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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income before incomes taxes were as follows (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | (36,990) |  |  | $ | 30,983 |  |  | $ | 51,442 |
Foreign |  | 5,344 |  |  | 3,774 |  |  | 2,600 |
|  | $ | (31,646) |  |  | $ | 34,757 |  |  | $ | 54,042 |
Schedule of Components of Income Tax Expense (Benefit) | Income taxes consisted of the following (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 3,181 |  |  | $ | (2,407) |  |  | $ | 3,671 |
State |  | 2,110 |  |  | 6,493 |  |  | 6,555 |
Foreign |  | 2,779 |  |  | 2,006 |  |  | 874 |
Current income tax |  | 8,070 |  |  | 6,092 |  |  | 11,100 |
Deferred: |  |  |  |  |  |
Federal |  | (8,120) |  |  | 2,050 |  |  | 6,336 |
State |  | (926) |  |  | (2,525) |  |  | (4,372) |
Foreign |  | (923) |  |  | (185) |  |  | (32) |
Deferred income tax |  | (9,969) |  |  | (660) |  |  | 1,932 |
|  | $ | (1,899) |  |  | $ | 5,432 |  |  | $ | 13,032 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the statutory and effective tax rates, expressed as a percentage of net income before income taxes, were as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Impact of state taxes |  | 0.9 |  |  | 2.6 |  |  | (4.9) |
Foreign operations |  | (4.2) |  |  | 0.8 |  |  | — |
R&D tax credits |  | 14.0 |  |  | (13.5) |  |  | (9.1) |
U.S. tax impact of foreign operations |  | (0.4) |  |  | (2.4) |  |  | 7.8 |
Stock-based compensation |  | (24.3) |  |  | 8.8 |  |  | — |
Other permanent items |  | (1.7) |  |  | 2.5 |  |  | 1.2 |
Provision to return adjustments |  | 6.4 |  |  | (9.7) |  |  | (0.4) |
Valuation allowance |  | (2.1) |  |  | — |  |  | 1.3 |
Attribute expiration |  | (0.1) |  |  | 0.8 |  |  | 5.5 |
Uncertain tax positions |  | (3.5) |  |  | 4.7 |  |  | 1.7 |
|  | 6.0 | % |  | 15.6 | % |  | 24.1 | %
Schedule of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets were as follows (in thousands):
|  | December 31,
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Net operating loss carryforwards |  | $ | 1,405 |  |  | $ | 1,020 |
Tax credit carryforwards |  | 53,788 |  |  | 58,349 |
Inventory |  | 14,737 |  |  | 16,592 |
Accruals and reserves |  | 5,090 |  |  | 6,684 |
Deferred revenue |  | 9,463 |  |  | 13,460 |
Stock-based compensation |  | 13,787 |  |  | 12,087 |
Lease liability |  | 1,445 |  |  | 2,277 |
Capitalized R&D |  | 114,050 |  |  | 93,340 |
Other |  | 383 |  |  | 144 |
Gross deferred tax assets |  | 214,148 |  |  | 203,953 |
Valuation allowance |  | (30,571) |  |  | (29,908) |
Total deferred tax assets |  | 183,577 |  |  | 174,045 |
Deferred tax liabilities: |  |  |  |
Fixed assets |  | (1,760) |  |  | (1,484) |
Right of use assets |  | (1,006) |  |  | (1,710) |
Intangible assets |  | (3,211) |  |  | (3,160) |
Total deferred tax liabilities |  | (5,977) |  |  | (6,354) |
|  | $ | 177,600 |  |  | $ | 167,691 |
Schedule of Unrecognized Tax Benefits | The Company’s unrecognized tax benefits were as follows (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023
Balance at beginning of year |  | $ | 32,449 |  |  | $ | 29,215 |
Reduction for tax positions related to prior year |  | (121) |  |  | (19) |
Additions for tax positions related to prior year |  | — |  |  | 580 |
Additions for tax positions related to current year |  | 2,310 |  |  | 2,673 |
Balance at end of year |  | $ | 34,638 |  |  | $ | 32,449 |

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