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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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 of the change in unrecognized tax benefits.

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