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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following are the domestic and foreign components of our income (loss) before income taxes (in thousands):

			Year Ended December 31,
			2024						2023						2022
Domestic			$	28,678					$	34,518					$	(49,383)
Foreign			14,405						(3,024)						1,710
Total income (loss) before income taxes			$	43,083					$	31,494					$	(47,673)

Schedule of Components of Income Tax Expense (Benefit)

The details for the provision for income taxes by jurisdiction are as follows (in thousands):

			Year Ended December 31,
			2024						2023						2022
Current
Federal			$	13,258					$	8,984					$	647
State			4,019						3,621						1,143
Foreign			395						224						63
Total current provision			17,672						12,829						1,853
Deferred
Federal			(3,741)						5,481						1,142
State			(736)						(769)						(1,935)
Foreign			(75)						—						—
Total deferred (benefit from) provision for income taxes			(4,552)						4,712						(793)
Total provision for income tax			$	13,120					$	17,541					$	1,060

Schedule of Effective Income Tax Rate Reconciliation

The provision for (benefit from) income taxes for December 31, 2024, 2023, and 2022, differed from the amounts computed by applying the U.S. Federal income tax rate of 21% to income (loss) before income taxes as a result of the following (in thousands):

			Year Ended December 31,
			2024						2023						2022
Provision for (benefit from) income taxes at statutory rate			$	9,047					$	6,614					$	(10,012)
State income taxes, net of federal benefit			2,186						1,796						(1,424)
Rate differential on foreign earnings			(2,670)						(130)						(104)
Research and development credits			(5,152)						(4,894)						(1,346)
Change in valuation allowance			(413)						814						304
Stock-based compensation			2,698						4,538						2,021
Nondeductible stock-based compensation			5,757						6,053						10,012
Unrecognized tax benefits			1,699						2,498						975
Non-deductible expenses			298						350						630
Other			(330)						(98)						4
Total provision for income taxes			$	13,120					$	17,541					$	1,060

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities consisted of the following as of December 31, 2024 and 2023, (in thousands):

			As of December 31,
			2024						2023
Deferred tax assets
Deferred revenue			$	153					$	220
Accrued expenses			7,088						8,557
Stock-based compensation			4,070						6,554
Impairment on investment			—						1,445
Net operating loss carryforwards			14,918						14,492
Tax credit carryforwards			10,264						9,462
Lease liabilities			1,957						2,359
Interest expense carryforwards			2,782						1,560
Capital loss carryforwards			453						455
Capitalized research expenses			34,957						21,355
Total deferred tax assets			76,642						66,459
Valuation allowance			(16,876)						(16,320)
Net deferred tax assets			59,766						50,139
Deferred tax liabilities
Depreciation and amortization			(19,340)						(15,231)
Right of use asset			(1,780)						(2,228)
State taxes			(3,950)						(3,665)
Net deferred tax liabilities			(25,070)						(21,124)
Net deferred tax assets and liabilities			$	34,696					$	29,015

Schedule of Valuation Allowance

The following table summarizes the valuation allowance:

			Year Ended December 31,
			2024						2023						2022
Beginning balance			$	16,320					$	14,644					$	14,170
Net (decrease) increase in current year			(654)						799						91
Net increase in valuation prior period			1,210						877						383
Ending balance			$	16,876					$	16,320					$	14,644

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the changes in unrecognized tax benefits for the years ended December 31, 2024, 2023, and 2022 (in thousands):

			Gross Unrealized Tax Benefits
Balance at December 31, 2021			$	7,873
Additions for tax positions related to the current year			999
Additions for tax positions related to prior years			48
Balance at December 31, 2022			$	8,920
Additions for tax positions related to the current year			2,181
Additions for tax positions related to prior years			418
Balance at December 31, 2023			$	11,519
Additions for tax positions related to the current year			2,854
Reductions for tax positions related to prior years			(966)
Balance at December 31, 2024			$	13,407

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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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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