Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
| Income Tax Disclosure [Abstract] |
|
| Schedule of Loss Before Income Tax Benefit |
The following table depicts the loss before income tax benefit by geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
As Restated |
|
|
As Restated |
|
United States |
|
$ |
(91,482 |
) |
|
$ |
(55,865 |
) |
|
$ |
(10,682 |
) |
Foreign |
|
|
(37,916 |
) |
|
|
(11,539 |
) |
|
|
(10,460 |
) |
Loss before income tax benefit |
|
$ |
(129,398 |
) |
|
$ |
(67,404 |
) |
|
$ |
(21,142 |
) |
|
| Schedule of Income Tax Benefit (Provision) |
Income tax benefit consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
As Restated |
|
|
As Restated |
|
Current provision: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
(869 |
) |
|
$ |
— |
|
|
$ |
(1,799 |
) |
State |
|
|
(323 |
) |
|
|
— |
|
|
|
(580 |
) |
Foreign |
|
|
(2,579 |
) |
|
|
(3,873 |
) |
|
|
(1,880 |
) |
Total current provision |
|
|
(3,771 |
) |
|
|
(3,873 |
) |
|
|
(4,259 |
) |
Deferred benefit: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
10,305 |
|
|
|
7,933 |
|
|
|
15,988 |
|
State |
|
|
4,202 |
|
|
|
2,557 |
|
|
|
3,802 |
|
Foreign |
|
|
1,799 |
|
|
|
3,010 |
|
|
|
1,326 |
|
Total deferred benefit |
|
|
16,306 |
|
|
|
13,500 |
|
|
|
21,116 |
|
Income tax benefit |
|
$ |
12,535 |
|
|
$ |
9,627 |
|
|
$ |
16,857 |
|
|
| Difference by Applying the Statutory Federal Income Tax Rate |
The income tax benefit for the years ended December 31, 2024, 2023 and 2022 differs from the amounts computed by applying the statutory federal income tax rate to consolidated loss before income tax benefit as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
As Restated |
|
|
As Restated |
|
Benefit computed at statutory rate |
|
$ |
27,174 |
|
|
$ |
14,154 |
|
|
$ |
4,439 |
|
Increase/(decrease) resulting from: |
|
|
|
|
|
|
|
|
|
Foreign tax rate differential |
|
|
101 |
|
|
|
27 |
|
|
|
(379 |
) |
State income tax provision, net of federal benefit |
|
|
2,937 |
|
|
|
2,020 |
|
|
|
(499 |
) |
Change in tax rate |
|
|
— |
|
|
|
107 |
|
|
|
195 |
|
Change in valuation allowance |
|
|
— |
|
|
|
(2,108 |
) |
|
|
17,970 |
|
Remeasurement of contingent consideration |
|
|
4,712 |
|
|
|
26,028 |
|
|
|
(1,680 |
) |
Other |
|
|
325 |
|
|
|
3 |
|
|
|
— |
|
Acquisition costs |
|
|
(8,256 |
) |
|
|
(75 |
) |
|
|
(2,657 |
) |
Non-deductible expenditure |
|
|
(133 |
) |
|
|
(373 |
) |
|
|
(74 |
) |
Goodwill impairment |
|
|
(13,909 |
) |
|
|
(29,326 |
) |
|
|
— |
|
Movement in uncertain tax positions |
|
|
(416 |
) |
|
|
(830 |
) |
|
|
(458 |
) |
Income tax benefit |
|
$ |
12,535 |
|
|
$ |
9,627 |
|
|
$ |
16,857 |
|
|
| Schedule of Significant Components of Company's Net Deferred Tax Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
As Restated |
|
Deferred tax assets: |
|
|
|
|
|
|
Property and equipment |
|
$ |
67 |
|
|
$ |
— |
|
Net operating loss carryforwards |
|
|
3,268 |
|
|
|
9,898 |
|
Tax credit carryforwards |
|
|
207 |
|
|
|
— |
|
Employee benefit accruals |
|
|
963 |
|
|
|
— |
|
Accruals and allowances |
|
|
3,775 |
|
|
|
1,939 |
|
Other |
|
|
1,004 |
|
|
|
— |
|
Interest deductions carried forward |
|
|
10,112 |
|
|
|
6,760 |
|
Capitalized R&D expenses |
|
|
9,844 |
|
|
|
— |
|
Lease liability |
|
|
4,285 |
|
|
|
— |
|
Gross deferred tax assets |
|
|
33,525 |
|
|
|
18,597 |
|
Less valuation allowance |
|
|
(722 |
) |
|
|
(5,027 |
) |
Total deferred tax assets |
|
|
32,803 |
|
|
|
13,570 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Property and equipment |
|
|
— |
|
|
|
(288 |
) |
Intangible assets |
|
|
(133,265 |
) |
|
|
(35,431 |
) |
Internally developed software |
|
|
(30,437 |
) |
|
|
— |
|
Other |
|
|
— |
|
|
|
(609 |
) |
Right of use asset |
|
|
(3,186 |
) |
|
|
— |
|
Unrepatriated earnings |
|
|
(174 |
) |
|
|
— |
|
Total deferred tax liabilities |
|
|
(167,062 |
) |
|
|
(36,328 |
) |
Net deferred tax assets/(liabilities) |
|
$ |
(134,259 |
) |
|
$ |
(22,758 |
) |
|
| Summary of Valuation Allowance against Deferred Tax Asset |
The following table represents a roll forward of the valuation allowance against deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
As Restated |
|
|
As Restated |
|
Balance at beginning of year |
|
$ |
5,027 |
|
|
$ |
2,676 |
|
|
$ |
20,002 |
|
Decrease through net parent investment |
|
|
(5,027 |
) |
|
|
— |
|
|
|
— |
|
Increase (decrease) in valuation allowance |
|
|
— |
|
|
|
2,351 |
|
|
|
(17,326 |
) |
Purchase accounting |
|
|
722 |
|
|
|
— |
|
|
|
— |
|
Balance at end of year |
|
$ |
722 |
|
|
$ |
5,027 |
|
|
$ |
2,676 |
|
|
| Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
2024 |
|
|
2023 |
|
Balance at beginning of year |
$ |
2,819 |
|
|
$ |
2,164 |
|
Increase related to current year tax positions |
|
189 |
|
|
|
655 |
|
Balance at end of year |
$ |
3,008 |
|
|
$ |
2,819 |
|
|