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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Domestic and Foreign Components of Income (Loss) Before Income Taxes | The domestic and foreign components of income (loss) before income taxes were as follows (in thousands):
| Year Ended December 31,
2024 |  | 2023 |  | 2022
Domestic | $ | 1,332,836 |  |  | $ | (30,304) |  |  | $ | (347,968) |
Foreign | 24,318 |  |  | 1,161 |  |  | (217,349) |
Income (loss) before income taxes | $ | 1,357,154 |  |  | $ | (29,143) |  |  | $ | (565,317) |
Components of Provision for Income Taxes | The components of the provision for income taxes were as follows (in thousands):
| Year Ended December 31,
2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 46,390 |  |  | $ | 12,003 |  |  | $ | 14,352 |
State | 38,489 |  |  | 14,351 |  |  | 17,504 |
Foreign | 71,590 |  |  | 51,506 |  |  | 25,425 |
Total current provision for income taxes | 156,469 |  |  | 77,860 |  |  | 57,281 |
Deferred: |  |  |  |  |
Federal | (1,481,491) |  |  | (58,532) |  |  | (59,909) |
State | (189,913) |  |  | (25,072) |  |  | (7,677) |
Foreign | 5,592 |  |  | (2,275) |  |  | (2,007) |
Total deferred benefit from income taxes | (1,665,812) |  |  | (85,879) |  |  | (69,593) |
Total benefit from income taxes | $ | (1,509,343) |  |  | $ | (8,019) |  |  | $ | (12,312) |
Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the Company's effective tax rate:
| December 31,
2024 |  | 2023 |  | 2022
Tax at federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 3.9 |  |  | 45.9 |  |  | (1.1) |
Foreign rate differential | 1.4 |  |  | (175.6) |  |  | (2.0) |
Other non-deductible expenses | 2.7 |  |  | (21.7) |  |  | (1.2) |
Credits | (4.8) |  |  | 292.9 |  |  | 27.0 |
Other items | 0.1 |  |  | (2.2) |  |  | 0.6 |
Change in valuation allowance | 0.4 |  |  | 11.2 |  |  | (46.7) |
Share-based compensation | (2.7) |  |  | (16.1) |  |  | 7.5 |
Change in uncertain tax positions | 1.3 |  |  | (27.4) |  |  | (1.5) |
Income/loss inclusions of U.S. foreign subsidiaries | 0.9 |  |  | (216.5) |  |  | 2.1 |
Non-deductible executive compensation | 0.2 |  |  | (9.2) |  |  | (0.3) |
Non-deductible acquisition related costs | — |  |  | (15.0) |  |  | (3.0) |
Foreign exchange gain/loss | 0.1 |  |  | 174.1 |  |  | (0.2) |
Impairment loss | 2.1 |  |  | (60.8) |  |  | — |
Return to provision adjustments | 0.3 |  |  | 26.9 |  |  | — |
U.S. valuation allowance release | (96.3) |  |  | — |  |  | — |
Internal Restructuring | (44.4) |  |  | — |  |  | — |
Non-deductible penalties | 2.6 |  |  | — |  |  | — |
Total | (111.2) | % |  | 27.5 | % |  | 2.2 | %
Tax Effects of Temporary Differences and Related Deferred Tax Assets and Liabilities | The tax effects of temporary differences and related deferred tax assets and liabilities were as follows (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Capitalized costs & research and development capitalization | $ | 886,474 |  |  | $ | 552,731 |
Accrued expenses | 122,470 |  |  | 173,556 |
Net operating loss carryforwards | 388,199 |  |  | 935,289 |
Tax credit carryforwards | 485,266 |  |  | 529,314 |
Share-based compensation | 34,979 |  |  | 45,153 |
Intangible and other assets | 375,316 |  |  | — |
Other | 105,976 |  |  | 61,489 |
Operating lease liability | 81,885 |  |  | 85,154 |
Cryptocurrency investment | — |  |  | — |
Deferred consideration | 9,192 |  |  | 6,943 |
Convertible notes | 18,339 |  |  | 33,952 |
Total deferred tax assets | 2,508,096 |  |  | 2,423,581 |
Valuation allowance | (646,223) |  |  | (2,001,438) |
Total deferred tax assets, net of valuation allowance | 1,861,873 |  |  | 422,143 |
Deferred tax liabilities: |  |  |
Intangible and other assets | — |  |  | (332,512) |
Unrealized gain on investments | (36,582) |  |  | (25,618) |
Operating lease right-of-use asset | (52,849) |  |  | (60,600) |
Cryptocurrency investment | (133,883) |  |  | (29,711) |
Total deferred tax liabilities | (223,314) |  |  | (448,441) |
Net deferred tax assets (liabilities) | $ | 1,638,559 |  |  | $ | (26,298) |
Reported on the consolidated balance sheets as (after valuation allowance and jurisdictional netting): |  |  |
Deferred tax assets | $ | 1,800,994 |  |  | $ | 9,397 |
Deferred tax liabilities | (162,435) |  |  | (35,695) |
Net deferred tax assets (liabilities) | $ | 1,638,559 |  |  | $ | (26,298) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit | The change in the balance of unrecognized tax benefit was as follows (in thousands):
| Year Ended December 31,
2024 |  | 2023 |  | 2022
Unrecognized tax benefit, beginning of the period | $ | 465,103 |  |  | $ | 506,512 |  |  | $ | 448,392 |
Gross increases and decreases related to prior period tax positions | 34,050 |  |  | (7,348) |  |  | 5,431 |
Gross increases and decreases related to current period tax positions | 139,217 |  |  | (30,063) |  |  | 30,988 |
Reductions related to lapse of statute of limitations | (4,781) |  |  | (3,998) |  |  | (2,950) |
Gross increases related to acquisitions | — |  |  | — |  |  | 24,651 |
Unrecognized tax benefit, end of the period | $ | 633,589 |  |  | $ | 465,103 |  |  | $ | 506,512 |

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