Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Loss before income taxes consisted of (in thousands):


	Year Ended December 31,
	2024		2023		2022
Domestic	$	(25,933)	$	(46,847)	$	(39,077)
Foreign	15,427		14,906		16,036
Loss before income taxes	$	(10,506)	$	(31,941)	$	(23,041)

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,
	2024		2023		2022
Current income taxes:
Federal	$	—	$	5,574	$	(4,766)
State and local	94		71		1,629
Foreign	4,771		3,728		2,750
Current income taxes	$	4,865	$	9,373	$	(387)
Deferred income taxes:
Federal	$	(57)	$	105,236	$	(11,227)
State and local	—		17,888		(5,945)
Foreign	(244)		—		(242)
Deferred income taxes	(301)		123,124		(17,414)
Income tax expense (benefit)	$	4,564	$	132,497	$	(17,801)

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,
	2024		2023		2022
Expected U.S. federal income taxes at statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	(3.5)		(56.2)		20.2
Foreign taxes	(34.2)		(9.3)		(9.9)
Foreign tax credit	—		—		11.7
Foreign deferred tax	—		—		0.0
Non-deductible expenses	(4.7)		(0.9)		(2.1)
Change in valuation allowance	(3.9)		(340.5)		47.2
Non-controlling interest	(0.7)		(6.8)		2.6
Share-based compensation	(11.0)		(1.6)		(19.8)
Return to provision	1.0		(23.8)		4.9
Other, net	(7.4)		3.3		1.5
Income tax expense	(43.4)	%	(414.8)	%	77.3	%

Schedule of Deferred Tax Assets and Liabilities

The significant items comprising deferred tax assets and liabilities is as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Investment in partnership	$	82,486	$	79,989
Tax receivable agreement liability	—		2,150
Stock-based compensation	7,266		6,790
Foreign tax credit	62		62
Section 163(j) interest	9,149		6,348		(1)
Other carryforwards	218		146
Net operating loss carryforward	33,424		34,867
Gross deferred tax assets	132,605		130,352
Valuation allowance	(132,605)		(130,352)
Deferred tax assets, net of valuation allowance	—		—
Deferred tax liabilities:

Property and equipment	(542)		(402)

Gross deferred tax liabilities	(542)		(402)
Net deferred tax assets	$	(542)	$	(402)

(1) The prior years' Section 163(j) interest deferred tax asset has been disaggregated from investment in partnership to conform to current-year presentation.