Income Taxes

3 Months Ended

Mar. 31, 2024

Income Taxes

Income Taxes

9. Income Taxes

The Company’s effective tax rate was 6.1% and (0.7)% for the three month periods ended March 31, 2024 and 2023, respectively. The difference in the effective tax rate and the U.S. federal statutory rate was primarily due to the full valuation allowance the Company maintains against its deferred tax assets and state minimum taxes in the United States. The effective tax rate is calculated by dividing the Provision (benefit) for income taxes by the loss before provision (benefit) for income taxes.