Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Current provision (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
389 |
|
|
$ |
— |
|
|
$ |
(9,748 |
) |
State |
|
|
3,152 |
|
|
|
2,237 |
|
|
|
4,876 |
|
Total current provision (benefit) |
|
|
3,541 |
|
|
|
2,237 |
|
|
|
(4,872 |
) |
Deferred provision (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
|
25,646 |
|
|
|
(22,781 |
) |
|
|
20,774 |
|
State |
|
|
3,737 |
|
|
|
(4,549 |
) |
|
|
866 |
|
Total deferred provision (benefit) |
|
|
29,383 |
|
|
|
(27,330 |
) |
|
|
21,640 |
|
Total provision (benefit) |
|
$ |
32,924 |
|
|
$ |
(25,093 |
) |
|
$ |
16,768 |
|
|
| Components of Net Deferred Taxes |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
Deferred tax assets: |
|
|
|
|
|
|
Lease liability |
|
$ |
200,061 |
|
|
$ |
189,231 |
|
Stock based compensation |
|
|
39,924 |
|
|
|
47,626 |
|
Accrued compensation costs |
|
|
1,470 |
|
|
|
1,556 |
|
Deferred revenue |
|
|
1,680 |
|
|
|
1,955 |
|
Net operating loss (NOL) carryforwards |
|
|
23,225 |
|
|
|
27,971 |
|
Interest expense carryforwards |
|
|
6,541 |
|
|
|
498 |
|
Federal credit carryforward |
|
|
3,274 |
|
|
|
3,578 |
|
Other |
|
|
3,284 |
|
|
|
1,354 |
|
Gross deferred tax assets |
|
|
279,459 |
|
|
|
273,769 |
|
Less valuation allowance |
|
|
(566 |
) |
|
|
(122 |
) |
Net deferred tax assets |
|
|
278,893 |
|
|
|
273,647 |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
Right of use asset |
|
|
(193,967 |
) |
|
|
(180,018 |
) |
Goodwill and other intangible assets |
|
|
(55,476 |
) |
|
|
(46,254 |
) |
Property and equipment |
|
|
(81,876 |
) |
|
|
(68,539 |
) |
Other |
|
|
(969 |
) |
|
|
(1,439 |
) |
Gross deferred tax liabilities |
|
|
(332,288 |
) |
|
|
(296,250 |
) |
Total deferred tax liabilities, net |
|
$ |
(53,395 |
) |
|
$ |
(22,603 |
) |
|
| Differences Between Statutory and Effective Income Tax Rate |
A reconciliation of the statutory income tax rate provision (benefit) to the Company’s provision (benefit) consisted of the following for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Income tax provision (benefit) at the statutory rate |
|
$ |
30,623 |
|
|
$ |
(9,899 |
) |
|
$ |
16,206 |
|
Increase (decrease) resulting from: |
|
|
|
|
|
|
|
|
|
Federal credits |
|
|
(532 |
) |
|
|
(606 |
) |
|
|
(400 |
) |
State income taxes, net of federal benefit |
|
|
5,795 |
|
|
|
(2,903 |
) |
|
|
4,813 |
|
Other nondeductible expenses |
|
|
665 |
|
|
|
714 |
|
|
|
184 |
|
Valuation allowance adjustment |
|
|
444 |
|
|
|
122 |
|
|
|
(95 |
) |
Stock based compensation |
|
|
(4,571 |
) |
|
|
(12,494 |
) |
|
|
(33 |
) |
Change in tax law (CARES Act) |
|
|
— |
|
|
|
— |
|
|
|
(3,906 |
) |
Other, net |
|
|
500 |
|
|
|
(27 |
) |
|
|
(1 |
) |
Income tax provision (benefit) |
|
$ |
32,924 |
|
|
$ |
(25,093 |
) |
|
$ |
16,768 |
|
|