Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes were as follows: 

	Years Ended December 31,
(in thousands)	2024		2023		2022
Current
Federal	$	37,536	$	33,523	$	40,113
State	10,767		10,171		19,107
Total current tax expense (benefit)	48,303		43,694		59,220
Deferred
Federal	5,164		789		(1,506)
State	1,956		605		(454)
Total deferred tax expense (benefit)	7,120		1,394		(1,960)
Total expense (benefit) for income taxes	$	55,423	$	45,088	$	57,260

Schedule of Reconciliation of Provision (Benefit) for Income Taxes

The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the years indicated: 

	Years Ended December 31,
(in thousands)	2024				2023				2022
Tax at statutory rate	$	43,654	21	%	$	39,178	21	%	$	34,416	21	%
State taxes, net of federal benefit	10,040		5	%	9,240		5	%	14,736		9	%
Excess tax benefits related to share-based compensation	(220)		—	%	(1,767)		(1)	%	(2,792)		(1)	%
Nondeductible compensation	2,246		1	%	2,106		1	%	2,356		1	%
Effect of net (income) loss attributable to noncontrolling interests	(2,348)		(1)	%	(2,299)		(1)	%	(1,435)		(1)	%
Change in valuation allowance	73		—	%	(1,547)		(1)	%	9,596		6	%
Other, net	1,978		1	%	177		—	%	383		—	%
Income tax expense (benefit)	$	55,423	27	%	$	45,088	24	%	$	57,260	35	%

Schedule of Tax Effects of Temporary Differences

The tax effects of temporary differences were as follows: 

	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Intangible assets	$	18,809	$	19,206
Net operating losses	9,180		10,754
Compensation accruals	17,173		19,614
Lease liability	17,698		19,009
Investment in sponsored products	8,801		11,643
Capital losses	7,748		6,139
Investment in partnerships	8,058		2,188
Gross deferred tax assets	87,467		88,553
Valuation allowance	(16,612)		(16,539)
Gross deferred tax assets after valuation allowance	70,855		72,014
Deferred tax liabilities:
Intangible assets	(29,642)		(26,746)
Right of use asset	(14,406)		(15,677)
Fixed assets	(3,042)		(4,197)
Other	(559)		(370)
Gross deferred tax liabilities	(47,649)		(46,990)
Deferred tax assets, net	$	23,206	$	25,024

Schedule of Unrecognized Tax Benefits Roll Forward

Activity in unrecognized tax benefits were as follows:

	Years Ended December 31,
(in thousands)	2024		2023		2022
Balance, beginning of year	$	856	$	856	$	1,235
Decrease related to tax positions taken in prior years	(214)		(214)		(593)
Increase related to positions taken in the current year	214		214		214
Balance, end of year	$	856	$	856	$	856