Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 17—INCOME TAXES
The Company recorded an income tax expense of $0.5 million and an income tax benefit of $0.6 million for the three months ended June 30, 2024 and 2023, respectively, and the Company recorded an income tax expense of $0.6 million and an income tax benefit of $0.3 million for the six months ended June 30, 2024 and 2023, respectively. Our effective tax rate was (22.2)% for the three months ended June 30, 2024 compared to 42.4% for the three months ended June 30, 2023. Our effective tax rate was (22.8)% for the six months ended June 30, 2024 compared to 8.2% for the six months ended June 30, 2023. The effective rate of (22.2)% differs from the federal statutory rate of 21% primarily due to the valuation allowance recorded against US deferred tax assets, lower foreign tax rates in significant jurisdictions, and discrete tax benefits related to remeasured income taxes payable in Israel at reduced rates.