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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 12. Income Taxes The Company computes its provision for (benefit from) income taxes for interim periods by applying its estimated annual effective tax rate to year-to-date loss or income for includable jurisdictions before income taxes from recurring operations and adjusting for discrete tax items arising in that interim period. The Company’s provision for income taxes was $3.4 million and $1.7 million for the three months ended June 30, 2024 and 2023, respectively, and $5.9 million and $3.3 million for the six months ended June 30, 2024 and 2023, respectively, primarily due to foreign, federal, and state income taxes. The Company monitors the realizability of the U.S. and U.K. deferred tax assets taking into account all relevant factors. As of June 30, 2024, the Company continued to maintain a full valuation allowance on its U.S. and U.K. deferred tax assets. The Company will release the valuation allowance when there is sufficient positive evidence to support a conclusion that it is more likely than not the deferred tax assets will be realized. Based on the Company’s assessment of the U.K.’s current income and anticipated future earnings, there is a reasonable possibility that the Company will have sufficient evidence to release a significant portion of the valuation allowance in the U.K. within the next 12 months. However, the Company’s judgment regarding the U.K.’s future earnings and the exact timing and amount of any U.K. valuation allowance release are subject to change due to many factors, including future market conditions, the ability to successfully execute its business plans, and the amount of stock-based compensation tax deductions available in the future. Release of the U.K. valuation allowance would result in the recognition of net deferred tax assets on the Company’s consolidated balance sheet and would decrease income tax expense in the period the release is recorded.

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