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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of Income Tax Provision

The income tax provision (benefit) for the years ended December 31, 2017, 2018 and 2019 is summarized below (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		2017			2018			2019
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	21,156	​	$	9,069	​	$	37,878
State	​		4,477	​		3,785	​		11,584
Total current	​		25,633	​		12,854	​		49,462
Deferred:	​			​			​
Change in federal tax rate due to the 2017 Act	​		11,375	​		—	​		—
Federal	​		(3,193)	​		(13,381)	​		(7,009)
State	​		(1,781)	​		(2,941)	​		133
Total deferred	​		6,401	​		(16,322)	​		(6,876)
Total provision (benefit) for income taxes	​	$	32,034	​	$	(3,468)	​	$	42,586

Schedule of Tax Effects of Principal Temporary Differences Affecting Net Deferred Tax Assets (Liabilities)

The tax effects of the principal temporary differences that give rise to the Company’s net deferred tax asset (liability) are as follows as of December 31, 2018 and 2019 (in thousands):

​

​	​	​	​	​	​	​
​		2018			2019
Deferred leasing costs	​	$	1,673	​	$	27,074
Allowance for doubtful accounts	​		7,943	​		8,884
Contract liabilities	​		6,107	​		8,139
Stock-based compensation	​		19,834	​		6,322
Capital loss carryforward	​		4,174	​		4,459
Other	​		3,650	​		1,955
Other facility-related costs	​		2,080	​		489
Intangible assets	​		(82,022)	​		(65,777)
Right-of-use lease assets	​		—	​		(21,673)
Property and equipment	​		(18,441)	​		(13,120)
Valuation allowance	​		(4,356)	​		(4,694)
Net deferred tax asset (liability)	​	$	(59,358)	​	$	(47,942)

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits, excluding interest and penalties, for the respective periods (in thousands):

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2018			2019
Beginning unrecognized tax benefits	​	$	—	​	$	624
Additions for tax positions taken in the prior year	​		—	​		845
Additions from merger	​		687	​		—
Reductions for tax positions taken in prior years	​		(63)	​		(304)
Ending unrecognized tax benefits	​	$	624	​	$	1,165

Schedule of Reconciliation Between Statutory Tax Rate and Effective Tax Rate

A reconciliation between the Company’s statutory tax rate and the effective tax rate for the years ended December 31, 2017, 2018, and 2019 is as follows:

​

​	​	​	​	​	​	​	​
​		2017		2018		2019
Statutory federal rate		35.0	%	21.0	%	21.0	%
State income taxes, net of federal benefits		4.2		(1.4)		4.6	​
Adjustment to deferred tax assets as a result of the 2017 Act		21.8		—		—	​
Termination of deferred compensation arrangements		—		—		9.2	​
Transaction costs		5.2		(6.2)		—	​
Adjustments to contingent consideration		(5.0)		—		—	​
Excess tax benefit on share-based compensation		—		15.5		(2.6)	​
Impairment of intangible assets		—		(15.3)		—	​
Acceleration of deductions due to change in tax law		—		6.4		—	​
Other		(0.4)		(1.9)		2.2	​
Effective tax rate		60.8	%	18.1	%	34.4	%

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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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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