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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			$	—			$	—

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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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Tabular disclosure of the change in unrecognized tax benefits.

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