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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Loss Before Provision for Income Taxes | Our loss from continuing operations before income taxes (in thousands) was as follows:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  |
Domestic | $ | (68,401) |  |  | $ | (206,344) |  |  | $ | (66,055) |  |  |
Foreign | 5,365 |  |  | 3,939 |  |  | 3,978 |  |  |
Loss from continuing operations before income taxes | $ | (63,036) |  |  | $ | (202,405) |  |  | $ | (62,077) |  |  |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense (benefit) (in thousands) consist of the following:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | (875) |
State and local | 125 |  |  | 2,855 |  |  | 1,788 |
Foreign | 1,451 |  |  | 1,034 |  |  | 1,318 |
Total current tax expense | 1,576 |  |  | 3,889 |  |  | 2,231 |
Deferred |  |  |  |  |
Federal | (12,259) |  |  | (42,156) |  |  | 5,055 |
State and local | (6,521) |  |  | (12,822) |  |  | (2,790) |
Foreign | (49) |  |  | 510 |  |  | 92 |
Total deferred tax expense (benefit) | (18,829) |  |  | (54,468) |  |  | 2,357 |
Change in valuation allowance | 15,840 |  |  | (38,786) |  |  | (47,964) |
Total tax expense (benefit) | $ | (1,413) |  |  | $ | (89,365) |  |  | $ | (43,376) |
Schedule of Reconciliation of the U.S. Statutory Tax Rate to our Effective Tax Rate | A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
U.S. state income taxes, net of U.S. federal tax benefit | 3.6 | % |  | 3.0 | % |  | (0.6) | %
Foreign earnings at other than U.S. rates | (0.3) | % |  | (0.3) | % |  | (0.8) | %
Change in valuation allowance | (25.1) | % |  | 19.2 | % |  | 77.3 | %
Contingent consideration adjustments | (2.9) | % |  | (1.2) | % |  | (0.1) | %
Non-deductible excess compensation | (8.1) | % |  | (6.8) | % |  | (27.8) | %
Excess tax benefits on stock-based compensation | 4.8 | % |  | 7.1 | % |  | 12.2 | %
Convertible debt extinguishment | — | % |  | — | % |  | (3.4) | %
Change in uncertain tax positions | 0.3 | % |  | (0.5) | % |  | (1.1) | %
Nondeductible transaction costs | (0.1) | % |  | (0.2) | % |  | (1.7) | %
Change in state rate | 6.1 | % |  | 2.2 | % |  | 5.2 | %
Return to provision and other deferred adjustments | 1.7 | % |  | (0.1) | % |  | (1.1) | %
Tax receivable agreement | 0.3 | % |  | (0.9) | % |  | (9.1) | %
Research and development tax credit - federal | 1.2 | % |  | 1.7 | % |  | — | %
Other, net | (0.3) | % |  | — | % |  | (0.1) | %
Effective tax rate | 2.2 | % |  | 44.2 | % |  | 69.9 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities (in thousands) were as follows:
| As of December 31,
| 2024 |  | 2023
Deferred Tax Assets |  |  |
Start-up and organizational costs | $ | 38 |  |  | $ | 59 |
Goodwill | 7,786 |  |  | 17,501 |
Operating lease liabilities | 12,036 |  |  | 10,015 |
Accrued expenses | 5,682 |  |  | 11,530 |
Stock based compensation | 4,640 |  |  | 3,283 |
Net operating loss carryforwards | 125,248 |  |  | 123,147 |
Federal and state research tax credits | 5,014 |  |  | 4,467 |
Fixed assets | 363 |  |  | 666 |
Interest deduction limitation | 23,851 |  |  | 20,460 |
Outside basis differences | 982 |  |  | 70 |
Other | 7,890 |  |  | 7,417 |
Subtotal | 193,530 |  |  | 198,615 |
Valuation allowance | (47,844) |  |  | (32,004) |
Total deferred tax assets | 145,686 |  |  | 166,611 |
Deferred Tax Liabilities |  |  |
Internally developed software costs | 2,384 |  |  | 5,697 |
Intangible assets | 146,234 |  |  | 165,742 |
Right-of-use assets - Operating | 670 |  |  | 1,884 |
Contract fulfillment costs | 3,345 |  |  | 3,030 |
Other | 2,453 |  |  | 2,606 |
Total deferred tax liabilities | 155,086 |  |  | 178,959 |
Net deferred tax liabilities (1) | $ | (9,400) |  |  | $ | (12,348) |
———————— (1)Amount is net of $1.5 million and $1.0 million of deferred tax assets included in prepaid expenses and other noncurrent assets on the consolidated balance sheets as of December 31, 2024 and 2023, respectively. Changes in our valuation allowance (in thousands) were as follows:
| For the Year Ended December 31,
| 2024 |  | 2023
Balance at beginning-of-year | $ | 32,004 |  |  | $ | 70,790 |
Credited to costs and expenses | 15,840 |  |  | (38,786) |
Balance at end-of-year | $ | 47,844 |  |  | $ | 32,004 |
Schedule of Changes in Unrecognized Tax Benefits | Changes in our unrecognized tax benefits (in thousands) were as follows:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance at beginning-of-year | $ | 2,600 |  |  | $ | 1,624 |  |  | $ | 609 |
Gross increases - tax positions in prior period | — |  |  | 7 |  |  | 616 |
Gross decreases - tax positions in prior period | (30) |  |  | — |  |  | — |
Gross increases - tax positions in current period | 232 |  |  | 969 |  |  | 399 |
Lapse of statute of limitations | (255) |  |  | — |  |  | — |
Balance at end-of-year | $ | 2,547 |  |  | $ | 2,600 |  |  | $ | 1,624 |

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