Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| 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, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Current provision (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
(14 |
) |
|
$ |
389 |
|
|
$ |
— |
|
State |
|
|
4,788 |
|
|
|
3,152 |
|
|
|
2,237 |
|
Total current provision (benefit) |
|
|
4,774 |
|
|
|
3,541 |
|
|
|
2,237 |
|
Deferred provision (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
|
19,505 |
|
|
|
25,646 |
|
|
|
(22,781 |
) |
State |
|
|
(1,368 |
) |
|
|
3,737 |
|
|
|
(4,549 |
) |
Total deferred provision (benefit) |
|
|
18,137 |
|
|
|
29,383 |
|
|
|
(27,330 |
) |
Total provision (benefit) |
|
$ |
22,911 |
|
|
$ |
32,924 |
|
|
$ |
(25,093 |
) |
|
| Components of Net Deferred Taxes |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
Deferred tax assets: |
|
|
|
|
|
|
Lease liability |
|
$ |
214,341 |
|
|
$ |
200,061 |
|
Stock based compensation |
|
|
32,517 |
|
|
|
39,924 |
|
Accrued compensation costs |
|
|
1,543 |
|
|
|
1,470 |
|
Deferred revenue |
|
|
1,612 |
|
|
|
1,680 |
|
Net operating loss (NOL) carryforwards |
|
|
21,904 |
|
|
|
23,225 |
|
Interest expense carryforwards |
|
|
24,653 |
|
|
|
6,541 |
|
Federal credit carryforwards |
|
|
3,539 |
|
|
|
3,274 |
|
Other |
|
|
3,780 |
|
|
|
3,284 |
|
Gross deferred tax assets |
|
|
303,889 |
|
|
|
279,459 |
|
Less valuation allowance |
|
|
(286 |
) |
|
|
(566 |
) |
Net deferred tax assets |
|
|
303,603 |
|
|
|
278,893 |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
Right of use asset |
|
|
(208,997 |
) |
|
|
(193,967 |
) |
Goodwill and other intangible assets |
|
|
(65,609 |
) |
|
|
(55,476 |
) |
Property and equipment |
|
|
(100,103 |
) |
|
|
(81,876 |
) |
Other |
|
|
(551 |
) |
|
|
(969 |
) |
Gross deferred tax liabilities |
|
|
(375,260 |
) |
|
|
(332,288 |
) |
Total deferred tax liabilities, net |
|
$ |
(71,657 |
) |
|
$ |
(53,395 |
) |
|
| Differences Between Statutory and Effective Income Tax Rate |
A reconciliation of the statutory income tax rate provision (benefit) to our provision (benefit) consisted of the following for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Income tax provision (benefit) at the statutory rate |
|
$ |
21,639 |
|
|
$ |
30,623 |
|
|
$ |
(9,899 |
) |
Increase (decrease) resulting from: |
|
|
|
|
|
|
|
|
|
Federal credits |
|
|
(320 |
) |
|
|
(532 |
) |
|
|
(606 |
) |
State income taxes, net of federal benefit |
|
|
2,695 |
|
|
|
5,795 |
|
|
|
(2,903 |
) |
Other nondeductible expenses |
|
|
368 |
|
|
|
665 |
|
|
|
714 |
|
Valuation allowance adjustment |
|
|
(280 |
) |
|
|
444 |
|
|
|
122 |
|
Stock based compensation |
|
|
(2,115 |
) |
|
|
(4,571 |
) |
|
|
(12,494 |
) |
Other, net |
|
|
924 |
|
|
|
500 |
|
|
|
(27 |
) |
Income tax provision (benefit) |
|
$ |
22,911 |
|
|
$ |
32,924 |
|
|
$ |
(25,093 |
) |
|