v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Tax, Domestic and Foreign
For the years ended December 31, 2024, 2023 and 2022 income (loss) before income taxes included the following components:
Year Ended December 31,
202420232022
Domestic$97,051 $16,501 $(60,099)
Foreign5,255 1,276 1,463 
Total$102,306 $17,777 $(58,636)
Schedule of Effective Income Tax Rate Reconciliation
For the years ended December 31, 2024, 2023 and 2022 the Company recognized the following provision for income taxes:
Year Ended December 31,
202420232022
Current:
Federal$10,652 $895 $302 
State2,639 607 327 
Foreign284 341 524 
Total$13,575 $1,843 $1,153 
Deferred:
Federal$— $— $— 
State— — — 
Foreign157 (133)(215)
Total$157 $(133)$(215)
Total provision for income taxes$13,732 $1,710 $938 
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the years ended December 31, 2024, 2023 and 2022:
202420232022
Expected income tax expense at federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of Federal income tax effect(3.8)(35.1)6.7 
Section 162(m) limitation58.1 56.5 (15.2)
Equity compensation(97.9)(208.4)28.4 
Meals and entertainment1.2 5.6 (1.2)
Foreign-Derived Intangible Income deduction(13.5)(13.4)— 
Other permanent adjustments1.8 2.2 0.3 
Research and development credit(23.5)(76.4)11.7 
Valuation allowance70.0 257.6 (53.3)
Effective income tax rate13.4 %9.6 %(1.6)%
Schedule of Deferred Tax Assets and Liabilities
The Company has the following deferred tax assets (liabilities) as of December 31, 2024 and 2023:
20242023
Net operating loss carryforwards$4,491 $15,533 
Stock-based compensation4,755 5,207 
Research and development credits61,198 38,146 
Lease liability13,004 5,739 
Section 174 research and development capitalization190,768 102,055 
Marketing and advertising674 766 
Sales tax / Value added tax ("VAT") reserve560 397 
Other deferred tax assets70 65 
Valuation allowance(256,728)(156,870)
Total deferred tax assets18,792 11,038 
ROU asset(10,757)(4,354)
Property and equipment(2,885)(2,164)
Capitalized software(4,444)(3,716)
Other deferred tax liabilities(322)(38)
Total deferred tax liabilities(18,408)(10,272)
Net deferred taxes$384 $766 
Schedule of Valuation Allowance
The following table represents the activity in our valuation allowance for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Beginning balance—January 1$(156,870)$(108,504)
Valuation allowances established(99,858)(48,366)
Release of valuation allowances— — 
Ending balance—December 31$(256,728)$(156,870)