XML 45 R29.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the Company’s income tax expense attributable to operations are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Current tax expense |  |  |  |  |
Federal | $ | 10,091 |  |  | $ | 22,029 |  |  | $ | 19,537 |
State | 1,682 |  |  | 4,516 |  |  | 5,494 |
Deferred tax expense (benefit) |  |  |  |  |
Federal | (2,821) |  |  | (4,165) |  |  | 16,098 |
State | (2,164) |  |  | 4,540 |  |  | 3,957 |
Income tax expense | $ | 6,788 |  |  | $ | 26,920 |  |  | $ | 45,086 |
Schedule of Effective Income Tax Rate Reconciliation | The Company’s income tax expense attributable to operations differs from the expected tax benefit amount computed by applying the statutory federal income tax rate to income before taxes is as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Income tax expense (benefit) computed at the statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes |  | — | % |  | 7.7 | % |  | 3.7 | %
Officer's compensation limitation under 162(m) (1) |  | 2.5 | % |  | 0.7 | % |  | 0.3 | %
Stock-based compensation (1) |  | 1.1 | % |  | 0.5 | % |  | 0.1 | %
Gain on extinguishment of tax receivable agreement |  | — | % |  | — | % |  | (1.0) | %
Other, net (1) |  | (1.1) | % |  | (1.1) | % |  | (0.5) | %
Income tax expense (benefit) effective tax rate |  | 23.5 | % |  | 28.8 | % |  | 23.6 | %
(1) Certain prior year tax component amounts have been reclassified to conform to the current year presentation.
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities are as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022
|  | (in thousands)
| Deferred tax assets |  |  |
| Amortizable intangible assets | $ | 73,650 |  |  | $ | 78,296 |
| Operating lease liability | 995 |  |  | 1,113 |
| Accrued expenses | 1,418 |  |  | 563 |
| Total deferred tax assets (1) | $ | 76,063 |  |  | $ | 79,972 |
| Deferred tax liabilities |  |  |
| Contract assets | (4,056) |  |  | (12,863) |
| Operating lease right-of-use asset | (972) |  |  | (1,105) |
| Fixed assets | (463) |  |  | (608) |
| Other | (459) |  |  | (268) |
| Total deferred tax liabilities | $ | (5,950) |  |  | $ | (14,844) |
| Deferred tax asset, net | $ | 70,113 |  |  | $ | 65,128 |
(1) Certain prior year deferred tax component amounts have been reclassified to conform to the current year presentation.
Summary of Income Tax Examinations | The Company files its federal and state income tax returns and some of these returns remain open for examination, with the earliest open years in its key jurisdictions as follows:
U.S. Federal | 2016
State of Texas | 2016
State of New York | 2017
State of Illinois | 2020

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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -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 tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration