INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of components of income tax expense (benefit)

The Company’s (benefit from) provision for income taxes consists of the following during the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
Current:
Federal	$	(14,853)	$	—
State	2,280		300
Foreign	(8,593)		2,515
Total current provision	(21,166)		2,815
Deferred:
Federal	8,745		18,154
State	3,298		632
Foreign	(762)		412
Total deferred	11,281		19,198
Total (benefit from) provision for income taxes	$	(9,885)	$	22,013

Schedule of income taxes paid

Supplemental disclosures from cash flows were as follows (in thousands):


	Year Ended December 31,
Supplemental disclosures from cash flows:	2025		2024
Interest paid - Continuing Operations	$	95,174	$	210,349
Interest paid - Discontinued Operations	1,866		29,949
Interest paid - Total	$	97,040	$	240,298
Taxes paid - Continuing Operations	$	5,227	$	4,751
Taxes paid - Discontinued Operations	—		2,173
Taxes paid - Total	$	5,227	$	6,924

Net income tax payments during the year ended December 31, 2025 are as follows:


	Year Ended December 31, 2025
Federal	$	(605)
States and local:
Alabama	292
California	709
New York	552
Tennessee	220
Texas	247
Other states and local	744
Total states and local	2,764
Foreign:
Australia	241
Canada	611
India	239
United Kingdom	1,904
Other foreign	73
Total foreign	3,068
Total net income tax payments	$	5,227

Schedule of reconciliation effective tax rate for income (loss) before income taxes

A reconciliation of the federal statutory rate of 21.0% to the effective tax rate for income from continuing operations before income taxes is as follows in accordance with the adoption of ASU 2023-09, which became effective in the year ended December 31, 2025:


	Year Ended December 31, 2025
	Amount		Rate
Federal statutory rate	$	48,208	21.0	%
Adjustments resulting from the tax effect of:
State and local income tax, net of federal income tax(1)	3,486		1.5	%
Foreign Tax Effects:
Israel:
Changes in valuation allowance	(61,616)		(26.8	%)
Changes in net operating loss carryforwards and other attributes due to dissolution	61,616		26.8	%
Other foreign:
Foreign tax differential	(782)		(0.3	%)
Changes in valuation allowance	(47)		—	%
Effect of cross-border tax laws:
Global intangible low-taxed income and Pillar II	961		0.4	%
Changes in valuation allowance	(29,451)		(12.9	%)
Nontaxable or nondeductible items:
Share-based compensation	(1,270)		(0.6	%)
Goodwill and impairment of intangibles	3,226		1.4	%
Gain on sale from disposition of businesses	(2,826)		(1.2	%)
Executive compensation limitation	3,158		1.4	%
Other	416		0.2	%
Change in unrecognized tax benefits	(10,842)		(4.8	%)
Other:
Intangible assets	(8,023)		(3.5	%)
Fair value adjustments on investments	(8,326)		(3.6	%)
Fair value adjustments on debt instruments	(3,551)		(1.5	%)
Other adjustments	(4,222)		(1.8	%)
Effective income tax benefit rate	$	(9,885)	(4.3	%)


(1)			During the year ended December 31, 2025, the tax effect in this category was primarily driven by state taxes in New York, California, and Virginia (greater than 50 percent).

A reconciliation of the federal statutory rate of 21.0% to the effective tax rate for loss from continuing operations before income taxes is as follows during the year ended December 31, 2024:


	Year Ended December 31, 2024
Provision for income taxes at federal statutory rate	(21.0	%)
State income taxes, net of federal benefit	(6.3	%)
Employee share-based compensation	0.5	%

Goodwill and impairment of intangibles	0.8	%
Provision true-up	1.5	%
Change in valuation allowance	27.4	%
Other	(0.5	%)
Effective income tax rate	2.4	%

Schedule of deferred income tax assets (liabilities)

Deferred income tax assets (liabilities) consisted of the following as of December 31, 2025 and 2024:


	December 31,
	2025		2024
Deferred tax assets:
Accrued liabilities and other	$	5,478	$	9,682
Loans receivable and investments	8,521		144,008
Other	7,999		1,583

Lease liabilities	10,546		21,999
Deferred revenue	5,273		7,717
Long-term debt	19,180		—
Share-based payments	2,094		3,464
Credit carryforwards	793		973
Capital loss carryforward	2,005		64,875
Excess business interest expense	45,188		22,275
Net operating loss carryforward	166,864		103,559
Total deferred tax assets	273,941		380,135

Deferred tax liabilities:
Deductible goodwill and other intangibles	(19,250)		(8,169)
Right-of-use assets	(8,227)		(19,160)
Equity method investments	(31,057)		(27,435)



Other	(11,381)		(5,479)
Total deferred tax liabilities	(69,915)		(60,243)

Net deferred tax assets	204,026		319,892
Valuation allowance	(207,372)		(311,756)
Net deferred tax (liability) asset	$	(3,346)	$	8,136

Deferred tax assets, net	$	763	$	13,598
Deferred tax liabilities, net	(4,109)		(5,462)
Net deferred tax (liability) asset	$	(3,346)	$	8,136

Schedule of reconciliation of the amounts of gross unrecognized tax benefits

A reconciliation of the amounts of gross unrecognized tax benefits (before federal impact of state items), excluding interest and penalties, was as follows:


	Year Ended December 31,
	2025		2024
Beginning balance	$	13,162	$	14,819

Additions for prior year tax positions	4,177		23
Reductions for prior year tax positions	(6,461)		—
Reductions due to lapse in statutes of limitations	(3,363)		(1,680)
Ending balance	$	7,515	$	13,162