Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes are as follows:


	Twelve months ended Dec. 31,
(in thousands)	2025		2024		2023
Domestic	$	(500,179)	$	(5,365)	$	(151,321)
Foreign	(911)		313		205
Income (loss) before income taxes	$	(501,090)	$	(5,052)	$	(151,116)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:


	Twelve months ended Dec. 31,
(in thousands)	2025		2024		2023
Current income taxes:
Federal	$	61	$	—	$	7
State and local	246		431		4
Foreign	109		118		140
Total current income taxes	416		549		151
Deferred income taxes:
Federal	(3,381)		1,555		—
State and local	(113)		163		—
Foreign	(257)		—		3
Total deferred income taxes	(3,751)		1,718		3
Income tax (benefit) expense	$	(3,335)	$	2,267	$	154

Schedule of Reconciliation of the Statutory Tax Rate to Our Effective Tax Rate

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for the year ended December 31, 2025 is as follows:


	Twelve months ended Dec. 31,
	2025
U.S. statutory tax rate	21.0	%	$	(105,421)
State taxes, net of the federal benefit(1)	1.2	%	(6,120)
Nontaxable or nondeductible items
Loss attributable to non-controlling interests	(9.8)	%	49,265
Other	(0.3)	%	1,494
Change in valuation allowance	(10.9)	%	54,867
Effect of changes in tax laws or rates enacted in the current period	(0.5)	%	2,338
Foreign tax differences	0.0	%	15
Other	0.0	%	227
Effective tax rate	0.7	%	(3,335)

(1)State taxes in Texas make up the majority of the tax effect in this category.

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for the years ended December 31, 2024 and 2023, respectively is as follows:


	Twelve months ended Dec. 31
	2024		2023
Expected U.S. federal income tax expense at statutory rate	21.0	%	21.0	%
State taxes, net of the federal benefit	11.9	%	1.2	%
Loss attributable to non-controlling interests	(235.4)	%	(12.2)	%
Change in valuation allowance	(192.9)	%	0.8	%


Change in deferred tax rate	(1.4)	%	(9.5)	%
Bargain gain (1)	351.2	%	0.0	%
Other	0.7	%	(1.4)	%
Effective tax rate	(44.9)	%	(0.1)	%

(1) Related to the acquisition of e-TeleQuote,as further described in Note 15, Acquisitions.

Schedule of Income Taxes Paid, Net of Refunds

The following table presents income taxes paid, net of refunds, for the year ended December 31, 2025:


(in thousands)	2025
State	$	272
Foreign - Slovakia	160
Cash paid for taxes	$	432

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows:


	Dec. 31,
(in thousands)	2025		2024
Deferred tax assets:
Basis in partnership investment	$	142,800	$	130,292
Net operating losses	144,937		113,856
Disallowed business interest	25,999		16,305
Accrued liabilities	—		778
Lease liabilities	392		476
Other	872		953
Total gross deferred tax assets	315,000		262,660
Valuation allowance	(311,967)		(258,641)
Total deferred tax assets, net of valuation allowance	3,033		4,019
Deferred tax liabilities:
Lease assets	—		(469)
Contract asset	(21,689)		(25,900)
Total gross deferred tax liabilities	(21,689)		(26,369)
Net deferred tax liabilities	$	(18,656)	$	(22,350)