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Income Taxes (Tables)
3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense

Income tax expense consists of the following:

 

 

 

Three Months Ended
March 31,

 

(in thousands)

 

2025

 

 

2024

 

Income before income taxes

 

$

8,394

 

 

$

19,099

 

Income tax expense

 

$

4,750

 

 

$

5,097

 

Effective tax rate

 

 

56.6

%

 

 

26.7

%

 

Schedule of Tax Incentives

A summary of the Company’s tax incentives follows:

 

 

 

Three Months Ended
March 31,

 

(in thousands)

 

2025

 

 

2024

 

Thailand

 

$

1,087

 

 

$

804

 

China

 

 

458

 

 

 

 

Total tax incentives

 

$

1,545

 

 

$

804