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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | (Loss) income before income taxes consisted of (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Domestic | $ | (46,847) |  |  | $ | (39,077) |  |  | $ | 72,758 |
Foreign | 14,906 |  |  | 16,036 |  |  | 12,157 |
(Loss) income before income taxes | $ | (31,941) |  |  | $ | (23,041) |  |  | $ | 84,915 |
Schedule of Income Tax Expense | The components of the Company’s income tax expense (benefit) consisted of the following (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current income taxes: |  |  |  |  |
Federal | $ | 5,574 |  |  | $ | (4,766) |  |  | $ | 12,894 |
State and local | 71 |  |  | 1,629 |  |  | 1,825 |
Foreign | 3,728 |  |  | 2,750 |  |  | 2,703 |
Current income taxes | $ | 9,373 |  |  | $ | (387) |  |  | $ | 17,422 |
Deferred income taxes: |  |  |  |  |
Federal | $ | 105,236 |  |  | $ | (11,227) |  |  | $ | (185) |
State and local | 17,888 |  |  | (5,945) |  |  | (18) |
Foreign | — |  |  | (242) |  |  | (158) |
Deferred income taxes | 123,124 |  |  | (17,414) |  |  | (361) |
Income tax expense (benefit) | $ | 132,497 |  |  | $ | (17,801) |  |  | $ | 17,061 |
Schedule of Reconciliation of Income Tax Expense | A reconciliation of income tax expense (benefit) from operations computed at the U.S. federal statutory income tax rate to the Company’s effective income tax rate are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected U.S. federal income taxes at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal benefit | (56.2) |  |  | 20.2 |  |  | 1.7 |
Foreign taxes | (9.3) |  |  | (9.9) |  |  | 2.5 |
Foreign tax credit | — |  |  | 11.7 |  |  | — |
Non-deductible expenses | (0.9) |  |  | (2.1) |  |  | (1.1) |
Change in valuation allowance | (340.5) |  |  | 47.2 |  |  | 2.3 |
Non-controlling interest | (6.8) |  |  | 2.6 |  |  | (6.0) |
Share-based compensation | (1.6) |  |  | (19.8) |  |  | 0.1 |
Return to provision | (23.8) |  |  | 4.9 |  |  | 1.5 |
Other, net | 3.3 |  |  | 1.5 |  |  | (1.9) |
Income tax expense | (414.8) | % |  | 77.3 | % |  | 20.1 | %
Schedule of Deferred Tax Assets and Liabilities | The significant items comprising deferred tax assets and liabilities is as follows (in thousands):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Investment in partnership | $ | 86,337 |  |  | $ | 93,923 |
Tax receivable agreement liability | 2,150 |  |  | 26,860 |
Stock-based compensation | 6,790 |  |  | 5,402 |
Foreign tax credit | 62 |  |  | 834 |
Other carryforwards | 146 |  |  | 826 |
Net operating loss carryforward | 34,867 |  |  | — |
Gross deferred tax assets | 130,352 |  |  | 127,845 |
Valuation allowance | (130,352) |  |  | (3,952) |
Deferred tax assets, net of valuation allowance | — |  |  | 123,893 |
Deferred tax liabilities: |  |  |
Property and equipment | (402) |  |  | (382) |
Gross deferred tax liabilities | (402) |  |  | (382) |
Net deferred tax assets | $ | (402) |  |  | $ | 123,511 |

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- 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
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- 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
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- 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
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