Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

(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