Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company does not have operations in foreign jurisdictions. The provision (benefit) for income taxes for the years ended December 31, 2021, 2020 and 2019 are as follows:

	For the Year Ended December 31,
(in thousands)	2021		2020		2019
Current
Federal	$	95,674	$	14,602	$	96,148
State and local	19,628		4,096		16,055
	$	115,302	$	18,698	$	112,203
Deferred
Federal	$	(73,987)	$	(48,168)	$	(97,326)
State and local	(7,942)		3,127		(14,078)
	(81,929)		(45,041)		(111,404)
Total provision (benefit) from continuing operations	$	33,373	$	(26,343)	$	799

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes and the effective tax rate for the years ended December 31, 2021, 2020 and 2019 is as follows:

	For the Year Ended December 31,
(in thousands)	2021		2020		2019
Tax at Statutory	$	28,445	$	(114,850)	$	2,207
Non-Deductible Expenses	279		639		75
Equity Compensation Plan	443		85,227		(3,125)
Non-Deductible change in fair value of Private Placement Warrants and unvested founder shares Liability	(6,845)		(7,439)		—
State Taxes (net)	6,003		(1,741)		1,704
Valuation Allowance	1,127		2,555		—
Non-Deductible Compensation	1,561		2,725		—
Tax Credits	(1,064)		(915)		—
Other	131		40		87
State Deferred Rate Changes	3,293		7,416		(149)
Total	$	33,373	$	(26,343)	$	799

Schedule of Deferred Tax Assets and Liabilities

The following are significant deferred income tax assets and liabilities as of December 31, 2021 and 2020:

	As of December 31,
(in thousands)	2021		2020
Deferred income tax assets:
Allowances on trade receivables	$	82	$	93
Net operating loss carryforwards	934		432
Capital loss carryforwards	1,421		153
Accrued expenses and reserves	4,864		4,205
Interest limitation carryforward	57,011		47,192
Leases – right-of-use liability	7,935		8,311
Transaction expenses	7,696		8,422
Other	494		50
Valuation allowance	(1,421)		(153)
Deferred income tax assets	$	79,016	$	68,705
Deferred income tax liabilities:
Intangible assets	778,209		846,049
Depreciable assets	47,168		42,078
Leases – right-of-use asset	7,108		7,712
Debt costs	—		73,027
Other	356		472
Deferred income tax liabilities	832,841		969,338
Net deferred income tax liabilities	$	753,825	$	900,633