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INCOME TAXES | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES For the three and six months ended June 30, 2025, the Company prepared its interim tax provision by applying a year-to-date effective tax rate, which the Company believes results in the best estimate of the annual effective tax rate. The Company recorded a benefit from income taxes of $0.7 million and a provision for income taxes of $2.7 million for the three months ended June 30, 2025 and 2024, respectively, which resulted in effective tax rates of 7.0% and (6,641.5)%, respectively. The Company recorded a provision for income taxes of $1.3 million and $3.8 million for the six months ended June 30, 2025 and 2024, respectively, which resulted in effective tax rates of (12.7)% and (134.8)%, respectively. The effective income tax rate differs from the statutory tax rate in 2025 and 2024 primarily due to non-deductible stock-based compensation and the change in valuation allowance. The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of uncertain tax positions that have been taken or expected to be taken on a tax return. As of June 30, 2025 and December 31, 2024, the Company recorded an uncertain tax position liability of $1.4 million and $1.5 million, respectively, within Other liabilities on the Condensed Consolidated Balance Sheets. This liability includes $0.2 million and an immaterial amount of interest and penalties as of June 30, 2025 and December 31, 2024, respectively. An examination of the Company's 2021 federal tax return by the Internal Revenue Service ("IRS") commenced in the fourth quarter of 2024. The IRS concluded this examination as of June 30, 2025. There were no adjustments proposed by the IRS as a result of the examination. On July 4, 2025, H.R.1 was enacted into law, which includes provisions modifying the corporate income tax code, including the immediate expensing of domestic research and development expenditures for tax purposes, 100% bonus depreciation for qualified assets, and an increase in the statutory tax rate on foreign earnings from 10.5% to 12.6%. The legislation has multiple effective dates, with certain provisions effective for the 2025 tax year and others being implemented through 2027. The Company is currently evaluating the potential tax impacts of these provisions on the consolidated financial statements.

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