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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Loss Before Income Taxes | The components of loss before taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. |  | $ | (142,447 | ) |  | $ | (667,612 | ) |  | $ | (123,201 | )
Foreign |  |  | 12,801 |  |  |  | (80,005 | ) |  |  | (37,037 | )
Loss before taxes |  | $ | (129,646 | ) |  | $ | (747,617 | ) |  | $ | (160,238 | )
Summary of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 1,398 |  |  | $ | — |  |  | $ | — |
Foreign |  |  | 16,546 |  |  |  | 21,252 |  |  |  | 12,531 |
State and local |  |  | 694 |  |  |  | 1,723 |  |  |  | (604 | )
Total current |  |  | 18,638 |  |  |  | 22,975 |  |  |  | 11,927 |
Deferred: |  |  |  |  |  |  |  |  |
U.S. federal |  |  | 19 |  |  |  | (5,431 | ) |  |  | 1,215 |
Foreign |  |  | (8,113 | ) |  |  | (3,871 | ) |  |  | 7,116 |
State and local |  |  | (502 | ) |  |  | (84 | ) |  |  | (1,418 | )
Total deferred |  |  | (8,596 | ) |  |  | (9,386 | ) |  |  | 6,913 |
Provision for income taxes |  | $ | 10,042 |  |  | $ | 13,589 |  |  | $ | 18,840 |
Component of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  | $ | 22,442 |  |  | $ | 19,477 |
Research credits |  |  | 10,513 |  |  |  | 6,791 |
Foreign tax credits |  |  | 5,796 |  |  |  | 2,119 |
Accrued expenses |  |  | 25,729 |  |  |  | 27,987 |
Basis difference in fixed and intangible assets |  |  | 38,899 |  |  |  | 16,290 |
Deferred revenue |  |  | 10,652 |  |  |  | 9,556 |
Capitalized R&D |  |  | 87,465 |  |  |  | 63,601 |
Lease liability |  |  | 11,075 |  |  |  | 13,310 |
Other tax credits |  |  | 2,318 |  |  |  | 1,673 |
Gross deferred tax assets |  |  | 214,889 |  |  |  | 160,804 |
Valuation allowance |  |  | (157,595 | ) |  |  | (111,779 | )
Net deferred tax assets |  |  | 57,294 |  |  |  | 49,025 |
Deferred tax liabilities: |  |  |  |  |  |
Acquired intangible assets |  |  | (36,416 | ) |  |  | (45,424 | )
Revenue recognition |  |  | (4,574 | ) |  |  | (2,292 | )
Operating ROU assets |  |  | (9,758 | ) |  |  | (10,550 | )
Other |  |  | (8,436 | ) |  |  | (1,562 | )
Gross deferred tax liabilities |  |  | (59,184 | ) |  |  | (59,828 | )
Net deferred tax liabilities |  | $ | (1,890 | ) |  | $ | (10,803 | )
Summary of Deferred Tax Assets for Tax Effects of Following Gross Tax Loss Carryforwards | As of December 31, 2023, the Company had recorded deferred tax assets for the tax effects of the following gross tax loss carryforwards (in thousands):
|  | Carry forward Amount |  |  | Years of Expiration
Federal |  | $ | 29,202 |  |  | 2027—indefinite
State (post-apportionment) |  | $ | 93,258 |  |  | 2024—2042
Schedule of Credits Available to Reduce Future Income Tax Expense | As of December 31, 2023, the Company had the following credits available to reduce future income tax expense (in thousands):
|  | Carry forward Amount |  |  | Years of Expiration
Federal research and development credits |  | $ | 9,451 |  |  | 2024—2043
State research and development credits |  | $ | 17,356 |  |  | 2024—indefinite
Foreign tax credits |  | $ | 8,114 |  |  | 2026—2033
Schedule of Changes in Deferred Tax Asset Valuation Allowance | The deferred tax asset valuation allowance and changes in the deferred tax asset valuation allowance consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Balance at beginning of period |  | $ | 111,779 |  |  | $ | 101,529 |  |  | $ | 52,676 |
Charged (credited) to expenses |  |  | 46,397 |  |  |  | 19,321 |  |  |  | 59,249 |
Charged (credited) to other accounts |  |  | (581 | ) |  |  | (9,071 | ) |  |  | (10,396 | )
Balance at end of period |  | $ | 157,595 |  |  | $ | 111,779 |  |  | $ | 101,529 |
Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Tax | Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to loss before income taxes as a result of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. federal statutory rate |  | $ | (27,226 | ) |  | $ | (157,032 | ) |  | $ | (33,650 | )
State, net of federal benefit |  |  | 532 |  |  |  | 1,974 |  |  |  | (258 | )
Stock-based compensation |  |  | 6,758 |  |  |  | 2,036 |  |  |  | (1,740 | )
Executive compensation limitation |  |  | 1,911 |  |  |  | 2,286 |  |  |  | 2,221 |
Research tax credit |  |  | (6,983 | ) |  |  | (5,225 | ) |  |  | (2,321 | )
Foreign withholding tax |  |  | 12,811 |  |  |  | 8,079 |  |  |  | 11,018 |
Goodwill impairment |  |  | — |  |  |  | 107,831 |  |  |  | — |
Restructuring and transaction costs |  |  | 649 |  |  |  | 293 |  |  |  | — |
Divestiture-related activity |  |  | (26,915 | ) |  |  | — |  |  |  | — |
Foreign rate differential |  |  | (7,354 | ) |  |  | 19,337 |  |  |  | 16,407 |
Foreign tax credit |  |  | (10,124 | ) |  |  | (977 | ) |  |  | (8,928 | )
Change in valuation allowance |  |  | 50,314 |  |  |  | 20,491 |  |  |  | 39,063 |
Foreign income inclusions |  |  | 10,151 |  |  |  | 7,656 |  |  |  | — |
Unrecognized tax benefits |  |  | 746 |  |  |  | 6,798 |  |  |  | 1,526 |
Change in estimates |  |  | 3,844 |  |  |  | (1,802 | ) |  |  | (4,674 | )
Others |  |  | 928 |  |  |  | 1,844 |  |  |  | 176 |
Total |  | $ | 10,042 |  |  | $ | 13,589 |  |  | $ | 18,840 |
Reconciliation of Unrecognized Tax Benefits | The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Total unrecognized tax benefits at January 1 |  | $ | 19,354 |  |  | $ | 8,438 |  |  | $ | 7,106 |
Changes due to mergers and transactions |  |  | — |  |  |  | 1,682 |  |  |  | (1,440 | )
Increases for tax positions related to the current year |  |  | 4,070 |  |  |  | 8,793 |  |  |  | 1,962 |
Increases for tax positions related to prior years |  |  | 961 |  |  |  | 444 |  |  |  | 1,303 |
Decreases for tax positions related to prior years |  |  | (798 | ) |  |  | (3 | ) |  |  | (493 | )
Total unrecognized tax benefits at December 31 |  | $ | 23,587 |  |  | $ | 19,354 |  |  | $ | 8,438 |

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