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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and International | The components of Income before income taxes consist of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Domestic | $ | 16,652 |  |  | $ | 98,188 |  |  | $ | (14,544) |
International | 166,875 |  |  | 100,087 |  |  | 107,873 |
Income before income taxes | $ | 183,527 |  |  | $ | 198,275 |  |  | $ | 93,329 |
Schedule of Components of Income Tax | The Benefit (provision) for income taxes consists of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | (12,899) |  |  | $ | (2,307) |  |  | $ | 770 |
State | (2,567) |  |  | (1,387) |  |  | 163 |
Foreign | (40,171) |  |  | (22,715) |  |  | (17,230) |
| (55,637) |  |  | (26,409) |  |  | (16,297) |
Deferred: |  |  |  |  |
Federal | 134,516 |  |  | 3,547 |  |  | 15,182 |
State | 29,514 |  |  | 60 |  |  | 3,660 |
Foreign | 34,848 |  |  | 1,519 |  |  | 903 |
| 198,878 |  |  | 5,126 |  |  | 19,745 |
Benefit (provision) for income taxes | $ | 143,241 |  |  | $ | (21,283) |  |  | $ | 3,448 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory federal income tax rate to the Company’s effective income tax rate is as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal benefit | (0.3) |  |  | 1.0 |  |  | (2.7) |
Stock-based compensation | (22.9) |  |  | (21.4) |  |  | (52.5) |
Non-deductible officer compensation | 14.9 |  |  | 11.0 |  |  | 36.6 |
Tax credits | (5.8) |  |  | (2.9) |  |  | (6.1) |
Withholding taxes | 4.9 |  |  | 2.8 |  |  | 5.8 |
Foreign tax rate differential | (3.0) |  |  | (2.0) |  |  | (6.9) |
Net tax on foreign earnings (GILTI/FDII) | 4.2 |  |  | 0.9 |  |  | — |
Transaction costs | (0.1) |  |  | 0.5 |  |  | 3.9 |
Tax impact of internal legal entity restructuring | (93.1) |  |  | — |  |  | — |
Other | 2.2 |  |  | (0.2) |  |  | (2.8) |
Effective income tax rate | (78.0 | %) |  | 10.7 | % |  | (3.7 | %)
Schedule of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of the Company’s deferred tax assets and liabilities:
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Accrued compensation | $ | 38,220 |  |  | $ | 35,298 |
NOL and credit carryforwards | 19,677 |  |  | 14,960 |
Intangible assets including goodwill | 137,576 |  |  | — |
Convertible debt and 163(j) limitation | 14,364 |  |  | 13,349 |
Lease liabilities | 7,610 |  |  | 8,920 |
Other accruals not currently deductible | 502 |  |  | 1,122 |
Allowance for doubtful accounts | 1,852 |  |  | 1,856 |
Deferred revenues | 4,402 |  |  | 2,914 |
Other | 2,852 |  |  | 2,383 |
Total deferred tax assets | 227,055 |  |  | 80,802 |
Less: Valuation allowance | (2,664) |  |  | (3,321) |
Net deferred tax assets | 224,391 |  |  | 77,481 |
Deferred tax liabilities: |  |  |
Intangible assets including goodwill | — |  |  | (51,994) |
Operating lease right-of-use assets | (6,762) |  |  | (8,381) |
Prepaid expenses | (2,746) |  |  | (2,877) |
Unrealized gains and losses | (8,131) |  |  | (9,422) |
Property and equipment | (3,639) |  |  | (3,406) |
Total deferred tax liabilities | (21,278) |  |  | (76,080) |
Net deferred tax assets (liabilities) | $ | 203,113 |  |  | $ | 1,401 |
Summary of Operating Loss Carryforwards | The Company had deferred tax assets for tax credits and NOLs, net of unrecognized tax positions, primarily related to:
Jurisdiction: | December 31, 2023 |  | Begin to Expire
U.S. Federal NOL | $ | 3,497 |  |  | 2034
U.S. Federal research and development credits | 201 |  |  | 2039
U.S. Federal foreign tax credits | 340 |  |  | 2028
U.S. State NOL | 1,530 |  |  | 2036
U.S. State research and development credits | 667 |  |  | 2030
U.K. NOL | 6,759 |  |  | Indefinite
U.K. research and development credits | 760 |  |  | Indefinite
Canadian research and development credit | 1,037 |  |  | 2030
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the changes in gross unrecognized tax benefits:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Gross unrecognized tax benefits, beginning of year | $ | 910 |  |  | $ | 1,331 |  |  | $ | 1,223 |
Increases for tax positions of prior years | 12 |  |  | — |  |  | 160 |
Decreases for tax positions of prior years | (9) |  |  | (121) |  |  | (42) |
Increases for tax positions related to the current year | — |  |  | — |  |  | — |
Decreases relating to settlements with taxing authorities | — |  |  | (35) |  |  | — |
Reductions as a result of lapse of the statute of limitations | (447) |  |  | (265) |  |  | (10) |
Gross unrecognized tax benefits, end of year | $ | 466 |  |  | $ | 910 |  |  | $ | 1,331 |

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