Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 – Income taxes

A valuation allowance has been established against the Company’s net U.S. federal and state deferred tax assets, including net operating loss (“NOL”) carryforwards. As a result, the Company’s income tax position is primarily related to foreign tax activity and U.S. deferred taxes for tax deductible goodwill and other indefinite-lived liabilities. During the three months ended June 30, 2022 and 2021, the Company recorded an income tax provision of $0.2 million and $0.3 million, respectively, resulting in an effective tax rate of (1.8)% and (3.5)%, respectively. During the six months ended June 30, 2022 and 2021, the Company recorded an income tax provision of $0.5 million and $0.9 million, respectively, resulting in an effective tax rate of (2.5)% and (3.9)%, respectively. These effective tax rates differ from the U.S. federal statutory rate primarily due to the effects of foreign tax rate differences, U.S. state and local income taxes and the valuation allowance against our domestic deferred tax assets.