Quarterly report [Sections 13 or 15(d)]

Income Taxes

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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
During the three months ended June 30, 2025 and 2024, the Company recorded a provision for income taxes totaling $0.8 million and a provision for income taxes totaling $0.6 million, respectively, on pre-tax income of $3.4 million and $1.3 million, respectively, representing effective tax rates of 24.6% and 45.2%, respectively. During the six months ended June 30, 2025, the Company recorded a provision for income taxes totaling $1.4 million on pre-tax income of $3.7 million representing an effective tax rate of 37.0%. During the six months ended June 30, 2024, the Company recorded a provision for income taxes totaling $0.4 million on pre-tax losses of less than $0.1 million. The effective tax rates differed from the U.S. statutory rate mainly due to the effects of local, state and foreign jurisdiction income taxes, limitations on the deductions of certain expenses including meals and entertainment expense and management compensation and differences between expense recognized for book purposes versus tax purposes associated with equity compensation expense. The impact of permanent differences weighs heavier on the effective tax rate when pre-tax earnings are close to break even.

Subsequent Event –Enactment of New Tax Law

On July 4, 2025, the United States enacted into law the legislation formally titled “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14” (the “Act”)—and commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The legislation takes effect in the third quarter of 2025. While the Company continues to evaluate the impact of OBBBA, the Company does not expect the impact to be material to the consolidated financial statements and disclosures.