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Income Taxes (Tables)

12 Months Ended

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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