Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The income tax provision (benefit) for the years ended December 31, 2018, 2019 and 2020 is summarized below (in thousands):

	2018		2019		2020
Current:
Federal	$	9,069	$	37,878	$	31,398
State	3,785		11,584		9,786
Foreign	—		—		125
Total current	12,854		49,462		41,309
Deferred:
Federal	(13,381)		(7,009)		(8,537)
State	(2,941)		133		(538)
Foreign	—		—		(4,545)
Total deferred	(16,322)		(6,876)		(13,620)
Total provision (benefit) for income taxes	$	(3,468)	$	42,586	$	27,689

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 liability are as follows as of December 31, 2019 and 2020 (in thousands):

	2019		2020
Lease liabilities	$	27,074	$	28,017
Allowance for credit losses	8,884		14,083
Contract liabilities	8,139		8,500
Loss carryforward	4,459		7,307
Other	1,955		6,713
Stock-based compensation	6,322		6,318
Other facility-related costs	489		582
Intangible assets	(65,777)		(84,515)
Property and equipment	(13,120)		(20,421)
Right-of-use lease assets	(21,673)		(19,991)
Valuation allowance	(4,694)		—
Net deferred tax liability	$	(47,942)	$	(53,407)

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,
	2019		2020
Beginning unrecognized tax benefits	$	624	$	1,165
Additions for tax positions taken in the prior year	845		30
Reductions for tax positions taken in prior years	(304)		(881)
Ending unrecognized tax benefits	$	1,165	$	314

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, 2018, 2019, and 2020 is as follows:

	2018		2019		2020
Statutory federal rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefits	(1.4)		4.6		5.6
Termination of deferred compensation arrangements	—		9.2		—
Transaction costs	(6.2)		—		0.6
Excess tax benefit on share-based compensation	15.5		(2.6)		(2.0)
Impact of foreign operations	—		—		(1.2)
Impairment of intangible assets	(15.3)		—		—
Other	4.5		2.2		0.3
Effective tax rate	18.1	%	34.4	%	24.3	%