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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Summary of Net Income (Loss) Before Income Taxes
Net income (loss) before income taxes for the years ended December 31, 2021, 2020 and 2019, includes the following components (in thousands):
Year Ended December 31,
202120202019
U.S.
$193,161 $(118,296)$149,797 
Foreign
(146,850)(17,410)(23,563)
Net income (loss) before income tax
$46,311 $(135,706)$126,234 
Summary of Provision for Benefit from Income Taxes
Provision for (benefit from) income taxes for the years ended December 31, 2021, 2020 and 2019 consist of the following (in thousands)
Year Ended December 31,
202120202019
Current:
Federal$64,585 $20,162 $23,703 
State
10,234 4,087 1,888 
Foreign
1,914 4,027 568 
76,733 28,276 26,159 
Deferred:
Federal(52,162)(29,235)(720)
State
(2,394)(4,800)(99)
Foreign
(11,204)(4,013)(18,146)
(65,760)(38,048)(18,965)
Total provision for (benefit from) income taxes.
$10,973 $(9,772)$7,194 
Summary of Reconciliation of Federal Statutory Income Tax Rate to the Effective Income Tax Rate
The reconciliation of federal statutory income tax rate to the effective income tax rate is as follows (in thousands):
Years ended December 31,
202120202019
Tax provision (benefit) at U.S. federal statutory rate$9,725 $(28,498)$26,509 
State income taxes, net of federal benefit1,866 (1,137)1,412 
Foreign income taxed at different rates10,563 8,710 2,887 
Change in foreign deferred tax rate— (6,038)(17,143)
Stock-based compensation(8,807)10,347 1,671 
Foreign-derived intangible income(10,477)(3,518)(8,600)
Research and development credits(6,193)(2,561)(1,025)
Extinguishments of acquisition-related contingent consideration— 12,237 — 
Foreign Income Inclusion(2,622)— — 
Change in valuation allowance15,905 — — 
Other1,013 686 1,483 
Total provision for (benefit from) income taxes$10,973 $(9,772)$7,194 
Summary of Current and Deferred Tax Assets and Liabilities
The following summarizes the current and deferred tax assets and liabilities (in thousands):
As of December 31,
20212020
Deferred tax assets:
Accrued expenses and reserves$6,374 $4,757 
Stock-based compensation14,651 1,955 
Tax credit carryforwards4,835 2,526 
Net operating loss12,042 3,787 
Identified intangibles— 8,996 
Operating lease liability16,622 20,551 
Other comprehensive income16,251 — 
Foreign tax deduction12,363 — 
Other2,247 (256)
Valuation allowance(18,842)(531)
Total deferred tax assets66,543 41,785 
Deferred tax liabilities:

Depreciation and amortization(5,433)(6,857)
Identified intangibles(6,049)— 
Operating lease right-of-use assets(16,622)(20,345)
Total deferred tax liabilities(28,104)(27,202)
Net deferred tax assets38,439 14,583 
Summary of Activity Related to the Gross Unrecognized Tax Benefits
The following table summarizes the activity related to the gross unrecognized tax benefits (in thousands):
As of December 31,
202120202019
Balance at beginning of year
$14,401 $6,646 $2,858 
Increases related to prior year positions
5,027 4,681 2,377 
Increases related to current year positions
2,631 3,498 1,581 
Decreases related to lapse of statutes
(172)(424)(170)
Decreases related to settlements
(3,431)— — 
Balance at end of year
$18,456 $14,401 $6,646