Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Net Income (Loss) Before Income Taxes

Net income (loss) before income taxes for the years ended December 31, 2024, 2023, and 2022, included the following components (in thousands):

	Year Ended December 31,
	2024		2023		2022
U.S.	$	125,402	$	14,911	$	8,660
Foreign	1,450,603		365,659		(213,837)
Net income (loss) before income taxes	$	1,576,005	$	380,570	$	(205,177)

Schedule of Provision for (Benefit from) Income Taxes

Provision for (benefit from) income taxes for the years ended December 31, 2024, 2023, and 2022 consisted of the following (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	19,832	$	46,515	$	74,843
State	11,426		12,407		13,548
Foreign	161,046		47,309		1,548
Total current	192,304		106,231		89,939
Deferred:
Federal	(151,309)		(65,476)		(74,588)
State	(19,424)		(6,454)		(6,718)
Foreign	(25,342)		(10,442)		(20,863)
Total deferred	(196,075)		(82,372)		(102,169)
Total provision for (benefit from) income taxes	$	(3,771)	$	23,859	$	(12,230)

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,
	2024		2023		2022
Tax provision (benefit) at U.S. federal statutory rate	$	330,961	$	79,920	$	(43,034)
State income taxes, net of federal benefit	(30,296)		(5,259)		(1,356)
Foreign income taxed at different rates	(162,402)		(39,171)		27,114
Global intangible low-taxed income	54,118		19,417		2,917
Stock-based compensation	(176,670)		(3,793)		22,064
Capital loss	—		(2,121)		(14,687)
Foreign-derived intangible income	(9,743)		(20,569)		(17,667)
Research and development credits	(56,666)		(25,128)		(11,803)
Foreign income inclusion	(305)		919		357
Change in valuation allowance	42,623		15,182		21,061
Return to Provision	2,942		3,223		(1,323)
Other	1,668		1,239		4,127
Total provision for (benefit from) income taxes	$	(3,771)	$	23,859	$	(12,230)

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,
	2024		2023
Deferred tax assets:
Accrued expenses and reserves	$	13,506	$	12,558
Stock-based compensation	10,124		11,169
Tax credit carryforwards	99,314		22,896
Net operating loss	45,463		24,817
Identified intangibles	46,851		24,284
Operating lease liability	10,137		10,201
Other comprehensive income	37,997		24,540
Foreign tax deduction	1,900		7,560
Capital loss	18,198		17,688
Capitalized R&D expenses	268,918		142,386
Valuation allowance	(98,444)		(55,822)
Total deferred tax assets	453,964		242,277
Deferred tax liabilities:
Depreciation and amortization	(324)		(1,587)
Operating lease right-of-use assets	(7,798)		(6,808)
Other	(9,529)		(6,909)
Total deferred tax liabilities	(17,651)		(15,304)
Net deferred tax assets	$	436,313	$	226,973

Schedule of Unrecognized Tax Benefits Roll Forward

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

	Year Ended December 31,
	2024		2023		2022
Balance at beginning of year	$	35,880	$	19,052	$	18,456
Increases related to prior year positions	4,393		3,522		—
Decreases related to prior year positions	(2,183)		—		(2,837)
Increases related to current year positions	25,921		13,548		7,083
Decreases related to lapse of statutes	(2,797)		(242)		(758)
Decreases related to settlements	(309)		—		(2,892)
Balance at end of year	$	60,905	$	35,880	$	19,052