Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 16—INCOME TAXES
The Company recorded an income tax expense of $0.1 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. Our effective tax rate was (25.2)% for the three months ended March 31, 2024 compared to (11.3)% for the three months ended March 31, 2023. The effective rate of (25.2)% differs from the federal statutory rate of 21% primarily due to nondeductible stock compensation, discrete tax benefits related to the valuation allowance, foreign branch income, and other nondeductible expenses including officer compensation.