XML 31 R18.htm IDEA: XBRL DOCUMENT v3.23.1
Income taxes
3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

The table below presents our (loss) income before benefit from (provision for) income taxes, benefit from (provision for) income taxes and effective tax rate for both periods presented (in thousands):

 


 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

(Loss) income before benefit from (provision for) income taxes

 

$

(143,188

)

 

$

921,907

 

Benefit from (provision for) income taxes

 

$

2,232

 

 

$

(403,286

)

Effective tax rate

 

 

1.6

%

 

 

43.7

%

 

The Company is subject to income taxes in the United States and foreign jurisdictions. These foreign jurisdictions have statutory tax rates different from those in the United States. Accordingly, the Company's effective tax rates will vary depending on the relative proportion of foreign to United States income/loss, the utilization of net operating loss and tax credit carry forwards and carrybacks, changes in jurisdictional mix of income and expense, changes in management’s assessment of matters such as the ability to realize deferred tax assets, and changes in tax laws.

The benefit from income taxes for the three months ended March 31, 2023 was primarily due to a pre-tax loss and the Company's ability to carry-back the research and development credit to 2022.

Unrecognized tax benefits were $11.3 million and $10.6 million as of March 31, 2023 and December 31, 2022, respectively, and if recognized, would favorably affect the effective tax rate in future periods.