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Income Taxes (Tables)

12 Months Ended

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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