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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Pretax Income From Continuing Operations | Income tax expense (benefit) attributable to income from continuing operations was $75.5 million, $16.4 million and $(24.2) million for the years ended December 31, 2024, 2023 and 2022, respectively, and differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pretax income from continuing operations as a result of the following:
(in thousands, except percentage data) |  | 2024 |  | 2023 |  | 2022
Federal income tax expense (benefit) at the statutory rate |  | 21.0 | % |  | $ | 129,517 |  |  | 21.0 | % |  | $ | 58,296 |  |  | (21.0) | % |  | $ | (150,785) |
State income taxes, net of federal tax expense |  | 1.8 | % |  | 10,872 |  |  | 0.9 | % |  | 2,559 |  |  | (1.6) | % |  | (11,495) |
Executive compensation deduction limitation |  | 3.4 | % |  | 21,241 |  |  | 0.9 | % |  | 2,587 |  |  | 1.0 | % |  | 7,358 |
Excess tax benefit related to share-based compensation |  | (0.4) | % |  | (2,696) |  |  | 0.2 | % |  | 470 |  |  | — | % |  | 285 |
Nondeductible other expenses |  | 0.2 | % |  | 1,349 |  |  | 0.6 | % |  | 1,798 |  |  | — | % |  | 14 |
Change in valuation allowance |  | (12.6) | % |  | (77,960) |  |  | (18.9) | % |  | (52,502) |  |  | 18.2 | % |  | 130,462 |
Prior year true-ups |  | — | % |  | — |  |  | 1.2 | % |  | 3,346 |  |  | — | % |  | 127 |
Other, net |  | (1.1) | % |  | (6,828) |  |  | — | % |  | (128) |  |  | — | % |  | (198) |
Income tax expense (benefit) from continuing operations |  | 12.3 | % |  | $ | 75,495 |  |  | 5.9 | % |  | $ | 16,426 |  |  | (3.4) | % |  | $ | (24,232) |
Schedule of Provision for Income Taxes | The components of the provision for income taxes are as follows:
|  | For the Year Ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Current income tax expense |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  | 2,278 |  |  | 1,140 |  |  | 733 |
Total current income tax expense |  | 2,278 |  |  | 1,140 |  |  | 733 |
Deferred tax expense (benefit) |  |  |  |  |  |
Federal |  | 142,087 |  |  | 66,129 |  |  | (143,598) |
State |  | 9,090 |  |  | 1,659 |  |  | (11,829) |
Total deferred tax expense (benefit) |  | 151,177 |  |  | 67,788 |  |  | (155,427) |
Change in valuation allowance |  | (77,960) |  |  | (52,502) |  |  | 130,462 |
Net deferred tax expense after valuation allowance (benefit) |  | 73,217 |  |  | 15,286 |  |  | (24,965) |
Income tax provision (benefit) |  | $ | 75,495 |  |  | $ | 16,426 |  |  | $ | (24,232) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are presented below:
(in thousands) |  | December 31, 2024 |  | December 31, 2023
Deferred tax assets: |  |  |  |
Tax credit carryforwards |  | $ | 2,201 |  |  | $ | 517 |
Net operating loss carryforwards |  | 120,224 |  |  | 144,081 |
Intangible assets |  | 5,836 |  |  | 1,602 |
Property and equipment |  | 10,463 |  |  | — |
Stock compensation |  | 10,435 |  |  | 3,898 |
Disallowed interest |  | 2,254 |  |  | 3,093 |
Bad debt reserve |  | 9,830 |  |  | 9,957 |
Research and development costs |  | 7,867 |  |  | 1,619 |
Accruals, reserves and other |  | 3,589 |  |  | 286 |
Impairment loss |  | — |  |  | 36,100 |
Capital losses |  | 283 |  |  | 11,950 |
Gain on hedge instruments |  | 4,243 |  |  | 3,798 |
Total gross deferred tax assets |  | 177,225 |  |  | 216,901 |
Less valuation allowance |  | — |  |  | (77,960) |
Net deferred tax assets |  | 177,225 |  |  | 138,941 |
Deferred tax liabilities: |  |  |  |
Gain on investment |  | (912) |  |  | — |
Property and equipment, net |  | — |  |  | (117,094) |
Digital assets |  | (264,816) |  |  | (37,133) |
Total gross deferred liabilities |  | (265,728) |  |  | (154,227) |
Net deferred tax liability |  | $ | (88,503) |  |  | $ | (15,286) |
Schedule of Attributes and Credit Carryforwards | The Company has the following attributes and credit carryforwards:
(in thousands) |  | Gross Amount |  | Expiring
Federal net operating loss carryforwards |  | $ | 3,314 |  |  | 2034-2035
Federal net operating loss carryforwards |  | 563,555 |  |  | Indefinite
State net operating loss carryforwards |  | 45,926 |  |  | Various
Interest expense carryforwards |  | 10,474 |  |  | Indefinite
Federal tax credit carryforwards |  | 2,160 |  |  | 2040-2044
State tax credit carryforwards |  | 40 |  |  | Indefinite
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the tax years ended December 31, 2024, 2023 and 2022 is as follows:
|  | For the Year Ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Balance, beginning of year |  | $ | 5,296 |  |  | $ | 5,252 |  |  | $ | 44.00 |
Increase (decrease) related to prior year tax positions |  | 1 |  |  | (31) |  |  | 21 |
Increase related to current year tax positions |  | 560 |  |  | 75 |  |  | 5,187 |
Balance, end of year |  | $ | 5,857 |  |  | $ | 5,296 |  |  | $ | 5,252 |

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