INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

	Three Months Ended March 31,
	2024			2023
	(in thousands, except percentages)
Income tax expense	$	(559)		$	(395)
Effective tax rate	35.5		%	2.9		%

For the first quarter of 2024 and the first quarter of 2023, the effective tax rate varied from the federal statutory rate of 21% primarily due to the change in the valuation allowance, net of the current period change in tax effected net indefinite-lived intangibles.