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INCOME TAXES | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES (Loss) income before income taxes and income tax expense are as follows (dollar amounts in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
(Loss) income before income taxes: |  |  |  |  |  |  |
Domestic | $ | (4,214) |  |  | $ | 36,996 |  |  | $ | 6,459 |  |  | $ | 50,653 |
Foreign | 2,287 |  |  | (412) |  |  | 320 |  |  | (429) |
Total (loss) income before income taxes | $ | (1,927) |  |  | $ | 36,584 |  |  | $ | 6,779 |  |  | $ | 50,224 |
Income tax expense | $ | 2,920 |  |  | $ | 17,698 |  |  | $ | 6,814 |  |  | $ | 22,359 |
Effective tax rate | (152) | % |  | 48 | % |  | 101 | % |  | 45 | %
The Company’s income tax expense represents the estimated annual effective tax rate applied to the year-to-date operating re sults, adjusted for certain discrete tax items. The Company’s effective tax rate for the three and six months ended June 30, 2025 was primarily impacted by costs related to non-deductible stock-based compensation, non-deductible executive compensation and a non-U.S. valuation allowance. The Company’s effective tax rate for the three and six months ended June 30, 2024 include costs related to non-deductible stock-based compensation, primarily related to expired stock options, and non-deductible executive compensation, partially offset by tax credits As of both June 30, 2025 and December 31, 2024, the Company had an income tax payable balance of $5.1 million that was included in other liabilities within the condensed consolidated balance sheet. As of June 30, 2025 and December 31, 2024, the Company had $0.9 million and $0.7 million, respectively, of current income taxes payable that is included in accrued expenses within the condensed consolidated balance sheet. The income tax provision for the year ended December 31, 2025 may be impacted by recent federal legislation known as the One Big Beautiful Bill Act. See Note 18, Subsequent Events, for more information.

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