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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Before Provision for Income Taxes | The Company’s breakdown of its income before provision for income taxes for the years ended December 31, 2024, 2023 and 2022 was as follows:
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
U.S. | $ | 26,719 |  |  | $ | 76,580 |  |  | $ | 305,192 |
Foreign | 193 |  |  | 140 |  |  | 49 |
Total income before taxes | $ | 26,912 |  |  | $ | 76,720 |  |  | $ | 305,241 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes were as follows:
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Current provision: |  |  |  |  |
Federal | $ | 3,895 |  |  | $ | 10,701 |  |  | $ | 44,063 |
State & Local | 623 |  |  | 2,618 |  |  | 7,918 |
Foreign | 77 |  |  | 40 |  |  | 9 |
Total current provision | 4,595 |  |  | 13,359 |  |  | 51,990 |
Deferred provision: |  |  |  |  |
Federal | 2,091 |  |  | 1,395 |  |  | 8,172 |
State & Local | 738 |  |  | 379 |  |  | 1,007 |
Foreign | (34) |  |  | — |  |  | — |
Total deferred provision | 2,795 |  |  | 1,774 |  |  | 9,179 |
Total provision for income taxes | $ | 7,390 |  |  | $ | 15,133 |  |  | $ | 61,169 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows:
Deferred tax assets: | December 31, 2024 |  | December 31, 2023
Inventory adjustments | $ | 4,057 |  |  | $ | 4,248 |
Capitalized transaction costs | 2,006 |  |  | 2,301 |
Deferred revenue | 94 |  |  | 150 |
Accrued expenses and other current liabilities | 5,470 |  |  | 4,264 |
Capitalized research & development expense | 3,518 |  |  | 2,249 |
Interest expense limitation | 8,837 |  |  | 3,297 |
Lease liability | 557 |  |  | 473 |
Share-based compensation | 2,100 |  |  | 2,307 |
Other | 624 |  |  | 176 |
Total deferred tax assets | $ | 27,263 |  |  | $ | 19,465 |
Deferred tax liabilities: |  |  |
Intangible assets | $ | 17,780 |  |  | $ | 10,128 |
Goodwill | 11,563 |  |  | 9,128 |
Prepaid expenses and other current assets | 1,005 |  |  | 1,175 |
Fixed assets | 1,535 |  |  | 1,169 |
Right-of-use asset | 544 |  |  | 473 |
Unrealized gain on derivatives | — |  |  | 408 |
Total deferred tax liabilities | 32,427 |  |  | 22,481 |
Net deferred tax liabilities | $ | (5,164) |  |  | $ | (3,016) |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation between the U.S. federal statutory rate and the Company’s effective tax rates for the years ended December 31, 2024, 2023 and 2022:
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign derived intangible income deduction | (4.3) | % |  | (3.9) | % |  | (2.9) | %
Changes in prior year estimates | (4.4) | % |  | (0.4) | % |  | (0.2) | %
State and local income taxes, net of federal benefit | 4.9 | % |  | 4.0 | % |  | 2.3 | %
Share-based compensation | 6.6 | % |  | (0.1) | % |  | (0.4) | %
Tax Receivable Agreement | 3.1 | % |  | (2.0) | % |  | (0.2) | %
Other | 0.6 | % |  | 1.1 | % |  | 0.4 | %
Effective Tax Rate | 27.5 | % |  | 19.7 | % |  | 20.0 | %

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