Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of Pre-Tax Income (Loss) |
The Company had pre-tax income (loss) as follows:
|
|
|
2024
|
|
2023
|
|
2022
|
|
Successor
July 30 to
December 31
|
|
Predecessor
January 1 to
July 29
(As Restated)
|
|
Predecessor
January 1 to
December 31
|
|
Predecessor
January 1 to
December 31
|
|
Domestic
|
|
$
|
(128,633 |
)
|
|
$
|
(30,305 |
)
|
|
$
|
(38,505 |
)
|
|
$
|
(6,030 |
)
|
|
Foreign
|
|
|
17,925 |
|
|
|
17,845 |
|
|
|
34,225 |
|
|
|
29,481 |
|
|
Total pre-tax income (loss)
|
|
$
|
(110,708 |
)
|
|
$
|
(12,460 |
)
|
|
$
|
(4,280 |
)
|
|
$
|
23,451 |
|
|
| Schedule of Statutory Federal Income Tax Rate to Income |
The provision for income taxes consists of the following:
|
|
|
2024
|
|
2023
|
|
2022
|
| |
|
Successor
July 30 to
December 31
|
|
Predecessor
January 1 to
July 29
(As Restated)
|
|
Predecessor
January 1 to
December 31
|
|
Predecessor
January 1 to
December 31
|
|
Current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
(248 |
)
|
|
$
|
—
|
|
|
$
|
8,058 |
|
|
$
|
5,288 |
|
|
State
|
|
|
908 |
|
|
|
879 |
|
|
|
2,564 |
|
|
|
2,017 |
|
|
Foreign
|
|
|
8,099 |
|
|
|
11,397 |
|
|
|
15,130 |
|
|
|
14,414 |
|
|
Total current tax provision
|
|
|
8,759 |
|
|
|
12,276 |
|
|
|
25,752 |
|
|
|
21,719 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(9,634 |
)
|
|
|
(5,868 |
)
|
|
|
(14,912 |
)
|
|
|
(9,265 |
)
|
|
State
|
|
|
(1,246 |
)
|
|
|
(1,506 |
)
|
|
|
(2,215 |
)
|
|
|
(1,737 |
)
|
|
Foreign
|
|
|
(3,135 |
)
|
|
|
(1,659 |
)
|
|
|
(6,616 |
)
|
|
|
(7,048 |
)
|
|
Total deferred tax provision
|
|
|
(14,015 |
)
|
|
|
(9,033 |
)
|
|
|
(23,743 |
)
|
|
|
(18,050 |
)
|
|
Increase (decrease) in valuation allowance
|
|
$
|
—
|
|
|
|
|
|
|
$
|
—
|
|
|
$
|
(261 |
)
|
|
Net deferred tax provision
|
|
$
|
(14,015 |
)
|
|
$
|
(9,033 |
)
|
|
$
|
(23,743 |
)
|
|
$
|
(18,311 |
)
|
|
Provision (benefit) for income taxes
|
|
$
|
(5,256 |
)
|
|
$
|
3,243 |
|
|
$
|
2,009 |
|
|
$
|
3,408 |
|
|
| Schedule of Statutory Federal Income Tax Rate to Income |
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income as follows:
|
|
|
2024
|
|
2023
|
|
2022
|
| |
|
Successor
July 30 to
December 31
|
|
Predecessor
January 1 to
July 29
(As Restated)
|
|
Predecessor
January 1 to
December 31
|
|
Predecessor
January 1 to
December 31
|
| |
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Federal income tax provision at statutory tax rate
|
|
|
(23,249 |
)
|
|
21 |
%
|
|
|
(2,617 |
)
|
|
21 |
%
|
|
|
(898 |
)
|
|
21 |
%
|
|
|
4,925 |
|
|
21 |
%
|
|
State income taxes, net of federal benefit
|
|
|
(260 |
)
|
|
—
|
%
|
|
|
(1,436 |
)
|
|
12 |
%
|
|
|
283 |
|
|
(7 |
)%
|
|
|
581 |
|
|
3 |
%
|
|
Foreign tax rate differential
|
|
|
842 |
|
|
(1 |
)%
|
|
|
1,522 |
|
|
(12 |
)%
|
|
|
1,097 |
|
|
(26 |
)%
|
|
|
889 |
|
|
4 |
%
|
|
Permanent differences
|
|
|
—
|
|
|
—
|
%
|
|
|
(315 |
)
|
|
2 |
%
|
|
|
504 |
|
|
(12 |
)%
|
|
|
87 |
|
|
—
|
%
|
|
Meals and entertainment
|
|
|
673 |
|
|
(1 |
)%
|
|
|
877 |
|
|
(7 |
)%
|
|
|
1,496 |
|
|
(35 |
)%
|
|
|
611 |
|
|
3 |
%
|
|
Goodwill
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
—
|
%
|
|
|
(576 |
)
|
|
14 |
%
|
|
|
(576 |
)
|
|
(2 |
)%
|
|
Transaction costs
|
|
|
2,730 |
|
|
(2 |
)%
|
|
|
(5,154 |
)
|
|
41 |
%
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
—
|
%
|
|
Bargain purchase gain
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
—
|
%
|
|
|
(2,480 |
)
|
|
(11 |
)%
|
|
Stock compensation
|
|
|
14,705 |
|
|
(13 |
)%
|
|
|
172 |
|
|
(1 |
)%
|
|
|
309 |
|
|
(7 |
)%
|
|
|
—
|
|
|
—
|
%
|
|
Bonus
|
|
|
—
|
|
|
—
|
%
|
|
|
(2,185 |
)
|
|
17 |
%
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
—
|
%
|
|
State rate deferred benefit
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
—
|
%
|
|
|
(557 |
)
|
|
13 |
%
|
|
|
(828 |
)
|
|
(4 |
)%
|
|
Foreign deferred rate change
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
—
|
%
|
|
|
40 |
|
|
(1 |
)%
|
|
|
33 |
|
|
—
|
%
|
|
Change in valuation allowance
|
|
|
—
|
|
|
—
|
%
|
|
|
12,596 |
|
|
(101 |
)%
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
—
|
%
|
|
Other
|
|
|
(697 |
)
|
|
1 |
%
|
|
|
(217 |
)
|
|
1 |
%
|
|
|
311 |
|
|
(7 |
)%
|
|
|
166 |
|
|
1 |
%
|
|
Provision (benefit) for income taxes
|
|
$
|
(5,256 |
)
|
|
5 |
%
|
|
$
|
3,243 |
|
|
(27 |
)%
|
|
$
|
2,009 |
|
|
(47 |
)%
|
|
$
|
3,408 |
|
|
15 |
%
|
|
| Schedule of Deferred Income Tax Attributes Resulting from Differences Between Financial Accounting and Income Tax Bases of Assets and Liabilities |
Deferred income tax attributes resulting from differences between financial accounting and income tax bases of assets and liabilities are as follows:
|
|
|
December 31,
|
| |
|
2024
Successor
|
|
2023
Predecessor
|
|
Deferred income tax assets
|
|
|
|
|
|
|
|
|
|
Net operating loss carryforward
|
|
$
|
16,183 |
|
|
$
|
11,926 |
|
|
Allowance for doubtful accounts
|
|
|
1,030 |
|
|
|
536 |
|
|
Accrued expenses
|
|
|
1,852 |
|
|
|
1,832 |
|
|
IRC Sec 163(j) interest carryforward
|
|
|
29,839 |
|
|
|
15,189 |
|
|
Deferred share based compensation
|
|
|
398 |
|
|
|
3,315 |
|
|
Pension and workers compensation
|
|
|
1,087 |
|
|
|
655 |
|
|
Accrued compensation
|
|
|
1,875 |
|
|
|
944 |
|
|
Tax credits
|
|
|
1,082 |
|
|
|
1,083 |
|
|
IRC Sec 174 capitalized costs
|
|
|
1,250 |
|
|
|
1,182 |
|
|
Other
|
|
|
1,103 |
|
|
|
643 |
|
|
Gross deferred income tax assets
|
|
$
|
55,699 |
|
|
$
|
37,305 |
|
| |
|
|
|
|
|
|
|
|
|
Deferred income tax liabilities
|
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
(27,520 |
)
|
|
|
(10,967 |
)
|
|
Goodwill and other intangibles
|
|
|
(178,086 |
)
|
|
|
(58,457 |
)
|
|
Other
|
|
|
—
|
|
|
|
(807 |
)
|
|
Total deferred income tax liabilities
|
|
|
(205,606 |
)
|
|
|
(70,231 |
)
|
|
Net deferred income taxes
|
|
$
|
(149,907 |
)
|
|
$
|
(32,926 |
)
|
|
| Schedule of Change in the Unrecognized Tax Benefits, Excluding Interest and Penalties |
The Company has unrecognized tax benefits of $4.8 million at December 31, 2024 and $15.7 million at December 31, 2023. The following table summarizes the change in the Company’s unrecognized tax benefits, excluding interest and penalties:
|
|
|
2024
|
|
2023
|
| |
|
Successor
July 30 to
December 31
|
|
Predecessor
January 1 to
July 29
(As Restated)
|
|
Predecessor
January 1 to
December 31
|
|
Balance, beginning of period
|
|
$
|
13,976 |
|
|
$
|
15,667 |
|
|
$
|
15,667 |
|
Additions for tax positions related to the current year
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Additions for tax positions from prior years
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Reductions for tax positions from prior years
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Settlement payments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Statues of limitations expirations
|
|
|
(9,148 |
)
|
|
|
(1,691 |
)
|
|
|
—
|
|
Translation and other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Balance, end of period
|
|
$
|
4,828 |
|
|
$
|
13,976 |
|
|
$
|
15,667 |
|