Income Taxes

3 Months Ended

Mar. 31, 2023

Income Taxes

Income Taxes

3.        Income Taxes

The Company’s provision for income taxes for the three months ended March 31, 2023 and 2022 is based on the estimated annual effective tax rate, plus discrete items. The following table presents the provision for income taxes and the effective tax rates for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended
	March 31,
	2023			2022
Loss before income tax benefit	$	(36,950)		$	(11,122)
Income tax benefit		(9,873)			(2,149)
Effective tax rate		26.7	%		19.3	%

The difference between the Company’s effective tax rate for the three months ended March 31, 2023 and 2022 and the US statutory rate of 21% primarily relates to nondeductible expenses, federal income tax credits, state income taxes (net of federal benefit), adjustments to valuation allowances, and certain discrete items.