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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income (Loss) before Income Taxes | The components of income (loss) before income taxes for the years ended December 31, 2024, 2023 and 2022 (in millions):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Domestic |  | $ | (40.7 | ) |  | $ | (38.5 | ) |  | $ | 16.7 |
Foreign |  |  | (25.5 | ) |  |  | (3.0 | ) |  |  | 5.6 |
Income (loss) before income taxes |  | $ | (66.2 | ) |  | $ | (41.5 | ) |  | $ | 22.3 |
Income Tax Expense (Benefit) from Continuing Operations | The income tax expense (benefit) from continuing operations for the years ended December 31, 2024, 2023 and 2022 (in millions):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 6.0 |  |  | $ | (1.0 | ) |  | $ | 6.3 |
State |  |  | 1.7 |  |  |  | 0.5 |  |  |  | 1.6 |
Foreign |  |  | 6.7 |  |  |  | 1.5 |  |  |  | 1.6 |
|  | $ | 14.4 |  |  | $ | 1.0 |  |  | $ | 9.5 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  | $ | (4.9 | ) |  | $ | (5.6 | ) |  | $ | (1.8 | )
State |  |  | (2.1 | ) |  |  | (2.0 | ) |  |  | — |
Foreign |  |  | (3.3 | ) |  |  | (1.8 | ) |  |  | 1.2 |
|  |  | (10.3 | ) |  |  | (9.4 | ) |  |  | (0.6 | )
Income tax expense (benefit) |  | $ | 4.1 |  |  | $ | (8.4 | ) |  | $ | 8.9 |
Schedule of Effective Income Tax Rate | The income tax expense (benefit) differs from the amount of income tax expense (benefit) determined by applying the Company’s federal corporate income tax rate of 21% to pre-tax income for the years ended December 31, 2024, 2023 and 2022 due to the following (in millions):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Computed “expected” income tax expense (benefit) |  | $ | (13.9 | ) |  | $ | (8.7 | ) |  | $ | 4.7 |
Change in income tax resulting from: |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | (5.3 | ) |  |  | (1.3 | ) |  |  | 1.0 |
Change in fair value of earnout |  |  | (0.2 | ) |  |  | 0.2 |  |  |  | (0.4 | )
Non-deductible executive compensation |  |  | 0.7 |  |  |  | 1.8 |  |  |  | 2.1 |
Non-deductible expenses |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.2 |
Foreign GILTI income |  |  | (0.1 | ) |  |  | (0.5 | ) |  |  | 0.4 |
Foreign Permanent Differences including U.S. GAAP to Statutory Differences |  |  | (2.2 | ) |  |  | (1.5 | ) |  |  | — |
Foreign rate differential |  |  | (1.9 | ) |  |  | — |  |  |  | — |
Foreign Withholdings |  |  | 0.6 |  |  |  | 0.5 |  |  |  | 0.1 |
Foreign non-deductible expenses |  |  | 10.0 |  |  |  | — |  |  |  | — |
Other foreign permanent differences |  |  | 1.0 |  |  |  | — |  |  |  | (0.2 | )
Discontinued operations transaction costs |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.1 |
Change in valuation allowance |  |  | 13.2 |  |  |  | 1.8 |  |  |  | 1.7 |
Change in tax rate |  |  | 0.9 |  |  |  | (0.8 | ) |  |  | (0.6 | )
Disposal of subsidiary tax benefit |  |  | (9.8 | ) |  |  | — |  |  |  | — |
Stock compensation |  |  | 2.7 |  |  |  | 1.2 |  |  |  | 1.6 |
Change in unrecognized tax benefits |  |  | 15.8 |  |  |  | (0.1 | ) |  |  | (2.3 | )
Impairment |  |  | 5.9 |  |  |  | — |  |  |  | — |
Worthless stock deduction |  |  | (13.9 | ) |  |  | (0.7 | ) |  |  | — |
Other |  |  | 0.3 |  |  |  | (0.8 | ) |  |  | 0.5 |
|  | $ | 4.1 |  |  | $ | (8.4 | ) |  | $ | 8.9 |
Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities at December 31, 2024 and 2023 consist of the following (in millions):
|  |  | 2024 |  |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Accrued expenses |  | $ | 1.7 |  |  | $ | 1.9 |
Accounts receivable |  |  | 0.6 |  |  |  | 0.5 |
Net operating loss carryforward |  |  | 4.9 |  |  |  | 4.6 |
Stock-based compensation |  |  | 2.4 |  |  |  | 2.7 |
Interest expense carryforward |  |  | 1.1 |  |  |  | 1.4 |
Lease obligations |  |  | 13.3 |  |  |  | 13.0 |
Capital loss |  |  | 11.9 |  |  |  | — |
Other |  |  | 1.3 |  |  |  | 1.2 |
Total deferred tax assets |  |  | 37.2 |  |  |  | 25.3 |
Valuation allowance |  |  | (14.2 | ) |  |  | (3.4 | )
Net deferred tax assets |  | $ | 23.0 |  |  | $ | 21.9 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  | $ | (45.5 | ) |  | $ | (53.1 | )
Property and equipment |  |  | (1.7 | ) |  |  | (2.8 | )
Lease assets |  |  | (10.8 | ) |  |  | (10.7 | )
Other |  |  | (1.2 | ) |  |  | (1.8 | )
Total deferred tax liabilities |  |  | (59.2 | ) |  |  | (68.4 | )
Net deferred tax liabilities |  | $ | (36.2 | ) |  | $ | (46.5 | )
Reported as: |  |  |  |  |  |
Deferred tax assets |  | $ | 2.7 |  |  | $ | 0.3 |
Accounts payable and accrued expenses |  |  | (0.4 | ) |  |  | — |
Deferred tax liabilities |  |  | (38.4 | ) |  |  | (46.8 | )
Net Deferred tax liabilities |  | $ | (36.2 | ) |  | $ | (46.5 | )
Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):
|  | Amount |
Balance at December 31, 2022 |  | $ | 2.9 |
Decrease in balances related to prior year tax positions |  |  | (0.3 | )
Interest accrued |  |  | 0.2 |
Balance at December 31, 2023 |  | $ | 2.8 |
Decrease in balances related to prior year tax positions |  |  | (3.0 | )
Increase in balances related to current year tax positions |  |  | 17.5 |
Balance at December 31, 2024 |  | $ | 17.3 |

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