INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of the income tax expense (benefit)

The components of the income tax expense (benefit) are as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current income tax expense:
Federal	$	587	$	1,155	$	—
State	940		1,022		353
Current income tax expense	1,527		2,177		353
Deferred income tax expense (benefit):
Federal	947		(3,383)		98,772
State	1,846		(1,309)		33,894
Deferred income tax expense (benefit)	2,793		(4,692)		132,666
Income tax expense (benefit)	$	4,320	$	(2,515)	$	133,019

Schedule of reconciliation of total income tax expense (benefit) to amounts computed by applying statutory federal income tax rate to income (loss) from continuing operations before income taxes

A reconciliation of the income tax expense (benefit) to the amounts computed by applying the statutory federal income tax rate to income (loss) from continuing operations before income taxes is shown as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Federal statutory income tax	$	(7,851)	$	(26,233)	$	(11,538)
State income taxes, net	(502)		(2,883)		(729)
Excess tax deductions on non-cash compensation	3,633		6,373		4,117
Research and experimentation tax credit	(1,500)		(1,512)		(2,906)
Nondeductible executive compensation	3,245		2,174		2,692
Increase (decrease) in valuation allowance	5,045		17,087		139,374
Remeasurement of state deferred tax	776		73		305
Expiration of state net operating loss carryforwards	535		595		789
Global intangible low-taxed income inclusion	420		420		30
Other, net	519		1,391		885
Income tax expense (benefit)	$	4,320	$	(2,515)	$	133,019

Schedule of components of the deferred tax assets and deferred tax liabilities

The tax effects of cumulative temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands):

	December 31,
	2024		2023
Deferred tax assets:
Provision for accrued expenses	$	1,541	$	1,168
Leasing	19,053		21,263
Net operating loss carryforwards (a)	38,746		47,463
Capitalized research and experimentation	35,861		30,396
Non-cash compensation expense	23,953		28,126
Property and equipment	833		—
Intangible assets	1,882		11,379
Interest	22,422		21,295
Equity Investment	19,659		4,561
Tax credits	15,522		15,385
Other	71		95
Total gross deferred tax assets	179,543		181,131
Less: valuation allowance (b)	(167,549)		(162,504)
Total deferred tax assets, net of the valuation allowance	11,994		18,627
Deferred tax liabilities:
Leasing	(16,379)		(18,329)
Property and equipment	—		(1,563)
Other	(499)		(826)
Total gross deferred tax liabilities	(16,878)		(20,718)
Net deferred taxes	$	(4,884)	$	(2,091)

(a)At December 31, 2024, the Company had pre-tax consolidated federal net operating losses (“NOLs”) of $103.0 million. The federal NOLs no longer expire under the Tax Cuts and Jobs Act. The Company's NOLs will be available to offset taxable income, subject to the Internal Revenue Code Section 382 annual limitation. In addition, the Company has state NOLs of approximately $428.6 million at December 31, 2024, a portion of which will expire at various times between 2025 and 2044.

(b)The valuation allowance is related to items for which it is “more likely than not” that the tax benefit will not be realized.

Deferred income taxes are presented in the accompanying consolidated balance sheets as follows (in thousands):

	December 31,
	2024		2023
Deferred income tax assets	$	—	$	—
Deferred income tax liabilities	(4,884)		(2,091)
Net deferred taxes	$	(4,884)	$	(2,091)

Schedule of the deferred tax valuation allowance reconciliation

A reconciliation of the beginning and ending balances of the deferred tax valuation allowance is as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Balance, beginning of the period	$	162,504	$	145,401	$	6,039
Charges to earnings	5,045		17,103		139,362
Balance, end of the period	$	167,549	$	162,504	$	145,401

Schedule of reconciliation of beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):

	Year Ended December 31,
	2024		2023
Balance, beginning of the period	$	3,424	$	3,282
Additions based on tax positions of the current period	225		227
Additions (subtractions) based on tax positions of the prior period	72		(85)
Balance, end of the period	$	3,721	$	3,424