Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Net Income (Loss) Before Income Taxes

Net income (loss) before income taxes for the years ended December 31, 2022, 2021 and 2020, includes the following components (in thousands):

	Year Ended December 31,
	2022		2021		2020
U.S.	$	8,660	$	193,161	$	(118,296)
Foreign	(213,837)		(146,850)		(17,410)
Net income (loss) before income taxes	$	(205,177)	$	46,311	$	(135,706)

Schedule of Provision for Benefit from Income Taxes

Provision for (benefit from) income taxes for the years ended December 31, 2022, 2021 and 2020 consist of the following (in thousands):

	Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	74,843	$	64,585	$	20,162
State	13,548		10,234		4,087
Foreign	1,548		1,914		4,027
	89,939		76,733		28,276
Deferred:
Federal	(74,588)		(52,162)		(29,235)
State	(6,718)		(2,394)		(4,800)
Foreign	(20,863)		(11,204)		(4,013)
	(102,169)		(65,760)		(38,048)
Total provision for (benefit from) income taxes.	$	(12,230)	$	10,973	$	(9,772)

Schedule of Reconciliation of Federal Statutory Income Tax Rate to the Effective Income Tax Rate

The reconciliation of federal statutory income tax rate to the effective income tax rate is as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Tax provision (benefit) at U.S. federal statutory rate	$	(43,034)	$	9,725	$	(28,498)
State income taxes, net of federal benefit	(1,356)		1,866		(1,137)
Foreign income taxed at different rates	27,114		10,563		8,710
Change in foreign deferred tax rate	—		—		(6,038)
Global intangible low-taxed income	2,917		—		—
Stock-based compensation	22,064		(8,807)		10,347
Capital loss	(14,687)		—		—
Foreign-derived intangible income	(17,667)		(10,477)		(3,518)
Research and development credits	(11,803)		(6,193)		(2,561)
Extinguishments of acquisition-related contingent consideration	—		—		12,237
Foreign income inclusion	357		(2,622)		—
Change in valuation allowance	21,061		15,905		—
Other	2,804		1,013		686
Total provision for (benefit from) income taxes	$	(12,230)	$	10,973	$	(9,772)

Schedule of Current and Deferred Tax Assets and Liabilities

The following summarizes the current and deferred tax assets and liabilities (in thousands):

	As of December 31,
	2022		2021
Deferred tax assets:
Accrued expenses and reserves	$	7,139	$	6,374
Stock-based compensation	7,439		14,651
Tax credit carryforwards	11,474		4,835
Net operating loss	30,144		12,042
Identified intangibles	2,820		—
Operating lease liability	13,884		16,622
Other comprehensive income	30,186		16,251
Foreign tax deduction	9,137		12,363
Capital loss	17,125		1,074
Other	—		1,173
Capitalized R&D expenses	78,315		—
Valuation allowance	(40,640)		(18,842)
Total deferred tax assets	167,023		66,543
Deferred tax liabilities:
Depreciation and amortization	(1,976)		(5,433)
Identified intangibles	—		(6,049)
Operating lease right-of-use assets	(14,107)		(16,622)
Other	(693)		—
Total deferred tax liabilities	(16,776)		(28,104)
Net deferred tax assets	$	150,247	$	38,439

Schedule of Activity Related to the Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the gross unrecognized tax benefits (in thousands):

	As of December 31,
	2022		2021		2020
Balance at beginning of year	$	18,456	$	14,401	$	6,646
Increases related to prior year positions	—		5,027		4,681
Decreases related to prior year positions	(2,837)		—		—
Increases related to current year positions	7,083		2,631		3,498
Decreases related to lapse of statutes	(758)		(172)		(424)
Decreases related to settlements	(2,892)		(3,431)		—
Balance at end of year	$	19,052	$	18,456	$	14,401