INCOME TAXES

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
	(in thousands, except percentages)
Income tax benefit (expense)	$	6,033		$	(1,426)		$	(4,191)		$	(904)
Effective tax rate	7.7		%	12.3		%	(10.1		%)	12.0		%

For the third quarter of 2026, the effective tax rate varied from the federal statutory rate of 21% primarily due to a non-cash discrete tax benefit resulting from the write-off of a deferred tax liability related to a goodwill impairment. This benefit was partially offset by state taxes and various permanent non-deductible items. For the first nine months of 2026, the effective tax rate varied from the federal statutory rate of 21% primarily due to state taxes and various permanent non-deductible tax adjustments, which exceeded the non-cash benefit realized from the write-off of the goodwill-related deferred tax liability. For the third quarter and first nine months of 2025, 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 and current tax expense on taxable income.

Certain out-of-the-money stock options expired unexercised in October 2026, and as a result the Company is required to write-off the related deferred tax asset for share-based compensation in the fourth quarter of 2026, which will increase income tax expense by approximately $16.6 million and increase the effective tax rate.