Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Summary of Components of Income (Loss) from Continuing Operations before Provision for Income Taxes
The components of income from continuing operations before (benefit) provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
2023 2022 2021
United States $ (39,708) $ 143,815  $ 193,147 
Foreign (693) (1,786) 156 
$ (40,401) $ 142,029  $ 193,303 
Schedule of Provision (Benefit) for Income Taxes
The (benefit) provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
2023 2022 2021
Federal:
Current $ (220) $ 34,968  $ 48,785 
Deferred (5,342) (4,973) (9,600)
(5,562) 29,995  39,185 
State:
Current 277  8,857  13,903 
Deferred (1,087) (1,100) (2,243)
(810) 7,757  11,660 
Foreign:
Current —  —  — 
Deferred 6  52  (12)
6  52  (12)
$ (6,366) $ 37,804  $ 50,833 
Significant Components of Deferred Tax Assets (Liabilities), Net
Significant components of the Company’s deferred tax assets, net consisted of the following (in thousands):
December 31,
2023 2022
Deferred Tax Assets:    
Accrued expenses and bonuses $ 3,201  $ 6,406 
Advances and loans and other reserves 12,612  9,655 
Deferred compensation and commissions 17,764  21,018 
Operating lease ROU assets, net 23,359  20,798 
Stock-based compensation 7,106  7,273 
Net operating and capital loss carryforwards 13,664  3,835 
Other comprehensive income 580  1,676 
Amortizable intangibles and other 2,687  2,221 
Deferred tax assets before valuation allowance 80,973  72,882 
Valuation allowance (5,296) (4,935)
Deferred Tax Assets 75,677  67,947 
Deferred Tax Liabilities:    
Property and equipment (4,366) (5,715)
Operating lease liabilities (20,781) (18,523)
Prepaid expenses (841) (1,180)
State taxes (1,385) (472)
Goodwill and other (1,374) (736)
Deferred Tax Liabilities (28,747) (26,626)
Deferred Tax Assets, Net $ 46,930  $ 41,321 
Components of Provision for Income Taxes and Income before Provision for Income Taxes
The (benefit) provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (dollars in thousands):
Years Ended December 31,
2023 2022 2021
Amount Rate Amount Rate Amount Rate
Income tax (benefit) expense at the federal statutory rate $ (8,484) 21.0  % $ 29,826  21.0  % $ 40,594  21.0  %
State income tax (benefit) expense, net of federal benefit (602) 1.5  % 6,127  4.3  % 9,210  4.8  %
Shortfall (windfall) tax benefits, net related to stock-based compensation 1,260  (3.1) % (2,714) (1.9) % (555) (0.3) %
Change in valuation allowance 388  (0.9) % 337  0.2  % 179  0.1  %
Permanent and other items (1)
1,072  (2.7) % 4,228  3.0  % 1,405  0.7  %
$ (6,366) 15.8  % $ 37,804  26.6  % $ 50,833  26.3  %
(1)
Permanent items relate principally to compensation charges, qualified transportation fringe benefits, meals and entertainment, and other items.
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits consisted of the following (in thousands):
Years Ended December 31,
2023 2022 2021
Beginning balance $ —  $ 304  $ 55 
Gross increases/ (decreases) as a result of positions taken:      
Prior periods —  (304) 1 
Current period —  —  304 
Expiration of applicable statutes of limitation —  —  (56)
Ending balance $ —  $ —  $ 304