Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Income Tax Disclosure [Abstract] |
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Schedule of Loss Before Income Taxes |
Loss before income taxes includes the following components: | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | 2021 | | 2020 | | 2019 | | | (in thousands) | | | United States | | $ | (224,159) | | | $ | (86,842) | | | $ | (30,970) | | Foreign | | 1,531 | | | (20,570) | | | (20,088) | | Loss before income taxes | | $ | (222,628) | | | $ | (107,412) | | | $ | (51,058) | |
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Schedule of Income Tax Expense (Benefit) |
The income tax expense (benefit) consists of the following: | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | 2021 | | 2020 | | 2019 | | | (in thousands) | | | Current tax provision (benefit): | | | | | | | Federal | | $ | — | | | $ | — | | | $ | — | | State | | — | | | 420 | | | 106 | | Foreign | | 322 | | | 1,050 | | | 386 | | Deferred tax provision (benefit): | | | | | | | Federal | | (253) | | | (10,631) | | | — | | State | | — | | | (2,319) | | | — | | Foreign | | — | | | — | | | — | | Total tax expense (benefit) | | $ | 69 | | | $ | (11,480) | | | $ | 492 | |
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Schedule of Effective Tax Rate Reconciliation |
Reconciliation between our effective tax rate on income from continuing operations and the U.S. federal statutory rate is as follows: | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | 2021 | | 2020 | | 2019 | Provision at federal statutory tax rate | | 21 | % | | 21 | % | | 21 | % | State taxes, net of federal tax impact | | — | | | 2 | | | — | | Change in valuation allowance | | (30) | | | (35) | | | (12) | | Foreign tax rate differential | | — | | | (5) | | | (8) | | Acquisition related expenses | | — | | | (2) | | | — | | Stock-based compensation | | 2 | | | 30 | | | — | | Research and development credits | | 5 | | | — | | | — | | Restructuring | | 2 | | | — | | | — | | Other | | — | | | — | | | (2) | | Effective tax rate | | — | % | | 11 | % | | (1) | % |
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Schedule of Deferred Tax Assets and Liabilities |
Our deferred tax assets and liabilities were as follows: | | | | | | | | | | | | | | | | | Year ended December 31, | | | 2021 | | 2020 | | | (in thousands) | Reserves and accruals | | $ | 3,149 | | | $ | 941 | | Lease liability | | 20,415 | | | 17,481 | | Stock-based compensation | | 6,000 | | | 3,969 | | Net operating losses | | 162,260 | | | 109,281 | | Payroll taxes | | 454 | | | — | | Depreciation of property, plant and equipment | | 1,958 | | | 576 | | Research and development credits | | 16,636 | | | — | | Deferred revenue | | 7,821 | | | — | | Deferred tax assets | | 218,693 | | | 132,248 | | Deferred Revenue | | — | | | (673) | | Right-of-use Asset | | (19,073) | | | (16,160) | | Amortization of intangible assets | | (21,935) | | | (31,188) | | State Taxes | | (8,969) | | | (4,319) | | Other | | (4,724) | | | (133) | | Deferred tax liabilities | | $ | (54,701) | | | $ | (52,473) | | Valuation allowance | | (163,992) | | | (80,028) | | Net deferred tax (liabilities) assets | | $ | — | | | $ | (253) | |
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Schedule of Unrecognized Tax Benefits |
A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands): | | | | | | | | | | | | | Year ended December 31, | | 2021 | | 2020 | Balance at beginning of year | $ | 3,186 | | | $ | — | | Increases related to prior year tax positions | 3,113 | | | 2,328 | | Decreases related to prior year tax positions | (31) | | | — | | Increases related to current year tax positions | 1,540 | | | 858 | | Balance at end of year | $ | 7,808 | | | $ | 3,186 | |
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