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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | Provision for income taxes consisted of the following (in thousands):
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 23,695 |  |  | $ | 35,434 |  |  | $ | 35,365 |
State |  |  | 11,441 |  |  |  | 8,999 |  |  |  | 19,788 |
|  |  | 35,136 |  |  |  | 44,433 |  |  |  | 55,153 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | (2,424 | ) |  |  | (3,638 | ) |  |  | (11,552 | )
State |  |  | (1,826 | ) |  |  | (8,806 | ) |  |  | (2,726 | )
|  |  | (4,250 | ) |  |  | (12,444 | ) |  |  | (14,278 | )
Total provision for income taxes |  | $ | 30,886 |  |  | $ | 31,989 |  |  | $ | 40,875 |
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 statutory income tax rate as follows:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Tax provision at U.S. federal statutory rates |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes net of federal benefit |  |  | 9.5 |  |  |  | 11.6 |  |  |  | 12.1 |
Non-deductible permanent items |  |  | 3.8 |  |  |  | 2.5 |  |  |  | 0.9 |
Variable interest entities |  |  | 1.1 |  |  |  | (2.1 | ) |  |  | (1.1 | )
Stock-based compensation |  |  | 3.9 |  |  |  | 2.8 |  |  |  | (0.3 | )
Change in valuation allowance |  |  | (0.8 | ) |  |  | (2.6 | ) |  |  | 4.4 |
Gain on sale of investment |  |  | — |  |  |  | 8.5 |  |  |  | 1.2 |
Tax credits |  |  | (1.3 | ) |  |  | — |  |  |  | — |
NOL adjustment |  |  | (0.8 | ) |  |  | 0.2 |  |  |  | 0.5 |
Undistributed dividend |  |  | — |  |  |  | (11.5 | ) |  |  | 7.2 |
Spin-off transaction |  |  | — |  |  |  | 3.0 |  |  |  | — |
Uncertain tax position |  |  | 0.8 |  |  |  | — |  |  |  | — |
Tax rate change |  |  | (0.3 | ) |  |  | — |  |  |  | — |
Return-to-provision |  |  | (0.4 | ) |  |  | 2.4 |  |  |  | 0.6 |
Accrual to cash true-up |  |  | 1.3 |  |  |  | — |  |  |  | — |
Other |  |  | 0.4 |  |  |  | (0.3 | ) |  |  | 0.6 |
Effective income tax rate |  |  | 38.2 | % |  |  | 35.5 | % |  |  | 47.1 | %
Schedule of Components of Deferred Tax Assets (Liabilities) | Significant components of the Company’s deferred tax assets (liabilities) are shown below (in thousands).
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
State taxes |  | $ | 2,435 |  |  | $ | 2,831 |
Accrued expenses |  |  | 1,110 |  |  |  | 1,747 |
Allowance for bad debts |  |  | 3,741 |  |  |  | 1,718 |
Investment in other entities |  |  | — |  |  |  | 1,355 |
Net operating loss carryforward |  |  | 6,775 |  |  |  | 7,551 |
Lease liability |  |  | 8,644 |  |  |  | 10,897 |
Unrealized gain |  |  | 1,488 |  |  |  | 1,284 |
Stock options |  |  | 1,731 |  |  |  | 663 |
Deferred tax assets before valuation allowance |  |  | 25,924 |  |  |  | 28,046 |
Valuation allowance |  |  | (5,267 | ) |  |  | (5,904 | )
Net deferred tax assets |  |  | 20,657 |  |  |  | 22,142 |
Deferred tax liabilities |  |  |  |  |  |
Property and equipment |  |  | (1,031 | ) |  |  | (329 | )
Acquired intangible assets |  |  | (13,493 | ) |  |  | (15,301 | )
Right-of-use assets |  |  | (7,721 | ) |  |  | (9,936 | )
Debt issuance cost |  |  | (375 | ) |  |  | (648 | )
Investment in other entities |  |  | (1,701 | ) |  |  | — |
Other |  |  | (891 | ) |  |  | — |
Deferred tax liabilities |  |  | (25,212 | ) |  |  | (26,214 | )
Net deferred tax liabilities |  | $ | (4,555 | ) |  | $ | (4,072 | )
Summary of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits.
|  | 2024 |  |  | 2023 |
Gross unrecognized tax benefits at January 1, |  | $ | — |  |  | $ | — |
Increases for tax positions taken in the current year |  |  | 359 |  |  |  | — |
Increases for tax positions taken in the prior year |  |  | 359 |  |  |  | — |
Gross unrecognized tax benefits at December 31, |  | $ | 718 |  |  | $ | — |

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