Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
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:

 

 

 

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