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INCOME TAXES Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)
The income tax expense (benefit) consists of the following for the years ended December 31, 2021, 2020 and 2019 (in thousands):
202120202019
US federal income tax (benefit) expense:
Current$— $(69)$— 
Deferred(30,411)996 (3,072)
(30,411)927 (3,072)
State income tax expense:
Current6,817 1,707 2,074 
Deferred190 199 (1,276)
7,007 1,906 798 
Total income tax (benefit) expense$(23,404)$2,833 $(2,274)
Schedule of Effective Income Tax Rate Reconciliation The difference between the statutory federal income tax rate and the effective tax rate is as follows for the years ended December 31, 2021, 2020 and 2019:
202120202019
US federal statutory tax rate21.0 %21.0 %21.0 %
State and local income taxes net of federal tax benefit4.9 %(29.5)%(0.5)%
Valuation allowance(46.2)%(29.9)%(13.4)%
Stock-based compensation(0.1)%6.7 %0.0 %
Non-deductible compensation0.1 %(16.3)%(0.7)%
Non-deductible expenses0.3 %(8.2)%(2.8)%
Other, net(0.1)%2.2 %(0.7)%
Effective income tax rate(20.1)%(54.0)%2.9 %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred income tax assets and liabilities using the 21% U.S. Federal statutory tax rate were as follows as of December 31, 2021 and 2020 (in thousands):
20212020
Deferred tax assets:
Price concessions$6,373 $6,907 
Compensation and benefits5,889 4,058 
Interest limitation carryforward35,114 39,094 
Operating lease liability23,266 22,644 
Net operating losses97,880 155,922 
Other6,381 8,501 
Deferred tax assets before valuation allowance174,903 237,126 
Valuation allowance(13,151)(112,085)
Deferred tax assets net of valuation allowance161,752 125,041 
Deferred tax liabilities:
Accelerated depreciation(10,602)(12,593)
Operating lease right-of-use asset(18,437)(17,186)
Intangible assets(61,629)(67,127)
Goodwill(36,702)(28,976)
Other(7,349)(2,498)
Deferred tax liabilities(134,719)(128,380)
Net deferred tax assets (liabilities)$27,033 $(3,339)
Summary of Valuation Allowance
The following table presents the valuation allowance for deferred tax assets for the years ended December 31, 2021, 2020 and 2019 (in thousands):
Additions
DescriptionBalance at Beginning of PeriodCharged (Benefit) to Costs and ExpensesCharged (Benefit) to Other AccountsBalance at End Period
2019: Valuation allowance for deferred tax assets$1,373 $15,395 $92,763 $109,531 
2020: Valuation allowance for deferred tax assets$109,531 $1,549 $1,005 $112,085 
2021: Valuation allowance for deferred tax assets$112,085 $(96,136)$(2,798)$13,151