v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Loss Before Income Taxes | The components of income (loss) before income taxes consist of the following (in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
United States | $ | (699,114) |  |  | $ | (486,886) |  |  | $ | 240,560 |
Foreign | (316) |  |  | (5,397) |  |  | (3,973) |
Net income (loss) before income taxes | $ | (699,430) |  |  | $ | (492,283) |  |  | $ | 236,587 |
Schedule of Income Tax (Benefit) Expense | The income tax expense (benefit) consisted of the following (in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 697 |  |  | $ | 694 |  |  | $ | — |
State | 2,715 |  |  | 2,444 |  |  | 589 |
Foreign | 5,448 |  |  | 2,002 |  |  | 490 |
| 8,860 |  |  | 5,140 |  |  | 1,079 |
Deferred: |  |  |  |  |
Federal | 233 |  |  | 448 |  |  | 193 |
State | 222 |  |  | 220 |  |  | 256 |
Foreign | 816 |  |  | (86) |  |  | (7,326) |
| 1,271 |  |  | 582 |  |  | (6,877) |
Total income tax expense (benefit) | $ | 10,131 |  |  | $ | 5,722 |  |  | $ | (5,798) |
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. federal income tax at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
U.S. state and local income taxes | (0.4) |  |  | (0.5) |  |  | 0.2 |
Change in valuation allowance | (23.6) |  |  | (39.1) |  |  | 140.0 |
Research and development tax credit | 6.8 |  |  | 14.6 |  |  | (30.7) |
Stock-based compensation | (2.8) |  |  | 4.0 |  |  | (114.3) |
Discrete tax benefit due to intellectual property transfer | — |  |  | — |  |  | (19.1) |
Meals and entertainment | (0.2) |  |  | (0.1) |  |  | 0.1 |
Foreign rate differential | — |  |  | 0.2 |  |  | 0.1 |
Section 162(m) limitation | (2.1) |  |  | (0.5) |  |  | 1.1 |
State apportionment change | — |  |  | 0.1 |  |  | — |
Tax rate change | — |  |  | — |  |  | (0.7) |
Provision to return true-up | 0.1 |  |  | (0.1) |  |  | (0.1) |
Other | (0.2) |  |  | (0.8) |  |  | (0.1) |
Effective tax rate | (1.4) | % |  | (1.2) | % |  | (2.5) | %
Summary of Significant Components of Deferred Income Tax Assets and Liabilities | Significant components of the Company’s deferred income tax assets and liabilities consist of the following (in thousands):
| As of December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 484,136 |  |  | $ | 517,787 |
Reserves and accruals | 23,677 |  |  | 20,068 |
Research and development credits | 248,381 |  |  | 230,586 |
Operating lease liabilities | 183,359 |  |  | 153,145 |
Stock-based compensation | 55,785 |  |  | 50,661 |
Depreciation and amortization | 51,700 |  |  | 41,377 |
Section 174 capitalization | 280,906 |  |  | 165,219 |
Other | 6,190 |  |  | 286 |
Total deferred tax assets | 1,334,134 |  |  | 1,179,129 |
Deferred tax liabilities: |  |  |
Operating lease right-of-use assets | (111,164) |  |  | (128,517) |
Other | (4,357) |  |  | — |
Total deferred tax liabilities | (115,521) |  |  | (128,517) |
Valuation allowance | (1,209,822) |  |  | (1,040,341) |
Net deferred tax assets | $ | 8,791 |  |  | $ | 10,271 |
Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands):
| As of December 31,
| 2023 |  | 2022
Unrecognized tax benefits at beginning of year | $ | 88,028 |  |  | $ | 66,150 |
Gross increase for tax positions of current year | 13,166 |  |  | 22,888 |
Gross decrease due to statute expiration | (54) |  |  | (317) |
Gross increase for tax positions of prior years | 140 |  |  | 676 |
Gross decrease for tax positions of prior years | (12,689) |  |  | (1,185) |
Decrease relating to settlements with taxing authorities | (43) |  |  | (184) |
Unrecognized tax benefits balance at end of year | $ | 88,548 |  |  | $ | 88,028 |

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