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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of income (loss) before income tax | Income (loss) before taxes consisted of the following:
|  | Years Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | 154,434 |  |  | $ | (16,663) |  |  | $ | 19,244 |
Foreign |  | 32,726 |  |  | 8,838 |  |  | 4,042 |
|  | $ | 187,160 |  |  | $ | (7,825) |  |  | $ | 23,286 |
Components of provision for (benefit from) income taxes | The provision for (benefit from) income taxes was comprised of:
|  | Years Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Federal: |  |  |  |  |  |
Current |  | $ | 1,075 |  |  | $ | 183 |  |  | $ | (112) |
Deferred |  | (126,734) |  |  | 2,479 |  |  | 2,042 |
State: |  |  |  |  |  |
Current |  | 893 |  |  | (215) |  |  | 214 |
Deferred |  | (17,264) |  |  | 24 |  |  | 324 |
Foreign: |  |  |  |  |  |
Current |  | (3,362) |  |  | 5,828 |  |  | 3,328 |
Deferred |  | (1,352) |  |  | (1,814) |  |  | (844) |
|  | $ | (146,744) |  |  | $ | 6,485 |  |  | $ | 4,952 |
Schedule of effective income tax rate reconciliation | The differences between the Company’s effective tax rate and the U.S. federal statutory regular tax rate were as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
U.S. federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income tax expense (benefit) |  | (8.7) |  |  | 6.1 |  |  | 2.2 |
Withholding tax |  | 3.9 |  |  | (36.6) |  |  | 4.4 |
Foreign rate differential |  | (2.6) |  |  | (28.3) |  |  | 3.3 |
Research and development credit |  | (2.9) |  |  | 4.8 |  |  | (7.1) |
Executive compensation |  | 3.9 |  |  | (49.0) |  |  | 6.6 |
Stock-based compensation |  | (5.2) |  |  | 47.9 |  |  | (7.7) |
Foreign tax credit |  | (2.5) |  |  | 57.4 |  |  | (84.0) |
Foreign-derived intangible income deduction |  | (1.9) |  |  | 70.5 |  |  | (55.8) |
Acquisition |  | 1.6 |  |  | (25.1) |  |  | 8.8 |
Debt extinguishment |  | — |  |  | (226.7) |  |  | — |
Other |  | 0.3 |  |  | (1.0) |  |  | (0.2) |
Valuation allowance |  | (85.3) |  |  | 76.1 |  |  | 129.8 |
|  | (78.4) | % |  | (82.9) | % |  | 21.3 | %
Components of the net deferred tax assets (liabilities) | The components of the net deferred tax assets (liabilities) were as follows:
|  | As of December 31,
(In thousands) |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Depreciation and amortization |  | $ | — |  |  | $ | 3,247 |
Lease liabilities |  | 6,607 |  | 7,691
Other timing differences, accruals and reserves |  | 5,306 |  | 10,393
Deferred equity compensation |  | 3,973 |  | 4,366
Net operating loss carryovers |  | 14,578 |  | 13,423
Capitalized research |  | 77,244 |  | 49,649
Tax credits |  | 50,445 |  | 96,758
Total gross deferred tax assets |  | 158,153 |  | 185,527 |
Deferred tax liabilities: |  |  |  |
Lease right-of-use assets |  | (4,589) |  | (5,501)
Deferred revenue |  | — |  | (76)
Depreciation and amortization |  | (5,078) |  | —
Total gross deferred tax liabilities |  | (9,667) |  | (5,577)
Total net deferred tax assets |  | 148,486 |  | 179,950
Valuation allowance |  | (25,056) |  | (201,883)
Net deferred tax assets (liabilities) |  | $ | 123,430 |  |  | $ | (21,933) |
|  | As of December 31,
(In thousands) |  | 2023 |  | 2022
Reported as: |  |  |  |
Non-current deferred tax assets |  | $ | 127,892 |  |  | $ | 3,031 |
Non-current deferred tax liabilities |  | (4,462) |  |  | (24,964) |
Net deferred tax assets (liabilities) |  | $ | 123,430 |  |  | $ | (21,933) |
Summary of valuation allowance | The following table presents the tax valuation allowance information for the years ended December 31, 2023, 2022 and 2021:
(In thousands) |  | Balance at Beginning of Period |  | Charged (Credited) to Operations |  | Charged to Other Account* |  | Valuation Allowance Release |  |  |  | Balance at End of Period
Tax Valuation Allowance |  |  |  |  |  |  |  |  |  |  |  |
Year ended December 31, 2021 |  | $ | 174,119 |  |  | 32,544 |  |  | 211 |  |  | — |  |  |  |  | $ | 206,874 |
Year ended December 31, 2022 |  | $ | 206,874 |  |  | (7,233) |  |  | 2,242 |  |  | — |  |  |  |  | $ | 201,883 |
Year ended December 31, 2023 |  | $ | 201,883 |  |  | 1,776 |  |  | (717) |  |  | (177,886) |  |  |  |  | $ | 25,056 |
______________________________________ * Amounts not charged to operations are charged to other comprehensive income or retained earnings.
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of unrecognized income tax benefits for the years ended December 31, 2023, 2022 and 2021 was as follows:
|  | Years Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Balance as of January 1 |  | $ | 164,531 |  |  | $ | 146,215 |  |  | $ | 134,044 |
Tax positions related to current year: |  |  |  |  |  |
Additions |  | 19,403 |  |  | 18,515 |  |  | 18,748 |
Tax positions related to prior years: |  |  |  |  |  |
Additions |  | 1,378 |  |  | — |  |  | 615 |
Reductions |  | (391) |  |  | (199) |  |  | (1,586) |
Settlements |  | — |  |  | — |  |  | (5,606) |
Balance as of December 31 |  | $ | 184,921 |  |  | $ | 164,531 |  |  | $ | 146,215 |

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