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Income taxes
 3 Months Ended
Mar. 31, 2024
Income taxes  
Income taxes

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Income taxes

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The Company recorded $0.7 million deferred tax expense in relation to its operations in the U.S. during the three months ended March 31, 2024. The Company recorded $1.2 million deferred tax benefit in relation to its operations in the U.S. and France during the three months ended March 31, 2023.  

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The effective income tax rate of 1.0% during the three ended March 31, 2024 is substantially lower than the enacted rate of 25.8% in the Netherlands as the Company records a valuation allowance against its net deferred tax assets in the Netherlands and a partial a valuation allowance against its net deferred tax assets in France. The effective income tax rate during the three months ended March 31, 2023 was (1.5%), as the Company had recorded a valuation allowance against its net deferred tax assets in the Netherlands.

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