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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Taxes |
Income Taxes | 18.Income Taxes ​ The Company’s income tax provision for the three months ended September 30, 2024 and 2023 was $766 and $1,474, respectively. The Company’s income tax provision for the nine months ended September 30, 2024 and 2023 was $3,615 and $4,924, respectively. The income tax provision reflects the Company’s estimate of the effective tax rates expected to be applicable for the full year, adjusted for any discrete events that are recorded in the period in which they occurred. The estimates are re-evaluated each quarter based on the estimated tax expense for the full year. For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the statements of income. ​ The effective tax rate for the three and nine months ended September 30, 2024 was 12.02% and 23.62%, compared to 21.09% and 23.13%, in the same period of the prior year. The decrease in effective tax rate for the three months ended September 30, 2024 was primarily due to higher tax benefits associated with employee stock-based compensation and a reduction in the valuation allowance due to unrealized capital gains earned for the three months ended September 30, 2024. The increase for the nine months ended September 30, 2024, compared to the same period of the prior year was primarily due to valuation allowance related to net realized capital losses incurred during this period, partially offset by the higher tax benefits associated with employee stock based compensation. ​ The effective tax rate for the three and nine months ended September 30, 2024 differed from the U.S. federal statutory rate of 21% primarily due to state income taxes (net of federal benefit), tax benefits associated with employee share-based compensation plans and federal research and development (“R&D”) credit benefit, and valuation allowance associated with the Company’s digital assets investments. The effective tax rate for the three and nine months ended September 30, 2023 differed from the U.S. federal statutory rate of 21% primarily due to state income taxes (net of federal benefit), and federal and state R&D credit benefit. As of September 30, 2024, and December 31, 2023, the Company had $582 and $470, respectively, of unrecognized tax benefits, excluding interest and penalties. The Company’s practice is to recognize interest and penalty expenses related to uncertain tax positions, which was $137 and $87 as of September 30, 2024 and December 31, 2023, respectively. ​ On August 16, 2022, the Creating Helpful Incentives to Produce Semiconductors for America Act of 2022 (“CHIPS and Science Act”), and Inflation Reduction Act (“IRA”) were signed into law in the United States. Among other things, the CHIPS and Science Act provides incentives and tax credits for the global chip manufacturers who choose to set-up or expand existing operations in the United States. The IRA imposes a 15% corporate alternative minimum tax for tax years beginning after December 31, 2022, levies a 1% excise tax on net stock repurchases after December 31, 2022, and provides tax incentives to promote clean energy. The IRA is primarily applicable to large corporations with an annual revenue of $1 billion or over. Implementation of this act had no impact on the Company’s financial statements as of September 30, 2024.

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