Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
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Schedule of components of (loss) income before provision for income taxes |
The components of (loss) income before provision for income taxes are as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | | | | | | | (in thousands) | United States | $ | (481,405) | | | $ | (659,757) | | | $ | (384,976) | | Foreign | 2,641 | | | 6,308 | | | 506 | | Total | $ | (478,764) | | | $ | (653,449) | | | $ | (384,470) | |
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Schedule of components of the provision for income taxes |
The components of the provision for income taxes are as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | | | | | | | (in thousands) | Current: | | | | | | State | $ | 35 | | $ | 127 | | $ | 4 | | Foreign | 1,191 | | 1,248 | | 118 | | Total current tax expense | $ | 1,226 | | $ | 1,375 | | $ | 122 | | Deferred: | | | | | | Federal | $ | — | | $ | 18 | | $ | 108 | | State | — | | 3 | | 20 | | Foreign | (541) | | (257) | | 50 | | Total deferred tax expense | $ | (541) | | $ | (236) | | $ | 178 | | Total provision for income taxes | $ | 685 | | $ | 1,139 | | $ | 300 | |
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Schedule of the components of deferred tax assets and liabilities |
Significant components of the Company’s deferred tax assets and deferred tax liabilities are as follows: | | | | | | | | | | | | | As of December 31, | | 2023 | | 2022 | | | | | | (in thousands) | Deferred tax assets: | | | | Net operating losses carryforwards | $ | 344,314 | | | $ | 294,757 | | Capitalized research and development costs | 122,162 | | | 89,084 | | Property, equipment and intangible assets | 12,161 | | | 7,422 | | Accruals and reserves | 40,172 | | | 12,917 | | Research and development credits | 62,533 | | | 49,865 | | Stock-based compensation | 18,278 | | | 16,507 | | Lease liabilities | 54,564 | | | 59,757 | | Other | 73 | | | 4,378 | | Total deferred tax assets | $ | 654,257 | | | $ | 534,687 | | Deferred tax liabilities: | | | | | | | | Right-of-use asset | $ | (40,213) | | | $ | (44,825) | | Equity security investments | (9,044) | | | — | | | | | | Other | (206) | | | (316) | | Total deferred tax liabilities | $ | (49,463) | | | $ | (45,141) | | Less: valuation allowance | (603,747) | | | (489,040) | | Net deferred tax assets | $ | 1,047 | | | $ | 506 | |
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Schedule of effective tax rate reconciliation |
The following table presents a reconciliation of the income tax expense computed at the statutory federal rate and the Company’s income tax expense for the periods presented: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | | | | | | | (in thousands) | Taxes at the statutory federal rate | $ | (100,553) | | | $ | (137,276) | | | $ | (80,739) | | Capitalized research and expenditures true-up | 8,212 | | | — | | | — | | Stock-based compensation | 8,077 | | | 7,905 | | | 1,354 | | Research and development credits | (14,549) | | | (15,738) | | | (14,956) | | Change in valuation allowance | 114,707 | | | 175,916 | | | 106,227 | | State taxes, net of federal benefits | (19,117) | | | (28,522) | | | (14,998) | | Other | 3,908 | | | (1,146) | | | 3,412 | | Total provision for income taxes | $ | 685 | | | $ | 1,139 | | | $ | 300 | |
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Schedule of reconciliation of the balance of total gross unrecognized tax benefits |
A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | | | | | | | (in thousands) | Unrecognized tax benefits - Beginning of period | $ | 29,634 | | | $ | 20,100 | | | $ | 11,269 | | Increases related to current year’s tax positions | 8,465 | | | 9,233 | | | 8,223 | | (Decreases) increases related to prior years’ tax positions | (1,153) | | | 301 | | | 608 | | Unrecognized tax benefits - End of period | $ | 36,946 | | | $ | 29,634 | | | $ | 20,100 | |
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