v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The tax expense (benefit) and the effective tax rate were as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Income (loss) before income taxes(73,468)(36,684)57,283 (69,398)
Income tax (benefit) expense1,256 638 2,075 933 
Effective tax rate(1.71)%(1.74)%3.62 %(1.34)%

The Company’s recorded effective tax rate differs from the U.S. statutory rate primarily due to an increase in the domestic valuation allowance caused by tax losses, foreign withholding taxes, and foreign tax rate differentials from the U.S. domestic statutory tax rate and tax benefit resulting from an acquisition in 2024.