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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

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,
			2025						2024						2023
			(In thousands)
Domestic			$	10,154					$	19,757					$	(28,105)
Foreign			1,171						5,836						7,997
Income (loss) before income taxes			$	11,325					$	25,593					$	(20,108)

Provision for (Benefit from) Income Taxes

The provision for income taxes consisted of the following:

			Year Ended December 31,
			2025						2024						2023
			(In thousands)
Current:
Federal			$	3,309					$	21,805					$	8,556
State			5,490						4,964						1,471
Foreign			982						846						840
Total current income taxes			9,781						27,615						10,867
Deferred:
Federal			2,215						(14,416)						(8,002)
State			(2,023)						115						(2,261)
Foreign			(700)						(252)						(341)
Total deferred income taxes			(508)						(14,553)						(10,604)
Total provision for income taxes			$	9,273					$	13,062					$	263

Difference Between the Provision for (Benefit from) Income Taxes Compared to Income Taxes Computed at the Statutory Federal Tax Rate

The provision for income taxes differs from the amount computed by applying the statutory federal tax rate as follows:

			Year Ended December 31,
			2025
			(In thousands)						%
U.S. federal tax provision at statutory rate			$	2,378					21		%
State income taxes, net of federal benefit (1)			2,313						20		%
Foreign rate differential:
Germany
Statutory rate difference between Germany and U.S.			22						—		%
Effect of changes in tax laws or rates enacted in the current period			850						8		%
Net operating loss (“NOL”) adjustment due to audit settlement			(1,083)						(10)		%
Other			218						2		%
Other			(229)						(2)		%
Effect of cross-border tax laws:
Global intangible low-taxed income			1,499						13		%
Foreign derived intangible income (“FDII”)			(1,146)						(10)		%
Other			105						1		%
Tax credits:
Research and development (“R&D”) credits			(3,795)						(34)		%
Non-taxable or non-deductible items:
Share-based compensation expense			4,520						41		%
Non-deductible officer compensation (Section 162(m))			2,320						20		%
Meals and entertainment			567						5		%
Other adjustments			(13)						—		%
Changes in unrecognized tax benefits			747						7		%
Total provision for income taxes			$	9,273					82		%

_________________________________________________

(1)    State taxes in New York, Texas, Pennsylvania, Florida and Minnesota made up the majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the provision for income taxes differs from the amount computed by applying the statutory federal tax rate as follows:

			Year Ended December 31,
			2024						2023
			(In thousands)
U.S. federal tax provision at statutory rate			$	5,375					$	(4,223)
State taxes			4,037						(624)
Section 162(m) limitation			531						1,286
Non-deductible expenses			510						531
Uncertain tax positions			(881)						(620)
Share-based compensation tax expense			6,078						7,384
Research tax credits			(3,531)						(4,587)
Gain on extinguishment of debt			477						—
Foreign-derived intangible income deduction			(229)						(325)
Global intangible low-taxed income inclusion			826						—
Foreign rate differential			122						219
Foreign branch taxes			(7)						6
Transaction cost			—						—
Provision to return true up			(244)						697
State rate true up			—						528
Other			(2)						(9)
Total provision for income taxes			$	13,062					$	263

Schedule of Income Taxes Paid

The amount of cash income taxes paid, net of refunds received, consisted of the following:

			Year Ended December 31,
			2025
			(In thousands)
U.S. Federal (1)			$	11,500
U.S. State and Local			6,279
Foreign			631
Total cash paid for income taxes, net of refunds received			$	18,410

_________________________________________________

(1)    Individual jurisdictions equaling 5% or more of the total income taxes paid, net of refunds received, for the year ended December 31, 2025 include U.S. Federal of $11.5 million.

Significant Components of Deferred Tax Assets (Liabilities)

Significant components of the Company’s deferred tax assets (liabilities) were as follows:

			December 31,
			2025						2024
			(In thousands)
Deferred tax assets:
Deferred revenues			$	40,549					$	23,550
Share-based compensation			8,992						9,915
Inventory-related items			6,424						6,055
Tax credit carryforwards			12,531						12,843
Reserves and accruals			10,575						8,384
Loss carryforwards			6,802						6,493
Lease liability			9,111						10,615
Convertible debt			8,318						11,276
Capitalized research and development			40,788						49,380
Other, net			1,139						1,580
Gross deferred tax assets			145,229						140,091
Valuation allowance			—						—
Total net deferred tax assets			145,229						140,091
Deferred tax liabilities:
Intangibles			(23,837)						(27,057)
Depreciation and amortization			(43,388)						(35,759)
Prepaid expenses			(14,224)						(14,466)
Right-of-use assets			(6,126)						(6,448)
Total deferred tax liabilities			(87,575)						(83,730)
Net deferred tax assets			$	57,654					$	56,361

Change in the Balance of Gross Unrecognized Tax Benefits

The following table summarizes the aggregate change in the balance of gross unrecognized tax benefit, which excludes interest and penalties:

			(In thousands)
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
Increases related to tax positions taken during a prior period			4
Decreases related to tax positions taken during the prior period			(138)
Increases related to tax positions taken during the current period			1,163
Decreases related to settlements			(333)
Decreases related to expiration of statute of limitations			(952)
Balance as of December 31, 2024			10,492
Increases related to tax positions taken during a prior period			4
Decreases related to tax positions taken during the prior period			(32)
Increases related to tax positions taken during the current period			997
Decreases related to expiration of statute of limitations			(197)
Balance as of December 31, 2025			$	11,264

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