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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Taxes

Schedule of reconciliation of U.S. statutory rate with Company's effective tax rate

​

​	​	​	​	​	​
​	​	For the Three Months			​
​	​	Ended March 31,			​
​		2024		2023	​
Federal income tax expense (benefit) at statutory rate		21.0	%	(21.0)	%
Effect of:		​	​	​	​
GILTI provisions	​	11.8	​	-	​
Increase in unrecognized tax benefits (ASC 740)	​	6.1	​	3.4	​
Return to provision true up	​	5.1	​	(0.4)	​
Tax effects of foreign operations	​	2.4	​	3.8	​
Withholding tax	​	2.0	​	-	​
State income tax net of federal benefit	​	0.7	​	0.3	​
Effect of stock - based compensation	​	0.7	​	(1.4)	​
Foreign rate differential	​	0.5	​	0.9	​
Deemed interest	​	(2.7)	​	(4.6)	​
Foreign operations permanent differences - foreign exchange gains and losses	​	(7.9)	​	3.5	​
Change in valuation allowance	​	(10.4)	​	23.8	​
Other	​	0.7	​	3.2	​
Effective tax rate	​	30.0	%	11.5	%

Schedule of roll forward of the Company's unrecognized tax benefits and associated interest

The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the three months ended March 31, 2024 (in thousands):

​

​	​	​	​
​		Unrecognized
​		Tax Benefits
Balance at January 1, 2024	​	$	1,942
Increase for current period tax positions	​		60
Interest accrual	​		27
Foreign currency remeasurement	​		(8)
Balance at March 31, 2024	​	$	2,021

​

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- References

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

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