Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The provision for income taxes is based on income before income taxes reported for financial statement purposes. The components of income before income taxes are as follows:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Domestic	$	39,386	$	38,099	$	33,731
Foreign	(14,714)		(10,147)		(131,608)
Total	$	24,672	$	27,952	$	(97,877)

Schedule of Components of Income Tax Expense (Benefit)

Significant components of the provision for income taxes for the following periods are as follows:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Current:
Federal	$	11,970	$	15,717	$	15,366
State	1,451		2,418		(393)
Foreign	(165)		34		(99)
Deferred
Federal	(4,606)		(8,202)		(9,159)
State	(1,291)		(385)		(723)
Foreign	(3,736)		1,379		(4,641)
Valuation Allowance	4,456		(229)		5,234
Total	$	8,079	$	10,732	$	5,585

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:

	Year Ended December 31,
	2024		2023		2022
Federal tax statutory rate	21.0	%	21.0	%	21.0	%
State tax (net of federal benefit)	2.5		3.5		(0.8)
Share based compensation	4.7		6.0		(2.1)
Valuation allowance against deferred tax assets	16.6		(2.4)		(5.0)
Goodwill impairment	—		—		(24.4)
Research and development credit	(4.1)		(3.8)		1.2
Foreign rate differential	(3.7)		(1.6)		2.9
Tax reserves	(0.2)		1.9		1.0
Provision to return difference	(0.2)		(0.2)		—
Unrealized foreign exchange losses	—		2.9		—
Revaluation of deferred tax liability	(3.2)		1.1		—
Closure of Japan branch net operating loss reversal	—		11.1		—
Miscellaneous	(0.7)		(1.1)		0.5
Total	32.7	%	38.4	%	(5.7	%)

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows:

	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Accrued expenses	$	1,658	$	2,155
Section 174 expenses	15,058		13,084
Leases	897		1,186
Stock options and other equity	5,402		4,588
Inventories	216		275
Research and development credit	2,760		2,327
Other assets	1,212		1,094
Net operating loss	19,738		16,237
Less valuation allowance	(21,782)		(17,667)
Total deferred tax assets	25,159		23,279
Deferred tax liabilities:
Depreciation	(21,505)		(25,552)
Goodwill	(14,449)		(12,921)
Intangible assets	(1,873)		(2,362)
Leases	(897)		(1,186)
Total deferred tax liabilities	(38,724)		(42,021)
Net deferred tax liability	$	(13,565)	$	(18,742)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Year Ended December 31,
	2024		2023
Balance at beginning of period	$	3,616	$	3,236
Additions for tax positions of current year	533		632
Additions for tax positions of prior years	—		86
Decrease related to the expiration of statutes of limitations	(395)		(338)
Reduction for tax positions of prior years	(384)		—
Balance at period end	$	3,370	$	3,616