v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income (loss) before income taxes are as follows (in thousands):

Year Ended December 31,
202520242023
Domestic
$46,258 $84,676 $84,170 
Foreign
842 (1,405)894 
Income before income taxes
$47,100 $83,271 $85,064 
Schedule of Provision (Benefit) for Income Taxes
The provision (benefit) for income taxes consists of the following (in thousands):
Year Ended December 31,
202520242023
Current tax provision:
Federal$5,830 $17,086 $18,590 
State3,060 7,252 9,050 
Foreign340 560 532 
Total Current9,230 24,898 28,172 
Deferred tax benefit:
Federal3,715 (112)(1,811)
State1,239 (305)(806)
Foreign
245 (31)(6)
Total deferred5,199 (448)(2,623)
Total tax provision$14,429 $24,450 $25,549 
Schedule of Reconciliation Between Income Tax Provision (Benefit) at US Statutory Tax Rate
A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the consolidated statements of income and comprehensive income is below (in thousands):

Year Ended December 31,
202520242023
Income before income taxes$47,100 $83,271 $85,064 
U.S. statutory tax rate21%21%21%
Income tax expense at statutory rate9,891 17,487 17,863 
State and local income taxes, net of federal income tax effect (1)
3,396 7.2 %5,488 6.6 %6,513 7.7 %
Foreign tax effects
455 1.0 %871 1.0 %480 0.6 %
Non-taxable or Non-deductible items:
   Share-based compensation expenses
553 1.2 %(683)(0.8)%(1,126)(1.3)%
   Non-deductible officer compensation expenses
487 1.0 %1,188 1.4 %1,817 2.1 %
   Non-taxable gain contingency
(693)(1.5)%— — %— — %
   Other Non-deductible expenses
325 0.7 %87 0.1 %2 — %
Other adjustments
15 — %12 — %— — %
Total tax provision$14,429 30.6 %$24,450 29.4 %$25,549 30.0 %
(1) State taxes in Florida, New York, California, and New York City make up the majority (greater than 50 percent) of the effect of this category.
Schedule of Deferred Tax Assets and Liabilities The following table outlines the principal components of the deferred tax assets and liabilities (in thousands):
December 31,
20252024
Deferred tax assets:
U.S. federal and state net operating losses$2,434 $2,809 
Foreign net operating losses8,415 7,132 
Allowance for credit losses1,421 1,131 
Share-based compensation1,943 1,280 
Accrued compensation479 642 
Deferred revenue75 848 
Transaction costs
3,422 493 
Lease liabilities6,057 6,793 
Other1,139 989 
Total deferred tax assets25,385 22,117 
Valuation allowance(8,042)(6,537)
Total deferred tax assets, net of valuation allowance
17,343 15,580 
Deferred tax liabilities:
Depreciation(11,892)(3,542)
Right-of-use assets(4,426)(4,967)
Intangible amortization(6,397)(7,321)
Total deferred tax liabilities(22,715)(15,830)
Net deferred tax liability$(5,372)$(250)
Schedule of Cash Paid for Income Taxes, Net of Refunds Received
Cash paid for income taxes, net of refunds received, by jurisdiction for the years ended December 31, 2025, 2024, and 2023 is as follows (in thousands):

Year ended December 31,
202520242023
Federal
$10,662 $17,050 $13,665 
State:
   California
748 1,227 1,198 
   Florida
1,181 1,978 2,580 
   New York
2,167 1,297 982 
   Other States
2,328 3,039 3,078 
Foreign
803 — — 
   Cash paid for income taxes, net of refunds received
$17,889 $24,591 $21,503