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INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
16.
INCOME TAXES

Income tax provision and the effective tax rate for the three and six months ended June 30, 2024 and 2023 were as follows:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Benefit (provision) for income taxes

 

$

860

 

 

$

(761

)

 

$

855

 

 

$

(1,287

)

Effective tax rate

 

 

2.0

%

 

 

(1.7

)%

 

 

1.0

%

 

 

(1.4

)%

The tax provisions for the three and six months ended June 30, 2024 and 2023 were computed using the estimated effective tax rates projected to be applicable for domestic and international taxable jurisdictions for the full year as adjusted for discrete items arising during each quarter.

The effective tax rate differs from the federal statutory rate due primarily to a full valuation allowance against our US deferred tax assets, as well as the impact of discrete items that may occur in any given year but which are not consistent from year-to-year.

The Company is not currently under examination by the IRS, state and local, or foreign tax authorities. Due to its net operating loss carryforwards, the Company remains subject to examination for U.S. federal and state jurisdictions for all years beginning with the year ended March 31, 2016. The Company’s foreign subsidiaries are generally subject to examination within four years from the end of the tax year during which the tax return was filed.

In April 2024, the Company effectively settled its uncertain tax position relating to its New Zealand subsidiary and recognized a benefit of $1,895 as part of the income tax provision booked during the quarter ended June 30, 2024. The Company does not anticipate significant changes to occur to its uncertain tax positions within the next 12 months.