Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 9. INCOME TAXES

The Company’s effective tax rate (ETR) from continuing operations was 3.79% and 10.61% for the three and six months ended June 30, 2022, respectively. The Company's ETR from continuing operations was (0.41%) and (0.45%) for the three and six months ended June 30, 2021, respectively. The Company’s ETR during the three and six months ended June 30, 2022 differed from the federal statutory rate of 21% primarily due to changes in valuation allowance and foreign taxes.

The Company recorded net deferred tax liabilities during the six months ended June 30, 2022, due to the acquisition of SightPlan. Those net deferred tax liabilities provide a source of taxable income to offset future tax deductions from deferred tax assets, and as a result, management reduced the valuation allowance by $5,889 during the six months ended June 30, 2022; $1,045 of this reduction was during the three months ended June 30, 2022 due to measurement period adjustments to the SightPlan purchase price accounting (Note 13).