v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Pre-Tax Income (Loss)
The Company had pre-tax income (loss) as follows:
SuccessorPredecessor
 Year Ended December 31, 2025July 30 through December 31, 2024January 1 through July 29, 2024Year Ended December 31, 2023
Domestic$(138,276)$(128,633)$(30,305)$(38,505)
Foreign40,104 17,925 17,845 34,225 
Total pre-tax income (loss)$(98,172)$(110,708)$(12,460)$(4,280)
Schedule of Provision For Income Taxes
The provision for income taxes consists of the following:
SuccessorPredecessor
 Year Ended December 31, 2025July 30 through December 31, 2024January 1 through July 29, 2024Year Ended December 31, 2023
Current  
Federal$(222)$(248)$— $8,058 
State(263)908 879 2,564 
Foreign22,219 8,099 11,397 15,130 
Total current tax provision$21,734 $8,759 $12,276 $25,752 
Deferred  
Federal$(24,964)$(9,634)$(5,868)$(14,912)
State570 (1,246)(1,506)(2,215)
Foreign(8,396)(3,135)(1,659)(6,616)
Total deferred tax provision$(32,790)$(14,015)$(9,033)$(23,743)
Net deferred tax provision$(32,790)$(14,015)$(9,033)$(23,743)
Provision (benefit) for income taxes$(11,056)$(5,256)$3,243 $2,009 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the United States statutory federal tax rate to the consolidated effective tax rate follows:
Year Ended December 31, 2025
AmountPercentage
U.S. Federal Statutory Tax Rate$(20,616)21.00 %
State and local income taxes, net of federal income tax effect (1)495 (0.50)%
Foreign tax effects
Canada
Non-deductible expenses1,181 (1.20)%
Withholding tax5,694 (5.80)%
Foreign rate differential 1,128 (1.15)%
Other(2,131)2.17 %
Other jurisdictions1,329 (1.35)%
Effect of cross-border tax laws59 (0.06)%
Nontaxable or nondeductible items
Meals and entertainment2,153 (2.19)%
Transaction costs1,331 (1.36)%
Other (422)0.43 %
Tax credits
R&D tax credits(2,213)2.25 %
Changes in unrecognized tax benefits(121)0.12 %
Other adjustments1,077 (1.10)%
Total $(11,056)11.26 %
(1) State taxes in California, Florida, Illinois, Louisiana, Massachusetts, Missouri, Minnesota, Pennsylvania, and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
The income tax benefit of $11.1 million for the year is less than the statutory rate primarily drive by non-deductible expenses, impacts of foreign tax rates and withholding taxes. These are partially offset by R&D tax credits generated during the year.
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income as follows:
SuccessorPredecessor
 July 30 through December 31, 2024January 1 through July 29, 2024Year Ended December 31, 2023
 AmountPercentAmountPercentAmountPercent
Federal income tax provision at statutory tax rate(23,249)21%(2,617)21%(898)21%
State income taxes, net of federal benefit(260)—%(1,436)12%283 (7%)
Foreign tax rate differential842 (1%)1,522 (12%)1,097 (26%)
Permanent differences— —%(315)2%504 (12%)
Meals and entertainment673 (1%)877 (7%)1,496 (35%)
Goodwill— —%— —%(576)14%
Transaction costs2,730 (2%)(5,154)41%— —%
Stock compensation14,705 (13%)172 (1%)309 (7%)
Bonus— —%(2,185)17%— —%
State rate deferred benefit— —%— —%(557)13%
Foreign deferred rate change— —%— —%40 (1%)
Foreign WHT— —%— —%— —%
Change in valuation allowance— —%12,596 (101%)— —%
Other(697)1%(217)1%311 (7%)
Provision (benefit) for income taxes$(5,256)5%$3,243 (27%)$2,009 (47%)
Schedule of Reconciliation of Cash Paid ForIncome Taxes
A reconciliation of cash paid for taxes is as follows:
Year Ended December 31, 2025
Amount
Federal$419 
State
Louisiana1,347 
Other1,933 
Foreign
Canada18,561 
Alberta4,106 
Other1,402 
Total $27,768 
Schedule of Deferred Tax Assets and Liabilities
Deferred income tax attributes resulting from differences between financial accounting and income tax bases of assets and liabilities are as follows:
Successor
 December 31, 2025December 31, 2024
Deferred income tax assets  
Net operating loss carryforward$38,394 $16,183 
Allowance for doubtful accounts2,674 1,030 
Accrued expenses3,791 1,852 
IRC Sec 163(j) interest carryforward45,863 29,839 
Deferred share based compensation10,012 398 
Pension and workers compensation1,084 1,087 
Accrued compensation3,936 1,875 
Tax credits3,082 1,082 
Lease liabilities
15,251 7,555 
IRC Sec 174 capitalized costs26,173 1,250 
Other4,095 1,356 
Gross deferred income tax assets$154,355 $63,507 
Deferred income tax liabilities  
Right-of-use assets
(15,256)(7,808)
Property and equipment(33,990)(27,520)
Goodwill and other intangibles(322,132)(178,086)
Other(4,414)— 
Total deferred income tax liabilities(375,792)(213,414)
Valuation allowance(80)— 
Net deferred income taxes$(221,517)$(149,907)
Schedule of Unrecognized Tax Benefits The following table summarizes the change in the Company’s unrecognized tax benefits, excluding interest and penalties:
SuccessorPredecessor
Year Ended December 31, 2025July 30 through December 31, 2024January 1 through July 29, 2024
Balance, beginning of period
$4,828 $13,976 $15,667 
Additions for tax positions related to the current year480 — — 
Additions for tax positions from prior years3,694 — — 
Statutes of limitations expirations(563)(9,148)(1,691)
Balance, end of period
$8,439 $4,828 $13,976