Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) is composed of the following:


	For the year ended December 31,
	2023		2022
Current:
Federal	$	—	$	—
State	32		(2)
Total current expense (benefit)	32		(2)
Deferred:
Federal	(959)		1,051
State	244		27
Total deferred tax (benefit) expense	$	(715)	$	1,078
Income tax (benefit) expense	$	(683)	$	1,076

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the income tax (benefit) expense computed at the U.S. federal statutory rate and the Company’s income tax (benefit) expense:


	For the year ended December 31,
	2023		2022
Income tax (benefit) expense – computed as 21% of pretax (loss) income	$	(5,598)	$	11,181
Effect of noncontrolling interests and redeemable noncontrolling interests	3,490		691
State tax, net of federal benefit	169		(138)
State valuation allowance	73		158
Transaction costs related to the Merger	—		(12)
Transaction costs related to the Merger (return to provision)	—		(678)
Effect of tax credits	(254)		(75)
Stock-based compensation	2,480		1,614
Change in fair value of redeemable warrant and Alignment Shares liability	(1,183)		(11,690)
Other	140		25
Income tax (benefit) expense	$	(683)	$	1,076
Effective income tax rate	2.6%		2.0%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2023 and 2022, the Company’s deferred tax assets and liabilities are comprised of the following:


	As of December 31,
	2023		2022
Deferred tax assets:
Net operating losses	$	86,078	$	65,128
Intangible liabilities	397		594
Deferred financing costs	6,334		3,029
Tax credits	945		690
Operating lease liability	24,813		17,830
Asset retirement obligation	4,453		2,490
Stock-based compensation	1,096		609
Derivative liability	1,973		—
Sec. 163(j) interest limitation	27,567		16,749
Total deferred tax assets	$	153,656	$	107,119
Valuation allowance	(868)		(795)
Net deferred tax assets	$	152,788	$	106,324
Deferred tax liabilities:
Property, plant and equipment	$	(94,286)	$	(58,040)
Intangible assets	(617)		(692)
Operating lease asset	(22,224)		(16,868)
Derivative asset	—		(876)
Investments in partnerships	(45,492)		(40,859)
Total deferred tax liabilities	(162,619)		(117,335)
Net deferred tax liability	$	(9,831)	$	(11,011)