XML 53 R39.htm IDEA: XBRL DOCUMENT v3.25.4

Income Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of supplemental cash flow information for the periods presented.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration