Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Before Income Taxes

The components of income before income taxes are as follows:

	For the Years Ended December 31,
	2022		2021		2020
	(Amounts in thousands)
Domestic	$	153,446	$	81,984	$	27,545
Foreign		65,694		71,559		31,672
Income before income taxes	$	219,140	$	153,543	$	59,217

Income Tax Provision (Benefit)

The components of the income tax provision are as follows:

	For the Years Ended December 31,
	2022			2021		2020
	(Amounts in thousands)
Components of the income tax provision (benefit):
Current	$	34,800		$	20,166	$	5,193
Deferred		(1,619	)		5,086		(5,902	)
Total	$	33,181		$	25,252	$	(709	)
Jurisdictional components of the income tax provision (benefit):
Federal	$	17,662		$	8,321	$	(4,741	)
State		1,381			1,251		(3,011	)
Foreign		14,138			15,680		7,043
Total	$	33,181		$	25,252	$	(709	)

Consolidated Deferred Tax Assets (Liabilities)

The components of deferred income taxes are as follows:

	December 31,
	2022			2021
	(Amounts in thousands)
Deferred tax assets:
Stock-based compensation expense	$	5,323		$	5,144
Operating leases		31,564			26,264
Capitalized research and development		9,102			—
Inventory		5,983			3,082
Net operating loss carryforwards		9,808			10,841
Business tax credit carryforwards		2,639			1,834
Other		4,440			3,504
Total deferred tax assets		68,859			50,669
Less: valuation allowance		(19	)		(718	)
Net deferred tax assets		68,840			49,951
Deferred tax liabilities:
Fixed assets		(18,965	)		(7,779	)
Acquired intangible assets		(43,549	)		(43,227	)
Operating lease right of use assets		(28,486	)		(24,114	)
Conversion option on convertible notes		—			(6,408	)
Total deferred tax liabilities		(91,000	)		(81,528	)
Total net deferred tax liabilities	$	(22,160	)	$	(31,577	)

Reconciliation of Federal Statutory Rate to Effective Income Tax Rate

The reconciliation of the federal statutory rate to the effective income tax rate for the years ended December 31, 2022, 2021 and 2020 is as follows:

	For the Years Ended December 31, 2022
	2022						2021						2020
	Amount			%			Amount			%			Amount			%
	(Amounts in thousands, except percentages)
Income before income taxes	$	219,140					$	153,543					$	59,217
Expected tax at statutory rate		46,020			21.0	%		32,247			21.0	%		12,436			21.0	%
Adjustments due to:
Difference between U.S. and foreign      tax		1,024			0.5	%		530			0.3	%		618			1.0	%
State income and franchise tax		3,509			1.6	%		1,462			1.0	%		133			0.2	%
Business tax credits		(5,139	)		(2.3	%)		(2,239	)		(1.5	%)		(4,660	)		(7.9	%)
Stock-based compensation expense		(5,638	)		(2.6	%)		(9,049	)		(5.9	%)		(9,243	)		(15.6	%)
U.S. taxation of foreign earnings		83			0.0	%		30			0.0	%		51			0.1	%
Foreign-derived intangible income		(5,042	)		(2.3	%)		(2,547	)		(1.7	%)		—			0.0	%
Executive compensation		5,441			2.5	%		3,397			2.2	%		1,401			2.4	%
Contingent consideration		(6,033	)		(2.8	%)		1,232			0.8	%		—			0.0	%
Change in U.S. and foreign tax rates		2			0.0	%		32			0.0	%		(2,650	)		(4.5	%)
Uncertain tax provisions		234			0.1	%		(443	)		(0.3	%)		(168	)		(0.3	%)
Change in valuation allowance		(688	)		(0.3	%)		(48	)		(0.0	%)		(12	)		(0.0	%)
Other		(592	)		(0.3	%)		648			0.4	%		1,385			2.3	%
Income tax provision	$	33,181			15.1	%	$	25,252			16.4	%	$	(709	)		(1.2	%)

Summary of Tax Returns Periods Subject to Examination by Federal, State and Foreign Tax Authorities

The Company’s tax returns are subject to examination by federal, state and foreign tax authorities. The Company’s two major tax jurisdictions are subject to examination for the following periods:

Jurisdiction	Fiscal Years Subject to Examination
United States - federal and state	2018-2022
Sweden	2017-2022

Reconciliation of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:

	For the Years Ended December 31, 2022
	2022		2021
	(Amounts in thousands)
Balance of gross unrecognized tax benefits, beginning of period	$	2,786	$	3,200
Gross amounts of increases in unrecognized tax benefits as a result      of tax positions taken in the current period		146		133
Gross amounts of increases and (decreases) in unrecognized tax benefits as a result      of tax positions taken in the prior period		64		(500	)
Gross amounts of decreases due to release		—		(47	)
Balance of gross unrecognized tax benefits, end of period	$	2,996	$	2,786