Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Income Tax Provision |
The provision for income taxes consisted of the following for the periods presented:
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Year Ended December 31, |
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2024 |
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|
2023 |
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|
2022 |
|
Current provision (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
324 |
|
|
$ |
(14 |
) |
|
$ |
389 |
|
State |
|
|
2,020 |
|
|
|
4,788 |
|
|
|
3,152 |
|
Total current provision |
|
|
2,344 |
|
|
|
4,774 |
|
|
|
3,541 |
|
Deferred provision (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
|
27,791 |
|
|
|
19,505 |
|
|
|
25,646 |
|
State |
|
|
2,293 |
|
|
|
(1,368 |
) |
|
|
3,737 |
|
Total deferred provision |
|
|
30,084 |
|
|
|
18,137 |
|
|
|
29,383 |
|
Total provision |
|
$ |
32,428 |
|
|
$ |
22,911 |
|
|
$ |
32,924 |
|
|
| Differences Between Statutory and Effective Income Tax Rate |
A reconciliation of the statutory income tax rate provision to our provision consisted of the following for the periods presented:
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|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Income tax provision at the statutory rate |
|
$ |
21,560 |
|
|
$ |
21,639 |
|
|
$ |
30,623 |
|
Increase (decrease) resulting from: |
|
|
|
|
|
|
|
|
|
Federal credits |
|
|
(288 |
) |
|
|
(320 |
) |
|
|
(532 |
) |
State income taxes, net of federal benefit |
|
|
3,671 |
|
|
|
2,695 |
|
|
|
5,795 |
|
Other nondeductible expenses |
|
|
505 |
|
|
|
368 |
|
|
|
665 |
|
Valuation allowance adjustment |
|
|
(24 |
) |
|
|
(280 |
) |
|
|
444 |
|
Stock based compensation |
|
|
5,862 |
|
|
|
(2,115 |
) |
|
|
(4,571 |
) |
Other, net |
|
|
1,142 |
|
|
|
924 |
|
|
|
500 |
|
Income tax provision |
|
$ |
32,428 |
|
|
$ |
22,911 |
|
|
$ |
32,924 |
|
|
| Components of Net Deferred Taxes |
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|
|
|
|
|
|
|
|
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As of |
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|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Deferred tax assets: |
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|
|
|
|
|
Lease liability |
|
$ |
234,108 |
|
|
$ |
214,341 |
|
Stock based compensation |
|
|
12,915 |
|
|
|
32,517 |
|
Accrued compensation costs |
|
|
1,710 |
|
|
|
1,543 |
|
Deferred revenue |
|
|
1,211 |
|
|
|
1,612 |
|
Net operating loss (NOL) carryforwards |
|
|
16,929 |
|
|
|
21,904 |
|
Interest expense carryforwards |
|
|
38,578 |
|
|
|
24,653 |
|
Business tax credit carryforwards, net |
|
|
3,285 |
|
|
|
3,539 |
|
Other |
|
|
3,598 |
|
|
|
3,780 |
|
Gross deferred tax assets |
|
|
312,334 |
|
|
|
303,889 |
|
Valuation allowance |
|
|
(262 |
) |
|
|
(286 |
) |
Net deferred tax assets |
|
|
312,072 |
|
|
|
303,603 |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
ROU assets |
|
|
(230,018 |
) |
|
|
(208,997 |
) |
Goodwill and other intangible assets |
|
|
(77,040 |
) |
|
|
(65,609 |
) |
Property and equipment |
|
|
(106,083 |
) |
|
|
(100,103 |
) |
Other |
|
|
(672 |
) |
|
|
(551 |
) |
Gross deferred tax liabilities |
|
|
(413,813 |
) |
|
|
(375,260 |
) |
Total deferred tax liabilities, net |
|
$ |
(101,741 |
) |
|
$ |
(71,657 |
) |
|
| Schedule of Gross Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:
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December 31, |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Tax contingencies at beginning of period |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Additions based on tax positions related to the current year |
|
83 |
|
|
|
- |
|
|
|
- |
|
Additions based on tax positions related to prior years |
|
459 |
|
|
|
- |
|
|
|
- |
|
Tax contingencies at end of period |
$ |
542 |
|
|
$ |
- |
|
|
$ |
- |
|
We
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