v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Provision for Income Taxes | Income (loss) before provision for income taxes was as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
United States |  | $ | 9,496 |  |  | $ | (34,540 | ) |  | $ | (211,528 | )
Foreign |  |  | 59,967 |  |  |  | 63,217 |  |  |  | 60,953 |
Total |  | $ | 69,463 |  |  | $ | 28,677 |  |  | $ | (150,575 | )
Components of Income Tax Provision | The provision for income taxes consists of the following:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Current income tax expense |  |  |  |  |  |  |  |  |
Federal |  | $ | (4,348 | ) |  | $ | (7,631 | ) |  | $ | (1,162 | )
State |  |  | (1,406 | ) |  |  | (1,640 | ) |  |  | (803 | )
Foreign |  |  | (17,800 | ) |  |  | (12,088 | ) |  |  | (11,420 | )
Total current income tax expense |  |  | (23,554 | ) |  | $ | (21,359 | ) |  | $ | (13,385 | )
Deferred income tax (expense) benefit |  |  |  |  |  |  |  |  |
Federal |  |  | (829 | ) |  |  | (337 | ) |  |  | — |
State |  |  | (777 | ) |  |  | (47 | ) |  |  | — |
Foreign |  |  | 1,608 |  |  |  | (2,306 | ) |  |  | (550 | )
Total deferred income tax benefit (expense) |  |  | 2 |  |  |  | (2,690 | ) |  | $ | (550 | )
Total income tax expense |  | $ | (23,552 | ) |  | $ | (24,049 | ) |  | $ | (13,935 | )
|  | Year Ended December 31, |
|  | 2025 |
|  | (in thousands) |
Net income taxes paid |  |  |
Federal |  | $ | 2,407 |
State |  |  | 2,493 |
Australia |  |  | 2,392 |
Belgium |  |  | 1,793 |
Colombia |  |  | 1,323 |
France |  |  | 1,631 |
Germany |  |  | 2,696 |
Japan |  |  | 1,653 |
United Kingdom |  |  | 1,347 |
Other foreign |  |  | 1,576 |
Total income taxes paid (net of refunds received) |  | $ | 19,311 |
Schedule of Differences Between Income Taxes Computed at the Federal Statutory Rate and the Provision for Income Taxes | The following reconciles the differences between income taxes computed at the federal statutory rate of 21% and the provision for income taxes for 2025:
|  | Year Ended December 31, 2025 |
|  | (in thousands) |  | % |
U.S. Federal statutory tax rate |  | $ | (14,588 | ) |  | (21 | %)
U.S. State and local income tax, net of federal (national) income tax effect (1) |  |  | 1,082 |  |  | 2 |
Foreign tax effects |  |  |  |  |
Brazil |  |  | (1,145 | ) |  | (2 | )
Canada |  |  | (1,690 | ) |  | (2 | )
Colombia |  |  | (888 | ) |  | (1 | )
France |  |  | (1,569 | ) |  | (2 | )
Germany |  |  | (1,046 | ) |  | (2 | )
Ireland |  |  |  |  |
Statutory tax rate difference between Ireland and United States |  |  | 1,830 |  |  | 3 |
Non-taxable items |  |  | 2,580 |  |  | 4 |
Other |  |  | (188 | ) |  | (0 | )
Singapore |  |  | (866 | ) |  | (1 | )
United Kingdom |  |  | (1,172 | ) |  | (2 | )
Other foreign jurisdictions |  |  | (2,866 | ) |  | (4 | )
Effect of cross-border tax laws |  |  |  |  |
Foreign tax credits |  |  | 2,996 |  |  | 4 |
Tax credits |  |  |  |  |
Research and development credits |  |  | 41,859 |  |  | 60 |
Changes in valuation allowances |  |  | (37,148 | ) |  | (53 | )
Non-taxable or non-deductible items |  |  |  |  |
Executive compensation limit |  |  | (8,263 | ) |  | (12 | )
Stock-based compensation |  |  | 15,240 |  |  | 22 |
Transaction costs |  |  | (5,332 | ) |  | (8 | )
Other |  |  | (1,184 | ) |  | (2 | )
Changes in unrecognized tax benefits |  |  | (12,554 | ) |  | (18 | )
Other adjustments |  |  | 1,360 |  |  | 2 |
Effective tax rate |  | $ | (23,552 | ) |  | (34 | %)
(1) State taxes in Pennsylvania, New York, New Hampshire, New York City, and Texas made up the majority (greater than 50%) of the tax effect in this category. The following reconciles the differences between income taxes computed at the federal statutory rate of 21% and the provision for income taxes for 2024 and 2023:
| Year Ended December 31, |
|  | 2024 |  |  | 2023 |
| (in thousands) |
Expected income tax (expense) benefit at the federal statutory rate |  | $ | (6,123 | ) |  | $ | 37,845 |
State taxes net of federal benefit |  |  | 732 |  |  |  | 9,131 |
Stock-based compensation |  |  | 31,010 |  |  |  | 7,741 |
Executive compensation limitation |  |  | (10,511 | ) |  |  | (4,151 | )
Difference in foreign tax rates |  |  | (2,499 | ) |  |  | (2,614 | )
Non-deductible acquisition costs |  |  | (1,447 | ) |  |  | — |
U.S. tax credits |  |  | 63,124 |  |  |  | 45,274 |
Foreign withholding taxes |  |  | (2,044 | ) |  |  | (1,449 | )
Change in valuation allowance |  |  | (99,229 | ) |  |  | (105,181 | )
Non research and development tax reserves |  |  | (4,276 | ) |  |  | — |
Foreign derived intangible income |  |  | 4,872 |  |  |  | — |
Other U.S. and foreign permanent differences |  |  | 2,342 |  |  |  | (531 | )
Income tax expense |  | $ | (24,049 | ) |  | $ | (13,935 | )
Components of the Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 285,126 |  |  | $ | 178,424 |
Research and investment credits |  |  | 224,226 |  |  |  | 181,411 |
Accruals and reserves |  |  | 32,170 |  |  |  | 25,148 |
Lease liability |  |  | 47,711 |  |  |  | 54,028 |
Depreciation |  |  | 1,454 |  |  |  | 552 |
Capitalized software development |  |  | 185,582 |  |  |  | 277,932 |
Stock-based compensation |  |  | 27,977 |  |  |  | 23,145 |
Other assets |  |  | 3,992 |  |  |  | — |
Total deferred tax assets |  |  | 808,238 |  |  |  | 740,640 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  |  | (5,856 | ) |  |  | (6,635 | )
Convertible debt |  |  | — |  |  |  | (56 | )
Capitalized costs |  |  | (69,778 | ) |  |  | (51,150 | )
Right of use assets |  |  | (35,839 | ) |  |  | (38,871 | )
Depreciation |  |  | (1,365 | ) |  |  | (1,276 | )
Other liabilities |  |  | (5,325 | ) |  |  | (7,446 | )
Total deferred tax liabilities |  |  | (118,163 | ) |  |  | (105,434 | )
Valuation allowance |  |  | (694,085 | ) |  |  | (637,609 | )
Net deferred tax liabilities |  | $ | (4,010 | ) |  | $ | (2,403 | )
Summary of Valuation Allowance on Deferred Tax Assets | The following summarizes activity related to valuation allowances on deferred tax assets:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Valuation allowance—beginning of the year |  | $ | 637,609 |  |  | $ | 536,311 |  |  | $ | 408,794 |
Changes to existing valuation allowances—additions to costs and expenses |  |  | 50,249 |  |  |  | 99,229 |  |  |  | 105,181 |
Changes to existing valuation allowances—additions to other accounts (primarily goodwill) |  |  | 6,227 |  |  |  | 2,069 |  |  |  | 22,336 |
Valuation allowance—end of period |  | $ | 694,085 |  |  | $ | 637,609 |  |  | $ | 536,311 |
Summary of Activity Related to Unrecognized Tax Benefits | The following summarizes activity related to unrecognized tax benefits:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Unrecognized benefit—beginning of the year |  | $ | 38,327 |  |  | $ | 20,469 |  |  | $ | 16,888 |
Gross increases—current period positions |  |  | 14,239 |  |  |  | 13,974 |  |  |  | 8,071 |
Gross increases—current period business acquisitions |  |  | — |  |  |  | — |  |  |  | 1,381 |
Gross increase (decrease)—prior period positions |  |  | 612 |  |  |  | 3,884 |  |  |  | (5,871 | )
Unrecognized benefit—end of period |  | $ | 53,178 |  |  | $ | 38,327 |  |  | $ | 20,469 |

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