INCOME TAXES Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Income Tax Disclosure [Abstract] |
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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): | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | US federal income tax (benefit) expense: | | | | | | Current | $ | — | | | $ | (69) | | | $ | — | | Deferred | (30,411) | | | 996 | | | (3,072) | | | (30,411) | | | 927 | | | (3,072) | | State income tax expense: | | | | | | Current | 6,817 | | | 1,707 | | | 2,074 | | Deferred | 190 | | | 199 | | | (1,276) | | | 7,007 | | | 1,906 | | | 798 | | Total income tax (benefit) expense | $ | (23,404) | | | $ | 2,833 | | | $ | (2,274) | |
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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: | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | US federal statutory tax rate | 21.0 | % | | 21.0 | % | | 21.0 | % | State and local income taxes net of federal tax benefit | 4.9 | % | | (29.5) | % | | (0.5) | % | Valuation allowance | (46.2) | % | | (29.9) | % | | (13.4) | % | Stock-based compensation | (0.1) | % | | 6.7 | % | | 0.0 | % | Non-deductible compensation | 0.1 | % | | (16.3) | % | | (0.7) | % | Non-deductible expenses | 0.3 | % | | (8.2) | % | | (2.8) | % | Other, net | (0.1) | % | | 2.2 | % | | (0.7) | % | Effective income tax rate | (20.1) | % | | (54.0) | % | | 2.9 | % |
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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): | | | | | | | | | | | | | 2021 | | 2020 | Deferred tax assets: | | | | Price concessions | $ | 6,373 | | | $ | 6,907 | | Compensation and benefits | 5,889 | | | 4,058 | | Interest limitation carryforward | 35,114 | | | 39,094 | | Operating lease liability | 23,266 | | | 22,644 | | Net operating losses | 97,880 | | | 155,922 | | Other | 6,381 | | | 8,501 | | Deferred tax assets before valuation allowance | 174,903 | | | 237,126 | | Valuation allowance | (13,151) | | | (112,085) | | Deferred tax assets net of valuation allowance | 161,752 | | | 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) | |
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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 | | | Description | Balance at Beginning of Period | | Charged (Benefit) to Costs and Expenses | | Charged (Benefit) to Other Accounts | | Balance 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 | |
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