INCOME TAXES - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income Tax Expense (Benefit)

The income tax expense (benefit) consists of the following for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Year Ended December 31,
	2023		2022		2021
U.S. federal income tax expense (benefit):
Current	$	56,474	$	4,103	$	—
Deferred	18,739		38,810		(30,411)
	75,213		42,913		(30,411)
State income tax expense:
Current	20,253		9,182		6,817
Deferred	(3,814)		3,117		190
	16,439		12,299		7,007
Total income tax expense (benefit)	$	91,652	$	55,212	$	(23,404)

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, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes net of federal tax benefit	4.8	%	5.0	%	4.9	%
Non-deductible expenses	0.1	%	0.2	%	0.3	%
Valuation allowance	(1.5)	%	0.0	%	(46.2)	%
Non-deductible and stock-based compensation	0.7	%	0.4	%	0.0	%
Other, net	0.4	%	0.2	%	(0.1)	%
Effective income tax rate	25.5	%	26.8	%	(20.1)	%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred income tax assets and liabilities were as follows as of December 31, 2023 and 2022 (in thousands):


	December 31, 2023		December 31, 2022
Deferred tax assets:
Price concessions	$	5,365	$	6,169
Compensation and benefits	7,609		5,517
Interest limitation carryforward	13,802		29,453
Operating lease liability	26,378		22,765
Net operating losses	56,980		62,027
Other	7,556		6,576
Deferred tax assets before valuation allowance	117,690		132,507
Valuation allowance	(6,371)		(13,056)
Deferred tax assets net of valuation allowance	111,319		119,451

Deferred tax liabilities:
Accelerated depreciation	(8,882)		(7,026)
Operating lease right-of-use asset	(21,504)		(18,076)
Intangible assets	(52,502)		(57,673)
Goodwill	(52,188)		(44,949)
Other	(11,163)		(13,881)
Deferred tax liabilities	(146,239)		(141,605)
Net deferred tax liabilities	$	(34,920)	$	(22,154)

Summary of Valuation Allowance

The following table presents the valuation allowance for deferred tax assets for the years ended December 31, 2023, 2022 and 2021 (in thousands):


			Additions
Description	Balance at Beginning of Period		Charged (Benefit) to Costs and Expenses		Charged (Benefit) to Other Accounts		Balance at End of Period
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
2023: Valuation allowance for deferred tax assets	$	13,056	$	(6,685)	$	—	$	6,371