Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
U.S.	$	113,045	$	136,498	$	34,344
Foreign	(363,621)		40,659		(39,296)
Income (loss) before provision for income taxes	$	(250,576)	$	177,157	$	(4,952)

Schedule of Components of Income Tax Expense (benefit)

The provision for income taxes charged to operations consists of the following (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current expense (benefit):
Federal	$	21,686	$	26,592	$	12,826
State	2,707		5,678		1,630
Foreign	3,075		16,509		7,725
	27,468		48,779		22,181
Deferred expense (benefit):
Federal	(1,361)		942		(6,160)
State	(406)		(327)		(960)
Foreign	(35,883)		(9,477)		(24,445)
	(37,650)		(8,862)		(31,565)
Total income tax expense (benefit)	$	(10,182)	$	39,917	$	(9,384)

Schedule of Deferred Tax Assets and Liabilities

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

	December 31,
	2024		2023
Deferred tax assets:
Bad debts	$	143	$	164
Inventories	5,439		3,528
Accrued warranties	4,753		4,336
Accrued compensation	496		569
Net operating loss	4,247		2,181
Equity-based compensation	2,769		3,222
Lease liabilities	4,982		5,794
Premium on capped call	7,777		9,376
Interest expense carryforward	80		3,411
Capitalized research and development expenses	6,405		2,000
Other	5,164		4,580
Deferred tax assets	42,255		39,161
Valuation allowance	(11,181)		(2,360)
Deferred tax assets, net	31,074		36,801
Deferred tax liabilities:
Property, plant, and equipment	(2,349)		(2,825)
Intangible assets	(28,450)		(79,913)
ROU assets	(3,919)		(5,051)
Deferred tax liabilities	(34,718)		(87,789)
Deferred tax asset (liability), net	$	(3,644)	$	(50,988)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense computed at the federal statutory rate of 21% to actual income tax expense at the Company’s effective rate is as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Income tax rate reconciliation
Income tax expense (benefit) at U.S. statutory rate	$	(52,621)	$	37,204	$	(1,040)
State income taxes	1,732		4,150		530
Officer’s compensation	350		518		740
Equity-based compensation	595		(932)		712
Contingent consideration	26		622		(947)
Tax credits	(4,554)		(407)		(421)
Non-U.S. income taxed at different rate than U.S. statutory rate	(15,135)		2,658		(4,274)
Non-U.S. indirect tax incentives	975		(5,035)		(4,183)
Foreign derived intangible income benefit	—		(403)		(1,668)
Transaction costs	—		—		1,628
Non-deductible Goodwill Impairment	49,560		—		—
Change in valuation allowance	7,760		911		(534)
Uncertain tax benefits	714		—		—
Nondeductible expenses	481		299		10
Other	(65)		332		63
Total income tax expense (benefit)	$	(10,182)	$	39,917	$	(9,384)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the unrecognized tax benefits included within Other long-term liabilities on the consolidated statement of operations is as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Unrecognized tax benefits – January 1	$	—	$	—	$	—
Gross increases – tax positions in prior period	533		—		—
Gross decreases – tax positions in prior period	—		—		—
Gross increases – tax positions in current period	181		—		—
Settlement	—		—		—
Lapse of statute of limitations	—		—		—
Unrecognized tax benefits – December 31	$	714	$	—	$	—