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Income Taxes | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | 13. Income Taxes The Company’s tax provision for interim periods is determined based on its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. Each quarter, the Company updates its estimated annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment to tax expense or benefit in the period. The estimated annual effective tax rate differs from the U.S. statutory tax rate primarily due to the impacts of non-deductible expenses, federal research and development credits, and changes in uncertain tax positions. The Company recorded a provision for income taxes of $28.1 million and $33.6 million for the three and six months ended June 30, 2026, respectively, and $4.1 million and $7.4 million for the three and six months ended June 30, 2025, respectively. The effective tax rate was 35.8% and 34.2% for the three and six months ended June 30, 2026, respectively and 9.2% and 14.8% for the three and six months ended June 30, 2025, respectively. The provision for income taxes for the three and six months ended June 30, 2026 was primarily attributable to deferred tax expense on the utilization of U.S. deferred tax assets due to the lack of a valuation allowance in the current period and pre-tax book income in the U.S. resulting in federal and state income taxes offset by losses generated in non-U.S. jurisdictions for which a tax benefit can be realized. The provision for income taxes for the three and six months ended June 30, 2025, was primarily attributable to pre-tax book income in the U.S. resulting in state income taxes offset by losses generated in non-U.S. jurisdictions for which a tax benefit can be realized. The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will be realized. Based on all available positive and negative evidence, the Company continues to maintain a valuation allowance against its California research and development (“R&D”) credits, as it believes it is not more-likely-than-not to be realized, as the Company expects R&D tax credit generation to exceed its ability to use these credits in future periods. In addition, the Company continues to maintain a valuation allowance against the deferred tax assets in some foreign jurisdictions.

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