v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Pretax Income (Loss) before Income Tax, Domestic and Foreign
The components of pretax income (loss) for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
Year Ended December 31,
202520242023
United States$(65,613)$53,852 $16,285 
International20,157 (84,243)(59,711)
Income (loss) from continuing operations before provision (benefit) for income taxes
$(45,456)$(30,391)$(43,426)
Schedule of Components of Income Tax Expense (Benefit)
The Provision (benefit) for income taxes for the years ended December 31, 2025, 2024 and 2023 consisted of the following components (in thousands):
Year Ended December 31,
202520242023
Current taxes:
U.S. federal$4,630 $10,336 $1,305 
State1,251 2,577 2,094 
International32,676 8,572 4,374 
Total current taxes38,557 21,485 7,773 
Deferred taxes:
U.S. federal34 40 35 
State(7)46 106 
International(2,959)4,552 1,594 
Total deferred taxes(2,932)4,638 1,735 
Provision (benefit) for income taxes
$35,625 $26,123 $9,508 
Schedule of Effective Income Tax Rate Reconciliation
The items accounting for differences between the income tax provision (benefit) computed at the U.S. federal statutory rate and the Provision (benefit) for income taxes for the year ended December 31, 2025 were as follows (in thousands, except percentages):
Year Ended December 31,
2025
U.S. federal income tax rate (benefit) provision at statutory rate$(9,546)21.0 %
State income taxes, net of federal benefits (1)
2,002 (4.4)%
State tax credits2,100 (4.6)%
Change in valuation allowance - U.S. State(3,121)6.9 %
Foreign Tax Effects
France
Non-deductible stock-based compensation awards1,013 (2.2)%
Ireland
Change in valuation allowance3,277 (7.2)%
Non-deductible interest expense2,855 (6.3)%
Local statutory timing differences(2,503)5.5 %
Statutory rate difference between Ireland and the United States2,331 (5.1)%
FX on non-trade balances(1,030)2.3 %
Italy
Tax Assessment settlements25,259 (55.6)%
Change in valuation allowance1,892 (4.2)%
Deductible interest expense(1,690)3.7 %
Luxembourg
Effects of deferred rate change3,685 (8.1)%
Change in valuation allowance(3,677)8.1 %
Poland
Change in valuation allowance(1,258)2.8 %
United Kingdom
(Gain) loss on sale of subsidiaries(1,214)2.7 %
Group relief adjustment790 (1.7)%
Statutory rate difference between the UK and the United States433 (1.0)%
Foreign currency(52)0.1 %
Other(46)0.1 %
Change in valuation allowance - U.S. Federal(3,255)7.2 %
Nontaxable or Nondeductible Items
Convertible debt extinguishment17,024 (37.5)%
Subpart F Income2,419 (5.3)%
Non-deductible stock-based compensation expense2,091 (4.6)%
Non-deductible or non-taxable items68 (0.1)%
Changes in unrecognized tax benefits(4,222)9.3 %
Effective tax rate/Provision for income taxes$35,625 (78.4)%
(1)State taxes in New York, New Jersey, Illinois and Massachusetts made up the majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the items accounting for differences between the income tax provision (benefit) computed at the U.S. federal statutory rate and the Provision (benefit) for income taxes were as follows (in thousands):
Year Ended December 31,
2024
2023
U.S. federal income tax provision (benefit) at statutory rate$(6,382)$(9,120)
Foreign income and losses taxed at different rates (1)
8,348 6,842 
State income taxes, net of federal benefits, and state tax credits6,592 3,709 
Change in valuation allowances3,589 87,993 
Effect of income tax rate changes on deferred items449 (104)
Adjustments related to uncertain tax positions(1,133)(5,117)
Non-deductible stock-based compensation expense3,527 1,728 
Tax (windfalls)/shortfalls on stock-based compensation awards(370)1,606 
Federal research and development credits, net of adjustments— — 
Forgiveness of intercompany liabilities— (43)
Tax attribute expiration— — 
Asset impairments— (82,988)
Non-deductible or non-taxable items8,847 5,002 
Convertible debt payoff
2,656 — 
Provision (benefit) for income taxes$26,123 $9,508 
(1)Tax rates in foreign jurisdictions were generally lower than the U.S. federal statutory rate through December 31, 2025. This resulted in an adverse impact to the Provision (benefit) for income taxes in this rate reconciliation for the years ended December 31, 2025, 2024 and 2023 prior to the impact of valuation allowances, due to the net pretax losses from operations in certain foreign jurisdictions with lower tax rates.
Schedule of Deferred Tax Assets and Liabilities
The deferred income tax assets and liabilities consisted of the following components as of December 31, 2025 and 2024 (in thousands):
December 31,
20252024
Deferred tax assets:
Accrued expenses and other liabilities$33,620 $31,104 
Stock-based compensation9,436 2,584 
Net operating loss and tax credit carryforwards233,215 214,944 
Property, equipment and software, net8,984 14,022 
Intangible assets, net22,526 20,368 
Right-of-use assets
647 628 
Investments5,756 5,802 
Convertible senior notes5,487 2,047 
Unrealized foreign currency exchange losses264 1,510 
Capitalized research and development costs
14,278 16,259 
Other25 274 
Total deferred tax assets334,238 309,542 
Less: Valuation allowances(306,315)(286,827)
Deferred tax assets, net of valuation allowance27,923 22,715 
Deferred tax liabilities:
Prepaid expenses and other assets(14,052)(11,201)
Operating lease obligation
(46)(31)
Deferred revenue(6,242)(7,330)
Total deferred tax liabilities(20,340)(18,562)
Net deferred tax asset (liability)$7,583 $4,153 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes activity related to our gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Beginning Balance$22,424 $33,599 $39,172 
Increases related to prior year tax positions17,187 1,450 — 
Decreases related to prior year tax positions(762)(858)— 
Increases related to current year tax positions712 658 790 
Decreases based on settlements with taxing authorities(20,043)(1,965)— 
Decreases due to lapse of statute limitations(643)(10,234)(6,743)
Foreign currency translation878 (226)380 
Ending Balance$19,753 $22,424 $33,599 
Schedule of Income Taxes Paid, Net of Refunds Received
Income taxes paid, net of refunds received, summarized by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 are as follows (in thousands):
Year Ended December 31,
2025
 United States - Federal $4,587 
 United States - State and Local 1,368 
 Foreign
Italy22,599 
United Kingdom6,020 
Czech Republic3,438 
Poland(1,585)
Other 344 
 Total income tax payments $36,771