INCOME TAXES |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | 14. INCOME TAXES The Company’s effective tax rate (“ETR”) for the three months ended June 30, 2025 and 2024 was 21.7% and 160.0%, respectively. The ETR of 21.7% for the three months ended June 30, 2025 was higher than the U.S. statutory rate of 21.0%, primarily due to the Company’s non-deductible expenses and state tax, mostly offset by deductible stock-based compensation. The Company’s ETR for the six months ended June 30, 2025 and 2024 was 21.6% and 12.0%, respectively. The ETR of 21.6% for the six months ended June 30, 2025 was higher than the U.S. statutory rate of 21.0%, primarily due to the Company’s non-deductible expenses and state tax, mostly offset by deductible stock-based compensation. As of June 30, 2025, the Company had a net deferred tax asset balance of $541.4 million, compared to $941.3 million as of December 31, 2024. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Management determined that there is sufficient positive evidence to conclude that it is more likely than not that the Company’s net deferred tax asset will be fully realized.
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