Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Components of Loss Before Income Taxes

Income (loss) before income taxes included in the consolidated statements of operations was as follows:

	Year Ended December 31,
	2024		2023		2022
	(in thousands)
United States	$	35,699	$	(139,295)	$	(109,381)
Foreign	5,756		(14,038)		(12,924)
Income (loss) before income taxes	$	41,455	$	(153,333)	$	(122,305)

Summary of Income Tax (Benefit) Expense

Income tax expense included in the consolidated statements of operations was as follows:

	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Current:
Federal	$	2,426	$	428	$	1
State and local	2,848		1,361		243
Foreign	9,864		3,317		3,608
Total current tax expense	15,138		5,106		3,852
Deferred:
Federal	12		9		10
State and local	—		2		2
Foreign	779		(5,635)		(1,452)
Total deferred tax expense (benefit)	791		(5,624)		(1,440)
Total income tax expense (benefit)	$	15,929	$	(518)	$	2,412

Summary of Reconciliation of Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes

The reconciliation of the federal statutory rate of 21% to the effective income tax rate for the years ended December 31, 2024, 2023 and 2022 was as follows:

	Year Ended December 31,
	2024		2023		2022
Federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	6.0		(0.5)		(0.1)
Permanent differences	7.0		(0.9)		(0.2)
Stock-based compensation	15.7		(7.0)		(2.4)
Research and development credits	(18.5)		0.9		1.4
Foreign rate differential	3.0		0.3		0.1
Change in valuation allowance	(11.2)		(3.2)		(24.8)
Excess officers' compensation	5.5		(1.7)		(3.1)
Tax rate change	(13.4)		(3.4)		7.8
Induced conversion expense	—		(9.5)		—
Tax reserves	12.6		(0.1)		(0.2)
Provision to return	(0.5)		5.2		(0.3)
U.S. taxation of international operations	3.5		—		—
Other	7.7		(0.8)		(1.1)
Effective income tax rate	38.4	%	0.3	%	(1.9)	%

Summary of Components of Net Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities, as set forth in the table below, reflect the impact of temporary differences between the amounts of assets and liabilities recorded for financial statement purposes and such amounts measured in accordance with tax laws:

	As of December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Accruals and reserves	$	824	$	335
Net operating loss carryforwards	121,343		137,706
Deferred revenue	3,192		15,726
Depreciation	4,304		836
Research and development credits	13,697		14,116
Capitalized research and development	90,965		63,234
Operating lease liabilities	18,164		24,012
Stock-based compensation	12,290		9,113
Tax credits	—		1,148
Other	3,369		1,170
Gross deferred tax assets	$	268,148	$	267,396
Valuation allowance	(229,283)		(231,661)
Total deferred tax assets	$	38,865	$	35,735
Deferred tax liabilities:
Operating lease ROU assets	$	(10,329)	$	(11,307)
Deferred contract acquisition and fulfillment costs	(26,277)		(24,251)
Other	(2,944)		(65)
Total deferred tax liabilities	$	(39,550)	$	(35,623)
Net deferred tax liabilities	$	(685)	$	112

Summary of Unrecognized Income Tax Benefits

The following is a reconciliation of the beginning and ending balances of unrecognized tax benefits (excluding interest and penalties), in thousands:

Balance, January 1, 2024	$	5,041
Additions based on tax positions related to the current year	4,520
Additions for tax positions of prior years	315
Reductions for tax positions of prior years	—
Settlements	—
Balance, December 31, 2024	$	9,876