v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule Components Of Income Before Income Taxes

U.S. and foreign components of income before income taxes were as follows:

 

 

Year Ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

 

2021

 

Domestic

 

$

(308,232

)

 

$

(37,054

)

 

$

(58,782

)

Foreign

 

 

52

 

 

 

(4,823

)

 

 

(3,985

)

Loss before income taxes

 

$

(308,180

)

 

$

(41,877

)

 

$

(62,767

)

Schedule of Components of Income Tax Provision

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

 

 

Year Ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

 

2021

 

Current income taxes:

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

(63

)

 

$

82

 

 

$

(7

)

U.S. state and local

 

 

(28

)

 

 

26

 

 

 

—

 

Foreign

 

 

251

 

 

 

—

 

 

 

—

 

Total current income taxes

 

$

160

 

 

$

108

 

 

$

(7

)

Deferred income taxes:

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

(11,225

)

 

$

(1,160

)

 

$

497

 

U.S. state and local

 

 

(7,208

)

 

 

(15,904

)

 

 

185

 

Foreign

 

 

(280

)

 

 

(742

)

 

 

(1,118

)

Total deferred income taxes

 

$

(18,713

)

 

$

(17,806

)

 

$

(436

)

Income tax benefit

 

$

(18,553

)

 

$

(17,698

)

 

$

(443

)

Schedule of Reconciliation of the Statutory Federal Income Tax Rate to Income Tax Rate

The items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows:

 

 

Year Ended December 31,

(in thousands)

 

2023

 

 

 

2022

 

 

 

2021

 

 

Expected U.S. federal income taxes at statutory rate

 

 

21.00

 

%

 

 

21.00

 

%

 

 

21.00

 

%

Change in valuation allowance

 

 

(13.78

)

 

 

 

(35.31

)

 

 

 

(13.32

)

 

State and local income taxes, net of federal benefit

 

 

2.35

 

 

 

 

37.87

 

 

 

 

(0.29

)

 

Outside basis adjustment

 

 

0.26

 

 

 

 

17.82

 

 

 

 

9.23

 

 

Partnership income, not subject to taxation

 

 

(5.57

)

 

 

 

(8.50

)

 

 

 

(19.55

)

 

Return to provision

 

 

0.18

 

 

 

 

3.73

 

 

 

 

3.54

 

 

TRA remeasurement

 

 

1.60

 

 

 

 

4.87

 

 

 

 

0.05

 

 

Research and development credits

 

 

0.15

 

 

 

 

1.34

 

 

 

 

0.16

 

 

Foreign rate differential

 

 

(0.03

)

 

 

 

1.27

 

 

 

 

(0.02

)

 

Stock compensation

 

 

—

 

 

 

 

(1.16

)

 

 

 

—

 

 

Other

 

 

(0.14

)

 

 

 

(0.67

)

 

 

 

(0.09

)

 

Effective income tax rate

 

 

6.02

 

%

 

 

42.26

 

%

 

 

0.71

 

%

 

Schedule of Components of Deferred Tax Assets And Liabilities

The components of deferred tax assets and liabilities were as follows:

 

 

Year Ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

Deferred income tax assets:

 

 

 

 

 

 

Net operating loss carry forwards

 

$

58,015

 

 

$

52,534

 

Outside partnership basis difference

 

 

114,815

 

 

 

61,895

 

Tax receivable agreement

 

 

11,801

 

 

 

11,271

 

Stock compensation

 

 

7,892

 

 

 

—

 

Other

 

 

6,553

 

 

 

1,131

 

Deferred income tax assets

 

 

199,076

 

 

 

126,831

 

Less valuation allowance

 

 

(244,082

)

 

 

(188,237

)

Deferred income tax assets, net of valuation allowance

 

$

(45,006

)

 

$

(61,406

)

Deferred income tax liabilities:

 

 

 

 

 

 

Goodwill and intangibles

 

$

(21,616

)

 

$

(14,126

)

Deferred revenue and advances

 

 

(541

)

 

 

(107

)

Deferred income tax liabilities

 

 

(22,157

)

 

 

(14,233

)

Net deferred tax liabilities

 

$

(67,163

)

 

$

(75,639

)

 

 

 

Year Ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

Reported as:

 

 

 

 

 

 

Non-current deferred tax assets (included within Other assets)

 

$

—

 

 

$

98

 

Non-current deferred tax liabilities

 

 

(67,163

)

 

 

(75,737

)

Net deferred tax liabilities

 

$

(67,163

)

 

$

(75,639

)