INCOME TAXES

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

We recorded an income tax provision of $1.0 million and $1.2 million for the three and six months ended June 30, 2025, compared to a provision of $1.5 million and $1.5 million for the three and six months ended June 30, 2024. The effective tax rate, inclusive of discrete items, was a provision of 29.9% for the three months ended June 30, 2025, compared to a provision of 114.0% for the three months ended June 30, 2024. For the six months ended June 30, 2025, our effective tax rate, inclusive of discrete items, was a provision of 3.7%, compared to a provision of 8.4% for the six months ended June 30, 2024. The decrease in effective tax rate for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 is due to the mix of pretax income in non-valuation allowance jurisdictions and pretax losses in valuation allowance jurisdictions, along with changes in permanent differences. The impact is a smaller increase in income tax expense as compared to pretax income resulting in a decrease in effective tax rate.

On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law with varying effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are

currently assessing its impact on our consolidated financial statements. Additional disclosures may be provided in future periods as the impact of the legislation is determined.