v3.25.1
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