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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Geographical Breakdown of Income (Loss) before the Provision for Income Taxes | The following is a geographical breakdown of income (loss) before income taxes:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Domestic | $ | (28,105) |  |  | $ | 369 |  |  | $ | 67,103 |
Foreign | 7,997 |  |  | (2,822) |  |  | (1,096) |
Income (loss) before income taxes | $ | (20,108) |  |  | $ | (2,453) |  |  | $ | 66,007 |
Provision for (Benefit from) Income Taxes | The provision for (benefit from) income taxes consisted of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Current: |  |  |  |  |
Federal | $ | 8,556 |  |  | $ | 17,973 |  |  | $ | (7,841) |
State | 1,471 |  |  | 8,024 |  |  | 187 |
Foreign | 840 |  |  | 192 |  |  | (234) |
Total current income taxes | 10,867 |  |  | 26,189 |  |  | (7,888) |
Deferred: |  |  |  |  |
Federal | (8,002) |  |  | (25,753) |  |  | (2,708) |
State | (2,261) |  |  | (7,976) |  |  | (1,217) |
Foreign | (341) |  |  | (561) |  |  | (29) |
Total deferred income taxes | (10,604) |  |  | (34,290) |  |  | (3,954) |
Total provision for (benefit from) income taxes | $ | 263 |  |  | $ | (8,101) |  |  | $ | (11,842) |
Difference Between the Provision for (Benefit from) Income Taxes Compared to Income Taxes Computed at the Statutory Federal Tax Rate | The provision for (benefit from) income taxes differs from the amount computed by applying the statutory federal tax rate as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
U.S. federal tax provision at statutory rate | $ | (4,223) |  |  | $ | (515) |  |  | $ | 13,861 |
State taxes | (624) |  |  | 38 |  |  | (814) |
Section 162(m) limitation | 1,286 |  |  | 3,071 |  |  | 6,382 |
Non-deductible expenses | 531 |  |  | 134 |  |  | 363 |
Uncertain tax positions | (620) |  |  | (776) |  |  | (835) |
Share-based compensation tax expense (benefit) | 7,384 |  |  | (3,264) |  |  | (20,717) |
Research tax credits | (4,587) |  |  | (6,948) |  |  | (5,170) |
Restructuring impact | — |  |  | — |  |  | (6,116) |
Foreign-derived intangible income deduction | (325) |  |  | (753) |  |  | (68) |
Global intangible low-taxed income inclusion | — |  |  | 960 |  |  | 195 |
Foreign rate differential | 219 |  |  | 186 |  |  | (170) |
Foreign branch taxes | 6 |  |  | (51) |  |  | (9) |
Transaction cost | — |  |  | 68 |  |  | 1,097 |
Provision to return true up | 697 |  |  | (84) |  |  | 205 |
State rate true up | 528 |  |  | (135) |  |  | (80) |
Other | (9) |  |  | (32) |  |  | 34 |
Total provision for (benefit from) income taxes | $ | 263 |  |  | $ | (8,101) |  |  | $ | (11,842) |
Significant Components of Deferred Tax Assets (Liabilities) | Significant components of the Company’s deferred tax assets (liabilities) were as follows:
| December 31,
| 2023 |  | 2022
| (In thousands)
Deferred tax assets (liabilities): |  |  |
Deferred revenues | $ | 11,343 |  |  | $ | 13,514 |
Share-based compensation | 11,763 |  |  | 12,064 |
Inventory-related items | 5,136 |  |  | 4,567 |
Tax credit carryforwards | 12,505 |  |  | 12,173 |
Reserves and accruals | 5,660 |  |  | 6,244 |
Loss carryforwards | 7,802 |  |  | 10,255 |
Lease liability | 11,457 |  |  | 12,884 |
Convertible debt | 9,649 |  |  | 15,037 |
Capitalized research and development | 41,635 |  |  | 30,881 |
Other, net | 591 |  |  | 1,557 |
Gross deferred tax assets | 117,541 |  |  | 119,176 |
Valuation allowance | — |  |  | — |
Total net deferred tax assets | 117,541 |  |  | 119,176 |
Intangibles | (30,366) |  |  | (36,357) |
Depreciation and amortization | (35,402) |  |  | (37,286) |
Prepaid expenses | (13,858) |  |  | (15,574) |
Right-of-use assets | (6,626) |  |  | (9,725) |
Other, net | (8) |  |  | — |
Total deferred tax liabilities | (86,260) |  |  | (98,942) |
Net deferred tax assets | $ | 31,281 |  |  | $ | 20,234 |
Change in the Balance of Gross Unrecognized Tax Benefits | The aggregate change in the balance of gross unrecognized tax benefit, which excludes interest and penalties, for the years ended December 31, 2023, 2022, and 2021:
| (In thousands)
Balance as of December 31, 2020 | $ | 18,246 |
Increases related to tax positions taken during a prior period | 40 |
Decreases related to tax positions taken during the prior period | (8,908) |
Increases related to tax positions taken during the current period | 1,219 |
Decreases related to expiration of statute of limitations | (1,636) |
Balance as of December 31, 2021 | 8,961 |
Increases related to tax positions taken during a prior period | 3 |
Decreases related to tax positions taken during the prior period | (59) |
Increases related to tax positions taken during the current period | 1,629 |
Decreases related to expiration of statute of limitations | (1,238) |
Balance as of December 31, 2022 | 9,296 |
Increases related to tax positions taken during a prior period | 750 |
Decreases related to tax positions taken during the prior period | (161) |
Increases related to tax positions taken during the current period | 1,566 |
Decreases related to expiration of statute of limitations | (703) |
Balance as of December 31, 2023 | $ | 10,748 |

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