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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income before income taxes from U.S. and foreign operations is as follows:

			Year Ended December 31,
			2025						2024						2023
U.S.			$	196,847					$	75,651					$	174
Foreign			9,815						22,048						26,602
Total income before income taxes			$	206,662					$	97,699					$	26,776

Schedule of Components of Income Tax Expense (Benefit)

Total income tax benefit (expense) included in the consolidated statements of operations is comprised of the following:

			Year Ended December 31,
			2025						2024						2023
Current:
Federal			$	(13,711)					$	(5,437)					$	(829)
State			(1,368)						(1,786)						99
Foreign			(2,622)						(3,443)						(6,835)
Total current			$	(17,701)					$	(10,666)					$	(7,565)
Deferred:
Federal			$	61,761					$	(144)					$	(140)
State			7,929						(1)						120
Foreign			611						(2,396)						218
Total deferred			70,301						(2,541)						198
Income tax benefit (expense)			$	52,600					$	(13,207)					$	(7,367)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective tax rate for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09 is as follows:

									Year Ended December 31, 2025
									Amount						Percentage
U.S. federal statutory tax rate									$	(43,399)					(21.00)		%
State and local income tax, net of federal income tax effect(1)									5,183						2.51		%
Foreign tax effects									(105)						(0.05)		%
Effect of cross-border tax laws
Foreign-derived intangible income deduction									6,250						3.02		%
Other									(482)						(0.23)		%
Tax credits									445						0.22		%
Changes in valuation allowances									98,341						47.59		%
Nontaxable or nondeductible items
162(m) limitation									(4,161)						(2.01)		%
Other non-taxable or non-deductible items									(494)						(0.24)		%
Changes in unrecognized tax benefits									(9,754)						(4.72)		%
Other									776						0.38		%
Total tax benefit									$	52,600					25.45		%

___________________

(1) Taxes in California, New York State and New York City make up the majority (more than 50 percent) of the tax effect in this category.

						Year Ended December 31,
									2024						2023
Income tax benefit (expense) at federal statutory rate									$	(20,517)					$	(5,623)
State and local taxes, net of federal benefit									(1,412)						2,509
Foreign tax rate differential									3,858						(1,030)
Stock-based compensation deductions									5,698						17,998
Nondeductible expenses									(2,206)						14
Unrecognized tax positions									(4,360)						(1,083)
Net change in valuation allowance									(44,559)						(138)
Global intangible low-tax income									(110)						—
Foreign-derived intangible income deduction									3,140						970
162(m) limitation									(9,295)						(17,072)
U.S. R&D tax credits									3,402						2,810
Valuation allowance release related to acquisition									—						1,074
Acquisition related compensation									(2,659)						(7,811)
Impact of intra-entity intellectual property rights transfer									59,627						—
Other									(3,814)						15
Total income tax (expense)									$	(13,207)					$	(7,367)

Income taxes paid (net of refunds received) for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09 are as follows:

Schedule of Cash Flow, Supplemental Disclosures

Income taxes paid (net of refunds received) for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09 are as follows:

Federal						$	2,000
State						1,872
Foreign						2,410
Total						$	6,282

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows:

			December 31,
			2025						2024
Deferred tax assets:
Accounts receivable			$	1,334					$	1,261
Accrued expenses			1,771						2,354
Capitalized research and development			34,541						44,724
Operating lease liability			62,689						32,398
Net operating loss carryforwards			7,030						11,498
Stock-based compensation			3,362						3,389
Tax credit carryforwards			6,498						17,778
Depreciation and amortization			10,788						18,538
Capped call			17,445						—
Other			2,365						2,593
Gross deferred tax assets			147,823						134,533
Less: valuation allowance			—						(109,541)
Total net deferred tax asset			$	147,823					$	24,992
Deferred tax liability
Operating lease ROU asset			$	(61,605)					$	(28,915)
Total deferred tax liability			(61,605)						(28,915)
Total net deferred tax asset (liability)			$	86,218					$	(3,923)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

			Year Ended December 31,
			2025						2024						2023
Balance of unrecognized tax benefits at beginning of year			$	22,392					$	20,337					$	17,044
Additions based on tax positions related to the current period			4,325						5,209						1,571
Additions for tax positions of prior periods			3,629						816						1,947
Reductions for tax positions of prior periods			(2,277)						(3,162)						—
Release due to expiration of statute of limitations			(1,241)						(808)						(225)
Balance of unrecognized tax benefits at end of year			$	26,828					$	22,392					$	20,337

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