INCOME TAXES

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items arising during interim periods.

For the three months ended September 30, 2025 and 2024, the Company’s effective tax rate was 26.9% and 70.2%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to officer excess compensation limitation and state taxes.

For the three months ended September 30, 2025 and 2024, the Company recorded income tax expense of $3.2 million and an income tax benefit of $4.0 million, respectively.

For the nine months ended September 30, 2025 and 2024, the Company’s effective tax rate was 39.1% and 57.4%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to officer excess compensation limitation and state taxes.

For the nine months ended September 30, 2025 and 2024, the Company recorded income tax expense of $10.1 and $1.1 million, respectively.

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (“OBBBA”), which has made permanent a number of provisions of the 2017 Tax Cuts and Jobs Act (“TCJA”). The Company has applied it to the condensed consolidated financial statements and determined that its impact was not material for the three and nine months ended September 30, 2025.