Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) The Company's income tax (benefit) expense for continuing operations during the years ended December 31, 2024, 2023 and 2022 were the following:
  2024 2023 2022
Current:
Federal $ 3,625  $ 18,444  $ 43,327 
State 178  4,285  12,026 
Foreign 4,716  —  — 
Total Current Tax Expense 8,519  22,729  55,353 
Deferred:
Federal (113,588) (6,268) 6,317 
State (19,922) (2,625) 1,369 
  Foreign
 —  —  — 
Total Deferred Taxes (133,510) (8,893) 7,686 
Total Income Tax Expense (Benefit) $ (124,991) $ 13,836  $ 63,039 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of income taxes computed at the U.S. federal statutory income tax rate (21.0% for 2024, 2023 and 2022) to the provision for income taxes reflected in the Company’s Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 is as follows:
  2024 2023 2022
Tax expense at the statutory rate $ (262,466) $ 11,894  $ 50,915 
State income taxes, net of federal income tax benefit (19,538) 1,561  10,189 
Share-based compensation (16) (537) (840)
Other permanent differences 1,743  (36) (30)
Non-deductible compensation 156  1,190  1,435 
Non-controlling interest 65,772  —  — 
Federal income tax credits —  (34) (107)
Foreign Tax Rate Differential (1,019) —  — 
Impairment 42,081  —  — 
Change in Valuation Allowance 57,614  —  — 
Other (9,318) (202) 1,477 
  $ (124,991) $ 13,836  $ 63,039 
Schedule of Significant Components of Deferred Tax Assets and Liabilities The significant components of the deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows:
December 31,
2024		 December 31,
2023
Deferred tax assets:
Accrued expenses $ —  $ 12,006 
Allowance for doubtful accounts 47  565 
Operating lease liabilities 1,318  29,658 
Due diligence and transaction costs —  13,953 
Share-based compensation 2,297  4,995 
Accruals for income tax contingencies 42  129 
Capital Contributions 1  — 
Net operating loss carryforwards 12,617  634 
Foreign Tax Credit 894  — 
Interest Disallowance 23,827  — 
Unrealized Gain/Loss 14  — 
Investment in Partnership 36,179  — 
Total gross deferred tax assets 77,236  61,940 
Valuation allowance (72,508) (395)
Total net deferred tax assets 4,728  61,545 
Deferred tax liabilities:
Tax over book depreciation 4,047  33,373 
Prepaid expenses 39  10,807 
Operating lease right-of-use assets 1,391  28,559 
Goodwill —  23,744 
Intangible assets 37,420  7,262 
Total deferred tax liabilities 42,897  103,745 
Net deferred tax liabilities $ (38,169) $ (42,200)
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of and during the years ended December 31, 2024 and 2023 is as follows:
Balance at December 31, 2022 198 
Reductions for settlement with state taxing authorities (66)
Additions for tax positions of current year 21 
Balance at December 31, 2023 $ 153 
Reductions for settlement with state taxing authorities (66)
Reductions for tax positions of prior years (213)
Additions from acquisition of Omni Newco, LLC 2,257 
Balance at December 31, 2024
 $ 2,131