v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of provision for income taxes

The provision for income taxes consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

    

2024

    

2023

    

2022

Current tax expense:

 

​

  

​

​

​

 

​

  

Federal

​

$

44,082

​

$

36,277

​

$

3,388

State

​

​

11,633

​

​

12,888

​

​

9,300

Total current tax expense

​

​

55,715

​

​

49,165

​

​

12,688

Provisions for uncertain tax expense

​

​

​

​

​

​

​

​

​

Deferred tax (benefit):

​

​

​

​

​

​

​

​

​

Federal

​

​

(53,032)

​

​

(53,382)

​

​

(21,978)

State

​

​

(6,103)

​

​

(8,283)

​

​

(5,130)

Total deferred tax benefit

​

​

(59,135)

​

​

(61,665)

​

​

(27,108)

Income tax benefit

​

$

(3,420)

​

$

(12,500)

​

$

(14,420)

​

Schedule of reconciliation between the statutory income tax rate and the effective income tax rate

The reconciliation between the statutory income tax rate and the effective income tax rate for the years ended December 31, 2024, 2023, and 2022 are as follows:

​

​

​

​

​

​

​

​

​

    

Years ended December 31,

 

​

    

2024

    

2023

​

2022

 

Statutory rate

 

21

%  

21

%  

21

%

State income tax, net of federal tax effect

 

-1

%  

1

%  

2

%

Change in state tax rates

​

-10

%  

-3

%  

-4

%

Tax credits

 

9

%  

3

%  

4

%

Stock-based compensation

​

4

%  

0

%  

0

%

Change in uncertain tax liability

 

-6

%  

0

%  

-1

%

Return to provision adjustments

​

3

%  

-3

%  

-1

%

Change in valuation allowance

​

-4

%  

0

%  

0

%

Other

 

-1

%  

1

%  

1

%

Effective tax rate

 

15

%  

20

%  

22

%

Schedule of tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are as follows (in thousands):

​

​

​

​

​

​

​

​

    

December 31,

​

    

2024

    

2023

Deferred tax assets:

​

​

​

​

​

​

State tax credits

​

$

827

​

$

827

Accrued bonus

​

​

5,148

​

​

3,535

Stock - based compensation

​

​

30,022

​

​

7,252

Accrued revenue, expenses, deferrals and other

​

​

2,611

​

​

80

Interest expense

​

​

105,353

​

​

91,265

Deferred revenue

​

​

2,129

​

​

2,171

Capitalized R&D costs

​

​

20,557

​

​

20,604

Lease liability

​

​

4,703

​

​

4,632

Software development costs

​

​

—

​

​

526

Depreciation of property and equipment

​

​

1,755

​

​

—

Net operating loss

​

​

15,599

​

​

15,848

Valuation allowance

​

​

(1,056)

​

​

(197)

Total deferred tax assets

​

$

187,648

​

$

146,543

Deferred tax liabilities:

​

​

​

​

​

​

Depreciation of property and equipment

​

​

—

​

​

5,366

Transaction costs

​

​

26

​

​

15

Amortization

​

​

262,026

​

​

289,269

Other prepaid expenses

​

​

2,270

​

​

1,905

ROU asset

​

​

2,717

​

​

2,561

Accrued revenue, expenses, deferrals and other

​

​

—

​

​

268

Deferred rent

​

​

—

​

​

96

Deferred costs

​

​

20,849

​

​

16,474

Interest rate swap

​

​

283

​

​

5,069

Total deferred liabilities

​

​

288,171

​

​

321,023

Net deferred tax liability

​

$

(100,523)

​

$

(174,480)

Schedule of reconciliation of beginning and ending unrecognized tax benefits, including associated interest and penalties

The following is a reconciliation of beginning and ending unrecognized tax benefits, including associated interest and penalties for the years ended December 31, 2024 and 2023 (in thousands):

​

​

​

​

​

​

​

​

    

December 31,

    

December 31,

​

    

2024

    

2023

Beginning balance

​

$

3,094

​

$

2,814

Additions based on tax positions related to the current year

​

​

1,265

​

​

319

Reductions based on tax positions related to the current year

​

​

(24)

​

​

(39)

Additions for positions related to prior years

​

​

—

​

​

—

Reductions for tax positions in prior years

​

​

—

​

​

—

Ending balance

​

$

4,335

​

$

3,094

Schedule of changes in the valuation allowance

The following table details the changes in the valuation allowance for the years ended December 31, 2024 and 2023 (in thousands):

​

​

​

​

​

    

State

​

​

attributes

December 31, 2024

​

​

​

Beginning balance

​

$

197

Increase/(decrease)

​

​

859

Ending balance

​

​

1,056

December 31, 2023

​

​

​

Beginning balance

​

$

197

Increase/(decrease)

​

​

—

Ending balance

​

$

197

​