Income Taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Our effective tax rates were 27.0% and 31.0% for the three and six months ended June 30, 2026, respectively, compared to the U.S. federal statutory rate of 21.0%. The higher effective tax rates were due primarily to state income taxes and higher taxes on earnings in foreign jurisdictions. The six-month period was further impacted by the non-deductibility of losses from the revaluation of earnout liabilities, and tax shortfalls on share-based compensation. Our effective tax rates for the three and six months ended June 30, 2025 were 26.9% and 34.5%, respectively, compared to the U.S. federal statutory rate of 21.0%. The higher effective tax rate for the three-month period was due primarily to state income taxes and higher taxes on earnings in foreign jurisdictions, partially offset by research and development tax benefits. The higher rate for the six-month period was due primarily to the non-deductibility of losses related to the warrant fair value adjustments and the revaluation of earnout liabilities, partially offset by a valuation allowance reduction on foreign tax credit carryforwards. As of June 30, 2026 and December 31, 2025, we had approximately $15,035,000 and $13,272,000, respectively, of unrecognized tax benefits. Of these amounts, approximately $2,303,000 and $1,667,000, respectively, related to accrued interest. In the future, if recognized, the liability associated with uncertain tax positions could affect our effective tax rate.
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