XML 28 R18.htm IDEA: XBRL DOCUMENT v3.23.1
Income Taxes
3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

For the three months ended March 31, 2023 and March 31, 2022, the Company recognized an income tax benefit of $1.9 million on a pre-tax loss of $44.9 million and income tax expense of $0.5 million on a pre-tax loss of $112.6 million, respectively, resulting in effective tax rates of 4.3% and -0.4%, respectively. The effective tax rate for the three months ended March 31, 2023 varies from the U.S. federal statutory tax rate of 21% due to federal and state income tax expense as a result of current taxable income, offset by valuation allowance. The effective tax rate for the three months ended March 31, 2022 varies from the U.S. federal statutory tax rate of 21% due to state income tax expense as a result of current taxable income, offset by valuation allowance.