Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Income Taxes | |
| Income Taxes |
12. Income Taxes
The Company computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for discrete tax items recorded in the period. A valuation allowance has been established against the Company’s U.S. federal and state deferred tax assets as well as its French deferred tax assets, which results in an annualized effective tax rate for both the Company’s U.S. and French operations of 0.0%. For the three months ended March 31, 2025, the Company recorded an income tax provision of $58 thousand related to foreign tax activity in India on a pretax loss of $58.5 million, resulting in an effective tax rate of (0.1)%. For the three months ended March 31, 2024, the Company recorded an income tax provision of $44 thousand related to foreign tax activity in India on a pretax loss of $31.6 million, resulting in an effective tax rate of (0.14)%. These effective tax rates differ from the U.S. federal statutory rate primarily due to the valuation allowance against the Company’s domestic and French deferred tax assets. |