XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.3
Note 9 - Income Taxes
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 9—INCOME TAXES

 

As of September 30, 2025 and December 31, 2024, the Company had no unrecognized tax benefits recorded. The Company recorded an income tax benefit of $2.6 million and $3.5 million for the three and nine months ended September 30, 2025, respectively, versus a benefit of $6.7 million and an expense of $2.1 million, for the three and nine months ended September 30, 2024, respectively. In 2025, the effective rate differs from the statutory rate primarily due to mix of jurisdictions generating income, non-deductible employee compensation, changes in valuation allowances and tax impact of the deductibility of issuance costs. In 2024, the effective tax rate differs from the statutory rate because of the mix of jurisdictions generating income and the valuation allowance against certain loss and interest carryforwards in the United States. 

 

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBB”) was enacted in the U.S. The OBBB includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, restoration of favorable tax treatment for certain business provisions including the treatment of the deductibility of interest. Of the provisions in the bill, the deductibility of interest is the most impactful to the Company and has been reflected in the Company’s tax provision this quarter. The Company will continue to assess the OBBB for its potential impact on the Company’s consolidated financial statements.