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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The income tax benefit was $3,170 for the three months ended June 30, 2025 resulting in an effective tax rate of (48.8)%. The income tax benefit was $509 for the three months ended June 30, 2024 resulting in an effective tax rate of 3.6%. The change in the effective income tax rate for the three months ended June 30, 2025, as compared to the prior period in 2024, is primarily driven by the release of uncertain tax positions during the three months ended June 30, 2025 and 2024 due to the expiration of their statute of limitations. The income tax benefit was $3,092 for the six months ended June 30, 2025 resulting in an effective tax rate of (187.1)%. The income tax benefit was $416 for the six months ended June 30, 2024 resulting in an effective tax rate of 1.0%. The change in the effective income tax rate for the six months ended June 30, 2025, as compared to the prior period in 2024, is primarily driven by the release of uncertain tax positions during the six months ended June 30, 2025 and 2024 due to the expiration of their statute of limitations. The Company's cumulative loss position was significant negative evidence in assessing the need for a valuation allowance on its deferred tax assets. Given the weight of objectively verifiable historical losses from operations, the Company has recorded a full valuation allowance on its deferred tax assets. The Company will be able to reverse the valuation allowance when it has shown its ability to generate taxable income on a consistent basis in future periods. The valuation allowance does not have an impact on the Company's ability to utilize any net operating losses or other tax attributes to offset cash taxes payable as these items are still eligible to be used. One Big Beautiful Bill Act H.R.1, the One Big Beautiful Bill Act (“OBBBA”) was signed into law on July 4, 2025. The OBBBA contains a broad range of tax reform provisions affecting U.S. businesses. The Company is currently evaluating the potential effects on its financial position, results of operations, and cash flows. The legislation was signed into law after the end of second quarter, therefore any potential impacts are not included in results for the three and six month periods ended June 30, 2025.

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