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Income Tax | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Income Tax | 12. Income Tax The effective income tax rates for the three- and six-month periods ended June 30, 2026 were 129.7% and 60.2%, respectively, compared to 24.6% and 30.9%, respectively, for the prior-year periods. The effective income tax rates for the three- and six-month periods ended June 30, 2026 were higher than the U.S. federal statutory rate of 21% primarily due to a higher estimated annual effective tax rate, driven by the greater relative impact of permanent tax differences, including stock-based compensation and non-deductible officer’s compensation, as well as state income taxes. For the three-month period ended June 30, 2025, our effective income tax rate was higher than the U.S. federal statutory rate of 21% primarily due to state income taxes and non-deductible officer’s compensation, partially offset by losses in certain of our non-U.S. entities. For the six-month period ended June 30, 2025, our effective income tax rate was higher than the U.S. federal statutory rate of 21% primarily due to state income taxes and non-deductible officer’s compensation. We regularly assess the need for a valuation allowance related to our deferred income tax assets to determine, based on the weight of all available positive and negative evidence, whether it is more likely than not that some or all of such deferred assets will not be realized. In our assessments, the Company considers recent financial operating results, the scheduled expiration of our net operating losses, future taxable income, the reversal of existing taxable differences, and tax planning strategies. The remaining valuation allowance is still required for deferred tax assets related to foreign, state and local net operating losses and a valuation allowance related to our convertible note investment, as it is more likely than not as of June 30, 2026 that these deferred tax assets will not be realized. We are subject to taxation and file income tax returns in the United States federal jurisdiction, various states, and several foreign jurisdictions including, but not limited to, Canada, Switzerland, United Kingdom, Australia, Brazil and Singapore. With a few exceptions, as of June 30, 2026, we are no longer subject to U.S. federal, state, local or foreign examinations by tax authorities for years before 2010. We record penalties and interest relating to uncertain tax positions in the income tax provision line item in the Unaudited Condensed Consolidated Statements of Operations. No penalties or interest related to uncertain tax positions were recorded for the three- and six-month periods ended June 30, 2026 and 2025, and as of June 30, 2026 and December 31, 2025, we did no t have a liability recorded for interest or potential penalties.

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