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Income Tax
6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax Income TaxThe effective income tax rate was 0.9% and 0.2%, respectively, for the three months ended June 30, 2024 and 2023 and 5.4% and (2.2)%, respectively, for the six months ended June 30, 2024 and 2023. The effective tax rate differs from the U.S. federal rate primarily due to the impacts of the valuation allowance placed on the Company’s deferred tax assets and current federal and state taxes. The Company intends to continue maintaining a full valuation allowance on all deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, the Company believes that, in the foreseeable future, sufficient positive evidence may become available to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. A release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense, for the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is actually able to achieve.