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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Tax Provision |
Income (loss) before income tax: | Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Domestic | $ | 37,949 |  |  | $ | (1,734) |  |  | $ | 24,680 |
Foreign | 19,984 |  |  | 20,875 |  |  | 19,805 |
Income before income taxes | $ | 57,933 |  |  | $ | 19,141 |  |  | $ | 44,485 |
Schedule of Provision for (Benefit from) Income Taxes |
Provision for (benefit from) income taxes: | Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 24,749 |  |  | $ | 19,441 |  |  | $ | 4,443 |
State | 5,755 |  |  | 4,582 |  |  | 3,236 |
Foreign | 4,648 |  |  | 3,980 |  |  | 3,730 |
Deferred: |  |  |  |  |
Federal | (19,152) |  |  | (81,632) |  |  | — |
State | 104 |  |  | (12,416) |  |  | — |
Foreign | 2,612 |  |  | 1,192 |  |  | 4,894 |
Total provision for (benefit from) income taxes | $ | 18,716 |  |  | $ | (64,853) |  |  | $ | 16,303 |
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,
|  | 2024 |  | 2023 |  | 2022
Statutory U.S. federal income tax rate |  | 21 | % |  | 21 | % |  | 21 | %
Increase (reduction) in rate resulting from: |  |  |  |  |  |
State Taxes |  | 5 | % |  | (4) | % |  | 7 | %
Differential in rates on foreign earnings |  | 2 | % |  | (13) | % |  | 1 | %
Change in valuation allowance |  | 1 | % |  | (350) | % |  | 15 | %
Change in liabilities for uncertain tax positions |  | 1 | % |  | — | % |  | — | %
Non-deductible stock-based compensation |  | 3 | % |  | 6 | % |  | 4 | %
Permanent differences |  | (1) | % |  | (5) | % |  | (1) | %
Adjustments related to tax positions taken during prior years |  | 1 | % |  | 12 | % |  | (8) | %
Research and development credits |  | (1) | % |  | (6) | % |  | (2) | %
Effective tax rate |  | 32 | % |  | (339) | % |  | 37 | %
Schedule of Components of Deferred Tax Assets and Liabilities | The components of deferred taxes are as follows:
| As of December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Reserves and accruals | $ | 25,069 |  |  | $ | 24,908 |
Net operating loss carryforwards | 11,044 |  |  | 14,376 |
Research and development credit carryforwards | 30,350 |  |  | 30,117 |
Deferred stock-based compensation | 2,341 |  |  | 1,863 |
Intangibles | 4,912 |  |  | 5,651 |
Operating lease liabilities | 4,953 |  |  | 6,216 |
Capitalized research and development expenses | 83,055 |  |  | 64,075 |
Other | 3,219 |  |  | 3,110 |
Gross deferred tax assets | 164,943 |  |  | 150,316 |
Valuation allowance | (37,489) |  |  | (37,084) |
Gross deferred tax assets after valuation allowance | 127,454 |  |  | 113,232 |
Deferred tax liabilities: |  |  |
Depreciation | (3,127) |  |  | (3,506) |
Operating lease right-of-use assets | (3,299) |  |  | (5,019) |
Gross deferred tax liabilities | (6,426) |  |  | (8,525) |
Net deferred tax assets | $ | 121,028 |  |  | $ | 104,707 |
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) | 2024 |  | 2023 |  | 2022
Balance at beginning of period | $ | 37,084 |  |  | $ | 101,020 |  |  | $ | 90,247 |
Additions | 481 |  |  | 477 |  |  | 10,773 |
Deductions | (76) |  |  | (64,413) |  |  | — |
Balance at end of period | $ | 37,489 |  |  | $ | 37,084 |  |  | $ | 101,020 |
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) | 2024 |  | 2023 |  | 2022
Balance at beginning of period | $ | 12.5 |  |  | $ | 11.1 |  |  | $ | 13.8 |
Increase in balance related to tax positions taken during current year | 0.2 |  |  | 0.4 |  |  | 0.3 |
Decrease in balance as a result of a lapse of the applicable statutes of limitations | — |  |  | — |  |  | — |
Increase in balance related to tax positions taken during prior years | 0.3 |  |  | 1.0 |  |  | — |
Decrease in balance related to tax positions taken during prior years | (1.0) |  |  | — |  |  | (3.0) |
Balance at end of period | $ | 12.0 |  |  | $ | 12.5 |  |  | $ | 11.1 |

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