INCOME TAXES - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Income Tax Expense (Benefit)

The income tax expense (benefit) consists of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
U.S. federal income tax expense (benefit):
Current	$	47,239	$	56,474	$	4,103
Deferred	16,396		18,739		38,810
	63,635		75,213		42,913
State income tax expense (benefit):
Current	10,597		20,253		9,182
Deferred	(2,456)		(3,814)		3,117
	8,141		16,439		12,299
Total income tax expense (benefit)	$	71,776	$	91,652	$	55,212

Schedule of Effective Income Tax Rate Reconciliation

The difference between the statutory federal income tax rate and the effective tax rate is as follows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes net of federal tax benefit	3.5	%	4.8	%	5.0	%
Valuation allowance	(0.8)	%	(1.5)	%	0.0	%
Share based compensation impacts	1.2	%	0.7	%	0.4	%
Other, net	0.4	%	0.5	%	0.4	%
Effective income tax rate	25.3	%	25.5	%	26.8	%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred income tax assets and liabilities were as follows as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Deferred tax assets:
Price concessions	$	8,053	$	5,365
Compensation and benefits	6,166		7,609
Interest limitation carryforward	5,768		13,802
Operating lease liability	23,880		26,378
Net operating losses	50,860		56,980
Other	12,676		7,556
Deferred tax assets before valuation allowance	107,403		117,690
Valuation allowance	(3,337)		(6,371)
Deferred tax assets net of valuation allowance	104,066		111,319

Deferred tax liabilities:
Accelerated depreciation	(12,630)		(8,882)
Operating lease right-of-use asset	(18,883)		(21,504)
Intangible assets	(48,412)		(52,502)
Goodwill	(59,303)		(52,188)
Other	(12,414)		(11,163)
Deferred tax liabilities	(151,642)		(146,239)
Net deferred tax liabilities	$	(47,576)	$	(34,920)

Summary of Valuation Allowance

The following table presents the valuation allowance for deferred tax assets for the years ended December 31, 2024, 2023 and 2022 (in thousands):


			Additions
Description	Balance at Beginning of Period		Charged (Benefit) to Costs and Expenses		Charged (Benefit) to Other Accounts		Balance at End of Period
2022: Valuation allowance for deferred tax assets	$	13,151	$	(95)	$	—	$	13,056
2023: Valuation allowance for deferred tax assets	$	13,056	$	(6,685)	$	—	$	6,371
2024: Valuation allowance for deferred tax assets	$	6,371	$	(3,034)	$	—	$	3,337