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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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