Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income before income taxes

	Year ended December 31,
	2024		2023		2022
	(in thousands)
United States	$	222,160	$	270,842	$	198,028
Foreign		8,114		7,757		6,857
Income before income taxes	$	230,274	$	278,599	$	204,885

Schedule of provision for income taxes

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Current:
United States
Federal	$	38,963	$	46,871	$	8,430
State		2,026		1,985		1,716
Foreign		3,887		3,498		3,124
Total current		44,876		52,354		13,270
Deferred:
Federal		(13,758)		(18,526)		9,097
State		205		(440)		(102)
Foreign		(2,041)		(1,052)		(459)
Total deferred		(15,594)		(20,018)		8,536
Income tax provision	$	29,282	$	32,336	$	21,806

Schedule of reconciliation of income taxes at the United States Federal statutory rate to the effective income tax rate

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Income taxes at the United States statutory rate	$	48,358	$	58,506	$	43,026
State income taxes		1,136		1,062		1,075
Foreign-derived intangible income		(20,439)		(24,052)		(20,526)
Research and other tax credits		(6,037)		(5,955)		(5,469)
Stock-based compensation		(2,765)		(6,718)		(3,818)
Nondeductible compensation		2,834		4,488		2,692
Effect of change in valuation allowance		3,169		1,978		680
Unrecognized tax benefits		761		1,053		705
Other, net		2,265		1,974		3,441
Income tax provision	$	29,282	$	32,336	$	21,806

Schedule of significant components of current and long-term deferred income taxes

	Year ended December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
State net operating loss carryforwards	$	52	$	96
Foreign net operating loss carryforwards		122		182
Federal tax credit carryforwards		3,378		1,999
State tax credit carryforwards		11,357		9,560
Property, plant and equipment		4,896		6,979
Operating lease liability		5,504		5,564
Accrued compensation		313		242
Inventories		552		804
Stock compensation		2,399		1,790
Warranty		2,666		3,108
Deferred revenue		6,562		6,389
Capitalized research and development costs		54,673		38,036
Gross deferred tax assets		92,474		74,749
Valuation allowance		(14,736)		(10,963)
Net deferred tax assets		77,738		63,786
Deferred tax liabilities:
Intangible assets		—		—
Right-of-use asset		(8,750)		(9,155)
Other		(711)		(1,203)
Gross deferred tax liabilities		(9,461)		(10,358)
Deferred taxes, net	$	68,277	$	53,428

Schedule of reconciliation of the beginning and ending balance of unrecognized tax benefits

		Year ended December 31,
	2024		2023		2022
	(in thousands)
Balance at beginning of year	$	11,926	$	10,443	$	9,961
Decrease in unrecognized tax benefits as a result of tax positions taken during a prior period		(330)		(271)		(122)
Decreases in unrecognized tax benefits related to settlements with tax authorities		—		—		(708)
Increases in unrecognized tax benefits as a result of tax positions taken during the current period		947		1,754		1,312
Balance at end of year	$	12,543	$	11,926	$	10,443
Recorded as other long-term liability	$	9,049	$	8,344	$	7,190
Recorded as a decrease in deferred tax assets		3,494		3,582		3,253
Balance at end of year	$	12,543	$	11,926	$	10,443