Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

Income Taxes
3 Months Ended
Dec. 31, 2022
Income Taxes  
Income Taxes

11. Income Tax


The following table presents the provision for income taxes and our effective tax rate for the three-month periods ended December 31, 2022 and 2021:




Three Months Ended,

December 31,









Provision for income taxes








Effective tax rate








The effective income tax rate on operations is based upon the estimated income for the year, and adjustments, if any, in the applicable quarterly periods for the potential tax consequences, benefits, resolutions of tax audits or other tax contingencies.


The effective tax rates for the three months ended December 31, 2022 and 2021 are lower than the statutory rate primarily due to the effect of the change in valuation allowance on the net deferred tax asset (“DTA”) position. Other than the deferred tax liability relating to indefinite lived assets, the Company is maintaining a valuation allowance against the remaining net DTA position.