Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

The components of total income (loss) before taxes from continuing operations are as follows (in thousands):

	Years Ended December 31,
	2022			2021		2020
U.S.	$	110,796		$	71,485	$	222,930
Foreign		(1,024	)		1,326		1,564
Income before taxes from continuing operations	$	109,772		$	72,811	$	224,494

Components of Provision for Income Taxes

The provision for (benefit from) income taxes consisted of the following (in thousands):

	Years Ended December 31,
	2022			2021			2020
Current:
U.S. federal	$	(5,156	)	$	(5,578	)	$	(20,157	)
Foreign		9,937			14,045			24,107
State and local		8,636			4,201			8,083
Total current		13,417			12,668			12,033
Deferred:
U.S. federal		(36,363	)		(576	)		(25,322	)
Foreign		4,730			(4,935	)		—
State and local		(10,404	)		(2,329	)		(2,023	)
Total deferred		(42,037	)		(7,840	)		(27,345	)
Provision for (benefit from) income taxes	$	(28,620	)	$	4,828		$	(15,312	)

Component of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2022			2021
Deferred tax assets
Net operating losses	$	63,702		$	74,463
Research tax credits		78,340			80,468
Foreign tax credits		29,077			69,637
Expenses not currently deductible		18,823			14,434
Fixed and intangible assets		—			207
Deferred revenue		8,428			6,385
Capitalized research expenses		38,806			34,963
Lease liability		1,598			1,715
Gross deferred tax assets		238,774			282,272
Valuation allowance		(120,508	)		(178,731	)
Net deferred tax assets		118,266			103,541
Deferred tax liabilities
Revenue recognition		(4,288	)		(1,445	)
Operating leases		(1,388	)		(1,508	)
Acquired intangible assets		(74,075	)		(101,679	)
Other		(3,237	)		(4,076	)
Net deferred tax liabilities	$	35,278		$	(5,167	)

Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Tax

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows:

	Years Ended December 31,
	2022			2021			2020
U.S. federal statutory rate	$	23,052		$	15,291		$	47,144
State, net of federal benefit		(2,712	)		(617	)		2,094
Stock-based compensation expense		235			(129	)		1,222
Executive compensation limitation		1,236			2,430			235
Research tax credit		(2,705	)		353			694
Foreign withholding tax		5,969			1,575			1,250
Transaction costs		1,308			145			1,996
Foreign tax rate differential		4,960			(3,249	)		(288	)
Foreign tax credit		10,525			10,714			(2,603	)
Change in valuation allowance		(78,699	)		(33,526	)		(63,346	)
U.S. tax reform		541			192			89
Unrecognized tax benefits		(3,318	)		4,548			6,424
Change in estimates		(3,478	)		(85	)		(1,217	)
Foreign exchange and interest		4,516			6,956			(7,438	)
Divestitures		15,396			—			—
Foreign derived intangible income		(4,697	)		—			—
Others		(749	)		230			(1,568	)
Total	$	(28,620	)	$	4,828		$	(15,312	)

Reconciliation of Unrecognized Tax Benefits

The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands):

	Years Ended December 31,
	2022			2021			2020
Total unrecognized tax benefits at January 1	$	230,076		$	225,279		$	100,037
Increases due to the Mergers		—			—			102,582
Increases for tax positions related to the current year		3,872			6,876			21,199
Increases for tax positions related to prior years		229			5,195			3,245
Decreases for tax positions related to prior years		(4,685	)		(7,274	)		(1,784	)
Total unrecognized tax benefits at December 31	$	229,492		$	230,076		$	225,279