Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Our income tax expense (benefit) is as follows:


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	279	$	211	$	—
State	1,021		836		815
Total current income tax expense	$	1,300	$	1,047	$	815
Deferred:
Federal	$	353	$	248	$	1,814
State	139		(1,314)		540
Total deferred income tax expense (benefit)	$	492	$	(1,066)	$	2,354
Total income tax expense (benefit)	$	1,792	$	(19)	$	3,169

Deferred tax assets and liabilities consist of the following:


	December 31,
	2024		2023
Deferred tax assets:




Net operating loss carryforwards	$	13,275	$	13,631
Right of use liabilities	13,956		36,148
Other	5,806		4,823
Total long-term deferred tax asset	33,037		54,602
Valuation allowances	(4,938)		(3,802)
Total deferred tax assets	$	28,099	$	50,800
Deferred tax liabilities:


Long-term:
Fixed assets	$	(2,426)	$	(2,408)
Intangible assets	(29,552)		(29,635)
Right of use assets	(13,960)		(36,150)
Other	38		(117)
Total long-term liability	(45,900)		(68,310)
Total deferred tax liabilities	$	(45,900)	$	(68,310)
Total net deferred tax liability	$	(17,801)	$	(17,510)

The reconciliation between the partnership’s effective tax rate on income (loss) from operations and the statutory tax rate is as follows:


	Year Ended December 31,
	2024			2023			2022
Income (loss) from operations before income taxes	$	(31,215)		$	146,328		$	132,304
Partnership income (loss) not subject to federal income tax	28,598			(135,349)			(126,403)
Income (loss) subject to federal income taxes	$	(2,617)		$	10,979		$	5,901
Tax expense (benefit) at federal statutory rate	$	(550)		$	2,306		$	1,239
State income taxes, net of federal tax	1,115			(467)			1,248

Return to provision, federal and state	309			(169)			44
Other	(123)			(2,077)			(18)
Valuation allowance	1,041			388			656
Income tax expense (benefit)	$	1,792		$	(19)		$	3,169
Effective tax rate on income (loss) from operations before income taxes	(5.7)		%	—		%	2.4		%