Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of income (loss) before income tax

Income (loss) before taxes consisted of the following:

	For the Years Ended December 31,
(In thousands)	2024		2023		2022
Domestic	$	190,382	$	154,434	$	(16,663)
Foreign	9,661		32,726		8,838
	$	200,043	$	187,160	$	(7,825)

Components of provision for (benefit from) income taxes

The provision for (benefit from) income taxes was comprised of:

	For the Years Ended December 31,
(In thousands)	2024		2023		2022
Federal:
Current	$	2,760	$	1,075	$	183
Deferred	(9,447)		(126,734)		2,479
State:
Current	468		893		(215)
Deferred	1,245		(17,264)		24
Foreign:
Current	26,869		(3,362)		5,828
Deferred	(1,673)		(1,352)		(1,814)
	$	20,222	$	(146,744)	$	6,485

Schedule of effective income tax rate reconciliation

The differences between the Company’s effective tax rate and the U.S. federal statutory regular tax rate were as follows:

	For the Years Ended December 31,
	2024		2023		2022
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State income tax expense (benefit)	0.9		(8.7)		6.1
Withholding tax	8.4		3.9		(36.6)
Foreign rate differential	(1.4)		(2.6)		(28.3)
Research and development credit	(1.9)		(2.9)		4.8
Executive compensation	4.0		3.9		(49.0)
Stock-based compensation	(6.1)		(5.2)		47.9
Foreign tax credit	(8.4)		(2.5)		57.4
Foreign-derived intangible income deduction	(6.8)		(1.9)		70.5
Acquisition	(0.1)		1.6		(25.1)
Debt extinguishment	—		—		(226.7)
Other	0.5		0.3		(1.0)
Valuation allowance	—		(85.3)		76.1
	10.1	%	(78.4)	%	(82.9)	%

Components of the net deferred tax assets (liabilities)

The components of the net deferred tax assets (liabilities) were as follows:

	As of December 31,
(In thousands)	2024		2023
Deferred tax assets:
Lease liabilities	$	6,384	$	6,607
Other timing differences, accruals and reserves	3,893		5,306
Deferred equity compensation	6,678		3,973
Net operating loss carryovers	12,003		14,578
Capitalized research	96,739		77,244
Tax credits	47,960		50,445
Total gross deferred tax assets	173,657		158,153
Deferred tax liabilities:
Lease right-of-use assets	(4,498)		(4,589)
Depreciation and amortization	(9,077)		(5,078)
Total gross deferred tax liabilities	(13,575)		(9,667)
Total net deferred tax assets	160,082		148,486
Valuation allowance	(26,790)		(25,056)
Net deferred tax assets	$	133,292	$	123,430

	As of December 31,
(In thousands)	2024		2023
Reported as:
Non-current deferred tax assets	$	136,466	$	127,892
Non-current deferred tax liabilities	(3,174)		(4,462)
Net deferred tax assets	$	133,292	$	123,430

Summary of valuation allowance

The following table presents the tax valuation allowance information for the years ended December 31, 2024, 2023 and 2022:

(In thousands)	Balance at Beginning of Period		Charged (Credited) to Operations	Charged to Other Account*	Valuation Allowance Release	Balance at End of Period
Tax Valuation Allowance
Year ended December 31, 2022	$	206,874	(7,233)	2,242	—	$	201,883
Year ended December 31, 2023	$	201,883	1,776	(717)	(177,886)	$	25,056
Year ended December 31, 2024	$	25,056	1,784	(50)	—	$	26,790

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*    Amounts not charged to operations are charged to other comprehensive income or retained earnings.

Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits

A reconciliation of the beginning and ending amounts of unrecognized income tax benefits for the years ended December 31, 2024, 2023 and 2022 was as follows:

	For the Years Ended December 31,
(In thousands)	2024		2023		2022
Balance as of January 1	$	184,921	$	164,531	$	146,215
Tax positions related to current year:
Additions	19,844		19,403		18,515
Tax positions related to prior years:
Additions	—		1,378		—
Reductions	(971)		(391)		(199)
Balance as of December 31	$	203,794	$	184,921	$	164,531