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v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Loss Before Provision for Income Taxes Included in Certain Components | For financial reporting purposes, loss before provision for income taxes for the years ended December 31, 2025, 2024, and 2023 included the following components (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Domestic | $ | (232,317) |  |  | $ | (989,958) |  |  | $ | (192,665) |
International | (3,213) |  |  | (3,695) |  |  | (26,943) |
Total | $ | (235,530) |  |  | $ | (993,653) |  |  | $ | (219,608) |
Schedule of Provision for Income Taxes in Certain Components | The provision for income taxes was comprised of the following components (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current federal | $ | (546) |  |  | $ | 1,344 |  |  | $ | — |
Current state | 218 |  |  | 3,892 |  |  | 1,439 |
Current foreign | 6,527 |  |  | 3,501 |  |  | 1,225 |
Total current | 6,199 |  |  | 8,737 |  |  | 2,664 |
Deferred federal | (34,178) |  |  | 210 |  |  | (3,946) |
Deferred state | (4,750) |  |  | (784) |  |  | 5,388 |
Deferred foreign | (2,479) |  |  | (571) |  |  | (3,346) |
Total deferred | (41,407) |  |  | (1,145) |  |  | (1,904) |
Provision for income taxes | $ | (35,208) |  |  | $ | 7,592 |  |  | $ | 760 |
Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Effective Income Tax Rate | The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows (dollar amounts in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Expense/(Benefit) | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
U.S. federal statutory rate | $ | (49,461) |  |  | 21.0 | % |  | $ | (208,667) |  |  | 21.0 | % |  | $ | (46,118) |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect (1) | (3,687) |  |  | 1.6 |  |  | (2,251) |  |  | 0.2 |  |  | 7,459 |  |  | (3.4) |
Foreign tax effects |  |  |  |  |  |  |  |  |  |  |
Canada |  |  |  |  |  |  |  |  |  |  |
Valuation allowances | 3,868 |  |  | (1.6) |  |  | 1,900 |  |  | (0.2) |  |  | 3,117 |  |  | (1.4) |
Other | (1,900) |  |  | 0.8 |  |  | 200 |  |  | 0.0 |  |  | 50 |  |  | 0.0 |
Australia |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment | 2,651 |  |  | (1.1) |  |  | — |  |  | 0.0 |  |  | — |  |  | 0.0 |
Other | 12 |  |  | 0.0 |  |  | (400) |  |  | 0.0 |  |  | 23 |  |  | 0.0 |
Other foreign jurisdictions |  |  |  |  |  |  |  |  |  |  |
Other | 63 |  |  | 0.0 |  |  | 1,949 |  |  | (0.3) |  |  | 371 |  |  | (0.1) |
Tax credits |  |  |  |  |  |  |  |  |  |  |
Research & development tax credits | (7,354) |  |  | 3.1 |  |  | — |  |  | 0.0 |  |  | — |  |  | 0.0 |
Foreign tax credits | 873 |  |  | (0.4) |  |  | 1,136 |  |  | (0.1) |  |  | 1,439 |  |  | (0.7) |
Changes in valuation allowances | 20,873 |  |  | (8.9) |  |  | (5,095) |  |  | 0.5 |  |  | 2,020 |  |  | (0.9) |
Nontaxable or nondeductible items |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment | 3,348 |  |  | (1.4) |  |  | 165,900 |  |  | (16.7) |  |  | — |  |  | 0.0 |
Stock compensation | 14,072 |  |  | (6.0) |  |  | 43,153 |  |  | (4.3) |  |  | 35,166 |  |  | (16.0) |
Other | 1,490 |  |  | (0.6) |  |  | 422 |  |  | 0.0 |  |  | (1,593) |  |  | 0.7 |
Changes in unrecognized tax benefits | (20,056) |  |  | 8.5 |  |  | 9,345 |  |  | (0.9) |  |  | (1,174) |  |  | 0.5 |
Effective tax rate | $ | (35,208) |  |  | 15.0 | % |  | $ | 7,592 |  |  | (0.8) | % |  | $ | 760 |  |  | (0.3) | %
(1)State taxes in Texas, California, Illinois, and Pennsylvania made up greater than 50 percent of the tax effect in state and local taxes.
Schedule of Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities consisted of the following (in thousands):
| As of
| December 31, |  | December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 541,845 |  |  | $ | 541,791 |
Accrued expenses and compensation | 8,984 |  |  | 5,308 |
Stock-based compensation | 13,391 |  |  | 16,747 |
Foreign tax credits and alternative minimum tax credits | — |  |  | 873 |
Research and development credits | 29,271 |  |  | — |
Depreciation of property and equipment | 1,615 |  |  | 2,144 |
Operating lease assets | 10,419 |  |  | 10,065 |
Deferred revenue | 3,272 |  |  | 3,941 |
Capitalized research and development | 60,588 |  |  | 65,382 |
Goodwill | 9,674 |  |  | — |
Other | 16,861 |  |  | 17,286 |
Deferred tax assets | 695,920 |  |  | 663,537 |
Valuation allowance | (453,423) |  |  | (416,701) |
Net deferred tax assets | 242,497 |  |  | 246,836 |
Deferred tax liabilities: |  |  |
Operating lease assets | (4,878) |  |  | (5,068) |
Intangible assets | (256,485) |  |  | (284,774) |
Other | (10,079) |  |  | (6,845) |
Deferred tax liabilities | (271,442) |  |  | (296,687) |
Net deferred tax liabilities | $ | (28,945) |  |  | $ | (49,851) |
Schedule of Cash Flow, Supplemental Disclosures | The cash paid for income taxes, net of refunds, was comprised of the following components (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Federal | $ | 1,200 |  |  | $ | 600 |  |  | $ | — |
State | 3,237 |  |  | 4,390 |  |  | 5,841 |
Foreign | 4,308 |  |  | 3,956 |  |  | 1,397 |
Total | $ | 8,745 |  |  | $ | 8,946 |  |  | $ | 7,238 |
State income taxes paid, net of refunds, that were greater than 5% of total income taxes paid
Texas | $ | 868 |  |  | $ | — |  |  | $ | 1,500 |
Illinois | $ | 280 |  |  | $ | 700 |  |  | $ | 1,060 |
Pennsylvania | $ | 282 |  |  | $ | 563 |  |  | $ | 1,330 |
California | $ | 509 |  |  | $ | 909 |  |  | $ | — |
Foreign income taxes paid, net of refunds, that were greater than 5% of total income taxes paid
Canada | $ | 804 |  |  | $ | 1,098 |  |  | $ | 967 |
Spain | $ | 2,293 |  |  | $ | 467 |  |  | $ | — |
Portugal | $ | — |  |  | $ | 453 |  |  | $ | — |
United Kingdom | $ | 953 |  |  | $ | 1,447 |  |  | $ | — |
Schedule of Reconciliation of Gross Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023 (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Balance at beginning of the period | $ | 191,308 |  |  | $ | 171,566 |  |  | $ | 143,798 |
Unrecognized tax benefits assumed in a business combination | — |  |  | — |  |  | — |
Additions based on current year tax positions | 20,050 |  |  | 8,725 |  |  | 6,677 |
(Reductions) additions based on prior year tax positions | (6,423) |  |  | 11,017 |  |  | 21,091 |
Statute of limitations expirations | — |  |  | — |  |  | — |
Releases | (21,086) |  |  | — |  |  | — |
Balance at end of the period | $ | 183,849 |  |  | $ | 191,308 |  |  | $ | 171,566 |

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