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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The following is a summary of income before income taxes (in thousands):
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Domestic | $ | 195,059 |  |  | $ | 92,552 |  |  | $ | 97,235 |
Foreign | 1,133 |  |  | (32,698) |  |  | (5,418) |
Total income before income taxes | $ | 196,192 |  |  | $ | 59,854 |  |  | $ | 91,817 |
Schedule of Components of Income Tax Expense (Benefit) | The following is a summary of the provision for income taxes (in thousands):
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Federal: |  |  |  |  |
Current | $ | 29,754 |  |  | $ | 1,579 |  |  | $ | 255 |
Deferred | 11,803 |  |  | 23,331 |  |  | 10,326 |
Total federal | 41,557 |  |  | 24,910 |  |  | 10,581 |
State: |  |  |  |  |
Current | 10,612 |  |  | 3,565 |  |  | 5,721 |
Deferred | 2,363 |  |  | 1,362 |  |  | (1,691) |
Total state | 12,975 |  |  | 4,927 |  |  | 4,030 |
Foreign: |  |  |  |  |
Current | 1,824 |  |  | (1,432) |  |  | 1,951 |
Deferred | (607) |  |  | 1,862 |  |  | (3,602) |
Total foreign | 1,217 |  |  | 430 |  |  | (1,651) |
Total provision for income taxes | $ | 55,749 |  |  | $ | 30,267 |  |  | $ | 12,960 |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of our provision for income taxes based on the Federal statutory tax rate to our effective tax rate (dollars in thousands):
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Federal statutory tax | $ | 41,200 |  |  | 21.0 | % |  | $ | 12,569 |  |  | 21.0 | % |  | $ | 19,282 |  |  | 21.0 | %
State taxes, net of federal tax benefit | 9,693 |  |  | 4.9 |  |  | 5,171 |  |  | 8.6 |  |  | 2,761 |  |  | 3.0 |
Non-controlling interests | (2,960) |  |  | (1.5) |  |  | 2,942 |  |  | 4.9 |  |  | 933 |  |  | 1.0 |
Equity in income of affiliates | (2,490) |  |  | (1.2) |  |  | (3,419) |  |  | (5.7) |  |  | (2,629) |  |  | (2.9) |
Change in valuation allowance, net | 1,855 |  |  | 0.9 |  |  | 3,163 |  |  | 5.3 |  |  | (3,212) |  |  | (3.5) |
Nondeductible debt extinguishment costs | 5,537 |  |  | 2.8 |  |  | 10,360 |  |  | 17.3 |  |  | — |  |  | — |
Nondeductible executive compensation | 2,314 |  |  | 1.2 |  |  | 790 |  |  | 1.3 |  |  | 801 |  |  | 0.9 |
Nondeductible meals and entertainment | 1,408 |  |  | 0.7 |  |  | 1,407 |  |  | 2.4 |  |  | 972 |  |  | 1.1 |
Percentage depletion deduction | (1,304) |  |  | (0.7) |  |  | (1,119) |  |  | (1.9) |  |  | (1,062) |  |  | (1.2) |
Nondeductible goodwill | — |  |  | — |  |  | 945 |  |  | 1.6 |  |  | 8,212 |  |  | 8.9 |
Assets held for sale | — |  |  | — |  |  | — |  |  | — |  |  | (14,427) |  |  | (15.7) |
Return to provision adjustments | 1,288 |  |  | 0.7 |  |  | (1,250) |  |  | (2.1) |  |  | (1,102) |  |  | (1.2) |
Other nontaxable / nondeductible items | (792) |  |  | (0.4) |  |  | (1,292) |  |  | (2.2) |  |  | 2,431 |  |  | 2.7 |
Total | $ | 55,749 |  |  | 28.4 | % |  | $ | 30,267 |  |  | 50.6 | % |  | $ | 12,960 |  |  | 14.1 | %
Schedule of Deferred Tax Assets and Liabilities | The following is a summary of the deferred tax assets and liabilities:
(in thousands) | December 31, 2024 |  | December 31, 2023
Deferred tax assets: |  |  |
Receivables | $ | 1,270 |  |  | $ | 1,328 |
Insurance | 15,307 |  |  | 15,018 |
Deferred compensation | 11,884 |  |  | 10,424 |
Convertible debt - capped call amortization | 19,852 |  |  | 11,963 |
Accrued compensation | 5,048 |  |  | 3,811 |
Other accrued liabilities | 2,073 |  |  | 1,218 |
Contract income recognition | 16,822 |  |  | 16,986 |
Lease liabilities | 19,678 |  |  | 16,272 |
Net operating loss carryforwards | 29,182 |  |  | 40,541 |
Valuation allowance | (23,450) |  |  | (24,569) |
Other | 4,199 |  |  | 3,587 |
Total deferred tax assets | 101,865 |  |  | 96,579 |
Deferred tax liabilities: |  |  |
Property and equipment | 96,908 |  |  | 76,067 |
Right of use assets | 18,831 |  |  | 16,041 |
Total deferred tax liabilities | 115,739 |  |  | 92,108 |
Net deferred tax assets (liabilities) | $ | (13,874) |  |  | $ | 4,471 |
Summary of Operating Loss Carryforwards | The following is a summary of the net operating loss carryforwards at December 31, 2024:
(in thousands) | Expiration |  | Gross Carryforward |  | Tax Effected Carryforward
Federal net operating loss carryforwards | N/A |  | $ | 10,793 |  |  | $ | 2,267 |
State net operating loss carryforwards | 2025-2044 |  | $ | 238,153 |  |  | 11,005 |
Foreign tax loss carryforwards | 2025-2044 |  | $ | 54,135 |  |  | 15,910 |
Total net operating loss carryforwards |  |  |  |  | $ | 29,182 |
Summary of Valuation Allowance | The following is a summary of the change in valuation allowance:
(in thousands) | December 31, 2024 |  | December 31, 2023
Beginning balance | $ | 24,569 |  |  | $ | 19,919 |
Additions (deductions), net | (1,119) |  |  | 4,650 |
Ending balance | $ | 23,450 |  |  | $ | 24,569 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a tabular reconciliation of unrecognized tax benefits (in thousands). The balances in the reconciliation are the gross amounts before considering reductions related to available net operating losses. The balance of unrecognized tax benefits net of available net operating losses is included in other long-term liabilities and accrued expenses and other current liabilities in the consolidated balance sheets:
December 31, | 2024 |  | 2023 |  | 2022
Beginning balance | $ | 22,591 |  |  | $ | 22,756 |  |  | $ | 22,724 |
Gross increases – current period tax positions | — |  |  | — |  |  | — |
Gross decreases – current period tax positions | — |  |  | — |  |  | — |
Gross increases – prior period tax positions | — |  |  | — |  |  | — |
Gross decreases – prior period tax positions | (162) |  |  | 77 |  |  | (426) |
Settlements with taxing authorities/lapse of statute of limitations | (70) |  |  | (242) |  |  | (60) |
Reclassification of balances from held for sale | — |  |  | — |  |  | 518 |
Ending balance | $ | 22,359 |  |  | $ | 22,591 |  |  | $ | 22,756 |

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