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Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Taxes  
Income Taxes

16. Income Taxes

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The Company is subject to U.S. federal and state income taxes. The income tax provision for interim periods reflects the Company’s estimate of the annual effective tax rate expected to be applicable for the full fiscal year, adjusted for any discrete events which are recorded in the period in which they occur.

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The following table presents information regarding the Company’s income tax benefit recognized for the three months ended March 31, 2023 and 2022:

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Three Months Ended March 31,

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2023

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2022

Benefit from income taxes

$

(131)

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$

(2,773)

Effective tax rate

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0.7%

    

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17.5%

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The benefit from income taxes in the three months ended March 31, 2023 reflects the tax benefit of the current year loss. The tax benefit for the three months ended March 31, 2023 was impacted by discrete nondeductible costs associated with the debt extinguishment, partially offset by excess tax benefits related to stock compensation. The tax benefit for the three months ended March 31, 2022 was significantly impacted by discrete nondeductible transaction costs and partially offset by excess tax benefits related to stock compensation.

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The Company provides a valuation allowance when it is more likely than not that deferred tax assets will not be realized. In determining the extent to which a valuation allowance for deferred tax assets is required, the Company evaluates all available evidence including projections of future taxable income, carry back opportunities, reversal of certain deferred tax liabilities, and other tax planning strategies. The Company has maintained a valuation allowance on the portion of its deferred tax assets that are not more likely than not to be realized due to tax limitation or other conditions as of March 31, 2023.

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