v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
(Loss) income before income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
 202420232022
(Loss) income before income tax expense (benefit):
Domestic$(43,086)$(62,489)$(90,058)
Foreign(37,589)(34,608)(69,284)
Total$(80,675)$(97,097)$(159,342)
Income tax expense (benefit)
Current:   
Federal$(35)$— $(41)
State581 391 176 
Foreign79 — 17 
Total current tax expense$625 $391 $152 
Deferred:
Federal$(340)$(373)$614 
State9 602 (647)
Foreign(2,243)(9,749)(15,211)
Total deferred tax benefit$(2,574)$(9,520)$(15,244)
Total tax benefit$(1,949)$(9,129)$(15,092)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31, 2024, 2023 and 2022 is as follows:
 202420232022
Federal statutory tax rate21.00 %21.00 %21.00 %
State income taxes, net of federal income tax benefit0.62 %1.01 %2.06 %
Transaction Costs(0.08)%(0.03)%(0.01)%
Penalties(0.04)%— %(0.03)%
Compensation expense(6.49)%(4.13)%(2.17)%
Uncertain Tax Positions(0.29)%— %— %
Capped call interest— %— %4.50 %
Tax credits(0.18)%0.90 %1.32 %
Return to provision and other deferred tax adjustments0.17 %(0.04)%(0.22)%
Foreign tax rate differential3.58 %1.20 %1.20 %
Enacted Rate Changes(0.19)%1.02 %— %
Other, net(0.77)%(0.08)%(0.12)%
Valuation allowance(14.91)%(11.45)%(18.07)%
Effective tax rate2.42 %9.40 %9.46 %
Schedule of Deferred Tax Assets and Liabilities
At December 31, 2024 and 2023, deferred income tax assets and liabilities consisted of the following (in thousands):
 20242023
Deferred tax assets:
Accrued compensation$9,712 $9,157 
Net operating loss carry-forwards110,887 114,856 
Tax credits11,487 11,076 
Stock-based compensation3,860 2,622 
Operating lease liabilities16,238 18,764 
Interest expense— 1,026 
Convertible debt discount3,262 4,319 
Research expenditures7,275 5,234 
Other2,772 3,313 
     Gross deferred tax assets165,493 170,367 
     Less: valuation allowance(83,893)(76,281)
Total deferred tax assets$81,600 $94,086 
Deferred tax liabilities:
Operating lease right-of-use assets$(15,166)$(18,088)
Intangible assets (85,809)(94,004)
Property and equipment(2,135)(6,279)
Total deferred tax liabilities $(103,110)$(118,371)
Net deferred income tax liabilities$(21,510)$(24,285)
Schedule of Unrecognized Tax Benefits
The following are the unrecognized tax benefits as of December 31, 2024, 2023, and 2022 (in thousands):
202420232022
Unrecognized tax benefits - January 1$7,953 $3,159 $2,351 
Increases in prior year positions— — 82 
Reversals of prior year positions(1,010)— — 
Increases in tax positions taken in current year5,451 4,794 726 
Statute expirations— — — 
Unrecognized tax benefits - December 31$12,394 $7,953 $3,159