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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income (loss) from continuing operations before income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2024			2023			2022
​	​	(in thousands)
Domestic	​	$	99,711	​	$	(33,383)	​	$	47,368
Foreign	​		(30,877)	​		5,045	​		3,617
Total	​	$	68,834	​	$	(28,338)	​	$	50,985
​	​	​	​	​	​	​	​	​	​

Schedule of components of the expense (benefit) for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2024			2023			2022
​	​	(in thousands)
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	2,087	​	$	3,299	​	$	—
Foreign	​		1,365	​		1,136	​		1,506
State and local	​		397	​		(194)	​		577
Total current expense (benefit) for income taxes	​		3,849	​		4,241	​		2,083
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​		(1,599)	​		(3,026)	​		(96,811)
Foreign	​		(6,684)	​		512	​		(484)
State and local	​		(446)	​		303	​		(20,745)
Total deferred expense (benefit) for income taxes	​		(8,729)	​		(2,211)	​		(118,040)
Total expense (benefit) for income taxes	​	$	(4,880)	​	$	2,030	​	$	(115,957)

Schedule of reconciliation of the income tax expense computed using the Federal statutory rate to actual income tax provision

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2024			2023			2022
​	​	(in thousands)
Income tax expense (benefit) at U.S. statutory rates	​	$	14,455	​	$	(5,951)	​	$	10,706
State taxes, net of U.S. federal impact	​		425	​		1,073	​		1,101
Effect of international operations	​		(2,814)	​		(7,668)	​		(11,149)
Research and development tax credit	​		(7,945)	​		(7,287)	​		(6,470)
Net change in valuation allowance	​		52	​		662	​		(104,972)
Change in accrual for unrecognized tax benefits	​		2,534	​		(369)	​		3,349
Share-based compensation	​	​	206	​	​	2,084	​	​	606
Tax benefits associated with asset impairments	​	​	(11,815)	​	​	—	​	​	—
Extinguishment of debt	​	​	—	​	​	19,289	​	​	—
Adoption of new accounting standard	​	​	—	​	​	—	​	​	(9,295)
Other	​		22	​		197	​		167
Total expense (benefit) for income taxes	​	$	(4,880)	​	$	2,030	​	$	(115,957)

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023
​	​	(in thousands)
Deferred tax assets:	​	​	​	​	​	​
Inventory valuation		$	12,500	​	$	12,682
Net operating losses	​	​	6,734	​		5,841
Credit carry forwards	​	​	46,753	​	​	49,086
Warranty and installation accruals	​	​	2,054	​		1,766
Share-based compensation	​	​	5,802	​		4,637
Contract liabilities	​	​	7,775	​	​	19,785
Operating leases	​	​	8,620	​	​	8,034
Research and experimental capitalization	​	​	46,667	​	​	34,504
Depreciation	​	​	4,037	​	​	1,588
Other	​	​	5,033	​		4,885
Total deferred tax assets	​	​	145,975	​		142,808
Valuation allowance	​	​	(11,797)	​		(11,745)
Net deferred tax assets	​	​	134,178	​		131,063
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Purchased intangible assets	​	​	8,673	​		14,166
Operating leases	​	​	6,003	​	​	5,548
Total deferred tax liabilities	​	​	14,676	​		19,714
Net deferred taxes		$	119,502	​	$	111,349

Schedule of uncertain tax positions roll-forward

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023			2022
​	​	(in thousands)
Balance at beginning of year	​	$	15,741	​	$	16,110	​	$	12,761
Additions for tax positions related to current year	​		2,497	​		2,596	​		4,180
Additions for tax positions related to prior years	​		77	​		83	​		—
Reductions for tax positions related to prior years	​		(1,437)	​		(3,048)	​		(731)
Settlements	​		—	​		—	​		(100)
Balance at end of year	​	$	16,878	​	$	15,741	​	$	16,110

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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 components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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