Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| 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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|
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|
|
|
|
|
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|
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|
Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Current provision (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
— |
|
|
$ |
(9,748 |
) |
|
$ |
— |
|
State |
|
|
2,237 |
|
|
|
4,876 |
|
|
|
1,786 |
|
Total current provision (benefit) |
|
|
2,237 |
|
|
|
(4,872 |
) |
|
|
1,786 |
|
Deferred (benefit) provision: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
(22,781 |
) |
|
|
20,774 |
|
|
|
(4,488 |
) |
State |
|
|
(4,549 |
) |
|
|
866 |
|
|
|
66 |
|
Total deferred (benefit) provision |
|
|
(27,330 |
) |
|
|
21,640 |
|
|
|
(4,422 |
) |
Total (benefit) provision |
|
$ |
(25,093 |
) |
|
$ |
16,768 |
|
|
$ |
(2,636 |
) |
|
| Components of Net Deferred Taxes |
|
|
|
|
|
|
|
|
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|
|
As of |
|
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
Deferred tax assets: |
|
|
|
|
|
|
Lease liability |
|
$ |
189,231 |
|
|
$ |
179,280 |
|
Stock based compensation |
|
|
47,626 |
|
|
|
4,350 |
|
Accrued compensation costs |
|
|
1,556 |
|
|
|
1,102 |
|
Deferred revenue |
|
|
1,955 |
|
|
|
673 |
|
Net operating loss (NOL) carryforwards |
|
|
27,971 |
|
|
|
14,289 |
|
Federal credit carryforward |
|
|
3,578 |
|
|
|
2,650 |
|
Other |
|
|
1,852 |
|
|
|
1,780 |
|
Gross deferred tax assets |
|
|
273,769 |
|
|
|
204,124 |
|
Less valuation allowance |
|
|
(122 |
) |
|
|
— |
|
Net deferred tax assets |
|
|
273,647 |
|
|
|
204,124 |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
Right of use asset |
|
|
(180,018 |
) |
|
|
(169,972 |
) |
Goodwill and other intangible assets |
|
|
(46,254 |
) |
|
|
(41,400 |
) |
Property and equipment |
|
|
(68,539 |
) |
|
|
(38,602 |
) |
Other |
|
|
(1,439 |
) |
|
|
(232 |
) |
Gross deferred tax liabilities |
|
|
(296,250 |
) |
|
|
(250,206 |
) |
Total deferred tax liabilities, net |
|
$ |
(22,603 |
) |
|
$ |
(46,082 |
) |
|
| Differences Between Statutory and Effective Income Tax Rate |
A reconciliation of the statutory income tax rate (benefit) provision to the Company’s (benefit) provision consisted of the following for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Income tax (benefit) provision at the statutory rate |
|
$ |
(9,899 |
) |
|
$ |
16,206 |
|
|
$ |
(360 |
) |
Increase (decrease) resulting from: |
|
|
|
|
|
|
|
|
|
Federal credits |
|
|
(606 |
) |
|
|
(400 |
) |
|
|
(623 |
) |
State income taxes, net of federal benefit |
|
|
(2,903 |
) |
|
|
4,813 |
|
|
|
1,691 |
|
Other nondeductible expenses |
|
|
714 |
|
|
|
184 |
|
|
|
175 |
|
Valuation allowance adjustment |
|
|
122 |
|
|
|
(95 |
) |
|
|
(2,688 |
) |
Stock based compensation |
|
|
(12,494 |
) |
|
|
(33 |
) |
|
|
(851 |
) |
Change in tax law (CARES Act) |
|
|
— |
|
|
|
(3,906 |
) |
|
|
— |
|
Other, net |
|
|
(27 |
) |
|
|
(1 |
) |
|
|
20 |
|
Income tax (benefit) provision |
|
$ |
(25,093 |
) |
|
$ |
16,768 |
|
|
$ |
(2,636 |
) |
|