Income Tax

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax

Income Tax

The Company recorded an income tax provision of $0.1 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively. The Company recorded an income tax provision of $0.4 million and a benefit of $6.6 million for the nine months ended September 30, 2024 and 2023, respectively. The income tax provision for the nine months ended September 30, 2024 was primarily attributable to income tax expenses in profitable foreign jurisdictions. The income tax benefit for the nine months ended September 30, 2023 was primarily attributable to a $7.2 million partial valuation allowance release due to the acquisition of Power Finance Inc., offset by $0.6 million of income tax expenses resulting from profitable foreign operations.

The Company is subject to income tax audits in the U.S. and foreign jurisdictions. We record liabilities related to uncertain tax positions and believe that we have provided adequate reserves for income tax uncertainties in all open tax years.