v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Summary of Components of Income /(Loss) Before Income Taxes
The components of income/(loss) before income taxes consist of the following:
 Year ended December 31,
 202420232022
Domestic$72,286 $100,905 $80,949 
Foreign189,061 137,036 109,150 
$261,347 $237,941 $190,099 
Summary of Income Tax Expense/(Benefit)
Income tax expense/(benefit) consists of the following:
 Year ended December 31,
 202420232022
Current provision:
Domestic$41,230 $51,450 $43,416 
Foreign41,591 33,828 23,701 
$82,821 $85,278 $67,117 
Deferred provision/(benefit):
Domestic$(19,172)$(32,024)$(17,624)
Foreign(713)282 (1,928)
(19,885)(31,742)(19,552)
Income tax expense$62,936 $53,536 $47,565 
Schedule of Income Tax Recognized in Other Comprehensive Income
Deferred income taxes recognized in OCI were as follows:
Year ended December 31,
202420232022
Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges$2,559 $(3,313)$5,860 
Reclassification adjustment for cash flow hedges339 (797)455 
Retirement benefits402 (63)(231)
Reclassification adjustment for retirement benefits33 (74)(179)
Currency translation adjustments3,129 (156)10,032 
Total$6,462 $(4,403)$15,937 
Summary of Effective Income Tax Rate Differs from Amount Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes
The effective income tax rate differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes approximately as follows:
 Year ended December 31,
 202420232022
Expected tax expense$54,883 $49,968 $39,921 
Foreign tax rate differential1,164 5,333 (1,136)
Unrecognized tax benefits704 (187)273 
State taxes, net of Federal taxes10,724 11,640 7,730 
Non-deductible expenses10,330 8,655 10,087 
Excess tax benefit on stock-based compensation(9,714)(15,055)(5,881)
Research and development credits(5,257)(5,350)(2,733)
Others102 (1,468)(696)
Tax expense$62,936 $53,536 $47,565 
Summary of Components of Deferred Tax Balances
The components of the deferred tax balances were as follows:
 As of
 December 31, 2024December 31, 2023
Deferred tax assets:
Tax credit carry forwards$8,058 $9,954 
Depreciation and amortization expense18,178 14,569 
Capitalized research and development expenses54,844 47,276 
Stock-based compensation10,902 8,506 
Accrued employee costs and other expenses33,897 21,670 
Net operating loss carry forwards281 212 
Net unrealized foreign exchange loss20,242 15,447 
Right-of-use assets20,125 19,042 
Others339 414 
166,866 137,090 
Valuation allowance(3,172)(482)
Deferred tax assets$163,694 $136,608 
Deferred tax liabilities:
Intangible assets$29,883 $27,095 
Net unrealized gain on investments4,018 3,704 
Capitalized costs7,665 5,999 
Lease liability16,586 16,188 
Others2,198 2,190 
      Deferred tax liabilities$60,350 $55,176 
Net deferred tax assets$103,344 $81,432 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to the unrecognized tax benefits:
Year ended December 31,
202420232022
Balance as of January 1$1,262 $1,449 $1,068 
Additions based on tax positions related to the current year561 423 223 
Additions based on tax positions of prior years316 112 158 
Reductions for tax positions due to lapse of statutes of limitations(173)(722)— 
Balance as of December 31$1,966 $1,262 $1,449