Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

For the three months ended September 30, 2024, we recorded an income tax expense of $1.3 million compared with $1.5 million for the three months ended September 30, 2023. Our effective tax rate was 129.9% for the three months ended September 30, 2024, compared with 21.0% in the prior year period. The change in our income tax expense was primarily due to pre-tax income during the three months ended September 30, 2024 compared to a pre-tax loss during the three months ended September 30, 2023. Our United States and Singapore entities remain in a full valuation allowance, therefore, we are not able to recognize the tax benefits associated with pre-tax losses generated in those jurisdictions.

Our quarterly estimate of our annual effective tax rate, and our quarterly provision for income tax (benefit) expense, are subject to significant variation due to numerous factors, including variability in accurately predicting our pre-tax and taxable income or loss and the mix of jurisdictions to which they relate, as well as the amount of pre-tax income or loss recognized during the quarter.