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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income (Loss) Before Income Taxes

The components of income (loss) before income taxes are as follows:

		For the Years Ended December 31,
		2024				2023				2022
		(Amounts in thousands)
Domestic		$	(89,321	)		$	(24,888	)		$	153,446
Foreign			62,286				81,595				65,694
(Loss) income before income taxes		$	(27,035	)		$	56,707			$	219,140

Income Tax (Benefit) Provision

The components of the income tax (benefit) provision are as follows:

		For the Years Ended December 31,
		2024				2023				2022
		(Amounts in thousands)
Components of the income tax (benefit) provision:
Current		$	15,037			$	19,941			$	34,800
Deferred			(16,558	)			1,170				(1,619	)
Total		$	(1,521	)		$	21,111			$	33,181
Jurisdictional components of the income tax (benefit) provision:
Federal		$	(13,684	)		$	2,272			$	17,662
State			(2,059	)			(26	)			1,381
Foreign			14,222				18,865				14,138
Total		$	(1,521	)		$	21,111			$	33,181

Consolidated Deferred Tax Assets (Liabilities)

The components of deferred income taxes are as follows:

		December 31,
		2024				2023
		(Amounts in thousands)
Deferred tax assets:
Stock-based compensation expense		$	6,809			$	5,120
Operating leases			36,415				30,727
Capitalized research and development			20,641				17,568
Inventory			15,539				10,131
Net operating loss carryforwards			9,877				7,648
Business tax credit carryforwards			5,172				5,531
Other			11,587				7,063
Total deferred tax assets			106,040				83,788
Less: valuation allowance			(517	)			(20	)
Net deferred tax assets			105,523				83,768
Deferred tax liabilities:
Fixed assets			(18,318	)			(17,716	)
Acquired intangible assets			(63,132	)			(58,467	)
Operating lease right of use assets			(29,897	)			(26,373	)
Debt discount			(16,202	)			(19,006	)
Total deferred tax liabilities			(127,549	)			(121,562	)
Total net deferred tax liabilities		$	(22,026	)		$	(37,794	)

Reconciliation of Federal Statutory Rate to Effective Income Tax Rate

The reconciliation of the federal statutory rate to the effective income tax rate for the years ended December 31, 2024, 2023 and 2022 is as follows:

		For the Years Ended December 31,
		2024								2023								2022
		Amount				%				Amount				%				Amount				%
		(Amounts in thousands, except percentages)
(Loss) income before income taxes		$	(27,035	)						$	56,707							$	219,140
Expected tax at statutory rate			(5,677	)			21.0	%			11,910				21.0	%			46,020				21.0	%
Adjustments due to:
Difference between U.S. and foreign tax			1,200				(4.4	%)			1,078				1.9	%			1,024				0.5	%
State income taxes			(1,812	)			6.7	%			1,224				2.2	%			3,509				1.6	%
Business tax credits			(1,523	)			5.6	%			(4,522	)			(8.0	%)			(5,139	)			(2.3	%)
Stock-based compensation expense			1,782				(6.6	%)			(2,461	)			(4.3	%)			(5,638	)			(2.6	%)
U.S. taxation of foreign earnings			422				(1.6	%)			539				1.0	%			83				0.0	%
Foreign-derived intangible income			—				0.0	%			—				0.0	%			(5,042	)			(2.3	%)
Executive compensation			2,718				(10.1	%)			3,084				5.4	%			5,441				2.5	%
Contingent consideration			796				(2.9	%)			(6,412	)			(11.3	%)			(6,033	)			(2.8	%)
Nondeductible transactions cost			330				(1.2	%)			604				1.1	%			—				0.0	%
Loss on extinguishment of debt			—				0.0	%			2,634				4.6	%			—				0.0	%
Debt discount			—				0.0	%			16,650				29.4	%			—				0.0	%
Foreign exchange loss			—				0.0	%			(2,288	)			(4.0	%)			—				0.0	%
Change in U.S. and foreign tax rates			494				(1.8	%)			—				0.0	%			—				0.0	%
Uncertain tax (benefit) provisions			(805	)			3.0	%			165				0.3	%			234				0.1	%
Change in valuation allowance			106				(0.4	%)			—				0.0	%			(688	)			(0.3	%)
Return to provision adjustments			346				(1.3	%)			(1,255	)			(2.2	%)			(498	)			(0.2	%)
Other			102				(0.4	%)			161				0.3	%			(92	)			(0.0	%)
Income tax (benefit) provision		$	(1,521	)			5.6	%		$	21,111				37.2	%		$	33,181				15.1	%

Summary of Tax Returns Periods Subject to Examination by Federal, State and Foreign Tax Authorities

The Company’s tax returns are subject to examination by federal, state and foreign tax authorities. The Company’s two major tax jurisdictions are subject to examination for the following periods:

Jurisdiction		Fiscal Years Subject to Examination
United States - federal and state		2020-2024
Sweden		2019-2024

Reconciliation of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:

		2024				2023
		(Amounts in thousands)
Balance of gross unrecognized tax benefits, beginning of period		$	3,139			$	2,996
Gross amounts of increases in unrecognized tax benefits as a result      of tax positions taken in the current period			76				178
Gross amounts of changes in unrecognized tax benefits as a result      of tax positions taken in the prior period			(20	)			53
Gross amounts of decreases due to release			(1,066	)			(88	)
Balance of gross unrecognized tax benefits, end of period		$	2,129			$	3,139

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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