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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) From Continuing Operations Before Income Taxes | Income (loss) from operations before income taxes consisted of the following:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
United States | $ | (23,598) |  |  | $ | (24,949) |  |  | $ | 910 |
Foreign | 23,062 |  |  | 22,942 |  |  | 12,027 |
Total | $ | (536) |  |  | $ | (2,007) |  |  | $ | 12,937 |
Schedule of Components of Provision (Benefit) for Income Taxes | Provision (benefit) for income taxes from operations consisted of the following:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Current income tax expense: |  |  |  |  |
U.S. federal | $ | 3,035 |  |  | $ | 4,961 |  |  | $ | 4,011 |
U.S. state | 2,633 |  |  | 2,388 |  |  | 869 |
Foreign | 7,777 |  |  | 7,639 |  |  | 3,057 |
Total | $ | 13,445 |  |  | $ | 14,988 |  |  | $ | 7,937 |
Deferred income tax expense (benefit): |  |  |  |  |
U.S. federal | $ | (3,554) |  |  | $ | (8,101) |  |  | $ | (947) |
U.S. state | (1,603) |  |  | 1,232 |  |  | (73) |
Foreign | (1,492) |  |  | (1,159) |  |  | (1,386) |
Total | $ | (6,649) |  |  | $ | (8,028) |  |  | $ | (2,406) |
Total income tax expense (benefit): |  |  |  |  |
U.S. federal | $ | (519) |  |  | $ | (3,141) |  |  | $ | 3,063 |
U.S. state | 1,030 |  |  | 3,620 |  |  | 796 |
Foreign | 6,285 |  |  | 6,481 |  |  | 1,672 |
Total | $ | 6,796 |  |  | $ | 6,960 |  |  | $ | 5,531 |
Schedule of Reconciliation Between Effective Income Tax Rate and Statutory Federal Rate | The reconciliation between the effective income tax rates and the statutory federal rates for operations are as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory Federal rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |
Change in valuation allowance - current period activity | (1,196.4) |  |  | (380.7) |  |  | 1.3 |
Change in valuation allowance - reversal | — |  |  | — |  |  | — |
Foreign rate differential | (63.2) |  |  | 6.2 |  |  | 4.0 |
Stock compensation | 81.6 |  |  | (5.0) |  |  | (0.5) |
Compensation deduction limitation | — |  |  | (7.0) |  |  | — |
State and local taxes, net | 178.4 |  |  | 67.1 |  |  | 4.5 |
Life insurance | (14.1) |  |  | (3.4) |  |  | — |
Meals & entertainment | (65.2) |  |  | (17.3) |  |  | 1.4 |
Change in uncertain tax positions | 46.0 |  |  | 18.1 |  |  | (2.9) |
Provision to return differences | (78.5) |  |  | (45.3) |  |  | — |
GILTI, Section 78, FDII, and Section 250 | (8.5) |  |  | — |  |  | 3.2 |
Transaction costs | (157.4) |  |  | — |  |  | 8.3 |
Branch income | (275.2) |  |  | (81.6) |  |  | — |
Earn out revaluation | — |  |  | — |  |  | 0.8 |
Change in deferred balances | 263.4 |  |  | 79.4 |  |  | — |
Other items, net | 0.2 |  |  | 1.7 |  |  | 1.7 |
Provision for income taxes | (1,267.9) | % |  | (346.8) | % |  | 42.8 | %
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities contain the following temporary differences:
| December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Federal & state NOL carryforward | $ | 9,943 |  |  | $ | 10,158 |
Inventory reserve | 10,269 |  |  | 8,815 |
Transaction costs | 1,523 |  |  | 673 |
Stock based compensation | 3,113 |  |  | 3,602 |
Accrued benefits & bonuses | 7,821 |  |  | 11,998 |
Bad debt reserve | 546 |  |  | 977 |
Section 163(j) limitation carryforward | 20,422 |  |  | 15,891 |
Right of use liabilities | 21,476 |  |  | 18,936 |
Deferred state income tax | 452 |  |  | — |
Deferred revenue | 135 |  |  | 77 |
Investment in foreign subsidiaries | — |  |  | — |
Other | 5,952 |  |  | 4,005 |
Total deferred tax assets | 81,652 |  |  | 75,132 |
Deferred tax liabilities: |  |  |
Intangible assets and goodwill | 45,360 |  |  | 44,057 |
Right of use assets | 20,449 |  |  | 18,264 |
Fixed assets | 21,685 |  |  | 20,977 |
Deferred state income tax | — |  |  | 17 |
Other | 1,419 |  |  | 1,591 |
Total deferred tax liabilities | 88,913 |  |  | 84,906 |
Net deferred tax liabilities before valuation allowance | (7,261) |  |  | (9,774) |
Valuation allowance | (14,868) |  |  | (8,457) |
Net deferred tax liabilities | $ | (22,129) |  |  | $ | (18,231) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 2,734 |  |  | $ | 3,027 |  |  | $ | — |
Additions for tax positions of current year | 595 |  |  | — |  |  | 191 |
Additions for tax positions of prior years | — |  |  | 503 |  |  | 3,741 |
Reductions for tax positions of prior year | (152) |  |  | — |  |  | (238) |
Lapse of statute of limitations | (815) |  |  | (796) |  |  | (667) |
Balance at end of year | $ | 2,362 |  |  | $ | 2,734 |  |  | $ | 3,027 |

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