |  | $ | 1,720 |  |  | $ | 1,699 |
Schedule of Unrecognized Tax Benefits | The aggregate changes in the balance of unrecognized tax benefits, which excludes interest and penalties, for the years ended December 31, 2024, 2023, and 2022, is as follows (in thousands):
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 29,158 |  |  | $ | 34,208 |  |  | $ | 39,527 |
Increases related to tax positions during a prior year | 275 |  |  | 218 |  |  | — |
Decreases related to tax positions taken during a prior year | (540) |  |  | (1,023) |  |  | (2,816) |
Increases related to tax positions taken in the current year | 635 |  |  | 744 |  |  | 819 |
Decreases related to expiration of statute of limitations | (6,911) |  |  | (4,989) |  |  | (3,322) |
Ending balance | $ | 22,617 |  |  | $ | 29,158 |  |  | $ | 34,208 |

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