XML 54 R42.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of (Loss) Income Before Income Taxes Expense (Benefit) | The Company’s (loss) income before income taxes expense (benefit) from its United States and foreign operations are as follows:
|  | Year Ended December 31, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 9.2 |  |  | $ | (3.0 | ) |  | $ | 158.2 |
Foreign |  |  | (1.7 | ) |  |  | 0.1 |  |  |  | (0.2 | )
Total |  | $ | 7.5 |  |  | $ | (2.9 | ) |  | $ | 158.0 |
Summary of Current and Deferred Income Tax Provision (Benefit) | The Company’s current and deferred income tax provision (benefit) were as follows:
|  | Year Ended December 31, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 3.3 |  |  | $ | 2.4 |  |  | $ | 20.8 |
State and local |  |  | 0.1 |  |  |  | 1.6 |  |  |  | 6.1 |
Foreign |  |  | 0.1 |  |  |  | — |  |  |  | — |
|  |  | 3.5 |  |  |  | 4.0 |  |  |  | 26.9 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | 0.8 |  |  |  | 1.8 |  |  |  | 0.2 |
State and local |  |  | 0.9 |  |  |  | (0.5 | ) |  |  | 0.2 |
Foreign |  |  | 0.1 |  |  |  | — |  |  |  | (0.1 | )
|  |  | 1.8 |  |  |  | 1.3 |  |  |  | 0.3 |
Total provision for income taxes |  | $ | 5.3 |  |  | $ | 5.3 |  |  | $ | 27.2 |
Schedule of Effective Income Tax Reconciliation | The differences between income taxes expected at U.S. statutory income tax rates and the income tax provision (benefit) are set forth below:
|  | Year Ended December 31, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Income (loss) before income taxes |  | $ | 7.5 |  |  | $ | (2.9 | ) |  | $ | 158.0 |
U.S. statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Taxes at the U.S. statutory rate |  |  | 1.6 |  |  |  | (0.6 | ) |  |  | 33.2 |
Tax effected differences |  |  |  |  |  |  |  |  |
State and local taxes, net of federal benefit |  |  | 0.5 |  |  |  | 0.8 |  |  |  | 7.3 |
Share-based payments |  |  | 4.6 |  |  |  | 0.3 |  |  |  | 0.6 |
Nondeductible goodwill impairment |  |  | — |  |  |  | — |  |  |  | 1.1 |
Change in valuation allowance |  |  | (2.4 | ) |  |  | 3.7 |  |  |  | (16.5 | )
Return to provision adjustments |  |  | 0.9 |  |  |  | 0.3 |  |  |  | 0.1 |
Change in tax rates |  |  | (0.6 | ) |  |  | 0.5 |  |  |  | 0.3 |
Nondeductible expenses |  |  | 0.7 |  |  |  | 0.4 |  |  |  | 1.1 |
Other, net |  |  | — |  |  |  | (0.1 | ) |  |  | — |
Total provision for income taxes |  | $ | 5.3 |  |  | $ | 5.3 |  |  | $ | 27.2 |
Summary of Book Value and Tax Basis of Assets and Liabilities | The income tax effects of temporary differences between the book value and tax basis of assets and liabilities are as follows:
|  | December 31, |
(in millions) |  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 0.6 |  |  | $ | 1.0 |
Deferred compensation |  |  | 0.3 |  |  |  | 0.6 |
Stock-based compensation |  |  | 5.7 |  |  |  | 9.6 |
Fixed asset depreciation |  |  | 1.5 |  |  |  | 0.2 |
Lease liabilities |  |  | 2.4 |  |  |  | 3.2 |
Accrued expenses |  |  | 0.2 |  |  |  | 0.2 |
Goodwill and intangible assets |  |  | — |  |  |  | 8.6 |
Section 163(j) interest carryover |  |  | 14.9 |  |  |  | 6.7 |
Other assets |  |  | 0.9 |  |  |  | 0.6 |
Total deferred tax assets |  |  | 26.5 |  |  |  | 30.7 |
Deferred tax liabilities |  |  |  |  |  |
Right-of-use lease assets |  |  | (1.6 | ) |  |  | (2.1 | )
Goodwill and intangible assets |  |  | (0.5 | ) |  |  | — |
Total deferred tax liabilities |  |  | (2.1 | ) |  |  | (2.1 | )
Valuation allowance |  |  | (29.3 | ) |  |  | (31.7 | )
Deferred tax liabilities, net |  | $ | (4.9 | ) |  | $ | (3.1 | )
Schedule of Changes in Gross Unrecognized Tax Benefits | The following table summarizes the changes to the gross unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022:
|  | December 31, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Gross unrecognized tax benefits, beginning of period |  | $ | — |  |  | $ | — |  |  | $ | — |
Decreases related to prior year tax positions |  |  | — |  |  |  | — |  |  |  | — |
Increases related to current year tax positions |  |  | 1.5 |  |  |  | — |  |  |  | — |
Gross unrecognized tax benefits, end of period |  | $ | 1.5 |  |  | $ | — |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration