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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Loss Before Income Taxes | Income Taxes—For financial reporting purposes, income before income taxes, includes the following components (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Domestic | $ | 88,617 |  |  | $ | 178,694 |  |  | $ | 42,811 |
Foreign | 38,404 |  |  | 25,246 |  |  | 17,424 |
Income before income taxes | $ | 127,021 |  |  | $ | 203,940 |  |  | $ | 60,235 |
Schedule of Income Taxes Allocated to Operations | Total income taxes allocated to operations for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
2025 | Current |  | Deferred |  | Total
Federal | $ | (2,938) |  |  | $ | — |  |  | $ | (2,938) |
State | 408 |  |  | — |  |  | 408 |
Foreign | 23,050 |  |  | (1,240) |  |  | 21,810 |
Total | $ | 20,520 |  |  | $ | (1,240) |  |  | $ | 19,280 |
2024 | Current |  | Deferred |  | Total
Federal | $ | 4,690 |  |  | $ | — |  |  | $ | 4,690 |
State | 3,321 |  |  | — |  |  | 3,321 |
Foreign | 14,586 |  |  | (2,403) |  |  | 12,183 |
Total | $ | 22,597 |  |  | $ | (2,403) |  |  | $ | 20,194 |
2023 | Current |  | Deferred |  | Total
Federal | $ | (261) |  |  | $ | — |  |  | $ | (261) |
State | 2,551 |  |  | — |  |  | 2,551 |
Foreign | 10,262 |  |  | (885) |  |  | 9,377 |
Total | $ | 12,552 |  |  | $ | (885) |  |  | $ | 11,667 |
Schedule of Tax Rate Reconciliation | The reconciliation of these amounts is presented in the table below, which has been prepared in accordance with the disclosure guidance of ASU 2023-09 (in thousands):
| Year Ended December 31,
| 2025
| Amount |  | Percent
U.S. Federal Statutory Tax Rate | $ | 26,674 |  |  | 21.00 | %
State and Local Income Taxes, Net of Federal Income Tax Effect(1) | 323 |  |  | 0.25 | %
Foreign Tax Effects |  |  |
Brazil |  |  |
Income tax from withholding | 10,077 |  |  | 7.93 | %
Other | 3,092 |  |  | 2.43 | %
Effect of Cross-Border Tax Laws |  |  |
Global intangible low-taxed income (GILTI) | 2,131 |  |  | 1.68 | %
Other | 1,010 |  |  | 0.80 | %
Tax Credits |  |  |
U.S. R&D tax credits | (24,537) |  |  | (19.32) | %
U.S. Foreign tax credits | (19,019) |  |  | (14.97) | %
Changes in Valuation Allowances | 66,813 |  |  | 52.60 | %
Nontaxable or Nondeductible items |  |  |
Section 162(m) adjustment | 16,680 |  |  | 13.13 | %
Share-based compensation |  |  |
Other non-deductible share-based payments | 4,802 |  |  | 3.78 | %
Non-US share-based payment disallowance | 30,902 |  |  | 24.33 | %
Deductible share based-payments | (100,215) |  |  | (78.90) | %
Meals and entertainment | 3,182 |  |  | 2.51 | %
Other | 593 |  |  | 0.47 | %
Other Adjustments | (3,228) |  |  | (2.54) | %
Effective Tax Rate | $ | 19,280 |  |  | 15.18 | %
(1)MN & TX state taxes contribute to the majority (greater than 50 percent) of the tax effect in this category for 2025 |  |  |
The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09:
| Year Ended December 31,
|  | 2024 |  | 2023
Income tax expense at federal statutory rate |  | $ | 42,827 |  |  | $ | 12,650 |
Meals and entertainment |  | 2,782 |  |  | 1,957 |
State taxes (net of federal benefit) |  | 2,644 |  |  | 1,090 |
Net change in valuation allowance |  | 86,556 |  |  | 68,770 |
Uncertain tax positions |  | (60) |  |  | (94) |
U.S. tax costs on international operations |  | (4,729) |  |  | (1,920) |
Prior year NOL balance adjustment |  | 2,433 |  |  | — |
Foreign taxes |  | 6,280 |  |  | 5,106 |
Share based compensation deductions |  | (123,773) |  |  | (80,119) |
Section 162(m) adjustment |  | 17,435 |  |  | 10,335 |
Return to provision |  | (27) |  |  | (3,335) |
U.S. R&D tax credits |  | (14,119) |  |  | (2,973) |
Other |  | 1,945 |  |  | 200 |
Total |  | $ | 20,194 |  |  | $ | 11,667 |
Schedule of Supplemental Cash Flow Information and Non-cash Activity | Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash paid for amounts included in measurement of lease liabilities | $ | 33,818 |  |  | $ | 18,538 |  |  | $ | 13,273 |
Operating lease assets obtained in exchange for new lease liabilities | 75,254 |  |  | 75,177 |  |  | 61,594 |
Disclosed below is a summary of income taxes, net of refunds, paid by individual jurisdictions equaling 5% or more of the total for the year ended December 31, 2025, presented in accordance with the disclosure requirements of ASU 2023-09 (in thousands):
Income taxes paid |
United States - Federal | $ | 4,049 |
United States - State and local | 1,797 |
Foreign |
Brazil | 5,949 |
Netherlands | 968 |
Other | 4,886 |
Total income taxes paid | $ | 17,649 |
Schedule of Components of Deferred Tax Assets and Liabilities | Components of Deferred Taxes—The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are presented below (in thousands):
| December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Net operating losses | $ | 115,543 |  |  | $ | 22,804 |
U.S. R&D tax credits net of uncertain tax positions | 131,656 |  |  | 102,903 |
Stock-based compensation | 68,230 |  |  | 55,275 |
Section 174 capitalization | 220,486 |  |  | 285,198 |
Lease liability | 58,239 |  |  | 45,865 |
Other | 61,311 |  |  | 57,042 |
Total deferred tax assets | $ | 655,465 |  |  | $ | 569,087 |
Less: valuation allowance | (543,147) |  |  | (488,866) |
Deferred tax assets, net of valuation allowance | $ | 112,318 |  |  | $ | 80,221 |
Deferred tax liabilities: |  |  |
Commissions | (50,111) |  |  | (35,593) |
Right of use asset | (39,814) |  |  | (33,554) |
Fixed Assets | (16,742) |  |  | (7,261) |
Total deferred tax liabilities | $ | (106,667) |  |  | $ | (76,408) |
Deferred tax assets, net | $ | 5,651 |  |  | $ | 3,813 |
Schedule of Changes in Gross Amount of Unrecognized Tax Benefits | The following table shows the changes in the gross amount of unrecognized tax benefits as of December 31, 2025, 2024 and 2023 (in thousands):
| December 31,
| 2025 |  | 2024 |  | 2023
Beginning balance | $ | 25,729 |  |  | $ | 59 |  |  | $ | 106 |
Increase of current year tax positions | 18,156 |  |  | 25,729 |  |  | — |
(Decrease) of prior year tax positions due to lapse of statute of limitations | — |  |  | (59) |  |  | (47) |
Ending balance | $ | 43,885 |  |  | $ | 25,729 |  |  | $ | 59 |

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