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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Before Tax | The components of income before provision for income taxes were as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
U.S. | $ | 54,465 |  |  | $ | 20,146 |  |  | $ | 61,383 |
Foreign | 532,548 |  |  | 632,381 |  |  | 596,620 |
Income before provision for income taxes | $ | 587,013 |  |  | $ | 652,527 |  |  | $ | 658,003 |
Schedule of Provision for Income Tax | The provision for income taxes consisted of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
Current tax provision: |  |  |  |  |
Federal | $ | 23,870 |  |  | $ | 23,406 |  |  | $ | 49,808 |
State | 6,998 |  |  | 6,731 |  |  | 9,214 |
Foreign | 121,495 |  |  | 99,223 |  |  | 172,645 |
Deferred tax benefit: |  |  |  |  |
Federal | (43,695) |  |  | (18,213) |  |  | (73,826) |
State | (14,959) |  |  | (6,692) |  |  | (18,657) |
Foreign | (7,525) |  |  | (2,536) |  |  | (16,595) |
Change in valuation allowance | (4,089) |  |  | 4,454 |  |  | 4,107 |
Total | $ | 82,095 |  |  | $ | 106,373 |  |  | $ | 126,696 |
Schedule of Difference Between Effective and Statutory | The Company’s effective tax rate differed from the U.S. federal statutory tax rate as follows for the years ended December 31, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes | 1.1 |  |  | 1.0 |  |  | 0.7 |
Stock-based compensation | 0.7 |  |  | 3.6 |  |  | 2.0 |
U.S. federal, state and foreign research and development credits | (6.4) |  |  | (4.7) |  |  | (5.1) |
Foreign earnings | (2.3) |  |  | (6.5) |  |  | (6.6) |
Nondeductible (nontaxable) foreign items | 1.0 |  |  | (0.2) |  |  | 0.7 |
Global intangible low-taxed income | 1.0 |  |  | 1.1 |  |  | 2.5 |
Change in prior year uncertain tax position reserve | 1.4 |  |  | — |  |  | 0.4 |
Release of uncertain tax position reserve | (0.6) |  |  | (0.4) |  |  | (0.7) |
Intercompany sale of intellectual property | (4.7) |  |  | 0.6 |  |  | 4.0 |
Valuation allowance | (0.7) |  |  | 0.7 |  |  | 0.6 |
Nondeductible transfer pricing | 1.9 |  |  | 1.0 |  |  | 0.5 |
Foreign-derived intangible income | (1.4) |  |  | (1.1) |  |  | (0.8) |
Other | 2.0 |  |  | 0.2 |  |  | 0.1 |
| 14.0 | % |  | 16.3 | % |  | 19.3 | %
Schedule of Net Deferred Tax and Valuation Allowance | The components of the net deferred tax assets and liabilities and the related valuation allowance as of December 31, 2024 and 2023 were as follows (in thousands):
| 2024 |  | 2023
Accrued bonus | $ | 1,958 |  |  | $ | 3,716 |
Deferred revenue | 20,598 |  |  | 14,223 |
Acquired intangible assets | 23,731 |  |  | — |
Operating lease liabilities | 108,429 |  |  | 116,752 |
Stock-based compensation | 48,486 |  |  | 42,856 |
NOLs | 21,769 |  |  | 19,791 |
Tax credit carryforwards | 101,508 |  |  | 96,020 |
Capitalized research and development costs | 188,470 |  |  | 108,592 |
Convertible senior notes interest | 82,881 |  |  | 111,509 |
Depreciation and amortization | 43,601 |  |  | 66,053 |
Other | 39,917 |  |  | 21,856 |
Deferred tax assets | 681,348 |  |  | 601,368 |
Acquired intangible assets | — |  |  | (12,126) |
Operating lease right-of-use assets | (96,683) |  |  | (103,392) |
Deferred commissions | (25,477) |  |  | (14,752) |
Capitalized internal-use software development costs | (50,390) |  |  | (31,719) |
Deferred tax liabilities | (172,550) |  |  | (161,989) |
Valuation allowance | (41,615) |  |  | (45,704) |
Net deferred tax assets | $ | 467,183 |  |  | $ | 393,675 |
Schedule of Valuation Allowance | As summary of activity in the valuation allowance on deferred tax assets for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 45,704 |  |  | $ | 41,250 |  |  | $ | 37,143 |
Charges to income tax expense | 3,469 |  |  | 4,814 |  |  | 4,392 |
Release of valuation allowance | (7,558) |  |  | (360) |  |  | (285) |
Ending balance | $ | 41,615 |  |  | $ | 45,704 |  |  | $ | 41,250 |
Schedule of Operating Loss Carryforwards | The Company's NOL and tax credit carryforwards in U.S. federal, state and foreign jurisdictions as of December 31, 2024 and 2023 were as follows (in thousands, except years):
| 2024 |  | 2023 |  | Expirations at Various Dates Through:
NOL carryforwards: |  |  |  |  |
Federal | $ | 31,500 |  |  | $ | 32,700 |  |  | 2035
State | $ | 58,600 |  |  | $ | 33,100 |  |  | 2046
Foreign | $ | 47,900 |  |  | $ | 42,600 |  |  | 2039
Federal and state research and development tax credit and other credit carryforwards | $ | 133,400 |  |  | $ | 125,200 |  |  | 2039
Schedule of Unrecognized Tax Benefits | The changes in the Company’s unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 68,658 |  |  | $ | 67,958 |  |  | $ | 22,563 |
Gross increases – tax positions of prior periods | 11,150 |  |  | 2,074 |  |  | 3,880 |
Gross increases – current period tax positions | 4,223 |  |  | 4,091 |  |  | 45,975 |
Gross decreases – tax positions of prior periods | (1,445) |  |  | (3,685) |  |  | (688) |
Gross decreases – lapse of applicable statute of limitations | (2,665) |  |  | (1,780) |  |  | (3,772) |
Balance at end of year | $ | 79,921 |  |  | $ | 68,658 |  |  | $ | 67,958 |

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