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v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | Loss before income taxes consisted of (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Domestic | $ | (80,825) |  |  | $ | (25,933) |  |  | $ | (46,847) |
Foreign | 16,886 |  |  | 15,427 |  |  | 14,906 |
Loss before income taxes | $ | (63,939) |  |  | $ | (10,506) |  |  | $ | (31,941) |
Schedule of Income Tax Expense | The components of the Company’s income tax expense consisted of the following (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current income taxes: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | 5,574 |
State and local | 170 |  |  | 94 |  |  | 71 |
Foreign | 4,186 |  |  | 4,771 |  |  | 3,728 |
Current income taxes | 4,356 |  |  | 4,865 |  |  | 9,373 |
Deferred income taxes: |  |  |  |  |
Federal | — |  |  | (57) |  |  | 105,236 |
State and local | — |  |  | — |  |  | 17,888 |
Foreign | — |  |  | (244) |  |  | — |
Deferred income taxes | — |  |  | (301) |  |  | 123,124 |
Total income taxes: |  |  |  |  |
Federal | — |  |  | (57) |  |  | 110,810 |
State and local | 170 |  |  | 94 |  |  | 17,959 |
Foreign | 4,186 |  |  | 4,527 |  |  | 3,728 |
Income tax expense | $ | 4,356 |  |  | $ | 4,564 |  |  | $ | 132,497 |
Schedule of Reconciliation of Income Tax Expense | The following table presents required disclosures pursuant to ASU 2023-09 and reconciles the provision computed at the U.S. federal statutory income tax rate to the provision for income taxes for 2025:
| Year Ended
| December 31, 2025
| Amount (in thousands) |  | Percent
Expected U.S. federal income taxes at statutory rate | $ | (13,427) |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect (1) | 170 |  |  | (0.3) |
Foreign tax effects |  |  |
United Kingdom | 3,518 |  |  | (5.5) |
Other foreign jurisdictions | 525 |  |  | (0.8) |
Effect of cross-border tax laws | 124 |  |  | (0.2) |
Changes in valuation allowance | 12,283 |  |  | (19.2) |
Nontaxable or nondeductible Items | 966 |  |  | (1.4) |
Other adjustments | 197 |  |  | (0.4) |
Effective tax rate | $ | 4,356 |  |  | (6.8) | %
(1) In 2025, state and local taxes in Texas comprise the majority of the state and local taxes, net of federal effect category. The following table presents the required disclosures prior to the adoption of ASU 2023-09 and reconciles the provision computed at the U.S. federal statutory income tax rate to the provision for income taxes for 2024 and 2023:
|  | Year Ended December 31,
|  |  | 2024 |  | 2023
Expected U.S. federal income taxes at statutory rate |  |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal benefit |  |  | (3.5) |  |  | (56.2) |
Foreign taxes |  |  | (34.2) |  |  | (9.3) |
Non-deductible expenses |  |  | (4.7) |  |  | (0.9) |
Change in valuation allowance |  |  | (3.9) |  |  | (340.5) |
Non-controlling interest |  |  | (0.7) |  |  | (6.8) |
Share-based compensation |  |  | (11.0) |  |  | (1.6) |
Return to provision |  |  | 1.0 |  |  | (23.8) |
Other, net |  |  | (7.4) |  |  | 3.3 |
Income tax expense |  |  | (43.4) | % |  | (414.8) | %
Schedule of Deferred Tax Assets and Liabilities | The significant items comprising deferred tax assets and liabilities is as follows (in thousands):
| December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Investment in partnership | $ | 68,334 |  |  | $ | 82,486 |
Tax receivable agreement liability | 29 |  |  | — |
Stock-based compensation | 8,019 |  |  | 7,266 |
Foreign tax credit | 62 |  |  | 62 |
Section 163(j) interest | 15,281 |  |  | 9,149 |
Other carryforwards | 238 |  |  | 218 |
Net operating loss carryforward | 56,066 |  |  | 33,424 |
Gross deferred tax assets | 148,029 |  |  | 132,605 |
Valuation allowance | (148,029) |  |  | (132,605) |
Deferred tax assets, net of valuation allowance | — |  |  | — |
Deferred tax liabilities: |  |  |
Property and equipment | (584) |  |  | (542) |
Gross deferred tax liabilities | (584) |  |  | (542) |
Net deferred tax assets | $ | (584) |  |  | $ | (542) |
Summary of Valuation Allowance | The following table presents a reconciliation of the total change in the valuation allowance for the year ended December 31, 2025 (in thousands):
Beginning balance | $ | (132,605) |
Change charged to income tax expense | (14,333) |
Changes charged to additional paid-in-capital | (1,091) |
Ending balance | $ | (148,029) |
Schedule of Income Taxes Paid, Net |
| Year Ended December 31, 2025
| (in thousands)
U.S. federal | $ | — |
U.S. state | 182 |
Foreign |
United Kingdom | 4,124 |
Spain | 1,049 |
Total Foreign | $ | 5,173 |
Total income taxes | $ | 5,355 |

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