Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income before Income Tax, Domestic and Foreign

The components of income from continuing operations before income taxes and the related provision for income taxes,

disaggregated between domestic and foreign operations, are as follows:


	Year Ended December 31,
	2025			2024			2023
	Domestic	Foreign	Total	Domestic	Foreign	Total	Domestic	Foreign	Total
	(in thousands)
Pretax Income	$66,813	$136,761	$203,574	$65,357	$89,140	$154,497	$38,313	$36,415	$74,728
Current Tax Expense	12,999	48,729	61,728	9,943	55,881	65,824	3,755	39,917	43,672
Deferred Tax Expense (Benefit)	574	(8,107)	(7,533)	(1,302)	(24,738)	(26,040)	634	(24,222)	(23,588)
Total Provision for Income Taxes	$13,573	$40,622	$54,195	$8,641	$31,143	$39,784	$4,389	$15,695	$20,084

Schedule of Effective Income Tax Rate Reconciliation

The following tables shows the reconciliation between the effective and standard French rate of 25.8% after the adoption of

ASU 2023-09 is as follows:


	2025
	(in thousands)
Tax expense at French Statutory Rate	$52,563
Increase / decrease in tax expense arising from:
Nontaxable or nondeductible items	(828)	(0.4)%
Income eligible to reduced taxation rate (1)	(9,273)	(4.6)%
Changes in Unrecognized Tax Benefit	10,359	5.1%
Other	3,368	1.7%
Foreign Tax effects
USA
Statutory tax rate difference between U.S. and France	(3,709)	(1.8)%
State and Local Taxes	2,734	1.3%
Nondeductible compensation	3,541	1.7%
Other	(62)	—%
Germany
State and Local Taxes	3,204	1.6%
Other	(710)	(0.3)%
UK
Valuation Allowance Release	(9,735)	(4.8)%
Other	459	0.2%
Other Foreign
Other	2,284	1.1%
Provision for Income Taxes	$54,195
Effective tax rate		26.6%

(1) Income eligible to reduced taxation rate refers to the application of a reduced income tax rate on the majority of the technology royalties income

A reconciliation of the provision for income taxes to the amount computed by applying the 25.8% French statutory income

tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
		2024	2023

	(in thousands)

Tax expense at French Statutory Rate		39,891	19,295
Increase / decrease in tax expense arising from:
French Research Tax Credit, Crédit d’Impôt Recherche (“CIR”)		(1,809)	(2,376)
Shared-based Compensation		5,722	8,764
Non-tax deductible provision from loss contingency on regulatory matters (see Note 19)		—	(5,546)
Nondeductible Expenses		7,745	5,274
Non recognition of deferred tax assets		366	878
Utilization or recognition of previously unrecognized tax losses		(5,839)	(1,760)
French Business Tax "Cotisation sur la Valeur Ajoutée des Entreprises" ("CVAE")		1,237	1,593
Income eligible to reduced taxation rate (1)		(5,795)	(4,341)
Effect of different tax rates		292	(922)
Other differences		(2,026)	(775)
Provision for income taxes		$39,784	$20,084
Effective tax rate		25.8%	26.9%

(1) Income eligible to reduced taxation rate refers to the application of a reduced income tax rate on the majority of the technology royalties income

Schedule of Deferred Tax Assets and Liabilities

The following table shows the changes in the major sources of deferred tax assets and liabilities:


	Year Ended December 31,
	2025	2024	2023
	(in thousands)
Net deferred tax assets :
Intangibles including capitalized R&D costs	$53,599	$49,296	$24,340
Net operating loss carryforwards	14,983	14,330	17,734
Personnel-related accruals	9,834	10,104	9,958
Shared-based Compensation	8,282	12,328	6,067
Tax Credits	5,896	5,917	5,788
Bad debt allowance	4,732	5,034	7,389
Other	4,260	4,843	6,769
Other accruals	2,797	2,708	3,346
Total Deferred Tax Assets	$104,383	$104,560	$81,391

Valuation allowance	(18,979)	(27,621)	(29,794)

Total Deferred Tax Assets, net of valuation allowance	$85,404	$76,939	$51,597

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to our gross unrecognized tax benefits during the years ended

December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025	2024	2023

	(in thousands)

Beginning balance of unrecognized tax benefits	$12,428	$12,229	$13,315
Increases (Decreases) related to current year tax positions	10,344	199	(1,086)
Ending balance of unrecognized tax benefits (excluding interest and penalties)	22,772	12,428	12,229
Interest and penalties associated with unrecognized tax benefits	7,207	5,589	4,558
Ending balance of unrecognized tax benefits (including interest and penalties)	$29,979	$18,017	$16,787

Schedule of Cash Flow, Supplemental Disclosures

The following table presents the Company’s cash income taxes paid (net of refunds), including the total amount and

amounts paid in individual foreign jurisdictions that exceeded 5 percent of total cash income taxes paid:


	Year Ended December 31,
	2025	2024	2023
	(in thousands)
Domestic	$1,806	$614	$2,382
Foreign
US	47,660	29,376	28,840
Japan	8,349	2,709	2,624
Spain	—	5,184	—
Other Foreign	7,115	2,822	6,281
Total	$64,930	$40,705	$40,127