Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company’s income tax expense (benefit) attributable to operations are as follows:

	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Current tax expense (benefit)
Federal	$	19,537	$	1,234	$	—
State	5,494		605		(30)
Deferred tax expense (benefit)
Federal	16,098		7,463		—
State	3,957		(2,729)		—
Income tax expense (benefit)	$	45,086	$	6,573	$	(30)

Schedule of Effective Income Tax Rate Reconciliation

The Company’s income tax expense (benefit) attributable to operations differs from the expected tax benefit amount computed by applying the statutory federal income tax rate to income before taxes is as follows:

	Year Ended December 31,
	2021		2020		2019
Income tax at the statutory rate	21.0	%	21.0	%	21.0	%
State income taxes	3.7	%	1.9	%	(0.1)	%
Income not subject to federal taxes	—	%	—	%	(21.0)	%
Gain on extinguishment of TRA	(1.0)	%	—	%	—	%
Contingent consideration	—	%	(30.5)	%	—	%
Other	(0.1)	%	0.4	%	—	%
Income tax expense (benefit) effective rate	23.6	%	(7.2)	%	(0.1)	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows:

	Year Ended December 31,
	2021		2020
	(in thousands)
Deferred tax assets
Amortizable intangible assets	$	88,705	$	103,247
Operating lease liability	1,313		1,394
Accrued expenses	307		190
Property and equipment	—		24
Other	131		56
Total deferred tax assets	$	90,456	$	104,911
Deferred tax liabilities
Contract assets	(22,923)		(18,218)
Operating lease asset	(1,326)		(1,453)
Property and equipment	(694)		—
Other	(10)		(22)
Total deferred tax liabilities	$	(24,953)	$	(19,693)
Deferred tax asset, net	$	65,503	$	85,218
*Certain prior year deferred tax component amounts have been reclassified to conform to the current year presentation.

Summary of Income Tax Examinations

The Company’s earliest open years in its key jurisdictions are as follows:

U.S. Federal	2016
State of Illinois	2020
State of New York	2017
State of Texas	2016