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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes were as follows:

			Year Ended December 31,
			2023						2022						2021
			(in thousands)
United States			$	162,023					$	250,421					$	386,023
Foreign			131,205						51,563						28,303
Total income before income taxes			$	293,228					$	301,984					$	414,326

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes was as follows:

			Year Ended December 31,
			2023						2022						2021
			(in thousands)
Current:
Federal			$	130,665					$	62,838					$	65,586
State			19,831						13,362						15,478
Foreign			17,389						10,076						17,276
Total current income tax expense			167,885						86,276						98,340
Deferred:
Federal			(45,596)						(24,970)						(4,913)
State			(6,286)						3,020						(2,621)
Foreign			10,147						5,304						(7,593)
Total deferred income tax benefit			(41,735)						(16,646)						(15,127)
Total provision for income taxes			$	126,150					$	69,630					$	83,213

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s statutory income tax expense to effective income tax provision is as follows:

			Year Ended December 31,
			2023						2022						2021
			(in percentages)
Federal statutory income tax rate			21.0		%				21.0		%				21.0		%
State tax, net of federal benefit			3.3						2.0						2.6
Permanent differences			0.6						(0.4)						(0.3)
Foreign-derived intangible income			(0.5)						—						(1.6)
Research and development credits, net			(2.0)						(3.0)						(1.3)
Tax uncertainties			—						0.4						—
Deferred tax adjustments			—						(0.2)						0.4
Excess tax benefits from share-based compensation			(0.1)						(0.2)						(1.3)
Change in valuation allowance			(0.2)						2.6						—
Foreign rate differential			1.0						(0.3)						(0.3)
Withholding taxes			9.9						1.0						—
Limitation on executive compensation			7.0						—						—
Non-deductible transaction costs			2.9						—						—
Other tax rate items			0.1						0.2						0.9
Total			43.0		%				23.1		%				20.1		%

Schedule of Deferred Tax Assets and Liabilities

The following table presents the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022:

			Year Ended December 31,
			2023						2022
			(in thousands)
Deferred tax assets:
Accrued expenses and reserves			$	40,105					$	33,778
Operating lease liabilities			13,973						15,401
Share-based compensation			2,000						2,215
Net operating loss carryforwards			465						6,587
Capitalized research and development expenditures			65,528						37,180
Other			8,442						7,463
Gross deferred tax assets			130,513						102,624
Valuation allowance			(7,358)						(7,903)
Total deferred tax assets, net of valuation allowance			$	123,155					$	94,721
Deferred tax liabilities:
Goodwill and intangible assets			(126,063)						(128,713)
Property and equipment, net			(1,848)						(3,887)
Derivative financial instruments			—						(4,367)
Right-of-use assets			(11,732)						(12,439)
Total deferred tax liabilities			(139,643)						(149,406)
Net deferred tax liabilities			$	(16,488)					$	(54,685)

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending balance of total unrecognized tax position is as follows:

			Unrecognized Tax Positions
			(in thousands)
Balance - January 1, 2021			$	2,999
Additions related to current year tax positions			12
Statue of limitations release			(903)
Balance - December 31, 2021			$	2,108
Additions related to current year tax positions			982
Statue of limitations release			(673)
Balance - December 31, 2022			$	2,417
Additions related to current year tax positions			277
Statue of limitations release			(570)
Settlements			(1,319)
Balance - December 31, 2023			$	805

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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.

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

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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