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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income (Loss) Before Income Taxes | The components of income (loss) before taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. |  | $ | (31,758 | ) |  | $ | (142,447 | ) |  | $ | (667,612 | )
Foreign |  |  | 43,337 |  |  |  | 12,801 |  |  |  | (80,005 | )
Income (loss) before taxes |  | $ | 11,579 |  |  | $ | (129,646 | ) |  | $ | (747,617 | )
Summary of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 3,696 |  |  | $ | 1,398 |  |  | $ | — |
Foreign |  |  | 12,161 |  |  |  | 16,546 |  |  |  | 21,252 |
State and local |  |  | (476 | ) |  |  | 694 |  |  |  | 1,723 |
Total current |  |  | 15,381 |  |  |  | 18,638 |  |  |  | 22,975 |
Deferred: |  |  |  |  |  |  |  |  |
U.S. federal |  |  | (10 | ) |  |  | 19 |  |  |  | (5,431 | )
Foreign |  |  | (2,748 | ) |  |  | (8,113 | ) |  |  | (3,871 | )
State and local |  |  | (175 | ) |  |  | (502 | ) |  |  | (84 | )
Total deferred |  |  | (2,933 | ) |  |  | (8,596 | ) |  |  | (9,386 | )
Provision for income taxes |  | $ | 12,448 |  |  | $ | 10,042 |  |  | $ | 13,589 |
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, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Loss carryforward |  | $ | 33,497 |  |  | $ | 22,442 |
Research credits |  |  | 14,998 |  |  |  | 10,513 |
Foreign tax credits |  |  | 10,026 |  |  |  | 5,796 |
Accrued expenses |  |  | 16,377 |  |  |  | 25,729 |
Fixed and intangible assets |  |  | 6,216 |  |  |  | 38,899 |
Deferred revenue |  |  | 9,768 |  |  |  | 10,652 |
Capitalized R&D |  |  | 95,281 |  |  |  | 87,465 |
Lease liability |  |  | 8,981 |  |  |  | 11,075 |
Other tax credits |  |  | 2,378 |  |  |  | 2,318 |
Other |  |  | 1,668 |  |  |  | — |
Gross deferred tax assets |  |  | 199,190 |  |  |  | 214,889 |
Valuation allowance |  |  | (152,235 | ) |  |  | (157,595 | )
Net deferred tax assets |  |  | 46,955 |  |  |  | 57,294 |
Deferred tax liabilities: |  |  |  |  |  |
Acquired intangible assets |  |  | (27,391 | ) |  |  | (36,416 | )
Revenue recognition |  |  | — |  |  |  | (4,574 | )
Operating ROU assets |  |  | (7,603 | ) |  |  | (9,758 | )
Other |  |  | (6,224 | ) |  |  | (8,436 | )
Gross deferred tax liabilities |  |  | (41,218 | ) |  |  | (59,184 | )
Net deferred tax assets (liabilities) |  | $ | 5,737 |  |  | $ | (1,890 | )
Summary of Deferred Tax Assets for Tax Effects of Following Gross Tax Loss and Gross Capital Loss Carryforwards | As of December 31, 2024, 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 |  | $ | 22,075 |  |  | 2027—2030
State (post-apportionment) |  | $ | 93,782 |  |  | 2025—Indefinite
As of December 31, 2024, the Company had recorded deferred tax assets for the tax effects of the following gross capital loss carryforwards (in thousands):
|  | Carry forward Amount |  |  | Years of Expiration
Federal |  | $ | 78,975 |  |  | 2029
State (post-apportionment) |  | $ | 14,563 |  |  | 2029—2039
Schedule of Credits Available to Reduce Future Income Tax Expense | As of December 31, 2024, 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 |  | $ | 12,671 |  |  | 2031—2044
State research and development credits |  | $ | 20,326 |  |  | Indefinite
Foreign tax credits |  | $ | 12,404 |  |  | 2033—2034
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 157,595 |  |  | $ | 111,779 |  |  | $ | 101,529 |
Charged (credited) to expenses |  |  | (5,051 | ) |  |  | 46,397 |  |  |  | 19,321 |
Charged (credited) to other accounts |  |  | (309 | ) |  |  | (581 | ) |  |  | (9,071 | )
Balance at end of period |  | $ | 152,235 |  |  | $ | 157,595 |  |  | $ | 111,779 |
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 income (loss) before income taxes as a result of the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. federal statutory rate |  | $ | 2,432 |  |  | $ | (27,226 | ) |  | $ | (157,032 | )
State, net of federal benefit |  |  | 501 |  |  |  | 532 |  |  |  | 1,974 |
Stock-based compensation |  |  | 5,390 |  |  |  | 6,758 |  |  |  | 2,036 |
Executive compensation limitation |  |  | 560 |  |  |  | 1,911 |  |  |  | 2,286 |
Research tax credit |  |  | (3,998 | ) |  |  | (6,983 | ) |  |  | (5,225 | )
Foreign withholding tax |  |  | 11,051 |  |  |  | 12,811 |  |  |  | 8,079 |
Goodwill impairment |  |  | — |  |  |  | — |  |  |  | 107,831 |
Restructuring and transaction costs |  |  | 1,394 |  |  |  | 649 |  |  |  | 293 |
Divestiture-related activity |  |  | 5,339 |  |  |  | (26,915 | ) |  |  | — |
Foreign rate differential |  |  | (10,651 | ) |  |  | (7,354 | ) |  |  | 19,337 |
Foreign tax credit |  |  | (10,338 | ) |  |  | (10,124 | ) |  |  | (977 | )
Change in valuation allowance |  |  | 5,412 |  |  |  | 50,314 |  |  |  | 20,491 |
Effect of cross-border tax laws |  |  | 2,580 |  |  |  | 10,151 |  |  |  | 7,656 |
Unrecognized tax benefits |  |  | (238 | ) |  |  | 746 |  |  |  | 6,798 |
Change in estimates |  |  | 3,387 |  |  |  | 3,844 |  |  |  | (1,802 | )
Change in other comprehensive income |  |  | (826 | ) |  |  | — |  |  |  | — |
Non-deductible expense |  |  | 184 |  |  |  | — |  |  |  | — |
Others |  |  | 269 |  |  |  | 928 |  |  |  | 1,844 |
Total |  | $ | 12,448 |  |  | $ | 10,042 |  |  | $ | 13,589 |
Summary of Unrecognized Tax Benefits and Amounts Affect Effective Tax Rate Upon Recognition | The following table summarizes the total unrecognized tax benefits and the amounts of which that would affect the effective tax rate upon recognition of such as of December 31, 2024, 2023, and 2022 (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Total unrecognized tax benefits |  | $ | 15,376 |  |  | $ | 23,587 |  |  | $ | 19,354 |
Amount affecting the effective tax rate upon recognition of unrecognized tax benefits |  | $ | 1,198 |  |  | $ | 9,592 |  |  | $ | 8,791 |
Reconciliation of Unrecognized Tax Benefits | The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Total unrecognized tax benefits at January 1 |  | $ | 23,587 |  |  | $ | 19,354 |  |  | $ | 8,438 |
Changes due to Separation, mergers, and dispositions |  |  | (6,858 | ) |  |  | — |  |  |  | 1,682 |
Increases for tax positions related to the current year |  |  | 2,009 |  |  |  | 4,070 |  |  |  | 8,793 |
Increases for tax positions related to prior years |  |  | 33 |  |  |  | 961 |  |  |  | 444 |
Decreases for tax positions related to prior years |  |  | (3,395 | ) |  |  | (798 | ) |  |  | (3 | )
Total unrecognized tax benefits at December 31 |  | $ | 15,376 |  |  | $ | 23,587 |  |  | $ | 19,354 |

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