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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Loss Before Taxes

The amount of loss before taxes is as follows (in thousands):

		For the Year Ended December 31,
		2020				2019
U.S. loss before taxes		$	(223,519	)		$	(159,089	)
Foreign loss before taxes			(2,514	)			(1,174	)
Loss before income taxes		$	(226,033	)		$	(160,263	)

Summary of Income Tax (Expense) Benefit

Income tax (expense) benefit for the years ended December 31, 2020 and 2019 consist of the following (in thousands):

		For the Year Ended December 31,
		2020				2019
Current:
Federal		$	—			$	—
State			(5	)			(3	)
Foreign			—				—
Total current			(5	)			(3	)
Deferred:
Federal			1,187				77
State			664				31
Foreign			—				—
Total deferred			1,851				108
Income tax benefit		$	1,846			$	105

Components of Net Deferred Tax Assets and Liabilities

The components that comprise our net deferred tax assets as of December 31, 2020 and 2019 consist of the following (in thousands):

		As of December 31,
		2020				2019
Deferred tax assets:
Net operating loss carryforwards		$	223,123			$	166,450
Stock compensation			13,305				14,141
Operating lease liabilities			5,456				6,085
Investments			2,490				3,164
Depreciation and amortization			11,383				6,948
Interest expense			5,055				2,765
Accrued compensation			1,527				1,394
Other accrued liabilities			418				203
Other			3,355				2,062
Total deferred tax assets			266,112				203,212
Deferred tax liabilities:
Indefinite lived intangibles			(170	)			(3,108	)
Operating lease right-of-use assets			(4,668	)			(5,182	)
Total deferred tax liabilities			(4,838	)			(8,290	)
Net deferred tax assets			261,274				194,922
Valuation allowance			(261,444	)			(198,030	)
Net deferred tax liability		$	(170	)		$	(3,108	)

Reconciliation of Federal Statutory Income Tax Rate

A reconciliation of the federal statutory income tax rate to our effective income tax rate for the years ended December 31, 2020 and 2019 is as follows:

		For the Year Ended December 31,
		2020				2019
Tax computed at federal statutory rate			21.0	%			21.0	%
State income taxes, net of federal tax benefit			7.2				(0.8	)
Other permanent items			(0.1	)			1.6
Tax rate adjustment			(0.3	)			0.2
Research and development credits			0.1				0.1
Stock-based compensation			1.3				(33.9	)
Other			(0.2	)			0.2
Valuation allowance			(28.2	)			11.7
Effective income tax rate			0.8	%			0.1	%

Summarizes of Changes in Unrecognized Tax Benefits

The following table summarizes the changes to the amount of unrecognized tax benefits (in thousands):

Unrecognized tax benefits as of December 31, 2018		$	11,983
Decrease for prior year tax positions			(7	)
Increase for current year tax positions			3,680
Unrecognized tax benefits as of December 31, 2019			15,656
Decrease for prior year tax positions			(6	)
Increase for current year tax positions			4,763
Unrecognized tax benefits as of December 31, 2020		$	20,413

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