XML 77 R50.htm IDEA: XBRL DOCUMENT v3.25.0.1

INCOME TAXES (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration