Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income (loss) from Continuing Operations Before Income Taxes |
Income (loss) from continuing operations before income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
U.S. operations |
|
$ |
137,723 |
|
|
$ |
(95,555 |
) |
|
$ |
(213,971 |
) |
Foreign operations |
|
|
218 |
|
|
|
237 |
|
|
|
197 |
|
Income (loss) before income taxes |
|
$ |
137,941 |
|
|
$ |
(95,318 |
) |
|
$ |
(213,774 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) Attributable to Income (Loss) from Continuing Operations Before Income Taxes |
Income tax expense (benefit) attributable to income (loss) from continuing operations before income taxes is summarized as follows (in thousands):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Current provision: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
19,538 |
|
|
$ |
1,296 |
|
|
$ |
12,549 |
|
State |
|
|
8,024 |
|
|
|
1,998 |
|
|
|
4,175 |
|
Foreign |
|
|
35 |
|
|
|
50 |
|
|
|
39 |
|
Total current provision |
|
|
27,597 |
|
|
|
3,344 |
|
|
|
16,763 |
|
Deferred provision: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
1,524 |
|
|
|
(25,004 |
) |
|
|
(40,106 |
) |
State |
|
|
4,024 |
|
|
|
(4,727 |
) |
|
|
(8,165 |
) |
Total deferred provision |
|
|
5,548 |
|
|
|
(29,731 |
) |
|
|
(48,271 |
) |
Total income tax provision: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
21,062 |
|
|
|
(23,708 |
) |
|
|
(27,557 |
) |
State |
|
|
12,048 |
|
|
|
(2,729 |
) |
|
|
(3,990 |
) |
Foreign |
|
|
35 |
|
|
|
50 |
|
|
|
39 |
|
Income tax expense (benefit) |
|
$ |
33,145 |
|
|
$ |
(26,387 |
) |
|
$ |
(31,508 |
) |
|
| Reconciliation of the U.S. Federal Income Tax Rate to Income Tax Expense (Benefit) Expressed as a Percent of Pretax Income (loss) |
A reconciliation of the U.S. federal income tax rate of 21.0% to income tax expense (benefit) expressed as a percent of pretax income (loss) is as follows (in thousands):
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|
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|
For the Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
Amount |
|
Rate |
|
|
Amount |
|
Rate |
|
|
Amount |
|
Rate |
|
U.S. federal statutory tax rate |
|
$ |
28,968 |
|
|
21.0 |
% |
|
$ |
(20,017 |
) |
|
21.0 |
% |
|
$ |
(44,893 |
) |
|
21.0 |
% |
State and local income taxes, net of federal income
tax effect (1) |
|
|
9,518 |
|
|
6.9 |
% |
|
|
(719 |
) |
|
0.8 |
% |
|
|
(5,029 |
) |
|
2.4 |
% |
Foreign tax effects |
|
|
(11 |
) |
|
0.0 |
% |
|
|
15 |
|
|
0.0 |
% |
|
|
12 |
|
|
0.0 |
% |
Tax credits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employment tax credits |
|
|
(1,752 |
) |
|
(1.3 |
)% |
|
|
(2,609 |
) |
|
2.7 |
% |
|
|
(2,963 |
) |
|
1.4 |
% |
Other tax credits |
|
|
(200 |
) |
|
(0.1 |
)% |
|
|
(300 |
) |
|
0.3 |
% |
|
|
(350 |
) |
|
0.2 |
% |
Nontaxable or nondeductible items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal claims |
|
|
130 |
|
|
0.1 |
% |
|
|
(12,915 |
) |
|
13.5 |
% |
|
|
24,150 |
|
|
(11.3 |
)% |
Share based compensation |
|
|
(12,663 |
) |
|
(9.2 |
)% |
|
|
4,380 |
|
|
(4.6 |
)% |
|
|
(2,013 |
) |
|
0.9 |
% |
Executive compensation |
|
|
8,187 |
|
|
5.9 |
% |
|
|
1,017 |
|
|
(1.1 |
)% |
|
|
— |
|
|
— |
|
Acquisition impacts |
|
|
— |
|
|
— |
|
|
|
1,819 |
|
|
(1.9 |
)% |
|
|
— |
|
|
— |
|
Other |
|
|
2,290 |
|
|
1.7 |
% |
|
|
2,950 |
|
|
(3.1 |
)% |
|
|
(1,436 |
) |
|
0.6 |
% |
Changes in unrecognized tax benefits |
|
|
(1,322 |
) |
|
(1.0 |
)% |
|
|
(8 |
) |
|
0.1 |
% |
|
|
1,014 |
|
|
(0.5 |
)% |
Total |
|
$ |
33,145 |
|
|
24.0 |
% |
|
$ |
(26,387 |
) |
|
27.7 |
% |
|
$ |
(31,508 |
) |
|
14.7 |
% |
|
| Summary of Net Cash Paid for Income Taxes |
Net cash paid for income taxes consisted of the following (in thousands):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Federal |
|
$ |
18,431 |
|
|
$ |
19,347 |
|
|
$ |
27,297 |
|
Aggregated state and local jurisdictions |
|
|
8,449 |
|
|
|
4,156 |
|
|
|
10,202 |
|
Disaggregated state and local jurisdictions: |
|
|
|
|
|
|
|
|
|
Virginia |
|
* |
|
|
|
1,410 |
|
|
|
— |
|
Foreign |
|
90 |
|
|
|
40 |
|
|
|
— |
|
Net cash paid for income taxes |
|
$ |
26,970 |
|
|
$ |
24,953 |
|
|
$ |
37,499 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below (in thousands):
|
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|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Deferred tax assets: |
|
|
|
|
|
|
Accrued expenses |
|
$ |
53,538 |
|
|
$ |
44,957 |
|
Allowance for credit losses and contractual allowances |
|
|
36,980 |
|
|
|
22,546 |
|
Net operating losses |
|
|
13,389 |
|
|
|
18,796 |
|
Share-based compensation |
|
|
22,361 |
|
|
|
15,799 |
|
IRC §163(j) interest |
|
|
67,438 |
|
|
|
96,961 |
|
Operating lease liability |
|
|
65,906 |
|
|
|
62,587 |
|
Interest rate swaps |
|
|
93 |
|
|
|
— |
|
Other |
|
|
29,870 |
|
|
|
21,325 |
|
Deferred tax assets |
|
|
289,575 |
|
|
|
282,971 |
|
Valuation allowances |
|
|
(7,128 |
) |
|
|
(8,968 |
) |
Deferred tax assets, net |
|
|
282,447 |
|
|
|
274,003 |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
Operating lease right-of-use asset |
|
|
(74,027 |
) |
|
|
(60,587 |
) |
Property and equipment |
|
|
(11,789 |
) |
|
|
(6,575 |
) |
Goodwill and other intangible assets |
|
|
(198,377 |
) |
|
|
(190,272 |
) |
Insurance recovery |
|
|
(4,432 |
) |
|
|
(8,677 |
) |
Interest rate swaps |
|
|
— |
|
|
|
(2,604 |
) |
Deferred tax liabilities |
|
|
(288,625 |
) |
|
|
(268,715 |
) |
Deferred income taxes, net |
|
$ |
(6,178 |
) |
|
$ |
5,288 |
|
|
| Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of total unrecognized tax benefits is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Balance at beginning of year |
|
$ |
1,493 |
|
|
$ |
1,502 |
|
Decrease related to prior year tax positions |
|
|
— |
|
|
|
(9 |
) |
Payments |
|
|
(146 |
) |
|
|
— |
|
Lapse of statute of limitations |
|
|
(1,322 |
) |
|
|
— |
|
Balance at end of year |
|
$ |
25 |
|
|
$ |
1,493 |
|
|