Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Income Tax Disclosure [Abstract] |
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Schedule of Federal, State and Foreign Income Tax Provision |
The federal and state tax provision is summarized as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2018 | | 2017 | | 2016 | Federal income tax expense (benefit): | | | | | | Current | $ | 3,462 |
| | $ | 19,011 |
| | $ | 20,963 |
| Deferred | (1,157 | ) | | (19,762 | ) | | (6,545 | ) | Total Federal income tax expense (benefit) | 2,305 |
| | (751 | ) | | 14,418 |
| | | | | | | State income tax expense (benefit): | | | | | | Current | 2,113 |
| | 4,048 |
| | 4,501 |
| Deferred | 266 |
| | 706 |
| | (947 | ) | Total State income tax expense (benefit) | 2,379 |
| | 4,754 |
| | 3,554 |
| Total provision for income taxes | $ | 4,684 |
| | $ | 4,003 |
| | $ | 17,972 |
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Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the provision for income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income from continuing operations before income taxes is as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2018 | | 2017 | | 2016 | Federal statutory rates | 21 | % | | 35 | % | | 35 | % | Federal income tax at statutory rates | $ | 4,812 |
| | $ | 19,281 |
| | $ | 15,699 |
| Revaluation of net deferred tax liabilities due to U.S. tax reform | (286 | ) | | (19,304 | ) | | — |
| U.S. tax reform impact on equity income of investees | — |
| | (1,646 | ) | | — |
| Change in valuation allowance | 36 |
| | 177 |
| | 296 |
| Change in uncertain tax positions | 108 |
| | 7 |
| | 73 |
| State income taxes, net of federal benefit | 1,843 |
| | 3,157 |
| | 2,399 |
| Compensation expense | 235 |
| | — |
| | — |
| Stock compensation | 76 |
| | 3,400 |
| | — |
| Meals and entertainment | 74 |
| | 99 |
| | 94 |
| Transaction costs | 263 |
| | 159 |
| | — |
| Cost method investment re-measurement gain | (1,381 | ) | | — |
| | — |
| Tax credits | (1,208 | ) | | (354 | ) | | (947 | ) | Legal expense | — |
| | (805 | ) | | 522 |
| Other | 112 |
| | (168 | ) | | (164 | ) | Provision for income taxes | $ | 4,684 |
| | $ | 4,003 |
| | $ | 17,972 |
| Effective income tax rate | 20 | % | | 7 | % | | 40 | % |
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Schedule of Deferred Tax Assets and Liabilities |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities of continuing operations are as follows:
| | | | | | | | | | December 31, | | 2018 | | 2017 | Deferred tax assets: | | | | Net operating loss carryforwards | $ | 19,485 |
| | $ | — |
| Capital loss carryforward | 1,072 |
| | — |
| Tax credit carryforwards | 840 |
| | 486 |
| Accounts receivable allowance | 227 |
| | 1,134 |
| Accrued items and reserves | 6,817 |
| | 8,297 |
| Stock compensation | 1,480 |
| | 1,480 |
| Deferred rent | 543 |
| | 572 |
| Deferred revenue | 272 |
| | — |
| Other | 773 |
| | 172 |
| | 31,509 |
| | 12,141 |
| Deferred tax liabilities: | | | | Deferred financing costs | 12 |
| | 38 |
| Prepaids | 900 |
| | 1,439 |
| Property and equipment depreciation | 3,492 |
| | 3,329 |
| Goodwill and intangibles amortization | 6,944 |
| | 3,678 |
| Equity investment | 40,577 |
| | 42,113 |
| Other | — |
| | 303 |
| | 51,925 |
| | 50,900 |
| Net deferred tax liabilities | (20,416 | ) | | (38,759 | ) | Less valuation allowance | (2,633 | ) | | (473 | ) | Net deferred tax liabilities | $ | (23,049 | ) | | $ | (39,232 | ) | Net noncurrent deferred tax assets, net of valuation allowance of $0 for 2018 and 2017 | $ | 2,601 |
| | $ | — |
| Net noncurrent deferred tax liabilities, net of valuation allowance of $2,633 and $473 for 2018 and 2017, respectively | (25,650 | ) | | (39,232 | ) | | $ | (23,049 | ) | | $ | (39,232 | ) |
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Unrecognized Tax Benefits Rollforward |
A reconciliation of the liability for unrecognized income tax benefits for continuing operations is as follows: | | | | | | | | | | | | | | December 31, | | 2018 | | 2017 | | 2016 | Unrecognized tax benefits, beginning of year | $ | 1,115 |
| | $ | 1,108 |
| | $ | 271 |
| Balance upon acquisition/disposition | — |
| | — |
| | 764 |
| Increase related to prior year positions | 104 |
| | 22 |
| | 37 |
| Increase related to current year tax positions | 160 |
| | 101 |
| | 139 |
| Statute of limitations expiration | (157 | ) | | (116 | ) | | (103 | ) | Unrecognized tax benefits, end of year | $ | 1,222 |
| | $ | 1,115 |
| | $ | 1,108 |
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Summary of Operating Loss Carryforwards |
In addition, at December 31, 2018, the Company had approximately $26,936 of state net operating loss carryforwards which expire as follows:
| | | | | 2023 | $ | 2,021 |
| Thereafter | 24,915 |
| Total state net operating loss carryforwards | $ | 26,936 |
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