INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax Provision

Income before income tax:	Year Ended December 31,
(in thousands)	2023		2022		2021
Domestic	$	(1,734)	$	24,680	$	(5,688)
Foreign	20,875		19,805		14,559
Income before income taxes	$	19,141	$	44,485	$	8,871

Schedule of Provision for (Benefit from) Income Taxes

Provision for (benefit from) income taxes:	Year Ended December 31,
(in thousands)	2023		2022		2021
Current:
Federal	$	19,441	$	4,443	$	4
State	4,582		3,236		85
Foreign	3,980		3,730		2,469
Deferred:
Federal	(81,632)		—		—
State	(12,416)		—		—
Foreign	1,192		4,894		(6,941)
Total provision for (benefit from) income taxes	$	(64,853)	$	16,303	$	(4,383)

Schedule of Reconciliation of Provision for (Benefit from) Income Taxes

The difference between the tax provision at the statutory federal income tax rate and the provision for (benefit from) income tax as a percentage of income (loss) before income taxes (effective tax rate) for each period was as follows:

	Year Ended December 31,
	2023		2022		2021
Statutory U.S. federal income tax rate	21	%	21	%	21	%
Increase (reduction) in rate resulting from:
State Taxes	(4)	%	7	%	—	%
Differential in rates on foreign earnings	(13)	%	1	%	42	%
Change in valuation allowance	(350)	%	15	%	(113)	%
Change in liabilities for uncertain tax positions	—	%	—	%	(2)	%
Non-deductible stock-based compensation	6	%	4	%	11	%
Permanent differences	(5)	%	(1)	%	—	%
Adjustments related to tax positions taken during prior years	12	%	(8)	%	(3)	%
Research and development credits	(6)	%	(2)	%	(10)	%
Other	—	%	—	%	3	%
Effective tax rate	(339)	%	37	%	(49)	%

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred taxes are as follows:

	As of December 31,
(in thousands)	2023		2022
Deferred tax assets:
Reserves and accruals	$	24,908	$	27,376
Net operating loss carryforwards	14,376		16,032
Research and development credit carryforwards	30,117		28,952
Deferred stock-based compensation	1,863		1,376
Intangibles	5,651		6,384
Operating lease liabilities	6,216		7,423
Capitalized research and development expenses	64,075		36,210
Other	3,110		1,139
Gross deferred tax assets	150,316		124,892
Valuation allowance	(37,084)		(101,020)
Gross deferred tax assets after valuation allowance	113,232		23,872
Deferred tax liabilities:
Depreciation	(3,506)		(5,971)
Operating lease right-of-use assets	(5,019)		(6,125)
Gross deferred tax liabilities	(8,525)		(12,096)
Net deferred tax assets	$	104,707	$	11,776

Schedule of Activities Related to Valuation Allowance

The following table summarizes the activities related to the Company’s valuation allowance:

	Year Ended December 31,
(in thousands)	2023		2022		2021
Balance at beginning of period	$	101,020	$	90,247	$	99,585
Additions	477		10,773		310
Deductions	(64,413)		—		(9,648)
Balance at end of period	$	37,084	$	101,020	$	90,247

Schedule of Activities Related to Gross Unrecognized Tax Benefits

The following table summarizes the activities related to the Company’s gross unrecognized tax benefits:

	Year Ended December 31,
(in millions)	2023		2022		2021
Balance at beginning of period	$	11.1	$	13.8	$	17.6
Increase in balance related to tax positions taken during current year	0.4		0.3		0.3
Decrease in balance as a result of a lapse of the applicable statutes of limitations	—		—		(0.2)
Increase in balance related to tax positions taken during prior years	1.0		—		—
Decrease in balance related to tax positions taken during prior years	—		(3.0)		(3.9)
Balance at end of period	$	12.5	$	11.1	$	13.8