Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 16—INCOME TAXES
The Company recorded an income tax benefit of $0.5 million and an income tax benefit of $2.1 million for the three months ended September 30, 2024 and 2023, respectively, and the Company recorded an income tax expense of $0.1 million and an income tax benefit of $2.4 million for the nine months ended September 30, 2024 and 2023, respectively. Our effective tax rate was (14.7%) for the three months ended September 30, 2024 compared to (128.8)% for the three months ended September 30, 2023. Our effective tax rate was (0.9)% for the nine months ended September 30, 2024 compared to 124.0% for the nine months ended September 30, 2023. The effective rate of 14.7% differs from the federal statutory rate of 21% primarily due to the valuation allowance recorded against US deferred tax assets, foreign branch income, nondeductible stock compensation, and discrete tax expense related to uncertain tax benefits on research and development credits.