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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following are domestic and foreign components of the Company’s income (loss) before income taxes (in thousands):

			Year Ended December 31,
			2023						2022						2021
Domestic			$	67,643					$	71,136					$	(11,127)
Foreign			2,907						2,948						1,851
Income (loss) before income taxes			$	70,550					$	74,084					$	(9,276)

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company's income tax expense (benefit) are as follows (in thousands):

			Year Ended December 31,
			2023						2022						2021
Current:
Federal			$	30,124					$	6,099					$	—
State and local			8,498						4,394						438
Foreign			801						2,373						1,632
Total current income tax expense			39,423						12,866						2,070
Deferred:
Federal			(14,866)						(5,517)						(10,147)
State and local			(2,414)						5,191						(4,702)
Foreign			(691)						50						(97)
Total deferred income tax benefit			(17,971)						(276)						(14,946)
Total income tax expense (benefit)			$	21,452					$	12,590					$	(12,876)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income taxes computed at the U.S. federal statutory tax rate of 21% to the income tax expense (benefit) is as follows (in thousands):

			Year Ended December 31,
			2023						2022						2021
U.S. federal statutory income tax rate			$	14,816					$	15,559					$	(1,948)
State and local income taxes, net of federal benefit			5,002						3,451						(2,102)
Foreign derived intangible income deduction			(1,110)						(519)						—
Foreign rate differential			(1,872)						56						250
Stock-based compensation			7,931						(435)						(18,518)
Transaction costs			—						—						4,792
Officers compensation limitation			2,356						2,146						7,828
Non-deductible expenses			909						315						235
Tax credits			(9,189)						(17,598)						(3,112)
Uncertain tax positions			1,449						—						—
Change in valuation allowance			2,282						12,654						—
Return to provision			(1,532)						(3,775)						(389)
Other			410						736						88
Income tax expense (benefit)			$	21,452					$	12,590					$	(12,876)

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows (in thousands):

			Year Ended December 31,
			2023						2022
Deferred income tax assets:
Net operating loss carryforwards			$	409					$	1,116
Stock-based compensation			3,892						3,471
Accrued expenses			7,349						7,201
Tax credit carryforwards			15,606						16,792
Capitalized development			51,541						26,578
Operating lease liabilities			3,358						4,471
Total deferred tax assets			82,155						59,629
Less valuation allowance			(14,935)						(12,748)
Net deferred tax assets			67,220						46,881
Deferred tax liabilities:
Property and equipment			(736)						(927)
Operating lease right-of-use assets			(2,233)						(2,842)
Intangible assets and goodwill			(4,635)						(2,006)
Unremitted earnings of foreign subsidiaries			(776)						(348)
Deferred commissions			(2,346)						(2,454)
Other			(220)						—
Total deferred tax liabilities			(10,946)						(8,577)
Total net deferred tax assets			$	56,274					$	38,304

Schedule of Valuation Allowance

The change in the valuation allowance was comprised of the following (in thousands):

			Year Ended December 31,
			2023						2022						2021
Valuation allowance, at beginning of year			$	12,748					$	—					$	—
Increase in valuation allowance recorded through earnings			2,281						12,654						—
Decrease in valuation allowance recorded through other comprehensive income			(94)						—						—
Increase in valuation allowance recorded through other comprehensive income			—						94						—
Valuation allowance, at end of year			$	14,935					$	12,748					$	—

Schedule of Unrecognized Tax Benefits Roll Forward

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

			Year Ended December 31,
			2023						2022						2021
Unrecognized tax benefit, beginning of year:			$	17,077					$	6,337					$	5,121
Gross increases - tax positions in prior year			3,912						7,720						281
Gross increases - tax positions in current year			3,341						3,020						935
Gross decreases - tax positions in prior year			—						—						—
Gross decreases - tax positions in current year			—						—						—
Unrecognized tax benefit, end of year			$	24,330					$	17,077					$	6,337

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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.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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