XML 51 R36.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Provision (Benefit)
Income tax provision (benefit) is summarized as follows:
Year Ended December 31,
(In thousands)202320222021
Current:
Federal$87,840 $13,877 $— 
State6,106 274 95 
Total current tax provision$93,946 $14,151 $95 
Deferred:
Federal$(17,846)$(13,462)$325 
State107 (168)16 
Total deferred tax (benefit) provision(17,739)(13,630)341 
Income tax provision$76,207 $521 $436 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliation of the statutory federal income tax rate to the Company’s actual rate based on income before income tax provision is summarized below:
Year Ended December 31,
202320222021
Statutory federal tax rate21.00 %21.00 %21.00 %
State income taxes, net of federal income taxes2.53 0.62 1.41 
Permanent tax differences – stock compensation(2.12)(6.31)(3.93)
Permanent tax differences – business meals0.17 0.44 0.23 
Permanent tax differences – executive compensation and other2.60 9.27 2.13 
Change in valuation allowance(1.71)(23.99)(19.69)
FICA credit generated(0.28)(1.09)(0.28)
Change in tax rate and apportionment0.43 (0.26)(0.03)
Deferred only adjustment to beginning deferred balances0.34 0.95 (0.57)
Effective tax rate22.96 %0.63 %0.27 %
Schedule of Deferred Tax Assets and Liabilities
The Company’s current and non-current deferred tax assets (liabilities) are comprised of the following:
December 31,
(In thousands)20232022
Deferred tax assets:
Accruals and reserves$5,128 $6,350 
Share-based compensation expense2,137 966 
State tax credits— 3,867 
Net operating loss carryforwards— 753 
Operating lease obligation27,092 36,483 
Depreciation of fixed assets18,631 6,532 
Uncertain tax position6,245 — 
Other1,553 493 
60,786 55,444 
Valuation allowances— (5,680)
$60,786 $49,764 
Deferred tax liabilities:
Prepaid services$(1,771)$(2,116)
Amortization of intangible assets(5,778)(2,895)
Right-of-use assets(23,729)(32,984)
(31,278)(37,995)
Net deferred tax assets$29,508 $11,769 
Non-current deferred tax assets$29,508 $11,822 
Non-current deferred tax liabilities— (53)
Net deferred tax assets $29,508 $11,769 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the Company’s reconciliation of the beginning and ending unrecognized tax benefits:
December 31,
(In thousands)20232022
Balance – beginning of period$— $— 
Tax positions related to current year additions884 — 
Additions for tax positions of prior years6,281 — 
Tax positions related to prior year reductions— — 
Reductions due to lapse of statute of limitations on tax positions— — 
Settlements— — 
Balance – end of period$7,165 $—