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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Provision (Benefit) | Income tax provision is summarized as follows:
| Year Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (24,499) |  |  | $ | 87,840 |  |  | $ | 13,877 |
State | (3,861) |  |  | 6,106 |  |  | 274 |
Total current tax (benefit) provision | $ | (28,360) |  |  | $ | 93,946 |  |  | $ | 14,151 |
Deferred: |  |  |  |  |
Federal | $ | 50,423 |  |  | $ | (17,846) |  |  | $ | (13,462) |
State | — |  |  | 107 |  |  | (168) |
Total deferred tax provision (benefit) | 50,423 |  |  | (17,739) |  |  | (13,630) |
Income tax provision | $ | 22,063 |  |  | $ | 76,207 |  |  | $ | 521 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation of the statutory federal income tax rate to the Company’s actual rate based on income before income tax provision is summarized below:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory federal tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State income taxes, net of federal income taxes | (5.03) |  |  | 2.53 |  |  | 0.62 |
Permanent tax differences – stock compensation | 1.62 |  |  | (2.12) |  |  | (6.31) |
Permanent tax differences – business meals | 0.70 |  |  | 0.17 |  |  | 0.44 |
Permanent tax differences – executive compensation and other | 0.64 |  |  | 2.60 |  |  | 9.27 |
Permanent tax differences – goodwill | 16.69 |  |  | — |  |  | — |
Change in valuation allowance | — |  |  | (1.71) |  |  | (23.99) |
FICA credit generated | (1.27) |  |  | (0.28) |  |  | (1.09) |
WOTC credit generated | (0.14) |  |  | — |  |  | — |
Tax benefit due to settlement of uncertain tax positions | (9.38) |  |  | — |  |  | — |
Additional tax due to amending tax returns from prior years | 5.01 |  |  | — |  |  | — |
Change in tax rate and apportionment | — |  |  | 0.43 |  |  | (0.26) |
Deferred only adjustment to beginning deferred balances | 0.47 |  |  | 0.34 |  |  | 0.95 |
Effective tax rate | 30.31 | % |  | 22.96 | % |  | 0.63 | %
Schedule of Deferred Tax Assets and Liabilities | The Company’s current and non-current deferred tax assets (liabilities) are comprised of the following:
| December 31,
(In thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Accruals and reserves | $ | 3,895 |  |  | $ | 5,128 |
Share-based compensation expense | 1,997 |  |  | 2,137 |
Operating lease obligation | 19,626 |  |  | 27,092 |
Depreciation of fixed assets | — |  |  | 18,631 |
Uncertain tax position | — |  |  | 6,245 |
Other | — |  |  | 1,553 |
Gross deferred tax assets | 25,518 |  |  | 60,786 |
Valuation allowance | — |  |  | — |
Deferred tax assets, net of valuation allowance | $ | 25,518 |  |  | $ | 60,786 |
Deferred tax liabilities: |  |  |
Prepaid services | $ | (1,744) |  |  | $ | (1,771) |
Amortization of intangible assets | (787) |  |  | (5,778) |
Depreciation of fixed assets | (26,050) |  |  | — |
Right-of-use assets | (16,478) |  |  | (23,729) |
Debt basis | (1,359) |  |  | — |
Other | (15) |  |  | — |
Gross deferred tax liabilities | (46,433) |  |  | (31,278) |
Deferred tax (liabilities) assets, net | $ | (20,915) |  |  | $ | 29,508 |
Non-current deferred tax assets, net | $ | — |  |  | $ | 29,508 |
Non-current deferred tax liabilities, net | (20,915) |  |  | — |
Deferred tax (liabilities) assets, net | $ | (20,915) |  |  | $ | 29,508 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the Company’s reconciliation of the beginning and ending unrecognized tax benefits:
| December 31,
(In thousands) | 2024 |  | 2023
Balance – beginning of period | $ | 7,165 |  |  | $ | — |
Tax positions related to current year additions | — |  |  | 884 |
Additions for tax positions of prior years | — |  |  | 6,281 |
Settlements | (7,165) |  |  | — |
Balance – end of period | $ | — |  |  | $ | 7,165 |

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