Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Income Tax Disclosure [Abstract] |
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| Summary of Components of Income (Loss) from Continuing Operations before Provision for Income Taxes |
The components of income from continuing operations before (benefit) provision for income taxes consisted of the following (in thousands):
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Years Ended December 31, |
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2024 |
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2023 |
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2022 |
| United States |
$ |
(14,396) |
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|
$ |
(39,708) |
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|
$ |
143,815 |
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| Foreign |
1,368 |
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|
(693) |
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|
(1,786) |
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|
$ |
(13,028) |
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|
$ |
(40,401) |
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$ |
142,029 |
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| Schedule of Provision (Benefit) for Income Taxes |
The (benefit) provision for income taxes consisted of the following (in thousands):
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Years Ended December 31, |
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2024 |
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2023 |
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2022 |
| Federal: |
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| Current |
$ |
138 |
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|
$ |
(220) |
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|
$ |
34,968 |
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| Deferred |
(84) |
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|
(5,342) |
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(4,973) |
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54 |
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(5,562) |
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29,995 |
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| State: |
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| Current |
595 |
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|
277 |
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|
8,857 |
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| Deferred |
(1,331) |
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|
(1,087) |
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(1,100) |
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(736) |
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(810) |
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7,757 |
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| Foreign: |
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| Current |
— |
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— |
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— |
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| Deferred |
16 |
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|
6 |
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|
52 |
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16 |
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|
6 |
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|
52 |
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|
$ |
(666) |
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|
$ |
(6,366) |
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$ |
37,804 |
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| Significant Components of Deferred Tax Assets (Liabilities), Net |
Significant components of the Company’s deferred tax assets, net consisted of the following (in thousands):
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December 31, |
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2024 |
|
2023 |
| Deferred Tax Assets: |
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| Accrued expenses and bonuses |
$ |
3,984 |
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|
$ |
3,201 |
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| Advances and loans and other reserves |
16,611 |
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|
12,612 |
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| Deferred compensation and commissions |
12,088 |
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|
17,764 |
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| Operating lease liabilities |
22,834 |
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|
23,359 |
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| Stock-based compensation |
7,682 |
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|
7,106 |
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| Net operating and capital loss carryforwards |
11,341 |
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|
13,664 |
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| Other comprehensive income |
306 |
|
|
580 |
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| Amortizable intangibles and other |
4,526 |
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|
2,687 |
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| Deferred tax assets before valuation allowance |
79,372 |
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|
80,973 |
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| Valuation allowance |
(4,959) |
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|
(5,296) |
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| Deferred Tax Assets |
74,413 |
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|
75,677 |
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| Deferred Tax Liabilities: |
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| Property and equipment |
(2,744) |
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|
(4,366) |
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| Operating lease ROU assets, net |
(19,236) |
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|
(20,781) |
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| Prepaid expenses |
(895) |
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|
(841) |
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| State taxes |
(1,535) |
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|
(1,385) |
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| Goodwill and other |
(1,923) |
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|
(1,374) |
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| Deferred Tax Liabilities |
(26,333) |
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|
(28,747) |
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| Deferred Tax Assets, Net |
$ |
48,080 |
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|
$ |
46,930 |
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| Components of Provision for Income Taxes and Income before Provision for Income Taxes |
The (benefit) provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (dollars in thousands):
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Years Ended December 31, |
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2024 |
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2023 |
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2022 |
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Amount |
|
Rate |
|
Amount |
|
Rate |
|
Amount |
|
Rate |
| Income tax (benefit) expense at the federal statutory rate |
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$ |
(2,736) |
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|
21.0 |
% |
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$ |
(8,484) |
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21.0 |
% |
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$ |
29,826 |
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|
21.0 |
% |
| State income tax (benefit) expense, net of federal benefit |
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(582) |
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4.5 |
% |
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(602) |
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1.5 |
% |
|
6,127 |
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|
4.3 |
% |
| Shortfall (windfall) tax benefits, net related to stock-based compensation |
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|
1,014 |
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|
(7.8) |
% |
|
1,260 |
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|
(3.1) |
% |
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(2,714) |
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(1.9) |
% |
| Change in valuation allowance |
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(337) |
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2.6 |
% |
|
388 |
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(0.9) |
% |
|
337 |
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|
0.2 |
% |
Permanent and other items (1)
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1,975 |
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(15.2) |
% |
|
1,072 |
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(2.7) |
% |
|
4,228 |
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|
3.0 |
% |
| (Benefit) provision for income taxes |
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|
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$ |
(666) |
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|
5.1 |
% |
|
$ |
(6,366) |
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|
15.8 |
% |
|
$ |
37,804 |
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|
26.6 |
% |
(1)Permanent items relate principally to compensation charges (6.8% – 2024), meals and entertainment (5.5% – 2024), qualified transportation fringe benefits, and other items.
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