Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Before Income Taxes

The components of income before income taxes are as follows:

	For the Years Ended December 31,
	2023			2022		2021
	(Amounts in thousands)
Domestic	$	(17,601	)	$	153,446	$	81,984
Foreign		81,733			65,694		71,559
Income before income taxes	$	64,132		$	219,140	$	153,543

Income Tax Provision (Benefit)

The components of the income tax provision are as follows:

	For the Years Ended December 31,
	2023		2022			2021
	(Amounts in thousands)
Components of the income tax provision:
Current	$	20,238	$	34,800		$	20,166
Deferred		2,317		(1,619	)		5,086
Total	$	22,555	$	33,181		$	25,252
Jurisdictional components of the income tax provision:
Federal	$	3,512	$	17,662		$	8,321
State		142		1,381			1,251
Foreign		18,901		14,138			15,680
Total	$	22,555	$	33,181		$	25,252

Consolidated Deferred Tax Assets (Liabilities)

The components of deferred income taxes are as follows:

	December 31,
	2023			2022
	(Amounts in thousands)
Deferred tax assets:
Stock-based compensation expense	$	5,120		$	5,323
Operating leases		30,727			31,564
Capitalized research and development		17,568			9,102
Inventory		10,131			5,983
Net operating loss carryforwards		7,578			9,808
Business tax credit carryforwards		4,697			2,639
Other		5,314			4,440
Total deferred tax assets		81,135			68,859
Less: valuation allowance		(20	)		(19	)
Net deferred tax assets		81,115			68,840
Deferred tax liabilities:
Fixed assets		(17,716	)		(18,965	)
Acquired intangible assets		(56,956	)		(43,549	)
Operating lease right of use assets		(26,373	)		(28,486	)
Debt discount		(19,006	)		—
Total deferred tax liabilities		(120,051	)		(91,000	)
Total net deferred tax liabilities	$	(38,936	)	$	(22,160	)

Reconciliation of Federal Statutory Rate to Effective Income Tax Rate

The reconciliation of the federal statutory rate to the effective income tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows:

	For the Years Ended December 31,
	2023						2022						2021
	Amount			%			Amount			%			Amount			%
	(Amounts in thousands, except percentages)
Income before income taxes	$	64,132					$	219,140					$	153,543
Expected tax at statutory rate		13,469			21.0	%		46,020			21.0	%		32,247			21.0	%
Adjustments due to:
Difference between U.S. and foreign tax		1,084			1.7	%		1,024			0.5	%		530			0.3	%
State income taxes		1,387			2.2	%		3,509			1.6	%		1,462			1.0	%
Business tax credits		(4,522	)		(7.1	%)		(5,139	)		(2.3	%)		(2,239	)		(1.5	%)
Stock-based compensation expense		(2,461	)		(3.8	%)		(5,638	)		(2.6	%)		(9,049	)		(5.9	%)
U.S. taxation of foreign earnings		343			0.5	%		83			0.0	%		30			0.0	%
Foreign-derived intangible income		(88	)		(0.1	%)		(5,042	)		(2.3	%)		(2,547	)		(1.7	%)
Executive compensation		3,084			4.8	%		5,441			2.5	%		3,397			2.2	%
Contingent consideration		(6,412	)		(10.0	%)		(6,033	)		(2.8	%)		1,232			0.8	%
Loss on extinguishment of debt		2,634			4.1	%		—			0.0	%		—			0.0	%
Debt discount		16,650			26.0	%		—			0.0	%		—			0.0	%
Foreign exchange loss		(2,288	)		(3.6	%)		—			0.0	%		—			0.0	%
Uncertain tax provisions		165			0.3	%		234			0.1	%		(443	)		(0.3	%)
Change in valuation allowance		—			0.0	%		(688	)		(0.3	%)		(48	)		(0.0	%)
Return to provision adjustments		(1,255	)		(2.0	%)		(498	)		(0.2	%)		(50	)		(0.0	%)
Other		765			1.2	%		(92	)		(0.0	%)		730			0.5	%
Income tax provision	$	22,555			35.2	%	$	33,181			15.1	%	$	25,252			16.4	%

Summary of Tax Returns Periods Subject to Examination by Federal, State and Foreign Tax Authorities

The Company’s tax returns are subject to examination by federal, state and foreign tax authorities. The Company’s two major tax jurisdictions are subject to examination for the following periods:

Jurisdiction	Fiscal Years Subject to Examination
United States - federal and state	2019-2023
Sweden	2018-2023

Reconciliation of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:

	For the Years Ended December 31,
	2023			2022
	(Amounts in thousands)
Balance of gross unrecognized tax benefits, beginning of period	$	2,996		$	2,786
Gross amounts of increases in unrecognized tax benefits as a result      of tax positions taken in the current period		178			146
Gross amounts of increases in unrecognized tax benefits as a result      of tax positions taken in the prior period		53			64
Gross amounts of decreases due to release		(88	)		—
Balance of gross unrecognized tax benefits, end of period	$	3,139		$	2,996