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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Taxes

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

​

​	​	​	​	​	​
​	​	For the Six Months			​
​	​	Ended June 30,			​
​		2024		2023	​
Federal income tax expense (benefit) at statutory rate		21.0	%	(21.0)	%
Effect of:		​	​	​	​
GILTI provisions	​	17.6	​	-	​
Tax effects of foreign operations	​	7.1	​	3.8	​
Change in valuation allowance	​	6.4	​	51.3	​
Increase in unrecognized tax benefits (ASC 740)	​	5.5	​	2.6	​
State income tax net of federal benefit	​	0.8	​	0.4	​
Foreign rate differential	​	(1.4)	​	(1.5)	​
Effect of stock - based compensation	​	(2.9)	​	(22.7)	​
Return to provision true up	​	(3.2)	​	(0.6)	​
Deemed interest	​	(5.2)	​	(7.1)	​
Foreign operations permanent differences - foreign exchange gains and losses	​	(7.9)	​	4.7	​
Other	​	4.2	​	6.2	​
Effective tax rate	​	42.0	%	16.1	%

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 six months ended June 30, 2024 (in thousands):

​

​	​	​	​
​		Unrecognized
​		Tax Benefits
Balance at January 1, 2024	​	$	1,942
Increase for current period tax positions	​		115
Decrease for prior year tax positions	​	​	(81)
Interest accrual	​		59
Foreign currency remeasurement	​		(22)
Balance at June 30, 2024	​	$	2,013

​

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Tabular disclosure of the change in unrecognized tax benefits.

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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/2003/role/disclosureRef
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-SubTopic 10
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