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INCOME TAXES | 6 Months Ended
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Jun. 30, 2025
INCOME TAXES |
INCOME TAXES | (11) INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, primarily related to excess tax benefits or expense from the tax impact of restricted stock vestings, true ups related to the filed tax return, and valuation allowance charges. Discrete items adjusted for the three and six months ended June 30, 2025, primarily related to the valuation allowance charge, were $6.8 million and $7.0 million, respectively. For both the three and six months ended June 30, 2024 discrete items adjusted were minimal. At June 30, 2025 and 2024, the Company is estimating an annual effective tax rate of approximately 6% and 25%, respectively. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to various factors. The provision for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. The Company’s effective income tax rate was (22%) and 25% for the six months ended June 30, 2025 and 2024, respectively. The decrease in the Company's effective tax rate for the six months ended June 30, 2025, compared to the same period in 2024, primarily relates to the valuation allowance related to the Company's deferred tax assets, change in income (loss) from operations before income tax, and partially offset by an increase in a deferred tax liability related to tax-deductible goodwill. For the three and six months ended June 30, 2025, the Company recorded an income tax expense of approximately $8.9 million and $5.5 million, respectively. For both the three and six months ended June 30, 2024, the Company recorded an income tax expense of $0.4 million. The Company establishes valuation allowances for deferred income tax assets in accordance with U.S. GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, the Company considers the scheduled reversal of deferred tax liabilities and assets, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. As of June 30, 2025, the Company determined that it was more likely than not that certain deferred tax assets would not be realized due to reductions in estimates of future profitability and disclosure related to substantial doubt about the Company's ability to continue as a going concern. Taxes of $0.2 million and $1.3 million were paid during the six months ended June 30, 2025 and 2024, respectively.

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