Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Net Income (loss) before Income Taxes

The Company’s net income (loss) from continuing operations before provision for income taxes for the years ended December 31, 2024, 2023, and 2022 consists of the following (in thousands):

Table 14.1. Net Income (loss) before Income Taxes


	Year ended December 31,
	2024			2023			2022
Domestic	$	241,476		$	364,179		$	25,997
Foreign		(19,902	)		(45,230	)		(784,506	)

Total net income (loss) before provision for income taxes	$	221,574		$	318,949		$	(758,509	)

Schedule of Components of Income

The components of the provision for income taxes from continuing operations consist of the following (in thousands):

Table 14.2. Components of Income Taxes


	Year ended December 31,
	2024			2023			2022
Current:
Federal	$	57,623		$	66,186		$	3,860
State		10,226			13,225			2,221
Foreign		542			882			(2,032	)

Total Current	$	68,391		$	80,293		$	4,049

Deferred:
Federal		7,625			(31,383	)		(394	)
State		(652	)		(834	)		—
Foreign		(10,781	)		(676	)		(392	)

Total Deferred		(3,808	)		(32,893	)		(786	)

Total	$	64,583		$	47,400		$	3,263

Schedule of Effective Tax Rate Reconciliation

The Company’s income tax expense from continuing operations differs from the taxes computed by applying the federal income tax rate of

% to the income (loss) before income taxes. A reconciliation of these differences is as follows (in thousands):

Table 14.3. Effective Tax Rate Reconciliation


	Year ended December 31,
	2024			2023			2022
Federal income taxes at 21 %	$	46,530		$	66,979		$	(159,287	)
Foreign tax credit reduction		10,175			—			—
Provision to return adjustments		(6,792	)		1,416			(43	)
State income taxes, net of federal benefit		6,591			9,712			1,638
Stock-based compensation		4,446			16,205			2,593
Federal research and experimentation credits		(4,067	)		(756	)		(4,974	)
Other non-deductible Irish expenses		3,617			2,285			15,852
Foreign rate differential		(3,404	)		25			2,154
Change in valuation allowance		3,283			(48,107	)		2,438
ASC 740-10 reserve		2,230			(1,860	)		2,282
Other		1,974			5,705			339
Change in fair value of convertible notes		—			—			140,271
IP transfer		—			(4,204	)		—

Income tax expense	$	64,583		$	47,400		$	3,263

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets and liabilities consist of the following (in thousands):

Table 14.4. Significant Components of Deferred Tax Assets and Liabilities


	December 31, 2024			December 31, 2023
Deferred tax assets:
Stock based compensation	$	25,723		$	20,561
Capitalized research expenses		18,250			12,593
Net operating loss carryforwards		12,988			16,106
Accruals and reserves		11,431			7,393
Capital loss carryforward		5,760			3,353
Lease liabilities		3,741			305
Tax credit carryforwards		1,418			89
Unrealized loss on investments		1,368			10,852
Other, net		395			69
Unrealized foreign currency exchange gain (loss)		—			68

Total deferred tax assets		81,074			71,389
Valuation allowance		(31,029	)		(29,638	)

Total deferred tax assets, net of valuation allowance		50,045			41,751
Deferred tax liabilities:
Intangible assets		(53,925	)		(59,472	)
Foreign branch income		(10,175	)		—
Right-of-use assets		(3,689	)		(273	)
Credit risk adjustment		(1,049	)		(802	)
Fixed assets		(290	)		(444	)
Unrealized foreign currency exchange gain (loss)		(253	)		—
Other		—			(376	)

Total deferred tax liabilities		(69,381	)		(61,367	)

Deferred tax liabilities, net	$	(19,336	)	$	(19,616	)

Schedule of Summary of Uncertain Tax Positions Activities

The following tables present activity related to unrecognized tax benefits as of the dates indicated (in thousands):

Table 14.5. Summary of Uncertain Tax Positions Activities


	December 31, 2024		December 31, 2023
Beginning balance	$	2,158	$	3,812
Increase related to tax positions taken during current year		1,511		253
Decrease related to tax positions taken during prior years		1,154		(1,907	)

Ending balance	$	4,823	$	2,158