Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of income tax provision (benefit)

Components of income tax provision (benefit) reflected in the consolidated statements of operations consist of the following (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current tax provision (benefit):
Domestic	$	(97)	$	1,510	$	—
Foreign		15,918		5,310		8,217
Total current	$	15,821	$	6,820	$	8,217
Deferred tax provision (benefit):
Domestic	$	11,638	$	8,689	$	1,167
Foreign		(1,032)		2,843		3,219
Total deferred	$	10,606	$	11,532	$	4,386
Total income tax provision	$	26,427	$	18,352	$	12,603

Schedule of components of income (loss) before income taxes

Components of income (loss) before income taxes are as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Domestic	$	(32,980)	$	(31,646)	$	(13,745)
Foreign		115,044		39,160		(61,436)
Income (loss) before income taxes	$	82,064	$	7,514	$	(75,181)

Schedule of differences between income tax provision (benefit) at U.S. statutory rate and actual income tax provision (benefit)

The primary differences between the income tax provision (benefit) at the U.S. statutory rate and our actual income tax provision (benefit) are as follows (dollars in thousands):

	Year Ended December 31,
	2024				2023				2022
Taxes at U.S. statutory rate	$	17,233	21.0	%	$	1,578	21.0	%	$	(15,788)	21.0	%
Foreign tax provision		7,944	9.7			1,590	21.2			18,011	(24.0)
Change in valuation allowance		(5,230)	(6.4)			6,374	84.8			8,110	(10.8)
Non-deductible expenses		3,105	3.8			2,926	38.9			2,366	(3.1)
Losses related to convertible senior notes (1)		4,078	5.0			6,372	84.8			—	—
Other		(703)	(0.9)			(488)	(6.5)			(96)	0.1
Income tax provision	$	26,427	32.2	%	$	18,352	244.2	%	$	12,603	(16.8)	%

(1) Relates to the non-deductibility for U.S. federal income tax purposes of certain charges associated with the 2026 Notes Repurchases and the 2026 Notes Redemptions (Note 7).

Schedule of deferred income taxes

Deferred income taxes result from the effect of transactions that are recognized in different periods for financial and tax reporting purposes. The nature of these differences and the income tax effect of each are as follows (in thousands):

	December 31,
	2024		2023 (1)
Deferred tax liabilities:
Depreciation	$	126,218	$	132,178
Operating leases		77,773		38,579
Prepaid and other		14,090		13,105
Total deferred tax liabilities	$	218,081	$	183,862
Deferred tax assets:
Net operating losses	$	(71,244)	$	(78,250)
Operating leases		(77,773)		(38,579)
Asset retirement obligations		(13,219)		(12,885)
Reserves, accrued liabilities and other		(17,253)		(24,708)
Total deferred tax assets		(179,489)		(154,422)
Valuation allowance		75,381		81,115
Net deferred tax liabilities	$	113,973	$	110,555

(1) Amounts revised for an immaterial correction in the presentation of certain deferred taxes. There is no impact to the net deferred tax liabilities or consolidated financial statements.