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INCOME TAXES | 3 Months Ended
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Mar. 31, 2025
INCOME TAXES |
INCOME TAXES | NOTE D – INCOME TAXES ​ The Company’s total effective tax rate was 25.0% for the three months ended March 31, 2025, compared to a tax benefit rate of 40.3% for the same respective period of 2024. The effective tax rate from continuing operations was 25.0% for the three months ended March 31, 2025, compared to a tax benefit rate of 37.7% for the three months ended March 31, 2024. The 2024 tax benefit rates were primarily due to the pre-tax loss from a noncash impairment charge to write off our equity investment in Phantom Auto included in the loss from continuing operations during the first quarter of 2024. State tax rates vary among states and average approximately 6.0%, although some state rates are higher, and a small number of states do not impose an income tax. ​ For the three months ended March 31, 2025 and 2024, the difference between the Company’s effective tax rate from continuing operations and the federal statutory rate resulted from various factors, including state income taxes; various nondeductible expenses, including compensation under IRC Section 162(m); changes in the cash surrender value of life insurance; the federal research and development tax credit; changes in valuation allowances; and the tax benefit from the vesting of RSUs. The difference between the effective tax rate and the federal statutory rate for the three months ended March 31, 2024 also included the federal alternative fuel tax credit that expired on December 31, 2024. ​ As of March 31, 2025, the Company’s deferred tax liabilities, which will reverse in future years, exceeded the deferred tax assets. The Company evaluated the total deferred tax assets at March 31, 2025, and concluded that, other than for certain deferred tax assets related to foreign and state tax credit carryforwards and federal and state net operating losses, the assets did not exceed the amount for which realization is more likely than not. In making this determination, the Company considered the future reversal of existing taxable temporary differences, future taxable income, and tax planning strategies. ​ The Company paid federal, state, and foreign income taxes, net of refunds of $0.8 million and $19.1 million for the three months ended March 31, 2025 and 2024, respectively. ​ Income tax expense reflected in discontinued operations, which primarily consisted of federal and state income taxes on the gain from sale of FleetNet, was $0.2 million for the three months ended March 31, 2024, or an effective tax rate of 25.5%. ​

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