Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Pre-Tax Income (Loss) by Jurisdiction

In 2024, 2023 and 2022, pre-tax income (loss) was attributed to the following jurisdictions: 

	Year Ended December 31,
(In thousands)	2024		2023		2022
Domestic operations	$	(53,708)	$	(95,876)	$	(69,058)
Foreign operations	35,110		3,622		80,451
Total pre-tax income (loss)	$	(18,598)	$	(92,254)	$	11,393

Provision for Income Taxes

The provision for income taxes charged to operations was as follows: 

	Year Ended December 31,
(In thousands)	2024		2023		2022
Current tax expense:
U.S. federal	$	37	$	23	$	573
State and local	45		44		73
Foreign	5,068		7,193		8,523
Total current	5,150		7,260		9,169
Deferred tax (benefit) expense:
U.S. federal	269		(813)		230
State and local	—		(126)		36
Foreign	12		(337)		1,551
Total deferred	281		(1,276)		1,817
Total provision for income taxes	$	5,431	$	5,984	$	10,986

Net Deferred Tax Assets

Net deferred tax assets were comprised of the following: 

	December 31,
(In thousands)	2024		2023
Deferred tax assets:
Accounts receivable	$	464	$	—
Accrued liabilities	4,820		3,958
Amortization of intangible assets	9,223		9,999
Capitalized inventory costs	3,553		3,369
Capitalized research and development costs	10,245		8,035
Depreciation	3,797		4,058
Income tax credits	20,375		19,615
Inventory reserves	2,371		2,154
Net operating losses	14,003		12,053
Operating lease obligations	2,865		4,112
Stock-based compensation	2,915		4,453
Total deferred tax assets	74,631		71,806
Deferred tax liabilities:
Accounts receivable	—		(20)
Right-of-use assets	(3,175)		(4,385)
Other	(1,333)		(2,920)
Total deferred tax liabilities	(4,508)		(7,325)
Net deferred tax assets before valuation allowance	70,123		64,481
Less: Valuation allowance	(65,629)		(59,686)
Net deferred tax assets	$	4,494	$	4,795

Reconciliation of Tax Provision at Statutory U.S. Rate to Provision for Income Taxes

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pre-tax income from operations as a result of the following: 

	Year Ended December 31,
(In thousands)	2024		2023		2022
Tax provision (benefit) at statutory U.S. rate	$	(3,906)	$	(19,373)	$	2,392
Increase (decrease) in tax provision (benefit) resulting from:
Distribution of previously taxed foreign earnings and profits	—		(9,450)		(16,776)
Federal research and development credits	(816)		(1,043)		(715)
Foreign participation exemption	—		(12,571)		—
Foreign permanent benefit	(650)		(1,426)		(1,620)
Foreign tax rate differential	(295)		21,794		15,133
Foreign undistributed earnings, net of credits	6,231		7,198		6,486
Goodwill impairment	—		5,383		—
Non-deductible items	635		594		601
Non-territorial income	(2,088)		(945)		(2,323)
Provision to return	(350)		(19)		(435)
Sale of intangible asset	—		—		(3,385)
State and local taxes, net	(992)		(2,629)		(2,408)
Stock-based compensation	2,045		980		693
Tax rate change	(2,286)		1,648		(640)
Valuation allowance	5,943		15,090		12,058
Withholding tax	1,521		1,229		2,188
Other	439		(476)		(263)
Tax provision	$	5,431	$	5,984	$	10,986

Changes to Gross Unrecognized Tax Benefits

Changes to our gross unrecognized tax benefits were as follows: 

	Year Ended December 31,
(In thousands)	2024		2023		2022
Balance at beginning of period	$	3,315	$	3,150	$	3,001
Additions as a result of tax positions taken during the current year	322		165		149
Balance at end of period	$	3,637	$	3,315	$	3,150