Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023			2022			2021
U.S.	$	80,015		$	110,796		$	71,485
Foreign		(39	)		(1,024	)		1,326
Income before taxes from continuing operations	$	79,976		$	109,772		$	72,811

Components of Provision for Income Taxes

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

	Years Ended December 31,
	2023			2022			2021
Current:
U.S. federal	$	(7,830	)	$	(5,156	)	$	(5,578	)
Foreign		3,853			9,937			14,045
State and local		5,187			8,636			4,201
Total current		1,210			13,417			12,668
Deferred:
U.S. federal		21,400			(36,363	)		(576	)
Foreign		(3,200	)		4,730			(4,935	)
State and local		(6,806	)		(10,404	)		(2,329	)
Total deferred		11,394			(42,037	)		(7,840	)
Provision for (benefit from) income taxes	$	12,604		$	(28,620	)	$	4,828

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,
	2023			2022
Deferred tax assets
Net operating losses	$	65,235		$	63,702
Research tax credits		71,894			78,340
Foreign tax credits		1,088			29,077
Expenses not currently deductible		15,815			18,823
Deferred revenue		6,765			8,428
Capitalized research expenses		37,942			38,806
Lease liability		2,382			1,598
Gross deferred tax assets		201,121			238,774
Valuation allowance		(118,039	)		(120,508	)
Net deferred tax assets		83,082			118,266
Deferred tax liabilities
Revenue recognition		(1,089	)		(4,288	)
Operating leases		(2,208	)		(1,388	)
Acquired intangible assets		(53,921	)		(74,075	)
Other		(1,979	)		(3,237	)
Net deferred tax assets	$	23,885		$	35,278

Reconciliation of the Provision for Income Taxes Based on the Statutory U.S. Federal Income Tax and Company's Effective Tax Rate

A reconciliation of the provision for income taxes based on the statutory U.S. federal income tax rate to the provision for (benefit from) income taxes based on the Company’s effective tax rate is as follows (in thousands):

	Years Ended December 31,
	2023			2022			2021
U.S. federal statutory rate	$	16,794		$	23,052		$	15,291
State, net of federal benefit		(2,907	)		(2,712	)		(617	)
Stock-based compensation expense		454			235			(129	)
Executive compensation limitation		554			1,236			2,430
Research tax credit		665			(2,705	)		353
Foreign withholding tax		(1,956	)		5,969			1,575
Transaction costs		—			1,308			145
Foreign tax rate differential		26			4,960			(3,249	)
Foreign tax credit		1,234			10,525			10,714
Change in valuation allowance		(11	)		(78,699	)		(33,526	)
U.S. tax reform					541			192
Unrecognized tax benefits		819			(3,318	)		4,548
Change in estimates		727			(3,478	)		(85	)
Foreign exchange and interest		44			4,516			6,956
Divestitures		—			15,396			—
Foreign derived intangible income		(4,088	)		(4,697	)		—
Others		249			(749	)		230
Total	$	12,604		$	(28,620	)	$	4,828

Reconciliation of Unrecognized Tax Benefits

The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):

	Years Ended December 31,
	2023			2022			2021
Total unrecognized tax benefits at January 1	$	229,492		$	230,076		$	225,279
Increases for tax positions related to the current year		7,765			3,872			6,876
Increases for tax positions related to prior years		1,955			229			5,195
Decreases for tax positions related to prior years		(9,623	)		(4,685	)		(7,274	)
Total unrecognized tax benefits at December 31	$	229,589		$	229,492		$	230,076