v3.24.0.1

Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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

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Tabular disclosure of the change in unrecognized tax benefits.

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