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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Loss from Continuing Operations Before Income Taxes

The components of Loss from continuing operations before income taxes consisted of the following (in thousands):

		For the Years Ended December 31,
		2024				2023				2022
U.S. operations		$	(55,498	)		$	(60,674	)		$	(96,110	)
Foreign operations			31,905				9,827				41,610
Total		$	(23,593	)		$	(50,847	)		$	(54,500	)

Schedule of Provision (Benefit) for Income Taxes and the Income Taxes Paid

The provision (benefit) for income taxes and the income taxes paid consisted of the following (in thousands):

		For the Years Ended December 31,
		2024				2023				2022
Current:
Federal		$	766			$	1,616			$	(2,556	)
State			945				(875	)			483
Foreign			10,381				5,875				16,407
Total current taxes			12,092				6,616				14,334
Deferred:
Federal			—				—				(11,464	)
State			—				—				(5,127	)
Foreign			(1,855	)			(1,414	)			(5,339	)
Total deferred taxes			(1,855	)			(1,414	)			(21,930	)
Provision (benefit) for income taxes		$	10,237			$	5,202			$	(7,596	)
Net income taxes paid		$	8,278			$	20,152			$	25,627

Schedule of Reconciliation of the Income Tax Provision (Benefit) at the U.S Statutory Income Tax Rate

A reconciliation of the income tax provision (benefit) at the U.S. statutory income tax rate to our income tax benefit is as follows (in thousands):

		For the Years Ended December 31,
		2024				2023				2022
Income tax (benefit) provision at the U.S. statutory rate		$	(4,955	)		$	(10,678	)		$	(11,445	)
State taxes, net of federal deduction			(277	)			(1,739	)			(1,651	)
Change in valuation allowance			10,238				6,467				1,033
Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits			1,761				3,547				2,344
GILTI			1,652				2,474				2,406
Share-based compensation			1,278				1,652				667
Non-deductible executive compensation			1,050				1,349				1,157
Base Erosion Anti-Abuse Tax			1,013				—				—
Subpart F Income			566				20				—
Non-deductible expenses			255				—				—
Non-deductible transaction cost			89				1,001				—
Pre-spin tax expense			—				—				877
Return to provision adjustments			(1,363	)			24				(228	)
R&D tax credit			(975	)			(79	)			(622	)
Other			(95	)			1,164				(2,134	)
Income tax provision (benefit)		$	10,237			$	5,202			$	(7,596	)

Components of Deferred Taxes

The components of deferred taxes consisted of the following (in thousands):

		As of December 31,
		2024				2023
Deferred tax assets:
Capitalized research and development		$	23,688			$	21,749
Net operating loss carryover			15,654				10,408
Disallowed business interest expense			11,776				6,518
Share-based compensation			6,834				8,228
Deferred market closing loss deferral			4,004				—
Inventory			3,961				25,092
Capital loss carryover			2,714				—
Leases - right of use liability			2,336				3,578
Accrued liabilities			1,844				4,069
Accounts receivable			758				3,264
Tax credit carryover			428				—
Product liability and litigation			216				576
Fixed assets			58				1,357
Other			909				1,900
Total deferred tax assets			75,180				86,739
Less: Valuation allowances			(49,181	)			(49,084	)
Total deferred tax assets after valuation allowances			25,999				37,655
Deferred tax liabilities:
Intangible assets			13,880				27,647
Leases - right of use asset			2,294				2,574
Unremitted earnings of foreign subs			1,152				1,703
Other			84				683
Total deferred tax liabilities			17,410				32,607
Total net deferred income taxes		$	8,589			$	5,048

Summary of Net Operating Loss and Tax Credit Carryovers

At December 31, 2024, net operating loss and tax credit carryovers available to reduce future federal, state and foreign taxable earnings consisted of the following (in millions):

Expiration Period		Net operating loss carryover				Tax credit carryover				Capital loss carryover
2025 - 2029		$	3.5			$	—			$	2.7
2030 - 2034		2.1					—				—
2035 - 2044			6.0				0.4				—
Indefinite			4.1				—				—
Total		$	15.7			$	0.4			$	2.7
Valuation allowances		$	14.7			$	0.4			$	2.7

Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):

		For the Years Ended December 31,
		2024				2023				2022
Balance at January 1		$	304			$	105			$	—
Increases related to current period		$	96			$	168			$	105
Increases related to prior periods		$	6			$	31			$	—
Balance at December 31		$	406			$	304			$	105
Amounts impacting effective tax rate, if balance at December 31 recognized		$	406			$	105			$	—
Interest and penalty expense related to unrecognized tax benefits		$	8			$	3			$	—
Total accrued interest and penalties balance at December 31		$	11			$	3			$	—

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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 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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