XML 54 R39.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax Provision |
Income before income tax: | Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Domestic | $ | (1,734) |  |  | $ | 24,680 |  |  | $ | (5,688) |
Foreign | 20,875 |  |  | 19,805 |  |  | 14,559 |
Income before income taxes | $ | 19,141 |  |  | $ | 44,485 |  |  | $ | 8,871 |
Schedule of Provision for (Benefit from) Income Taxes |
Provision for (benefit from) income taxes: | Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 19,441 |  |  | $ | 4,443 |  |  | $ | 4 |
State | 4,582 |  |  | 3,236 |  |  | 85 |
Foreign | 3,980 |  |  | 3,730 |  |  | 2,469 |
Deferred: |  |  |  |  |
Federal | (81,632) |  |  | — |  |  | — |
State | (12,416) |  |  | — |  |  | — |
Foreign | 1,192 |  |  | 4,894 |  |  | (6,941) |
Total provision for (benefit from) income taxes | $ | (64,853) |  |  | $ | 16,303 |  |  | $ | (4,383) |
Schedule of Reconciliation of Provision for (Benefit from) Income Taxes | The difference between the tax provision at the statutory federal income tax rate and the provision for (benefit from) income tax as a percentage of income (loss) before income taxes (effective tax rate) for each period was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Statutory U.S. federal income tax rate |  | 21 | % |  | 21 | % |  | 21 | %
Increase (reduction) in rate resulting from: |  |  |  |  |  |
State Taxes |  | (4) | % |  | 7 | % |  | — | %
Differential in rates on foreign earnings |  | (13) | % |  | 1 | % |  | 42 | %
Change in valuation allowance |  | (350) | % |  | 15 | % |  | (113) | %
Change in liabilities for uncertain tax positions |  | — | % |  | — | % |  | (2) | %
Non-deductible stock-based compensation |  | 6 | % |  | 4 | % |  | 11 | %
Permanent differences |  | (5) | % |  | (1) | % |  | — | %
Adjustments related to tax positions taken during prior years |  | 12 | % |  | (8) | % |  | (3) | %
Research and development credits |  | (6) | % |  | (2) | % |  | (10) | %
Other |  | — | % |  | — | % |  | 3 | %
Effective tax rate |  | (339) | % |  | 37 | % |  | (49) | %
Schedule of Components of Deferred Tax Assets and Liabilities | The components of deferred taxes are as follows:
| As of December 31,
(in thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Reserves and accruals | $ | 24,908 |  |  | $ | 27,376 |
Net operating loss carryforwards | 14,376 |  |  | 16,032 |
Research and development credit carryforwards | 30,117 |  |  | 28,952 |
Deferred stock-based compensation | 1,863 |  |  | 1,376 |
Intangibles | 5,651 |  |  | 6,384 |
Operating lease liabilities | 6,216 |  |  | 7,423 |
Capitalized research and development expenses | 64,075 |  |  | 36,210 |
Other | 3,110 |  |  | 1,139 |
Gross deferred tax assets | 150,316 |  |  | 124,892 |
Valuation allowance | (37,084) |  |  | (101,020) |
Gross deferred tax assets after valuation allowance | 113,232 |  |  | 23,872 |
Deferred tax liabilities: |  |  |
Depreciation | (3,506) |  |  | (5,971) |
Operating lease right-of-use assets | (5,019) |  |  | (6,125) |
Gross deferred tax liabilities | (8,525) |  |  | (12,096) |
Net deferred tax assets | $ | 104,707 |  |  | $ | 11,776 |
Schedule of Activities Related to Valuation Allowance | The following table summarizes the activities related to the Company’s valuation allowance:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Balance at beginning of period | $ | 101,020 |  |  | $ | 90,247 |  |  | $ | 99,585 |
Additions | 477 |  |  | 10,773 |  |  | 310 |
Deductions | (64,413) |  |  | — |  |  | (9,648) |
Balance at end of period | $ | 37,084 |  |  | $ | 101,020 |  |  | $ | 90,247 |
Schedule of Activities Related to Gross Unrecognized Tax Benefits | The following table summarizes the activities related to the Company’s gross unrecognized tax benefits:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Balance at beginning of period | $ | 11.1 |  |  | $ | 13.8 |  |  | $ | 17.6 |
Increase in balance related to tax positions taken during current year | 0.4 |  |  | 0.3 |  |  | 0.3 |
Decrease in balance as a result of a lapse of the applicable statutes of limitations | — |  |  | — |  |  | (0.2) |
Increase in balance related to tax positions taken during prior years | 1.0 |  |  | — |  |  | — |
Decrease in balance related to tax positions taken during prior years | — |  |  | (3.0) |  |  | (3.9) |
Balance at end of period | $ | 12.5 |  |  | $ | 11.1 |  |  | $ | 13.8 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 + Details
Name: | us-gaap_SummaryOfPositionsForWhichSignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration