Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

The components of the Company's income (loss) before income tax (expense) benefit are as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
United States	$	2,830	$	(31,483)	$	(278,741)
Foreign	14,213		(34,515)		18,197
Total income (loss) before income tax (expense) benefit	$	17,043	$	(65,998)	$	(260,544)

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company's income tax (expense) benefit are as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Current tax (expense):
Federal	$	(3,674)	$	(5,316)	$	(1,870)
State and local	(690)		(1,800)		(1,542)
Foreign	(1,747)		(6,498)		(8,238)
Total current tax (expense)	$	(6,111)	$	(13,614)	$	(11,650)
Deferred tax (expense) benefit:
Federal	(3,815)		5,748		7,789
State and local	(2,602)		(1,677)		(826)
Foreign	(4,208)		1,325		5,936
Total deferred tax (expense) benefit	$	(10,625)	$	5,396	$	12,899
Total income tax (expense) benefit	$	(16,736)	$	(8,218)	$	1,249

Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation between the effective income tax rate and the federal statutory tax rate:


	Years Ended December 31,
	2025				2024				2023
(dollars in thousands)	Amount		%		Amount		%		Amount		%
U.S. federal statutory tax rate	$	3,579	21.0	%	$	(13,860)	21.0	%	$	(54,714)	21.0	%
State and local income taxes, net of federal income tax effect (1)	2,457		14.4	%	2,663		(4.0)	%	2,060		(0.8)	%
Foreign tax effects
Australia
Statutory tax rate difference between Australia and United States	1,176		6.9	%	(3,219)		4.9	%	431		(0.2)	%
Impairment expense	—		—	%	15,989		(24.2)	%	—		—	%
Unrealized foreign exchange	723		4.2	%	(1,449)		2.2	%	316		(0.1)	%
Withholding taxes	610		3.6	%	—		—	%	—		—	%
Other	104		0.6	%	123		(0.2)	%	(786)		0.3	%
New Zealand
Impairment expense	—		—	%	1,443		(2.2)	%	—		—	%
Other	150		0.9	%	(111)		0.2	%	(41)		—	%
Other foreign jurisdictions	41		0.2	%	(354)		0.5	%	(1,439)		0.6	%
Effects of cross-border tax laws
Base Erosion and Anti-Abuse Tax (BEAT)	2,288		13.4	%	—		—	%	—		—	%
Other	78		0.5	%	354		(0.5)	%	1,471		(0.6)	%
Tax credits
Research and development tax credits	(2,280)		(13.4)	%	(1,958)		3.0	%	(1,444)		0.6	%
Foreign tax credits	(410)		(2.4)	%	(1,592)		2.4	%	(1,586)		0.6	%
Changes in valuation allowance	441		2.6	%	445		(0.7)	%	(879)		0.3	%
Nontaxable or non-deductible items
Impairment expense	—		—	%	4,405		(6.7)	%	56,448		(21.7)	%
Non-deductible officer compensation	3,343		19.6	%	2,427		(3.7)	%	2,386		(0.9)	%
Stock-based compensation	2,050		12.0	%	(184)		0.3	%	128		—	%
Transaction costs	(607)		(3.6)	%	1,176		(1.8)	%	—		—	%
Other	153		0.9	%	(511)		0.8	%	2,764		(1.1)	%
Change in unrecognized tax benefits
Unrecognized tax benefit	772		4.5	%	924		(1.4)	%	(4,303)		1.7	%
Interest and penalties	2,247		13.2	%	2,348		(3.6)	%	(2,754)		1.1	%
Other adjustments
True-up of deferred tax assets/liabilities	(223)		(1.3)	%	(642)		1.0	%	693		(0.3)	%
Other	44		0.4	%	(199)		0.3	%	—		—	%
Effective tax rate	$	16,736	98.2	%	$	8,218	(12.4)	%	$	(1,249)	0.5	%

(1) State taxes in California and Iowa in 2025, Florida, Michigan, and Virginia in 2024, and Iowa and New York in 2023 made up the majority (greater than 50%) of the tax effect in this category. This category includes the impact of state valuation allowances and state unrecognized tax benefits.

Schedule of Income Taxes Paid

The components of the Company's income taxes paid (net of refunds) are as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Federal	$	—	$	8,237	$	—
State	(378)		659		122
Foreign	5,580		6,517		9,191
Total	$	5,202	$	15,413	$	9,313

Income taxes paid (net of refunds) exceeded 5% of total income taxes paid (net of refunds) in the following jurisdictions:


	Years Ended December 31,
(in thousands)	2025		2024		2023
State
New York	$	(289)	*		*
Texas	$	(378)	*		$	(1,597)

Foreign
Australia	$	4,309	$	5,466	$	8,726
New Zealand	$	1,271	$	913	*

* Jurisdiction below the threshold for the period presented.

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company's deferred income tax assets and liabilities are as follows:


	December 31,
(in thousands)	2025		2024
Deferred tax assets
Allowance for doubtful accounts	$	4,031	$	3,887
Deferred and other compensation	13,081		15,184
Interest expense limitation	19,944		21,677
Fixed assets and capitalized software	34,073		27,781
Pension and other post-employment benefits	11,847		10,578
Lease liabilities	1,948		2,627
Reserve for facility exit costs	—		4,719
Net operating loss and credit carryforwards (1)	35,550		35,325
Non-compete and other agreements	19,739		24,375
Goodwill and other intangible assets	11,931		13,319
Other, net	14,843		13,436
Total deferred tax assets	$	166,987	$	172,908
Valuation allowance	(16,785)		(15,662)
Net deferred tax assets	$	150,202	$	157,246

Deferred tax liabilities
Deferred costs	$	(2,542)	$	(1,754)
Investment in subsidiaries	(4,160)		(4,193)
Lease right-of-use assets	(1,468)		(5,323)
Fixed assets and capitalized software	(6,287)		(2,889)
Other, net	(2,762)		—
Total deferred tax liabilities	$	(17,219)	$	(14,159)
Net deferred tax asset	$	132,983	$	143,087

(1) For the year ended December 31, 2025, the Company had gross federal net operating loss carryforwards of $84.2 million, with $30.9 million expiring in 2033 through 2037 and $53.3 million with an indefinite carryforward period. The Company's federal net operating losses are subject to limitations under Section 382 of the Internal Revenue Code of $0.8 million per year. The annual limitation may be increased or decreased by net unrealized built-in gains or losses during the five-year period beginning on the date of the Section 382 ownership change. The Company also had post-apportionment state net operating losses of $275.8 million and $249.4 million expiring in 2026 through 2045 and $26.4 million with an indefinite carryforward period. A valuation allowance has been recorded for net operating losses which are expected to expire unutilized.

Schedule of Deferred Tax asset Valuation Allowance

The following table summarizes the changes in the Company’s valuation allowance:


(in thousands)	2025		2024
Balance at beginning of period	$	15,662	$	18,810
Net change in valuation allowance	1,123		(3,148)
Balance at end of period	$	16,785	$	15,662

Schedule of Unrecognized Tax Benefits Roll Forward

The following table reflects changes to and balances of the Company's unrecognized tax benefits:


(in thousands)	2025		2024		2023
Balance at beginning of period	$	18,064	$	17,140	$	21,443
Gross additions for tax positions related to the current year	772		774		624
Gross additions for tax positions related to prior years	—		150		201
Gross reductions for tax positions related to prior years	—		—		(5,128)

Balance at end of period	$	18,836	$	18,064	$	17,140