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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s provision for income taxes were as follows (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Provision for income taxes | $ | 176 |  |  | $ | 411 |  |  | $ | 381 |  |  | $ | 906 |
The Company’s provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. The Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision quarterly. Provision for income taxes for the three and six months ended June 30, 2025 decreased $0.2 million and $0.5 million, respectively, compared to the three and six months ended June 30, 2024. The quarter to date decrease in provision for income taxes was primarily driven by lower earnings in foreign jurisdictions and by an increased tax benefit related to stock-based compensation recognized in one foreign jurisdiction. The year to date decrease in provision for income taxes was primarily driven by lower foreign exchange gains in foreign jurisdictions and by an increased tax benefit related to stock-based compensation recognized in one foreign jurisdiction. The Company regularly performs an assessment of the likelihood of realizing benefits of its deferred tax assets. As of June 30, 2025, the Company recorded a valuation allowance against its U.S. deferred tax assets based on available evidence. However, if there are favorable changes to actual operating results or to projections of future income, the Company may determine it is more likely than not that such deferred tax assets may be realizable. Utilization of net operating loss carryforwards, tax credits and other attributes may be subject to future annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code and similar state provisions. On July 4, 2025, President Trump signed the One Big Beautiful Bill (“OBBB”) Act, enacting comprehensive U.S. corporate tax legislation. The OBBB Act permanently extends and modifies provisions originally introduced under the Tax Cuts and Jobs Act of 2017 and introduces new measures. Key provisions include the permanent restoration of bonus depreciation allowances, revised limitations on the deductibility of business interest expense, and the reintroduction of immediate expensing of U.S. research and development costs. Under ASC 740, the effects of enacted tax law changes are recognized in the interim period that includes the enactment date. The Company completed a preliminary analysis and determined that the OBBB Act does not have a significant impact on its consolidated financial statements due to its valuation allowance. The Company will continue monitoring developments in federal and state legislation and conformity rules, and will record any resulting tax impacts in the third quarter of 2025.

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