Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020 are as follows:

	For the Year Ended December 31,
(in thousands)	2022		2021		2020
Current
Federal	$	104,784	$	95,674	$	14,602
State and local	21,763		19,628		4,096
	$	126,547	$	115,302	$	18,698
Deferred
Federal	$	(102,496)	$	(73,987)	$	(48,168)
State and local	(11,882)		(7,942)		3,127
	(114,378)		(81,929)		(45,041)
Total provision (benefit) from continuing operations	$	12,169	$	33,373	$	(26,343)

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, 2022, 2021 and 2020 is as follows:

	For the Year Ended December 31,
(in thousands)	2022		2021		2020
Tax at Statutory	$	(117,756)	$	28,445	$	(114,850)
Non-Deductible Expenses	42		279		639
Equity Compensation Plan	575		443		85,227
Non-Deductible change in fair value of Private Placement Warrants and Unvested Founder Shares Liability	(14,080)		(6,845)		(7,439)
State Taxes (net)	3,711		6,003		(1,741)
Valuation Allowance	8		1,127		2,555
Goodwill Impairment	134,548		—		—
Non-Deductible Compensation	1,033		1,561		2,725
Tax Credits	(61)		(1,064)		(915)
Other	1		131		40
State Deferred Rate Changes	4,148		3,293		7,416
Total	$	12,169	$	33,373	$	(26,343)

Schedule of Deferred Tax Assets and Liabilities

The following are significant deferred income tax assets and liabilities as of December 31, 2022 and 2021:

	As of December 31,
(in thousands)	2022		2021
Deferred income tax assets:
Allowances on trade receivables	$	82	$	82
Net operating loss carryforwards	682		934
Capital loss carryforwards	1,429		1,421
Accrued expenses and reserves	11,191		4,864
Interest limitation carryforward	77,375		57,011
Leases – right-of-use liability	6,802		7,935
Transaction expenses	6,804		7,696
Other	556		494
Valuation allowance	(1,429)		(1,421)
Deferred income tax assets	$	103,492	$	79,016
Deferred income tax liabilities:
Intangible assets	700,209		778,209
Depreciable assets	36,255		47,168
Leases – right-of-use asset	6,097		7,108
Other	429		356
Deferred income tax liabilities	742,990		832,841
Net deferred income tax liabilities	$	639,498	$	753,825