XML 131 R41.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | Provision for income taxes consisted of the following (in thousands):
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 35,434 |  |  | $ | 35,365 |  |  | $ | 15,623 |
State | 8,999 |  |  | 19,788 |  |  | 8,399 |
| 44,433 |  |  | 55,153 |  |  | 24,022 |
Deferred |  |  |  |  |
Federal | (3,638) |  |  | (11,552) |  |  | 3,878 |
State | (8,806) |  |  | (2,726) |  |  | 3,793 |
| (12,444) |  |  | (14,278) |  |  | 7,671 |
Total provision for income taxes | $ | 31,989 |  |  | $ | 40,875 |  |  | $ | 31,693 |
Schedule of Effective Income Tax Rate Reconciliation for Provision for Income Taxes | The provision for income taxes differs from the amount computed by applying the federal income tax rate as follows:
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Tax provision at U.S. federal statutory rates | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes net of federal benefit | 11.6 |  |  | 12.1 |  |  | 12.9 |
Non-deductible permanent items | 2.5 |  |  | 0.9 |  |  | 4.0 |
Variable interest entities | (2.1) |  |  | (1.1) |  |  | (1.3) |
Stock-based compensation | 2.8 |  |  | (0.3) |  |  | (1.0) |
Change in valuation allowance | (2.6) |  |  | 4.4 |  |  | — |
Gain on sale of investment | 8.5 |  |  | 1.2 |  |  | (2.1) |
NOL adjustment | 0.2 |  |  | 0.5 |  |  | (0.1) |
Undistributed dividend | (11.5) |  |  | 7.2 |  |  | 8.0 |
Spin-off transaction | 3.0 |  |  | — |  |  | — |
Other | 2.1 |  |  | 1.2 |  |  | (0.3) |
Effective income tax rate | 35.5 | % |  | 47.1 | % |  | 41.1 | %
Schedule of Components of Deferred Tax Assets (Liabilities) | Significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2023 and 2022, are shown below (in thousands).
| 2023 |  | 2022
Deferred tax assets |  |  |
State taxes | $ | 2,831 |  |  | $ | 2,489 |
Accrued expenses | 1,747 |  |  | 670 |
Allowance for bad debts | 1,718 |  |  | 853 |
Investment in other entities | 1,355 |  |  | 2,145 |
Net operating loss carryforward | 7,551 |  |  | 9,383 |
Lease liability | 10,897 |  |  | 6,470 |
Unrealized gain | 1,284 |  |  | 8,971 |
Stock options | 663 |  |  | 1,011 |
Other | — |  |  | 2 |
Deferred tax assets before valuation allowance | 28,046 |  |  | 31,994 |
Valuation allowance | (5,904) |  |  | (8,292) |
Net deferred tax assets | 22,142 |  |  | 23,702 |
Deferred tax liabilities |  |  |
Property and equipment | (329) |  |  | (1,840) |
Acquired intangible assets | (15,301) |  |  | (21,268) |
Right-of-use assets | (9,936) |  |  | (5,632) |
Debt issuance cost | (648) |  |  | (725) |
Undistributed dividend | — |  |  | (8,454) |
Deferred tax liabilities | (26,214) |  |  | (37,919) |
Net deferred tax liabilities | $ | (4,072) |  |  | $ | (14,217) |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration