Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company’s income before income taxes include income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates. In addition, tax expense is impacted by losses in jurisdictions where no tax benefit can be realized.

For the three months ended June 30, 2024, and 2023, the Company recorded a provision (benefit) for income taxes of $1.6 million and $(5.2) million, respectively. For the six months ended June 30, 2024, and 2023, the Company recorded a provision (benefit) for income taxes of $3.5 million and $(1.0) million, respectively. During the three and six months ended June 30,

2023, a discrete net tax benefit of $13.5 million was recorded, mainly attributable to the release of a valuation allowance. There were no material discrete items recorded for the three months ended June 30, 2024.

The Company’s unrecognized tax benefits, excluding interest and penalties, were $9.2 million and $9.1 million as of June 30, 2024, and December 31, 2023, respectively.