v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (Loss) Before (Benefit From) Provision for Income Taxes
The components of income (loss) before provision for income taxes are:
(in thousands)202420232022
Domestic$51,966 $14,016 $(185,820)
Foreign90,670 81,424 24,023 
$142,636 $95,440 $(161,797)
Schedule of Components of Provision for Income Taxes
The components of provision for income taxes are:
(in thousands)202420232022
Current:
Federal$22,941 $7,827 $3,920 
State7,503 4,480 775 
Foreign14,547 14,962 10,200 
Total current provision44,991 27,269 14,895 
Deferred:
Federal— — 149,028 
State— — 20,704 
Foreign(1,544)363 (842)
Total deferred (benefit) provision(1,544)363 168,890 
$43,447 $27,632 $183,785 
Schedule of Reconciliation of Effective Income Tax Rate From Statutory Federal Income Tax Rate
A reconciliation of the U.S federal statutory tax rate and the Company’s effective tax rate:
(in thousands)202420232022
U.S. federal income taxes at statutory rates
$29,954 $20,042 $(33,977)
Valuation allowance
(1,504)(19,272)188,258 
State income taxes, net of federal benefit and tax credits
1,297 4,117 (2,433)
Permanent differences
786 435 11,561 
Federal research and experimentation credits
(4,888)(3,709)(5,012)
Tax effects of foreign activities
(7,817)658 3,770 
GILTI, FDII, and BEAT
13,945 14,022 16,390 
Provision to return adjustments
121 (3,728)(6,317)
Non-deductible compensation
10,933 6,818 4,769 
Tax Reserves
5,917 1,850 5,673 
Excess tax (benefits) / detriments related to share-based compensation
(5,645)4,666 1,563 
Impact of change in tax law
— 1,726 (793)
Other
348 7 333 
$43,447 $27,632 $183,785 
Schedule of Components of Net Deferred Tax Assets and Liabilities
Significant components of net deferred tax assets and liabilities are:
December 31,
(in thousands)20242023
Deferred tax assets:
Net operating loss carryforwards$72,089 $84,656 
Accruals and reserves57,312 41,323 
Software revenue454 3,186 
Convertible senior notes355 2,645 
Tax credit carryforwards10,441 28,456 
Research and development capitalization75,289 58,866 
Total deferred tax assets215,940 219,132 
Valuation allowances(195,252)(196,901)
Total net deferred tax assets20,688 22,231 
Deferred tax liabilities:
Capped call transactions(57)(223)
Depreciation(3,663)(4,428)
Intangibles(9,116)(11,979)
Other, net(3,554)(2,782)
Total deferred tax liabilities(16,390)(19,412)
$4,298 $2,819 
Schedule of Reconciliation of Beginning and Ending Balances of Gross Unrecognized Tax Benefits
A rollforward of the Company’s gross unrecognized tax benefits is:
(in thousands)
202420232022
Balance as of January 1,
$30,655 $19,746 $17,584 
Additions for tax positions related to the current year7,316 4,859 1,706 
Additions for tax positions of prior years2,941 7,921 728 
Reductions for tax positions of prior years(3,026)(1,871)(272)
Balance as of December 31,
$37,886 $30,655 $19,746