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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company recorded a provision for income taxes of $3.8 million and $7.8 million for the three months ended September 30, 2025 and 2024, respectively, and of $12.9 million and $17.7 million for the nine months ended September 30, 2025 and 2024, respectively. The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which it conducts business. The Company’s effective tax rate as of September 30, 2025 differs from the U.S. statutory rate primarily due to foreign income taxed at different rates, non-deductible stock-based compensation, other non-deductible expenses, and valuation allowances recorded on its deferred tax assets from the U.S., United Kingdom (“U.K.”), and other jurisdictions. The provision for income taxes decreased by $4.1 million and $4.7 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The decreases were primarily related to non-recurring foreign tax expense in the prior year related to foreign tax audits, as well as decreased foreign withholding taxes. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company assesses its ability to realize the deferred tax assets on a quarterly basis, and it establishes a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. For example, due to the weight of objectively verifiable negative evidence, including its history of U.S. and U.K. net operating tax losses, the Company has maintained a full valuation allowance on its U.S. and U.K. deferred tax assets as of September 30, 2025. However, given the Company’s recent earnings and anticipated future earnings, there is a reasonable possibility that it will have sufficient positive evidence in the future to release all or a portion of the valuation allowance it recorded against its deferred tax assets. The Organisation for Economic Co-operation and Development (“OECD”) global minimum tax provision (“Pillar Two”) rules are at varying stages of adoption across jurisdictions where the Company operates. While the United States has not yet adopted Pillar Two, several countries have enacted Pillar Two and these rules were applicable to the Company starting January 1, 2024. The adoption of Pillar Two rules may affect the Company’s effective tax rates and current tax obligations and liabilities. Based on the Company’s analysis of currently enacted Pillar Two provisions, these tax law changes did not have a material impact on the Company’s consolidated financial statements. On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. The provisions have multiple effective dates, with certain provisions effective in the current fiscal year and others in subsequent years. The Company is evaluating the full effects of the legislation and, based on preliminary analysis, does not expect that the legislation will have a material impact on the Company’s estimated annual effective tax rate or its consolidated financial statements in the current fiscal year.

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