Income Taxes and Tax Receivable Agreement (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Summary of Income (loss) Before Income Taxes |
The following table presents income (loss) before income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
U.S. income (loss) before income taxes |
|
$ |
(52,518 |
) |
|
$ |
(99,116 |
) |
|
$ |
(5,503 |
) |
Foreign income (loss) before income taxes |
|
|
169 |
|
|
|
78 |
|
|
|
94 |
|
Income (loss) before income taxes |
|
$ |
(52,349 |
) |
|
$ |
(99,038 |
) |
|
$ |
(5,409 |
) |
|
| Summary of Income Tax Expense (Benefit) |
The following table presents the components of income tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Current tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
(6 |
) |
|
$ |
47 |
|
|
$ |
359 |
|
State |
|
|
158 |
|
|
|
198 |
|
|
|
509 |
|
Foreign |
|
|
797 |
|
|
|
1,075 |
|
|
|
123 |
|
Total current tax expense |
|
|
949 |
|
|
|
1,320 |
|
|
|
991 |
|
Deferred tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
|
323 |
|
|
|
(1,559 |
) |
|
|
30 |
|
State |
|
|
45 |
|
|
|
(98 |
) |
|
|
8 |
|
Foreign |
|
|
5 |
|
|
|
(5 |
) |
|
|
5 |
|
Total deferred tax expense (benefit) |
|
|
373 |
|
|
|
(1,662 |
) |
|
|
43 |
|
Income tax expense |
|
$ |
1,322 |
|
|
$ |
(342 |
) |
|
$ |
1,034 |
|
|
| Summary of Reconciliation Between Company's Effective Tax Rate and Applicable U.S. federal Statutory Income Tax Rate |
The following table presents a reconciliation between the Company's effective tax rate and the applicable U.S. federal statutory income tax rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Tax computed at federal statutory rate |
|
$ |
(10,993 |
) |
|
|
21.0 |
% |
|
$ |
(20,798 |
) |
|
|
21.0 |
% |
|
$ |
(1,136 |
) |
|
|
21.0 |
% |
State tax, net of federal tax benefit (1) |
|
|
193 |
|
|
|
(0.4 |
)% |
|
|
109 |
|
|
|
(0.1 |
)% |
|
|
420 |
|
|
|
(7.8 |
)% |
Foreign tax effects |
|
|
767 |
|
|
|
(1.5 |
)% |
|
|
1,052 |
|
|
|
(1.1 |
)% |
|
|
14 |
|
|
|
(0.3 |
)% |
Non-taxable or nondeductible items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
|
(1,469 |
) |
|
|
2.8 |
% |
|
|
1,979 |
|
|
|
(2.0 |
)% |
|
|
(4,160 |
) |
|
|
76.9 |
% |
Executive compensation |
|
|
80 |
|
|
|
(0.1 |
)% |
|
|
— |
|
|
|
— |
% |
|
|
952 |
|
|
|
(17.6 |
)% |
Penalties |
|
|
2,587 |
|
|
|
(4.9 |
)% |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
Other |
|
|
23 |
|
|
|
(0.1 |
)% |
|
|
379 |
|
|
|
(0.4 |
)% |
|
|
(85 |
) |
|
|
1.6 |
% |
Changes in valuation allowance |
|
|
8,484 |
|
|
|
(16.2 |
)% |
|
|
13,051 |
|
|
|
(13.2 |
)% |
|
|
3,651 |
|
|
|
(67.5 |
)% |
Tax credits |
|
|
(693 |
) |
|
|
1.3 |
% |
|
|
(595 |
) |
|
|
0.6 |
% |
|
|
— |
|
|
|
— |
% |
Other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
2,051 |
|
|
|
(3.9 |
)% |
|
|
4,326 |
|
|
|
(4.3 |
)% |
|
|
1,275 |
|
|
|
(23.6 |
)% |
TRA liability |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
|
|
177 |
|
|
|
(3.3 |
)% |
Other |
|
|
292 |
|
|
|
(0.5 |
)% |
|
|
155 |
|
|
|
(0.2 |
)% |
|
|
(74 |
) |
|
|
1.5 |
% |
Effective tax rate |
|
|
1,322 |
|
|
|
(2.5 |
)% |
|
|
(342 |
) |
|
|
0.3 |
% |
|
|
1,034 |
|
|
|
(19.1 |
)% |
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include Texas and California for the year ended December 31, 2025, Texas for the year ended December 31, 2024 and Illinois, New Jersey and Texas for the year ended December 31, 2023.
|
| Schedule of Components of Income Taxes Paid |
The following table presents the amounts of taxes paid by the Company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Current tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
(19 |
) |
|
$ |
33 |
|
|
$ |
47 |
|
State |
|
|
|
|
|
|
|
|
|
California |
|
|
— |
|
|
|
75 |
|
|
|
— |
|
Illinois |
|
|
— |
|
|
|
— |
|
|
|
162 |
|
New Jersey |
|
|
— |
|
|
|
— |
|
|
|
183 |
|
New York City |
|
|
66 |
|
|
|
93 |
|
|
|
239 |
|
Pennsylvania |
|
|
— |
|
|
|
— |
|
|
|
114 |
|
Texas |
|
|
180 |
|
|
|
159 |
|
|
|
130 |
|
All other states |
|
|
4 |
|
|
|
175 |
|
|
|
692 |
|
Foreign |
|
|
(25 |
) |
|
|
28 |
|
|
|
— |
|
Total |
|
|
206 |
|
|
|
563 |
|
|
|
1,567 |
|
|
| Summary of Company's Net Deferred Tax Assets and Liabilities |
The following table presents the components that comprise the Company's net deferred tax assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2025 |
|
|
2024 |
|
|
Deferred tax assets: |
|
|
|
|
|
|
|
Investment in partnership |
|
$ |
11,927 |
|
|
$ |
21,997 |
|
|
Net operating losses |
|
|
72,866 |
|
|
|
35,051 |
|
|
Tax receivable agreement |
|
|
885 |
|
|
|
1,102 |
|
|
Interest expense |
|
|
24,882 |
|
|
|
14,122 |
|
|
Deferred revenue |
|
|
773 |
|
|
|
1,270 |
|
|
Accruals and reserves |
|
|
6,371 |
|
|
|
3,396 |
|
|
Other |
|
|
658 |
|
|
|
— |
|
|
Total deferred tax assets |
|
|
118,362 |
|
|
|
76,938 |
|
|
Valuation allowance for deferred tax assets |
|
|
(117,049 |
) |
|
|
(75,244 |
) |
|
Total deferred tax assets, net of valuation allowance |
|
|
1,313 |
|
|
|
1,694 |
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
Property and equipment and intangible assets |
|
|
— |
|
|
|
(18 |
) |
|
Other |
|
|
(25 |
) |
|
|
(14 |
) |
|
Total deferred tax liabilities |
|
|
(25 |
) |
|
|
(32 |
) |
|
Net deferred tax assets (liabilities) |
|
$ |
1,288 |
|
|
$ |
1,662 |
|
|
|