Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12.Income Taxes

For the three and six months ended June 30, 2025, the Company recorded income tax provisions of $3.3 million and $5.5 million, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2025 was 18.4% and 20.9%, respectively, compared to 36.7% and 29.2% for the corresponding periods in the prior year. The difference in effective tax rates between the periods was primarily due to nontaxable contingent consideration and lower non-deductible stock based compensation offset by lower stock windfall tax benefits.

On July 4, 2025, the United States enacted into law new tax legislation, the One Big Beautiful Bill Act (“OBBBA”), which contains several provisions modifying the corporate income tax code. We are still in the process of evaluating the OBBBA, but we do not expect it to have a material impact on our consolidated financial statements or results of operations.