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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes were as follows:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 37,536 |  |  | $ | 33,523 |  |  | $ | 40,113 |
State | 10,767 |  |  | 10,171 |  |  | 19,107 |
Total current tax expense (benefit) | 48,303 |  |  | 43,694 |  |  | 59,220 |
Deferred |  |  |  |  |
Federal | 5,164 |  |  | 789 |  |  | (1,506) |
State | 1,956 |  |  | 605 |  |  | (454) |
Total deferred tax expense (benefit) | 7,120 |  |  | 1,394 |  |  | (1,960) |
Total expense (benefit) for income taxes | $ | 55,423 |  |  | $ | 45,088 |  |  | $ | 57,260 |
Schedule of Reconciliation of Provision (Benefit) for Income Taxes | The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the years indicated:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Tax at statutory rate | $ | 43,654 |  |  | 21 | % |  | $ | 39,178 |  |  | 21 | % |  | $ | 34,416 |  |  | 21 | %
State taxes, net of federal benefit | 10,040 |  |  | 5 | % |  | 9,240 |  |  | 5 | % |  | 14,736 |  |  | 9 | %
Excess tax benefits related to share-based compensation | (220) |  |  | — | % |  | (1,767) |  |  | (1) | % |  | (2,792) |  |  | (1) | %
Nondeductible compensation | 2,246 |  |  | 1 | % |  | 2,106 |  |  | 1 | % |  | 2,356 |  |  | 1 | %
Effect of net (income) loss attributable to noncontrolling interests | (2,348) |  |  | (1) | % |  | (2,299) |  |  | (1) | % |  | (1,435) |  |  | (1) | %
Change in valuation allowance | 73 |  |  | — | % |  | (1,547) |  |  | (1) | % |  | 9,596 |  |  | 6 | %
Other, net | 1,978 |  |  | 1 | % |  | 177 |  |  | — | % |  | 383 |  |  | — | %
Income tax expense (benefit) | $ | 55,423 |  |  | 27 | % |  | $ | 45,088 |  |  | 24 | % |  | $ | 57,260 |  |  | 35 | %
Schedule of Tax Effects of Temporary Differences | The tax effects of temporary differences were as follows:
| December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Intangible assets | $ | 18,809 |  |  | $ | 19,206 |
Net operating losses | 9,180 |  |  | 10,754 |
Compensation accruals | 17,173 |  |  | 19,614 |
Lease liability | 17,698 |  |  | 19,009 |
Investment in sponsored products | 8,801 |  |  | 11,643 |
Capital losses | 7,748 |  |  | 6,139 |
Investment in partnerships | 8,058 |  |  | 2,188 |
Gross deferred tax assets | 87,467 |  |  | 88,553 |
Valuation allowance | (16,612) |  |  | (16,539) |
Gross deferred tax assets after valuation allowance | 70,855 |  |  | 72,014 |
Deferred tax liabilities: |  |  |
Intangible assets | (29,642) |  |  | (26,746) |
Right of use asset | (14,406) |  |  | (15,677) |
Fixed assets | (3,042) |  |  | (4,197) |
Other | (559) |  |  | (370) |
Gross deferred tax liabilities | (47,649) |  |  | (46,990) |
Deferred tax assets, net | $ | 23,206 |  |  | $ | 25,024 |
Schedule of Unrecognized Tax Benefits Roll Forward | Activity in unrecognized tax benefits were as follows:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Balance, beginning of year | $ | 856 |  |  | $ | 856 |  |  | $ | 1,235 |
Decrease related to tax positions taken in prior years | (214) |  |  | (214) |  |  | (593) |
Increase related to positions taken in the current year | 214 |  |  | 214 |  |  | 214 |
Balance, end of year | $ | 856 |  |  | $ | 856 |  |  | $ | 856 |

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