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INCOME TAXES (Tables)

12 Months Ended

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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Schedule Of Pretax Income From Continuing Operations

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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