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Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For interim periods, we recognize an income tax provision (benefit) based on our estimated annual effective tax rate expected for the full year, adjusted for discrete items recognized during the interim period. Discrete items (e.g., significant or unusual items) are separately recognized in the quarter during which they occur and can cause the effective tax rate to vary from quarter to quarter.

An income tax provision (benefit) of $(68.2) million and $1.2 million was recognized for the three months ended March 31, 2023 and 2022, respectively, which resulted in effective tax rates of 77.3% and (29.0)%, respectively. The income tax benefit recorded during the three months ended March 31, 2023, primarily relates to $56.1 million for the reduction in the valuation allowance resulting from deferred tax liabilities established as part of the NIA acquisition accounting and $8.3 million for the TRA liabilities that will create current and future tax benefits upon settlement. The income tax expense recorded during the three months ended March 31, 2022, primarily related to state and foreign taxes.

As of March 31, 2023, the Company had unrecognized tax benefits of $1.6 million that, if recognized, would affect the overall effective tax rate. The Company is not currently subject to income tax audits in any U.S., state, or foreign jurisdictions for any tax year.

Tax Receivables Agreement

In connection with the Offering Reorganization, the Company entered into the TRA with certain of its investors, which provides for the payment by the Company to these investors of 85% of the amount of the tax benefits that the Company is deemed to realize as a result of increases in our tax basis related to exchanges of Class B common units as well as tax benefits attributable to the future utilization of pre-IPO NOLs. See Note 10 above for discussion of our TRA.