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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Significant Components of (Loss) Income Before Income Taxes

Significant components of Income before income taxes are as follows (in thousands):

		Year Ended December 31,
		2024				2023				2022
U.S.		$	71,659			$	20,917			$	22,533
Non-U.S.			(9,796	)			(2,812	)			43
Income before income taxes		$	61,863			$	18,105			$	22,576

Schedule of Significant Components of the Income Tax Expense (Benefit)

		Year Ended December 31,
		2024				2023				2022
Current:
U.S. federal		$	(609	)		$	11,603			$	2,991
U.S. state and local			1,198				2,289				1,122
Non-U.S.			1,192				269				(26	)
Total current income tax expense			1,781				14,161				4,087
Deferred:
U.S. federal			12,210				(95,298	)			579
U.S. state and local			533				(19,034	)			671
Non-U.S.			(849	)			(166	)			33
Total deferred income tax expense (benefit)			11,894				(114,498	)			1,283
Income tax expense (benefit)		$	13,675			$	(100,337	)		$	5,370

Schedule of Income Tax Provision Differed from Amounts Computed at the Statutory Federal Income Tax Rate

The income tax provision differed from amounts computed at the statutory federal income tax rate, as follows (in thousands, except percentages):

		Year Ended December 31,
		2024									2023									2022
		$				%					$				%					$				%
Income tax provision at statutory rate		$	12,991				21.0		%		$	3,803				21.0		%		$	4,743				21.0		%
State income taxes, net of federal income tax expense			2,182				3.5					148				0.8					1,122				5.0
Nondeductible transaction expenses			2,086				3.4					461				2.5					(2,608	)			(11.6	)
Nondeductible executive compensation			2,008				3.2					2,771				15.3					1,974				8.7
Uncertain tax positions			1,216				2.0					1,070				5.9					(4,042	)			(17.9	)
Stock-based compensation			(638	)			(1.0	)				(2,859	)			(15.8	)				(1,432	)			(6.3	)
Return to provision adjustments			(1,066	)			(1.7	)				(2,972	)			(16.4	)				4,627				20.5
Valuation allowance			(2,318	)			(3.7	)				(101,182	)			(558.9	)				1,194				5.3
Tax credits			(3,300	)			(5.3	)				(2,462	)			(13.6	)				(1,455	)			(6.4	)
Other, net			514				0.7					885				5.0					1,247				5.5
Income tax expense (benefit)		$	13,675				22.1		%		$	(100,337	)			(554.2	)	%		$	5,370				23.8		%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities are as follows (in thousands):

		December 31,
		2024				2023
Deferred income tax liabilities:
Indefinite lived intangibles		$	(24,161	)		$	(14,203	)
Property and equipment			(7,309	)			—
Right of use assets			(4,227	)			(3,274	)
Other			(1,402	)			—
Total deferred tax liabilities		$	(37,099	)		$	(17,477	)
Deferred income tax assets:
Goodwill		$	55,947			$	73,172
Capitalized research and development costs			28,677				24,818
Definite lived intangibles			15,204				2,596
Accrued compensation			11,961				12,006
Lease obligations			7,812				6,941
Interest expense limitation carryforward			6,442				—
NOL and tax credit carryforwards			4,813				3,603
Other			—				855
Total deferred tax assets			130,856				123,991
Less: Valuation allowance			—				(2,318	)
Net deferred tax asset		$	93,757			$	104,196

Schedule of Deferred Tax Assets and Liabilities Recognized in the Company's Consolidated Balance Sheets

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2024 and 2023 were as follows (in thousands):

		December 31,
		2024				2023
Investments and other assets, net		$	100,530			$	112,953
Other noncurrent liabilities			(6,773	)			(8,757	)
Net deferred tax asset		$	93,757			$	104,196

Summary of Uncertain Tax Positions

A summary of the Company’s uncertain tax positions is as follows (in thousands):

		Year Ended December 31,
		2024				2023
Balance as of January 1		$	3,477			$	2,553
Additions based on tax positions related to the current year			680				620
Additions for tax positions of prior years			408				304
Reductions for tax positions of prior years			(264	)			—
Balance as of December 31		$	4,301			$	3,477

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