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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Taxes | The U.S. and foreign components of income before income taxes were as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
U.S. | $ | 253.9 |  |  | $ | 199.5 |  |  | $ | 11.8 |
Foreign | 46.3 |  |  | 15.1 |  |  | (2.0) |
Income before income taxes | $ | 300.2 |  |  | $ | 214.6 |  |  | $ | 9.8 |
Schedule of Income Tax (Benefit) Provision | The provision for income taxes consists of the following:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 5.8 |  |  | $ | — |  |  | $ | — |
State | 6.4 |  |  | 3.7 |  |  | 1.3 |
Foreign | 6.6 |  |  | 4.1 |  |  | 4.8 |
Total current tax expense | 18.8 |  |  | 7.8 |  |  | 6.1 |
Deferred: |  |  |  |  |
Federal | (111.1) |  |  | 0.1 |  |  | — |
State | (18.6) |  |  | — |  |  | — |
Foreign | (7.2) |  |  | 0.4 |  |  | (0.9) |
Total deferred tax (benefit) expense | (136.9) |  |  | 0.5 |  |  | (0.9) |
Income tax (benefit) expense | $ | (118.1) |  |  | $ | 8.3 |  |  | $ | 5.2 |
Schedule of Reconciliations of the Federal Statutory Rate | Reconciliations of the U.S. federal statutory rate to the Company’s effective tax rate are as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign tax rate differential | 1.1 |  |  | 0.6 |  |  | 13.2 |
State taxes, net of federal benefit | 2.3 |  |  | 2.4 |  |  | (5.0) |
Federal and state R&D credits | (4.4) |  |  | (5.9) |  |  | (49.4) |
Stock-based compensation | 0.5 |  |  | (3.2) |  |  | (94.8) |
Non-deductible officers’ compensation | 0.6 |  |  | 1.3 |  |  | 52.4 |
Permanent items | 1.1 |  |  | 0.7 |  |  | 6.3 |
Foreign income taxed in the U.S. | 0.9 |  |  | 0.7 |  |  | 14.5 |
Change in valuation allowance | (59.8) |  |  | (10.8) |  |  | 124.4 |
Tax rate changes | — |  |  | 0.5 |  |  | (30.9) |
Change to prior year R&D credit | (2.8) |  |  | (2.8) |  |  | — |
Other | 0.2 |  |  | (0.6) |  |  | 1.7 |
Effective tax rate | (39.3) | % |  | 3.9 | % |  | 53.4 | %
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
| Years Ended December 31,
(in millions) | 2024 |  | 2023
Unrecognized tax benefits at beginning of year | $ | 5.0 |  |  | $ | — |
Additions related to current period tax positions | 2.7 |  |  | 2.6 |
Additions related to prior period tax positions | 5.1 |  |  | 2.4 |
Unrecognized tax benefits at end of year | $ | 12.8 |  |  | $ | 5.0 |
Schedule of Company's Deferred Tax Assets (Liabilities) | The components of the net deferred tax asset were as follows:
| As of December 31,
(in millions) | 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 23.4 |  |  | $ | 91.4 |
Tax credits | 56.6 |  |  | 54.1 |
Capitalized research and development expenditures | 78.8 |  |  | 53.3 |
Accrued expenses | 34.4 |  |  | 25.1 |
Amortization of debt discount | 4.2 |  |  | 7.8 |
Inventory capitalization | 8.2 |  |  | 6.5 |
Intangible assets | 6.4 |  |  | 8.0 |
Incentive compensation | 14.7 |  |  | 13.5 |
Stock-based compensation | 10.2 |  |  | 8.0 |
Other | 7.1 |  |  | 5.4 |
Total deferred tax assets | 244.0 |  |  | 273.1 |
Deferred tax liabilities: |  |  |
Prepaid assets | (9.3) |  |  | (7.7) |
Property, plant and equipment | (47.4) |  |  | (38.1) |
Capitalized contract acquisition costs | (13.1) |  |  | (10.4) |
Unrealized gains on cash flow hedges | (1.2) |  |  | (5.1) |
Other | (7.4) |  |  | (7.7) |
Total deferred tax liabilities | (78.4) |  |  | (69.0) |
Net deferred tax asset before valuation allowance | 165.6 |  |  | 204.1 |
Valuation allowance | (23.9) |  |  | (202.9) |
Net deferred tax asset | $ | 141.7 |  |  | $ | 1.2 |
Schedule of Net Operating Loss and Tax Credit Carryforwards | As of December 31, 2024, the Company’s net operating loss carryforwards were as follows:
(in millions) | Expiration Period |  | Net Operating Loss Carryforwards
U.S. federal | 2029 |  | $ | 54.9 |
State | 2025 - 2042 |  | $ | 203.1 |
Foreign | Indefinite |  | $ | 1.7 |
As of December 31, 2024, the Company’s tax credit carryforwards were as follows:
(in millions) | Expiration Period |  | Tax Credit Carryforwards
U.S. federal | 2025 - 2044 |  | $ | 44.3 |
State | 2025 - 2044 |  | $ | 30.7 |

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