v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Details of the Company’s income tax expense are as follows:
Year Ended December 31,
202520242023
Current tax expense:
   Federal$31,362 $32,454 $27,303 
   State3,058 3,294 3,608 
34,420 35,748 30,911 
Deferred tax benefit:
   Federal503 (1,873)2,281 
   State(131)(2,634)(1,386)
   Foreign(6,426)(3,241)(5,554)
(6,054)(7,748)(4,659)
Change in valuation allowance6,622 3,630 5,554 
Total income tax expense$34,988 $31,630 $31,806 
Schedule of Income (Loss), Income Tax (Expense), and Effective Tax Rate
The differences between the income tax expense and the expected income taxes based on the statutory tax rate applied to pre-tax loss are as follows:
Year Ended December 31,
202520242023
Loss before income taxes
$(33,603)$(17,147)$(33,296)
U.S. federal statutory tax rate(7,057)21.0 %(3,601)21.0 %(6,992)21.0 %
State and local income taxes, net of federal income tax effect (1)
1,161 (3.5)%(711)4.1 %(600)1.8 %
Foreign tax effects
Canada
Statutory tax rate difference between Canada and U.S.(9,349)27.8 %(5,088)29.7 %(4,576)13.7 %
Changes in valuation allowances6,426 (19.1)%4,560 (26.6)%5,554 (16.7)%
Deemed interest income869 (2.6)%1,641 (9.6)%842 (2.5)%
Gain on fair value derivative1,374 (4.1)%(1,694)9.9 %(2,550)7.7 %
Other680 (2.0)%581 (3.4)%730 (2.2)%
Switzerland
Changes in valuation allowances— 0.0 %(1,050)6.1 %— 0.0 %
Write-off foreign NOL— 0.0 %1,050 (6.1)%— 0.0 %
Other — 0.0 %(930)5.4 %114 (0.3)%
Other foreign jurisdictions— 0.0 %509 (3.0)%— 0.0 %
Nontaxable or nondeductible items
Gain on fair value of derivative1,068 (3.2)%(1,318)7.7 %(2,014)6.0 %
IRC Section 280E disallowed expenses— 0.0 %— 0.0 %10,862 (32.6)%
Other (82)0.2 %929 (5.4)%2,608 (7.8)%
Changes in unrecognized tax benefits39,495 (117.5)%35,452 (206.8)%24,888 (74.7)%
Return to provision403 (1.2)%1,300 (7.6)%2,940 (8.8)%
Total income tax expense$34,988 (104.1)%$31,630 (184.5)%$31,806 (95.5)%
(1)     State taxes in Illinois, Pennsylvania and Virginia for 2025; California, Illinois, Pennsylvania and Virginia for 2024 and Illinois, Pennsylvania and Virginia for 2023 make up the majority (greater than 50%) of the tax effect in this category.
Schedule of Incomes Taxes Paid
The amounts of cash income taxes paid/(received) by the Company were as follows:
Year Ended December 31,
202520242023
U.S. federal$1,679 $(173)$60 
U.S. state and local
Philadelphia
— (720)87 
Pennsylvania243 (1,874)912 
Florida(26)(426)80 
Virginia831 425 360 
Illinois(397)(1,696)1,276 
Other state and local
123 75 5 
Total income taxes paid/(received), net$2,453 $(4,389)$2,780 
Schedule of Deferred Tax Assets and Liabilities
Year-end deferred tax assets and liabilities were due to the following:
Year Ended December 31,
20252024
Deferred tax assets:
   Lease liability$19,207 $19,300 
   Net operating losses20,717 20,329 
Interest carryforward
13,242 7,726 
Property and equipment1,245 2,260 
Other deferred tax assets3,597 2,998 
Valuation allowance(33,202)(26,580)
$24,806 $26,033 
Deferred tax liabilities:
Right-of-use assets$(17,218)$(17,528)
Intangible assets(4,491)(4,705)
Other deferred tax liabilities(243)(378)
$(21,952)$(22,611)
Net deferred tax asset (liabilities) (1)
$2,854 $3,422 
(1) Net deferred tax assets are included in other non-current assets while net deferred tax liabilities are included in other non-current liabilities in the consolidated balance sheets.
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits (exclusive of interest and penalties) are as follows:
Balance at January 1, 2024
$104,625 
Reductions based on lapse of statute of limitations(1,692)
Additions based on tax positions related to the current year25,041 
Additions based on tax positions related to the prior year
11,631 
Balance at December 31, 2024
$139,605 
Reductions based on lapse of statute of limitations(4,350)
Additions based on tax positions related to the current year30,300 
Additions based on tax positions related to the prior year
1,869 
Balance at December 31, 2025$167,424