Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The Company’s effective income tax rate was (2.3%) and 19.4% for the three months ended June 30, 2023 and 2022, respectively. The provision for (benefit from) income taxes was $1,160 and ($4,020) for the three months ended June 30, 2023 and 2022, respectively. The change in the provision for income taxes was primarily due to the period over period changes in the Company's valuation allowance against its deferred tax assets, the impact of changes in the Company's forecasted profitability and the jurisdictional mix of earnings.

The Company’s effective income tax rate was (1.6%) and (14.7%) for the six months ended June 30, 2023 and 2022, respectively. The provision for income taxes was $1,308 and $6,332 for the six months ended June 30, 2023 and 2022, respectively. The change in the provision for income taxes was primarily due to the period over period changes in the Company's valuation allowance against its deferred tax assets, the impact of changes in the Company's forecasted profitability and the jurisdictional mix of earnings.

The provision for income taxes for the three and six months ended June 30, 2023 and 2022, respectively, differed from the federal statutory rate primarily due to the geographical mix of earnings and related foreign tax rate differential, permanent differences, research and development credits, foreign tax credits, and the valuation allowance maintained against the Company's deferred tax assets and withholding taxes.