v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Loss Before Income Taxes | The components of loss before income taxes were as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Domestic | $ | (334,547) |  |  | $ | (357,558) |  |  | $ | (428,346) |
Foreign | 33,859 |  |  | 22,897 |  |  | 21,672 |
Loss before income taxes | $ | (300,688) |  |  | $ | (334,661) |  |  | $ | (406,674) |
Schedule of Components of (Benefit from) Provision for Income Taxes | The components of (benefit from) provision for income taxes were as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current |  |  |  |  |
Federal | $ | (671) |  |  | $ | 646 |  |  | $ | — |
State | 200 |  |  | 536 |  |  | 371 |
Foreign | 13,757 |  |  | 9,938 |  |  | 33,812 |
Total | 13,286 |  |  | 11,120 |  |  | 34,183 |
Deferred |  |  |  |  |
Federal | 20 |  |  | (807) |  |  | 2 |
State | 5 |  |  | (164) |  |  | 1 |
Foreign | (18,724) |  |  | 255 |  |  | 1,886 |
Total | (18,699) |  |  | (716) |  |  | 1,889 |
(Benefit from) provision for income taxes | $ | (5,413) |  |  | $ | 10,404 |  |  | $ | 36,072 |
Schedule of Reconciliation of Income Tax Benefit Activity | The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in thousands, except percentages):
| Year Ended December 31, 2025
Loss before income taxes | $ | (300,688) |  |  |
U.S. federal statutory tax rate | (63,145) |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect(1) | 172 |  |  | (0.1) |
Foreign tax effects |  |  |
United Kingdom |  |  |
Change in valuation allowance | (18,006) |  |  | 6.0 |
Other | (1,676) |  |  | 0.6 |
Other foreign jurisdictions | 7,956 |  |  | (2.7) |
Tax credits |  |  |
Research and development credits | (12,055) |  |  | 4.0 |
Change in valuation allowance | 59,899 |  |  | (19.9) |
Nontaxable or nondeductible items |  |  |
Stock-based compensation expense | 13,624 |  |  | (4.5) |
Acquisition-related costs | 6,260 |  |  | (2.1) |
Other | 1,558 |  |  | (0.5) |
Effective tax rate | $ | (5,413) |  |  | 1.8 | %
(1) The state that contributes to the majority (greater than 50%) of the tax effect in this category is Texas. The reconciliation of the income tax benefit computed at the federal statutory tax rate to the Company’s provision for income taxes was as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Income tax benefit computed at federal statutory rate | $ | (70,279) |  |  | $ | (85,401) |
Foreign rate differential | 5,539 |  |  | 2,107 |
Stock-based compensation expense | 4,897 |  |  | 88 |
Change in valuation allowance | 69,814 |  |  | 97,923 |
Research and development credits | (17,895) |  |  | (13,049) |
Intra-group transfer of acquired intellectual property | — |  |  | 26,358 |
BEAT waiver election | 13,125 |  |  | — |
Non-deductible expenses | 5,662 |  |  | 4,495 |
Other | (459) |  |  | 3,551 |
Provision for income taxes | $ | 10,404 |  |  | $ | 36,072 |
Schedule of Income Taxes Paid, Net of Refunds Received | The income taxes paid by the Company are as follows (in thousands):
| Year Ended December 31, 2025
Federal | $ | — |
State | 909 |
Foreign |
Germany | 3,844 |
India | 3,611 |
Singapore | 1,764 |
Saudi Arabia | 881 |
Other | 4,702 |
Total foreign income taxes paid | 14,802 |
Total income taxes paid | $ | 15,711 |
Components of Net Deferred Tax Balance | The significant components of net deferred tax balances were as follows (in thousands):
| December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 394,935 |  |  | $ | 356,996 |
Capitalized research and development costs | 204,136 |  |  | 187,955 |
Tax credit carryforwards | 97,595 |  |  | 87,616 |
Intangible assets | 37,633 |  |  | 37,729 |
Stock-based compensation expense | 17,746 |  |  | 26,314 |
Accruals and reserves | 7,119 |  |  | 13,465 |
Other | 20,960 |  |  | 12,345 |
Total deferred tax assets | 780,124 |  |  | 722,420 |
Less: Valuation allowance | (706,349) |  |  | (671,718) |
Deferred tax assets, net of valuation allowance | 73,775 |  |  | 50,702 |
Deferred tax liabilities: |  |  |
Deferred contract acquisition costs | (30,320) |  |  | (28,152) |
Property and equipment | (20,589) |  |  | (17,912) |
Other | (5,618) |  |  | (6,090) |
Total deferred tax liabilities | (56,527) |  |  | (52,154) |
Net deferred tax assets (liabilities) | $ | 17,248 |  |  | $ | (1,452) |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of total unrecognized tax benefits is as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Beginning balance | $ | 38,118 |  |  | $ | 27,309 |  |  | $ | 18,914 |
Gross increase for prior year tax positions | 36 |  |  | 280 |  |  | 439 |
Gross decrease for prior year tax positions | (1,651) |  |  | (252) |  |  | (5) |
Gross increase for current year tax positions | 7,833 |  |  | 10,781 |  |  | 7,961 |
Ending balance | $ | 44,336 |  |  | $ | 38,118 |  |  | $ | 27,309 |

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