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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income or (Loss) before Income Taxes

Income (loss) before income taxes and equity in losses of unconsolidated investee for the years ended December 31, 2023, 2022 and 2021 is summarized as follows (in thousands):

						Year Ended December 31,
						2023						2022						2021
United States						$	72,936					$	(1,837)					$	(15,155)
Foreign						6,714						5,729						4,653
Total income (loss) before income taxes						$	79,650					$	3,892					$	(10,502)

Components of the (Benefit from) Provision for Income Taxes

The components of the (benefit from) provision for income taxes are summarized as follows (in thousands):

						Year Ended December 31,
						2023						2022						2021
Current:
Federal						$	5,897					$	1,672					$	44
State						3,033						1,428						439
Foreign						4,890						1,725						1,345
Total current						$	13,820					$	4,825					$	1,828
Deferred:
Federal						(19,221)						1,905						(13,698)
State						(4,648)						(360)						(1,131)
Foreign						(1,255)						(476)						(124)
Total deferred						$	(25,124)					$	1,069					$	(14,953)
(Benefit from) provision for income taxes						$	(11,304)					$	5,894					$	(13,125)

Schedule of Effective Income Tax Reconciliation

The Company’s actual (benefit from) or provision for tax differed from the amounts computed by applying the Company’s U.S. federal statutory income tax rate to pretax income as a result of the following:

						Year Ended December 31,
						2023						2022(1)						2021(1)
Income tax at federal statutory rate						21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit						3.0						15.9						7.6
Rate differential on foreign operations						0.2						(11.7)						(2.7)
Foreign taxes						1.5						(6.9)						1.3
Mutual agreement procedure adjustment						—						—						2.1
Prepaid tax ASC 810-10						0.2						51.9						(0.3)
Meals expenses						1.9						—						—
Stock-based compensation						(8.5)						72.9						86.1
Global intangible low-taxed income (“GILTI”)						—						—						(6.5)
Permanent differences						1.0						6.9						(2.7)
Foreign Derived Intangible Income						(1.3)						(3.3)						—
In-Process Research & Development						4.8						—						—
Change in valuation allowance						(32.0)						—						18.2
Research and Development tax credits						(5.9)						—						—
Other						(0.1)						4.7						0.9
Effective tax rate						(14.2)		%				151.4		%				125.0		%

(1) The 2022 and 2021 effective tax rate reconciliations have been updated to conform to the 2023 presentation.

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities consist of the following (in thousands):

						December 31,
						2023						2022
Deferred tax assets:
Net operating loss carryforwards						$	7,972					$	37,290
Tax credits						45,127						41,934
Accruals and reserves						10,779						9,236
Capitalized research expenses						41,611						22,960
Stock-based compensation						9,110						12,478
UNICAP adjustments						12,441						10,810
ASC 842 Lease Liabilities						56,584						57,161
Foreign Withholding Tax						1,078						—
Other						2,787						2,901
Gross deferred tax assets						187,489						194,770
Valuation allowance						(23,957)						(46,693)
Total deferred tax assets						163,532						148,077
Deferred tax liabilities:
Depreciation and amortization						(26,327)						(29,781)
ASC 842 Lease ROU Assets						(53,093)						(54,786)
Other						(3)						(257)
Total deferred tax liabilities						(79,423)						(84,824)
Net deferred tax assets						$	84,109					$	63,253

Summary of Valuation Allowance

The change in the Company’s deferred tax valuation allowance against net DTAs from January 1, 2021 to December 31, 2023, is as follows (in thousands):

						Beginning Balance						Additions Charged To Expenses or Other Accounts(1)						Deductions Credited to Expenses or Other Accounts(2)						Ending Balance
For the year ended:
December 31, 2021						$	28,768					$	10,386					$	(2,044)					$	37,110
December 31, 2022						37,110						9,583						—						46,693
December 31, 2023						46,693						1,673						(24,409)						23,957

(1) Additions include current year additions charged to expenses and current year build due to increases in net DTAs, return to provision true-ups, and other adjustments.

(2) Deductions include current year releases credited to expenses and current year reductions due to decreases in net DTAs, return to provision true-ups, and other adjustments.

Schedule of Unrecognized Tax Benefits

A reconciliation of the change in the gross unrecognized tax benefits from January 1, 2021 to December 31, 2023, is as follows (in thousands):

						December 31,
						2023						2022						2021
Beginning Balance						$	11,237					$	9,026					$	8,625
Gross increase for tax positions of current year						1,702						1,842						1,935
Gross increase for tax positions of prior years						15						481						216
Gross decrease for tax positions of prior years						(366)						(112)						(1,411)
Settlement with taxing authority						—						—						(339)
Lapse of statute of limitations						(27)						—						—
Ending Balance						$	12,561					$	11,237					$	9,026

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