INCOME TAXES Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Income Tax Expense (Benefit)

The income tax expense (benefit) consists of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended December 31,
	2022		2021		2020
US federal income tax expense (benefit):
Current	$	4,103	$	—	$	(69)
Deferred	38,810		(30,411)		996
	42,913		(30,411)		927
State income tax expense:
Current	9,182		6,817		1,707
Deferred	3,117		190		199
	12,299		7,007		1,906
Total income tax expense (benefit)	$	55,212	$	(23,404)	$	2,833

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, 2022, 2021 and 2020:


	Year Ended December 31,
	2022		2021		2020
US federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes net of federal tax benefit	5.0	%	4.9	%	(29.5)	%
Valuation allowance	0.0	%	(46.2)	%	(29.9)	%
Stock-based compensation	0.0	%	(0.1)	%	6.7	%
Non-deductible compensation	0.4	%	0.1	%	(16.3)	%
Non-deductible expenses	0.2	%	0.3	%	(8.2)	%
Other, net	0.2	%	(0.1)	%	2.2	%
Effective income tax rate	26.8	%	(20.1)	%	(54.0)	%

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, 2022 and 2021 (in thousands):


	December 31, 2022		December 31, 2021
Deferred tax assets:
Price concessions	$	6,169	$	6,373
Compensation and benefits	5,517		5,889
Interest limitation carryforward	29,453		35,114
Operating lease liability	22,765		23,266
Net operating losses	62,027		97,880
Other	6,576		6,381
Deferred tax assets before valuation allowance	132,507		174,903
Valuation allowance	(13,056)		(13,151)
Deferred tax assets net of valuation allowance	119,451		161,752

Deferred tax liabilities:
Accelerated depreciation	(7,026)		(10,602)
Operating lease right-of-use asset	(18,076)		(18,437)
Intangible assets	(57,673)		(61,629)
Goodwill	(44,949)		(36,702)
Other	(13,881)		(7,349)
Deferred tax liabilities	(141,605)		(134,719)
Net deferred tax (liabilities) assets	$	(22,154)	$	27,033

Summary of Valuation Allowance

The following table presents the valuation allowance for deferred tax assets for the years ended December 31, 2022, 2021 and 2020 (in thousands):


			Additions
Description	Balance at Beginning of Period		Charged (Benefit) to Costs and Expenses		Charged (Benefit) to Other Accounts		Balance at End Period
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
2022: Valuation allowance for deferred tax assets	$	13,151	$	(95)	$	—	$	13,056