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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following table presents income tax benefit (provision) for income taxes (in thousands, except for effective tax rate):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income tax benefit (provision) | 3,195 |  |  | (195) |  |  | (1,605) |  |  | (407) |
Effective tax rate | 14.48 | % |  | 0.36 | % |  | 0.98 | % |  | 0.30 | %
During the three and nine months ended September 30, 2025, the Company recorded an income tax benefit of $3.2 million and income tax provision of $1.6 million, respectively. The income tax provision for the nine months ended September 30, 2025 included a discrete tax expense of $3.3 million related to the Antitrust Settlement and stock-based compensation expense. The Antitrust Settlement was treated as an infrequent and unusual item and the tax impact reported discretely during the nine months ended September 30, 2025. The effective tax rate was 14.48% on pre-tax loss of $22.1 million and 0.98% on pre-tax income of $163.2 million. The effective tax rate differs from the U.S. Statutory rate of 21% as a result of the discrete item related to the Antitrust Settlement and changes in the Company's valuation allowance. During the three and nine months ended September 30, 2024, the Company recorded an income tax provision of $0.2 million and $0.4 million, respectively and the effective tax rate was 0.30% on pre-tax loss of $54.5 million and $136.4 million, respectively. The effective tax rate differs from the U.S. Statutory rate of 21% as a result of changes in the Company's valuation allowance. The Company regularly evaluates the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some or all the deferred tax assets will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, loss carrybacks and tax-planning strategies. Generally, more weight is given to objectively verifiable evidence, such as the cumulative losses in recent years which is a significant piece of negative evidence to overcome. During the three and nine months ended September 30, 2025, there have been no changes in the Company’s valuation allowance assessment from December 31, 2024. The Company maintains a full valuation allowance on all its U.S., French, and Spanish deferred tax assets as the Company concluded that such deferred tax assets are not realizable on a more-likely-than-not basis. On July 4, 2025, H.R. 1, commonly known as the One Big Beautiful Bill Act ("OBBBA"), was signed into law. In accordance with U.S. GAAP, the Company accounted for the tax effects of changes in tax law in the period of enactment which is the third quarter of calendar year 2025. The impact of OBBBA is not material to the Company.

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