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 Income Taxes
Income tax expense (benefit) and effective tax rates were as follows:
Three Months Ended March 31,
2024 2023
(in thousands, except effective tax rate)
Income (loss) before income taxes $ (10,075) $ (13,855)
Income tax expense (benefit) (6,533) (5,944)
Effective tax rate 64.8  % 42.9  %

The effective tax rate for the three months ended March 31, 2024, differs from the federal statutory rate of 21% primarily due to state taxes, non-deductible stock-based compensation expense, and U.S. tax on foreign operations. The effective tax rate for the three months ended March 31, 2023 differs from the federal statutory rate of 21% primarily due to state taxes and non-deductible stock-based compensation expense.
During the three months ended March 31, 2023, the Company recorded $0.3 million of excise tax related to share repurchases, which are recorded in Treasury stock on the Company’s condensed consolidated balance sheets.